TYLER, Texas (KETK) — Real estate agents are gearing up for the summer buying and selling season with higher rates and the tightening of credit this year.
“Our median home sale from March of 2023 was $327,500, which is up over 7% in comparison to last year,” said Kelly Raulston, board chairman of the Greater Tyler Association of Realtors.
According to the Counselors of Real Estate website, they’ve listed inflation and interest rates as the number one issue for real estate in the U.S.
“With the increase of high interest rate, compared to last year is maybe shorter list of borrowers that are applying now because the tendency is I’m scared,” Hila Gama, Texas real estate agent.
She added not to let the market scare you because there are opportunities to buy and refinance home, and recommended to always ask about first-time buyer options.
“If you’re looking into a home for the first time there’s a possibility you can be approved for a zero-dollar down payment,” said Gama.
She suggests connecting with your bank to find out more about your personal credit.
“Tightening of credit right now, we are kind of like in between the lines because the feds have proposed a new deal, where are those people with lowering credit scores could possibly have a higher chance of getting approved however, today in today’s market, we do need a higher credit score for that better interest rate,” said Gama.
East Texas Relators recommend consulting with local banks before looking into the housing market.
“With loans there are a lot of things that with mortgage you’ve got to consider the down payment. Consider the debt-to-income ratio. You also have to consider. What time are you doing a 30-year note or are you doing a 15-year note,” said Raulston.
She added, in this market it’s important to work with local banks and relators.
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