Created: March 25, 2020 06:08 PM
ALBUQUERQUE, N.M.— This time of year is usually the busiest for the real estate market in the metro, but right now many are concerned whether the coronavirus pandemic is going to hurt it. A local real estate expert says while there has been some impact, things still look good.
The housing market has been booming for the past several months in the Albuquerque-area. Experts say with about 1,100 single family homes for sale, it’s a sellers’ market
“In the last three days, we’ve had 87 homes go into pending here in Albuquerque, that is pretty good, but what’s even really cool is I’ve got over 40 ‘coming soons’ that are going to be listed this week,” said Realtor John Lopez. Lopez is also on the board of the Greater Albuquerque Association of REALTORS.
But Lopez said COVID-19 could be behind a recent drop in high-end home sales.
“With the economy right now in this little bump and bruise, we had this big decrease in the stock market, a lot of the high-end market utilizes the money that they get from the stock market to actually put down, leverage down payments and stuff like that,” Lopez said.
In the last week, he said 20 home sales were cancelled and over half of were homes listed over $400,000 dollars.
With the recent public health orders limiting crowd sizes and asking people to stay home, Lopez said real estate agents with homes for sale are being creative with how they show them.
“So open houses, we put a stop to really quickly. Just to do our part as the real estate community for safety, but it didn’t stop the realtors. Virtual open houses have been good, Skyping has been great, FaceTime. It’s amazing we have the technology to keep interacting with our clients without actually being within six feet,” he said.
Lopez said the months of May, June and July are big for home sales. He said he believes once our nation is out of the crisis, things will normalize again and possibly be even bigger for real estate.
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