Are you thinking of buying or building a home in New Mexico? If so, you're making a smart decision—this is still a great market to buy in.
It's true that rates have increased since last year. They're predicted to continue to rise throughout 2023. But that doesn't mean now is a bad time to buy a home. In fact, according to a local Albuquerque Mortgage Broker, it might be the best time. “A lot of people are on the fence right now because they've heard rates are going up and they're not sure if they should buy or wait”. “But the fact is, rates are still historically low. And in a market like Albuquerque, where prices have been increasing steadily for the past few years, waiting could end up costing you more in the long run.”
Here are three reasons why it's worth looking into purchasing or building a home in New Mexico right now:
1) Buyers are gaining more power buying power
If you have been approved for a mortgage and there are homes within your budget, you have the upper hand. This is especially true in Albuquerque, where the market is beginning to favor buyers. If you are considering purchasing a home, now is a great time to do so. In August 753 homes were sold in Albuquerque.
2) Buyer competition is at a two-year low
Fewer buyers on the market means fewer bidding wars and more options for hopeful owners.
3) There are many ways to increase your home’s affordability
Options like our Down Payment Assistance, FHA Loans, Adjustable-Rate Mortgages, VA Loans, and USDA Loans are all ways that can help you lower your down payment and/or interest costs.
For potential homeowners who are on the fence, Avance has this piece of advice: “Talk to our mortgage broker about your options. They can help you figure out how much you can afford to spend on a home and what kind of interest rate you'll be able to get. There are a lot of programs available right now that can help offset the effects of rising rates.” Just because prices are rising now doesn't mean they won't go down again in the future. There are plenty of other reasons to buy a house, such as building equity, having a place to call your own, and being part of a community.