From their mouths to your ears
As opinions rage on everything from inflation, unemployment, labor shortages and real estate values to COVID, the Delta variant, masks, lockdowns and the ongoing vaccination dilemma, I listen to our “boots on the ground, down in the trenches”. Pros …… our realtors here in Santa Fe ….. for a real overview of what’s happening with assets and inventory now and next year.
To be in the midst of real estate transactions and constantly researching market trends offers a lot of material from which to form my opinion. But in the last few months of our so-called recovery, I’ve learned to listen to brokers who are the most qualified experts to give me a real glimpse into the future of our market.
Take a few minutes, have a seat, and allow some of our leading brokers to share their opinions and predictions.
Caroline Russell, Sotheby’s International Realty
“In my opinion, the main difference 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-affected market has affected our traditional dynamics. The basic rule of supply and demand has tilted sharply since COVID. Santa Fe has evolved into a sellers’ market with no signs of a return to pre-COVID conditions. “
Ashley Margetson, Sotheby’s International Realty
“I remember hearing about the San Francisco market – that they had multiple offers on properties that were above the asking price … that buyers weren’t trying to figure out how far they could be below the asking price – NO! But how much would they have to exceed the price! We realtors in Santa Fe would say, “Wow! Wouldn’t that be great and fun! ”Well, we have that here now! And it’s amazing and exciting when your offer is successful and both seller and buyer are satisfied. The reason for this situation is the drastic inventory reduction. It’s a crazy market right now! “
Lise Knouse, Keller Williams Realty
“The number of homes on the market decreased in 2019, but due to COVID, potential sellers decided to stay there. This caused the inventory to drop from thousands to an all-time low of just 224 records across Santa Fe County in April 2021. The inventory has grown to 339 entries this week – still very low. Demand is high so the number of days in the market continues to decrease as houses sell quickly. Buyers need to be patient and expect to compete. I don’t see this pattern changing anytime soon, unless there is a big change in the national economy. “
Abigail Davidson, Sotheby’s International Realty
“COVID and its aftermath have increased people’s desire to find refuge in the Santa Fe lifestyle. Texas has traditionally been our largest feeder market in terms of buyers. Texans just get Santa Fe. The biggest change in my opinion, however, is the exodus of Californians, which has now dwarfed the number of buyers from other countries. The lack of permanent inventory has definitely put pressure on pricing. If demand continues to rise, it is questionable whether we can keep this pace. This market is more like mercury. As soon as we find out, it will change! “
These opinions and predictions from members of our real estate community are worth their weight in gold! In my next articles, I plan to offer more reviews from more real estate agents in the hope that with a knowledge of our Santa Fe market, you will be better equipped to get closer to your dream of living in Santa Fe.
I honestly don’t see how you can go wrong.
Jim Gay, NMLS # 247511, has been a real estate agent and adviser to Fortune 500 companies for 20 years. He is President of The Mortgage Place, Inc., NMLS # 1191003 and can be reached at 505-986-9080 and [email protected]
Comments are closed.