North Texas

Low Lakes Hope to Benefit From Tuesday's Rain

NBC 5 meteorologists are calling for rain Tuesday, and that's good news for Eagle Mountain Lake and other North Texas lakes experiencing dangerously low water levels.

And those low lake levels are creating a buyer's market for lakefront property across North Texas.

"This is the lowest I think that most people have ever seen it in their lifetimes of living on the lake," said real estate agent Ginger Trimble Knox, who specializes in lakefront property.

Eagle Mountain Lake is down more than 10 feet, now just more than half full.

The shoreline at Eagle Mountain Lake has been pushed out hundreds of feet, leaving boats and backyard docks on dry land, covered in weeds.

That's driving down lakefront home prices by 10 percent or more.

"This is probably the only part of the real estate right now that you could say it's a buyers market," said Knox. "Somebody in the lower price range, it's a great way to get on the lake for less money than what you normally would be spending."

"For buying a home, it's good thing because, of course, you're taking advantage of a market that isn't as valuable as it would be," said Knox. "Because it can make 25 [thousand dollars] to $50,000 difference sometimes in the price of a home."

Many owners have now taken their homes off the market, hoping that lake levels rise in the spring, sending home prices rising along with them.

"I think this is just been such an extended long drought period that it really has made people nervous that it's ever going to come back," Knox said.

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