Updated: January 20, 2021 08:47 AM
Created: January 20, 2021 08:43 AM
ALBUQUERQUE, N.M. — The housing market in New Mexico is booming, with first-time home buyers competing with people out-of-state that are coming in with more cash.
The inventory for single-family homes in the Albuquerque metro area is low.
"A good number of listings for us to have is 4,500 to 5,000, so when I go to the MLS that we have and I just open it up under single family resdience, I have 995 homes for sale," said Albuquerque realtor John Lopez.
He said if a home buyer is looking specifically into Albuquerque or Rio Rancho, there are only 650 homes available.
"Even if it's priced aggressively, and it looks good, you're having multiple offers," Lopez said.
Many folks from highly-populated and expensive cities are making New Mexico home. Industry giants like Netflix are also putting Albuquerque in the spotlight, putting locals who want a slice of home ownership at a disadvantage.
"With the sales prices going up the way they are, it's going to be harder for those first-time home buyers than it was two years ago," Lopez said.
Good news, though — construction permits are also on the rise. Lopez said there were 2,000 issued last year, and 3,000 more are on tap for 2021.
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