Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 46

NAR 2019 Remodel Update

by Elite Asset Management Team

 

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

Experts Predict A Strong Housing Market For The Rest Of 2019

by Elite Asset Management Team

 

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

 

Home Price Appreciation Forecast

by Elite Asset Management Team

 

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

by Elite Asset Management Team

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.

 


Winterizing Your Pipes

by Elite Asset Management Team


Inside Your Home

 

  • Anywhere cold air blows on a pipe, it creates the potential for freezing. To make sure your pipes are well-insulated, close crawl space vents and stuff insulation over the openings. Even a tiny hole can let a lot of cold air blow in; make sure you fill in all the cracks.
  • A bathroom or laundry room located above or next to a garage can be particularly vulnerable, so keep the garage door closed to maintain maximum heat.
  • If your bathroom pipes run along an outside exterior wall, try keeping the vanity door(s) open to allow heat inside. If you’re anticipating a deep freeze, consider using a fan to help circulate the air near the pipes, or purchase a small space heater for some extra temporary heat.
  • If the overnight temperature is expected to drop below freezing, letting your faucets drip overnight will eliminate some of the pressure that builds up in your home’s pipes.  As a result, pipes are less likely to burst, even if they do freeze.
  • Finally, never turn off the heat when you leave home during the winter. Instead, set the temperature to at least 55 degrees F (higher if you’ve had problems in the past or live in an area of extreme cold). If you have multiple heat zones, be sure to adjust all thermostats appropriately.

 

Outside Your Home

 

  • Disconnect and store garden hoses. If your home has a separate shut-off for external faucets, turn it off and drain the water from those faucets.
  • Turn off and drain sprinkler systems. You may want to call in a professional company to blow out any leftover water in the underground lines. A broken sprinkler pipe can do damage to the delicate components that make up the entire system, increasing the cost of repair.
  • Insulate exposed pipes with insulation sleeves, wrapping or slip-on foam pipe insulation. Do not leave any gaps without insulation as cold air can affect the pipe in these spaces. Plastic piping is more tolerant of freezing than old copper or steel water pipes.
  • Know where your main waterline shut-off is before problems arise. Depending on the age of your house, it can be inside a garage, basement or laundry room, or underground in your yard. After turning the water off, turn on faucets to allow the water to drain and release the pressure in your pipes.

 

Signs You Have Frozen Pipes

 

  • You turn on the faucet but nothing comes out. Look in the most likely places and gently thaw the area. Whatever you do, do not use a blowtorch to warm up a frozen pipe. Many homes have been set on fire this way.
  • The water is turned off but you hear rushing water running anyway. This could be a sign that you have a leak somewhere. You should turn off the water lines immediately and investigate.

 

 

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 [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

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 [email protected]

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 [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

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

Displaying blog entries 1-10 of 46

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