A LOOK AT THE MARKET
FOR THE REAL ESTATE OBSESSED by Leah Cox, Broker/Owner, Kelly, Realtors
W
aco boasts a very diverse economy and has seen prosperity, even during hard times. The Greater Waco area has experienced a shift that will continue for the foreseeable future with new businesses and ventures calling the area home. While this may bring more jobs, better opportunities, and greater diversity, it also means more people, more traffic and an increase in the price of homes, both for purchase and for rent. But, one fact is certain: it’s a sellers’ market. With low inventory and delays on new builds, there is more competition for available properties in the form of increased showings, fewer days on the market, multiple offers, and even backup offers. Low-interest rates on loans make it appealing for many first-time buyers to jump into homeownership, and it is, in fact, one of the factors that has kept the market moving quickly. Many experts predict interest rates will increase, which may or may not impact the market. 28 | SPRING 2022
Several factors come into play when looking at real estate. Waco’s population has increased 13.73% since the 2010 census, experiencing an average 0.96% growth a year. Over the past two years, we’ve noticed more people moving to Waco from other parts of the state, the country, and even international locations. As the new workforce, office model, and workweek take shape, there is a global population with more freedom of choice to work where they live, not live where they work. Many people flocking to Waco are doing so thanks to lower median home values than the national average, the ability to work remotely, and inspiration by media coverage pointing to Texas, and Waco specifically, as a market to watch. Just last year, The Wall Street Journal and Realtor.com listed Waco as a Top 10 emerging housing market. Locally, anyone with their ears to the ground was expecting this. The trend has been homes selling above asking price and staying on the market only for a few days, while still being priced lower than the national average.
