Welcome to my Albuquerque Real Estate Blog

 

Dec. 27, 2023

2024 Buyer and Seller Guides

"2024 Winter Buyer and Seller Guides" are now available, which includes a helpful guide about buying your first home.

 

Get free home buying and selling guides packed with information for the 2024 real estate market. No sign-up is required.

2024 Winter Buyer and Seller Guides

Feb. 24, 2023

Boost your Home's Curb Appeal

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance | MyKCM

The spring housing market is fast approaching; the time is now to ensure your home is prepared for a successful sale. Boosting your home's curb appeal with smaller projects such as refreshing paint and power-washing the exterior can help it stand out in a competitive market. Other potential updates may bring more monetary value to your investment. However, there are also those which appeal to buyers in your area. Research from the National Association of Realtors highlights some updates that may generate returns for you. See Graphic below


Remodeling Costs

When planning to list your house, lean on a trusted real estate professional for advice and insights on what projects best fit your property and local market. With suitable investments and assistance from an experienced agent, it's possible to find success within this year's spring housing season!

Preparing your home for the spring market can be daunting, especially in today's hot housing market. With more homes for sale than last year but inventory still historically low, ensuring your house is ready to make a great impression on buyers is critical! Curb appeal should be your primary focus to stand out from other properties and attract potential buyers. Minor cosmetic updates like refreshing paint, power washing the exterior, or installing features such as wood decks and brick patios can improve the value of your home and increase its attractiveness. Working with a trusted real estate professional can also help you decide which updates are most valuable in your local market and have the greatest return on investment. Now is the time to prepare your house to stand out to potential buyers this spring!

 

Posted in Home Seller Tips
Feb. 24, 2023

Issues facing the Housing Market

Two Big issues facing the Housing Market

Is now the right time to sell your house? The current housing market could be a sweet spot that may work in your favor. Two main factors are holding back potential sellers from putting their homes on the market: rate-locked homeowners and fear of not finding something else to buy afterward. 

 

“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.” - Mark Flemming Chief Economist at First American

Rate-Locked Homeowners

Rate-locked homeowners have mortgages at lower interest rates than what lenders typically offer today—over 6%. Because of this, many prefer to stay put instead since moving would mean a higher borrowing cost. This situation contributes to an overall shortage of inventory in the housing market. However, as mortgage rates start to fall throughout the year, more people might decide to move. 

 

Real Estate Interest Rates

The fear of not finding something to buy

The other issue preventing homeowners from selling their houses is the fear of not finding something else to buy afterward. Fortunately, this issue can be resolved by working with a local real estate expert and exploring all your available options—including newly built homes or leveraging your current home equity. According to ATTOM, 48% of mortgaged properties in the US are considered equity-rich, so don't overlook these options. 

 

June 7, 2022

Rio Rancho Real Estate

Rio Rancho Home with Pool

5 Reasons Why Rio Rancho Real Estate Is the Perfect Place for Your Next Home

Rio Rancho is a city in New Mexico that has been growing rapidly over the past few years. The population has increased by almost 50% since 2000. This growth has led to an influx of new residents into this area

Rio Rancho is also home to many businesses including hospitals, schools, banks, restaurants, and more.

Rio Rancho real estate is one of the fastest growing areas in the country. There are several reasons why this is true. First, there are plenty of jobs available in the area. Second, Rio Rancho is close to Albuquerque, making commuting easy. Third, Rio Rancho is a safe place to live. Fourth, Rio Rancho is affordable. Fifth, Rio Rancho is beautiful.

Want to see homes for sale in Rio Rancho?

Dec. 30, 2021

2022 Real Estate Market Outlook

2022 Real Estate Predictions

We are experiencing historic times and are in a real estate market that is "ANYTING BUT NORMAL"! We have been watching the market and looking to experts for trends that may give some insight as to what we may expect in 2022. In this market update we have assembled current trends including what economist and experts are forecasting.  We hope this information will be educational and help you in your real estate decisions going forward. 

What to expect this winter?

Typically, in a normal market most homes come on the market in the spring (April, May, June). But we are not in a normal market. The expectation going into the winter is that pent-up-demand, delayed plans caused by the pandemic has homeowners looking to move on to the next chapter of life. A recent survey by Realtor.com suggests that many prospective sellers are actively preparing to enter the market this winter.

What impact will rising interest Rates have on the real estate market in 2022?

We know that mortgage rates can have an impact on home value appreciation. As shown in the graph below we can see that despite fluctuations in mortgage rates home values continued to appreciate. We can also see in the second graph that interest rates had no impact on the volume of homes sold. Going into 2022 we are likely to see a rising interest rate environment. I do not expect this to impact the housing market, but we can expect it to cost more to buy a home in the coming months and into 2022.

Real estate interest rate projections

 

Real Estate Interest Rates vs home appreciation

 

Home Sales not impacted by interest rates

Mortgage rate projections

On average it is predicted that interest rates could rise anywhere from 3.3 to 4%. With the potential of rising interest rates and predicted home value appreciation we can expect it to cost more to purchase a home in 2022. But by historical standards and based on projections mortgage rates are expected to remain historically low which is good news for buyers and sellers.

 

2022 Mortgage Rate Predictions

 

Mortgage Rate Historical comparison

What will happen to Home Values in 2022?

As we head into 2022 rising housing inventory will have a direct impact on supply and demand. In 2021 we saw home values appreciate at historic highs across the country. For example, in Albuquerque, NM we saw an average home appreciation of 15% and appreciation was as high as 20% in Rio Rancho, NM. In 2022 home appreciation across the United States is expected to rise from 2.8% to 7.4% with an average rate of appreciation of 5.1%.

 

2022 Home Value Appreciation forecast

 

In 2022 Economist predict that home values will continue to rise at a slower pace as compared to 2021. This is directly impacted as we see housing supply increase in 2022. With over 6.5 million homes sold across the United States in 2021, home sales are predicted to increase and perform well again in 2022

 

2022 Home Sale Forecast

The Million Dollar Questions?

 Is now a good time to Sell?

At the risk of sounding like a broken record I am going to say it again! "There literally has never been a better time to sell."

We are currently in a robust sellers’ market. The Graphic below illustrates where we are at in today's real estate market and underscores just how great the market is for selling.

 

Sellers market Graph

Is now a good time to Buy?

With historic low interest rates housing affordability remains low. Owning a home can lead to many advantages such as wealth building, financial freedom in retirement, tax advantages and pride of ownership. The graph below shows what is at stake by not purchasing a home and the potential growth of a $350,000 home purchase through 2026. Although appreciation cannot be guaranteed, it is likely that a smart home purchase could lead to added value in the years to come.

 

Potential home value growth

 

March 14, 2020

75 Overlook Dr, Placitas NM 87043

March 14, 2020

10609 Moon Valley CT NE

March 28, 2016

Albuquerque Real Estate Market Reports

 

Time to Sale your home?

Albuquerque Real Estate Market Report

Our Market Reports can be fully customized just as you would for a home search.  When preparing to sale your home the information displayed in these reports will give you market insight of homes that sold and homes that are currently under contract in your Albuquerque neighborhood.

Our site updates it's information every 15 minutes and the information comes directly from the MLS unlike some national real estate websites. We understand that market timing and home price valuation is extremely important when preparing your home for sale. We also know that marketing your is equally important and we have developed a strong marketing plan to sale your home for the most money in the shortest time.

View this Albuquerque Real Estate Market Report

 Albuquerqeue Real Estate Market Report

Need Additional information on Albuquerque Real Estate

March 15, 2016

7 Reasons to use a Real Estate Agent

The proliferation of services that help home buyers and sellers complete their own real estate transactions is relatively recent, and it may have you wondering whether using a real estate agent is becoming a relic of a bygone era. While doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go–and could end up being more costly than a realtor’s commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking. Find out why you shouldn’t discard the notion of hiring an agent just yet.

 

TIP 1: LIST AT THE RIGHT PLACE 

A real estate agent’s full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents. 

Realtors understand the market better and can typically list the house at the correct price.  This gives home owners an advantage over listing the property themselves.   

 

TIP 2: BETTER HOME PRESENTATIONS 

Presenting a home matters now more than ever.  Realtors make sure that these presentations go smoothly. They also have tons of experience in staging homes. In today’s market, it really matters how a home is presented. 

 

TIP 3: GET MORE BUYER EXPOSURE

Buyers often contact a real estate agent before looking at properties. This means there are many buyers in every market that will only be looking at homes listed by an agent. Your home will get more showings and offers by listing with an agent. Agents are crucial to accessing these buyers who are shopping with other agents.

 

TIP 4: HIGHER OFFERS FROM BUYERS

Higher offers come in when you list with an agent. An agent help to make sure your property is seen by more people. They also make sure that all aspects of the buying process is handled in a professional manner. Having an experienced real estate agent can dramatically impact the offers you receive from buyers.

  

Real Estate agent not only get the traffic in, they know how to manage it. They can arrange and hold open houses in a way that gets as many visitors as possible. They also work with buyers so that showings are more convenient for you. 

 

TIP 5: NEGOTIATES INSPECTION RESULTS

A real estate agent will be able to identify trouble that you may not see, as well as recommend a good independent home inspector who will provide a detailed report on problems with the house.

Inspections can impact the sale of your house. Having a real estate agent gives you an expert in your corner as you handle this aspect of the sale. Real estate agents are used to dealing with these types of issues and can work through almost any challenge that arises.

 

TIP 6: SPEEDS UP TIME TO CLOSE

There is a lot of paperwork that has to transpire throughout the closing process. An agent handles all this paperwork daily so they know how to speed up the process. While anyone can spend a few minutes online and pull information on sales of comparable houses, real estate agents have the experience to know whether a specific house is overpriced or under-priced. In the best-case scenario, an agent will have such a good idea of what you're looking for that she won't even waste your time touring houses that won't work.

 

TIP 7: HOME SELLS AT TOP VALUE

Ultimately, you can sell your home for more money when you list with an agent. Most real estate agents can set a price on a home the minute they walk through the door. If they have a lot of experience in a market, they know how well a neighborhood holds its value, too.

March 7, 2016

What You Should Ask Your Real Estate Agent before Buying or Selling

What you should ask your Real Estate Agent before Buying or Selling

 

Buying or selling a home can be daunting. In fact, it can be a full-time job. For many people, it makes sense to hire an expert to handle the time-consuming tasks and the nitty-gritty details. Real estate agents can take work off your hands and also help you get a better deal.

 

When it comes to property information, you should never stop asking your agent until you are fulfilled. You should obviously ask about the condition of the home, and external factors like flood/hurricane zone, night trains, flying paths that you can ask to neighbors so being prepared is never a bad thing,

 

But something as important as the Housing market shouldn’t be left out unanswered, remember, if your market is bad, no amount of money will fix it.

7 QUESTIONS TO ASK YOUR REAL ESTATE AGENT

 

How the Housing market has performed over the past 3 years?

 Your agent/agency can easily give you year over year stats of the local housing market you are interested in buying. When it comes to recognizing trends in the market, real estate agents are on the front lines.

What is the foreclosure rate of the local Housing market?

This is also very easy to pull. It’s another great market indicator. If the rate is high or rising, this means the housing market is going through a significant change. 

Can I have a copy of the appraisal?

Most people either don’t ask for it, or don’t know that they can request a copy of their home appraisal when getting one on a transaction, and it doesn’t matter if you are paying for it, the bank is the client for the appraisal, not you, so most of the time people won’t give it to you unless you Ask your real estate Agent for it.

Estimated closing costs?

Usually, there is some surprise in the faces of the buyers when closing costs are on the table. . For average homes the closing cost are among the $10,000-ish price range, maybe more for a financed deal, money which is usually which is out of the pocket. You can get the seller to help you with some of this if your lender will allows it, usually it is a percentage in the 3% to 5% range.

Will this house pass for FHA financing?

FHA loans are very popular among the first-time home buyers because of the low down-payment requirement of just 3.5%. However, there is nothing perfect. If the property was built before 1978, and there is any visible damage or bug, then it can be a potential holdup. FHA is not easy going with lead paint, and will likely need the failure fixed before the transaction can continue, FHA almost never guarantees loans on fixer-uppers.

I want to buy & flip this property.  What’s my asking price after the repairs?

Determine current market value by Paying for an appraisal, there is no other option. Appraisers can process a “Subject to” which means that the definitive opinion of value is subject to the completed listed repairs; also they can pull a hypothetical condition regarding the property. Hypothetically, the property is in excellent condition instead of fair condition, and then the appraiser will study the market of excellent condition properties rather than fair condition ones.

How can I help to sell my house faster?

Knowing your home's disadvantages will give you an opportunity to fix them and a more realistic expectation of the home's market value.

There is nothing more frustrating than being stuck forever in the housing market and, there are there are lots of reasons behind it, lest list a few:

Poor pictures: This is the most important mistake your agent and you can make. If your agent is taking the pictures, ask your real estate Agent to check them before uploading them to the MLS. You can search on Trulia and Zillow and study which photos are poorly taken and off-turners and try to understand what is wrong with it so you don’t fall in to the same crack, also check the good ones and try to replicate them as better as possible also, Ask about a professional photographer, it can make a huge difference.

Not hiding your clutter: Obviously, do this preferably before taking the photos. Your house has to be organized and nice, make the buyer feel comfortable enough so he/her can picture all of his/her stuff placed in your property, if you have a ton of garbage lying around will not be a nice looking thing to watch.

Timing! Timing! Timing!: Some people think that location is the absolute number one, and it is true, but timing may be a very important number two, Ask your real estate Agent or agency which months are the busiest seasons to sell in your market, generally is summer, but in the case of some locations like Florida, winter comes with a lot of busy markets for snowbirds arriving, this way if you adapt to your market time you’ll get way more traffic when the market is at its fullest.