Low inventory creates home buying struggles in Lubbock
LUBBOCK, Texas (KCBD) - Those looking to buy a house in Lubbock probably know how difficult it is, especially now.
If the house anyone is looking for is not off the market quickly, then it probably costs a lot more than a buyer can afford. Inventory is low and builders cannot seem to put up new homes fast enough.
“We don’t go anywhere where we don’t get stopped and asked about, ‘what’s causing all this?’” Teresa Smith, realtor and president of the Lubbock Association of Realtors, said.
Not only is the market gridlocked, but there is an increase in buying interest. Her and other realtors have seen a lot of people coming in from other states.
People who can also afford to move into a new home, and out of an old one, are not doing so.
“So they are almost fearful of putting their home on the market, for fear they don’t have somewhere to go,” Smith said.
Data from the Texas Real Estate Research Center shows homes are now on the market for fewer days.
Gridlock is also driving up prices. That is essentially pushing first-time buyers out of the market.
And, because of inflation, builders are also increasing prices.
“Unfortunately, part of the answer to this is: it’s going to take a little more funds than it might have a couple of years ago,” Smith said.
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