Questions With Kristen- It's a sellers market! Wait, what is that?

You’ve likely heard it at least a million times during this pandemic, “it’s a sellers market!”, but what does it actually mean? Well, it means a few things! Simply put sellers have the advantage because there are more buyers looking for homes, than there are sellers selling right now.

In this type of market you will see many houses getting multiple offers, cash offers, crazy over asking price offers, and buyers willing to give up many things just to secure the home for themselves. Historically we have considered the market to be in the sellers favor when there are 6 months or less of inventory available, but for much of 2020 and 2021 here in West Texas we have been seeing inventory as low to 1-2 months. Meaning, that if all the homes currently on the market today all sold and nothing else came on the market, we would run out of homes in one to two months.

What causes this? The main driving factor here are historically low interest rates. In 2020 the FED did everything they could to lower these rates to help stimulate the economy during a very trying time in our nations history, so we have seen absolute historically low interest rates, between 2-3%. This year we will begin to see those numbers come up, they already have where now they are around 3-3.5%, but another driving force in making this market a sellers market is a large influx of buyers we are seeing. We have many moving from other states right now, primarily California and New Mexico, and many of these folks have cash, and are coming from markets that are so inflated our home prices seem low.

What does this mean for you? It’s a great time to sell. If you have considered selling your home you’re likely going to get top dollar, potentially multiple offers on your home, and you can choose a situation that works best for your family. How about if you’re a buyer? Well, it means you should be patient. You may have to put in MANY offer before winning, you’ll have to be quick and trust your realtor to keep a close eye on everything coming on the market. It may be tougher to be wise as a buyer right now, but stick to your guns! The reality is if you’re a first time home buyer, this likely won’t be your forever home, don’t deplete everything you have just to win right now. Take your time and trust the process. For more information on this subject head over to our “Meet the Team” tab and contact one of our agents, or you can visit our YouTube Channel “Lubbock is Home” linked below to see a short video.

Neighborhood Minute- The Meadows

Welcome to The Meadows! Our hope with these blog posts is to give you a short synopses of a local Lubbock or Plainview neighborhood. Today we’re joining our team as we check out this well established Lubbock neighborhood located in South Lubbock just south of 82nd st, sandwiched between Slide Rd, and Frankford Ave.

This area is in the Lubbock Independent School district and has Preston Smith Elementary right in the middle, which feeds into Irons Middle School, and Coronado High School, home of the Mustangs (where Jarett Culver went!).

Many residents love being just up from Phil Hoel Park with the large fishing pond, two playgrounds for the kids to play, tennis courts, and mature trees. This area was primarily developed in the 80’s & 90’s, and home values begin around the upper $100,000’s and go all the way up to the low $400,000’s at the time of our research however market values can change rapidly, so please visit our meet the team tab on our website to speak to one of our agents for one of the most up to date analysis, or visit our YouTube video on this neighborhood linked below!

Neighborhood Minute- Kelsey Park

Welcome to Kelsey Park! Our hope with these blog posts is to give you a short synopses of a local Lubbock or Plainview neighborhood. This incredible new area of Lubbock has been absolutely adored and sought after by many residents who love new construction! This area is located just south of 130th st, and just West of Indiana Ave.

This area is home to the Cooper Pirates and is being built around brand new Cooper Central Elementary School, which feeds into Laura Bush Middle School, and Cooper High School. This area has a small homeowners association, and walking trails.

There are a myriad of different home types in this area including duplexes, single family residences, and a few 1/2 acre lots. Home values in this area begin around $250,000 and go up from there at the time of our research, however market values can change rapidly, so please visit our meet the team tab on our website to speak to one of our agents for one of the most up to date analysis, or visit our YouTube video on this neighborhood linked below!

https://youtu.be/GAiklh8DbWs

https://www.kelseypark.com/

Neighborhood Minute- Melonie Park

Welcome to Melonie Park! Our hope with these blog posts is to give you a short synopses of a local Lubbock or Plainview neighborhood. Today we’re visiting Melonie Park! Melonie Park is likely the most well known and established neighborhood in all of Lubbock! Melonie Park is located just inside the loop between Indiana Ave and Quaker Ave.

This area was primarily developed in the late 60’s to early 70’s, but is so well adored that many of those homes have been recently updated. This area used to feature two elementary schools, however in the last ten years they did away with the two older schools and built one of the most sought after elementary school in LISD, Miller Elementary, which feeds into Evans Middle School, and Monterey High School.

What most residents love most about this area is the mature landscaping, tree lined streets, and the beautiful park its built around which has walking trails, playground equipment, volleyball courts, tennis courts, and basketball courts! Home values begin around the low $200,000’s and go all the way up to the low $400,000’s at the time of our research however market values can change rapidly, so please visit our meet the team tab on our website to speak to one of our agents for one of the most up to date analysis, or visit our YouTube video on this neighborhood linked below!