What Albuquerque Housing Crisis?

The Albuquerque housing market is still appreciating. It's still a good time to invest in a home!



Copy and paste the link below in your browser for the full article, especially pay attention to 1year statistics at bottom of page:



http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomePricesByCity.aspx?GT1=10622



Hope you find this information useful! Provided by:



Leanne Sperry

Escrow Officer

Stewart Title of Albuquerque, LLC

1316 Jackie Road, Ste. 300

Rio Rancho, NM 87124

(505) 798-2222

(505) 892-1770 - Fax

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OverStock.com Thanksgiving Day Sale!

I want to take a moment to share how grateful I am to all my customers, friends and family, and all the wonderful people I have met during the last year!

It has been a great year, for me in Real Estate! I hope this will continue into 2008. The Founding of our Democratic Realtors group (for those that don't know our RPAC lobby money was given to a specific candidate to help there run for congress, claiming all Realtors endorsed this candidate when we did not; and do not want it to happen again or given for any candidate) So we get together 2 times a month and cook a homemade meal for everyone, then we donate $10 to go directly to the New Mexico Democratic Party of a particular county that is pulled out of a hat every week. This has also helped build strong bonds across company lines and different areas of the Real Estate community and strengthen knowledge among all its members.

The greatest thing about this business is you get to meet people from all over the city, and country and have the opportunity to know them by the end of the transaction. I am thankful you have made this a rewarding and very successful career for me!

I also wanted you to have this special offer from Overstock.com for the Black Friday sale:

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What a Great Gift! Buy a Home for Christmas!

Thinking about buying a home? Why not? Interest rates are low, Inventory is up (allowing a greater selection for you to choose from, at better prices) and why continue to pay rent (paying someone elses mortgage)?

Ok, so the subprime market has you worried, how do you know if 10 houses on the block you purchase will not foreclose? What about the Presidential election, Gas Prices and the over all Economy? SO WHAT! Everyone needs a roof over their head? (at least most people), are you better off paying $700 month rent to a landlord or $700 to yourself/mortgage? The overall economy will always have issues, the Pundits talking about the housing woes will always be there, however the current market values of the homes will not.

So take the first step today, contact Shawn or Charel Lock at Legacy Mortgage 792-7668 or apply online at www.LegacyMortgageNM.com/clock tell them you are working with me and if we have you in your new home by Christmas we will pay for the Credit Report & Underwriting fee ($300 value)!

I will even put a big bow on your new front door!

If not try shopping at one of my many Affiliates like Overstock.com:

Watches by Movado at savings up to 80% from Overstock.com!

MLS Upgrade - Buy a House New Mexico .com

Dear Clients,

The Albuquerque Board of Realtors is upgrading their MLS (Multiple Listing Service) to a new web host. This may cause service outages in the search features of www.BuyaHouseNM.com, www.ColdwellBanker.com, www.CBLegacy.com, www.Realtor.com, www.Homes.com and others.

This outage should occurr between November 1 - 8th, 2007 We will work to correct this integration issue with www.BuyaHouseNewMexico.com as quickly as possible, thank you for using BuyaHouseNM.com and Abaris Team for your Real Estate Needs.

Abaris Team - "Your Golden Arrow to Success"

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World Statistics Clock

I cam across this website that has some interesting information I thought I would share it with you:





http://www.poodwaddel.com/worldclock.swf


Check out this great fall offer from one of my personal affiliates Park Seed:

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Albuquerque & the US Mortgage Woes

Dear Chicken Little,

The sky is not falling, although belts are tightening and the mortgage industry is shaking out some shoddy players, loans are still available; you might need better credit to qualify, put at least 5-10% down but this is a great time to buy a home, prices are falling on the west side and Rio Rancho, builders are offering huge incentives.

Just like the stock market,buy low sell high, traditionally the albuquerque market goes through 8 year cycles, and overall appreciation of a rate of about 3-4% in the last 20 years there have only been 2 years of devaluation 1988, & 2002 in 2002 it was only.03% so even though we may see a decline this year, overall Albuquerque is a great place to own a home.

When I first started to warn you of the impending mortgage crisis back in February of 2007, I did not foresee the actual number of companies closing and the tightening being this widespread (Worldwide) and paniced. Reminds me off the Junk Bond Market collapse in the 1980's and the Savings & Loan debacles that threw alot of babies out with the bath water. Lets hope this crisis will stablize so home buyers and sellers can once again breath a sigh of relief.

Contact these fine lenders with stable financial stability to see if you qualify for a home loan or for more mortgage related questions or prequalify right online at www.BuyaHouseNewMexico.com:

AnaLisa Cordoba - Pennington Financial (505) 379-8722
Charel Lock - Legacy Mortgage (505) 792-7668 (owned by Coldwell Banker Legacy)
Bernice Gentry - Legacy Mortgage (505) 858-3834
Yvonne Lara - Wells Fargo Home Mortgage (505) 298-7684

Credit Scores

Wanted to share with you a real story that just happened to me recently. I was contacted by a Bill Collector for an old phone bill from 1997 that I didn't even realize was not paid. I went into immediate panic, you see I am currently buying another house and moving; the last thing I want is my credit score to plummet. The debt has never shown on any previous credit reports. The collector said "There were 2 payments of $78.10 then they just stopped. (because I paid 1 in the office and the same bill again by mail). Yes I owed the $349.09 which by the way tacked on after the phone was shut off from various long distance companies thanks to a really bad roommate.

My credit rating was still intact, but recent changes with the mortgage industry have left the days where stated income folks like myself can no longer get a loan on just credit rating alone. I think if I had waited just another month to buy a home, the program I was given will be gone.

Protecting and improving on your credit score can significantly increase the likelyhood of qualifing for a loan and at a cheaper interest rate. Especially for buyers without proven job and income histories.

Now saving to buy a home when you need to put 5%-25% down is out of most peoples reach in Albuquerque with the median home price of $210k and Rio Rancho at $234k you would need savings of $15k just to close the deal!

If you are thinking about buying a home talk with your mortgage professional or try one of these fine proven lenders:

Todd Hohmann - First Heritage Mortgage - 505-875-3498
Charel Lock - Legacy Mortgage - 505-792-7668
Ana Lisa Cordoba - Pennington Mortgage - 505-379-8722
Vince Garcia - Countrywide Home Loans - 505-816-1765
Mike Gonzales - RPM Lending - 505-401-5318


Here is another great deal from a vendor I negotiated a contract with enjoy these savings:

Gardener's Supply Company - Huge Summer Sale - Save up to 63%!

False Product Endorsements

I have recently discovered my name being used to endorse companies I have never endorsed. I have never endorsed Perfect Wealth Formula or any other "Get Rich Quick Real Estate Scheme" My current and past clients know, I always work in their best interests to help them choose a wise investment.

Products I do endorse you will find links to here on my blog and relocation page on my website such as:

Overstock .com
Lowes Home Improvement
Enterprise Rental Car

It is flattering however to think that these website think so highly of me they can plaguerize me and miss quote me!

Albuquerque Slow Housing Market?

While the average number of homes currently listed in the MLS system is at a high of 6067 compared to the 4200 for sale last year, buyers have a wider selection to choose from and can be more picky.

The market is not slow, I have closed 3 transactions of over $600k this month alone, While my entire office (Cottonwood/not all of Coldwell Banker Legacy) closed over 84 transactions & $64M. Same number of buyers have a larger inventory of resale homes, and new construction to choose from but we still have the same amount of buyers as last year.

The key in this market is to ensure that when a agent takes a buyer out to view a home (6-9 in a day) that your home is one of the first 6 they visit, not one of 50 they may have to choose from. The average buyer will select a home within the first 25 houses they visit, surely you do not want your home to be 26th on their list? The way Abaris Team - William Staab market to agents and to buyers always strives to achieve this goal. Not only to get your home shown; but to get your home sold!

Enjoy these great spring deals from these great companies:

10% off on Gardening Supplies at Gardener's Supply Company!

LandscapeUSA.com

Save 15% Off Entire Order at Park Seed - Enter Coupon Code JUNE15 at Checkout. Hurry Offer Expires June 30,2007 SAVE NOW!!

Garden Accents from Plow & Hearth

In answer to some email questions, yes AbarisTeam - William Staab does receive a financial gain if you buy through these links here on the blog or on the relocation page of www.BuyaHouseNM.com to help keep this website running and provide additional savings/services to our customers. I William Staab will continue to negotiate contracts with companies that will help my customers save money during the moving / selling process!

Vacation: April 25-May1, 2007

Although the way Mike Magallon & myself William Staab work as a team and make sure that one of us is always available to take your call or to show you houses. We will both be on vacation from April 25-May1, 2007. We will answer emails; but will not be available to show properties in the Albuquerque area. For Immediate attention contact Coldwell Banker Legacy at (505) 898-2700 and speak to the available agent on duty.

We are enjoying our great vacation do to the negotiated contracts I have with the companies on our relocation page. I negotiated these contracts to help your move be as cheap and as effortless as possible.

Logon below to enjoy these deals:

Ramada - Get Our Best Available Rate or Your First Night is FREE!

$1 Starting Bid Travel Auctions

Save 50% on your weekend rental at Enterprise.com. Great Cars. Low Rates. Most Cars. Most Weekends. Most Neighborhood Locations.

We hope to be working out some more contracts to help with moving costs in the near future with a albuquerque storage facility and moving van company soon!

Buying Forclosures / Bank Repo's / HUD's

Buying a foreclosed property or HUD's (nickname) directly can be a challenging process waiting through the auction period. There are also restrictions who can buy first, disaster victims, Police Officer's / School Teachers , Owner Occupant's and finally investors. also not necessarily always the best value. The Department of HUD has been offering Foreclosures at almost the same price as what the market will bare or just slightly under not leaving much room to fix up and flip. But a great value to a Police Officer or Teacher who can purchase the property at 50% of the value.

Bank Reposessions on the other hand are easier to acquire (usually a 45-60 closing) because banks don't care about the market they want to get the money back for the defaulted mortgage loan as quickly as possible.

I have been a HUD Trained Agent for 2 years now, I believe we are going to see an increase in the number of Bank Repo's / Foreclosures in Albuquerque in the next year. Both of these type of Investments both to occupy or to "flip" can be great investments.


To help fix up those floors in your new forclosure look at this great deal I made with Orangeglow:

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Subprime Mortgage Market

Even though we may see a bit of a change in the Mortgage lending market this is no cause for alarm.

Buyers in this current market have been saying to me, "I don't want to buy now and then face foreclosure in a few years" Well do you pay $600 in rent or more per month? In a few years will you be facing eviction instead of foreclosure? You could be using your mortgage payment as a tax deduction but with rent you cannot.

You can also look in to products like 40yr mortgages which will help ease the burden with lower payments or Interest only loans that do not carry a balloon payment after 10 years.

Contact AnaLisa Cordoba with Pennington Mortgage for answers to these questions and find a loan program that works best for you (505) 883-5153

Another great deal from FastFloors:

Rubber Flooring: A safer choice for children's playgrounds.  Sold exclusively at FastFloors.com

New Mexico & Albuquerque Real Estate update

Looks like home sales in the SW section of the city are hot right now, Anderson Hills and other new projects seem to be changing the perception of this area of the city. With Tessla Motors, Temperpedic Mattress & Eclipse Aviation in the next few years all located off Paseo Del Volcan this area should continue to see a dramatic rise in home prices.

Currently it looks like a bit of a Slowdown in Rio Rancho with homes between $250K-$350K of the 221 homes for sale only 15 went under contract in February of 2007.

Continueing to bring deals for all aspects of the home sale and make www.BuyaHouseNM.com a more rounded and goto website I am continueing to negotiate deals for clients check out this latest one from Hudson Reed Home Faucets & Fixtures:

Hudson Reed Summer Sale Now On.

When is the Best Time to Sell?

Although Albuquerque and Rio Rancho real estate markets continue to sell all through the year. Most people do not realize that 75% of the transactions will take place from the 2nd week of January through the end of May. As other home sellers see the price of their property rising, the market gets flooded with homes through July, August (parents want to sell before the kids change schools) that buyers have alot more inventory to choose from. Although Doomsdayers like Good Morning America and others have been predicting a bust in the Real Estate bubble last fall this has not happened. In Albuquerque with traditionally stable home prices this has not accured at all. When is the Best time to Sell? Whenever you are ready!

Another contract negotiated by Abaris Team with Luggage Online: Enter LSACTV to receive 10% off & Free Shipping when you shop online (excludes TUMI & Brigg's & Riley) Below:

Up to 70% off Samsonite's 550 SeriesUltra 3000

Fears of Delinquency have Subprime Lenders tightening their belts.

With the recent filing for bankruptcy of Ownit Mortgage Solutions a major subprime lender in December a steady stream of mortgage lenders including, Wells Fargo & Washington Mutual bank have tightened up their underwriting rules.

The trend continued downward last week with the filing for bankruptcy of ResMae Corp out of CA, & Fremont; this may mean that Home Buyers with impaired credit will face higher rates in the months ahead.

Quoting AnaLisa Cordoba of Pennington Financial (see financial page www.BuyaHouseNM.com for more info): "My concerns are with my clients with blemished credit to be able to find financing at all. The days of the zero down payment maybe coming to an end."

Will Mortgage Bond investors head for the hills in the subprime market with the rising delinquencies? Time will Tell.



Park Seed is Having a $1 Seed Sale!

Contracts & Other Goods & Services

Did you know that www.BuyaHouseNM.com & Abaris Team - William Staab have negotiated contracts with major online companies to save you money on your home purchase or related services needs. On page 2 of our relocation page you will find many travel, hotel, & moving discounts or check out the bottom of this blog for savings from Ramada Hotels, & Overstock.com. We also in upcoming Blogs will be featuring other companies we have contracts with since we do not have room on the website and do not want it to appear cluttered but check out savings from:


Orange Glo Hardwood Allura Floor Care System - The Easy Way to Brighter Floors. Shop Now!

P.I.D.'s -Hidden Tax Increases - What you need to know:

Recently, a Ventana West re-sale customer contacted Stewart Title because their
property tax bill was increased by $506 dollars. Jeanine Dodson a Stewart Title
Escrow Officer, jdodson@stewart.com, researched and found that $506 will be
charged yearly for the next 30 years to pay for municipal infrastructure and public
services and is called a PID (Public Improvement District).
Jeanine's information comes from Mitchell Mosesman at (800) 969-4382, mmossesman@taussig.
com who is Senior Vice President of David Taussig & Associates, Inc. www.
taussig.com. He specializes in the use of land-secured bonds to finance public
infrastructure in California, Illinois and New Mexico.
I contacted Phil Rodriguez, Property Tax Exempt Specialist, pmrodrigue@bernco.gov of the
Bernalillo County Assessors Office, www.bernco.gov for a public list of other new
construction subdivisions that are passing their infrastructure costs onto
potentially unsuspecting re-sale buyers. He could only refer me back to Mitch
Mossesman.
Pauline (949) 955-1500 of David Taussig & Associates explained that new
construction purchasers are given a disclosure of this 30 year lien but she is not
certain if re-sale purchasers are given any disclosure or if any public record exists
of which new subdivisions are using this 30 year additional tax to pay for their
roads, parks and landscaping. She is only currently aware of Ventana West and
Cabezon and suggested I obtain a title package or tax record to find out which
other builders are using this method.
I explained to her of the cost involved in obtaining a title package and of the near
impossibility of online tax records for new construction especially in Rio Rancho.
(I've checked title packages from Cabezon and they do not disclose
this lien. Approximately $400 to $500 is for roads and parks, etc and $67 to $100
is for maintenance. This cost is dictated by the number of homes in the
subdivision.)
New construction subdivision builders will increasingly use this pass-along
method that is not reflected in the purchase price of the new home. Re-sale
buyers especially need to know of this additional 30 year tax burden. There needs
to be a legal disclosure document for re-sale buyers in these communities.
Ignorance may not be enough of an excuse for what has the potential to become
a future dispute or claim by the re-sale purchaser.