RGV housing market reflects national boom
POSTED: Tuesday, July 30, 2013 - 4:03pm
UPDATED: Wednesday, July 31, 2013 - 7:41am
BROWNSVILLE, TEXAS (KVEO NEWSCENTER 23) — Around the country, the housing market is experiencing its biggest boom in six years. Home prices are steadily increasing, and interest rates are decreasing. Locally, add immigration and a rising employment rate to the mix, and you've got a perfect recipe for a good housing market in the Rio Grande Valley.
Joe De La Fuente, Owner/Broker of Remax Sun Valley Realtors stated, "Interest rates for sure are affecting it in a positive way, nationally, and also the migration - there's a lot of migrants coming in different parts of the country for different parts of the world. Here in the Valley and South Texas, we've been blessed with business from Mexico, a lot of people coming in from Mexico."
Our economic recovery has also inspired banks to help out more people, which gives them better opportunities to buy.
Joe De La Fuente,"People feel more positive about being able to go out and purchase. The banks are lending more than they were just a few months ago. So it's a domino effect - it affects everybody in different industries. The housing market in the Valley reflects national figures in that it has become both a buyer's and seller's market, so for sale signs like these will become much more prevalent. It's a great time to buy, definitely. There's a lot of foreclosure properties, still a lot of short sale properties, a lot of opportunities, uh, and even for selling. It's a great time to sell. There's a lot of buyers coming into the area right now."
Reporting in Brownsville, Marty Watson, KVEO News Center 23.