New Mexico’s mountains, woods, sand dunes, grasslands, and more than 1,400 hiking paths make it one of the most beautiful places to visit. It has a wonderful climate that ranges from arid deserts to alpine peaks. The state is known as “the Land of Enchantment” because of its rich indigenous history and thriving art scene, all of which contribute to its distinct culture. Bid on New Mexico Land Auctions Online!
If you’re considering buying or selling a home in New Mexico via online land auctions, then this article is going to assist you in making an informed decision. Let’s get started.
Land Market Synopsis: New Mexico vs the Whole USA Average
- In the last ten years, the population growth rate in New Mexico has averaged 0.44 percent every year. The yearly indication for the entire United States, on the other hand, was 0.69 percent.
- New Mexico’s population growth rate during the last ten years has been 3.94 percent, compared to 6.23 percent nationally.
- When it comes to real estate values in New Mexico, the current market median home value is $166,800. The median price in the United States is $204,900.
- During the previous ten years, the annual rate of appreciation for homes in New Mexico was 0.08. The annual appreciation rate for homes in the United States was 0.13.
- The gross median rent in New Mexico is $828, compared to $1,023 across the United States.
Should You Invest in Land in New Mexico?
New Mexico real estate investors, like the rest of the country, have had a profitable run since the last recession. For several years, real estate investors and homeowners have received lots of profits with seller gains and good ROI (return on investment). According to the current stats, average home sellers witnessed a home price gain of $65,500 on the usual sale, up from $58,100 last year and $50,027 two years earlier.
While home values are rising across the country, the New Mexico real estate investing market has access to a more reasonable inventory of homes. The price of homes has, of course, gone up but the local distressed property market is ready and prepared to provide investors with low-cost opportunities. Smart investors can profit from both attractive profit margins and by investing in distressed properties.
While the Coronavirus pandemic has undoubtedly had a negative impact on the economy, new and emerging real estate prospects appear to be favoring landlords. In today’s market, there are two reasons why investors should consider purchasing rental properties in the New Mexico real estate business, i.e., interest rates and demand.
Furthermore, interest rates are at an all-time low, and the Federal Reserve has already stated that they will remain so for the foreseeable future. As a result, borrowing costs are lower than in the past, which can assist to balance today’s increased property prices.
In short, investing in New Mexico real estate is a great opportunity, especially in a city like Albuquerque, where people are always looking for a place to live. However, if you truly want to maximize your investment, you’ll need to explore the best neighborhoods and have a comprehensive business plan.
What Is The Best Time to Buy a House in New Mexico?
Buying a property in New Mexico is an excellent investment, but regional and time variances might be significant.
Housing inventories, mortgage rates, and market trends in New Mexico change month to month. For example, property listing costs in New Mexico were at their lowest in April of last year. On average, homes were $29,476 less expensive. In October, the month with the highest prices, listing prices were $38,051 higher than the yearly average.
Usually, prices will be at their highest during the spring purchasing season, but at this time buyers have plenty of options. Likewise, inventory is lower in the fall and winter, but buyers have more purchasing power.
In brief, the best time to buy a house in New Mexico truthfully depends on your priorities and situation.
Top Cities to Consider When Buying Land in New Mexico
Santa Fe’s property market has been on fire, with prices jumping by over 18% in the last year and forecast to rise by another 9% in 2019. While this may make finding a bargain more difficult, it also demonstrates how appealing the capital is as a place to live and raise a family.
Los Alamos has a median listing price of $335,000, making it one of Santa Fe’s more wealthy suburbs, yet inhabitants enjoy excellent schools and plenty of green space. Los Alamos’ historical significance and the city’s highly educated workforce make it one of the best places for real estate investment.
Carlsbad, known for the beautiful Carlsbad Caverns National Park, consistently ranks high on quality of living metrics. Carlsbad has a median property price of roughly $140,000, which is nearly 15% lower than the rest of New Mexico.
With over 500,000 citizens, Albuquerque is New Mexico’s largest city and has a neighborhood for everyone. Families may find affordable options in communities with great amenities, parks, friendly neighborhoods, and a robust economy in the area.
Young professionals love the nightlife and urban surroundings, while families can find reasonable options in neighborhoods. Last year, job growth was 3.3 percent, which resulted in a 6.5 percent increase in property prices over the previous year.
Buy Real Estate Via Land Auctions
So, if you are interested in buying real estate in New Mexico, the best way to make your investment is via land auctions. Buying properties via auctions can provide wonderful benefits to buyers as well as sellers such as:
- Shortened Timeline
- Committed Buyers
- Equal Opportunity for Buyers
- Easier Negotiations
- Diversified Options
- Obtaining a True Market Price
If you want to receive all such benefits of land auctions, simply visit Auction Flippers. There you can go through a huge inventory and choose your desired properties. Auction Flippers also help you in every step of making the purchase, i.e., choosing the property, making bets, and making the most out of the bidding opportunity.