For the last few years, Realtor’s have been encouraged by local lenders to mention to our clients and friends that the time to buy is “now”, based on record low interest rates. This has been a great a statement to mention to potential Buyers IF they are convinced that they will not need to re-sell in the foreseeable future. 30 year fixed interest rates have been nothing less than amazing.
It’s been difficult for me to encourage buyer’s to move quickly based on the depreciating market. My advise has been that the best time to buy will be when the interest rates are low AND when we can see an appreciating trend in the market. I cautiously say that NOW could be that time; and here’s why.
Statistically, the Albuquerque Real Estate market steadily declined for 48+ months, starting in early 2008. Each quarter’s sales statistics declined from the previous year, in Volume or Value, or both. Although the 1st quarter of 2012 experienced a small dip in Median Sales Price, we also experienced an 11.75% increase in Closed Sales. The second quarter of 2012 showed an increase in both Median Sales Price (5.15%) and Sales Volume (8.15%). Indications are that we will see another increase in the 3rd quarter. Is the Albuquerque Real Estate Market showing a trend for 2012? Yes.
Don’t expect the market to bounce back quickly, but this could be a GREAT time to purchase and/or sell Real Estate in Albuquerque. The interest rates are sill phenomenal and it looks like we have hit the bottom and are actually experiencing a very slight appreciation trend. Call me for more detailed statistics regarding the Albuquerque Real Estate Market.