Despite affordability, buyers having trouble

Low mortgage rates and home prices have created record housing affordability for those looking to buy. However, many of those potential buyers told the Wall Street Journal the market remains challenging.

According to the Journal, buyers are scouring the market looking for deals on low-priced properties in cities nationwide. However, in many cases they find themselves outbid by investors or other buyers. After repeatedly running into the same scenario, many buyers told the paper they are beginning to become frustrated.

"It's a false buyer's market," software engineer Young Hammack told the WSJ. "If you think prices are cheap, wait until you start putting offers in."

The Journal also noted that much of the competition from buyers is over what's considered the "cream of the crop," and other properties may have difficultly finding many offers at all due to the prevalence of low-priced foreclosures.

However, Houston listings continue to be added to to the real estate market. Data from the Texas A&M Real Estate Center found housing inventory had increased more than 8 percent over the past year.

Courtesy of 2M Realty News