October 04, 2023
What's going on with the real estate market?
We get that question every day and we have been keeping our eyes and ears open to give you the best answer. In short, we are seeing the pendulum start to swing back from the record high prices we've been seeing for the last two and a half years. Overall, home sales have started to slow, there are good reasons for that. The first is the increased interest rates that are causing many buyers to hold off on making any major purchases right now. In fact, we say a dip in contracts written for September.
Another reason for the slowdown is the continued lack of inventory. El Paso is struggling with a lack of properties under $250,000. These two factors create a 'perfect storm' of a market slowing down right before the fall and winter months. What does that mean for you? Well, if you are hoping to sell your house in this market you need a highly trained, educated real estate agent who can give you the best advice to navigate these turbulent waters.
If you want to purchase a home, you need an agent who understands how to evaluate data to ensure you aren't overpaying for your property while still working quickly to make your offer stand out. Either way, you need the expertise and education you will get from a CENTURY 21 APD Associates agent. Call today to discuss your needs with one of our agents.915-779-5611