Its Here - Spring Buyer season in Las Cruces

Super Bowl has passed. For many this marks the beginning of spring buyer season.  2024 is already off to an encouraging start for both buyers and sellers.  Currently in Las Cruces we have hit the 500 mark for available homes which is almost double the number we saw the previous two years. This is great news for buyers. If youre planning to be in the market this year, here are some things to consider. 

1) Dont wait for better prices or rates

Last year we saw the least affordable housing market since the early 90s especially with mortgage rates at 23 year highs and historically low inventories, resulting in over a million fewer homes sold than in 2022.  The spring market is bringing lower rates and a bit of pricing stability.  If you wait and we suddenly start to see a dip in rates, you will be competing with many other buyers resulting in multiple offer situations that can be frustrating.  Waiting will cost you, start now and win for the season. 

2) Assemble your team 

Right now is the time to meet with your Real Estate Broker.  Talk to your lender and get that approval letter in hand. Your lender and broker will narrow down your price point and get you ahead of homes as they come on the market.  You want an agent who is calling you on thursday to plan for weekend showings and open houses.  Also putting a strategy together if youre going to ask for closing costs or contingencies is important before you are ready to write that offer.   Who you hire matters. Your agent matters,  your lender matters, your title company matters, your inspector, youll see how important all this is midway through a contract period. 

3) Ask for help 

Homebuying, especially for first timers is not easy. However we have so many resources and even first time buyer assistance available in New Mexico.  Talk to your friends, your family,  your co-worker who just bought a home, and especially talk to your Buyers Agent.  There are loan products out there crafted for those in education, nursing, first responders, veterans, or general first time buyers.  Many of which lenders and Realtors are familiar with.  Many people may think they dont qualify for down payment assistance and have been surprised at whats out ther for them.  Also if youre accepting a gift for a down payment nows the time to let your lender know. 

4) Use this market to your advantage  

Higher Inventory means competetive pricing.  This year you'll notice a few more for sale signs and they will be up a little longer. There will price drops, closing cost incentives - especially from builders and lenders.  You are also going to see homes show up that are priced to sell in a day. This is why hiring a buyers broker who keeps you ahead of these is important.  

Lets make 2024 your year to win.  Lets find you the best home and the best experience up to and beyond the closing table.  Lets Work together. ~Vicki 

Post a Comment