Real Estate Information Archive

More than half of recent homebuyers said the hardest part of the buying process was finding the right home to purchase. Since a home is the largest purchase most of us will make, it is easy to become wrapped up in finding the perfect place that meets all of our wants and needs. We overwhelm ourselves by focusing on checking off the boxes that will result in our ideal home. That's a lot of pressure!

This month, I'm sending information intended to take the stress out of finding the right home. Click here: 4 Factors to Consider Before Your Next Home Search. Before you begin your search, there are four things to consider—price range, features, location and lifestyle. These four factors will help you focus your search on homes that meet your needs, allowing you to make the best decision for your family and for your wallet.

When you're looking for a home, you need an experienced professional in your corner to help navigate the process and get you the best deal. If you’re ready to buy, give me a call! I am a certified ABR – Accredited Buyers Representative and we offer a free buyers consultation to all our new buyers. You can also set up your free home search at www.SearchAbqArea.com I'd love to help you achieve your dream of homeownership.

Pete Veres wants to share the following information with you. Boost your property’s curb appeal year round! Below is a checklist to help you maintain your property during each season of the year. Remember, a well-maintained home is a more valuable home. Forward this checklist onto family and friends to help keep their properties in top shape all year round. If you would like to track the price of what homes are currently selling for in your area and have sold in your area get your Free Albuquerque Neighborhood Market Snapshot by going to www.abqMarketinfo.com We looking forward to serving you!

It's a good time to be a landlord in Albuquerque. Pete Veres of RE/MAX Elite has been seeing investors get back into the market. We are also seeing more demand for single family home rentals. Another interesting trend has been rentals for higher end homes in the $400,000+ plus range. Please contact Pete Veres at 505-362-2005 if you would like more information about possible residential investment opportunities.

In addition to the rental home market, the city's apartment rental market, called one of the most steady in the nation by CBRE, has seen occupancy and rental rates increase year over year.

CBRE's Albuquerque office released new data that shows both regular apartment complexes, and those that offer affordable living, are posting rent increases.

Market-rate units saw average rent increase from $758 in January of 2015 to $778 in January of this year. Affordable living units, which usually have income limits, saw average rent increases from $701 to $712.

CBRE, which collected data on 140 market-rate apartment complexes and 45 affordable properties, saw two-bedroom, two-bath units post the largest rent gain.

While the rent increases may be a big jump for some residents, it's nowhere near as fast as rents are climbing across the nation. The real estate research firm Reis Inc. reported average rents increased 4.6 percent nationwide in 2015.

Investors like Albuquerque's stable market, because it means in an economic downturn, their properties are protected from big drops in occupancy.

The local apartment occupancy rate remains stable, at just more than 94 percent in January. The occupancy rate was 93.6 percent at the same time last year.

If you are considering investing in the Albuquerque Real Estate Market you can start by going to www.Buyerprofile.org and we will get your property search started. We can also help you with the proper resources for a free loan pre-qualification.

Pete Veres wants to share the RE/MAX National Housing report. RE/MAX researches 53 major metropolitan markets every month & analyzes the data to get a pulse on the US housing market. Here are some highlights from this months report in the quick video. If you would like to get a copy of our Complete Albuquerque Real Estate Market report please call me at 505-362-2005, 505-362-2005 or email me at [email protected]. You can also click here to see the December Albuquerque Real Estate Market Update Summary.

Team Leader and founder of the Elite Asset Management Team – Pete Veres, RE/MAX Elite would like to share the following information with you as tax time is approaching very soon. If you’re like most people, you assume the IRS wants as much information about your financial life as possible. And that’s typically true — except when you sell that Atlanta, GA real estate and make a profit of less than $250,000 (or less than $500,000 when you file a joint return with your spouse). If you meet those qualifications, and if you have lived in that home for two of the five years before you sell, the IRS doesn’t want to hear about your home sale, because the profit you make is excluded from being taxed under U.S. Code Section 121.

As if that weren’t enough, there’s more good news you should know: The IRS grants some tax deductions for home sellers. Getting the deductions requires that you itemize your taxes, admittedly a tedious job, but one that is probably worth your while. Here are five tax deductions you should take this year.

1. Selling costs

If you don’t qualify for the 121 exclusion, you will owe taxes on any profit, so make sure you deduct all your selling costs from your gain. Here are some of the items you may be able to deduct.

Your real estate agent’s commission

Legal fees

Title insurance

Inspection fees

Advertising costs

Escrow fees

Legal fees

And there’s another consideration. Vanessa Borges, an enrolled agent and tax preparation supervisor with the Tax Defense Network, notes, “You might qualify for a partial exclusion if you sell your home due to circumstances involving divorce, change in employment, change in health, or other unforeseen circumstances.”

2. Moving deduction

If you have to sell your house because you’re relocating for work, you might be able to deduct some of your moving expenses, says Chantay Bridges, a licensed senior real estate agent in Los Angeles, CA. Deductions could include transportation costs, travel to the new place, storage costs, and lodging costs.

 3. Property tax deduction

“You can deduct your property taxes for the portion of the year that you owned the home,” says Dr. Kimberly R. Goodwin, associate professor of finance and the Parham Bridges Chair of Real Estate at the University of Southern Mississippi. Deduct the taxes “up to, but not including the date of the sale,” according to the IRS. The buyer pays beginning from the sale date.

4. Home improvements

In some cases you may need to improve your home — not for your own benefit and enjoyment, but for the home’s future owners. If you make home improvements that help sell your home (like replacing a leaking roof or defunct HVAC system), and if they are made within 90 days of the closing, they are considered selling costs, which are deductible, according to Goodwin. Please confirm these with your local tax adviser.

5. Points

If you paid mortgage points to lower your interest rate when you refinanced your home, you might qualify for an additional deduction, says Bridges. Because you can deduct a proportional share of the points until the loan is paid, when you pay off the loan through a sale, you can “deduct the remaining value of those points,” says Goodwin.

What can’t you deduct?

Tax deductions are fickle. They “can vary from state to state and from year to year,” says Bridges, who suggests that home sellers check with a local tax expert to confirm the deductions are still available at the time of the sale.

Taxes can be confusing (Who knew?)

There is also some confusion regarding deductions. Sean P. Storck, a certified financial planner and enrolled agent with Rawdin-Baron Financial in California, explains that many sellers think they can deduct, but can’t. Storck says the biggest misconception concerns repairs, and that “generally speaking, anything done in the course of maintaining property for normal use is nondeductible.”

The same goes for what Storck calls “phantom labor,” in which “you do the work of constructing your home on your own.” Although you may have worked your tail off, you still cannot deduct your sweat equity come selling time.

This is some good information and remember to always check with you local tax adviser for the current rules and regulation.

The end of the year brought a sizable boost to existing-home sales, as delayed closings from new mortgage rules pushed some would-be November transactions to December, according to the National Association of REALTORS®. Existing-home sales — which are completed transactions for single-family homes, townhomes, condos, and co-ops — rose 14.7 percent month-over-month to a seasonally adjusted annual rate of 5.46 million in December. Sales are now 7.7 percent above a year ago.

That marks the best year of existing-home sales since 2006, though it's still well below the record for that year, which was a whopping 6.48 million.

“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015,” says Lawrence Yun, NAR’s chief economist. “Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year.”

The Know Before You Owe initiative, which took effect Oct. 3, 2015, prompted some delays in closings as lenders adjusted to new rules and the rollout of a new mortgage form to consumers.

“December’s rebound in sales is reason for cautious optimism that the work to prepare for Know Before You Owe is paying off,” says NAR President Tom Salomone. “However, our data is still showing longer closing timeframes, which is a reminder that the near-term challenges we anticipated are still prevalent. NAR advised members to extend the time horizon on their purchase contracts to address this concern.”

5 Stats to Judge the Market

1. Home prices: The median existing-home price for all housing types was $224,100 in December, up 7.6 percent year-over-year ($208,200).

2. Days on the market: Thirty-two percent of homes sold last month were on the market for less than a month. Properties, on average, stayed on the market for 58 days in December, which is below the 66 days in December 2014. Broken out, the properties on the market the longest amount of time in December were short sales, which had a median of 86 days. Foreclosures sold in 68 days, on average, while non-distressed homes took 57 days.

3. All-cash sales: All-cash transactions comprised 24 percent of transactions in December, down from 26 percent a year ago. Individual investors, who account for the bulk of cash sales, purchased 15 percent of homes in December, down from 17 percent a year ago.

4. Distressed sales: Foreclosures and short sales dropped to 8 percent in December, down from 11 percent a year ago. Of that, foreclosures made up 6 percent of December sales and short sales comprised 2 percent. Foreclosures sold for an average discount of 16 percent below market value last month, while short sales were discounted 15 percent, on average.

5. Inventory: By the end of December, total housing inventory fell 12.3 percent to 1.79 million existing homes available for sale, reaching a 3.9-month supply at the current sales pace. That is 3.8 percent lower than a year ago (1.86 million).

“Although some growth is expected, the housing market will struggle in 2016 to replicate last year’s 7 percent increase in sales,” says Yun. “In addition to insufficient supply levels, the overall pace of sales this year will be constricted by tepid economic expansion, rising mortgage rates and decreasing demand for buying in oil-producing metro areas.”

 Searching for your dream home in Albuquerque? Our dedicated team of Albuquerque real estate agents can help! Albuquerque was founded by the Spanish in 1706. To this day, Albuquerque is heavily influenced by its history. The Albuquerque Culture is a mix of Indian, Hispanic and Anglo tradition. Please click here for More info about Albuquerque.

Our proven track record shows that we truly care about our client’s needs and concerns. In the new “Real Estate Era” we need to be creative problem solvers and continue deliver exceptional customer service. 

Pete Veres has had over 20 years of Sales & Marketing experience combined with excellent negotiating skills. As he puts his client’s interest first he continues to be one of the top agents in the Greater Albuquerque Area.  Education and using leading edge technology is also key to Pete’s success continuing to be results oriented.

Pete Veres specializes in the Greater Albuquerque area.  He has been recognized by "The Wall Street Journal & "Barron's Financial Weekly" as an exceptional Agent. In his pursuit of excellence he has earned several key designation which include: include CRS- Certified Residential Specialist (Agent of the Highest Degree), ABR – Accredited Buyers Representation, SRES – Senior Real Estate Specialist and CLMHS – Certified Luxury Home Marketing Specialist.  

Pete Veres and the Elite Asset Management Team continue to be one of the Top RE/MAX Teams in New Mexico by helping and serving their clients with exceptional customer service.

RE/MAX National Housing Report on MLS Data from 53 Metro Areas

DENVER (Jan. 19, 2016) – After two consecutive months with falling home sales, December came back very strong with 6.1% more sales than one year ago. In Albuquerque we were at +18 % over last year. On a month-over-month basis, December sales were much higher than expected at 22.5%. In all of 2015, nine months saw home sales higher than the same month one year ago. December appeared to continue the trend of moderating home prices, with a year-over year gain of 5.3% while the 2015 average was 7.6%. The median price of all homes sold in December was $206,000. The Albuquerque median price was $175,500.00. The inventory of homes for sale remains very tight in many metros across the country, at a level that is 14.2% lower than December 2014. At the rate of home sales in December, the national Month’s Supply of Inventory was 4.9, down from 5.7 one year ago. To view the Greater Albuquerque Market Update click here: December 2015 ABQ Area Real Estate Update

“It’s possible that the TRID closing rule implementation caused November transactions to dip lower than normal, but now we see December bouncing back much stronger than the seasonal average. Perhaps many closings were simply pushed forward a month. But it’s nice to see the year end on an upbeat note, with sales significantly greater than the previous year. Overall, 2015 goes into the record books as a very good year for residential real estate,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

“2015 bookends with the same story we’ve heard throughout the year - a housing supply that trails the demand, continuing to push values higher,” added Quicken Loans Chief Economist Bob Walters. “The market could benefit from homeowners taking advantage of the equity they are building, and make their home available to the many eager buyers. This could give buyers a chance to find the home they have been waiting for.”

Closed Transactions – Year-over-year change

In the 53 metro areas surveyed in December, the average number of home sales increased 22.5% from sales in November, and were also 6.1% higher than the number of sales one year ago. Since January, year-over-year sales have increased an average of 4.8% each month. For the last eight years, the average seasonal increase in sales from November to December has been 6.9%. This December’s month-over month increase was nearly four times that amount. In December, 43 of the 53 metro areas surveyed reported higher sales on a year-over-year basis with 14 experiencing double-digit increases, such as Boise, ID +23.8%, Manchester, NH +22.9%, Las Vegas, NV +18.7%, Albuquerque, NM +18.3%, St. Louis, MO +14.3% and Portland, OR +13.9%.

Median Sales Price

The Median Sales Price for all homes sold in the month of December was $206,000, up 2.0% from November. On a year-over-year basis, the Median Sales Price has now risen for 47 consecutive months, but December’s increase of 5.3% is less than the average of 7.6% for each month in 2015. Even though prices have been moderating, a low inventory supply continues to pressure prices. Among the 53 metro areas surveyed in November, 47 reported higher prices than last year with 12 rising by double-digit percentages. Metropolitan areas with the highest percentage increases are Des Moines, IA +19.7%, Fargo, ND +19.3%, Nashville, TN +14.6%, San Francisco, CA +14.4%, Orlando, FL +12.2% and Omaha, NE +11.8%.

Days on Market – Average of 53 metro areas

In December, the average Days on Market for all homes sold was 67, up 2 days from the average in November, but 6 days lower than the average in December 2014. December becomes the 33rd consecutive month with a Days on Market average of 80 or less. In the two markets with the lowest inventory supply, San Francisco and Denver, Days on Market was 32 and 35 respectively. Only three metro areas had a Days on Market average of 100 or greater, Des Moines, IA 101, Chicago, IL 110 and Augusta, ME with a 145-day average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Month’s Supply of Inventory – Average of 53 metro areas

The number of homes for sale in December was 12.5% less than in November and 14.2% less than in December last year. The average loss of inventory on a year-over-year basis for 2015 was 12.2%. Based on the rate of home sales in December, the Month’s Supply of Inventory was 4.9, about the same as the 5.0 average in November, but lower than the 5.7 average in December of 2014. A 6.0 Month’s Supply indicates a market balanced equally between buyers and sellers. The highest month supply was seen in Augusta, ME at 14.1. Three metros had a supply less than 2 months, San Francisco with 1.1, Denver, CO 1.8 and Seattle at 1.9.

Pete Veres wants to share the RE/MAX National Housing report. RE/MAX researches 53 major metropolitan markets every month & analyzes the data to get a pulse on the US housing market. Here are some highlights from this months report in the quick video. If you would like to get a copy of our Complete Albuquerque Real Estate Market report please call me at 505-362-2005505-362-2005  or email me at [email protected]. You can also click here to see the October Albuquerque Real Estate Market Update Summary.

Knowing your credit is probably the best way to fix your credit.

Your credit report shows you details about your payment history, unpaid debts and current balances. It is a record of your credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.

Understanding your credit can help you plan or fix your credit. Here is a list of what you need to know about credit reports if you’re a home buyer.

 1.   Getting a Free Credit Report

You are entitled to get a free credit report from the three major credit reporting bureaus, namely Trans Union, Experian and Equifax, once a year. It is a federal law and you have the right to get one from each of them.

Getting a free credit report is easy. Just go to annualcreditreport.com and get an individual report or get all three of them from the three bureaus.

It is wise, however, to just get one report every four months so that you can periodically check your credit.

 2.   Credit Score Not Included

FICO credit scores are not included in credit reports. FICO scores are used by lenders to evaluate your credit-worthiness when you borrow.

There are companies that provide services that will allow you to see your credit score in exchange for a fee.

 3.   Paying for your Credit Score

You can pay to see your FICO scores by visiting the websites of Equifax, Experian and Trans Union. You could also visit myfico.com and get a free 10-day trial using your credit card. You must cancel the subscription before the end of the 10-day trial period or you will be charged with a three month subscription.

Visit these websites of the three credit reporting bureaus for updated prices:

• Experian.com
• TransUnion.com
• Equifax.com

Your credit score isn’t as useful as your credit report, though. So purchasing your credit score may not be needed because the information that you would need is in the credit report which you can get for free.

If you’re planning on getting a home loan, your lender may get your credit score in connection with your home loan application and you are entitled to learn your score.

 4.   Errors on Credit Reports

Errors on credit reports are, unfortunately, common. Some are just minor errors like misspelled names or addresses, but some of the errors have resulted in denial of credit. This is a serious issue and even though you had no fault in it, you are still held responsible.

If errors are found, it is advised to contact the reporting agencies and creditors in writing immediately. Be sure to provide documentation, explain the error and make a request for an adjustment or have it removed. Make sure you follow up regularly to check the status as this is a very important matter and is detrimental to your credit.