Housing market on the rebound

Housing Market

In the market to buy or sell a home?

Local realtors say it is still a buyer TMs market and the market is improving for those also looking to sell.

While many home builders pulled out of the valley after the housing market crashed, home builders like Jason Cantu started their own home building companies and say things are looking good.

So far we TMve seen a slight increase in home sales, JASCAN Construction owner Cantu said.

The increase in home prices is not entirely due to increased demand.

The only difference would be lumber, materials tend to go up, Cantu said.

President of the Greater McAllen Association of Realtors, Eva-Jean Dalton said existing home sales increased by seven percent from 2011 to 2012, a promising sign.

So we have seen a slight increase in the number of units sold or the amount of property sold and a slight increase in the sales price of property, Dalton said.

Dalton said the biggest hindrance to recovery is finance.

Many community banks are not giving development loans or real estate loans and so it TMs hard for someone to build spec houses, Dalton said. Where are they going to get the money to build the home?

In the RGV, Dalton said it is still a buyer TMs market but those looking to sell their home can still come out on top.

Most people selling right now are probably going to break even or see a slight increase on their property, Dalton said.

While only about half the amount of building permits are issued compared to its peak in 2007, both builders and realtors are happy to see things moving in the right direction.

We TMre feeling a little optimistic, Dalton said. We are seeing a slight recovery so we aren TMt getting real excited but we are optimistic.

With the slight increase, we are expanding our business as it TMs improving, Cantu said.

According to the Texas Water Development Board, the McAllen metro area is forecasted to grow by nearly 60 percent over the next 20 years, the second fastest growing metro area in the state, only behind Laredo.