The vibrant market gets hotter

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Which month you choose to buy a home might make a sliver of difference in terms of what is available and how many other potential buyers you are competing with. But overall it does not seem to matter very much. Homes sell quickly 12 months a year in Santa Fe and there is no reason to wait when you are ready to make that purchase. It is not as if there will be some extra inventory next winter and sellers will be so motivated they will slash prices to sell.

Someone you can identify as a seller today will have already sold that home by next winter. You would have to try really hard not to sell a home you have listed; something like no bathrooms or extensive black mold or dream up something else that would turn off every possible buyer. Just because it needs to be remodeled does not mean it will not sell. Look at home sales over the last couple years and those that needed an updated kitchen or bathrooms sold anyway, albeit for a bit less that those that had been updated.

The lower the price range you are looking in the more you must be ready to move quickly in order to secure a home you want to buy. There are so many other buyers out there looking for the same thing that hesitating will not serve you well. Once you get into the mid ranges of prices in residential real estate in the Santa Fe area, the lack of inventory is still an issue, though not quite as severe. But a good quality home that presents well, anywhere from $400K to $750K will likely be sold in a matter of two months or less. My number for that phenomena is the Absorption Rate as published in the market stats available to you on this blog. Take a look when you get the urge and factor that into your plans to buy or sell a home in the near future.

Next year could be different but I doubt much can change in 12 months or so. Any large build out of new homes is already on the radar and those homes are already being built; mostly they are north and south of I-25 off of Richards or in the scattered developments off NM 599 and Airport Road. And those only partially satisfy the demand for housing.

Thank you for stopping by to update your informational needs about Santa Fe real estate. I wish all of you a prosperous and peaceful summer season in the City Different.

Posted in Santa Fe area real estate.

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.