Waco, Tx — A tough economy has affected many industries across the country, and the housing market is no exception. Home sales have been on the decline for years, but according to a report, comparing last year's home sales in Waco to years prior, it appears families are out house hunting again.
“For sale” signs may not be as prevalent in the coming months, especially if the housing market continues to improve as continuously as it did last year.
"We've had an average of about 23 more homes sell per month in 2012 as opposed to 2011," said Fuller Realty agent Brad Fuller.
Fuller says more homes are being sold in a quicker amount of time.
"We currently have about oh, 13 to 14 hundred homes on the market. Homes are selling quicker nowadays," said Fuller.
Currently, the average home remains on the market for about 150 days which is about five months. This, he says, is largely due to more people qualifying for loans.
"Lending institutions are becoming more lenient. They're doing more loans. I think the contributing factor to that would be our market, at this point, is not saturated with foreclosures," said Fuller.
Interest rates are also reportedly at an all time low. And, Fuller says a stable housing market goes hand-in-hand with a stable local economy.
"The real estate market affects everything. And, if the real estate market is good, other markets see the benefits," said Fuller.
So, getting the keys to your new home could also open the door to car buying, shopping, and other spending in the near future.