Real Estate Information Archive


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by Elite Asset Management Team

April Home Sales Cooler Than Typical Spring Season



DENVER – The brisk start to the 2017 home-selling season slowed down in April with home sales dropping 4.1% below March and 4.5% below the previous April, according to this month’s RE/MAX National Housing Report.
Yet the narrative of the ever-tightening inventory coupled with increased prices persisted, as the 53 metro area report saw the trends of a seller’s market continuing:
       -The average number of Days on Market declined for the third consecutive month and April’s 57 days set a new low for April in the report’s nine-year history.
       -The Median Sales Price of $226,000 was the highest price for any April and marked the 13th consecutive month of year-over-year price increases.
       -Months Supply of Inventory, which dropped below 3 months in March for the first time in the report’s history, was 2.8. A months supply of less than 6.0 is considered a seller’s market.
       -Inventory was down 17.6% from April 2016. This is the 102nd consecutive month of year-over-year declines dating back to October 2008.

More than three quarters of the report’s 53 metro areas saw April home sales decline year-over-year. By contrast, March posted a 6.6% year-over-year spike in sales. Even so, April saw homes sell for more than they did in March in 81% of the markets, while 92% of the markets saw higher year-over-year sale prices.
“We may be seeing some frustration from buyers,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder“Inventory is tighter than ever, while strong demand keeps driving up home prices. At the same time, many potential sellers may also be reluctant to list their homes because the tight inventory might impact them as buyers. Home buyers and sellers will need to work with experienced real estate agents to navigate this tough market.”
Closed Transactions 
Of the 53 metro areas surveyed in April 2017, the overall average number of home sales decreased 4.5% compared to April 2016. Forty-three of the 53 metro areas experienced a decrease in sales year-over-year or remained unchanged. Ten markets saw an increase in sales, including Wilmington/Dover, DE +13.8%, Fargo, ND +5.7%, Trenton, NJ +5.0%, Phoenix, AZ +4.3% and Houston, TX +2.3%.
Median Sales Price – Median of 53 metro median prices
In April 2017, the median of all 53 metro Median Sales Prices was $226,000, up 0.44% from March 2017 and up 5.2% from April 2016. Only four metro areas saw year-over-year price decreases, with 10 rising by double-digit percentages. The largest double-digit increases were seen in Seattle, WA +13.9%, Dallas/Ft. Worth, TX +12.5%, Charlotte, NC +12.2%, Miami, FL +12.0% and Orlando, FL +11.7%.
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in April 2017 was 57, down seven days from the average in March 2017, and down seven days from the April 2016 average. The four metro areas with the lowest Days on Market were San Francisco, CA at 22, Denver, CO at 25, Seattle, WA at 26 and Omaha, NE at 27. The highest Days on Market averages were in Augusta, ME at 148 and New York, NY at 96. 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 April 2017 was down 1.3% from March 2017, and down 17.6% from April 2016. Based on the rate of home sales in April, the Months Supply of Inventory was 2.8, compared to March 2017 at 2.7 and April 2016 at 3.2. This is the second month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In April 2017, 51 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.5, Burlington, VT and at 6.4, Miami, FL were the only two metro areas 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 Seattle, WA remaining at 0.9 for the second month in a row, Denver, CO remaining at 1.0 for the third month in a row and San Francisco, CA at 1.1.

Why Real Estate Is the Top Pick of Americans for Long Term Investment

by Elite Asset Management Team

Gallup conducts a survey every year which asks Americans which long term investment they prefer. The choices are real estate, savings accounts, bonds, gold or stocks/mutual funds.

The number one choice for long term investment based on the survey is real estate at 34% and it’s been the top answer for 4 straight years. It is followed by stocks at 26%. Pete Veres, local Real Estate Investment Specialist states “ Real Estate continues to be one of the best long term investments. Look at guys like Trump and Buffet”

Here’s the full report:


The study aims to show the contrast of the sentiment over the last 4 years as compared to the 2011-2012 survey, which shows gold taking the top spot. This was the time of the recovery from the recession.

With the recovery of the real estate market, people have grown confident and have seen the potential of a long term investment in real estate.  

The only problem is that most people don’t understand how to properly invest in real estate and set it up in a way that others pay for your investment. Contact a specialist like Pete Veres with RE/MAX so he can explain how real estate investing works.

Pete Veres, CRS – Elite Asset Mgt. Team RE/MAX Elite 505-362-2005 email: [email protected]

PMI... What You Need To Know

by Elite Asset Management Team


There are a large number of mortgage programs available to buyers that allow them to purchase a home with a down payment below 20%.  Knowing the facts is crucial for a stress free home buying experience and here are some about Private Mortgage Insurance (PMI).


According to Freddie Mac, PMI is:

An insurance policy that protects the lender if you are unable to pay your mortgage. It's a monthly fee, rolled into your mortgage payment,  that is required for all conforming, conventional loans that have down payments less than 20%.


Once you've built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”


The monthly premiums are paid by the borrower, and the lender is the beneficiary.

Freddie Mac also states that:

 “The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.”


Down payment for homes last year for all buyers was at 10%. It dropped to 6% for first-time home buyers.  For repeat buyers it was at 14%. From this data, it seems that buyers were not fazed by PMI and were able to buy the home they wanted.


Example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI:



Larger Down Payment = Low Monthly Housing Cost


“It's no doubt an added cost, but it's enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.” – says Freddie Mac

“The other thing you need to remember that home prices are going up so by the time you save up enough down payment it could cost you much more to buy the home including higher monthly payment and even perhaps higher interest rates.” says Pete Veres – RE/MAX

It’s best to meet with a professional like Pete Veres – Certified Residential Specialist who can help you make a decision whether to hold off on buying and save up for a bigger down payment or purchase now while the market is hot.

“One last thing to remember is that as home values go and your principal goes down your PMI may only be around for a few years.” Pete Veres –RE/MAX

Pete Veres – Elite Asset Management Team RE/MAX Elite 505-362-2005 email: [email protected]


Displaying blog entries 1-3 of 3




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Elite Asset Management
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
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