We were fortunate to attend the Keller Williams Realty International Convention held in Dallas last week. It’s always great to meet and network with other Realtors from around the world and get the pulse of the industry with other experiences.
I love real estate, so being around other real estate professionals is energizing for me.
It seems like, typical to our Albuquerque real estate market, we are behind the national trend by a year or two. When the market slowed, it hit us a year or more after other parts of the country. So if we’re behind by a year or two, it should mean we’re in for busier times in home sales, with many parts of the country seeing a shortage of homes listed for sale.
What does this mean for buyers? In New Mexico, we still have a nice assortment of homes for sale and great or truly phenomenal interest rates. If you’ve been thinking of buying a home, it sure seems like now is the time to act.
As a buyer, you don’t want the market shift to happen before you buy. When it shifts, you’ll have less homes to choose from, and more buyers trying to buy the same homes, which means you may not get the house you prefer.
For home sellers, we have what’s considered a balanced inventory at present. This means in the homes priced generally under $350,000, we have about six months worth of inventory on the market.
This is considered a healthy market without too many or too few properties for sale. For homes priced higher, we’re seeing more homes sell; however, we still have an abundance of homes to choose from. And yes, there are great loans available for the higher-priced homes!