With the exception of the occasional foreclosure, I think our market has leveled off at this point. Las Cruces has been blessed by our diverse employment base which has kept our unemployment rate well below the national average. This has helped stableize our market. The $8000 tax credit has stimulated sales a bit, no question about it. Full recovery is going to take much more time, but I feel when it DOES occur, Las Cruces will come better and faster because we weren't hit as hard.

There are a lot of people who WANT to come to Las Cruces, but can't until their property sells elswhere. In the meantime, more people are discovering Las Cruces. I feel this is building a backlog of buyers, and when the recovery comes, we should be off to the races.

Just a comment...

I just saw some movement upwards on some homes here in Las Cruces, more homes on the market and prices being increased. Is this the bottom for Las Cruces or are seller's trying to take advantage of the "first time buyers" out there trying to close before the deadline?

It really depends on the home. Some may have more upgrades and features, or a better location, (away from busy streets). My suggestion is to buy the best home you can afford. Interest rates are still good. With all the homes available you should be able to find something that meets your needs.

To qualify for the $8000.00 tax credit you need to close on a home by November 30th.
The Association of Realtors and their economists feel we, nationally ,will be out of this by the end of 2010. Keep looking!

The home on Pepper Post has been for sale since February. They started at $319,000 and have come down to $245,000. The current price is a little less than what the owner paid for it in 2004. If you would like to see it, give me a call.