Albuquerque Real Estate Insights From Episode 509
Welcome to the latest edition of Albuquerque Real Estate Talk! In this installment, we dive deep into the current state of home values in Albuquerque, touch on the importance of home inspections, and discuss exciting new developments in the area.
Albuquerque Home Values: Current Trends
As we head toward the end of October 2024, it’s crucial to keep an eye on home values in Albuquerque. According to the latest data from Zillow’s Home Value Index, the typical home value in Albuquerque is currently (Sep 2024) at $336,194, which marks a 3.5% increase from the previous year. This consistent appreciation rate aligns with other market indicators, suggesting a stable growth trajectory.
Interestingly, while the home values have appreciated year-over-year, there was a slight pullback from August to September, which is typical for this time of year. However, early indicators for October suggest that we may see year-over-year price appreciation, potentially exceeding September’s numbers.
One factor influencing these trends is the recent fluctuations in mortgage rates, which saw a significant drop for a brief period before slightly rising again. Despite these changes, mortgage rates remain lower than they were six months ago, providing some relief to potential homebuyers.
New Affordable Housing Project
In a positive development for our community, a new affordable housing project has broken ground in Southwest Albuquerque, near Central and Unser. The project, named Route 66 Flats, will consist of 47 one-bedroom units aimed at individuals with disabilities and those earning less than $18,150 annually. This initiative seeks to combat homelessness in our area and will include on-site support services provided by Albuquerque Health Care for the Homeless. The expected completion date is summer 2025, offering hope for many in need of stable housing.
Home Inspections: What You Need to Know
When purchasing a home, understanding the home inspection process is vital. A Full Home Inspection is a broad overview of the home’s condition. It is a noninvasive, nondestructive examination of the interior and exterior components listed in 16.66.7 of the NM Home Inspector Licencing Act Standards of Practice, including:
- SITE CHARACTERISTICS AND EXTERIOR
- STRUCTURAL COMPONENTS
- ROOFING
- PLUMBING
- ELECTRICAL
- HEATING
- COOLING AND AIR CONDITIONING
- INTERIORS
- GARAGES
- INSULATION AND VENTILATION
- FIREPLACES AND FUEL BURNING APPLIANCES
- BUILT-IN APPLIANCES
The Standards of Practice provide important information regarding the minimum standards for home inspections in New Mexico. They detail what the licensed inspector shall inspect and what the inspector is not required to inspect.
The Home Inspector will provide a written report detailing the functionality of home systems, recommended actions for any issues, explanations of adverse conditions, unexamined components, and a disclaimer about building code compliance.
However, it’s important to note that certain inspections, such as those for lead-based paint or radon, are not included in a standard home inspection and must be requested separately.
Understanding ‘As Is’ Sales
It is important for Buyers, Sellers, and their Brokers to have a clear understanding of what “as is” means in a home sale. The term can be interpreted differently, leading to misunderstandings during the transaction. While it most commonly signifies that the property is being sold in its current condition without repairs from the seller, misunderstandings can occur. Buyers might mistakenly believe they can’t inspect the property or negotiate terms, but they still have the right to conduct thorough inspections and negotiate based on their findings. Conversely, sellers may think they are relieved from disclosing known defects, yet they are still legally obligated to do so.
Conclusion
Overall, the Albuquerque real estate market is showing signs of steady growth. If you’re considering buying or selling a home in Albuquerque, or if you have any questions about the market, feel free to reach out to us at (505) 448-8888 or visit our website at welcomehomeabq.com.
FAQs
1. What is the average home value in Albuquerque as of October 2024?
The average home value is currently $336,194, reflecting a 3.5% increase from the previous year based on the ZHVI data.
2. What is included in a full home inspection?
A full home inspection evaluates the site characteristics, exterior, structural components, roof, plumbing, electrical systems, heating and cooling systems, and interior features. Visit 16.66.7 of the NM Home Inspector Licencing Act Standards of Practice for complete details.
3. What does ‘as is’ mean in real estate transactions?
‘As is’ means the property is sold in its current condition, and the seller is not obligated to make repairs. However, buyers can still conduct their inspections.