Current WF Home Market Great For Sellers, Difficult for Buyers
What is going on in the Wichita Falls Housing market?
According to a story in the Times Record News Wichita Falls houses are selling quickly, and at times for prices even above what was being asked.
This is all great news if you're thinking of selling your current house, but not so great if you're shopping.
While our market would normally see between 400 and 500 houses for sale at any given time, last week saw only 107 locations on the market. Some realtors are even reporting selling homes sight unseen with the buyer only having a virtual tour via Skype or Facetime before the purchase.
Local realtors attribute the current situation to a combination of factors including a slowdown in new home construction between 2007 and 2009, continuing low interest rates on home purchase loans, and an unusually low inventory of homes for sale.
Jose Garcia, the President of the North Texas Home Builder's Association, thinks the situation may remain like this for another six or twelve months.
All of this is great news if you're thinking of selling your current home, just make sure you have someplace new to move to before you sign on the dotted line.