SAN ANGELO, Texas- Is it a buyer’s or seller’s market? That is the number one question in our current housing economy.
“We get that question all the time! What I tell people, is that regardless of the market you need to know your number. If you are a buyer, you need to know the number you are willing to put down for a home or the number you are comfortable with as far as a monthly payment. If you are a seller, you need to know what number you are willing to walk away with,” said local realtor, Mimi Clark.
The demand for post-Covid-19 sellers built automatic equity on their homes while interest rates for buyers continue to rise.
“The feds announced an increase just last week and they are predicting another one in November,” said Clark. “What I always tell people is if you are going to buy right now, talk to a mortgage consultant to figure out where you are financially so you can get a better rate. Every tiny percentage impacts your monthly payment.”
Due to this, there is an imbalance in our market and it doesn’t help when locally there isn’t a wide variety of affordable housing.
“Historically over the last few months or even over the last year, we have not seen any price decreases for as far as our sold homes. The price just keeps going up on the average price per sold home,” said Clark.
Whether you’re setting up a home for sale or checking one out, first impressions are everything.
“I typically look at the entry first because you don’t have more than about 7 seconds to have a buyer want to move forward and spend time in your home,” said local stager, Mariana James.
James and Clark also added that buyers and sellers should take into consideration the time of year, the current state of the economy, and location.