Catch 22? Amarillo Housing Prices Down, U.S. Prices Up
Sometimes buying a new car or looking for a house is like playing the lottery.
You get your numbers, know precisely what you're looking to hit, then cross your fingers to find something that hits all the numbers.
One of those numbers when it comes to searching for anything like that is the price. It has to be right or you won't be getting in it. Consider it the Powerball or Mega ball, it's the one number that can clinch the jackpot for you.
Getting that right price in the U.S. is tough right now. Median home values have risen over 5% in the last month alone, so it's not getting cheaper to buy a house...unless you're buying in Amarillo.
In that same month, metro Amarillo area homes fell in median value by 1.6%. So what caused the home prices to drop in Amarillo, but not anywhere else?
Is it a lack of people wanting to move here? Are there fewer people looking to buy a home in the area? Is the recession playing into this?
Truthfully, it's a combination of all three things. Let's start with the lack of people wanting to move here. It's not saying Amarillo is a bad place to live, it's probably just not the first place people think of when they move within or to Texas.
Unless you're a native looking to come home or moving here specifically for a job, Amarillo probably isn't on the top of your list. That said, the fact that Amarillo was recently named one of the five cheapest places to live might help people look into it more.
Moving on to if there are fewer people looking to buy a home, that's always a factor. The housing market was HOT for a bit there, but it's cooled off a bit and more in Amarillo than in a lot of other places.
If you've noticed more for sale signs staying in yards longer, that's because fewer and fewer people are searching. People that were looking previously have gotten into their dream home and no longer require one. Meanwhile, more homes are popping up on the market trying to take advantage of the high home prices, but the buyers are simply drying up.
Now for the dreaded "R" word...recession. Any time our country dips into the recession waters, people become VERY cautious of how they spend their money. It can be tough to predict when a recession will end, or just how bad it'll get. Most people cut back on spending and sock more into savings. Dropping a down payment on a new home can dry up your savings in a blink.
If you've got the means to hop into a new home right now, it's a perfect time in Amarillo. The interest rates have gone up a bit, but if home prices are falling, everything levels out in the end. Get in while the gettin' is good!