Local realtors say now is the time to buy a house and Lubbock residents are doing just that. With interest rates the lowest they've been in decades, people are taking advantage of the savings.
Since Christmas, Lubbock realtors and builders say business has started picking up in the local housing market. Nationwide, the housing market has seen it's up and downs, but in Lubbock it just seems to be up.
Many are bracing for a hard economic year ahead with massive layoffs, cut backs, and foreclosures, but here on the South Plains, President Elect Ann Kearney of the Lubbock Association of Realtors says 2009 has started off great. "After Christmas people got out and they realized pride and ownership of a home is always going to be there and we're going to be here so let's just make the best of it," said Kearney.
Toward the end of 2008 there was a slowdown in building homes, but since the start of the year, some homebuilders say they are seeing a boom in Lubbock business. "Traffic is unbelievable. We've sold homes this year than we've ever sold this time of year in the history of our company," said Rick Betenbough with Betenbough Homes.
Betenbough says it's a great time to live in West Texas. Even in the Dallas area more than two dozen builders have delayed their work. "Our economy is great. You can buy a home very affordably and interest rates are at a 50 year low," said Betenbough.
Kearney says Lubbock is a steady housing market, so the Hub City hasn't seen the dramatic fluctuation in housing prices like say California or Florida. "It's affected us, the economy has affected us, but we aren't in a market where we inflated a lot of prices like the East coast and the West coast," said Kearney.
So why in today's tough economy are local realtors and builders seeing such great success? "We've just kind of been suspended with the bad news of the economy nationally, but the real estate market and the economy in West Texas is great," said Betenbough.
We're also told that not only is it a good time to buy or build a home., but if you are already a homeowner, lenders say it's a great time to refinance as well.
Good Time to Consider Refinancing Your Home
Mortgage interest rates are at historic lows and in today's economy some loan officers are calling it a silver lining.