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It's hard to believe 2014 is already behind us and the new year is in full swing! Since it all happens so fast, we thought we would take a look back at the last 12 months in real estate and see what it tells us about the coming year.
In 2014, we saw just over 10,000 homes sell in the Albuquerque metro area, which was a decrease of about 2% over 2013. Prices, on the other hand, saw a rise of 2%, and the average price of homes increased by about 1%. One thing that many of us got wrong was the direction of interest rates. We expected them to hit 5% by the end of 2014, but they actually continued to fall!
What can we expect in 2015? For one, many in the industry are expecting this year to mark the return of the first-time home buyer, as millenials are predicted to come out in droves! We're predicting that the number of homes sold will rise by a healthy amount, and we expect appreciation to continue at its current steady rate.
Rumors have it that a large, national home builder will be working in Northeast Heights this year. This is big news for the area, as there haven't been many exciting developments in that area in quite some time. Also, the Petroglyphs area has a master-planned community coming in 2015, so keep an eye out for that.
Lending practices have been loosened a bit to allow more people to enter the housing market, which is great news for buyers and sellers alike. Fannie and Freddie have brought back their 3% down payment program for first-time home buyers. On top of that, FHA has decreased their insurance premium, which will allow even more people to qualify for loans!
We think this is going to be a steady, perhaps even "boring," year. By that we mean you aren't going to see erratic swings in the marketplace, which is great news. If you have any questions about what you can expect to see in Albuquerque real estate in the coming year, don't hesitate to give us a call or shoot us an email. We would love to hear from you!
