Time limit for $8,000 First time home buyer credit almost over.

Act Now To Get First Time Buyer Tax Credit

The $8,000 tax credit for first time buyers is working, drawing new people into the market and providing a big reason for growing home sales in metro Albuquerque. While the program ends November 30, as a practical matter, it ends in early September. That's because it typically takes from 45 to 60 days from signing a purchase agreement until a sale closes. You must close and fund on your new home by November 30 to quality for the tax credit.

The $8,000 tax credit is only for first-time home buyers. The law-the American Recovery and Reinvestment Act of 2009-defines "first-time home buyer" as someone who has not owned a principal residence during the three-year period before the purchase.

The tax credit is refundable. It could mean cash for you. If you pay less than $8,000in federal income taxes, the government will write you a check for the difference.

Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income is less than $75,000. For married couples filing a joint return, the income limit doubles to $150,000.

The tax credit especially appeals to people seeking more affordable homes. Inventories are low in this range. Homes are selling quicker and for higher prices. It's a sellers market for more affordable homes. If "more affordable" describes your home and you are considering selling, it is a good time to move up, to get that extra bedroom..

For higher priced homes, however, it's a buyers market. Inventories remain high for these homes. Plenty of choice exists and you can still get a good deal.

For first time buyers, the New Mexico Mortgage Finance Authority created the Tax Credit Loan Program to help with the down payment and closing costs. A first-time homebuyer can borrow 8% of the sales price or $6,500, whichever is less, and use the tax refund to repay the loan.

Give me a call. I will explain the tax credit program and find your new home.

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Americas 12th Largest Mortgage Lender Closes

Taylor Bean and Whitaker Americas 12th largest home loan company has closed it's doors after being suspended by federal agencies F.H.A. and H.U.D. An auditor for F.H.A said: "Irregular transactions that raised concerns of fraud."

This is sending shock waves through the mortgage lending industry. Taylor Bean and Whitaker represent 1.7% of the total loans made in the amount of $17 billion dollars so far just this year. This is also not good news for customers having to refinance or currently have a loan pending with Taylor Bean and will have to look somewhere else for financing.

Taylor Bean has traditionally followed guidlines set by Fannie Mae, Freddie Mac and F.H.A. which has allowed it to surrvive while other lenders have failed in the last few years like one well known here in Albuquerque; American Home Mortgage. Taylor Bean also used documents such as utility bills to prove credit worthiness of FHA borrowers with lower credit scores.

Some Analyists are predicting a rise in current interest rates as larger lenders like Bank of America and Citibank do not have to compete with lenders such as Taylor Bean.

Coldwell Banker "On Location" Youtube Channel Draws a Crowd

Immersive YouTube Channel Now Most Viewed in Real Estate Industry;
Attracts more than 200,000 Visitors in First Month and Features 1,700 Localized Videos

PARSIPPANY, N.J. (June 23, 2009) – In just one month since its launch, Coldwell Banker “On Location,” an innovative branded YouTube™ channel focused on real estate search and insights, has reached the milestone of more than 200,000 visitors to the site. Designed to offer consumers a new way to search for and interact with real estate information, listings and local insights via video, the channel currently features more than 1,700 videos (1,300 of which are new since the site launched), that highlight behind-the-scenes looks at towns and neighborhoods, smart tips and timely news on real estate topics, and video listings of homes for sale.

Coldwell Banker Real Estate LLC launched On Location in May 2009 becoming the first brand to fully tap into the power of video. Since its launch, On Location has been among the top ten most-viewed brand channels on YouTube and is the leading real estate brand page on the site.

“The response we have seen since the launch of On Location has been tremendous and it is a confirmation that video truly is the way of the future for real estate,” said Michael Fischer, senior vice president, marketing, Coldwell Banker Real Estate LLC. “The Coldwell Banker sales force has already uploaded more than 1300 original videos with many, many more on the way. We are proud to lead the industry with an online resource that provides consumers with information to help them through the home buying and selling process.”

Two areas of strategic focus set Coldwell Banker On Location apart from other real estate Web sites. First, it showcases the power of video to bring real estate more vividly to life – offering behind-the-scenes looks at towns and neighborhoods, smart tips and timely news on real estate topics, and video listings of homes for sale. Second, content posted to On Location has a strong emphasis on local information and insights, so consumers can dig deeper into the areas of the country that interest them most.

Fischer noted that the channel is continuing to grow with content being added every day. “As more and more videos are uploaded, On Location will become an even greater asset to consumers. It has the potential to be the Web’s richest array of real estate video content, and the results we have seen thus far prove that we are well on our way," he said.

To create On Location, Coldwell Banker Real Estate closely collaborated with both YouTube, a Google subsidiary, and Google to develop a customized framework and user experience. In addition, On Location is the first branded YouTube channel to use dynamic IP lookup to search for videos, which automatically serves up local results when visitors first hit the site.

Development of the On Location site was a collaborative effort by Coldwell Banker interactive agency partners, FD Kinesis and Bootstrap Software, Inc.

To see a video about Coldwell Banker On Location please visit: http://www.youtube.com/watch?v=W1AKZDhUrLY



YouTube is a subsidiary of Google Inc.

About Coldwell Banker Real Estate LLC
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and more than 101,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

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Halfway hrough 2009

With the rise in gasoline prices over the 4th of July and through August it should be interesting to see how this affects the local Albuquerque Real Estate market. While they are predicting that prices are going to rise to $3 a gallon, I have another prediction for you: Try $4.00 a gallon by August 1rst, why? The speculators are back in the market again same as last year and with the current price of a barrel of oil at $72 a barrel well.

Something to consider before you buy a new home or a new car are what exactly is this going to cost over 10 years or more that you are living in your home. Shrinking those electric bills, and gasoline costs for your commute to work isn't always the first thing on a persons mind when thinking about living close to their job or buying to much home and spending the additional cost on the utilities over time. But lets just say you are thinking about a home in the NorthEast Heights for around $190,000.00 but you will have to commute to work to for example the Industies around Central and Coors or you can buy a NorthWest Heights for $190,000 much closer to work but 500 sqft larger than the same home in the Northeast Heights for the same price. The two variables you cannot control is the price of the cost of the gasoline to get to work or the fluctuation in costs to heat, cool and light the larger home in the Northwest Heights, is it exactly a trade off? Maybe, maybe not; driving the kids around town, your spouse's job, where you shop and where you go for entertainment can all play a factor.

So what is the right answer? There isn't one because each of these factors has to be considered by each individual.

My Answer: Buy the home in the Northwest Heights closer to your job, but buy a home 500 square feet less than the $190,000 home as you were getting in the Northwest Heights as you were in the Northeast Heights for around $51,000 less (1 sqft = average price of $103 per squarefoot). or roughly $140,000 and reap the rewards of the lower mortgage payment, cost of utilies, and pain at the pump!

Great car rental deals from Enterprise:

Can a late mortgage payment force you into forclosure?

Many of you are aware I work in the Bank REO, Short Sale and Foreclosure markets. What stories I have been hearing lately (I will go into later) is of customers as little as 1 day late on their mortgage payment being forced into foreclosure because the mortgage holder no longer will accept their payments.

This is hard to comprehend. Why would the mortgage holder risk the costs incured with Real Estate Attorneys, Realtors, and the length of time to regain the borrowed funds through foreclosure if at all; rather than just accept the late payment(s) with a late payment fee and continue to allow the homeowner to honor the repayment contract?

We here alot of talk on TV and Radio about the homeowners that bought to much home, with payments that were to high, borrowed way to much and the Realtors and Mortgage Lenders that allowed them to do this so it is all their fault. But what about the homeowner that didn't? What about the homeowner that due to the downturn in the economy was laid off and got behind on the mortgage payment but was then able to catch up? Shouldn't we as a country say, "Gee sorry Joe Homeowner that is unfortunate what happened to you, glad to see that you were able to get back on track." Instead of "To bad for you, oh by the way, we have repossessed your car, sold your home at auction and with your now bad credit, good luck finding an apartment to rent."

Just in the last two weeks I have heard three stories from Veterans, excuse me let me rephrase that Disabled Veterans that are in the process of being foreclosed on or have been foreclosed on. Good honorable people that want nothing more than to pay their mortgage and continue living in the homes they purchased but the companies that hold the mortgage have refused the payment. One homeowner was one day late with the payment and they refused to accept it. The process continued, they put their faith in an attorney and a supposed self proclaimed knowledgable Short Sale Realtor that did not inform them of the process along the way. They were summoned by the foreclosure attorney to appear in court and waited the whole day for their case to be called. They were told by the judge their case had been settled earlier back in chambers and the home had already been foreclosed.

I also had a customer earlier this year that had this happen also, we were able to negotiate a short sale and close on the property, however the late payments, interest, and penalties took the original loan of $94,000 up to $112,000 and we sold the property leaving a short of $5,700 the customer could not pay in closing costs. The Mortgage Lender had the customer take out $10,000 promissary note to pay the short of $5,700 and close the deal. So in the end the mortgage lender recovered $122,000 in six months on a $94,000 loan, or a profit of $28,000 because they refused to accept the customers late payments.

I am seeking help from my readers, I can not figure this out? What is the financial incentive not to accept the payments from these homeowners if short sale and the above example does not happen? If the bank or mortgage company is not profiting from the current policy of refusing payments is our tarp money being used to bailout the banks and provide the incentive to force customers into foreclosure? Are Mortgage Lenders actually double-dipping putting a lean on people for loan short falls and getting money from the tarp to cover the losses? Why are customers being charged late payment and penalties for late payment on month, two three and four when the lender will not accept the payment?

There also must be other stories just like these, how many people has this actually happened too? Why is no one in the main stream press talking about these cases? Who should these people contact that might be able to help them with their situation?

I have reached a dead end at the moment and might be talking on deaf ears, but I do have to admit, I make sure my own mortgage payment arrives a few days early now.

Real Estate Statistics

We now have the lowest months supply of homes 7.6 months supply than we've had since July of 2007. Yes, July of 2007. We have been averaging about 9 months supply so far this year.

Average days on market dropped 7.7% from January to April. We are now at 88 days. But not the greatest comfort when it is taking your home to much time to sell. Abaris Team William Staab and Jordan Knecht's average: 63 days.

More homes closed last month (588) since October of 2008. That number was slightly higher than March's number.

More homes went under contract in April (873) since May of 2008. In fact, April beat March by 17.8%. That means more homes went under contract in April than in the "busy" months of last summer 2008.

Between the $8,000 tax credit: http://www.federalhousingtaxcredit.com/2009/index.html
and programs such as the New Mexico Mortage Finance Authority:


This may be a good time to buy a home, contact us today to see if homebuying is an option for you.

As we move into the busy home buying season here in Albuquerque, although the statistics are showing signs of positive economic life, they haven't really been on life support here in Albuquerque as some other areas of the country, and even in the hardest hit states, the problem has really been in only 35 counties in all of those states.

I do not like to post just raw statistics here on the blog since the information is so readily available on every Real Estate website, ad infinitum, but try to provide you with information about the exceptional services offered on BuyaHouseNewMexico.com that will help you make a wise choice in the home you sell or purchase and insure that you have Realtors and Real Estate service providers that will provide the highest level of satisfaction and customer service.


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South Valley Property in Albuquerque New Mexico 87105

View more information about this property on You Tube click on title.

Local Realtor wins Wall Street Journal Dartboard Contest #33

Local Albuquerque Realtor William Staab with Coldwell Banker Legacy has won the 33rd Wall Street Journal Dartboard contest which ended March 31, 2009. The contest asked six people from around the country to go up against six stocks picked by the Wall Street Journal staff that were randomly picked by throwing darts at a dartboard.

The contest originated years ago when people started to remark that monkeys throwing darts at a dartboard could do better at picking stocks than financial analyists and pundits.

William Staab's stock finished 32% higher over the six month period, his next closest competitor was a dartboard pick that finished up 15% while the closest human competitor to Mr. Staab was down by 9%. Truely in the six months that this contest ran has been a difficult time for the stock market and the market is definetly reflecting the overall economy.

Out of the 33 Contests that have been held so far only 13 times a human has out picked the darts......?

How do you know if you have the right kind of insurance?

How do you know if you have the right kind of insurance? Or enough insurance?

Insurance is designed to protect your assets and your ability to earn an income. If you are found at fault in an accident and don't have enough insurance.you are still liable for the difference!

Our process focuses on a few different things that people may be used to. Where we do try and save our clients money. There is a fine line between over insured and under insured. This is where having a good agent and a good agency shows their true value.

Most people that come to us don't have enough coverage. Our risk assessment questionnaire shows a client how much they truly need. The important factors to consider are your assets. This can include the equity in your home, personal property, and investments. If you don't have enough liability to cover those few things you are at risk. The next, most important asset is your ability to earn an income. In most this is probably the most important and it needs to be protected in 3 ways. It needs to be protected against lawsuit, disability, and death.

This is how we truly help our clients, by educating them on the importance and need of good insurance and a good agent.

With over 15 years experience and the backing of some of the top companies in the industry we can effectively and efficiently handle any and all of our clients needs. Whether its auto, home, life, disability or business insurance we can make sure you are protected. We strive to give you the best customer service compared to anyone else you do business with. Doing business with us is fast and easy.

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Call us today to get your free, no obligation review. See where you stand!
A five minute phone call could save you hundreds.
Thanks
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Serna Insurance
(505) 217-4298

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Albuquerque February Home Sales Report

Newly Listed! 9 units available in this manufactured housing condominium project. Great bargains if you are down sizing yet want to keep a home that is easy mobile and you can move close to work. Made of Chinese coragated paper, interior walls can easily be moved to create extra space or remove a wall to add on an additional bedroom or living area! Located near I-40 freeway underpass. Total price: FREE first come first serve.

No really folks it isn't really all that bad here in Albuquerque yet. Although pending home sales are down 7.2% from last month the actual median home price has risen by 5.7% from last month in Albuquerque and a whopping 25.1 in Rio Rancho from last year!

Inventory is shrinking, in Febuary 2008 there were 5,591 homes on the market compared to 5,373 in February 2009 The total number of new listings that entered the market was 1,272 as compared to January 2009 of 1,615 or down 14.2%

The total number of closed sales this month was 343 (greater Albuquerque area all price ranges) as compared to last month January 2009 324 was up 5.9%

The average selling time for a home in Albuquerque is currently at 96 days based on the average home price of $209,515.

So although we are not a frenzied pace of home sales like we were in August of 2007 neither is the rest of the country; considering the changes to the subprime mortgage and mortgage markets and the health of our overall banking institutions and mortgage lenders. Comparisons can be made to the stock market, while banking,financial amd automotive stocks have suffered during this economic downturn other companies like Gold and Copper Mining, Green/Solar companies have done well.

Our overall local economy is doing well, thanks in part to our Govenor Bill Richardson and local Mayors Marty Chavez of Albuquerque and Rio Rancho's Thomas Swisstack who have provided industries economic inscentives to relocate here.

Remember if you are thinking about buying or selling your home, we are here when you need us!
*Information and statistical information provided by Greater Albuquerque Board of Realtors Southwest MLS Sales Data deemed reliable but not guaranteed.©

Article written by:
William Staab
Coldwell Banker Legacy
(505)898-2700




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Marriott Residence Inn Albuquerque Airport

BuyaHouseNewMexico.com is pleased to announce its partnership with Marriott Residence Inn Albuquerque Airport to provide our relocating customers with the cutting edge of style, comfort and superior ammenties offered by this luxurious property located only minutes from the Albuquerque Airport. Our relocating customers can enjoy a great discounted rate and peace of mind that after a long day of looking for houses,the closing on their property, or waiting for their new home to be built.

The Residence Inn Albuquerque Airport held its official Grand Opening Thursday, February 12, 2009. The hotel was open to the public December 23, 2008. The hotel participated in the official Ribbon Cutting Ceremony with the local Albuquerque Chamber of Commerce. Guests of the hotel, local chamber members and business owners were treated to property tours, hors de’ oeuvres and one lucky lady won a trip to New York and a Broadway play!

The Residence Inn is an all-suite, extended stay hotel located conveniently between the Sunport International Airport and the University of New Mexico campus. As a brand-new property, the staff is happy to meet all your travel needs in comfort and style. The Residence Inn boasts the following home-environment amenities:

• Full Kitchens in every suite
• Flat-Panel HD TVs in every suite
• High-Speed Internet, both wired and wireless throughout the building
• 24-hour Market to satisfy even late night munchies
• Complimentary hot breakfast served daily
• Indoor pool and spa
• Sport court
• State of the Art Fitness Center
• 24-hour self-help Business Center complete with fax, copier, printer and computer with high-speed internet
• Guest Laundry Facility
• Valet Dry Cleaning (available M-F)
• Smoke Free Hotel
• Receptions with light dinner fare two to three night per week

The Residence Inn is close to Downtown, Old Town, and a plethora of restaurants, shopping and entertainment options. They provide their guests a little piece o home on the road.

The Residence Inn Albuquerque Airport has two different meeting spaces available. Their larger meeting room can accommodate a maximum of 40 and an executive board room that accommodates up to 8. They can seat meeting attendees in the meeting room in the following capacities:

Theater Style 40 People
Classroom Style 20 People
U-Shape 25 People
Square 30 People

Pricing for our meeting rooms is:

Large Meeting Room $200.00 per day
Board Room $100.00 per day

Outside catering is permitted. There is some AV equipment available for a fee. Both spaces have high-speed internet available in both wired and wireless form.


2301 International Ave SE
Albuquerque, New Mexico 87106 USA
Phone: 1-505-242-2844
Fax: 1-505-242-2855
Sales: 1-505-242-2844
Sales fax: 1-505-242-2855

Aaahh Chiro Spa's Dr. Kirk Manson

Dr. Kirk Manson Chiropracter at Aaahh Chiro-Spa will be on KQNM radio tommorrow morning at 8am. Turn your radio to 1550AM to learn information from one of Albuquerque's Best Chiropracters.

For more information on Aaahh Chiro Spa visit their website:

http://www.aaahhchirospa.com

AaahhChiroSpa
Dr. Kirk Manson
1804 Carlisle NE
Albuquerque, NM 87110
(505) 884-0044

Dr. Manson is currently accepting new patients and accepts most insurance carriers.

Welcome to the "Great Deflation"

We have heard alot of talk that we are in a recession or possibly a depression. If you read back in the history of this blog to February 2007 when I started speaking of the current economic crisis, the experts say no one could have foreseen how bad it was? Couldn't they? Can a Realtor Blogger from Albuquerque, New Mexico been the only one seeing it coming? I do not think so.

While housing in Albuquerque is still relatively stable it is suffering the effects of the over all US Economy, we are not immune, but home prices fell 4.8% last year after 3 years of record growth. Albuquerque as a whole has only fallen in two other years 2001 & 1982 so all in all not a bad record.

Why am I coining the term "The Great Deflation"? because typically in the past in order to combat inflation or deflation the Fed has manipulated the interest rate either higher or lower to increase or decrease the money supply. This time however with the interest rate at record lows, and the measure of CPI (consumer price index) we are seeing an over all drop in demand for consumer goods and services, with job losses, declining wages, declining home values and stock portfolios will only lead to further deflation as businesses lower their prices to get consumers back in them and spending again.

Is it a good time to buy an Albuquerque home? Absolutely, the biggest mistake consumers make is trying to buy at the absolute low in the stock or housing market. Consumers wait to long until the prices are back up in a frenzied pace like 2005 & 2006.

Is it a good time to sell an Albuquerque home? That depends on your individual neighborhood. If there are 3 or more recent REO's or Foreclosures on your block you might be better off staying put. If every other house on the block has a for sale sign on it you might have tough competition. But no matter what market we are in good or bad the old saying: Price, Conditon, Location match the buyer you will get your home sold."

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Paul Allen Homes

Want to extend a special thank you to Rex Paul Wilson & Robert Allen Lupton for inviting me to attend the press conference held by Mayor Martin Chavez out at their Green built community Sawtillo. Paul Allen homes is the City of Albuquerque's first approved Green path builder. To take a tour of the model homes in this community give us a call, you can also obtain floor plans from the New Construction page of www.BuyaHouseNewMexico.com or for more information about Paul Allen homes visit www.PaulAllenHomes.net We will be happy to mail out an informational packet reply for more information anywhere on the buyahousenewmexico.com website and put PaulAllen in your remarks.

We would also like to welcome our new affiliates Cheapoair & Kitchen Universe:

Free Albuquerque Home Search

Located on the left side of the BuyaHouseNewMexico.com website you can search for properties in Albuquerque by selecting one of these 3 buttons:

Featured Homes
New Construction
Search Listings

Featured Homes: By clicking on this button you will see the homes listed by Coldwell Banker Legacy Realtors Jordan Knecht & William Staab; contact us we would be glad to ad your home to this list and get it sold!

New Construction: This button alows you to search for New Home Construction directly from the builders, you can even have floor plans of the proposed models emailed directly to you!

Search Listings: Search for all properties listed in the Albuquerque Metropolitan Area through the MLS system. You can even set the search up to email properties to you as soon as they come onto the market, the email will be filtered to properties that fit your number of bedrooms, square footage, and location depending on the information you provide.

Another button is the Pre-Qualify button, click on this page to see trusted lenders with have worked with in the past that can provide you with home financing solutions; you can pre-qualify for a mortgage right online (the information goes directly to the lender).

We are proud to announce that we have worked out a savings deal with Dollar Rental Car. You can check out our online affiliates here on the blog pages or on the 2nd page of the Relocation page on www.BuyaHouseNewMexico.com to find travel and home improvement discounts.

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