People in the real estate business are emerging from an unprecedented year with plenty of surprises, changes, and uncertainty. They are not the only ones, of course. Many others across the country were part of industries that saw incredible strife, change, and economic distress.
Early predictions about the real estate markets were all over the place; most thought real estate will not do so well during a national pandemic. Contrary to some of these early forecasts, real estate fared quite well, and—in places like El Paso—there was a pressing demand for buying homes, as interest rates dropped and people searched for a place to call their own.
For real estate brokers, agents, and mortgage lenders, things seem to be normalizing, with new developments as the new administration takes hold.
So, let’s take a look at the real estate market in El Paso and why 2021 might just be the best year to sell your home.
A Background on El Paso’s Real Estate Market
A few years ago, the median home price in the El Paso real estate market was about $143,700. Even today, that’s still far from the national average—which hovers around $208,000.
El Paso is a unique market as compared to the rest of Texas for several reasons. One, El Paso has a lower median income of $40,000, which makes the homes more affordable, but the appreciation value has also increased in the past few years.
After 2020, however, many people are now looking into communities that are not as populated as the bigger metropolitan areas but are still cities with a robust job market and plenty of opportunities. By Texas standards, El Paso is still a mid-sized city. Houston looms with 2.3 million, San Antonio with 1.5 million people, Dallas with 1.33 million, and Austin with 950,000. The city of El Paso is at about 650,000 people, making it a popular destination in the state for those who are looking for less population density.
After the housing crash of 2008, the El Paso market took some time to fully bounce back. Once it did, it showed consistent appreciation and growth. Since then, El Paso home prices have remained relatively stable and consistent.
The Incoming Year and What Experts Forsee
As we close out the first month of 2021, real estate markets are expected to continue to have a demand for properties. Even at the end of 2020, the El Paso market was a well-documented seller’s market with more interested buyers than available homes.
Due to changing circumstances, people losing jobs, closing businesses, and folks ready to make a new start somewhere else, there is a lot of movement in the country right now.
In 2019, before the strict restrictions in states like California, people were already moving from these large and expensive metropolitan areas before the pandemic hit. In fact, 653,000 Californians decided to leave for another state. Census data shows that the biggest chunk of those people moved to Texas. In 2020, the exodus continued as California imposed ongoing lockdown orders with no end in sight. Some of the biggest reasons cited for the move included the less-than-friendly business environment, high taxes, left radical policies, and soaring housing prices.
Now’s the Best Time to Sell Your El Paso Home!
For many people looking for a good-sized city with affordable prices, El Paso is looking pretty good right now.
Here are a couple of reasons to sell your home this year:
- Interest rates are expected to remain low. As long as this is the case, there will be a market for homes that are going on the market.
- There is an unexpected move. If you’ve decided to make a move, this is your chance. With El Paso seeing such high demands for homes, putting your plan into motion today might ensure a quick and successful sale.
- You are economically strained. Doubts about being able to afford your mortgage can put quite the strain on families and individuals who suffered the loss of a job.
So Why Sell Your Home in 2021?
Buying and selling homes is a very personal decision. For many families, it means an emotional change when they have to part with a home they’ve loved for years or are moving into a new place. For many homeowners, the year 2020 brought a lot of economic uncertainty that has carried over to the new year.
Many are wondering whether they’ll be able to continue paying their mortgage or whether their economic stability is about to be put to the test. Others may see this as an opportunity to begin again in a new place, given the freedom of work-from-home models. If this is you, consider this moment as a great opportunity to explore quick cash sales of your home.
El Paso Cash Home Buyers is able to help homeowners that are looking for a pain-free sale without the run-around involved in traditional sales. Cash sales give you a quick way to change course and, in times like these, many people are looking to do just that.
Want a Pain-Free Home Selling Experience? Sell Fast with Cash Home Buyers
Home selling can be a pain, but it doesn’t have to be. If you’re looking for new beginnings and need to sell your house fast, contact El Paso Cash Home Buyers and find out more about our process and how we can help you take the leap.