Despite Oil Drop, Housing Market Remains Steady

Despite Oil Drop, Housing Market Remains Steady

The oil industry has many here in the Basin thinking the housing market is looking down that is not the case. The Permian Basin Board of Realtors says the recent drop in oil prices had interested home buyers worried, but they say things are actually looking better than ever.

"In actuality, we had the best month to date in overall unit sales that we've ever had in the market ever," said Cameron Willmann, President of Permian Basin Board of Realtors.

They found that many had the wrong impression about how the oil industry impacts the housing market.

"In a market that driven by a single industry, those happen more often than not and so the booms and the busts of the world do affect the real estate world but not as drastically as the public perceives it to be," said Willmann.

Earlier this year, the oil industry took a downturn here in the Basin and that had many backing away from the housing market.

"I think that through the first quarter there was a lot of uncertainty from the oil industry," Willmann said. "You know, 'where are we going to go? How is that going to affect housing?' Buyers were scared. Buyers said we're pumping the brakes. They were saying 'you know we're not ready to buy. We're not ready to get into this market.'"

But it didn't take long for things change.

"About March everybody started to get their barings. They decided 'you know what interest rates are still three to five percent. Maybe we should get into this.'"

They say interest rates are predicted to rise pretty soon making right now a great opportunity to enter the housing market.

"The big thing that people need to understand is that until our interest rates increase, we've leveled out in pricing and so all in this is a great time to invest. This is a great time to sell," Willmann said.