Many people ask what’s the best time to buy an Albuquerque home
People all across the country purchase homes each and every day. Regardless the season homes continue to sell. So the question of what’s the best time to buy an Albuquerque home is completely up to the buyer. What is driving you to the market? A job transfer or a growing family? A change in income allowing a larger home? Downsizing after the children have left home? There are many reasons a buyer will choose to enter the real estate market. Below are some solid reason now is a great time to purchase a home.
Excellent Inventory and Selection: Currently we see a strong rebound in real estate sales. There are over 4300 Albuquerque homes for sale. Regardless of the price range and buyer desires, there are plenty of homes from which to choose. Just a few years back resale inventory dropped significantly. A buyer was forced to make compromises and often did not get their dream home. There is an excellent availability of single-family detached homes, condos, and townhouses.
Fewer bidding wars: During the peak of the Albuquerque Real Estate market we had one client that made an offer on six different homes. They lost the first five to the ‘feeding frenzy’ that existed. Other buyers were bidding the properties up substantially over the original asking price. There were escalation clauses where buyers authorized their brokers to outbid other offers by thousands of dollars. Currently, little competitive bidding is happening. Yes, it’s true if a great home arrives on the market and is priced correctly you may see more than one offer.
You can make a reasonable offer: Today the selling price versus the list price ratio is about 96% to 97%. Most sellers have been educated by their Albuquerque Real Estate Broker about today’s market, so it’s not uncommon for a below-asking price offer to be considered.
Patience is tolerated: During the hot seller’s Albuquerque Real Estate market everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a home buyer can take a bit more time during their Albuquerque Home Search. Look at several homes in the Albuquerque and Rio Rancho Real Estate market and consider your decision carefully.
Du-diligence is expected: In the current market buyers are encouraged to obtain a home inspections. In the past, many buyers waived these contingencies in order gain an advantage when multiple offers were being considered by the seller.
Bank Owned (REO) and Short Sales: There are available Albuquerque Foreclosed Properties as well as Short Sale properties (homes being sold short of their mortgage balance). Foreclosures provide a great opportunity for qualified buyers to take advantage of these often deeply discounted properties. A buyer in these scenarios will typically need additional cash for closing and should prepare with a healthy dose of patience. However, the discounted sales price should easily outweigh the cash outlay. Keep in mind repair contingencies are normally not considered in these types of transactions so be sure you get a good home inspection so you know what repairs will need your immediate and long-term attention.
Repair requests are welcomed: After a buyer completes a home inspection their contract allows for objections to those inspections. In the past, a seller might insist the home was being sold ‘as is’ or offer a very little toward that repair concession.
Fewer investors: It’s estimated that one-third of all Albuquerque Home Sales in 2005/2006 was to investors. These non-owner occupied buyers caused the market to inflate and affordability to decline. Unfortunately, mortgage fraud became commonplace. So, it’s a great time to buy without having to compete with hundreds of prospective landlords with deep pockets.
Location, location, location: Today’s buyers can find homes closer to work and in neighborhoods that fit their needs and lifestyles. In this healthy Albuquerque Real Estate market, reasonably priced homes are within biking or walking distance to schools and shopping.
Real Financing is available: The ‘wink, wink’ zero down, no documentation, adjustable, subprime loans are gone. Fixed rates are back. FHA financing, first-time homeowner grant programs, special loans for teachers, and police officers are back as well. Interest rates are exceptionally low.
So what’s the best time to buy an Albuquerque home
If you are considering the purchase of a new home consider the many advantages you have today while rates are low, inventory good and sellers are ready to sell. For more information on how to start the buying process give us a call and let’s have a conversation about your real estate dreams and goals.