It’s All About Supply and Demand in Housing

Posted by Jim Kimmons, Broker/Owner • May 1, 2008 • Printer-friendly

Taos real estate has enjoyed a sustained 10+ year run of steady price appreciation. I just posted about the current high inventory of homes listed, and it was interesting to see this post about national home prices come through my feed reader this morning.

True, the Taos real estate market doesn't track with the national averages, but the general information in Joe Ferrara's post is interesting and points out the fact that high inventories generally translate into lower prices. Vacation homes normally don't fall into the must-sell category, so Taos has held the line on pricing better than most areas of the country. However, the national housing economic woes do translate into fewer buyers.

Listing brokers should be doing CMAs (Comparative Market Analysis) for their seller clients regularly. If your home has been listed for six months, nine months or longer, get an updated CMA. Pay particular attention to the number of competitive homes in your price range and area now in relation to the last CMA.

photo credit: Krissi AKA Kiki