TIMES RECORD NEWS
Local market ranks in nation's top
By Lee Anderson
Wednesday, February 25, 2009
There's no doubt that local housing experts hit the nail on the head month after month last year when they insisted the marketplace in Wichita Falls is stable and a prime place to live.
The National Association of Home Builders and Wells Fargo Housing recently released data showing that five Texas markets - including Wichita Falls - were among the 10 most affordable housing markets in the South during the last quarter of 2008.
The housing opportunity index reported that Wichita Falls ranked fifth at 82.6 percent of new and existing homes sold during the quarter to middle-income earners.
Sherman-Denison hit the 87 percent mark, ranking the city third in the region. San Angelo was seventh at 79.8 percent, Fort Worth-Arlington was eighth at 79 percent, and Beaumont-Port Arthur rounded out the top nine at 77.5 percent.
Nationally, 62.4 percent of all new and existing homes were affordable to families earning the national median income ($61,500), which was an increase from the previous quarter, which was 56.1 percent, and 46.6 percent in the last quarter of 2007.
After examining information from the Real Estate Center Online News (RECON), broker Danny Steed remarked, "The housing affordability index recently published by the National Association of Home Builders just confirms what we have been saying about Wichita Falls area real estate for quite some time. Our local market is holding up very well in comparison to housing markets across the country, especially California, Florida, Arizona and Nevada. Although our home prices have continued to increase moderately, our market remains very stable and balanced."
Ditto from realtor John Wilson.
"I see this as continued evidence that Wichita Falls has always been an affordable community in which to live. New home prices are reasonable compared to other parts of the state and nation. We continue to see a gradual increase in property values as opposed to the unrealistic and dangerous rise and fall of values in other parts of the country," he pointed out. "We experienced the sudden rise in property prices after April 10, 1979 (tornado), and many people suffered for years after that.
"Our present trend of slow but steady growth has allowed us to escape the horrors of California, Florida and Nevada."
Garnel Construction owner Jose Garcia, who moved to building more homes in the $100,000 range about three years ago, agreed.
"I am not surprised," Garcia, said, referring to the city's ranking. "I know we are not overpriced, and neither is the state as a whole.
"I saw it coming about three years ago. There were a lot of people that needed a home but couldn't afford $200,000 and $300,000 homes, but could afford $100,000."
A story on the National Association of Home Builders Web site quoted NAHB chairman as saying, "Falling home prices and very favorable mortgage rates both contributed to the housing affordability gains we saw in the fourth quarter of 2008."
The Wichita Falls Association of Realtors Multiple Listing Service reported that in December, 13 homes were sold in the $100,000 to $120,000 bracket, followed by 10 each in the $70,000 to $80,000 and $120,000 to $140,000 range. Seven sold in the $160,000 to $180,000 category. The average sales price in December was $102,484. The numbers were similar last month, and the average sales price was $104,502.
All three local housing experts stressed that now is an extremely good time to buy a home or other real estate. "I believe investing in a home or other real estate venture in Wichita Falls or North Texas is still a great move; and with interest rates at an all-time low, the timing could not be better," Wilson said. Steed echoed the comments.
He said, "With mortgage interest rates declining to their lowest levels in decades, and with prices holding the line, homeownership is within the reach of more and more people. Although the national media will lead you to believe that loans are hard to get, local mortgage lenders are making extremely affordable loans every day, and still with relatively small outlays of cash.
"None of us know what the near-term financial condition of our economy truly is or will be for many months to come. But, for folks who are wanting to and can afford to make a home purchase for the long-term, this could be the best opportunity we've seen in a long time."
© 2009 The E.W. Scripps Co.
