Well, we are still very much in a SELLER’S MARKET in Eldorado. At press time, there are only nine properties on the market out of the 2,700-plus homes here. There are 29 under contract. Inventory continues to be very low and properties prepared for sale are selling quickly, most experiencing multiple offers and selling for over the asking price.
One of the most compelling things to come out of this time is the number of buyers looking for property in Santa Fe and Eldorado. There are not enough available homes to satisfy the demand, which has resulted in record-breaking listing and sales prices. Buyers are having to compete and some are writing four and five offers on different Eldorado homes, and still do not have a property.
In a few instances, buyers are waiving the appraisal contingency – if they are getting a loan – and making up any difference in cash, which is agreed upon at the time of contract acceptance.
$540,000 average listing price – THE HIGHEST AVERAGE LISTING PRICE IN ELDORADO HISTORY!
$477,000 average sales price – THE HIGHEST AVERAGE SALES PRICE IN ELDORADO HISTORY!
That strategy helps them compete with cash buyers. It will take a few months for the data on recent sales to be reflected in the appraisal process.
Many buyers are buying sight-unseen with the help of the 3D videos and Facetime. For my own Eldorado listings, I have had multiple buyers not step into their new houses until well after closing.
If you are thinking of selling, it might be a good strategy to list now rather than later in order to leverage the current environment. One never knows when this bubble will burst.