Central Texas housing market levels out entering 2024 – KWTX

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WACO, Texas (KWTX) – For the first time in years, the housing market experienced a decrease in sales in 2023, something local experts believe is good for consumers.

“I think this is a much healthier market honestly,” said Brook Ashley of Brook Ashley Realtors, “You’re not having to offer 20,40,50,000 dollars over asking price, and waive inspections, and just the craziness that happened in recent years. That’s just not happening anymore.”

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Richard Hoxworth, with Summit Funding in Waco, echoed a similar sentiment, saying that when you compare the current market to the peaks we’ve experienced in recent years, it’s almost impossible to avoid a slowdown.

“The example I use with a lot of my customers is, ‘hey, when you’re at the very tip-top of a roller coaster, everything feels like a drop, because there’s nowhere else to go,” said Hoxworth.

“We got to such an unsustainably busy place in the market in 2020-2021 and a lot into 2022, where we were so busy there was really nowhere else to go.”

In addition to the slowdown setting the table for a steadier homebuying market in 2024, Ashley said that in the next calendar year, there’s one event in particular she thinks will help improve the market.

“2024 is an election year, everything gets good in an election year,” said Ashley, “Gas prices drop, people are happy, and everybody’s business is doing well. I mean, it’s been that way 17 out of the last 20 election years. I see that happening again this year.”

The pair also say that it’s important to consult a professional when you’re looking into buying a home.

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