What are the trends, and is it a good time to buy or sell a home? What do I think will happen with homes over the next year or so? What has been up with residential real estate in our market? I hear these questions often and I always love to talk real estate.
In April, I, along with others from my real estate team, attended two different national real estate conventions attended by brokers from different real estate companies and from all over the U.S. and Canada.
New Mexico in general tends to lag behind the coasts by a year or more. What happens in California and Florida typically happens here a year or more later.
Last year, we were hearing from Realtors in the Phoenix area that homes in the median price range were selling quickly, there were multiple offers for most homes, and appraisals were not coming in at the sales price so sales were only being accepted if the offer was not subject to appraisal. It’s reported that home prices in Phoenix rose last year by more than 25 percent. If New Mexico is typically a year or more behind, our time has come.