WICHITA FALLS, TX - The Texas Association of Realtor's report shows a 1.7 percent decrease in home sales in Wichita Falls for the first quarter of 2016.
However, Denny Bishop, the owner of the Bishop Realtor Group, said homes sales in the area are up 17 percent.
The Wichita Falls Association of Realtor's quarterly report for 2016 paints a different picture. It shows the number of closed sales went up 11 percent, and the number of houses listed went down 11 percent.
"We want the number of listings to shrink and the number of sales to go up so that the market rights itself," said Bishop.
He said coming out of the drought has helped the numbers improve rapidly and so has low interest rates on mortgages.
How low? Many interest rates are below three percent, and with it being an election year, they are expected to remain low.
Bishop said if you can buy a house, it is the smarter move financially, allowing the home owner to build equity and claim mortgage deductions on their income tax return.
"If you have the ability to buy a house, the only reason you should rent is if you have poor credit because you can buy more house than you can rent for the same dollar," said Bishop.
For those of us who cannot afford to buy a home, the demand for rent houses is high and the monthly rent prices are reflecting that.
If you are looking to buy a home in Wichita Falls Bishop said there are a couple of real estate hot spots, like Sikes Estates, Colonial Park, Lake Wellington Estates and the Stone Lake subdivision.
Bishop also recommends having a good real estate agent who knows the market, neighborhoods and lenders in the area.