According to Melissa Spencer, team leader of The Spencer Team and a broker associate at RE/MAX Integrity, the real estate market is experiencing a dynamic shift.

Spencer’s expertise comes from almost a decade of experience as a real estate agent, and she currently leads an expert team of agents at her brokerage along with her husband, Doyle. Despite going through a period of rapid growth, the market is getting into a more balanced phase and offering homebuyers the perfect time to buy and sell homes.

“It's great news for buyers, and buyers have more options to explore and can find homes that truly suit their needs as we've had more houses list recently,” Spencer said. “On the other hand, sellers can still expect strong interest in their properties. It's a less frenzied market than what we've seen in some recent times, but it's a great time for buyers and sellers to make thoughtful, informed decisions with this more balanced market.”

One of the major causes of this dynamic shift is the comedown from the effects of the COVID-19 pandemic, which put an emphasis on an ​​increased demand for suburban homes and remote-friendly properties. The pandemic led to lower interest rates at the time, and showed the resilience and adaptability of the real estate market.

Comparing the current market to what the market looked like 15 years ago shows an evolution, as the real estate market was emerging from a nationwide recession and made an astounding recovery before the pandemic shifted it.

“The market was gradually recovering,” Spencer said. “Homeownership rates were high, not interest rates, but there were a lot of people owning homes. Interest rates were relatively stable at that time. We weren't seeing a whole lot of fluctuation 15 years ago. Fast forward to 10 years ago, the market was really gaining momentum. Our confidence was growing, and property values were on the rise. That trend continued for the next five years, making it a pretty competitive seller's market. Then, of course, recent times presented new challenges.”

When it comes to the future of the market, Spencer anticipates that the real estate market will continue to grow and become more stable as it returns to normal.

The years have shown that owning a home can be a very rewarding investment, and offers an opportunity for buyers to take pride in their homeownership.

“Of course nobody has a crystal ball,” Spencer said. “We all think that the real estate market is promising. I'm watching the economic data that comes out every week. We have just recently experienced a little dip down in interest rates, and we expect that over the next couple of years interest rates will continue to drift down, making homes more affordable for buyers.”

Ready to dip your toes into the real estate market? Visit The Spencer Team’s website or call 713-823-2368 to learn more about how they can help with buying or selling a home.

The above story was produced by Community Impact's Senior Multi Platform Journalist Sierra Rozen with information solely provided by the local business as part of its "sponsored content" purchase through our advertising team.