Real Estate Information Archive

Blog

Displaying blog entries 11-17 of 17

It is a Fact

by Sandi Pressley

Good Monday Morning!

It is a fact! Over 90% of all home searches conducted nationally begin online. Searching for homes online is by far the easiest and most efficient way to look for homes. Long gone are the days where interested home buyers ride around town with their Realtor viewing home after home while thumbing through the pages of an MLS book. Online home shopping is convenient and it allows the prospective home buyer the ability to keep up with current listings and prices.

There are many resources that will allow you to search for homes online and some are much easier to navigate and have more options than others. We have found that here in the Albuquerque, Rio Rancho and Surrounding market areas the best home search site is www.albuquerquehomesolutions.com. This state of the art site will allow you to search properties, on line, based on your search criteria and then save your search so that you are not re-entering it every time you conduct a search. This site also offers you the ability to set up a property alert, which will automatically e-mail you information on new properties meeting your search criteria as they hit the market.

Now is an excellent time to be shopping for a home. With home prices remaining low and mortgage interest rates at historic low levels, there is great opportunity and www.albuquerquehomesolutions.com is a great tool to use during your home search.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Image Unavailable
1020 La Poblana Rd.
Price: $179,000 Beds: 3 Baths: 1 Sq Ft: 1600
Sitting on an almost 1/4 acre lot in the North Valley, this spacious home is a must see for your Buyers! Updated and well maintained, it features a 1 car garage with storage, gleaming hardwood floors, 3 large bedrooms, 1 full bath, huge living room with corner fireplace, spacious kitchen w/sunny breakfast and a formal dining room which could be used as office. Just completed landscaping front/back. Large back yard with covered patio and 15x13 storage/workshop. Room to park RV/travel trailer.



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

Visit Website

Why Did My Home Not Sale?

by Sandi Pressley

Good Monday Morning!

Why did my home fail to sell?  This is a call that I get frequently from homeowners who have had a home on the market and it did not sell. The answer to this question is often not simple, but typically a little bit of investigation will reveal the most likely cause.  Nine times out of ten the problem is that the price was too high.  In this market, if you miss the market with pricing your home is going to just sit and not get offers.  Many times the home owners will see many showings and just no serious interest.  This simply means that would be homebuyers are finding other homes equal to or better than this home at a more attractive price. It can be hard to hit pricing perfectly, but once a home is on the market, if we look at what takes place with showings and interest it will soon tell us the story as to whether we have hit pricing right or not.

The largest mistake home sellers make is to not watch the market and to not drop the price quickly enough needed.  Failure to do this may cost homesellers large amounts of money and the opportuity to sell.

Also, if you are considering putting your home on the market and don't want to join the ranks of the unsold homes be cautious when you interview Real Estate agents.  Be cautious as to not pick your agent based solely on the price they give you for your home.  Many agents will inflate this price to get your business.  Good agents will price your home correclty to start with and then watch the market for any changes and advise you quickly if an adjustment is needed.

The keys to selling a home for top dollar value in any market are to:
  1. Price correctly with the market and adjust quickly if offers don't materialize.
  2. Stage your home.  Get rid of clutter, paint, do yard work, needed repairs and make your home as appealing as possible
  3. Make your home accessible.  If your home is easy to show you will get maximum exposure
  4. Make sure that your agent is getting feedback from showings and sharing this feedback with you.  Listen to the market and adjust accordingly.

Have An Awesome Week!

SANDI'S LATEST HOT HOME LISTING!

Image Unavailable
5919 Mesa Viento Rd.
Price: $300,000 Beds: 5 Baths: 2.5 Sq Ft: 2960
Beautiful, well maintained DR Horton home with lots of nichos and ledges. Light, bright, open & versatile floorplan features formal living room and great room that opens to family dining & kitchen w/sunny breakfast bar/island & huge pantry. The office could be formal dining room. Enormous master suite has 13x11 sitting room w/corner gaslog fireplace, large walkin closet + luxurious bath w/jetted tub. All bedroom are good-sized, one bedroom conveniently located on main level. Great location!



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Sandi

Visit Website

Is 2011 Really the Bottom?

by Sandi Pressley

Let me start by saying I am a great believer in the supply-demand-price equation.  Everything that I look at trying to predict or interpret the market is through that lens. 

From my seat, this recession started in the residential real estate market in November 2007.  That was the first month where there was a dramatic decrease in closings (demand) from the same month in the prior year.  To go back a touch, in July 2007, the closings were about 9% less than the prior year.  We had always known that the market couldn’t sustain the pace of 2003 to 2006.  We had thought that a 10 to 15% slowdown was to be expected.  So, the summer of 2007 felt like the anticipated slowdown.  August, September and October started to get alarming when the citywide closings were down 25% year-over-year.  In November the deceleration was 33% and then December 2007, the closings were 35% lower than December the year before. 

By January 2009, the closings in Albuquerque were the lowest since 1998.  On a percentage basis, January 2009 had 58% fewer closings than January 2006.  The spring of 2010 benefited from the First Time Homebuyer Tax Credit which resulted in some artificially created year-over-year gains.  When July hit and the Credit expired, we slumped backwards, with 4 of the first 6 months of 2011 behind 2010.  However, at the start of 2012 I am optimistic for the following reasons. 

Good Sign #1.  In July 2011, things started to change.  July through December showed a 13.17% increase in units closed over the same period of 2010.  This was the first six-month period in three years that had been up over the previous year. 

Good Sign #2:  Decreasing supply.  Building permits have been steadily declining for 5 straight years.  In 2006, the biggest year, the permits for the MSA of Albuquerque (includes Valencia and parts of Sandoval counties) were around 6,600.  In 2011, the Albuquerque MSA finished up at just shy of 1,300 permits.  That is an 81% decrease!  While that has been devastating for the construction industry at every level, it does mean that supply is decreasing steadily.   At the same time, the current resale supply (4,156 active detached listings) is the lowest it has been since March 2007 (4,504 active detached listings), when it started climbing precipitously!  Demand up, Supply Down, but… 

Confusing Sign #1:  There has been a steady decrease in average sales price for the second half of this year as demand has been increasing and supply has been decreasing.  On the surface that is disconcerting, but remember that price is a trailing indicator.  That means that the last adjustment will be an increase in price.  There is also an artificial suppressant:  the appraisal issue.  What is happening is that the market is trying to recover as to price, but a number of appraisals are coming in below the market price of the transaction.  In response to the low appraisal the sellers and buyers are often forced adjust their price down to the appraisal, which in turn keeps the average price artificially lower than the market is indicating. 

I believe that we will start to see an increase in average price sometime in the first half of 2012, providing the demand stays steady. 

Good Sign #3:  There is pent up demand.  Where?  Household formations are the way a community grows.  They come from at least two places.  The first is job growth.  The second is organic growth.  Organic growth is when two residents in a community form a new household through some sort of union and then they buy or rent a house.  Statistics are showing that the 25 to 34 year old population who would like to and are capable of buying a home have waited and stayed living at their parents’ home during this recession.  As consumer confidence grows and prices stabilize, those people who have been waiting for the bottom will likely enter the housing market.  I believe we will see that in 2012 as well. 

Good Sign #4:  The housing affordability index is at an all time high.  High is good in this case.  With historically low prices and almost unheard of low interest rates converging, when consumer confidence stabilizes, there should be a strong motivation to take advantage of these unique circumstances, which will likely not reoccur for a long time. 

Confusing Sign #2:  The last issue is the constant chatter about the “shadow inventory” of homes that are either underwater (value below mortgage) or are delinquent in payments and no foreclosure has been initiated.  The worry is that there is a hidden potential glut of homes, which eventually will come on the market, flooding the supply side, which in turn would further depress prices. 

I disagree for the following reasons.  First, when a family is foreclosed on or they short sell their house, they very rarely move into an apartment or move home with their parents.  They typically go rent a home, which is exactly what we are seeing in the current marketplace.  The consequence is that rents have been increasing significantly over the last year.  This does not create a new “vacant unit” in the market place as would new construction.  In other words there is no increase in supply.  Investors have been seeing this trend and with current low interest rates, purchasing single-family homes for investment has become a very attractive alternative.  In other words, a new buyer segment has entered the marketplace, absorbing those homes. 

It is for that reason that I don’t believe we have significant risk from the “shadow inventory.” 

In closing, if we review the timeframe of the Great Depression, which started in October of 1929, it is generally agreed that 1933 was the beginning of the recovery.  That was four years from the beginning of the Depression to the beginning of the recovery.  As I said in the beginning of this letter, we are at the end of our fourth year of this cycle.  Certainly, this Great Recession was not nearly as bad as the Great Depression.  If it took four years in the early 1930’s for the recovery to begin, I cannot believe, given the above information that we are not poised perfectly for our recovery to begin. 

I wish everyone a hopeful and prosperous 2012 and I hope that my predictions are correct!  Thank you for your business. 

Warmest Regards,

Sandi Pressley

 

Click here for the full year end report from the Greater Albuquerque Association of REALTORS®

Abq. & Surrounding area November Updates.

by Sandi Pressley

November Monthly Highlights

 

 

  • Pending homes sales in the Greater Albuquerque

market are up 26.66% from November 2010 and

down 4.97% from the previous month.

 

  • The median sales price of single-family detached

home sales decreased for the third consecutive

month.

 

  • Single-family detached home sales rose 4.90%

from the previous month.

 

 

 

Click Here for the full November Report

 

Remember that it is a great time to either be buying or selling a home! Just call me for the details on why, 505-980-2999

And hers your morning coffee.....

Sandi

 

 

Abq. & Surrounding area October Updates

by Sandi Pressley

                  October Monthly Highlights

 

 

  • Detached home sales in October rose 9.48 percent

from the previous month and 24.12 percent from

the previous year.

 

  • The median sales price for detached homes sales in

October was at $167,000, down 7.22 percent from

the previous year.

 

  • Pending home sales for single-family detached

homes rose from the previous year by 19.85 percent.

 

 

Click Here for the full October Report

Find Us on Facebook

by Sandi Pressley

Good Monday Morning!

What a gorgeous sunny Southwestern day it is in the Albuquerque area. Our super blue skies with the golden trees along the Rio Grande Bosque is so beautiful! How blessed we are!

Social media is quickly becoming one of the most popular communication tools used by many of us.  Facebook, Twitter, Google Plus all are widely used.  Facebook now has over 800 million users with over 300 million people on line at any given time.  We want to remain on the cutting edge and make sure that we are providing Real Estate information consistently to anyone looking for that information in the Rio Rancho and Greater Albuquerque areas.  Our new Facebook business page has been designed to do just that.  Check us out at!  http://www.facebook.com/pages/Sandi-Pressley-Real-Estate-Team/233948076627601.  or just click the Facebook link below.  While you are there click the "LIKE" button and you will be updated on local Real Estate news and tips along with exciting new home listings.  

Have An Awesome Week,

Kindest Regards,

Sandi

 

 

                                       THIS WEEKS HOT HOME LISTING!

4009 Zarzuela Ave NW Albuquerque, New Mexico 87120

Listing # 715849:  5 Bedrooms   2 Full Bathrooms   1 Partial Baths   2800 Square Ft

Price: $325,000

Carefully maintained, freshly painted, original owner Raylee custom home on cul-de-sac lot w/amazing city & mountain views! 3-car garage w/8 ft doors to accommodate lg vehicles. One bedroom/office on main level. Delightful kitchen has double oven, gas cooktop, island, breakfast bar & large walk-in pantry. Huge master suite w/balcony to enjoy magnificent views, oversized jetted tub & lg walk-in closet. Beautifully landscaped back yard w/30x10 covered patio perfect for entertaining family & friends!

View Property>>

Abq. & Surrounding area June Updates

by Sandi Pressley

The Numbers continue to stay positive for home sales in our area which is matching my positive attitude and my mantraNow is a great time to buy a home”!

Enjoy the Positive numbers provided by our local realtor’s association.

 

    June Monthly Highlights

 

  • Detached, single-family homes going under

contract in June stayed above 900 for the third

month in 2011 and rose 28.12 percent from the

previous year.

 

  • Detached home sales for June 2011 show an increase

for the sixth consecutive month.

 

  • For detached homes, the average sale price is up

4.52 percent and the median sale price increased

0.91 percent from the previous month.

 

Click Here for the full report.

Displaying blog entries 11-17 of 17

Syndication

Categories

Archives

Contact Information

Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729

Quick links to this site are also SandiSells.net or SandiSellsHomes.com