Odessa LMM Report

Local Market Monitor’s projections show Odessa home values increasing year-over-year by 6 percent.

There are some who are less-than-optimistic about Midland-Odessa home prices in the next 12 months, but you won’t find the analysts at Local Market Monitor among them. The firm, which takes a complete look at the health of a Metropolitan Statistical Area (MSA) and gauges the investment risk for real estate, says that both Midland and Odessa are “low risk” investments.

Over the next 12 months, Local Market Monitor projects prices in Midland to rise 8 percent, while home prices in Odessa will increase by 6 percent. The national average for the next 12 months is 6.4 percent.

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CONDO VS HOUSE GRAPHIC

When it comes to deciding whether or not you want to invest in a condo or a single-family house, there’s a whole lot to mull over. Before stressing about homeowners associations and finding the perfect neighborhoods we decided to speak to Realtor Nancy Guerriero, who offered a wealth of sound advice.

“The biggest positive you have with a condo is the ability to lock and leave — go out with friends, travel, it’s so much easier than a house that needs to be watched over and maintained,” Guerriero says, “But at the same time you need to think about the neighborhood.”

She explains that there’s a basic checklist that most homebuyers go over before purchasing: What’s the school system like? Are there parks? Where’s the nearest shopping center? Grocery store? All of these components are essential, and as vital as exploring a condo’s homeowners association (HOA).

“The biggest issue is the governing power of the building, or HOA,” Guerriero emphasizes. “If you don’t have a good one, it’s bad news.”

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