Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 41

Home Sales Low This Summer

by Elite Asset Management Team

 

 

 

Sales in June down 2.2% from last year, according to the National Association of Realtors’ latest Existing Home Sales Report.

Home inventory still below 6-month supply needed for a normal market despite the 0.5% improvement from last year.

NAR’s Chief Economist Lawrence Yun had this to say: “There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining. The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market.”

 

In our local Albuquerque Market the median sales price is $208,000, up +4.1% from last year this time and months supply is 2.5, down -37% from last year

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 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

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

Thinking of Selling Your House On Your Own? It Could Cost You.

by Elite Asset Management Team

 

The current real estate market favors sellers and some homeowners might be thinking of selling their homes on their own which is also known as a For Sale By Owner (FSBO). They think that by going that route, they’ll be saving money by not having to get the services of a real estate agent.

Collateral Analytics made a study and found out that FSBOs don’t actually save any money and in some cases, it has cost them more by not getting the services of a real estate agent and having it listed with them.

In the study, they analyzed home sales in a variety of markets. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

Why would FSBOs net less money than if they had used an agent?

The study makes several suggestions:

  • “There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids with the logic that the seller is “saving” a traditional commission. Such buyers might specifically search for and target sellers who are not getting representational assistance from agents.” In other words, ‘bargain lookers’ might shop FSBOs more often.
  • “Experienced agents are experts at ‘staging’ homes for sale” which could bring more money for the home.
  • “Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.” If more buyers see a home, the greater the chances are that there could be a bidding war for the property.

In conclusion:

  1. They achieve lower prices when they go FSBO than similar homes that are sold by realtors who use the MLS,
  2. The data suggests the average price was near 6% lower for FSBO sales of similar properties.

America’s trusted voice on money, Dave Ramsey explains:

“Research has shown that, between mistakes, lack of negotiating skills, pricing errors and general exposure on the market, you’ll cost yourself more than the real estate commission…You’ll come out slightly better and with a lot less hassle if you use a top-shelf agent.”

 

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

 

February sales in Greater ABQ continue upward trend

by Elite Asset Management Team


Sales activity in the Greater Albuquerque market areas saw Pending home sales exceed 1,000 for the second consecutive month, according to the Greater Albuquerque Association of REALTORS® (GAAR) with data from the Southwest Multiple Listing Service, Inc. (SWMLS). The 1,142 detached homes going under contract in February 2018 was a 22.4 percent increase over the same period last year and is the highest February month for Pending sales since 2006.

Pending sales of condos/townhomes for February 2018 notes a 25.6 percent increase over the same month last year. Once again, inventory of homes for sale in the Greater ABQ areas is down. Compared to February 2017, detached inventory shows an 18.2 percent drop to only 2,613 active listings, while attached homes were reduced 29.6 percent.

Both the average and median detached home prices increased in February. Compared to the same period in 2017, the median sales price increased 4.1 percent to $194,500 and the average sales price increased 0.8 percent to $225,342. While sales of homes in the $200,000 to $249,999 remain strong, February marked a notable increase in homes sold in both the $140,000 to $149,999 range and the $160,000 to $179,999 range.

The ratio of Sales Price compared to Final Listing Price for detached homes increased 0.2 percent to 97.6 percent for the month of February. Condo/Townhome sales showed an increase of 0.3 percent to 97.3 percent for the same time period.

“Homes selling in February retained 97% of their final listing price,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “Using a REALTOR® in today’s market has never been more important in helping sellers get to the best price point to maximize their sale profits” The full report for February market statistics is available by clicking here, or going to GAAR.com and clicking on Market Statistics.

Report is from GAAR.com

Upsizing? Housing Affordability is Better Now than in the Past 40 Years

by Elite Asset Management Team

 

If you are thinking of moving up to a larger home or moving to a better area, now is the time to sell.

According to an article called Not Your Father’s Housing Market by Trulia, which is about housing affordability over the last 40 years:

“Nationally, homes are just about the most affordable they’ve been in the last 40 years… the median household could afford a home 1.5 times more expensive than the median home price. In 1980, the median household could only afford about 3/4 of the median home price.

Despite relatively stagnant incomes, affordability has grown due to the sharp drop in mortgage rates over the last 30 years – from a high of over 16% in the 1980s to under 4% by 2016.

Of the nation’s 100 largest metros, only Miami became unaffordable between 1990 and 2016. Meanwhile, 22 metros have flipped from being unaffordable to becoming affordable in that same time frame.”

 

 

Except for the housing crash in the past 10 years, the graph shows that homes are more affordable now than in the past 40 years.

Now is the time to sell and purchase a new home if you’re thinking about it. With home prices and mortgage rates rising, affordability will also go down. Time is of the essence.

If you’ve been monitoring the market and have been waiting for the right time, this is it.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 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

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

ABQ housing market ends 2017 on a high note

by Elite Asset Management Team

ABQ housing market ends 2017 on a high note

from GAAR News

 

Albuquerque, N.M. — The metro Albuquerque housing market closed out 2017 on a high note, according to the Greater Albuquerque Association of Realtors.

 

The association said there were 11,477 single-family home sales in 2017, a nearly 7 percent increase over the previous year. The median house price rose almost 4 percent, reaching $196,900.

The association said the number of days homes sat on the market fell from 72 days in 2016 to 54 days in 2017 in the metro area, which encompasses Bernalillo, Valenica, Sandoval, Torrance and parts of Socorro and Santa Fe counties.

Total dollar volume from single-family home sales was $2.7 billion last year, a 12 percent rise from the previous year.

Association President Danny Vigil says last year’s market was difficult for buyers because many homes sold as soon as they were listed, a situation that clearly favored sellers.

“While it’s true that inventory has remained tight all year — a little over a two-month supply at this time — buyers still were not deterred from jumping into the market and were attracted by the area’s variety of price points and property types,” especially new construction, Vigil said.

Homes that were priced right sold fast in popular locations in Albuquerque and Rio Rancho, like the Northeast Heights and the Paradise Hills and Taylor Ranch neighborhoods.

“An area that’s coming on strong is Valencia County,” particularly new housing communities in Las Lunas and Belen, said Vigil, an associate broker with Coldwell Banker Legacy. “Young families get really excited about affordable new construction; they only want to worry about landscaping.”

Condominium sales rose more than 11 percent year over year, while the median sales price of condos sold in 2017 increased almost 1.5 percent to $142,000.

While there are about 3,000 properties currently on offer in the metro area, Vigil expects that number to grow appreciably in the next few months and more “for sale” signs will pop up in yards in the spring. “I have five clients teeing up to sell,” said Vigil. “They’re painting, installing carpeting, clearing out the clutter so they can get top dollar.”

Buyers looking to start the new year with a new home will encounter rising interest rates. Rates have been trending up since mid-September, though they remain just barely under 4 percent.

Source: By Steve Sinovic / Journal Staff Writer

2018 Home Loan Limit Increases

by Elite Asset Management Team

 

The following new limits will be effective for loans in 2018:


  • FHFA (Federal Housing Finance Authority)—Conventional Loans. The Federal Housing Finance Agency (FHFA) has announced that it has increased the 2018 maximum conforming and high-cost area loan limits for mortgages acquired by Fannie Mae and Freddie Mac. Conforming loan limits for one-unit properties in the contiguous U.S. will be $453,100. High-cost area loan limits for one unit will be $679,650.
  • FHA (Federal Housing Authority) FHA has updated its list of the maximum mortgage limits for FHA-insured forward mortgages, effective for case numbers assigned on or after January 1, 2018, through December 31, 2018. FHA loan limits will increase in 3,011 counties and stay the same in 233 counties.
  • VA (Veterans Affairs) VA Loans will also have new limits; however, for pricing purposes, keep in mind that any amount over the conforming lending limit of $453,100 will be considered high balance for VA on or after January 1, 2018.

Why Hire A Real Estate Professional? Here’s Why

by Elite Asset Management Team

 

Buying or selling a home is one of the biggest decisions you’re going to make in your life. What most people don’t realize is the amount of work that is involved and also the amount ok knowledge that is required to help you get your home sold. There are rules and regulations to follow and laws to comply with. There are disclosure issues, contingencies to deal with many key steps to negotiate. This is why realtors are licensed and area required to take continuing education.

 

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

 

Albuquerque Markets Shifts in a Sellers Market

by Elite Asset Management Team

Albuquerque Real Estate Market has shifted into a sellers markets. Home inventory has dropped another 19% from last month. We are seeing multiple offers in some areas but sellers still need to pay close attention to the comparable sales for proper pricing. If you would like a quick home valuation go to www.ABQPrice.com or call Pete Veres, Certified Residential Specialist to schedule your Free Detailed Market Consultation. 505-362-2005

 


Lowest Housing Inventory in Over 30 Years

by Elite Asset Management Team

 

It is summer time and buyers are out in full force. Normally, homeowners would take advantage and list their homes for sale and look for a new home that would better suite their needs, but not this year.

Inventory is at its lowest in over 30 years. According to Frank Nothaft, Chief Economist for CoreLogic, “The growth in sales is slowing down because of lack of inventory and not because of affordability. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”

With the low inventory, prices have continually increased over the years. According to CoreLogic’s President & CEO, Frank Martell, until the housing supply challenge has been resolved, affordability will likely become a much bigger challenge in the years ahead. Low mortgage rates help keep homes affordable on a monthly payment perspective.

For the 25th consecutive month, inventory has been low and is at a 4.3-month supply based on a report from the National Association of Realtors. Locally in Albuquerque we our inventory is -18% from last year this time with our inventory being at a 3.2 month supply. To track your local homes sales in your neighbour go to: www.ABQMarketinfo.com

Luxury and Premium homes are taking a blow from the current situation and are staying longer in the market which suggests a buyer’s market. This also holds true in Albuquerque with homes in the $500,000+ range. While starter and trade-up homes are staying within the median US figures and in some areas of Albuquerque selling very fast with multiple offers taking place.

Now is the time to sell. Inventory is low and buyers are ready to buy. Buyers are competing for available homes and this could be what you’ve been waiting for.

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

Listing Your Home Now Can Help You Get Your Retirement Home Faster

by Elite Asset Management Team

 

You probably have an idea on where you would want to retire. It could be where you are now or someplace you’ve always wanted to retire to. It could be in a few years or more, but it’s not too early to plan it right.

Listing your home now and selling it is one of the best ways to get you to where you want to be in the future. Home equity is on the rise. Just this past year, the average homeowner has gained about $14,000 in equity with the West Coast gaining twice the amount according to Corelogic’s Equity Report.

By selling your home now, you would be able to purchase a condo that is much easier to maintain than a house. The amount left from the purchase of your condo can then be used as a down payment for your retirement home. What’s good about this is that you can rent out the vacation/retirement home and use the money for your mortgage and pay it faster.

It’s a seller’s market right now and it’s time to take advantage of the current situation and the equity that you’ve built.

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

Displaying blog entries 1-10 of 41

Syndication

Categories

Archives

Contact Information

Photo of Elite Asset Management  Real Estate
Elite Asset Management
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
(505)362-2005
Reviews on Zillow
4417042
"Professional and Knowledgeable about real estate in the area, patient with difficult customers like me and my wife (who occasionally wanted very ... more "
5.0/5.0
by rezaarghavani
4279664
"We interviewed the top 4 realtors in our zip code and Pete was at the top of the list. His presentation was professional and well thought out. ... more "
5.0/5.0
by chuck tabbert