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Owning a Home Still Better Than Renting. Why?

by Elite Asset Management Team

 

A lot of people are still renting even though owning a home has great financial benefits. Why is owning a home better than renting? That is a very easy question.

According to Zillow:

“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.”

Why is it financial better to own a home? Here’s why.

1. Top 5 benefits

  • Owning a home is like having forced savings.
  • It is cheaper to buy than to rent.
  • It’s the only investment where you can live inside it.
  • Locked in monthly housing cost
  • Tax savings

2. Net worth is 44x greater than that of a renter if you own your own home.

3.If you bought a home in early 2017, in just 5 years you could build more than $48,000 in wealth.

4. Your rent isn’t just rent. Included in the rent are probably the taxes, the money needed for repairs and profit for the landlord.

However you look at it, owning your own home is better financially than renting.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.

You can contact him by calling 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

November 2017 RE/MAX National Housing Report

by Elite Asset Management Team

Nationwide Seller’s Market Reigns as Home Prices Climb


 


DENVER – Despite record low inventory for the month, October home sales increased 2.5% year-over-year and kept 2017 prices ahead of 2016, according to this month’s RE/MAX National Housing Report. To access the housing report infographic, visit: rem.ax/2cYFT50.

Thirty-seven of the 53 metro markets in the November RE/MAX National Housing Report posted sales increases over October 2016. Meanwhile, inventory gauges were at their lowest point for an October in the report’s nine year history. The Months Supply of Inventory dropped to 3.3 – the lowest for any October in this housing report. It was mirrored by the Days on Market average of 51 days, also a new low for October for the report and a full week faster than the selling rate of homes in October of last year.
 
The Median Sales Price of $224,000 increased 3.3% over last October and was $19,000 higher than the same month in 2015. The median price remained on a par with the prices of last spring that kicked off the peak summer selling season.
 
“The housing market is steady and at least somewhat predictable with record-low inventory and increasing prices in markets across the country,” said Adam Contos, RE/MAX Co-CEO. “With job growth and increased household formation, buyers will struggle and may even be priced out of the market until home building catches up.”
 
Closed Transactions 
Of the 53 metro areas surveyed in October 2017, the overall average number of home sales decreased 3.4% compared to September 2017 but increased 2.5% compared to October 2016. Thirty-seven of the 53 metro areas experienced an increase in sales year-over-year including, Albuquerque, NM,+19.8%, Augusta, ME, +14.1%, Las Vegas, NV, +13.2%, Billings, MT, +12.4% and Providence, RI +11.4%.

Median Sales Price – Median of 53 metro median prices
In October 2017, the median of all 53 metro Median Sales Prices was $224,000, down 1.1% from September 2017 but up 3.3% from October 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Wilmington/Dover, DE, -4.1%, Trenton, NJ, -1.0%, and Cincinnati, OH, at 0.0%). Eight metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Las Vegas, NV, +16.3%, Birmingham, AL, +12.3%, New Orleans, LA, +12.3%, Des Moines, IA, +12.0% and Seattle, WA, +11.6%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in October 2017 was 51, up two days from the average in September 2017, and down seven days from the October 2016 average. The four metro areas with the lowest Days on Market were San Francisco, CA, at 24, Omaha, NE, at 26, Seattle, WA, at 27, and Nashville, TN, at 28. The highest Days on Market averages were in Augusta, ME, at 108 and Burlington, VT, at 89. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. 
 
Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in October 2017 was down 6.3% from September 2017, and down 13.4% from October 2016. Based on the rate of home sales in October, the Months Supply of Inventory decreased to 3.3 from September 2017 at 3.6, compared to October 2016 at 3.9. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In October 2017, 50 of the 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. The metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market, were Miami, FL, at 7.3, Birmingham, AL, at 6.8 and Augusta, ME, at 6.5. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.0, Denver, CO and Seattle, WA, at 1.3, and San Diego, CA, at 1.8.


Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.
And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!
Peter Veres
Associate Broker, CRS,ABR,CLHMS,SRES
Elite Asset Management Team - RE/MAX Elite
www.PeteVeres.com
Cell: 505-362-2005
Office: 505-798-1000

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.
And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!


Peter Veres
Associate Broker, CRS,ABR,CLHMS,SRES
Elite Asset Management Team - RE/MAX Elite


www.PeteVeres.com
Cell: 505-362-2005
Office: 505-798-1000

Mortgage Rates on the Rise. Buy Now While they’re Low.

by Elite Asset Management Team

 

For weeks, the mortgage rates have been going up. This is according to a report by Freddie Mac. Multiple sources like Freddie Mac, the Mortgage Bankers Association and the National Association of Realtors, are saying that mortgage rates will continue to rise in the next year.

Right now, it is still at a historic low. It is lower than what it used to be 10 or 20 years ago.

Chart of average mortgage interest rate of the past decades.

 

Since mortgage rates are projected to rise, it is wise to purchase now before it gets higher by the next 4 quarters.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.

You can contact him by calling 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

 

 

Should You Own Your Own Home? 5 Reasons Point to Yes!

by Elite Asset Management Team

Homeownership is now gaining momentum. It is now rebounding from recent lows and is going the right path. Everyone has different reasons to buy a home. Owning your own home is a dream come true and it gets better.

 

Here are 5 financial reasons why you should buy a home.

  • Equity – With your monthly mortgage payments, you build equity. You can put this towards home repairs or renovations, pay a debt, or even set it aside for your child’s education.. When you rent, your landlord gets that equity.
  • Save on Tax – Who doesn’t want to save on taxes? You can deduct your mortgage interest, profits from selling your home, and property taxes. Speak with an accountant to be sure which taxes can be deducted in your area.
  • Steady Housing Cost – Rent gets higher as years pass. When you purchase a home, you get to pay a fixed amount each month. You home value may rise due to inflation, but you’ll still be paying the same amount monthly.
  • Renting is more EXPENSIVE – You may not believe it, but it’s true. According to a report done by Trulia, it is now less expensive to own a home than to rent. About 37.4% less to be exact. It varies depending on the location, but it ranges from 6% cheaper in San Jose, CA to 57% cheaper in Detroit, MI.
  • Home and Investment – Your home is an investment. The price will continue to rise as years pass which will result in more money if you decide to sell it. And you can live in it. You can live your life and build memories and also earn at the same time. Owning your own home seems like the smartest move to me. What do you think?

 

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.

You can contact him by calling 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

October 2017 RE/MAX National Housing Report

by Elite Asset Management Team

September Home Sales Slow Amid Strong Prices, Low Inventory

 

 

 

DENVER – September became the fifth month this year to post a decline in home sales compared to a record-setting 2016, while marking the 71st consecutive month of rising sale prices year-over-year, according to the October RE/MAX National Housing Report.

Joining August, July, April and February, September home sales dropped 4.2% year-over-year in the report’s monthly analysis of housing data in 54 metro areas. Going in the opposite direction, the Median Sales Price increased to $225,000. Though the lowest price since March, it was 2.3% higher than September 2016. The last month when home prices did not increase year-over-year was October 2011.

Three-quarters of the way through 2017, other notable numbers from the RE/MAX National Housing Report include:

In the wake of Hurricane Irma in early September, Miami saw home sales drop 35.2% year-over-year. Houston, meanwhile, posted a 3.2% gain despite the impact of Hurricane Harvey in late August.

Days on Market declined by one week, from 56 in September 2016 to 49.

At 3.6, the Months Supply of Inventory was the lowest of any September in the report’s 9-year history. Twenty-three markets are at 3 months or less.

Mirroring this, inventory dropped 14.1% year-over-year, with 46 metro areas seeing fewer homes for sale. Year-over-year, inventory has declined every month since November 2008.

“We’re not seeing any relief from the nationwide housing shortage as we enter the typically slower fall and winter selling seasons,” said Adam Contos, RE/MAX Co-CEO. “Plain and simple, we need more homes, particularly at the entry-level price point. Until then, it will most likely continue to be a seller’s market with homes going from listed to sold quickly.”

 

Closed Transactions

Of the 54 metro areas surveyed in September 2017, the overall average number of home sales decreased 14.9% compared to August 2017 and decreased 4.2% compared to September 2016. Sixteen of the 54 metro areas experienced an increase in sales year-over-year including, Billings, MT,+18.4%, Burlington, VT, +7.6%, Chicago, IL, 7.4%, Honolulu, HI, +4.6% and Las Vegas, NV +3.8%.

 

Median Sales Price – Median of 54 metro median prices

In September 2017, the median of all 54 metro Median Sales Prices was $225,000, down 5% from August 2017 but up 2.3% from September 2016. Only five metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Trenton, NJ, -8.5%, Hartford, CT, -5.3%, Billings, MT, -2.2%, and Augusta, ME and Baltimore, MD at 0.0%). Eight metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Seattle, WA, +13.7%, San Francisco, CA, +13.2%, Providence, RI, +13%, Las Vegas, NV, +12.2% and Tampa, FL, +11.4%.

 

Days on Market – Average of 54 metro areas

The average Days on Market for homes sold in September 2017 was 49, up two days from the average in August 2017, and down seven days from the September 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE, at 23, Seattle, WA, at 25, and San Francisco, CA, at 26. The highest Days on Market averages were in Augusta, ME, at 105 and Burlington, VT, at 94. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

 

Months Supply of Inventory – Average of 54 metro areas

The number of homes for sale in September 2017 was down 3.6% from August 2017, and down 14.1% from September 2016. Based on the rate of home sales in September, the Months Supply of Inventory increased to 3.6 from August 2017 at 3.1, compared to September 2016 at 3.9. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In September 2017, 51 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. The metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market, were Miami, FL, at 11.8, Augusta, ME, at 6.4, and Birmingham, AL, at 6.3. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.2, Seattle, WA, at 1.5, Denver, CO, at 1.6 and San Diego, CA, at 1.8.

 

Buy or Rent? Buy! It’s Cheaper in 39 States

by Elite Asset Management Team

 

According to Trulia’s latest report, with a traditional 30-year fixed rate mortgage, owning a home is cheaper than renting. This is within the 100 largest metro area if the U.S.

In San Jose, California, the average is at 3.5% less expensive, a whopping 50.1% less expensive in Baton Rouge, LA and, 33.1% all across the U.S.

In 39 states, owning a home is cheaper according to a study done by GoBankingRates. The map below shows the states where it’s cheaper to own a home.

 

With interest rates at an all-time low, it’s one of the main reasons why it’s cheaper t own a home than to rent. The current interest rate on a 30-year fixed rate mortgage is 3.91%, according to Freddie Mac. The interest rate would have to be more than twice in order for rent to be cheaper than buying.

I’m sure you already know the pros of owning a home: full control of your property, gradual increase in equity, building new memories, and celebrating special occasions with family and friends. When you really think about it, there’s no reason not to own a home.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.

You can contact him by calling 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

Selling NOW May Get You the Best Price for Your Home

by Elite Asset Management Team

 

If you are thinking of selling, now id the best time to list your home. The inventory is low and demand is high. According to Lawrence Yun, Chief Economist for the National Association of Realtors:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

Natural disasters have also affected the current situation of the real estate market. Yun also said:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

In the August 2017 Realtors® Confidence Index of NAR it states that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”

The inventory of homes is very low. There should be about a 6 month supply of homes but the market only has about a 4.2 month supply which is lower than 4.5 last month.

There are many reasons why the inventory is low. Some may be waiting for the prices to get higher thinking it’s the right move. That could cost them. Now is the perfect time to sell while the inventory is low. The prices and the demand are high. Don’t wait until everybody starts listing their homes. More homes on the market equals lower prices and more competition.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRS – Senior Real Estate Specialist who can help you get your home sold. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.

You can contact him by calling 505-362-2005 or by emailing him at Pete@nmelite.com.

Here are also some Free Sellers resources. VIP-Seller-Resources

Closing Costs Surprises Buyers According to Survey

by Elite Asset Management Team

 

More than half of buyers are surprised when it comes to the closing costs required to obtain a mortgage, according to a survey done by ClosingCorp.

They surveyed first-time and repeat homebuyers which totalled to 1,000 and it showed that 35% were surprised at how high the fees were than they expected, while 17% didn’t know they had to pay closing costs at all.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com gathered data from lenders from all the states in order to show the average costs in each state.

Info below is based on $200,000 homes with a 20% down payment.

 

 

“Closing costs are typically between 2 and 5% of your purchase price.”

Don’t get caught off guard with closing costs. Ask your lender and your agent about closing costs and find out how much you would be paying for.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you.

He always makes sure all his clients, both buyers and sellers have an idea of their closing costs. For Sellers he always does a formal net out and for buyers he works with the lender to see what their closing costs will be. In many cases he may need to negotiate the closing costs so that in minimizes the buyers out of pocket costs. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a proven track record.

You can contact him by calling 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

September 2017 RE/MAX National Housing Report

by Elite Asset Management Team

Housing Ends Summer Strong; Only Slight Inventory Relief

 

 

DENVER – U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma.
 
The RE/MAX National Housing Report shows August sales topping July by 2.8%, but finishing 0.84% below August 2016 which remains the best August in the report’s 9-year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3% drop in sales from July and a 27.5% decline year-over-year.
 
Inventory in the report’s 54 markets declined 3.9% from July and 13.7% from a year ago, driving Days on Market to drop to 47 – the fastest listing-to-sale average for any August. The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.
 
“Overall, we’re still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”
 
After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4% higher year-over-year.
 
Closed Transactions 

Of the 54 metro areas surveyed in August 2017, the overall average number of home sales increased 2.8% compared to July 2017 and decreased 0.84% compared to August 2016. Twenty-four of the 54 metro areas experienced an increase in sales year-over-year including, Wilmington/Dover, DE,+17.2%, Trenton, NJ, +13.8%, Honolulu, HI, +12%, Augusta, ME, +11.1% and Boise, ID, +9%.

Median Sales Price – Median of 54 metro median prices
In August 2017, the median of all 54 metro Median Sales Prices was $236,475, down 1.3% from July 2017 but up 5.4% from August 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Anchorage, AK, -1.5%, Augusta, ME, -1.4% and Hartford, CT, -1.4%). Nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Cincinnati, OH, +14.5%, Las Vegas, NV, +13.7%, Boise, ID, +12.4%, Nashville, TN, +12.1% , San Francisco, CA, +11.5%, and Seattle, WA, +11.4%.

Days on Market – Average of 54 metro areas

The average Days on Market for homes sold in August 2017 was 47, up two days from the average in July 2017, and down seven days from the August 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE, and Seattle, WA, at 21, and Denver, CO, and San Francisco, CA, at 24. The highest Days on Market averages were in Augusta, ME, at 100 and Burlington, VT, at 92. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. 
 
Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in August 2017 was down 3.9% from July 2017, and down 13.7% from August 2016. Based on the rate of home sales in August, the Months Supply of Inventory remained unchanged from July 2017 at 3.1, compared to August 2016 at 3.4. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In August 2017, 53 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.5, Miami, FL, was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.0, Seattle, WA, at 1.3, Denver, CO, at 1.4 and San Diego, CA, at 1.7.
 

This Fall is the Time to Buy a Home

by Elite Asset Management Team

 

You might be thinking of buying a home and now is the time to buy.

Here are a few reasons as to why buying a home this fall is a smart move.

 

  1. Home Prices

Some of you may be thinking of holding off on buying a home because of the current prices but the bad news is that home prices are projected to rise 5% over the next year, according to CoreLogic’s latest Home Price Index reports. They also reported that home prices have increased 6.7% over the past 12 months. Buying  home now would be more affordable than waiting.

 

  1. Mortgage Rates

As with home prices, mortgage rates are also projected to rise. Freddie Mac’s Primary Mortgage Market Survey indicates that interest for a 30-year mortgage is at about 4%.

Your monthly mortgage payments will increase if you decide to buy later rather than sooner. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors all agree that the projected rates are going to get higher by this time next year.

 

  1. Renting vs Owning

 

When you rent, you pay for your landlord’s mortgage. Owning your own home or renting, you pay a mortgage either way. The difference is that if you own your own home, you earn equity which you can benefit from later on. Unlike when you rent, your landlord’s the one who benefits from the increase in equity.

 

  1. Why are you buying a home?

We all have different reasons as to why we’re thinking of buying a home. It could be for investment, it could be a vacation home, you could be downsizing or upgrading. What all home buyers have in common is that they will all buy a home eventually. What makes the decision difficult differs as well but we can all agree that the price and mortgage rates matter. Home prices are projected by experts to rise significantly in the next 12 months and with this information you can’t deny that buying a home now is the a very smart move.

 

Hiring a realtor to help you will not only make that decision easy, it will also make the home buying or home selling process flow smoothly. You also need to make sure you just don’t hire any realtor. Look for an experienced agent who has a good track record, is a full time agent and designations are very important such as ABR and CRS certifications.

With their knowledge, experience and tools, the will be able to provide you with all that is need for a successful transaction.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.

You can contact him by calling 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

Displaying blog entries 1-10 of 126

Contact Information

Photo of Elite Asset Management Team Real Estate
Elite Asset Management Team
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
(505)362-2005
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