Albuquerque, NM Real Estate News

By Manish Chanda
(Everest Peak, Inc.)
 Real estate industry observers saw the imressive trend in the homes market in 2015 - the comeback of the first time buyer!... 2016 in building on that strong sentiment!!First time buyers have largely been absent from the housing market for many years now. The improved economy appears to have done little to attract them in significant numbers since before the Great Recession. Until now, however...Rising rental fees, looser lending standards, including the introduction of 3% down payment mortgages for qualified buyers, more choice, better affordability and the continuation, for now, of very low mortgage rates is creating a perfect storm of circumstances that is quickly gathering to make 2016 a major comeback year for the rookie home buyer.This will be an incredibly welcome development, n...
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By Manish Chanda
(Everest Peak, Inc.)
 We just passed the Ides of March in 2016!Now that the year is well under way and we all look to get this year in earnest, we're sure many of you reading this will be contemplating the sale of your home during this year.Go back over many of our final blogs of 2015 and you will see a recurring theme of our firm recommendation to take advantage of the very positive market conditions that exist right now.Buyer sentiment is at sky high levels with the continuance of low mortgage rates and last year's announcement of 3% down payment home loans for qualifying borrowers, plus a greater sense of confidence in terms of future economic prospects/jobs etc. There really is no sense in waiting for better weather before you list, because buyers are ready right now to take advantage of what amounts to...
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By Manish Chanda
(Everest Peak, Inc.)
In last Friday's blog we looked at the very upbeat latest real estate market statistics for the Albuquerque area - click here if you missed them.One particular stat caught our attention, as it could, just possibly, signal the beginning of a reversal of a long trend of of falling inventory of available homes for sale in this area.Although total active listings again fell by 15.5% in a year on year comparison, what really stood out for us was that new listings for detached homes rose by no less than 12.29% compared with February 2015.Although no doubt partially explained by seasonal shifts as sellers get ready for higher spring market activity, newly listed detached homes were well over 200 homes up on the figure posted at the end of January.New listings fell by 8.39% in January, so it's ...
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Figures just released for February demonstrate a very buoyant homes market in the Albuquerque area, as winter gives way to spring.According to the Greater Albuquerque Association of Realtors, the 638 detached homes sold last month showed a very healthy 15.16% year on year increase on the same period last year.Pending sales stood at 1,040, up by 12.92% on February 2015.These statistics both demonstrate the sustained enthusiasm of buyers, who are still able to lock in ultra-low mortgage rates as jitters in international financial markets and risk aversion still continue to encourage lower home loan interest.The average sale price for a detached home in the area stood at $212,172 at month end, demonstrating an almost identical percentage rise as we saw in January, of 6.51%.The average numb...
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By Manish Chanda
(Everest Peak, Inc.)
There's been considerable national publicity recently about negative interest rates.These have already been implemented by some European central banks and now Japan has followed in their footsteps.Although the idea sounds bizarre and counterintuitive at a glance, the basic theory is that by charging a small percentage to depositors and paying bank customers who borrow, there will be far better incentives for businesses and individual consumers to borrow more money, hence stimulating the depressed economies in areas of the world such as Europe where there has never been a full recovery after the years of recession and where there are real risks of price deflation.This is a venture into uncharted waters in the financial world and, perhaps needless to say, there are some serious risks atta...
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There's no doubt about it. We're in an increasingly hot homes market here in Albuquerque.As if to emphasize this, website regulars will recall the two great homes we recently featured with video blogs (see here and here). They are both already sold, one in five days and another just a few hours after it was listed!Great news if you're a seller (please click here if we can we be of assistance), but perhaps a little concerning if you're a buyer, in so much as the supply of homes in the Albuquerque area is constantly reducing, while demand is growing stronger all the time, with impressive results like the above recent examples.It therefore follows that recruiting a top class buyer's agent in the current conditions is of paramount importance.And before we go any further, let's completely di...
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By Manish Chanda
(Everest Peak, Inc.)
At present, the market is buoyant and, as we have stated in recent blogs, there is a big argument for getting your home listed right now, due to lively winter sales statistics and mortgage rates remaining low.Nonetheless, you may feel that your home needs to have certain improvements before you list. Here are some of the things you need to consider: -State of Decor - Although it's tempting to leave re-decorating for the new owners to worry about and pay for, the simple truth is that your home will very likely sell faster and for more money if its basic appearance is fresh. A few cans of paint can pay for themselves several times over, in terms of creating a more welcoming and positive environment for potential buyers.Dripping Faucets - These can be very off-putting. Discolored sinks sug...
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 When selling your home, you obviously need to make it as tempting and simple as possible for potential buyers to view it.One great way of helping the process along is to allow your realtor to organize an open house.In case you are unfamiliar with the term, an open house refers to an event where the public, or targeted invited guests, can view your home in a more informal way than arranging their own private viewing.There's no need for potential buyers to do anything else than show up at the right time and place and walk right in to see what's on offer.The key advantage here is the informality of the viewing process. Some buyers will feel more comfortable about viewing a home if the focus is not directly on them making a specific appointment. It's a less pressurized environment and one ...
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Today marks the beginning of the third month of 2016 and, even though the winter period has been very active, we confidently expect to see more and more buyers arriving on the market from now on.With high demand and low inventory, this is a stunning time to be selling your home, so we thought it was about time that we reminded you of some of the basic things to do now to make sure your home is ready for an early spring listing:Start fault finding now - It's often said that buyers who see one problem with a home will assume that there are 10 more hidden somewhere. It therefore makes great sense to check that everything is working in your home, right down to individual light bulbs. Buyers will want to try everything and it's clearly preferable that there are no surprises in store for them...
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 In a recent blog we looked at some great reasons to buy and/or sell a home in the Albuquerque area this Spring.If you're already living in the house of your dreams, however, it's also a great time to buy real estate for investment purposes.Real estate is a tried and tested passive investment and wealth creator. Indeed, John Jacob Astor, America's first multimillionaire, made most of his money from real estate investment. Back in the early 1800's, Astor took his profits from trading in silks and furs and bought land in an area called Manhattan...Today, Astor's net worth would have been around $450 billion and the principles in terms of how real estate investment can shape your legacy really haven't changed an awful lot.Here are some of the key current drivers: - The rental market is con...
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We think it is very important that we convey our core mission, vision, values and beliefs to all of our clients.We have therefore introduced a series of statements that you can read in full by clicking here, or refer to the summary below.Buying or selling a home or any real property is often the largest emotional, physical and financial pursuit in our lifetime – an activity of immense importance to us. The need for trust and integrity along with the commitment for excellence is paramount. While these are standards you should rightly expect of us, we hope that making very direct and clear statements of our intent in these areas is a powerful differentiator for you in the Albuquerque area realtor evaluation process.We hope you find these statements enlightening. Please do not hesitate to ...
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By Manish Chanda
(Everest Peak, Inc.)
This week has ended with yet more volatility in financial markets. Between Wednesday and Thursday, the Dow enjoyed its best and worst days of the year.Despite generally encouraging financial trends, it's still very difficult to predict what is going to happen. We seem to get some great economic news, then it gets tempered by some less welcome announcement or other. International affairs are similarly volatile, adding to the mix of uncertainty in futures markets.So, try as you might, there's arguably not a lot you can do right now to increase the value of your stock portfolio. It's out of your hands.In situations like these, every investor needs to take a close look at what decisions he or she is making that can have a positive effect and see money grow.May we therefore suggest that if y...
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By Manish Chanda
(Everest Peak, Inc.)
If we look back at the first time we attempted almost anything, it's unlikely that we don't have some scars, or regrets, to show for it. Who didn't fall off a bike as soon as the training wheels were removed? And who never stalled the car during the first session of driver's ed?It's life of course, and there's no avoiding that.Fortunately, however, not every first time experience needs to be reflected on with red faced embarrassment and help is at hand.Our specialty is working with first time home buyers. It really makes us feel great to safely guide people who are just starting their home buying journey.In essence, we're offering to help you every step of the way to make the whole purchasing experience as every bit as simple and enjoyable as it should be.Very often, of course, the init...
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By Manish Chanda
(Everest Peak, Inc.)
 When the time comes to sell your home, you naturally begin to think of ways of making the sale as attractive a proposition as possible for potential buyers.In some respects, a home is only as valuable as its most negative aspects allow, so to achieve the best price you need to carry out a very honest strengths and weaknesses analysis and address any obvious issues prior to putting your home on the market.Almost invariably, as part of this process you will be considering what updates to the home will really help the sale along.So what updates are going to be most helpful to you?Most sellers choose to update one or all of the following: - Paintwork - Replacing worn out flooring - Updating tired/out of fashion fixtures These are basics and play an important role in creating a strong base ...
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A recent report on the Albuquerque Business First website suggests that this area is a tough place to be a real estate agent, apparently ranking 95th out of 150 metros in Wallethub's "2016's Best & Worst Cities to Be a Real Estate Agent."One of the key reasons it cites is that real estate jobs here grew by 91.2% between 2012 and 2014, the highest percentage nationally.Our experience is that figures like this don't tell the whole story. As we demonstrate every month in these blogs, the Albuquerque area is bouncing back with supply of homes that seems to be in a permanent struggle to keep up with very high demand.Drawing on our own success, we would therefore assert that this market offers agents tremendous opportunities. It would, however, be true to say that to succeed here requires a t...
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By Manish Chanda
(Everest Peak, Inc.)
 Imagine if you weren't allowed to withdraw your money from the bank...If your home isn't selling and you have accumulated equity in the property - well that's pretty well the situation you find yourself in - unable to unlock the value that you've built up by making a great real estate investment when you originally bought the home.In the past couple of blogs, we've focused on reasons why your home may not be selling, even though the Albuquerque area real estate market is firing on all cylinders right now.As we said at the end of our last blog called "Don't Give Up on Your Dreams", you may be partnered with an underperforming realtor.It's important to remember that simply being a realtor doesn't confirm that the person representing you is the best qualified.To help you evaluate your cur...
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By Manish Chanda
(Everest Peak, Inc.)
In last Friday's blog, we looked at how pricing your home incorrectly can lead to it remaining on the market.There are, of course, a wide range of other reasons why a particular home is not selling and it could just be that, whatever the reasons in your case, you have withdrawn from the market in frustration and disappointment.Our strong advice to you is to reconsider your position. Right now, the Albuquerque area real estate market is doing really well. More home sales and rising prices are just two indicators that if your home isn't on the market right now that you could be missing a real opportunity to move on.Indeed, across America, the summer months have seen increases in inventory, shorter selling times and appreciation in asking prices.It's all adding up to a market that has real...
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By Manish Chanda
(Everest Peak, Inc.)
 You might be tempted to save some money by trying to sell your home yourself.What you might not appreciate is that this approach is fraught with serious risks, including your home remaining unsold or selling for significantly less than true market value. Perhaps the most startling statistic to consider is that almost one third of all home sales come from real estate agent to real estate agent contact or past referrals. The simple math is that by not partnering up with an experienced Realtor®, you've already reduced the likelihood of selling your home by over 30%. But it really doesn't end there. Selling a home is very much a full time activity - taking time almost no "DIY" seller can dedicate to the purpose. It involves people like us remaining in constant contact with our database of ...
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 One of the biggest challenges in buying a home is often the need to have enough money put by for a down payment.A down payment is made by the buyer at the beginning of a home purchase to show commitment to the transaction. It's usually a percentage of the total price of the home and is paid through a wire transfer. This payment is immediately applied to the buyer's equity position in the property.The general rule of thumb is that buyers need to find 20% of the value of their desired residence. In practice, there are a wide range of alternative options, especially for first time buyers. However, many home buyers are in the fortunate position of being able to pay at least the minimum down payment requirement.Those who find themselves in this enviable position need to carefully evaluate t...
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By Manish Chanda
(Everest Peak, Inc.)
 It is nothing more than common sense that the better your home looks to prospective buyers, the more likely they are to want to make you the right offer.Curb appeal is an absolutely vital element of home presentation and staging. It's true to say that it sets the scene for the rest of a viewing 100% of the time.The condition of your external decor needs close examination if your goal is to maximize the selling price your home will achieve. Simple steps like revitalising wood surfaces, paintwork and attention to detail in every aspect of how the home looks to the outside world can pay for itself many times over.It's reckoned that money invested in home improvements to properly stage your house can result in as much as a 2% higher sold price. To illustrate that, $250 dollars spent on imp...
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