Another solid week in the Santa Fe real estate market. With a median price point staying strong at 550,000, we see a consistent price pattern for homes in Santa Fe. The inventory is still shallow in comparison to earlier months. Santa Fe county's total homes are trending around 226 total properties available for sale. A total of 46 homes were sold this week. This has been relatively consistent, showing a 20 to 25% return on new market updates, and property is also coming off the market. With talks of interest rates going up, there is still an opportunity to lock in solid interest rates of around 3%. Shorter termed loans are offering rates even lower in the 2 to 2 1/2% range. With the low inventory, there are opportunities for sellers to capitalize. As…
Selling your house in Santa Fe? How much is it going to cost you? Where do I even start?
When you begin the process of selling your home, it is easy to become overwhelmed with all of the factors that are needed for preparation. What do I start first? Where am I going to move? How long will it take to sell my house? The list goes on and on.
As real estate agents, we find the number one question is, what will it cost to sell our home?
In a nutshell, we tell sellers you will be looking at a 7-7.5% cost for selling fees.
What do selling fees include?
Six percent of the price will be your broker selling fees. That money will go to paying your Real Estate agent and the buyer's Real Estate agent. Depending on how your broker prepares your listing…
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.
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…
Despite the crippling COVID-19 pandemic, the Santa Fe real estate market is healthy. Stay-at-home orders have reduced foot traffic, but buyer demand is still strong, and the inventory of homes for sale in Colorado Springs remains low.
Although the momentum has slowed, we’re still helping customers buy and sell homes in Santa Fe! The only thing that has changed is the process. Safety measures may seem restrictive, but they are in place to help protect both buyers and sellers.
Is Real Estate an Essential Service?
Are real estate transactions (buying and selling) considered “essential” in New Mexico amid the COVID-19 stay-at-home order? Yes! All real estate activities that are related to the transaction (including closings,…
Understanding the debt to income ratio is essential for financing aspects when you are looking to purchase your first home. Many times we focus on keeping a quality credit score and overlook the importance of understanding and preparing a debt to income ratio. I know the first time I started the home buying process. I had never heard the term. It wasn’t until I sat in the finance office of a Wells Fargo Bank that I learned the importance of debt to income ratio would play in my financing.
The debt to income ratio is a reasonably simple division problem. You divide your monthly payments by your monthly GROSS income. Notice my emphasis on Gross income as opposed to net income. Monthly gross income is the total income you bring home ( just remember…
