I’ve been asked by sellers who want to list their property “how long will it take to sell my house here in Santa Fe”?
Yes, we have all heard the universal real estate mantra that it’s all about location, location, location. And location is still a big deciding factor, but since the real estate crash, it’s been more about “how much less than the asking price can I pay for this property?” Most buyers today are worried that we could see another downturn in the market and if they pay too much, they may not be able to get their investment back should they need or want to sell. Buyers recognize that owning your own home is still a smart investment and, as we have seen, with limited rental availability in Santa Fe rental market prices are going up. Try renting a “casita” on the east side of town. It’s not uncommon to pay upward of $1500.00 a month which is a mortgage payment for $300,000.00 with today rates.
Yet when it comes to selling, the buyer comes equipped with reams of paper from their research on the internet from Zillow, Realtor.com and endless websites that communicate what your neighbor sold their house for, regardless of the condition. Mostly buyers talk about cost per square foot these days. So, if your home is priced above the neighbors selling price per square foot, your realtor best know that your neighbor’s home was decorated with Home Depot fixtures while yours has designer upgrades. With the exception of the newer developments like Rancho Viejo, Nava Ade and the Centex homes, as Realtors, we have to sift through neighborhoods looking for the perfectly priced home that will meet the buyer’s dream of Santa Fe living.
And if that dream is finding an original adobe home close to downtown or “the square” rather than the “plaza” the education starts there. When they understand that most of the homes just look like adobe, but in reality are framed homes with stucco or sto, they start asking why homes are so costly if they’re built pretty much the same way as their home built in Texas or wherever they may live. They have now forgotten the clean air, beautiful skies, the four seasons, the cultural and art events and are focused on getting a great deal, damn it!
Making the right impression when your house is on the market is all about the marketing. From the photos taken by the Realtor for the listing to creating the, “do the owners live here” during the Sunday Open Houses is just part of what will sell your home. In my 25 years of selling, when I get the buyer who says WOW in the first 30 seconds, we have a good chance they’re going to buy.
Bottom line, it comes down to price.