In a great article that came out today by Keeping Current Matters provides details on the economic impact on the economy in each state from each house purchase. In New Mexico that number is $67,000. The way that is determined is how many people and services are involved when you decide to purchase a home. During the real estate transaction you may not think of it this way but you are employing others in the process such as Realtors®, Mortgage lenders, Title companies, escrow officers, home inspectors, termite inspectors, roofers, handymen, cleaning companies, home stagers, landscapers etc. Not to mention once the home is purchases and you want to put your personal touch on a home and maybe re-paint, put new flooring, lighting, make a room bigger, expand in some way that is all contributing to our local economy which strengthens it. One other thing to consider when purchasing a home and all the people you employ during the transaction is when you use a local company like ABQ Premiere Properties to handle your real estate needs when we finalize the transaction and get paid for our services our money goes right back in to the local New Mexico Economy not paid out to a big real estate franchise in Texas, Colorado or any other state, it goes right back into our local economy to help our community.
One last thing to consider when purchasing a home is the benefits it will have for your finances and wealth in the future. On average real estate goes up in value 3-5% each year in normal markets which means over the course or 30 years your value goes up and your balance goes down which creates wealth for you and your family.
As you can see in the chart below the cost of renting over the years.
If you are curious or are ready to start the process of purchasing your new home I would love the opportunity to assist you. If you would like to set up a consultation please feel free to text me at
ABQ Premiere Properties