Many are questioning where the real estate market is heading. For quite a while it has been a sellers market but something is in the horizon. Historically there is always a shift in the market and it is usually every 7 years. We are clearly seeing signs of the SHIFT coming.
Presently there are more price reductions on listings in lieu of new listings coming on the market. Part of that is we are heading into a slower time for the real estate market but the biggest question is this a sign of what's coming.
I firmly believe we are heading into a shift since house prices are out performing job incomes. Hoeowners have enjoyed the ride with the average home in Collinn County increasing by 9%. Along with that property taxes took a major jump. What's going to happen when it becomes a buyers market. Clearly we will still live with the increased property taxes and there will be less listings since many will have a hard time realizing that they can't get what their neighbor got last year for their house.
It will be interesting watching this unfold and experience the SHIFT.
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