I am HAPPY to report that the Real Estate market in Santa Fe has seen a definite uptick!  Properties in all segments are moving with greatly reduced numbers of properties in the distressed market, telling us that investors have moved in and are absorbing these properties, usually buying with cash.  Indeed, my short sale property has had two offers in two months.  The first offer fell out after bank approval when the Buyer got a little greedy and asked for a $15,000 price reduction.  N-O, was the banks response.  We are now under contract with another investor, one week after the property went back on the market.  Lesson to Buyers: “Pigs get fat, Hogs get slaughtered”.

Reports are out that real estate has hit bottom, price-wise.  Yeah, Yeah, you say, we’ve heard that the past two years.  But you know what?  I truly think we have.  And with interest rates hovering around 4% and Buyers finally jumping off the fence, I think other folks feel the same.

If you intend to buy property here, you better hurry up.  I’ve been looking for the “perfect property” for a couple of Buyers and just not finding it.  The longer they wait, I tell them, the less choice they’ll have. My advice: It’s better to buy something and make it the perfect property for you.  And you’ll be helping our economy overall, to boot!

The Sellers of this 2,000+sf three bedroom, two bath home have pristinely maintained it the 30+ years they have lived there. The Great Room with loft is big selling feature with it’s soaring ceilings and gas fireplace.  The landscaping is mature and flowers all spring, summer and fall. It’s located on a quiet, safe street, close to the school.  It does needs a kitchen update.  That’s it.

Buyers, get off the fence!    There are so many great properties out there that are priced perfectly and in great shape. I know you Buyers want a bargain. BUT, is it a bargain to buy a distressed property if you have to put thousands into it just to get the building envelope secure?   Besides, in this area, those distressed properties are quickly being snapped up by investors.  The inventory is drying up.  So you might as well get off the fence and buy a reasonably priced non-distressed resale property before interest rates creep up any further.  Now Is The Time To Buy! 

I’ve been reading some blogs from Realtors worrying about the end of real estate using a Realtor. There seems to be a fear out there that we will go by the wayside along with travel agents, newspapers and the post office! I hardly see this happening. There will always be a need for a Realtor in facilitating a transaction. Sure, searching for property can be handled by your Buyers over the internet. And yes, they sometimes are more up to date on the market than you are due to all the immediate information floating around cyberspace. But Realtors are trained in the rules and regs of a transaction, including pertinent state laws regarding them. In a highly litigious society, this knowledge can keep a Buyer or Seller out of big trouble. This fact alone gives us purpose.

Our role is changing to more of a facilitator. We are now helping more in the marketing, negotiating and final transaction process to bring a property to close. We are required to take Continuing Education classes to keep us on top of all the changes to our industry. A Buyer or Seller who doesn’t get the importance of this role is putting themselves on a fine line legally in purchasing a property on their own. Let the Buyer (or Seller) Beware!