Inflation is here and we feel it every time we stop at a gas station or visit the grocery store. On the growth side, we see another negative quarter, the second in a row. All signs are pointing to a shifting economy with no clear solution for improvement. Most of us are wondering what this means for real estate in the Sioux Empire.
Some people suggest we are insulated from national economic activity, but to ignore a potential fallout from world turmoil would be foolish.
For example, Amazon with 1,000 jobs is on hold and we are hearing there is more unwelcomed news forthcoming. This, and 6% mortgage rates for a 30-year loan, have contributed to the recent sales slow-down.
Sales for the past two months are roughly two-thirds of the past six-month average. The exception is the $1,000,000 plus market, which is up 40%. This will eventually lead to flattening prices for most brackets, probably before the end of the year.
A booming economy and low mortgage rates drove home prices up 35% over the past two years. It has been good for both sellers and buyers. That market is over. Thankfully for sellers, there are still more buyers than sellers; although the direction is for a balanced market to appear soon, and a buyer’s advantage will follow shortly thereafter.
Many of us still need or want to move, so we do. The key to successfully navigating the current and future market, is a great understanding of the market and what is important to you. The more clarity you have and the better educated you are the better the outcome will be for you.
We have mastered a process that maximizes your dollars, saves you time, and most importantly, gives you peace of mind knowing you are doing the right thing at the right time, with the right people.
We invite you to call or text, 605.359.4100 anytime.