As you may already be acutely aware, next Monday will be the first day back for Albuquerque Public Schools. As ever, it's one of the earliest signs that the summer months are just beginning to draw to a close.
While a lot of movers will have been keen to be in their new homes for the start of school, this certainly doesn't mean that our local real estate market won't remain very buoyant. And not everyone has kids of school age, of course.
While it's true that there will very likely be a slight tapering off in sales intensity as the peak season ends, what we've seen in recent years is a much less pronounced drop-off in activity.
And the good news is that the conditions that created a very busy last few months of 2016 are still in situ right now; namely that we still have very low mortgage rates and low inventory of available homes keeping prices and demand very high for the best properties, in particular.
Month after month, we've seen excellent real estate market growth in the Albuquerque area and, while there can never be any guarantees, the signs are that the very positive trends we've been enjoying for some considerable time are set to continue in much the same way for the foreseeable future.
Therefore, if you've been considering listing your home, there are still big incentives to do so now and not put it off until next year. We noted a few times in the run-in to the end of 2016, and 2015, that while there is always a definite traditional high season, there is still plenty of buyer enthusiasm to, for example, lock in a low mortgage rate before anything possibly changes. Those are likely to be the very same key motivations informing our local market in the next few months.
And, of course, in our situation here in New Mexico, there's plenty of great weather still ahead of us and every reason to be optimistic that the vibrant sales activity that lasted throughout last year is going to be improved upon in the coming months, in a year-on-year comparison.
In conclusion, even if you regret missing the very height of the market this year, selling prices continue to improve and demand is exceptionally high. It's therefore absolutely not too late to list and is also worth remembering that, for a variety of important reasons, the buyers we see as the year gets older are among the most motivated and serious we see in the whole 12 month cycle!
So don't waste another moment! Contact us today for an informal discussion of the best way to tackle the current market in your individual situation. At the end of the day summer is still very much alive!