Albuquerque, NM Real Estate News

The recently published, and widely publicized, Zillow Real Estate Market Report for June, certainly paints a great picture of a very, very hot market all over the country, and we're not talking about the sizzling temperatures.Consider, for instance that homes are closing faster at the moment than at any time in the past six years. The national average for the time it takes to market and finalize the sale of a home is now just 78 days, including the selling time.It should be noted that the Albuquerque market is probably either matching or doing slightly better than this. Consider that, with a typical 30 day escrow and an average of 45 days for a detached home to sell, you're probably looking at around 75 days in this area.Irrespective of whatever the precise listing-to-closing figures a...
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The Greater Albuquerque Association of REALTORS® (GAAR) has just released its review of the second quarter of 2016.Quarterly reports are always interesting to study, as they tend to point to more sustainable trends than month-to-month statistics.Compared to the second quarter of 2015, single-family detached home sales increased by 9.19% and the average sale price in this category is also making very good progress with a 4.26% year on year rise.In real price terms, that translates to an average sale price of $228,003, which is quite a leap from the 2016 first quarter figure of $216,222 - a great demonstration of the market's fine state of overall health.To give an even better perspective, consider that the average sale price in the second quarter of 2013 was $207,491.In last Friday's blo...
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By Manish Chanda
(Everest Peak, Inc.)
We'd be the first to admit that, at first glance, the title of today's blog may seem to be the wrong way round, but stay with us a minute on this.While it's obviously the case that the sellers and their agents have to, well, sell their home to you in the first place, once the time comes to make an offer then the buyers do need to consider how attractive a prospect doing business with them appears to be.Right now this thought is more relevant than any time in the past decade or so. High demand for a relatively low supply of homes means that buyers are increasingly finding themselves in competition with others to secure the property of their dreams.It's a sellers' market right, which means to say that sellers often have a choice of which buyer to go with. Even in the enviable situation of...
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By Manish Chanda
(Everest Peak, Inc.)
  With such a vibrant homes market in the Albuquerque area at present, there is a temptation for sellers to assume that delaying listing their property could lead to even better returns on the sale in the future, especially if they have the luxury of being able to wait.Such decisions to procrastinate are, of course, ultimately always a judgement call. They are also something of a gamble, given how quickly things can change in the real estate, both positively and negatively.Today we'd like to suggest five key factors that help to explain why playing a waiting game may carry quite a lot of risk:Mortgage rates have been riding their luck for years - We've documented the story of mortgage rates so thoroughly in this blog that it barely needs detailed repetition. Suffice it to say, therefore...
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Yesterday's widely publicized Mortgage Monitor Report by Black Knight Financial Services revealed a number of significant statistics about the national picture on the housing market, as well as some data on price appreciation that's of particular interest to New Mexico residents.The report stated that no less than 425,000 borrowers moved out of negative equity in the first quarter of this year. This means that the national rate for negative equity is now down to just 5.6% (2.8 million borrowers), compared with 29% at the close of 2012. In just a year, the number of borrowers in negative equity has fallen by 13%!In fact, some 38 million borrowers can now boast having at least 20% equity in their homes, an individual average of $116,000.While the current overall situation still lags behin...
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It's the ideal all home sellers hope for - a fast, trouble-free sale with the best financial return.In truth, with buyer sentiment arguably at an all-time high just now, that goal is certainly easier to achieve than it might have been a few years back.But this doesn't mean that there is any room for complacency in your plans to execute an optimized sale of your property.Today we'd like to suggest some great ways of ensuring nothing is left to chance:Is your home truly ready for sale? - Surely the right time to sell is when you want to sell? Well yes of course that's true, but have you also considered if your home is in the best place to produce optimized results at sale time? Clutter, poor quality decor and home presentation, basic household features that are malfunctioning - it can so...
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By Manish Chanda
(Everest Peak, Inc.)
With such a buoyant homes market right now, you might be forgiven for thinking that selling property is pretty much plain sailing these days.While there's no question that buyers are practically waiting in line for the right home, given the low cost of home loans and the present low levels of available inventory in our area, you still need to pay meticulous attention to details to maximize your return on the sale.Now we're at the height of summer, here are a few suggestions of things you can do that buyers will especially appreciate at this time:Air conditioning - If your air con is not working as well as it should, given how hot it is right now means that home viewers will become immediately aware of any cooling inefficiencies. It makes complete sense to get the whole system serviced s...
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It would be totally remiss of us if our blog theme today was anything other than mortgage rates.They are now at their lowest levels in years, with average 30 year interest rates dipping below 3.60%. They have dropped by around a quarter point in just five weeks.One of the main factors in this incredibly good news for home buyers and, by implication, sellers too, was last week's British vote to exit the European Union - the so called Brexit.Largely unexpected, Brexit has caused a tidal wave of uncertainty in global financial markets. Although Britain has yet to begin formal proceedings to leave the EU, and when it does the process will take years, investors immediately reacted extremely negatively to an unprecedented situation, whereby the future of the world's fifth largest economy is ...
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Our recent blogs have often touched on what a great market it is at the moment, for both buyers and sellers.In fact the only really significant chink in the armor at present is the continuance of low supply of available homes.While it creates fabulous, low-competition/price-resilience opportunities for sellers, low inventory is clearly not such good news for buyers, who very simply have less choice.Some buyers may be tempted to sit on the fence until more homes become available. There is, however, no way of knowing when this will happen and, perhaps of even more importance, there is always the risk that the current ultra-low mortgage interest rate environment will suddenly change and what is arguably the opportunity of a lifetime for buyers will have evaporated.We therefore thought it m...
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While it is great to be able to consistently report how well the local real estate market is fairing, it's also true to say that correct pricing of your home is still a critical element in the selling process.Although fast sales and multiple offers are much more commonplace these days, and even as inventory of available homes for sale struggles to keep pace with current very high demand, it's still very still possible to price your home above true market value, with serious consequences.Unfortunately, it's so simple to get a false impression of what your home might be worth and the central culprits for that perception these days are the various generic home pricing websites. These are notoriously inaccurate. Each website uses different calculation methods to arrive at a quoted price for...
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If you're contemplating buying your first home, there were two significant events affecting you positively this week.Yesterday there were widespread reports that mortgage rates had plummeted to three-year lows.This very welcome news followed the Federal Reserve's decision on Wednesday not to raise short term interest rates and lowering its projection of how much they'll be raised in the coming years. While these rates don't necessarily have any direct effect on home loan rates, they do affect the cost of other borrowing, including credit cards.There is still talk that mortgage rates could fall yet further but, even at the current already ultra-low levels, it's arguable that there has rarely, if ever, been a better time to get on the home ownership ladder.There are also multiple options ...
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By Manish Chanda
(Everest Peak, Inc.)
We're now almost exactly at the halfway mark in 2016.It therefore seems a good time to look ahead at prospects for the second half of the year and we thought a good way of assessing future possibilities would be to carry out a SWOT, or Strengths, Weaknesses, Opportunities and Threats analysis, based on what we've seen in the first six months of the year.Strengths - With the news at the end of last week that they are now nearing multi-year lows, mortgage rates continue to be one of the main motivations for buyers. While there's no guarantee of the very welcome downward trends continuing, there's equally no clear sign that current trends are going to change significantly in the short term. Remember also that even if the Federal Reserve raises interest rates during its current meeting (by ...
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Figures released this afternoon by the Greater Albuquerque Association of REALTORS® (GAAR) demonstrate an increasingly healthy homes market in our area.These latest statistics, reflecting on performance in the area last month, show the growing strength in the market as we approach the halfway mark in 2016, as the peak selling period continues.Yet again, there was a very robust year on year rise in both detached average sales price (4.69%) and median sales price (6.63%). Overall detached sales volume rose 14.05% in the 12 months leading up to the end of May.With the news this week that mortgage rates are now nearing multi-year lows, buyers have every reason to continue the very high levels of positive sentiment we've seen all year long. So far, any uncertainties arising from the preside...
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By Manish Chanda
(Everest Peak, Inc.)
Embedded from MGIC ConnectsDid you know that single women are now the second largest group of home buyers in the nation?According to the above very recent infographic by Mortgage Guaranty Insurance Corporation (MGIC), while married couples represent 54% of all American home buyers, single women are the next most active sector at 18%. This puts them in front of unmarried couples (15%) and single men (11%).The infographic makes for interesting reading. Women are now outpacing men in higher education participation and success. 45% of women between 18 and 24 are enrolled in college, as opposed to 37% of men. Between the ages of 25 and 32, 38% of women have a bachelor's degree, compared to 31% of men.36% of single women live at home with parents or relatives - the highest percentage since 19...
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By Manish Chanda
(Everest Peak, Inc.)
We are, unbelievably, almost at the half way mark in 2016 and we're still enjoying ultra low mortgage rates.This week, following disappointing job data, in particular, rates fell to very near the best levels we have seen all year.The background story to what's happened to rates this week is bound to increase speculation on their future direction, as there are now a number of variables in play that could see them drop even further.Today's news that job creation remains weak, despite a low unemployment rate of 4.7%, will do nothing for the confidence of investors. May saw the lowest level of job gains since September 2010 and gains over the past quarter are near half of average monthly gains over the previous 12 months. Even the decline in overall unemployment by 0.3% was almost entirely ...
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When selling anything, it's a great idea to really know how your customer is thinking. Real estate is definitely a field where buyers invariably have extremely strong opinions about what they like, and don't like, about a home.It therefore makes total sense to consider some of the key aspects that buyers will focus on when they are viewing a property:Condition - Clearly, the physical condition of the home, especially that first impression on the driveway, goes a long way to setting the tone for the whole viewing. The trick here is to simply leave nothing to chance, with a thoroughly well decorated and maintained property with a meticulously staged interior.Problems - It's been said that for every fault a buyer identifies during a viewing, there will be an assumption of several more issu...
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By Manish Chanda
(Everest Peak, Inc.)
We hope you have noticed that our website has been gradually acquiring a broader set of features to serve you better.So, we thought, why not point out some of the more recent developments, so you can check them out for yourself if you haven't already done so (click on the subject titles to go to the relevant page).Video Tours - We're very committed to video tours of our listings and you may have noticed that we've just started to use drone cameras, which offer a spectacular and informative perspective of larger property, in particular.Market Video Reports - We now offer five regularly updated video market reports for the following areas - Albuquerque, Rio Rancho, Placitas, Corrales and Valencia County.Real Estate Advice Videos - These useful short films address key subjects relating to ...
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At Everest Peak Realty, we are totally committed to the importance of great photography in selling property.Too often, we still see great property offers severely compromised because the agent simply went out with his/her mobile phone and took a few snaps. This is just unacceptable in this day and age and can be very serious in terms of how it can badly affect viewing numbers etc.All our listings are marketed using exceptional professional photography. This enables visitors to this website, and many other online outlets, to see your home in, quite literally, its very best light.We even take things a major stage forward from there and produce a professionally edited video tour of each property, specifically shot on location for this purpose.Last week, and as featured in Friday's blog, we...
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An important change in the way credit reports are compiled is due to launch on June 25th.New trended credit data reporting was initially announced last fall by The Federal National Mortgage Association (FNMA), better known as Fannie Mae, the government-sponsored, leading source of financing for mortgage lenders.Now just a few weeks away from launch, the new data will dig deeper than ever before into a mortgage applicant's credit history to provide a more thorough analysis.Current credit reports used in mortgage lending only indicate outstanding balances and if a borrower has been on time or delinquent on existing credit accounts, including credit cards and student loans.The new trended data will provide a much more in depth analysis of borrower behavior, by providing access to monthly p...
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It is, of course, nothing but an absolute pleasure to be able to reflect the exceptional Albuquerque area home market conditions in this blog week after week.This does not mean to say, however, that all sellers are instantly successful.When buyer sentiment is as good as it is right now, there are always identifiable reasons why a home remains on the market much longer than the currently low average of around 57 days to sell.So we thought we'd take time today to explore some of the top reasons why you may be struggling to find the right buyer:The home is overpriced - While we're seeing fantastic levels of pending and closed homes, and asking prices are holding up extremely robustly, it's always true that, to sell, your home has to be priced correctly in the first place. Despite the advic...
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