Hakes Brothers announced in a press release on July 23 that Suez Estates is a new community in Rio Rancho with 39 single-family homes on the market.
Hakes Brothers Marketing Specialist John Alarcon said the model homes for Suez Estates were built on Abrazo Road.
“Everyone understands the importance of owning a home more than ever before,” he said.
Alarcon said sales were not affected despite the pandemic.
“Unfortunately, due to the pandemic, many people are not going out of town, postponing their vacations and other expenses,” he said.
Alarcon believes this is why sales have been so good.
Near the Rio Rancho Sports Complex and Lincoln Middle School and Rio Rancho High School, the community will have floor plans ranging from 1,920 to 2,740 square feet, according to a press release.
The New Mexico-based home build company will offer “luxury floor plans,” according to the statement.
Homes range from three to six bedrooms, 2½ to four bathrooms, a two to three-car garage, and a choice between two exterior levels.
As a company, Alarcon said Hakes Brothers has grown 43 percent in the last two years. They are well on their way to sustaining this growth.
Alarcon said the company closed 294 homes in 2017, and the company closed 421 homes in 2019. This year, Hakes Brothers is on track to beat the numbers for 2019.
“We were extremely lucky,” he said.
Alarcon said the company will remain cautiously optimistic.
Hakes Brothers CEO and President Kimball Hakes said the company was founded in 2006 before the housing market collapsed in 2008.
He said they’ve walked around the neighborhood before and believe their homes will remain competitive if the market slows down.
“Housing is cyclical, so we need to be smart and make sure we’re prepared for a rainy day, just like any business should be prepared,” Hakes said.
For zip codes 87144 and 87124 in Rio Rancho, single-family homes were on the market for 32.75 days from March-June, according to data from the Greater Albuquerque Association of Realtors.
According to the data, homes sold for an average of $250,150 from March to June. Homes at Suez Estates start at $330,990, according to the Hakes Brothers website.
Hakes said it’s time to buy a house with historically low interest rates. “The interest rate fluctuates around or below 3%,” he said.
“Also, it’s clear that your interest rate has a huge impact on how much you can afford to pay for a home,” Hakes said.
He said people could qualify for “more homes.”
“If you qualify for a three-bedroom room, maybe now you qualify for a four-bedroom room with a three-car garage or something like that,” he said.
Hakes said families and millennials want to buy a home. The lack of adequate housing creates a supply and demand problem.
Between March and June, there is a monthly average of 105 houses in the inventory. According to GAAR data, an average of 93 homes closed each month during this time.
Hakes, now is the time to buy a house because the value of houses is going up and it might go down later, but not by much.
For more information on Suez Estates, visit hakesbrothers.com.