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My husband and I dream of moving out of the DC area to Rio Rancho or surrounding area within the next 3 years. Last night we were looking at the massive list of houses for sale. We looked at houses from 200k-400k and were wondering, why are there SO many houses for sale in that area? Are there a lot of foreclosures? Do people not like the area? The houses you can get there for 400k are absolutely amazing. You couldn't get a house like some of those in this area for under 600k during the receission. What's the scoop?
I would guess they are a result of the speculative building and finance of the last decade. As house values have fallen the value become a lot less than the remaining principal on the, mortgage and people try to sell or abandon the houses. This applies more to multi-house speculators than to folks actually living in the houses. There is a thread on the political forum discussing this situation in Las Vegas, Nevada where over 80% of the mortgages are "underwater".
This is a great time to buy houses. I would think buying directly from the bank would be less expensive than any other method. Good luck.
Some speculation caused a lot of houses to be built, then the economy went down. So there appears to be an excess of houses.
The largest Intel Factory is located in Rio Rancho, a lot of lay-offs/transfers. I don't recall the numbers. In 2007 they announced they would be losing 1,000 employees from Rio Rancho.
Hewlett Packard (HP) is building a new facility. Rio Rancho continues to grow. Perhaps not as fast as some people want.
Quote:
Do people not like the area?
We love the area. My wife has a good job which she likes. I have one child and 2 or 3 grand children a few miles away.
We still look at houses in the area and I have been looking at places to move for years. So far, we will stay here for a while. We also own a house in Albuquerque, which has been rented out for 10 years.
We plan on visiting the area once we have an idea as to when we can move out of the DC area. We don't want to go there too soon and then realize we might not be able to move for a few more years. That would be too depressing. We're just hoping the house prices in RR don't take a crazy jump.
Last edited by Poncho_NM; 08-13-2009 at 10:19 AM..
Reason: fixed quote
I had 4 groups of friends in RR - one moved back to Utah to be with their family after their father got sick, the second had teenage kids and wanted to move into the city for them so that they have more to do and can commute to UNM one day, the third worked at Intel and moved out of state for a new job, and the fourth outgrew their house. Only one group have sold their house...the others are still trying.
We plan on visiting the area once we have an idea as to when we can move out of the DC area. We don't want to go there too soon and then realize we might not be able to move for a few more years. That would be too depressing. We're just hoping the house prices in RR don't take a crazy jump.
I don't think that's very likely. When prices eventually start upward again, I
think that movement will be relatively slow unless the property is very distinctive.
I don't think that's very likely. When prices eventually start upward again, I
think that movement will be relatively slow unless the property is very distinctive.
I figured that would be the case out there where as here when prices jump, they jump by 100k.
I figured that would be the case out there where as here when prices jump, they jump by 100k.
I grew up in and around Alexandria and lived there until 2005 so I know exactly
what you mean.
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