Is anybody else feeling like there is some sort of strange disconnect between what the media is portraying and what's really happening for those of us Realtors still doing business in the midst of this current market? Granted, in our market in Santa Fe, New Mexico, there is hesitancy on the part of buyers. But that's because buyers are believing that what is critically affecting other markets across the country is affecting us in the same way.
In this Real (Estate) World - There's another story that needs to be told: New Mexico has one of the lowest rates of foreclosures, that the sub-prime debacle didn't engulf our communities in the same way, that there is still mortgage money to be loaned and lenders who have programs to meet the needs of qualified borrowers.
The other good part of the story is that Sellers coming on the market now are tending to be much more realistic in their pricing. In other words, this is a good time to be a buyer and there are lots of good values to be found in our community. Santa Fe remains a unique and vibrant community with good opportunities for buyers.
And a word to Sellers: if you're willing to price your property "right" and properly prepare your property for marketing, then you have a reasonable opportunity for selling your property albeit over a longer time on the market. If you're not comfortable adjusting for this current market and you can hold off selling your property, perhaps another solution is to rent it out, or to take a breather and enjoy owning your property for a bit longer. Obviously, when there are important financial decisions to be made, you'll want to consult your CPA or tax adviser. And, remember to consult a Realtor who's active in this market to get the real scoop on what's really happening, in real time.
My view in this Real Estate World - I'm keeping my eyes wide open and staying awake... there are still sellers and buyers who need help with their real estate decisions.