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It’s no secret that the real estate market in El Paso is booming. It came in fourth on Trulia.com’s list on the Hottest Real Estate Markets to Watch in 2018. But what does that mean for you, whether you’re looking for your first home or thinking about selling your current home?

Part of what contributes to El Paso’s hot real estate market is the vibrant culture of the city. The cuisine, heavily influenced by the Tex-Mex population, makes eating out flavorful and fun. There’s also a strong artist community contributing to the things to do and see in the area, plus plenty of outdoor spots for nature lovers to explore on the weekends.

Most importantly, though, the affordability of the El Paso real estate market is what makes it an attractive locale for home buyers. The average home price is around $186,000, while the national average is over $200,000. With job openings, safety, cultural activities and education all playing a factor, this community is very desirable.

At these prices, the El Paso real estate market is definitely a buyer’s market.

What Is a Buyer’s Market?

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To understand how this real estate climate in El Paso benefits you as a potential home buyer, you first must understand the difference between a buyer’s market and a seller’s market.

In a buyer’s market, there are many homes to choose from because there are more homes available than there are buyers to scoop them up. Because of this higher supply, prices are typically lower during this phase of the market.

On the other hand, in a seller’s market, there are more buyers looking for homes than there are homes available to buy. In this phase, prices are higher because buyers are competing for a seller’s attention.

Now is the time to make a home purchase in El Paso, while prices are low compared to other communities.

How to Take Advantage of a Buyer’s Market

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When you notice lower prices and an increase of available homes in a desirable community like El Paso, take advantage by preparing yourself to purchase a home.

First, contact your local financial institution, like the Mortgage Lending Team at Vantage Bank Texas, to be pre-qualified for a mortgage. If affordability is your top concern, Vantage Bank Texas even has special programs like Down Payment Assistance to offer low-interest rate home loans while lightening the burden on the down payment.

Contacting a mortgage professional at Vantage Bank Texas will help you get a leg up on the home buying process and allow you to fully understand the details of all your mortgage options. Also, knowing what you can afford by getting pre-qualified will complete the first step of your house buying process.

Next, contact a local real estate agent to assist you in your search. Once your lender lets you know what you can afford, you can give the real estate agent your budget in addition to a description of what you are looking for in a home, like ideal neighborhoods, how many bedrooms and bathrooms you want and the size of the lot.

The real estate agent will also be able to help you come up with a strategy for making offers on homes to take advantage of the buyer’s market so you get the best deal possible.

Let El Paso’s Booming Real Estate Market Benefit You

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A hot real estate market like the one in El Paso is an exciting opportunity to make an investment in a home or start a life in an up-and-coming community. Once you contact your financial institution and a local real estate agent, you can begin the exciting process of finding the perfect home for you.