Buying a new home

LoneStarBQ

Joined: Nov 21, 2007

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1:31p, 12/16/23

AG

I live in Midland and the real estate market has slowed to a crawl. I have my own thoughts, but what reasons do you have for not wanting to buy a new house?

LoneStarBQ Fightin' Texas Aggie Band Class of 89 Midland, TX

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ElGoatarod

Joined: Jun 8, 2018

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10:33p, 12/18/23

AG

On the real estate board there is a discussion on the current housing market. They specifically discuss Midland/Odessa. It might be of some value to you.

https://texags.com/forums/59/topics/3431430

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fuzzyfan

Joined: Aug 25, 2004

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6:32p, 12/19/23

AG

My wife is a Realtor in Midland. That is the hot spot of the Permian Basin, compared to the rest of the area. High interest rates and tougher underwriting are what she views as the biggest detriments to buying and selling a home. Interest rates have went down a bit, but they are not great.

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LoneStarBQ

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3:27p, 12/24/23

AG

So how long will people hold on hard to those excellent interest rates?

LoneStarBQ Fightin' Texas Aggie Band Class of 89 Midland, TX

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fuzzyfan

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4:07p, 12/24/23

AG

The impulse 5 to 7 year house swap people are not moving. Those interest rates are cost prohibitive.

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