Most people know that the spring and summer months are considered “high season” for real estate sales. In most parts of the country, sales start to increase in April and May and remain strong during the summer months. The scenario is not much different here at Las Cruces. Warm weather, summer vacations, and income tax refunds combine to give buyers and sellers a perfect time to literally step up their sleeves.
What about the winter months? Do sales drop significantly in the “off season? According to statistics from the Las Cruces Association of Realtors on Nov. 17, the answer is that they used to do this, but not anymore. Between 2015 and 2019, spring and summer sales accounted for approximately 55% of this year’s annual production, with fall and winter sales accounting for the remaining 45%. Last year the ratio was 59.1% and 49.9%. It looks like the trend will continue this year.
Why the change? The answer is demand. Low mortgage interest rates, millennials’ entry into the market and flight from urban areas are all contributing to demand, according to many real estate experts across the country.
Traditionally, buyers who buy in the fall and winter would benefit from lower prices, less competition, motivated sellers, favorable mortgage terms, and the opportunity to take advantage of a tax deduction for interest and fees. paid on closures that take place before the end of the year. Vendors also took advantage of this during the winter months. Less competition from other sellers, fewer but more serious local buyers, an influx of snowbirds, and lower interest rates were all reasons to act during the colder months. But, alas, it may be a year or two before the markets return to normal.
So, does it really matter whether you buy or sell during the “on” or “off” seasons? Not today.
See you at closing!
Gary Sandler is a full-time real estate agent and president of Gary Sandler Inc., real estate agents in Las Cruces. He loves to answer questions and can be reached at 575-642-2292 or [email protected]
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