Is El Paso In A Good Market?
Do we have a good market or a bad market right now in El Paso? Here’s what I’ve been seeing.
Right now, we have a lot of inventory in the El Paso real estate market. However, that inventory is moving quickly. Is this a good or bad market? In my opinion, the market is always good, it’s just a question of who is purchasing and what price are they purchasing at.
The answer comes down to inventory, or absorption. This is defined as a seller’s market or a buyer’s market.
A seller’s market traditionally has two months or less of inventory. This means that if no new homes came on the market, it would take about two months to sell every home. Traditionally, sellers can get a premium for their homes in this kind of market.
A buyer’s market has a surplus of inventory of seven months or more. Buyers traditionally get a premium price on their property because they have more negotiating power.
What is the difference between the two? It comes down to what market will be good for you. It also comes down to its reciprocal. If you’re buying and selling in the same market, you’ll have a benefit on one side and a disadvantage in another. However, one price range could be a seller’s market while another could be a buyer’s market. It’s important to discuss current conditions with your buyers before making a decision.
So, is the market good in El Paso? Right now, it’s defined as pretty good. We’re sitting at about five months of inventory, which means that the market is neutral and neither buyers nor sellers have a big advantage. It is moving into a seller’s market right now because inventory is flying off the shelves.
If you have any questions for me about your specific market in your specific neighborhood, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.