TOP 10 REASONS TO BUY ALBUQUERQUE REAL ESTATE NOW
- Excellent Inventory and Selection: As of January 2018 there are thousands of detached and attached Albuquerque Homes For Sale in the Albuquerque Metro area. Regardless of the price range and buyer desires, there are plenty of homes from which to choose. Just a few years ago the resale inventory dropped significantly. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of available detached homes, condos, and townhouses. You can find large lots, small lots, and a even lots that will accommodate your boat or RV. There are plenty of options in this Albuquerque Real Estate market.
- No bidding wars: During the peak of the Albuquerque Real Estate market we had one client that made offera on six homes. They lost the first five to the ‘feeding frenzy’ that existed. Other buyers were bidding the properties up substantially from the original asking price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is still some competitive bidding but on aggressively priced homes and “Wow Houses”
- You can make a reasonable offer: A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the selling price verses the list price ratio is about 97% dependent on the area. Most sellers have been educated by their Albuquerque Real Estate Broker about today’s market so often a below asking price offer would be entertained.
- Patience is tolerated: During the hot seller’s Albuquerque Real Estate market that existed 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 making carefully.
- Due diligence is welcomed: In this current market a buyer is encouraged to obtain a home inspection, termite inspection and other advantageous inspections. In the past many buyers waived these contingencies in order gain an advantage when multiple offers were being considered by the seller leaving you potentially unprotected.
- Bank Owned (REO) and Short Sales: There still is some of Albuquerque Foreclosed Properties as well as Short Sale properties that are being “sold short” of what is owed against them. This is a great opportunity for qualified and cash buyers to take advantage of these often deeply discounted properties. A buyer will normally need additional cash for closing costs in these scenarios and be prepared with a large dose of patience but the discounted sales price should out weigh the the cash outlay. Keep in mind repair contingencies are normally not considered in these types of transactions so be sure you get a home inspection so you know what repairs will need your attention and your cash.
- Repair requests are welcomed: After a buyer completes a home inspection, they are allowed to submit a repair request or “Objections” to the seller. In the past a seller might insist the home was sold ‘as is’ or offer very little concession. At times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
- Fewer investors: It is estimated that one third of all Albuquerque Home Sales in 2005/2006 were to investors. These non-owner occupied buyers caused the market to inflate and affordability to decline. Unfortunately Mortgage fraud became commonplace. It’s a great time to buy without having to compete with hundreds of prospective landlords and the Mortgage Industry is well regulated with appropriate oversight.
- Location, location, location: Today’s buyers can find homes closer to work and in neighborhoods that fit their needs and lifestyles. In this Albuquerque Real Estate market, reasonably priced homes are within biking or walking distance to schools and shopping and entertainment.
- Real Financing is available: The ‘wink, wink’ zero down, no doc, adjustable, sub-prime loans are long gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. Interest rates are exceptionally low.
It truly is a great time to buy New Mexico Real Estate!
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John Direct: 505.980.4576
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