How the recession affected the Amarillo housing market - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

How the recession affected the Amarillo housing market

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Amarillo hasn't felt the effects of the recession like other cities across the country. There is a problem on the horizon for the housing market in Amarillo. But, it may not be what you think.

Many homes sit empty across the nation after the recession forced those into foreclosure. But, look around Amarillo and the scenery is different.

"Specifically in the southwest area of Amarillo, demand has exceeded supply for a long enough period of time now that our need for new lots has out grown the cities infrastructure," Cindi Bulla , Amarillo Association of Realtors chairman says.

This housing shortage is due to conservative speculation of city officials and builders during the recession.

"Recognizing that all of us developers have kind of got our heads together, along with city leaders and everyone is working in a coordinated effort to try to work as diligently redoubling out efforts as fast as we can to try to take care of this issue," Matt Griffith, Rockrose Development Vice President says.

Bulla says Amarillo currently has a five month inventory of homes which is healthy, but on the lower end.

It isn't just the developers that will be affected by this shortage.

"This one house touches a lot of people, so we take is very seriously that if we can't produce enough inventory to perpetuate that then we've got to be a better job," Griffith says.

Swift action now will help prevent an even greater shortage in the future. Griffith tells me this may be a problem, but it is a good one to have.

Although choices might be limited, prospective home buyers are still encouraged to start their search processes now.