Spring Real Estate Report: Albuquerque Area and Tri-Valley, California
For those in the Albuquerque, New Mexico housing market, HomeAdvantage® agent Valerie Almanzar of Your Casa Team is seeing a robust market and opportunity for home sellers. “The Albuquerque-area housing market has been strong so far in 2019. We are seeing inventory shortages, so if you are thinking of selling, now is the time to do it. Nice homes that are priced right and in great condition are selling fast—sometimes within days and with multiple offers,” she says.
The median price for a detached single-family home in Albuquerque rose by 7.6% over the previous year to $213,000 in March 2019, according to the Greater Albuquerque Association of Realtors. Available inventory of homes for sale decreased 27.3% to 2,075 homes in that same month.
“Prices in the Albuquerque area should continue to rise, especially if our economic situation continues to grow and improve,” says Valerie. She encourages SLFCU members to speak with a knowledgeable and experienced real estate agent to understand the housing market in their neighborhood.
In California, sales of detached single-family homes were down for 11 consecutive months in a row, with declining sales across all price ranges, according to the California Association of Realtors’ March 2019 report. Inventory is up by 13.8% over the previous year, but is still tight by historic standards.
Claudia Colwell, a HomeAdvantage agent and associate at J. Rockcliff Realtors, notes that the market has slowed considerably between summer 2018 and early 2019 in the state’s Tri-Valley area (encompassing Livermore, Pleasanton, Dublin, and San Ramon). However, it now appears to be improving with homes taking less time to sell. “Inventory in the area has increased steadily over the past year, and is two to three times what it was a year ago in some places. I expect to see Tri-Valley area prices grow by 2-5%, not the 8-12% seen over the past several years.”
Additionally, Claudia is seeing more contingent offers accepted from sellers—something she hadn’t seen much of for several years. “There are very few ‘as-is’ sales these days unless the seller has made any needed repairs and completed inspections prior to going to market,” she says. “More often, we are seeing that buyers have their appraisal, financing, and inspection contingencies in place when submitting an offer. There are always exceptions, and if the market continues to improve we will be back to buyers needing to remove some or all contingencies up front.”
Her top advice to Tri-Valley-area sellers is to recognize that the market has changed and to price their home at or below the most recent comparable sale. Claudia recommends that buyers consider properties that have not gone into escrow quickly, so that there is room to negotiate with the seller.
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.
*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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