Thought you might enjoy a brief overview of each of the main contender's outlook for real estate and related issues after "they become President." I do not endorse or support any candidate or party in this posting.
This information is taken in part from data at Realtor.org
DEMOCRAT Top Three:
Clinton: Would provide about a Billion to US States. This is targeted to help borrowers avoid foreclosure. Suggests another Billion to help state and local governments with affordable housing trust funds. Would ask Congress to authorize a tax credit helping uninsured households obtain health coverage.
Obama: Would strengthen detection of and punishment of mortgage fraud. Create a new office of Urban Policy to improve delivery of federal funds to urban areas. Would ensure health insurance carriers would make affordable options available to households.
Edwards: Would create fund to help troubled home owners renegotiate subprime loan terms. Proposes moving subsidized renters out of concentrated housing areas by expanding tenant based vouchers. Would require employers to either offer health insurance or help employees buy it on their own.
Search the MLS database of Silver City area properties
REPUBLICAN Four:
Giuliani: Would make Bush's tax cuts permanent and keep marginal tax rates low. Would index alternative minimum tax rates for inflation. Would abolish the estate tax and create tax savings accounts.
McCain: Would enact legislation prohibiting government from taking property for "economic development." Would appoint judges who take a strict constructionist view of private property rights. Would balance the Federal Budget.
Romney: Will propose ZERO taxes on investment for households earning under $200K. Would eliminate high deductibles in health savings accounts. Would provide federal incentives to states to reform their health insurance markets.
Thompson: Would better educate the public, and offer more and better insurance choices. Would dissolve the IRS in it's present form, and create a new tax code based on simplicity, fairness, and economic growth.
The Silver City real estate market is showing signs of the normal Holiday swoon. Realtors polled say they are still getting calls and showings, but snow and Christmas always have some effect, and we are feeling it as expected. This is the time of year for families, friends, and the right spirit.
For those who wish to hunt for your dream property during this time of year, many of us will be available during the Holiday Season. I will be working much of the Holiday Season, and will be happy to help you in your real estate searching. Call 800-368-5632 #17 or contact me through the blog... Merry Christmas and Happy New Year ----aarcher--->
Wednesday, December 12, 2007
Tuesday, October 16, 2007
10 Tips for First Time Home Buyers
A few tips for first time Home Buiyers courtesy of the National Association of Realtors (NAR). The suggestions from these NAR handouts will help Buyers prepare for making that first home purchase..
10 Tips for First-Time Home Buyers:
1. Be picky, but don’t be unrealistic. There is no perfect home.
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and your closing costs
4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.
5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
Search the MLS database of Silver City area properties
6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as type of mortgage terms that suit you best.
8. Don’t let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
9. Don’t be naïve. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.
10. Get help. Consider hiring a REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
10 Tips for First-Time Home Buyers:
1. Be picky, but don’t be unrealistic. There is no perfect home.
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and your closing costs
4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.
5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
Search the MLS database of Silver City area properties
6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as type of mortgage terms that suit you best.
8. Don’t let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
9. Don’t be naïve. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.
10. Get help. Consider hiring a REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
Tuesday, September 18, 2007
Selling Tips
Hi. I hope this finds you well. We are alive and well in Silver City. It's always nice - near paradise.
A few Selling tips courtesy of the National Association of Realtors (NAR). The suggestions from these NAR handouts will help Sellers prepare their homes for market. It's pretty straightforward stuff, but you would be surprised at how lax many Sellers are in doing what would seem to most of us to be normal preparation.
Don't let the Days on Market (DOM) get too high before considering reducing your asking price. And if your house is listed now, but it seems that you are not getting any action from potential buyers, take action. - Call your Realtor and discuss if price is the problem and if so what price will get the job done. Don't wait for your Realtor to bring it up before discussing price reduction.
L8TR ---Archer---->
Sellers and Buyers! Not Happy with the agent you are working with? Maybe it's time to at least consider making a change. Contact a local professional that understands tough markets - a Realtor who is used to getting results.
A few Selling tips courtesy of the National Association of Realtors (NAR). The suggestions from these NAR handouts will help Sellers prepare their homes for market. It's pretty straightforward stuff, but you would be surprised at how lax many Sellers are in doing what would seem to most of us to be normal preparation.
10 Ways to Make Your House More Salable 1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage. 2. Wash your windows and screens to let more light into the interior. 3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for. 4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows. 5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs. 6. Make minor repairs that can create a bad impression. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well maintained. 7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway. 8. Patch holes in your driveway and reapply sealant, if applicable. 9. Clean your gutters. 10. Polish your front doorknob and door numbers. Search all Silver City New Mexico area Properties The following suggestions when followed will make selling your home an easier and quicker process. 5 Ways to Speed Up Your Sale 1. Price it right. Set a price at the lower end of your property’s realistic price range. 2. Get your house market ready for at least two weeks before you begin showing it. 3. Be flexible about showings. It’s often disruptive to have a house ready to show on the spur of the moment, but the more often someone can see your home, the sooner you’ll find a seller. 4. Be ready for the offers. Decide in advance what price and terms you’ll find acceptable. 5. Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, be prepared to lower your asking price. |
Don't let the Days on Market (DOM) get too high before considering reducing your asking price. And if your house is listed now, but it seems that you are not getting any action from potential buyers, take action. - Call your Realtor and discuss if price is the problem and if so what price will get the job done. Don't wait for your Realtor to bring it up before discussing price reduction.
L8TR ---Archer---->
Sellers and Buyers! Not Happy with the agent you are working with? Maybe it's time to at least consider making a change. Contact a local professional that understands tough markets - a Realtor who is used to getting results.
Sunday, September 9, 2007
Seller's Biggest Mistake
Home Sellers' Biggest Mistake*
Homes hold treasured memories. It's common for sellers to be emotional about selling their home. Some are overcome by seller's remorse before the ink is dry, and some openly cry.
However, there are many sellers weeping for a different
reason. They sob because they can't sell their home.
The Home Pricing Mistake
By far, the worst home selling mistake a seller can make is putting the wrong price tag on a home. If the home is priced too high, buyers won't look at it. If it's priced too low, sellers give away possible profits.
Pricing a home to sell is a bit math and and a bit science. It is also an art. A big part of determining the fair market value of a property is based on a comparable sales model. Recent comparable sales as well as the home's location, lot size, and condition are key factors that must be considered in pricing. Comparative Market Analysis (CMA) also include status of general market condition and health, current and projected inventory, and the size of the pool of buyers looking at your property type. The CMA process of determining a fair market value for selling your home is NOT an emotional process.
I feel this is worth restating.
If a property seems way overpriced (using the CMA model), buyers who like/want to buy your property might submit low ball offers based upon their (or their agent's) view of what is a fair market value. This can and does (too often) kill any chance at further negotiation, resulting in an immediate offer rejection. Extremely low offers (vs. the listing price being asked anyway) tend to infuriate even insult some sellers regardless of whether their price was spot on or not.
IMO - An agent that allows a seller to list at an unrealistic and unreasonably overinflated listing price, without explaining the potential downsides of doing so, is perhaps putting his own interests first before his customer's interest. Stories of agents deliberately overstating the value of a home or agreeing to list at an owner's overinflated valuation just to get the listing agreement signed are numerous. The bottom line is when sellers list unreasonably high, they lose competitive edge early on as a "new" listing, and then lose again later when forced to reduce the price - now as a very well seasoned listing. It's a fact that sellers who "test the market" or who fear "leaving money on the table" can get stung.
It is far better to under price than overprice a home for sale because if GETTING IT SOLD is your short term need and goal, at least it can happen. Seriously underpricing is not usually a problem as most sellers and agents naturally tend towards the upper range of reasonable when setting listing price. Statistics have shown that listing only 3% below fair market value gets improved showings and reduction in days to closing. Not suggested here, but listing at 10% below fair market value gets much quicker time frames and smoother closings overall. (There is a pool of investors who have cash or financing in place, and these value investors get interested in all kinds of property when instant equity +10% is possible).
The RUB - So how do I price my home so that it will get shown (and ultimately sold) without leaving money on the table?
Your best bet is to have an (unbiased) appraisal done. In NM you must be specifically licensed to do an appraisal, and therefore the data they provide has legal weight. As an option to spending the $$$ that a licensed appraiser charges for services, a close second is to contact a Realtor who will provide you with hard data in CMA form. Many of us, as Realtors, routinely provide CMAs at no charge to prospective sellers. Your better and more responsible agents always look at the market data BEFORE agreeing to list at your desired price. You may be right on with your property valuation, but I think market analysis (even informally presented) is an important and necessary part of the listing process.
What is my house worth in today's market?
Do I choose the agent who says he can get me the highest price or agrees to use the price I want to ask - without first doing research on comparable sales and competing listings?
NO! Especially not if the agent you are interviewing suggests listing high and mentions you can always reduce the price later on. You might want to question how experienced and in the know he/she is. Don't get stung by dreams and stories with unreasonable expectations.
When reason fails and we are having a difficult time separating the facts from the emotions we feel, we can always trust the numbers to keep us honest. You know what it feels like it is worth to you, you know what you paid for it and what you put into it, and when your value meets common ground (similarly priced) with the CMA data, you can say that you have a real handle on the market. A this point. you are not leaving money on the table, and you have given your home a good chance at being sold in the shortest time frame. L8TR ---Archer---->
However, there are many sellers weeping for a different
reason. They sob because they can't sell their home.
The Home Pricing Mistake
By far, the worst home selling mistake a seller can make is putting the wrong price tag on a home. If the home is priced too high, buyers won't look at it. If it's priced too low, sellers give away possible profits.
Pricing a home to sell is a bit math and and a bit science. It is also an art. A big part of determining the fair market value of a property is based on a comparable sales model. Recent comparable sales as well as the home's location, lot size, and condition are key factors that must be considered in pricing. Comparative Market Analysis (CMA) also include status of general market condition and health, current and projected inventory, and the size of the pool of buyers looking at your property type. The CMA process of determining a fair market value for selling your home is NOT an emotional process.
I feel this is worth restating.
The process of determining fair market value for your home does not include any kind of emotional input.
If a property seems way overpriced (using the CMA model), buyers who like/want to buy your property might submit low ball offers based upon their (or their agent's) view of what is a fair market value. This can and does (too often) kill any chance at further negotiation, resulting in an immediate offer rejection. Extremely low offers (vs. the listing price being asked anyway) tend to infuriate even insult some sellers regardless of whether their price was spot on or not.
IMO - An agent that allows a seller to list at an unrealistic and unreasonably overinflated listing price, without explaining the potential downsides of doing so, is perhaps putting his own interests first before his customer's interest. Stories of agents deliberately overstating the value of a home or agreeing to list at an owner's overinflated valuation just to get the listing agreement signed are numerous. The bottom line is when sellers list unreasonably high, they lose competitive edge early on as a "new" listing, and then lose again later when forced to reduce the price - now as a very well seasoned listing. It's a fact that sellers who "test the market" or who fear "leaving money on the table" can get stung.
It is far better to under price than overprice a home for sale because if GETTING IT SOLD is your short term need and goal, at least it can happen. Seriously underpricing is not usually a problem as most sellers and agents naturally tend towards the upper range of reasonable when setting listing price. Statistics have shown that listing only 3% below fair market value gets improved showings and reduction in days to closing. Not suggested here, but listing at 10% below fair market value gets much quicker time frames and smoother closings overall. (There is a pool of investors who have cash or financing in place, and these value investors get interested in all kinds of property when instant equity +10% is possible).
The RUB - So how do I price my home so that it will get shown (and ultimately sold) without leaving money on the table?
Your best bet is to have an (unbiased) appraisal done. In NM you must be specifically licensed to do an appraisal, and therefore the data they provide has legal weight. As an option to spending the $$$ that a licensed appraiser charges for services, a close second is to contact a Realtor who will provide you with hard data in CMA form. Many of us, as Realtors, routinely provide CMAs at no charge to prospective sellers. Your better and more responsible agents always look at the market data BEFORE agreeing to list at your desired price. You may be right on with your property valuation, but I think market analysis (even informally presented) is an important and necessary part of the listing process.
What is my house worth in today's market?
Visit Archer's Dream Home New Mexico
Use the online form to request your free CMA (Seller's Market Analysis).
Do I choose the agent who says he can get me the highest price or agrees to use the price I want to ask - without first doing research on comparable sales and competing listings?
NO! Especially not if the agent you are interviewing suggests listing high and mentions you can always reduce the price later on. You might want to question how experienced and in the know he/she is. Don't get stung by dreams and stories with unreasonable expectations.
When reason fails and we are having a difficult time separating the facts from the emotions we feel, we can always trust the numbers to keep us honest. You know what it feels like it is worth to you, you know what you paid for it and what you put into it, and when your value meets common ground (similarly priced) with the CMA data, you can say that you have a real handle on the market. A this point. you are not leaving money on the table, and you have given your home a good chance at being sold in the shortest time frame. L8TR ---Archer---->
*A Close Runner Up in the voting for the Seller's Biggest Mistake was in choosing the wrong Realtor. IMO - This is the biggest mistake that either Sellers or Buyers can make. Whether buying or selling property, it is important to work with an experienced professional who you are comfortable with and who understands the market conditions for the type of property with which you are involved. He must understand and proceed based upon your motives -not the other way around.
Friday, August 31, 2007
Bush on Subprime - FHA - Evaluates Market
8-31-2007 9:15 AM MTN
Subprime lending would be lending to someone with little or no credit. If coupled with low equity, this can be a formula for a loan disaster.
Mortgage disturbances are modest.
Claims the markets are in transition and are repricing risk.
The economy is strong enough to withstand turbulence.
The widespread availability of mortgages has been a positive for the nation.
Admittedly there have been Excesses in Mortgage lending (particularly the subprime sector)
Home owners took out loans they couldn’t afford to pay back.
New FHA Programs will allow troubled homeowners who have maintained good credit refinancing options that will offer relief from current mortgage strain.
However, It is not the government’s job to bail out speculators or borrowers who bought homes they couldn’t afford
Action - Asking congress for tax code change to help troubled homeowners.
Tax code with better disclosure by lenders to be required. Better and detailed disclosure by lenders of the fees being charged (a less confusing verbage that is easily understood would be required).
Tax code to impose control and better assure (I assume tougher qualification standards?) that people who cannot pay the mortgages will be prohibited from getting them (a grey area here if done by legislation?).
L8TR ----Archer----->
Wednesday, August 29, 2007
Good News for Buyer's and Seller's. NAR President Comments
National Association of Realtors President: A Good Time to Buy
“For buyers able to qualify for conventional financing, there are ample opportunities in the current market,” says NAR President Pat V. Combs.
“Availability and pricing of conventional loans are reasonable, and FHA-insured mortgage applications have been rising as low- and moderate-income buyers seek alternatives to subprime loans.”
“If buyers are in it for the long haul, now can be a good time to get into your home.”
My take on this.
Good news for potential Buyers. If you and your agent take the time to do some homework and eliminate the few blue sky priced listings that not only press the top of reasonable price, but appear considerably out of line with fair market prices, you will be able to find suitable properties of the basic style and type that you are looking for - that are priced fairly - and that provides the kinds of potential to more than just meet your needs.
It is important to work with an agent who is concerned with finding a property which meets your needs and at a price which market data will support as fair and reasonable. I also would expect my agent to be somewhat concerned about being paid for the work that he/she does. (? What?)
(If he didn't care about getting the paycheck - Well now that would concern me for multiple reasons)..
However if I am buying property, I would expect and hope my agent is more concerned about finding the right property at the right price, than have him concerned with how large the eventual paycheck he gets will be. The amount on the stub is usually determined by the final buying/selling price.
Good news for Silver City Sellers. The well conditioned home in decent location when listed at a reasonable - fair market value will get offers to purchase, and in a reasonably normal time frame. The market in Silver City still seems pretty good IMO.
In a really weak market (which thankfully we in Silver have mostly been spared from feeling the sting of) even the "real deal" homes often take considerably more than average time to sell if they sell at all. Buyer’s in every region are tending to become more wary due to the unknowns of questionable and volatile markets as portrayed nightly in the national news..
In our current Silver City market, when Sellers enlist the help of competent representation, and price their homes so they will get seen (you gotta have showings to sell it), they will get offers and their homes will sell. Patience always required as a caveat.
Rule of thumb worth remembering - unless there is an environmental issue or an obsolete feature that just can't be overcome, there is one main reason why a home does not get shown or sold. You guessed it. The Price is set too high...
Search the Silver City MLS Database
July 2007 Housing Statistics
Regional Sales for Existing Home Sales
- West: rose 1.8 percent in July to an annual pace of 1.12 million, but are 15.2 percent below a year ago. Median price: $349,400, up 0.9 percent from July 2006.
- Northeast: increased 1 percent to a level of 1.02 million in July, but are 2.9 percent lower than July 2006. Median price: $290,900, up 5.9 percent from a year ago.
- South: unchanged at an annual rate of 2.26 million in July, but are 10.7 percent below a year ago. Median price: $186,300, down 3.2 percent from July 2006.
The national median existing-home price for all housing types was $228,900 in July, down 0.6 percent from July 2006 when the median was $230,200 — the highest monthly price on record.
The median is a typical market price where half of the homes sold for more and half sold for less.
Total housing inventory rose 5.1 percent at the end of June to 4.59 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace.
That number is up from an upwardly revised 9.1-month supply in June.
The national average commitment rate for a 30 year, conventional, fixed-rate mortgage was 6.7 percent in July, up from 6.66 percent in June, according to Freddie Mac.
The rate was 6.76 percent in July 2006.
Last week, Freddie Mac reported the 30-year fixed rate dropped to 6.52 percent.
Overall, single-family home sales dipped 0.4 percent to a seasonally adjusted annual rate of 5 million in July from an upwardly revised level of 5.02 million in June. Those numbers are 9.3 percent below the year-ago pace of 5.51 million units. The median existing single-family home price was $228,600 in July, down 1 percent from July 2006.
Sellers get a free market analysis of your home with no obligations.
Be sure to bookmark this page before following external links
Be sure to bookmark this page before following external links
As you would expect in data using such large geographic regions as base, there are localized hot and cold areas in each region. Some local area sales were hit hard - while others have held ground mostly neutral to slightly negative – with others actually seeing improved markets. These localized hot and cold spots can be very small as in community sized like ours or can be large and extend across the county (or multiple counties) in some cases...
Judging the Silver City real estate market from the floor calls we take and from the stats we see, it appears that interest in the area remains good, and sales in this area remain pretty solid as well –
(SIDEBAR - ok I admit this is not the fantastic market we enjoyed late 2005 and most all of 2006 - but it's decent all the same - and realize that the 05-06 period was very good, well above the normal)
- but it’s been solid in the way that sales are regular/steady in occurrence, and it seems that the actual SOLD prices are higher than what might be expected in what the talking heads call a soft market. We know from the current total listing count and from the sold property data that just as there are plentiful willing Sellers to be found, it's pretty obvious that there are decent numbers of willing and able Buyers out there as well.
SIDEBAR-Things in our market are "ok" for now. However, the folks with high risk low equity mortgages and the folks holding their funny money paper have yet to see how this reported national crises will play out. No one can say for certain how the rash of EZ to get, low/no equity loan programs, you know, the Everyone Who Wants One Gets One home and home equity loan campaign from the last couple of years will play out for us locally. But I am certain that foreclosures will be on the rise.
High foreclosure rates mean that Real Estate Angels (REA) may be needed on scene (a topic for a future article perhaps?) with the expected increasing foreclosure rates looming. The REA that I work with are in good position and seem to still have a bit of miracle money to share.
It appears that there will be more inventory made available for Buyers down the road - Possibly the result of the "subprime meltdown" and latest national mortgage lender crunch. Owners of modest and lower priced homes are believed will be hardest hit by the foreclosure process, but there may be some very pricey lessons learned at the highest dollar home value level in a few special major markets.
Sellers in the Silver area can and should keep heart and faith that we will continue to dodge the bad real estate scenarios here.
Buyers get ready. Serious Buyers may want to check their finances and confirm the credit report is clean - to be sure the powder is dry and ready for use.Value properties still show up regularly in the MLS. The value deals do go pretty quickly however, and you or your Realtor have to be paying attention and watching the market every day.
TIP - Even if you know 100% you will get a loan, it usually pays to get pre-qualified at the bank you plan to use. Getting pre-qualified is a simple process, and usually only requires a few minutes. A PQ letter from the bank adds weight to your offer. Be ready to act, and good luck...
TIP. Search! Compare! Evaluate!
FREE MLS Database Search Engine
The folks who are investing now take a bit of risk, but it is a (hopefully) calculated, reasonably low risk with potentially awesome returns following the next boom in consumer confidence. I believe we (USA) will come through the nation's financial messes ok especially in the longer term view, but how long it will take to wash out the crap (it is deep) and how much pain we will feel as a nation before the washing is over, no one can say.
Those responsible in the subprime lender organizations for abuses and lending policies now gone bad will hopefully get their heads handed to them. (At least have the keys to their house and their Mercedes taken away). We've got to also get a handle on the mounting national debt. How many trillions before we look at changing direction? That's another story.
Most of us accept there will be some pain ahead - but it will remain mostly localized. Better days straight ahead for Silver City? Will there be a curve before the straightaway? Stay safe with Silver...
L8TR ... ----Archer----->
Wednesday, August 15, 2007
About Silver City - Just the Faqs 1
Good morning everyone. The following facts are presented in random order. I borrowed the faqs and data from various in print and online resources. I hope that you find some of this information useful to you.
Population about 10,550. Grant County population is about 30,000. Next head count will be out late this year (or early 2008), but population indicators like building permits and gross receipts tax records suggest the County population is increasing.
Location foothills of the Pinos Altos Range next to the Gila National Forest
Elevation about 5900 ft. Altitudes in the County range from 4,000 above sea level in the high desert at the southern end of the county to mountains touching 10,000 feet to the north.
Town established 1870 as a mining town
Ranching became a follow up industry to mining, and both mining and ranching interests remain active.
Silver City is the county seat for Grant County
Other incorporated communities in Grant County include Bayard, Hurley, Santa Clara, Mimbres, Tyrone, Cliff, and Gila.
Climate - "Four gentle seasons" is the accepted and often advertised slogan.
January averages lows in the 20's and highs in the low 50's. Summer temps may hit high 90's but high 80's is more the norm. Summer nights can be cool and wonderful for sleeping (thanks to the very low humidity level). Spring is generally moderate but can be windy at times. Fall weather is just all around "nice" and one of our favorite times of year.
Rainfall - averages 14.9 inches annually. A good % of our annual rainfall occurs during the monsoon season late July and August. April May and June are the dry months and record the lowest rainfall amounts.
Sunshine - 330 days average per year. This part of the country is rated at the top for solar generation capabilities, and is rarely surpassed elsewhere.
Cost of Living - Many items are slightly more expensive here than in larger metropolitan areas. We are off the beaten path a bit, and this can be reflected in things like food and gas. We are almost 50 miles from the nearest interstate.
The unit cost for electricity and natural gas may be slightly higher here as well, but this is offset by the reduced need for heating due to the sunshine and mild climate which we are blessed with. Homeowners often comfortably rely on cost savings evaporative cooling vs. energy draining refrigerated air.
Health and Medical - Our communities are full of resources for a happy and successful life, including world-class health care at Gila Regional Medical Center. Alternative medicine and health care options are many and varied.
Taxes - State Income Tax ranges from 3% to 8% of your Federal taxable income. Gross receipts taxes are also in effect and average about 7.125%. Property taxes are stated as reasonable, but in my opinion, property taxes in Silver City are darn cheap when compared to almost any region.
Entertainment and The Arts - Led by the Mimbres Region Arts Council, a local non profit corporation, Silver City boasts an active arts community. One of my favorite events is the Blues Festival, a three day event, which is held outdoors in Gough Park over Memorial Day weekend. There are some 30 art galleries in town with most located in the downtown and historic district.
Kudos and Articles in Print -
* "Where to buy a cabin: The West’s most popular places to find your second home" — Sunset Magazine, August 2006
*Selection to "The 100 Best Small Towns in America" list.
*Also listed in "The 50 Healthiest Places to Live and Retire in The US" the key factor for selection was the extent that the town provided facilities and support for a low risk, healthy life style.
*Modern Maturity listed Silver City as one of it's Top Ten Small Towns in the USA citing climate, location, and friendliness.
*"The Real New Mexico Experience." — New York Times, January 13, 2006
"People who live in Silver City like to say that their town of 10,000 offers 'the real New Mexico experience.
*"From mining bust to tourist boom, Silver City celebrates 20 years of New Mexico MainStreet" " ... As New Mexico’s longest-running MainStreet community, today’s Silver City is a colorful, bustling burgh that Outside magazine declared one of its 20 “Dream Towns.”
*"Top Public Hunting Areas" — Outdoor Life Magazine; September 2005. "Top Public Hunting Areas: The Gila and Cibola national forests of Catron and Grant counties (as well as the adjacent Apache-Sitgreaves national forest in Arizona) are legendary for large mule deer.
*"A Mountain Hideaway in the Land of Enchantment" — SW Aviator Magazine; January 2005.
* "One of the 20 Dream Towns" — Outside Magazine; August 2004.
* "A Treasure of a Town" — Arizona Star Newspaper; January 2004.
* "Best of the West Mining Town" — True West Magazine; 2003.
* "Making Your Move to One of America's Best Small Towns " — Norman Crampton; 2003.
* "Best American Cities You've Never Heard Of " — Cowboys and Indians Magazine; May 1999.
* "Hundred Best Small Art Towns in America " — John Villani.
* "USA's Dozen Distinctive Destinations - 2002 " — National Trust for Historic Preservation; 2002.
* "50 Healthiest Places to Live and Retire in the United States " — Norman D. Ford.
* "50 Best Places to Live" — Modern Maturity Magazine; June 2000.
* "100 Best Small Towns in America" — Norman Crampton
* "Outstanding Community of 2000 and Top Place in the USA to Retire" — Searchers.
* "One of 11 Top Retirement Spots" — Kiplinger Magazine
The People - Maybe the best part and my favorite feature and interest in the area. A truly special blend of people and personalities call Silver their home. In addition to waning numbers of the ranchers and miners mentioned earlier, there are artists, retired executives, environmentalists, cowboys, native American's, and a few hippie's in the mix.
Airport Service and Mileages - Commuter air is available to Albuquerque with a twice a day schedule. Drive to Albuquerque in about 5 hours. Las Cruces is about 2 hours away, Tucson about 3 hours, and El Paso International is about 3 hours drive away. Not too close but close enough for most.
I'll be posting more faqs as time passes. As always, I hope that you enjoy the information, and that you will visit us often. Please provide comments or feedback. It is appreciated. ----archer----->
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Search the Silver City MLS Database
www.dreamhomenewmexico.com
www.dreamhomenewmexico.com
Population about 10,550. Grant County population is about 30,000. Next head count will be out late this year (or early 2008), but population indicators like building permits and gross receipts tax records suggest the County population is increasing.
Location foothills of the Pinos Altos Range next to the Gila National Forest
Elevation about 5900 ft. Altitudes in the County range from 4,000 above sea level in the high desert at the southern end of the county to mountains touching 10,000 feet to the north.
Town established 1870 as a mining town
Ranching became a follow up industry to mining, and both mining and ranching interests remain active.
Silver City is the county seat for Grant County
Other incorporated communities in Grant County include Bayard, Hurley, Santa Clara, Mimbres, Tyrone, Cliff, and Gila.
Climate - "Four gentle seasons" is the accepted and often advertised slogan.
January averages lows in the 20's and highs in the low 50's. Summer temps may hit high 90's but high 80's is more the norm. Summer nights can be cool and wonderful for sleeping (thanks to the very low humidity level). Spring is generally moderate but can be windy at times. Fall weather is just all around "nice" and one of our favorite times of year.
Rainfall - averages 14.9 inches annually. A good % of our annual rainfall occurs during the monsoon season late July and August. April May and June are the dry months and record the lowest rainfall amounts.
Sunshine - 330 days average per year. This part of the country is rated at the top for solar generation capabilities, and is rarely surpassed elsewhere.
Cost of Living - Many items are slightly more expensive here than in larger metropolitan areas. We are off the beaten path a bit, and this can be reflected in things like food and gas. We are almost 50 miles from the nearest interstate.
The unit cost for electricity and natural gas may be slightly higher here as well, but this is offset by the reduced need for heating due to the sunshine and mild climate which we are blessed with. Homeowners often comfortably rely on cost savings evaporative cooling vs. energy draining refrigerated air.
Health and Medical - Our communities are full of resources for a happy and successful life, including world-class health care at Gila Regional Medical Center. Alternative medicine and health care options are many and varied.
Taxes - State Income Tax ranges from 3% to 8% of your Federal taxable income. Gross receipts taxes are also in effect and average about 7.125%. Property taxes are stated as reasonable, but in my opinion, property taxes in Silver City are darn cheap when compared to almost any region.
Entertainment and The Arts - Led by the Mimbres Region Arts Council, a local non profit corporation, Silver City boasts an active arts community. One of my favorite events is the Blues Festival, a three day event, which is held outdoors in Gough Park over Memorial Day weekend. There are some 30 art galleries in town with most located in the downtown and historic district.
Sellers get a free market analysis of your home with no obligations.
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Free Mortgage calculator for Buyers - what will my payments be if:................
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Free Mortgage calculator for Buyers - what will my payments be if:................
Kudos and Articles in Print -
* "Where to buy a cabin: The West’s most popular places to find your second home" — Sunset Magazine, August 2006
*Selection to "The 100 Best Small Towns in America" list.
*Also listed in "The 50 Healthiest Places to Live and Retire in The US" the key factor for selection was the extent that the town provided facilities and support for a low risk, healthy life style.
*Modern Maturity listed Silver City as one of it's Top Ten Small Towns in the USA citing climate, location, and friendliness.
*"The Real New Mexico Experience." — New York Times, January 13, 2006
"People who live in Silver City like to say that their town of 10,000 offers 'the real New Mexico experience.
*"From mining bust to tourist boom, Silver City celebrates 20 years of New Mexico MainStreet" " ... As New Mexico’s longest-running MainStreet community, today’s Silver City is a colorful, bustling burgh that Outside magazine declared one of its 20 “Dream Towns.”
*"Top Public Hunting Areas" — Outdoor Life Magazine; September 2005. "Top Public Hunting Areas: The Gila and Cibola national forests of Catron and Grant counties (as well as the adjacent Apache-Sitgreaves national forest in Arizona) are legendary for large mule deer.
*"A Mountain Hideaway in the Land of Enchantment" — SW Aviator Magazine; January 2005.
* "One of the 20 Dream Towns" — Outside Magazine; August 2004.
* "A Treasure of a Town" — Arizona Star Newspaper; January 2004.
* "Best of the West Mining Town" — True West Magazine; 2003.
* "Making Your Move to One of America's Best Small Towns " — Norman Crampton; 2003.
* "Best American Cities You've Never Heard Of " — Cowboys and Indians Magazine; May 1999.
* "Hundred Best Small Art Towns in America " — John Villani.
* "USA's Dozen Distinctive Destinations - 2002 " — National Trust for Historic Preservation; 2002.
* "50 Healthiest Places to Live and Retire in the United States " — Norman D. Ford.
* "50 Best Places to Live" — Modern Maturity Magazine; June 2000.
* "100 Best Small Towns in America" — Norman Crampton
* "Outstanding Community of 2000 and Top Place in the USA to Retire" — Searchers.
* "One of 11 Top Retirement Spots" — Kiplinger Magazine
The People - Maybe the best part and my favorite feature and interest in the area. A truly special blend of people and personalities call Silver their home. In addition to waning numbers of the ranchers and miners mentioned earlier, there are artists, retired executives, environmentalists, cowboys, native American's, and a few hippie's in the mix.
Airport Service and Mileages - Commuter air is available to Albuquerque with a twice a day schedule. Drive to Albuquerque in about 5 hours. Las Cruces is about 2 hours away, Tucson about 3 hours, and El Paso International is about 3 hours drive away. Not too close but close enough for most.
I'll be posting more faqs as time passes. As always, I hope that you enjoy the information, and that you will visit us often. Please provide comments or feedback. It is appreciated. ----archer----->
Post a question or a comment about this column.
Thursday, August 9, 2007
New Mexico Single Family Home Sales Q1 2006 vs Q1 2007
Thought you might find the sales data comparing NM single family home sales from First Quarter 2007 vs. First Quarter 2006 interesting. This is broken down by market areas. Silver City sales data comparison is particularly interesting.
Stats taken from local RE Boards / Associations / MLS Databases / Publications
Sales of NM Single Family Homes in the first Quarter of 2007 was off by 12.65% over the first quarter of 2006 (2006 was generally a very good sales year by any standard). The average selling price per home actually increased by 4%. This implies that there are still a lot of folks who are investing their cash and their hearts in our state. Although a 4% increase is below the traditional average increase that you might expect with real estate, it suggests a healthy situation with Buyer interest remaining stable.
Silver City data is some of the more interesting data found, and on the surface might be a bit misleading. Silver City area sales showed a pull back in sales of nearly 30% in the first quarter. However average selling price remained a constant - with virtually no reduction in average SOLD price. This can be partially attributed to the previously mentioned "very good" 2006 sales data which we are comparing to. The fact that there was a substantial reduction in total units SOLD but with prices virtually unchanged would seem to imply that a reasonably strong market exists in the area. Generally housing prices follow the numbers of total units listed and numbers of total units sold. If this held true for Silver City and if the market was truly in decline and taking a beating, prices would follow suit and drift downward to reflect a decline in interest. We haven't seen it happening here.
Personal overview and opinion of the local market: Homes that are priced well for condition and area are selling in a close to normal and a reasonable time frame. The fact that discounting from listed price remains minimal also shows strength in our market. The overall softening seen in the US market seems to be mostly localized with some areas in the USA showing little to no effect while others are in hurtin' mode for sure. New Mexico and Silver City remain (for the time being anyway) relatively untouched by the meltdown in subprime loan issues and general market trends seen in other more volatile markets...
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| | First Quarter 2006 | First Quarter 2007 | Percentage Change | |||
| AREA | Units | Average Sales Price | Units | Average Sales Price | Units | Average Sales Price |
| | 2701 | $214,873 | 2367 | $236,098 | -12.37% | 10% |
| Angel Fire | 7 | $374,200 | 3 | $260,833 | -57.14% | -30% |
| Artesia | 29 | $92,829 | 41 | $115,829 | 41.38% | 25% |
| | 73 | $108,586 | 85 | $128,565 | 16.44% | 18% |
| | 169 | $115,402 | 127 | $119,568 | -24.85 | 4% |
| Deming | 56 | $112,209 | 41 | $110,061 | -26.79% | -2% |
| | 22 | $183,059 | 34 | $174,866 | 54.55% | -4% |
| Grants | 5 | $136,483 | 5 | $106,119 | 0% | -22% |
| | 72 | $109,380 | 58 | $136,877 | -19.94% | 25% |
| | 437 | $208,589 | 405 | $241,242 | -7.32% | 16% |
| | 40 | $102,927 | 24 | $133,555 | -40% | 30% |
| Otero Co | 228 | $137,769 | 183 | $140,455 | -19.74% | 2% |
| | 153 | $113,814 | 146 | $117,351 | -4.58% | 3% |
| San Juan Co | 212 | $188,657 | 225 | $200,297 | 6.13% | 6% |
| | 421 | $488,591 | 318 | $551,706 | -24.27 | 13% |
| Sierra Co | 33 | $125,428 | 24 | $$141,950 | -24.47 | 13% |
| | 93 | $189,929 | 66 | $189,981 | -29.03% | 0% |
| | 103 | $317,283 | 88 | $359,875 | -14.56% | 13% |
| TOTALS | 4854 | $174,737 | 4240 | $182,380 | -12.65% | 4% |
Sales of NM Single Family Homes in the first Quarter of 2007 was off by 12.65% over the first quarter of 2006 (2006 was generally a very good sales year by any standard). The average selling price per home actually increased by 4%. This implies that there are still a lot of folks who are investing their cash and their hearts in our state. Although a 4% increase is below the traditional average increase that you might expect with real estate, it suggests a healthy situation with Buyer interest remaining stable.
Silver City data is some of the more interesting data found, and on the surface might be a bit misleading. Silver City area sales showed a pull back in sales of nearly 30% in the first quarter. However average selling price remained a constant - with virtually no reduction in average SOLD price. This can be partially attributed to the previously mentioned "very good" 2006 sales data which we are comparing to. The fact that there was a substantial reduction in total units SOLD but with prices virtually unchanged would seem to imply that a reasonably strong market exists in the area. Generally housing prices follow the numbers of total units listed and numbers of total units sold. If this held true for Silver City and if the market was truly in decline and taking a beating, prices would follow suit and drift downward to reflect a decline in interest. We haven't seen it happening here.
Personal overview and opinion of the local market: Homes that are priced well for condition and area are selling in a close to normal and a reasonable time frame. The fact that discounting from listed price remains minimal also shows strength in our market. The overall softening seen in the US market seems to be mostly localized with some areas in the USA showing little to no effect while others are in hurtin' mode for sure. New Mexico and Silver City remain (for the time being anyway) relatively untouched by the meltdown in subprime loan issues and general market trends seen in other more volatile markets...
What is my house worth in today's market? Visit Archer's Dream Home New Mexico and use the online form there to request a free CMA (Market Analysis).
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