Amarillo's housing market on pace for record year
AMARILLO, TX (KFDA) - The housing market in Amarillo has had a steady growth over the past 2 decades.
2015 was a record year for the city and experts predict 2016 will beat the previous year's totals by 5 percent.
The Texas Association of Realtors announced international home buyers added $10 billion to the Texas economy.
Real estate experts said that foreign investment did not have a significant impact in the Panhandle.
"The out-of-state buyers we see generally come here with the major employers who did not have the pool of labor available locally," Greg Glenn of Berkshire Hathaway, said.
While the international home buyers stimulate cities further south, Glenn attributes growth in the Panhandle to 2 factors; millennials entering the market and a favorable mortgage market.
"What is happening is first time home buyers are returning to the market place, causing major growth," Glenn said. "Very low mortgage interest rates have made buying a home less expensive than renting one."
Experts believe as more international buyers invest in Texas, housing markets in the Panhandle will increase significantly.
Only Florida and California ranked higher than Texas in terms of foreign home buyers.
The full report on international home sales can be see online.
Copyright 2016 KFDA. All rights reserved.