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Comprehensive 2014 Market Forecast for New Mexico
Hello, I'm here again to forecast the real estate market in Albuquerque for 2014. As 2013 acted as a year of recovery, we hope to experience some growth in 2014. Here are some things you can expect to see.
- Nationally, the market is expected to be pretty hot. There has continued to be a shortage of homes for sale, and interest rates are supposed to remain steady.
- Locally, appreciation is expected to remain at 1-3%
- Trends you can expect to see this year are an increased velocity of home sales, as well as lots of new construction going on as the inventory of available homes declines. More custom-home builds are appearing as well, so land sales will also see some increased activity.
- Real estate will become more technologically driven. More than ever, buyers are looking online for listings and using their cell phones to find homes.
- Challenges here in New Mexico will most likely be affected by the loss of federal jobs, as real estate is linked with job growth.
- This will be the year for sellers as supply will be down. The inventories of certain areas will be impacted differently, but overall you can expect to see less homes for sale.
- Interest Rates are expected to take a slight hike this year and reach 5-5.5%
There are many things to take into consideration when purchasing real estate, so feel free to give us a shout and we'd be glad to sit down with you and take care of all your needs. Call us at (877) 933-6881 or email at info@welcomehomeabq.com.
