Albuquerque Real Estate 2014: A Look Ahead

By
Real Estate Agent with eXp Realty

No one can predict the future, but economists like Dr. Lawrence Yun, chief economist for the National Association of Realtors, have a better chance at getting it right than real estate agents like myself.

So while I've been predicting that 2014 should continue the trend of increased home sales and slightly rising home prices, I was more than curious to see what Dr. Yun would have to say about the outlook for real estate in Albuquerque during 2014.

Dr. Yun was here in the Duke CityRich Cederberg and Lawrence Yun this week to speak at the annual meeting of the Greater Albuquerque Association of Realtors.

View Albuquerque Homes for Sale 

I was excited to meet him, being a bit of a stats geek myself, so I took a moment before the beginning of the event to go up and say a brief hello. Dr. Yun was friendly and charming; it was a great pleasure to meet him.

What followed was about a one hour presentation of real estate information across the nation, along with specific stats and analysis for New Mexico and for Albuquerque.

Here were some of my key takeaways:

  • Homes remain affordable in many markets across the country, but especially in Albuquerque where home prices have been slow to recover
  • Many states in the nation are expected to see a plateau in home sales and pices in 2014, but here in New Mexico we should see a continuation of increased home sales and a slight increase in sales prices
  • Banks have plenty of money to lend, but many are keeping larger than usual reserves, perhaps to protect themselves from lawsuits related to the foreclosure crisis
  • If lending institutions were to return to more normal underwriting standards, we could expect to see a 15-20% increase in home buyers entering the marketplace
  • While many cities have severe shortage of home inventory and home buyers are having difficulty finding homes to buy, Albuquerque's inventory is balanced, with about 6 months of available homes for sale
  • Rising prices and interest rates, which Dr. Yun said could be as much as a point higher this time next year, will begin to make homes less affordable for buyers
  • Demand for homes has been diminished the last two months, due in part to the rise in interest rates

The outlook for Albuquerque real estate Chart Showing Upward Trendin 2014 is positive, but of course no one ever knows for sure!

However, two things are certain: 1) there are plenty of nice homes to choose from, 2) interest rates, although they have gone up slightly, remain historically low.

Contact me at (505) 803-5012 if you are considering buying or selling in 2014, I'd love to help you and add you to my list of happy past clients.

For more information on the Albuquerque and Rio Rancho real estate markets, please read my real estate report for November 2013, Albuquerque Sales Down; Rio Rancho Sales Continue to Rebound

 

 

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Rainmaker
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Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Rich: 2014 looks to be a very good time to become a homeowner in the Albuquerque area and smart consumers will choose you to represent their real estate interests.

December 07, 2013 10:54 AM #1
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Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty

Thank you Anita, and if you don't believe me you can believe the the other guy!

December 07, 2013 08:31 PM #2
Rainmaker
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John G. Johnston
John G. Johnston & Associates, LLC - Westcliffe, CO
An Exclusive Buyer's Agent ~ Westcliffe, CO

Rich  ...and how nice it is to have the 'other guy' to support your position!  Sellers and buyers will make a wise choice with you because of your experience, knowledge and expertise in your market.

December 11, 2013 06:37 PM #3
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Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty

Thanks John, it's always nice to have backup!

December 11, 2013 06:52 PM #4
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Rich Cederberg

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