News from SFAR: Market perspectives from SFAR
Oct. 1—The Santa Fe Association of Realtors (SFAR) works closely with its qualifying brokers (QBs), experienced brokers who may lead large, medium or one-person real estate offices. To obtain a qualifying broker's license, applicants must document that their associate broker's or equivalent license has been on active status with a real estate brokerage for two of the last five years immediately preceding their application. They must also provide a certificate of completion of the New Mexico Real Estate Commission's approved 30-hour brokerage office administration course.
The Santa Fe Association of Realtors provides realtor and affiliate member services to Los Alamos, Rio Arriba and Santa Fe counties, and the cities of Española and Santa Fe. To highlight the role of our qualifying brokers, the association asked several of them about the current Santa Fe and Los Alamos housing markets.
John Shepler, qualifying broker at Shepler Commercial
According to Shepler, there has been some trepidation among investors, who want to see the cost of money stabilize. This would give them the confidence to move ahead with any investments, especially if the owner/user market remains strong. "For lease space," he adds, "it seems to be picking up, and there's still plenty of opportunity for 1031 tax-deferred exchange monies to be placed."
Qualifying broker David Barker of Barker Realty
"We are seeing many other real estate markets across the country slow down, and we know that, historically, Santa Fe has followed the national trends," says Barker. "This and the post-pandemic surge of millennial buyers has caused us at Barker Realty to tailor our marketing strategies to our evolving marketplace. Although residential sales in Santa Fe are down almost 15 percent from this time last year, 2022 was record breaking, both in terms of number of sales and volume. We expect to maintain the current pace of sales, but when interest rates soften, we anticipate another surge of activity and price increases."
Matt Desmond, qualifying broker with Santa Fe Properties
"These are challenging times for the real estate market, with the data indicating that sales are slowing as inventory begins to creep up. The pendulum appears to be swinging toward a more balanced market and then back into the hands of buyers. At the same time, mortgage rates are a real factor in purchases under $500,000, putting more pressure on affordability."
Lance Eaton, qualifying broker with EXIT Realty Advantage
"In Los Alamos, higher-priced homes in the $700,000 range and up are slowing down. Higher-end inventory is available, with homes coming online, but the activity level has ebbed."
Qualifying broker Beverly Chapman, of Coldwell Banker Mountain Properties
"Buyers are still losing out on sales, with multiple offers on homes generally priced under $800,000. Homes priced above that, up to about $1.5 million, are not moving. There remains buyers and some interest in homes at the high end."
News from SFAR: Market perspectives from SFAR
