May 2012 Real Estate Market Update for Albuquerque

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I know that our office has been very busy with all the activity on our real estate market lately.  So much so, that there are so many days when we are working late into the evening.  Recently when I was in a meeting with the title company closing on a property for one of our clients, I learned that this phenomenon spreads far and wide into all facets of the real estate community.

With all this activity in our marketplace, I thought it would be a good idea to share with you what we have to look forward to this year and what, if anything, our clients should look out for in the process.

Interest Rates Still At All Time Lows

We have been watching interest rates dive during the past couple years and we can honestly say that this is quite possibly the best opportunity that will ever be presenting to potential buyers, homeowners and investors.  Whether you are considering buying your first home, trading up into something bigger and better or taking the opportunity to own an investment property – now is the time to do it.  Warren Buffett recently said that if it were practical, he would buy up “a couple hundred thousand single-family homes” as an excellent investment.  Especially for property owners willing to hold onto their home for at least 7 to 8 years and the low price of homes these days, the return on investment is expected to be a significant one.

Sellers Enjoying Multiple Offer Situations

As inventory continues to dwindle with the number of sales on the books, coupled with savvy buyers wanting to seize the low interest rate opportunity before they jump back up, it is no surprise that some sellers are seeing multiple offers. If the home is priced well, in great condition, located in a desirable location and has features that are on most buyers’ wish list, chances are the home will receive multiple offers.  Not only that, many homeowners are receiving top dollar on their homes – when bidding wars come into play and the sellers get at or near asking price.

Great Time to Refinance For Lower Monthly Payment

The extremely low cost of borrowing money these days provides an unprecedented opportunity for homeowners with an existing mortgage to pare down their monthly payment.  Another alternative is to switch to a 15-year fixed mortgage and get the home paid off much sooner. President Obama recently brought into fruition some programs that make homes affordable for mortgage holders by offering lower initial fees on qualified refinances as well as lower PMI rates.
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If you would like to explore the current market, take advantage and get into your dream home for pennies on the dollar of what you might have paid just a few short years ago, contact us today.  If you have been eyeing your dream home and did not think it was possible – think again!  It might just be within reach to buy now with today’s incredible rates.  Before the market hits bottom – as many are saying it already has – jump on the bandwagon and get your dream home today.  We are here to help you and look forward to making your dream a reality!