Local Housing Market in Good Shape Despite Economic Slow Down

by Victor Lopez
NewsWest 9

ODESSA--In case you haven't noticed, more and more new businesses are starting to call Midland and Odessa home.  That means more jobs.  And that means, more people coming to the Basin to work.  So the question is, where is everyone living?

It stands to reason, if you've got more people moving into the area, you're going to need someplace to put them all.   But as we found out, not everyone is buying a new home.  Many are opting to rent instead.

Virgil Trower, owner of Trower Realtors in Odessa, got started as a realtor in the 1970's, so he knows a thing or two about the housing market,  "The rental market is still excellent.  Our market hasn't depreciated a lot.  It's gone down some, maybe 15-20 percent, maybe.  And in the lower end, I don't think it's gone down that much."

As unemployment stays low and new businesses come in, more and more people are looking to call the basin home.   Obvisously, one of the first things to do is find a place to live.

"With interest rates coming down, that's going to be another good advantage to buy," Trower said.

But for many, renting seems to be a more viable option.   That leaves Trower with lots of potential tenants.  He's had some that have been living in their houses for years, "We get probabaly, on every house that comes up for rent, we probably get 4 or 5 applications.  I've had some people in my houses for 10 - 12 years."

Although the market may be a little slow right now, Trower says people always seem to forget the typical, December slowdown.  He expects things to pick back up in January.

All things considered, Trower says things couldn't be better, "I don't know where you could be in the United States, and be in a better place than Odessa, Texas, for a job, for housing or whatever."

Because the rental market is so tight right now,  Trower recommends for those moving or thinking about moving to Odessa, you probably need to get a house, before you get here.