East Texas housing market prices more than 7% higher than last year, experts say

TYLER — Real estate agents are gearing up for the summer buying and selling season with higher rates and the tightening of credit this year. “Our median home sale from March of 2023 was $327,500, which is up over 7% in comparison to last year,” said Kelly Raulston, board chairman of the Greater Tyler Association of Realtors. According to our news partner KETK, they’ve listed inflation and interest rates as the number one issue for real estate in the U.S. “With the increase of high interest rate, compared to last year is maybe shorter list of borrowers that are applying now because the tendency is I’m scared,” Hila Gama, Texas real estate agent. “If you’re looking into a home for the first time there’s a possibility you can be approved for a zero-dollar down payment,” said Gama. She suggests connecting with your bank to find out more about your personal credit. Raulston added, in this market it’s important to work with local banks and relators.