Monday, March 31, 2008

For Sellers - how is this market going/

I'm often asked this - 'how is the market going, and how do I price my home'? Here is what I have been finding in the trenches - there are many types of "buyers" scouring the area right now looking for homes. The first type of home buyer is the "one time offer" home buyer. Don't be surprised when someone gives you a low offer and if you counter anything in the original offer they go to the next property. You, as a seller, are left to wonder "what the heck happened, did I do something wrong?" No, this buyer has lots of properties they are looking at and wants just one round to get the property they are looking for. Usually not "dream home" buyers, just seeing homes as an investment with no emotional attachment. So, if this happens to you, don't get discouraged especially if the buyer's offer wasn't anything near what you could live with. I'm getting lots of offers on listings, one right after the other, so just hold tight and the next type of buyer is coming your way...this type is: The buyer looking for a "home"...generally trying to find a beautiful turn-key type of property. Usually specific to area or ammenities, this buyer is looking for a well kept home showing pride of ownership. What is important to them is that the property has been well maintained and is in the area they are specifically looking for. This is why it is so essential to have your home staged perfectly at all times, and make sure that the condition soars above the competition. For more tips on how to stage your home, go to my site and sign up for the seller's eReport for HOME SELLING TIPS Be prepared that you may not be able to recover your initial investment in the property - but calculate how much your payments are setting you back and let the property go if you can - so that you can move on with your other plans. Albuquerque's home market is still healthy, but a bit more challenging. For all information on selling your home or buying a home in Albuquerque - VISIT MY SITE TODAY!

Tuesday, March 25, 2008

February Market Report for Albuquerque

This monthly snapshot of the Albuquerque Metropolitan Area Market Activity shows a 30.39% increase in closed sales from 408 in Jan 2008 to 532 in February 2008. The area has seen an decrease in new listings from 1,817 in Jan of 2008 to 1,615 in February of 2008, a 11.12% decrease. The February 2008 Average of 71 Days on Market has remained the same as the 71 days on market from Jan of 2008. Average Days on Market is now being calculated based upon the time it takes a property to go from the listing date to being under contract for sale (pending). In February, the Greater Albuquerque Market saw a Median Sales Price of $189,250 and an Average Sales Price of $226,342 for Detached Residential Homes. The Greater Albuquerque area has seen a decrease in closed sales for type DET and ATT homes, from 820 in Feb of 2007 to 592 in Feb of 2008, a 27.81% decrease. To keep updated on market conditions or to find out how to buy or sell a home, please contact me at my site at

Your Home's Identity Theft

I just heard a story on CNN that has relevance in today's high tech age. While we are all aware of scams involving our personal information, accessing our bank accounts, credit cards and ruining our credit rating, it is also possible for someone to tamper with your home's records in title. Fraudulent liens can be filed against your property. Of course these can be released but it takes contacting authorities to do so and if not discovered until you have a home sale, it can tie up a closing. Some are preparing fraudulent documents of transfer and recording with authorities to attempt to take your property. Nothing can be done to really prevent these things from happening, but be aware that it is a good idea to run a search of your property's documents of record periodically. This can be done by either going directly to the county clerk's office, or contacting a title company. There may be a small fee involved, but it is well worth the aggravation that can be prevented should this happen to you. For updated information on the market and to listen to my monthly PODCAST go to my site at

Thursday, March 20, 2008

Preparing For Your Final Walk Through

The final walk through can be a crucial step in the home-buying process. Before the final closing on your home you will have the opportunity to inspect the property again, also known as a final walk through. This final step is to ensure that the property is in the condition you agreed to buy and that any agreed upon repairs have been made. Typically the buyer just before settlement conducts a final walk-through. The idea is to be sure the seller is delivering the home to the buyer in the condition they agreed to under the terms of their contract. Therefore it includes checking on anything the contract says about the condition of the property. What should you look for in a walk through inspection? To start with, you want to make sure that the overall condition of the home hasn’t changed since you signed the contract. Below are some things you should look for in a pre closing inspection, it is also a good idea to bring along a checklist so that there is nothing overlooked. • Ensure that all required repairs have been satisfactorily completed or are in the process of being done • Did the seller leave "junk” or debris behind in the basement, attic, yard or garage? • Have the items that the seller agreed to leave been removed? • Are the instruction books and warranties for any appliances or fixtures available? In addition to looking at condition, repairs, and items remaining or removed, pay particular attention to key areas such as: • Major systems and appliances – Confirm that these components are in good working order • Attic and basements/crawl spaces – Look for discarded items and potential problem areas • Walls and floors – Check for any damage that may have occurred when the sellers moved or that may not have been obvious when you originally looked at the home • Exterior – Check the condition of windows, doors, sprinklers, gutters, and landscaping If you are purchasing a home that had occupants prior to your inspection, keep in mind that personal belongings, furniture, etc., may have obscured items/areas and made them inaccessible for inspection. This is why it is important to make sure that the previous owners have moved out before your final walk through. The process of moving out of a home can cause damage, so be sure to look for anything that may have occurred when the sellers moved or that may not have been obvious when you originally looked at the home. White it can be easier to visually inspect a home that was vacant house prior to your inspection, there are also things to be on the lookout for, especially if the house has been vacant for a long time. The mechanical systems of certain appliances or major systems such as the HVAC may have dried out and caused accelerated deterioration or failure. In addition, because the utilities may have been turned off, there may be possible leaks may not have been detected during your inspection because lack of use had prevented any observable evidence. Unfortunately, things don't always go as planned when buying a home. If you find during your final home inspection that the seller has not lived up to their part of the agreement, you want to know about it in advance of the closing so a solution can be agreed upon before money changes hands. If this occurs you do have options, it is a good idea to work with a real estate attorney to come to a satisfactory arrangement.

Thursday, March 13, 2008

Albuquerque Listed On Top 25 Market Forecast For 2008

Albuquerque has been listed on the top 25 appreciating markets for 2008 according to Housing Predictor. The other 24 markets are scattered throughout all parts of the U.S. from the west to the east and into the southern states. Housing Predictor notes that more than 20 factors are considered when issuing each forecast, including economics, regional political influences, business development, employment levels and other socioeconomic issues. The forecast is showing a developing trends that more people are moving to smaller less urban cities seeking a better quality of life. Albuquerque was also Housing Predictor's top rated market for appreciation in 2007 estimated at 9.1%. For 2008 they estimate a 3.5% appreciation which is positive in this market. With new businesses moving to the state prompted in part by tax incentives, a less expensive labor market and job growth are all contributing factors to the positive outlook for Albuquerque.

Thursday, March 06, 2008

Real Estate Attorneys

When buying or selling a home you may find yourself experiencing real estate issues that can range from simple to very complex, plus a whole new vocabulary of unfamiliar terms to deal with. With such a large investment at stake, many people choose to hire a real estate attorney to assist them with their real estate proceedings. Use the below information to help you decide if you need to use a real estate attorney for your transaction. What services to real estate attorneys offer? A real estate attorney can offer many different services and some may specialize in certain areas but some general services that are typically offered are: • Reviewing and outlining the real estate transaction process • Reviewing any listing or agency agreements • Drafting and reviewing real estate condition reports • Drafting and reviewing residential offers to purchase and counter offers • Assisting buyers and sellers through the property inspection and financing contingencies • Working with title insurance companies and reviewing title insurance commitments • Checking the settlement statement figures with you prior to closing • Advising you at closing Keep in mind you will likely have questions throughout the purchase process, having an attorney available to answer all of your questions that arise during the course of your sale will be an added benefit. How much are attorney fees? The actual cost for an attorney varies by state and by amount of work required. Fee structures also vary (some lawyers charge by the hour, others by flat fee, some by both depending on the task.) but the typical range is $350-$1500. Keep in mind that your personal attorney's fee is not part of your closing costs and must be paid for separately. However, most people who have used a real estate attorney indicate it was worth the money. When you are buying or selling a home, it is most likely your biggest investment and you want to do everything to protect it. How to locate a reputable attorney Check with your from your local bar association, for referrals in your area. Also ask your real estate agent or your mortgage broker for referrals as well. Don’t underestimate the power that word of mouth has; ask friends, colleagues and family whom they've had a good experience working with. There are also many places online that you can use to research to locate an attorney in your area. A real estate attorney’s job to protect your interests and resolve complex matters in an efficient manner. Throughout the process your attorney will check every detail, helping you protect your investment and your financial security. Having your real estate lawyer in your corner can bring peace of mind and relieve a lot of the stress associated with that sale.

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