Drought Brings Housing Market Concerns - Newschannel 6 Now | Wichita Falls, TX

Drought Brings Housing Market Concerns

With the Texoma drought situation getting worse, residents are concerned that the drought could have a devastating effect on the area housing market.

"It's scary. I've lived here all my life and I've never seen anything like this. Never," said Wichita Falls resident Tommie Lindsey.

"I'm afraid a lot of people are going to leave and move out of Wichita Falls because of that," said Roy Pierce, Wichita Falls resident.

Some are afraid people would be moving out, and none moving in. But despite the water restrictions and not so ideal dry spell, statistics show that the Texoma housing market is actually doing better. It's up 10-15% from last year.

"I haven't seen it being an overwhelming factor in the market place. All in all, our market is up from last year. I think that's a positive sign," said Ashton Gustafson, Realtor from the Bishop Realtor Group.  

Single family homes between $100,000 and $120,000 are in high demand. Historically low interest rates are also helping the market.

"At the end of the day, people are going to have to have a place to call home. Drought restrictions or not, people are going to be moving here and moving out of here," said Gustafson.

The low cost of living in the area, along with job growth opportunities adds to the appeal. Gustafson says he has been seeing more homeowners and buyers make smart decisions to counter the drought.

"We've seen people drill water wells to help remedy the situation. We've seen people conserving rain water when it does rain, collecting it off their roof. There are things like that that are really logical things to do," he said.

Gustafson believes while there's no crystal ball to predict the future of the housing market while the drought continues, he wants residents to stay optimistic.

"We've got to continue the way we've been doing business but at the same time be aware and be alert," he said.

"It will start to rain and it will get better and better" said Wichita Falls resident Sam Litteken.

While the housing market has stayed relatively stable in Texoma, the same can't be said for other parts of the country. Home sales have been plunging in the Western states, down over 43% since January.

 

Cynthia Kobayashi, Newschannel Six.

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