Members of the Silver City Regional Association of REALTORS-?, Inc. will write periodic columns under this heading to inform the public about real estate matters.
The opinions do not necessarily reflect the opinions of the Grant County Beat.
WASHINGTON (April 16, 2020) – A quarter of Realtors® with clients putting contracts on homes this week had at least one do so without physically seeing the property, according to a new survey from the National Association of Realtors®. For those clients, the median amount of homes toured – either virtually or in person – before putting a contract on a home was just three. NAR's 2019 Profile of Home Buyers and Sellers found buyers typically looked at nine homes before placing a contract on a home.
"Expect second quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential home buyers and sellers indicate they're still in the market or will be in a couple of months" said NAR Chief Economist Lawrence Yun. "Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10% of Realtors® report the same level of or even more business activity now than before the economic lockdown."
WASHINGTON (April 9, 2020) – With an expected slowdown in spring real estate business activity, many Realtors® remain hopeful for a post-pandemic market rebound, according to a new survey from the National Association of Realtors®. The majority of Realtors®believe buyers and sellers will return to the market as delayed transactions following the end of the health crisis. Nearly six out of 10 members – 59% – said buyers are delaying home purchases for a couple of months, while a similar share of members – 57% – said sellers are delaying home sales for a couple of months.
"Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year," said NAR Chief Economist Lawrence Yun. "Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures."
Your home’s curb appeal is the first chance to impress potential buyers. Whether buyers are wowed by a beautiful and well-maintained yard or are repelled by dirty exterior walls and an overgrown lawn can significantly impact your home’s sales price if you're thinking of selling. Start working on your to-do list now so that your home will be ready to be listed and marketed this spring.
“When buyers pull up to a house, they want to be able to picture themselves living in and coming home to it. Dead grass and chipped paint can make that all the more difficult to visualize,” said Kim Clark, Association Executive of the Silver City Regional Association of Realtors. “Making sure your home is prepared - both inside and out - before you put it on the market could help it sell faster and for top dollar.”
Here are a few tips to make sure your curb appeal is making the best impression on potential buyers:
Grant County saw the highest number of residential sales since 2006 with 366 homes sold though the Multiple Listing Service in 2019. 2018 sales were 344 and 2017 340. The previous two years the median sold price averaged $138k. In 2019 the median residential sales price was $153,750 and the home was on the market for an average of 168 days.
“After so many years, we’re finally in a seller’s market again - our little piece of paradise is on the map, and the real estate market in our area is suddenly super-hot! While property values are increasing again, we’re still in a perfect storm of low interest rates and taxes, paired with affordable home prices. It’s still a great time to buy a home here, but an even better time to sell.” Nikki O'Connell, 2020 President of the Silver City Regional Association of Realtors.
2019’s New Mexico Housing Market ended with sales numbers higher than every year since 2008 (when the New Mexico Association of REALTORS (NMAR) began keeping state-wide statistics) except 2018, which was an off-the-charts year for the housing industry.
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