Santa Fe Real Estate Trends and Forecasts
Real estate presents a worthy opportunity for investment. Anyone can be a real estate investor provided they conduct a well-informed research, draw a well-calculated plan and pay the most appropriate price. The Santa Fe real estate market offers a worthwhile investment opportunity in New Mexico that you should put to consideration. Being the state capital, it has a huge population that in turn forms the Santa Fe housing market.
There are many reasons and aspects to consider when investing in the real estate market of Santa Fe but before that you should be able to make a sound decision based on whether it forms part of the hottest market for real estate investors in New Mexico this year and 2020. Below are Santa Fe real estate trends and forecasts.
To begin with, the median value for a home in Santa Fe estimated by Zillow is $383,000. The cost of homes in Santa Fe has risen by 11% and according to a prediction by Zillow, this price is expected to go up by 3.0% by May next year. The price per square foot for a home in Santa Fe is estimated to be at an average of $253
The Santa Fe housing market for the next 3years is forecasted to be positive. This prediction of the housing market trend for Santa Fe is said to be 80% accurate such that if it is true and correct the home values are expected to be much higher in the third quarter of 2021 compared to the third quarter of 2019.
Santa Fe, New Mexico is a balanced market where the supply and demand for houses is almost the same. Averagely, it will only take 56 days for a house on the market to sell in the Santa Fe, New Mexico housing market.
Only 0.9% of delinquent mortgages are in Santa Fe compared to the 1.1% at the national level. An estimated 148 house are in the process of foreclosure due to either default, bank owned or auction in Santa Fe and 913 homes are listed for sale in RealtyTrac. The number of homes receiving foreclosure filling have been going down such that the number was 62% lower in May this year than in May last year.
The average rate for annual home appreciation in Santa Fe has been 0.35% over the last ten years. These rates are however, considered to be one of the strongest countrywide such that the value of real estate in Santa Fe has been appreciating at an alarming rate as compared to other communities in New Mexico. These rates are ranked to be one of the highest in the nation at 6.75%. Short term investors in the real estate market have made a considerable fortune in Santa Fe for the last one year owing to these enticing appreciation rates.
If you have any plans of acquiring real estate in Santa Fe, you should learn about the most suitable place to invest in. location is the most important thing to consider when buying a house as it creates demand such that you will be able to set a high price for your real estate hence earn you a lump sum profit when flipping.