Local realtor discusses home buying and selling dilemmas
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ALBUQUERQUE, N.M. — With high-interest rates and a real estate market that’s in flux, there are some dilemmas you’ll face if you’re buying or selling a home.
That is what Albuquerque realtor Skip Adams tells us.
Locally, Adams says housing inventory is down 17% from last year. Homes stay on the market for around 28 days and the median price is $360,000 – a 9.1% increase from last year.
A big dilemma, then, is, whether you should sell and use equity toward a down payment – or should you keep your home and rent it out to afford the new monthly payment?
On the other end, though, because of the low affordability, many prospective buyers just aren’t buying in. Adams says weekly showings are down around 17% from this time last year.
With high-interest rates and a real estate market that's in flux, there are some dilemmas you'll face if you're buying or selling a home.
The National Association of Realtors also issued these survey findings, as to why a buyer said they haven’t purchased a home:
- 34% – Can’t find enough homes within my budget
- 18% – Waiting for mortgage rates to drop
- 9% – Waiting for prices to drop
- 7% – Worried about being able to sell current home
- 5% – Concerned about competing with multiple offers
Adams offers more insight in the video above.