The Albuquerque housing market is aggressive resulting from housing shortages and bidding wars

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.

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The open door signs were posted on Saturday for a four bedroom, four bathroom home in Albuquerques Northeast Heights. “It was pretty competitive with the buyers and sellers,” said Coldwell banker broker Johnny Atencio. He said the market for buying a high-end home could take a little longer. 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 housing market was competitive.

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“Also, the fact that the pandemic has resulted in people changing the way they work, with many people working from home and causing them to reevaluate the current needs of their home, that’s how they are changing that,” Kent said 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 – we’ve never seen the market like this before. “

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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 experience burnout soon, which could take some of the pressure off the competition.

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