Why Buy or Sell now? The Market Sucks!

Real Estate Agent with Signature Southwest Properties

Is the Albuquerque housing market in a sink hole?  

The truth is that home sales in the Albuquerque housing market  for 2011 has exceeded 2010 every month this year.  So, that means we're making movement.  This month, December 2011, we're up in sales once again.

So why would now be the right time to buy or sell in Albuquerque?  Gazing into the Crystal Ball

The crystal ball is not telling us much, yet these simple considerations may give you some insight into your own situation.

If plans are to move and sell within the next 3-5 years.  Do it now.  Prices will not rise to any great extent, the more likely scenario is that they will fall.  
 Here are 2 points to consider:
  1. Values will likely decline further.  Industry sources indicate that there may be a large inventory of "shadow" foreclosures coming on the market.  These are homes in or foreclosure that haven't hit the market. Foreclosures bring values down as they are generally sold for less than comparable homes in a neighborhood.
  2. There are buyers, due to the low, low, low interest rates and there are 20% fewer homes on the market than there were last year at this time.  Your home has a greater chance of being purchased (if priced right) with  fewer homes on the market. The inventory of homes available in the Albuquerque market is down by 20%.  
You may be unable to sell for a variety of reasons in the current Albuquerque Metro market, yet you may want to buy after reading below.   Here is how to buy if you cannot sell http://activerain.com/blogsview/2675637/ready-to-buy-a-home-but-can-t-sell-   
Be sure and check with your lender who can be a great adviser for buying options.
Do you want to upsize, downsize, need a change?  Buy now.  Interest  rates and selling prices are unbelievable.  Consider these 5 points.
  1. Rates are under 4%!  That's crazy good!   Contrary to popular belief, a buyer with decent credit does not need 20% down.  Ask your lender.
  2. For renters, your mortgage payment will  likely be less than rent and there is generally a tax benefit to boot!
  3. For investors, there is a need for rental housing.  Buy a rental home!
  4. You could purchase a home for 10-30% less than you could have purchased it last year at this time.  Prices are down.  Lots of home for the money.
  5. And most importantly, you have the potential to make a change that is rewarding and enjoyable by leaving your old home and finding one of your dreams.  That you can afford of course

Gather Information.  Pursue Your Dreams.

Approach the buying or selling decision recognizing the uncertainty of the times.  You can make good investment and life decisions by gathering information and finding out what your options are.

Ask Questions.  Don't be driven by fear.  It won't take you anywhere.

Don't be afraid to ask questions.   No one will force you to buy or sell a home against your will.  If you find a pushy realtor ask me -- I'll help.  Enjoy uncertainty and ride the waves of the times.  I'm available to help you figure out the best option for your housing dollars and needs

Comments (4)

JRSEO Marketing
JRSEO Marketing, LLC. - Marketing Experts (800) 959 - 0182 - San Diego, CA

HI Pamela I agree the market is not ideal.

Best to use what you have and improve hoping that the upturn will come soon.. 

Jan 12, 2012 04:04 AM
Pamela Heater
Signature Southwest Properties - Albuquerque, NM

Oh yes, but there are many reasons to take advantage of this down market!!

Jan 12, 2012 11:22 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

It's a great time to buy or sell...both the sellers and buyers are winners in this market...sellers before the price goes down some more, and buyers there are great opportunities now!

Jan 24, 2012 01:40 AM
Pamela Heater
Signature Southwest Properties - Albuquerque, NM

Yes.  Indeed.  So much opportunity for sellers and buyers.

Jan 25, 2012 04:37 AM