Oh, the Roller Coaster Ride know as Mortgage Financing. If you are looking to Re-Finance your current mortgage, be sure to talk to your lender before starting the process. Fannie and Freddie just instituted a 50-basis point price change. This could change your mind about refinancing.
For those looking to purchase, interest rates are still low, but we are seeing them start to trend higher. Talk with multiple lenders to see what each one can offer.
The Albuquerque/ Rio Rancho area market is continuing to see a decrease in available properties on the market. It continues to be a “sellers” market due to low inventory, but many are predicting a large market shift in the near future, causing those to be concerned about a housing market crash. If you are looking to sell, now is the time.
This past week we saw 515 New Listings, 511 New Pending-under contract, with only 1514 Total Properties for Sale in the Albuquerque MLS. The total number of properties available continues to decline.
Buyers need to be pre-qualified by a lender and ready to make an offer as soon as a property comes to market. Most properties are receiving multiple offers, so be sure to talk with your agent on how to make your offer stand out.