Real Estate Market August 2023

Read what Emblem Properties Agent, Dallas Dugan, has to say about the Real Estate Market in August 2023:

A look into the market conditions in August shows us that the Buyer’s Market that we have seen through the summer is still present. When compared to August of 2022, most counties examined continue to show a significant increase in active listings or a significant decrease in total number of homes sold in August. Brazos and Grimes Counties show both. This has caused the Months of Inventory in all included counties to increase. Inventory has increased dramatically in Madison, San Jacinto, Grimes, Polk, and Trinity Counties. This proves that buyers have less urgency and greater options when selecting and negotiating a purchase than they would have last year.

Interest rates have not improved, causing some weary buyers to remove themselves from the market, further reducing buyer competition. It is worth stressing to any potential buyers that are uneasy with the current cost of financing, these high interest rates are high relative to what we have seen in the last few years but are still considerably lower than what was common in the early 2000s and before. Many analysts are predicting reduced rates by next summer and some are claiming as early as March which will provide some buyers with favorable refinancing terms.

Rent is still very high in most areas and homeownership is still a viable option that allows you to grow equity and personal wealth rather than using your monthly expenses to pay off your landlord’s property. If you are considering a move, it could be very likely that conversations with a lender and a realtor will open options you’ve been ignoring. Call Emblem Properties at 936-439-6630 and we can work together to find those options available to you.