Home Value Trends in New Mexico

September 19, 2007 by Harry · Comment
Filed under: Real Estate 

If you haven’t been living under a rock for the past 12 months, you’ve probably heard all the doom and gloom predictions about the housing bubble bursting, home value averages slumping and the real estate market taking a big hit. Guess what? They’ve a bit over-exaggerated. Looking at the real estate market nationally, it is very true that it’s definitely over the boom of the past few years, however, most areas are still fairing well.

When you’re considering buying or selling a home, the national median home value isn’t going to do you much good (but if you’re curious, it’s at about $221,900). Real estate is an investment, so it is important to move somewhere your home value is sure to appreciate. The best way to see where home value prices are going in a given area is to examine past home value and sales trends, the economy, population, job opportunities, unemployment rates and attraction of that area.

New Mexico (capital city: Santa Fe) is one area that has seen quite a bit of appreciation in some areas. With a large and diverse population of about 1,954,599, New Mexico uses it’s diverse economy to keep job growth and opportunities growing, which is one major factor that can affect home value prices in an area. New Mexico relies on cattle, dairy products, hay, nursery stock and chilies as it’s main agricultural contributions. On the industrial side, New Mexico’s major sectors include electric equipment, petroleum and coal production, food processing, printing and publishing, stone, glass and clay products and of course, tourism.

With such a rich and diverse history and culture, it’s no wonder New Mexico has a big tourism sector. The strong job base and attractions to out of state visitors is one thing that has kept most of the New Mexican real estate market and home value prices steady. With several major cities (Santa Fe, Albuquerque and Las Cruces) New Mexico has plenty of opportunities for the nightlife lover, not to mention that Santa Fe is the 3rd largest art market in the United States! But it is the ancient cultures, world famous cuisines and diverse and varied landscapes that really keep people coming to New Mexico.

With over 30 state parks and varied landscapes (snowy mountains, green forests, blue lakes and white deserts) New Mexico has plenty of outdoor adventures, including camping, hiking, water sports, winter sports, cave explorations, etc. Some major historical and educational sites include the Billy the Kid Museum, Roswell and the International UFO Museum, the Space Museum, and Chaco Canyon National Historic Park – the major urban trading and cultural center of ancestral Puebloan culture. With so many different climates in one state, it’s no wonder New Mexico has so much to offer – not only do people visit, the sites make them want to relocate, therefore providing the state with a steady flow of new residents and therefore stable home value prices.

New Mexico’s unemployment rate reached a historical low of 3.5% in February and is now at about 3.7%. This low unemployment rate means job opportunities are plentiful. The median household income in New Mexico in 2005 was about $39,936 – much lower than the national value. On the flip side, the median home value in the Santa Fe area is at about $350,000, while the Albuquerque area was at about $285,000 in 2006. This means that while home value averages seem to being staying pretty high in New Mexico, the household income is low enough that it makes it more difficult to afford a home in the state.

Most real estate agents agree that since New Mexico did not experience as major a boom as other areas of the nation, they did not experience as much of a bursting of the housing bubble. The uniqueness of the area keeps home value averages high, and the first quarter of 2007 saw many higher priced homes sell – so that the median home value in the beginning of 2007 was almost $520,000. Housing under that price has been moving fast.

In Albuquerque the median home value of single family homes is about $199,000, while median home value of condos are at about $145,000. Housing is affordable, and with a large inventory, now is a good time to buy into the area. Agents in the area expect activity to increase in summer months, though interest rates are rising.

All in all, while New Mexico has some fairly expensive areas (Santa Fe) there is still affordable housing to be found, and not in such high demand that sellers can set any price they want. Home value averages continue to appreciate at a good rate overall, and as more housing and jobs become available, New Mexico is likely to see a decent rise not only in home value, but in new residents as well over the next few months.

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Visit Albuquerque, New Mexico for a true taste of America’s Southwest

September 19, 2007 by Amak · Comment
Filed under: Travel & Transportation 

As one of the oldest cities in the United States, Albuquerque boasts a unique multicultural heritage and history where Native American, Latino, Hispanic, Anglo and other cultural influences are ingrained in everyday living. Set against a backdrop of the ancient Sandia Mountains, a visit to Albuquerque allows visitors to experience a true taste of the authentic Southwest, while basking in the region’s spectacular weather.

With 310 days of sunshine, Albuquerque makes an ideal destination for those who enjoy outdoor activities. Whether your penchant is for golf, biking, pony trekking or skiing, Albuquerque – with its endless blue skies – provides the perfect environment to indulge in your hobby. As such, it comes as no surprise to learn that Albuquerque was named by Men’s Fitness magazine as one of the top ten fittest cities in the U.S.

Albuquerque’s golf courses are perhaps one of the sport’s best-kept secrets, with several of the region’s courses having been ranked among the best in the country by golfing publications. With courses ranging from desert links to parkland and mountain courses, Albuquerque offers one of the most diverse golf experiences available. What’s more, green fees in Albuquerque are considerably less expensive than at comparable courses elsewhere in the country so you’ll be able to play more often, especially as Albuquerque also boasts a moderate winter climate, with 14 golf courses available to play all-year round.

For cycling enthusiasts, Albuquerque has earned numerous rankings as a great cycling city. In fact, the city was named the third-best place to bike in the U.S in 2006 by Bicycling Magazine; and with trails ranging from flat, winding routes through the city to intense, rugged mountain trails nearby, cyclists need look no farther for thrills. The Sandia foothills to the northeast of the city offers miles of gravel and single-track trails leading to National Forest and Wilderness land which overlooks the city, and provides stunning views for onlookers.

Alternatively, if you prefer something a little more sedate, Albuquerque is home to the world’s largest hot air balloon festival, the Albuquerque International Balloon Fiesta, which takes place every October. Albuquerque is the balloon capital of the world, and during the festival you’ll see more than 700 balloons in the sky at a time. The festival draws a huge international crowd of balloonists and spectators each year, and is considered to be one of the most photographed events in the world. If hot-air ballooning is something you’d like to try for yourself, Albuquerque has many local hot-air balloon companies which provide rides for visitors on a daily basis, while the Anderson-Abruzzo Albuquerque International Balloon Museum features one of the world’s finest collections of hot-air ballooning equipment and memorabilia and is a world-renowned authority in the art, culture, science and history of hot-air ballooning.

Not to be outdone, Albuquerque also boasts an extensive array of shopping options to explore. From Native American jewellery and produce to authentic Southwestern pottery, weaving, art and more besides, you’re sure to find a delightful treasure that will bring back cherished memories of your visit to Albuquerque for years to come.

And if that isn’t enough, Albuquerque is also home to one of America’s most unique and cherished regional cuisines, so it’s no surprise to know that food is one of the things that people remember most about a trip to New Mexico. The regional cuisine is based on native ingredients such as corn, beans and chillies and incorporates Mexican, Native American and Spanish flavors. Away from the local cuisine, Albuquerque has a hugely diverse choice of culinary options: sushi bars, pizzerias, Mexican taquerias are all available, along with traditional restaurants offering a wide range of dishes.

Whether you stay in an authentic Southwestern bed and breakfast, a luxurious guest resort or a downtown hotel in Albuquerque, you’re sure to find Albuquerque is a city with something for everyone, and a place where you can immerse yourself in a sublime mix of culture and heritage that is entrenched in centuries of history.

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