A Tip to Help Sellers Avoid Regret

What regrets do sellers in our market have?

We’re in the best seller’s market I’ve ever seen, but you still have to take certain steps if you want the very best outcome from your transaction. Combining my first-hand knowledge of the market with reports sent out by the National Association of Realtors, here are the four most common regrets sellers have about their transactions: 

1. They regret that they rushed the process. 
2. They didn’t spit-shine and polish the house. 
3. They overestimated how long it would take to prep the home for sale. 
4. They thought the seller’s market would compensate for the condition of their house.

“

Remember to think about the bigger picture.

”

All the time, we see sellers say that they’re ready to put their homes on the market right away, but they often fail to account for everything going on in their lives when it comes to prepping for the sales process. If you’re planning to sell your home, give yourself some grace and a little extra time to get ready to go live on the market. 

As you get ready to sell, remember to think about the bigger picture: What repairs should you do before you list? What plans do you have to make sure your move goes smoothly? 

If you’ve been thinking about selling your home and want to make sure that you won’t look back and have regrets about your transaction, don’t hesitate to reach out to us. We’d love to help you.

5 Things Buyers Want These Days

Here are the five main things buyers are looking for in our current market.

What are homebuyers looking for right now? Buyers are looking at different parts of town, home sizes, and prices, but with the changes we’ve seen this past year, they’re looking for different things inside the house, too. Here’s what buyers are looking for in our current market:

1. Updated kitchens. People are spending much more time in their homes, and they need a functional kitchen. Even the appliances people want have changed because they’re cooking more. We’re seeing plenty of kitchen remodels, but you don’t have to spend a bunch of money. Sometimes simply painting cabinets, installing new hardware, and maybe upgrading some appliances can make a huge difference. 

2. Extra space. Buyers want extra space for children’s studying or working from home, which sometimes means they want two extra spaces, one for each purpose. When we've gone to look at houses with buyers lately, having extra space has been crucial to them.

3. Outdoor living space. Again, since people are staying home more, they want outdoor spaces they can utilize in good weather. More people want swimming pools, outdoor kitchens, and outdoor living areas.

 

“

   When we've gone to look at houses with 

buyers lately, having extra space has 

been crucial to them.

”

4. All price ranges. We have buyers looking for entry-level homes all the way up to luxury. Sales of luxury properties increased by 48% in the last year, which is a massive rise. Buyers are looking in every area, price range, and home style there is. 

5. Near outdoor recreational activities. We’ve seen a slew of buyers wanting houses near hiking, biking, and walking trails—not to mention parks and other outdoor areas. This desire is high on many homebuyer’s lists these days. If you’re considering selling and your property is near a wonderful park or trail, buyers will be very drawn to that. 

Remember: There are many resources on our website if you need them, including a home search tool, home valuation tool, market data, and more. If you’d like a consultation on your home because you’re thinking about selling, we’d be happy to meet with you and discuss what’s essential in the present market. If you have any questions or there’s something we can help you with, feel free to call or email us. We would love to help with whatever you need.

You Should Love Where You Live

Valentine’s Day is forthcoming, and we want you to love where you live.

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Today we’re talking about LOVE. Valentine’s Day is coming up, and we want to ensure you love where you live. Many homebuilders currently have sweet deals on brand-new homes ready to go. Or, you may fall in love with a specific lot available, want to choose your floor plan, and have it built. In six to nine months you could be living in your dream home and making memories. 

Many people think builders don’t work with real estate agents, but they actually love to work with us. We work for the buyer, they work for the seller (the builder company), so they love when we give you guidance. We can show you many different neighborhoods and builders.

“

We want to ensure you love where you live.

”

You are the heart of our business, and there’s no better time than Valentine’s Day to say how much we appreciate you, your business, your referrals, and keeping in touch with us. We love to hear how you’re doing in your new house. 

If you’re looking for a property you’ll love or have fallen out of love with your home, give us a call or send an email. We would love to show you the new home developments available right now or get some market data to you about your current house. We’d love to speak with you. Our website is also a wonderful resource with plenty of information for both buyers and sellers. 

Happy Valentine’s Day—we hope it’s filled with much love and happiness.

A Word of Caution About Some Mail New Homebuyers Receive

New homeowners tend to receive a lot of mail from companies just trying to get their money. Here’s what you need to know.

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Most people get a lot of mail after they close on a property and wonder what its purpose is. We’ll share some of that information with you today.

A lot of companies will capitalize on the fact that your home sale was recorded at the county office, so they’ll send you things that you don’t need. One example is a solicitation that will tell you to pay them for a copy of your recorded deed. While you do need to have that copy, you don’t need to pay for it. It will be sent out in the mail by the title company four to six weeks after closing.

“

We don’t sell your information—it’s public record.

”

A lot of people think that we’ve sold their information to these companies, but the fact is that your home purchase is a public record, and they will always send stuff to addresses based on these county office records.

If you have questions for us about real estate or anything else, feel free to reach out via phone or email. We look forward to hearing from you soon.

Advice for Homebuyers and Sellers This Winter

Although the days are shorter and the weather is colder, it’s still a great time to buy or sell a home.

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The most common question we get this time of year is, “Should I be selling or buying a home during the wintertime?”

If you’re a renter whose lease is coming up, you should absolutely be a homebuyer this year. Interest rates are still really attractive for all buyers and there is a lot less competition from other buyers. As for home sellers, whether it’s the right time or not depends on you and your motivations. If you’re ready to make that change, you can get out into the market now. Although there are fewer buyers, there is a higher concentration of serious buyers and far fewer home browsers.


If you have any questions regarding buying or selling real estate, don’t hesitate to reach out to us. We’d be glad to hear from you.

The Latest on Refinancing, Loans, and Interest Rates

Today I’m joined by Bay Equity Homes team members Erika Gabrys and Chris Krupar to discuss what’s been happening in the market this year.

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Before we begin today’s topic, we’d just like to say thank you to all of our clients and referral partners who took the time to vote for us; We are grateful to be the winner of the Albuquerque Journal’s Readers’ Choice for this year, and we’ve also been named the winner of Rio Rancho Observer’s Readers Choice for 2019. That makes this the second year in a row that we’ve won this award, and we couldn’t be more excited.

August 2019 Albuquerque Housing Market Update

Here’s your in-depth real estate market update for the month of August this year.

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What’s been going on in our real estate market this summer? Today we’ll share some key stats from the month of August as well as longer-range trends that we’ve observed over time.

To start, we’ll take a look at the year-over-year stats for August broken down by price range.

Feel free to follow along in the video above or use the timestamps below to navigate the market update at your leisure:

1:58 - Breaking down our year-over-year inventory levels by price range
3:01 - Our year-over-year pending sales
4:01 - How quickly are homes selling?
5:10 - The change in average sales price year over year
6:06 - Average home prices per square foot
8:57 - How market trends are influenced by external factors like wage growth and inflation
9:19 - The status of interest rates
9:54 - Home affordability in Albuquerque 

If you have any questions regarding today’s market update or anything to do with real estate, don’t hesitate to reach out to us. We’d be glad to hear from you.

Maintaining a Good Credit Score

Professional guidance makes a world of difference when it comes to boosting your credit score.

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Credit is a complex subject, so I recently spoke with a couple of experts (Sarah Gmyer-Maez of OneTrust Home Loans and John Gillette of PreQua Credit) to hear their take on what today’s consumers need to know about repairing their scores.

Of course, the best path to a high credit score is by taking good care of your credit to begin with. According to John, keeping your balance within 30% of your limit is best. It’s also a good idea to use the cards you’ve had the longest more often than the ones you’ve only just taken out.

If you have a relative with a card in positive standing, you may want to ask to be added on in order to supplement your credit history. You don’t even have to get a card of your own. You just have to be an authorized user on their account.

“

Professional guidance makes a world of difference when it comes to boosting your credit score.

”

Sarah, a professional lender, always recommends that anyone looking to improve their credit speak to a professional like John about their options. Professional guidance makes a world of difference when it comes to boosting your credit score.

If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.

What You Should Really Use Zestimates For

You shouldn’t trust a Zestimate to accurately value your home, but you can trust it to accurately gauge the market’s movement over time.

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When it comes to calculating a home’s value, Zestimates aren’t very accurate—they don’t know sale prices, and they’ve never actually been inside your house, so they can’t know what it looks like.

What Zestimates are good for, however, is gauging the market, because their algorithm can account for the movement of certain numbers, such as homes’ average price per square foot.

For example, let’s say a Zestimate claims your home is worth $250,000 one day, then six months down the road, says it’s worth $255,000. While that probably isn’t what your home is really worth, it’s a good indicator that there’s been some movement in the market overall.

“

It’s fine to use Zestimates as a baseline
for where our market is, but don’t rely on it
as an accurate valuation of your home.

”

The bottom line is this: It’s fine to use Zestimates as a baseline for where our market is, but don’t rely on it as an accurate valuation of your home. Your home is only worth what you’re willing to sell it for and what someone is willing to pay for it.

If you have any questions about this or any other real estate topic, don’t hesitate to reach out to us. We’d be happy to help you.

P.S. Don’t forget to mark your calendars for May 10, because we’ll be giving away a $150 gift certificate to Albuquerque Uptown just in time for Mother’s Day. All you have to do to enter your name into the drawing is to give us a call at (505) 448-8888.

Announcing Final Numbers From Our February Market & Enter To Win

Today we’ll talk over some of the recent market numbers, as well as our giveaway! Stay tuned to learn more.

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For today’s message, we’ll take an all-encompassing look at how our market performed in February this year.

First, though, we’d like to fill you in on an exciting new giveaway we’re holding.

The prize? A Nest programmable in-home thermostat. This is how our giveaway works: You’ll simply call us with the answer to one market-related question. The question is, “How many homes sold in February 2019 in the Metro Albuquerque area?” The answer will be somewhere in today’s market update. Once you know the answer, call us at 505-448-8888 to enter your name into the drawing. You have until Friday, March 22 to submit your name and give yourself a chance to win this beautiful Nest thermostat!

“

Don’t forget to call us
to enter into our drawing!

”

Cited below for your convenience are timestamps that will direct you to various points and analytics from our latest market update. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

1:00 - Total dollar volume of closed sales in February 2019

2:07 - Closed sales in February 2019

2:47 - Pending sales in February 2019

3:08 - Homes for sale in February 2019

4:02 - New listings in February 2019

4:24 - Months’ supply of inventory in February 2019

5:37 - Average price per square foot in February 2019

Now that you have the sought-after answer to “How many homes sold in February 2019 in the Metro Albuquerque area?”, don’t forget to call us at (505) 448-8888 to enter into our drawing for your chance to win the Nest programmable thermostat. And, again, the deadline is Friday, March 22!

As always, if you have any questions related to real estate, please reach out to us as well. We look forward to talking to you soon!

2019 Market Predictions

Nothing too crazy will be happening in our 2019 market, but some things will certainly be changing.

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Today we’ll be taking a look at what our market could hold throughout 2019. Though we don’t have a crystal ball, we can make fairly accurate predictions based on current numbers and trends we’ve been seeing in the market.

For your convenience, we’ve included timestamps of our conversation. Feel free to navigate to the section(s) you’re most interested in viewing:

(0:54) — Where our market is right now
(2:28) — How inventory levels and new home construction can be used for predictions
(4:34) — Though there will be new construction, it’s too pricey for entry-level buyers
(5:35) — Affordability is a predictor, and interest rates are expected to rise this year
(8:12) — How the predicted 5.3% rate will affect home payments
(10:43) — Home prices may continue to rise this year
(11:58) — Home appreciation nationwide is expected at 3.9% in 2019
(13:45) — We aren’t in a bubble and shouldn’t be worried
(14:35) — How millennials are expected to make up half of all homebuyers next year
(16:25) — A great story about one person’s move to New Mexico
(17:52) — Thanks for listening!

If you have any questions or need more information about our market, feel free to reach out to us. We look forward to hearing from you soon.

A Real Estate Market Update

Here is what the latest numbers show for our Albuquerque market.

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Today we’ll be going over the numbers we’ve just received from November. What kind of market does the data show we’re experiencing? Let’s find out.

For your convenience, we’ve included timestamps of each section of the video above. Feel free to navigate to the section(s) you’re most interested in viewing:

(0:24) — Is our market shifting?
(0:50) — Closed sales numbers for November
(1:15) — A deeper look at overall sales
(1:25) — Data for homes under $200,000
(1:50) — Data for homes between $200,000 and $399,999
(1:58) — Data for homes between $400,000 and $599,999, and homes above $600,000
(2:15) — Pending sales data
(3:07) — Data for average price per square foot
(4:47) — Trends for active, pending, and sold homes
(6:30) — If you’re looking to sell soon, preparation is key
(7:17) — Data for the supply of inventory
(7:30) — When should you buy or sell?
(8:23) — How to access the data we covered today

If you’d like to view the charts, graphs, and data from the video, visit WelcomeHomeABQ.com. If you have any questions about our real estate market or need more information, reach out to us. We look forward to hearing from you.

How to Know Whether to Sell or Remodel

It can be hard to leave your home, but it’s even harder to invest money in remodeling a lost cause. Find out when it’s time to move, and when it’s time to stay.

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In our most recent Facebook Live interview, we discussed a pretty common question: Should you stay in your home and remodel, or should you move and forget about it? There’s an entire show dedicated to this dilemma on HGTV, and today we’ll be sharing our insights on the topic and answering questions about it.

For your convenience, we’ve recorded timestamps for each part of our chat. Feel free to navigate to the section(s) you’re most interested in learning more about.

“

Should you stay in your home and remodel
or should you move and forget about it?

”

0:56 - What questions should you ask yourself to decide?
1:35 - What are your long-term housing goals?
1:58 - Can you find a house in your preferred neighborhood?
2:08 - How much will it cost to make your house what you want?
2:28 - Will your repairs be supported by the neighborhood?
2:45 - How will remodeling disrupt your family’s lives?
3:15 - What is the remodeling process like?
4:52 - What return will I see on upgrades?
5:13 - Do you have the funds to remodel?
5:40 - What should I consider when deciding to move?
6:29 - When is moving an easier solution than remodeling?
6:51 - What if my dream home needs changes?

If you’re wanting to buy or sell a home, have any questions, or would like some more information, feel free to contact us. We look forward to hearing from you.

Why Invest in Short Term and Executive Rentals?

For this edition of our bi-weekly Facebook Live discussion on real estate, we’re talking short-term rental opportunities available to you in the Albuquerque area.

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Vacation rentals are typically for periods no longer than six months or a year, and people are often curious about whether or not they’re worth it. Today we’ll be answering a few key questions about them so you can make an informed decision about making such an investment.

1. Who are the ideal investors?

The ideal short-term rental investor can be just about anybody. Although the property may be vacant 50% of the time, your return is going to be much higher and could generate nearly double the income. Of course, there will be a lot more maintenance that comes with keeping your rental in good condition.

2. Does the part of town matter?

In the Albuquerque area, many of these rental properties are located all over, like a cabin in the East Mountains, a room in a house downtown, a suburban spot in the Northeast Heights, or perhaps in the more popular vacation spots around Albuquerque Old Town. If you look online, you’ll see a huge variety of locations, prices, and types of properties. I once saw 1,900 such properties available in our market. One was for a house for $1,000 per night with room for 16 people. It was mostly used for corporate retreats, family getaways, weddings, and so on. Five hotel rooms might run for about the same price or more, depending.

3. Is there a true market for short-term rentals in the area?

If you’re a person who owns a property to be rented or you’re thinking of buying a rental property, the income could be double the usual amount. You average 3-bedroom, 2-bath house in Northeast Heights would be around $1,200 to $1,300 a month for a standard one-year lease. On that same house, you might get $150 a night, though you have to take vacancies into account, along with the costs of cleaning it and listing it on sites like VRBO and Airbnb.

In general, people tend to do pretty well with them, especially if they don’t mind doing the maintenance and cleaning themselves; if you’re paying a management company to do it for you, it could cost around $1,000 a month.

“

Although the property may be vacant 50%
of the time, your return is going to be much higher and could generate nearly double the income.

”

4. Are there opportunities for executive rentals?

An executive rental is a property that someone might stay in for around a month that has all the comforts of staying in a home as opposed to a hotel. They are indeed in high demand.
Right now, we have a shortage of executive rental properties, but with many of the properties listed on VRBO and Airbnb, people can rent by the month. Depending on the time, there may be people who have rented a property for a few days at a time, so finding a month-long window could be challenging.

We’ve looked at some of the properties that have sold in the last year as well as what’s on our MLS for sale right now, and there are many opportunities in the area. We’ve seen a cute little house in the downtown area close to the zoo for $139,900 that has been completely remodeled. There are about 70 listings just in the MLS that would be great Airbnb or vacation rentals, or they already have established clientele as a rental property.

If you’re interested in purchasing a short-term or vacation rental property, please reach out to us. Additionally, if you're interested investing in long-term rentals, you can start your search on Mashvisor. We’d be happy to help you analyze what’s out there and what would be a good fit for you.

What’s Going on in Our Albuquerque Real Estate Market?

Contrary to popular belief, the Albuquerque real estate market isn’t slowing down one bit. Here’s what you need to know about current conditions.

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We recently participated in an interview where we talked about how the real estate market is doing around this time of the year. 

From what we see, the market is still very healthy. In August, our total number of sales was up from the previous year. Although there are some news reports out there saying things have slowed down, it doesn’t mean we aren’t still an active market. We’ve just slowed down from the frenetic pace we saw this spring and summer.

If you look at the charts for closed sales and homes for sale, which show a 10-year trend of closed sales and a 10-year trend of homes for sale, we see that the market consistently peaks during the summer months. For example, in May and June of last year, we saw over 1,300 homes sell each month. This year, we peaked out in May with about 1,360 homes. This chart also shows that we see this happen every year, hitting our low months in January and February, then steadily rising through the spring and summer.

What we’re seeing year over year is a trend of more homes selling overall since the market bottomed out in 2011. The slowdown we’re seeing is typical of this time of year.

“

Sales are still up 7% from last year
and show no signs of slowing down.

”

For homeowners who are in the market to sell, it’s important to know that homes are still selling and buyers still need to buy homes. If you need to sell as we head into the fall season, we can help get your home staged, marketed, and presented in its best light to the buyer pool that’s out there. People will still continue to buy all through the winter months as well.

As far as homebuyers are concerned, it’s important that you know what’s important to you, what your needs are, and what your financial picture looks like. Then we can discuss your options before we start looking at houses. It’s important to have that conversation so you can best meet your goals.

Finally, we just wanted to make sure we mentioned that although you might be hearing that the market is slowing down, if you look at the data you can see that it’s not. Sales are still up 7% from last year and things don’t seem to be slowing down at all.

If you have any questions in the meantime about the market or about anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

What Should You Know About Zillow’s Zestimates?

Are Zestimates really the best way to find your home’s value? We recently discussed the topic on Facebook Live.

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We recently participated in a great Q&A on Facebook Live where we talked about online home estimates, specifically Zillow’s Zestimates, and how accurate they are here in Albuquerque. We had a wide-ranging discussion on the topic. Here’s an outline of what we talked about, with timestamps so that you can skip ahead to the section(s) that interest you most:

0:50 - Are Zillow’s Zestimates accurate in New Mexico?
2:20 - How much are Zestimates off by on average in different areas of the country?
3:45 - The origins of online estimates and their mathematical shortcomings when it comes to valuing homes.
6:00 - A few examples of some real New Mexico homes and the discrepancies between their actual home values and their online Zestimates.
6:30 - When are Zestimates useful? Are they useful at all?
7:45 - Why New Mexico’s county records aren’t a good indication of a home’s true value.

If you have any other questions for us about Zillow, Zestimates, or anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

The Key to Starting Your Own Custom Build on the Right Foot

If you are looking to build a custom home, make sure you interview builders while you look for land to purchase. Do not wait until one is done before you do the other.

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If you are thinking about building your own custom home, getting started might seem a little daunting, but we have some advice that will help you get started on the right foot.

Many times, people who want to build their own dream home start by buying land before they choose a builder. Our suggestion is to interview builders while you look at land to buy.

When people look at land to buy, it is tempting to want to buy the cheapest lot, but make sure you look at the full infrastructure cost. What utilities would be available? What about the soils—would you need to add engineered field dirt to build your foundation?

“

Finding a great piece of land and a great builder will ensure that you start things off right.

”

While you look for builders, it helps if you have an idea of what floor plan you want because builders need to know how much land you need and what its dimensions should be to accommodate the home you envision.

From that point, there will be plenty more plans to be made and decisions to consider, but finding a great piece of land and a great builder will ensure that you start things off right.

If you have any other questions about building a custom home or you have any other real estate needs, please feel free to reach out to us. We would be happy to help you.

A Quick Update on the Albuquerque Real Estate Market

As spring kicks into full gear, the market around Albuquerque is heating up. Here’s what’s going on right now.

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We’re back with a market update for you that covers the Albuquerque real estate market through March.

Home sales have been really hot, which is what I want to talk about first. As you can see in the video above, the big story has continued to be our lack of inventory. Especially under $200,000, we have 38% fewer homes available than we did last year.

Another good thing to look at is our supply of inventory, which is measured in months. If you look at the $200,000-and-under range, we only have 1.6 months of inventory. This puts us in a strong seller’s market for most price points. However, in the higher price points ($450,000 and above), we’re seeing more of a balanced market.

Low inventory continues to dominate most of the market.

 Finally, let’s take a look at home sale prices. The average sale price right now is around $234,000, the highest we’ve seen in a long time. We continue to see a good amount of steady appreciation for homes. We can really see this in the average price per square foot, which is up 8% for all price ranges.

I hope this update has given you some good information. If you need more or if you just have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

Don’t Underestimate Your Budget

Don’t underestimate your budget when buying a home. It can actually hinder the process quite a bit.

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We’re back today to discuss the third thing you shouldn’t do when buying real estate, which is underestimating your budget.

Contrary to popular belief, Realtors are there to listen to you and help you navigate you toward the home of your dreams. If you aren’t upfront with your agent from the start, however, you could end up missing out on your perfect home.

Our job is to negotiate the best deal possible for you.

Our job is to work for you and negotiate the best deal possible that not only makes you comfortable, but fits your wants, needs, and non-negotiables. The key to accomplishing this is being honest, open, and upfront as a buyer.

If you have any questions for us in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

Homebuyer Tip No. 2—Never Pick a Lender Based Solely on Their Rate

When choosing a lender, don’t just make a decision based on the interest rate they offer. There are other things you must take into consideration too.

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If you need a loan to buy your home, never pick a lender based on the interest rate they offer. Why?

While interest rates are definitely important, there are many other factors that come into play when it comes to lending that most people don’t realize. The fees that the lender charges to do the loan should also be taken into consideration, as well as their reputation and their ability to close on time.

As you might notice in the video above, I’m standing in front of a pile of leaves. This is because lending these days involves a pile of paperwork, and you need to be prepared for it and know that you’re not being picked on. Every lender has to ask you for lots of documents, and then ask for them again so they can be updated. It takes a lot of effort from you to get a home loan, and that’s the way it should be.

It takes a lot of effort on your part to get a home loan.

Stayed tuned for the third part in our ongoing series providing tips for homebuyers. In the meantime, if you have any questions or are thinking about buying a home in our market, don’t hesitate to reach out to us. We’d be happy to help you.