If you’re one of the many millions of people in the U.S. concerned about the real estate market, let us be the first to tell you – everything is going to be OK. We believe strongly in keeping a positive attitude and outlook on the market and also in life. If you act like the sky is falling, well then in your world, it really might be.
Sure, interest rates have gone up over the past few months. But, when we think about it, interest rates have been historically low for way too long, causing an imbalanced real estate market. Our outlook is that interest rates are just now healthy again. The folks over at Rocket Mortgage broke it down by decade and gave some great explanations. Check out this piece they wrote. For a quick reference, see the chart from their article “Historical Mortgage Rates: 1971 to the Present.” Today, you can get a residential mortgage for between 6% – 6.5%, fixed for 30 years. That’s not a bad deal when you look at the history.
We’re still seeing a powerful market presence for buyers and experiencing low inventory. There are people wanting to buy real estate and invest in real estate. We get calls every day from people looking to buy real estate, especially land. What our market has in its favor even more so is our location – Texas. People are wanting to move to Texas. It isn’t uncommon for our agents to get calls from folks in California or New York inquiring information about a piece of land.
If you are a real estate owner, particularly a landowner, the time might be right for you to sell your property. With the low inventory the market is experiencing, we are hearing stories of landowners getting cold calls from real estate agents from outside of the local area offering below-market value for their land. If you are a landowner, be sure you are getting the best market value for your land. Our team of agents would be happy to help make sure an offer is not only right for you but true market value.
So, to us the market is pretty balanced right now. We feel like 2023 will be a great year in the real estate market. We are ready to make real estate happen for buyers and sellers in the real estate industry. If you are ready to buy or ready to sell, let our team help make real estate happen for you. Browse our current farm and ranch listings here.
We would also love to hear your thoughts about the real estate market. Find our post on Facebook or Instagram and leave us a comment, or comment directly here on this post. What are your real estate concerns?