Are we lost? or found?

The State of The Union address broadcast on television last evening was what most people expected to hear. The supporters and opponents of our sitting President apparently heard exactly what they wanted to hear. For some, that meant they had new ammunition to use to criticize and complain. For others, it meant they have their leader’s back as he heads down the stretch of his 4th year in office. So if both sides are correct, what did he really say? One thing he did not speak about very much was housing. I did not detect any big new program he would put forth to try to resolve the still terrible housing industry. Did he mention any national programs to help those homeowners with “underwater” homes (more debt than home value)?

It seems we should stop waiting for Washington to come to the rescue of homeowners, renters and those in the industry. There is not likely to be a magic solution coming soon. I am afraid we are just going to have to work our way out of it, one house at a time…one market at a time.

So how are we doing in Santa Fe? That is an important market to this blogger and probably all those who visit here and read and comment. Many signals point to a consistent gradual improvement in our market. We are quite hesitant to promise miracles and the renewal of home appreciation, but the market seems fairly stable and each period of time seems a little better than the previous period. Month after month, year after year, we are seeing slight increases in volume of sales combined with slight decreases in the inventory of homes. This translates into a more balanced and healthier market. We are on our way; not quite there yet, but it seems we can see it from here.

Of the Santa Fe residential real estate statistics I study and report carefully, the absorption rate for the home price range of 0 to $500,000 is much much better than it has been in a full four years. That is a sign of balance and health. And within that range, there are geographical market segments that are doing even better, with absorption rates similar to the go go days of the 2000s. I will be doing some research and report in with some interesting results. But if you knew that there were more sales in a certain neighborhood in the last 6 months than there are homes listed for sale right now, wouldn’t that seem like a healthy market?  Let’s see what we can find. Contact me if you would like your neighborhood or subdivision included.

Posted in Home Values, Posts & Updates, Santa Fe area real estate, Statistical Data - Santa Fe real estate market and tagged , , , , , , .

The writer is a 68 year-old young man engaged as an active REALTOR (associate broker) with Keller Williams, in real estate sales and management in the Santa Fe NM market area. My career has been in and around the real estate industry for more than 35 years, ranging from mortgage lending (interim, commercial, residential); residential property management and leasing; shopping center development and leasing; real estate sales; sales training; title insurance as an executive and an escrow officer; various management positions; consulting and other related activities. That plus a bunch of banking experience including our family-owned Bank of Santa Fe in the 1980s. Where has the time gone?
My background means you have my working knowledge of the entire transaction process at your disposal. That comes with honesty and no bullshit.