SHREVEPORT - Dallas' once booming house market is slowing down, seeing high-end builders having to drop the prices on their homes-sometimes by as much as $150,000.00.
But what does that mean for our current housing market? Barry Rachal is an associate broker with KellerWilliams NWLA. He's been in real estate for more than two decades and says the Shreveport-Bossier housing market is holding strong.
"Our market has been very steady. We haven't had a huge influx of investors, we've had steady buyers and we've had sellers who have been willing to sell. So we've been very steady, maybe a little on the uptick."
Rachal adds that our prices are looking pretty good.
"Prices are trending up, not in a large amount, you know, 1%, 2% per year is fairly nice, it's better than losing money and our sellers are making money for the most part."
At the root of the less than glowing housing market predictions-rising mortgage interest rates.
"Buyers are always concerned and it affects and impacts them the most because as the interest rates go up, the cost of them owning a home will also go up," says Rachal.
There are some other negative implications of rising mortgage rates.
"It can slow the growth of sales prices if there's a large rise in the interest rates... people who have to sell are probably going to have to sell in a little bit more depressed market."
One thing that's happening in Dallas is an influx of homes being built and not being sold. Rachal says we don't have that issue in Shreveport-Bossier.
"We have a quantity of builders who are building a specific number of homes. So we never, our inventory never reaches points like it does in the Dallas area where they are building thousands and thousands of homes and they can overbuild very quickly."
Rachal says our local housing market often avoids the national trends.
"We're a very steady, consistent, real estate market, both for buyers and sellers. And I think that's a very good place to be, is to be slow and steady than to have a market that's constantly going up and down."