Real Estate Information Archive

With the start of a new decade, many changes are taking place. In regards to design trends, 2010 brought white kitchens, clean lines and minimalistic decor. Now, there’s a shift to older, more rustic looks.

While these trends may not peak until later on, now is the ideal time to start working with sellers to prepare their house for new buyers filtering into the market. This includes many Gen X buyers who are starting to reach the age when they’re thinking about homeownership. To help you educate your clients, here are some of the top design trends to look for in 2020.

Kitchen

In 2010, white kitchens were all the rage. In fact, according to interior design company Houzz, nearly 40 percent of homeowners are still installing white cabinets during their renovations. If your clients are part of this group, you may want to tell them to wait. Wood cabinets are projected to make a comeback this decade, as the rustic look has become more appealing.

Similarly, rather than sticking with a white palette, muted tones like grays and blues are catching buyers’ eyes. If your clients are more bold, though, Classic Blue, which is a shade of navy, is the 2020 Pantone Color of the Year. Kitchen decor is also making a reappearance, moving away from the minimalist design. The idea is to make the space feel like another room in the home, rather than a sterile environment for preparing meals. By hanging artwork or displaying their favorite dishes with an open-cabinet design, your client will be able to showcase the room as a warm, welcoming space.

Living Room

According to NAR, staging the living room was found to be the most important for 47 percent of buyers. Help your client stage it with style by focusing on vintage accents and more natural touches. Both vintage art and furniture are making their way back into this decade. Antique art that has a story to tell can be a great focus piece for potential buyers. In addition to this, furniture from the 1800s and early 1900s are also trending. Incorporating a couple of statement pieces, such as an apothecary table or secretary or spooled-leg table, can create the perfect balance.

Adding natural touches is also a great way to keep up with the times without spending a fortune on staging. While plants can add a relaxing ambiance to any living room, the sophisticated olive tree is expected to become popular this decade, replacing the more dramatic fiddle leaf fig or gaudy ficus. If your clients have been hanging on to any wicker or rattan furniture, encourage them to give it a place it deserves. These natural textures are expected to gain attention in the coming decade.

Bedrooms and Bathrooms

Warmth and comfort seem to be a recurring theme throughout these new trends. In the bedroom, while neutral color schemes are still expected to continue, consider a warm color palette for home decor. A coral-colored throw or ochre rug can enhance the room without going overboard. Comfortable, cozy fabrics are also on the rise and can help potential buyers imagine themselves curling up in the room with a good book.

If your client is already remodeling a bathroom, consider guiding their new selections. According to the 2019 U.S. Houzz Bathroom Trends Study, 38 percent of homeowners added or replaced a master bathroom tub. Of those, 50 percent chose to install a freestanding flat-bottom tub shape. In addition to this, while statement walls have been popular for a number of years, statement rooms are rising to the forefront. This means wrapping the room in an eye-catching design, such as bold floral wallpaper or a natural texture. Another new fad is installing a built-in bench or stool in order to add additional seating.

Whether your clients are looking for minimal staging or major renovation advice, these top trends of 2020 should help you guide them in the right direction. With these new design trends, you should feel ready to market yourself and the home to get it sold. With Homes.com’s City Sponsor Ads, you give active buyers the chance to interact with you. By prominently displaying your listings among the first search results in your city, buyers will automatically be drawn to the listing without thinking about how long it’s been on the market.

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 [email protected].

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

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

To avoid damage to your irrigation system from freezing temperatures, it is important to “winterize” it by protecting exposed outdoor fixtures. If your hose bib is left exposed or standing water is left in pipes, valves or sprinkler heads during freezing temperatures, that water may expand and damage your system fixtures. That could result in costly but avoidable repairs. Each irrigation system may be different, but the general idea is the same: protect your irrigation system now to save time and expense later. Here are a few tips you should take to prepare your irrigation system for winter.

1. Disconnect the water supply to your irrigation system

a. If you manually water using a hose or if the irrigation system is attached to an outdoor spigot, you should disconnect it and cover your hose bib using a faucet cover. A faucet cover is easy to install and is usually made from durable hard plastic. It protects your outdoor faucet from freezing temperatures. This in an easy, inexpensive fix that will provide you peace of mind when the temperatures drop.

Pro Tip #1

Faucet cover to protect hose bib from frost.

Disconnecting your hose and covering your hose bib is very important in winter. If you leave the hose connected, water can freeze in the hose all the way into the hose bib and the pipe that goes inside your home. If the house pipe breaks, you will have water flooding inside, and potential major water damage inside your home. It’s definitely worth the $10-$15 on these insulated covers to prevent potentially thousands of dollars in plumbing repairs and water damage to your home. Don’t assume that if the hose bib freezes it will drip and freeze only outside your home. Sometimes the damage is a whole lot worse.

b. If you have a below ground irrigation system, locate your shut-off valve (often hidden in a 3” PVC pipe; often with a white or yellow cap, as shown in the photo). Turn it to the right to shut it off. Be careful when turning so you don’t break the valve. Your shut off valve may look like this:

Irrigation shut-off valve.

Pro Tip #2

Sometimes the water shutoff for your sprinkler system is in the green box shown in the picture. If so, we recommend adding some heat tape and/or insulation in the box because it will be exposed to freezing temperatures. If you can insulate it and protect it you can avoid potential frozen pipes at the shut off and potential repairs in spring. Watch out for spiders, though, because the shutoff box is a warm wet place.

2. Turn off the irrigation system controller (if you have one)

Irrigation controller set to off.

Pro Tip #3

If you forget to shut off your irrigation system during winter you can potentially have your automated sprinklers running in freezing temperatures. That can freeze and damage your sprinkler heads. Make sure you turn off all automatic cycles for your system. If you have a drip system for trees and other plants that need to be watered periodically throughout winter run the system manually when you are home, and only in above freezing temperatures. Don’t just assume that setting it to run during the day will be okay, either. There are days in winter when the temperature doesn’t get above freezing. It’s best to just turn it on when you’re home and then watch it. If your sprinkler heads do crack or break and you don’t notice, you will likely flood your yard in spring when you turn your system back to automatic settings. 

3. Drain the water from all pipes, valves, and sprinkler heads.

Drain cap at the end of a drip system.

There are several ways to drain your system.

• Manual drain valves and automatic drain valves can be blown out with compressed air. Local irrigation specialists can help.
• If you have an irrigation system with drip hoses, we recommend you locate the end cap (drain cap) of the drip hose and drain out the water.

Pro Tip #4

Sometimes irrigation systems don’t have drain valves. If you don’t have these, simply make sure you’ve turned off your sprinkler system prior to winter and freezing temps. Then you can have a professional inspect the system in spring before you turn it back on. A professional will inspect your system for leaks and make any repairs so you don’t flood your yard. So avoid the headache and have an inspection. If you consistently have problems year after year, drain valves can be installed to help clear the lines each winter.

Reminder: If you need to water in the winter season use your hose and remember to cover it when finished.

Homeowners and renters remodel, redesign, and restructure their home for a variety of reasons. This report takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a project is completed. This report contains some excellent information as many more people are remodeling their homes. Please contact me, Pete Veres and have any questions or would like a market analysis for your home.

See complete report CLICK HERE

We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

Here’s what some of the experts have to say:

Ralph McLaughlin, Deputy Chief Economist for CoreLogic

“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Lawrence Yun, Chief Economist at NAR

“We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac

“The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Bottom Line

The housing market will be strong for the rest of 2019. If you’d like to know more about your specific market, contact a local real estate professional to find out what’s happening in your area.

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 [email protected].

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

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

Questions continue to come up about where home prices will head throughout the rest of this year, as well as where they may be going over the few years beyond.

We’ve gathered current data from the industry’s most reliable sources to help answer these questions:

The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter.

Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.

Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives.

Freddie Mac – An organization whose mission is to provide liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.

The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.

Fannie Mae – A leading source of financing for mortgage lenders, providing access to affordable mortgage financing in all markets.

Here’s the home price appreciation these experts are projecting over the next few years:

Bottom Line

Every source sees home prices continuing to appreciate, which is great news for the strength of the market. The increase is steepest throughout the rest of 2019, and prices should continue to rise as we move through 2020 and beyond.

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 [email protected].

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

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

December Market Update - Track your local market states at www.AbqMarketinfo.com Home prices were consistently up again in most markets in 2018 but at reduced levels compared to recent years. High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019. A fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to close out the year. The Fed has indicated that the number of rate increases in 2019 will be halved, which may be of little comfort to an already compressed consumer.

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 [email protected].

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

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

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 [email protected].

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

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