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Max Gieck

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Albuquerque Real Estate Top Pick

by Max Gieck

Albuquerque Westside Hot Pick

7609 Wells Fargo 

1830 Sq. Ft. 3 Bedrooms 2 Baths and a 2/Car Finished Garage

$175,000 - $95.63 Sq.

Beautiful pristine neighborhood - Beautiful welcoming courtyard - bright open great room with vaulted ceiling - custom wood-burning fireplace - separate dining room & breakfast nook - gleaming wood floors - fully landscaped backyard with covered patio and large storage shed - large driveway with room for trailer, boat or that extra vehicle.

Contact Me     To Search The Entire MLS

To Search Westside Homes For Sale     

And Here's Your Morning Coffee

     Today's Interest Rate

            Tax Rate 1.25

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Handy Hints For Home Improvement

by Max Gieck

Albuquerque Real Estate Top Pick

by Max Gieck

Albuquerque Westside Hot Pick

5927 Los Ritos

3050 Sq. Ft. 2 story home with possible 5 Bedrooms, 3 baths and a 3/Car finished garage

Loft plus 4 bedrooms up including  Master Suite with huge walk-in shower and  separate jetted tub. Living room features stacked stone gas fireplace, vaulted ceiling dining room and a den/office/or 5th bedroom. Kitchen features granite counter tops, built in cook top store, and informal dining nook. 

$270,000  -  $88.52 Sq.  

Contact Me     To Search The Entire MLS

To Search Westside Communities     And Here's Your Morning Coffee

      Today's Interest Rate

         Tax Rate 1.25 

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Credit Inquiries & Your Credit Score

by Max Gieck

We get a lot questions about how credit inquiries affect credit scores. This is a simple yet difficult question to answer. There are two types of inquiries to take into consideration. Here’s a quick look at both: 

Soft Inquiries: These do not affect your credit score and you don’t have to worry about them. They are reported on your credit report which can be confusing. A soft inquiry or “soft pull” as we refer to them, are harmless in nature. There are many examples. Here’s just a few:

1) You have a credit card and you see they have pulled your credit. This is done by your credit card company to see if you have missed paying any of your other financial obligations. If you have been late, this allows them to increase the interest rate on your credit card per your agreement! Very few people notice this when they open a credit line because they don’t read the agreement.

2) Pulling your free annual credit reports at www.annualcreditreport.com. Again, these don’t affect your score and is something everyone should do once a year. The credit reports are free but you have to pay a fee if you want the score.

3) Lending institutions regularly pull your credit for “pre-approved” offers. This is usually done by credit card companies that want your business.

4) A few other examples are when you apply for employment or by landlords for renting or leasing an apartment or a house.

Hard Inquiries: If you apply or initiate an application for a vehicle, credit card, line of credit or a mortgage etc… this is factored into your credit score

From my experience many people get into trouble with inquiries when they are making purchases at major department stores or other large businesses. At checkout the clerk tells them they can get “15% off this purchase” if they apply for a credit card or line of credit with that business. Department store cards are not rated the same as major credit cards and the interest rates are usually much higher!

Finally, keep in mind hard inquires stay on your report for two years but are most often only factored into your score if they are within the last six months.

If you have any questions on this topic or others feel free to contact me via email or phone 269.5133 any time! 

Albuquerque Real Estate Top Pick

by Max Gieck

Albuquerque Westside Hot Pick

5009 Rio Las Vacas

2602 Sq. Ft. 2/story 4 Bedrooms 3 Baths 2/Car Finished Garage

Beautiful, gently lived in home. Master Suite down - Sunny open floor plan with great separation and high ceilings. Large living area plus loft - Kitchen with Granite countertops and upgraded appliances - Fully landscaped back yard with covered patio and sports court - Back yard access possible.

2602 Sq. Ft. 4 Bedrooms 3 Baths 2/Car Finished Garage 

$249,900  -  $96.04 Sq. 

Contact Me     To Search The Entire MLS

To Search Westside Communities     

 And Here's Your Morning Coffee

   Today's Interest Rate

         Tax Rate 1.25 

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Albuquerque First Quarter 2012 Housing Trends

by Max Gieck

The Albuquerque Housing Bubble

From 1993 to 2004, housing in the Greater Albuquerque market area experienced stable price appreciation at an average annual rate of 3.5%. Beginning in 2005, prices began to inflate well in excess of the historic price trend with an average annual price increase of nearly 11.5% from 2004 to 2007 (price increases were in excess of 12.5% in 2005 and 2006). 

These rapid price increases continued into late summer of 2006 when the first signs of a market correction appeared; although prices continued to increase into 2007, the rate of increase had slowed. Prices began their decline in 2008 with the decline continuing unabated, although the rate of decline has slowed; the 2011 median price of $160,000 is down 16.9% from the 2007 median price peak of $192,500.

Metro Area Listing Inventory

On April 2, 2012 the metro area listing inventory reported by the Multiple Listing Service was 4,885 compared to 4,501 listing on January 2, 2012 and 5,932 listings on June 1, 2011. The on going question is whether the inventory decline is the sign of health that is appears to be? The lower number of listings is not because of an increase in sales which have remained tepid at an average of 443 homes a month; this begs the question:"where are all the sellers"? Answer: they are exhausted - fearful of discounts too steep, or with too little equity for a down payment, which means fewer owners both wanting to move and with equity to roll. Some have become reluctant landlords, others have simply retreated to the sidelines hoping to wait out the storm; all translate into fewer and fewer listings.

Albuquerque Median Price and sales Volume Trend January 2004 through March 2012

As the housing bubble inflated, the median Albuquerque price increased sharply from 2004, cresting in July 2007 at $208,000, before beginning to decline as the market began a price correction. 

The March 2012 median price of $155,000 is down 25.5% from the apex of the housing bubble roughly the spring of 2005. 

The number of sales peaked in June 2005 when 1,058 sales were reported and "bottomed" in January of 2009 with a monthly total of just 265 sales. 470 sales were reported in March 2012. The number of sales has been fairly stable since the summer of 2009.

Albuquerque Monthly Median Price and Sales Volume Trend Over the Last 15 Months.

Over the past 15-months the monthly median price has been in general decline. The median price has been falling at a rate of $20.00 per day over the last 15-month period.

The March 2012 median price of $155,000 was down 3.2% from February's median price of $160,000 and year-over-year, the March 2012 median price was down 3.2% from the March 2011 median price of $160,000. The March median price was the lowest since April 2005 at $152,500.

The 470 sales reported in March 2012 were up from February's 391 sales and up slightly from the 461 sales reported for March 2011.

There is little in the "hard numbers" to suggest a recovery. At best, the Albuquerque market can be characterized as moving sideways or, at least, the worst of the bleeding has stopped.

Supply Analysis

As of April 2, 2012 the MLS reported 3,692 listings in the City of Albuquerque. In the past 12 months there were 5,320 sales. At the current sales velocity, with 443 sales per month, the standing inventory represents a 8.3 month supply. It is also likely that there is a "hidden" inventory of owners who are waiting on the sidelines for market conditions to improve as well as a "shadow" inventory of bank foreclosures, "underwater" sellers, and homes that are somewhere in the foreclosure process but are not yet on the market.

A residential market is generally considered "in balance" with a six month supply of houses for sale; a more than six month inventory suggests an oversupply.

The continuing gap between seller expectations and market realities is reflected in the $189,750 median price for the active listings, the $159,000 median list price for the pending sales, and the $163,000 median price for sale  that closed in the past 12 months. the standoff continues - sellers still want prices that were available 3 or 4 years ago and buyers, who don't want to look stupid, are waiting for prices to fall further. The listing overhang can be expected to extend the downturn with the inescapable conclusion that prices will continue to decline.

 

 

Albuquerque Real Estate Top Pick

by Max Gieck

Albuquerque Westside Hot Pick

9640 Pago

Great home located on a cul-de-sac lot in Sundoro. Over $30,000 in builder upgrades - Delightful kitchen with stainless appliances, pantry & island - opens to dining area & family room with cozy fireplace -  1 bedroom & full bath downstairs - Super sized Master Suite with sitting area, walk-in closet, garden tub & separate shower. Large loft area - Professionally landscaped backyard with extended patio.

3754 Sq. Ft. 5 bedrooms and 3 baths - 3/car finished garage

$275,000  -  $73.26 Sq.

Contact Me      To Search The Entire MLS

To Search Westside Communities      

And Here's Your Morning Coffee

     Today's Interest Rate

            Tax Rate 1.25

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Handy Hints For Home Improvement

by Max Gieck

Albuquerque Real Estate Top Pick

by Max Gieck

Albuquerque Westside Hot Pick

4300 Feather Dalea 

Dramatic curved staircase, high ceilings, two living areas and lots of windows. Recently upgraded tile throughout - Custom fireplace -  Walk-in pantry - formal dining for those special times - balcony off master with city and mountain views - near Cottonwood mall. 

1864 Sq. Ft.  3 Bedrooms  2 1/2 Baths  2 Car/finished garage.

$179,900 - 96.51 Sq. 

Contact Me      To Search The Entire MLS

To Search Westside Communities      And Here's Your Morning Coffee 

 

    Today's Interest Rate

         Tax Rate 1.25 

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Displaying blog entries 1-10 of 114