Home prices are climb­ing


Santa Fe is beau­ti­ful. Santa Fe is en­chanted with no nat­u­ral dis­as­ters to speak of. It is the best, friendli­est, most fas­ci­nat­ing and quaint town to be found any­where. So, when I tell you home prices are go­ing up, surely you are not sur­prised. From my front-row seat, I can see that 2017 will be the year home val­ues in­crease sig­nif­i­cantly.

Real­tors have a new spring in their step, as do cur­rent home­own­ers. Af­ter a few years of stag­nant val­ues, fair pric­ing will en­sue. As the mar­ket rights it­self, in­creased in­ven­tory be­comes avail­able, giv­ing po­ten­tial buy­ers more to look at, more to choose from. “Yes, home prices im­proved slightly last year and ap­pear to be on tar­get to con­tinue their up­ward trend,” said Sotheby’s In­ter­na­tional Real- tys’ Shane Cro­nen­weth, onf of Santa Fe’s prom­i­nent bro­kers.

Real es­tate by it’s very na­ture cy­cles up and down as mar­kets, stocks, bonds, and fu­tures cy­cle. As with any­mar­ket funded by in­vestors, many out­side in­flu­ences de­ter­mine the way the wind blows. Santa Fe has been stuck. We have not ex­pe­ri­enced our right­ful in­creases since the 2008 mort­gage de­ba­cle. But, hal­lelu­jah, times are chang­ing.

Francesca St­ed­man with Sotheby’s de­scribed the change in mar­ket value as it af­fected a list­ing in Santa Fe’s south cap­i­tal area. “The list­ing had three of­fers im­me­di­ately and went un­der con­tract above the ask­ing price. It was a cash sale.” Here is a per­fect ex­am­ple of sup­ply and de­mand fi­nally kick­ing in. There are more buy­ers than we’ve seen in a long time de­mand­ing homes in Santa Fe.

This could be a big big in­crease in home prices, be­cause it has been so many years with­out a sig­nif­i­cant rise. Lis­ten to Ge­or­gette Romero at Barker Realty: “Real­tors must be aware of trends in real es­tate in Santa Fe so as to not un­der-price list­ings. We be­lieve the trend in prices is up­ward.” And Ash­ley Mar­get­son, Sotheby’s, said, We had two full price of­fers on the first day of a list­ing. I hope val­ues are go­ing up. Since 2008, prices have been static. We have up­ward move­ment now.”

With these com­ments from Real­tors who are out there, work­ing every day in our cur­rent mar­ket, we can only cel­e­brate our city even­more. Tell ev­ery­one you know to buy now, re­joice later!

Jim Gay was a real-es­tate bro­ker for 20 years and has been a con­sul­tant to For­tune 500 com­pa­nies. He is cur­rently a bro­ker/ owner ofThe Mort­gage Place, Inc. (505986-9080) and can be reached at jim@ jim­gay­home­m­o­rt­gage.com

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