Rio Rancho Home Sales Decline by 19% In June 2014
Wow! Home sales declined by 19% in the month of June 2014 compared to June 2013. There were 146 homes sold in June 2014 compared to 180 homes in June 2013. Rio Rancho home sales have declined in 3 of the last 4 months of 2014. May saw a decline of 26.6%, April saw an increase of 2.3%, and March saw a decline of 20.6%. This is clearly a trend for the city of Rio Rancho and a concern for many people selling their homes. What is causing this significant decline in home sales for the city of Rio Rancho?
It is really tough to pinpoint the exact cause of this disturbing trend for the City of Vision. One factor that is causing the decline is the change in interest rates. Interest rates for Mortgages increased significantly about one year ago, rising interest rates make it more difficult for home buyers to qualify for a mortgage. Lending standards are getting tougher everywhere and this makes it more difficult for home buyers to qualify for a loan. These two items are certainly contributing to the slow down in home sales but there is something else causing the huge decline.
Albuquerque is also experiencing a decline in home sales but not to the same extent as Rio Rancho. There is definitely something local to Rio Rancho that is contributing to the decline in home sales. I believe part of the decline is the reduction in work force at Intel and Hewlett Packard. Both companies have been reducing staff over the past few years and this is playing out in the housing market.
This is pure speculation on my part as I do not have data to support this statement. However, it just makes sense, Intel and Hewlett Packard pay there employees a good salary and provide good benefits. I also believe this illustrates the importance of these two companies to the city of Rio Rancho. It also illustrates the need for other good paying jobs in the city of Rio Rancho.
People trying to sell their homes are getting hit with less buyers and at the same time the number of homes for sale are increasing. This means it will take longer to sell your home and there is much more competition. People selling their homes in Rio Rancho need to understand the market dynamics in order to become more informed about the market. This market is moving more in the direction of the home buyers. With more homes on the market and less buyers, buyers can be more selective and look for better deals.
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