Friday, April 29, 2011

Albuquerque Homes for Sale - what is a buyer's "job"?

It may sound strange, but a lot of buyers are not quite sure of their specific role in the whole buying process. Some think that when they look at homes they must crawl all over the property and do an inspection right then and there, even when they know the home is not "the one". And I get that. It would be like me opening the hood of a car and acting like some kinda gear head with x-ray vision that can see right into the engine block and determine the condition of the piston rings...well, maybe that's a guy thing, but you get the idea. I often see people bring their own flashlights and crawl up into the attic and I have even seen buyers actually crawl right into a 80 year old crawl space only to find the remains of those who came before them....I kid! But they actually do, on occasion, crawl under the home. I felt it necessary to discuss my ideas on this briefly, just to throw a few ideas out there to any would be or current buyers.

I believe that when looking at Albuquerque homes for sale the buyer's job is pretty simple and actually should be fun - find the home that suits you best and just fells right. It sounds weird, I know, but that's usually how it happens. A person can just walk right into a home and know that it is the home that they will buy, almost immediately. The way I can usually tell is when the buyer goes nuts pointing out all the good rather than the bad and is actually gitty or they get completely silent and just absorb the home. Its pretty sweet!

So, let the professionals crawl under, over and through the home and get their overalls all dirty. Its what they get paid for. And let your Realtor scour the Albuquerque MLS. We are there so you don't have to bring your flashlight. All you need to do is view homes and just relax and let us do what you have hired us to do. Make us at least feel useful! Please! You will find the right home. It just takes a little time but it is out there waiting for you!

by Tim Fish

Wednesday, April 27, 2011

Thank you buyers of Albuquerque homes for sale! Your Grrrreat!

I absolutely love helping people find Albuquerque homes for sale that appreciate my efforts! I truly have been fortunate lately with the quality of buyers I have had. Nothing gives me more pleasure than to work hard helping buyers search Albuquerque MLS, set up appointments, sacrifice Sundays then have them say "Thank you. I know you'd rather be doing something else with your weekend." Guess what Mr. and Mrs. buyer? Other than hanging out with my family, there really is no other place I would rather be than helping you find a home (ok. maybe fishing.). And if you have told me "thank you" and that you appreciate my time, there really isn't a whole lot I won't do for you. And that is the truth!

Now, every now and then we Realtors get a real stinker who hires us then tries to tell us how to do our job because they have read a bunch of garbage on Yahoo or have friends who took a class in college that discussed real estate for two weeks. I say find the positive in this situation and hold them right next to your good clients and feel even better about them. Its the stinkers that make me feel even more fortunate about the buyers that really need and appreciate my time and professional opinion.

So, thank you my buyers of late (I don't really talk like that. I heard it on Lord of the Rings and thought it sounded cool)! You really make my job a great one and there isn't anything else I could think of doing for a living other than helping you find your new home....OK., maybe fishing....

by Tim Fish

Saturday, April 23, 2011

Albuquerque Real Estate - the cogs that help you move

Many people get a glazed look over their eyes when I try to explain all the people involved when it comes to purchasing an Albuquerque home. I can tell that many check out as soon as I get into explaining title and what escrow means.

I don't blame them. I would check out half-way through the conversation too, if I wasn't talking.

I try to explain it as 3 main cogs of a machine that is driven by several other cogs within, and the buyer is steering the machine and making all the decisions.

As the Realtor, my job is to give expert advice, negotiate and try to avoid as much drama as possible so my clients can have a transaction as smooth as possible. With me comes an assistant and office managers. These people make absolutely sure that my paperwork is in perfect order in case something comes up to where we need to refer to the original deal. Also, within the Realtor cog, are the inspectors. Times are scheduled and these fine men and women crawl all over the home to make sure that you are in the best position as possible before you move in.

The Realtor's team mainly consists of the Realtor, an assistant, the office staff, the home inspectors, and repair men... if anything needs repair.

Now, on to the lender. The lender and his/her team is responsible for making sure you are qualified up to the very last day of escrow. If you tell them you want to buy a home and you are qualified to do so, they will be watching you and your finances VERY closely. So, please, don't go out and buy a car or even a TV.

The lenders team mainly consists of the lender, an assistant, the processor, and the underwriter.

The title company is usually the most quiet unless they find something that is defective on the title itself (possibly a lien which comes in handy for Albuquerque foreclosures). They also make sure the monies go where they should, and that everybody who has worked hard on the transaction gets paid. Without the title company, we all would be lost under a mountain of paper and confusion, flopping around like fish out of water. At least I would be (no pun intend!)

The title company mainly consists of the escrow officer, a pre-closing assistant, a post-closing assistant, receptionist and lawyers on staff for "emergency" situations...which can flare up at anytime.

So, that's about 14 cogs total that are helping you buy Albuquerque Real Estate. That's before you even get in your home and begin to buy new furniture and decorate. (and that TV now, if you still want it!)

by Tim Fish

Thursday, April 21, 2011

Albuquerque Real Estate Neighborhoods - Nor Este

What I really enjoy about the Nor Este subdivision in North Albuquerque Acres West is that it is probably the oldest subdivision, which was built by Presley Homes (although Sivage snuck a few in there), in a newer, up-and-coming area with in the NE heights. Located north of Paseo del Norte and east of Wyoming, Nor Este flourishes with large, mature foliage which is hard to find in the North Albuquerque Acres area. Several of the newer homes have small, saplings trees and xeriscape for the landscaping and, although that is nice, Nor Este is unique in that the trees and landscaping are much more grown than the newer homes. Looking at a satellite image of this area, one can see that Nor Este is an oasis of sorts.

Nor Este also benefits from the school districts. Some of the finest in Albuquerque are found in Nor Este which also makes this area a very family oriented subdivision, so drive slow! :) The Schools are North Star elementary, Desert Ridge middle school and the infamous La Cueva high school, home of the Bears.

The area in which the subdivision rests is in a great proximity to the I-25 and Paseo del Norte, which is a booming area of new commercial activity. It is great for shopping and some entertainment (which we hope will get better with time!). There is still a lot of vacant land along Paseo del Norte and the residence speculation is always a good conversation for conversation!

There is real estate for sale in this area. Call your Realtor if you are interested in seeing any of these homes!

by Tim Fish

Wednesday, April 20, 2011

Is it too soon to break open the Bubbly?

How beautiful on the mountains are the feet that brings good news! Boy this news sure sounded good this week! Did you see the cover story on Fortune Magazine for April "Real Estate is Back!" Wait...what did they say? Real estate is back? Sure sounds good doesn't it? But is it time to have the end zone celebration! That maybe a little premature...the article sure caused some response in the real estate industry. You should have seen all the Angry Birds (Couldn't help the pun!). Most seemed irate to even be thinking of any kind of recovery! Could we just hold on to the glee for just a little while? Sure, jobs are needed for sustained recovery, sure real estate is realizing negative appreciation in most of the country, sure foreclosures are happening everywhere, but is there anywhere I can hang my party hat?
Those that know me know that I am not an economist. They also know I tend to think of the glass as half full. But as I look around I do see some positive things occurring in the Albuquerque real estate market.
First there are more people able to achieve the American Dream of home ownership because of the entry level pricing. In fact there are more people able to buy upward because the average price has dropped to the most reasonable levels since 2001. That seems like a positive to me!
We have all heard that interest rates are really low.....go look.....really.... go look because they are really low! That means lower payments and more people able to qualify. That seems good to me as well.
In Albuquerque, more people seem to be out looking and the best priced homes in the best condition are being purchased. They inventory is becoming less and less....
Lastly (but there are plenty more reasons for me to be optimistic!) it just feels better. Remember that "perception is reality" thing?
Do you remember a fellow named John Paulson? He is the fellow that sold his real estate inventory when everyone had that euphoric feeling and thought that the real estate boom was going to last forever? Yes...that's right he made a fortune! During the last quarter of 2010 he is quoted as saying "This is the best time in 50 years to buy a home. If you don't own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home." September 27, 2010
Should we break open the Bubbly? No, perhaps not yet, but it sure is beginning to feel like we are back in the game. Well...the game hasn't actually begun but I can hear the players beginning to warm up!
Congratulations to all who are ready to begin to take advantage of this wonderful opportunity called the American dream! You are making one of the smartest moves of your lives!

Tuesday, April 19, 2011

Albuquerque Real Estate energy

I thought I would write real quick on the "feel" of the market on this end. People are constantly asking me whats going on in the market and they don't necessarily want stats. They just want to know what I am seeing in the Real Estate market in Albuquerque and what I am seeing seems to be positive.

Buyers seems to be coming out and in full force and they are not messing around. If they do, they often loose out on great deals. The general media has been gracious enough to bless us with their optimistic outlook on the real estate market in general. I can't help but to think this has had something to do with buyer's confidence. Once again, interest rates are low and inventory is high which makes it a great time to buy (that has a nice ring to it!).

So, bottom line (from what I can see), buyers are out there buying. If the home is priced right, it will fly right of the shelf! The good ones definitely are not lasting. Think of buying? Now is the time.

by Tim Fish

Wednesday, April 13, 2011

If you like it, BUY IT. - Albuquerque Real Estate

I keep running into this time and time again and felt it necessary to mention it for anyone who cares. The pendulum seems to have swung the opposite way concerning the seller/buyer mentality. During the real estate "boom", it was an amazing seller's market. It was pretty much put your house on the market and name your price then watch people fall all over themselves to buy your home because all they had to do was fog a mirror to get a loan.

Everyone felt invincible.

The bottom fell out and now the it is a buyers market, but no one really feels invincible now...

Inventory is up and Albuquerque Foreclosures are on the rise. Short sales are throwing a wrench in the works and buyers think they can come in a low-ball sellers to the tune of 10-20% off the sales price. Its taking 3+ tries to figure out its not working out quite how they read on yahoo and CNN. Albuquerque Real Estate sellers, including the banks, are not giving these homes away. In reality, homes are selling 3-8% off the asking price and the price range and area certainly will determine that percentage.

"So what does that mean if I want to buy a home now?" Well, since inventory is in fact high, you need to consider that you, Mr. & Ms. buyer, have competition. When a good home hits the market and the price is good, you need to realize that you are not the only one looking at that property, whether it be High Desert homes or North Valley homes in Albuquerque. If it fits your needs and you are in the market, jump on it! Because someone is either in front, behind or right along side of you.

by Tim Fish

Sunday, April 10, 2011

Albuquerque Real Estate. More or less than meets the eye.

Another thing I run into when showing Albuquerque Real Estate, including Albuquerque Foreclosures, is people's opinions of what they see in a home as far as condition. Over and over again people will see a hairline crack in a slab of concrete in the back porch and think the home has structural issues. I'm not here to tell you they are wrong but what does need to be made clear is that there are inspectors whose job it is to look at those very things. Rely on that and not speculation.

I will be the first to point out an issue with a home if I think it is crucial to the integrity of the home (the picture above might be a issue. Yikes!), and your Realtor should do the same. If there is a diagonal crack at several corners of different windows, the buyer should be made aware before an offer is made (Especially with a foreclosure since there is not a seller's disclosure available). Because, again, your Realtor's main goal should be making your experience a pleasant one with the least amount of problems. If you want to dive in head-first on a home that is sliding down the hill, thats o.k. too. It is ultimately your decision.

My point is, leave the inspections to the experts, don't assume. If you don't like the home, that's ok. Move on to the next. Your home is out there and we can help you find it. Cracks and all!

by Tim Fish

Friday, April 8, 2011

Everyone's advice regarding Albuquerque Real Estate

One of the biggest hurdles I run into as a Realtor selling Albuquerque Real Estate is the battle between a client's advice from friends, neighbors and co-workers regarding the process of buying a home. Everyone seems to have a story and they try to relate or apply that story to another person's situation. I, myself, am guilty of doing it. We all like to share articles that we have read from Google about the market in Arizona, Las Vegas NV, Detroit and any other depressed areas. The worse the area, the longer the conversation seems to go. The more we read, the more we like to think we are experts on the situation. It just seems to be human nature. Each area is very specific...

Now, here is where that advice can be a huge problem -

Say I get a buyer and we have discussed that buyer's goals. We have discussed the advantages to buying foreclosures in Albuquerque and homes from traditional sellers in Albuquerque. We have discussed the problems with the instability of short sales and the rise of interest rates. We discuss timelines and financial concerns and so on and so on. After all these things have been discussed and quality time has been spent on coming up with a custom plan, along comes Suey Creamcheese or Joe Milktoast with her/his advice of how things should go for her friend, co-worker or neighbor and the plan is in jeopardy.

Now, I realize that a friends advice can be a valuable thing. But who is the professional here? Who is the one that has fought and fought to see many transactions through to the end and the one who knows and has a sense of when transactions fall apart. Who is the one who has seen the ups and downs of the market and been at battle with all the new changes and regulations? Who is the one that MUST continue to take classes in order to better themselves in an carry their hard earned designation? YOUR REALTOR.

Let your Realtor help you. That is why you have come to him or her. Do you go to your friend for accounting advice? Medical advice? Then why would you treat an investment as big as a home any different?

Every transaction is different but the seasoned Realtor, not the friend, co-worker or neighbor has the experience to give you a much higher success rate when purchasing a home. We want your transaction to go as smooth as it possibly can. Why would we want anything else? My goal is for you to walk away and tell that friend, co-worker or neighbor how amazing your experience was and how much I helped you buy your home. We both know your friends mean well, but YOU are buying the home, not them. Your Realtor is trained to help you do just that. --It is our job--

by Tim Fish

Wednesday, April 6, 2011

First Quarter look at Albuquerque Real Estate Activity

To answer your questions about how the ABQ real estate market has responded in the first quarter of 2011 it seems that prices still are trending downward.

In terms of supply and demand it seems to be getting cooler with more inventory coming on the market relative to the sales demand. I have noticed that during recent weeks the demand has been a bit more active. Houses coming on the market seem to be larger and newer. Spring always triggers the instinct to buy homes and I think this will be no different this year! It is still the American dream to own a home!

During the first quarter the pro-dominant price of those going under contract was below $200,000. No surprise here, this is the range that the majority of buyers can qualify.

What does this mean to a buyer? Well, while demand is down overall, if you are buying in the most active price range don't expect sellers to be too excited about negotiating from their prices because there will be more that you looking to buy! If you are a seller it is advisable to price your home closer to the price you expect because you don't want to lose any opportunities to receive offers!

On the other hand, if you are in the range above $200,000 and you are looking at buying, the final sales price may still have a little room to negotiate. The higher the price range the smaller the pool of buyers.

Finally, remember this: all this means nothing if you see the home of your dreams. Don't get caught up in trying to squeeze every penny you can from the transaction. Simply purchase the home and be happy!

If I can answer any questions please don't hesitate to ask!