AMARILLO, TX (KFDA) - One local broker predicts a positive year for residential real estate as downtown Amarillo continues to experience growth and renovations.
"People don't put the kind of money into an area if they're not expecting a good return. So the people that are developing downtown right now, that's some smart money that's going out," said Owner of ERA Courtyard Jim Carr. "They're probably a little ahead of the rest of us. That tells me that I think they're banking on the fact that this is going to be very good for our economy."
According to a recent report, Texas home sales increased by 4 percent in 2017. This equates to over 300,00 homes. Carr says this growth is no different for Amarillo.
"I think any broker in town would tell you that they would love to have that same year again, and I think that's exactly what they're going to get this year. I think '18 is going to be pretty much '17," said Carr.
Carr says Amarillo is fortunate to have a low-unemployment rate. However, the residential real estate market could become stand-still until the city is able to bring in more jobs.
"Our new city council and mayor are working extremely hard on bringing jobs in. Once, we start that happening, our housing market is just going to go through the roof I think," said Carr. "Because people have been holding off buying homes for awhile, and I think they're just waiting for the things to shake up a little bit."
However, Carr is recommending anyone interested in purchasing a home to do so soon, as we are currently experiencing low interest rates.
"I think are interest rates are going to continue to increase. They've come up a little this year already, and I think they are going to continue to climb slightly. So if people are really looking to get the most affordability in a home, they probably better get moving," said Carr.