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 j...

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 http://www.realest...

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 pre...

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. • Ensu...

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 .

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...

During the home buying process you may be asked to provide an earnest money deposit. But what is an earnest money deposit exactly? After an offer has been made on the house and when buyers execute a purchase contract, the contract specifies how much money the buyer is initially putting up to secure the contract. It's a basically a good faith deposit, to show "good faith" and that you are serious in purchasing the house. It is money that you give to the home owner to insure an offer to buy the home. The earnest money will be applied to the final price of the house, but can be forfeited if you back out without legal cause. Earnest money deposits however should not to be confused with a down payment . How much earnest money do I need to deposit? The amount of the good faith deposit is usually dependent upon the agreed sale price of the real estate. Typically there is no set amount but deposits vary and typically can range anywhere from 1 to 3 percent of the sales price....

During the moving process you may find yourself needing a storage facility to store your belongings. You may need help storing items between leaving your old home and before you can move into your new one. If you are selling your home, you may need to store some items to help reduce clutter during the showing process. Whatever your situation, there are different options, read more below to find one that will work best for you. Self Storage Facilities These consist of mini-storage units that can be rented in a variety of sizes to accommodate your storage needs. If you are not sure of what size you may need, use this estimator to help determine the best size you may need. This option works best for items that you are likely to retrieve, but don't have available space at home. Depending on the facility, self storage is usually convenient and accessible and reasonably priced. Typically you move your items into the unit yourself, or if you have a couple of heavier items, check to...

According to the annual study by Men's Fitness magazine Albuquerque has been ranked #3 on The Top 10 Fittest Cities in 2008. For the study, the magazine takes almost two dozen factors into account, such as a city's sports participation rates, time spent working out, number of parks, average commute time, television viewing rates and legislative health initiatives. Below are some of the positive facts the study noted about our town: • Our city's 361 parks are among the most in the nation on a per-capita basis. • Mayor Martin J. Chavez sets a positive example, exercising as much as 5 days per week and also participates in more fitness-related events than most mayors. • Albuquerque residents participate in sports much more than average - 8 percent more than average. • Albuquerque's park acreage per capita is 278 percent higher than average and the 2nd highest in their survey. Research has found a connection between access to parks and green space and reduced o...

It's a maxim in real estate that the three most crucial factors in selecting a house are "location, location, location." It's also true! No matter how wonderful the house is, the location is key to how well you'll like living in it and how well it sells when you're ready to move on. Before you buy, carefully check the following factors to be sure the house you like is really the one you want to live in. Consider destinations Where will family members go most often from this new location? How easy is it to reach those places from the house? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls and emergency services? Be sure rooms have a view What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road or commercial development planned? Check around the clock Is rush hour traffic a problem? What will be the ...

It's a maxim in real estate that the three most crucial factors in selecting a house are "location, location, location." It's also true! No matter how wonderful the house is, the location is key to how well you'll like living in it and how well it sells when you're ready to move on. Before you buy, carefully check the following factors to be sure the house you like is really the one you want to live in. Consider destinations Where will family members go most often from this new location? How easy is it to reach those places from the house? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls and emergency services? Be sure rooms have a view What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road or commercial development planned? Check around the clock Is rush hour traffic a problem? What will be the i...

Albuquerque Real Estate PEG YOUR HOME PRICE TO MARKET TRENDS The asking price for a home is exactly that -- an asking price. It is usually determined by sales prices of comparable homes in the community. Depending on whether your market is hot or not, the right price may be set higher or lower than the last sales price of a similar home in your community. It's usually wise to lead the market. If prices are dropping, get in front of that curve and price slightly lower than the last sales price so the home doesn't linger. Conversely, if prices are rising, it's often a good idea to set your home's price near the top compared with other similar homes that have sold in your area. The key is to price your home so that it compares favorably with other homes that buyers are considering. We can help you determine how your home compares with other similar homes that have sold recently in your area. In addition, we can keep you up to date about current home values and home-s...

It's doing nicely, thank you! Lots of questions lately about how the market is doing. It is following exactly the same pattern as it always does. Location is essential. Staging and preparation is essential, and pricing is TOPS. Resist the tempation to "chase" the market with your pricing. Don't start out high to leave room for negotiation. Don't leave this up to chance. Price right NOW. Negotiations will take alot of difference faces, and price sometimes isn't one of the elements. If you are priced right, a quick sale will happen - and I don't mean overnight..sometimes days...but you will see the results quickly. The Days on the Market has increased slightly, but only by a number of days. This can be attributed to the holiday period, so now is the time to dust off the THINGS TO DO and get your home ready to sell. Request a free on-line copy of my seller's preparation booklet - http://www.realestateinabq.com/free_seller_tips.html

We have seen a decline of Single family home listing inventory – the number dropped from 6,131 in Oct of 2007 to 5,523 for Dec 2007.” The Average Sales Price for the same period has decreased from $246,522 to $240,602, so with those numbers, you can see that now is a perfect time to take advantage of the slight drop in prices. While inventory is slightly down, the sellers are more anxious to sell and more open to offers that meet both buyer and seller needs. Because the average Days on Market has increased from 51 Days in Oct to 60 Days in Dec. the sellers are anxious to see you! Ask for a free copy of my book "Get the Best Deal When Selling Your Home", Albuquerque Edition - call or email me today! Linda DeVlieg 505-440-7200 www.RealEstateInABQ.com

Most people take electrical power for granted, never thinking about whether it will be there when they need it. While a power outage can mostly be a temporary inconvenience, if prolonged it can pose some hazards. You can minimize the problems and safety hazards of an outage by following these suggestions to protect your family and home. Plan Ahead Don’t wait for a power outage to buy emergency supplies, be prepared and have everything you need on hand. If your power goes out, it’s likely you could find the store shelves raided and empty during a power outage. It is a good idea to purchase emergency home kits and store them in a general area in your home so you won’t be searching for needed supplies in the dark in an emergency. While most power outages are short-lived, but some may last days. Here are some things to consider for a long-term outage. Stock up on: • Matches and disposable lighters. • Flashlights and extra batteries. It is recommended you not use candles unless ne...

Tax time is upon us again already, but luckily, the Internal Revenue Service provides some perks to homeowners to compensate for expenses they may have incurred throughout the year with homeowner related tax deductions. Consult your tax advisor to find out which deductions apply to you, but here are some common deductions that may be beneficial to you. Property taxes Property taxes - the taxes charged by state and local governments on your property's value are usually tax-deductible. • You must have paid these taxes at closing, or to a taxing authority, either directly or through an escrow account, during the year. • Also, the tax must usually be based on the assessed value of the property and the taxing authority must charge a uniform rate on property in its jurisdiction. There are some exceptions to property tax deductions. Read IRS Publication 530 , or consult your tax advisor for more information. Home mortgage interest The interest that you pay on a home mortgage ...

Buying a home can be a very exciting experience, but it can also be a confusing and complicated process, especially for a first-time home buyer. New home buyers are confused, anxious and concerned when it comes to finding a real estate agent, choosing the house, and getting financing. Don’t let yourself be overwhelmed, here are a few tips that can help you can make sure things go as smoothly as possible. Find the right person to guide you through the process. It is just as important to shop around for the right real estate agent and lender as it is to shop for the right home. Choosing the wrong person to work with during the home buying process can lead to hassles and headaches. Choose someone you feel comfortable with and that will put your best interests first. It is important to find someone who can match your needs and goals with the right mortgage possibilities. Check your credit report and score. Knowing what kind of mortgage you can qualify for depends on a number of dif...

I'm proud to announce that my website http://www.realestateinabq.com has just been ranked #5 on the 2007 Top 100 Internet Marketers for real estate agents nationwide. eSourceAgent.com , an online marketing company with a real estate focus, did extensive research and ranked agents websites based on web visibility in the Albuquerque area. I am excited that I received a ranking of #5, because I understand the power of the internet and I am striving to use it effectively. With over 84% of consumers using the internet to search for homes, it is important to have an effective site to facilitate their search. 80 major markets in the US. Markets were selected based on market size (population) and search volumes. The top US cities were selected based on population rank (See cities ). In addition, cities appearing in Google Trends for the search terms "Real Estate" and "Homes" were included within this market search. This ranking is an honor in a competit...

In today’s market competition is tough and you have to make your home as marketable as possible. Potential buyers are more interested in homes that are spacious with open floor plans. But even if your home is smaller or you have a choppy floor plan, you can visually create a larger room, giving the illusion of more space. There are plenty of easy ways to do this with little or no money and without remodeling your entire home. • Reduce clutter . Keep rooms tidy and organized, pick up newspapers and magazines and put away unnecessary items from countertops in the kitchen and baths. There’s nothing that makes a small space feel cramped more than having too much stuff. Keep decorative objects to a minimum, figurines and excessive accessories are distracting. • Let the sun shine in. Lighting is a key element in opening up a space, if you have a lot of natural light, don’t cover it up with heavy drapery. Choose window coverings that will compliment, such as Roman Blinds or Roller Sha...