Food for Buyer and Seller Thought

Posted by Jim Kimmons, Broker/Owner • May 5, 2009 • Printer-friendly

The Taos real estate market has a lot of unique characteristics, but it isn't immune to market reality. A short piece at Realtor.org speaks to the middle price range markets and how they aren't necessarily yielding bargains.

We have sellers holding the line on price, and buyers coming in thinking that they are going to capture the deal of the century simply because of the gloom and doom in the media. Taos isn't going to yield steal deals in the $300k through $1 million range, at least not now. If things begin to improve, we may have seen the extent of bargains.

However, there are a lot of sellers holding on price with listings that have been on the market between one and two years. It's unlikely that the current crop of buyers will find common ground with most of our seller group. Or, perhaps all of the government bailouts will not help and the situation will worsen. I wouldn't count on it, but maybe this summer, some low offers will lure sellers to capitulate.