Las Cruces
Rio Rancho
Roswell
Santa Fe
Closing Conducted by: | Escrow |
Conveyance: | Warranty or Quitclaim Deed |
Primary Foreclosure Method: | Judicial |
Process Period: | 4 - 6 months |
Notice of Sale: | Court |
Redemption Period: | 9 Months |
Income Tax: | 1.7% - 4.90% |
Corporate Tax: | 4.8 - 7.60% |
Sales Tax: | 5.13% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 0.55% |
Property Taxes by County: | http://www.tax-rates.org/new_mexico/property-tax#Counties |
Closing Cost: | $2,516.00 |
Transfer Fee: | no fees |
Origination Fee: | $1,761.00 |
Median Home Value: $210,141
1-Year Appreciation Rate: +5.8%
Median Home Value (1-Year Forecast): -1.0%
Median Rent Price: $1,250
Price-To-Rent Ratio: 14.00
Average Days On Market (New Mexico Association of Realtors): 66
Unemployment Rate: 11.3% (latest estimate by the Bureau Of Labor Statistics)
Population: 2,095,428 (latest estimate by the U.S. Census Bureau)
Median Household Income: $48,059 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 14.84%
Foreclosure Rate: 1 in every 9,096 (1.0%)
Otero: (1 in every 3,945)
Santa Fe: (1 in every 4,279)
Sandoval: (1 in every 5,015)
Bernalillo: (1 in every 6,194)
Torrance: (1 in every 7,990)
Tax Lien or Deed: Tax Deed state (with challenge possibility)
Redemption Period: Sale can be challenged for up to 2 years after sale
Roswell should attract more first-time buyers: While the median home value in New Mexico is below the national average, prices are still higher than they have been in a long time. As a result, it’s safe to assume a growing number of residents in New Mexico will seek out more affordable cities to live in like Roswell. Already one of the largest cities in the state, Roswell has plenty of demand, but the city’s current median home value of $106,186 should increase demand on behalf of budget-conscious buyers.
Inventory levels will continue to drive up prices: Inventory levels have yet to match the pace of demand, which will only serve to stir up more competition. While great news for current owners, more competition will only increase acquisition costs for buyers. Nonetheless, help is on the way. More inventory should be added sooner rather than later, but expect prices to rise in the meantime.
Influx of suburban residents: Work-from-home trends have all but eliminated the need to live within close proximity to an office. As a result, it's highly likely we will see a lot of people trade expensive city living for cheaper, suburban alternatives. Secondary cities and suburban areas should see an uptick in demand, which could bode very well for investors ahead of the trend.