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Featured Listing

For Sale: $450,000

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Monthly Newsletter from Sandi Pressley

Mortgage Rates & Sales Rates: Ups and Downs

After nine weeks in a row of mortgage rate increases, borrowers recently got some relief with mortgage rates. The 30-year fixed-rate mortgage posted its first weekly decrease of 2018 in mid-March.

Freddie Mac reported the following national averages with mortgage rates for the week ending March 15:

  • 30-year fixed-rate mortgages: averaged 4.44%, with an average 0.5 point, dropping from last week’s 4.46% average. Last year at this time, 30-year rates averaged 4.30%.   
  • 15-year fixed-rate mortgages: averaged 3.90% , with an average 0.5 point, dropping from last week’s 3.94% average. A year ago, 15-year rates averaged 3.50%.   
  • 5-year hybrid adjustable-rate mortgages: averaged 3.67% , with an average 0.4 point, increasing from last week’s 3.63% average. A year ago, 5-year ARMs averaged 3.28%.
  • The average commitment rate for all of 2017 was 3.99%.

Home Sales Rates

Despite ongoing low inventory levels and upticks in prices, sales of existing homes rebounded in February after a couple of consecutive months of declines, according to the National Association of Realtors® (NAR). Notable sales increases in the South and West offset declines in the Northeast and Midwest.

Nationally, total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops) increased 3.0% to 5.54 million in February from 5.38 million in January. Sales now sit 1.1% above a year ago.

Lawrence Yun, NAR's chief economist, indicated that sales were uneven across the country in February but did jump nicely overall. “A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump,” he said. The economist continued, “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

What's Your Credit Score?

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Albuquerque Farmers Markets Keep It Fresh

Spring is here and the local Albuquerque farmers are getting ready to sell thier delicious bounty. Albuquerque residents love thier fresh local produce.  Ans that's easy to see as Albuquerque is bursting with markets featuring the best local produce and natural grocery items. You can eat fresh and healthy in Albuquerque no matter what season it is, as there’s both indoor and outdoor markets to choose from. So get ready for an explosion of healthy fresh flavors, local crafts, and entertainment. Here’s some of the farmer’s markets you can enjoy in Albuquerque.

Rail Yards Market

Open May – October, this Sunday market is organized by the community and features local food, art, and music. You can explore hundreds of the finest food, farm fresh produce, arts, and healing vendors. Enjoy love music and learn with the whole family in the educational zones.  Located in the historic Blacksmith Shop in the heart of Albuquerque, it’ w here the whole community comes together to enjoy the fun and creative atmosphere.

Downtown Growers' Market

Running from April 15 – November 4 every Saturday in historic Robinson Park in downtown Albuquerque, this market has been a tradition since 1996.  Over 60 growers from the New Mexico area present the highest quality produce you can find anywhere. They also feature live music and yoga. And for those in need, they double EBT/SNAP benefits! And to further their contribution to the environment, they’re solar powered. Plus you can bike to the market and let Raynold’s Neighborhood Association provide Bike Valet Service for your convenience.

Los Ranchos Growers' Market

Located in nearby Los Ranchos, they feature both a Winter and regular farmer’s market.  The Winter Market runs from December – April and the regular market runs from May 5.  Each weekend the market has a special theme, such as Mothers Day Specials, Canine Celebration, Old Vehicle Day, and Solar / Sustainability Celebration.

Other place you can find fresh produce and natural items in Albuquerque include Sichler Farms, El Mezquite Market, The Fruit Basket of Albuquerque, and the Sprouts Farmers Market chain.

Join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. And follow us on Facebook for the latest Albuquerque real estate updates.

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
Fax: 505-212-0729

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