Sunday, November 13, 2022 / by Kathryn Jones
There are SO MANY "Chicken Littles" out there pushing DOOMSDAY headlines about inflation and interest rates, as it pertains to the real estate market. For the last 4 months or so, since the "INFLATION IS AT A 40 YEAR HIGH" news broke, all the news has been bad. Then about a month ago I was introduced to a video. It's an interview of a guy that is highly respected in the finance industry, named Barry Habib. You should Google him. I've learned that about every loan officer I know listens to him and even my financial planning firm (big company, nationwide) does too.
While I must clarify that the Russ Phillips Team is not in possession of a crystal ball on economics, we DO have very interesting information to share with you as you consider your next steps in real estate.
This has been a confusing time in my industry. We keep hearing the Austin job market is amazing, there's more jobs than workers, not enough homes are being built, and so on. One would think the sellers' market would continue to boom with these things being true. But the doubling (or more) of interest rates has led to falling prices and even a blood bath in competition from new construction builders offering crazy incentives to buyers.
Confusion always seems to make people freeze up on major financial decisions. How can you FEEL COMFORTABLE moving forward with a real estate transaction? Our Preferred Lender, Nick Pronsky, of Fairway Mortgage, and I try and break some of this down with interpretation.
This video is going to require some real attention to understand. But it includes GOOD NEWS, from RELIABLE sources that we lend an ear to. I encourage you to watch this and listen when you can focus on the charts and the things being said.
By late 2023, you may be VERY GLAD you did.