Springfield housing market shows signs of slowdown; experts don’t expect crash
SPRINGFIELD, Mo. (KY3) - The pandemic impacted the housing market, but now we are seeing a slowdown.
“If prices aren’t decreasing, there are certainly not increasing at the rate that they were,” Dr. David Mitchell, director of the Bureau of Economic Research and director of the Center for Economic Education at Missouri State University, says.
But that doesn’t mean a crash.
“It’s unusual to have housing prices crash because people have this annoying habit of needing a place to live,” Dr. Mitchell says.
According to the National Association of Realtors, home sales have declined by 21% since January nationwide. In the Ozarks, experts say it is not quite the case.
“So we had 90 new homes listed in the last 48 hours in the Springfield area,” Taylor Yake, the Broker at Summit Real Estate, says. “Demand is still there. Supply is there.”
She says that while the market is still hot, some buyer behaviors we saw through the pandemic are slowing, including multiple bids, over asking, and waived contingencies.
Yake says three things for home buyers to keep in mind when shopping in this market include:
1. Always check out your financing options first. Before you start shopping, make sure you are pre-approved.
2. Find a local real estate professional that knows the area well. You want to have the best person in your corner.
3. Do your research and use the technology available. Many homes offer virtual tours and information online.
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