Dec 26, 2023 | Albuquerque Home Values, Albuquerque Real Estate News, Albuquerque Real Estate Talk, For Buyers, For Sellers, Housing Market Updates, Real Estate Market Reoprt
Casitas and AUD’s Accessory Dwelling Units in Albuquerque
The City of Albuquerque has made some significant movements in allowing Casitas (AUDs) on residential properties zoned R-1, and they are offering free casita construction plans on its website. The plans are so detailed and complete that they help streamline and make the cost of building Accessory Dwelling Units on one’s property very affordable, with significant savings in contractor fees.
There are many different reasons why people want to have a casita. Some people use them to produce rental income. They can also be used for home offices, home theaters, a painting space, or a hobby room. People should also have some extra living space for family members to stay in when they visit.
To be allowed to start construction, it is crucial to get a site plan, speak to a planning and zoning department, and make sure the construction plan is within regulation.
The increase in value that casitas allow is challenging to determine. The answer to this question will vary depending on construction costs and level of finish, to name a few.
What Home Buyers Searched for in 2023
The amenities inside the house you buy is significant and Zillow tells us what the top amenities people want are. Zillow, the number one Home Shopping website, looked at over 250 billion user searches in 2023.
The top 10 searches were primarily practical needs that an average family would ask for in a new home, such as a two-car garage and a backyard. However, some personalities were shown, with searchers seeking a house with a fireplace and a walk-in closet.
How vital these items are is crucial for people selling their home and for real estate professionals since it is essential to understand what is important to different home buyers.
From practical (the ever-wanted garage) to picturesque (a backyard retreat anyone?), these are the amenities that round out both the modern and traditional. Backyard: For most Americans, part of the “dream” is an eco-friendly, grass-filled backyard. Fireplace: An architectural luxury, the fireplace creates your dream home scenario on a cold, particularly fabulous winter’s day. Walk-in closet: The practical yet vain response to the master bedroom’s walk-in closet is always positive. Patio: There’s nothing better than extending your living room outside, friends. Open floor plan: A modus operandi of the millennial, the open floor plan is the dreamiest combination of kitchen, dining, and family rooms. Forever together. Pool: The ability to have your very own swimming pool in a warm area is a picturesque scenario. Family room: Who doesn’t love extra space for that big family? Basement: Just more space for any occasion — workout room, media room, etc. Granite counters: This durable feature signifies a high-end kitchen or bathroom.
Mortgage Rates and Buy vs Rent
Low interest rates, especially sub-seven percentages, factor heavily in the buying consideration, and we caution renters, in particular, to do the math regarding the cost of owning.
Air Ducts in Your Home
One of the topics we covered in our last episode was the importance of performing regular cleanings and inspections of heating ducts in residential properties. This is especially necessary in some older homes, which often have in-floor heating and cooling ducts. When purchasing, we cannot overstate how critical it is to perform a complete inspection of these ducts with a camera-scoping procedure to detect potential problems such as collapses or corrosion.
Our comprehensive coverage of the Albuquerque real estate market is designed to empower individuals with the knowledge they need to navigate this crucial aspect of their lives confidently. From housing trends to financing options, market dynamics, and buyer/seller tips, we strive to provide our listeners and readers with valuable insights to help them make informed decisions and achieve their real estate goals.
Dec 11, 2023 | Albuquerque Real Estate News, For Buyers, For Sellers, Housing Market Updates, Pricing, Real Estate Market Reoprt
A Comprehensive Guide to the Albuquerque MSA Housing Market Tracker
We recently launched the Albuquerque Real Estate Market Tracker, your indispensable tool for navigating the dynamic real estate landscape of the Albuquerque Metropolitan Statistical Area (MSA), which includes Bernalillo, Sandoval, Valencia, and Torrance counties. This guide offers weekly insights into the market, focusing on single-family detached homes and providing an in-depth analysis of the latest trends, inventory changes, and price movements. Whether you’re a buyer, seller, or a real estate professional, our tracker is designed to give you a competitive edge in the vibrant Albuquerque housing market.
Coverage and Scope: What to Expect
The Albuquerque Real Estate Market Tracker offers a comprehensive housing market overview, covering key metrics such as the Market Action Index (MAI), inventory levels, new listings, and more. This seven-day snapshot is your gateway to understanding the nuances of the local real estate market.
The Importance of Real-Time Market Insights
In today’s fast-paced real estate environment, staying informed with the most current data is crucial. Our tracker provides up-to-date information, enabling you to make timely and informed decisions.
Key Metrics of the Albuquerque Market Tracker
Market Action Index (MAI): Understanding Market Favorability
The MAI is vital in determining whether the market favors buyers or sellers. It analyzes the current rate of property sales against existing inventory, offering a clear picture of market conditions.
Inventory Analysis: The Pulse of Market Supply and Demand
Monitoring inventory levels is critical to understanding market trends. It provides insights into whether we’re in a buyer’s or seller’s market and helps predict future market dynamics.
New Listings Insights: Tracking Market Entries
The number of new listings offers a window into seller behavior and market shifts. This data is crucial for anticipating changes in the market landscape.
Listings Absorbed: A Measure of Market Activity
This metric (listings absorbed) reveals how quickly properties are being purchased, indicating the current demand and the market’s overall health.
Median List Price: Decoding Market Value
The median list price is an essential indicator of seller confidence and buyer interest. It helps predict future price trends and provides insights into the market’s current state.
List Price per Square Foot: A Detailed Market Comparison Tool
By comparing the median asking price per square foot, we gain a more nuanced understanding of the market, factoring in variations in home sizes for a more accurate analysis.
This metric sheds light on the pricing strategies of new market entrants and is a crucial indicator of emerging market trends.
Percent of Price Decreases: Indicators of Market Health
Understanding the proportion of homes with reduced prices helps gauge market demand and potential shifts in pricing trends.
Average Days on Market: Timing the Market’s Pulse
Tracking the average time homes spend on the market provides insights into how fast properties sell, indicating the market’s pace and activity level.
Percent Relisted: Understanding Market Resets
This figure highlights the proportion of homes returning to the market, offering a perspective on the stability and fluidity of the market.
Why the Albuquerque MSA Housing Market Tracker is Essential
For Buyers: Making Informed Decisions
The tracker offers valuable insights into market trends for those looking to purchase a home, helping you make well-informed decisions.
For Sellers: Maximizing Market Advantage
Sellers can use the tracker to understand current market conditions and strategically price their homes to maximize their advantage.
For Real Estate Professionals: A Tool for Strategic Planning
Real estate agents and professionals can leverage the tracker for strategic planning, staying ahead of market trends, and advising clients effectively.
Conclusion: Navigating the Albuquerque Housing Market with Confidence
Summing Up: The Value of Real-Time Insights
The Albuquerque MSA Housing Market Tracker is an indispensable tool for anyone involved in the Albuquerque real estate market. Its comprehensive and timely data empowers users to make informed decisions, stay ahead of market trends, and confidently navigate the market.
FAQs: Your Questions Answered
Q1: How often is the Albuquerque Market Tracker updated?
A1: The tracker is updated weekly on Sunday, providing the most current insights into the Albuquerque housing market.
Q2: Can the tracker help predict future market trends?
A2: Yes, by analyzing current data and trends, the tracker can offer valuable predictions about future market directions.
Q3: Is the tracker useful for first-time home buyers?
A3: Absolutely, it’s a valuable resource for anyone entering the market, especially first-time buyers seeking to understand market dynamics.
Q4: Does the tracker cover rental properties?
A4: The focus of our tracker is on single-family detached homes, offering specific insights into this segment of the market.
Q5: How can sellers use the tracker to their advantage?
A5: Sellers can use the tracker to gauge market conditions, price their homes competitively, and understand buyer trends.
Jul 20, 2022 | Buying Myths, For Buyers, Pricing
While the Federal Reserve is working hard to bring down inflation, the latest data shows the inflation rate is still going up. You no doubt are feeling the pinch on your wallet at the gas pump or the grocery store, but that news may also leave you wondering: should I still buy a home right now?
Greg McBride, Chief Financial Analyst at Bankrate, explains how inflation is affecting the housing market:
“Inflation will have a strong influence on where mortgage rates go in the months ahead. . . . Whenever inflation finally starts to ease, so will mortgage rates — but even then, home prices are still subject to demand and very tight supply.”
No one knows how long it’ll take to bring down inflation, and that means the future trajectory of mortgage rates is also unclear. While that uncertainty isn’t comfortable, here’s why both inflation and mortgage rates are important for you and your homeownership plans.
When you buy a home, the mortgage rate and the price of the home matter. Higher mortgage rates impact how much you’ll pay for your monthly mortgage payment – and that directly affects how much you can comfortably afford. And while there’s no denying it’s more expensive to buy and finance a home this year than it was last year, it doesn’t mean you should pause your search. Here’s why.
Homeownership Is Historically a Great Hedge Against Inflation
In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge against those rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. Not to mention, as home prices continue to appreciate, your home’s value will too. That’s why Mark Cussen, Financial Writer at Investopedia, says:
“Real estate is one of the time-honored inflation hedges. It’s a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.”
Also, no one is calling for homes to lose value. As Selma Hepp, Deputy Chief Economist at CoreLogic, says:
“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”
In a nutshell, your home search doesn’t have to go on hold because of rising inflation or higher mortgage rates. There’s more to consider when it comes to why you want to buy a home. In addition to shielding yourself from the impact of inflation and growing your wealth through ongoing price appreciation, there are other reasons to buy a home right now like addressing your changing needs and so much more.
Bottom Line
Homeownership is one of the best decisions you can make in an inflationary economy. You get the benefit of the added security of owning your home in a time when experts are forecasting prices to continue to rise.
Jul 19, 2022 | First Time Home Buyers, For Buyers, Move-Up Buyers
If you’re planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today’s shifting market?
The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways.
To better understand why, it’s important to know what pre-approval is. Freddie Mac defines the process like this:
“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . .”
Put simply, pre-approval from a lender helps you understand your true price range and how much money you can borrow for your loan. That can make it easier when you set out to search for homes. And since you’ll know what you’re approved for, it’ll also help once it’s time to submit an offer on the home of your dreams.
Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. Paul Centopani, Editor for the Mortgage Reports, explains:
“. . . most sellers won’t even consider an offer unless the buyer is pre-approved at the right price point. Sellers and their agents want to know you’re ready and able to finance your offer amount. So you’ll want to have your preapproval teed up as soon as you’re serious about bidding on a home you like.”
Every advantage you can gain as a buyer is crucial in a market that’s constantly changing. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals, such as a real estate advisor and trusted lender, on your side. They’ll help make sure you’re ready to put your best foot forward.
Bottom Line
Getting pre-approved for a mortgage helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Let’s connect so you have the tools you need to succeed as a homebuyer in today’s shifting market.
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