Market Moment – Sept 1, 2020

And just like that August is over and September will hopefully bring us cooler temperatures.  The holiday season is just around the corner.

The Housing Market continues to be an episode of Fast and Furious.  Buyers having to act extremely fast to submit an offer. The homes priced under $250,000 are only on the market for a few days before it is under contract.  Homes over this price point are still seeing quick sales, in many neighborhoods.

An interesting fact that was brought to light this past week by the Great Albuquerque Assoc of Realtors, is that there has been an uptick in contracts falling through during the inspections period.  Last week saw 138 homes being put back on the market due to the contract falling through.  The feed back from agents is this is due to inspections and repair negotiations (known as ORW), not because of financing.

With this information, Sellers are encouraged to take a critical look at their property and to consider taking care of major repairs before listing their home.  As for Buyers, they are encouraged to thoughtful when reviewing the inspection reports.