According to rents rose 10% last month. This is the 5th biggest jump for a city in the country. With rents increasing it should make you consider the possibility of owning a home with a yard and room to grow. Why pay your landlords mortgage and walk away with nothing in the end. You have to live somewhere, why not invest in your own home.

We talk with many renters and they think they cannot afford to buy or qualified enough to secure a mortgage. My response 'you will not know until you try'. The process to find out is painless and only requires a minimal amount of time. At a minimum you get a free credit report and know exactly where you stand with a path to home ownership.

Do it before interest rates go up.  Give us a call at (505)…

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I'm sure you have heard of the recent interest rate increase and the commitment to increase the rate consistently over the next year...

What does this mean for you?

It could me less buying power. As the rate climbs so does your monthly payment and affordability. Home prices will still continue to increase but your buying power will go down or if you choose to buy when the rate is higher, your payment will be higher.

My suggestion is to get out there and start now. A 1% increase in rate can impact your buying power tremendously. See an illustration here.

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The short answer is Yes!

Of course some of this decision depends on your plans during the holidays.  From my real estate perspective I feel its a great time to buy or sell a home.  For home buyers looking to buy its important to consider that the sellers that have their home on the market are serious and have made a conscious decision to sell during the winter months.

For the sellers looking to sell a home in Albuquerque or Rio Rancho those buyers have made that same decision to house hunt and are very serious to be moving during the holidays and winter months. 

This makes for a great scenario in negotiating for both seller and buyer as they have both made a commitment to sell or buy.  If you are interested in getting started in this process…

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