February market report

February is here, and the latest market report brings some optimism for buyers entering the market, specifically in the new listings and total inventory in Southern New Mexico.  Sellers will notice January off to a slower start, but don't hit the panic button just yet.   

Historically, this has been pretty typical for the start of the year.   Last year we started the year with 142 closings and the prior year only 105.   The Super Bowl is what marks the start of spring buyer season in the real estate world. 

As trends move in favor of buyers,  more than 60% of homebuyers have paid less than asking price over the last six months. Many buyers, especially who chose new homes;  enjoyed builder contributions toward closing costs and point buydowns, saving them thousands in interest payments.   Interest rates are still on a slight decline, and inventory is considerably higher than this time in prior years.   

While this month's report may show signs of a slower market.  There are some very good signs for buyers who have had their plans on hold over the last year waiting for rates and prices to drop.  Think of it as a small calm before what could be a real estate storm as rates are dropping and prices are also falling slightly. 

Realtors are now back to showing an average of six homes before a buyer makes a decision due to the increase in options and more competitive pricing, so it's more important than ever that sellers are taking the extra steps necessary to have their homes show ready this spring. 

 Expect a few surprises this year,  Our market is more volatile than it's been in years.  It's still a great time to lock in a good rate, it's still a good time to tour open houses, and it's still a great time to be a Las Cruces homeowner.