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Albuquerque Real Estate is Looking Up

by Sandi Pressley

Good Monday Morning!

Almost no new apartments have been built since 2008. The single family building permits in 2010 were 1,440 for the Albuquerque Metro Area. They dropped to 1,192 in 2011. In 2012, we saw the first increase over the prior year since 2006! We went from 1,192 to 1,428, a significant year-over-year increase but still more than 1,000 under the “breakeven” number. To put that into perspective, more than 6,600 building permits were pulled in both 2005 and 2006! The increasing number of permits last year is an extremely good sign for two reasons. The increase indicates returning consumer confidence and demand in the market place. Second, because building houses creates jobs!

To recap, I now really do believe the bottom is behind us. Here is why:

  1. The inventory of resale homes is the lowest it has been in 6 years.
  2. We have 18 straight months of year-over-year increases in the amount of homes being put under contract. In other words, a consistent increase in demand.
  3. There have been 4 years of very low building permits, which are finally increasing.
  4. 2012 would be twelve years since the last bottom in the prior cycle, mirroring the 12-year cyclical history of the Albuquerque market.

Anecdotally, we are seeing multiple offers for the first time in many years. This is the actual ground level indicator of the shift in balance from over supply to balance.

Let me close with this thought. In both of the last recoveries, the post 1988 and post 2000 bottoms, the highest rate of appreciation was 5 years from the bottom. If we mark 2012 as the first positive year, our highest rate of annual appreciation in this cycle could be just 4 short years away from now. Do not expect gigantic annual appreciation in the next two to three years, but if we mirror either of the last two recoveries, we should see a 2 to 3% annual increase, which could, in the next 4 years, reach a one-year increase of 9%.

Combine that timing with interest rates below 4%, and I think if a homebuyer were ever to consider buying - the timing is perfect. For the sellers who have waited through the recession, the light is at the end of the tunnel!

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Property Image
9909 Buckeye St. NW 87114
Price: $480,000 Beds: 5 Baths: 3 Sq Ft: 3817
Phenomenal custom dream home by Char Construction w/courtyd entry, refrigerated air & amenities galore! Versatile floorplan w/2 master suites, one on main level. Large living room w/soaring ceilings, entertainment center & kiva style gaslog fireplace opens to the family dining room. Delightful kitchen w/gorgeous cabinets, island w/sink, JennAir appliances & granite countertops. All bedrooms are well sized. Two decks offer exceptional mountain/city views. Xeriscaped w/covered & open patios.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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Getting your Home on the Market

by Sandi Pressley

Good Monday Morning!

If you are thinking about selling your home, now is the time to begin the process for getting your home on the market. One common thought is that Spring is the best time to get your home on the market. The reality is that by Spring home inventories often times increase and your competition level increases. If you can get your home ready for market by February or March you may beat the rush and have a better climate for a sale. Here are just a few things that you might want to pay attention to prior to placing your home on the market.

  1. Go through your home and do what I call de-clutter. This means take out over sized furniture items, nick nacks, anything that is not needed for everyday living. The idea is to make rooms looks larger and give prospective buyers the ability to see the space.
  2. Touch up interior paint or even re-paint if needed .This would mean making walls, trim ceilings looking as new as possible.
  3. Clean carpets and hard wood flooring.
  4. Clean your home thoroughly and don't forget to clean windows inside and out.
  5. Be sensitive to odors from cooking, pets, etc. Scented candles are a great way to keep your home smelling great. Prospective buyers are very odor sensitive.
  6. Maintain an even temperature in your home. Homes that are too hot or too cold will detract from showings.
  7. Always have your home neat, clean, drapery or blinds open and lights on for showings.
  8. Winter time is tough for exterior, but having your landscaping and home exterior looking great is important. Have flower beds with fresh bark dust, walks swept. leaves raked and washing down siding will greatly increase the way your home looks for drive bys.

One of the key functions that I complete when I visit a home for someone thinking of selling their home is going through a check list of items that the homeowner can do to enhance the appearance of their property. My objective is to list items that will increase the value, lessen the number of days on the market and helping the homeowner not perform tasks that are not dollar productive. If you are considering placing your Albuquerque/Rio Rancho area home on the market, please contact me for a no obligation visit that we can identify items for you to focus on and also get a good idea of your homes current market value.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Image Unavailable
15 Sinagua Rd.
Price: $325,000 Beds: 3 Baths: 2 Sq Ft: 2200
Gorgeous SW style home on 1.5 ac view lot. Lg great room with beamed ceilings/Kiva style corner fireplace. Beautiful kitchen w/Wolf range/stainless steel appliances/center island is open to the dining area. Lg mast suite w/beamed ceilings & deluxe bath/garden tub/separate shower. The versatile floorplan features an office w/separate entrance included in sqft, could be 4th bedroom. Amazing views all around. The road ends at BML land & open space about 1/4 mi from this spectacular home.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

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