National real estate news paints a bleak picture. But there’s more to markets than national snapshots. Context is important, and so is the hyper-local market you are checking out. Although some sellers may feel the pinch, some markets seem almost immune. Nevertheless, navigating a changing market can be challenging, so you need the right realtor like Viktor Taushanov.
Existing Home Sales
Economists love making charts. Their favorite right now is all about interest rates that keep rising. Real estate companies also like making charts, and right now, they’re heavily tracking home sales year over year. Although it can seem like the chart lines between interest rates and home sales seem to be moving in opposite directions, Frisco paints a different picture.
Home Prices
If you’re selling an existing home in Frisco, you can agree that halcyon days of asking any price and getting it has cooled. But existing home prices are nowhere near where they were, even less than two years ago. Although sales prices of existing homes have climbed down from their peak, they remain hundreds of thousands of dollars above their early 2021 prices.
Buyers or Sellers Market?
Ironically, the answer to both questions is yes. Rising interest rates have cooled competition between homesteaders and investment companies, so people wanting a place to live have a better chance of getting a home. Falling prices have also created another incentive for first-time home buyers. As they say, you buy the house, not the rate, so a refinance could be a strong move when rates decline.
For sellers in Frisco, demand remains strong. Sure with money and friends, the more, the merrier, but small price decreases have kept demand strong. So if you want to sell your home in Frisco, you can find a serious buyer invested in your neighborhood.
So what’s the best strategy for navigating a changing market? Finding the help you need with Globus Realty and Viktor Taushanov puts you on the path to homeownership no matter what the markets are doing.
