The market has shifted to a STRONG Buyer's Market in the Rio Rancho area. Sellers who are willing to properly prepare their homes for sale (de-cluttering and de-personalizing) have a HUGE advantage in the competition for buyers.
Inventory is up and prices are substantially down with a significant number of short sale properties on the market.
The new City Centre's Santa Ana Star Arena has been completed and ground has been broken on the new City Centre government offices. Mariposa is EXPLODING with buildings all over the place.
The land "feeding frenzy" has slowed substantially since last year in the Rio Rancho area. Development is continuing simultaneously in several areas of town.
The invasion of investors to the Rio Rancho market from California, Arizona, Nevada and point east has slowed considerably. Appreciation is increasing daily, though now at a snail's pace.
BOTTOM LINE: Now is an even better time to invest in Rio Rancho than before.
ZIP Codes: 87124, 87144 Approximate Location Boundaries: Rio Rancho
Location Characteristics: Rio Rancho -- Land on the mesa with Lots of Room to grow ...
About Paul and Judy Wilson:
The market in the greater Albuquerque Metropolitan area continues to be a strong seller's market but signs are of a weakening market in so far as continued rates of appreciation goes. We continue to see that any property close to market value will be sold within 30-45 days of going on the market. Those properties on the market for over 45 days are simply just overpriced for their condition and location.
The main thing driving these conditions is the continuing low interest rate coupled with a high demand for nice homes in nice areas. Yes, anything under "7" is "relatively low", especially if you recall the 80s when there was run-away interest rates. Now that summer is here, we feel that this strong market for sellers will continue, at least mildly. So ... if you see a house you like that meets your needs, MAKE AN OFFER. At least you will be in the game of getting THAT house. If you like the house, chances are that someone else will like it, too.
Happy Home Search to you !!!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
