Santa Fe Real Estate Blog by Tom Trujillo

I've been waiting for some time now to see a single familyy home in Tierra Contena drop below $200,000 for quite some time. Now keep in mind there have been some real fixer uppers in the past and there are some condos selling below $200K but to knowlege,this is the first single family home with a one car garage that's less than 5 years old. The listing price is $195,000. I roughly figured out that with 20% down a buyer would have a 156,000 mortage. A 6.5%/30year morgage payment would be around 987.00 a month. I also just read todays news that the FED is looking at dropping the interest rate again on March 18th. Imagine Santa Fe with affordable housing? I think the biggest news is Greenspan's comments. That's right, Alan Greenspan has somewhat of a diffrent twist on the on the housing market. There are some great buys in Santa Fe and the interest rates aren't even close to the 80's when interest rates were hovering around 15%. I personally had a mortgage for 12% on my home in El Paso, and thought I had made a pretty good deal. The trick will be if the Fed can keep interest down long enough to pick up on some great deals. WE all know the drill, what goes up, will come down. If your thinking of buying, I would act on it pretty quick before the interest rate start moving in the opposite direction.