Are you in the market for a home in the Tyler, Texas area? Or maybe you’re thinking about selling? The real estate market is booming as interest rates are currently low. The pandemic has had some interesting effects on the market over the past year. It’s moved from a stand-still back in March of 2020 to one of the most active markets in history.
How does Tyler real estate compare with the national market? Is now a good time to buy or sell? Here’s an idea of the current and projected real estate market in Tyler, TX and what that means for you.
Home Prices
The median home listing price reached an all time high in March of 2021, which reflects the trend that it is a seller’s market. There are currently more potential buyers looking for homes than there are homes available. This causes listing prices to rise as sellers can expect their homes to sell easily. Tyler real estate is on trend with the national average for home prices.
Length of Time on the Market
Current real estate trends also show that homes are spending less time on the market. Home buyers are purchasing more existing homes than ever before, as home builders have been unable to keep up with the demand for new homes. Homes are selling faster as there is insufficient inventory to keep up with the current housing demand. Homes in Tyler, TX are on trend with the national average in terms of length of time on the market.
Mortgage Rates
Loan rates are reflective of the current economic conditions. Currently, rates are lower than normal at this time as the economy has not yet recovered from the effects of the pandemic. When mortgage rates are low, buyers have an advantage. Locking in a low rate on a mortgage can save the average homeowner tens of thousands of dollars in interest over a 30 year term.
Supply and Demand
In real estate, as with the economy in general, supply and demand is a driving force. As available inventory is low, and the demand is high, housing prices rise and time on the market is shorter. This means homebuyers have to be ready to make fast, high offers to snag the home they are looking for, which is the very definition of a seller’s market. Bidding wars between potential home buyers can drive prices up even further. If you’re thinking about selling your home, now is the time.
Market Predictions
With the increased availability of the vaccine and the promise of a not so distant return to normal activity, the housing market in Tyler, TX is expected to stay hot throughout the remainder of 2021. Beyond that it is difficult to predict, because if the past year’s events have taught us anything, it’s that you can never be sure what the future holds.
Why Buy a Home in Tyler, TX?
Tyler, TX is a community on the eastern side of the state with a population of 225,000 and is one of the largest communities outside of the Dallas area. With plenty of shopping, dining, and entertainment options, there’s always something to do in Tyler. If you enjoy the outdoors, Tyler has excellent weather. With various bike trails, jogging and walking trails, golf courses, and a total of 26 parks, you can maintain your active lifestyle. Tyler’s art and culture scene includes theaters and museums throughout the area. The job market is healthy and growing and the schools are some of the best in the state. The real question is why wouldn’t you buy a home in Tyler?
Why Buy or Sell a Home with The Pamela Walters Group?
If you’re looking for homes for sale in Tyler, TX, The Pamela Walters Group will help you find the right home for you. With the help of a RealtorⓇ you can save time and money in the house hunting proceshttps://pamelawalters.com/our-areas/homes-for-sale-tyler-tx/s. Your agent will listen to your wants and needs, get an idea of your personal style and the items that are deal breakers to you, and show you only the homes that meet your criteria. We will also help you with offers and negotiations so you can nab the home you want and lock it down for the best price.
On the seller’s side, we expertly list your home and help you stage it to sell. We get your home out there on every possible listing platform so that you get many potential buyers making offers and competing for your home. It’s a seller’s market, so now is the time to get the best price for your home.
Call (903) 962-0034 or contact us today to schedule a consultation. We look forward to helping you take advantage of the current real estate market.