A Different Approach to Buying Your First Home

Are you looking to buy your first home? If so, I encourage to look at the situation a little differently than you may have been to this point.

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Many prospective first-time homebuyers think their first home has to be perfect and that they'll be there for a long time. I encourage you, however, to think of your first home as your first investment property.

If you're saving up to get your first dream home, it might be time to buy your first home that's not necessarily your forever home, but one that's a two- or three-year house that you live in and then keep as an investment when you move to your next home. If you keep it as a rental home, someone else pays the rent while you get the equity.

While someone else pays your mortgage, you might also then be in a better position to buy that dream home as your second property. It's something to consider as you shop for your first house.
Think of your first home as an investment property.
Now, not everyone can buy a house without first selling their current home. In the short-term, it could make more options for you during your home buying process.

If you have any questions about buying your first home or about owning property as an investment, don't hesitate to give us a call or send us an email. We'd love to help you!

Let Us Help You If You’re PCSing into Kirtland Air Force Base

If you’re PCSing into Kirtland Air Force Base, we want to be your resource to help you with your housing and living arrangements.

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Over the years, we’ve been honored to assist many people who’ve flown into or out of Kirtland Air Force Base. If you’re PCSing into the Kirtland Base in the near future, we’d love to help with your housing situation and living arrangements, and there is a lot of information we can provide you with.

Let’s start with housing options. Homes in our area are typically single-family homes on single lots. We do have townhomes and condos available as well. We have lots of land, so our single-family homes are usually on their own lots, and most of their backyards are fully walled-in.

As far as schools go, there are many resources available online, so we can get you links to enable you to research the best option and connect with people who already have their children in schools.

Commute times in our area can vary. Right next to the base there is a newer neighborhood, but most of the homes situated within five to 15 minutes of the base are older. Many of the new homes in Albuquerque are in the northwest quadrant or in Rio Ranch. Depending on where you might find those newer homes, your commute might stretch to 30 minutes or an hour. Prices for new homes range from $175,000 to $250,000.
There are lots of ways we’d love to help you with your PCS into Kirtland.
If you get an opportunity to come to Albuquerque to house hunt, we would be glad to show you around. We also know you might not be able to arrange a trip to pick your house, so we have many resources to complete the process remotely. Once we’ve helped you narrow down your favored areas, we can help show you houses via Skype or Google Hangout.

There are lots of ways we’d love to help you with your PCS into Kirtland. You can also visit our website at www.welcomehomeabq.com for more information. If you have any questions, feel free to give us a call. We look forward to working with you.

What the May Numbers Tell Us About Our Market

What do the first quarter numbers tell about our real estate market? I’ll go over that for you today.

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What’s happening in our market now that the first quarter has come to a close?  

If you look at the chart showing closed sales for single-family homes over a 10-year period in the video above, you can see that in 2007 through 2009 there was a huge shift in the market. We had a little bump up when we had the tax credit in 2010 and we’ve had a steady incline since then.

The other chart is the pending sales. Pending sales for April were at an all-time high. Days on market has dropped down to about 50 days on average. Tighter supply and more demand are causing homes to sell a lot faster.

The average sales price has been steadily increasing since 2012. The average price per square foot has also been rising pretty steadily. Last year we had a 4.8% market appreciation and this year seems to be on track for the same trend. Higher price ranges are not seeing as much appreciation, especially when you get into the high-end luxury homes.
It’s a great time to be a buyer or a seller.
The next chart shows the number of bank-owned homes that are being resold. At the peak, there were about 30% of these types of homes, which is currently down to 10.8% for April.

This is just a quick overview of some average numbers in our market. We would be more than happy to go through the numbers for your specific area or neighborhood with you in more detail. The market is hot, but it’s not hot for all neighborhoods or price ranges.

To find out what’s going on in your area, or if you have any questions, please feel free to give us a call or send us an email. We’re always happy to help.

What Does the Market Look Like Right Now?

The latest numbers are in for Rio Rancho. Here’s what they say about our market.

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Today we’re going to take a quick look at the Albuquerque real estate market, specifically the Rio Rancho area. We’ve got some interesting trends and important statistics to share, so let’s start with vacant land sales.

As you can see in the graph above, they have been relatively slow. Back in 2006, we were really busy with more than 700 sales, but it’s been pretty flat over the last few years. I don’t see that changing, unfortunately. There are a lot of lots for sale in Rio Rancho right now and frankly, there isn’t much demand for them.

Now let’s jump into homes sales. We had 2,165 single-family home sales in December. That’s the most we’ve had in a long time, going all the way back to 2007.

Another thing I wanted to discuss is the month’s supply of inventory. It’s a figure that measures how many homes are on the market and how many are selling each month. We had just a 2.6-month supply in December, and that dropped to 2.4 months in January. That’s the lowest level we’ve seen since 2006.
We haven’t seen these numbers in 10 years.
The average price per square foot also gives us a good idea of where prices are going. As you can see, it was flat for quite a few years, but we have some positive movement now. In fact, we are up 7% over the last year alone. In the Albuquerque market overall, it looks like we are going to end up somewhere around 4% appreciation for 2016. That's a healthy, sustainable level.

This is just a quick snapshot of the market. If you have any questions about your specific area or neighborhood, I have plenty of information I can dig through to get you the latest numbers in your neck of the woods to help you make better decisions in the market. If you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.