Recent reports analyzing the Albuquerque housing market indicate that multiple offers are being submitted once a listing is uploaded. The act, known as pocket listing, is driving the sale of the properties up by $10,000-$15,000 above the asking price.
“There are so many buyers in that market right now with the affordability rate,” Coldwell Banker Broker Johnny Atencio said. “Local realtors said there’s a shortage of houses for sale in the Albuquerque area and with historically low-interest rates, realtors said the housing market is competitive.”
Some agents saying, they do it just so they don’t have to wade through all of the offers. Julie Turner, owner and qualifying broker at Realty ONE Group Concierge, shared her take on the pros and cons of selling a house before it goes out on the market.
Julie Turner, owner and qualifying broker at Realty ONE Group Concierge
| Provided photo
"I think people are coming in from out of state, a lot more cash buyers," Turner explained. "So I think it's been difficult for local buyers to compete with cash buyers coming in from Madison. So sometimes, you're having to write five or six offers just to get something under contract."
In July, the mean house price increased to a record $349,999 as the housing market was experiencing a combination of low-interest rates and a shortage of homes for sale on the market, Krge reports.
Despite the holidays around the corner, the market is still hyperactive, leading to a shortage of inventory, according to Turner. With aspiring homebuyers arriving from out of state, she predicts the sales to continue growing in the area.
"I think we just need more, more building," Turner said. "We need more materials. We need more. We need more construction. We need more. We need more housing."