Real Estate Experts Say New Home-Buying Time May Be Near
By Ken Molestina
EL PASO — With the economy riding what seemed like a daily roller-coaster of ups and downs this past week, many are concerned with what effect it will have on the growing mortgage fluctuation.
Real estate experts in El Paso said that due to the greatturmoil in the housing market, the new year may prove to be a very prosperous one for both buyers and sellers.
In 2007, the country and El Paso witnessed huge numbers of foreclosures as would-be homeowners were given easieraccess to loan funding, which were often beyond the means to repay.
As the market turned around and interest rates peaked in order to control growth in the economy, many new homeowners found their payments just too difficult and had to turn their properties over to lenders.
In one West El Paso neighborhood, ‘for sale’ signs began to sprout on lawns and that is what experts say will make for prime pickings for a new wave of buyers.
With the anticipated growth of the El Paso population, experts say the time for home-buying in El Paso may be approaching again.
“I think a lot of it has to do with the military coming in, the medical school is coming in. So I think ’08 is going to be great and I think the whole market is going to be like that,” said Scott Kessner of Century 21.
