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Real Estate Market & Texas Tech Fans Go Crazy

Friends,

What a week it's been in Lubbock, TX! There is nothing like game day here in the LBK. To beat Texas on our last time to play them in conference play was simply amazing and a little bittersweet! So, I'm sure you've heard that interest rates are up. This is true, unfortunately, and I guess necessary to get inflation under control. I do agree that we needed something to slow down the price acceleration we have seen the past two years. Without a drastic external change the market there was no end in site. We would have seen continued short inventory and prices would have become even more unaffordable for most Americans. So, while these changes may be necessary, we understand that it's tough. Here at The LBT we are right there with you. It's so important to understand that every city is going to experience this market in a different way. We are going to feel it here in Lubbock, but I do think we will be in better shape than probably 90% of the country. At this time, we can't give you perfect advice because this market is changing rapidly and has been pretty volatile. We do want to share our local, relevant market opinion based on years of production here in Lubbock, tons of research, and hours spent speaking with and following other experts in the industry. We believe that prices here in Lubbock will continue to rise at a moderate pace, somewhere around 3% over the next year or so (for most-not all price points). We believe interest rates will remain high for sometime, we are seeing 7% interest rates this week and I feel like we will be close to that point for the rest of the year (I would love to be wrong about this.)What this means this for you: if you own your home and are happy there, then you may stay put and see what the next 6-8 months has in store. We strongly believe there will be improvements in the Spring. If you need to move, YOU ARE OK! It may be harder and we will have to have some different conversations but we are still selling homes most days, and we got you.👊🏻 If you are a buyer, who was been waiting desperately for a home and you are ready financially, then let's go for it! You have more options, more negotiating room, and less competition. You can always refinance when the rates come down. We are also hearing about more options coming up that we are excited to share with you over the coming weeks. Again guys, we've got you. If there is a better way for you right now, we promise we will find it!I know this market is overwhelming but we are here to provide you with LOCAL, relevant, real estate advice. Please call me or a member of our team with ANY of your real estate questions. We are here for you! Have a great week. Lindsey

Game Days are the Best Days👆🏻

Block 17th

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Active Listing & Sold Trends in Lubbock January 2021- August 2022

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Thank you so much for being a part of everything we doSpeak next week, friend.

Lindsey + the Team

Written by Lindsey Bartley on September 28, 2022. Posted in Uncategorized
Tags: Interest Rates 7%, Lubbock Market, Lubbock Real Estate, Lubbock Real Estate Market, Lubbock Realtor, real estate, Tech beats UT, Texas Tech, The Lindsey Bartley Team

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