Joe Maez, lead Realtor of The Maez Group, says that rising interest rates and home prices are giving buyers reasons to purchase Albuquerque real estate.
Online PR News – 11-March-2014 – ALBUQUERQUE, N.M. – ALBUQUERQUE, N.M. - Joe Maez of the Albuquerque realty team The Maez Group is saying that rising interest rates and appreciating home values are giving first time home buyers and move-up buyers more reasons to make an offer now than a year ago.
Maez of Keller Williams Realty Westside says there are two important reasons buyers should be participating in the market: there is more real estate market confidence than a year ago, and more incentive to capture historically low interest rates before they go up.
"We've seen a dramatic increase in the confidence factor for home buyers purchasing real estate in Albuquerque over the past year," Maez says. "Sellers also are more confident than before, meaning they are less likely to drop their price for lowball offers now."
He says lowball offers are a thing of the past as overall economic confidence has increased.
"Investors are no longer able to offer dramatically less than the listing price and get the deal, because sellers see that they're in a better position than a year ago. There are fewer foreclosures on the banks' books, which was a big factor weighting the market down," he says.
According to Maez, even Albuquerque luxury homes are catching a bid lately as executives and young professionals feel more comfortable committing financially to a better lifestyle for their families.
He also says that rising interest rates are providing another potential catalyst for both existing and new home sales, because the price of money is going up.
"A year ago, interest rates were a full 1% lower than today. The 30 year mortgage rate at about 4.3% in today's market is still extremely attractive, but we don't expect it to last," he says.
Noting that for every 1% rise in interest rates, affordability for a $200,000 home drops over $21,000, he says that rising rates cuts qualified buyers out of the market.
"Clearly, today's low interest rate environment is better for both buyers and sellers. We're here to help either one take advantage of the current market conditions," Maez says.
About Joe Maez REALTOR®
Joe Maez is a proven real estate professional who knows how to do things right. Every day he is out there working to make the home-buying or -selling process easier for his clients. Regardless of which way the market has gone, Maez's sales have gone up every year. He says, “If you really do a good job, you’ll always have clients,” and his track record proves it.
Maez, who has personally sold more than 800 homes in the area, including Albuquerque, Corrales, Los Lunas and Rio Rancho luxury homes, has unique and extensive knowledge of the local markets. He works regularly within the entire Albuquerque New Mexico real estate market.
For more information, contact:
Joe Maez REALTOR®
Keller Williams Realty Westside
6240 Riverside Plaza Lane NW, Suite 100
Albuquerque, NM 87120
Google Plus: http://plus.google.com/+JoeMaez