Home Buying in Albuquerque>Question Details

Ctr, Home Buyer in San Diego, CA

Housing market forecast for Albuquerque?

Asked by Ctr, San Diego, CA Tue Apr 1, 2014

Can some of the market pro's give me their assessment of the current housing market and their projections the next few years? Is the market better for sellers then the last few years? Do you expect if to get better next year? How is the economy in Albuquerque? Are people positive about the future there in terms of economic and job growth and house price appreciation?

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Steve Quintana’s answer
My assessment of the current housing market is that it is good for properly priced homes. I expect moderate improvement in prices over the next few years. The seller's market is somewhat better now than in previous years. The local economy is moderately improving with no definite positive increases known at this time. Most people are positive that the status quo will remain, but few are expecting large increases in income in the near term and this limits house price appreciation. Moderate is the key word in this analysis for this stable yet mostly unspectacular local economy.
0 votes Thank Flag Link Tue May 13, 2014
Housing in Albuquerque has been improving slowly over the last couple of years. You can check out the market statistics at the local realtor association website:

http://www.gaar.com/market-statistics

Of course there is a broad variety of situations for sellers all over town. Some areas are getting "hot" this spring and a market priced home in excellent condition sells very quickly. There are still some areas with a higher percentage of short sales and foreclosures so these sellers are having a hard time--especially if they bought at the height in 2006.

We've all learned over the past few years to be cautious about projections as we all know now how quickly things can change. Our latest exciting possibility is a Tesla factory. You can read about it here:

http://www.abqjournal.com/353523/news/report-tesla-eyes-new-…
0 votes Thank Flag Link Fri Apr 11, 2014
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