TYLER, Texas — The housing market is slowing down across the country after running hot since the pandemic started. This May was the fourth consecutive month home sales have eased, but mortgage rates continue to climb.
"It's affecting us but not in terms as affecting the rest of the nation," said John Wampler, chair of the Greater Tyler Association on Realtors.
According to Wampler the price to buy in Tyler is still enticing.
"Even compared to Dallas, Houston and Austin, our price point [is] still very attractive," Wampler said. "It's bringing a lot of people so our sales have slowed a little bit, our inventories are building up which we want to see. But it's still a hot market out there."
As for the rising mortgage rate, Wampler said it’s a double-edged sword.
"You have to understand the last two years have been such a turmoil because we haven't had any houses to sell and there are so many buyers," Wampler said. "So the interest rates rising flows off the buying process a little bit, but there's such a large pool of buyers still trying to achieve purchasing a home. We have a large pool there and they're able to actually find one now."
If you’re looking for a home in Tyler right now you may have more leverage during the negotiations compared to the last few years.
"We're starting to finally get some inventory where people are actually able to find a home rather than just like, that's the one I want because that's the only one I can have," Wampler said. "So I think we're we're on a good path."