TYLER, Texas — The housing market is still hot across East Texas, and buyers are fighting for the limited amount of inventory that's out there.
Longview realtor Austin Moore says moving fast is key to an offer being accepted.
"One thing in this market is speed, if you can be one of the first people out there to see the house and get an offer submitted, you have a lot better chance of getting that house," he said.
The whole ordeal is an exhausting process…one that Jeremy and Jennifer Burris know all too well.
"You call to schedule to look at a home and there's already 20 people lined up to come look at the same one," Jennifer Burris said.
Making the issue worse, people from other Texas cities, like Dallas - and other states, like California - are taking advantage of their markets, and then buying in East Texas to get more for their buck.
"It makes it harder for the local people to compete with that money coming in to the to the market here," Moore said.
Renters are also making the jump into home ownership. Monica Rucker, a local loan officer, says it's an important time to reevaluate buying versus renting.
"If you can secure financing on a mortgage right now [with a] payment that you're comfortable with, then you're still in such a better place to purchase versus renting just because you're controlling that long term housing payment that you have," she said.
But mortgage rates are going up. As of last week the average 30 year fixed mortgage now sits above five percent.
According to Freddie Mac, that's an 11-year high, but it's important to put it into perspective. Compare the current five percent rate to over 18 percent in 1981…over nine percent in 1987…and over six percent in 1993.
If you're in the market for a house, the key is making small adjustments to your budget where you can.
"You know, taking an adjustment to a higher a little bit of a higher mortgage payment...it's going up $50, or it's going up $100. How many of us waste $50 on Starbucks. I mean, just making an adjustment in your priorities will fix that gap," Rucker said.
And just like finding the right house, finding the right mortgage is also important. It's like the age-old question - where do you see yourself in 20 years?
"We'll talk to a client and ask them, you know, what is your objective? how long do you plan on being in the home? Some people really go to that 30 [year fixed mortgage] for the lowest monthly payment, and others want to, you know, take that mortgage out as quickly as possible, and we put them on a 15 or 10 [year fixed mortgage]."
Fortunately, the Burris family finally found their dream house.
"Austin called us. and he said, 'Jeremy, I just wanted to tell you that you got the house.' I was like 'whoa, yeah, very exciting!'" Jeremy said. "Happy tears," Jennifer added.