Real Estate Information Archive

According to real estate and financial professionals, if you are considering buying another home, sooner may be better that later.  According to a recent Forbes Magazine article, house prices steadily rose every month last year and the trend is continuing.

The largest gains came in the later half of 2016 and showed a 5.61% increase nationally. Experts expect prices will continue their climb, but gains will slow. "We believe price increases will hold steady despite slowing sales growth, because homebuyer demand is stronger now than it was at the same time last year, and because we foresee a small uptick in homes for sale," says Nela Richardson, chief economist at real estate brokerage Redfin.

"With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

Even if you are lightly entertaining a home purchase in the Santa Fe area, please drop us a line, we would love to show you homes.  Now is a good time.

Click here to go to the Forbes Magazine site.

According to real estate and financial professionals, if you are considering buying another home, sooner may be better that later.  According to a recent Forbes Magazine article, house prices steadily rose every month last year and the trend is continuing.

The largest gains came in the later half of 2016 and showed a 5.61% increase nationally. Experts expect prices will continue their climb, but gains will slow. "We believe price increases will hold steady despite slowing sales growth, because homebuyer demand is stronger now than it was at the same time last year, and because we foresee a small uptick in homes for sale," says Nela Richardson, chief economist at real estate brokerage Redfin.

"With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

Even if you are lightly entertaining a home purchase in the Santa Fe area, please drop us a line, we would love to show you homes.  Now is a good time.

Click here to go to the Forbes Magazine site.

According to real estate and financial professionals, if you are considering buying another home, sooner may be better that later.  According to a recent Forbes Magazine article, house prices steadily rose every month last year and the trend is continuing.

The largest gains came in the later half of 2016 and showed a 5.61% increase nationally. Experts expect prices will continue their climb, but gains will slow. "We believe price increases will hold steady despite slowing sales growth, because homebuyer demand is stronger now than it was at the same time last year, and because we foresee a small uptick in homes for sale," says Nela Richardson, chief economist at real estate brokerage Redfin.

"With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

Even if you are lightly entertaining a home purchase in the Santa Fe area, please drop us a line, we would love to show you homes.  Now is a good time.

Click here to go to the Forbes Magazine site.

National Outlook

The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons.  Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities--consumer confidence is on the rise!  As the economy improves, home sales tend to go up. It is not more complex than that.

We can comfortably say the first quarter of 2017 is off to good start in residential real estate.  There was certainly plenty to worry over when the year began.  Aside from the new national leadership and the policy shifts that occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-

year comparisons and should improve during the busiest months of the real

estate sales cycle.

Specific Stats about Santa Fe

“Santa Fe’s housing market kicked off the year with a good increase in both sales and prices in the City of Santa Fe,” says Melissa Pippin-Carson, 2017 President of the Santa Fe Association or Realtors. “Sellers should remain optimistic with inventory levels holding steady at record lows looking back over the last ten years in our market.”

City of Santa Fe home sales was up by 26% with 196 units sold this quarter compared to 155 in the 1st Quarter of 2016.  The City median home price rose 16% from $284,000 in the 1st Quarter of 2016 to $329,500 this quarter.  

During this same period, County home prices dropped by about 8% this quarter compared to 2016 or from $434,250 in the 1st Quarter of 2016 to $399,900.  County home sales dipped a modest 2% from 148 units sold in 2016 to 145 this quarter.  The overall volume of home sales rose from $146.5M in the 1st Quarter of 2016 to $168.9M this quarter.

Condo and townhome sales jumped by 15% during the 1st Quarter of 2017 for a total of 100 units sold compared to 87 in the 1st Quarter of 2016.  The median price of condos and townhomes rose by 7% from $210,000 in the 1st Quarter of 2016 to $225,000 in 2017.  

Overall land sales were up by 25% from 35 in the same Quarter of 2016 to 44 this quarter.   Total City and County land sale prices decreased 12% or $120,000 in 2016 to $104,750 this quarter.  Inventory of homes for sale rose modestly from a total of 1,439 in the 1st Quarter of 2016 to 1,461 this quarter.  With rising interest rates, housing affordability fell to an index of 90% of what is necessary to qualify for a median-priced home under prevailing interest rates.

Santa Fe real estate is looking pretty healthy, please click on the link below to learn more or call, text or email anytime!  We would love to go to work for you!

http://www.santafehomestore.com/

These luxurious featured homes offer everything you can ever want in a Santa Fe home.  Take a look at all these fine homes have to offer!

43 CHURCHILL ROAD, Santa Fe

Here’s a beautiful custom home, set on over 2 acres of land on a quiet dead end street.  It’s the perfect recipe for private living just outside the city, with room for your horses.  The open floor plan with gorgeous great room is lit by the large passive solar windows.  Round it out with a chef’s kitchen complete with high end appliances and large patio, and you have all you need for entertaining guests.

Visit the property detail page for more information and photos.

1103 Piedra Alto, Santa Fe

Priced to sell at $100k below appraisal, this is your chance to own an architect-designed home in the luxurious Sierra del Norte foothills.  This contemporary multilevel home comes complete with guest quarters and a list of features including living room with Kiva fireplace, wet bar, master suite with California closets, and much more!

Visit the property detail page for more information and photos.

Spring is just around the corner, and typically the spring market is the hottest time of year for selling and buying a home in Santa Fe. Here are some things to keep in mind if you plan on buying or selling a home in Santa Fe this spring.

Sellers

Even though Spring is fast approaching, you need to make sure that your home is ready to sell. Remember that first impressions are lasting impressions. Take time to paint that room, replace that carpet, or de-clutter the basement. To get the most money out of your home, also remember that curb appeal is a must. And don’t overprice your home, as it could sit and you miss out on opportunities. Also keep in mind that upgrades can help a home sell faster as well.

Buyers

Make sure you’re educated on the local market in Santa Fe and have everything prepared ahead of time, like a pre-approval on a loan, etc. Make sure you decide on a price range that you can afford, and keep in mind costs of maintaining a home in your monthly budget. Also it’s the little things that matter when making an offer, like having a larger down payment and being flexible on settlement date. Find out as much as you can about the sellers. In some cases, buyers have “won” a home because they wrote a nice personal letter to the seller saying why they loved the house.

At City Different Realty, we can help you with all the considerations with buying or selling a home. Call us at 505-216-6688 to see how we can help you buy or sell a home in Santa Fe today.

If you’re thinking about buying a home in Santa Fe, you’re no doubt getting a lot of input from friends and relatives. Of course they’re looking out for your best interests. But they not be completely aware of your needs and the state of the real estate market in Santa Fe.

Here’s 3 questions to help pin down if now is the time for you to buy a home.

Why am I buying a home?

Sure this sounds like an obvious question, but it’s the most important. And this is not about finances. There’s hopefully a reason that has nothing to do with money. For example, many say it’s their child’s education, or wanting to live in a safer community. People also want more space for them and their family and control over that space.

So decide what owning a home really means to you, including the non-financial benefits.

Where are home values headed in Santa Fe?

The median Santa Fe home value is currently $310,900 according to Zillow. These values have gone up 2.6% over the past year and are predicted to rise another 1.5% by next year. The longer you wait, the more your new home will cost, if current trends hold.

What’s the projection for mortgage rates?

You need to consider more than prices. What you spend over time is dramatically affected by mortgage rates. The National Association of Realtors, Mortgage Bankers Association (MBA), and Fannie Mae have all projected that over the next twelve months mortgage interest rates will increase.

Only you and your family know if now is the right time to buy. But answering these questions will help. If you need more expert advice, you can count on City Different Realty to provide expert advice. Feel free to give us a call at 505-216-6688.

These top featured listings offer outstanding features at a great price.   Take a look at all these homes for sale in Santa Fe have waiting for you.

2198 MANUEL MEDRANO, Santa Fe

Here’s a wonderful pueblo-style home with plenty of room at 1758 sq ft and 3 beds.  The acid-stained concrete floors and natural lighting compliments the beautiful landscaping outside.  Radian heat, evaporative cooling, and a new roof add to the great value of this home.

View the property detail page for more info and photos.

27 E Old Agua Fria Road, Santa Fe

This is a perfect small home for a single resident or couple.  It’s set back off the road on over 3 acres for added privacy.  Newly updated features such as propanel roof, insulated windows, and all new electrical and lighting will save you money over the years.

View the property detail page for more info and photos.

Looking for something different? Then take advantage of our powerful property search tool to help you find the perfect home in Santa Fe.  Or better yet, just call us at 505-216-6688 and we’ll be happy to help you on your search for your new home.

Are you planning on selling your home in Santa Fe?  Then you have a few thing to consider when it comes to the appearance of your home.  Presentation really is everything.  You want to get the best price possible, so your home needs to look its best.  Here are some tips to consider.

Improve Your Curb Appeal

• Give your entryway a fresh coat of paint.
• Landscape the yard.  This will show buyers your home is well-maintained.
• Check all outside lights to make sure they work.
• Wash all windows.
• Clean out the garage. Get a storage unit if needed.
• Remove lawn ornaments you are taking with you to your new home.
• Replace worn out welcome mat.
• Power wash outdoor surface like siding, sidewalks, driveway.

Make Your Home Feel Like Their Home

• Clean everything and remove clutter.
• Give every room a purpose.
• Open windows to let natural light in.
• Fix everything that’s broken.
• Fresh paint and new carpet.
• Organize the kitchen.
• Empty all trash before a showing.
• Fix squeaky door hinges.
• Replace all burnt out light bulbs.

Doing all of this may take time and money up front, but will definitely yield a larger return.

A new report from the national Association of Realtors showed that there’s a direct relationship between low inventory of homes in Santa Fe and rising prices.

We all know about supply and demand. As the supply for an item that’s in high demand goes down, the prices go up. As such, the price of homes in Santa Fe has been gradually increasing over the past year.

Nationwide, this was also the case, as the median price of homes sold in November was $234,900, which is an increase of 6.85 from last year.

But this is good news! Now home owners are able to sell at higher prices and move into their dream home, or downsize as the case may be.

This all means that now is the time to either buy or sell your home in Santa Fe. You should buy now before prices continue to increase.  You should sell now because you’ll get a good selling price compared to last year. Contact us today to see how we can help you get the best price, whether you're buying or selling your home in Santa Fe.