ALBUQUERQUE HOME SELLER TIPS

Monday, December 06, 2010

Selling Albuquerque Real Estate.....

is completely fun!  Seriously, it is.  There is such a variety of homes out there, and I see all of them from one 'end' to the other every week.

Albuquerque has a variety of styles!  Adobe homes, Scottsdale style homes, brick homes, traditional 'ranch' style homes - it's just a kick to get out and tour these properties....

Gotta go for now - more photos and videos to come!


Oh, this is my favorite yard buddy....

Wednesday, October 06, 2010

Albuquerque Real Estate definitions - "Realtor®"



Realtor® - a real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of REALTORS®

Not all real estate agents or licensees are Realtors® - why does that make a difference?  A real estate licensee that is not a Realtor® is not bound by the Code of Ethics which governs our interaction with the public and other Realtors®.

In order to be a member of the Southwest Multiple Listing Service, you have to have a Realtor® membership and be a member of the Great Albuquerque Association of Realtors®

So, not all individuals that hold a real estate license are Realtors® - for more information, please contact Linda DeVlieg's eTeam anytime!  The team can keep you updated on all listings, market information and sales activity for all of the Albuquerque metropolitan area. 

For your next Albuquerque home, contact the eTeam

Wednesday, September 29, 2010

Albuquerque Real Estate definitions - TITLE INSURANCE



Title Insurance:

Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of the property.

In Albuquerque real estate transactions, it is a customary practice that the seller will pay for the owner's policy on the closing of their Albuquerque home.  The interesting part is that Albuquerque home builders (as sellers) will pass this cost on to the buyer, thus causing the buyer to have to pay this cost again when they sell the house.  Buyers of Albuquerque homes should be aware of this when they factor in the costs of purchasing a new construction home in Albuquerque.

For questions regarding title and the process - contact Fidelity Title

Have questions about real estate in Albuquerque?  Come see/email/chat/ with us anytime!







Wednesday, September 22, 2010

Albuquerque Real Estate definitions - CLOSING COSTS

We are often asked 'what are closing costs' when a buyer is purchasing a home and a seller is selling a  home.  These typical closing costs vary from market place to market place.

In Albuquerque, for example, customary closing costs for sellers are the title fees, and the buyers' closing costs are typically anything associated with their loan.  The buyer may be asked to pay for the inspections and home warranty if these are desired.

"Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property.  Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey.  Closing cost percentages will vary according to the area of the country; lenders or Realtors® often provide estimates of closing costs to prospective homebuyers and sellers."

In my co-authored book "Get the Best Deal When Selling Your Home, Albuquerque, New Mexico Edition" - I provide a comprehensive list of definitions and guidelines for selling your Albuquerque home.

You can contact me for a free copy anytime!

Linda DeVlieg, Associate Broker
Coldwell Banker Legacy
Albuquerque, New Mexico
505-440-7200

Monday, September 20, 2010

Albuquerque real estate definitions - The Acceleration Clause



First in a series of articles regarding 'real estate words' that you might encounter in your search for an Albuquerque home or while selling your Albuquerque home.

Acceleration clause

A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed, or if a provision of the mortgage is violated.

You may run across this term during the course of a Real Estate Contract (or in common terms Seller Financing).  If you are buying a home with a NM Real Estate Contract and someone talks about the 'acceleration clause' be aware of the practical applications of this term.  If the home you are purchasing (or selling) has an existing mortgage on it, most likely the mortgage document has an 'acceleration clause' contained in the document which prevents you from transferring ownership of the property without paying off the existing loan.  If you buy a home with a NM Real Estate Contract, you may be asked to 'wrap' the existing mortgage, and file a Special Warranty Deed, thus transferring ownership of the property.  If the existing mortgage holder discovers this, and this is a violation of the terms of the mortgage, they may impose the Acceleration Clause and you and/or the seller may be forced to pay the entire principle balance or face foreclosure of the property.

Before considering a New Mexico Real Estate Contract or Owner Financing for the purchase or sale of a home, be sure and contact a real estate attorney for advice on how to proceed.

For more tips and advice, please feel free to contact Linda DeVlieg's eTeam Real Estate Group anytime.

Stay tuned for regular updates and more definitions that help you in your Albuquerque Real Estate experience

Tuesday, September 14, 2010

#8 Albuquerque Home Staging Article - THE IMPORTANCE OF HIRING A PROFESSIONAL

#8 in a Series of 8 Articles - THE IMPORTANCE OF HIRING A PROFESSIONAL

Why hire a professional designer - to avoid costly and time consuming mistakes, for one. Secondly, to save on your time – a professional knows where to go and who to talk with. Your time is valuable and a designer can save you time, money and headaches, especially when it comes to knowing where to go. Thirdly, to obtain the desired result/outcome of the project. Many people think that watching HGTV gives them liberty to do everything themselves. This is a mistake. When you do not really know what you are doing – only think you do – that is the result a potential buyer sees, a “do it yourself job”. Not the result you should be going for.

In this economy, time is money and selling a house takes time – why waste it. Hire a professional – if only for a few hours. Perhaps you need help with picking out a new paint color, ideas on staging your home, what to take & what to keep, etc. The point is to sell your home as quickly as possible – this is not the time to be frugal. The term “spend money to make money” applies here more than you may realize. If you need to spend $20,000 to fix up your home to sell it, then do so if you are able to. You can increase the price of your home by $30,000 - $50,000 with these improvements and then the house can be listed in a higher category bringing in a new range of potential buyers. I know for a fact this works – I’ve done just that for clients. Good luck and stay positive!


If you need a professional in the Albuquerque area, please give me a call. Karla McWhorter Interior Styling by Karla Ph: 275-6819 & Cell: 228-3489

And for help selling your home once it's perfectly staged, please call Linda at the eTeam Real Estate Group.  I'm here to help with ideas, a complimentary market analysis and research tools to help you get started!

Monday, September 13, 2010

A bad day fishing....

Is always better than a great day at work.  Don't forget to relax and enjoy your day.

Monday, August 30, 2010

#7 in a Series of 8 Articles – LANDSCAPING your Albuquerque home



Look at landscaping as the “Cherry on the Sundae” – you need potential buyers to want to stop and look at the house. Curb appeal is very important – I can’t stress this enough! If the landscaping is lacking the general overall impression is so is the rest of the house – not good. Remember, Xeriscaping does not mean rock and only rock. Here in the Southwest, water is a very important commodity and today’s savvy home buyers are keeping this in mind.



The backyard is just as important – it needs to be manicured and if possible, staged as an extra entertainment area. Even small patios can be used as an extension of the home almost year around in Albuquerque. Create an atmosphere that not only is inviting and welcoming to the buyer, but helps them envision the possibilities of entertaining in your home.

_________________________________________________________________________

For more great information about staging and presenting your Albuquerque home to your next buyer, please contact Karla - she's just a great asset to your Albuquerque home sale!

More contact information for Karla:
Karla McWhorter

Interior Styling by Karla

Ph: 275-6819 & Cell: 228-3489

Monday, August 16, 2010

Market Statistics for Albuquerque Real Estate - AREAS showing an increase in price

Chart 1: Month over Month increases in Median Sale Price

Summary of Chart 1: This chart shows the 10 MLS areas that saw the greatest increase in the median sale prices from the previous year. With 42 Areas reporting 2 or more sales, 19 saw price increases and 23 Areas saw price reductions. Interesting to note is the fact that four of the areas had decreases in the number of home sales yet still had increases in the sale price.




Chart 2: QTR over QTR increases in Median Sale Price


Summary of Chart 2: This chart shows the 10 MLS areas that saw the greatest increase in the median sale prices from the previous quarter. With 44 Areas reporting 5 or more sales, 17 saw price increases and 27 saw price reductions.



Chart 3: Year over Year increases in Median Sale Price
 
Summary of Chart 3: This chart shows the 10 MLS areas that saw the greatest increase in the median sale prices from the previous Year-to-Date sales. With 46 areas reporting 5 or more sales, 17 saw price increases while 28 Areas saw price reductions (1 Area had no change in median sale price).

The sale price of homes is a widely publicized market statistic. When a real estate market sees increases in the overall sale price it may be an indication that the market is improving or that homes are regaining value they had during peak sale years. Since 2006 the Greater Albuquerque Market areas have seen the median monthly sale price of single-family homes rise to $205,000 (May 2008) and dip as low as $169,950 (February 2010). As of June 2010 our monthly market reports shows that single-family, detached homes have a median sale price of $181,000, the highest monthly median value since August 2009.




For all three charts presented in this article the data shows that at least 17 individual MLS areas are seeing increases in the median sale price when compared to the previous year. The areas showing the increases are not in a specific location and appear to be spread across different parts of the Greater Albuquerque Market Areas. All of the counties that are serviced by SWMLS (Valencia, Sandoval, Bernalillo and Torrance) included an Area that was in the 10 top list for increases in median sale price.



Source: Southwest MLS, Inc. Information deemed reliable not guaranteed.

For more information about Albuquerque Real Estate, contact the eTeam




Tuesday, August 10, 2010

#6 in a Series of 8 Articles - WHICH ROOMS TO UPDATE &/or REMODEL & WHY

Here are some more great tips for Selling your Albuquerque Home - staging is so important that I have asked my friend Karla to give us these great tips - be sure and contact her for more information about how her services can help you sell your own home!



The “Biggest Bang” for your money continues to be updating &/or remodeling your Kitchen. This is not only a good investment, but also a powerful tool to help sell a home. Even in this market a homeowner should be able to recapture their investment. Bathroom remodels/updates are also important – especially the MBR Bathroom. Everyone wants a luxurious bathroom – make it an inspiring selling point with dual sinks, contemporary plbg. and light fixtures, new flooring, noteworthy countertops, etc.



Powder Rooms are a superb opportunity to make striking statements – think of them as little jewel boxes. This is where you can get very creative with unusual wall treatments, artwork, one of a kind sinks and so forth. A Powder Room should be intimate and inviting at the same time. The point is to make a lasting impact on the potential buyer!

Karla McWhorter


Interior Styling by Karla

Ph: 275-6819 & Cell: 228-3489

For great information about real estate in Albuquerque, staging your home or other helpful hints for sellers...just contact us today!

Wednesday, August 04, 2010

Albuquerque Real Estate FAQ's - "Why do you always ask if I already have a Realtor®?"

You are surfing the web, or driving by your favorite neighborhood and there you see it, a house you want to know about!  It's so exciting to see the opportunities!

So, you pick up the phone or email the broker and ask about the property.  You might even click on the link that says "request a showing".

When the Realtor® responds, one of the questions they are going to ask you is "Are you working with a broker?"  Why do we ask this question?  Can't we just show you the house?

Many times the home you have called on is not our personal listing.  If you see it on the Internet, you might be seeing it via our IDX feed, which is a service we provide to show you all of the listings in MLS on the websites.  If you call on a sign, it might not be the listing broker that is taking the call personally - it might be someone in the company who is on duty to take inquiries on properties.  Only a licensed real estate professional can answer questions about a property, so offices will have licensed brokers on duty just for these types of inquiries. 

If you call and speak directly to the listing broker, he/she might also ask you the same question - "are you working with a broker?" 

Let me try and paint you a picture of why this question is asked.

The client/customer/broker relationship is a very important one.  Once you have started the relationship (whether formal or informal) with a real estate professional, you have also told them personal and confidential things about yourself and your situation.  You have shared what you are looking for, and probably also told them why you are buying or selling a property.   They have confidential information about you and your unique situation that should not be shared with anyone else.

Also, that broker has started the process of setting up your file and creating a client profile in their system.  The broker you have spoken to and started this process with is doing work behind the scenes already to find you a great property.   This real estate professional has already 'gone to work' for you.

In last week's Blog I spoke to the process of setting up a showing for a home.  It's really not just getting in the car, running over and opening the door.  When you call so see a property, everyone in the process takes the event quite seriously.  There are qualifying events that need to take place, including preparation of paperwork and research.  A great real estate professional will prepare information about the property and gather neighborhood information for that meeting.  If the property is occupied, the seller is preparing the home and their day for your arrival. 

The other thing to remember with this relationship is our Realtor® Code of Ethics.  In this code we are held to a standard, one of which is to not tread on another Realtor®'s client relationships.  It is very unethical to 'steal' another Realtor's client.  It would also be unethical to use information that is learned about another Realtor®'s client.   We want to make sure that we are not speaking to another Realtor's client and creating a new relationship.

We will sometimes get calls from customers saying 'my Realtor® is out of town but I need to see this property right away'.  We understand your enthusiasm, but if you are working with a great professional, that real estate professional will have plans in place to cover their business should they not be available.  I think you can see why from the above information that this be an essential part of the real estate team you decide to work with.

Confidentiality, ethics, time value - these are all very important elements of the real estate process.

If you have a relationship with a Realtor®, value this relationship.    We value you!

Thursday, July 29, 2010

Wednesday, July 28, 2010

#5 in a Series of 8 Articles - ACCENT PAINT COLORS (Yes/No & Placement)



A most definite YES!! Adding a “Pop of Color” with an Accent wall painted sporadically through-out a home (using one or two accent colors) can not only have an impact, but can create architectural interest - in addition to effecting one's moods, emotions, blood pressure, etc. Even to the point of producing physical sensations such as joy, calmness, a feeling of luxury and romance - just to mention a few. With proper placement, an accent &/or contrasting color(s) within an interior space can enhance the atmosphere and make a space appear larger and more interesting to the visitor.



An interior with accent shades of color will captivate a possible buyer’s imagination to visualize themselves within the home - thus creating a feeling of “I’m home” or “this is it!”

Karla McWhorter


Interior Styling by Karla

Ph: 275-6819 & Cell: 228-3489

Monday, July 26, 2010

Albuquerque Real Estate FAQ's - Why do you always ask if I am prequalified?

Today I'm starting our Albuquerque Real Estate FAQ's....a series of simple answers to often asked and seldom answered-in-plain-English questions about real estate.

"Why do you always ask if I'm prequalified?"

Let's see, you call on a property and ask to see a home that you find on the Internet, or drive by - and the broker will ask you "are you prequalified"?  While it probably feels like an invasion of your privacy or too picky-uney - here's why you are being asked:

When we, as real estate professionals, list a property, very often one of the items that we go over with the seller is that we are making sure that the security of the property is on the top of our priority list...we make sure that the alarm codes are kept private, and that the home will be secured after a showing.  During these discussions a seller will almost always ask "can you make sure that the buyers are prequalified, and not just lookie loos"?   It takes quite a bit of effort for a seller to get ready for a home showing.  A seller must rearrange their day, do double duty on the staging of their home and have to be gone from their property while the showing is taking place.  The sellers want to make sure that the buyer looking at their home isn't just curious about the decorating, or doesn't really have the ability to buy the property if they fall in love with it.

"But I've looked on-line and the on-line form says I can afford it"

These on-line mortgage forms, they are so easy!  You fill them out and all they are asking for is income, debts, and voila....it spits out a purchase price and interest rate....but that's only one layer of the prequalification process.  Things such as business settlements, divorce settlements, tax filings, etc - can all affect how your mortgage process is really going to behave once you put it into play.  We have seen very high income buyers not be able to get a mortgage because of student loans, divorce settlements, or a particular business structure that affects their loan ratios.  We have also had first time buyers find out they can actually afford their dream home based on their financial condition.  In today's mortgage climate, even more of these individual financial elements will come into play.  Nothing is worse than falling in love with a property, only to find out that it's way beyond your loan ability, or to underestimate your buying ability only to find out your dream home is just around the corner.

Wait!  The only thing worse than that is writing the offer, planning your closing and finding out that you can't qualify.  That's worse!

"We don't want to start that part of the process, we just want to start looking"

See the two reasons above.

Please understand, we aren't trying to kill your enthusiasm, but the process of prequalification is so easy with a good, local, qualified mortgage professional that there is no reason not to have this part out of the way before you start actually looking at homes.

"I'll get prequalified when I find the right house"

There may not be time.  We see this happen...all the time.  You find the perfect house, you then start the prequalification process...by the time you get your letter in order to have a powerful offer - the home sells to someone else.  Why?  Sellers will usually require that a prequalification or full approval letter accompany an offer.  Why?  You have indicated you want their home, but you haven't proven you can actually pay for it.  The next buyer has proven they can pay for it and so the seller will most likely take the offer that comes as a complete package.  This home buying process is a business transaction, the better the package, the better the negotiations.

Next in our series - "Why do you always ask if I'm working with a Broker?"

Tuesday, July 13, 2010

#4 in a Series of 8 Articles - THE IMPORTANCE OF PAINTING THE INTERIOR

Does a fresh coat of paint really make a difference when selling a home? Absolutely! It can hide a multitude of issues, as well as help make the home look and feel new. It is important that you use the correct type of paint - a flat finish thru-out the home and an enamel in the bathrooms &/or the kitchen only when a gas stove is present.


The current trend is to paint the ceiling the same color as the walls. Trim and doors should be a contrasting color – bone/off-white, beige, stained, etc. This allows the architectural trim to be more prominent and dress up the room. Paint is one of the most cost-effective ways to immediately improve the overall impression of a home. After all, isn’t that what you are going for – a good impression?

Karla McWhorter


Interior Styling by Karla

Ph: 275-6819 & Cell: 228-3489

Thursday, July 08, 2010

Closing in the car!

Had another great experience with technology in my business yesterday. Coming back from the holiday...one of our closings had been delayed and suddenly happened while we were driving home.

The title company emailed me saying docs were ready and the buyer would be in to sign. My client, one in Arizona and one in Poland, were to review everything prior to closing. Title emailed everyone the closing statement....I reviewed and found a change, then my seller in Poland emailed to ask questions..same from client in Arizona and all the while I'm riding home and reviewing everything via iPad.  The sellers had also been signing the contracts via Docusign so the entire process had been so easy and fast.  No delays.

By the time I arrived to lunch in Santa Fe the buyers were on their way to closing and by the time I got home to Albuquerque the buyers were getting the keys!

No delays and no fuss....what a great time to practice real estate sales!

Thursday, July 01, 2010

But I need to find a rental in Albuquerque!



Have you had a hard time finding a rental through the MLS?  A hard time finding a real estate broker who works in traditional sales to help you find a rental?

Don't feel alone.  Everyone does.  In case nobody has taken the time to tell you why, here goes -

In many areas of the country, there is a centralized database - either in the MLS or a similar product - which allows showing and cooperation between brokers and brokerages to show and lease out properties.  This is a system very much like the use of the MLS for selling properties.  This system establishes the inventory, and offers it with compensation to other brokers to show and lease the properties for their clients.

In Albuquerque there isn't any such product.  Real estate brokerages that specialize in sales live in a separate world than property management companies.  The property management companies will show and lease their own inventory.  There is no centralized database to find all the rentals that are available, thus the best approach is to simply call all of the leasing agents that you can and see what they have in their inventory.

Before you do decide to rent for your Albuquerque relocation, make sure you have studied the standard lease agreements in the area you are searching in.  What we find most often is that 6 month leases are difficult to obtain, anything shorter is nearly impossible, and the standard menu seems to be a 12 month lease.  If you plan on buying a home while you are renting, make sure you know the penalties for breaking your lease before you sign on the dotted line.

What many of our customers have found useful are the short term executive suites that are available - and we are glad to share that with you anytime you ask.  Just email us for a list of the opportunities.

Also, be sure that renting is really what you want to do - analyze your rent/buy options to see what your financial picture paints before you fill in the blanks on a lease agreement.

Monday, June 28, 2010

#3 in a Series of 8 Articles - ROOMS THAT NEED TO BE STAGED




More tips and ideas about staging your Albuquerque home for sale

Do you know which rooms are important to stage when putting a house on the market and why?


• Living Room/Great Room (LR)

• Dining Room (DR)

• Master Bedroom (MBR)

• Bathrooms

• Kitchen


It is important to make a house look more like a Home. You want to produce a warm & welcoming effect on the visitors, encouraging them to linger. The longer the prospective visitors are in the Home – the better the chances are of making a positive & lasting impression. Staging a home will help the potential buyers to visualize their furniture & furnishing within the house. When staged correctly, it can also be used as a tool to help make a room appear larger than it actually is – this is especially important when it comes to the Master Bedroom, and living areas.

For more information about staging, contact Interior Styling by Karla today!

If you would like a free copy of my book for Sellers - please fill out this form and I will send you a copy in the mail!

Thursday, June 24, 2010

Do you think there is life after a short sale? Think again

I was reading an article this weekend about how short sale sellers aren't exactly off the hook to go on with the rest of their lives after they and their broker have 'negotiated' a short sale.

A recent Washington Post article talks to this point, that homeowners who refinanced their homes and then subsequently negotiate a short sale are not protected from deficiency judgements brought by the banks.  Even after you have negotiated the short sale, the banks can come back to you and require that you pay back the forgiven amounts.

I'm the first one to admit I have stayed away from this part of the market.   I could {and probably will} write another blog piece about how I think even the term "short sale" isn't exactly what we should be calling these types of sales....but I digress....but the entire process just seems ripe for these types of uncertainties.

Why has this happened?  In years past, when a 'short sale' was just a term we used when the seller was going to have to bring money to the closing table to close on their property, banks were more forgiving and the cost of recouping their losses didn't justify their costs of pursuing the funds from the seller.  But in today's environment, the banks are experiencing huge losses, and they are reaching out to the first one in line to recoup those losses - the sellers of the properties.  Often the sellers go away from the short sales thinking that their lives are back to their new normal, and start their lives again.  If that includes building a new portfolio the banks are watching and may pursue your new assets as their opportunity to recover some of their losses.  From the bank's point of view, it only makes sense.  To the seller, it's a very unwelcome surprise.

So for sellers, please make sure you read all of the conditions of the approval, be sure to read all of the fine print.

For those brokers who have always thought it was in the best interest of everyone to be the one to lower their compensation for the 'deal to go through' (banks don't ask the title companies or anyone else, but we have made it easy on them by thinking we aren't worth our paychecks) I wonder if they are going to be compensated when the banks go back to the seller and recover their deficiencies?  Ah, well - again, I digress and I see another blog post coming!

Wednesday, June 16, 2010

Why the virtual office?


Interesting discussion going on today on the social networking sites about "virtual offices".  I have run a virtual office for years, finding that being in the office doesn't mean I'm in my business.  Lots of distractions and lines at the copy machine made it inefficient for me to get anything done.

I can accomplish more for my clients by being virtual than by having a physical office.  The time it takes just to get to the office, set up materials and deal with office details is time that I could be dealing with 2-3 items and getting them cleared up!  Reports, offers, paper things - oh those paper things!  With Internet faxing we don't need fax machines anymore.  With email we hardly need faxes anymore.  With file sharing we hardly need email anymore....

The amount of work that I and my team can accomplish in a day just by being virtual is virtually impressive! 

Oh, and my assistants - they are virtual, too. 

Transactions can now be processed so quickly that by the time a client has gotten back into their car to catch a plane, their offer has already been submitted and {hopefully} signed and accepted by the seller without us having left the computer.  With the use of Docusign and on-line client file platforms, the process has been streamlined.

Oh, and I'm thinking that the earnest money part can't be virtual...but actually it can be with a wire transfer...

There are so many aspects to business, and not only the real estate business, that can be virtual that perhaps the day of the physical office is going to be a thing of the past.

Tuesday, June 15, 2010

It's better to buy than rent an Albuquerque home!

This morning Trulia published their rent/buy analysis for various cities.  Albuquerque placed with a rating of "14".  The Price to Rent Ratio interpretation is this:

If a city receives a score of anything from 1-15, it is much less expensive to own than to rent a home in this city.  The factors used to calculate this score are the mortgage (principle and interest), property taxes, hazard insurance, closing costs and ongoing Home Owner Association Dues and private mortgage insurance where applied.  The calculations are used to include an offset for the tax advantages of home ownership, including mortgage interest, property tax and closing cost deductions.

The total cost of renting is calculated to use rent plus renter's insurance.

Also, in Albuquerque it is pretty difficult to find a short term rental, 6 months or less - and if you choose to rent you stand of chance of 'missing the market'.  I have lived in Albuquerque since 1979 and I have seen many changes in market conditions and economic development.  Albuquerque's market tide can change quite quickly, leaving you with higher interest rates or less inventory to choose from when you get ready to buy if you postpone the process by renting.

For the full report, click here!

There are opportunities for short term executive rentals that many of our clients have found very useful, and if you would like a list of those properties please contact the eTeam anytime, we would be glad to help.

Monday, June 14, 2010

#2 in a Series of 8 Articles – AN INVITING ENTRY for your Albuquerque home


What is the “Functionality” of an Entry and/or Foyer? This is where you are able to set the tone for the rest of the home and create some impact on the first-time visitor. Intensify this impression by adding some extra pizzazz and drama to this part of your Albuquerque home to generate extra interest. Using mirrors, artwork, tables and rugs are not only functional, but they also provide your guest with an appealing introduction that will impart a lingering effect when entering and leaving the home.



When possible have a table in the entry where Realtors can leave their business cards for you and your Listing Realtor to review at a later date. Remember, first impressions are everything!

For more information about how to get your property staged, or for a consultation, please contact:

Karla McWhorter

Interior Styling by Karla
Ph: 275-6819 Cell: 228-3489
http://www.interiorstylingbykarla.com/

Sunday, June 06, 2010

Amazing Featured Property in Brazos, New Mexico

Amazing property located in the Brazos, New Mexico - 20 acres of privacy overlooking the Brazos River...decks with river views and steps away from great trout fishing!

20 ACRE ESTATE IN THE BRAZOS

New service for the eTeam Real Estate Group


Now, search for Santa Fe and Northern New Mexico MLS with one easy site - learn what the buzz is all about in the wonderful area of Northern New Mexico!

SEARCH SANTA FE AND NORTHERN NEW MEXICO MLS

Thursday, June 03, 2010

Staging Tips to Help Sell Your Home


This will be a series of helpful hints for staging, brought to you by my favorite local designer - "Interior Styling by Karla"

“STAGING TIPS TO HELP SELL YOUR HOME”
8 Part Series

Article #1 – “Curb Appeal”

Driving by a potential Buyer may say to themselves “Hmm… do I want to stop – do I want to look at this house.” The house needs to be as inviting and welcoming from the outside as it is from the inside. It is very important that people want to stop and look at the house, because if there is no curb appeal - there is no reason to stop and look. Your yards are just as important as the inside of the home is. Their interests need to be perked. Remember – you never get a 2nd chance to make a notable 1st impression! This applies to curb appeal more than ever.

Karla McWhorter
Interior Styling by Karla
Ph: 275-6819  Cell: 228-3489
http://www.interiorstylingbykarla.com/

Wednesday, May 19, 2010

Albuquerque: The Unknown

What's it like to live in Albuquerque?  Let this video tell you in real words!

Albuquerque: The Unknown from Puzzled Pictures on Vimeo.


And, when you get ready to move here...just let me know....my team will be glad to help you.

Contact me today

Tuesday, May 11, 2010

Tax Lightening in High Desert/Paako? Really?


I have to say that the media has it wrong again.  While some property owners in the High Desert and Paako areas might have seen an incorrect assessment on their properties, it's not a wide-sweeping all encompassing increase as the media has reported.

First hand experience, my assessment hasn't increased.  First hand knowledge, I looked at my Notice of Value.  No issues here.

While I don't argue that some homeowners have been incorrectly assessed because of inflated pricing and sales from a few years back, or 'guesstimates' again by the assessor office (living in a limited disclosure state does have its drawbacks).....not every single home has been increased to the extent that it should be front page news.

But, what's news without a little shouting?

So far the sales statistics being reported aren't widely accurate, even the ones coming from our own trade association...and all that you read in the headlines isn't the real deal...

Get some real stats on your own, study your tax bill if you live in these areas.  

Happy spring!

Monday, May 10, 2010

April Jobs Report - impact on our economy

We received some very positive economic news this morning with the April Jobs report. There were approximately 290,000 new jobs created in April. This was the biggest rise in jobs since March, 2006. There were 66,000 census workers included in the 290,000 jobs creation number for April. However, since December there have been 573,000 new non-farm payroll jobs created. The biggest jobs gains have come over the last two months. The unemployment rate is still being reported at approximately 9.9%.




The April jobs report is another sign that our economy is starting to improve. As the economy continues to improve and consumer confidence increases we will see increases in home prices and home buying activity. The Albuquerque real estate market and local economy are starting to improve as well.



The mortgage market, guidelines and regulations are changing everyday. There has never been a more important time than now to work with an experienced, proven mortgage company.






To Your Success,





Scott Cummings, CMPS

President / CEO

Cummings Financial

505.884.8600 office

505-263-7706

scott@cummingsfinancial.net

For more information about home sales, home purchases and FAQ's regarding real estate, contact the eTeam Real Estate Group anytime!

Saturday, May 01, 2010

What now after the tax incentive?


I've seen alot of media coverage this week regarding the deadline for the tax credit for buyers, and whether it made things 'busier' than usual.

This I can only address from my personal team experience - we are busier for clients coming AFTER the deadline has passed than during the tax credit bonus program.

We have more people, in higher price ranges, scheduled to see homes next week (and they are prequalified and ready to buy right away) than we did in the last couple of months.

Of the clients we have served over the last couple of months, only a small percentage of those clients referenced the tax credit deadline as a crunch time and a reason for buying. It did not feel to us like that was the primary incentive for them to buy a home.

What I am noticing during my twice daily checks of the market is that the higher end areas are selling right now, and of those homes that are selling - most have had substantial to moderate price reductions. The sellers have been getting more competitive in the market pricing strategies to get their homes sold, resulting in more pending sales in that price range from 500K and up.

Another interesting this is that I have had more sign/web calls on properties that have been on the market, gone pending - only to have the phone ring with someone inquiring "what happened to that house, I've been watching it for months and now it's not on your website anymore!" Yes, it finally sold! I believe that buyers are going to experience more disappointments by not moving ahead on properties that they really like - thinking that they can 'wait things out'...only to find their dream home being secured by another buyer contract.

These are all good 'experience' signs for the market that buyers and sellers might be showing us activity that proves to be healthy for our housing market.

Cheers to all!

Wednesday, April 28, 2010

Unchanged interest rates - good news in Albuquerque real estate

The Federal Reserve issued their monetary policy at 12:15 mountain time today. The Federal Reserve left the Fed Funds rates unchanged at a near zero interest rate. The Fed stated that "the economy continues to improve at a modest pace." The positive comments on the economy have caused a rally in the stock market.

Unfortunately, mortgage rates typically increase on positive economic news as money flows out of safe havens like the bond market. Therefore, in an attempt to make bonds and mortgage backed securities more appealing to investors the yields are increased. This ultimately affects mortgage rates that consumers pay for their home loans. The good news is that mortgage rates remanin at near record levels.

This is great news for anyone who is considering purchasing a home. We are entering into the busiest season of the year for home buying and selling. The near record low mortgage rates should encourage people to move forward with their home buying decisions.

p.s. I hope you will call on Lisa or I if you have any real estate mortgage needs. We appreciate your friendship and support of our business.

All my best,
Scott Cummings


Scott Cummings, CMPS
President / CEO
Cummings Financial
505.884.8600 office
scott@cummingsfinancial.net

Lisa Cummings
Lisa@cummingsfinancial.net
COO / Mortgage Planner
505.362.1338 cell

Tuesday, April 27, 2010

Real Estate Tax Credit deadline - what to do now?

If you are in the market for an Albuquerque home and you don't know quite all of the ins/outs of the deadline and what you need to do - here are some answers:

How to Get the Extended Home Buyer Tax Credit
You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:

1.Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010.


2. Decide whether to:
•• apply the credit to your 2009 tax return, filed on or before April 15, 2010;
•• file an amended 2009 return; or,
•• apply the credit on your 2010 return, filed on or before April 15, 2011.


3.Attach documentation of purchase to your return.
Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.



Buyers purchasing in 2010 will have the option to:

•• Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
•• File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
•• Claim the credit on their 2010 tax returns.
If you, or your client, purchased a home between January 1, 2009 and November 6, 2009, please see: How to Get the 2009 First-Time Home Buyer Tax Credit.

Applying the Credit to Your 2009 Taxes

You will need to do three things to claim the credit on your 2009 tax return:

1.Fill out Form 5405 to determine the amount of your available credit;
2.Apply the credit when you file your 2009 tax return or file an amended return;
3.Attach documentation of purchase to your return or amended return.

____________________________

For more information about buying an Albuquerque home or selling your Albuquerque home, please get in touch with us today - or anytime - we make it easy.

Wednesday, April 14, 2010

Argyle NE

Argyle NE


Great NE Heights opportunity - 8004 Argyle NE - $229,000

Thursday, April 08, 2010

Chama New Mexico Ranch

359+ Acres of Beautiful Ranch Land, totally cross fenced, close to
Hwy, easy access, 2 mobile homes, horse barn, lean/to, private
well, horse arena, beautifully mowed, 2 spring ponds. 1 Bull Elk
permit. Bring your horse and saddle, and move on in!

For Sale for $469,000



Chama New Mexico Ranch

A gorgeous Chama Valley property

A gorgeous property in Northern New Mexico - 6.25 acres with Marina views of Heron Lake, the Brazos Mountains and Chama Valley. Simply gorgeous!
A gorgeous Chama Valley property


Contact us today for more information!
www.realestateinabq.com

Wednesday, March 31, 2010

Mortgage rates might be going up soon!

Here is an email that I received from one of our preferred lenders, http://www.loansonhomes.com/ - Cummings Financial -

The Federal Reserve mortgage backed securities program ended today. The Fed has invested approximately 1.3 trillion dollars in the mortgage backed securities market to help stabilize the housing and mortgage markets by providing funds to purchase mortgages that Wall Street has been unwilling to purchase due to the housing crisis. As a result of the Feds investment in mortgage backed securities mortgage rates have been held at near record low levels. This has kept the housing market alive during a very difficult period.




Unfortunately, the 1.3 trillion dollar investment was fully funded this week. The Fed does not appear to have any intention of extending this program. In reality, it appears the opposite will occur. There have been comments from the Federal Reserve that the Fed will sell the mortgage bonds they purchased back to the financial markets.



What does all of this mean for consumers that are looking to purchase or refinance their home? Higher Rates...



Why? Because the ultimate buyers of mortgages are Wall Street investors who purchase mortgage backed securities. The housing market is still struggling and there continue to be millions of homes in foreclosure. Therefore, this risk will be priced into the yields investors expect to earn on their investments which means higher rates for mortgage loans for consumers.



Many analysts have predicted mortgage rates would increase by 1/2% shortly after the end of the Feds mortgage backed securities program. In addition, analysts are predicting rates increase from 5% to 6% by summer. This combined the with scheduled termination of the move-up and first time buyer tax credits may have an adverse impact on our housing market.



In closing, mortgage rate volatility will be controlled by the economic news that is released on a daily basis, weekly or monthly basis. This is no different than how the market has operated for years. Therefore, I will return to sending out market updates on a regular basis to keep you informed regarding the current interest rates and what is impacting interest rates.



There has never been a more important time than now to work with an expert with a proven track record. Home buyers and Realtors cannot afford to trust their transaction to anyone in this market. The new rules, regulations, disclosures and complex underwriting guidelines have made home buying a difficult and challenging process. We continue to deliver exceptional service and seamless closing even in this market.



I hope you will encourage your clients to call Lisa or myself to compare rates and programs. More importantly, take advantage of my in-depth mortgage planning. We have dramatically impacted the lives of thousands of families. As a result, we have received approximately 1,500 testimonial letters, cards and notes from our clients expressing their sincere appreciation for our expert advice, exceptional rates and seamless service.



To Your Success,





Scott Cummings, CMPS

President / CEO

Cummings Financial

505.884.8600 office

505-263-7706

scott@cummingsfinancial.net



Lisa Cummings, COO

Cummings Financial

505.884.8600 office

505-362-1338 cell

lisa@cummingsfinancial.net

Very good information!  Please feel free to contact us about real estate at http://www.realestateinabq.com/ for buying or selling your home.
 

Monday, March 22, 2010

A gorgeous home in Northern New Mexico

This is an amazing property located just outside of Chama, New Mexico - situated on 25 +/- acres, it is a dream retreat with river frontage.

Contact us today for more information

Friday, March 19, 2010

Where i would like to be right now...I'm getting spring fever!

 
Posted by Picasa

one of the best times ever - what a glorious place and it's whale season now....

Thursday, March 04, 2010

Balloons over New Mexico



Wonderful display of balloons over our New Mexico!

Linda

NM Balloons

NM Balloons A gorgeous display of balloons against the New Mexico Sky - enjoy!

Wednesday, March 03, 2010

Buying homes 'as is' - Foreclosures and Fixers

In today's market we are seeing alot of Foreclosures, As-Is 'fixers' and our customers may think this is a great way to purchase a home. In some cases, it can be. However there are things to be aware of when venturing into this territory. Most buyers today are buying homes with mortgage loans which have stricter guidelines than ever before. When purchasing a foreclosure or fixer upper, the bank/owner will often request that the buyer pay for all of their own due diligence inspections, and that no repairs will be made on the property if discoveries are made due to these inspections. There are problems with this part of the process which often do not come to light until the buyer is well into the purchasing process. Lisa Cummings, of Cummings Financial advises this: "There are many homes on the market that seem like great deals due to foreclosure or other adverse situations the seller may be facing. Many times when a property owner faces "tough" times, maintenance and repairs on the home are stopped, and these homes are not always in perfect condition. When you are considering buying one of these homes, your inspection of the property is more important than ever. However as the mortgage market tightens, lenders are also spending more time with due diligence regarding property appraisals. Lenders are more thorough in underwriting new loans that are being used to buy these types of properties, especially if the new buyer is using VA or FHA financing. Purchase agreements are being examined by underwriters to see what type of inspections are being requested to determine any possible "red flags" with the property. Every financed purchase transaction will require an acceptable appraisal, and underwriters are reviewing appraisals more in depth as well. If any note is made by the appraiser about anything pertaining to the condition of the home such as possible roof issues, age of the heater, etc, underwriters are requesting additional inspection of these items and possibly additional repairs to be completed prior to closing. Underwriters are also examining appraisal photos. If they see in the photo a spot that looks like a roof leak on a wall or ceiling, they may require additional inspections, repairs and certifications prior to closing. It is a good idea to consider any possible inspection and repair costs as part of your costs for the property since the lender will require all systems (plumbing, heating, roof, structure, etc) to be in acceptable condition before they will allow you to close on your purchase" I specialize in estate sale properties and I often advise the seller to price the home for a 'cash only' sale due to the fact that this financing glitch will only make the process more cumbersome for them. I have not seen issues with finding cash buyers. I have, however, seen numerous issues arising out of the more stringent lender and appraisal requirements. So, before you set out to buy the bank owned property or fixer-upper, be aware and informed!

Tuesday, March 02, 2010

REALTOR® Magazine-Daily News-Flood Insurance Program Is in Jeopardy

This action has huge implications to the stabilizing of our home sales and related economy. We need to find a way to make sure that this is fixed. REALTOR® Magazine-Daily News-Flood Insurance Program Is in Jeopardy

Friday, February 26, 2010

Albuquerque Visitor's guide

Great visitor's guide for Albuquerque Great places to go and things to see - ENJOY!

Wednesday, February 10, 2010

How important is a good website to sell your Albuquerque home?

Sometimes we, as Realtors, have our best experiences in real estate when we become the customer. This happened to me recently. I have a rental property that has been rented since I purchased it a few years ago. I have it managed by a professional property management company. In December I received the 30 day notice that my tenant was moving out and moving on. Terror! In this dicey real estate market, what were the chances that I would get my property rented again? I still had photos of the property from when the home was purchased, and since we have a property type in our Multiple Listing System for rental properties, I thought - why not? I didn't want to manage the property myself, but I certainly wanted to help in the marketing of it to get a good new tenant. So, one afternoon I sat down and entered the home into the Albuquerque MLS as a rental available. I put the contact information in for brokers who would see it in MLS to contact my property manager for showings to their clients, and offered a compensation should another broker have a tenant for me. I got several inquiries because it suddenly, of course, showed up on my website. My website has very high rankings for the top keyword searches for Albuquerque real estate {usually number one}, so when people were looking for Albuquerque real estate - my site came up and my 'featured listings' are looked at before anything else. One afternoon I received a call from a customer who was really interested. She was thinking of renting an apartment but when she saw the property on the website and saw it's location with the mapping feature, she called me right away. I had her contact my property manager for the rental details and now I have a very nice family moving into my rental property! So, there you go. A success story right from real time experience. How important is it that your property for sale shows up on the Number One real estate website, and is featured on that website for people to see? It's very important! I can attest to that!

Friday, February 05, 2010

Selling your Albuquerque Home

Here is a sample copy of my co-authored book on selling your Albuquerque home - If you would like a free copy mailed to you, just let me know and I'll get it to you in the mail right away. Thanks for checking it out! "Get The Best Deal When Selling Your Home", Albuquerque New Mexico edition

Monday, February 01, 2010

What comes next in Albuquerque real estate?

Waiting to sell your nest? Remember my interview with KOB here where we talked about not waiting to put your Albuquerque home in the market if you need to sell...."we're going to wait until the market turns around", or "wait until the real estate values go up" Well, I can tell you that odds are if everyone is saying that, you are going to be jumping into the pool at the same time. This will create what I believe is going to be another ripple effect, a bad one, for that old economic issue of Supply and Demand. We are in an information age like no other. Everyone hears the same news at about the same time with the same amount of intensity. So, when we start hearing that 'the market is bottoming out' or 'the market is getting better' we might be kidding ourselves to think that we are going to be the only smart guy in the room who will put their house on the market at just the right time. I believe there is a large pool of individuals out there who are just waiting...waiting for something...before they add their home to the inventory. If this happens all at once, we are going to see a surge of new listings on the market just when we thought that the supply had leveled out to 'normal'. The larger the supply, the fewer the buyers, the lower the prices might go again. This seems almost too simple, but if you think about it from the perspective that the consuming public tends to do things all at the same time (and the economists in the audience count on this) you might want to re-think your idea of 'waiting' because you might not be as unique as you think. Here's the facts - if you have to sell your home, do it now. There were alot of people who waited too long and now I know they will take a bigger hit than if they had pulled the trigger, priced it perfectly, staged the home just right - and grabbed the right buyer. I also know there were sellers sold their home just in the knick of time. Looking back I know they got the highest dollar for their property than they would see in years. The thing I cannot promise, nor can anyone else - is what is going to happen in the future. While I love being optimistic, I also have to base practices in reality. Reality states that we have lived through an historic time and we simply don't know what values are going to do in the future. Of course prices will go up, someday....but it will take a long steady climb to recover the pricing that we have seen in the last couple of years. What kind of a delay are we putting on our future plans, the use of money, and our energies...to wait it out. Be smart now - check my Market Snapshot and see what home prices are doing in your neighborhood. Then, call in the professionals at The eTeam to get your home sold.

Wednesday, January 27, 2010

This Land located at 1 Arroyo Bonito, San Pedro Creek Estates, Sandia Park, New Mexico is presented by Linda DeVlieg ABR, ePro, Cyberstar, CRS, Ecobroker® of Coldwell Banker Legacy.

This Land located at 1 Arroyo Bonito, San Pedro Creek Estates, Sandia Park, New Mexico is presented by Linda DeVlieg ABR, ePro, Cyberstar, CRS, Ecobroker® of Coldwell Banker Legacy. Build your own HGTV Dream Home here at this wonderful location! This lot has been reduced 85K and is now BELOW 200k - most other lots in this area are priced higher. We have the engineering studies on this property and will share at your request. Contact us for more information Albuquerque Real Estate

This 2 bedroom 1.5 bathroom Condo located at 8431 Heights Rd NE #C, Albuquerque, New Mexico is presented by Linda DeVlieg ABR, ePro, Cyberstar, CRS, Ecobroker® of Coldwell Banker Legacy.

This 2 bedroom 1.5 bathroom Condo located at 8431 Heights Rd NE #C, Albuquerque, New Mexico is presented by Linda DeVlieg ABR, ePro, Cyberstar, CRS, Ecobroker® of Coldwell Banker Legacy. Great NE Heights opportunity - super location. Contact us today for your appointment to see this great property! Albuquerque Real Estate

Animoto.com

Thursday, January 21, 2010

Albuquerque real estate stats that you can use!

Well, 2009 is over. What does that mean? For the Albuquerque residential real estate market, there are some very positive signs that we have hit bottom. There are some who are suggesting that there may be a “double bottom” but that remains to be seen. The last five years. Here are some numbers that might be encouraging. Let’s go back to the peak, which was 2005. There were a total of 13, 448 closed single family detached resale homes that year. In 2008 there were 8,144 closings. That is a 39.44% decrease over 3 years. There were 7,905 closings this year! While still a decrease, that is only -3.08% from last year. August 2005 had 1,267 closings, which was the highest number of resale closings in one month ever in Albuquerque! From that month on there was a steady but gradual decrease, month by month, until November of 2007 when the bottom fell out. Every month of the following year starting August 2005 had fewer closings than the past year for 46 straight months! In January of 2009, we had 324 closings in the entire Board. To put that in perspective, it was the lowest number of closings in a single month since 1995. February of 2009 was no better. The severity of that number is compounded when we remember that the population of Albuquerque is around 835,000 now as compared to 1995 when there were about 550,000 people here in town. It turned in 2009…just a little! So then what happened? Slowly things started to pick up. Some people say that the first-time home buyer credit artificially moved the market. That may be part of it, but in any event, finally after 46 straight months of decline, in July of 2009, there were more closings than the same month in the past year. Since then, 5 of the last 6 months have been up over 2008! Total single family closings in the metro area in 2007 were 10,961; as I mentioned above, in 2008 there were 8,144 and in 2009 there were 7,905. While slightly below 2008, the monthly trend is on an upswing. While I do not believe we can identify the bottom in terms of months, as I said above, January and February of 2009 were record setting low. The increase in closings over the last 6 months is the first good sign! The second good sign, is a significant decrease in supply. The listing inventory has decreased from over 5,821 single family homes on the market in December of 2008 to 5,176 single family homes on the market in December 2009. That is an 11.08% decrease in the inventory. Are we really at the bottom? One way cycles can be identified is to look at annual rates of appreciation or depreciation. The Board of Realtors has been keeping track of those annual numbers since 1983. In 1988 there was a -2.06% depreciation in average price from the year before. In 2000 there was a -0.16% depreciation which was the first negative year since 1988. In 1993, five years after the negative number in 1988, there was a 9.38% appreciation compared to the prior year. That was the highest rate of annual appreciation between 1988 and 2000, which would indicate the top of the cycle. Bottom to bottom of that cycle was 12 years. From 2000, the bottom, we had 5 years to the top of the next cycle which was 2005 with a 12.06% appreciation Unlike the prior cycle, we had a sharp drop in 2008 with a -4.08% depreciation, from $243,089 to $232,626 - the highest average price decrease since the Board of Realtors has been keeping track! In 2009, for the first time ever we had a second year with a precipitous decrease in average price. We ended the year with an average price of $216,687 which is a-6.85% decrease from $232,626! First time ever that there have been two years in a row of price decreases. This is the third good sign because lower prices mean increased affordability. Now, as to demand. Population growth is everything where demand is concerned. Whether by job expansion, immigration or the creation of “organic buying entities” (young adults get a job, move away from home and buy their first house), these factors drive new construction. In 2006 there were 6,611 new home building permits in greater Albuquerque. In 2007 there were 4,037. Only 1,874 permits were issued in 2008 and in 2009 only 1,669 were issued. While that is a devastating statistic for the builders, many of whom either left Albuquerque entirely or were forced to shut down their operations, it means that very few new homes were put into supply. Providing there is any growth in the number of buyers for homes, that will help continue to absorb the supply, which is what we are seeing. What’s all this talk about a “double bottom”? The final talk of worry on the street is the predicted wave of foreclosures as a result of the Adjustable Rate Mortgages adjusting to higher payments causing additional defaults. Here is one possible scenario, if the prediction even comes to pass. Anybody who loses a home in foreclosure will have to move somewhere after they lose their house. Their options are a few; leave town, move in with friends or parents, or rent until their credit and cash is restored. The most likely scenario as I see it is the rent option, either into a house or an apartment. As the demand increases for rentals, investors will likely respond to that demand, purchasing the foreclosures and providing homes to rent. In this scenario, the homes that come on the market will be absorbed and prices will not fall because the purchase demand from investors will sustain. Here is the prediction…with a grain of salt or two. To recap, decreasing supply, an increase in pendings and closings, a decrease in prices which improves affordability, very low interest rates and the lowest new home construction rate in years all point to the beginning of a recovery for the Albuquerque residential resale market. How fast and how soon? The first year after the bottom in the last two cycles has seen about a 1.6% appreciation. Don’t expect a rebound to old prices for a few years, but, hopefully, a steady climb out of the bottom! Happy 2010!

Thursday, January 14, 2010

WRONG INFORMATION GIVEN TO US AND THE PUBLIC

I have to apologize on behalf of myself, my organization www.GAAR.com and anyone else who published the wrong information last weekend regarding the new ordinance requiring LOW FLOW TOILETS with regard to real estate sales. It was published by our association www.GAAR.com - to the media at KOAT - and then to the public at large that it would be a SELLER REQUIREMENT to replace toilets with low flow toilets before the completion of a sale of real estate. After reading the new ordinance (which was included with the report) it came to my attention that this information that was dispensed by both the news media and my trade association was incorrect. The ordinance clearly states that it will be the responsiblity of the BUYER of the property to comply with the ordinance within a particular time frame after the sale is complete. My error was trusting the information that comes out of my assocation, www.GAAR.com and then to the media and then dispensed to the public as if it were true. This is a great lesson in being sure to verify everything that comes across your desk, no matter who is saying it. Have a great New Year, and here's to good reporting!

Monday, January 04, 2010

2009 Holiday sales statistics for Albuquerque homes

I did an analysis of Albuquerque home sales from November 15, 2009 to present today. This will give you an idea of what the activity was for sales based on VACANT homes vs. OCCUPIED properties. Vacant homes are either new builder inventory (not frequently put into MLS), homes where the owner has moved to another area or another home, foreclosures, and vacant investment property no longer occupied by a tenant. Of course we have to look at these statistics based on broker data entry (whether the broker said it was occupied but was really vacant), etc. These statistics show that for OCCUPIED PROPERTIES, from November 15th to present (January 4, 2010) there were 151 properties put into PENDING status. For VACANT PROPERTIES, there were 181 properties put into PENDING status. What is interesting is that the 'price point' or average price for the sales were higher for OCCUPIED properties, less for VACANT homes listed for sale. The average DAYS ON MARKET was also found to be slightly higher for VACANT properties. This goes along with the idea that homes that are staged, lived in, and have a good 'feel' when shown are more likely to sell than vacant properties, even when considering buyers that need to have a home ready to move into. In our market area, escrow periods (the time it takes to close on a transaction) on anything but SHORT SALES averages approximately 30-40 days. Most sellers in our area are prepared to move out and have the house ready for closing within that time frame. If you are ready to buy your Albuquerque home, keep these time lines in mind. REPORT FOR VACANT PROPERTIES REPORT FOR OCCUPIED PROPERTIES

Animoto.com

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About Me

My photo

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!