Inventory will be a major story for 2022
As the number of homes for sale continues to drop, the inventory of single-family homes is also dwindling. While the number of single-family homes is down, the number of condo/townhomes on the market is up. Durango, NM has four condo/townhomes on the market and 78 single-family homes. It is also a good time to consider purchasing a condo/townhome.
The lack of inventory has put sellers in a catbird’s seat. With only a small amount of available properties in every price range, multiple offers have become common. Even in pricey properties over $1 million, inventory is low. This is causing buyers to move to other states and sellers to move out. The low inventory will also push average prices up in 2022.
Home price appreciation
As we near the end of summer, there are many factors that are pointing to a better housing market in the years ahead. The pace of sales is slowing down and there is a greater supply of homes for sale. Besides that, the economy is recovering from the pandemic-driven recession that struck the country in 2008, and it is likely that it will have recovered 100 percent of the jobs it lost during that time.
In addition, many of the forces that caused the housing crash in 2008 aren’t in place now. The primary factor in home price appreciation is supply and demand, and higher interest rates can affect affordability. As a result, the price of a home will continue to increase as supply decreases.
This is good news for homeowners. But the increase in price will be more moderate compared to the past few years, as the supply of homes will still be far less than demand. As a result, many experts are questioning whether home prices are stable in the near future (https://www.forbes.com/advisor/mortgages/real-estate/housing-market-predictions/). New construction will also slow the increase in price, but it won’t have a major impact until the second half of 2022.
Cost of living in New Mexico
Living in New Mexico is a rewarding and affordable experience. Its diverse landscapes include vast deserts, vibrant cities, and rivers. The cost of living in New Mexico varies greatly by city, but there are several factors to consider. For example, the price of housing through Absolute Real Estate can be high, but it can also be affordable if you consider other factors, such as crime and employment. Keep that in mind.
As a whole, the cost of living in New Mexico is slightly lower than the national average. Housing and transportation are the biggest factors, accounting for more than one third of total cost of living. Housing costs are higher than other items, but transportation is affordable. Housing costs in the north and west are higher than those in the rest of the state.
Rents are lower than those in the nation. A one-bedroom apartment in New Mexico costs between $600 and $800 per month. Apartments with four or five bedrooms will cost you anywhere from $1200 to $2300. Houses are more expensive, but they are often more spacious.
Cost of buying a home
If you’re planning to buy a new home in the state of New Mexico in the winter of 2022, it is critical to start with your budget. You’ll need a mortgage to pay for the house, and interest rates can be a big factor in determining your monthly mortgage payments. Taking the time to shop around will save you thousands of dollars over the life of your loan.
For example, if you’re purchasing a $219,300 new house in New Mexico, a 30-year mortgage with 3.5% interest would cost you $781 per month, which you can see here. On the other hand, if you were to obtain a mortgage with only 3% interest, your monthly payment would be only $591.
Buying a home in New Mexico in the winter is a smart investment. The cost of a home in New Mexico can rise significantly each year, so it’s important to buy now. The peak buying seasons are fall and winter. However, purchasing a home can be a stressful process, requiring you to tour homes for weeks, fill out hundreds of forms, and set aside a large portion of your savings.
