The local market has shifted over the past 5 years with the average sales price still climbing.  What used to be the average house going for $393,315 in 2019, is now going for $596,343 in 2024.  Until mortgage rates come down, the lower bracketed price ranges may stay less active, in turn would bring the average sales price down.  The buyers have decreased.  Units sold is down 29% compared to this time last year.  Units have decreased 85%  since the height of the market in 2021.  The luxury market is taking a hit, with the absorption rate being over 4 years and 37 active listings.  With little new construction, condo units are down 16% as well as the average price is now $458,632.  

Click here for photo info:  Opportunity in Des Montes, located at the junction of Hwy 230 & 150.  $1,650,000.   MLS112115

There is an 82% increase in total land sales over this time last year.  Residential inventories are comparatively slow, therefore, land looks better every day.  

An average building site (<5acres) is $103,013. Units are UP 9%.

Larger parcels have ranged from $65,000 up to $686,307, many being sites to build residentially.

Where?  Everywhere!  Town of Taos, Lower Colonias and Vista Linda are the "Hot" spots to date.

Click here:  Taos Land Listing including building sites to large acres

Variables affecting how much you need to save for a home include your income, debt-to-income ratio, home price, appraisal, inspection and closing costs.  To stay within your means, spend no more than 30% of your household income on your mortgage (principal, interest, taxes and insurance).  Secure the best terms by maintaining high credit scores, providing a 20% down payment, and having cash for a good faith deposit, inspections, and closing costs.  

With a gross annual income of $100,000, your mortgage payment should be $2,333 or less, and total debt payments of more than $667/month.  Together, mortgage and debt payments should not exceed 36% of your gross monthly income or $3,000, allowing you to buy a $400,000 home.

Click Here:  Ideally Renovated Multi-Purpose Property  On South Santa Fe Road in Ranchos de Taos.  $649,000.  MLS 111600

Homebuyers saw a turning point in interest rates June 30, 2024.  The Federal Reserve decided not to raise overnight borrowing rates, and keep them at 5.25%-5.5%.  This is a sign that inflation is moving closer to the Fed's 2% target. However, the Fed anticipates only one rate cut by year end, which could impact the housing market.  Mortgage rates have decreased to their lowest levels since March 2023 but remain around 7% for the 30 yr-fixed mortgage.  This rate is typically available only to those with excellent credit and a 20% down payment, which might explain why housing sales are 10% below mid 2023 levels.  Most economists expect rates to drop slightly by the end of 2024.  Fannie Mae predicts an average rate of 7% while the Mortgage Banker Association, Realtor.com and Wells Fargo forecast a drop to 6.5%.  The difference between 7% and 6.5% is $122 per month on a $400,0000 mortgage.  

Talk to Joel and his Team for insights on the current market, as buying now might be advantageous with home prices continuing to rise.

Celebrating 50 years, the Taos Fall Arts festival retains its mission: "to celebrate the visual arts and artists of Taos County; to encourage the growth of emerging artists; and to continue hosting an event where artists could come together, exhibit, and market their work for the delight and appreciation of the community."  It is a mix of Taos traditions interwoven with modern art and culture.  The kick-off is September 27 at the St Francis Assisi Schoolhouse and Auditorium in Ranchos de Taos through October 6.

Many events are included in the Fall program surrounding Taos starting early September: The Barn Dance, Storytelling, Studio Tours, Craft Fairs, Oktoberfests, Music Festivals, PASEO, Taos Wool Festival, La Emi Flamenco, Taos Mountain Balloon Rally, Jazz Fest and so much more through November!  

Check out:  Fall Festival Magazine/Calendar

Almost.  But the zucchinis are!  They are ready for stuffing with hot sausage, gluten-free muffins with chocolate chips, fried, grilled, grated (for later), and of course, ratatouilli. It is overwhelming at this time of year, yet when February rolls around, you want the fresh summer taste  when those limp store zucchinis just don't make the grade.

Ah, there are pickles to store.  This has become a family favorite: Dill refrigerator pickles that are ready in 2 weeks in your frig.  Surprisingly, they keep their crispness for months.  

Then there is the beet!  Borscht has made the headlines for more than one crazy evening with friends, along with caviar and frozen vodka.  But this weekend, we are attempting beet chips.  Three ingredients: beets, olive oil and a bit of sea salt.  We shall see how it goes!