A New Perspective From Sheniq: How The 07′ Housing Crisis Affected Local New Mexicans

There is an old adage that the world is not producing any “ new real estate” (unless you take into consideration the new island of Loihi forming at a steady but snail paced rate off the south east coast of Hawaii). That saying is more than a just another dictum, it is a perspective that can be taken when looking at the current state of the American housing market in the wake of the sub prime mortgage “crunch”. Whether you are a potential buyer or seller the recent media attention on the economic backlash caused by this issue can understandably make you a bit precautious and leave a few unanswered questions that may pertain to your particular situation. And if you plan on buying or selling real estate in the city of Albuquerque then the above mentioned adage pertains to you. Though America as a whole might not be doing so well in regards to the housing industry, locally populations are growing and since “new real estate” is not, the majority of properties on the market can, will be, and have to sell. Home buyers in the Albuquerque metro area had their view of the market skewed in the 4th quarter of 2007 by the news media. Eye catching headlines in print & television news focused on the average conditions across the nation. In my opinion the media’s coverage was incomplete since there were no emphasis placed on other mitigating factors and statistics. Such as resale sales and new home sales which were not definitively distinguished. Or how the health of the market actually affects you is based on the neighborhood and region in which you live, not necessarily by national averages. With local inventory up past it’s average of the last 5 years in conjunction with national housing market coverage omitting these factors and positive key statistic, buyers and sellers alike became confused, worried, and might have missed out on some profitable opportunities. Our market in New Mexico retained a relatively consistent pulse in comparison to the broadcasted flat line heard around the rest of the country. Home prices in New Mexico rose but did not explode unlike a host of other states. Thus locally we did not reach the same capacity as the national average that was being advertised. I in no way want to discourage the utilization of the national news media to assist you in your decision to purchase or sell property. Rather I would implore you to use both national and especially local resources for gathering the information that’s important to your decision making process.

505RealEstate.info- Albuquerque Real Estate, Your Information Source For Real Estate In Central New Mexico.

This entry was posted on 7. January 2008 at 03:56 and is filed under Local Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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