What’s REALLY Going On in Our Albuquerque Market?

Here’s what buyers and sellers need to know about our market.

What are prices doing in the fourth quarter of 2022? The high point for prices this year was in May of 2022, but in June, as interest rates started to increase, those prices started to come down. However, things might be changing once again. 

For about three months in a row, prices have remained flat. This means demand is stable, and prices won’t fall any further. This could be a win-win for buyers and sellers. Sellers can maintain their high asking prices, and buyers can have more negotiating power.

"Now is a great time to buy."

We're seeing sellers contribute to closing costs, especially buying down rates. It's back to a more balanced market where buyers don't have to feel harangued by the way that negotiations go. We're also able to get a lot of our interest rates lower than the market interest rate. This makes it an awesome time to buy. 

If rates are higher, why is the market stabilizing? One reason is that supply remains low. Many sellers don’t want to move because that would mean they’ll have a much higher interest rate. So supply and demand are both down, which has evened out our market a little bit. 

We don't expect prices to plummet. In fact, prices are still up year over year. Buyers are finding it a little bit easier to get a home. Sellers that need to sell are still getting great prices because their prices are still higher than they were in 2021. 

If you need help buying or selling a home, please call or email my team. We’d love to help you in any way we can.