TYLER, Texas (KETK) – 2023 might be the time to buy a house if you’re in the market.

Realtors say it is the time to buy the property because it is a buyer’s market.

“Today is a good time to buy,” said Hila Gama, a realtor.

Johnathan Wolf, a Tyler realtor, said inflation was a major factor in 2022 for stagnant sales.

“Gas prices are high. Groceries are high. Interest rates are high.” Wolf said. He is the owner of Realty One Group Rose.

Experts also mentioned the market in 2022 was very competitive.

“As an understatement it was booming. Sellers (and) buyers going crazy. Buyers going against each other because interest rates were super low,” said Gama.

Both realtors agree that a transition into a buyer’s market is happening.

“Sellers, you might not get a bidding war and might have to reduce your price if the buyers don’t see it fit,” said Wolf.

Gama says it is good that interest rates are moving towards a more normal rate.

“Whenever we saw interest rates at a 1-2%, buyers were taking advantage of that. Now that rates aren’t ‘on sale’, it’s better for them to sit back and relax and ask, ‘do I really need this property?'” said Gama.

Normal interest rates mean there will not be bidding wars to drive up the price.

“The buyer has a chance to take advantage and maybe make a reduced offer from the asking price and negotiate a little bit,” said Wolf.

This will be a more leveled housing market so buyers and sellers can receive the full experience of house hunting.

“As realtors we have the opportunity to have open houses again and work like we used to instead of having a sign in the yard and have the house sell,” said Wolf.

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