East Texans are Encouraged to Take Advantage of the Housing Market

by Kirby Gibbs

LUFKIN, TX (KTRE) - Every day we hear of industries and businesses affected by the slowing economy, but there's actually one sector that's seeing some growth. A boost in the housing market might be the stimualtion the economy needs...with East Texas positioned to reap the benefits.

The housing market outlook is looking good and local real estate agents and bankers are encouraging East Texans to take advantage now.

"I checked today on a 30 year mortgage and they were getting rates as low as 5 % with zero points so that's going help us a lot cause that gives buyers an opportunity to buy a house maybe a little more house than they thought or to be able to buy a house in the price range they'd like to be in" said Broker, Becky Stanbery of Coldwell Banker.

The time is right for buying a new home or refinancing...but there are some very important things you should keep in mind.

Julie Litton the Financial Services Representative of Huntington State Bank told KTRE, "They need to make sure they've got enough money for they're down payment and closing costs."

And while East Texas isn't seeing widespread foreclosures like other states, Litton says customers can help to keep it that way.

"Customers should come in and pre-qualify prior to going and shopping for a home then they can see what they can afford, versus going and finding a home and figuring out a way to get that home and it maybe a home that they can't really afford. We're not going to get a customer in that position."

If you're thinking about selling, don't be discouraged...

"People are saying, "ooh, the market's not good, it can't sale". But it's good if the house is in the right condition, you can price it well, they're selling" says Stanbery.

If you plan on taking advantage of these low market rates, see your local banker and be prepared to present w-2 forms, and pay stubs from your place of employment. Having good credit will also help your chances of getting into your new home.