Patti Olivas

Who says the real estate market in El Paso is bad? This week I have been working with 3 buyers- 2 from out of town and one in town buyer.

The first buyer is a military doctor being transferred to Ft Bliss from Hawaii-that must have been a shock!

He was going to rent but decided that he could have a mortgage payment close to what he would have paid in rent and bought a brand new home and we should close (with a local lender) by the end of the month.

The second couple is moving from the east part of the state and decided that living in El Paso close to family was important to them. They will be back next week becasue the hubby got called back into work and they had to go back home for a few days.

The 3rd couple lives in El Paso already and does not have to sell thier home first so they are ready. They made a great offer on an over priced home (not my listing) and the seller would not come to terms with his over priced listing so I guess it will just have to sit awhile longer (he was a for sale by owner before and just doe not get the picture yet). My buyers will build what they want now and we will meet with a builder on Friday.

Great week so far

Here are some great stats that I would like to share about El Paso that I got when I attended the State if the City luncheon the other day.

Did you know that El Paso

#1 City where Americans are getting richer(median pay rose in El Paso by 19.4% since 2006, handily outpacing the 8% national growth for college grads.-Forbes.com December 2009

#14 Best Performing Cities(up 23 spots from 2008)-Milken Institute November 2009

10th Strongest U.S. Economy-Business Week October 2009

9th U.S city ofr Job Growth-biz-journals-Feb 2009

5th Strongest Housing Market-Forbes.com-Jan 2009

Our Airport-ranked 4th "Top Ten Best Airport Zone"

Economic Development-$231 million of new investment in Downtown El Paso

Police-2nd Safest city in the US, cities over 500,000

these are just a few of the reason that the El Paso real estate market is still a great place to buy a home or investment property and now especially when the interest rates are at an all time low.

Go El Paso!!!

Well El Paso had one of its "Free Facial Weather Days" the other day and by that I mean that it was a dirty, gritty ,windy day and by the end of the day when you wash your face you get a free facial scrub.

Since we don't have hurricanes, tornadoes, or earth quakes, I don't mind some wind!!

The real estate market has been picking up (just like the wind!) and buyers are starting to peek out again. Most of the buyers that I have been working with are not hurrying to use the tax credit but just out there to buy a home.

I have aslo picked up in my property managment too and rented about 5 homes this past month- so now I am the rental queen too.

Patti

As the year draws to an end, I am grateful that our market has not been as terrible as other areas of the country. Our unemployment rate is at about 9.5% and that is just a little bit higher than the state of Texas.

Home sales are not bad, considering what is happening across the country. November stats were even better than Octobers' with sales being almost 150 more in November than the same time in 2008!! How about that, way to go El Paso.

I think that 2010 will be a good year for Real Estate in El Paso, TX because I feel that interest rates will remain low and after talking to one of the lenders that I like to use, even investor loans are decent. You can get a great rate with only 20% down and with rates low your cash flow possibilities are even better.

For home purchases the extended tax credit is great and even better it now included repeat buyers. Please be sure to read up on the qualifications so you have the correct information.

If you are thinking of buying a home soon, don't wait for rates to go back up. DO it NOW!!!!

The real estate market in El Paso, TXis humming right along. Interest rates are still low and there seems to be alot more buyers out there right now. El Paso and most of Texas is not in the slump (thank goodness) that alot of parts of the rest of the country are in currently.

Prices are remaining pretty steady and most homes (if priced correctly from the beginning) are selling pretty close to list price (96-98%) because sellers are offering to help buyers with closing costs.

There is still time for first time buyers or those who have not bought a home in the past 3 years to get into a home and be eligible for the tax credit.

Most of our buyers still come from our web site but we still get referrals from past clients and from other agents throughout the country that we have met at conventions etc.

Now is a great time to buy a home in El Paso and if you are moving to El Paso or selling a home in El Paso, please be sure to give me a call.