Albuquerque Real Estate Market | Coronavirus
You may be wondering about the Albuquerque real estate market and covid 19. The Albuquerque real estate market has turned more into a seller’s market as a result of the coronavirus. The Albuquerque real estate market is great for sellers and a brutal market for home buyers.
What Is Driving The Albuquerque Real Estate Market Amid The Coronavirus?
There are two major drivers of the real estate market in Albuquerque amid the coronavirus. First, the inventory of homes is extremely low. The Greater Albuquerque Association of Realtors monthly report for July shows a reduction in inventory of 53.7%, inventory of homes are down from 2722 to 1260 single family detached homes. These statistics are a year over year basis for July. As of today there are 1338 single family homes for sale. These numbers are for Bernalillo, Sandoval, and Valencia Counties. I found it interesting with the low levels of inventory, home sales were up 22.6% on a year over year basis.
The second major driver for the real estate market in Albuquerque is low interest rates. I have seen interest rates as low as 2.75% for 30 year fixed rate mortgages. These low interest rates are also causing a surge in refinances.
Strategies For Selling A Home In Albuquerque During Covid 19
Many home owners are concerned about opening their homes to potential buyers and catching the coronavirus. This should be a concern for home owners, especially the elderly and those with underlying conditions. The real estate industry is utilizing Covid safe practices while allowing potential buyers into homes. This is a very personal decision and should not be taken lightly. This is a great time to sell your home, strictly from a financial decision.
If you are thinking of selling a home in the near future, from a financial prespective, now is the time. No one can predict how long this bull market for sellers will last. Many people are losing their jobs and many businesses are filing bankruptcy or closing for good as a result of lost or reduced revenues. There are millions of homeowners in the United States that are not paying their mortgages. If you are struggling to make your house payment, click here for more information on help that may be available for you. I cannot predict the housing market in the future. However, short term I think the market will continue as a seller’s market. Remember everything is cyclical and this market will change at some point in time.
Strategies For Buying A Home In Albuquerque During The Coronavirus
First and foremost, safety is number one. Be ready to practice covid 19 safe practices by wearing a masking, sanitizing your hands, and practice social distancing.
The first step in the home buying process is to get pre-qualified or pre-approved. Pre-approval is a higher standard and will make your offer stand out.
The second step is to find a great real estate agent that understands this market. You will want to be prepared to view homes as soon as possible after they come on the market. Homes priced under $350,000 in Albuquerque are selling within a few days of hitting the market. If a home in this price range is on the market for more than a week, it is probably overpriced.
Be prepared to write an offer immediately if you like the home. Wait a day or two and it is likely the home will be sold.
Be prepared to pay full list price or more for homes on the market less than one week. Many homes are receiving multiple offers and there are bidding wars.
Be prepared for rejection, you likely will miss out on one or more homes that you make an offer on. Stay positive and keep viewing homes and writing offers and you will buy a home.
I hope this article helps home buyers and sellers understand the real estate market in Albuquerque during the coronavirus. Please call us at 505 401-7500 if you are looking to buy or sell a home in the Bernalillo, Sandoval, and Valencia Counties.
This article was published on 8/24/2020. This is a snapshot of the Albuquerque real estate market at this time. Things will change as they always do!
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.