Native actual property agent collapses Albuquerque’s housing market
The real estate market has taken a wild ride in the past year and a half.
“Last year, I think a fair word, especially at the beginning of summer, has been hectic,” said Tego Venturi, broker and co-owner of Venturi Realty Group.
Venturi said he believes the market has been downgraded from hectic to stable.
“We’re still seeing multiple listings on houses, we still see people going over listing prices, and it’s just not quite as crazy as it was back in the summer.”
A recent report from the New Mexico Association of Realtors shows that home sales continue to grow month over month. It also shows that average home prices rose 14% over the same period – from $ 250,000 to $ 284,000.
“That’s a huge move in home prices and yes, things like that are very scary on the surface,” said Venturi. “Indeed, Albuquerque is still relatively affordable compared to our counterpart markets in the West and Southwest.”
The report shows that the lowest fixed-rate mortgage rates are still at 2.86%.
Venturi said low interest rates were a major driver of the high demand.
“The things that might be holding the market back are some higher interest rates, but there just seems to be such a strong demand for housing. Basically, the point is that there aren’t enough apartments to rent or buy for the number.” from people who want them. “
The association said real estate activity totaled more than $ 900 million in August, up 10% from August last year.
“Trying to time the market and all that stuff is tough. If you need a home, you need a home. Either you rent or you buy,” said Venturi.