Forbes Ranks Albuquerque in Top 10

Albuquerque's placement on the latest national list comes courtesy of the metro area's resilient real estate market. The Duke City ranked third nationally on a list published Thursday by Fortune magazine listing the "top 10 places to own real estate."

The Fortune report, with analysis provided by Moody's economy.com and real estate valuation company Fiserv Lending Solutions, highlights the top markets where real estate values are expected to rise in 2007 and 2008.

Albuquerque, with a median home price of $179,620, is expected to see home values increase by 5.9 percent in 2007, according to the report on Fortune's Web site. Albuquerque was ranked first among cities in the western United States.

"I think it's an indication of what happens to real estate values . . . when you have substantial and growing job growth" said Jim Folkman, executive director of the Home Builders Association of Central New Mexico. "I think New Mexico is being discovered. It's our time in the sun, if you will."

The report shows that 36 of the country's top 100 biggest markets are expected to see price declines, according to Fortune's Web site. For 2008, that number is expected to rise to 37.
The continued increase in Albuquerque home values might be surprising to some, considering the saturated state of the local real estate market today. There were 4,363 homes available in the Albuquerque area as of Dec. 10 - nearly 93 percent more than the 2,263 from the same day one year ago.

Cathy Colvin, friend and Coldwell Banker Legacy Associate, who chairs the Albuquerque Metropolitan Board of Realtors, said home prices locally have risen gradually while hot spots like Arizona and Nevada saw meteoric increases. Because of that, it isn't likely Albuquerque area home values would suffer drastic drops in valuation, she said.

"We don't think we've peaked yet," Colvin said.

"I also agree, with markets like Rio Rancho & Los Lunas leading the way." William Staab.

(exerpts from article in Albuquerque Tribune 12/22/2006 by Erik Siemers)

Median Home Price for Albuquerque New Mexico

As of October 2006 the average median home price for the city of Albuquerque is $223,000 an increase of $39,010 or 21% from October of 2005. The same can be said for Rio Rancho's median home price for October 2006 is 271,650 an increase of $49,195 or 22% over the same period last year.

More Mortgages = Better Credit

Consumers carrying a mortgage have an average credit score of 713, 55 points higher than the average score of those with no mortgage, finds a study by credit reporting company Experian Consumer Direct. Consumers with two mortgages have an average credit score of 739, 81 points higher than the score of those without. Experian has not suggested a reason for the difference but said, "Although consumers with mortgages have on average...more debt...they seem to be keeping their credit in check despite the additional financial responsibility," Says Ty Taylor President.

New Mexico State Fair & Balloon Fiesta

It's that time of year again for the New Mexico State Fair, located right in the heart of Albuquerque, with the high inventory of exisiting homes now averageing 4900 per day (increase of 1900 in six months) it doesn't look like that number may do down anytime soon. Very hard time of year for open houses and marketing campaigns. However the Albuquerque Visitors and convention bureau still is averaging about 380 persons per month inquiring about moving to the Albuquerque metropolitan area every month. Have fun at the State Fair, and Don't miss the Balloon Fiesta!!

Albuquerque Blog Open Forum

I would like to have people respond to this blog to tell horror stories, ask questions and receive advise regarding the real estate market in Albuquerque, and surrounding areas. Hopefully as this blog grows, visitors and clients alike will gain helpful information, great tips and additional ways to save money! You can also join our Google Group at www.Google.com

Rio Rancho Homes

The number of new housing units available for the Rio Rancho houseing market is reaching an all time high in August of 2006. The overall picture of the greater Albuquerque houseing market still looks bright, even though it has temporarily cooled. With the addition of Mesa del Sol project getting under way 90,000 new residents will be added to the community over the next 50 years. Also the announcement of a new city being planned to the west of Albuquerque on the Rio Puerco will add an additional 70,000 people to the region. I will provide more information regarding this new community as I learn more about the master plan.

Albuquerque Houseing Market

Signs are all around us now that Albuquerque housing market has begun to slow. There are currently a daily average of 4600 homes on the market at any given time up 1400 from 3 months ago. Although some areas are slower than others, the recent rains we have had; have out of state home buyers rethinking about buying in Belen and Rio Rancho, and reconsidering such areas as four hills, and parts of the NE heights. Although I see this as a temporary slowdown the fact remains it is taking on average about 45-50 days to sell the average home another hike in the gas prices, and rise in interest rates the first time home buyer has to consider if they can afford a home or even a townhome condaminium for that matter.

Albuquerque Home Sales

Looks like the Albuquerque metropolitan area home sales are finally starting to cool off. The average weekly inventory of 2800 homes for June has swelled to about 4200 homes for July. The average number of days a home is sitting on the market has also been slowing. D.R Horton, Austin TX home builder announced lower earnings expectations from lack of demand in new home sales.

Houseing Market Balancing out.

The U.S. housing market has reached a balance in buyer and seller demand, according to a survey released Thursday, with 41 percent of participating real estate agents saying they had more buyers and sellers, 40 percent saying they had more sellers than buyers and 19 percent reporting a 50-50 balance.
The most notable exceptions are in the Northeast, the Chicago metropolitan area and in the Western states, according to the survey from HouseHunt. Home buyers outnumber sellers by considerable margins in Chicago and the West, while sellers outnumber buyers in the Northeast.
The second-quarter national survey also found:
Fifty-six percent of member agents said it is now taking, on average, more than 60 days from listing to contract to sell a house. This is up from 55 percent in the first quarter and 35 percent a year ago. Twenty-eight percent said it is taking more than 90 days to contract. Only 15 percent of existing homes are selling in 30 days or less.
Housing inventories are continuing to increase: 86 percent now report a good supply in virtually all price ranges. This is up from 81 percent in the first quarter and 38 percent a year ago.
Sixty-six percent of member agents reported that annual home-price appreciation is now 5 percent or less. This is down from 8-10 percent a year ago. Home-price appreciation of more than 10 percent is now 16 percent, on average.
The percentage of home sellers getting 95 percent or more of asking prices is currently 68 percent, compared with 90 percent a year ago. Three months ago it was 75 percent.
First-time buyers still account for one of three home sales nationwide. Repeat and move-up buyers are most active in higher priced markets. Recent home-price appreciation and rising mortgage interest rates has had only a minimal negative effect on first-time buyers, on average, with the exception of marginal qualifiers.

The Albuquerque Inventory of homes has risen from an average of 2800 homes in the first quarter of this year to 4100 homes as of july signaling a slight cooling off of the recent buyer frenzy.

Marketing Your New Mexico Home.

So, you have decided to sell your home. Should you sell it yourself or find a Realtor?

Selling your own home has several advantages, saving money on the listing commission and knowing who is coming into your home. But several disadvantages such as time, doing open houses, making yourself available to show. Cost of signs, advertising and other marketing, and possibly the expense of a real estate attorney. Do you really save all the money on the listing commission not really general "For Sale by Owner Buyers" bid well under the asking price, knowing you are not going to be paying a commission.

Discount Brokers are another option that will for a fee put your listing into a multiple listing service or discount a portion of their commission. From my experience you see alot of expired listings after the 90 contract or even six month contract expires because putting your home in the MLS system does not mean it will automatically sell. Why? although agents are required by law to show all potential buyers all potential properties for sale the properties that will get shown first are those that pay the agent the highest commission. Alot of discount brokers who take a listing just to get the listing try to pass on this lowered commission to the buyers agent. So in reality if there are 30 houses currently to show on the market, the listing paying the highest commission to the agent are going to be shown first.

Even Full Service Brokers can vary the amounts of products and services they offer, the more marketing and advertising the more chances to have multiple buyers and most important multiple offers. Take for example the for sale by owner that only places there sign in front of their home but does not advertise in any other way. The buyer must happen to pass buy that street, must actually stop to see the home, then decide to buy. This does not allow the buyer across town, across the state, or the country the ability to even know the home was for sale. On average we personally have been averaging $18,000 above the regular asking price of the home because we market aggressively.

However you decide to sell your home, the process should be profitable, painless, and easy.

Nations Home Inventories rising by 60%

The number of existing homes listed online for sale in the largest 100 metro areas in the nation grew 60 percent from May 2005 to May 2006, according to an analysis of homes listed online at the Realtor.com property-search site.

The survey, conducted by Corzen, a real estate research firm based in New York City, found that the inventory of homes listed in these metro areas grew from 1.3 million in May 2005 to 2.3 million in May 2006.

Median list prices were up 8.4 percent from May 2005 to May 2006, while "in some parts of the country … median asking prices showed steep declines, a clear sign of softening with the real estate market," Corzen announced today.

However markets like San Antonio, El Paso, & Albuquerque home sales continue to increase, current inventory for the Albuquerque metropolitan area is down about 300 units from the same time last year.

Albuquerque Homes market is HOT!!!!!!!!!!!!

Upon reading several news articals including CNN Money about the hot markets in the country Albuquerque, NM is among the top. for full article follow this link:

http://money.cnn.com/2006/05/12/real_estate/reguide_moneymag_albuquerque_0606/index.htm

Loan Applications Down - Not in New Mexico!

Mortgage application volume was down last week as interest rates declined on long-term mortgages, according to the latest survey from the Mortgage Bankers Association.

The market composite index, a measure of mortgage loan application volume, was 552.6, a decrease of 6 percent on a seasonally adjusted basis from 588 one week earlier. On an unadjusted basis, the index decreased 6.2 percent compared with the previous week and was down 23 percent compared with the same week one year earlier.

The seasonally-adjusted purchase index decreased by 7.1 percent to 396.4 from 426.7 the previous week whereas the refinance index decreased by 4.3 percent to 1480.5 from 1546.8 one week earlier

Inflation and the Interest Rate

Just when the Fed stated yesturday they probably were not going to increase Interest rates any higher, they will have to. With the high costs of gasoline, businesses can no longer absorb the fuel delivery costs of their wholesale items and will have to raise there prices. Can the Fed keep Inflation in check? Time will tell? my personal opinion is no.

Forbes: Albuquerque Best Place for Business!!

Forbes announced yesturday that it has ranked Albuquerque as the Best Place for Business and Careers in the United States. AED Chairman of the Board Carolyn Monroe said "these are exciting times in New Mexico and a significant achievement for our community and state. This ranking is a testament to the incredible partnership that exists between thepublic and private sector, and to the collective effort of so many people working to improve our business climate. We express our thanks to Forbes, and to the Governor and Legislature, Congressional Delegation, Mayor and City Council, County Commission and Manager, and to other partners of ours within the region. Additionally, we come to this point through the investment, risk and vision of so many business leaders who have made a difference for our economy and for our citizens. Our future has never lookedbrighter."

To See The News Release from Forbes Ctrl +Click: ALBUQUERQUE, NEWMEXICO TOPS FORBES' 8th ANNUAL BEST PLACES FOR BUSINESS AND CAREERS SURVEY

CBOE - Chicago Board of Options Exchange

Announced in March the launch of housing futures contracts using NAR's monthly existing home sales data. These contracts are based on the direction of home prices either nationally or regionally. These contracts will allow, homeowners, lenders and home builders a chance protect investments with the same strategies as Wall Street investors.

SellYourHouseNewMexico Website

BuyaHouseNewMexico, SellYourHouseNewMexico and BuyLandNewMexico websites are currently under renovation and will be down until about April 7th, 2006. We are updating the content, creating 360 pages of user friendly information and creating for our clients a more enjoyable web experience, please visit us when we return or post your comments here...

Average Albuquerque Home Price

Did you know the average home price in Albuquerque was $184,365 in 2005 but already in 2006 that number has grown to $207,144 for the first quarter of this year? 53 homes sold above the $400,000 price range.

Housing Market takes a 5% dip in January 2006, but over all for the western states we saw a 11.3% increase in Sales after a 6.3% rise in December. Will this trend continue with the interest rates currently 6.26% expected to rise this year?