The Ruidoso Real Estate Mantra has Changed!
Over the last decade or so, a new real estate mantra is edging out the old favorite these days. Yes ‘Location, Location, Location’ still holds meaning. And it became cliche when discussing real estate demand and values. We all knew and understand this well tested maxim wherein identical properties will differ in value based on their locations. So location is still important but the newer mantra that is holding more sway with both Buyers and Sellers these days is ‘Price, Price Price’.
The downward trend of asset revaluation kicked off by the 2008 financial crisis made our Buyers hyper aware of price differentials existing from property to property as well as making them much more aggressive during negotiations than they had been prior to the bursting of the sub-prime mortgage bubble. Remember, these Buyers were often Sellers so they experienced this new pricing awareness form both sides of the fence.
And Sellers always seem to be a quarter or two behind any valuation trends. Understandably we’re all reluctant to succumb to any downward pressure on home prices. Some of us just can’t stand the thought of losing a dime on our ‘investment’. Some of us can’t really get our minds around the fact that we compete on a comparative basis with every other similar home that is currently for sale. And some of us, well, we’re staring into the abyss and thinking we’re looking skyward, just certain that a huge pricing upward jump is right around the corner.
We’ve always been fortunate in Ruidoso. Our property values never erode as precipitously as in other micro-markets around the region and nationally. Nonetheless, all of us who are Sellers, must be reminded this is no longer 2005, or even 2006 or 2007. ‘Price, Price, Price’ is now the single most important factor is selling your home. More important than what it would cost to rebuild our homes, what we paid for them ourselves and what fantastic amenities, views and locations they possess.
Repeat after me ‘Price, Price Price’ … then repeat again.