Is There a Best Time to Buy a Home in Santa Fe?

Is There a Best Time to Buy a Home in Santa Fe?

Best Time to Buy a Home in Santa Fe

Many of us who call Santa Fe home find that the start of the new year serves as a useful benchmark in many of our endeavors. You’ve put away the ornaments, recycled your Christmas tree, and gathered your receipts from 2016 into a box to revisit at tax time. It’s the new year, which means a refreshed outlook, energy, and goals!

ALSO SEE: Our Santa Fe Buyer’s Guide

Have you ever opened the paper or been on line when you’ve seen a headline, “Best Time to Buy a Home” or “Best Time to Sell a House?” It peaks your interest, especially if you’re in the market. In reality, we know that there’s really no such thing as a truly “best time” to buy a home. That’s why it’s important to read further. In reality the best time to buy a home in Santa Fe is dependent on the area, neighborhood, current market activity, qualities of the home you want to buy, and your personal situation.

Nevertheless, coming across the Business Insider piece headlined, “New research reveals the single best day of the year to buy a house,” it was simply too tempting to pass up. The best single day?!? Of course, you and I know there is no “best single day,” but that wasn’t going to stop my curiosity. The answer?

The best day to buy a home is October 8.

This analysis came from past research dusted off from RealtyTrac’s review of more than 32,000,000 home and condo sales from throughout the United States. The data had been collected over a 15 year period, but when they put all that info into databases and did Einstein calculations, they came up with the magical date of October 8.

The way RealtyTrac determined the “best time to buy a home” was by comparing the sale price with the fair market value. For buyers, the best day was the one with the biggest average discount. October 8 was the “magical” day.

Now, since it’s going to be a long time until the next October 8 (it will fall on a Sunday in 2017, by the way), some secondary insight might be of more immediate interest to you. The best month to buy a home may be October, according to the research, but the second best month to buy a home is February! So wouldn’t it follow that January is a good time to start looking for that new Santa Fe home?

Now, the practical use for this information in Santa Fe is very limited for a couple of reasons.

  1. They really meant “best day to close” a home sale—leaving open the more tactical consideration, which would probably be the best day to make an offer.
  2. The residential market and resulting home sale results over the past 15 years have been so varied that generalizing from them could yield almost any answer.
  3. This was a nationwide survey. So even just the way weather here in Santa Fe differs from the national average would certainly affect the results. So would elements like the awards Santa Fe has won for “best place to live” and “best place to visit.”

However, the ideas written about for the best time to buy a home do have some practical value. They highlight the concept that for buyers, the late fall and winter months might be a pretty good time to buy a home in Santa Fe even when there are comparatively fewer properties on the market.

It’s true that today, as with any day, there are some great homes for sale —which makes it a great time to give me a call! 505.920.8001 (Darlene Streit).