The best references to luck seem to always include references to hard work, and being in the right place at the right time. If I get lucky in my real estate career, it is likely because I prepared and put in the hours of work plus got my ass off the couch. Yes, I could get lucky on my couch, but that is not the kind of luck that has anything to do with careers or real estate, or business. If I am lucky, I can grab a short nap some afternoon when I am a bit tired. That would be my luck, away from real estate.
We all got lucky when New Mexico became a state, as did 49 other states and a couple of territories such as Washington DC and Puerto Rico. There may be others that I don’t recall. But we are quite fortunate to be able to be residents of the already great United States of America. We get to vote (our state’s primary was yesterday) and pay taxes (you might have to disclose how much you make if you want to be President). We can travel freely all over the place (unless you want to use commercial air travel in which case plan on some waiting and frisking). Our National Park system is a fantastic asset and resource and I keep fining new ways to visit Parks I have not seen before. How about the ease of finding goods and services? Can you ever say you could not find a loaf of bread anywhere, or emergency medical care, or a new smart phone?
Cost of those goods or services might be higher than you would prefer to pay, but better to at least have access than be told there is no bread, no medical care, no new smart phones to pick from.
How about real estate? The cost of real estate in the Santa Fe market area is a big pill to swallow for some folks in other parts of the state, or those considering relocating from other areas of the country. The average sales price in our market (Santa Fe city and county) over the last year was $432,000 while the median price was below $340,000. Some people relocate here and downsize (kids are grown and gone) but end up paying more for their home here than the larger and maybe newer one they lived in prior to moving to Santa Fe. And also despite the cries of low inventory, there are plenty of homes to choose from. Imagine there being no inventory. Rental and leasing inventories are shockingly low, but homes, condos and townhouses are plentiful. Whenever I show homes to potential buyers, there are many homes to look at prior to the list being narrowed to the ones that most interest them. Is inventory down? Yes. Is it so low that a buyer cannot find a home to buy? No. Is inventory so low that our market is heating up? Take a look and tell me what you think. Sales totals are not climbing, so how can it be a hotter market than last year?
What about sales? You know there are detailed spreadsheets available for your review listed on the left side of this site’s home page. You may be able to scroll to see them now, or take a look after reading this post, but the facts are presented and I trust they are easy to comprehend. The one word answer to your question about home sales is FLAT. Home sales are virtually flat for this first 5 months of this year versus the same period last year. In fact there were 17 fewer homes sold so far this year compared to 2015. What those spreadsheets will show you is the overall average of time it takes for all homes listed for sale to actually sell if in excess of 8 months. It was over 9 months last year this time. The rate of sales is quite similar but the inventory came down a little bit. Therefore the change in calculation.
We celebrate the many years of hard work that got us to today. When you look back at 2008, the absorption rate for all homes was in excess of 15 months! Times have changed and for the better. But if we want to get lucky, we might have to work even harder, and get off the couch! If you would like my professional and honest assistance in your real estate business dealings, please feel free to contact me anytime. The market is so much better than 8 years ago, but we still have plenty of room for improvement. And you can be the beneficiary of my many years of experience and accumulated knowledge.