Appraisals in the county have increased significantly, with the county appraiser saying it’s the highest she’s ever seen in the past three years. Real estate agents say there are changes in the housing market that explain these increases. Brad Elliot, a real estate agent in the county, said interest rates increasing in recent years has kept many people from selling. This causes increased competition for the houses that are put on the market and drives prices up. Elliot thinks, with interest rates decreasing again, more houses will be added to the market. People who had been unwilling to move because their interest rates would go up might consider a move now. The Federal National Mortgage Association predicts that interest rates will continue to decrease and will end 2024 around 6.5 percent, compared to the nearly 8 percent interest rates that have been seen. Beth-Ann Kingsley, a real estate agent based in Halstead, agreed that demand was the cause behind the increased prices and values. Kingsley added that construction on new houses slowed during COVID-19, causing construction to get “backed up.” This furthered the decrease in available housing inventory.
Source: Harvey County Now
