From surging loan applications to strategic seller concessions, the spring market is moving fast.
The housing market is starting to pick up again as we move into the spring season. This means more competition. So if you’re thinking about buying or selling a home in New Mexico this spring, you need to be prepared.
Recently, we’ve been talking with a lot of buyers, sellers, and local lenders about what’s happening right now. Many lenders are reporting that mortgage applications are increasing as buyers begin getting pre-qualified and preparing to purchase.
This suggests that more people are getting ready to enter the market again.
At the same time, sellers are also starting to prepare their homes for sale. We’ve had many past clients reach out asking for a market analysis to understand what their homes may be worth in today’s market.
If you’re curious about your home’s value, you can click this link to discover how much your house is worth.
Here’s what we’re seeing in our market today:
Buyers are becoming more active. We’re seeing more buyers reach out and begin the pre-approval process.
There are several programs available that can help buyers enter the market, and in some cases, sellers are offering concessions to help close deals. For example, some sellers are contributing toward buyer closing costs or agreeing to handle certain repairs.
These types of negotiations are becoming more common depending on the situation.
Some homes sell quickly while others sit. One interesting thing we’re seeing right now is that not every home follows the same timeline.
Some homes are selling within a weekend and receiving multiple offers. Others remain on the market for 30 or even 40 days.
When buyers see a home that has been sitting on the market for a long time, they often wonder if the issue is price or condition.
Currently, the average days on market is around 50 days. That means timing and strategy play a major role in how quickly a property sells.
When buyers notice a home that has been sitting on the market longer than expected, they often assume one of two things: the price might be too high, or the condition might not meet expectations. That perception can affect buyer interest and negotiation power.
Strategy matters whether you’re buying or selling. Because every listing and every buyer situation is different, having a strategy is important.
● For sellers, this means pricing the home correctly, presenting it well, and using effective marketing to attract buyers quickly. Days on market can work against a listing, which is why preparing the home and launching it properly can make a big difference.
● For buyers, strategy often depends on how long a home has been listed. For example, if a home has only been on the market for one day and multiple offers are expected, a buyer may need to submit a stronger offer to compete.
However, if a home has been sitting on the market longer, there may be opportunities to negotiate a lower price or request seller concessions.
We recently worked with a buyer who looked at 10 to 15 homes before returning to the first property they had seen. Because it was still available, they were able to negotiate both closing cost assistance and a lower purchase price.
Not every buyer enters the market with the same goals.
Some are first-time buyers using assistance programs. Others are purchasing their second home. Some buyers are looking to expand their investment portfolios with additional rental properties.
Each situation requires a different strategy to get the best outcome. That’s why understanding the market and having guidance through the process can make a big difference.
If you’re thinking about buying or selling, or if you’re simply curious about the value of your home, feel free to reach out to our team. Contact us at (505) 553-3408 or steven@nmhomedeals.com. We’re always happy to answer questions and help you explore your options.
You can also visit our website, NM Home Deals, to learn more about us.