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WHY YOU SHOULD LIST YOUR HOME TODAY BASED ON THESE STATS

by Elite Asset Management Team

The inventory of homes for sales, according to the National Association of Realtors (NAR), is at 3.8-month supply, which is quite low compared to the normal market which has about a 6 month supply. In Albuquerque we are at 3.1 months down from 4.3 in April 2016.

Buyer traffic, which is the report of the NAR on the number of buyers looking for homes each month. March saw a huge amount of home buyers in 45 of the 50 states. A lot of buyers are now having a difficult time finding a home to buy because of the competitive market. They can’t get into their dream home because they have to compete with other buyers. We are also starting to see this in Albuquerque at price points under $200,000.00

This is what they call a Seller’s market. This is a great time to list your home because you can capitalize on the on-going situation. With the inventory of homes being low, you will have the upper hand when it comes to pricing your home. One thing to remember is pricing is based upon the comps in your local area and price range and can very.

According to CoreLogic’s latest Equity Report, 78.9% of homeowners have more than 20% equity in their homes. Fannie May made a study and only 37% of homeowners believe that they have more than 20% equity. If you would like a quick online valuation go to www.ABQPrice.com . Please note that these numbers are only estimates. This low confidence in homeowners leads them to under value their home equity and not sell their homes thus causing the low inventory.

If you are unsure about selling your home, the best thing to do is to meet with your realtor who can help you evaluate your home equity and give you options and all the information you need about the market and guide you to where you want to be. Pete Veres, Certified Residential Specialist has over 25 years of real  estate experience and can provide you with a free sellers consultation.  If you would like to see what homes are selling for in your area check out www.AbqMarketinfo.com

Thinking of buying an Investment Property? Here is some important information.

by Elite Asset Management Team

Simply put, an Investment Property is a property that a homeowner uses to generate income and build equity. A second home, on the other hand, is a property where a homeowner lives for a part of the year. So, if you’re using the property to make a profit then it would be considered as an investment property.

Here are some examples of investment properties:

A home that is being rented

A vacation home by a resort area, beach, golf area or ski area

A property that your fix-up and flip

If you’re going to finance an investment property be ready for higher interest rates and larger down payments due to a higher risk for the lender. For flips cash is a great options.

You can get traditional financing on an investment property but it would need to be an owner occupant, that you would have to buy a multi-unit or an apartment building and live in one unit (year-round-living). You should be able to finance the property the conventional way with low rates and low down payment. 

Pete Veres has over 25 years of real estate investment experience and says that real estate is one of the best ways to build wealth. There are so many ways to do this, for example you can even buy, flip and hold properties in a Self-directed IRA ( make sure you consult with a specialist), set up cash flow properties and even do an Airbnb. For example if you own a rental the tenant pays down your loan and over time you will increase your equity. Contact Pete 505-362-2005 to discuss what option would work best for you. 

APRIL 2017 RE/MAX NATIONAL MARKET UPDATE

by Elite Asset Management Team

Strong March Home Sales, Low Inventory Means Tougher Market for Buyers


 

 

DENVER – March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.
 
Last month, home sales were 6.6% higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the 53 metro areas in the report showed year-over-year increases.
 
Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.
 
Active inventory continued to decline, dropping 17% year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up 11% year-over-year. This was the 12th consecutive month of year-over-year price increases.
 
Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016. 
 
“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder“We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”
 
Closed Transactions 

Of the 53 metro areas surveyed in March 2017, the overall average number of home sales increased 6.6% compared to March 2016. Of the 53 metro areas, 38 experienced an increase in sales year-over-year, with 16 experiencing double-digit increases.  The markets with the largest increase in sales included Richmond, VA +23.3%, Wilmington/Dover, DE +22.6%, Trenton, NJ +19.7%, Las Vegas, NV +15.3% and Chicago, IL +14.8%.
 
Median Sales Price – Median of 53 metro median prices
In March 2017, the median of all 53 metro Median Sales Prices was $225,000, up 7.1% from February 2017 and up 11.0% from March 2016. Only four metro areas saw year-over-year decreases, with 15 rising by double-digit percentages. The largest double-digit increases were seen in Manchester, NH +15.9%, Orlando, FL +13.7%, Charlotte, NC +13.3%, Trenton, NJ +12.8% and Nashville, TN +12.8%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in March 2017 was 64, down four days from the average in February 2017, and down seven days from the March 2016 average. The three metro areas with the lowest Days on Market were San Francisco, CA and Omaha, NE both at 27 and Denver, CO at 32. The highest Days on Market averages were in Augusta, ME at 159 and Burlington, VT at 118. 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 March 2017 was up 1.2% from February 2017, but down 17.0% from March 2016. Based on the rate of home sales in March, the Months Supply of Inventory was 2.7, compared to February 2017 at 3.6 and March 2016 at 3.2. This is the first time in the history of the RE/MAX National Housing Report that months supply has hit below 3.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In March 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.3, Burlington, VT was the only metro area to see 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 Seattle, WA at 0.9, San Francisco, CA and Denver, CO both at 1.0.

When most homeowners are thinking of selling their home just want to get sold.  Of course, selling it for the right price and have the home selling process flow smoothly is also important.

If you want your home sold with the best possible price, have smooth transaction and with minimum effort on your part then you should consider using a real estate professional. They have the experience and knowledge which gets results. They also have all the proper forms you will need and are on top of all the currents rules and regulations which do change.

The internet is changing rapidly the real estate industry. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, people who use the internet to search for homes have increased by 94%. But that doesn’t mean that you can just post your property online and have it sell immediately.

The same report revealed that 96% of buyers who use the internet to search for homes, searched for agent or broker websites such as www.SearchAbqArea.com or from websites by home builders. Only 2% of buyers bought homes directly from sellers whom they didn’t know which could be risky and costly.

When buyers look for homes online they also rely on realtor to find a home for them and set up showings (47%). They also depend on realtors to negotiate the price (36%) and the terms of sale (47%).  The home selling process is one of the most important things a home seller should understand. And that’s why 61% of home buyers use a professional real estate agent. Here is a great site to check out some of the latest seller’s tips, www.abqsellertips.com

The real estate industry is evolving every year with the help of technology. Having a real estate professional guide you and help you sell your home can make all the difference. They have connections, knowledge, experience and the drive to get you what you want. If you are looking for a very good local agent check out www.TopABQAgent.com

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