Mortgage rates are at historically low levels, and according to FreddieMac, they should stay low for a while. That means that more people are able to buy a home in Albuquerque. This has led to more demand for homes nationwide, as well as locally. Homeowners are also taking advantage of this increase in demand to sell their homes.
A FreddieMacreport indicates continued lows into 2021:
“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”
With mortgage rates this low, the market will keep being driven by home buyers in Albuquerque. FreddieMac reports that home buyers are in the mood to buy a home right now:
“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”
Even though people are ready to buy, it’s been harder to find homes for sale. Available homes for sale have been hovering at all-time lows across the nation, as well as in Albuquerque.
What does this mean for Albuquerque home buyers?
With fewer homes on the market and lower interest rates, competition is hot. If you plan to buy a home, you need to get pre-approved now so that you have an edge on other buyers. You’ll be ready to make an offer on a home you want to buy and show the seller you mean business. Sandi Pressley and her experienced team will work with you to make sure you’re in a position to act fast when you find the right home.
What does this mean for sellers?
If you plan to sell your home in Albuquerque, you’re in a good position to get it sold fast and for more money due to more buyers and fewer homes to compete with for sale. Home buyers are ready to buy right now, and measures have been established to show your home with safety in mind regarding the pandemic. The Sandi Pressley team will find the right buyers for your home to make sure the process goes as smoothly and quickly as possible.
Home buyers and sellers alike are benefiting from this unique time in history. The right elements have come together to make this the perfect time to buy and sell a home in Albuquerque. Take advantage of this opportunity while you can!
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!
4732 SANDPOINT Road NW, Albuquerque, NM $365,000
4 Bedrooms / 3 Bathrooms (3 full, 0 half) / 2915 Square Feet
All brick KB home with amazing Chef Kitchen with viking appliances, cherry wood soft close cabinetry, tankless water system, Easy Water whole house system, Solar System owned by the seller (not leased),custom tile floors, Brazilian cherry floors on the loft, custom wood banister(railings), Washer,dryer refrigerator and pool table conveys. Home has numerous skylights, fully professionally landscaped with water features!
Contact the Sandi Pressley team for additional details!
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