Targeted Areas Program
The New Mexico Mortgage Finance Authority (MFA) has introduced a fantastic program aimed at helping first-time homebuyers with down payment assistance. The Targeted Areas Program offers special financing benefits for homes in designated geographic locations. Key points include:
- Best Mortgage Rates: Buyers can access the best mortgage interest rates from the past 12 months.
- Eligibility: Typically, MFA programs require you to be a first-time homebuyer (not owning a home in the last three years), but this program has more flexibility.
- Geographic Locations: Areas like Barelas, Martineztown, the International District, parts of the West Side, and even some surprising spots like Montgomery and Carlisle are included.
- Down Payment Assistance: Available to help with initial costs, making homeownership more accessible.
Market Update
Price Reductions: 44% of all active homes in Albuquerque have experienced price reductions. Despite this, home prices are continuing to appreciate year-over-year. This discrepancy can be attributed to:
- Owner Expectations: Some owners and brokers may not be adjusting their list prices appropriately to the current market conditions.
- Market Slowdown: The buyer frenzy from previous years has diminished, affecting how quickly homes sell.
Rent vs. Buy Debate
Financial Benefits of Buying:
- Break-even Period: Currently around three to four years. After this period, buying typically becomes more advantageous financially.
- Equity Building: Over a 10-year period, homeowners can build significant equity, translating into substantial savings compared to renting.
- NYT: It Better to Rent or Buy? A Financial Calculator.
Non-Financial Benefits of Homeownership:
- Stability and Security: No unexpected lease terminations or rent increases.
- Personalization and Control: Freedom to renovate and decorate as desired.
- Privacy: More privacy compared to apartment living.
- Community Involvement: Homeowners are more likely to invest in their communities.
- Emotional Satisfaction: A sense of pride and achievement.
- Pet Ownership: Easier to keep pets without restrictions.
- Generational Stability: Provides a foundation for future generations and builds generational wealth.
Trip to New York and Boston
Tracy and Tego shared their experience attending the 10th anniversary of Real Broker in New York, including:
- Networking and Mastermind Events: Valuable insights from brokers and team owners across the country.
- NASDAQ Market Site Visit: Participated in the closing bell ceremony, highlighting Real Broker’s presence on the NASDAQ exchange.
- Housing Costs Observation: Noted the high cost of housing in Boston and New York, reinforcing the comparative affordability of Albuquerque.
Homeowners’ Tip of the Week
Document Your Belongings: In light of recent disasters, it’s crucial to document the contents of your home. Use your smartphone to take a video walkthrough, opening drawers and closets to capture everything. Store this documentation in the cloud for easy access in case of an insurance claim. Forbes – You Really Need A Home Inventory
Featured Homes of the Week
- 6308 Bald Eagle, Mountain Hawk (Rio Rancho)
- 2,200 sq ft, built in 2022, listed at $425,000.
- Beautiful views and high-quality construction by Hakes Brothers.
- 1104 Renzi NW, Albuquerque
- Priced at $324,900.
- 847 Longhorn, Rio Rancho
- Listed at $344,900.
- 110 Richmond #310, Albuquerque
- Modern condo near UNM with a central courtyard.
- 515 Carmelita Loop, Albuquerque
- Near Domingo Baca Park, listed at $515,000.
- Home in Moriarty
- On 10 acres, over 3,000 sq ft, ideal for those seeking space and charm.
For more details on these properties or any real estate needs, visit WelcomeHomeABQ.com or call us at 448-8888.
Stay tuned for our next episode and remember to subscribe on your favorite platform! If you have any questions or need assistance, don’t hesitate to reach out. Have a great weekend!