Did You Know?
Did you know that this spring may be the perfect time to buy a home in Dona Ana County? Like the wind storms that roar through New Mexico this time of year, a “perfect storm” of circumstances currently exists which makes it a great time to buy.
Over the last three years, the median listing price in the Las Cruces Multiple Listing Service has slowly and surely inched up by 6.5%. We are now at the point where homes are still quite affordable, but we are starting to experience low inventory (especially in price ranges below $200,000) which, due to the laws of supply and demand, will inevitably cause prices to go up. You will want to get in the market before this happens. Likewise, over the last year, mortgage interest rates have also slowly and steadily increased. While rates are still quite affordable (at just over 4% for a 3-year mortgage), several Federal Reserve officials have commented on potential rates hikes this week and most economists are predicting, even more, rate hikes this year. You will want to get in the market before this happens.
Some Investment Opportunities to Consider
Will you be receiving an income tax refund this spring or a higher than normal stock dividend thanks to the current strength of the stock market? Real estate is a great investment option. As prices in our market rise and as you put your money into equity instead of rent, you will be building cash value in the home or land you buy.
Now is the Time
Take advantage of this perfect storm and buy real estate as a part of your overall strategy to begin building wealth.