From their mouths to your ears
While opinions rage about everything from inflation, unemployment, lack of workers, and property values to COVID, the Delta variant, masks, lockdowns and the ongoing vaccination dilemma, I find myself listening to our “boots on the ground, down in the trenches” pros......our Realtors right here in Santa Fe.....for the real view of what’s happening with values and inventory now and on into the next year.
Of course, being in the middle of real estate transactions and constantly researching market trends provides plenty of material from which my opinions can be formed. But, over the past several months of our so-called recovery, I have learned to listen to Realtors who are the most qualified experts to give me a real take on the future of our market.
Take a few minutes, have a seat and allow a few of our leading Realtors to share their opinions and predictions.
Caroline Russell, Sotheby’s International Realty
“The leading difference, in my opinion, between our current market and the pre-COVID market is that many buyers now have more flexibility to work from home and prefer to live in a less populated area like Santa Fe. However, our COVID-influenced market has influenced our traditional dynamic. The basic rule of supply and demand have tilted significantly since COVID. Santa Fe has become a seller’s market with no signs of returning to pre-COVID conditions.”
Ashley Margetson, Sotheby’s International Realty
“I remember hearing about the market in San Francisco - that they had multiple offers on properties over asking price...that buyers didn't try to figure how far under asking price they could offer - NO! But how high over asking price they would have to go! We Santa Fe Realtors would say, “Wow! Wouldn't that be amazing and fun!” Well, that's what we now have here! And it is amazing, and exciting when your offer is successful and both seller and buyer are happy. The reason for this situation is the drastic decrease in inventory. It’s a crazy market right now!”
Lise Knouse, Keller Williams Realty
“The number of homes on the market decreased in 2019, yet with COVID, potential sellers de- cided to stay put. causing inventory to go from thousands to an historic low in April of 2021 of only 224 listings in all of Santa Fe County. Inventory has grown since then to 339 listings this week - still very low. Demand is high so the number of days on market keeps falling because homes are selling fast. Buyers must be patient and expect to compete. I don't see this pattern changing soon unless there is a big shift in the national economy.”
Abigail Davidson, Sotheby’s International Realty
“COVID, and its aftermath, has amplified people’s desire to find refuge in the Santa Fe lifestyle. Traditionally, Texas has been our largest “feeder” market in terms of buyers. Texans just get Santa Fe. However, the largest change, in my opinion, is the migration of Californians which now has eclipsed the number of buyers from anywhere else. The lack of standing inventory has definitely put pressure on pricing. If demand continues to increase it’s questionable that we can sustain this pace. This market is rather mercurial in nature. Once we figure it out, it changes!”
These opinions and predictions from members of our real estate community are worth their weight in gold! In my next few articles, I plan to offer more opinions from more Realtors in hope that, armed with knowledge of our Santa Fe market, you are better equipped to move forward and closer to obtaining your dream of living in Santa Fe.
I honestly don’t see how you can go wrong.
Jim Gay, NMLS # 247511, a Real Estate Broker for 20 years has been a consultant to Fortune 500 companies. He is president of The Mortgage Place, Inc., NMLS #1191003 and can be reached at 505-986-9080 and email@example.com