What’s the Santa Fe Real Estate Market Like?

I get this question on a daily basis. “So, what’s the Santa Fe real estate market like? Are homes selling? Are prices dropping?”

Or I get together with my real estate colleagues, and the first question they ask is, “What do you think is going on in the real estate market? What do you expect for 2023?”

Here’s the answer, which is the same answer for a million questions one could ask. It Depends.

If you’re a buyer in the $2.5 to $7 million range, you’re in luck. There are a lot of homes on the market, and they’re starting to be competitively priced. Negotiations abound.

Maybe you’re a seller, and your house is pristine. You’ve done all the hard work, made repairs suggested by your Realtor, painted, staged, washed windows, cleared clutter, maybe even moved out so that showings are a breeze. You’re in luck, as long as you price realistically and not based on what you could sell for in May 2022.

Let’s say you’re a cash buyer, and you want to spend somewhere between $750,000 and $1,200,000. There’s a great supply of homes in this price range as long as you’re realistic about what added amenities cost in Santa Fe County.

The hard spot in the market for buyers is under $750,000, especially if you are getting financing. But please know that it’s not impossible.

I had one Realtor say to me recently, “I don’t have a clue how to price in this market.” And I get what he’s saying.

If you started this post thinking you’d get all the answers, here’s my best advice: Call me. Let’s discuss where you are in this equation and how I can best help you. I know a move is daunting, whether you’re buying or selling. Your emotions sometimes get in the way of reality. That’s okay. I expect that to happen.

But I have strategies that have worked for my clients in the past. I got my real estate license in 2004, so I’ve lived through the worst housing crisis in history. And I’m here to help.

Call or text me at 505-504-1101 or email me at bunnyterry@kw.com. I’ll answer all the questions I can, and if I don’t know the answer, I’ll find it.

Happy New Year. Can’t wait to see you in Santa Fe!

Bunny Terry 505.504.1101

130 Lincoln Avenue Santa Fe, NM 87501