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.
Monday, October 20, 2008
Top Reasons to buy in El Paso
1. El Paso, TX real estate market is moving along pretty well right now.
2. El Paso still has very reasonable prices on our homes (compared to other areas of the country)and there are alot to choose from.
3. El Paso, Tx is getting ready to have almost 100,000 soldiers and their families move here by 2013 and we already know that we do not have enough homes to house them in. Most will be renters, either in apartments or houses and there are definitely not enough of those. Investors should be buying homes right now while the market is still a buyers market because very soon prices will be going back up again.
4. Sellers are helping with closing costs in alot of sales so your out of pocket money will be less.
5. Ideal Weather in El Paso-less weather related upkeep to your property
6. Good real estate values- our El Paso, TX real estate values are not going down like the rest of the country. Our market is very regional so do not buy into the national news. Our prices are continuing to rise even though we are in a buyers market and with all that is happening in El Paso right now we feel that values will start really rising again very soon.
7. Have someone else build equity for you-having a good paying tenant will just help you create equity. Yes there may be some vacant months if we can't get it rented right away-but if you buy a nice home and in good condition then those are the ones that the tenants want also.
8. El Paso has a new 4 year medical school and research center that is starting their first class in August 2009 and that will bring in students, doctors, nurses, researchers, etc all of who will need someplace to live.
9. Our regional economic development corporation is working with over 100 companies looking to relocate their businesses to El Paso.
10. We can provide property management and have done that for our clients for close to 20 years and will provide references.
2. El Paso still has very reasonable prices on our homes (compared to other areas of the country)and there are alot to choose from.
3. El Paso, Tx is getting ready to have almost 100,000 soldiers and their families move here by 2013 and we already know that we do not have enough homes to house them in. Most will be renters, either in apartments or houses and there are definitely not enough of those. Investors should be buying homes right now while the market is still a buyers market because very soon prices will be going back up again.
4. Sellers are helping with closing costs in alot of sales so your out of pocket money will be less.
5. Ideal Weather in El Paso-less weather related upkeep to your property
6. Good real estate values- our El Paso, TX real estate values are not going down like the rest of the country. Our market is very regional so do not buy into the national news. Our prices are continuing to rise even though we are in a buyers market and with all that is happening in El Paso right now we feel that values will start really rising again very soon.
7. Have someone else build equity for you-having a good paying tenant will just help you create equity. Yes there may be some vacant months if we can't get it rented right away-but if you buy a nice home and in good condition then those are the ones that the tenants want also.
8. El Paso has a new 4 year medical school and research center that is starting their first class in August 2009 and that will bring in students, doctors, nurses, researchers, etc all of who will need someplace to live.
9. Our regional economic development corporation is working with over 100 companies looking to relocate their businesses to El Paso.
10. We can provide property management and have done that for our clients for close to 20 years and will provide references.
Friday, October 10, 2008
What is happening in El Paso
Well, what can I say about the El Paso, Texas real estate market?
I guess if we believed the national news we would all commit suicide! Well in El Paso, the market is not quite as bad as other areas of the country.
Yes it is harder to get qualified, but lenders are lending and buyers are buying homes. It may take a little longer to sell your home if you are a seller and you will probably be helping the buyers with closing costs in the market right now.
If you are a buyer you are in shoppers paradise!! You will have tons of homes to choose from so you can be very picky to say the least. As I mentioned above you should expect for the seller to help you in some sort of way too.
The best advice for a buyer is to get pre approved and keeping chekcing with your lender (one to make sure they are still in business and secondly to make sure your qualification has not changed).
It is a great time to buy in El Paso, TX!!!
I guess if we believed the national news we would all commit suicide! Well in El Paso, the market is not quite as bad as other areas of the country.
Yes it is harder to get qualified, but lenders are lending and buyers are buying homes. It may take a little longer to sell your home if you are a seller and you will probably be helping the buyers with closing costs in the market right now.
If you are a buyer you are in shoppers paradise!! You will have tons of homes to choose from so you can be very picky to say the least. As I mentioned above you should expect for the seller to help you in some sort of way too.
The best advice for a buyer is to get pre approved and keeping chekcing with your lender (one to make sure they are still in business and secondly to make sure your qualification has not changed).
It is a great time to buy in El Paso, TX!!!
Monday, September 29, 2008
Wow what shall we do?
I know that everyone is very worried about our economy with all that is going on in Washington and the financial industry. I think that sales will continue to go on as they did before but things have to change.
How many of you wondered when all the 100% loans starting coming into play, how long will this take to bite us in the behind? I know that I did.
I think that loans will take place, but it will be like it was in the late 80's--you need money for a deposit, money for reserves and maybe money for closing costs if you can't get the seller to help you and you will need to have good credit. DUH!
Let's not all think doom and gloom because like anything else, things will turn around and we will be happy and selling homes again in El Paso, Texas
How many of you wondered when all the 100% loans starting coming into play, how long will this take to bite us in the behind? I know that I did.
I think that loans will take place, but it will be like it was in the late 80's--you need money for a deposit, money for reserves and maybe money for closing costs if you can't get the seller to help you and you will need to have good credit. DUH!
Let's not all think doom and gloom because like anything else, things will turn around and we will be happy and selling homes again in El Paso, Texas
Monday, August 25, 2008
Showing Smoke Filled Homes
Have you ever walked into a home that you were showing and about passed out from the smoke smell? Well it really turned my buyers off and they loved the home but would not make an offer on it for just that reason.
I know there are alot of smokers still out there but my advise would be about 6 months before you are going to put your home on the market smoke only outside and in the mean time let the home air out completely.
My buyers wanted new carpet and paint just to try and get the smell out as they have 2 infant daughters.
So sellers, if you smoke, please remember it could cost you the sale of your home.
I know there are alot of smokers still out there but my advise would be about 6 months before you are going to put your home on the market smoke only outside and in the mean time let the home air out completely.
My buyers wanted new carpet and paint just to try and get the smell out as they have 2 infant daughters.
So sellers, if you smoke, please remember it could cost you the sale of your home.
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