We'd be the first to admit that we never tire of talking about how great the Albuquerque real estate market is right now and, according to a report we've just read, our optimism is very well placed.
A recent survey by Liberty Bank in Chicago ranked both our buying (7th) and renting (9th) markets among the Top 10 in the nation!
Liberty Bank used a range of data to arrive at its national chart, taking into account mortgage interest rates, average rent prices, median house prices and what's called the buy-to-rent ratio, which essentially seeks to look at the difference in costs between renting and buying.
What makes our area rather unique in this survey is that it was established that Albuquerque is a great place to both rent and buy. That's a win for home seekers, renters and investors. In other words, pretty much everyone! Only one other city, El Paso, Texas, placed in the Top 10 in both categories! Indeed, although some Top 10 cities ranked very high in either the buy or rent categories, in most cases there was a wide gap with the element of the market that didn't perform as well.
This is further affirmation of what we see every month in those very positive statistics published by the Greater Albuquerque Association of REALTORS®.
We have an extremely buoyant market for both renting and buying, but what's so good here in our part of New Mexico is that, as is reflected in the Liberty Bank report, prices, though they are rising, are still very realistic and within reach of many potential buyers (and indeed renters).
There are some really good takeaways from this report, not least that Albuquerque is becoming more widely renowned as a great and economically viable place to relocate to. That helps to increase demand for homes and rentals and is great news for the local economy in general.
Homebuyers can rest easy in as much as they are purchasing at very sensible price points on a national scale, while renters also know they are getting a relatively very good deal.
Investors should be especially delighted by these stats as they demonstrate that property can be acquired at a nationally competitive level and that renters are more capable of finding their monthly rent than in a lot of areas of the country.
The other very interesting potential implication here is that the leap from renting to buying is also easier here than in many parts of the country.
It all goes to show what we've been saying for some time about now being a great time to buy and sell. What we didn't realize so clearly until now was how well we compared to the rest of the nation!
This is a great market to get involved in, so why not contact us today and informally discuss how we can help you make the very best of it!