As I have mentioned before, there are a lot of potential home buyers on the sideline, looking for deals steals, and trying to gauge a market bottom. Nothing new with this strategy ( buying as low as possible ) especially in light of today’s uncertainty in the market.

The “experts” continue to weigh in, and I thought I would pass on a few points taken from today’s online article When home Prices Hit Bottom, over at CNNMoney.com .

1. If you are thinking of selling, you might want to wait due to high inventory & lower prices
2. Nationwide, home prices may hit bottom in late 2009, assuming government action works.
3. Recovery may be gradual. Prices may not return to 2006 levels for another decade.
4. Buyers need to think long term, take advantage of record low interest rates, and know thy market.

The Ruidoso area market is seeing signs of recovery, as buyers take advantage of the current market conditions (high inventory, motivated sellers and great interest rates).  In general, sellers in our market are not as desperate to sell and/or reduce prices, as in markets such as Phoenix, AZ  or Las Vegas, NV where foreclosures are common. The media reporting on these areas would lead one to believe that all sellers are distressed, and we may have a few sellers that are, but most sellers in our area will only accept offers that are reasonable.

It is important to remember that “real estate is local” and all buyers and sellers should follow their local market conditions, and weigh the factors necessary to make informed decisions.

I will continue to provide in depth analysis of specific areas within our market as well as historic data on local subdivisions.  If you would like information on an individual property or subdivision, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

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UPDATE: Aug 10, 2010 . See all Sonterra land and home listings here:

View Land Listings in Ranches of Sonterra click here

View Homes for Sale in Ranches of Sonterra – click here

The Ranches of Sonterra is one of the primary subdivisions, in the Ruidoso area for those who are looking for a nice home on acreage.  The minimum lot size in this subdivision is 5 acres and horses are allowed.  The terrain is rolling hills, great views and a beautiful river valley. For more background information on Ranches of Sonterra,  see this previous article and this site.

Twenty three homes are currently listed, and many of these have had price reductions of 10% to 20% over the last several months.

Current listings range in price from $225,000 to $979,000.  The average list price is $608,419, and the median is $585,000.  The average price per square foot is $195 and the median is $203.  The median days on the market for these listings 169 days.

Given these factors, and the current real estate market, buyers will likely find excellent value in one of Lincoln County’s most popular subdivisions.  In my opinion, one of the best values in Ranches of Sonterra at this time is a brand new 2750 square foot, single level, southwestern style home on 5 acres that is priced at just $187 per square foot ($499,000 list price).  This home features radiant floor heating, stamped concrete floors, 2 stacked rock fire places, 3 bdrms, 2 baths, plus an office. Click here to view more information on this property

I’ll be posting future updates on market conditions in Ranches of Sonterra, along with other areas, so check back often.

If you would like to receive a list of all properties for sale in Ranches of Sontera, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

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Google Map:   The Ranches of Sonterra & The Spencer Theater location
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