ALBUQUERQUE HOME SELLER TIPS

Friday, August 31, 2007

GET THE BEST DEAL WHEN SELLING YOUR HOME

Real estate practices, customs and laws can vary significantly from state to state. Whether you’re a buyer or seller, it’s in your best interest to arm yourself with the most comprehensive, market-specific information available. Albuquerque Realtor® Linda DeVlieg agrees that “knowledge is power” for her real estate clients. That is what prompted her and Summit County Realtor® Ken Deshaies to collaborate on an informative new book titled “Get the Best Deal When Selling Your Home, Albuquerque, New Mexico Edition.” “For most people, their home is the largest single investment they will make in their lives,” Linda says. Also covered are important issues ranging from the role of the Internet in today’s tech-savvy market, to the Multiple Listing Service, Property Valuation, Market Conditions, Preparing Your Home For Sale, Screening Prospective Buyers, the Closing—Table, and finally, Preparing for Uncle Sam. The next section of the book speaks to prospective buyers. While the Internet provides a myriad of options for buyers to view potential homes, DeVlieg and Deshaies both agree that a Realtor® is your best bet when purchasing a home. An experienced “buyer representative” can save a prospective buyer countless hours of legwork by carefully screening homes according to the buyer’s search criteria. Realtors®, especially seasoned brokers, are skilled negotiators who will represent your individual needs, and negotiate the best deal possible. Also included in this section are details describing the entire home purchase process as well as mortgage options and credit issues. Get the Best Deal When Selling Your Home is a very easy read that plainly describes the ideal client/ Realtor® relationship and provides real examples of the writers’ experiences in their combined 30-plus years in the industry. Former clients open each chapter with a brief story related to the topic that is addressed in that chapter, and describe first-hand an experience they had when buying or selling their home. The book’s closing pages include an appendix with a glossary of terms and a valuable moving checklist. Industry professionals, home buyers and sellers alike, are praising the book for its no-nonsense readability, and favorably compare the experiences written about in “Get the Best Deal When Selling Your Home,” with their own. Linda DeVlieg is a Sales Associate with Coldwell Banker Legacy. She is a Certified Internet Real Estate Professional (e-PRO), an Accredited Buyers Representative and an Allen F. Hainge CyberStar™. In the new home construction arena, she earned the Pulte Homes Sales Associate of the year in 2005 and 2006. Get the Best Deal When Selling Your Home, Albuquerque, New Mexico Edition, is available through Linda’s website at www.ISellAlbuquerqueHomes.com. For more information, contact Linda DeVlieg at Coldwell Banker Legacy at 505-440-7200 or toll free at 877-548-3942.

Thursday, August 23, 2007

THE RISE AND FALL OF REAL ESTATE PRICES

The rise and fall of real estate prices has become such a national obsession, the stats really ought to be carried on the sports pages. Small wonder, as the number of Americans buying investment property has boomed in recent years. But with double-digit price appreciation slowing or vanishing from many markets, the question has become, what's next? "The entire country has benefited from declining interest rates," said John Burns, an Irvine-Calif.-based real estate analyst. "But what's been very interesting in the recent cycles is that investor activity has driven a lot of the behavior." Despite talk of a national real estate bubble, housing sales and prices are local phenomenon driven by the trinity of local job growth, the supply of new homes and affordability, Burns said. Add in wild cards like climate, rapidly-changing demographics and investor activity and markets throughout the nation behave in idiosyncratic ways. Markets that are growing A variety of influences have continued to create a good market in the southeast. Strong gains in home sales in 2005 for Mississippi (17.3 percent), Louisiana (22.9 percent) and North Carolina (17 percent) are expected to continue thanks in part to real estate that has not appreciated exponentially in the last few years. In North Carolina, Raleigh continues to be a good bet. It's got a strong and diverse economy and the kind of mild weather that appeal to transplants from throughout the nation. Ironically, the devastation of Hurricane Katrina has created both need and opportunity in Louisiana’s housing market, with New Orleans the hub of a building mini-boom. Mississippi's Gulf Coast is also expected to benefit, having lost more than 65,000 homes to the hurricane. In the west, it’s all about Texas (up 9.8 percent) and New Mexico (up 26.2percent). Albuquerque, N.M., with its affordable housing and scenic setting, has beefed up the local housing market. Refugees from Southern California's overheated real estate scene are making their way east, while the long, hot summers of southern Arizona, coupled with that region's rising prices, have attracted a growing number of Phoenix residents. Relentless hikes in oil prices coupled with a wave of Katrina refugees could well turn into a two-step for Texas, where Austin, on numerous most-livable-city lists, sends out a siren song. A steady building, a vibrant city center and a good local economy should help the region’s housing market buck the busted bubble trend. Markets that have peaked After a long run-up in prices and sales, the New York and Massachusetts markets in the east (down 2.2 percent and 5.1 percent respectively), the Midwest’s Illinois market (down .9 percent) and Oregon and Colorado in the west (down 8.9 and 2.9 percent, respectively) show signs of leveling. In New York’s suburban areas like Westchester and Duchess Counties, homes have begun taking longer to sell than in previous years. In the city itself, however, tight supply and high demand should help keep things on an even keel. Ditto for Massachusetts, where home sales in Boston have visibly slowed. The region’s continued strong economy; however, coupled with the historic high demand is good news for real estate watchers. In Illinois, Chicago residents may also see a sign of a slowdown. Although citywide prices didn’t skyrocket, investor enthusiasm managed to push the market to the straining point. With many homes currently overvalued, the Windy City could be forced to hunker down as prices slowly settle. Out west, Denver’s Rocky Mountain high has come to an end thanks to an abundance — an over-abundance, some say — of new homes and the lingering effects of. A softening economy. Bad economic news has also hurt Portland, where the burst tech bubble has had lingering effects. Slow-growth measures that kept a cap on new housing are the good news to come out of this high-priced region, making supply low enough to stimulate demand. Markets on the way down Written into every gee-whiz story about the magical real estate markets of Arizona, California, Florida, Nevada and Washington, D.C., was the question: How long can this last? The answer could come this year. Arizona’s growth dropped 22 percent in 2005, while California slowed by 19.2 percent, Florida and Nevada dropped 15 percent each and Washington, DC, posted a decline of 18.2 percent. With a phenomenal growth rate in the 30 percent range, sunny Arizona seemed eternally golden. Phoenix and Tucson, each of which put up astonishing numbers, are set for the equal and opposite reaction promised by Newton’s Third Law. Vacancy rates are high and analysts predict lower prices and slower sales as a result. Gambling on Nevada could be risky as well, where a building spree seems to finally have more than met demand. In California, the Los Angeles, San Francisco and Sacramento markets appear to be ready for a correction. In L.A., renters have simply been priced out of the market. Steady building in the Sacramento area has finally outstripped demand. And while the Bay Area’s notoriously high prices won’t do a sharp tumble, a spate of “price reduced” signs in formerly hot neighborhoods could be a bellwether of what’s to come. Florida’s decade-long building boom may finally have caught up with itself, with the boom area around Orlando seeing a slow-down. Repeated hurricanes traveling through the center of the state have caused investors to rethink the area and a decade-long building boom is outstripping demand. In Miami, prices are topping out as investors wrestle with weather concerns and decide against homes that are sharply overvalued. The Washington, D.C. area could be facing a similar fate. Buyers forced to choose between pricey homes in the city and more reasonable real estate in the surrounding areas now have a bargaining chip that could drive prices down in the year to come. The Stats: Housing Markets to Watch Out For The Good The Not-So-Good The Getting Ugly North Carolina Massachusetts Arizona Louisiana New York California Texas Illinois Florida Mississippi Colorado Nevada New Mexico Oregon Washington, D.C. By Nicki Kipen, HOMESTORE.COM

Thursday, August 16, 2007

Today's Mortgage Market

Alot of stuff on the news today about the mortgage market! We had news today that a primary mortgage source went under, leaving 3 MAJOR mortgage companies in Albuquerque without ways to fund their loans. This is causing a slight nail biting within our industry today, but take some sedatives and know this - ALL IS NOT LOST! Stick with a good mortgage source and you won't have any issues. IT'S NOT ALWAYS PRICE BUT SERVICE AND RELIABILITY! Here's a word from my mortgage expert, Tony Valencia at Superior Mortage: To whom it may concern: In light of recent events I wanted to keep you informed on the state of the mortgage market in Albuquerque. First Magnus which has many smaller companies under its umbrella has shut its doors. These companies have stopped taking loan applications and funding of their loans until other resources can be located. Finding other lending resources is a tedious task and may take longer than expected to obtain. Superior Mortgage is a diversified company that offers many more than one product and investor. We don’t put all of eggs in one basket. We are here to help the Real Estate community weather this storm. Please show respect to our fellow mortgage bankers as we are all hoping for the best and keeping high hopes that the storm will not last too long. We can help your clients and will take transfers if needed. Sincerely, TONY VALENCIA SR. Loan Officer/Partner Superior Mortgage Services (505)468-1768

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I believe in a consultative approach to buying and selling homes.  Albuquerque is my home and I love the gorgeous surroundings, the breathtaking scenery and blue skies that are everywhere.

I love the pueblo style homes and the contemporary masterpieces that our artists have created - everywhere there is beauty!