Home Buying in El Paso>Question Details

David Scott, Home Buyer in Dallas, TX

I am moving from Dallas, TX, where the housing market is decent, but it has taken a hit. Moving back to El

Asked by David Scott, Dallas, TX Sun Jul 13, 2008

Paso, I see that the market took off and is only now correcting itself. When do you think the market correction will have played itself out?

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David,
Although every market is different in nature, even El Paso's is following the country's path, you may call it a dominos effect.
Correction? No one can predict this but, we have a wonderful Buyers Market today and thousands of properties to choose from.
1 vote Thank Flag Link Sun Jul 13, 2008
If only we had a real estate crystal ball...The market for homes in El Paso is still strong, and homes that are priced right are still selling, although it is taking a little longer. El Paso has never been a super appreciation kind of market so our market correction is less pronounced.
Our problem is it is so much harder now for people to qualify for a loan than it was in the past. So, with inventory up and the number of buyers down, there are some excellent opportunities available. If you are planning on buying and being in the property for more than 2 or 3 years you shouldn't have to worry about the value declining. No guarantees, but historically El Paso has faired very well in maintaining modest increases in value for the last 30 years (2-3% per year). So even though sales numbers are down, values are still on the increase. See the Texas A&M Research Center for data. I wish you the best on your return to El Paso. http://recenter.tamu.edu/data/hs/hs220a.htm
1 vote Thank Flag Link Mon Jul 14, 2008
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