Tyler Home Prices On The Rise

Experts are expecting home values to drop in major metropolitan areas across the country. But while home prices start to decline elsewhere, homes in Tyler are increasing in value and homeowners are enjoying the perks of living in a seller's market.

"Our market has stayed healthy in real estate and retail," said Bill Pillsbury, president of the Pillsbury Group-GMAC Real Estate. "Whereas in places like Dallas it looks like there was some oversupply, and they've seen some drop in prices.

Tyler developers haven't slowed down either. Realtor Alice Brown who works in the Pillsbury Group's Lindale office says higher end homes have boosted the prices of many homes in Tyler and surrounding areas. In just the last three years, the average sales price for a home in greater Tyler has jumped from $114,000 to $123,000.

Oddly enough, it's transplants from the Dallas Metroplex and other metropolitan areas who are buying many of the homes/

Brad and Tracy Blacketer, who reside in the Woods development in South Tyler, are one such couple. They've purchased three homes in Tyler within the last 4 years.

"We've averaged about 10% or 15% profit on the houses that we've bought and sold in this area," said Brad Blacketer.. Last year, the couple sold one home and bought another, so they could have a pool in the backyard. They say only in Tyler does such a risk pay off.

"Each time we've seen nothing but a steady incline in the market and that gives us the confidence to go out and do it again as the needs of our family changes," said Tracy.

And while the Tyler market looks up, others are possibly facing a major downward spiral. A study by PMI Mortgage Insurance Company says nationwide, Austin is at the highest risk of facing a significant decline in home prices. Although Dallas, Houston and San Antonio may be right behind them.