"Is The Real Estate Market Scaring You! Don't Let it!!"
by Larry DeBerry
on Friday, October 21st, 2022 at 12:50pm.
In every market there is pluses and minuses. For the past 2 and a half years the real estate market was abnormal due to the pandemic. Some of you may remember the 80's when interest rates were 18% or higher. Today that is not the case. During the pandemic home prices did escalate way beyond their norms and inventory of homes was at an all time low. What is different in both these areas today? Home prices are still elevated but seem to moving back to their normal increases. Yes, they are still elevated but like with all corrections they will adjust to the "new normal". Inventory has grown but is lagging behind the norm, that too will increase over time. The market will adjust but there shouldn't be any fear of selling or buying a home at this time. With the correct information both buyers and sellers will be able to understand and adapt to our present market.
In Texas, Texas A&M Research Center keeps the public up to date on what is going on in the housing market. If you are interested in the Texas Housing Insight Report go to https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight. This report gives lots of information on the major areas of Texas and what is going in those housing markets. Of course, when looking for local information about a particular city, school district or neighborhood, we at The DeBerry Team of KW are always here to assist those in need of that particular information.
Another question that I often get is, will the upcoming holidays effect home selling or home buying? Over the years that I have been a Realtor, I have noticed years that were active during this time and also years that had slower sales growth. I believe this year end will be slower than it has been in the past couple of years. However, that is also a reflection of more choices for buyers and homes taking longer to sell due to that reason. Interest rates do have an impact on demand and that too will have an effect. Returning to a "normal" real estate market is in process. The changes we are now seeing will continue into this next year. If we don't over-correct, which is always a possibility, by the second quarter of 2023, I believe our market should be or close to be a normal market. I know, this is a big prediction, but I do believe we are finally getting back on the road to a normalized market. Let's keep our fingers crossed!
Last, my team and I wish everyone a "Happy & Safe Halloween" Remember if you need help or advice with your residential property, please don't hesitate to contact me.