bbbbbut, is NOW the time to buy?

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An unqualified yes, NOW is the time. I’ll be even more specific. If you are a wishful buyer of Santa Fe real property, now and for the next 6 months, approximately, is the best time to buy, when viewed from a long-term perspective. This is primarily true in the lower price ranges, but has some validity for all prices.

And I’ll tell you why I say that. Our slow but sure recovery trend lines continue to rise, with slightly more homes sold each quarter and each month when compared with prior terms and the last several years. As momentum builds and more homes are sold, sellers will get excited and feel more confidence in their asking prices. The higher the price, the more difficult it will be for a buyer to find that bargain so many of you have been seeking.

There are two factors that could prove me wrong. And if either happens I will be the first to say something about the change in direction. One: many sellers have chosen to stay in their homes or have leased them for the cash flow. At some point, and its going to differ for each seller, they could perceive the market changing and decide to put that home back on the market again, after giving it a rest over the last few years.

Two: the huge gorilla in the room, also known as the Euro crisis, combined with the wanna-be gorilla of China’s quickly changing economics, could throw a change-up our way. Our little USA world, not as dominant as we used to be, cannot be unaffected by one or both of those looming issues should they turn into spreading trouble for the world’s economic models.

Some headlines say the Euro crisis is under control. Let us hope that is true. But I am afraid the bursting bubble in China has yet to have the influence on us that it will inevitably have. China’s leaders are trying for a soft landing and so far seem to be mildly successful. But they still have lots of distance to travel.

Back to our little old City Different: sadly, few have believed me so far, so I really don’t expect any of you to now agree. In fact, I lost some friends and allies a few years ago when I wrote my stong belief that – back then, “now was not the time” to buy. This was despite the Realtor community saying it WAS (then and still now saying it) the time to buy.

The hole we were in was too deep and the rescue teams were not helping. It was impossible for me to see a quick way out of the mess and I said so. And I was criticized for writing that then. Maybe now I’ll get another blast. I am not griping and I am not bragging about the past. Everyone was hurt and the pain has barely subsided.

I don’t read the Wall Street Journal often because, lets admit, it can be depressing; but a recent article was all about how many hundreds of thousands of jobs would be created (at NO cost) if the housing market were to step it up to a faster pace of recovery.

They pointed fingers at the mortgage lenders & bankers (and secondary sources of money) that are still quite restrictive in their loan standards.  Since I am not a geek and struggle with inserting links and stuff, I don’t have the talent or patience to provide such a link here. If you go looking , you will see that information along with plenty of other signals that we are slowly recovering.

And the rest of the message is – “it didn’t have to be this way”.

Granted, a fast recovery might not be so good anyway. Each forward step should be solidly based on foundational facts, not speculation and wished for appreciation. But I will always lament the fact that housing became the anchor holding us back rather than the sail that carried us forward.

When can you start? I am available most of next week to show you homes. And there are some deals on land that cannot be believed! Contact me anytime and/or call your other favorite Realtor and lets get busy!

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.