Patti's Blog

Working with 3 new buyers

Patti Olivas (Dan Olivas and Associates) — Wed, 11 Aug 2010 15:27:38 -0700

Who says the real estate market in El Paso is bad? This week I have been working with 3 buyers- 2 from out of town and one in town buyer.

The first buyer is a military doctor being transferred to Ft Bliss from Hawaii-that must have been a shock!

He was going to rent but decided that he could have a mortgage payment close to what he would have paid in rent and bought a brand new home and we should close (with a local lender) by the end of the month.

The second couple is moving from the east part of the state and decided that living in El Paso close to family was important to them. They will be back next week becasue the hubby got called back into work and they had to go back home for a few days.

The 3rd couple lives in El Paso already and does not have to sell thier home first so they are ready. They made a great offer on an over priced home (not my listing) and the seller would not come to terms with his over priced listing so I guess it will just have to sit awhile longer (he was a for sale by owner before and just doe not get the picture yet). My buyers will build what they want now and we will meet with a builder on Friday.

Great week so far

El Paso is an All American City for 2010

Patti Olivas (Dan Olivas and Associates) — Thu, 08 Jul 2010 11:26:46 -0700

Here are some great stats that I would like to share about El Paso that I got when I attended the State if the City luncheon the other day.

Did you know that El Paso

#1 City where Americans are getting richer(median pay rose in El Paso by 19.4% since 2006, handily outpacing the 8% national growth for college grads.-Forbes.com December 2009

#14 Best Performing Cities(up 23 spots from 2008)-Milken Institute November 2009

10th Strongest U.S. Economy-Business Week October 2009

9th U.S city ofr Job Growth-biz-journals-Feb 2009

5th Strongest Housing Market-Forbes.com-Jan 2009

Our Airport-ranked 4th "Top Ten Best Airport Zone"

Economic Development-$231 million of new investment in Downtown El Paso

Police-2nd Safest city in the US, cities over 500,000

these are just a few of the reason that the El Paso real estate market is still a great place to buy a home or investment property and now especially when the interest rates are at an all time low.

Go El Paso!!!

having trouble with loan officers

Patti Olivas (Dan Olivas and Associates) — Fri, 18 Jun 2010 16:23:31 -0700

is anyone besides me having nightmare loans with the major loan companies. I am beginning to hate them all and will do my best to stick to the local lenders that don't lie to you and tell you "next Friday for sure" and then let you know that it is still in underwriting. @%^&((&$*&

Spring is in the air

Patti Olivas (Dan Olivas and Associates) — Mon, 29 Mar 2010 11:20:39 -0700

Well El Paso had one of its "Free Facial Weather Days" the other day and by that I mean that it was a dirty, gritty ,windy day and by the end of the day when you wash your face you get a free facial scrub.

Since we don't have hurricanes, tornadoes, or earth quakes, I don't mind some wind!!

The real estate market has been picking up (just like the wind!) and buyers are starting to peek out again. Most of the buyers that I have been working with are not hurrying to use the tax credit but just out there to buy a home.

I have aslo picked up in my property managment too and rented about 5 homes this past month- so now I am the rental queen too.

Patti

What is happening in El Paso . Tx

Patti Olivas (Dan Olivas and Associates) — Mon, 21 Dec 2009 14:09:18 -0800

As the year draws to an end, I am grateful that our market has not been as terrible as other areas of the country. Our unemployment rate is at about 9.5% and that is just a little bit higher than the state of Texas.

Home sales are not bad, considering what is happening across the country. November stats were even better than Octobers' with sales being almost 150 more in November than the same time in 2008!! How about that, way to go El Paso.

I think that 2010 will be a good year for Real Estate in El Paso, TX because I feel that interest rates will remain low and after talking to one of the lenders that I like to use, even investor loans are decent. You can get a great rate with only 20% down and with rates low your cash flow possibilities are even better.

For home purchases the extended tax credit is great and even better it now included repeat buyers. Please be sure to read up on the qualifications so you have the correct information.

If you are thinking of buying a home soon, don't wait for rates to go back up. DO it NOW!!!!

What is happening in El Paso . Tx

Patti Olivas (Dan Olivas and Associates) — Wed, 09 Sep 2009 16:02:54 -0700

The real estate market in El Paso, TXis humming right along. Interest rates are still low and there seems to be alot more buyers out there right now. El Paso and most of Texas is not in the slump (thank goodness) that alot of parts of the rest of the country are in currently.

Prices are remaining pretty steady and most homes (if priced correctly from the beginning) are selling pretty close to list price (96-98%) because sellers are offering to help buyers with closing costs.

There is still time for first time buyers or those who have not bought a home in the past 3 years to get into a home and be eligible for the tax credit.

Most of our buyers still come from our web site but we still get referrals from past clients and from other agents throughout the country that we have met at conventions etc.

Now is a great time to buy a home in El Paso and if you are moving to El Paso or selling a home in El Paso, please be sure to give me a call.

I am back in El Paso after being in DC at NAR convention

Patti Olivas (Dan Olivas and Associates) — Tue, 19 May 2009 11:54:46 -0700

After trying to catch up from almost 5 days in DC, I am back to normal now. I am still waking up at 4:30 AM in El Paso thinking it is 6:30 in DC but oh well, I guess I am ok with that, just starts my day a little earlier! If you are ever in a town that had Duck Tours, I would suggest that you take the time to go on one. We were picked up at Union Station in Washington on a World War 2 amphibious vehicle that goes on land and water. We started from Union Station and then went all around the downtown and saw all the sights from the US Capitol to the Washington Monument(do you know why it is called a monument instead of a memorial?-we learned all sorts of neat historical facts). We drove past the White House, Japanese Memorial, Justice Bldg, Lincoln Memorial and eventually into the Potomac River and we got to go by the Pentagon and ended up just by the Regan Airport where we got to see a plane land just literally over our head, that was amazing. Once back on land we drove past the Jefferson Memorial and then back to Union Station. It takes about 1 1/2 hours for the tour and is well worth the money $32.00. Next we went to the National Cathedral and the Bishops Gardens. What an amazing building our Cathedral is. If you have never been I would suggest that too. The gardens were the highlight- as soon as you step into the garden you feel like the you have been immersed into a magical place, it was soooo relaxing and peaceful. What a great way to end the day. Real Estate in El Paso, TX is starting to really pick back up again and we are seeing more and more buyers moving to the area and alot of 1st time buyers want to take advantage of the tax credit that they will get for purchasing a home. Now is a great time to buy a home in El Paso. Contact your El Paso Realtor for more information.

Our Market is Up!!!!

Patti Olivas (Dan Olivas and Associates) — Thu, 16 Apr 2009 15:15:02 -0700

I just got our market report for March 09 for our Multiple Listing Service <a href="http://www.teamolivas.com">for homes in El Paso, TX </a> and we were up over Feb 09. In Feb 332 homes were sold and in March 435! And that is for a down economy.

The average sales price for March of 08 was $154,446 and March of 09 was $153,181. Not bad for a tough real estate year. Average days on market is about 114 days and homes are selling at about 96% of list price.

Seller are making more concessions for sure but we are not seeing drastic reductions in price.

Now is the time to buy <a href="http://www.teamolivas.com">real estate in El Paso, TX</a> so now is also the time to call a <a href="http://www.pattisellselpaso.com">Realtor in El Paso, TX</a>.

Ft BLiss Housing Seminar

Patti Olivas (Dan Olivas and Associates) — Thu, 16 Apr 2009 15:12:10 -0700

I attended the Fort Bliss Housing Seminar last week and boy was it informative. Our Congressman Sylvestre Reyes was there as well as people from Freddie Mac and Fannie May and numerous Generals from Ft Bliss and people from the housing office.

We know that we will be short in the number of units that will be available for soldiers to live in once they all arrive unless something can be done and be done very soon.

The city of El Paso is offering incentives to builders and developers by reducing the permits prices required to build and the bigger the complex you build or the number of homes, then the bigger the incentive.

The Army is even looking into renting homes themselves for the going rate and then renting them back to the soldiers. The housing office told us how to put our rentals on thier web site to further enhance advertising. You can go to www.ahrn.com and register your homes and it gets great exposure.

It is a great real estate market in El Paso, Tx right now and if you wait too long then you will miss the opportunity to get a good deal. Prices will go up, buy now.

Ft BLiss Housing Seminar

Patti Olivas (Dan Olivas and Associates) — Mon, 13 Apr 2009 12:27:41 -0700

We know that we will be short in the number of units that will be available for soldiers to live in once they all arrive unless something can be done and be done very soon.

It is a great real estate market in El Paso, Tx right now and if you wait too long then you will miss the opportunity to get a good deal. Prices will go up, buy now.

No April Fools Here

Patti Olivas (Dan Olivas and Associates) — Thu, 02 Apr 2009 15:07:04 -0700

You know with all the negative news we all hear about the real estate market, I have some positive news about the El Paso, TX real estate market.

Ft Bliss Military Base will be adding about 90,000 more soldiers and their family members by 2103. We already know that we are going to be way short on homes for the soldiers to rent or to buy. The city of El Paso is offering incentives to apartment developers in order for them to start building right away.

It is almost certain that the apartments will rent out very quickly and where can you get incentives to build right now? Investors are needed to start buying rental homes as not all soldiers will live in apartments.

Home buyers are making some great purchases right now and they are getting help from the sellers to buy the homes too and that includes new and resale. For normal buyers(not investors) interest rates are at an all time low and now with the tax credit for 1st time buyers or even for buyers that have not bought a home in the past three years there is some good tax relief. To get all of the up to minute information on that credit please go to http://www.federalhousingtaxcredit.com to get the correct information.

Why wait for prices and interest rates to go up again. El Paso is going to boom again, not only with the Base but with the 4 year medical school that will start its first class this August, the new Children's Hospital being built and the $154 million expansion of the county hospital. All these mean more jobs and more houses being sold so ultimately prices will go up again.

Please feel free to give me a call if you have any questions. My office is 915-584-5430 and ask for Patti Olivas

We are going Independent

Patti Olivas (Dan Olivas and Associates) — Fri, 27 Mar 2009 10:44:12 -0700

After many years of being with a Franchise we have decided to go Independent. Our new company is Dan Olivas and Associates and we are very excited about being on our own so to speak.

We are still in the same location and have all the same contact information but decided that now it the time to make a change.

Wish us luck.

Patti Olivas

Want to start a new group

Patti Olivas (Dan Olivas and Associates) — Tue, 10 Mar 2009 16:53:03 -0700

I am trying to start a new group for El Paso, TX Realtors and I am having alot of trouble. When I fill out the form it keeps telling me my title is wrong- would appreciate any help.

Patti

I love thinking Positive

Patti Olivas (Dan Olivas and Associates) — Tue, 10 Mar 2009 16:43:48 -0700

I love all of you who want to be positive and that is exactly what my goal is this year.

If any of you have read the Secret or Laws of Attraction then you know that you are like a magnet and what you think will stick to you or be attracted to you. If you think nothing but positive guess what you will get. POSITIVE! Yeah!

With all the press, especially now, it sometimes hard to be positive but it sure is alot more fun.

Looking forward to hearing from you.

Patti O

State of the El Paso Economy

Patti Olivas (Dan Olivas and Associates) — Tue, 10 Mar 2009 16:20:59 -0700

State of the Economy in El Paso

The El Paso Chamber of Commerce hosted an event this morning at the Univ of Texas at El Paso called State of the El Paso Economy.

It was a two hour session and a question and answer period followed. The speakers were from the local sector and spoke on everything from working in Juarez to the local real estate news.

The speakers were: Allan Russel with the Maquila Industry in Juarez and he spoke about how important it is to keep that industry strong and he also spoke about the violence in Juarez, Mexico.

Dana Vogelmeier-with State Farm and how call centers worked and how they were hiring ( showing that jobs are still available in El Paso).

Dan Olivas(my husband) spoke about the local real estate market and why it is the best time to buy in El Paso and why our home prices are not falling but remaining stable.

Harold Hann from Rocky Mountain Mortgage spoke about local lending and how although it takes a more qualified buyer than in the past and that his company services most of their loans that their foreclosure rate was less than 3%.

Bob Ayoub and Adam Frank spoke about the commercial real estate market and how they have been fairly busy and renting up some of the commercial business spaces that have become vacant.

Larry Patton with Bank of the West spoke about local banking and what is going on there.

The questions were answered by various professor from UTEP and even included a person from the Federal Reserve.

I think that everyone who attended went away with a positive note on the El Paso Economy. Posted by El Paso, TX Real Estate at 12:29 PM 0 comments

Friday, February 13, 2009

Taking a Tour of El Paso

Patti Olivas (Dan Olivas and Associates) — Mon, 16 Feb 2009 14:34:14 -0800

We have been working with potential doctors that are being recruited to the brand new 4 year medical school and research center that is due to open in August of this year.

Touring the city has been a great experience for the potential doctors and for me personally too. I think when you live in a city you seem to take it for granted and when you are tyring to show it off to new people it really opens your eyes to the what made you fall in love with El Paso in the first place.

Most of these doctors are coming from humid climates and El Paso has very low humidity levels 99% of the time and that is one of the best things about El Paso. If you like outdoor activities you can do them almost 365 days out of the year. Today is Feb 16, 2009 and it is about 65 and sunny and I am walking around without a coat and it is not cold at all. You really can't beat that.

Most cities that people come from have a higher crime rate than El Paso and in fact for the last 5 years (more or less) we have been awarded the 2nd or 3rd safest city for cities over 500,000 people. Most people can not believe that for a border city and especially with what is happening in Mexico right now with the drug wars. Our police, DEA, Customs, military and all the other federal agencies make EL Paso a very safe city to live in.

Our home prices have remained steady and have gone up slightly so if you want a home now is the time to buy in El Paso, Tx

Wow we have been pretty busy

Patti Olivas (Dan Olivas and Associates) — Thu, 12 Feb 2009 14:57:33 -0800

I know in some markets that sounds pretty unbelievable but the El Paso, TX real estate market is starting to improve.

We have not been on the roller coaster ride that many markets have(thank goodness!) but we have had our slow times and ever since the first part of December we have seen a definite increase in sales and in buyers wanting to buy.

I relate our market to a rocket ship (in 2006 we were taking off) and right now we are back on the launch pad getting ready to take off again.

There are so many factors that make El Paso a great place to buy. By 2012 we will have approx. 90,000 new soldiers and their families living in El Paso and we know that there are not enough rentals and homes for these soldiers to live in. Guess what, that will bring in investors again. Hopefully by then the banks will be lending to investors again (they are now-but the rates and terms are pretty lousy).

We have a new 4 year Medical School and Research Center that is currently hiring professors and researchers and they are buying homes, a new Children's Hospital will break ground this month and when done will need new doctors and nurses.

Our downtown revitalization is going strong (thanks to a local person) and he is re doing about 4 buildings right now . The news today showed that El Paso actually had an increase in the job market not a decline.

All of these things are great POSITIVE NEWS about real estate and needs to get out there so that someone can finally see a bright future.

Thanks to all that replied

Patti Olivas (Dan Olivas and Associates) — Mon, 26 Jan 2009 12:02:29 -0800

A big El Paso thanks to everyone that actually reads all the blogs and about staying positive in our strange market.

I think if we all post positive remarks maybe the national news will eventually catch up and stop reporting all negative. Each area is regional just like the weather.

I had a client the other day that made a really low offer on a home because he said that his area was really a bargain basement and so should ours. When I asked him what the temperature was where he was he said minus 17 and our temps were about 70. I asked him if he could now understand and it made alot more since to him.

So lets stat POSITIVE.

Patti in El Paso

Let's start the year out Positive

Patti Olivas (Dan Olivas and Associates) — Sun, 25 Jan 2009 20:37:09 -0800

Hi to everyone who reads this and my goal this year is to stay positive and not let the media get me down. El Paso, TX real estate is in a good place and I know that 2009 will be a great year. It already has started very well and we have many people under contract.

While there are still alot of homes on the market, there are less homes now than there were a few months ago and we are not hit with lots of foreclosures. The new medical school is going to open in August 09 and doctors, researchers, etc are already coming in to town to see if El Paso is a fit for them.

I have been working with many military soldiers(God bless them all for serving our great country) and it is wonderful to see them so excited about buying their first home and knowing that they were able to get into a home with hardly any money out of their pockets.

So let's all stay positive-from the words of Laws of Attraction-image yourself as a magnet and anything that you think or say will stick to you. So stay positive and have only positive thoughts and you will be amazed what good things happen in your life.

Just believe and it will happen.

Realtor of the Year

Patti Olivas (Dan Olivas and Associates) — Wed, 26 Nov 2008 13:16:24 -0800

I was awarded Realtor of the Year by the Greater El Paso Association of Realtors at their annual Installation Banquet on Dec. 21, 2008.

What a surprise and what an honor to be awarded this by your fellow Realtors.

Now is the time to buy, with interest rates that keep on going lower and home prices(while staying steady-sellers are helping with lots of costs)hanging in there-Now is the time to buy in El Paso, TX

El Paso is a great place to buy

Patti Olivas (Dan Olivas and Associates) — Tue, 25 Nov 2008 16:50:13 -0800

I will work with any Realtors that want to have investors buy in El Paso. Since BRAC was announced we have close to 100,000 soldiers and/or family members that are due here by 2010+ and we are short on rentals.

Our property taxes are high so an investor needs to put about 30% down or more (depending on the area of town) in order for cash flow. We are way short so now is the time to get those rentals as sellers are really helping with closing costs and perks.

Hope to hear from you soon. You can go to my profile page and see my blog on top 10 reasons to buy in El Paso.

Patti Olivas

2009 Realtor of the Year

Hi from El Paso

Patti Olivas (Dan Olivas and Associates) — Tue, 25 Nov 2008 16:45:44 -0800

Just wanted to join your group. Do you have anyone from El Paso.

Rates are dropping today (thank goodness) and the phone are ringing again and hopefully we are on a change of course.

I really believe that because too much is going on in El Paso right now with BRAC, new medical school, new children's hospital breaking ground in Feb. 2009>

Let me hear from you all and tell me what is happening in your market.

Patti Olivas

Realtor of the Year 2009

Top 10 reasons to buy in El Paso, TX

Patti Olivas (Dan Olivas and Associates) — Mon, 20 Oct 2008 16:31:44 -0700

1. El Paso, TX real estate market is moving along pretty well right now and home prices are remaining steady.

2. El Paso still has very reasonable prices on our homes (compared to other areas of the country)and there are alot to choose from.

3. El Paso, Txis getting ready to have almost 100,000 soldiers and their families move here by 2013 and we already know that we do not have enough homes to house them in. Most will be renters, either in apartments or houses and there are definitely not enough of those. Investors should be buying homes right now while the market is still a buyers market because very soon prices will be going back up again.

4. Sellers are helping with closing costs in alot of sales so your out of pocket money will be less.

5. Ideal Weather in El Paso-less weather related upkeep to your property

6. Good real estate values- our real estate values are not going down like the rest of the country. Our market is very regional so do not buy into the national news. Our prices are continuing to rise even though we are in a buyers market and with all that is happening in El Paso right now we feel that values will start really rising again very soon.

7. Have someone else build equity for you-having a good paying tenant will just help you create equity. Yes there may be some vacant months if we can't get it rented right away-but if you buy a nice home and in good condition then those are the ones that the tenants want also.

8. El Paso has a new 4 year medical school and research center that is starting thier first class in August 2009 and that will bring in students, doctors, nurses, researchers, etc all of who will need someplace to live.

9. Our regional economic development corporation is working with over 100 companies looking at moving to El Paso.

10. We can provide property management and have done that for our clients for close to 20 years and will provide references.

What will we do now?

Patti Olivas (Dan Olivas and Associates) — Mon, 29 Sep 2008 16:37:11 -0700

I know that everyone is very worried about our economy with all that is going on in Washington and the financial industry. I think that sales will continue to go on as they did before but things have to change.

How many of you wondered when all the 100% loans starting coming into play, how long will this take to bite us in the behind? I know that I did.

I think that loans will take place, but it will be like it was in the late 80's--you need money for a deposit, money for reserves and maybe money for closing costs if you can't get the seller to help you and you will need to have good credit. DUH!

Let's not all think doom and gloom because like anything else, things will turn around and we will be happy and selling homes again.

Our market is Hopping!!!

Patti Olivas (Dan Olivas and Associates) — Fri, 20 Jun 2008 12:54:50 -0700

Well I know that alot of markets are not as good as El Paso's market but ours is really hopping. While it does take a little longer to get homes sold, they are moving and for about 2-3% of asking price (providing that they are listed right to begin with).

El Paso was written up in Money Magazine as one of the top 10 places to buy property as we are still reasonably priced compared to other areas of the country.

Along with our temperatures we are HOT!!!