Housing Market Remains Stable

In most cases a home is a family's biggest investment. When the economic slump hit, it caused homes sales to plummet around the country; leaving some upside down with their mortgage. While the Basin’s market was booming and stable, so we didn’t see many foreclosures. But is it still doing as well as it was two years ago?

Legacy Realtor Larry Hatfield said the market has now balanced out. The Basin’s housing market is no longer a buyer’s market and sellers are no longer forced to give their houses away. He tells Big 2 there’s a great advantage for both sides.

“4.5% interest rates, best time in 50, 60 years," he said.

Hatfield can’t remember them ever being this low during the 28 years he has been selling homes. He said he’s surprised they aren’t busier.

"I think people are going to look back if they didn't take advantage of this window of opportunity 4.5% rate they are going to wish they had,” explained Hatfield.

Home prices in Midland are up 1 ½% from last year. They’re also selling a little bit faster. The average home is on the market for 69 days. Also, the same number of homes are up for sale now as there were in 2009: 530-540 a month.

Odessa’s market is also stable. Although the average sales price of homes are slightly down. Realtors tell Big 2 it’s because they have a lot of homes on the market, but they're still selling many houses.