Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 18, 2017

El Paso Mortgage Companies

El Paso Mortgage Companies

Ask for these specific loan officers as they have the most experience and tell them you are working with Yvonne Russell, Re/max Assoc.
 

 
Cheryl Montenegro Tri-State Mortgage Co. 915-474-1924
     VA, FHA, Conventional (ask about Online application and deal of the day)


 Lee Proctor, Gateway Mortgage Loans (915)269-6412
     VA, Conventional, FHA


 Rod White, Premier Nationwide Lending 915-203-0919
     VA, FHA, Conventional







Why should you use a local lender?

Local Lenders are familiar with the local market. While larger banks may offer attractive incentives they may cost you in the long run. A local lender know the El Paso and Fort Bliss real estate market and understands that this market is not like others across the US. Many states are experiencing the impact of the recession in every area of their economies. El Paso and the surrounding area generally run 6 months behind the national economy and in the real estate market only slightly  unaffected by the recession. When buying a home your lender will require, particularly if your loan is an FHA, an appraisal of the property you are buying. If you lender is not familiar with the local market his underwriter may not approve the home loan for its full value.  For more information contact Yvonne Russell at (915) 873-8646 or use the contact page for comments or questions.

 

Understanding Mortgage Home Loans

When buying a home, it is best to understand how a home is financed.
There are three important parts:

  1. The Mortgage Application
  2. The Down Payment Deposit
  3. Settlement and Closing Costs

When you know the amount of your down payment, and an estimate of the closing costs, and the mortgage amount for which you qualify, you will know how much home you can afford to buy.

Oct. 18, 2017

VA Benefits

VA Benefits

 

The VA home loan was established in 1944 by congressional mandate to assist service members and their family purchase a home with zero down payment. Of course, eligibility needs to be determined and we have long standing relationships with local El Paso lenders to help veterans qualify. These reputable mortgage lenders will obtain a certificate of eligibility as part of the loan package.  As a team, your lender and Russell Realty Team will streamline the buying process for you and your family. Below is a video testimonial of a family we recently assisted. 

 

 

 

 

 

 

 

 

 

 

 

  Copyright 2017.  

- by Yvonne Russell. All Rights Reserved.

 

All content and graphics on this web site are the property of the company Russell Realty Team.

 

 

 

 

 

Posted in Military News
Oct. 18, 2017

VA Home Loans Guide

Search VA Homes

We just helped another El Paso Texas vet buy his home with a Texas Vet loan.

To qualify, homes must meet the following requirements:

  1. Home must be the veteran's primary residence in Texas
  2. Must be a single family attached or detached home, town home or condominium
  3. Duplexes or other multi-family units must have been constructed at least five years prior to the closing date of the loan
  4. New homes must have either ENERGY STAR certification or HERS Index score of 75 or less
  5. The home must remain as the veteran’s primary residence for at least three years, and the Veteran borrower must occupy the home within 60 days after loan closing.

Once a Veteran, or his or her successor, has successfully paid off a Veterans Land Board home loan s/he may obtain another Veterans Land Board home loan. The same applies to our land program. All Veterans Land Board programs are self-funded, using no public taxpayer funding. Veterans Land Board programs are financed with bonds, which are serviced by loan payments from Veteran participants.


VETERAN ELIGIBILITY

To be eligible for Veterans Land Board programs, Veterans, military members and their spouses must be:

  • At least 18 years of age
  • A bona fide and legal resident of Texas on the date of application and meet one of the following service criteria:
  • An active duty military member
  • A member of the Texas National Guard
  • A reserve component military member having completed 20 qualifying years for retirement
  • A Veteran having served at least 90 active duty days unless discharged sooner due to service connected disability and not discharged dishonorably
  • A surviving spouse of a Veteran listed as missing in action or whose death was service connected
Posted in Military News
Oct. 13, 2017

Fort Bliss Military News

 Fort Bliss News

 

Command Sgt. Maj. Dion Lightner leaving Fort Bliss 123rd BSB

 

Fort Bliss deployment planned for December

 

Will Holloman Air Force base get a face lift?

 

2018 Tricare Impact on William Beaumont Army Medical Center

Posted in Military News
Oct. 10, 2017

2017 Third Quarter Real Estate Market Analysis

The median sales price for a single family home for the past year has increased by nearly 3%. This may be good news for home sellers but not so good news for the value of money. Last year the average sales price was about $140,000 for a resale existing three bedroom, two bathroom detached home. I also track the average CPI for El Paso and that index has also increased but not as dramatically. As home owners we want the value of our homes to increase and in a good economy (where wages and jobs are growing) an average home will appreciate by between 1.5-2.9%. But as we all know, the USA has been recovering from the 2008 economic crash. I conclusion is that home prices and CPI are increasing due to inflation. 

 

 

 

 

home price trend in el paso

July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates