Here's a quick story.
I was reading a few stories about El Paso. Last year, it was an extremely hot market, but things seem to have cooled in 2007. Just like East Austin, sellers started pricing their homes ahead of the curve just as new home builders started catching up with demand.
According to news stories, homes that used to sell in weeks or days are not languishing on the market for months. See the news video on this story. I've come to realize that real estate is much like the stock market when it comes to predictions.
El Paso was at the top of many appreciation lists for 2007 due to previous growth expectations. Since so many investors flooded the market, the opposite has happened. The best bet when investing in an area, even as an owner-occupant, is to buy the best deal you can without betting on appreciation.
Read about the previous appreciation areas in Texas.
I am very interested in your article about the recent growth as well as decline of home sales in El Paso. As an agent I along with many other in the field felt with the incoming troops to Ft. Bliss sales would go up. Unfortunatly many of the soldiers that I have worked with would rather rent because they are not sure of how long they will stay. Another factor that should be addressed is the rains of 2006, many home owners are required to have flood insurance as well as pay the ever increasing property tax bills. Many established homeowners are moving into New Mexico to avoid the increasing burdens of owning a home in El Paso.
Posted by: Chana Lynn Bounds | Wednesday, January 23, 2008 at 09:25 AM