Raad, great update. We are in the process of transitioning down here from Dallas and visit once a month. This past weekend we visited several communities and did not see many other potential home buyers, even on the weekend. The sales consultants did not seem to be very eager to sell, but maybe they did not want to appear desperate. Most of the sales consultants were very helpful and welcoming, we must say. It will be interesting to see how this year pans out with new home and pre owned home sales. We appreciate these updates that you provide as an agent that has been established in the area.
Hi Raad we jumped in the market when the rates were at 6.25% June of 2023. However, we knew that we would not be able to sell for a while possibly for 3 to 4 years down the line as the housing market rates settle down and stop being so volatile.
You took a chance and as a result paying less per month. Eventually tables will turn and inventory will drop as demand increases. And 3-4 years seems like a reasonable bet depending on how much you need out of current home to purchase next one
Price has to do with proximity. Proximity to string schools, parks, we have two rivers and three lakes and a myriad of shopping and downtown, Gruene, year round events. That’s what you’re paying for. I’m not familiar with your market but you can do the proximity comparison
All this talk about interest rates. Many people cannot afford these high priced homes even with lower interest rates. There was a surge of buyers a couple years ago which drove up the price and now things have cooled off. It's really that simple. Worker's salaries are not in line with mortgages and associated housing costs. It's not a mystery why house prices are falling. Cash buyers are mostly old people and investors. And investors are regretting buying in some areas.
Good idea. I don’t think we’ve hit our bottom yet. When you have perspective buyers concerned about paying for points and only want to spend 3-4k in property taxes, it’s a sign that the prices will come down further because those homes will sit on the market longer.
Whenever someone starts with “not trying to be..” 😂 it’s all good. Text book recession? We’ve been in one since 2022. Look at the text book definition of recession. And we don’t have the growth we’ve had in the last. Orlando doesn’t have the growth it’s had in the past. Rates determine how much house someone can afford and how much a seller can get for their home. It puts the brakes on growth. BUT once that first rate cut is announced, the market will heat up.
