How to navigate the high housing market in Sherman
SHERMAN, Texas (KXII) -“The price of housing is going up, up, up, “says Josh Stevenson, Sherman City Councilmen.
Guild Mortgage, Clayton Homes, and Freddie Mac came together to provide solutions to work towards low cost housing.
“The city of Sherman, are in a very unique position because now we have literally thousands of jobs that are coming,‘’ adds Stevenson.
The jobs provided by TI and GlobalTec will also bring more people into Sherman.
“We need to make sure, when the people come here, to move to Sherman, to work in those thousands of new jobs, they have a place to live and a place to live that they can afford,” says Stevenson.
Another factor is COVID-19 and the increase of remote working.
“We just went through a shift where people are reassessing where do i want to live because location no longer matters because I can work from home”, says Michelle Castle from Guild Mortgage Company.
This high demand and low inventory of homes in our area named Sherman/Denison second in the most overvalued markets in the US according to Moody’s Analytics.
“If no one can afford to live in the houses then that’s going to slow growth in the city so one thing leads to another, its a big problem for the city,” says Stevenson.
Michelle Castle adds, “one of the biggest struggles that we have in terms of affordability is the money it takes to buy a home up front.”
So lenders and builders are trying to find a middle ground.
“Minimize maybe some of the household overhead so that home is more possible,” adds Castle.
While the down payment and closing costs may seem daunting, Castle says there’s always other options, there’s grant programs, there’s bond programs, there’s some programs that don’t require down payment”.
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