The thought about spending your well and hard-earned money in a place where it would be able to give you a return is something which might be giving you sleepless nights. This might be because of the tons of options being presented in front of you. So, while Albuquerque real estate might be something which could be considered to be a good option, you still find yourself to be unsure about it. This is because simply put, investment in real estate is considered to be the biggest gamble that you could make with your money since you would be unsure about the return. However, that still does not mean that you would try your hand at it by minimizing the degree of risk as much as you possibly could.
Red Hot Market In Albuquerque, NM
Therefore, if you are thinking about investing in the real estate market in Albuquerque, it would be a good idea to know about its current condition. In this way, you would be able to know if it would indeed be worth it or not.
South Valley Albuquerque, New Mexico
According to several indicators, it has shown that the housing market in Albuquerque would be blooming in the coming spring. This is because according to the latest Greater Albuquerque Association of Realtors, there would be a surge of homes under contract in the metropolitan areas. This has been shown to represent a 22.7 percent increase from the same time in the last year.
Just last month, 90 townhouses and condos and 1,011 detached homes were sold, which depicted an 8.4 percent increase from last year. In addition, condo and townhouse sales seemed to spike in March, thus increasing by a whopping 48.1 percent.
As for the home sale prices, this would also continue to rise with the median sales of detached homes prices rising 4.2 percent. The average sales price seems to have jumped to 3.2 percent. Homes would also be selling fast, with only an average of 54-days stay on the market, an increase of 16.9 percent since last year. Condos and townhouses seem to be selling in 43 days on average, 32.8 percent faster compared to last year.
So, if you are thinking about investing in Albuquerque, NM real estate market, you would have to make sure that location would be given the topmost priority. In that case, you might want to invest on the worst house in the best street as it would allow you to build equity. Even though it would be a property in a great neighborhood, some work would need to be done. However, this would also allow you to sell it at a higher price at a later point in the future.
As for payment of properties, you should avoid paying full price. Instead, you should be on the lookout for wholesale properties that would be offered at a steep discount. Despite the fact that these properties would need some work, they would ultimately be worth the final selling price. In other words, this would definitely help you to maximize your investment.
