It’s been an active spring so far in the Northern New Mexico real estate market.
I am hearing from real estate professionals all over the state, telling me they have never seen a busier seller’s market in their careers, and not just locally but nationwide.
With an influx of out-of-state buyers leaving the rat race of the big coastal cities, we continue to have record-low inventory of single-family homes in Santa Fe and surrounding areas.
Add new Los Alamos National Laboratory hires, the expansion of LANL into Santa Fe and an increase in people working from home, and we have a “perfect storm” fed by the rising cost for homebuilders in lumber and topping it off with substantially low mortgage rates.
As of the day I wrote this column, only 148 single-family homes were for sale in the Santa Fe and surrounding areas, with just 22 single-family homes under $500,000, according to information from the Santa Fe Association of Realtors for the period March 26-27.
And, with a total of four homes for sale in Los Alamos, it is truly the prime time to be a seller in Northern New Mexico. If you’re looking to list your home, I recommend interviewing several listing agents before you settle on one.
So far this year, I am spending my days showing homes to local buyers, giving virtual tours to out-of-state buyers, and scheduling listing appointments with local sellers who are eager to capitalize on the hot seller’s market.
I’m spending my evenings writing multiple offers for multiple buyer clients who are entering into bidding wars in order to compete to secure their dream homes in Santa Fe.
Life as a Realtor here truly never stops! Highest and best offers are winning the bidding wars, and cash offers are king. However, if my buyer clients cannot go significantly over asking price, dropping contingencies with inspections and appraisals in their offer has helped us win many bidding wars.
I am proud to say I have been assisting many local buyers who work and support our community, who have found me on the Santa Fe Bulletin Board on Facebook, through Instacart on Facebook or here in the Santa Fe New Mexican.
As I continue to keep the pulse of the Santa Fe real estate market, my prediction is, with mortgage rates going up considerably on second homes and rental properties, the market may slow down eventually.
So, I encourage those of you on the fence about your big move to go for it. Local Realtors are here to help you make your dreams happen, whatever they may be.