Sunday, April 18, 2010

Albuquerque Real Estate Market Has Greatly Improved

Per my friend Tim Fish, their market has taken off like a rocket this month. He is quite pleased and wanted to get the word out, so here's what he has to say...

Activity with Albuquerque real estate these past three weeks has been exciting to say the least.

The $8,000 seems to have “stimulated” the housing market for now. As predicted, With the Tax credit ending at the end of this month (April 39, 2010), buyers have waited until the last minute and have found themselves in bidding wars.

Sellers are loving it, but at the same time, most are holding their breath until the appraisal comes in at the negotiated price.

According to GAAR (Greater Albuquerque Association of Realtors), we have seen the strongest March since 2007. With 634 closed home sales and more than 1,000 pending sales, this month has turned some heads. I can’t help but to think that April may be even stronger.

Rio Rancho is on the rebound with a 54 percent increase in closed sales from March 2009. Albuquerque has steadily climbed this year and was up 34 percent with 440 closed sales this past month. $140 million dollars in transactions in March 2010 has been reported from the MLS, which is up more than 30 percent from March 2009, according to GAAR.

Advice to buyers - If you find a home that will work for you, run back to the office with your Realtor and write it up, because there is a very good chance that someone is doing the exact same thing on that house!

Advice to sellers - If you've gotten that long awaited offer, have your Realtor pull comps and wait by the door for that appraiser. (and be nice!!). You are going to need every edge you can get!

Tim Fish is an expert on Albuquerque homes for sale, and is a partner with his father Dennis, in The Albququerque Real Estate Group. 

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