We just opened our new real estate company called Dan Olivas and Associates. We are very excited about being on our own even though change is hard.
Our real estate market in El Paso, TX is still doing well and most agents that I talk to say that they are much busier than they were last month.
El Paso market is not a seasonal market as our weather is great all the time. Last week we were already at 85! but we are having a cool snap tomorrow and it will only be 60. I guess it is all relative. My daughter Samantha is in real estate in Reno, NV and her market is very slow and definitely has some weather problems that could effect selling this time of year. It is a great time to buy wherever you are as I don't feel that prices will get any lower and in all areas buyers are taking advantage of the low interest rates and the low prices on homes.
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.
Thursday, March 26, 2009
Tuesday, March 10, 2009
State of the Economy in El Paso
The El Paso Chamber of Commerce hosted an event this morning at the Univ of Texas at El Paso called State of the El Paso Economy.
It was a two hour session and a question and answer period followed. The speakers were from the local sector and spoke on everything from working in Juarez to the local real estate news.
The speakers were: Allan Russel with the Maquila Industry in Juarez and he spoke about how important it is to keep that industry strong and he also spoke about the violence in Juarez, Mexico.
Dana Vogelmeier-with State Farm and how call centers worked and how they were hiring ( showing that jobs are still available in El Paso).
Dan Olivas(my husband) spoke about the local real estate market and why it is the best time to buy in El Paso and why our home prices are not falling but remaining stable.
Harold Hann from Rocky Mountain Mortgage spoke about local lending and how although it takes a more qualified buyer than in the past and that his company services most of their loans that their foreclosure rate was less than 3%.
Bob Ayoub and Adam Frank spoke about the commercial real estate market and how they have been fairly busy and renting up some of the commercial business spaces that have become vacant.
Larry Patton with Bank of the West spoke about local banking and what is going on there.
The questions were answered by various professor from UTEP and even included a person from the Federal Reserve.
I think that everyone who attended went away with a positive note on the El Paso Economy.
It was a two hour session and a question and answer period followed. The speakers were from the local sector and spoke on everything from working in Juarez to the local real estate news.
The speakers were: Allan Russel with the Maquila Industry in Juarez and he spoke about how important it is to keep that industry strong and he also spoke about the violence in Juarez, Mexico.
Dana Vogelmeier-with State Farm and how call centers worked and how they were hiring ( showing that jobs are still available in El Paso).
Dan Olivas(my husband) spoke about the local real estate market and why it is the best time to buy in El Paso and why our home prices are not falling but remaining stable.
Harold Hann from Rocky Mountain Mortgage spoke about local lending and how although it takes a more qualified buyer than in the past and that his company services most of their loans that their foreclosure rate was less than 3%.
Bob Ayoub and Adam Frank spoke about the commercial real estate market and how they have been fairly busy and renting up some of the commercial business spaces that have become vacant.
Larry Patton with Bank of the West spoke about local banking and what is going on there.
The questions were answered by various professor from UTEP and even included a person from the Federal Reserve.
I think that everyone who attended went away with a positive note on the El Paso Economy.
Friday, February 13, 2009
Look what is happening in El Paso Now
This is an article that was in the El Paso Times on Feb. 13, 2009
El Paso city bucks national trend
By Vic Kolenc / El Paso Times
Posted: 02/13/2009 12:00:00 AM MST
EL PASO -- Home prices continued to rise in El Paso last year -- something most areas of the country didn't see.
El Paso had the nation's sixth-highest gain in sales prices for existing homes in the fourth quarter among 153 metro areas, shows a National Association of Realtors report released Thursday. El Paso was one of only 18 metro areas in the country showing price gains in the October through December quarter.
"The reason (home) prices are growing more rapidly here than the nation as a whole is because the local economy is performing better at this point" than the national economy, said Tom Fullerton, an economics professor at the University of Texas at El Paso. "In 2009, the (El Paso) housing market should continue to do well, but there are a few more storm clouds on the El Paso economic horizon than in 2008."
The median, or market midpoint, price of existing El Paso homes was $140,700 in the fourth quarter -- an increase of $7,100, or 5.3 percent, from the same quarter in 2007.
For all of 2008, the El Paso median home price increased $6,000, or 4.5 percent, to an annual average median price of $137,900, the report shows. That increase is higher than the 3.4 percent increase for 2007.
Suzy Shewmaker Hicks, president of the Greater El Paso Association of Realtors and a Realtor for Keller Williams Realty, said even though El Paso's inventory of new and existing homes is large, homes continue to sell, and that helps prevent home prices from falling. More than 4,400 homes are now on the market.
"We're not immune to what has happened (in other markets), but we're not affected to the extent of other markets," Shewmaker Hicks said. "We've had fewer foreclosures here (than other markets) and that's keeping the market stronger."
El Paso has escaped the foreclosure storm felt in some markets. But foreclosure filings began increasing in the second half of 2008. And this January's 208 foreclosure filings were more than triple the 60 filings in January 2008, according to data released this week by RealtyTrac, a California company that tracks foreclosures nationwide.
Gary Wondrash, an El Pasoan who buys and sells homes as an investor, said, "El Paso is one of the strongest markets in the nation. We see some (out-of-town) investors coming back into our market that were here (about) three years ago when our prices were so cheap."
Charles de Wetter, president of Coldwell Banker de Wetter Hovious, one of El Paso's largest real estate companies, said home prices could be hurt if the inventory of homes begins to increase again.
Fullerton, at UTEP, said median home prices "will probably grow by more than 3 percent in 2009. It will be surprising if it grows as rapidly as it did in the fourth quarter."
Vic Kolenc may be reached at vkolenc@elpasotimes.com;546-6421.
For more information: www.realtor.org.
Top markets
Only 18 U.S. metro areas showed home price gains in the fourth quarter of 2008. Here are the top 10 price gainers, with median home price, and percentage change from a year ago:
Rank, Median Percentage
metro area home price change
1. Beaumont-Port Arthur, Texas $132,600 up 16.7 percent
2. Bloomington, Ill. $159,300 up 9.6 percent
3. Dover, Del. $212,500 up 6.5 percent
4. Bismarck, N.D. $164,300 up 6.0 percent
5. Decatur, Ill. $79,300 up 5.9 percent
6. El Paso $140,700 up 5.3 percent
7. Jackson, Miss. $126,600 up 4.7 percent
8. Wichita, Kan. $118,200 up 3.9 percent
9. Shreveport-Bossier City, La. $139,200 up 2.8 percent
10. Amarillo, Texas $122,600 up 2.0 percent
Source: National Association of Realtors
El Paso city bucks national trend
By Vic Kolenc / El Paso Times
Posted: 02/13/2009 12:00:00 AM MST
EL PASO -- Home prices continued to rise in El Paso last year -- something most areas of the country didn't see.
El Paso had the nation's sixth-highest gain in sales prices for existing homes in the fourth quarter among 153 metro areas, shows a National Association of Realtors report released Thursday. El Paso was one of only 18 metro areas in the country showing price gains in the October through December quarter.
"The reason (home) prices are growing more rapidly here than the nation as a whole is because the local economy is performing better at this point" than the national economy, said Tom Fullerton, an economics professor at the University of Texas at El Paso. "In 2009, the (El Paso) housing market should continue to do well, but there are a few more storm clouds on the El Paso economic horizon than in 2008."
The median, or market midpoint, price of existing El Paso homes was $140,700 in the fourth quarter -- an increase of $7,100, or 5.3 percent, from the same quarter in 2007.
For all of 2008, the El Paso median home price increased $6,000, or 4.5 percent, to an annual average median price of $137,900, the report shows. That increase is higher than the 3.4 percent increase for 2007.
Suzy Shewmaker Hicks, president of the Greater El Paso Association of Realtors and a Realtor for Keller Williams Realty, said even though El Paso's inventory of new and existing homes is large, homes continue to sell, and that helps prevent home prices from falling. More than 4,400 homes are now on the market.
"We're not immune to what has happened (in other markets), but we're not affected to the extent of other markets," Shewmaker Hicks said. "We've had fewer foreclosures here (than other markets) and that's keeping the market stronger."
El Paso has escaped the foreclosure storm felt in some markets. But foreclosure filings began increasing in the second half of 2008. And this January's 208 foreclosure filings were more than triple the 60 filings in January 2008, according to data released this week by RealtyTrac, a California company that tracks foreclosures nationwide.
Gary Wondrash, an El Pasoan who buys and sells homes as an investor, said, "El Paso is one of the strongest markets in the nation. We see some (out-of-town) investors coming back into our market that were here (about) three years ago when our prices were so cheap."
Charles de Wetter, president of Coldwell Banker de Wetter Hovious, one of El Paso's largest real estate companies, said home prices could be hurt if the inventory of homes begins to increase again.
Fullerton, at UTEP, said median home prices "will probably grow by more than 3 percent in 2009. It will be surprising if it grows as rapidly as it did in the fourth quarter."
Vic Kolenc may be reached at vkolenc@elpasotimes.com;546-6421.
For more information: www.realtor.org.
Top markets
Only 18 U.S. metro areas showed home price gains in the fourth quarter of 2008. Here are the top 10 price gainers, with median home price, and percentage change from a year ago:
Rank, Median Percentage
metro area home price change
1. Beaumont-Port Arthur, Texas $132,600 up 16.7 percent
2. Bloomington, Ill. $159,300 up 9.6 percent
3. Dover, Del. $212,500 up 6.5 percent
4. Bismarck, N.D. $164,300 up 6.0 percent
5. Decatur, Ill. $79,300 up 5.9 percent
6. El Paso $140,700 up 5.3 percent
7. Jackson, Miss. $126,600 up 4.7 percent
8. Wichita, Kan. $118,200 up 3.9 percent
9. Shreveport-Bossier City, La. $139,200 up 2.8 percent
10. Amarillo, Texas $122,600 up 2.0 percent
Source: National Association of Realtors
Thursday, January 22, 2009
Extreme Home Makeover -2nd blog
Wow, what an experience that was! Arriving on the location for the makeover was really neat-you were bused from a church parking lot to the location so there would not be so many cars in the way. Everywhere there were security guards to keep the traffic moving and spectators in one direction and volunteers in the other direction.
Being a volunteer to serve food for the people that were actually doing all the work was one of the hardest things that I have done in awhile. I have a new found respect for all the people that work in restaurants or anywhere serving the public. I got on site around 3PM even though my shift did not start till 6PM. I was very anxious to see what was going on.
I went up to the house to peek( I had a hard hat so I could go into the home) and as soon as my group and I got there they put us to work sweeping and mopping the new tile floors to keep dust to a minimum. It was amazing to see how so many workers could all work together and get the project done in 4 days.
My husband was a team leader for Sat the 17th and our job was to find restaurants that would donate enough food to feed approx. 700 people from 6PM-6AM. I was amazed at the generosity of the restaurants and they really did not get much in return other than knowing that they were willing to help to get a new home built for a family that really deserved the award.
Be sure to watch ABC on March 15, 2009 for the El Paso Extreme Home Makeover Show.
Being a volunteer to serve food for the people that were actually doing all the work was one of the hardest things that I have done in awhile. I have a new found respect for all the people that work in restaurants or anywhere serving the public. I got on site around 3PM even though my shift did not start till 6PM. I was very anxious to see what was going on.
I went up to the house to peek( I had a hard hat so I could go into the home) and as soon as my group and I got there they put us to work sweeping and mopping the new tile floors to keep dust to a minimum. It was amazing to see how so many workers could all work together and get the project done in 4 days.
My husband was a team leader for Sat the 17th and our job was to find restaurants that would donate enough food to feed approx. 700 people from 6PM-6AM. I was amazed at the generosity of the restaurants and they really did not get much in return other than knowing that they were willing to help to get a new home built for a family that really deserved the award.
Be sure to watch ABC on March 15, 2009 for the El Paso Extreme Home Makeover Show.
Slumdog Millionaire (the movie)
This is a must see for anyone. It was one of the best movies that I have seen in a long time and just made you feel good when it was over. It today's real estate economy anything that makes you feel good is an improvement!
Friday, January 16, 2009
Extreme Home Makeover is in El Paso
All this week ABC's Extreme Home Makeover is in our hometown of El Paso, TX and it is really excited to be involved with the show.
The makeover went to a very deserving family that helps out with the orphanage in Juarez, Mexico and other families in need.
According to what I have seen on TV and read in the papers her home was in dire need of repair and will be the nicest ones in the area(as are all the homes that they fix up).
Seeing the outpouring of donations of workers, volunteers, and supplies has really made me even more proud of El Paso. I still can't believe that you can build a home in 4 days but it really is being done and the show should air on March 15, 2009 on ABC.
I am going to the site tomorrow with fellow Realtors in El Paso to serve meals to the volunteer workers and I am really looking forward to giving back to the community and especially the family that won.
The makeover went to a very deserving family that helps out with the orphanage in Juarez, Mexico and other families in need.
According to what I have seen on TV and read in the papers her home was in dire need of repair and will be the nicest ones in the area(as are all the homes that they fix up).
Seeing the outpouring of donations of workers, volunteers, and supplies has really made me even more proud of El Paso. I still can't believe that you can build a home in 4 days but it really is being done and the show should air on March 15, 2009 on ABC.
I am going to the site tomorrow with fellow Realtors in El Paso to serve meals to the volunteer workers and I am really looking forward to giving back to the community and especially the family that won.
Monday, December 15, 2008
We have alot to be thankful for
It is almost Christmas and I think I have a lot to be thankful for this year.
While it has not been the best year in real estate it has not been the worst. It actually takes me back to when I first got in the business in 1986 when people had to have a good job, good credit, and money for a down payment.
Lenders are still lending money, but you have to be credit worthy, have a down payment (unless you are a Veteran) and be able close. So what is so hard about that?
I think that buyers still feel that things will get alot worse and they will get a "better deal" on a home if they wait. They may but what about the time they waste paying rent and not owning and not getting that write off on your taxes.
I think we are at the bottom and there is only one way for prices to go and that is BACK UP!
El Paso real estate is not that bad right now, I have been busier this month than I have in the last couple of months and I think that buyers are starting to feel a little more confident. Interest rates are very low and home prices in El Paso are holding steady and sellers are giving alot of concessions to make their homes more marketable.
Now is the time for investors to get back on line again and start looking at El Paso and all that is going to happen here- we are way short the number of rentals that the military soldiers will need so where are you?
Don't wait too long or you will be sorry.
While it has not been the best year in real estate it has not been the worst. It actually takes me back to when I first got in the business in 1986 when people had to have a good job, good credit, and money for a down payment.
Lenders are still lending money, but you have to be credit worthy, have a down payment (unless you are a Veteran) and be able close. So what is so hard about that?
I think that buyers still feel that things will get alot worse and they will get a "better deal" on a home if they wait. They may but what about the time they waste paying rent and not owning and not getting that write off on your taxes.
I think we are at the bottom and there is only one way for prices to go and that is BACK UP!
El Paso real estate is not that bad right now, I have been busier this month than I have in the last couple of months and I think that buyers are starting to feel a little more confident. Interest rates are very low and home prices in El Paso are holding steady and sellers are giving alot of concessions to make their homes more marketable.
Now is the time for investors to get back on line again and start looking at El Paso and all that is going to happen here- we are way short the number of rentals that the military soldiers will need so where are you?
Don't wait too long or you will be sorry.
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