McAllen area housing market rebounds
Fri, 28 Jun 2013 00:11:36 GMT —
According to a recent report, the housing market in the McAllen area has bounced back.
The housing market crashed back in 2009 causing some to be apprehensive about buying.
But McAllen Chamber of Commerce President Steve Ahlenius told Action 4 News house prices have been rising in the area since last October.
"Fortunately not only for McAllen, but the McAllen area the housing market has probably been one of the stronger parts to the economy as far as home values," Ahlenius said.
Fabiana Walker is a real estate agent in the McAllen area.
"If you look back at the economy of the late 1990's and the early 2000's that pretty much what is happening right now, it TMs the normal," Walker said.
She said the economy, affordable living and less inventory of homes in the area are the cause.
Many people are buying resale homes instead of building new ones.
But even building new homes is becoming popular again.
We are starting to see developers on a much smaller scale, typically 10-15 homes that they are building then selling," Alhenius said.
But who are the buyers?
"They come mainly from Mexico, but there are alot of people who relocate because our market is very affordable," Walker said.
Walker said homes are selling quickly because of steady prices.
"If the home is priced correctly, it will be sold in a month, Walker said. We don't have inventory sitting there for a month."
But as prices continue to rise, now may be the best time to buy a home if you are looking in the McAllen area.