Albuquerque houses have NEVER been more in demand than right now. As of early April, 2021, the number of houses for sale in the ABQ metro area was down a shocking 69% percent compared to a year
Fewer Houses for Sale + More Buyers in the Market = Houses Selling in Days and Over List Price
Dated: April 20 2021
Albuquerque houses have NEVER been more in demand than right now. As of early April, 2021, the number of houses for sale in the ABQ metro area was down a shocking 69% percent compared to a year ago. Meanwhile, there are more people ready and trying to buy than in recent history. What’s this mean?
Albuquerque is still a sizzling sellers’ market! Most of the potential buyers are motivated by low interest rates. Mortgage rates have crept up from the mid 2 percent range last month, back up into the low 3 percent range. This is still an amazing rate. The slight increase in rates will affect how much house borrowers can afford, but it’s still a great time to get into their first home, or move up or downsize.
The combination of more buyers and fewer sellers means houses are selling almost immediately. In recent years, Albuquerque sellers had their houses on the market for more than two months before accepting an offer. Now most of the houses I’ve shown in the last few months have multiple offers to choose from within a couple of days.
Thinking about selling your home? There has probably NEVER been a better time than now. If your goal is a bigger house, you’ll be able to sell much more quickly than recent years, then the low mortgage rates will allow you to purchase more home. If your goal is to downsize, getting a great price for your current house in a sellers market might give you enough equity to buy a smaller house without a mortgage at all. But even with a mortgage if you are downsizing you can look forward to a smaller monthly payment due to lower interest rates, more equity from your existing house, and probably a lower purchase price. Want to have a no-pressure conversation exploring your options? Contact me at (505) 508-8039 or firstname.lastname@example.org. If you are worried about the logistics of making a move go smoothly I can discuss with you several options to ease the transition.
March figures from the local MLS show that compared to one year ago:
The median detached home price rose 13.7 percent to $270,000
The average detached home price increased 13.0 percent to $311,287
the overall inventory of detached homes for sale decreased 69.2 percent to 608
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