Is now a good time to buy?

Asked by Melissa Morenus, Albuquerque, NM Thu Feb 6, 2014

Yes, now is a good time to buy due to historically low interest rates. Pricing is lower than it was at the height of the bubble. Keep in mind that the tough thing for buyers right now is the low inventory, and there are multiple offers being made on many properties. Although this is good for property values, it makes it tougher those looking to buy. FHA loans are also available which the down payment is only 3.5% of the buyer’s purchase price.

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Julie Aleixa…, Agent, Albuquerque, NM
Fri Feb 7, 2014
Interest rates are a critical component to consider when buying a home and historically they are still crazy low. For example, the payment on a $200,000 home, 30 yrs., principle and interest at 4% is $954.83 a month, whereas at 5% it's $1073.64 a month. And at 6% it's $1199.10 per mo. If you can buy before rates rise it's a great idea, since for most people, it's very difficult to save the additional money required to have the same monthly payment as with a lower interest rate. I know it's a bit confusing so give me a call if you'd like to discuss this further.

Direct cell - 505-615-2546
0 votes
John M Sicke…, Agent, Albuquerque, NM
Thu Feb 6, 2014
Yes, now is a good time to buy in Albuquerque. Interest rates are still extremely competitive at this point and although the market has heated up somewhat, if you get actively involved now in your home search you will avoid a "hotter" market that we as Real Estate professionals believe is around the corner this Spring. Historically, many housing markets heat up in Spring and Summer meaning more buyers enter the market the result of which usually means we see more situations with multiple offers. When this begins to happen and inventory lowers, it can also drive up the price per square foot creating higher listing prices from sellers. My suggestion is to at least begin your search by getting on a "drip email campaign". This is when a Realtor reviews your specific needs and criteria for what you are looking for in a home and plugs that information into our local MLS system. From that point, you will begin to receive emails of homes that meet your specific criteria and in the comfort of your home or where ever you have access to a computer you can review the homes and their specific information including pictures. At that point if you see something you like, you can call the Realtor and schedule a viewing in person.

If you are not already working with a Realtor, I would be happy to answer all your questions and help you find your new home. Good luck!

John Sickels
john.sickels@exprealty.com
505-977-7251 direct
0 votes
Now is a great time to buy in Albuquerque! It is a buyers market. Best strategies are to either do a cash purchase or have mortgage pre-approval letter, so you can come in strong on an offer. If you make an offer between now and March 30, you will probably be looking at very motivated buyers, who want or need to make a deal now. Call me at 505-550-9111 if you need a Realtor to represent you.
Flag Fri Jan 2, 2015
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