Last week it was reported that sales of new homes in the Albuquerque area had declined after a few years of steady increases. Now we see that this is not the case for existing homes. Just as sales of previously owned homes rose nationally for a third straight month in June, closed deals in the Albuquerque metro area for such homes rose for the sixth month in a row, according to statistics released by The National Association of Realtors. Nationally the sales of existing homes increased 2.6 percent to a seasonally adjusted annual rate of 5.04 million homes; the first time such home sales exceeded the 5-million level since October.
In the Albuquerque metro area, there were 800 closed sales of existing homes in June compared to 797 the previous month, the Greater Albuquerque Association of Realtors reported. Closed sales in prior months starting with April were 721, 695, 550 and 539 respectively. Clearly the real estate market in Albuquerque appears to enjoy the kind of growth seen nationally, although the total number falls below the 859 closed sales of existing homes in June of 2013.
But home prices are not going up in the Albuquerque area. The home sales continue at the median level of $180,000 although this amount is up 4.7% from this time last year. Accordingly, there is slow appreciation of existing homes so far as the local market is concerned. And with 4937 homes currently on the market, according to GAAR president John Kynor, the market should be fertile for prospective buyers for at least the next six months.
Regardless of the cost of the available homes, the necessity to have legal representation to ensure the real estate transaction – particularly the closing itself- occurs properly is paramount. Errors, particularly regarding matters of good title – which can occur from failing to ensure that the sale is conducted correctly can cost a significant amount. The best bet is to retain legal counsel with experience in handling real estate closings as the risk for not doing so poses greater problems if mistakes are made before or during the closing process.
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 by visiting the firm’s website at giddenslaw.com. or call us at (505) 633-6298. Giddens & Gatton Law, P.C. is located at 10400 Academy Road N.E., Suite 350 in Albuquerque, New Mexico.