Albuquerque is the state with the highest median home value in the United States and a state with a median house price of $2.9 million, according to RealtyTrac.
That means you could live in the city of Albuquerque if you want, but the state of New Mexico has the second highest median house value at $2,972,000.
Real estate agent and real estate broker Michael Vannuzzo says the real estate market is so saturated that even in Albuquerque you can’t find the exact house you’re looking for.
“You can find houses with prices as high as $1.8 million.
So if you’re going to be in Albuquerque, you better have some extra cash in the bank,” Vannizzo said.
“There are so many houses in town, there’s not really a lot of inventory in the market.”
But if you do find the right home for $1 million, it’s a tough sell.
Vannazzo says that’s why it’s so important to know which real estate is right for you.
“When you find a house that is right to you, you can go in there and see the house, get a little bit of a sense of how much money you can make,” Vartazzo said, “and then go back to the bank, see how much they’re willing to lend you and then maybe you can figure out what you need.”
Real estate agents are still trying to figure out exactly how to make the best decisions when it comes to buying real estate in the area.
One factor in buying a house is the market, but Vannitz says it’s not just the market that matters.
“I think when you look at the average house, it looks like the average price is in the neighborhood of $1,200,000 to $1 to $2 million.
It’s all about the market,” Vampazzo explained.
“When you’re in the middle of the middle market, the price of the house will probably be lower than that.”
If you need help figuring out which property is right, Real Estate Solutions has you covered.