EL PASO, Texas (KFOX14) — Houses in El Paso are a hot commodity.
Many in El Paso are in the market looking to purchase their home but El Pasoans are facing a challenge that is out of their control when making offers.
KFOX14 joined Jonathan Limon and Hector Lopez in their search for a home in northeast El Paso.
Lopez is in the market for his second property but Lopez like many in El Paso are facing stiff competition from buyers who are coming from out of state making offers that are hard to match for those living in the Borderland.
"Things have just been getting worse and worse prices have gone off the roofs, interests rates are still high, and the competition, it’s very hard to find a good house and if you do, you have a lot of people trying to move into that property," Lopez said.
The El Paso housing market is fairing well because there's a lot that the Borderland offers that attracts both El Pasoans and outsiders to want to buy a home.
"We have people that are coming from other places to invest in El Paso because the market is so much cheaper here than it is where they are," Rick Snow, the President for the Greater El Paso Realtors Association, said.
Aside from the lower cost of living realtors said Fort Bliss is a big reason why the market remains strong compared to the rest of the country.
"You always have a healthy real estate market you’re going to have an influx of people PCSing here and also PCSing out of here," Limon, a realtor with Summus Realty, said.
Limon has been working with Lopez for more than four months and Limon agreed with Snow and added that people from out of state come with more money and make it hard for El Pasoans in the market.
"They’re not able to purchase they’re not able to purchase houses they get beat out so a lot of the times they have to settle either for a more expensive house that has been sitting on the market for a little bit longer," Limon said.
It's something that Lopez experienced firsthand.
"I’m just having to play the waiting game and just waiting to see which properties make sense which property I’m able to even get my foot into the door to even make an offer," Lopez said.
While El Pasoans find themselves getting outbid experts said there's still hope.
"They can prepare a little more they can put more money aside they need to temper their expectation and be more realistic with their expectation," Snow said.
As of May, the median residential sales price in El Paso is $256,000 according to the GEPAR.
Snow said the future of the market is hard to predict but said he sees more of the same: higher prices and more competition.
Despite the outlook, Snow encouraged buyers to make the investment now.
"It is still the best time to buy in the next five years probably I think we’re still going to see probably prices continue to rise," Snow said.
It's a hard outlook for buyers to hear and it made Lopez wonder how much longer he would remain in the market.
"If I can’t even afford a house right now due to the current market conditions, I’m pretty sure it’s only gonna get worse and it’s gonna be even that much more harder in the future,"
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