If you’re thinking it’s a good idea to wait until spring to buy a home in Albuquerque, you might want to rethink your strategy. The housing market in Albuquerque, along with the rest of the nation, is recovering quite remarkably. Current market conditions show that right now is an ideal time to buy a new home in Albuquerque. Here’s a few reasons why that’s the case.
1. Historically Low Mortgage Rates
Mortgage rates hit historic lows 16 times last year. These low rates could potentially save you tens of thousands of dollars over the life of your home loan.
It makes sense to buy while interest rates stay this low. Even though they’re expected to stay low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So in other words, there’s no time like the present to capitalize on this opportunity.
2. Equity Is Growing
According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear.
In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a considerable amount of forced savings for homeowners. This is a great opportunity to use that equity to move into a home in Albuquerque that better fits your needs.
3. Home Prices Are Appreciating
Home prices are expected to rise this year, according to experts. Even though the projected increase is expected to be more moderate than last year, it should still move up ward.
This increase should help you feel more confident about buying a home in Albuquerque before prices rise even higher. It all adds up to a strong long-term investment.
4. There Are Not Enough Homes for Sale
With a low inventory of homes on the market, you will be in the driver’s seat when you sell your home. Buyer competition is high, and homes are selling faster.
Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.
If you’re thinking about making a move to a new home in Albuquerque, now may be your best opportunity. Contact us today to see how we can help you on this journey. And make sure to check out our latest Hot Albuquerque Properties!
Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.
HOT HOME LISTING OF THE WEEK!
3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 3050 Square Feet
Welcome to the Trailhead Community at High Desert. Enter home through the private courtyard and once you enter you see incredible VIEWS in the daylight and forever views of the city lights at night. The Grand Great room offers soaring ceilings, a wall of windows and is made for entertaining. Wonderful hidden storage rooms behind bookcases. The foyer offers access to formal dining, an office or 3rd bedroom. Functional kitchen with Stainless appliances, island/cooktop, granite countertops and breakfast nook. Easy care yard & private courtyard offers simplicity For the outdoor enthusiast there are hiking and biking trails just up the block.The quiet culdesac and neighborhood security make this a highly sought after corner of High Desert!
Contact the Sandi Pressley team for additional details!
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