The market continues to slow and change. We are no longer in a “sellers’ market” because buyers have more options. In almost all markets, the number of listings has increased from 36% in some counties to over 150% in other counties (see specific county reports). This is GREAT news for our buyers. Our buyers have more options to choose from to purchase and they are not as rushed.
For our sellers, the market has changed in that the pricing has fallen and properties are on the market longer before they sell. The days of “Pandemic pricing” are over. Please don’t put your agent through the pain of listing your property for more than they could ever sell it for.
You might be asking, “but what about these interest rates?” This is a good question, but it is also a question that needs to be thought out. Yes, the rates are higher which will cost you more in your monthly mortgage. But, for perspective, homes were being bought in the 1980’s at 18% interest. So, as a buyer you might have to make a compromise in the size of your home.
Homeownership is still possible but in a different manner than was possible 2 years ago. Rents are very high because landlords are having to cover their increases in taxes. So, put your money toward your own equity and not some landlords.
If you would like to discuss your personal situation further, please give Emblem Properties a call at 936-439-6630.