Since July, the average stay of homes on the market has increased steadily. Meanwhile, the average home sale price has declined from $213,000, the highest since the market crashed, to $172,000 recorded last month. The decline in prices has been greatly influenced by the large inventory of foreclosed properties which included foreclosure homes in Albuquerque.

The opposite direction home sale prices is heading is generally attributed to several factors including the sluggish home sales activity during winter months, the expiration of the tax credit incentive the federal government was offering to home buyers and the fresh wave of foreclosures entering the for sale market. Also, a lot of buyers are not willing to buy foreclosed properties or other homes for fear that they are doing so too soon.

On the other hand, home sales activity picked up by 3.3 percent compared to January. This is actually expected as the market slowly awakens from its sleep during the winter months, the slowest time for sales activity. The February increase is the third consecutive time there was an increase in the last eight months. And with the spring season around the corner and the market brimming with cheap houses for sale, things might look up for the market.

Experts believe any improvement in home sales activity can trigger an increase in home prices as well. But looking at the market, only 30 percent of the 54 surveyed markets are actually showing annual sales increases. Existing and New Mexico foreclosures for sale, particularly in Albuquerque are actually selling like pancakes if you look at their double-digit year-over-year gains of 22.8 percent.  

Miami is also experiencing an improved home sales activity with its sales gain recording a 25.1 percent increase as well as Tampa with 22 percent. Other cities showing significant sales gain include Trenton with 20.3 percent, Phoenix with 12.2 percent and New Orleans with 16.2 percent.

Distressed properties such as short sale and foreclosures usually belong under the cheap houses for sale category and are attracting much more buyer interest than expected. Buyers are always looking for good deals and these houses certainly deliver. If the buyer is good in negotiating, it is not impossible to go home with as much as 40 percent discount from the home’s market value.

Although home sales have been sluggish in the past, foreclosure homes in New Mexico are generating much consumer interest. With the market still favoring the buyers, sellers now has to work a bit harder in order to sell these foreclosure properties. Offers of additional discounts and other incentives have been regular as these sellers become anxious.

Most sellers have also started with brokers like E-Foreclosure Search, who can help them achieve maximum exposure for their foreclosure properties. Even buyers have learned to rely on foreclosure listings when it comes to hunting for New Mexico foreclosure homes offered at bargain prices. They could easily determine which home offers the most return potential and purchase it immediately.

Buyers, knowing that they have the upper hand, take their time in choosing one of these New Mexico foreclosure homes. Of course, waiting too long is not generally recommended especially when properties such as these foreclosures are considered to be among the hottest due to their below average market prices and good supply.

The reducing inventory of real estate foreclosures is offering hope to sellers that market conditions will start to favor them. This means multiple offers as well as 100 percent of their asking prices. These sellers do not even have to wait that long especially since the state has the 44th highest foreclosures rate. Real estate experts believe that the buyers should enjoy their great advantage while they can.

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