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Elite Asset Management Team

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Displaying blog entries 141-150 of 165

National Real Estate Video Snapshot for June 2013

by Elite Asset Management Team

National Real Estate Video Snapshot for June 2013

 

Boomerang Buyers' Are Staging a Comeback

by Elite Asset Management Team

'Boomerang Buyers' Are Staging a Comeback'

Rising rents and the desire to own again now that the economy is more stable are driving many boomerang buyers to re-enter the market. They also want to jump in before interest rates and home prices climb too much higher. 

But how soon they can jump back in will depend on the type of loan they had as a previous home owner. For example, boomerang buyers who had FHA loans may need to wait only three years if they can prove that a hardship, such as job loss or death of a wage earner, led to their foreclosure or short sale.

Borrowers have typically been required to wait five to seven years to qualify for another loan, but mortgage giants have begun to change their rules to allow home owners who underwent a foreclosure or short sale to qualify sooner. Those who underwent a short sale will likely qualify the soonest. However, not all lenders are participating, so borrowers will need to shop around.

Freddie Mac’s wait time is usually four years following a short sale or deed-in-lieu, and seven years after a foreclosure. Fannie Mae may require a seven-year wait for a foreclosure, but only a two-year wait following a short sale as long as the borrower can provide a 20 percent down payment.

The following markets have the highest share of boomerang buyers, according to John Burns Real Estate Consulting:

  • Riverside-San Bernardino, Calif.: 4.1% (percentage of all U.S. boomerang buyers in 2013)
  • Los Angeles: 3.7%
  • Phoenix: 3.6%
  • Chicago: 2.5%
  • Atlanta: 2.4%
  • Las Vegas: 2.12%
  • Washington, D.C.: 2.1%

From: Daily Real Estate News | Tuesday, July 16, 2013

Greater Albuquerque Market Update March 2013

by Elite Asset Management Team

I wanted to take a moment and share the latest Greater Albuquerque Market Update with you for March 2013.

We are seeing some good news for sales of single family detached homes in the Greater Albuquerque Area. Sales are up 12.75% from the same period last year.  March marks the fifteen month where the current month’s sales exceeded the same month the prior year.  Pending sales of single-family detached homes rose 8.52% from the previous year and increased 21.36% from February 2013.

Now is the perfect time to take advantage of our market, especially buying as interest rates are starting to edge up.

We also have several programs available for you if you are looking to sell and either move up or downsize. The time could be now.

Please give me a call at 505-362-2005 to discuss any questions you may have or any friends or family that will need my help.

Thank you for your time and consideration.

Best Regards,

Pete Veres
505-362-2005

Consider deed-in-lieu before a foreclosure, but a Short sale for sure.

by Elite Asset Management Team

 

What are the pros and cons of a deed-in-lieu and foreclosure?

A deed-in-lieu is where you give the deed to your house to your lender and the lender does not foreclose. Thus, the concept "in lieu," meaning "instead of."

The pros of a deed-in-lieu include unloading your property with little hassle; not having to suffer the embarrassment of having the sheriff hold a foreclosure auction right on your front porch (which is the practice in many parts of the country); and you can reach agreement with your lender in advance as to how much money (if any) you will have to pay the lender.

In many deed-in-lieu arrangements, while the lender will agree to take the house back and cancel your loan, sometimes it comes at a cost, i.e., you will have to pay something for this. Compare this to a foreclosure, where you won't know what the house will sell for, and in many states, like New Mexico, you can be sued for the difference between what you owe and what the house sold for (called a deficiency judgment).

One more positive: Congress just extended the "forgiveness of debt" law for 2013, so in many situations you will not have to pay tax on the debt that was forgiven when the lender took the deed-in-lieu.

Compared to a foreclosure, I cannot think of any negatives by doing a deed-in-lieu. However, if a short sale is at all possible, I would opt to go that route instead of giving the deed to your lender. But whether you lose your house by way of a foreclosure or a deed-in-lieu, or enter into a short sale, your credit will be  impacted.

Sandia Heights Home Tour - Preview 4 homes Quickly

by Elite Asset Management Team

Quick Easy Way to Preview 4 homes without any pressure.

Tour starts at 2:00pm Sharp! April 28, 2013

Please meet us at 2:00pm and then we will head off to the second home at 2:15. We tour 4 homes and spend about 10 minutes at each. We want to make this quick and easy and if your would like to go back to one of these homes or any others just let us know and we will set up an appointentment thats works best for you.

Sandia Heights Home Tour

Elite Asset Management Team – RE/MAX Elite

Hosted by: Pete Veres 505-362-2005

Time

Address

Size

List Price

2:00-2:15pm

2134 Coyote Willow Drive NE

 1605 sq ft

 $230,000

2:25-2:35 pm

1484 Morning glory Rd NE

 3200 sq ft

 $539,000

2:45-2:55pm

547 Black Bear Loop

 2996 sq ft

 $450,000

3:05-3:25pm

33 Cedar Place NE

 2886 sq ft

 $500,000

 

 

 

 

 

If you would like your home to be on the next Sandia Heights home Tour contact  Pete Veres at 505-362-2005.

Top 10 Housing Predictions for 2013

by Elite Asset Management Team

Pete Veres and Sean Hellmann would like to share some very good news. Top 10 Housing Predictions for 2013 revealed by RE/MAX Co-Founder and Chairman, Dave Liniger. The housing market made a sharp rebound in 2012, find out if this trend continues in 2013 and what else the New Year has in store homebuyers, sellers, investors and agents. The Elite Asset Management team is here to help with all your real estate requirements.

 

In this new video released today, RE/MAX Chairman and Co-Founder Dave Liniger makes his real estate predictions for 2013, and states that 2013 could be the best year in real estate in many years.

Dave Liniger's Top 10 Real Estate Predictions for 2013:
1. More Homebuyers and Sellers come back to the market
2. Homes sales will rise by 6-7% and prices rise by 3-4%
3. The inventory of homes for sale will hit a bottom
4. Higher-priced homes begin to sell
5. Distressed property numbers continue to fall
6. Shadow inventory continues to fall
7. The number of short-sale closings will rise to a peak
8. Record-low mortgage rates rise slightly by year-end
9. Lending remains tight
10. Home affordability remains the best in years

Preventing and Thawing Frozen Pipes

by Elite Asset Management Team

Preventing and Thawing Frozen Pipes

 With the recent cold snap Pete Veres and Sean Hellmann want to share the following important information.

Why pipe freezing is a problem
Water has a unique property in that it expands as it freezes. This expansion puts tremendous pressure on whatever is containing it, including metal or plastic pipes. No matter the "strength" of a container, expanding water can cause pipes to break. Pipes that freeze most frequently are those that are exposed to severe cold, like outdoor hoses, swimming pool supply lines, water sprinkler lines, and water supply pipes in unheated interior areas like basements and crawl spaces, attics, garages, or kitchen cabinets. Also, pipes that run against exterior walls that have little or no insulation are also subject to freezing. Pipe freezing is a particular problem in warmer climates where pipes often run through un-insulated walls or under insulated attics or crawl spaces.

Preventing Frozen Pipes: Before the onset of cold weather, prevent freezing of these water supply lines and pipes by following these recommendations:

  • Drain water from swimming pool and water sprinkler supply lines following manufacturer's or installer's directions.
  • Do not put antifreeze in these lines unless directed. Antifreeze is environmentally harmful, and is dangerous to humans, pets, wildlife, and landscaping.
  • Remove, drain, and store hoses used outdoors. Close inside valves supplying outdoor hose bibs. Open the outside hose bibs to allow water to drain.
  • Keep the outside valve open so that any water remaining in the pipe can expand without causing the pipe to break.
  • Check around the home for other areas where water supply lines are located and are in unheated areas. Look in the basement, crawl space, attic, garage, and under kitchen and bathroom cabinets. Both hot and cold water pipes in these areas should be insulated. A hot water supply line can freeze just as a cold water supply line can freeze if the water is not running through the pipe and the water temperature in the pipe is cold.
  • Consider installing specific products made to insulate water pipes like a "pipe sleeve" or installing UL-listed "heat tape," "heat cable," or similar materials on exposed water pipes. Many products are available at your local building supplies retailer. Pipes should be carefully wrapped, with ends butted tightly and joints wrapped with tape. Follow manufacturer's recommendations for installing and using these products. Newspaper can provide some degree of insulation and protection to exposed pipes - even ¼" of newspaper can provide significant protection in areas that usually do not have frequent or prolonged temperatures below freezing.


During Cold Weather, Take Preventive Action:

  • Keep garage doors closed if there are water supply lines in the garage.
  • Open kitchen and bathroom cabinet doors to allow warmer air to circulate around the plumbing.
  • Be sure to move any harmful cleaners and household chemicals up out of the reach of children.
  • When the weather is very cold outside, let the cold water drip from the faucet served by exposed pipes.
  • Running water through the pipe - even at a trickle - helps prevent pipes from freezing because the temperature of the water running through it is above freezing.
  • Keep the thermostat set to the same temperature both during the day and at night.
  • By temporarily suspending the use of lower nighttime temperatures, you may incur a higher heating bill, but you can prevent a much more costly repair job if pipes freeze and burst.
    If you will be going away during cold weather, leave the heat on in your home, set to a temperature no lower than 55ºF.

House Passes Senate ‘Cliff’ Bill

by Elite Asset Management Team

Real Estate Provisions in “Fiscal Cliff” Bill

On Jan. 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill will be signed shortly by President Barack Obama.

Below is a summary of real estate related provisions in the bill:

Real Estate Tax Extenders
• Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014
• Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
• 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
• The 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

Permanent Repeal of Pease Limitations for 99% of Taxpayers

Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. These thresholds have been increased and are indexed for inflation and will rise over time. Under the formula, the amount of adjusted gross income above the threshold is multiplied by three percent. That amount is then used to reduce the total value of the filer’s itemized deductions. The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.

These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years. They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012. Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income.

Capital Gains

The Capital Gains rate stays at 15 percent for those at the top rate of $400,000 (for individuals) and $450,000 (for those filing a joint return). After that, any gains above those amounts will be taxed at 20 percent. The 250/500k exclusion for sale of principle residence remains in place.

Estate Tax

The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40 percent, up from 35 percent. The exemption amounts are indexed for inflation.

Albuquerque population could reach 1 million in 2018

by Elite Asset Management Team

Albuquerque could have a big boost in population during the next five years, according to an American City Business Journals On Numbers report.

Fifty-two U.S. metropolitan areas currently have more than 1 million residents. Tucson, Ariz., was the latest to join the million-plus club, crossing the threshold just five months ago.

But it won’t be the last entry. On Numbers has identified 28 other metros that have a decent shot at reaching a population of 1 million by 2050.

The closest to that goal are Honolulu, Fresno, Tulsa and Albuquerque, according to the report.

Honolulu should get there first. It’s Jan. 1, 2013, population was 976,894, based on On Numbers’ latest estimates. If its recent growth patterns continue, Honolulu will reach 1 million on July 28, 2015.

Albuquerque is expected to grow from 918,876 at the start of 2013 to 1 million on Sept. 21, 2018.

On Numbers has developed a computer program that analyzes more than a decade’s worth of demographic data to project the populations of states, metropolitan areas, counties and cities at any given moment.

Albuquerque #1 of Best Place's to Retire, Thank you CNN Money

by Elite Asset Management Team

25 Best Places to Retire

Whether you dream of retiring to a big city, small town, resort area or college town, these great places offer reasonably priced homes, low crime and tax rates, quality health care, and more.

Albuquerque, NM

Albuquerque, NM
Albuquerque's biggest draws: Diversity, beautiful scenery, and pleasant weather.
Best if you're looking for: Big city
Median home price: $174,000
Top state income tax: 4.9%

There is much to be said for a place where you can ski in the morning and golf in the afternoon; drink Italian-style espresso at breakfast and eat homemade sopapillas for lunch; see ancient petroglyphs one day and gallery hop the next.

With the Rio Grande river near downtown and the Sandia Mountains to the east, Albuquerque is as diverse in its landscape as it is in culture. Downtown revitalization projects have added considerably to the appeal.

One caveat: Crime is on the high side, though locals say it's easy to avoid the problem areas.

Displaying blog entries 141-150 of 165

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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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