Midland

Midland homeowners could see a higher property tax bill in 2018. (Photo courtesy: TaxRebate.org.uk)

Midland homeowners will probably be paying a higher property tax bill in 2018, but not for the reason you might think. We take a look in this week’s news roundup. (more…)

Ector County Commissioners voted Tuesday to raise the property tax rate by 6.5 percent. (Photo courtesy 401Kcalculator.org)

Midland and Odessa folks gave generously to Hurricane Harvey relief, Ector County ISD has a plan to improve struggling schools, and Ector County commissioners approved a property tax increase in this week’s news roundup. (more…)

The Mr. Midland Team, pictured left to right, Jordan Vavala, Cameron Willmann, Lance Welch, Nathan Reeves, Tara Paiement, Yesenia Ortiz, not pictured Marisa Correa, and Candyce Patteson (Photo courtesy the Mr. Midland Team).

You may have seen the signs, attended an event, or heard a whispering of the two words among friends and neighbors – Mr. Midland. Ring a bell? As promised earlier this month, we are taking a closer look at the seven person team behind the “Mr. Midland” brand to see what makes this group tick.

Q: First off, who is Mr. Midland?
“I have never called myself Mr. Midland,” says Cameron Willmann, leader of The Mr. Midland Team at Keller Williams Realty Realty in Midland.

“It was the team name that came about from my old broker when I teamed up with my business partner,” he said. “When we moved to Keller Williams Realty, the name was already there, so we ran with it. When he left the business for a bit, the team stayed on and now, some people call me Mr. Midland.”

“I guess because it is not a far stretch to associate the name of the team with the team leader/owner.” (more…)

Harvey

A Texas National Guardsman shakes hands with a resident after assisting his family during Hurricane Harvey flooding in Houston, Texas, Aug. 27, 2017 (Army National Guard photo by Lt. Zachary West).

How will Hurricane Harvey impact Texas long term – and what are people doing now to assist with the most pressing needs? We’ll look at these questions in this week’s news roundup. (more…)

midland home values

The December housing numbers from Local Market Monitor Report are not painting a rosy picture of the real estate market in Midland, and home values are forecast to decrease over the next 12 months.

Since their peak in the first quarter of 2015, home prices in Midland have fallen by 3 percent. The average home price in this market is currently $179,091.

Over the past two years, the real estate market in Midland has gone from relentlessly enthusiastic, to more reserved, as the slump in the crude oil market drags on. On Monday, oil prices fell to their lowest level in 12 years, and futures of West Texas intermediate crude for February delivery came in at $31.41 a barrel, a 5.3 percent decrease.

“In June 2014, you had to shell out $110 to buy a barrel of Brent crude. By early 2015, that had plunged to $60,” writes Brad Plumer in his piece today for Vox Energy & Environment. “Today, it costs just $30 to buy a barrel of oil — a level not seen since 2004. It’s a staggering decline.”

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midland odessa real estate marketFourth quarter numbers from Local Market Monitor Report are in for the Midland and Odessa real estate markets and the enthusiasm is being dialed back for both markets.

Notably, they have lowered the investment score for Midland to 2.7, making is speculative. Odessa’s number is now 4.9, making it medium risk. Reports earlier this year had both markets much higher.

midland odessa real estate market

The reports note in both Midland and Odessa, economic growth has been good since the recession because of the development of shale oil deposits and the large energy sector currently dominates the economy. Overall, job growth was good in recent months, but in Midland, growth in the energy sector was poor. In Odessa, job growth was good in recent months, and growth in the energy sector was fair.

Total housing permits in October in Midland were down 16 percent from last year. Single family permits were down 16 percent. In Odessa, total housing permits in October were down 23
percent from last year. Single family permits were down 23 percent.

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Two new reports paint a bright picture of the housing market in Midland and Odessa now and for the next three years.

The Local Monitor Reports, released today, cite a 7 percent increase in Midland home prices over the last 12 months, which puts the average home price at $183,463. In Odessa, prices have gone up 5 percent over the last year and the current average home price is $210,980. In the last three years, home prices were up 10 percent in both markets.

The good news doesn’t stop there. Both markets are scored significantly into the “low risk investment” category. The reports predict an 8 percent increase in home values over the next 12 months in Midland—compare that a national average of 4.6 percent. In the second and third years, prices are forecast to increase 9 percent and 9 percent, respectively.

In Odessa, they predict a 7 percent increase in home values over the next 12 months, and 9 percent in both the second the third years.

Why this rosy glow around the Midland-Odessa housing market? One word: Jobs.

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