The real estate landscape has been one of upheaval since the COVID-19 lockdown of 2020. Suddenly, sellers found themselves with open houses outlawed and moving plans halted as the world teetered on the edge of uncertainty.
But as the pandemic became a part of normal life, the real estate market began to soar as people dreamed of living elsewhere while working remotely.
“Two years ago, we were waiving inspections or keeping inspections very short,” Houston realtor Molly McGinty-Slagle says. “Buyers were having to accept things about the home that they didn’t really like, but they wanted a home so bad.”
The rise of interest rates and inflation in the summer of 2022 completely stalled real estate in some areas, while here in Houston it slowed to a more manageable rate.
My recent divorce resulted in my need to shop for a new home twice in the span of six months. I experienced a completely different market in May compared to December. In May, we had to offer more than the listing price for a home that we had seen once at an open house. When I shopped in December, I visited multiple houses that had been on the market for months.
The demand may have dropped, but high-interest rates are scaring some buyers away as inflation continues to keep prices high. Still, real estate experts are saying now is the time to buy as 2023 presents less competition.
“We’re not…
