If you're purchasing a Home.....

I have found if you are purchasing a home the most important step, that is most often overlooked, is a consultation with your Albuquerque Real Estate Agent.

The purpose of the meeting should be share your home buying goals and to establish realistic time lines. You should be prepared to share the amount of money you have available to invest in a down payment and to pay in closing costs. Also be prepared to set an appointment for a mortgage application. I know that this may seem like setting the cart before the horse, but it is better to know what you are qualified to buy before running around looking at everything that catches your eye!

This is also your opportunity to be sure that the agent you work with will be a good fit for you! Be sure you chose an agent that listens to you. If an agent is taking notes during your consultation that's certainly a good sign. If they ask about your family that's a good sign too. This relationship must be based on mutual trust so be prepared to commit to your agent and have them commit to you. It's a good idea to know each other's schedules!

Ask the agent which Title Company they prefer, which Title Officer, and who they recommend for the home inspection and Home warranty should you want one. You should ask which mortgage companies has delivered the best results, and which loan officer they have had the best results with.

Be prepared to talk about your family. The interests of the children are important parts of the the home buying process. Do they like to play sports, where do they play? Is the school district important? Do they have special needs? What are your interests? All this information helps your agent find the best fit for you.

So remember, Don't just call any Albuquerque real estate agent and begin your search. Take an hour or so and really connect to your agent. They are there to help!

If you have any questions about this blog or anything else real estate please don't hesitate to contact us at TheAlbuquerqueRealEstateGroup.com

What improvements will yield the best results?

Here is a question that everyone seems to ask when selling an Albuquerque home. "What can I do to my home to give the best return?"

Well, my first response is to ask what they mean by "return"? Is it an increase in price that they are looking for, or is it a faster sale with the desire to get back what they put in the property in the way of cash?

1. Clean up the landscape! Pick up the toys, trim the trees and bushes. Clean out the flower bed, and clean up after the dog. Look at your front yard from the street. Does it look inviting? repaint the front door and replace the handle with a new one. Make the home look inviting. This first impression is the most important!

2. Clean the home and de-clutter, it's free! The kids don't need all their toys right now and you certainly don't need the year magazines piled up next to the sofa. Look at your kitchen countertops and take everything that is on them. Put up the toaster, get rid of the plastic flowers, de-clutter here too!Take down the family photos from the hallway walls, they're distracting and make the hall look narrow!

3. Clean up the landscape! Pick up the toys, trim the trees and bushes. Clean out the flower bed, and clean up after the dog. Look at your front yard from the street. Does it look inviting? repaint the front door and replace the handle with a new one. Make the home look inviting. be sure the garage doors are painted and not damaged.This first impression is the most important!

4. Paint is cheap! Paint your property a nice neutral color, even white will work. The smell of fresh paint is always a good thing. People look at how the owners care for their home. Nice clean walls indicate someone cares

5. New flooring is a good thing! Re-carpet the home with a nice neutral "Realtor tan" carpet. Potential purchasers are always impressed with new cushy carpet so don't skimp on the pad.

6. New Kitchens are killer! Look at your kitchen, is it what you wanted it to be? if not consider replacing the countertops. Depending on the price range of the property you will have to decide whether or not formica will be accepted. If not then consider tile,  then Granite tile, then granite countertops. I know some of these options are expensive but look at your competition and decide what would be the best solution.

7. Bathrooms must be clean and not "worn out" pink tubs and other pink fixtures quickly date the home as well as the homes infrastructure. Buyers concerns arise when the see outdated fixtures in a bath. These have a huge impact on buyer's decisions.

8. New Cabinets throughout are wonderful. And some of these cabinets are reasonably priced. Go to Lowes or Home Depot to price their cabinets. You could be surprised!

You will get bang for your buck with any of the above improvements. Begin with number 1 and do as many as possible. But remember items 1-5 are inexpensive and will produce more money in your pocket!

For more information regarding this selling your home in Albuquerque or any other real estate related questions please feel free to contact us! TheAlbuquerqueRealEstateGroup.com

Albuquerque's Housing Market Turns a Corner

Yes, that's the title of the front page of the Albuquerque Business Outlook for February 11, 2013!

Could it truly be? Have we turned a corner? Let's take a look at some statistics:

1. Albuquerque home sales have posted a modest increase of 1.7% in sales price moving from $201,513 in 2011 to $204,513 in 2012. This is the first "real" improvement since the housing bubble burst.

2. This price increase was in-spite of the fact that 1 in 10 homes closed in 2012 were short sale transactions. These short sales will soon go way of the dinosaur as this inventory slowly drys up.

3. Albuquerque home investors have entered the market once again as they sense the market is moving upward as well.

4. The Albuquerque Board of Realtors has stated the inventory is going down. There are less homes to buy than there was a year ago by about 33%.

5. The Albuquerque Board of Realtors spokesperson has stated the market is beginning to norm

This all points to positive conclusions. But a threat remains. If the government eliminates the mortgage interest rate reduction, a valuable tax break that encourages home ownership in America, real estate prices will plummet, home sales will plummet, and investors will leave the housing market for more lucrative sources for their money.

All this will be decided by our lawmakers soon. Encourage your lawmakers to vote against the reduction or elimination of the Mortgage interest deduction. Do that today!

As always we really appreciate you using our site for all your real estate needs! TheAlbuquerqueRealEstateGroup.com

Five (5) Reasons not to List your home for sale NOW!

There's a lot of talk about whether or not now is the time to sell your Albuquerque home. So, after a great deal of thought, I decided to give you some reasons not to list your home now:

1. You really don't want a bunch of people running through your home

After all, with an increase of 9.2% over 2011, the chances are you would get the most traffic through your home right now. You don't want that increased traffic because it would just mean more dirt on the carpet and increase the probability of getting an offer.

But you might not like all that traffic.  It'll get your carpet all dirty...

2. You really don't want to compete for a sale on your home when the supply is low. 

Heck, it's down 21.6% nationally, and Albuquerque's supply of homes for sale are at 2006 levels.

You're the competitive type that likes to run with the bulls! Bring 'em on, you want to compete with as many other sellers as possible. This way the chances are you won't be forced to clean out that garage, paint the kitchen and you will be able to stay in that house that's too small. Perhaps you want your neighbors to sell their home first. That's thoughtful!

Yes, you could to run with the bulls....because running with the bulls is always a good idea.  Along with base jumping and swimming with sharks...

3. You want to wait until there are more new homes on the market

Why place your home on the market before the builders have a chance to regain their inventory? You want potential buyers to compare your home to those clean, fresh, shiny things popping up all over town. You thought it through and you will just tape that oven door shut so they won't see that the self cleaning program doesn't work so good anymore. You think that your home and the new ones really don't compete with each other. (You're actually right on that assumption)!

Yes, you could wait...because those traffic patterns on your carpet and water stains on your shower door add character...

4. You want to pay more money for your next home

The economy needs a boost and you want to do your part. The interest rates in Albuquerque will go up, you're sure of that and if you wait just a little longer you will be able to pay more in payments. And...as demand increases and the supply goes away you will be able to contribute even more by paying more for your next home as the price goes up!

Yes, you might be loaded with $, and you want to pay more in the future that you would pay now...

5. The market is "coming back" and you are going to wait until it gets "where it was"!

You're a gambler, you road this market from the peak to the very bottom. Oh sure, there were times when you saw what was happening but you held on.....all the way to the bottom. Oh sure, you had your home on the market during the free fall but never quite had the timing right on that pricing thing. You relied on the advice of all your friends proudly ignoring the advice of the professionals. But this time will be different. You know what you are doing, you have learned from your mistakes. You will wait until it comes back, sell your home take all that money and write offers that "make the seller's eyes water" and literally steal your next home because they won't be as informed as you.

Yes, you could wait for the "Market to come back" regardless of the jobs reports and condition of the economy...

Of course these are the 5 most ridiculous reasons to wait to place your home for sale. If you have any questions, or if you would like speak with me, please don't hesitate to contact us.......(Or you could wait...that's sarcasm dripping from you monitor.)

Need a reason to list now? Here are 4.

1. Demand is high

  We haven't seen activity quite like this since 2007.  According to the National Association of Realtors,       sales are up 9.2% from 2011 and there is no sign of that number slowing down.  There are several buyers out there and they are ready to buy!

2. Supply is low

  The Albuquerque real estate market has not seen it's inventory this low since 2006.  Homes are being picked off the shelf at a pace that is hopeful.   Nationally, inventory is down 21.6%.  If you are thinking about selling you Albuquerque home now, stop thinking and do it!  If you can get your home on the market before spring when historically inventory spikes, you may be able to sell your home before those spring homes hit the market.

3. New Construction is coming back

  When was the last time you heard anything good about new construction?  If you haven't noticed already, take a look around as you drive through Albuquerque.  Homes are going up and they are going up fast!  It is difficult for a home buyer to resist all those shiny new features that come along with new homes in Albuquerque.  Get your home on the market before they really begin to effect inventory as well!

4. Interest rates are predicted to inch up

  This really needs no explanation and was pretty inevitable.  The 3.75% will soon go the way of the Dodo...

These are four good reasons to list your Albuquerque home.  Give us a call.  We would love to help!
 
 

Picking up the Pace? Really?

The Wall Street Journal posted an article today that indicates troubled home owners are beginning “picking up the pace” to resolve problems with distressed loans.

Short sale contracts could see the effects of this change when would be sellers stop negotiations on Albuquerque Short sales because they and their lenders have come to an agreement regarding some sort of loan modification.

This is further evidence of a strengthening economy and is a good thing for homeowners and the country as a whole!

What's next...?