WICHITA FALLS (KFDX/KJTL) — Across the state, houses in high demand are increasing their price due to the economy with some questioning if it’s worth selling or buying during these times.
“The market in Wichita Falls today is still incredibly good. We have seen an uncanny upward tick in the marketplace today the average selling price in Wichita Falls is $227,000. That’s the highest it’s ever been,” Bishop Realtor co-owner Denny Bishop said.
One of the struggles many realtors are facing right now is going through the limited list of homes for sale with their clients.
“In today’s market is what can a buyer find because the market is so slim, so buyers have a lot of pressure on them to purchase quickly when they see something because normally houses are not lasting a long time,” Bishop said.
Greg Hawkins, a local resident who just sold his house, says as a seller, it’s a much longer process than as a buyer.
“We put ours for sale right as the federal stock was talking about raising interest rates and so we were a little concern that we do have a poll between the University and the Air Force base here, as well as, the community. It’s a good community to live in that we thought we would be strong in a good neighborhood that people want to move to because of the schools in the area. So there was a little worry like are we going to hit our dollar mile,” Hawkins said.
Conversations he had with Bishop before putting his home for sale and is now thankful they were able to find a buyer.
“Those questions can be paralyzing at times because you’re not sure and your realtor is there to help and guide but you know it’s also your home it’s the biggest piece of financial obligation that most people have and so the plan worked for us,” Hawkins said.
And as for buyers, if you’re deciding if it’s a good time to buy a home, the interest rates might be in your favor.
“Our interest rates are still incredibly low and good for buyers in the marketplace so that’s good, but inflation is nasty thing for the economy and for us right now because your dollar has lost value,” Bishop said.