New Mexico Multi Family Homes for Sale & Real Estate | realtor.com® (2024)

FAQs

What are the best sites to look for multifamily properties? ›

More Expensive To Own: Unlike single-family houses, buying multi-family properties usually requires larger sums of money. Besides this, you must first pay for legal documents like deeds, mortgages, leases, and other relevant documents required for purchasing real estate.

New York State leads the pack with the highest proportion of existing homes classified as multi-family, standing at 52.5%, followed by Massachusetts (43.1%), Rhode Island (38.6%), Hawaii (36.4%), and New Jersey (36.0%).

Attorneys: You are not required to hire a real estate attorney when buying a home in New Mexico. However, it's smart to enlist the services of one anyway. Buying a home is likely the biggest investment of your life, so paying a small additional sum of money for a professional legal OK is worth it.

The top multifamily property owner for 2022 was Greystar for the third consecutive year.

Historically, multifamily has been one of the safer asset classes to invest in compared to other commercial property types. Unlike office buildings and retail space, which have been hit hard by remote work and e-commerce, rental apartments tend to have low vacancy rates, and steadily rising rents.

Multifamily property is considered a relatively “safe” investment compared to other real estate asset classes. That's because even during an economic downturn, people need somewhere to live. In fact, during a recession, many people find themselves forced to sell their homes and move into rental housing, instead.

Pros of Managing a Single-Family Home

Consistent resale value: Single-family housing is more common than multifamily units, so they tend to hold their value better over time. When it comes time to sell or refinance your investment, you'll get more bang for your buck!

What state is building the most housing? ›

“It is unsurprising that Texas has topped the study for new-build properties. Gaining more new residents than any other state between 2000 and 2022 with over nine million, the rate of housing construction has increased to meet the state's demand,” said a spokesperson from RubyHome Luxury Real Estate.

According to NAHB estimates, the total count of second homes was 7.15 million in 2020, accounting for 5.11% of the total housing stock. This represents the most recent data available. As of 2020, the state with the largest stock of second homes was Florida (1.04 million), accounting for 10.8% of all second homes.

How much of a down payment do I need to buy a house in New Mexico? If you're buying a home in New Mexico, you'll need to bring at least a 3% down payment for a conventional mortgage or 3.5% for an FHA loan.

Although the number of home sales decreased in New Mexico in 2023, sale prices saw a jump, according to the newest annual report released by the Greater Albuquerque Association of Realtors. The median price for a detached, single-family home increased from $330,000 in 2022 to $345,000 in 2023, or an increase of 4.55%.

The current real estate market conditions in New Mexico are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.02%, marking a decline from approximately 8% in the preceding year of 2023.

Zillow offers one of the most accurate estimators overall. Being one of the top real estate sites on the internet, Zillow has a very accurate estimator that has helped many people in their journey to sell their homes. Most people turn to Zillow for all of their real estate needs.