Why you shouldn’t wait to act in this very active real estate market.
Over the last two years, the real estate market has been a wild frenzy. If you've been sitting on the sidelines and waiting for the market to go back to the normality of 2018, get up because that’s not happening. Today I’ll talk about what's going on in the real estate market.
Senior economist Mark Dotzour said that this is the new normal. We aren't going to see drops like in 2008 because this is not the same market. We’re facing different issues like low inventory. For the last 10 years, new home builds have not kept up with the demand. Texas has been a popular place to live for a long time. We’re pro-business, have great schools, and it’s very affordable. Birdie is a great city to start a business in, and San Antonio is on the move.
"We aren't going to see drops like in 2008 because this is not the same market."
If you're a seller who’s been waiting for this market to slow down so that you don’t have to get into the frenzy to sell your house, that has happened to some extent. People are being a bit more measured when they buy. Now's the time to put your house on the market because rates are rising and will affect what buyers can afford. Rates will rise to 3.75% to 4% by the end of the year. A jump like that could really change the affordability of your home. If you're a buyer who’s waiting for those steals, Mark Dotzour says they're gone. This is the new normal, and prices aren’t decreasing.
If you have any questions about the market, give me a call or send me an email. I look forward to speaking with you.