Two Filming Starts in NM

The feature film "Stars" is shooting in and around Santa Fe and in one of my favorite NM historic places - Gallisteo. I once met a local "healer" there, Jose Ortiz y Pino, who saw my dead mother on my shoulder! Only in New Mexico.

The other film is a pilot episode of "The Tin Star" which is, of course, a Western. What better place than NM for a Western as in most places one finds remnants of places over 100 years old. Gotta love it.

Speaking of, I have a real historic property for sale in Cuchillo by Elephant Butte Lake which is a 150 year old stagecoach stop. It includes an old bar, hotel, mercantile and all the relics. Oh plus a restored 3 bedroom home to live in while you restore this historic property. Call me or check my website if you need a good location for filming or to buy.

Refinancing Home Loans Now Easier

The government announced enhancements to a refinance program that will enable homeowners whose mortgage balances are higher than their home values to refinance at today's low interest rates. Here's the skinny on what the program revisions mean to consumers.The Home Affordable Refinance Program was launched in March 2009 as part of the Obama administration's Homeowner Affordability and Stability Plan. But the program has fallen well short of helping the 4 million to 5 million borrowers originally projected largely because many of the prospective recipients have seen their home values plummet over the past few years.So the Federal Housing Finance Agency announced that equity requirements are being eliminated from the program. The regulator had previously limited the loan balance to 125 percent of a home's appraised value. The program changes will be implemented by Fannie Mae and Freddie Mac by Nov. 15. The two secondary lenders buy loans from banks and mortgage bankers, package and sell the loans to investors, and guarantee the payments to investors. Downside is that Lenders aren't required to participate in the program, so there are no deadlines in place for when the program might be available at a particular lender. Eligible borrowers are advised to contact their existing lenders or any other mortgage lender offering HARP refinances.I recently achieved Certification as a Distressed Properties Expert do if you know of anyone who has concerns about their mortgage or getting into a default situation, have them contact me. Judy@JudyPierson.com or call 505-220-9193.

ABQ & Rio Rancho Home Sales Show Signs of Life

While the number of people who bought existing homes fell slightly this last month, the sale of new homes in NM rose slightly. The median price of sold existing homes rose 5% from August to now with a median price at $171,500. The average price of new homes fell as builder's target first time homebuyers.
Interestingly, activity among first-time home buyers accounted for 32% of all sales. These buyers are critical to get the ball rolling, so to speak, because for every house they buy the Seller has to buy "up" the food chain. Sale by first-time home buyers is an important indicator for a recovering home market.
Another good indicator is that foreclosures edged down to 30% of sales. As these discounted distressed properties clear out of the inventory, home prices will tend to rise. In certain neighborhoods in RR and ABQ, I see this happening. And because of the continued presence of these properties, I just got certified as a Distressed Properties Specialist so I can be responsive to all my clients. Hopefully, in the next year or two that specialty certification won't be needed!
To see what is happening in any part of RR or ABQ, simply go to my website at www.judypierson.com and click on Market Snapshot for current and trended sales activity. Call me if you want more information or a consultation about buying or selling here.Give me a call at 505) 220-9193

Albuquerque Ranked 13 of Top Fifty US Cities!

Albuquerque was listed 15th among America's 50 Best Cities according to a Businessweek story. Boston was 16 and New York was 14. We were higher than Phoenix (of course!) which ranked 49 and Denver which ranked 27. To quote the article, "With the Rio Grande running through and the Sandia Mountains to the east, New Mexico's largest city is a picturesque and sunny place to live. The schools are great, unemployment is low and there are lots of park acres per person." The ranking is based on various metrics of quality of life, such as number of restaurants, museums per capita; number of colleges, libraries and professional sports teams; the income, pverty, crime and foreclosure rates; percentage of population with higher degrees and air quality.
As a real estate agent, I get a snapshot every day of why people want to move here and why people love it here. The standard reason for loving ABQ is the weather (no we are not HOT like Phoenix) and the frienliness of people. The weather encourages lots of outdoor activities. The main reasons for moving here are for retirement or job transfer. Right now we are busy with both types of buyers. Plus a rush of buyers who are in their twenties, married or not. Wish I had been that smart in my twenties! They are getting rates in the low "4's" so that's an incredible deal.
Call me if you want more information or a consultation about buying or selling here in the top ranked City.

ABQ Home Sales Sag In July

Home Sales Sag In July. That is the headline but what’s behind the numbers? First of all, we had some terrible financial uncertainty that threw everyone off guard for a couple of weeks. That will stop things dead in their tracks. While it is true that the housing recovery in ABQ is up and down, we see a steady solid influx of new buyers and a few new sellers. Usually, sellers have already got their homes on the market to catch the summer traffic. In ABQ, new listings always slow come Fall and Winter. Sales in ABQ have been steadily rising month by month bucking the national trend until July. Compared to last year however, sales are up by 12 percent. The home prices went up but are still below last year’s level. Statistics can be viewed at www.gaar.com. Call me if you want to see what this means for you.

Housing Forecast Points to Rising Activity

Home sales are expected to stay on an uptrend through 2012. The chief economist of the National Association of Realtors, Lawrence Yun, expects 5.3 million existing-home sales this year, up from 4.9 million in 2010, with additional gains in 2012 to about 5.6 million. Rates are lower than low so call if you would like to buy or sell. Now is the time.

NEW FHA LOANS FOR IMPROVEMENTS

Often the barrier to buying a bank owned property is the cost of repairs needed after it's yours. Now there is an FHA 203K loan program for owner occupied purchases of single family homes.that allows the buyer to finance the cost of repairs and improvements. The minimum to borrow is $5000 and the maximum is $35,000. It's not for investors to flip or for major additions or improvements. The list of items allowed, however, is extensive --- roofing, flooring, cabinets, paint, stucco, driveways, countertops, plumbing, HVAC and the list goes on. The work must be done by licensed contractors and completed within 6 months after closing. The appraisal would be one for the "as is" value and one for the "as repaired" value. This program is ideal and of course, FHA only requires 3.5% down payment. The VA doesn't have the program yet.
Are there bank owned properties available still? By all means, but they move quickly. Most buyers are reluctant now to go after short sales because they take so long and are so unpredictable. But the bank owned properties go fast. In May in ABQ, 50 new ones went on the market and 160 went under contract. The inventory is being eaten up quickly. Part of the reason is that the deals close in a month and the prices are low averaging $85 per s.f. In the northeast heights, only 4.5% of all listings are bank owned compared to 15% in the southwest part of the city.
We are set up with the few lenders in town who do these new FHA programs so call and we'll get you a good REO property and the repair loan. It's a good deal. Call me at 505-220-9193.