This summer CNN reported that sales of new homes reached a five-year high. In June, sales of new homes jumped to an annual rate of 497,000, up 8.3 percent from May. It was the highest pace of sales nationally since May 2008 when sales of homes reached 504,000 homes. These sales were 38 percent higher than the same month last year.
But sales of existing homes have not coincided with that trend. The National Association of Realtors also announced in June that sales of existing homes had stumbled. All of this is occurring against a backdrop of slightly rising interest rates for the first time in several years.
Meanwhile, it was reported recently that sales of new homes here in New Mexico have reflected the national trend and that the higher interest rates have not been a deterrent. Here it has been estimated that the rate of home buying is up 10 percent over the same time last year. One theory for the increase is that people are rushing to get good bargains on homes before the rates get too high. The median price of homes came in at $178,218 up from $168,995 for the same month last year, according to the Realtor’s Association of New Mexico.
The increase in sales means that more real estate closings have been taking place. As those who have ever bought or sold a home are aware, these transactions involve the signing of a large number of documents, intended to protect the competing interests of the seller, the buyer and the lender. The lenders tend to be the party in the strongest position and often have veto power over a sale if they deny a loan to a purchaser.
For those who are in the market for buying or selling a home, it is critical that you know what you are getting into when you begin the process. While a real estate agent can provide help with finding the home of your dreams, real estate attorneys can protect your interests and can help you negotiate revisions in any of the documents.
At the Law Office of George “Dave” Giddens, P.C. we offer expert, dependable advice on handling real estate transactions. Our attorneys serve Albuquerque, Santa Fe, Taos, Raton, Farmington, Gallup, Grants, Roswell, Los Lunas, Placitas, Belen and the rest of New Mexico. Our conveniently located office has ample free parking and is easily accessible by public transportation. We offer flexible office hours upon request. To make an appointment for a consultation about your real estate matter, contact us online or call us at (505) 633-6298. See more at giddenslaw.com/Real-Estate-Law/.