Realtors, bankers, buyers and sellers...the real estate market here in Lubbock is as strong as it's ever been, despite the economic crisis across the country.
Royce Lewis with Capital Mortgage Services says there have been a few effects trickle down to Lubbock from the big financial failures. We're seeing fees tacked on to every mortgage, despite your credit score to recover some of their losses. The once loose restrictions on lending have tightened up, requiring higher credit scores and better income stability. Now, the best tip they all could give on getting the most house for your money, plain and simple, buy real estate in Lubbock.
"We see the housing market here in Lubbock to be perfect. The market is strong, the inventory is still turning regularly, sales are still very much active in our area."
"With both low interest rates and home prices low, it's a buyer's market."
Realtors also told us today that Lubbock is the second best real estate market in the country, only falling below number one Peoria, Illinois.