Rent to Own Homes in Albuquerque
Whether living in historic areas of town or New Albuquerque, the city’s many cultural, recreation and entertainment venues are exuberant. In Old Town Albuquerque, locals delight in exploring the New Mexico Museum of Natural History and Science, the Children’s Museum, the National Atomic Museum and dozens of galleries and shops featuring authentic Southwestern art. Area families can hike in the Sandia Mountain foothills, visit Biological Park, soar in hot air balloons, and ski and golf to their hearts' content.
Buying a Home in Albuquerque?
About 4,400 homes are available at any given time, and detached homes currently sell for an average of $218,228. That figure represents a slight 2.2 percent decrease over the past year, although the median home price rose .56 percent to $181,000. Attached homes such as duplexes are in demand, increasing in price 6.6 percent to $158,121 and selling within an average of 55 days. Detached homes generally stay on the market about 62 days. This moderate selling pace and affordable pricing has driven sales volume up, with pending sales increasing more than 23 percent.
Popular Neighborhoods in Albuquerque?
Albuquerque offers dozens of safe and engaging neighborhoods, most with quick access to downtown, Old Town and favorite recreation spots. Both the eclectic Midtown and its tonier Nob Hill neighbor are close to the university, trendy cafes and shops and a host of museums, bars and entertainment venues. Those seeking an authentic Southwest life find it in rural South Valley’s historic adobe homes, large lots and Rio Grande views. Families with children may prefer Northwest Heights for its blend of moderately priced and large, custom homes as well as its low crime rate and excellent schools. More established families and executives also enjoy the amenities of Far Northeast Heights in the Sandia Mountain foothills. Custom homes with native landscapes give residents quick access to equestrian and hiking trails, Sandia Peak Tramway and a coveted private school.
Buying vs. Rent to Own Homes?
Making the decision to buy a home outright can take some time, but choosing to rent to own provides homeowners and sellers time to finalize their choices. Rent-to-own contracts usually last one to three years, giving buyers a chance to assess the home’s suitability, build up a downpayment and secure financing at a more relaxed pace. These arrangements also allow buyers to purchase the home at today’s prices, which is important in markets where prices are expected to increase.
Cost of Living in Albuquerque?
Albuquerque residents enjoy a comfortable cost of living at 93.4 percent of the national average, according to Albuquerque Economic Development. Groceries, utilities, healthcare and transportation are less expensive than in most other American towns, and housing is about 20 percent less expensive. This benefit is even more obvious when comparing Albuquerque to other large metropolitan areas like Denver and Las Vegas, where costs indices are 106.6 and 104.6, more than 10 percent higher than Albuquerque.
The biggest and fastest growing city in New Mexico, Albuquerque has plenty of character, history and amenities. Part of the city’s charm lies in its affordability. Albuquerque residents pay less for groceries, utilities, healthcare and transportation than residents of other cities, and Salary.com named the city as one of the best places to build wealth. Although some home prices are rising, Albuquerque’s housing market is still very economical and offers a broad range of housing styles and neighborhoods to suit every lifestyle.
Summary
The biggest and fastest growing city in New Mexico, Albuquerque has plenty of character, history and amenities. Part of the city’s charm lies in its affordability. Albuquerque residents pay less for groceries, utilities, healthcare and transportation than residents of other cities, and Salary.com named the city as one of the best places to build wealth. Although some home prices are rising, Albuquerque’s housing market is still very economical and offers a broad range of housing styles and neighborhoods to suit every lifestyle.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
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