ODESSA, Texas (Big 2/Fox 24) – As the Permian Basin is continuing to recover from the crash in oil, the housing industry is also seeing some change as people have moved out of the Permian Basin.
“Prices are down slightly, they are down about 5-6% so it is a good time to buy interest rates are still low,” said Connie Coots, the Odessa Board of Realtors Chief Executive Officer.
Those who are in the market for a home can expect the process to move quickly, compared to last year they are down 22%; meaning there are more houses on the market now than this time last year.
“Forty-five days, they need to get pre-approved, start looking and just see where there credit score’s are, find yourself a good realtor, and then start looking at homes,” said Coots.
She said this housing market is good news for long time renters who are looking to buy because prices are down and the market is saturated.
According to Coots, “If you are renting right now then you should really talk to a lender and see what it would be to get into a home because there is a lot of available cash right now for you to be able to get into a home pretty cheap, it’s a good time to buy.”