Experts: Local housing market picking up
Posted at: 10/10/2009 11:03 PM
By: Kayla Anderson, Eyewitness News 4; Charlie Pabst, KOB.com
Experts say now is a great time to buy.
It's a scary time to buy a house-- or put one on the market, but experts say you need to put that fear aside, because now is the time to save some big bucks.
Steve Nakamura with the Homebuilders Association of New Mexico said Saturday, "There still is a market for housing in Albuquerque because it's a great time to buy." In the last six months, the Albuquerque real estate market hit a growth spurt-- the boom is thanks in large part to big perks for homebuyers.
Nakamura said, "The recent passing of the impact fee moratorium for the next 12 months is huge."
Call it a local stimulus package on steroids-- impact fees cut dramatically. In some cases, by even 50-100%.
"The reason that's important is because that savings can be as much as $10,000-11,000 that's going to be passed on directly to the home buying public," Jim Folkman with the builders association said.
Add on to that the Obama federal stimulus money for first-time homebuyers-- $8,000-- and mortgage brokers are slammed with applications.
"The biggest problem right now with it is it expires November 30th. And right now it looks like we're hoping Congress is going to extend it out past that," Nakamura said.
Homebuyers are saving big bucks, builders are slowly getting back in business, and there doesn't appear to be any slowdown in sight.
Folkman said, "This is definitely still a buyer's market and if you are a buyer or even thinking about being a buyer of a new home, this is the single best time to do it." Builder Ed Paschich says things are looking up.
"We're going toward positive," Paschich said. "I believe that next spring and into the summer, we may be able to go all the way to positive."
The Enchantment Parade of Homes Tour continues Sunday and then picks up again October 16-18 from 11 a.m. to 5 p.m., and again October 23-25, again from 11-5.
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