HARLINGEN, Texas (ValleyCentral) — Inflation is causing a change in the local housing market.
According to realtor Bruno Zavaleta with Zavaleta realty, what used to be a seller’s market is now shifting into a buyer’s market with more open houses and price reductions.
Zavaleta said the price of a home depends on the condition of the home and its location.
Another reason for the market shifting into a buyer’s market is that there is still a good inventory of homes for sale.
“A year ago for June, we had about 108 active listings on the market,” said Zavaleta. “Right now, we’ve got 178, so that’s a 64% increase in just your inventory that’s actively sitting on the market.”
Realtor Arnold Celis with Arnold Celis Realty said interest rates are not slowing down the real estate market in the Rio Grande Valley.
According to Celis, purchasing a home has become more competitive than ever before because of the increase in qualified buyers.
Celis said the market is so wild, that he has had a client pay as much as $61,000 above the asking price.
“There was a doctor, I just had this conversation last night. He bought a house for $750,000. A few short months later, he sold the house for $1.2 million. Now that’s crazy, isn’t it? In Harlingen, but that’s what’s happening.”
Right now the interest rates are close to 6.5 percent with a great credit score.
According to Celis, the feds raised interest rates to slow down inflation because some of the prices are getting outrageous.
Both realtors advise interested home buyers to do research and seek professional help.