Housing market cools down in Central Texas

Posted at 10:00 PM, Oct 10, 2022
and last updated 2022-10-10 23:00:29-04

WACO, Texas — The housing market is cooling off for sellers and heating up for buyers, but some buyers are calling the cheaper house prices a catch-22 due to interest rates.

As median home prices across the nation and right here in Central Texas see a 0.98% decrease - a new home buyer told me having a good realtor or loan officer can be the difference in how much you will be paying for a home.

Rae Snyder started the process of looking for a home a year ago, she was able to close on her home last month as prices started to trend down.

Although prices on homes are going down, mortgage interest rates went from 2.8 percent to 5.2 in the last year leaving new home buyers like Rae in limbo on buying a home.

Loan officer Justin Norwood said although interest rates have gone up the actual cost to get into a home is not as much as it was a year ago.

Justin said right now is the best time for someone that is looking to buy a home to do so.

He encourages home buyers to have a realtor and loan officer to get the best possible deal.