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COLLEGE STATION – Texas may not be entirely a buyer’s market right now, but housing market conditions have slightly improved thanks to increased inventory, giving buyers more options.
“In the last two-plus years, homebuyers had been—or at least their affordability has been—stuck in a rut, and we know why: because of high mortgage rates and high home prices,” Texas Real Estate Research Center Research Economist Yanling Mayer recently told the Texas Standard. “What makes the spring homebuying season different is the supply-side story.”
Four other takeaways from the interview:
Inventory is up: Home supply has accelerated significantly in recent months, easing pressure and giving buyers more negotiating power.
Secondary markets are thriving: Cities like Abilene, Lubbock, Midland, and College Station are seeing strong sales, partly due to more affordable prices.
Price markdowns are widespread: More than half of homes are being sold with price cuts, averaging about $15,000 off the listing price.
Buyers should be strategic: With rates still high, buyers are encouraged to assess their personal circumstances. If they must buy, they should take their time and negotiate; otherwise, it may be worth waiting.
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