All Blog Entries by Jerome Leyba

Found 13 blog entries published by Jerome Leyba.

The next round of market reports is out! There's been a slight decrease in interest rates for 30 year fixed mortgages, keeping New Mexico in good standing below the national average. There is still a low amount of inventory, which means deals are happening quickly right now. Over the last week, there have been a total of 84 closings, which is a significant increase in comparison to the last market report. This report highlights the fast-paced market that both buyers and sellers are working with right now. We do not foresee an increase in inventory between now and the next market report, so if you're interested in buying or selling give us a call and we'd be happy to work with you!

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Another week in the books! Rates did have an uptick again, and we expect to see them go up consistently, but they are overall statically low. We have seen an uptick with out-of-state clients finding quality properties in and around the Santa Fe area. Inventory has been low, and pricing is still being affected by the lack of inventory. Current clients have found success with off-market properties, still in construction, and other homes that have fallen out of contact. 

Most of our clients have had to act fast and make quick decisions on properties once they come to market. Some homes are allowing a full week for offers to allow all interested buyers to have an opportunity to make a purchase. These usually work more in the seller's favor than…

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Santa Fe market report update. Another consistent week of low inventory. There is a total of 247 homes currently on the Santa Fe market. There was a total of 37 sales that took place this week. The median price point for sales was $439,000. Rates have stayed relatively consistent but are still a bit up from what they were. Some of our clients in the last month were locking in 2.7% on their interest rates. Right now 3.09% is the current rate with solid credit scores. 

There are opportunities in new builds that are currently not on the market. Many of our clients have been able to solidify contracts with new inventory. The current homes on the market are still moving within two weeks of the contract dates of being placed on the market. Anything…

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Another week of low inventory. The trend has been consistent. We have had low inventory for several weeks now, and we’re hopeful it will pick up. In order to do so, we need more houses is listed. There are still opportunities to find good quality homes. Some outside-the-box features are new construction. Locking in an opportunity that may be not on the market yet. Interest rates have stayed consistent for two weeks at 3%. Closings are down from last week by 20%. The average price point was higher and has stayed consistent with increases. We had four closings this past week, featuring the Nava Ade Neighborhood in Santa Fe New Mexico. The new price per square foot set in the neighborhood. We are hopeful to see more inventory come to market. Interested in…

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 Worried about the market after the election? When we research and review market trends, we commonly see consistent trends of drops during and close to the November elections. These trends can be seen up to a 15% decrease, depending on the current consistency of the market and current rates. This year has been very interesting as we have seen interest rates as low as they have ever been for purchasing.

Santa Fe New Mexico Sunset

Another key factor we must review is inventory. This is subjective to your location in the country. In our case, we will be referencing Santa Fe, New Mexico. Our wonderful town where we work and sell. In the past year, we have watched the market trend upwards and follow pricing increases as inventory has stayed low and interest rates have kept on a…

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So you want to be a homeowner... Now what?

Time to start the home buying process! So exciting, but it can also be very scary. So, where do we start?

1st step

Connect with a local loan lender. This is a key component in preparing for your purchase. As a first-time homebuyer, you need to figure out what payment amounts work for you, how much you are eligible to borrow, and what other types of incentives may be available to help you purchase your first house. In many cases, first time home buyers may be eligible for down payment assistance and other cool options. Your local lender will be tied in with your state incentives that might work for you.

2nd step

Connect with a local Realtor who specializes in first-time homebuyer purchasing. You…

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Tired of the same old Netflix nights on the couch? Plan to check out the Santa Fe Motorama drive-in movie theater. They have tons of great options every Thursday- Sunday nights. With themed movie events, car shows, and dance-offs!

Each space at the Drive-in is separated with a good amount of space so you feel comfortable sitting outside.  We definitely felt comfortable, with the space meeting the COVID rules.

Motorama Santa Fe Driveinn

 

We have done it a total of five drive in nights, and its been a blast each time. So far we have seen Dirty Dancing, Grease, Lala Land, Pulp Fiction, 50 First Dates, and plan to see more.

 

Every night there are food trucks parked out so you can plan to pick up some local Santa Fe food Favorites and snacks so plan to come…

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Getting your Santa Fe home ready for pictures can be a bit tricky. As we know, the internet helps to do the majority of our Santa Fe Real Estate transactions. So having a quality presentation of your home is imperative to a successful sale!
Three pro tips

Tip 1 Declutter
Remember less is more, just because you love all your cool stuff doesnt mean everyone else will like all the space it takes up. Try to remember you are not selling your stuff; you're selling your house. So focus on showing off the cool features of your home. Clear all the items of your granite countertops or your marble sinks.


Tip 2 Hide your pictures.
People will not want to see pictures of your Tio and Tia in Cancun or the picture of you receiving your bowling trophy.…

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When is the right time to buy? Should I wait till the market takes a turn? What about interest rates?

All good questions to ask. In the end, the main question is.....Do interest rates outweigh the cost of purchasing in a Seller's market?

So here is something cool to think about. Many of our clients say they want to wait until the market cools down. Give a little time and see if they can save on their home purchase. When we are asked this question, it is hard to judge and adds a lot of subjectivity to the answer. The current Santa Fe Home Market has stayed strong even with COVID. So far we have not seen medium prices fall, they have stayed consistent and even raised in some cases 3-6% in current market value.

So is buying a…

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Title insurance is a key component to the purchase and sale of your home. In a nutshell, it helps to protect you from past liens, encroachments on your property, and a plethora of other things. For more information, contact Escrow Officer Andrea Padilla to help guide you through the closing process and give you all the information you need to feel confident about your transaction.

Andrea H. Padilla

Escrow Officer

License Number 18083283

236 Montezuma Ave.

Santa Fe, NM 87501

505-946-2907 Direct

Andreap@swt-e.com

www.sftitles.com

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