Economist says people in the Valley are not in a hurry to purchase a home

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HARLINGEN, Texas (ValleyCentral) — The federal reserve is meeting Wednesday, and it is expected to cut interest rates.

What does that mean for people that are looking to buy a home right now?

In the Valley , the housing market in both Hidalgo and Cameron county is considered what’s called a buyer’s market, according to the Texas A & M real estate research. This means the supply for single- family homes in both areas are up, but the demand is low.

South Texas College economics professor Teo Sepulveda said possible lower interest rates from the federal reserve could push for more home purchases in the valley but not a lot .

"More than likely the prices are going to be very stable," said Sepulveda. "There will be financing, but people are not going to rush buying new houses. So, prices are not going to be pushed up."

Sepulveda said that for Valley homebuyers predictably is key. This includes factors like interest rates and international trade to take into consideration, as well as the Valley’s geographical location along the border.

"Most people depend upon a very stable flow of goods and services internationally," said Sepulveda. "Because we service that flow back and forth, so everyone, for anything long term in the valley and along the border, we don’t know. That's why you see a buyer’s market."

Sepulveda said most people in the Valley are not afraid of a big home purchase, but of what could happen with U.S.' economy in the future, and how that can affect their income.

Meanwhile, if you feel ready to become a homeowner, here are some key advantages of the valley’s current buyer’s market: