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"Oh the weather outside is frightful, but the fire is so delightful." If you haven't been here lately, we've been blessed with snow! The mountains are covered and the ski areas are cashing in on the white gold. Temperatures are cold, but the sun is warm. The historic plaza is starting to look a lot like Christmas and even the City of Santa Fe offers free downtown parking on certain days.
You might think that now is not the time to buy a house in Santa Fe. And making an acquisition this time of the year, just doesn't make sense.
I would have to strongly disagree with you for several reasons. Interest rates are low. Prices are way down. And in our local real estate market (sometimes an "island" from the rest of the country) has a diminishing supply of quality listings. Whether it's the coveted historic eastside, vista filled Sierra del Norte, close-in South Capitol or luxurious Las Campanas, the listings that offer value and quality are selling.
Right now, there's a good selection of properties from sellers who want to sell. Sellers keeping their homes on the market through the holidays are motivated and/or ready to sell. Typically, a lot of listings will come off the market in the winter, but I think this is a bad move if you really want to sell.
Tip to Sellers:
"Oh the weather outside is frightful, but the fire is so delightful." In our market, many sellers do not want to have their home on the market during the holidays
and/or winter. I think that's great if you don't want to sell your house. But if your goal is to sell your house, you have to keep your property on the market for the duration as there's a still a chance the buyer could come through. There are a lot of sellers who still remove their property from the market during the holidays, which actually creates less competition and let's everyone know that they are not serious about selling their property. I'm encouraging my sellers to keep it on the market so they don't not miss out on buyers.
and/or winter. I think that's great if you don't want to sell your house. But if your goal is to sell your house, you have to keep your property on the market for the duration as there's a still a chance the buyer could come through. There are a lot of sellers who still remove their property from the market during the holidays, which actually creates less competition and let's everyone know that they are not serious about selling their property. I'm encouraging my sellers to keep it on the market so they don't not miss out on buyers. These tactics may have worked in the past, but not anymore. There will be a flood of new "old" listings coming on the in the spring, so it will be difficult to stand out.
Tip to Buyers:
Work with an agent who is on top of the market and in tune with what is coming on the market and watching the price reductions. Get out and view the inventory! Sunday afternoon is full of opportunities to view open houses all over town. Don't delay and second guess your purchase. If you find something you like and it's properly priced, go for it! If you don't, you will miss out, especially if it's a deal! Over the past 30 days, I've seen at least 3 properties that have gone under contract within a few days of being on the market. Some even had multiple offers! I'm not saying that the glory days are back by any stretch. You have to remember that there are other buyers looking for the same "deal" that you are.
In closing, here's a great article from Business Week about buying now. It shows a great comparison of buying now with interest rates low, verses waiting for prices to drop. "Let it snow, let is snow, let it snow!
