Reported by Denise Underwood, REALTOR, CRS, GRI, ABR, Broker, Co-Owner
Updated July 15, 2009.
Current Market Rating: 2
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Buyer's
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Current Price Trend: 3
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Falling
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Today, July 15, 2009, Oil Prices have recovered to the $61.50/bbl area and that has inspired the market. However the most exciting element driving the market is historically low interest rates. When this is added to the $8,000 Tax Credit for first time buyers, you see the kind of Good market conditions that we have now. There are many buyers and the inventory that had risen during the winter and early spring months has been decreasing by the day. Again, the lowest mortgage rates seen in decades is bringing many new buyers to the market. People continue to move to the Midland-Odessa area for new jobs. Properties that need a lot of updating are taking longer to sell. This trend started in August and continues. 4 BR SF homes under $200,000 that had been hard to find, are in better supply, but selling quickly if in good condition. Recent substantial lowering of mortgage rates has seen the beginning of a re-financing surge and these very low mortgage rates should help prices firm as buyers rush to take advantage of rates unseen in recent decades. The economy in Midland and Odessa is very good. Lenders have no problems loaning to good credit risk clients, this include mortgages and loans to businesses. New construction continues, but it has slowed somewhat and re-sales are staying on the market a little longer, but they are still selling...but there are more choices, so it takes a little longer to sell....really just a normal amount of time. As mentioned earlier, inventory has increased with the approach of Christmas. Prices are firm on great properties and softening on properties that are missing something. Economy is stable, but slowing down. Economists predict a very healthy economy for the Midland - Odessa Market. Buyers currently have a larger inventory of homes to choose from. Builders continue start new homes and developers are adding new streets and platting new subdivisions. Midland is still a bright spot in the national economy. Buyers still need to be ready to write a contract if something good is listed...it won't last long.
ZIP Codes: 79701, 79705, 79707, 79703 Approximate Location Boundaries: Midland County
Location Characteristics: Midland is the heart of the "Permian Basin". Noted for its friendly people and great weather, many people choose to retire here. Great golfing weather, large medical community and many larger city amenities. New airport offers access to the world.
Oil & gas prices continue to drive the local economy and the local real estate market. Sales of real estate in the Midland-Odessa area would be even hotter if people moving here could sell their homes in cities they are leaving to move to our area.
If you have questions about buying or selling in the Midland - Odessa market ask for our Free Relocation Package or call Toll Free for your personal real estate consultation (888) 593-1125.
