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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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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

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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

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The Hero Loan Is Back!!

by Sandi Pressley

The Hero Loan Is Back!!  Please read the following information from our lending partner Legacy Mortgage, Sher Hennie.

The New Mexico Mortgage Finance Authority is bringing back the “Hero” program for Teachers, Safety workers, Health Care workers and Active Members of the Armed Forces.  The program and the interest rate will be released on October 9, 2012.  Below are some highlights:

FHA product

Credit Score requirement – 620 mid score or no score with non-traditional credit

Borrower must have $1,000.00 of their own money into the loan. This $1,000.00 may not come from a gift.

Borrower does NOT  have to be a first time homebuyer.  However they cannot currently own any single family dwellings (Vacant land is ok)

Income Limit is $73,200.00

Acquisition Limit  is $243,945.00

This is a grant program. So the amount of the grant is 3.5% of the final loan amount (including upfront MIP) towards down payment and costs.

Unlike the other Bond programs that the Mortgage Finance Authority offers, the funds for this program are generated through a different source and therefore rates can change on a daily basis until an offer has been made on a property and the money is reserved.

Please contact me on my personal cell 980-2999 so that I can help you take advantage of the lowest interest rates in history.  There has never been a better time to buy.  It will be my pleasure to help you with all your real estate needs.

Sandi Pressley

 ~ Celebrating Sandi's 26th year as New Mexico's

#1 Agent after 33 years of serving her clients! ~

Ninja Selling

by Sandi Pressley

Ninja Selling

Ft. Collins, Colorado

February 21st – 24th, 2012

I just got back from the Ninja Sales Training in Ft. Collins, Colorado and wanted to share my wonderful experience. 

The installation was filled with energetic people also looking to help their clients… the energy and emotion from the Ninja Sales Training was incredibly amazing.

It truly is all about helping people.

It’s about helping buyers achieve their goals.  It’s Not about selling it’s about serving Their needs!!!

I really liked it because it aligns with my current practices to help my clients get their homes sold for the highest possible price in the least amount of time.

The Ninja installation is about having a mindset of success for my clients.

It’s all about positive thinking and being in a constant state of gratitude

We truly focused on what is the most important thing… “It’s all about my clients, not about me”!

I love the fact that I get an opportunity to really make a positive impact on the lives of other people.

To me the Ultimate Customer Service is:  “Knowing that I can do more to help my clients achieve their goals than an agent who has not been through ninja training”.

 

Sandi Pressley

 NINJA2011

 

“What can I do to help my clients achieve their goals!”

Graphic Video Details the Dangers of Texting While Driving

by Sandi Pressley

Good Monday Morning!

As most of you know my weekly e-mail typically is about the local Real Estate market. My message today is about a subject that is very close to home for many of us. It is about TEXTING WHILE DRIVING. I have children who all have cell phones and over the years I have watched as their primary source of communication among each other and friends has converted to texting. In fact I would say that a couple of my kids and many of their friends are what I would call text addicts. Constant text communication has become a way of life with most young people in this country and now even with many adults. The following video is one that each one of you should watch and then watch it again with your kids. Even if your child does not text, they may ride in a car with someone who does. Pass this video on. It may save many lives.

Have An Awesome Week!

                                                               

                                                               

http://www.albuquerquehomesolutions.com/video/ATT-Dont-Text-While-Driving-Documentary-Closed-Captioned

 

 

Warmest Regards,

Sandi Pressley

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®

"The Innocence of a Child"

by Sandi Pressley

"The Innocence of a Child”

This Holiday provides an opportunity for us to pause and enjoy the reason for the season.  Please take a couple of minutes out of this hectic time of year to enjoy this precious video.  May we all have child like faith, hope and joy this Christmas and throughout the New Year.

                                                                          Video

                                                                          Video

Merry Christmas and a Blessed New Year,

Sandi

Video Link: http://albuquerquehomesolutions.com/video/A-Kids-View-of-the-Christmas-Story-2

 

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

 

 

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