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El Paso Real EstateThe El Paso real estate market has been very active until recently. While this increase has been fueled by prices and valuations of single family El Paso homes, it has also spilled over into other sectors of the market. El Paso rental properties, as well as commercial real estate have seen values increase, though not as quickly as the typical three bedroom/two bath house.This page discusses some of the resources available if you're interested in buying El Paso real estate... Property listingsFor the do-it-yourself investor/buyer, the classified ads are a good place to start. The El Paso Times has classifieds available online, but the paper version might be more helpful if you don't know areas of town (i.e. Downtown, Lower Valley) by their ZIP codes.If you are living in or visiting El Paso, real estate publications can be found at grocery stores and restaurants. And don't forget that an afternoon drive is often the most effective way of locating hidden bargains. There are also quite a few resources available to those interested in El Paso foreclosures. What's it worth?The Central Appraisal District (El Paso CAD) is the entity responsible for determining El Paso real estate appraisal values for tax purposes. You can use their web site to search for appraisal values by address, owner name, or tax account number and then cross reference that number with a free website like Zillow . And don't be confused if the numbers don't match. Often, they won't. These number are reasonable estimates, but are sometimes based on outdated or erroneous information.Use the legal description (e.g. 16 FRANKLIN HEIGHTS 17 TO 21: "16" is the Block, "Franklin Heights" is the subdivision, and "17 to 21" are the lot numbers) provided by El Paso CAD to search the
El Paso County
website. You can find out how much the property has been sold for previously, or just run a search for transactions in the same subdivision. You can learn a lot about property or neighborhood "comps" just by cross-referencing information from these websites. The main thing to remember is that real estate--like any other item of value--is worth what someone is willing to pay for it. What about taxes?Property taxes on El Paso real estate are collected by the city tax office for the county and other taxing entities. You can plan on paying roughly three percent of the the tax valuation. This number will vary slightly depending on the area of the county. Exemptions are available for some individuals and nonprofit entities. To find out the exact tax levy (percentage and dollar amount) and exemptions for a property, do a search at the City of El Paso tax website.Having a professional handle itOf course, handling all of the details of a real estate transaction is easier for some than others. If you live out of town or just don't have the time to do the research, a qualified El Paso real estate agent can find the listings, pull the comps, and write up the paperwork for you. Being represented by an an agent also gives you access to a network of mortgage lenders, appraisers, home builders, and closing agents. Most times, buyer's agents take their fee as part of the seller's commission, so it will often cost you little or nothing to work with a professional.
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