Albuquerque, New Mexico - New Mexico Realtor® Joe Maez of Coldwell Banker Legacy says Albuquerque real estate shows a significant volume increase in year over year existing home sales and new home sales, with lower prices bringing in more real estate investors to the Albuquerque area. The New Mexico real estate market statistics reflect lower prices and increased volume in both existing home sales and new home sales.
Maez says this is due in part to the fact that sellers who have been resistant to lowering their price have been convinced that it's necessary to do so in order to get their home sold. He says that during any kind of market pullback, there are going to be homeowners who refuse to accept the price declines.
"Some sellers start out convinced they can outlast it. For owners who have no pressing need to sell, this is fine, but for those who become more motivated over time, the point comes when reality sets in."
Some of the motivating factors can be job transfers, a change in employment status, or a variable rate loan that has become unaffordable. Other factors can be a growing family or a suddenly empty nest. Maez says the recession has contributed to the supply as well, with foreclosures serving to bring prices for NM homes down to more affordable levels.
He says that while every seller has their own personal reasons for making the decision to sell, statistics from Southwest MLS (SWMLS) show that whatever the reason, more sellers are in fact lowering their price expectations. Those lower prices have led to an increase in the number of investors who are purchasing Albuquerque homes.
Maez says he's already sold several homes to investors in 2010 alone, some from out of state.
"Overall, I believe this is very healthy for the market in the long term. Buyers just needed more of a reason to buy, and they seem to have found it here in Albuquerque, Correles, Rio Rancho, and Los Lunas."
He says that at this rate, he doesn't believe higher prices lie too far ahead.
"With Kirtland Air Force Base and the need for off-base housing for military families, I believe the Albuquerque economy and real estate market has a lot going for it."
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For more information, contact:
Joe Maez
New Mexico Real Estate Agent
505-401-5775
8100 Wyoming Blvd Ne
M4 #234
Albuquerque, NM 87113
http://www.nmhomesplus.com/
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