There is no question that the federal interest rates have a significant impact on the housing market. Recently, the mortgage rates have been slowly creeping up, and this is affecting both home buyers and sellers in different ways. If you're thinking of buying a home in Dripping Springs, Texas, it's important to stay up to date on the current market conditions, so you can make the best decision for your family.
What Some Real Estate Experts Are Saying
Some experts have chimed in on the impact interest rates have, and while home sales have slowed, the Greater Austin area market -- including Dripping Springs -- is still hot! And with the recent shift, the area is quickly turning into a buyers market. Josh Friedman of Friedman Realtors, and Dripping Springs Elite Real Estate Professionals member, says “Agents are asking for feedback (something they haven’t done in a long time) and checking in to see if we’ll be making offers. We’re still seeing multiple offers here and there on really great properties, but more often than not we aren’t seeing that happen anymore. Interest rates and taxes have gone way up, so the urgency to buy has gone way down.“ But the good news is, as a buyer, you now have more buying power than you did just a few short months ago.
With big tech companies relocating to the Austin area, they are driving the demand for homes up, but inventory is still low. The increased interest rate seems to have little impact on home sales, beyond slowing the process a bit, allowing buyers the time to search for a home with less chance of bidding wars.
According to Josh, “This time last year we were seeing multiple offers over asking and houses on the market for a few days tops. Now we’re seeing houses sit for weeks, prices dropping, and more reasonable offers being made and accepted. It quickly turned back into a buyer’s market.”
Buyers Have More Options Now
In some cases, the rising interest rates are lighting a fire under buyers and causing them to purchase now, rather than waiting any longer and chance the interest rates increasing more. This works to the advantage of the sellers, as they can expect to continue to get top dollar for their homes, just not as many multi-offer situations currently, but the homes are still moving and demand is still high..
The Housing Market Is Still Hot
All this to say that interest rates are impacting the housing market, BUT it’s still going strong, still moving, and no real signs of a slowdown ahead. Don’t wait any longer to find out if now is the right time for you to make a move. To talk to one of the Dripping Springs Elite Real Estate Professionals about a market comparison for your property and determine if now is the time to sell, or if you are looking for an agent to help you find your next home, contact us at: https://drippingspringselite.com/#agents
Dripping Springs Elite Real Estate Professionals is an organization of 25 top producing real estate agents from different brokerages who live and work in Dripping Springs, Texas, and the surrounding area. When trying to decide who you would like to represent you during your next real estate transaction, consider a Dripping Springs Elite Real Estate Professionals member. They have a proven track record, which is one of the criteria for membership.