30 Mortgage Rates Up

The average rate on 30-mortgages toped 5 % this month. Rates followed Treasury notes fueled by fear of higher inflation. Five percent is still wonderful though. It’s all relative but some of us remember 18% rates! 5% is a once in a lifetime opportunity for this buyer’s market. On a $200,000 loan compared to November’s rates is still less than $100 per month. And with enough down and a score above 650 you might get a rate of 3.5%. It’s all relative, but still great! Go on my website to Mortgage Center to get a quote.

Kennedy's coming to New Mexico

Well, not literally but the production on the Kennedy's is coming to our locally produced ReelzChannel. And the productions just keep coming. We love the industry here in Albuquerque. We hope the new Govenor does too!!!!

If your on the production team and are thinking of taking the plunge and buying a house here, go to my website and check out home prices under Market Snapshot.

True Grit in NM

Saw True Grit this weekend and really enjoyed it. The performances were excellent although I found the film slow. Somehow I remember the original one more suspenseful and entertaining. What I did love about this film was the New Mexico setting. Nothing beats the beauty of northern New Mexico which like a chameleon can become anything the film needs it to be from an 1800 site to a stark future-scape as in Denzel's film this last year.

How could someone not want to move here and explore our Enchanting state even more? Well, if you want to find some good vacation homes in Northern New Mexico with lake access, call me.

Real Estate Predictions for Albuquerque

Well, here goes....... my personal Crystal Ball for 2011. What is the good news? Prices will continue to stabilize and inch up month by month. Mortgage rates will go up to 5% which still is terrific. All and all, it will be a good time to buy because buyers can have some confidence that if they make an investment now, the value will hold and begin to appreciate over the next five years. Already, I have more buyers who want to purchase in this first quarter than I have had in the last two years. I sense that people are more secure in thier jobs as the mass layoffs have all but disappeared, and the stock market is positive so no more losses are expected in that arena. Retail sales are up and real estate is next, I think. For sellers, the time to sell will be better in 2011. Prices won't be up from the past two years, but the slide downward in value has largely stopped. There are foreclosures that will need to be sold this year and those are tough competition, but that too shall end. The thing I see is the return to a "Fair Market" value. Not that buyers won't still come in with low offers, but they quickly up the offer when the Seller counters at a reasonable price. Homes that are selling are selling at fair prices. Homes that are in good condition and fairly priced sell within 60 days. The days of wildly inflated prices, and profits, from real estate may be over, but property once again will be a good, reliable investment for the future. I am forecasting an improved market. There it is..... my Crystal Ball. Call me if you want to discuss your particular situation. 2011 will be the year to make a move!

The Avengers Comes to New Mexico

It's official!Marvel's The Avengers is in pre-production and will be shooting in New Mexico through 2011.While industry estimates vary, the production expenditure is projected to be at least $140 million dollars, making it the largest shoot in the history of New Mexico film.Productions of this size have a significant impact on our economy. They hire New Mexico crew, use our production services, and cast our talent. They stay at our hotels and furnished homes, eat our food, and shoot our locations. For several thousand individuals and hundreds of businesses, the economic impact is significant and evidence of how critical film has become to the New Mexico economy.

Thanks to Crew New Mexico for that announcement. And what a great time to buy a home if you are one of those on the crew for that film. Call me and I'll tell you about ABQ and show you some homes. Unlike California, we didn't go through a boom to bust so prices are great and home prices stable for the last six months. Call me at 505-220-9193.

New Mexico to Lead Job Growth

The jobs outlook is not rosy anywhere, but Moody's is projecting New Mexico to lead the nation in job growth over the next year with 2.6% increase. Click this link to see the story and interactive map:
http://www.usatoday.com/money/economy/2009-02-06-new-jobs-growth-graphic_N.htm

Mortgage Rates Inching Up

This just in from the Wall Street Journal: Mortgage rates rose again last week to their highest level since July.
The 30-year fixed-rate mortgage averaged 4.66% last week, up from 4.56% two weeks ago. That’s still below the year-to-date average of 4.74%, but it’s up from a low of 4.21% in October.
Rising rates are likely to further crimp refinance activity, which was down 1% for the week and down 8% from year-earlier levels.
But rising rates could encourage some fence-sitting buyers to close deals, and home-purchase mortgage applications jumped by nearly 2% last week, sending activity to its highest level since May.
Rates are closely tied to the 10-year Treasury, which has been on the rise over the past few weeks and jumped in recent days after the tax-cut compromise struck by the White House and congressional Republicans.