To rent or to buy, the housing market in the Rio Grande Valley remains balanced. That’s according to federal statistics. A growing population has called for more construction, and now some are optimistic about incoming industries. Our Alfredo Cuadros explains.
Real estate is a major part of the local economy, with many wondering if it’s a good time to buy or rent. According to federal statistics in the Brownsville-Harlingen area, there is more people buying.
Local builders say the average home, three bedroom two bath, ranges from $120,000 to $200,000.
“So there is a high demand within that range. Of course, there is people that like bigger homes, and there are some that are less fortunate that buy smaller.” Says Renato Rodgriquez, RDZ builders LLC.
Just this week, the city of Brownsville announced a comprehensive housing plan to meet the growing population and high demand. The valley is expecting industries like Space X, LNG, and manufacturers. Something that keeps real estate agents and builders optimistic about the future.
“That’s a big plus for builders. They offer more jobs, better pay and so that’s when home owners, property owners, and big investors are interested. For those that are local, that helps a lot.” Says Mr. Rodriguez.
A common trend in the RGV, the buyer decides and with more demand, more options may be available.
Abraham Benavidez Home Sales and Finance, “People still trying ot pinch their pennies and want a good bargain but they don’t want to sacrifice quality. And I think that’s important. That’s when we step in and we make your dollar stretch a little bit.”
Local housing experts tell us the impact of the 2008 housing crash was not felt strong in the RGV. Regardless, housing experts recommend that you make a plan to avoid foreclosure.