ABQ Year End Market Update

Today we've got a market update with some of the most important stats from the ABQ market this year. Inventory is at its lowest in nearly a decade in our market.

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Today we've got a market update regarding some of the most important numbers in Albuquerque real estate that we think you should know.

To start, we're looking at the home price index. This year, we can see that our market has appreciated 4.5% through three quarters. For a real-time look, we consult the number of homes available, which gives us an idea of supply versus demand. As you can see in the video above, we're at 3.8 months of supply of inventory, which marks the lowest number since 2006.

We can look at pending sales on a monthly basis and see that in November, there was a 23% gain in the number of homes that went under contract when compared to last November. Additionally, closed sales were up 20% in November. We had a run up back in 2006, but it dropped down in the years following. However, we've been on a nice and steady incline since around 2011.

Inventory is at its lowest since 2006.

The average price per square foot is a good indicator of pricing over time. It's similar to the home price index when we track the numbers. Like the index, we had a big run up from 2004 to 2007 and peaked somewhere in 2007. We then had the decline, but since 2011, we've been on a steady increase. It's better than the big jump up that we had before 2007.

This is good because real estate is one of the biggest economic drivers in Albuquerque.

If you're interested in any real estate market data, we've got all sorts of data sorted in any way you can think of. If you want information on any specific area or you have any other questions about real estate in the Albuquerque area, give us a call or send us an email. We'd be happy to help.

Can Albuquerque Sellers Succeed in the Winter?

Winter is just around the corner, but don't fret, home sellers. Now is actually a great time to list your home for sale.

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Winter is right around the corner here in Albuquerque, and there are a lot of really good reasons to sell your home. I know it may not seem like a good time to sell a house, but that couldn't be further from the truth.

First and foremost, there aren't many houses on the market. This time of year, since many people think it's not a good time to sell, they take their houses off the market. That leaves us with fewer sellers than buyers looking to buy a home, so inventory is low. The holidays are almost here and it may seem inconvenient, but on the flip side, many people have days off of work around the holidays, giving them extra time to shop for houses.

You won't get as many showings as you might in the summer, but you will get quality showings because the people out looking for homes in the winter really need to find a house.

You won't get as many showings as you might in the summer, but you will get quality showings.

Another benefit to selling in the winter is that the process goes faster. Since not as many homes sell this time of year, our resources and vendors have more time as well. Inspectors, for example, have more time to devote to home sellers to make sure the process goes quickly and smoothly.

Additionally, this market is great for move-up buyers. When you sell, since there are fewer buyers out and about, you will have less competition to face when it comes time to buy in the higher price points. It's a perfect time if you're thinking of buying a bigger house or one that better matches your needs.

Finally, remember that if it's simply time for you to sell, don't wait! If your life situation merits it, you don't have to wait until January or the spring. If you think it's time or you'd like to learn more about how to take advantage of the current market, give us a call or send us an email. We'd be happy to help!

Working With a Realtor on New Construction

Most people don't realize that you can still work with a Realtor even if you're buying a brand-new home or having one built. There are many advantages to this.

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Did you know that if you're buying a new home, you can work with a Realtor rather than just working with reps at the sales office?

If you're working with a builder, you can actually use a Realtor to view model homes and help you decide which options are best for you, like the neighborhood, price, and floor plan. One of the biggest benefits of working with a Realtor when buying a new home is that it's free. Builders build the price of real estate commission into the prices of the homes they construct, so let us help you negotiate the best deal!

Some neighborhoods have lots on the ground; you have to pick your lot, your floor plan, and your upgrades. We can help you with all that, as well as other livability factors like where the sunlight will be, comfortability in your yard, and all the orientation-related concepts.

The rep at the model home works for the builder, not for you.

We can also help you immensely when it comes to negotiating the contract. Remember, the representative in the sales model works for the builder, and their goal is to make the builder as much money as possible. It's good to have a Realtor there to tell you historically what we have been able to negotiate for clients when they're building a new home.

Many builders in our area work with Realtors, even the custom home builders. We can help you find the right builder, even if you want to build a nice custom home. Your Realtor will help you pick a lot, negotiate the deal, and get you through the inspections if that's something you want. We'll also make sure you're aware of all the neighborhoods and things like walkability, school districts, and local amenities like stores.

If you're interested in building a home or you have any questions about the Albuquerque real estate market, give us a call or send us an email. We look forward to talking with you soon!