Lubbock market now stable after "a long time" - KCBD NewsChannel 11 Lubbock

Lubbock market now stable after "a long time"

Debora Perez-Ruiz Debora Perez-Ruiz
LUBBOCK, TX (KCBD) -

Lubbock homeowners were not crushed in the last four years like the homeowners in other markets, but the growth in home values was most certainly stunted in 2010. 

Debora Perez-Ruiz, President of the Lubbock Association of Realtors says Lubbock has, "a stable market for the first time in a long time"

Perez-Ruiz says, "Last year at this time we had eight months of inventory and now we have 6.6 which indicates it's neither buyer nor seller's market.  It's stable, it's even, which makes it great for both buyers and sellers at this point, or at least better than it was last year at this time."

She says other markets like Houston and San Antonio also improving from a seller's point of view.

The recent high point for number of homes bought & sold in Lubbock was 2007 with nearly 3,500 abodes trading hands, according to public records from the City of Lubbock.  

Perez-Ruiz  says, "In 2007, interest rates were higher, 6%, but we had as few as 500 to 600 homes on the market, which obviously made it a seller's market.  They could pretty much call the shots."

By contrast she says now interest rates of 2.75% to 3.5% are common, with 1,500 - 1,600 homes on the market in Lubbock.

Perez-Ruiz thinks more homes would sell, "But I think the banking requirements hurt some of that.  And hopefully that will loosen up and get better and get more people available to buy."

Copyright 2012 KCBD.  All rights reserved.

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