What is a market shift? How is it shifting? Fort Hood Texas Real Estate

Hey you guys! Samantha Hammonds here with All City Real Estate here at Hammonds Home Team. I want to take a quick moment and talk to you guys about what is a market shift is. It’s all the buzz right now, the market is crashing, the market is shifting, it kind of goes back and forth, we’re in a bubble, this and that. And I wanted to just define what is a market shift.

And it is just like it sounds, the market has shifted from being a sellers market, which we are still in a sellers market technically because of the amount of inventory we have, but is shifting from a hot sellers market to a normal market or maybe even a buyers market.

Do I think we are going to be in a buyers market anytime soon? Not 100% certain that is the case. But I do think we are in a normal market, or we are getting into a normal market…. There are still some houses we are seeing sell very quickly with multiple offers, but we are seeing things in the higher pricepoint, 250K and above that are taking a couple of months to sell.. and they are only getting a couple of offers instead of 50 as we saw 6 months ago (Yes that is an exaggeration, haha).

But we are beginning to see things shift from a seller’s market back to a normal market. The interest rates actually spiked again recently, and with that spike, we are going to see this slow down some buying. Some buyers are going to be totally priced out of the market, some will be pushed into a lower price point, and some who can still completely qualify will get a little nervous and just pause for a moment.

With that, Buyers, I say, marry the HOUSE, not the rate! IF we ever see a drop you MAY be able to refinance…We are going to see that 6-8% is the new normal. We were spoiled with 6-3% interest rate stuff. Now the issue I know is that in the past 6-8% on the avg. the price point of 120K is totally different than 7-8% on the 250K price point now, and unfortunately, salaries are not keeping up with the inflation here.

So yes we are in a market shift, but I do not think we are in a market CRASH. I am not an economist, I am only an agent looking at the data right now. And we may continue to shift.. and eventually, we may be in a buyers market.

So we are still in a sellers market, just not as strong of one.

If you have been on the sidelines waiting to sell and buy the next home, now might be the SWEET SPOT, to do just that, where you still will get a lot of equity out of your home, but also not have as much competition on the buy side.

Who knows how long this sweet spot will last…?

And for buyers, Rates are predicted to continue climbing, I am not certain we will see home values dip enough to make it worth the wait to buy. But who knows it could.

As I always say, if your job is secure, and you are financially, mentally, and emotionally ready to buy, the best time is always NOW, because we cannot go back to the past and we cannot predict the future.

Remember RENTING IS 100% interest!