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

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!

If you are thinking of looking at Real Estate in Albuquerque for your next real estate investment give us a call we would love to help you.

by Tim Fish

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

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

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

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

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!

Tim Fish

Albuquerque Real Estate - Foreclosure inspection thoughts

Now, before I start on this I want to make it clear that this information comes only from my experience. Your's may have been different but I think the information provide can be agreed upon.

When purchase an Albuquerque Foreclosure in our Albuquerque Real Estate market the term "as is" comes up again and again. If you are in the middle of a foreclosure deal and this has not come up, ask your Realtor right away because it should be crystal clear to a buyer. As a buyer, there should be no doubt in your mind as to what this means. Basically, it means the bank is selling with no warranties expressed or implied.

People ask me time and time again, "what will the bank fix on this property?" and the best answer is, nothing. That way there are no false hopes or expectations. Does this mean that when the offer is accepted you are locked into that property and have no recourse? Absolutely not! If the inspections come back with something bad and you are not comfortable moving forward, then you should be able to take your earnest money and find something else (unless you have made your earnest money non-refundable in the offer which could happen in multiple offer situations).

Now, some banks have been know to repair an item if it is required in order to obtain a mortgage loan. For example, if there is a roof leak in the home and the buyer is utilizing his or her VA eligibility, the bank may choose repair that item knowing now that it is a lender requirement. The bank should know then that if they do not fix the leak, they have just cut off buyers that qualify for a VA loan.

So, if you don't like the color of the cabinets, the bank won't paint them. Big ticket item may be considered if the mortgage could be in jeopardy. That's the bottom line...for now.

Thanks for reading!

by Tim Fish

Why its good to have a Realtor when buying Albuquerque Foreclosures - offers

I know, I know. Another foreclosure blog. Sorry. Its a hot topic right now and will be for a while.

It probably goes without saying, but buying an Albuquerque foreclosure, like any property, can be tricky. There are several things to be aware of. It's my opinion that having an experienced Realtor and mortgage professional can save a person quite a bit of money and agony.

One thing buyer's should ask is what would a reasonable offer be. I can't tell you how many people read a blog or article on the internet and think they can low ball the bank into selling a property. Here's something that everyone should remember - the bank is not stupid. They know what the market is and what properties are going for in certain areas. They get broker price opinions (or BPO's) from several Realtors to produce a competitive listing price. If they don't see the property moving within a certain time frame, they will reduce the price by a certain percentage.

So, what could a good offer be? Like I said, consult your Realtor (or me if you don't have one). And don't be surprised if the offer should be 5-8% less than the list - not 25-50%. If they were giving them away for that much off, we would all be in (more) trouble. Also, don't be afraid to ask for the seller to pay for a percentage of the purchase price toward closing costs if you are not in a multiple offer situation. A lot of the time the bank will consider it. And one more thing. If you really like it, chances are that someone else likes it as well. Make your move! Don't wait if you think its the one for you.

Bottom line - When buying Real Estate in Albuquerque, consult a pro. Like you would consult a doctor if you had sharp pains in your brain because without the right help when buying a home, you could very well feel that same brain pain.

by Tim Fish

Client benefits (Sandia Tram!)

One of the things that locals tend to forget about when living in a area long enough (in my case, all my life) is the unique, local features that the area can offer. One of Albuquerque's unique features are the Sandia Mountains and you can't mention them to someone moving in from out of town without talking about the Tram.

Our Sandia Tram has taken 9 million passengers to the top the Sandia's western, rugged face in its almost 44 years. Any one that has had the opportunity to travel a flight on the tram can vouch for the amazing scenery.

West, across the Rio Grande and volcano fields Mt. Taylor can be seen more than 100 miles away. To the west Redondo Peak stands tall in the Jemez Mountains rising up from the caldera known as the Valle Grande. And to the east lies the heavily wooded backside of the Sandias and views of the Sangre de Cristo Mountains and our capital, Santa Fe.

So, if you have bought any Albuquerque Real Estate from me (that includes Albuquerque foreclosures), I can provide you with FREE tram tickets so you can decide for yourself if the views are as good as I remember (No. I haven't been in a while. I'm local!). Or, if your nice and just ask, I can hook you up too. Just remember me if you know anyone buying or selling ABQ Real Estate!!

by Tim Fish

FHA Insurance Premium Increase

I just wanted to let you know about the insurance premium increase for buyers buying Albuquerque Real Estate that are planning to use an FHA loan. As of April 18th the premiums will increase slightly but buyers should be aware. If, for example, a buyer was looking at a $175,000 loan amount, the payment will increase by about $36 per month.

However, this will help strengthen FHA which is important since some estimates show that they do carry 50% of the current loans generated today. Even though FHA is increasing this premium, their products are still some of the best out there are offer low down payments, even for those looking into Albuquerque Foreclosures. Rest assured that the FHA loan is still a viable option worth considering. just be clear on the guidelines including the condition of the home. you Realtor should be able to help with that.

If you have been considering buying, now may be a good time!

by Tim Fish

I found a REPO! How can I buy it and finance the repairs?

So, you've found a few Albuquerque Foreclosures homes that could be great deals but they could have a significant amount of repairs and upgrades needed before it will be a great home for you. You have the cash for the down payment but not enough extra to make the renovations! Prior to today I would have said that this would have been next to impossible to accomplish if you didn't have the extra funds.

Today I learned of a program that allows a purchaser to obtain a mortgage for Albuquerque real Estate and finance the repairs. The loan would be based on 80% of the improved appraised value!

That's correct! You may be able to buy an Albuquerque Foreclosure home and do the rehabilitation in one loan! There are a couple of requirements: it must be owner occupied, the loan cannot exceed 80% of the improved appraisal price, the loan cannot exceed (Catch this!!) $1,000,000, and the buyer must have sufficient income and credit to qualify.

If you wished you had the money to take advantage of some incredible bank REO properties this may be just what you have been looking for.

For more information please contact me at TheAlbuquerqueRealEstateGroup.com.

by Tim Fish

Got Splinters?

Have you been riding the fence and have been qualified for an FHA loan to buy Albuquerque Real Estate or know someone who has, you may want to pay attention to what is going on in the up coming months in Washington regarding the housing and recovery act.

The current loan limit for an FHA loan is $270,000, which was a temporary increase to provide some activity in the market. It did help but it will probably drop to $200,000. Allow me to repeat that for you. THE LOAN LIMIT FOR FHA WILL MOST LIKELY DROP TO $200,000 IN NM. Congress will make this decision before the sunsets on September 30th. So, if you are looking for the low down payment and want to finance more, right now should be a good time to buy. Not trying to use any scare tactics here. Just want to inform.

Bottom line, if you are seriously considering a home purchase and have been qualified for an FHA loan, please contact your Realtor and/or mortgage professional to see what actions should be taken and if this effects you. They should be more than happy to help. If not, call me!

by Tim Fish

What to expect when buying, "AIR"

Time and time again, when selling Albuquerque Real Estate, buyers ask "What's next? What else is left?" when in comes to the entire process of buying a home. As many may know, buying a home can be as complicated as you want, but it can also fairly easy if you just let your realtor filter out all the stress. If your Realtor is dumping every little problem on to you, well....that's unfortunate.

I believe part of a Realtor's job is to make the entire process as stress free as possible. By this I mean he or she should not call you about every little thing that may go wrong or to complain about the other realtor, lender, inspector - you get the idea (unless you ask them to. A reason eludes me at the moment...). A good little acronym I like to use as a check list for buyers looking for Albuquerque homes for sale (and myself) is "AIR" (the picture provided is the only one I could think of. Sorry. I'm a product of the 90's!)

"AIR" simply stands for "A" - appraisal, "I" - inspections, and "R" - repairs. That's it. That's all. Once these three major things are complete, and you satisfy the lender and the buyer, then the rest should be in good shape.

With that being said, of course there are several details that could slow the process down. You could dissect a deal until you go mad. But couldn't you do that with anything? Like making a sandwich? You could sit there and worry about carbs in the bread. You could worry about calories in the dressing. You could worry whether or not the tomatoes and lettuce are organic. Did the pig die happy? Is the plate clean? What am I going to drink? OR, you could just make a BLT.

by Tim Fish

Importance of loan pre-approval BEFORE home search

It seems that time and time again I will get a call from a willing buyer that is interested in buying a home, willing to commit to a licensed Realtor, willing to take the time to go see homes, and has not even spoke with a licensed mortgage professional yet (notice the word "licensed"). This is the very first step and most important step when finding a home to purchase. I tell customers that it really isn't fun finding the perfect home and then realizing you cannot qualify to purchase it.

When selling Real Estate in Albuquerque , the very first two questions I ask a potential client is "are you currently working with a Realtor and have you been pre-approved for a loan?". It may seem a little forward and every now and then I get some resistance, but in the end it makes the journey just that much more clear. People who are working with a licensed Realtor soon realize that they should be asking their Realtor about the property and that they really should speak with a licensed mortgage pro if they haven't already.

Some don't quite know the difference regarding a "pre-approval" and a "pre-qualification", and rightly so. The stronger of the two and the most accepted is the pre-approval. With a pre-approval, you are telling the seller that you have spoken with a loan pro and have provided the preliminary documents to obtain a mortgage for the asking price within the offer minus the down payment. A pre-qualification can be obtained be just telling a loan officer about your financial situation and not give any documents to verify your information at that moment. As you can see, a person may "stretch the truth" are not know their current situation. For example, a person may think that their credit score is a 660 and when the scores are actually pulled, the middle score could be a 635. Is most cases this could be a deal breaker for underwriting.

Just a little FYI when searching for Albuquerque homes for sale.

by Tim Fish

Short Sales Vs. Foreclosures: What to expect when purchasing

As more and more homes come into the Albuquerque Foreclosure market, the inquiries relating to these properties increase. Prospective buyers of ABQ Real Estate are identifying these properties as opportunities to get into a home at an attractive price. And rightly so! In most cases these properties are EXCELLENT investments! The holders of these Albuquerque Foreclosures do not want to keep them on their books and often have them priced to move quickly!

But in the midst of these homes for sale exists home owners which are attempting to sell at less than what is owed to the mortgage holders: short sales...

A prospective purchaser must be aware that often these properties cannot sell for the listed price set by the owner because the mortgage company that holds the first hasn't agreed to do so. Sure, the seller wants to sell but often the bank will not sell at even the listed price. Additionally, the process can take anywhere from 60 days to 9 months to close or even to get an acceptance. The entire process can be very frustrating to say the least! But, if you are patient (and willing to see many other opportunities slip by) you can negotiate a great price. If you are a buyer under a time limit (i.e., rate lock), I cannot recommend writing up a short sale.

Remember, the foreclosed properties mentioned earlier? These can be purchased within a specific time period and are priced to sell quickly by the mortgage holders themselves and there are no occupants in the home. The mortgage holders offer the properties "as is" so you will definitely want to get inspections done on these properties as there will be no seller's disclosure to review. Once you have been satisfied with the results of the inspections, you can move forward to closing, which should fall within the customary time frame of purchasing a home.

If you are thinking about writing an offer on a foreclosed property, be prepared to provide financial approval from a qualified lender or proof of funds, and an earnest money check.

People very often confuse Foreclosures with Short Sales. Be aware of what you are previewing to purchase and make your decisions based on your needs. Consult your Albuquerque Realtor.

by Tim Fish

Springtime real estate activity

Personally, I love everything about spring. The green, new growth, the warmth in the air and summer fun right around the corner! And this year it seems to mean a little more than in the past few years for Albuquerque Real Estate. Realtors seem to be abuzz with the idea that the market will continue to slowly, but surely, tick up more than the following year. I think the entire country would love to see it!

I keep hearing time and time again from buyers wanting to buy Albuquerque homes for sale and that they are going to wait for spring to roll around before they get serious about purchasing a home. O.K., I can understand that. But are there advantages to buying now? You better believe it!

The inventory for Albuquerque Homes for sale is high and interest rates are LOW! That is what we know right now at this very minute. Will inventory increase in the spring? Probably. Will competition for buying Albuquerque Real Estate increase as well? Yes. Seems logical. Will interest rates increase...and increase...and increase? All signs point to yes.

A Realtor can not tell you what to do, and he/she shouldn't (if they are trying to tell you what to do, find another! Buying a home should not be taken lightly!). We can only advise. My advice would be to consider buying before the spring rush. But if you do wait, be ready for a little competition and possibly multiple offer situations accompanied with rises in interest rates.

by Tim Fish

Things are looking up in Albuquerque!

The Albuquerque metro area has mirrored the national trend for sales of previously owned homes!

Closings leaped from 469 closings in November to 505 closings for December 2010. The median price of existing, detached houses was $178,000. This was a slight increase of $1,000 from November 2010. It should be noted that the median price (the price at which 1/2 the homes are above and 1/2 the homes are below) is considered the most accurate because it is less affected by activity at either end of the market.

Other good news regarding the Albuquerque Real Estate market is that when compared to 2009, the median price for Albuquerque homes for sale increased year over year for the 4th consecutive month, and the average price increased year over year for the sixth consecutive month!

2010 was the lowest point for closed sales in Albuquerque for a number of years, but the sales activity seems to be gaining momentum so far in January 2011.

If you are planing to buy a property, I would get in the market as quickly as possible to possibly avoid the springtime rush.

by Tim Fish

Advantages to Selling Albuquerque Real Estate ;)

One of the advantages to selling Albuquerque Real Estate is finding the cities great little secrets before the word gets out. One secret that I was let in on over the past holiday season was an excellent microbrewery located in the downtown area of Albuquerque called 'Marble Brewery'.

If you aren't looking for Marble, you will drive right past it. The building itself is a very humble one story, cinder block structure with a patio in the front and the interior is very cozy with warm tones. Behind the bar you can admire the mash-kettle tanks and all the beautiful equipment they use to brew the ales on site (must be a guy thing but I think its neat to see!

Marble offers several micro brews as smooth or as hoppy as you want.

The ales range from a smooth, very drinkable "Wild Flower" wheat to an oatmeal stout, to a double IPA for the hardcore hops lovers! Marble also was just recognized in Draft magazines top 25 beers of the year for their barrel aged specialty Belgium ale. I highly recommend it!

Bottom line, I loved Marble and I especially loved that I got to spend some quality time with a few buyers that I helped find Albuquerque homes this past year.

I love my job!

by Tim Fish

Our New Albuquequerque Real Estate Website!

Check us out!

We have a brand new website, and what we think is the absolute BEST search tool we've ever seen. You'll find big, bright photos, information by neighborhood, a complete list of Albuquerque Foreclosures, and more to come. Our Albuquerque MLS is so big, we felt like we needed a better way to present it and to help our potential buyers in finding the perfect home.

You can now search for all Albuquerque real estate, as well as Corrales real estate, Rio Rancho real estate, and any of the other surrounding areas.  Check it out and let us know what you think!

If you signed up to have new listings sent to your email from our old site, we're afraid you'll have to cancel that and sign up again on the new one.  But you'll like it so much better it's worth the trouble!  We look forward to talking to everyone we've helped before, and all the new clients we meet soon!  Thank you for choosing us as your Albuquerque Realtors!