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Interest rate spike impacting Valley housing market

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A Valley realtor said the Valley’s housing market is a "seller's market," but there's a caveat for those selling and looking to downsize.

Rosalinda Garcia with Keller Williams RGV said she’s been noticing a trend of people looking to downsize.

“I have friends and clients that are in their 70s or 60s, they would like to downsize, but the market is not there,” Garcia said. “The availability to downsize is just not there.”

According to the National Association of Realtors, buying a home last month was 80% higher than it was in June 2019. 

That economic effect is trickling down slowly to the Rio Grande Valley, impacting those looking to purchase a home for less than $200,000.

Watch the video above for the full story.

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