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More Americans Are Choosing to Buy Than Rent

by Sandi Pressley

According to the latest US Census Bureau report, it turns out that for the first time since 2006, more people chose to purchase a home over renting in the first quarter of this year.  There were 1.22 million new households formed in the first quarter, and of those, 854,000 were first-time buyers.  That makes the home ownership rate among new households a whopping 70%!

This is great news as the rate of homeownership nationwide is currently 63.6%.  The last time the rate came close to this figure was in the 2nd quarter of 2004, when it was at the all-time high of 69.2%.

Recently, a Wall Street Journal article had this to say about the reason for the jump in first-time buyers:

“The return of first-time buyers is accelerating. In all, they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”

According to Trulia’s Chief Economist, Ralph McLaughlin:

“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”

What does this all mean? Basically, this indicates that as more people who can buy for the first time realize their ability to buy a home without renting first, then the overall economy will benefit.

HOT HOME LISTING OF THE WEEK!

4401 Pershing Avenue SE, Albuquerque   $499,000

3 Bedrooms/ 1 Bathrooms / 3 Partial Baths / 4100 Square Feet

INCREDIBLE Custom single story Home-In the heart of ABQ. 2CAR garage, open floorplan showcases 3 exceptional LG living areas, all in whopping 4100 sq ft!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Brexit and its effect on US housing market

by Sandi Pressley

We've been asked recently about the effect Brexit will have on the US housing market. Initial reactions say the stock market responded negatively. This puts pressure on the Fed who might, in turn, keep interest rates low. There might even be a temporary, slight drop in rates as the market adjusts.

The reality is, we won't see much change at all until things settle over in Europe. If other countries in the UK follow suit, this could all change, and quickly. The reality is, now is still a great time to buy or sell a home.

If you're ready to buy or sell, contact The Sandi Pressley Team today!

Have An Awesome Week!

Sandi's Hot Home Listing

1104 Indiana St SE1104 Indiana St SE, Albuquerque

Price: $145,000 Beds:3 Baths: 2 Square Feet: 1,236

STYLISH REMODEL! 3BDR/2BATH, so many updates! New windows, new evap cooler, new water heater, new light fixtures, new tile flooring, newly painted, updated baths! Remodeled kitchen includes new cabinets, new tile flooring, new granite countertops, new backsplash, new SS sink, spacious and still room to add a table, island or baker’s rack

View This Listing


AND HERE'S YOUR MONDAY MORNING COFFEE!!

 

2016 NAR Predictions

by Sandi Pressley

NAR has released their predictions for the 2016 housing market. Click the link below to see what the experts are predicting for 2016.

National Association of Realtors 2016 Predictions

Have An Awesome Week!

Sandi's Hot Home Listing

6812 Vista Del Sol Dr.6812 Vista Del Sol Drive NW, Albuquerque

Price: $375,000 Beds:4 Baths: 2+ Square Feet: 3,860

Exquisitely Appointed Home in desired Montecito Estates! With over 3700SF, this open floorplan shows like a model-featuring cozy living area with fireplace, 4 bedrooms, 3 bath plus loft & computer area! Gourmet kitchen offers upgraded cabinetry, corian countertops, upgraded appliances, cooktop, double ovens, pantry, breakfast bar.

View This Listing


AND HERE'S YOUR MONDAY MORNING COFFEE!!

 

6 Great Reasons to Buy NOW!

by Sandi Pressley

This may be the best time to purchase a home.  There are many reasons but below we’ll highlight the top 6.  If you’re considering a purchase, here are a few great reasons to make that move now!

Reason No. 1 to buy now: Rates are low
"Low mortgage rates continue to keep ownership less expensive than renting," said Investopedia. "Even a small change in interest rates has a significant effect on what you'll pay each month and over the life of a 30-year mortgage.
Take a $172,000 30-year mortgage, for example ($172,000 is 80% of the median sales price for existing homes of $215,000 after a 20% down payment). With an interest rate of 4%, you would pay $821.15 each month. At an interest rate of 5%, the monthly payment would be $923.33, and at 6%, the payment rises to $1031.23."

Reason No. 2: Renters Feeling the Squeeze
A recent article from the National Association of Realtors explains that renters are “feeling the squeeze” as rental costs increase nationwide at a pace greater than income increases.

Reason No. 3: It’s Easier to Qualify
When the real estate market hit its recent low around 2006, lending institutions increased their lending standards, making it harder to qualify for a loan.  During this time, lending standards were raised and only prime applicants could get a decent loan.  Today, those standards have loosened slightly, making it easier to find loans and get qualified.  New FHA minimums include a 620 credit score and 3.5% down payment.   

Reason No. 4: PMI Costs Less
When a buyer puts a down payment of less than 20%, there is often an additional monthly fee called PMI or Private Mortgage Insurance.  Early this year the Feds lowered those fees on FHA loans which can add up to over $900 a year in savings.  

Reason No. 5: It’s Still a Good Investment
Perhaps even a great investment.  Experts say that affordability is still at an all-time high, making home ownership a great option for those investment dollars.  As an asset, homeownership stands up, especially when buyers make smart decisions. 

"The largest measurable financial benefit to homeownership is price appreciation," said Investopedia. "Price appreciation helps build home equity, which is the difference between the market price of the house and the remaining mortgage payments."

Reason No. 6: Pride of Ownership
Pride of ownership is a real thing!   Having the freedom to make it your own, painting walls, upgrading kitchen items and not having to worry about higher rent payments coming with your next lease term, make owning your own home a great idea.  Add that to watching your equity grow and the tax benefits of homeownership and this is a no-brainer!

Have An Awesome Week!


Sandi's Hot Home Listing

2700 Vista Grande Dr. NW 114, Albuquerque

Price: $595,000   Beds: 3   Baths: 2.5  Square Feet: 3,970

INCREDIBLE & RARE BLUFF LOT RESIDING ALONG THE RIVER W/Unobstructed views of the City,Bosque,Rio Grande & Mountains. This bluff lot offers unsurpassed sensational views-will not find more breathtaking views anywhere ceiling to floor windows from living, dining, kitchen & Master-Suite showcases phenomenal Views! View This Listing

 


Here's Your Morning Coffee

The Time to Lock Your Rate is NOW!

by Sandi Pressley

Have you been thinking about buying a new home? Now might be just the time to make that move.  The current low rates we are seeing in the real estate market today are likely not going to stick around.  

Here’s the great news, mortgage interest rates are still at historic lows which is fantastic for this hot spring housing market.

Our advice for people considering a home purchase is lock your rate now.  “This is the last call before the bar closes at these historically low levels,” said Jonathan Smoke, chief economist at realtor.com®.

Rates are still low but experts believe they are about to rise.  The Feds are expressing that the economy is becoming more stabilized so rates will likely rise in the next few terms.  Since late 2008, the Fed has been helping with this stabilization by keeping rates low.  Once things are settled, and consumer confidence rises, those rates will begin to rise.  Some experts say that could happen as soon as June.
 
“From here, rates should go up more than down, which means affordability declines rapidly,” Smoke said. “It also means that navigating mortgage choices becomes simultaneously more important, but also more complex as higher rates would cause qualifications to be harder and some options will fall off the table.”

Affordability goes down as rates go up.  That’s the way the market works.  Rates rise and prices increase.  Take advantage of your buying power now and lock your rate today.  

Have a great week!

 


 

Sandi's Hot Home Listing

 4 Cinco Circle, Placitas

 Price: $450,000  Beds: 3  Baths: 3  Square Feet: 2,740

 View This Listing

EXCEPTIONAL Placitas Custom Home offers a Private 2 Acre Sanctuary w/ breathtaking MTN views. This 3Bdrm/3Bath/3Car garage NM Pueblo home showcases spacious floorplan featuring a dramatic entry way into a cozy living space w/Kiva FP & exposed vigas, T&G ceilings + wooden shutters thru-out. Gorgeous upgraded Gourmet Kitchen w/custom cabinetry, Granite countertops w/beautiful backsplash accents. Relax in Private Master-Ste With stunning Kiva FP & lovely Master Bath Jetted tub, sep shower & LG walk in closets.Gorgeous front/backyard courtyards, beautiful low maintenance landscaping & unobstructed views. Horses are Welcome!Immaculate, warm & inviting property with its highly sought after location-Directly across street from National Forest Loop RD Trl Head-Fabulous access to hiking & biking!

 



Here's Your Morning Coffee!

Purchasing a Home is Still a Good Choice

by Sandi Pressley

Good Monday Morning!

While homeownership numbers may be down, Americans continue to believe that owning a home is still a good decision even as mortgage rates bounce up and down. According to the National Association of Realtors 2013 National Housing Pulse Survey, eight in 10 people believe that purchasing a home is a good choice and 68% believe that now is a good time to make a purchase. Since the last survey in 2011, renters who are contemplating a home purchase rose from 25% to 36% while those who stated they prefer to rent fell from 31% to 25%. More than half of the renters surveyed stated that one of their highest priorities is owning a home, up to 51% from 42%.

We remain towards the lower end of a home value cycle. This means that most likely home values will increase significantly over the next 5 years. Even though mortgage rates have ticked up slightly, they remain well below the 10 year average. This combination leads one to believe that investing in home ownership now is a wise decision.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Property Image
9017 Galaxia Way NE
Price: $375,000 Beds: 4 Baths: 1.5 Sq Ft: 2,735
This gorgeous brick home is situated on almost 1/3 of an acre lot w/back yard access, RV parking & lots of udates! Automatic gate, decorative fencing for total privacy & security, wheel chair accessible throughout. Refrigerated air! Formal living/dining room combo, huge family room w/custom fireplace & wet bar opens to the spacious kitchen w/sunny breakfast nook. Newer windows, cook top, range hood & gorgeous marble tile. Nicely landscaped front & back. Finished oversized garage!



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173
Fax: 505-212-0729

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