The numbers are good, getting better constantly and we still are reaching levels not seen since 2006, so all is wonderful, correct? Mostly wonderful and yes, this success is welcome! We keep reading about how hot the markets are in cities and states near us and admit to feeling left out. Lets make 2016 a year of joy and success for all of us in Santa Fe and New Mexico.
The first 11 months of the 2015 year has us ahead of the rate of sales for last year in an environment with markedly lower inventory. This puts the balance of listings and solds into a healthier framework, helping sellers get results and helping buyers stay focused on finding the right home.
When inventory was too high, most of the last 7 years, there was no way to know what the right asking price of real property should be. Some sellers gave up too much and too quickly while others held out for a dollar figure that did not materialize. Buyers had too many distractions then too, with no urgency to buy when the chance still existed that prices could soften further.
As we close out this year and look optimistically into next, most feel the market will continue to improve in small increments. We still have little or no new construction to attract buyers that prefer the smell of sawdust. Interest rates are inching up but if you are complaining about rates right now, you will not get sympathy as they are still quite low compared to much of our recent history.
Enjoy the holiday season with your family and friends. Remember to stay safe and warm and help those in need if you are able to. We will see you tonight on the Plaza and at the Palace of the Governors for Las Posadas; on Canyon Road the evening of December 24th and again at Times Square in NYC the evening of December 31st. If you can’t make it to any of those times of celebration, just send money or possibly buy a house. Or get some multi-family units approved for building. Thanks.