Inventory is up, homes are sitting longer, and buyers finally have room to negotiate. Here's what that means for your next move.
If you've been thinking about buying a home in Albuquerque but weren't sure the timing was right, we want to share a little of what we're seeing out there for buyers right now. The market is shifting, and a lot of that shift is working in your favor. Here's what stands out to us.
Rising inventory means more options. The first shift worth knowing is that inventory has increased, which means buyers have more homes to choose from. For the last few years, the challenge for so many buyers has been that there just wasn't enough to choose from, and the few homes that came on the market moved fast. With more options on the table, you have the breathing room to actually compare homes and find the one that fits, rather than feeling pressured to jump on the first thing available.
Buyers can ask for closing cost credits. Another thing we're seeing is that buyers now have the opportunity to ask sellers for closing cost credits. These credits can go toward what you have to bring to closing, including some of your prepaid items, or they can be used to help buy down your interest rate. That second option can make a real difference in your monthly payment, which matters a lot in a market like this one. If you'd like to talk through how a credit could apply to your situation, we're happy to help, and we also have a great lender we work with that we can connect you to.
The market has shifted, and right now that shift is working in buyers' favor.
Sellers are covering more repairs. We're also noticing that sellers are having to pay for a few more repairs than they typically would. During the inspection period, we can absolutely ask the sellers to make any repairs a buyer is concerned about, which gives you added peace of mind about the home you're stepping into. It's one more area where the shift is favoring buyers right now.
There may be wiggle room on price. The market is shifting a little, and while inventory is staying pretty steady, homes are staying on the market a bit longer than they were. That means you might even have some wiggle room on price, something buyers haven't had much of in recent years.
We'd love the opportunity to assist you or answer any questions you have, whether it's about the home buying process, interest rates, or how to make the most of this shift. Whether you've been considering your first home or an investment property, we'd love to strategize with you. Give us a call at (505) 620-2549, email us at steven@nmhomedeals.com, or visit nmhomedeals.com. Please feel free to reach out to anyone on our team, and we'll help you put a plan together.