Inflation affects housing market in more ways than one

Inflation affects housing market in more ways than one

Roger Pettingell Sarasota Real Estate

Real estate agents across the metro are noticing a change in the housing market: houses not selling as quickly as in 2021.Nearly two dozen homes in a new Brandon housing development are still empty.Some are under construction while others with ‘for sale’ signs on the front lawns.“It’s softening a bit,” said Exit New Door Realty Agent Tony Bahou.A year ago, Dwanna Stanley with Broker of Agency Real Estate Services said houses hit the market and were under contract within hours. “I’ve set by 12 noon and by 2 o clock they’re already on a contract,” said StanleyAccording to Bahou, it is now taking a bit longer. “You’ll have homes stay on the market just a few more days, few more weeks than they would have this time last year,” said Bahou.While the rate of listings is slowing down, interest rates and prices are rapidly climbing.“A $1,200 to a $1,500 note now the same house your buying is $1,500 to $1,700. That $200 to $300 difference prices people out all the time,” said Bahou.“Especially when you have gas and have groceries going up, something has to give. Right now, people are choosing to stay and not buy a house.”Bahou said those looking to sell need to stay patient.“You’ve just got to temper your expectations,” said Bahou. “You may not be buying the $300,000 house, so you might lower your budget to something you can afford and that’s still good to make it your own.”

Real estate agents across the metro are noticing a change in the housing market: houses not selling as quickly as in 2021.

Nearly two dozen homes in a new Brandon housing development are still empty.

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Some are under construction while others with ‘for sale’ signs on the front lawns.

“It’s softening a bit,” said Exit New Door Realty Agent Tony Bahou.

A year ago, Dwanna Stanley with Broker of Agency Real Estate Services said houses hit the market and were under contract within hours.

“I’ve set by 12 noon and by 2 o clock they’re already on a contract,” said Stanley

According to Bahou, it is now taking a bit longer.

“You’ll have homes stay on the market just a few more days, few more weeks than they would have this time last year,” said Bahou.

While the rate of listings is slowing down, interest rates and prices are rapidly climbing.

“A $1,200 to a $1,500 note now the same house your buying is $1,500 to $1,700. That $200 to $300 difference prices people out all the time,” said Bahou.“Especially when you have gas and have groceries going up, something has to give. Right now, people are choosing to stay and not buy a house.”

Bahou said those looking to sell need to stay patient.

“You’ve just got to temper your expectations,” said Bahou. “You may not be buying the $300,000 house, so you might lower your budget to something you can afford and that’s still good to make it your own.”


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