Although the weather is starting to cool down, the Albuquerque housing market continues to heat up. Coldwell Banker real estate agent Michael Dunn is seeing a strong market and good opportunities. “Now is a great time to buy or sell a home,” he notes. “Interest rates are close to an all-time low and the inventory of homes for sale continues to be drastically lower than in 2018.”
Available inventory of detached homes for sale in the Albuquerque metro area dropped drastically in the past year. Michael notes that in July 2019, inventory was 2,379 homes – 33.6% lower than in July 2018.
Prices were up in the area through the first half of 2019. “We have seen a steady increase in the average home sale price in the Albuquerque metro area (up 6.3% in July 2019), which takes into consideration all price ranges, areas, and condition of homes. Values should continue to steadily appreciate over the next year,” notes Michael. “More and more, buyers want homes in ‘move-in ready’ condition, rather than having to make improvements after they buy. Homes that show well are getting close to asking price or over.” Michael says that on numerous occasions, he has received multiple offers on a sales listing.
In California’s Tri-Valley and Central Valley areas, the market is still going strong, says Kevin Rapaport,* a real estate agent with Allison James Estates and Homes.
“Most cities in this area are showing about a 1% sales price increase through the end of 2019, and many have gone up 3-5% already this year,” notes Kevin. “Inventory is pretty low, keeping it a strong seller’s market. In July, 76 homes closed in Tracy, and 37 of them had multiple offers. Homes have been selling for about 98% of list price,” he continued. Kevin says this is causing bidding wars that are driving prices over asking.
Kevin’s top advice for buyers: “Since the market is very competitive, get pre-approved for your financing first, so when you find a home you love, you are ready to make an offer. Also, go through the entire underwriting process with your lender and structure an offer with a 28-day escrow if possible, which is very appealing to sellers and shows the strength of the lending position.”
For sellers, Kevin’s top advice is to make sure their home is in the best possible shape to help get the highest possible price, and to avoid getting stuck with last-minute repairs or needing to reduce the price during escrow, when they have already locked into contract.
Curious to know what your home is worth in today’s market? For a free home valuation or other information, visit abqdunn.com. Kevin can be reached by visiting realtorrapaport.com. If you are thinking of moving, you can get started by visiting slfcu.org/HomeLoans to apply for pre-approval and check our rates at slfcu.org/Rates. Find a trusted agent and earn cash back through the HomeAdvantage® program by visiting slfcu.org/HomeAdvantage.**
Thinking of moving? Get started by contacting our friendly home loan officers and apply for pre-approval. Visit slfcu.org/HomeLoans for more information.
HomeAdvantage Resources and Rewards
If you’re in the market to buy or sell a home, register for the HomeAdvantage program for free online access to home listings, with information like neighborhood and school statistics and a list of trusted real estate agents. Plus, receive a cash reward*, equal to 20% of the agent’s commission when you use a HomeAdvantage agent and enroll in the program. Learn more and enroll.
*Kevin Rapaport is licensed by the California Department of Real Estate, license #02023552.
**Cash Rewards are awarded through the HomeAdvantage program to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Cash Rewards amounts are dependent on the commissions paid to the HomeAdvantage network agent. Obtaining a mortgage or use of any specific lending institution is not a requirement to earn Cash Rewards. If you are obtaining a mortgage, your lender may have specific rules on how Cash Rewards can be paid out. Cash Rewards are available in most states; however, they are void where prohibited by law or by the lender. Please consult with your lender for details that may affect you.
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