Housing shortages and bidding wars preserve Albuquerque’s housing market aggressive
ALBUQUERQUE, NM (KRQE) – When looking to buy a home in the greater Albuquerque area, you know it’s a competitive market. Real estate agents said with a combination of low interest rates and a shortage of homes for sale, the market remains competitive. People looking to buy homes have told News 13 that some open homes are filled with prospective buyers.
The open door signs were released today for this four bedroom, four bathroom home in Albuquerques Northeast Heights. “It was pretty competitive with the buyers and sellers,” said Coldwell banker broker Johnny Atencio. Atencio said the market could take a little longer to buy a quality home like this one. But for houses that are in the lower and middle market, they sell fast.
“There are so many buyers in this affordability market right now,” said Atencio. Local brokers said there was a shortage of homes for sale in the Albuquerque area and with historically low interest rates, brokers said the property market was competitive.
“Also, the fact that the pandemic has caused people to change the way they work, many people work from home and they have caused them to re-evaluate the current needs of their home and how they are changing them,” said Kent Cravens with the Greater Albuquerque Association of Realtors. It’s such a sellers’ market, brokers said they could have ten to 25 offers in a matter of minutes, and sellers could pocket an additional ten to fifteen thousand dollars above the asking price.
“They’ll offer it,” said Cravens. “There are price wars. It’s just the most phenomenal thing we’ve ever seen on the market. “
Some open houses these days can be flooded with interested buyers. “If the price is right there will be multiple offers, it will likely be gone in minutes,” said Cravens. So if you are looking to sell your home, Cravens said you should make sure you found an apartment. “You don’t want to sleep in your car if you sell your house too quickly,” said Cravens.
According to Redfin, a real estate company, prices are likely to rise until the number of homes for sale increases dramatically. Local brokers said they expect people to burnout in the bidding war soon, which could take some of the pressure off the competition.