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Mía R. Cortez
Editor
|  As they age, many seniors are faced with a dilemma. Getting around becomes increasingly difficult and often they find that their homes are too big, not senior friendly, too isolated or too expensive for their fixed incomes.
“There is a need; it can be as simple as ‘I can’t do these stairs any longer,’” said Robert Kramer, president of the National Investment Center for Seniors Housing and Care Industry in a recent Reuters article. “It’s not like the decision to add a sun room to your house.”
But ripples from the housing market crisis that have affected the El Paso area have local seniors worried that they won’t get what they want, or need, from the sale of their house.
“I can’t afford to keep up with the expenses of the house,” said a senior Westside resident who asked that her name not be used. “And after my husband died, it’s been harder to live on my own.”
Some analysts say the key factor is market stability, and local experts say the housing market has stabilized in El Paso.
A recent El Paso Times article states that home sales in El Paso picked up last year, after two years of significant declines, and that new home sales increased 2.5 percent to 4 percent last year, depending on the source.
But new home sales do not apply to senior sellers, who are looking to resell a house they’ve most likely been living in for many years.
“We often see seniors who want to downsize, want something smaller, with small yards,” says Sue Woo, realtor with Sandy Messer and Associates. “The market is pretty good right now. Interest rates are good.”
But is now a good time to sell?
It really depends on the area and the price, says Patrick Tuttle, realtor with Remax.
“In the $100,000-$150,000 price range in West El Paso, we have a three-month supply of inventory on the market,” Tuttle said. “In the $400,000 - $450,000 range, we have a 10 - 12 month supply of inventory.”
The average time on the market, based on the last three months of sales, is a 10-month supply of inventory for all of El Paso, Tuttle said.
“A real hot spot is the $125,000 to $175,000 price range,” Tuttle said. “There is less activity in the $175,000 - $200,000 range and so on. The shift occured quite some time ago, and it’s continuing. What’s really hurting right now is that we have so many foreclosures that have gone on the market.”
The main thing for seniors to consider, Woo said, is their level of motivation.
“Things are selling, but they have to be motivated to get their house ready and actually price it right,” she said. “We do have buyers out there. A motivated seller who is willing to go down on their price when there is a buyer will get their house sold.”
What’s hot
Kern is always in high demand, but Central (Manhattan Heights) and the Westside (Mesa Hills and San Clemente) are very desirable areas, Woo said. In these areas, demand is high but supply is low, so houses sell faster.
“Certain areas sell really well. If you are a senior on the Eastside, you’ll have a lot of competition because they are still building new houses,” Woo said.
Woo says most area seniors, when looking to relocate, usually choose more mature areas, with greener spaces and more accessibility to the activities included in their daily routines.
Comments or questions about this story? E-mail swsenior@elpasoinc.com
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