Single-family El Paso houses in esteemed locations are selling quite well these days, particularly ones that are well priced. There is plenty of demand out there for specific areas. Others may come across as ghost towns.
Most buyers usually look for the very same thing – close proximity to work, reputable schools, nearby shopping, transportation access, good neighborhoods, etc. Properties capable of delivering these aspects are hot commodities. Sellers with highly desirable properties have control over the market in such cases.
The same isn’t true for townhouses and condos, though – particularly ones with noticeable wear and tear, or ones with unsightly features. Prices have depreciated in certain El Paso areas, though they are slightly rebounding with the increase in rental markets.
There is a high demand for investment properties – there is a lot of foreign money being invested in American real estate, which has affected the market in El Paso in interesting ways. Investors who have money to spare have been buying properties because of how low prices have fallen as of late. Many sellers have been experimenting with speculative prices to determine if people will bite. However, a majority of investors seem to be walking away directly from deals showing limited potential.
For buyers, financing remains a huge obstacle – financial institutions are being quite strict, asking for a significant amount of money as a down payment. Some have even changed their terms on the 11th hour. It isn’t uncommon for an approved buyer to see their loans get pulled just before escrow is closed (though it seems to have gotten better in contrast to two years ago).
The markets have remained incredibly polarized overall. There is plenty of action taking place at the top, as well as the bottom. The largest challenges lie in between.
This may sound confusing to you. If it is, we can be of assistance.