As Albuquerque actual property is booming and provide stays low, costs are rising

The real estate market is booming and Albuquerque has a limited number of homes. An Albuquerque realtor says there are around 700 new homes for sale every two weeks. Of those 700, many are almost impossible to buy without being outbid. “As a local, it only gets tougher if you can’t buy a home now or if you feel like it is pressuring you to buy a home now,” said Austin Wolff, Albuquerque real estate agent. The real estate market is constantly changing, but in 2021 it will be a “seller’s market”. A new home buyer bought their last home in a completely different market. Anthony Novak and his wife were able to buy a house near the old town in October 2020. Novak said, “This was about $ 50,000 overpriced for a long time. I think that put a lot of people off. And then they lowered it and we found it right when they lowered it. “Now all prices are up 15% to 20%. “Two years ago it would have been around $ 240,000 for a really nice 3 bed house with 2 bathrooms. Now you can buy a mediocre 3 bedroom, 2 bath home starting at $ 300,000, ”said Wolff. One reason for the increasing demand are people with a lot of money from abroad. Some of their incentives are movie studios like Netflix and NBC Universal. Wolff said, “Albuquerque doesn’t have a lot of money. So the locals who compete with several supply situations do not win. “With the current market, Wolff says buyers need to be prepared.” They’re one of the 20 other people looking at the exact same house. What this means for you is you have to come in with top dollars, you have to hit 19 other people in order for you to be the one who ends up with the house. “Although it is currently difficult to buy houses. It’s a good time to sell them. In Albuquerque, the typical average time a home is on the market is 45 to 75 days. Now it’s 14 to 18 days.

The real estate market is booming and Albuquerque has a limited number of homes.

An Albuquerque real estate agent says there are around 700 new homes for sale every two weeks.

Of those 700, many are almost impossible to buy without being outbid.

“As a local, it just gets tougher if you can’t buy a home now or if you feel like it is pressuring you to buy a home now,” said Austin Wolff, Albuquerque real estate agent.

The real estate market is constantly changing, but in 2021 it will be a seller’s market.

A new home buyer bought their last home in a completely different market.

Anthony Novak and his wife were able to buy a house near the old town in October 2020.

Novak said, “This was about $ 50,000 overpriced for a long time. I think that put a lot of people off. And then they lowered it and we found it right when they lowered it. ”

Now all prices are up 15% to 20% more.

“Two years ago it would have been around $ 240,000 for a really nice 3 bed house with 2 bathrooms. Now you can buy a mediocre 3 bedroom, 2 bath home starting at $ 300,000, ”said Wolff.

One reason for the increasing demand are people with a lot of money from abroad.

Some of their incentives are movie studios like Netflix and NBC Universal.

Wolff said, “Albuquerque doesn’t have a lot of money. So the locals who compete with several supply situations do not win. “

With the current market, Wolff says buyers need to be prepared.

“You are one of 20 other people who are looking at exactly the same house. What this means for you is you have to come in with top dollars, you have to hit 19 other people in order for you to be the one who ends up with the house. “

While houses are difficult to buy right now, it is a good time to sell them.

In Albuquerque, the typical average time to market for a home is 45 to 75 days. Now it’s 14 to 18 days.

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