A new real estate forecast predicts a large shift for the market by next summerAustin’s once red-hot housing market might be cooling off. New real estate projections point to a large shift in the market by next summer.
Increasing supply and decreasing demand, due to high prices and rising interest rates, have been swinging the pendulum from a sellers’ market toward more of a buyers’ market, according to Rodenbeck. A buyers’ market - if you can afford it. But within a buyers’ market, those seeking to purchase a home have more negotiation power, and homes may sell lower than the listing price. Over the last couple of years, homebuyers in the Austin area have typically been up against multiple bidders who could be offering more than the listing price.
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Home sales dropped 20% in August from a year ago | CNN BusinessHome sales declined for the seventh month in a row in August as higher mortgage rates and stubbornly high prices pushed prospective buyers out of the market. Inflation = cost of things going up. So the FED raising interest rates = making everything cost more? Hey there is a forest fire Quick pour gasoline on it! Mortgage for a 3 bedroom, 2 bathroom house $ 1950 un South Florida. Rent for a 2 bedroom, one bathroom is $ 2500 same place.
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