Suez Estates is a new community with 39 single-family home sites on the market in Rio Rancho, announced Hakes Brothers in a press release July 23.
Model homes for Suez Estates are being built on Abrazo Road, said Hakes Brothers Marketing Specialist John Alarcon.
“More than ever, everyone is realizing the importance of having a home,” he said.
Despite the pandemic, sales have not been affected, Alarcon said.
“Unfortunately, due to the pandemic, a lot of people aren’t going out of town, they are putting off vacations and they are putting off on other expenses,” he said.
Alarcon believes this is why sales have been so good.
Near the Rio Rancho Sports Complex and near Lincoln Middle School and Rio Rancho High School, the community will feature floor plans ranging from 1,920 to 2,740 square feet, according to a press release.
The New Mexico-based home-building company will feature “luxury floor plans,” according to the release.
Homes range from three to six bedrooms, 2½ to four bathrooms, two- to three-car garages, and a choice between two exterior elevations.
Hakes Brothers, as a company, has seen a 43 percent growth in the past two years, Alarcon said. They are on track to continue this growth.
In 2017, the company closed on 294 houses, and in 2019, the company closed on 421, said Alarcon. This year, Hakes Brothers are on track to beat 2019’s numbers.
“We’ve been extremely fortunate,” he said.
Alarcon said the company will remain carefully optimistic.
CEO and President Kimball Hakes from Hakes Brothers said the company was founded in 2006 before the housing market crashed in 2008.
He said they have been around the block before, and believe if there is a slowdown in the market, their homes will remain competitive.
“Homebuilding is cyclical, so we just have to be smart and make sure we are prepared for a rainy day, just like any business has to be prepared,” Hakes said.
According to data from the Greater Albuquerque Association of Realtors the for the ZIP codes of 87144 and 87124 in Rio Rancho, single-family detached homes were on the market until closing for 32.75 days from March-June.
Homes sold on average for about $250,150 from March-June, according to the data. Homes in Suez Estates start at $330,990, according to the Hakes Brothers website.
Hakes said it is a good time to buy a house with, interest rates at historic lows. The interest rate fluctuates around 3 percent or below, he said.
“And obviously your interest rate has a huge impact on what you’re able to afford for a house,” Hakes said.
He said people are able to qualify for “more house.”
“If you could qualify for a three-bedroom, maybe now you qualify for a four-bedroom with a three-car garage or something like that,” he said.
Families and millennials want to buy a home, Hakes said. There is a supply and demand issue with there not being enough homes.
Between March and June, there is about a monthly average of 105 homes in inventory. On average, 93 homes closed every month during that time, according to data from the GAAR.
It is a good time to buy a house now because the value of homes is rising and they may decrease later, but not by very much, Hakes said.
For more information about Suez Estates, visit hakesbrothers.com.