Selling a House in El Paso? WATCH THIS FIRST!

Selling a House in El Paso? Watch This First

If you're considering selling your house in El Paso this year, this is the most valuable video you'll see on the topic. Understanding the current market conditions is essential to making the right decisions about selling your home.

Understanding the Current Market

The El Paso housing market in April 2025 sits at a three out of five for sellers. It's not terrible and it's not great-it's good and satisfactory. To understand what this means, consider that in 2021 during COVID when interest rates dropped below 3%, it was a five out of five for sellers. Homes sold for well over asking price with multiple offers. You could take three cell phone pictures, list the home on the MLS, and it would sell for $20,000 over asking.

Today, interest rates are about twice that, hovering around 6 to 6.5%. While this is historically pretty good, it means fewer buyers can qualify for home loans and inventory is starting to pile up. Buyers have more options and can be selective, so homes aren't flying off the shelves. Well-priced homes are selling for asking price, but multiple offers are rare.

In 2021, El Paso saw about 12,000 homes sold. Last year we saw about 8,000 homes. The current market represents the middle ground-this is the norm. It's good and satisfactory.

The Importance of Pricing

The most critical factor when selling your home is the price. There's no way around it.

The worst thing you can do is underprice your home. When you do, you're taking less for your asset than it's worth, leaving money on the table. This is something nobody wants to do.

The second worst thing is overpricing. When you overprice, you're not fooling anyone. The home will stay on the market longer, and you'll inevitably lower the price, probably ending up with less money than if you'd priced it correctly from the start.

You might think overpricing is smart because you want maximum money for your home. Here's the reality: if you overprice and somehow find a buyer to get under contract, the lender will order an appraisal two to three weeks later. The appraiser will do their homework and determine that the home isn't worth what the buyer is paying. The deal falls apart, and you'll have to sell it for roughly what it appraises at anyway.

You can't underprice because you leave money on the table. You can't overprice because the price will drop, the home stays on the market forever, people wonder what's wrong with it, and you end up losing money. Price is absolutely everything.

Pricing It Right

To price your home correctly, don't rely on online estimates, don't ask your neighbors, and don't make up a number. Instead, trust a real estate agent who has your back. Work with someone who knows what they're doing, has experience selling homes, and has done the research to tell you the best price.

Let me give you some real examples. At 4204 Perth Drive on the west side, a nice three-bed, two-bath home just over 1,700 square feet was priced at $284,000. Within three days, it was under contract with a cash buyer and closed smoothly. If the price had been $289,000, $290,000, $295,000, or $300,000, the home would have stayed on the market much longer and attracted lowball offers. Because it was priced correctly, the home received three or four solid offers, and the cash offer won.

Another example: 249 Gonzalo on the west side. A four-bed, three-bath home on a quiet cul-de-sac with an amazing backyard, RV parking, and excellent condition in a bonus room was priced at $375,000. It sold and was under contract within one week.

Directly across the street was a similar home at $389,000. That home has been on the market over two months and has already dropped to $369,000. This is a perfect example of overpricing. Our client priced fairly at $375,000, went under contract in a week, while the overpriced neighbor has been on the market for months and dropped $20,000.

Finally, consider a unicorn home-a home that's amazing in location or condition and actually priced well. At 6203 Franklin Hawk, a one-story home with five bedrooms, a brand new swimming pool, and views abutting the Franklin mountains was priced strategically. Within one weekend, it received an above-asking cash offer.

Here's a ninja tip for unicorn homes: if you have one of those rare, amazing properties, price it slightly under fair market value. This creates frenzy among buyers, generates multiple offers, and you often make even more money.

Preparing Your Home for Sale

You should complete any reasonable repairs before listing. If your HVAC isn't working, no one will buy the home. Plumbing or electrical issues, like a leak at a sink, need fixing. Once under contract, buyers will do a home inspection, identify the problem, and ask you to repair it. Completing these repairs beforehand preserves your home's value.

If you don't do repairs and the inspection report reveals issues after going under contract, buyers will push for a lower price or ask you to pay for repairs. If you refuse, they'll likely terminate and find another home.

Prep work is equally important. This includes handling cosmetic issues. If you have family pictures hung throughout, take them down to declutter and minimize the space. Patch holes and do any painting that addresses eyesores. Make your home as attractive as possible.

Curb appeal is crucial-it's the first impression. At 4204 Perth, the homeowner redid all the landscaping, put down rock, painted the exterior, and cleaned up the backyard before listing. This made a huge difference. If you put $2,000 to $3,000 into repairs and cosmetic improvements, you'll get that money back.

Closing Costs and Real Estate Commissions

For every offer you receive, identify your walk-away number-how much money you'll actually make if you accept that offer. This is the sales price minus closing costs.

Your biggest closing cost is your loan payoff. If you owe $250,000 on a home, that amount is deducted from the sales price you're offered.

Beyond that, you'll pay $2,000 to $4,000 for a title insurance policy and miscellaneous recording fees. Then there are real estate commissions. You typically pay 3% of the sales price to the listing agent helping you sell the home.

Historically you also paid 3% to the buyer's agent, but since the National Association of Realtors lost a lawsuit, buyer's agent commission is now negotiable.

Some buyers ask for seller concessions, meaning they request you contribute money to help them pay their closing costs. This is another area where having a great agent makes a huge difference-a good agent helps you keep more money instead of giving it away.

How Long to Sell

If your home is priced right in this market, it will take roughly one to three months to sell. If you need to sell sooner, we have strategies to help.

Understanding Real Estate Agents

Real estate agents fall into three categories.

Snakes don't care about you-they only care about themselves. They do the least amount of work, manipulate you to get what they want, and try to sell your home quickly, even for less money, just so they can get paid. They ignore the fiduciary relationship, which means working for your best interests. Snakes work for their own interests.

Fish are agents who do three to six transactions a year on average. They're not very experienced, lack strong negotiation skills and strategies, and are generally good people trying to do right by you and themselves. However, they're in a position where they really need that next commission to pay bills. Once under contract, they won't aggressively negotiate because they don't want to tank the deal, and they need the commission check. The majority of agents fall into this category.

Sharks are agents who understand negotiation and are in control. Sharks negotiate strongly and aggressively on your behalf to get the best deal. We make sure pricing is accurate, we're aggressive on marketing, we pay our own money for marketing, and we do everything possible to get your home sold. You need a shark if you want to maximize your profit.

Right now is a pretty good time to sell your home. Stay informed about market changes because if the economy slips into a recession, interest rates might come down (good for buyers) but home prices might slip too (bad for homeowners). Whether you're upsizing, downsizing, relocating within El Paso, or moving elsewhere, now is a good time to sell. If you have questions, call us or email us-we're happy to help.