Do you think it is still a buyer’s market here today in El Paso? It’s one of those common questions that we pretty often encounter as experts in the El Paso real estate market.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in El Paso, Texas
The State of the Market for Buyers in El Paso
First off, it depends on the property type and location.
Single-family homes in prime locations that are reasonably priced have been selling like hotcakes! Some areas have high demand in the market, while others might as well be ghost towns.
The buyers usually search for almost everything, such as really good neighborhoods, access to rail and bus transport, shopping facilities, good schooling, close to work, etc. Such properties are going to be very attractive for buyers. Sellers with much-prized property stand more or less podiums in the market.
But, particularly for condos and townhouses – like those a little off the beaten path or with some funky features can have quite a different story. While prices were down in certain areas of El Paso, they appear to be rebounding thanks to what seems to be improving rental market conditions.
Investment properties are a common craze. Huge amounts of foreign money have started storming into the United States of America for investment purposes, affecting the Texas market differently.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
The State of the Market for Buyers in El Paso, Texas
Financing still poses an obstacle for buyers. Banks are being exceedingly strict, requiring very large down payments and changing their terms at the last moment. It is becoming less common for approved buyers to have their loans pulled right before closing escrow, although it was quite the norm only two years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
Having faith in the community and the people living here is the reason we’re putting our money in El Paso.
If you need to sell a property around El Paso, we can help you.
The State of the Market for Buyers in El Paso, Texas is constantly changing, and navigating it can be tricky. We purchase properties like yours from people who need to sell real fast.