Local real estate agent smashes the Albuquerque real estate market
The real estate market has taken a wild ride over the past year and a half.
âThe past year has been, I think, a fair word, especially in the early summer, was hectic,â said Tego Venturi, real estate agent and co-owner of Venturi Realty Group.
Venturi said he believes the market has gone from frantic to stable.
“We’re still seeing multiple deals on homes, we’re still seeing people paying more than the list price for homes, and it’s just not as crazy as it was early in the summer.”
A recent report from the New Mexico Association of Realtors shows that real estate sales continue to grow month by month. It also shows that the average home price increased 14% over the same period, from $ 250,000 to $ 284,000.
âIt’s a huge change in house prices and so yes, this stuff is very scary on the surface,â Venturi said. “Albuquerque is still actually relatively affordable compared to our peer markets especially in the west and southwest.”
The report shows that the lowest fixed mortgage rates are still at 2.86%.
Venturi said low interest rates are one of the main factors contributing to the strong demand.
âThe things that could be slowing the market are, you know, higher interest rates, but there seems to be such a strong demand for housing. Basically it comes down to the fact that there isn’t enough money. homes to rent or buy for the number of people who want them. “
The association said real estate activity totaled more than $ 900 million in August, a 10% increase from August last year.
âTrying to time the market and all of that is difficult. If you need a house, you need a house. You are either going to rent or buy,â Venturi said.