Drew Lamprich, president of the Santa Fe Association of REALTORS, talked with KSFR consumer reporter Mary Lou Cooper about the real estate market in the City Different in the spring of 2023.
Lamprich, who is Vice President of Sotheby’s in Santa Fe, reports that median prices are up in the city, but down in the county. He noted that before the pandemic, Santa Fe could be called “an underpriced luxury market compared to other places.” But no more.
There’s more inventory on the market than a year or two ago, but it still can’t keep up with demand which drives up home prices here in Santa Fe and nationally.
Bottom line: it’s still a seller’s market, if not as hot as it was a year or two ago. Affordability is still a big challenge for buyers looking for starter or more modest homes.
Lamprich took out his crystal ball to discuss interest rates. Right now, they are in the 6+% range. Experts expect rates to remain there for the balance of the year.
His advice to sellers in the current market is to keep up with maintenance and make sure your home is in turn-key condition. His advice to buyers is to get in where you can and build equity.
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