Buyers Market: The opportunities for buyers continue to improve as motivated sellers are reducing their prices. There is a constant negative media drumbeat of a troubled economy, government stimulus bills pending, and job losses nationwide. The national news about the housing market does not inspire confidence, and buyers are in waiting, trying to guess when and where the market bottoms. Trying to “time” the real estate market it like trying to “time” the stock market (it’s really hard to do). By the time most people realize the bottom is here, it has already past and prices are on their way back up. 
Housing Affordability at Record High: The National Association of REALTORS carefully track housing and economic data and issue a periodic report on the housing market. A recent article titled: Pending Home Sales Down but Housing Affordability at Record suggest that the current Housing Affordability Index rose in January by 13 percentage points, which was a record high, and the most favorable index since tracking began in 1970.
Markets that have been hit the hardest such as Phoenix, Las Vegas, and Miami have seen price reductions of 40 per cent. A recent article in the Wall St. Journal online edition describes a great opportunity for many buyers who were previously priced out of these markets.
How much lower will the market go here in Lincoln County? I honestly cannot predict it. We are however, seeing some significant price reductions, and there are some great buys out there.
Contact me for price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.
