TOP 10 REASONS TO BUY NOW
TOP 10 REASONS IT’S A GREAT TIME TO BUY REAL ESTATE NOW
- Selection, selection, selection: As of July 1st, 2008 there are 5,361 detached homes on the market in the Albuquerque & Rio Ranco NM area. Regardless of the price range and buyer desires, there are plenty of homes from which to choose. Just a few years ago the resale inventory dropped significantly. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of available detached homes, condos, and townhouses. You can find large lots, small lots, and a even lots that will accommodate your boat or RV. There are plenty of options in this market.
- No bidding wars: In 2005 we had one client that made an offer on six homes. They lost the first five to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no real competitive bidding in this buyer's market.
- You can make an offer: A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96.5%. A seller will not be insulted if you 'make them an offer they can't refuse'.
- Patience is tolerated: In the hot seller's real estate market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a home buyer can take their time. Look at several homes in the Albuquerque and Rio Rancho market and consider your decision making carefully.
- Due diligence is welcomed: In this market a buyer is encouraged to obtain a home inspection, termite inspection and other advantageous inspections. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
- There are plenty of specs: In the not too distant past buyers had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Area builders have good selections of speculation homes ready for a quick escrow and immediate occupancy.
- Repair requests are welcomed: After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
- Few, if any investors: It is estimated that one third of all home sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
- Location, location, location: Today's buyers can find homes closer to work and in neighborhoods that fit their needs and lifestyles. In this real estate market, reasonably priced homes are within biking or walking distance to schools and shopping.
- Real Financing is available: The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. Interest rates are still exceptionally low.
It truly is a great time to buy New Mexico Real Estate!
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