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Quick Thoughts
- November is historically a slower month, and overall home sales were very low
- The lower median sales price is largely a factor of the limited volume
- Interest rates peaked during November which impacted buyer activity
Moving Forward
- Interest rates have pulled back, and are expected to stay closer to 6% moving forward
- Prices are expected to remain mostly flat in 2023
- Total number of sales is expected to decline
Interest Rate Buy Downs
This is a powerful tool for buyers. Seller concessions are becoming increasingly common again as the housing market returns to a more balanced position. An interest rate buy down is an option you should discuss with your REALTOR and lender when writing your offers. This is the absolute best way to reduce your monthly mortgage payment. A typical concession cost can result in $300-500 reduction in your monthly payment. This is looking at average and slightly above average home prices in Abilene, TX.
There are additional options that can be more short term. The benefits of this would be looking at refinancing in a few years, or even if you might move in a shorter period of time.
With interest rates being so low for several years before this recent rise this tool hasn’t been used in a while. We believe it is highly effective and our team of Abilene REALTORS are here to answer your questions and guide you through the process.
Happy Holidays!
The Better Homes and Gardens Real Estate Senter, REALTORS team is thankful this holiday season. We’re thankful for our amazing team, our wonderful clients, and to have called Abilene home for over 65 years now. The donations and support we’ve been able to give back over this holiday season are only possible because you choose to trust us with your business.
There’s never been a more important time to have an experienced expert on your side. Give us a call if you have any questions about homes or commercial real estate in Abilene, TX!
Merry Christmas!
–Shay Senter – President, BHGRE Senter, REALTORS
