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.
Monday, July 30, 2007
You never know what a cup of coffee is worth!!!
The other day I was showing some referral clients homes and asked them where they met their agent that had referred them.
The husband told me that he and his wife stopped at a coffee shop every morning on the way to work (they are in the Military) and one morning the owner told them that their coffee was free. They could not believe their luck! Free-nothing is free anymore. So they asked the owner how they got free coffee and he told them that a RE/MAX agent named Steve Cohen had paid for coffee for any soldier in uniform that came into the shop.
The young soldier told me that when he got back from Iraq everyone was thankful and grateful and acknowledged him all the time but now that he had been back awhile everything was the same, he was just another soldier and this free cup of coffee made him feel that someone really cared for him and his wife and that had made his day.
He later wanted to sell his house so he went back to the shop and asked the manager for the agents card. The manager gave him the card and he realized that he had seen him in the shop nearly every day. He called Steve and listed and sold his home and is now working with me on a referral basis at his new home at Ft Bliss in El Paso, Texas
My message here is to Pay it Forward(it was also a movie a few years ago). I am asking that anyone that reads this blog to go to a coffee shop and pay some money for any solider, police officer or fireman to have a free cup of coffee on you. Don't expect anything in return- do it because you really care about the people that take care of you on a daily basis and are not always recognized like the should be. Thank you in advance.
The husband told me that he and his wife stopped at a coffee shop every morning on the way to work (they are in the Military) and one morning the owner told them that their coffee was free. They could not believe their luck! Free-nothing is free anymore. So they asked the owner how they got free coffee and he told them that a RE/MAX agent named Steve Cohen had paid for coffee for any soldier in uniform that came into the shop.
The young soldier told me that when he got back from Iraq everyone was thankful and grateful and acknowledged him all the time but now that he had been back awhile everything was the same, he was just another soldier and this free cup of coffee made him feel that someone really cared for him and his wife and that had made his day.
He later wanted to sell his house so he went back to the shop and asked the manager for the agents card. The manager gave him the card and he realized that he had seen him in the shop nearly every day. He called Steve and listed and sold his home and is now working with me on a referral basis at his new home at Ft Bliss in El Paso, Texas
My message here is to Pay it Forward(it was also a movie a few years ago). I am asking that anyone that reads this blog to go to a coffee shop and pay some money for any solider, police officer or fireman to have a free cup of coffee on you. Don't expect anything in return- do it because you really care about the people that take care of you on a daily basis and are not always recognized like the should be. Thank you in advance.
Thursday, July 19, 2007
What's My Home Worth
I just added a new link to this site under Helpful Links.
Not only can you find out about the real estate market in El Paso, TX but you can find out what your home is worth in any area of the country. All you have to do is type in your zip code and an agent in that area will give you an updated Comparative Market Analysis (CMA). It is based just on numbers as the agent will not have been out to your home.
You can have the agent in your area come to the home to get a more exact figure, but just over the Internet will be a ball park figure.
I hope you enjoy this service.
Not only can you find out about the real estate market in El Paso, TX but you can find out what your home is worth in any area of the country. All you have to do is type in your zip code and an agent in that area will give you an updated Comparative Market Analysis (CMA). It is based just on numbers as the agent will not have been out to your home.
You can have the agent in your area come to the home to get a more exact figure, but just over the Internet will be a ball park figure.
I hope you enjoy this service.
Monday, July 16, 2007
Are we in a Buyer's Market?
The real estate market in El Paso, TX is changing! Right now there are right at 2400 resale homes on the market, 2665 homes that have already closed and 1082 that are pending and waiting to close. Those figures do not count brand new homes or any multi family.
Everyone is saying we are in a buyer's market and in some ways that is true. There are alot of homes on the market and they are taking a little longer to sell and we are seeing some price reductions, but the big growth spurt that El Paso is about to see has not even happened yet!!!!
The new Medical School will open and have the 1st classed within the new couple of years, the military build up has not really started yet and the high tech military weaponary buildup is just starting to be in the works.
With all of the above happening within the next few years, I feel that prices will again start to be on the rise and real estate in El Paso will drastically change. I have been in this business since the early 80's and I have never seen a market like the one we will be going into within the next year and more.
If you want to buy a home, now is the time to purchase because if you wait, prices will go up!!!
Everyone is saying we are in a buyer's market and in some ways that is true. There are alot of homes on the market and they are taking a little longer to sell and we are seeing some price reductions, but the big growth spurt that El Paso is about to see has not even happened yet!!!!
The new Medical School will open and have the 1st classed within the new couple of years, the military build up has not really started yet and the high tech military weaponary buildup is just starting to be in the works.
With all of the above happening within the next few years, I feel that prices will again start to be on the rise and real estate in El Paso will drastically change. I have been in this business since the early 80's and I have never seen a market like the one we will be going into within the next year and more.
If you want to buy a home, now is the time to purchase because if you wait, prices will go up!!!
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