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Unlike this Texas heat, things definitely cooled down in the real estate market! There’s been a big shift as interest rates continue to rise. It blows the mind to see it happen so quickly.

More homes showed up on the market, as usual in the summer, but now there are also less buyers looking since their buying power has been decreased. But that’s not bad news for the buyers still in the market. They may not be locked into a low rate, but their competition has diminished almost overnight. Which gives them a better chance of negotiating the asking price and terms of a contract. And compared to the 1980’s, today’s rates do not come close to the inflated ones of 19% in the 80’s.