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Rising Home Prices Excellent News for Homeowners

by Elite Asset Management Team


Home prices have gone up recently and the reason behind it is that there are a lot more home buyers than homes that are on the market. You may be thinking that this isn’t a good thing, but it actually is.

What’s good about the increase in prices, according to CoreLogic’s US Economic Outlook, is that the average American home has gained equity over $11,000 over the course of last year. This is a national average. In Albuquerque our market average was 4.13% but the prices are area specific.

People are investing their new-found equity on themselves and on their home which is excellent. Investing it on their home is a lot better than spending it on depreciating assets.

This equity helps people put their kids through school, invest in business and even pay off their mortgages earlier.

It is predicted that home equity will appreciate by 5% next year.

Here are some stats for Albuquerque.

The average annual sales price for single-family detached homes rose 4.13% to $224,230

The median annual sales price for single-family detached homes grew 5.42% to $189,755

The number of attached and detached home sold jumped 7.65% to 11,764 transactions this year

Inventory of the 3,247 existing homes for sale is at its lowest level since May 2006

Here’s the complete Albuquerque 2016 Yearly Real Estate Summary:  2016 Market Report

If you are thinking of selling this may be a great time. First thing is to get a market analyisis to see how homes are priced in your area. Contact Pete Veres at 505-362-2005 for your free market analysis.

 

Track the Market: Get the latest market updates here: www.abqmarketinfo.com

With the free market snapshot, you’ll get real-time real estate updates sent directly to your email.

 

Albuquerque 2016 Yearly Real Estate Market Summary

by Elite Asset Management Team

The 2016 Market Statistics are in and we wanted to share those with you. Our market continues to show improvement. We are still seeing some excellent buying opportunities in some areas but inventory is dropping which means the market will start to favor sellers. Here are a few stats and if you would like the complete Albuquerque 2016 Yearly Real Estate Summary please click here: 2016 Market Report. In addition, if you would like to track the Homes for Sale, Homes Pending and Homes Sold in your Area go to www.AbqMarketinfo.com for your Free Market snapshot.

A Few Stats for the 2016 Greater Albuquerque area housing market:

The average annual sales price for single-family detached homes rose 4.13% to $224,230
The median annual sales price for single-family detached homes grew 5.42% to $189,755
The number of attached and detached home sold jumped 7.65% to 11,764 transactions this year
Inventory of the 3,247 existing homes for sale is at its lowest level since May 2006

 

JUNE 2016 RE/MAX NATIONAL MARKET UPDATE

by Elite Asset Management Team

Please click above for the National Market update.

Locally, the Albuquerque area housing market shows continued strength. With only 3,363 detached homes listed last month, the Albuquerque metro housing inventory continues to tighten, down 15.16 percent from May 2015. Absorption rates are down and look to be stable for now. If this trend continues we may start seeing home prices rise.

If you would like to view the local real estate market update please click here: May 2016 Greater Albuquerque Market Update

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.

And lastly, If you or anyone you know is thinking of buying or selling a home, please call or email me. I'm here to help!

Peter Veres

Associate Broker, CRS,ABR,CLHMS,SRES

#1 RE/MAX Elite Team Agent - Albuquerque

RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Office: 505-798-1000

March 2016 RE/MAX National Market Update

by Elite Asset Management Team

 

Above you will the the National Housing Report from RE/MAX.

Pete Veres of RE/MAX Elite in Albuquerque, NM would like to share the latest Albuquerque Market update for March 2016. As the busy spring season approaches, the Greater Albuquerque housing market had a slight increase compared to March of last year with a seasonal jump compared to last month. The top selling price range was $200,000-$250,000. The 896 detached homes sold in March 2016 was an 8.34 percent increase over the same period in 2015 and a 40.44 percent increase from February’s sales of 638. Please click here to see the complete report. Albuquerque Market Update March 2016

Tools to Help Simplify Life Planning

by Elite Asset Management Team

Pete Veres, local Seniors Real Estate Specialist what to share to following information with you: " Tools to Simplify Life Planning". If you have any questions please reach out to your local Senior Real Estate Specialist Pete Veres, call/text 505-362-2005505-362-2005. Here to help and serve our clients.

Home buying more affordable than renting in Bernalillo, Sandoval counties

by Elite Asset Management Team

Buying a house is still more affordable than renting a place with similar square footage in 58 percent of U.S. housing markets, according to RealtyTrac.

RealtyTrac released its 2016 Rental Affordability Analysis last week and found it's cheaper to buy a house than rent in Bernalillo and Sandoval counties.

 

 

The report looked at average three-bedroom rental units and homes in 54 counties across the U.S., and compared numbers from the U.S. Department of Housing and Urban Development (HUD) as well as weekly wages through the Bureau of Labor Statistics.

In Bernalillo County, RealtyTrac found the average wage earner would spend 36.6 percent of their income on a monthly home payment, compared to 37.7 percent of their income on rent. In Sandoval County, the disparity was even more apparent, with residents having to spend 33.8 percent of wages on a home, compared to 39 percent of take-home pay on rent.

Pete Veres, Certified Residential Specialist with RE/MAX in Albuquerque, NM agrees that buying a home in many cases may have a lower monthly payment. You can also have some tax benefits and build equity for yourself. Most buyers are not aware how easy it is to get a Free Loan Pre-Qualification. In fact, some buyers may even qualify for a downpayment as low as $500.00. For a Free Report click here: Why Rent When you can Buy?

RealtyTrac vice president Daren Blomquist said with rents rising faster than wages in most markets, it may be a good time to buy for new homeowners.

In markets such as Albuquerque, New Mexico, where home prices are still relatively affordable, 2016 may be a good time for some renters to take the plunge into homeownership before rising prices and possibly rising interest rates make it increasingly tougher to afford to buy a home.

On the other hand, RealtyTrac found it's cheaper to rent than buy in Santa Fe County. The average Santa Fe worker would have to spend more than half of their income to afford a house payment in The City Different, compared to about 39.1 percent on rent.

As expected, it's cheaper to rent than buy in bigger markets on the coasts and in Texas. RealtyTrac has an interactive map showing four New Mexico counties and data from other states. Click the map below to view the interactive map.

 

December Home Sales Rebound, End Year Strong

by Elite Asset Management Team

 

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.

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.

 

Remax National Housing Report August 2015

by Elite Asset Management Team

Pete Veres want to share the following video market update.

If you would like the complete local Albquerque Market Report please email to: [email protected] or call me at 505-362-2005. You can also track the homes for sale and sold in your area by going to www.AbqMarketinfo.com

National Market Update: 91% of Properties Now Have Equity

by Elite Asset Management Team

91% of Properties Now Have Equity

Some good news in the Real Estate Market, about 759,000 properties at the national level regained equity in the second quarter, bringing the total number of residential mortgages that are lower than their property's value to about 45.9 million. That equates to about 91 percent of all mortgaged properties. Borrower equity has risen year-over-year by $691 billion, according to CoreLogic’s second quarter equity report.

“For much of the country, the negative equity epidemic is getting better,” says Anand Nallathambi, CoreLogic’s CEO and president. “The main reason for this improvement has been the increased rise in home prices over the past 3 years.

CoreLogic predicts home prices to rise an additional 4.7 percent over the next year on the national level, and if that prediction holds true, 800,000 home owners could regain positive equity by July 2016. At this point we are not sure what the local Albuquerque Area Market will do. If you want to track the prices of homes selling in your area go to www.AbqMarketinfo.com. You will receive regular market updates for free.

The majority of positive equity is centered on the high-end housing market. CoreLogic’s report finds that 95 percent of homes valued at more than $200,000 have equity, compared with 87 percent of homes valued at less than $200,000.

Still, the total number of mortgaged residential properties with negative equity remains elevated at 4.4 million – or 8.7 percent of all properties with a mortgage, according to CoreLogic’s report. Negative equity refers to a home owner who is “upside down,” owing more on their mortgage than their home is currently worth.

Find out the 10 places where foreclosure is still a big problem for the market.

Of the more than 50 million residential properties with a mortgage, about 9 million or 17.8 percent have less than 20 percent of equity and 1.1 million – or 2.3 percent – have less than 5 percent equity.

“Borrowers who are ‘under-equity’ may have a more difficult time refinancing their existing homes or obtaining a new loan to sell and buy another home due to underwriting constraints,” CoreLogic notes. These borrowers are also more at risk of moving to negative equity if home prices fall.

Five states alone accounted for nearly 32 percent of negative equity in the United States. The states with the highest percentage of mortgaged residential properties in negative equity are Nevada (20.6%), Florida (18.5%), Arizona (15.4%), Rhode Island (13.8%), and Illinois (13.1%). By large metro area, Tampa-St. Petersburg-Clearwater, Fla., had the highest percentage of residential properties in negative equity territory at 20.2 percent, followed by Phoenix-Mesa-Scottsdale, Ariz. (15.4%), Chicago-Naperville-Arlington Heights, Ill. (15.3%), Riverside-San Bernardino-Ontario, Calif. (12.3%), and Warren-Troy Farmington Hills, Mich. (11.8%).

On the other hand, the states with the highest percentage of mortgaged residential properties in positive equity are Texas (97.9%), Alaska (97.6%), Hawaii (97.5%), Montana (97.2%), and Colorado (96.7%). Of large metro areas, Houston-The Woodlands-Sugar Land, Texas had the highest percentage of properties with positive equity at 98.1 percent, followed by Portland-Vancouver-Hillsboro, Ore./Wash. (97.8%), Dallas-Plano-Irving, Texas (97.8%), Anaheim-Santa Ana-Irvine, Calif. (97.5%) and Denver-Aurora-Lakewood, Colo. (97.5%). We are seeing people from these markets starting to move to Albuquerque to capitalize on local market conditions.

Info from Daily Real Estate News Wednesday, September 16, 2015

Buying a Home: What does your Buyers Agent do for you? Part 2

by Elite Asset Management Team

Buying a Home: What does your Buyers Agent do for you? Part 2.

By: Pete Veres, CRS, CLHMS,SRES,ABR - Accredited Buyers Representative

Lets start this update with a quick video.

 

So here is a continuation of Part one: What we do for our buyers.

Educate you on market conditions.

18. We will let you know whether it is a buyers’ market or a sellers’ market.

19. I will go through statistics on what percent of list price the sellers are currently receiving.

20. We always show you the trends including, current average days on market, current absorption rate, and/or current months of

inventory.

We will guide you through making an offer and represent you and your

interests in negotiations.

21. I always prepare a CMA so that you make the proper offer.

22. We show you on what comparable properties are selling for.

23. We will explain the common contract contingencies.

24. We will get the appropriate seller disclosures.

25. Discuss the timing of deadlines.

26. We will work togther to put in place a negotiating strategy.

27. We will all local, state and federally required disclosure forms.

28. Complete the purchase agreement.

29. We will educate you on the contents of the sales contract and specifics to our market.

30. We will ensure that all forms are completed properly.

31. We will help you negotiate the best terms and conditions based on our current market conditions.

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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
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