Appraisers and other Albuquerque real estate pros are starting to show data suggesting the housing market is making a shift towards recovery. This recovery however will be vastly different depending on which area you are looking at. Some areas are just hitting bottom now while other have made the turn and may be showing signs of inching upwards. Still others may have still have a small drop left. In general, most agree that the recovery is upon us.
So is timing the market really that simple? If you are a cash buyer it is. However, if you are going to be borrowing there is a more pressing issue – interest rate, and the ability to qualify. In this recession both housing and interest rates dropped at the same time. What’s to say that as the job market improves causing a recovery that housing prices and interest rates will not rise together as well? A 1% increase in interest can often times be much more difficult to deal with than a 5-10,000 increase in home price.
So focus more on the loan package than on the price of the home. Secure that before even looking at homes. Get a preapproval letter from your mortgage company to include with your offer. To make your offer even stronger be sure that the preapproval amount on your letter is the same as your offer (not tipping your hat as to how much you actually have been preapproved for)
We have access to several of Albuquerque’s top lenders. Just visit http://www.searchforalbuquerquerealestate.com/ and click the “view all partners” link in the top right side of the webpage to see a complete list.
Call me with any questions you have. I would love to help!
Best contact: 505-980-7788 Jim Gross -- Keller Williams Realty, Albuquerque NM
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