About Midland County, TX

The Real Estate Center at Texas A&M,http://recenter.tamu.edu/recon/, recently wrote and article about Midland, Texas and it's low inventory of houses for sale. This morning's inventory count 187 active listings for Midland County. We have not seen this type of shortage in many years. Last year around this time we had about 360 properties listed. I remember this time last year 360 listings was considered a shortage. The city has issued more building permits for new homes than any other year. Buyers who are aggressively looking have to act quickly. As Realtors it is like a race to see who gets to show the house first and who can submit their offer the fastest. There are hardly any rentals available.

Sellers are getting at least 97% of market value and the the average day on the market was 84 for the month of February. If you have ever considered selling your house, now is a great time. The other side of the coin is that if you sell your house you will have to buy when the market is high. YES BUT, interest rates are at record lows and if you wait, you run the risk of interest rates rising and paying a lot more on interest over the life of the loan.

(The calculations below are only for EXAMPLE purposes, if you would like estimates based on your information, you should contact your local mortgage lender).

On a 200,000, 30 yr loan, around 3.75% interest, principal and interest only payment would be about a $920.00 monthly payment.

On a 200,000, 30 yr loan, around 5.5% interest, principal and interest only payment would be about a $1135.00 monthly payment.

The savings from buying now instead of waiting, if interest rates rise, is about 200.00 a month, over 30 years,that is a $72,000 savings.

You hear that the ‘market is good’ in Midland, but what does that really mean? These statistics show how many houses were sold on a monthly basis for 2011. It also illustrates two key indicators of the real estate market, Days on Market and Sold vs. Listing Price Ratio. Over the course of 2011, listings decreased and the average days on the market ended with 54 days. The Listing vs. Sell Price Ratio illustrates that houses are selling for an average 97% of asking price. In December, over 50% of the inventory sold. More houses are needed as inventory continues to decrease.

Market knowledge is key when you are selling your property.

If you have ever thought about upgrading or downsizing and still owe on your current mortgage, the process to sell and buy is not as difficult as you may think.

Contact a local expert, Virginia Elizondo, REALTOR with LEGACY REAL ESTATE.

432-687-6500 x226

432-349-7782 Mobile

It seems almost everday I turn on the TV and there is news about the unemployment being high everywhere and foreclosures are driving real estate inventory. Well hold up, not in Midland, Texas that is not at all what is going on right now. Our economy is strong, unemployment is low, and the housing market is, well let me just tell you. We have a shortage of inventory. with just under 400 active listings, and only a handful of those are foreclosures. For a city of of over 103,000 this is not much inventory. Currently we have just over two month of inventory on the market. Houses are selling quickly and are in demand.

I am sharing this information because I feel blessed to live in a city that is thriving. I remember when I was first told of the possibility of moving to Midland. I thought really, there is nothing in Midland! Now that I have lived here almost 10 years and have been in real estate that long, I wouldn't leave even if someone offered to pay me.

It a city that is not too big not small, We don't have any lakes, which makes for a great weekend get away. We have some really great weather, and we have high school football. If you have heard of Friday Night Lights, then you are familiar with the Midland/Odessa area.

You might be asking yourself what is driving our healthy economy. Well if you have heard of Midland, TX, you are familiar with our oil industry. It is definitly a major factor in our city right now. The price of oil is making our area grow everywhere in Midland. It is a great place to be part of and sell real estate. I love the people and I look forward to an even more wonderful growing community.

Midland Texas - Things To Do

Did you know that Midland, Texas has a farmers market?

Our downtown market has more than heart; it is also slathered in homemade, local honey. Every Saturday morning our neighbors congregate downtown Midland with their freshest (and sustainable) produce, locally raised meats, baked goods, honey and etcetera in tow to promote our local businesses, producers and artisans; but most of all, to celebrate our community. For Matthew Hanson, organizer of this community market, Midland Downtown Farmers Market is his child and feels like we all play a part in its fruition. After a first time visit, I already feel a part of a community I left back in California and that kind of camaraderie is something our youth should experience. Their goal is to establish a sense of community and to revel their choice to make, create and raise what they sell. Most of these vendors believe in cutting out the middle-man and bringing these products straight from the farm to your table—you can’t beat that kind of purity.

It’s humbling to know that Matt worked very hard to obtain this accomplishment for our city. A farmer himself, Hanson started this farmers market with three vendors and sometimes sold produce right out of his truck. Now, the growing list of vendors at the MDFM includes a variety of goods and services like baked goods, hand-knitted goods, handmade jewelry and body care products, homemade jams and salsa, local honey, and roasted fair-trade coffee…the list goes on and on with other great finds. With the little pocket change that I had, I was excited to stop by the YT Beef booth (purchased some meat we cooked THAT night), the Cross Country Spice booth (couldn’t resist that truly mouth watering aroma), and a few selected others to pick up some produce. There was also a cute, free tye-dye booth for children to create their own designs. Our 8-year-old especially liked the market booth that sold lemonade and how simple it was to understand where it came from, “backyard, kitchen, market, me!” for me, that simplicity is very important. Food should be that simple.

The Midland Downtown Farmers Market is open and operating every Saturday from 9 a.m. to 1 p.m., April-November, on the corner of Texas and Pecos street (@ 501 West Texas Avenue, under the green). September is Vegetable Month and so I really encourage all of you to go and savor the local flavor; experience what I’m talking about first hand. Tuesdays is their mid-week market from 4-6 p.m. at the Sibley Nature Center, 1307 East Wadley, located in Hogan Park, halfway between Lamesa and Fairgrounds.

Midland Texas - Things To Do

On Thursday, May 6, 2010, real estate investors, real estate professionals, and business leaders will gather to hear real estate investing expert, Blake Templeton from Lubbock, TX talk about how he buys and sells over 80 properties from his laptop.

This method is called Virtual Real Estate Investing. He achieves this by:

- Using Virtual Assistants

- Implementing Automated systems

- Having a team around him to help him with deals

West Texas Real Estate Investment Association is the only association serving real estate investors within a 300 mile radius. It’s goal is to educate, serve, and unite real estate investors from Midland/Odessa, Lubbock, Abilene, and San Angelo. They meet every 1st Thursday of every month at the Atmos Energy Community Room in Midland, TX. Monthly meetings consist of Educational speakers/guests, sharing deals, and networking.