Why It’s Time to Take El Paso Real Estate Seriously
If you are looking to make a move or make an investment, then you should look into El Paso real estate. This area of Texas is already poised and ready for good things to happen. Trends from the last half of 2016 show that this is the place to be in 2017 and beyond. The Brian Burds Home Selling Team is well-aware of El Paso’s real estate market. We can help you understand how the Sun City can benefit you and your family.
El Paso Real Estate Statistics to Consider
According to realtor.com, El Paso real estate is the most overlooked market in the nation. This is a shame because it is also one of the most affordable. For the second quarter 2016, the most recent statistic available, homeowners paid 9.5% of their income to mortgage payments. The national average is 15.8%. Moreover, the National Association of Realtors (NAR) stated that the El Paso real estate is forecasted to grow by 3.9% which is higher than the national average growth of 3.6%. Additionally, new home construction is projected to increase by 4% and sales of existing homes are expected to increase by 3.2%.
The average home price when it comes to El Paso real estate was just over $149,000 during the second quarter of 2016 and appreciation rates continue to exceed expectations. In fact, one-year rates for El Paso real estate reached five percent during the second quarter of 2016. This is above the 4.9% achieved by the rest of the country. Moreover, home prices continue to rise.
Other Important Trends that Fuel El Paso Real Estate
El Paso real estate cannot and does not sell itself. The local economy has to help it along, and it is doing just that. According to U.S. Census data released in September El Paso’s median household income in the past two years grew by 8.7%. This is well above national and state levels and the per capita income is projected to continue to rise over the next two years. The local economy grew a bit faster in 2016 than it was projected to. This was thanks to a 2.2% growth rate in 2016, along with the lowest unemployment rate since 1973. The average growth rate for the country was 1.9%. For this year, 2017, construction, hotels, food services, healthcare, finance, and real estate are expected to lead the job market.
The Brian Burds Home Selling Team is Ready to Help
Are you looking to move or invest and are interested in El Paso real estate? Then contact the Brian Burds Home Selling Team today. We have sold nearly 270 homes in 2016 and are ready to get you into the house of your dreams.