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Purchasing a Home is Still a Good Choice

Tuesday, August 20, 2013

by Sandi Pressley

Good Monday Morning!

While homeownership numbers may be down, Americans continue to believe that owning a home is still a good decision even as mortgage rates bounce up and down. According to the National Association of Realtors 2013 National Housing Pulse Survey, eight in 10 people believe that purchasing a home is a good choice and 68% believe that now is a good time to make a purchase. Since the last survey in 2011, renters who are contemplating a home purchase rose from 25% to 36% while those who stated they prefer to rent fell from 31% to 25%. More than half of the renters surveyed stated that one of their highest priorities is owning a home, up to 51% from 42%.

We remain towards the lower end of a home value cycle. This means that most likely home values will increase significantly over the next 5 years. Even though mortgage rates have ticked up slightly, they remain well below the 10 year average. This combination leads one to believe that investing in home ownership now is a wise decision.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

9017 Galaxia Way NE

Price: $375,000

Beds: 4

Baths: 1.5

Sq Ft: 2,735

This gorgeous brick home is situated on almost 1/3 of an acre lot w/back yard access, RV parking & lots of udates! Automatic gate, decorative fencing for total privacy & security, wheel chair accessible throughout. Refrigerated air! Formal living/dining room combo, huge family room w/custom fireplace & wet bar opens to the spacious kitchen w/sunny breakfast nook. Newer windows, cook top, range hood & gorgeous marble tile. Nicely landscaped front & back. Finished oversized garage!

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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!

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.

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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real estate Albuquerque New Mexico news trends real estate trends market report market update

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!

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.

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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real estate Albuquerque New Mexico news trends real estate trends market report market update

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:

The inventory of resale homes is the lowest it has been in 6 years.
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.
There have been 4 years of very low building permits, which are finally increasing.
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!

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.

View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

Visit Website

Add Comment

real estate Albuquerque New Mexico news trends real estate trends market report market update

Displaying blog entries 1-4 of 4