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NPT Biz: Ok, so El Paso might not be affordable, but homes still are profitable for those who have one

A post less than a week ago noted a report from the National Association of Home Builders and Wells Fargo that ranked El Paso near the bottom of cities in the U.S. for home affordability. [link]

Well, that may or may not hold, but the Texas Association of REALTORS® has some news it wants to share as well. Follow the jump for their news release.

Home prices in Texas counter national trends
Texas Association of REALTORS® shows how steady appreciation is a Texas tradition

El Paso, Texas – February 25, 2009 – Today, the Texas Association of REALTORS® made a shocking announcement: Most Texas homeowners would make a profit if they sold their home today.

According to a report released last week by FirstAmerican CoreLogic, Texas is one of eight states that experienced positive home appreciation in 2008. In December 2008, Texas home values appreciated 1.8 percent compared to December 2007. In contrast, national home values depreciated 11.1 percent during the same time period.

“There has been lot of talk about how the Texas real estate market is different, but I think these statistics shine a spotlight on what that means,” said Michael Bray, Regional Vice President of the Texas Association of REALTORS®. “No market is immune to our country’s economic difficulties, but Texas’ long history of steady home price appreciation – avoiding the dramatic peaks and valleys seen in other real estate markets – is helping us weather the downturn and positions us well as the economy recovers.”

Texas has experienced positive home price appreciation for the last 16 consecutive years. With the population of the state expected to continue growing for the next several decades, that trend is likely to persist.

Bray explained, “If you’re like the average Texan, you’ve lived in your home for six years. If you bought that home at Texas’ median price and sold it at the median price today, you’d earn a 9 percent return on investment. That kind of return makes my clients more than happy.”

Texas REALTORS® have launched a public awareness campaign to share facts like these and other truths about Texas real estate. Dubbed the “Ask a Texas REALTOR®” campaign, you can learn more about it at TexasRealEstate.com.

Sito Negron

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Written by newspapertreeelpaso

February 26, 2009 at 3:48 pm

Posted in Uncategorized

3 Responses

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  1. If this isnt spin I dont know what is. That might true if you bought the house years ago and then would you be able to recoup any improvements. If you sold then you have to find a house that went for less than yours or it would cost more to size up.

    Rey

    February 26, 2009 at 5:29 pm

  2. I’ve been selling homes in El Paso since the interest rate was at 18%, yeah, who else remembers that? El Paso has always been in a market of its own. The appreciation we experienced a couple of years ago was needless to say, welcome, but unprecedented. We are not in a slump, here on the border, the market has simply re-adjusted itself. Remember, home affordability goes hand in hand with wages and the rest of the local economy. Who can afford high mortgage payments that come with high home prices if the wages are not high? Thank goodness we still have space to grow, good schools for our children, and our rate of crime on our side hasn’t risen, given the circumstances. Let’s remember to count our blessings. If you are looking to buy a home, and are renting – pay your bills on time, keep your job for at minimum two years, and if you change jobs, stay in the same line of work. If you need to sell your home, un-clutter it, and remember your favorite wall paper may not be in someone else’s taste. Today’s interest rates are great, and there’s plenty out there to pick from. Don’t let the nay sayers get you down!

    S R

    February 27, 2009 at 1:17 pm

  3. sr, only epwu and city employees can buy houses right now along with middle and high income mexcians trying to get out of juarez. city and epwu arent laying people off. they dont have to and never will, but they should.

    citizenxyz

    February 27, 2009 at 9:53 pm


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