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Monthly Newsletter from Sandi Pressley

National Market Update

Note December data below is the most recent published by the National Association of Realtors®.

National Association of Realtors® (NAR) data shows that sales of existing homes relaxed in most of the U.S. in December, but for all of 2017 sales grew 1.1%  -- in fact 2017 turned out to be the best year for sales in 11 years. December's existing-home sales slipped 3.6 percent to a seasonally adjusted annual rate of 5.57 million from a 5.78 million in November.
 Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, said the housing market performed well in 2017, with notable wealth gains for homeowners and historically low distressed property sales. “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” Yun said. He added, “At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.”

Housing Data Takeaways

  • December's median existing-home price for all housing types in was $246,800, up 5.8% from December 2016 ($233,300). December’s price increase marks the 70 consecutive months of year-over-year gains.
  • Total housing inventory at the end of December fell 11.4% to 1.48 million existing homes available for sale; this is 10.3% lower than a year ago (1.65 million) and has dipped year-over-year for 31 straight months. Unsold inventory offers a 3.2-month supply at the current sales pace, down from 3.6 months one year ago -- the lowest level since NAR started tracking in 1999.
  • First-time buyers drove 32% of U.S. sales in December, up from 29% in November and the same as a year ago. For all of 2017, first-time buyers drove 34% of sales.
  • According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage inched higher for a third straight month to 3.95% in December from 3.92% in November. For all of 2017, the rate was 3.99%.

Regarding first-time buyers, NAR's economist Lawrence Yun suggested that, “Rising wages and the expanding economy should lay the foundation for 2018 being the turning point towards an uptick in sales to first-time buyers,” adding that “...if inventory conditions fail to improve, higher mortgage rates and prices will further eat into affordability and prevent many renters from becoming homeowners.”

Make Your Offer Count!

With today's competitive housing market, it is more important than ever that home buyers get their financial house in order when applying for a loan! Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home.

A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home. Having a trusted mortgage professional can make a huge difference in your home-buying experience -- don't underestimate the significance of this choice.

Contact us today to get the right loan for your current needs! We can recommend proven lending professionals who can help you position yourself for your next home purchase.

Experience the Best Coffee in Albuquerque

Looking to change up your morning routine in Albuquerque?  If your way of waking up is with a delicious cup of java, tea, or tasty pastry, then you’ll have plenty of new ways to wake up in Albuquerque.  There are so many unique places to have the perfect espresso or refreshing cup of tea.  Here’s a few of the best places to get coffee and tea in Albuquerque.

Trifecta Coffee Company

Known as the first combined coffee roaster, coffee bar, and bakery in Albuquerque, Trifecta also features roasts from around the world, including coffees from Latin America, Mexico, South America, Africa, and the Pacific Rim. The coffee is not the only great thing about Trifecta.  Their pastries area all the rage, with blueberry scones, apple cake, and quiché of feta and artichoke.  The atmosphere is relaxed, as are the people who work here. All this adds up to Trifecta being a favorite morning spot in Albuquerque.

Espresso Fino

This family owned espresso bar features locally roasted coffees that are certified organic fair trade. Located in downtown Albuquerque, you can enjoy your brew in the charming atmosphere inside the shop, or get some fresh air in their sidewalk seating. All three owners, Greg, Nina, and Pablo are talented baristas, assuring a perfect brew with every visit. A downtown Albuquerque gem for sure.

Prismatic Coffee

If you find yourself in the sawmill district of Albuquerque, make sure you stop by Prismatic.  Not only can you get an outstanding cup of coffee, but they feature stroopwafels, a waffle cookie from the Netherlands. The owners and baristas take pride in what they do and it shows. This is not the coffee you find at the big chains.  They highlight the quality and care of fine coffee roasting. And of course you’ll find their passion translates to great customer service.  And if you need a little help deciding what you want, their unique flavor wheel can help you chose the perfect brew.

Humble Coffee Company

In addition to having some of the best coffee in Albuquerque, Humble Coffee also features breakfast burritos which are a big hit with customers. If you’re a tea drinker, then you’ll also find this to be a great place to sit and sip your favorite selection.  The vibe is hip and modern, yet charming. You can relax inside and take advantage of free wi-fi, or enjoy the outside patio.

Looking for more great places to start your day in Albuquerque? Check out the top coffee shops in Albuquerque.  And make sure to visit our blog every week for more great things to see and do in Albuquerque.

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