RATES DROP AND BUYERS FLOCK
The 30-year mortgages have dropped steadily as efforts are made to stop the national housing crisis. The Feds are talking about increasing the cap for jumbo loans which will free up buyers for those homes over $600,000 that sit for a long time in our market now. Fixed 30-year rates are below 6% for the first time in months and 15 year rates are hovering just over 5%. Listing prices continue to come down as sellers become more realistic in what the market sees as the worth of their home. The high assumed appreciation dreams have become realistic gains. We have and will continue to see actual home sales go up so no one is really losing value here unless the house has not been maintained. Whereas buyers used to see price reduction as a red flag indicating something was wrong with the home, now they see it as a positive indication that the seller is getting more realistic. What a great time to buy--- lots of inventory, low rates and realistic sellers! What else could one ask for?
It’s actually a good time to sell to because buyers are out there looking with access to good loans and the inventory has not ramped up as it does in Spring. The number of homes that went under contract in January here was significantly increased over the last several months. As other parts of the country begin to show sales, we expect even more out-of-state buyers to come here.
The new home market in ABQ has yet to sort out. Nationally the sales of new homes plunged by a record amount in 2007 and builders have huge backlogs of unsold homes. We are not much different here. Builders have pulled back and I would like to see them target the first time homeowners again. We’ll see.
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http://realtytimes.com/vnc/JudyPierson for more information or www.JudyPierson.com
Thursday, January 31, 2008
Wednesday, January 30, 2008
ALBUQUERQUE HOMEOWNER TIPS
HOME HEALTH AND SAFETY QUICKCHECK FROM HOUSEMASTERS
Most of us schedule an annual personal physical with our family doctor. When you consider the amount of time your family spends at home, it makes total sense to give your home an annual physical as well. HouseMaster has prepared a list of some basic healthy house issues to assist you in performing your home’s physical. Set aside some time to review the following:
Humidifiers/Dehumidifiers. Humidifiers add moisture to house air and are typically needed when a warm air heating system is operational. Dehumidifiers remove moisture from the air and are typically used in basements or crawlspace areas.
Both of these moisture control devices should be checked regularly during usage periods.
Check to make sure there is no leakage or overflowing of water onto the heating system and all drain lines properly dispose of the water.
Some dehumidifiers have to be manually emptied. If this is inconvenient, replace with a unit with an automatic shut-off or drain.
They should be thoroughly cleaned before or after seasonal use, and as needed otherwise. Remove any slime buildup with a water/bleach solution or use the cleaning agents recommended by the manufacturer.
Alarms/Detectors. Check all safety and security alarms regularly; replace older alarms (after five years or as otherwise recommended by the manufacturer):
Smoke/Fire Alarms. These are your family’s first line of defense/warning in the event of a fire/smoke emergency. Change the batteries in all of your smoke/fire alarms at least annually. Set a regular date when all are changed each year.
CO Monitors. Carbon Monoxide is odorless and colorless. A CO detector is the only way to identify elevated levels of CO in your home before physical injury occurs. If you don’t have CO monitors protecting your home from this toxic gas, you should act immediately and install them in strategic locations near the sleeping areas and other points recommended by the manufacturer or local officials. Check that presently installed units are operational.
Radon Testing. Check with your local municipal building department and inquire if radon gas is a community health threat. If it is, you should test your home for the presence of this invisible, odorless gas.
Security Systems. All too often homeowners disengage their security alarm to avoid nuisance calls. This puts them at a security risk. If this is the case in your home, check with an alarm company to see if other options are better suited for your family.
EMERGENCY PREPARATION. Prepare these essential items for routine activities or emergencies:
First Aid Kit
Family Contact List
House Equipment Maintenance Information
Babysitter Information
Emergency Evacuation Kit
Medial and Financial Records
Remember, these tips are only general guidelines. Since each situation is different, contact me at www.JudyPierson.com for questions or additonal resources for your home. Just Call Judy for all your real estate needs.
Most of us schedule an annual personal physical with our family doctor. When you consider the amount of time your family spends at home, it makes total sense to give your home an annual physical as well. HouseMaster has prepared a list of some basic healthy house issues to assist you in performing your home’s physical. Set aside some time to review the following:
Humidifiers/Dehumidifiers. Humidifiers add moisture to house air and are typically needed when a warm air heating system is operational. Dehumidifiers remove moisture from the air and are typically used in basements or crawlspace areas.
Both of these moisture control devices should be checked regularly during usage periods.
Check to make sure there is no leakage or overflowing of water onto the heating system and all drain lines properly dispose of the water.
Some dehumidifiers have to be manually emptied. If this is inconvenient, replace with a unit with an automatic shut-off or drain.
They should be thoroughly cleaned before or after seasonal use, and as needed otherwise. Remove any slime buildup with a water/bleach solution or use the cleaning agents recommended by the manufacturer.
Alarms/Detectors. Check all safety and security alarms regularly; replace older alarms (after five years or as otherwise recommended by the manufacturer):
Smoke/Fire Alarms. These are your family’s first line of defense/warning in the event of a fire/smoke emergency. Change the batteries in all of your smoke/fire alarms at least annually. Set a regular date when all are changed each year.
CO Monitors. Carbon Monoxide is odorless and colorless. A CO detector is the only way to identify elevated levels of CO in your home before physical injury occurs. If you don’t have CO monitors protecting your home from this toxic gas, you should act immediately and install them in strategic locations near the sleeping areas and other points recommended by the manufacturer or local officials. Check that presently installed units are operational.
Radon Testing. Check with your local municipal building department and inquire if radon gas is a community health threat. If it is, you should test your home for the presence of this invisible, odorless gas.
Security Systems. All too often homeowners disengage their security alarm to avoid nuisance calls. This puts them at a security risk. If this is the case in your home, check with an alarm company to see if other options are better suited for your family.
EMERGENCY PREPARATION. Prepare these essential items for routine activities or emergencies:
First Aid Kit
Family Contact List
House Equipment Maintenance Information
Babysitter Information
Emergency Evacuation Kit
Medial and Financial Records
Remember, these tips are only general guidelines. Since each situation is different, contact me at www.JudyPierson.com for questions or additonal resources for your home. Just Call Judy for all your real estate needs.
House OK's Temporary Increase in Loan Limits
TOP NATIONAL NEWS. House OK's Temporary Increase in Loan Limits Inman News (01/30/08) As part of the $146 billion economic stimulus package passed by the House, Fannie Mae and Freddie Mac's conforming loan limit and the maximum mortgage amount under the Federal Housing Administration's guarantee program would be lifted to as much as $729,750 in high-cost markets through year's end. Mortgages greater than 125 percent of an area's median home price would not eligible, however, meaning that markets with a median home price of $333,600 or less would not see an increase in loan limits. Additionally, HUD will have 30 days from the bill's passage to calculate median home prices. Though Sen. Richard Shelby, R-Ala., has voiced opposition to boosting the conforming loan limit before legislation to revamp oversight of Fannie Mae and Freddie Mac is passed, higher limits are supported by Senate Democrats as part of their economic stimulus bill. http://www.inman.com/printer.aspx?ID=65942 Here in New Mexico, we have no idea when and if we will have a loan increase. I will keep you informed as soon as I have more information. Thank you!
Jason PikeHome Loan Manager2440 Louisiana Blvd. NE, Suite 160Albuquerque, NM 87110505-828-9400 direct800-264-2114 toll free505-872-2947 fax
Jason PikeHome Loan Manager2440 Louisiana Blvd. NE, Suite 160Albuquerque, NM 87110505-828-9400 direct800-264-2114 toll free505-872-2947 fax
Tuesday, January 15, 2008
New Mexico Ranks In Fastest Growing State
This just in: NM ranks 13th-fastest-growing state in the nation up 1.4% in 2007. With a total state population of more than 1.9 million, the state added 27,000 residents last year. More are coming, but waiting to sell homes out-of-state. Almost everyday, ABQ shows up on top of some USA ranking list. The ABQ metro area tops the list of "Hottest Buyers Market". Median price has increase 9% in 2007 as other markets decline. CNN Money also says metro ABQ is the best real estate market in the West and the third best in the nation! Albuquerque is on the radar screen for individuals and companies. We are being “discovered” and not just because of our governor, Bill Richardson.
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