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Permian Basin Board of Realtors says now could be a good time to purchase a house

Rental rates are lowering, but finance rates are leaving people with the possibility of a cheaper mortgage payment than what they're paying for rent.

ODESSA, Texas — With the oil and gas bust, more and more people are leaving the Permian Basin

However, home developers say that the good news is there were so many people waiting on homes in the area that for every person who requests to be taken off the waiting list there's somebody to take their place. 

The Permian Basin Board of Realtors said it's not a bad time to buy a home.

For those who get approved for finance, mortgage payments could be cheaper than rent in our area. 

Homeowners may want to consider having their home appraised. 

Local appraisers say they have been getting an increase of calls for several reasons but two big ones are front and center- refinancing their home and big home improvement projects. 

Refinancing your home at a lower value could potentially lower your mortgage payments significantly. 

On the other side of things, people stuck at home are picking up more home improvement projects. 

Those requesting a loan for the improvements are getting their homes appraised as well. 

There's a lot of movement happening in the Permain Basin housing market right now, both good and bad, but it is certainly not at a standstill. 

With the price of oil decreasing dramatically, it's likely to continue fluctuating for the near future.

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