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Approaching the Current Housing Market

Wednesday, May 8, 2013
by Sandi Pressley

Good Monday Morning!

As the national and local Real Estate markets continue to heat up, it would be wise to approach the current housing market with a degree of caution. Yes, it is exciting that homes are once again beginning to sell in the Albuquerque and Rio Rancho market areas! Is it just like the old times again? Well, maybe not. In fact we most likely will never see the old times again.

What we all need to remember is that the current upsurge in the housing market and in home values is not based on a true economic recovery. Most of the improvement in the housing market is based on current low mortgage interest rates that are being artificially created by the feds. We can all hope that both the national and local economies will rebound significantly because the low rates won't last forever. When interest rates begin to rise, look out. Will the current bubble burst? This is going to be dependent upon the condition of the economy and also on how sharp the increase in mortgage rates is. It could happen quickly though and we could slide back into a strong buyers’ market at the drop of a hat.

We most likely will see a continuation of low rates for the foreseeable future, but the best bet is to take action now if you are considering a home purchase. One thing that history has proved to us is that the market we have today won't be the market that we have a year from now.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Property Image
13139 Blackstone Rd NE
Price: $450,000 Beds: 5 Baths: 2.5 Sq Ft: 4,028
Gorgeous custom brick home on almost 1/3 acre lot, lovingly cared for. Two+ living spaces provide plenty of room for entertaining & privacy. Delightful kitchen w/Thermador stove, custom cabinets & sunny breakfast nook. Master retreat w/2-way fireplace, jet tub, separate shower & view balcony. Huge Rec room in finished basement & sauna! Many architectural details include vaulted ceilings, clerestory windows, arched doorways & skylights. Parklike yards w/pond, water fall + established landscaping.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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The Improved Albuquerque Market

Monday, April 29, 2013
by Sandi Pressley

Good Monday Morning!

Yes, the Real Estate market has improved in the Albuquerque and Rio Rancho areas. Statistics indicate that the value of homes has not changed much at this time as a result of the improved market. This means that even though there are more buyers out looking and there are fewer homes to choose from, the price that you can expect to obtain from a sale has not yet changed. If you have a home on the market or if you are considering the sale of your home, you still must be realistic about pricing your home. Well priced homes sell quickly right now, but the over priced homes still just sit. Sellers who price high to test the waters just might miss this market and the chance to sell. There is a great deal of opportunity right now if you are thinking about selling to purchase another home. To take advantage of this market and the low mortgage interest rates it is important to be realistic with pricing your home.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Property Image
12064 Irish Mist Rd NE
Price: $825,000 Beds: 4 Baths: 1 Full, 3 Partial Sq Ft: 4,510
Spectacular custom home on .27 acre view lot in prestigious Primrose Pointe. From the grand entry w/dramatic staircase to the delightful kitchen w/granite countertops, Wolf appliances & subzero refrigerator, to the parklike grounds w/amazing mountain views, hot tub & sparkling pool w/automatic cleaning system, quality & luxury abound. Enjoy the city lights from the balcony of the large master suite w/his/her closets & jet tub. The oversized library could be used as office/study or media room.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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It is Still a Great Time to Purchase a Home

Tuesday, April 2, 2013
by Sandi Pressley

Good Tuesday Morning!

Yes, the market is heating up and the inventory of homes available for purchase has decreased significantly over the past six months. In fact, homes that are in great condition and priced well don't stay on the market long. The Albuquerque and Rio Rancho market area is even seeing multiple offers again. It is still a great time to purchase a home. Mortgage interest rates remain at historic low levels and home prices have not increased significantly, although this is on the horizon if current market conditions continue.

If you're a home buyer, among the things you can do to be prepared is to have a plan of action. If you're an aggressive buyer eager to find a home, hire a real estate agent that can help you find what you're looking for and will act quickly when properties hit the market.

When a home is first listed it will get the most attention. In a hot real estate market that could mean not just viewings but multiple offers and even offers that are over the listing price (not something we're used to thinking about lately, but that's the nature of real estate - it cycles through ups and downs).

So, if you're really serious about finding a home in a market where the inventory has dropped and the prices have increased, be prepared to take action the minute homes come on the market. Don't delay and say, "I'll drop by this weekend when I get a free moment." In some of today's markets, procrastination could be the deal breaker.

The Sandi Pressley Real Estate Team has 5 Home Buyer Specialists. Our Specialists do not list homes, they only work and represent home buyers. Working with a Home Buyer Specialist can make a significant difference in a market like the one we are in today. A Buyer Specialist knows the market, keeps on top of the current home inventory and can help you be on top of the best home purchase opportunities as they come about. Having a real estate agent working for you in this capacity in this market can make a significant difference in what kind of home you find and how much you pay for it. Contact us if you are interested in being fully represented as a buyer. You will love this approach to purchasing a home.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Property Image
416 Monte Alto Pl NE
Price: $275,000 Beds: 4 Baths: 1.5 Sq Ft: 2,463
Well-maintained, single story home, nestled in the foothills on nearly 1/3 acre lot. Light & bright floorplan w/large great room, eat-in kitchen, formal dining & 4 spacious bedrooms. Master has shower & walkin closet. Some of the many recent updates include combo refrigerated air/heating unit & new stucco in 2012, new windows throughout in 2010, new appliances, light fixtures, updated baths in 2009 & new metal gate in 2012 to obtain back yard access. Huge 25x12 workshop insulated & finished!



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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Spring Market Updates

Wednesday, March 27, 2013
by Sandi Pressley

Good Monday Morning!

It appears that spring is close to being here. The first sign of spring is the longer days and flowers beginning to bloom. It's a wonderful time to live in the Albuquerque area.

Mortgage interest rates have remained almost unchanged over the past month until late last week when we saw rates take another dip. It just can't get much better than this for financing a home. If you consider that home prices are much lower than they were at the peak of the market and then consider the low cost of financing, there just may never be a better time to buy a home. This also means that it is a great time to sell your home and purchase another home whether it might be a larger home or a smaller home. The largest challenge facing home buyers right now is that the inventory of homes for sale is low. It might be slightly tougher to find the perfect home to purchase, but we are managing to find great purchase opportunities right now for the home buyers we are working with.

If you are thinking about purchasing your first home, moving up to a larger home or downsizing, the best way to start the process is to set a time to meet with us. We can determine your needs and then look at the best course of action for you. Once you know the process and the numbers your decision becomes much easier. I strongly advise anyone who is thinking about buying or selling a home right now to start the process with this easy analysis.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Property Image
214 Manzano St NE B
Price: $155,000 Beds: 2 Baths: 1.5 Sq Ft: 1189
Light & bright townhome attached to only one other unit on fully landscaped lot in UNM area! Great floorplan w/spacious greatroom open to the kitchen & family dining area, two good-sized bedrooms & two bathrooms. Convenient kitchen w/pantry & sunny breakfast bar. Large master suite w/huge walkin shower. EZ to maintain, private back yard w/artificial grass. Great curb appeal! Washer, dryer & refrigerator convey! Great rental property or owner occupied! Rented through August 2013.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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Albuquerque Real Estate is Looking Up

Wednesday, February 27, 2013
by Sandi Pressley

Good Monday Morning!

Almost no new apartments have been built since 2008. The single family building permits in 2010 were 1,440 for the Albuquerque Metro Area. They dropped to 1,192 in 2011. In 2012, we saw the first increase over the prior year since 2006! We went from 1,192 to 1,428, a significant year-over-year increase but still more than 1,000 under the “breakeven” number. To put that into perspective, more than 6,600 building permits were pulled in both 2005 and 2006! The increasing number of permits last year is an extremely good sign for two reasons. The increase indicates returning consumer confidence and demand in the market place. Second, because building houses creates jobs!

To recap, I now really do believe the bottom is behind us. Here is why:

  1. The inventory of resale homes is the lowest it has been in 6 years.
  2. We have 18 straight months of year-over-year increases in the amount of homes being put under contract. In other words, a consistent increase in demand.
  3. There have been 4 years of very low building permits, which are finally increasing.
  4. 2012 would be twelve years since the last bottom in the prior cycle, mirroring the 12-year cyclical history of the Albuquerque market.

Anecdotally, we are seeing multiple offers for the first time in many years. This is the actual ground level indicator of the shift in balance from over supply to balance.

Let me close with this thought. In both of the last recoveries, the post 1988 and post 2000 bottoms, the highest rate of appreciation was 5 years from the bottom. If we mark 2012 as the first positive year, our highest rate of annual appreciation in this cycle could be just 4 short years away from now. Do not expect gigantic annual appreciation in the next two to three years, but if we mirror either of the last two recoveries, we should see a 2 to 3% annual increase, which could, in the next 4 years, reach a one-year increase of 9%.

Combine that timing with interest rates below 4%, and I think if a homebuyer were ever to consider buying - the timing is perfect. For the sellers who have waited through the recession, the light is at the end of the tunnel!

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Property Image
9909 Buckeye St. NW 87114
Price: $480,000 Beds: 5 Baths: 3 Sq Ft: 3817
Phenomenal custom dream home by Char Construction w/courtyd entry, refrigerated air & amenities galore! Versatile floorplan w/2 master suites, one on main level. Large living room w/soaring ceilings, entertainment center & kiva style gaslog fireplace opens to the family dining room. Delightful kitchen w/gorgeous cabinets, island w/sink, JennAir appliances & granite countertops. All bedrooms are well sized. Two decks offer exceptional mountain/city views. Xeriscaped w/covered & open patios.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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Getting your Home on the Market

Monday, February 4, 2013
by Sandi Pressley

Good Monday Morning!

If you are thinking about selling your home, now is the time to begin the process for getting your home on the market. One common thought is that Spring is the best time to get your home on the market. The reality is that by Spring home inventories often times increase and your competition level increases. If you can get your home ready for market by February or March you may beat the rush and have a better climate for a sale. Here are just a few things that you might want to pay attention to prior to placing your home on the market.

  1. Go through your home and do what I call de-clutter. This means take out over sized furniture items, nick nacks, anything that is not needed for everyday living. The idea is to make rooms looks larger and give prospective buyers the ability to see the space.
  2. Touch up interior paint or even re-paint if needed .This would mean making walls, trim ceilings looking as new as possible.
  3. Clean carpets and hard wood flooring.
  4. Clean your home thoroughly and don't forget to clean windows inside and out.
  5. Be sensitive to odors from cooking, pets, etc. Scented candles are a great way to keep your home smelling great. Prospective buyers are very odor sensitive.
  6. Maintain an even temperature in your home. Homes that are too hot or too cold will detract from showings.
  7. Always have your home neat, clean, drapery or blinds open and lights on for showings.
  8. Winter time is tough for exterior, but having your landscaping and home exterior looking great is important. Have flower beds with fresh bark dust, walks swept. leaves raked and washing down siding will greatly increase the way your home looks for drive bys.

One of the key functions that I complete when I visit a home for someone thinking of selling their home is going through a check list of items that the homeowner can do to enhance the appearance of their property. My objective is to list items that will increase the value, lessen the number of days on the market and helping the homeowner not perform tasks that are not dollar productive. If you are considering placing your Albuquerque/Rio Rancho area home on the market, please contact me for a no obligation visit that we can identify items for you to focus on and also get a good idea of your homes current market value.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Image Unavailable
15 Sinagua Rd.
Price: $325,000 Beds: 3 Baths: 2 Sq Ft: 2200
Gorgeous SW style home on 1.5 ac view lot. Lg great room with beamed ceilings/Kiva style corner fireplace. Beautiful kitchen w/Wolf range/stainless steel appliances/center island is open to the dining area. Lg mast suite w/beamed ceilings & deluxe bath/garden tub/separate shower. The versatile floorplan features an office w/separate entrance included in sqft, could be 4th bedroom. Amazing views all around. The road ends at BML land & open space about 1/4 mi from this spectacular home.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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Abq. & Surrounding area November Updates.

Monday, December 19, 2011
by Sandi Pressley

November Monthly Highlights

 

 

  • Pending homes sales in the Greater Albuquerque

market are up 26.66% from November 2010 and

down 4.97% from the previous month.

 

  • The median sales price of single-family detached

home sales decreased for the third consecutive

month.

 

  • Single-family detached home sales rose 4.90%

from the previous month.

 

 

 

Click Here for the full November Report

 

Remember that it is a great time to either be buying or selling a home! Just call me for the details on why, 505-980-2999

And hers your morning coffee.....

Sandi

 

 

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Abq. & Surrounding area October Updates

Saturday, December 3, 2011
by Sandi Pressley

                  October Monthly Highlights

 

 

  • Detached home sales in October rose 9.48 percent

from the previous month and 24.12 percent from

the previous year.

 

  • The median sales price for detached homes sales in

October was at $167,000, down 7.22 percent from

the previous year.

 

  • Pending home sales for single-family detached

homes rose from the previous year by 19.85 percent.

 

 

Click Here for the full October Report

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Displaying blog entries 1-8 of 8

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Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729
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Quick links to this site are also SandiSells.net or SandiSellsHomes.com