Albuquerque

New Mexico’s 2020 real estate boom expected to carry over into 2021 – Albuquerque, New Mexico

Albuquerque, New Mexico 2021-01-17 00:19:24 –

According to Garcia, 2020 has been the busiest year of construction for more than a decade.

“Since then, you know, in 2008 and 2009, some markets collapsed,” he said.

New homes are not the only ones in demand. Remodeling is also increasing.

“Energy efficiency is a big trend right now, and it’s also the living space where people want to live, work and play. So it was already moving in that direction before COVID, and now it’s just crazy.” Garcia said.

Garcia said increasing demand has made it difficult to get supplies.

“Labor prices were pretty good and there was a great workforce. Timber was actually already rising before the COVID occurred. It was other supplies related to construction, sometimes from China. From nuts and bolts to timber that needs to be harvested locally or locally, so it was a challenge, “he said.

Garcia said the pandemic caused ripples in parts of the supply chain.

“The other source was a supply chain issue. It was a challenge I think of for most builders, but it was really good for builders across the market from Rio Rancho to Los Lunas.”

The market is expected to remain strong until 2021

“We know that all lots that have been reduced and are being developed, all are being developed. Therefore, at the end of the year we expect to have probably about 1,800 to 2,000 permits. And now We are looking at more things next year as new lots come online, and we hope it will be another good, good market for us, “Garcia said.



New Mexico’s 2020 real estate boom expected to carry over into 2021 Source link New Mexico’s 2020 real estate boom expected to carry over into 2021

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