According to California Based Veros Real Estate Solutions, Lubbock is projected to have the second strongest housing market in the nation over the next year. Local real estate experts say the Lubbock market improved over the past year, which is unusual in this tough economic time. "I think we've got a good steady situation, and I think we've had that all along, and I think that hopefully in 2009 it will stay steady," said Bobby McQueen of the Lubbock Association of Realtors.
A steady housing market isn't something you'll hear about in most parts of the country right now, but Lubbock is a different story. Real estate agent Bobby McQueen says from September 2007 to September 2008, Lubbock saw the number of houses for sale drop. "We've been able to keep inventory down," said McQueen.
The average sale price of a home in Lubbock increased by about $10,000. The real estate market in Lubbock is stronger than most of the country, but you'll still see plenty of "For Sale" signs around the Hub City. Most homes average three to four months on the market. One of those "For Sale" signs is in front of Patty Steinhouse's home. She put her house on the market about two months ago, and she's had plenty of lookers, but no buyers. "Between open houses and appointments, probably between 40 and 50 couples have inquired about the house," she said.
"This is the longest we've ever had a house on the market, so that's kind of disheartening at times, but then we understand what's going on with the economy, so that's understandable," said Steinhouse.
McQueen admits even though Lubbock has one of the best housing markets in the country right now, it still isn't at its strongest. However, he thinks in time, homes like Stienhouse's will probably sell. "I think the market will take care of itself. It always has, and it probably always will," said McQueen.
The same study predicted Amarillo will have the fourth strongest real estate market, and Las Vegas, Nevada will have the weakest.
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