A recent article in The Wall Street Journal discussed how prices are rising at the fastest pace in 15 years. This is the result of the fundamental of supply and demand. There has been a surge in demand, driven by several factors: ultra-low mortgage rates, a lot of millennial buyers entering the market, and he Covid-19 pandemic creating a need for more space for urban dwellers to work remotely. Construction of new housing has not kept up with demand. As a result, fierce competition among buyers is driving up prices in a “super seller’s market.” This is a nationwide phenomenon, and it certainly is true in Taos. Inventory here is extremely low. Some buyers have tried multiple times to buy a home, only to lose out in bidding wars.
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