Uncertainty provides perfect timing!!

What is happening in the El Paso real estate market? El Paso continues to have a better than average market, prices have not tumbled and activity has not come to a screeching stop.

Homes under $250,000 continue to move although days on market have increased from 111days, 6 months ago to where they are now at 116 days. The number of homes sold (545) through multiple listing in November 2009 increased by 170 over the same period a year ago, so that’s good.

There is no doubt that El Paso’s real estate market has an underpinning of unrealized upward pressure. I say this with a certain watchfulness on what continues to happen in Washington, DC and how new legislation will affect the psychological reaction of potential companies thinking about moving here and also the effect it could have on buyers who are already here… will they be hold back and see what will happen? If this happens, locally we could see a flatting of our real estate market.

While there are certainly reasons beyond our control to be concerned,there are plenty of reasons to be optimistic, for example: Fort Bliss will continue its growth in becoming the premiere base in the Army and the largest one too. This means more people moving into El Paso, but what’s interesting is that with a Battalion of Helicopters being stationed here there will be a demand for jobs that are not here today, different types of mechanics and support jobs. There is the possibility of new companies coming into the area that would already do work in this field. With just the growth at Ft. Bliss El Paso’s population will increase by around 70,000 to 90,000, counting troops and their dependants.

It’s easy to see that the needs of this community will also grow. There will be a need for more medical and day care personnel and facilities. By 2013 there will be an additional 11,000 day care age kids in El Paso. This information comes from a just completed million dollar focus study by a Fortune 500 firm out of Washington, DC. Think of the needs, day care facilities, new elementary schools, more jobs, and these things are just the tip of the iceberg. I haven’t even touched on the new medical school and research facilities or the new children’s hospital and the opportunities these will create for high paying jobs.

The bottom line is that today is a perfect time to buy real estate in El Paso, Texas. Interest rates are way down, there are governments incentives ranging up to $8,000 in tax credit for first time buyers and up to $6,500 for repeat buyers. There is still an uncertainty in the market so sellers are still helping buyers and this will not be happening once the un-certainty goes away and sellers realize that the pent-up, upward pressures are their friends.

I invite your comments. Have a Merry Christmas and may 2010 be your best year ever at every level!!