Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Nov. 25, 2021

Taos County Title Company Delays

TITLE COMPANY DELAYS- TAOS COUNTY
It is no secret that title company delays have been wreaking havoc among those trying to buy or sell in Taos County. At the beginning of summer we were looking at 3 month closings and now we have been informed by the title co that it could be up to 5 months.
  • So what's the problem? - The problem is, Taos county only has two title companies and they have not been able to process all the transactions they are receiving which is creating a larger and larger backlog. The problem has been in existence for at least three years but the additional amount of transactions received this year has made the situation even worse.
  • Why hasn't another title insurance company opened ? - Title insurance companies perform their title searches to insure there are no incumbrancers on the title with what is known as a title plant. A title plant is a proprietary collection of public data about all properties in the county and the transactions that those properties have gone through over the past 100 years or so. These plants have been created over the years by the individual companies for their own use. In order for a new title company to go into business they would need to either lease or create a new title plant and unfortunately no one was willing to lease theirs and the counties records were not organized to the point where someone could build a new title plant from scratch.
  • Do I have to have title insurance? - No, there is no law or regulation requiring title insurance, however, if there is a loan involved in the transaction, the lender will require title insurance. Unfortunately, if you have a loan you are kind of stuck and you will need to wait until the title co can issue you a policy. If you do not have a loan or are paying cash, then there are other options.
  • Will it end? Hopefully! - This past year the county has been working diligently to organize and digitize their records and now there is news that a third title company will be opening up during the first quarter of 2022 . This new company should remove some of the burden from the two existing companies and speed up the process.
  • So what can you do in the meantime? - If you have a loan the short answer is nothing. If you are paying cash or have owner financing you can close without title company assistance. If you are paying cash and you still want title insurance, there is nothing stopping you from closing the sale without the title company and purchasing title insurance after the fact.
If you are wanting to close without title insurance, feel free to give me a call and I will be happy to get you pointed in the right direction.
575-613-4243
Nov. 6, 2021

Questa NM 2021, Real Estate Market Update

The real estate market for the Questa area has seen an uptick in homes sold and the average price per sale. Year to date 2019 to 2020 saw an average sale price of $149,000 and year to date for the current year saw a 24% increase in the average sale price rise to $194,000. 

Property values are definitely on the move. We are seeing out of state buyers in the Questa area looking for vacation homes and also many people in search of primary residences away from the congestion of Taos. 

Questa definitely offers something that Taos nor Red River can offer in regards to affordability and larger parcels of land. Taos has become congested with ever increasing prices while Red River lacks large parcels of land due to the fact that there is little private land and is surrounded by National Forest. 

I have had properties come on the market and gone under contract within a week. I have also received full price offers from buyers who have never even been to Questa. Obviously I would never recommend someone buy a house they have never seen but it does go to show what a buying frenzy this market has turned into. 

Our office has received multiple inquiries about Questa and Cerro land and homes from many who have never been to the area. People are looking for changes in their lives and are looking toward Northern New Mexico for affordability and greater quality of life. With the Questa area offering a multitude of recreational opportunities and room to grow, I expect the trend to continue, although I do expect the frenzy to subside especially if interest rates rise. 

 

July 19, 2021

How Red River staffs it's businesses

Rob Swan of Swan Realty & Chris Samples of KXDJ discuss How Red River staffs it’s Businesses & The current employee shortage.

How Red River staffs it's businesses

July 19, 2021

How new Marijuana law may effect Red River

Rob Swan proprietor at Swan Realty interview with Chris Samples of KXDJ in Spearman Tx. discussing the upcoming legalization of Marijuana and how it may effect Red River.

Interview, New Marijuana legalization and how it may effect Red River Red River