As January comes to a close, I am reflecting on how my year has started. I am making intentional changes and being intentional in my communication, and where I place my energy. It has been an interesting start but I am glad I am taking a different approach. How about you?
Speaking of the different approach; we should see a reduction in interest rates coming to a lender near you! What will this mean? In short, expanded affordability. As we had an artificially low interest rate base (2020-2022.75), we experienced increased demand and the function of submitting an offer was to win. That, as with some other things, increased the price base quite a bit; generally $25,000+ on each home. As interest rates increase, affordability decreases for the average consumer, coupled with increased pricing of normal household services and items, and thus, we have longer days on the market and decreased sales prices. This is not everywhere in the Houston market, it’s not everywhere in every neighborhood either. Increased affordability will typically equal greater interest and so we may see multiple offer situations again. How can you be best prepared? Save as much money as you can, be as liquid as you can, and prepare to search for a good home, not just what’s on the market currently.
How can you help? If you know someone who might be willing to place their home on the market, let’s talk. There are plenty of opportunities to discuss how best to market a property and help buyers and sellers alike.
Of course, if you have any questions about the market, your situation, or your goals, please do not hesitate to get in touch! Thank you for reading and I hope February is a great month for all of us!
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