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Is the New Mexico real estate market different? from Ask the Experts' Tracy Venturi

What are the trends, and is it a good time to buy or sell a home? What do I think will happen with homes over the next year or so? What has been up with residential real estate in our market? I hear these questions often and I always love to talk real estate.

In April, I, along with others from my real estate team, attended two different national real estate conventions attended by brokers from different real estate companies and from all over the U.S. and Canada.

New Mexico in general tends to lag behind the coasts by a year or more. What happens in California and Florida typically happens here a year or more later.

Last year, we were hearing from Realtors in the Phoenix area that homes in the median price range were selling quickly, there were multiple offers for most homes, and appraisals were not coming in at the sales price so sales were only being accepted if the offer was not subject to appraisal. It’s reported that home prices in Phoenix rose last year by more than 25 percent. If New Mexico is typically a year or more behind, our time has come.

At the recent conventions, we were hearing the same thing. Homes priced right …and not the million dollar homes… are selling fast in most parts of the country. The number of homes for sale is low compared to the number of home buyers, so it’s creating lots of demand for more homes to be for sale.

Here in the Albuquerque metro area, we’re starting to see the same trend. This does make it a good time to sell, with prices inched up and fewer homes to compete with yours. If you’ve been waiting to sell, now may be the time. There are homes for sale, and the homes selling have been appraising for sale price in most cases. Should we start to see prices jump up dramatically, we may have appraisal problems.

As a home buyer, this would mean to buy a home, you may need to have extra cash to pay the difference between the sale price and appraised price if we follow the national trend and see prices increase quickly.

If you’re short on cash, buying sooner than later may be wise. Interest rates are still very favorable, and lenders have money to lend. There are great loan programs including VA, FHA, down payment assistance programs and other incentives.

Buying your new home before we see larger price increases and more demand will help keep you in a better position to negotiate and get the home of your choice.

So, I see our real estate market following a trend already well under way in other parts of the country. We are seeing fewer homes for sale and more buyer competition.

In the past two weeks, we’ve had multiple buyer offers on two of our homes newly listed for sale. One home we listed for sale last week had seven offers on it in the first few days. This home was not typical, though as it was really well-priced and in the lower price range in a good area; however, the interest and activity show that buyers are looking. This year so far, we have had several homes receive multiple offers.

If you’re thinking of buying or selling, The Venturi Team is standing by and would be happy to meet with you to put together a strategy to ensure we meet your goal. As top Realtors, we represent you with professionalism and experience. Please call 933-6881 or email Tracy@VenturiTeam.com. I look forward to hearing from you!

About Tracy Venturi

Tracy Venturi is a licensed Realtor and an associate broker with Keller Williams Realty, the Venturi Team. For additional information about the Venturi Team and its extensive list of services, please visit their user-friendly website: www.WelcomeHomeABQ.com, or call her at 505-263-2526 or 505.271.8200.

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To ask Tracy a question, type in the comments field below. Or ask her a question by emailing Tracy@WelcomeHomeABQ.com or sage@abqjournal.com.

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