Professor urges caution for home sellers and buyers in Lubbock

Professor urges caution for home sellers and buyers in Lubbock

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LUBBOCK, Texas -

Right now Lubbock isn't in a distinct seller's or buyer's market for housing, but for those looking to buy or sell a home in the coming months, it's important to consult a well-informed agent.

The median sales price of existing homes in Lubbock is $173,000. That's up about 5% from $165,000 last July. While Lubbock's market seems to be in a good place, Stephen Buschbom, assistant professor of finance and real estate at Texas Tech's Rawls College of Business, said don't be fearful, just be cautious. 

"It's just always a good idea to stick to your core values. Don't forget what your budget is, stick to it, don't stretch. When you stretch, you know in down times, you have that much more to lose," he said. 

He added, first time home buyers should lay out their budget and use that as their target, not the full loan amount that lenders are approving them for. That way, buyers stay with a loan amount they're comfortable with and don't end up "house poor".

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