Forecast Positive for Second Half of 2008Thursday, March 06, 2008 National Realty News
WASHINGTON, D.C. - The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second half of the year." Realtors locally report that calls off of signs and activity has picked up in since the start of March.
In ABQ, the number of sales is off by 35% from last year this month, but the average sales price has increase about 1% a month so far this year. A pattern of disparate price performance continues around the country with a roughly even split between up and down markets. Many areas that have lost jobs are showing price declines which might be why ABQ looks good. We are gaining jobs.
“New-home sales nationally should decline 23.7 percent to 590,000 this year before rising 7.2 percent to 633,000 in 2009. Locally, KB Homes has announced that they are leaving ABQ. For years they successfully built for starter-homes at the low end, but their last move to higher priced homes here has proven to be a poor strategic move.
The 30-year fixed-rate mortgage, which has moved erratically in recent weeks, is expected to hover around 5.8 percent most of the year, and then rise to an average of 6.3 percent in 2009. Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.4 percent in 2009. The unemployment rate is projected to average 5.4 percent in 2008 and 5.5 percent next year. Inflation, as measured by the Consumer Price Index, will probably be 3.2 percent this year and 1.5 percent in 2009. Inflation-adjusted disposable personal income is expected to grow 1.4 percent in 2008 and 3.1 percent next year.
If you are looking for homes to rent, buy or for location shots, give me a call at 505-220-9193.
Judy Pierson, CB Legacy
New Mexico's Hollywood Realtor
Showing posts with label HOMEOWNER. Show all posts
Showing posts with label HOMEOWNER. Show all posts
Saturday, March 8, 2008
Wednesday, March 5, 2008
HOMES TO BUY OR FOR LOCATION
There are just great deals here in ABQ to buy second homes with sellers eager to make a deal, any deal. Some are willing to rent or generate revenue by having them be used as a location set. There are some million dollar beauties in the High Desert area and just about any age, type or model of home. I just listed a terrific townhome owned by an artist which would be a great second home here in ABQ. Check out Eastridge on my website www.JudyPierson.com. Call me.
Monday, March 3, 2008
This Week's Real Estate Update
Here is a link to my weekly "REAL ESTATE NEWS CHANNEL":Click Here This week's segments are full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.Some of the topics covered this week are:Real Estate Outlook - Every week, it seems, there's a battle of conflicting numbers when it comes to housing. The latest existing home sales survey from the National Association of Realtors is a perfect example.Mortgage Moment - Jan Demas discusses "Stated Income Loans"Market Condition - Local market expert Realtor Craig Martin, reports Greenville, South Carolina, is one of the few cities bucking the national trends.Ask the Expert - "Can anyone steer me to a report that will tell me the U.S Real Estate Appreciation Rates by state for the last 15 to 20 years?" Video of the Week - This week's amazing video.You can also tour my latest listing as well as view some of my personal favorites.I hope you enjoy this week's show. If you have any comments, please e-mail them to me.If you do not wish to receive this each week, please reply to this e-mail with the word 'REMOVE' in the subject line.Sincerely,Judy Pierson
Saturday, March 1, 2008
REAL ESTATE NEWSLETTER
Here is a link to my "March Real Estate Update":http://realtytimes.com/112/JudyPiersonThis Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.This month's issue includes topics such as: "When Selling Your Home, Using Scents Makes Sense!";"Condos Pay Off As Second Homes";"Timing Is Everything: When And How To Move"; "How To Stop ID Theft Cold";"Use Home Equity Protection"; Plus a roundup of February real estate activity as well as much more advice and information.I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too! If you do not wish to receive this Newsletter each month, please reply to this e-mail with the word 'REMOVE' in the subject line.Sincerely,Judy Pierson
Thursday, January 31, 2008
ABQ HOME SALES BUCK THE USA TRENDS
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.
Click Here
http://realtytimes.com/vnc/JudyPierson for more information or www.JudyPierson.com
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.
Click Here
http://realtytimes.com/vnc/JudyPierson for more information or www.JudyPierson.com
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.
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