Rick Snow

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 - Mon Jul 14 2008, 03:14

Properties in this area have sold from $60,000-$340,000. There have been 28 sales. In order to narrow your search you need to get more specific about the property you want to compare. If you would like a market analysis of a specific property or a marketing consultation, with no obligation of course, just send me an email. rick@ricksnow.com - Mon Jun 23 2008, 13:19

An appraisal is a snapshot of what "that house" is worth on "that day". Like Barry, I would suggest you speak with a local lender that is in tune with the market in El Paso. Lenders here are just as concerned about value as anywhere else, but they know from seeing it on a daily basis, that the El Paso market is holding it's own. I have included a link to the Texas Real Estate Center Market Report for El Paso. Note that the housing data indicates a steady increase in home sales prices. As a member of the GEPAR MLS Board of directors I can also tell you that average home sale prices continues to climb every month. Jason, find a local lender. That doesn't mean it has to be a mom and pop mortgage broker, but steer clear of the online lenders with no local knowledge. - Sat May 3 2008, 04:19

Small hairline cracks are typically not a problem. - Sun Apr 20 2008, 20:37

with great speed, intensity, vigor, impact, or success - Tue Apr 8 2008, 04:01

In regards to the comment from Mr Perez in Austin. The El Paso rental market is gangbusters. I don't know anything about the property your investor friend purchased but there are many factors to consider when analyzing why it hasn't rented. Let's not go spreading doom and gloom about the market in El Paso from your vantage point in Austin. Perhaps a referral to a quality management company can help. See the link below. Have a great week. - Mon Apr 7 2008, 18:38

If being in a flood plain is a deal breaker then an offer with a contigency is the way to go. - Fri Apr 4 2008, 09:08