Is the Albuquerque housing market in a sink hole?
The truth is that home sales in the Albuquerque housing market for 2011 has exceeded 2010 every month this year. So, that means we're making movement. This month, December 2011, we're up in sales once again.
So why would now be the right time to buy or sell in Albuquerque?
The crystal ball is not telling us much, yet these simple considerations may give you some insight into your own situation.
- Values will likely decline further. Industry sources indicate that there may be a large inventory of "shadow" foreclosures coming on the market. These are homes in or foreclosure that haven't hit the market. Foreclosures bring values down as they are generally sold for less than comparable homes in a neighborhood.
- There are buyers, due to the low, low, low interest rates and there are 20% fewer homes on the market than there were last year at this time. Your home has a greater chance of being purchased (if priced right) with fewer homes on the market. The inventory of homes available in the Albuquerque market is down by 20%.
- Rates are under 4%! That's crazy good! Contrary to popular belief, a buyer with decent credit does not need 20% down. Ask your lender.
- For renters, your mortgage payment will likely be less than rent and there is generally a tax benefit to boot!
- For investors, there is a need for rental housing. Buy a rental home!
- You could purchase a home for 10-30% less than you could have purchased it last year at this time. Prices are down. Lots of home for the money.
- And most importantly, you have the potential to make a change that is rewarding and enjoyable by leaving your old home and finding one of your dreams. That you can afford of course
Gather Information. Pursue Your Dreams.
Approach the buying or selling decision recognizing the uncertainty of the times. You can make good investment and life decisions by gathering information and finding out what your options are.
Ask Questions. Don't be driven by fear. It won't take you anywhere.
Don't be afraid to ask questions. No one will force you to buy or sell a home against your will. If you find a pushy realtor ask me -- I'll help. Enjoy uncertainty and ride the waves of the times. I'm available to help you figure out the best option for your housing dollars and needs