Allow me to post a news report from the Associated Press regarding housing and home prices:
** “A quarterly survey of more than 100 economists shows growing optimism for the real estate market when it comes to housing prices. The majority of the economists surveyed say they expect home prices to steadily increase for the next four years. The economists surveyed expect home prices to rise 2.3 percent this year over the fourth-quarter of 2011, according to the survey conducted on behalf of Zillow. In 2013, they expect prices to rise 4.7 percent; 8 percent in 2014; 11.4 percent in 2015; and 15.2 percent in 2016. “This is further evidence that we’re seeing a true recovery in the housing market,” says Stan Humphries, Zillow’s chief economist. “Not since mid-2010—in the midst of the homebuyers tax credits—have we seen this group so bullish on housing. It’s refreshing to see this optimism at a time when the market seems to be making an organic recovery, in the absence of an artificial stimulant like the tax credits.” Source: Associated Press”
Bullish on housing is something we have not been able to write here in many years. It is a nice feeling to have some positive news to report and good expectations to foster a healthy real estate sales environment in the near term. Now, we all remember that all real estate is local. Some markets are doing great while others are still wallowing in a slump that won’t end until their own area economy starts to show signs of life.
Where is Santa Fe? Whether you call it good or bad, Santa Fe has typically been in the middle, with not as steep a fall as many other markets and thusly not as far to climb to get out of the deep hole caused by all the financial turmoil we have lived with for years. Will Santa Fe home prices follow the percentage range mentioned in the news release? There is no way to know, but we are likely to see continued improvement.
With price increases expected to take a firm hold, this supports the claim that buyers should be looking at doing something sooner rather than later. If you know a potential buyer that has been waiting to buy a home, for whatever reason, please let them know that now is an excellent time to get busy.
Those that require financing should know that there are some homes for sale with seller financing, although this group will gradually shrink as sellers gain more confidence in selling in the next year or so. What better time than now?
Please feel confident that if you contact me for counseling and assistance about a potential purchase or sale, I will bring professionalism and integrity to your transaction. My contact information: 505-470-7153 and firstname.lastname@example.org Please call today.