What Is Most Important When Renovating Your Home in Albuquerque?

Plan Ahead When Renovating

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Today, we want to share a video from HGTV to discuss how you can plan ahead when it comes to home renovations. Renovating your home can be an exciting process, but it's important that you don't get ahead of yourself. You can't just go willy-nilly into a major project and expect it to go perfectly. Planning properly for these types of projects can assure a smooth project, and one that may even cost less!

HGTV’s Amy Matthews recommends making a very detailed timeline of your project, including potential things that could go awry and making backup plans in order to prevent these things from happening. Putting your plan onto paper is a good way to start this process.

Another major step is choosing a good team of contractors that you can communicate with. If they don't know what you want done, they can't do it. 

Just remember, there is no such thing as too much planning! If you plan on renovating your Albuquerque home, please contact us. We know great contractors and could also give you advice on what projects will bring you the highest return on your investment. 

We look forward to hearing from you!

Albuquerque Real Estate Market Update

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Today I'd like to give you a detailed look at what's happening in our local market. When you go out and buy or sell homes, I want you to know what's happening in our market. 

As you can see in the chart, 5,318 homes have sold in our area this year, and we've seen a 12% increase in home sales over last year. Also, you can see that we're making a nice recovery from when the market tanked in 2008 and 2009. 

The next chart shows inventory over the last few years, and as you can see, inventory is historically low right now. We're currently just below six months of supply, and this is making our market favor sellers. 

Active homes for sale have also evened out over the years from when the market boomed in 2005 and when it crashed in 2008. 

Lastly, the average sale price hasn't fluctuated too much over the years, but it is trending upward right now. We're currently seeing an average sale price of $204,000.

Our local market appears to be moving in the right direction. The market is stable, and it's very healthy. It's not moving as fast as some sellers want it to, but I feel very good about this market.

If you have any questions or concerns for me, please don't hesitate to reach out to me!

Where Is the Albuquerque Market Heading?

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Today, we want to give you a quick update on market conditions here in Albuquerque.

You've probably seen in the news that interest rates have been inching up as of late. They're still low, but this rise is expected to continue for some time.

We're currently seeing low inventory, which is making it hard for the many buyers out there who are looking for the perfect home. If you're thinking about selling, now might be the ideal time to get top dollar for your home and sell quickly!

Despite low inventory, we currently have a good assortment of homes available. In some other markets, some homes are getting up to 20 offers within a week of getting listed! Inventory is low but stable in Albuquerque, which means it's not a bad time to be a buyer either!

Now is a great time to be a move-up buyer, which is someone looking to move from their $150K-$250K home to buy a home that's around $400K. There are a lot of buyers looking for homes in the $150K-$250K range, and there aren't many buyers to compete with in the higher price ranges. 

If you have any questions about where our market is heading, or if you need real estate assistance of any kind, give us call or shoot us an email. We would love to help you take advantage of our healthy market!