March housing report

Spring buyer season may feel like it’s off to a slower start. This month's report shows signs of recovery after dismal activity in January and February. There are signs of early spring momentum as mortgage rates have fallen, and home prices have also started to take a slight dip. 

Buyers entering the market are also starting to make a few deals around closing cost assistance, price concessions, and even point buydowns.  

While national trends reported fewer sales, southern New Mexico still brought some encouraging news to our housing market. All key demand indicators are showing positive signs for sellers, closing prices rose slightly, overall closings are up and even the days on market have improved. 

This also indicates that sellers have adjusted to the market shifting in favor of buyers. Prices are coming down and sellers are adjusting prices when they see necessary.

If you're a buyer, keep an eye on interest rates. Check with your lender regularly and lock in when you find it best. 

There are many factors right now affecting rates so now's the time to start talking to lenders. Your real estate professional will also keep you ahead of any drops in rates, or any lender incentives being offered as the spring buyers' market will kick into high gear.

The days are longer, the temps are warmer, these are perfect days to get out and view those open houses. Your forever home may be waiting for you.   

If you're ready to sell, now is a great time to start planning.   

Look for spring home tours, Showcase of Homes, and neighborhood open house events. It’s a great time to be outside. It’s a great time to be a Las Cruces homeowner.