Even in a pandemic, people still need to buy and sell homes. If you fall into that category, here’s what you need to know as we head into late May.
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We’re well into what normally is the busy season of real estate and the pandemic continues to affect every aspect of our lives. I hope you and your loved ones are safe and sane at home. As far as New Mexico real estate is concerned, the market has been moving along considerably well; we’re still getting multiple offers on properties, so buyers are having to come in pretty strong on homes they really want.
Heading into this mess, we were experiencing a sizable housing deficit here in our state, which drove the market up. Low inventory continues to be the story on the supply side, making it a good time to list your home.
"We’re seeing short-term rentals come onto the market, as many owners don’t want to wait to see how this situation pans out."
For buyers, consider that your only competition right now is, in effect, just local. Under normal circumstances, you’d have to compete against a lot more out-of-town buyers.
When my team and I show houses, we’re using gloves, masks, and shoe guards. In fact, on a couple of my listings, we supplied these materials for anyone entering the houses. We’re of course asking that people thoroughly wash their hands before and after viewing a property, and stay home if they have even the slightest suspicions regarding their health.
The name of the game is erring on the side of caution and being as diligent as possible. That being said, people genuinely need to buy and sell houses right now. The short-term rental market, which has historically done really well here, is not performing at all right now, so we’re seeing some of those properties come onto the market; quite a few of those owners are not willing (or can’t afford) to wait this out and see what happens, so selling makes sense for them.
Considering all of these factors, there’s a lot of opportunity in our market now. If you have any questions about real estate, or are looking to buy or sell but don’t quite know how to proceed, give us a call or shoot an email. We’re always here to help.