West Texas Weekly

The real estate market in West Texas continues to thrive while housing sales in other areas of the country are slow to recover from the national economic crisis. For purchasers ready to buy in 2012, West Texas offers a stable job market and a better long-term outlook than those regions harder hit by recent economic woes.

If current predictions of the mortgage industry hold true, mortgage interest rates should remain relatively low in 2012. The trick is to find an affordable home where settling in for the long term is both attractive and feasible.

Buying a vacation home in West Texas is a great option for those that love the area, but aren’t able to commit to living in the region year round. Home values suggest that this is a sound investment opportunity and can be a perfect way to generate rental income when not being used. Median home prices, as of January 2012, fit comfortably with the $150,000 to $200,000 range.

Positive Economic Indicators

According to a January 6, 2012 economic outlook report by Texas Comptroller Susan Combs, growth in employment and an upturn in state sales tax revenue indicate that the Lone Star State is emerging from the recession. More people have moved to Texas during the first decade of the 21st century than to any other state — 4.3 million — indicating robust growth. Additionally, Texas industry has expanded its Gross State Product by 2.8 percent since 2010.

The state gained 226,000 new jobs between November 2010 and November 2011 and the unemployment rate dropped from 8.4 percent in October of 2011 to just 8.1 percent in November 2012, maintaining its 59 consecutive month record of meeting or beating the national unemployment rate.

With more jobs available, growth in state exports and strong purchasing indicators, Texas remains a popular choice for families wishing to purchase homes in a prosperous climate. West Texas, with all it has to offer growing families and retirees alike, represents fertile ground for planting the seeds of a secure economic future.

Texas Housing Market

Texas Comptroller Combs asserts that the state has been largely sheltered from the national real estate market collapse and subsequent home foreclosure crisis. Residential property values have not undergone the extreme ups and downs that they have in most other U.S. states over the past few years, indicating that homes in this state represent a more secure investment.

The number of Texas homes sold in November 2011 was greater by 8 percent than total home sales in November 2010, and the number of building permits issued for new construction statewide for the year ending in November 2011 was 50 percent greater than the total issued in the previous year.

The overall foreclosure rate for Lone Star State properties at the end of 2011 was one in every 961 mortgages, compared to one in 211 for California and one in 175 for Nevada. This comparatively low foreclosure ratio is due in part to a strong Texan economy and in part to a state law that prohibits homeowners from borrowing more than 80 percent of their property’s value.

So, whether you’re ready to take the plunge and move to West Texas or you just want a “home away from home,” buying a home in West Texas is a great choice for savvy home buyers in 2012.

About the Author: Over more than 15 years, MortgageLoan.com has built a reputation as the premier online publication for consumer-focused news and information for consumers who are looking to buy or refinance a home.

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This Week in Alpine:

• December 31^st – The Railroad Blues will host The Lovelies on Saturday night. This rock powerhouse will provide the perfect soundtrack to take you into the New Year! The night will feature lots of party favors, champagne at midnight, a balloon drop & more! The fun starts at 10 p.m.
• December 31^st – The Sul Ross State University Lobo Basketball teams will take on Howard Payne this Saturday at the Gallego Gym. The women’s game starts at 1 p.m. and the men take the court at 3 p.m.
• December 31^st – Head out to the Big Bend Thrift Store on the corner of 5th Street and Avenue A for Alpine’s weekly Farmer’s Market. This quaint event features fresh veggies from local growers, baked goods and homemade crafts.

 This Week in Big Bend:

• December 31^st – The Lajitas Golf Resort and Spa will host their Annual New Year’s Eve Festival. This year, the Jon Hogan Band from Austin will be the featured performer. The fun will take place in the pavilion and good friends and good music are promised!  

This Week in Marfa:

• December 27^th-30^th – The Chinati Foundation will offer FREE children’s art classes this week. Dates and times are based on your child’s age and there are classes for ages 3 through 8^th grade. Don’t miss out on this fantastic philanthropic event hosted on the museum grounds! Sign up on the Chinati Foundation web site.  
• December 30^th – Ballroom Marfa is ringing in the New Year early with a film screening featuring a live score by multi-instrumentalist Shahzad Ismaily at the Crowley Theater. This year Ismaily has chosen Charlie Chaplin’s “The Kid” as the featured movie. The doors open at 7 p.m.
• December 31^st – Padre’s Marfa will feature Jimmie Dale Gilmore and Butch Hancock on Saturday night. Colin Gilmore opens the show at 8 p.m. The bar will be open until 1 a.m. and tickets can be purchased at the door or in advance. The show is expected to sell out, so get them while they are hot!
• December 31^st – El Cosmico will host a New Year’s Eve party complete with champagne cocktails, xocolatl mole bitters, chocolate tamales and a mellophonic dj. There is no cover for this event and the fun starts at 5 p.m.
• December 31^st – Located along the railroad tracks on South Highland, Farm Stand Marfa features locally grown produce, food to-go and arts and crafts every Saturday from 10 a.m. to 11 a.m.

 This Week in Terlingua:

• December 31^st – The Starlight Theater and Restaurant will host Slim Richey and the Jitterbug Vipers on New Year’s Eve. The night will be full of swing dancing, champagne and party favors. There will be a $10 cover at the door.

• December 31^st – The Terlingua Farmer’s Market is held every Saturday from 10 a.m. to 2 p.m. in Ghost Town. Local produce, artisan cheeses and breads, handmade crafts and local art are all available for purchase.
• January 1^st – In case you didn’t get enough at the Starlight the night before, they are hosting the First Annual Townes Van Zandt Wake on New Year’s Day. This event will feature music by Hank Woji, Ann Armstrong and Steve Hughes, The Rocky Top Alien Breeding Experiment, Stuart Burns, Emily Clepper, Kem Watts and more! Performances will start at 7 p.m.

A Look at Next Week’s Events:

• January 6^th – Maria Moss and Jon Hogan at Padre’s Marfa
• January 7^th – Josh Weathers and The True Endeavors at the Railroad Blues

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