I guess the newspaper has more information than I do on El Paso's real estate market because they reported that El Paso had the nation's 7th highest annual home price increase from the 2nd quarter of 2006 to the 2nd quarter of this year. This information was from federal data that was released Thursday August 30, 2007.
El Paso home prices increased 12.49% since the 2nd quarter of 2006, according to the latest House Price Index calculated by the US Office of Federal Housing Enterprise Oversight. In the 1st quarter, El Paso's annual price increase ranked 23rd with an 11.21% annual increase.
El Paso real estate market prices have increased 3.08% from the 1st quarter to the April-June second quarter, the index shows.
The index tracks average house price changes in repeat sales or refinancing of the same single-family residences.
This was printed in the El Paso Times on August 31, 2007
Active Rain Real Estate Network
You can find great local El Paso, Texas real estate information on Localism.com Patti Olivas is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
Friday, August 31, 2007
Thursday, August 30, 2007
Report Card on Market
The El Paso real estate market right now is probably a B- if you were grading it. Homes are taking longer to sell than they were this time last year and for a little lower in price. There are approx. 3900 homes on the market but the list price to sales price ratio is still about 97%, if you price them correctly in the first place.
Gone are the days, but they will be back, when you can just pick a price above the market range and know that it will sell in a matter of days and that it would still appraise. The buyers are able to have numerous homes to choose from so the one you are selling must be in top condition and not above the market range.
We listed a home the other day on the NE side of the city and it sold in less than a week at full price with out any concessions and I think the reason that it did was that the seller, once given a range that the home could sell in, did not automatically go for the highest range in the market. They agreed to list in the middle of the range and I truly believe that it the reason it sold so fast. The home showed very well and they also agreed to give a home warranty to the buyer at closing. I think in today's El Paso real estate anything that a Seller can do to put their home out in front will be great.
Gone are the days, but they will be back, when you can just pick a price above the market range and know that it will sell in a matter of days and that it would still appraise. The buyers are able to have numerous homes to choose from so the one you are selling must be in top condition and not above the market range.
We listed a home the other day on the NE side of the city and it sold in less than a week at full price with out any concessions and I think the reason that it did was that the seller, once given a range that the home could sell in, did not automatically go for the highest range in the market. They agreed to list in the middle of the range and I truly believe that it the reason it sold so fast. The home showed very well and they also agreed to give a home warranty to the buyer at closing. I think in today's El Paso real estate anything that a Seller can do to put their home out in front will be great.
Saturday, August 11, 2007
What is my Home Worth
I have a new website at www.whatsmyhomeworth.com and please feel free to check it out. You can put in your information about your home in El Paso, TX and get up to date information about real estate in El Paso, TX.
Are you thinking of selling your home or just want to see how the value in your neighborhood is, just fill out the form and if you are in the 79912 zip code I will be getting back to you. Any other zip codes will be someone else
Are you thinking of selling your home or just want to see how the value in your neighborhood is, just fill out the form and if you are in the 79912 zip code I will be getting back to you. Any other zip codes will be someone else
Monday, August 6, 2007
More News about Giana and Humberto
I found a new home for Giana and Humberto and they are very excited. They are having a home built and it will be ready around the 1st part of January. The El Paso real estate market is hot for new homes and the one they wanted only had one lot available for that plan. The picture is one of them standing on the new lot.
Giana will be shipping out to Iraq right around that time so we are hoping that she will be in the home for awhile before she has to leave.
They are a great couple and I had the privilege of even meeting her Mom who is living with them to help out with Jaden while he is in school and Mom and Dad are serving our country.
The next step is getting them to the loan company and if they go to the preferred one for the builder the builder will pay all of their closing costs.
Giana will be shipping out to Iraq right around that time so we are hoping that she will be in the home for awhile before she has to leave.
They are a great couple and I had the privilege of even meeting her Mom who is living with them to help out with Jaden while he is in school and Mom and Dad are serving our country.
The next step is getting them to the loan company and if they go to the preferred one for the builder the builder will pay all of their closing costs.
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