Albuquerque Real Estate

by Hedy Harwell

Albuquerque is a bright spot in the country’s real estate picture. We haven’t gone from boom to bust like other areas but have gently slowed from our peak. Albuquerque was Housing Predictor’s (www.housingpredictor.com) top rated market for appreciation in 2007 estimated at 9.1%. They’re predicting a positive yet modest 3.5% appreciation in 2008.
New Mexico has actually had fewer foreclosures than in previous years and foreclosure rates are well below the national average. RealtyTrac (www.realtytrac.com) issued it’s report for 2007 showing froeclosure filings for 1.033% of households nationwide. Only 0.357% of New Mexico households had foreclosure filings, ranking us 32nd in foreclosures.
One reason we’ve avoided problems is our steady job growth, which is key to a strong housing market and avoiding foreclosures. Unlike those areas of the country that experienced dramatically high rates of appreciation and subsequent decline, our market has been a steady but moderate climber without dramatic increases or decreases.
Now is the optimum time to buy!
*The current large inventory gives buyers many homes
to choose from.
*Sellers are willing to negotiate on price or give buyers
incentives to help pay costs.
*Interest rates are the lowest they’ve been in 2 years
with 30 year fixed rates hovering around 6% so you
can buy more for less.

Location Characteristics: Jobs and Albuquerque go together, according to Forbes magazine. For the first time, metro Albuquerque has made the top ten in Forbes’ “Best Cities for Jobs”.
Albuquerque was tenth in income growth, the first the metro has hit the top ten in that category.
Forbes said, “Albuquerque is a center for high-tech companies and government projects that have fueled its growth.”
Albuquerque places third on Forbes list of pet friendly cities. There are “over 33,000 acres of public parks, or about a quarter acre for every dog, cat and pet bird in the city,” Forbes said.