ResalesAlbuquerque, New Mexico Records Highest Sales Ever, Say Realtors
The number of homes sold in Albuquerque, New Mexico reached all-time levels in February 2003, say local Realtors.
"Albuquerque and Rio Rancho are the number one and two largest cities in New Mexico," says Realtor Archie Saiz. "Within the boundaries are bedroom communities providing a slower rural lifestyle adjacent to all the amenities of a metroplex."
Saiz explains, "The number of Class R1 and R2 homes sold in the Albuquerque area during February 2003 was 627, which was even higher than the number of homes sold in January 2003 (598 sales, an increase of 4.8 percent) and substantially higher than the number of homes sold in February 2002 (566 sales, or an increase of 10.8 percent).
"The interest rate continued to drop--the average interest rate in New Mexico for a 30-year fixed-rate mortgage in February 2003 fell from 5.63 percent in January 2003 to 5.54 percent," he says. "Along with the decline in interest rates are continuing increases in the average and median values of homes: The average cost of a Class R1 home rose from $151,124 in February 2002 to $158,569 in February 2003 (an increase of 4.93 percent), and the median price rose from $121,500 in February 2002 to $134,750 in February 2003 (an increase of 10.9 percent)."
Says Realtor Linda Devlieg, "For properties located along the Tramway corridor, as well as Northeast Heights area in and around the UNM and business areas, this has really been an incredible year - a fantastic market has opened up for both buyers and sellers."
She advises, "Your buying power has never been better, with interest rates from 5.5 percent to 5.75 percent. Moving up will cost you less.Selling your existing home will surprise you even more! Neighborhoods that once were at a 0 percent growth of value are now at five to seven percent growth. A fantastic situation to be in, where you can sell your existing home for more, and you can buy more home than ever before."
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