Lubbock Selling Out of Houses?

Lubbock realtors say homes here in the Hub City are selling so fast, they're quickly running out of inventory. Homes that used to sell in a matter of months are selling within weeks, if not days.
by Victoria Price
vprice@kamc.tv

LUBBOCK, TX -- Realtors say the local housing market is going strong. In fact, homes
here in the Hub City are selling so quickly that it's drained inventory. That lack of supply is bumping prices up, with the average home here now selling for more than $150,000, a four percent increase from this time last year.

Leisha Gonzalez, who just moved into Vintage Township, bought her new home the same exact day it went on the market...no "For Sale" sign needed.

"Looked at it in one day, made an offer, and bought it that same day," she says. "I think the knowledge that we have is that there just aren't a lot of homes in general in Lubbock on the market right now. So, everything's moving a lot faster. It's definitely a seller's market here."

A seller's market it is. The average Lubbock home is now selling in just a matter of weeks. Some are even selling in just days. But, that period used to be a matter of months.

"Oh, a good number of homes have sold within hours," according to local realtor Clay Enger, who's sold homes here for more than 20 years. "Our struggle right now is just having a good number of selection of homes for people to choose from."

Enger says if the housing market keeps up at this rate, Lubbock may just run out homes to sell.

"If we continue to sell homes at the rate we're selling homes now, but put no more homes on the market, then we would be totally out of homes in three months," he says.

But just because the current market is hot, Enger suggests homeowners give it some thought before putting their property up for sale.

"They're thinking 'Oh, it's a great time to take my profit and run'," he says. "The homes that are prepared well, priced well, will sell, but they've got to be very reasonable, because buyers in lubbock are very astute. They've got options."

Enger says another factor prompted these fast home sales are home loan interest rates. Right now the rate for a conventional 30 year home loan is 4.125 percent. So, the cheaper a loan will be, the more tempted folks are to buy a home.
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