Albuquerque, NM Real Estate Video Blog with The Venturi Team

Albuquerque Real Estate Market Update for Summer 2014

There are many great Albuquerque area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (877) 933-6881 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today we're going to give you a quick update on the Albuquerque market so you know what to expect when buying or selling in the coming months. Overall, the quarterly report looks good, with the number of home sales holding steady from what we saw last year. Median sale price is also on stable ground, as we've seen a 2% increase. The most interesting part of the report is the difference between what homes are listed for and what they actually sell for - list prices are up 7% as opposed to only a 2% increase in sale price. It appears people are getting ahead of the market. While healthy, it's not quite to the extent homeowners think.

As far as foreclosed properties are concerned, we've seen some progress. The number of bank-owned homes on the market has dropped to about 15%, which is the lowest in 3 years. That's a great sign for the market, as working through that inventory will only help with the market's recovery.

I hope this bit of information has been helpful in some way. If you have any further questions, don't hesitate to call. We'd love to here from you.

Know the Limits of Online Home Estimation Tools

There are many useful tools on the web that will help you find the estimated value of your Albuquerque home. As convenient as these sites might be, there is something you need to know about them.

New Mexico is a non-disclosure state, which means that the sales prices of properties are not publicly disclosed. Online home estimation tools asses value based on what homes are listed at in your county. This value is determined by a unique algorithm.

The problem is that homes rarely sell for their listed price. Most of the time there is a 3-6% variation either above or below the asking price. Because of this, websites like Zillow don't have the necessary information required to give an accurate estimate.
In fact, Zillow ranks lowest in terms of the accuracy of its estimates. But this doesn't mean it isn't useful.

Zillow and other online home estimation tools are a great place to get a basic idea of what your home is worth, a good place to start.

Once you have that baseline, contacting a real estate agent is your best option to get more detailed information on market conditions. We have the resources to do a full market analysis, see what other homes have sold for, and give you a full Comparative Market Analysis.

So give us a call or shoot us an email and we'll give you a clearer picture of what your home is worth, it's what we do!

Protest Your Property Taxes with our Assistance

Today I will be covering a topic that most home owners or land owners in Albuquerque will be familiar with. I will be discussing property taxes and what you can do if you believe that your home is being valued too high.

This property tax notice is a precursor to the property tax bill that you will be receiving later on in November. This notice tells you what the value of your home is at the county level. The value of your home will be directly correlated to the amount of taxes that you owe on the property. Your property tax bill will likely not be ready until November, but right now is a good time to look at the notice you have received.

You should pay close attention to what the estimated value of your home is because if it seems too high, now would be your chance to go and protest your bill. You have 30 days to protest the valuation of your home after receiving the notice.

Keep in mind that your property taxes are only allowed to rise by 3% each year unless you've bought your home or the property in the past year.

There are lots of companies that can help you protest your taxes, and one of them here in Albuquerque is Double Eagle Property Tax Consultants. If you choose to use them, all you have to do is fill out their forms and they will do the rest for you.

If you choose to protest the taxes on your own, you will have to provide evidence to the county assessor in the form of comparable properties with their correlating values. We can help you to provide this evidence and also help to pinpoint a more appropriate value for your home.

Property values in New Mexico do not always match what your property is actually worth. If your property is valued at lower than what you believe it to be worth, then don't worry because that means you will be paying less in taxes on your property. The main thing to worry about that could cost you is if the county assessor values your home far beyond what it is worth.

If you would like to protest your property value and need some comparable data or advice, please be sure to contact me and I would be glad to provide you with advice and assistance.
As always, if you are looking to buy or sell in Albuquerque, then please do not hesitate to contact me and I would be more than happy to provide you with assistance. Call or email today to set up a time for us to speak!

Thanks for tuning in!