Las Cruces housing market stabilizes

It's July in Las Cruces. 

Half the year is already in the books.  School will start and before you know it, we will be picking pumpkins and Halloween costumes. 

This month's report shows strong signs of a continued shift toward a more balanced housing market in the Mesilla valley.  Single family inventory increased to just above 750 available homes for the first time since 2020 while closing prices still continue to slowly trickle down a bit, giving buyers room for more negotiation.  

The housing market is finding its balance. Realistic pricing is beginning to be a discussion many real estate brokers are having with prospective sellers. Price your home competitively, and make sure your home shows very well because buyers have choices now. Listen to market feedback, entertain open houses, buyer allowances, warranties, or any incentives that will make you stand out. Make sure you have good online presentation, high quality photography, and your home will still get the contract it deserves. Success requires realistic pricing, professional marketing, and flexibility. The days of throwing a sign in the yard and getting multiple offers over asking are nearly over.

Buyers, this is actually a much better market than we’ve seen in years. Rates are falling. You have choices, negotiating power, and motivated sellers. If you feel you're ready, now is the time to talk to a lender and call your favorite real estate professional. Many economists still expect to see slight gains over 2024. It's still a great time to be a Las Cruces homeowner. 

Steve Montanez is a guest columnist and president and chief executive officer of New Mexico Properties.