I was awarded Realtor of the Year for 2009 by the Greater El Paso Association of Realtors at their annual Installation Banquet on Dec. 21, 2008.
I was totally surprised when I found out I had won, but deeply honored.
Now I feel that it is my job to get out there and make things happen from this day forward in the El Paso, Texas real estate market.
Interest rates are dropping and now is an excellent time to buy. Don't wait for rates and prices to go up.
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.
Wednesday, November 26, 2008
Tuesday, November 18, 2008
Vets help home prices stay steady
MILITARY PROTECTS HOME PRICES
This article came from Recon Center about San Antonio market but will probably apply to most cities that have a military base.
SAN ANTONIO (Associated Press) – While home prices and sales are generally down nationwide, large military bases have buoyed their surrounding communities.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
This article came from Recon Center about San Antonio market but will probably apply to most cities that have a military base.
SAN ANTONIO (Associated Press) – While home prices and sales are generally down nationwide, large military bases have buoyed their surrounding communities.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
Monday, November 17, 2008
What is Happening to our Ecomony
Buyers and Sellers are scared-what more can I say? We are all hoping that the end of the year also bring an end to our economy woes and everyone thinking "the end is near".
Luckily in El Paso and in the rest of Texas we are not feeling the crunch as badly as other areas.
I just got back from the Nation Association of Realtors convention in Orlando, and so many of the conversations were about short sales. We do not have many short sales in the El Paso, Texas real estate market ! Thank goodness.
Lenders are lending and we were told at the convention that for those that are waiting for the bottom to get there that WAKE UP we are at the bottom and when you are at the bottom, you can only go one way and that is BACK UP. If you are waiting you may wait to long. Homes are priced better than they ever have been and sellers and builders are giving lots of concessions. What if you wait for prices to go down and maybe they will some more, but what if interest rates go up, then the savings you thought you were making is now lost in a higher interest rate.
If you are going to buy, buy now. Nothing stimulates the economy like home sales. Look what happened to the stock market and that happens more often then reduction in equity in homes. Like I said above, there is only one way home prices can go now and that is back up again.
Get pre approved for a loan with a good reputable company and save up for a down payment. You can still go FHA with 3% down payment (I heard it may be going up to 3.5%after the first of the year) and with the sellers helping maybe you can get a seller to help buy down the interest rate and make your payments lower.
Luckily in El Paso and in the rest of Texas we are not feeling the crunch as badly as other areas.
I just got back from the Nation Association of Realtors convention in Orlando, and so many of the conversations were about short sales. We do not have many short sales in the El Paso, Texas real estate market ! Thank goodness.
Lenders are lending and we were told at the convention that for those that are waiting for the bottom to get there that WAKE UP we are at the bottom and when you are at the bottom, you can only go one way and that is BACK UP. If you are waiting you may wait to long. Homes are priced better than they ever have been and sellers and builders are giving lots of concessions. What if you wait for prices to go down and maybe they will some more, but what if interest rates go up, then the savings you thought you were making is now lost in a higher interest rate.
If you are going to buy, buy now. Nothing stimulates the economy like home sales. Look what happened to the stock market and that happens more often then reduction in equity in homes. Like I said above, there is only one way home prices can go now and that is back up again.
Get pre approved for a loan with a good reputable company and save up for a down payment. You can still go FHA with 3% down payment (I heard it may be going up to 3.5%after the first of the year) and with the sellers helping maybe you can get a seller to help buy down the interest rate and make your payments lower.
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