What’s Been Happening in the Albuquerque Real Estate Market?
We have a quick update for you about the current state of the Albuquerque real estate market. Home values are still seeing slight appreciation in our market. Prices haven’t quite corrected yet, but homes are still selling at a pretty decent rate. The trends in our market tend to be slightly behind the national average so when we saw a slowdown in home sales nationally in July, we realized there may be a slight decline in our market within a few months as well.
Our current inventory is slightly lower than it was at this time last year. We have seen inventory levels start to tick up slightly, so we expect we may get to inventory levels that will put us in a balanced market.
In many situations, we are still seeing multiple offers. We aren’t getting 10, 15, or 20 offers at once, but we are still getting multiple offers nonetheless. It also may take a little longer to get those multiple offers. If a home is marketed well and has the right agent, however, there is still an opportunity for multiple offers in the first couple of weeks.
Interest rates continue to be phenomenally low, along with the cost of buying a home. Most rates, even those in investment properties, are below 4%. It’s actually cheaper to buy a home now than it was in 1989. If we see interest rates move up by just 1%, it will affect the cost of homeownership by 10%. If you could qualify for a $300,000 home with the current interest rates, you would only be able to qualify for a $270,000 home if rates were to go up 1%.
As you can see, the market is stable and has great opportunities within it for both buyers and sellers. If you have any questions for us, we would love to help in any way we can. Give us a call or send us an email today!