El Paso News

Booming El Paso Real Estate Market Bodes Well for Buyers and Sellers

EL PASO, Texas (KTSM) - It's proving to be a good Summer for El Paso real estate.

KTSM exclusively spoke with Tom Torres, the new president of the Greater El Paso Association of Realtors. He said the market is "very healthy" right now with home values booming since March.

Torres said prices jumped by 10 percent. In March the average home price was around $178,000, today it's around $185,000. The current market, he said is a buyers market and drawing in new residents from across the country.

"Many buyers this year [are] coming from Colorado, they're coming from Miami, Florida, they're coming from California, they just can't believe how much they get for a house here in El Paso compared to where they're coming from," Torres said.

Even though it's a "buyers market," Torres said sellers are also reaping the benefits.

"They're receiving multiple offers and they are selling them the first couple days they're being listed," Torres said.

Also, he said sellers are receiving more money on average. The most important tip for sellers, he said is to know what your home is truly worth.

Torres said many owners selling homes on their own, will sell the property for under the market value.

The most active spot for El Paso real estate right now is in the Far East near Pebble Hills High School. This area has plenty of new homes being built that Torres is confident will sell quickly once hitting the market.

He said the active real estate market will trickle down throughout the local economy.

"An average home buyer will spend tens of thousands of dollars in furniture, in clothing, in supplying the kitchen, the bedroom, the yards [and] landscaping. So it's really good for the economy," Torres said.

He expects the market to stay active until mid-September.
 


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