Shortage of homes and bidding wars keep Albuquerque’s housing market competitive

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ALBUQUERQUE, N.M. (KRQE) – If you’re looking to buy a home in the Albuquerque metro area, you know it’s a competitive market. Realtors said with a combo of low-interest rates and a shortage of homes for sale keep the market competitive. People looking to buy homes have told News 13 some open houses have been packed with people interested in buying.

The open house signs were out Saturday for a four-bedroom-four-bathroom home in Albuquerque’s Northeast Heights. “It’s been pretty competitive with the buyers and sellers,” said Coldwell Banker broker Johnny Atencio. He said the market to buy a higher-end home may take a little longer. But for homes that are on the lower and middle market, they’re selling fast.

“There are so many buyers in that market right now with the affordability rate,” said Atencio. Local realtors said there’s a shortage of houses for sale in the Albuquerque area and with historically low-interest rates, realtors said the housing market is competitive.

“Also the fact that the pandemic has caused people to shift the way they work, a lot of people are working from home and it’s caused them to reassess the current needs of their home, it’s how they’re making changes in that,” said Kent Cravens with the Greater Albuquerque Association of Realtors. It’s such a seller’s market, realtors said they can have ten to 25 offers in a matter of minutes and sellers could pocket an extra ten to 15-thousand dollars above the asking price.

“They’ll be bidding these up,” said Cravens. “There are price wars going on. It’s just the most phenomenal thing – we’ve never seen the market like this before.”

Some open houses nowadays can be flooded with interested buyers. “If the price is right, there will be multiple offers, it will be gone in minutes probably,” said Cravens. So if you’re looking to sell your home, Cravens said to make sure you’ve found a place to live. “You don’t want to be sleeping in your car if you sell your house too quickly,” said Cravens.

According to Redfin, a real estate company, until the number of homes for sale dramatically increases, prices are likely to climb. Local realtors said that they do expect people might experience bidding war burn out soon, which could ease up on some of the competition.

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