Like the rest of Texas, El Paso is in the midst of a massive real estate boom. Buyer competition in the region has been steadily growing, and it’s pulling up housing costs along with it. Whenever more people demand properties than are physically available, a hot seller’s market is indicated. You may be wondering, then, “does this affect how I can sell my house in El Paso?” Well, it does, and most definitely for the better.
At United Home Offer, we’re dedicated to helping you sell your home in El Paso as easily as possible. That’s why we’ve broken down below what’s causing this prosperous yet frenetic market, and how you can best navigate it.
Texas Real Estate
What’s Behind El Paso’s Thriving Market?
So what exactly is causing El Paso’s housing craze? There are several factors involved that helped the market skyrocket into its present success.
- High Demand
Increased interest in El Paso’s real estate means homes don’t stay available for long. In 2021, they stayed on the market for just 17 days. When compared to last year’s average of 41, it’s clear to see just how far the city has come.
- Low Interest Rates
El Paso is not thriving just because people want to buy homes there- it’s because they can. Mortgage lenders in the region are offering record-low loans, meaning more people can realistically pay for new properties despite the uptick in costs.
- Low Inventory
There’s more to El Paso’s housing stock shortage than crowds of interested buyers alone. The pandemic has caused delays in labor and supply, making it essentially impossible to keep up with the constant demand.
- Bidding Wars
With a greater demand over supply, people are ready to shell out much more cash than is asked for to secure their future home of choice. This creates a frenzy that continues pushing housing prices up.
How to Maximize Your Home Sale in a Hot Market
We’ve already established that the housing market in this corner of Texas is thriving. But how does that affect how you can sell your house in El Paso?
While it’s certainly easier for you to list and sell your property, that doesn’t mean you can sit back and let the booming market do all the work for you. You’ll still need to put the time and money into the appropriate renovations, repairs, marketing materials, and more.
That being said, consider these lesser-known selling tips so that you can walk away from your home sale with a few extra 0’s in your account.
- Find a Cash Buyer
When you want to sell your house in El Paso, always opt for a cash buyer if possible. Removing the middleman (ie- mortgage lenders) means faster and more secure money for you.
- Contact United Home Offer
Unlike other cash buyers, United Home Offer will accept your property in any condition and offer you the highest amount possible in as soon as a week. Considering you won’t need to spend valuable effort and savings on repairs, presentation, appraisals, and the like, selling your home in El Paso has never been easier. Contact us today for a free no-obligation offer.