Here’s what you need to know about the state of our housing market.
I wanted to update you on the current market situation as we kick off 2024. We're still in the middle of the winter slowdown, with inventory remaining low. In the entire Albuquerque metro area, we only have about 1,427 homes available for sale. That's from Placitas to Bernalillo, Rio Rancho to the East Mountains, and down to Milan. So, options are limited.
On the bright side, we're not seeing a huge surge in buyers just yet. Unlike in 2021 and 2022, where houses would get multiple offers within a day, homes are staying on the market for a few weeks. When offers do come in, they're strong, so sellers won’t have to deal with too many lowball offers.
"Don’t wait for the perfect time to hit the market; it doesn’t exist."
What does this mean for you? Buyers should act now before the spring rush hits. You can still get a good deal without competing against a flood of buyers. However, we might see more buyers entering the market in the coming months, especially with interest rates going down.
So, my advice is not to wait for the perfect time to buy. Instead, focus on your financial readiness and jump in when you're ready. If you're considering buying an investment property, now is a great time to explore your options. Feel free to call or email me for more information and guidance. Investing in properties is more achievable than you might think.