Time to Invest in Santa Fe Real Estate
Time to invest in Santa Fe real estate, no doubt about it. Just ask Jim Gay, Senior loan officer at Superior Mortgage Services, He has served the Santa Fe market over the past twenty years. Jim notes: "What more can a home buyer ask for? Never in the last many decades have Santa Fe real estate buyers been in such a perfect situation. Values in Santa Fe, New Mexico are extremely attractive after two soft years. This in part is due to fewer buyers in the market due to restrictive lending guidelines. Like all markets, this trend will not last forever. No one knows for sure, but really good deals may not last to the end of 2009. As the economy and stock market recover, buyers will have more funds to invest in Santa Fe real estate, increasing buyer competition and pushing values higher.
Interest rates at this point in 2009 are low. The 30 year fixed rate is in the 5% area, adjustable rates are near 4%, and jumbo adjustables are below 5%. Will rates rise in the future? Absolutely. It is just a matter of when. Buyers also have a first time homebuyer's tax credit that will save them from $7,000 to $8,000 in federal taxes. This benefit is available until it expires December 31, 2009.
Do not be the one who looks back and asks, 'why did I not buy in 2009?' The window of opportunity closes when: 1. interest rates increase, 2. sellers expect higher prices, 3. the economy improves, 4. the tax credit disappears.
Jim Gay, Senior Loan Officer, Superior Mortgage Services 505-988-4422
« Santa Fe Wine & Cheese Fiesta | Home | Hurlocker Contemporary Homes, Santa Fe »
Leave a Comment