Albuquerque, NM Real Estate News

The latest statistics released this afternoon by the Greater Albuquerque Association of Realtors (GAAR) provide a powerful demonstration of the steady home price growth we are seeing in our local homes market.The Association points out that the median detached home price in April 2013 was $168,000 and this rose to $185,000 last month. This also represents a 4.64% year on year increase. Average sales price also showed a 3.47% improvement over the past 12 months.The April figures once again paint a very rosy general picture of current market conditions.Detached pending listings rose by 2.63% on April 2015 and last month also saw impressive 10.19% annual growth in the number of closed listings. Sales volume showed a year on year rise of 13.97%.As we saw in March, the average number of day...
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By Manish Chanda
(Everest Peak, Inc.)
An article this week by The Albuquerque Journal has once again highlighted the fabulous market conditions property sellers are enjoying in the area right now.While acknowledging that inventory of available homes for sale remains tight, it describes the current situation as "a solid seller's market."The article also quotes Jon Schnoor, 2016 president of the Greater Albuquerque Association of Realtors: “If sellers have a nice home priced well in a good location, they are entertaining several offers. We haven’t really seen that many (competing buyers) in six or seven years.”Naturally, we're pleased to see such public acknowledgement of the great market we've been telling you about in this blog for quite some time now.So the obvious arising question to would-be sellers has to be what more a...
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By Manish Chanda
(Everest Peak, Inc.)
Despite the best efforts of the real estate industry to strongly warn against it, we still see the occasional "Home For Sale By Owner" sign as we travel around.You naturally wouldn't expect any agent to agree with you if you decide to go for DIY selling. But what we thought might be more useful would be a list of the kind of things you'll miss out on by going solo.We think the list is compelling and are pretty sure you'll agree with us when you've read through it.So here goes:Maximized Exposure of Your Home - To stand the best chance of achieving your home sale objectives, you need to ensure that it is promoted to the widest range of potential purchasers. Only a realtor can achieve this with access to the local MLS service that effectively transmits information about your property on a ...
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On Tuesday we looked at the recent Greater Albuquerque Association of Realtors (GAAR) quarterly market report for January, February and March and noted that, for the first quarter since the third quarter of 2014, the number of new detached listings had increased.Given that the increase was 2.69%, we clearly aren't witnessing a sea change in the attitudes of on the fence home sellers, but nonetheless it's a positive trend with its own story and one that we should perhaps take a little more time to reflect on.In some important ways, the overall number of homes for sale in the market should have been climbing for some time. What's perhaps different about right now is that whenever we receive either monthly or quarterly local market stats these days, we see improvements right across the var...
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In addition to our monthly analysis of local real estate statistics generated by the Greater Albuquerque Association of Realtors (GAAR), we have now also started to look more closely at their quarterly analysis, in order to spot sustained trends by using a slightly wider lens, as it were.GAAR has just published results for the first quarter of 2016 and it makes for interesting reading.It’s great to report that there is positive news right across the six key stats in the report.While it is wonderful to note a 5.69% increase in the average sale price ($216,222) of detached homes over the same quarter in 2016, without question the standout headline on this occasion is a 2.69% increase in the number of new detached listings.In our monthly reviews of GAAR stats, we have been noting better ne...
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When you really sit down and think about it, entrusting your home sale with the right agent is a pretty crucial and far reaching decision.Get it wrong and it can cost you dearly and could mean your home remains unsold, or doesn't realize its true market value.To help you with the process, we thought it would be useful to let you know some of the things poorly performing agents don't want you to know about them. This should make you much better equipped in the realtor interview process.A Poor Track Record - Let's start with the most likely thing the poor performer might want to conceal from you. Every agent has access to quite detailed performance statistics so the first thing you should want to know is exactly how his/her sales performance compares with the other agents you're interview...
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We keep saying it, but this really is a great time to buy a home.Whether it's your first home, or you're upgrading, or even if you're planning to downsize, there are some quite compelling reasons why you might not want to put off your purchase any longer:Ultra-Low Mortgage Rates - As we wrote in last Friday's blog, where mortgage rates are at right now defies all the predictions of experts, going into 2016. Last week saw the lowest rates of the year and, the way things have been going, it wouldn't surprise us at all if we hit another record low some time very, very soon. This is, of course, great news with the spring home buying season in full swing. The question that no-one can answer, of course, is how much longer the stars can keep aligned for these incredible rates. Yes, as we just ...
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By Manish Chanda
(Everest Peak, Inc.)
What a wild ride! - mortgage rates continue to tumble.Given that there were widespread expert predictions at the end of 2015 that rates would progressively climb to somewhere between 4.5% and 4.65% during this year, the contrasting story of mortgage rates so far in 2016 is already remarkable by any standards. This week saw yet another very notable milestone reached. In our Tuesday blog we mentioned a CNBC article that suggested that even lower rates might be on the way. By yesterday Reuters was reporting that the 30 year rate was now at its lowest in nearly three years!What an amazing turn of events.Of course the question that will be on the minds of many right now is will rates fall even further?, as was hinted at in the CNBC article. The wiser strategy, however, is to take the positio...
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Statistics for March, just published by the Greater Albuquerque Association of Realtors (GAAR), make great reading for home sellers in the area, as the busiest months of the real estate year approach.Compared with a year ago, the average number of days a home is on the market before it sells decreased by 17.33% in March. It now takes an average of 62 days to sell a detached home in the area, where twelve months prior the average sat at 75 days. A significant fall.This is another strong indicator of buyer enthusiasm, as low mortgage rates continue to inform and positively influence the market. Just yesterday, CNBC reported that 30 year home loans are now at their lowest interest rate level this year, with some stronger recent signs that they could fall even further!High demand continues ...
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By Manish Chanda
(Everest Peak, Inc.)
With winter now well and truly behind us, we can all now look forward to the warmer months to come.It's a great time, however, to make some simple checks around the home so that everything is set well in advance of summer.And of course if you're planning to sell your home soon, there's even more good reason for sorting everything out now.OK, here goes:Outside Faucets/Sprinklers - Check these for any winter damage due to freezing temperatures etc.A/C units - An annual service now will ensure everything is working right for when you need cool air the most. It also ensures optimum energy efficiency too!Swimming pools - Unless you hire someone to fully maintain it ( a great idea), there will very likely be plenty to do in advance of using your pool again. Winter covers need to be removed wi...
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By Manish Chanda
(Everest Peak, Inc.)
 It's never very long before we revisit the subject of renting on these blog pages.This is because we are firmly of the view that if ever there was a time to make the leap into home ownership it is right now.And the key reason we say this inevitably brings us to perhaps our most covered subject in Everest Peak blogs - mortgage rates.Comments last week by Fed Chair Janet Yellen suggested that the US economy, for all its current signs of health, is still vulnerable to volatility in other markets. This was seen by investors as a somewhat cautious stance, with the effect that mortgage rates have since continued to edge lower, in a year to date when their anticipated gradual rise has not been seen at all.What this effectively means is that there is now more confidence that rates will stay lo...
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By Manish Chanda
(Everest Peak, Inc.)
Right now is a really great time for investing in property, so what better way to conclude our mini-series of retrospective blogs looking back at our all-time best tips for investors.So here goes:Stick to the figures - Investment is very much about cold assessment of the facts in front of you. Property values, interest rates, the going rate for rentals in the area of the property, as well as likely ongoing maintenance costs all need to factor in your thinking. If the sums add up in your favor, it's probably the right move. If they don't, well you need to think very seriously before taking the plunge. Of course, there may be external factors, such as future development of the area you are investing in, that won't show up on a spreadsheet. That's part of the art of investment, of course, ...
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By Manish Chanda
(Everest Peak, Inc.)
We hope you had a great Easter. Just prior to the holiday, we began a little mini-series of retrospective blogs looking back at our all-time best tips.Today we're going to focus on what we think are the most essential pieces of advice we've ever offered sellers:Don't put off selling your home - In recent times, it's been our distinct pleasure to reflect on the growth in the Albuquerque area real estate market. On the fence sellers may therefore take the view that playing a waiting game for a few months, or even a year, will yield even better returns. Unfortunately, there are no guarantees that the perfect storm we're seeing at the moment - low mortgage rates, low down payment home loans and low inventory of available homes driving up prices due to higher demand than supply - will contin...
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By Manish Chanda
(Everest Peak, Inc.)
We naturally hope that you are a regular reader of our blog.Depending on when you started reading it, and how often you read it of course, you might have missed some great nuggets of useful information along the way.So we thought what could be better than to go back through the archives and find some really great pieces of advice that some of you may not have seen.Starting today with buyers, here are our greatest tips for you:Work on your credit score right now - A low credit score means you're very unlikely to get a home loan. The better your score, however, the more likely it is that you will qualify for the very best rates. You therefore really need to focus on doing everything you can to improve your score. This means reducing what you owe on credit cards and paying off other debts ...
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As we progress through life, our real estate needs and priorities change.That ideal home you bought a few years ago may now be out of step with your lifestyle and requirements.As careers progress, it's only natural that homeowners tend to be aspirational and ambitious and moving to a larger, more upscale home is one of those dreams most of us have at some stage in our lives.There are practical considerations too. A growing family is one of the main motivations behind looking for a bigger house. People also tend to acquire more and more possessions, so physically outgrowing your current residence is very common too.Whatever the reason, right now is a great time to be moving upscale. With mortgage rates seemingly pinned near to historic lows, there has rarely been a better opportunity to ...
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By John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me!
(Albuquerque Homes Realty)
YouTube including views and description of Petroglyph Estates, Volcano Cliffs custom home neighborhood. See all Petroglyph Estates Homes and Lots for Sale. Albuquerque Homes Realty and Realtor John McCormack have been working with both buyers and sellers in Petroglyph Estates at Volcano Cliffs since the beginning of this SADD 228 project.  John knows the details of how the “Special Assessment District” works and will easily guide you through the process. The two adjoining lots that John has just sold and closed are located at 7805 Aguila and 7809 Aguila St NW Albuquerque NM 87120.  His buyers are looking forward to the construction of their custom home and enjoying the comfortable living at Petroglyph Estates.  Not to worry John has other lots for sale in the beautiful and tranquil Petr...
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By John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me!
(Albuquerque Homes Realty)
  Albuquerque Homes Realty and Realtor John McCormack now have this  outstanding UNM, Nob Hill main home and guest house in pending contract.  This specific University of New Mexico College area listing is located at 300 Tulane Dr SE Albuquerque 87106. There were immediate inquiries, showings and quick offer on this Nob Hill real estate.  The quick interest came as no surprise as the Nob Hill, UNM area is highly desired by many.  It’s a great place for Albuquerque real estate investors and people who wish to live and play in a central location of the University of New Mexico College.   What makes this area of Albuquerque so special you may ask.  The Nob Hill / UNM or University of New Mexico College area hold their real estate value very well.  Students and teachers alike enjoy living ...
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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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