What low oil prices mean for potential homeowners in the Basin

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ODESSA, Texas (Big 2/Fox 24) – Those who have been interested in becoming homeowners may want to start looking.

According to Connie Coots, the CEO of the Odessa Board of Realtors,  we are now in a buyers market, meaning buyers have the upper hand as of right now when it comes to buying a house.

“Buyers have a little more leverage over sellers right now as far as more demand we have around 429 homes on the market right now,” said Coots.

However,  just because there are more homes on the market for potential buyers doesn’t mean sellers are willing to bring down their prices just yet and it’s all going to depend on the economy in the upcoming weeks.

“When I say it’s a buyers market I just mean that they have a larger pool to pull from not that their values have started to come down because we have not started to see appraisals coming in low yet. It’s a volatile market, we’re waiting to see just like everyone else is. We’re not really sure what’s going to happen we’re waiting to see what the oil prices are going to do,” said the realtor.

So, what does a buyers market mean for sellers, and how long is the selling process taking?

According to Coots, “We are seeing around 60-days it takes longer for the appraisers to get into the homes, home inspections are taking longer so you have to be prepared, be patient you know we’re all in this together.”

She said buyers who are interested should talk to a lender, have a realtor in Odessa and a realtor in Midland because the markets are different, and make sure your credit score is between 640 and 740.

“There is a lot of opportunity as far as homes being on the market but but you have to make sure you have your finances in order because the credit has tightened up a little bit.”

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