Northern Meadows Market Report January 2015

0204151126Northern Meadows’ Real Estate Market had a rough 2014, but it’s not all bad news!  Compared to the market statistics for the area that encompasses Northern Meadows from 2013, almost all of the statistics were down across the board.  The number of homes for sale dropped 5%, new listings dropped 2%, and the number of sold listings dropped an astounding 25%.  With all of these figures dropping, one very important statistic that only dropped slightly was the average sale price, which only fell about 3%.  What these figures mean to a prospective home seller is that during 2014, the possible average sale price of your home dropped from about $136,000 to a little over $131,000.  If you are underwater on your mortgage, the sales of 2014 didn’t help you very much.  But, among the grey clouds of the small step backwards that the area’s sales prices took, there is a sliver of sunlight coming through that could be a large break in the clouds by the spring or summer.  Mortgage rates are very close to their lowest levels and the amount of mortgage insurance that buyers will have to pay is dropping.  Both of these factors are huge in getting first-time home buyers in the market (both of those could make the difference between not qualifying for a mortgage and qualifying for many first-time home buyers).  If many more first-time home buyers enter the market, it will turn around the Northern Meadows market very quickly and start to drive home values up (to an extent-something around 3-5%, probably not higher due to controls on the appraisal market).  If you’d like to receive a free market evaluation for your home, you can email me at paul@bluedoorhomes.net .  While the current and recent past hasn’t been kind to the home sellers in Northern Meadows, it is still an area of great values for budget minded home buyers and those looking for investment possibilities.  Many great values in homes are still available in Northern Meadows, across all sizes and floorplans.  A first-time home buyer can get a larger home for the same amount of money as smaller or older homes in other areas of the greater Albuquerque market.  Investors can get a home for a great price and have a better amount of positive cash flow.

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