Now is the time to sell or buy a home in El Paso!
Hello all, I hope this post finds you well.
We want to share some interesting information with you. December was a good month for El Paso Real Estate Market we sold 15.7% more homes than the last month, and 25.8% more compared to the same month last year.
The good news is that the market maintains a growth trend. The sale price of the properties is also growing, 7.5% more compared to December, 2019. This can be explained by the low inventory, the intense demand and the current low interest rates as low as 2.5% (30 year fixed).
According to some industry sources, rates are expected to rise modestly in 2021. The combination of rising mortgage rates and increasing home prices due to shortage of inventory will accelerate the decline in affordability and further squeeze potential home buyers during the spring home sales season.
So if you or someone you know is considering buying a home in El Paso, it’s better to get in on the action fast before the springtime. It’s tough out there to buy, but might as well get on with it.
But on the other hand, if you want to sell and you have a plan B of where to live, then you are in a good spot to sell your house faster than normal and get top dollar (appraisers allowing).
So let us know which direction you or a loved one desires to take, we can help.
In the meantime, check out the current El Paso Real Estate market statistics:
We hope you find this information helpful, stay safe!
PPR Real Estate Team!