Albuquerque actual property market with excessive demand for sellers, luxurious properties

ALBUQUERQUE, NM (KRQE) – If you’re looking to sell your home, local experts are currently saying, sellers can get more money than ever before. The subway real estate market is on the rise and local realtors say if you are thinking of selling your home now is the time to make that leap.

“The Albuquerque property market is experiencing an all-time low in inventories and that, along with extremely low interest rates, is driving prices up,” said Sherry Fowler, president of the Greater Albuquerque Association of Realtors. “If anyone is thinking about selling, this is the best time in years to sell a home.”

With high demand and multiple offers, property prices go up and put more money into sellers’ pockets. In August, the average price rose to nearly $ 300,000, up 15% from last August. Fowler says low interest rates are a good time for buyers too.

“It’s still a great time for buyers because low interest rates can give them more home,” said Fowler. “It’s a lot easier for first-time home buyers to qualify to buy a little more than they could have in the past.”

Luxury real estate across the subway is also in high demand. The demand for properties costing more than half a million dollars has increased dramatically.

“For homes priced over $ 500,000, sales increased 85%,” said Linda DeVlieg, luxury real estate specialist at Keller Williams. “I think Albuquerque has become a destination for wealthier people. We have people moving around town and they were home and they decided that now is the time to make our homes better. “

DeVlieg says that with low rates and good, high paying jobs, Albuquerque is becoming a destination for money makers. With many areas like Los Angeles and San Francisco costing over a million for traditional homes, she says you can get more for your money here.

“Many of them come from other or more affluent areas,” DeVlieg said. “They’re selling their houses there for a million dollars, which could get them a 1,500-square-foot townhouse in San Francisco, and they can make it work here.”

Brokers say the trend will not slow down anytime soon and they expect Albuquerque’s population to grow if the market flourishes. The Greater Association of Albuquerque Realtors says homes are also spending less time in the market, from about 34 days at that time last year to an average of 26 days.

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