As you well know, the pandemic has impacted every industry, including the the real estate industry. The way people buy and sell homes has changed quite a bit as a result. The interesting twist in all of this is that the demand for housing hasn't fallen, despite expectations that it would. In fact, the demand seems to has gone up.

Many people in Albuquerque are looking for more space, and for obvious reasons. We are all spending much more time in our homes, as well as working from home. And since more people are working remotely, they have the options to widen their search since they don't have the commute they use to. Who knows if this will be a permanent situation. But in the end, things will be different when the pandemic pass, and home buyers are keeping that in mind when searching for a home in Albuquerque.

Whether you plan to buy or sell a home in Albuquerque, you need to be aware fo how much the market has changed. This will allow you to find the right home for your needs.

Here are a few things to keep in mind when buying or selling a home in Albuquerque during the pandemic.

Know the Local Albuquerque Real Estate Market

Keep in mind that local real estate markets vary from place to place. Right now in Albuquerque, there are plenty of homes for sale. That means that Albuquerque has a great selection of homes for home buyers looking for a home that better suits their needs. This is not even including the surrounding communities such as Bernalillo, Corrales, Rio Rancho, and others. These surrounding areas in Albuquerque give home buyers more options, as commuting is not as much as an issue as it once was for many people who can now work from home.

The Changing Loan Market

It's taking a bit longer for loans to go through now due to the pandemic, as some parts of the home loan market are not operating at full capacity. This is causing a backlog in processing loans. To add to this load, traditional lenders are trying to process SBA loans under the Payroll Protection Program (PPP), placing home loans lower on the priority list.

This means that has a home buyer in Albuquerque, you need to be patient. Interest rates are still historically low. If you are looking to buy a home in Albuquerque that you plan on living in for the next few decades, you could end up saving thousands of dollars over the life of the loan.

Questions About Employment Are Common

Finally, you should expect a lot of questions about the status of your employment. Since tens of millions of people have filed for unemployment since the pandemic started, lenders are just as strict as ever when it comes to making sure their borrowers have the capacity to pay back their loans. You might even be asked to submit pay stubs every two weeks instead of the traditional six weeks.

The Real Estate Market in Albuquerque Is Strong

The COVID-19 pandemic has forever changed how people look at the process of buying and selling homes. Right now, everyone needs to expect the unexpected. The good news is that for both buyers and sellers in Albuquerque, there are still significant opportunities.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

1 TIERRA MONTE Street NE, Albuquerque, NM 87122  $495,000

2 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2655 Square Feet

Spectacular and Breathtaking Panoramic views from this gorgeous one owner custom home nestled in the foothills of the Sandias. Beautifully updated/remolded bathrooms and kitchen, including new appliances. Master bath is a true spa like retreat along with a huge walk in closet. What a great home for entertaining family and friends indoors and out. This is a true one of a kind home conveniently located near hiking, biking and waking trails. The unobstructed majestic views will take you breath away!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team