You’ve been thinking about a new home, but haven’t pursued the dream. Well, right now many reasons exist for having us help you find that new home. Reasons to buy start with affordability and choice.
The cost of closing the purchase of a home in New Mexico ranked 33rd among the 50 states for 2010, according to Bankrate.com (www.bankrate.com). That ranking was down 20 places from 2009 and means that buying a home here got more affordable between closing-cost surveys, as compared to other states.
Relatively lower closing costs are just one reason to move forward on the purchase of a new home.
Low mortgage rates are a big reason to consider buying now. Your payment is lower and more goes to building equity in your home.
Homes are more affordable. As of the first quarter of this year, the ratio of payments on the median priced metro Albuquerque home to median income has dropped five percentage points from the peak of 2005 to 2007, says the Joint Center for Housing Studies at Harvard University. Payments average 22.6% of median income. The ratio of median price to median income has dropped, too.
If you are considering a new home, you have plenty of choice. Almost 6,000 homes are offered for sale in Albuquerque. You will find homes owned by people who have delayed selling but have paid special attention to maintenance while they waited. While the purchase of a foreclosed home requires extra caution, true bargains exist among the foreclosed group. In New Mexico, 3.1% of homes were in foreclosure during the first quarter of 2010, says the Harvard center. New Mexico’s foreclosure rate ranks 23rd nationally.
Help for buyers is available. As just one example, the New Mexico Mortgage Finance Authority offers a variety of programs to assist first time buyers. See www.housingnm.org/mortgagesaver.
We would love to help you.
