Buying a home in this crazy market… is it worth it? Should you wait? Let’s chat.
NM Homies Real Estate – Helping you buy and sell in ABQ, New Mexico
The market is a crazy place with interest rates, property shortages, and many articles about a “crash” that’s headed our way. If you are worried about buying a home in Albuquerque, New Mexico in this market this is the post to read!
There are countless reasons that this market currently is not the same as in 2008. It also doesn’t show any properties of heading towards a crash. While people are nervous and interest rates are higher than they have been, we are seeing some tremendous benefits to buying in this current market.
In the last 18 months, we have seen offers where every contingency imaginable was waived. Offers were submitted without the buyers, the buyer’s broker or even the buyer’s parents ever seeing the house. We were experiencing offers at 10 – 25% above the list price and even beyond that. Cash offers, conventional offers where the appraisal was waived and the difference paid out of pocket were the norm. The rise in interest rates now means that there is a small respite from the brutal bidding wars we’ve been going through and buyers have the chance and ability to actually think about a property overnight. They don’t have to yeet their offer to the moon and still lose out because a cash offer closing in 10 days came in.
Some say that now the market is “correcting”. As we see interest rates that are more normal, timelines for the buyers being less frantic, and processes for an offer returning to normal with regular contingencies and inspections being included. This is a time when buyers are not having to sell their souls to get a house and put themselves at more risk just to finish the transaction. This is a GREAT time for buyers. Similarly, it is still a good time for sellers as we are still seeing the ability to sell at the list price.
This market correction with an increase in interest rates will not be catastrophic as much of the media is selling you, but in fact, will work to the benefit of everyone who is wanting to get their foot in the game. Now more than ever is a time to be strategic and work with a professional to get involved in real estate and get something that is perfect for you.
If you are still scared to purchase real estate there is a key phrase to impart to you!
Don’t wait to buy, buy and wait.
If you have the financial means, the credit score, and the motivation to purchase a home but you are on the fence because of “unsteadiness in the market” we are here to tell you that interest rates, property values, and inventory will always be changing but the fact that real estate appreciates, in general, will always stay the same. The best part about your investment in real estate whether it is your first home or 4th investment property is that over the course of time you will build equity! And that can act as a springboard for more opportunities to level up your finances, investments, and family’s quality of life!
Give us a call and let’s see if purchasing in ABQ is the right move for you!