NAR Settlement & Real Estate Market Update

SAN ANGELO NEWS

This is not very exciting but it has been happening to our clients this year. The City of San Angelo is cracking down on double-check valves for sprinkler systems. These anti-siphon devices are required to prevent water contamination. If you recall, this occurred in the Paul Ann neighborhood just before Snowmageddon! 

When you call to set up new water service, they are asking to come out to check if a valve is in place and working properly. If there is no valve or it is not working, it has to be replaced by a licensed plumber. The cost is around $1000. A local plumber said that this has always been a rule but the city is just now starting to enforce it! 

Here is what I could find on the City website

https://www.cosatx.us/departments-services/water-utilities/backflow-prevention

MARKET REPORT

What's the deal with this National Association of Realtors settlement?? Well, there's too much information to discuss in this short newsletter, but I'll give you a few of the key facts that I am seeing. First off, it is not concluded. The judge still has to sign off on the proposal settlement and we are not sure when that is going to happen. If it happens before July, the new changes will go into place mid July 2024. The main change that affects consumers is the decoupling of commissions. Since the mid-90s, the seller listed the property for a total commission to the listing agent and the listing agent turned around and split the commission with the buyer's agent. Going forward, the listing agent will have a negotiated commission and the buyers' agent will have a negotiated commission being paid by the buyer or seller. The commissions are completely negotiable (which they always have been) and cannot be listed on the Multiple Listing Service. 

Many of the headlines in the national news have talked about home prices dropping. I do not believe this is true in San Angelo or across the state. We still have limited inventory and buyers and sellers are still going to move. I do not think current homeowners need to worry about the equity in their homes.

San Angelo has 377 active homes for sale as of 3/20/24. In the past seven days we have seen 24 closings and another 48 homes go under contract. Wall, Santa Rita, and Christoval all had closings over 400k this week.

Here is a breakdown of homes for sale in San Angelo right now!

Under 100k 
100 - 200k 
200 - 300k 
300 - 400k 
400k+ 

INTEREST RATES

Mortgage rates continue to hover around the 6.5% range depending on several factors. This afternoon the Fed should come out and say that their Fed rate is not changing this month. The next movement could come in June. I have seen forecasters say that we could have a drop and others say we will not. Inflation data in April and May give us better guidance. Either way, San Angelo's limited inventory 

Every week I get calls from local and non-local lenders asking to send business their way. I have started asking for Zoom meetings so I can really dig into their products and services to see what makes them different. If you are considering a purchase or refinance there are specific questions you need to ask before just signing up. Make sure to reach out because we have answers! 

- Janet Ridgway, REALTOR® 325-212-9451

-Samantha Tarr, REALTOR® 325-340-7252

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Thank you for your time today
We look forward to working with you now or in the future...

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