With the uncertainty of today’s economy, a lot of people are nervous about the future. No one knows what to expect next with the stock market, the housing market, or anything else. Some people are concerned about the direction of the housing market. Will it collapse, like it did in 2008? If you live in Santa Fe, you might be wondering if now is the time to sell your home or if you should wait for a better opportunity.
If you’re thinking about selling your home in the Santa Fe area, and are worried, I hope I can ease your mind. Selling a home is always a bit stressful, no matter what the market is like. But, right now It’s still a great time to sell your house in Santa Fe.
Here are a few things you should know if you’re considering selling your Santa Fe home this year.
Santa Fe is still a seller’s market
National news headlines do not necessarily apply to our local Santa Fe real estate market. The Santa Fe market is still very competitive. So far, we have not seen a price drop per average square foot. What has changed is that Buyers are able to negotiate again and Days on Market are longer, giving Buyers more time to “sleep on it”.
Pricing strategies have also changed. Instead of pricing aggressively higher that recent comps, more reasonable pricing strategies are providing sellers with the best results and home sale experience. The comps matter again.
Even with the recent market shift, Santa Fe remains a Seller’s Market and we are still are still seeing multiple offers on many properties.
Buyers from all over the country want to move here. Santa Fe is a unique and beautiful city with a diverse culture and so many things to do. People want to move to Santa because of the quality of life here, and because Santa Fe has so much to offer. Luxury homes are still in high demand. This is partly because luxury home buyers can get more for their money in Santa Fe when compared to other cities. But, they also love the Santa Fe area.
If you’re afraid that you missed your chance to sell your home, don’t worry. The market is changing, but if you live in Santa Fe, your home will sell in today’s market. However, now might be the right time to act. With mortgage rates rising and experts predicting that the market will change in 2023, you should talk to a realtor now if you are considering selling.
Timing the Sale of Your Santa Fe Home
The housing market has been a bit like the wild, wild west — not just in New Mexico but all over the US. It’s been a seller’s market for quite some time now and just about every homebuyer has been waiting for the market to cool off.
Up until recently, selling a home (especially one here in Santa Fe) meant listing it on the market and waiting for the offers to start coming in. Buying a home was extremely difficult because of low inventory, low-interest rates, and buyers willing to do just about anything to get into a home.
Home mortgage rates are going up now and are at the highest levels they have been in years. Experts think they will continue to rise. This has caused some buyers to put off buying a home right now. However, many other buyers are looking to buy a home now because they fear that the rates will only continue to go up.
If you’ve been thinking about selling your home, you might be waiting for the best time to list it. In today’s market it’s very difficult to predict what will happen next. I believe home prices will continue to rise in Santa Fe long term but that doesn’t mean there couldn’t be a drip ahead of us. If you’re unsure whether to sell now or in a few months, I’d go with now. It is highly unlikely that prices will rise appreciably in the coming months and it is possible that they could dip.
Virtual Home Tours Are a Must!
This new age of technology has changed the way people buy homes, especially homes in Santa Fe. While in-person open houses and showings are still useful, virtual home tours have become an integral part of selling a home. In fact, some out-of-state buyers are making purchase decisions based on a virtual tour alone.
This is one reason it’s important to work with a realtor who offers the kind of marketing that will bring buyers to you. Offering potential buyers a virtual tour of your home gives you a big advantage. This is a great way to show off your home to prospective buyers, even if they’re not able to see it in person.
A virtual tour gives you the chance to show off your home’s best features, such as the stunning architecture and gorgeous landscaping. Great photography and videography are key to making your virtual tours a success.
Getting Your Santa Fe Home Ready to Sell
The housing market is different now than it was just a few months ago. Getting the best price for your home means choosing the best strategy. This doesn’t always mean listing your home for the highest price possible. There are advantages to listing your home at a competitive price to attract more potential buyers.
How you approach pricing your home will depend on the condition of your home, and how quickly you would like it to sell. By talking to a realtor early, you can decide on a strategy and start preparing your home for sale. If your home is in excellent condition, you may not have much to do to get started. However, a realtor can take a tour of your home and let you know if there are any repairs or improvements that could make your home more appealing to buyers.
Thinking About Selling Your Santa Fe Home?
If you are thinking about selling your home in Santa Fe, let’s have a conversation. Give me a call at Simply Santa Fe Homes. 505-603-9161 and I will be happy to answer any of your questions or help you get started.