First, a couple of statistics. According to the Greater Albuquerque Association of Realtor's (a.k.a. GAAR) Monthly Market Report, Albuquerque single family home sales lead the way in December with 435 sales closed. This was a slight increase from the year before, which was 421 sales closed. The majority of the homes sold were priced for less than $250,000,for single family homes, and less than $120,000 for attached properties.
So what does all of this mean? It is still a great time to purchase a new home, as interest rates remain low and there's plenty of inventory to choose from. As of the December 2014 GAAR report, there are over 3,800 homes on the market right now. With great inventory and financing options, the market is strong for buyers of both single family and attached properties.
Some programs for first-time home buyers even offer down payment assistance. To be specific, a first time home buyer is someone who has not owned a home for 3 or more years. MFA (a.k.a. the New Mexico Mortgage Finance Authority) has several programs available for low to moderate income individuals and families that offer low interest rates and some assistance with down payments and closing costs. Another MFA program is targeted to assist people who work in specific fields. If you are a teacher, sworn fire fighter, sworn law enforcement officer, healthcare worker, or a member of the armed forces, you may have access to the HERO program.
One of the largest investments you will make in your lifetime will be to purchase a home. A great resource to start with when you are ready to take that step, is to find a great lender and a great Realtor to guide you through the process. If you are interested in buying a home, we would love to offer our assistance and answer any and all of your questions. To find out more about buying a home, you may speak with an experienced agent at Land of Enchantment, Inc and set up an appointment to discuss all of your options. During your first visit we sit down and get to know you, which enables us to then determine your wants and needs. Buying a home is a process, but with the right people in your corner, it can be an exiting and memorable experience.
Be well,
Catherine Martin-McKenzie
Land of Enchantment, Inc.
505-821-0807
