The recently published, and widely publicized, Zillow Real Estate Market Report for June, certainly paints a great picture of a very, very hot market all over the country, and we're not talking about the sizzling temperatures.
Consider, for instance that homes are closing faster at the moment than at any time in the past six years. The national average for the time it takes to market and finalize the sale of a home is now just 78 days, including the selling time.
It should be noted that the Albuquerque market is probably either matching or doing slightly better than this. Consider that, with a typical 30 day escrow and an average of 45 days for a detached home to sell, you're probably looking at around 75 days in this area.
Irrespective of whatever the precise listing-to-closing figures are here, there can be no questioning a quote from Zillow that: "homes are selling faster than ever as the home shopping season hits its peak."
While the message to sellers to sell while the going is good is crystal clear, it occurred to us that maybe on-the-fence buyers need to consider if they might be missing what might prove to be the chance of a lifetime just now?
While inventory of available homes for sale in the area remains a problem, one of the key reasons behind this is that so many buyers are recognizing the current opportunities. There are so many compelling reasons for purchasing at present.
Mortgage rates are still at amazingly low levels, with an average of just below 3.5% for a 30-year home loan. While this makes the cost of borrowing so attractive, another key consideration is that low rates also increase one's buying power, for any given amount of monthly loan payment. This means that it's not only easier for the first time buyer to get on the home ownership ladder, but also very attractive for existing home owners to use this moment to upgrade.
While all is pretty much as rosy as the garden ever gets, buyers do need to recognize this moment in time for what it might prove to be - perhaps the best all-round opportunity to buy a home in at least a decade!
Above all, buyers need to be agile to take advantage of these red hot market conditions, mindful that they cannot last forever at this incredible tempo.
Making sure your mortgage finance is pre-approved to the level of homes you're looking at is, of course, of paramount importance. Don't wait to find the home of your dreams, otherwise you will be lagging behind other buyers, whose offers may well appeal more to the seller of the home you're all chasing. Sellers are invariably far more enthusiastic if you can arrive to view their home with your financial arrangements already sorted.
And, to be honest, with such a short supply of homes at the moment and so many highly motivated buyers, they are in the driving seat in a sellers' market. Click here to make a start on that all important pre-approval right now!
It's also important that you dedicate yourself to the task of searching for a home. When your agent (you have already teamed up with a buyer's agent haven't you?) says that a home that closely matches your specification is available, you need to be quick off the blocks to get a viewing arranged. Casual, half-hearted home searches when there's low inventory and high demand can quickly lead to some disappointing scenarios.
A bit of flexibility in your choices might be helpful, if you're going to make the most of right now. Low inventory means that setting your heart on, for example, a very specific design of home, or even an extremely precise location, could make your search a lot tougher, maybe even impossible. You still might get lucky and find exactly what you're looking for, but a willingess to consider a broader range of options could even bring advantages and features to light that you'd never even considered before.
And don't allow yourself to become discouraged. It's important to keep up the momentum of your search through any disappointments along the way.
No one really knows how long the current wonderful situation will last, so why not contact us today for more specific advice on how best to take the plunge as quickly as possible.