State of the Real Estate Market in Lubbock

By
Real Estate Broker/Owner with TechTown Realty, Licensed in Texas 578384

Lots of folks in Lubbock are thankful once again for a day with sunshine.  It doesn't take too many gray days for us to remember to appreciate bright sunny days.

A recent report showed a comparison between median home prices in Lubbock as compared to the US from 1990 through 2009.  The difference is dramatic.

In 1990 the median home price for the US was approx. $92,000.  There was a steady and then dizzying rise to a high median home price of approx $222,000 occuring in 2006.  Then the bubble burst and there was a dramatic decline to approx $174,000 over the past three years.

Compare that to Lubbock's median home price history.  In 1990 our median home price was approx. $60,000.  This particular chart* shows a steady, gradual increase to a high in 2009 of approx. $112,000.  We most definitely have a more affordable and stable housing market.  (Note: our average home price in Lubbock is nearer $120,000.)

Homes in Lubbock are affordable!

From now till the end of April persons buying a home receive a significant financial incentive!

  • First Time Home Buyers - $8000.00 tax incentive (up to 8000.00 based on price of home)
  • Current Home Owners - 6500.00 tax incentive

Interest rates are near historic lows!

This next two months are the sunny days for home buyers.  My forecast is to BUY NOW if you plan to anytime in the near future.  There are many wonderful homes in all price ranges available. (1170 homes for sale in Lubbock today!)  If you have thought about buying a home, give me a call.  There is still time to take advantage of this market.

Likewise, NOW is the time to sell your home if that is part of your short term plan.  I believe that after the incentives end in April, there will be far fewer buyers in the market.  Take advantage of the current positive market to sell your home...and buy up.  You will definitely reap rewards.

Call me at 790-1026 if I can advise you or help you get started. 

Please subscribe to my blog to receive frequent updates on housing in Lubbock.  Leave me a comment!  Send me an email.  I'd love to hear from you if you have questions or points of interest about real estate!

*source: NAR and NAHB

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Mary Benton

TechTown Realty in Lubbock
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