Dollar$ & Sense...

 Step into homeownership with this cozy size and budget priced 2/bed - 1/Bath easy care home convenient to Albuquerque's city center and an easy walk to the high school. Home offers a master suite with large closet and built-in window seat. Casual living/dining combo - sunny kitchen with pantry & all appliances - laminated counter tops. Security system and refrigerated air are all included.

Property Details

Area: Mira Mesa Estates     Style: Contemporary     Stores: 1    Square Ft: 967     Year Built: 2009    Parking: 1 Car/Finished     Exterior: Stucco     Roof: Pitched     Heating: CFA/Gas      Air Conditioning: Refrigerated     2 Bedrooms     1 Bathroom     

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5308 Tierra Amada

Wonderful custom built home by Maxwell - Upgrades include granite counters - Jacuzzi tub in the Master Suite - Fully landscaped front & rear - clerestory windows with remote control shades - skylights - refrigerated air - and all appliances will convey with sale

1850 Square Feet - 3 bedrooms - 2 baths & 2/car garage

$190,000 - $102.70 Sq.

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4th Quarter 2011 detached homes sales in the greater Albuquerque market

rose 9.80% from 4th Quarter 2010.

Sales prices of detached homes selling in 4th Quarter 2011 saw a decline of

9.13% in the median and 10.39% decline in the average, when compared to 2010

5500 Monterey Cove

Great location close to hospitals, schools, shopping and major thorough fairs. Private Master Suite with jetted tub - Country kitchen with easy access to covered patio - Wood floors throughout living room and den. All appliances will convey with this home.

1609 Square Feet, 2 baths and 2/car garage

$157,000 - $97.58 Sq.

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1519 Stoneway

Vaulted ceiling and hardwood floors welcome you in to this light filled home. Relax in from of he fire and enjoy the mountain view from your living/dining combination. Kitchen with ample counters - breakfast bar & nook. Master suite on main floor with walk-in closet and private bath. Bonus room perfect for den, home office, or hobbies. Two more bedrooms up and full bath. Fully landscaped/covered patio and storage building in back. Refrigerated air.

1708 Square Feet 3/4 bedrooms and 3 baths

$150,000 - $87.82 Sq.

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Single-family, detached sales in the Greater Albuquerque market rose 6.303% from November 2011 and had a 3.56% increase from the previous year. Active listing inventory of homes for sale was at 3,780, the lowest level since July 2006.

The average sales price of a home in Albuquerque

$195,861

December 09 = $216,687    December 10 = $217,416    December 11 = $195,861

Top Selling Price Range for December $120,000 to $140,000

Average Time On Market For December

87 Days

Here are the complete market statistics for the month of December

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10404 Calle Dichoso

Great 1 story home situated on a corner lot - Vaulted ceilings and a large open kitchen looking out on to the living room - separate master suite with nice mater bath and a walk-in closet. Oversized garage has room for storage. Large corner lot offers a little more elbow room.  

1726 Square Feet 3 bedrooms and 2 baths

$169,900 - $98.44 Sq.

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Mortgage Predictions for 2012

by Dean Hartman on January 5, 2012

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It’s the time of year that we look ahead and attempt to give our best guesses about the market, the industry, and the effects they may have. So, here are my thoughts about the mortgage world:

Interest Rates Should Be Stable

With a faltering economy nationally and worldwide, including pessimistic estimates for employment, there is little chance that the Fed will risk increasing rates which would jeopardize any recovery. Couple that with a Presidential Election in November and conventional wisdom, and we’ll see rates hovering in the same neighborhood for most of 2012.

Mortgage Costs Will Increase

Quietly tucked away in those bills passed in Congress to extend the payroll tax cuts before the holidays was an increase of 10 basis points in the guarantee fees on loans sold to Fannie Mae and Freddie Mac. That will translate into .10% higher interest rates (which would be $4000 extra on a $200,000 loan over 30 years). Interestingly enough, the additional revenue is not going to Fannie or Freddie to help with defaulted loans, but rather going to the US Treasury to make up for the payroll tax cut….go figure.

The Mortgage Interest Deduction Will Be Challenged

Look for people of a certain income level to lose their write off as a measure to increase revenue. Taking away from the wealthy as a way to raise governmental revenue is politically strategic. It is unlikely everyone will lose the deduction (political suicide), but that top 1%…watch out.

Loan Products Will Expand

Common sense lending will start creeping back. Large down payments will liberalize credit and income standards. This will likely begin with local banks who are comfortable with appraised values. I’m not calling for a return to the madness, but some loans that are low risk are not being done today. Anticipate some lenders expanding their guidelines.

Don’t be shocked by a lowering of FHA loan limits and/or an increase in the FHA Up Front Mortgage Insurance Premium either. Overall, mortgages should give people more reasons to buy homes in 2012 as the economic recovery is strongly tied to housing. Given that most people vote their own personal economy rather than policy beliefs, I expect support by those who are looking to be re-elected.

I'm starting to see a new trend in short sales in our area. I recently had a client who wanted to buy a property. I met with him and his wife, and I had them get pre-qualified with their lender and they qualified for a nice property. Off we went in our search, and after a couple weeks we found a great house.

The only issue with this house was that it was an REO and required a certain lender do the pre-qual before the seller would consider a contract. So, I sent my buyers off to a friend who worked for that lender with the expectation that they would be back shortly with another pre-qualification letter. It would be easy since they had already been pre-qualified, right? That's what I thought, anyway.

After the interview, the lender called and asked how much my clients had shared with me about their financial history. They had only discussed what their bank said in their original pre-qual letter. The lender couldn't share their personal information because of confidentiality, but with their approval, she told me that they had a short sale last year.

In the days that followed, I confirmed that my buyers had done a short sale the year before. When asked what led to the short sale they explained that they didn't like their neighborhood or the trend it was following. So, they decided to move out of it so their children wouldn't grow up there.

Wow! That was information that needed to be shared up front in the beginning of our interview process. Later, I emailed them to get the name and number of the lender that had pre-qualified them prior to our visit with the second lender. I'm still waiting. That experience has made me a little more cautious about taking someone at his/her word. I know it's necessary to trust, but I believe I will need to start a "trust, but verify" policy with new clients.

"Short sales for convenience" are going to catch a lot of people off guard when they start their next property search. People who are contemplating a short sale should be advised that short sales are not a "get out of jail free" card. When a seller is trying to balance the options and a short sale is considered we need to be completely honest with them if it's not a true hardship situation.

Choices have consequences. A short sale may be the only route some sellers can take, but it should never be used to blow off a mortgage commitment that is not a hardship situation.

7532 Staunton

Great family home located on a quiet cul-de-dac in Taylor Ranch. 4 bedrooms plus office, 2 1/2 baths and a 3 car garage. Master bedroom features an exercise room. Kitchen opens to the great room for family gatherings and entertaining. Unobstructed city and mountain views! Convenient location, close to schools and all the city amenities.

2631 Square feet - 4 bedrooms and 2 1/2 baths

$263,000 - $99.96 Sq.

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Albuquerque Westside Hot Pick

6008 Arrow Point   NW

Gracious single story home with dramatic open floor plan featuring 2 living areas. Custom paint - tile in all wet areas - ceramic log fireplace - refrigerated air conditioning - Gourmet kitchen with ample counter top and cabinet space - spacious secondary rooms -  grand owners suite with luxurious bath and large walk in closet.

$200,000 - $94.38 Sq.

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5205 Stone Mountain 

Spacious single story home with 3 car garage and cul-de-sac lot. Granite counter tops - stainless steel cook top - Large Great room with raised ceiling, stone faced ceramic log fireplace. Easy care backyard with Koi pond and lots of plantings.

$245,000 - $103.11 Sq.

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Investor purchases hit 22.3% of closed transactions for the month of October, up from just 19.6% as recently as July. For the past three months, investor participation has exceeded 20%, continuing a long-term trend of increased investor interest in the housing market.

A combination of low home prices and growing demand for rental units make purchasing damaged Real Estate Owned (REO), fixing up the properties, and then collecting monthly rents, an attractive financial play. In October, average prices for damaged REO hit $101,100, the lowest price recorded in two years. In contrast, home prices for non-distressed residential properties averaged $266,700 in October.

One factor pushing down average home prices overall is the high proportion of distressed properties found in today’s housing market. The total proportion of distressed home sales, as represented by the HousingPulse Distressed Property Index (DPI), rose a full 4 percentage points to 48.4% in October, up from to 44.4% in September.

Meanwhile, the gap between the supply of distressed properties and their absorption by first-time homebuyers widened to 13.7 percentage points in October, from a reading of 8.8 percentage points in September. This shows that first-time homebuyers have become less active in the distressed property housing market.

Should you buy or rent in Albuquerque NM?

There comes a time in everyone’s life when they have to make the ultimate decision and decide whether to buy and own their own home or continue to rent. It’s a hug decision as both have notable advantages  and disadvantages and it is not one to be taken lightly. So let’s have a look at these advantages and disadvantages to see which option is really the best option for you.

Owning your own home is the traditional dream that practically everyone has, especially when it comes to starting a family. It gives you a feeling that you have accomplished one of your goals and that you are both financially and emotionally secure as well as giving you a great sense of community. But is it the right decision for you? Let’s have a quick look at the advantages and disadvantages of buying and owning your own home.

Advantages:

• Set your own rules • Sense of security • A home is a great investment (long term, not for a quick turnaround, especially in today’s market) • Get various sorts of tax rebates and deductions • Repayment is usually the same or even lower than it would cost to rent – see example of my rent vs. own comparison • You build equity over time • Improve your credit score if you need a loan in the future

Disadvantages:

• You are liable for any accidents and injuries on your property • You are liable for any damage to your neighbor’s house that stem from your property – for example a tree branch falling over the fence and damaging something in your neighbor’s yard. • Responsible for any maintenance in, on, or around your home • No longer can you just pack up your things and leave when you want. You’ll need to list and sell your home • Large loan responsibility even if you are having financial hardship • Required to have homeowners insurance to cover damages to the property • Responsible for property taxes • Requires an upfront down payment (VA and USDA are 100% financing products, if you qualify)

Renting is something most of us start out doing and many people are comfortable doing it all their lives. There are many advantages to renting a home but there are also a few disadvantages. Let’s have a look at them.

Advantages: 

• You can up and leave as soon as your lease is up • If you run into a financial hardship, you can move again • Little or no responsibility for maintenance • Sometimes utilities are included in the rent cost • Sometimes you have free use of amenities such as laundry, pool, and other sorts of actualities

Disadvantages:

• Limited or no freedom as to what you can do with the place (paint, design, build, etc.) • Rent MAY increase • No tax deductions • At risk of being evicted • The house could be sold and you can be asked to leave • Could have restrictions on certain things like noise and pets • Could have restrictions on the number of members living in the house/apartment • Rent is not going into a productive investment for you

As you can see clearly there are many advantages and disadvantages to owning your own home and renting. Some have advantages and disadvantages the other doesn’t have, but both can be a comfortable way to live. What it really comes down to is you have to choose the one that suits you’re financial, emotional and lifestyle needs at this time. You have to take your future into account as well, will you want to be tied down and take responsibility for a huge investment or would you prefer the freedom of being able to move whenever you please? It can be quite a hard decision to make and it is one that needs a lot of time and thought before you proceed to take any further steps. 

9627  Pago Pl.  NW

Plenty of living indoor & outdoor living space - gorgeous kitchen with island and breakfast nook and  featuring  Brazilian porcelain tile floors.  Big bedrooms all with walk-in closets. Large loft for additional living space- game room. Great lot location on cul-de-sac with  mountain & city views and easy access to I-40. Custom covered patio.  Seller to replace backyard grass.  

$252,900 - $81.16 Sq.

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First time home buyers make up 37% of all home buyers this is down from 50% in 2010.

Seventy-eight percent of recent home buyers said their home is a good investment, and 45 percent believe it’s better than stocks.

The median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study.

The typical repeat buyer was 53 years old and earned $96,600, notably higher than the $87,000 median reported in the 2010 profile.

The median down payment for all home buyers was 11 percent, ranging from 5 percent for first-time buyers to 15 percent for repeat buyers.

According to the survey buyers searched for a home for a median of 12 weeks and visited 12 homes.

The typical home seller was 53 years old and their income was $101,500 and had lived in their home an average of 9 years. First-time buyers plan to stay for 10 years and repeat buyers plan to hold their property for 15 years.

The one thing that surprised me in the survey is that 51% purchased in a suburb and 18% purchased in an urban area.

I wasn't surprised to learn that 40% of buyers found their home on the internet, followed by 35% from an agent and 11% from a for sale sign.

4993 Butte Pl.  NW

Wow! Immaculate updated home in quiet cul-de-sac location with views! Large eat-in kitchen with ample cabinets and counter space - plus pantry - New Stove & dishwasher. Living room featuring gas fireplace & new wood floors. Awesome 20 x 10 sunroom. Great location Near hiking and biking trails, library  & parks. 

$154,899 - $86.06 Sq.

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6608 Carney  NW

Incredibly well kept home with new carpet, and paint. Open floor plan featuring large bedrooms and large closets.. A great kitchen with room for all. All inspections are complete and repairs made. Great location near the petroglyphs with biking and hiking trails.

$139,900 - $99.86 Sq.

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