Our Market....How Scary is it?
What's happening in the Real Estate Market in Amarillo? Are prices falling?
Well....it may not be as bad as you think. Yes, at first glance it would seem that the market has softened somewhat since last year. But is it all that bad afterall? Here are some facts you might be interested in knowing.
Historically the Amarillo market has continued to appreciate somewhere between 3% and 8% annually! Considering some of the markets in the country, that's pretty impressive. We've had a number of great years with consistent appreciation in real estate values and as we all know.....all good things must come to an end. But...don't fret too much. I don't think it's coming to an end at all! We're still seeing lots of movement in the market however, if you're selling a home right now you may have to make some serious adjustments in your thought processes of selling your home.
If you're buying a home, you'll also have to make some adjustments. Perhaps you've heard that now it's a buyer's market in Amarillo, Lake Tanglewood, Canyon or Bushland. Well.....let's look at what's really happening.
Home values have continued to increase over the past 5 years at a pretty consistent rate. We've had little or no corrections in those past 5 years and now it appears we're having a bit of a correction. If you can correlate your investments in the stock market to your real estate investments you'll better be able to understand this concept. I call it a "softening" of the market for a short time. I don't see a dropping of values in the market. What I see is a reduction in the appreciation rate at this point. That's not to say that prices could'nt drop, but based on our recent history....that's not likely as I see it right now.
If you have questions, please feel free to contact me.
Well....it may not be as bad as you think. Yes, at first glance it would seem that the market has softened somewhat since last year. But is it all that bad afterall? Here are some facts you might be interested in knowing.
Historically the Amarillo market has continued to appreciate somewhere between 3% and 8% annually! Considering some of the markets in the country, that's pretty impressive. We've had a number of great years with consistent appreciation in real estate values and as we all know.....all good things must come to an end. But...don't fret too much. I don't think it's coming to an end at all! We're still seeing lots of movement in the market however, if you're selling a home right now you may have to make some serious adjustments in your thought processes of selling your home.
If you're buying a home, you'll also have to make some adjustments. Perhaps you've heard that now it's a buyer's market in Amarillo, Lake Tanglewood, Canyon or Bushland. Well.....let's look at what's really happening.
Home values have continued to increase over the past 5 years at a pretty consistent rate. We've had little or no corrections in those past 5 years and now it appears we're having a bit of a correction. If you can correlate your investments in the stock market to your real estate investments you'll better be able to understand this concept. I call it a "softening" of the market for a short time. I don't see a dropping of values in the market. What I see is a reduction in the appreciation rate at this point. That's not to say that prices could'nt drop, but based on our recent history....that's not likely as I see it right now.
If you have questions, please feel free to contact me.
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