Is it a buyer’s market today in Albuquerque? As experts in the Albuquerque real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Albuquerque New Mexico
First off, it really depends on the property type and location.
Single-family homes in good locations that are priced right have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like relative ghost towns.
Buyers are often looking for the same thing – good neighborhoods, easy access to main roads, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were flat in certain areas of Albuquerque, but are increasing as the rental market increases.
Investment properties are in demand. The massive amounts of foreign and out of state cash flooding in to invest in real estate have impacted the Albuquerque market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors quickly walk away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. Banks are being very strict, requiring high credit ratings and job security. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow because of a last minute credit pull or employment verification, although it’s getting better than it was just a year ago.
Overall the markets remain incredibly polarized – there is opportunity at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Albuquerque because we believe in the community and the people here.
If you need to sell a property near Albuquerque, we can help you.
We buy properties like yours from people who need to sell fast.