Housing Bubble In East Texas? - KLTV.com - Tyler, Longview, Jacksonville |ETX News

6/18/06-Tyler

Housing Bubble In East Texas?

Hunter Pirtle has been a Tyler real estate agent for 13 years. He says the market right now, is just about as good as it gets. Last year, the average sale price of a home was up 10 percent. This year, it's up more than 11 percent and he doesn't see it slowing down much.

"Tyler is still a market that we're seeing a growth rate in. Tyler's projections are big. Outlying areas, Whitehouse and Bullard areas are projecting growth, so yeah, I think it's positive for everybody," Pirtle says.

Longview is starting to see prices go up as well. In 2005, prices were up 5%, which is about average, but this year the average sale price of a home is up by almost 8%.

Those who work in the real estate market say a lot of people from the metroplex are looking to East Texas for more affordable housing, because the average home here is about 60 thousand dollars cheaper than in Dallas.

Lauren Glass is the Vice President of Mortgage Operations at Southside Bank.

She says, "There are a lot of people retiring to East Texas, moving into Tyler that cannot afford housing in Dallas, and what we're seeing is just increased demand."

There's good news on the interest rate front as well.

"We're in the high 6% range for the 30 year fixed mortgages. It's our thought that maybe we're at the end of the interest rate increase cycle," says Glass.

They're hopeful interest rates won't go up again and optimistic they might even go down, making it cheaper to get into the home of your dreams.

Lindsay Wilcox/Reporting: lwilcox@kltv.com

 

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