It's a home buyer's market says East Texan

By Layron Livingston - bio | email
Posted by Ellen Krafve - email

TYLER, TX (KLTV) - You almost hate to say it because you don't want to jinx it. New home sales shot up 11% in June. The last time sales rose that much was nearly nine years ago. It's some good economic sound for sore ears.

"With this house, we kind of knew," said Kelly Taber, a recent home buyer. "We saw it and we liked it."

Taber and her family just moved to Tyler, into a brand new home. Meanwhile, she's still waiting to close on her old home.

"It's very nerve racking," she said. "You're not sure if your house is going to sell."

"People that want to sell know what they want for their house, but right now, with so many houses on the market, it has to be priced really really competitively," said Tyler realtor, Karma Crisp.

She says the local market is down more than a third compared to this time last year.

"Tyler always seems to lag behind," Crisp explained. "When they first started talking about how houses were down, Tyler was not."

She says setting the right cost is crucial.

"The buyer's going to choose the best that they can get for the dollar," she said.

The average home price is down 3% nationwide. Tyler home builder, Brent Conaway says basic economic rules are still very much at play.

"The builders, over the past several years, have added and added and added to the supply, and demand has just completely fallen off," said Conaway. "Well now, supply and demand are coming in check."

The number of newly built homes on the market is down for the 26th month straight. But, Conaway says local builders are building. Permits are at levels not seen since the 90's. He says is not just good news for Conaway Homes.

"The housing dropped off and everything else fell behind it," he said. "Contractors, the local people, when you look at the economic waves that are created with just a single home purchase, it effects thousands of people."

If you're in the market, here's some advice...

"You've got a lot of houses to compare to and find your needs and your want and don't wait," said Crisp.

No one knows where or when we'll hit the bottom. The National Association of Home Builders reports new home sales rose by double digits in the northeast, west and Midwest last month. Sales declined 5% in the south, the nation's largest housing market.

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