For months now, we’ve heard the bad news about the real estate market. It started back in the summer of 2007 with the subprime mortgage crisis and continued throughout the fall as many homebuyers took a “wait and see” approach to purchasing a home, wondering when housing prices and interest rates might hit bottom.
Obviously, I can’t predict what will happen in 2008, but I can tell you what my experience has been. I’ve had an increase in business activity this December and January over October/November 2007. When the Albuquerque Metropolitan Board of Realtors releases the December and year-end figures this month, I expect to see the beginning of positive change in many of our market indicators.
So, my outlook for this year is mostly bright. If you want to buy a home, it’s a great time to take advantage of both increased inventory and low interest rates. As of this Jan. 10 writing, rates for 30-year fixed conventional loans are 5.5 to 5.65 percent, with no points.
If you need to sell your home, it’s important to know the facts:
- Avg. sales price in Nov. 2006 was $242,061. In Nov. 2007 it was down only 3.35% to $233,956. Residential real estate prices have surged upward so strongly over the last 3 to 4 years, that a decline of 3.35% compared to last year is, quite simply, an expected downward correction.
- It’s taking longer than it has the past four years to sell a house – an average of 61 days on the market.
- There are currently 6499 residential listings in the Albuquerque Metro area, compared with approximately 4000 one year ago.
- Albuquerque is still consistently ranked as one of the best real estate markets in the country. (#1 – Housing Predictor.com Oct 2007)
Now more than ever, you need an experienced agent that understands our unique market. Proper pricing and marketing are critical to get your home sold and get you where you need to be on time.
If you need help buying or selling a home, want to know the value of your home, or need other real estate related information or advice, I’m here to help. You can reach me at 550-1447.
