Albuquerque Real Estate Blog

November 2017 Market Statistics

Click here to download the November 2017 Local Market Snapshot reports, presented by zip code and MLS area.

Highlights

  • the median detached home price rose 9.1 percent to $199,650
  • the average detached price increased 8.4 percent to $237,089
  • overall inventory of detached homes for sale decreased 18.9 percent to 3,081
  • the number of closed sales for detached homes increased 0.6 percent to 826
  • the number of detached homes going under contract rose 24.4 percent to 917

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Why Getting Pre Approved Should be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to...

The #1 Reason to List Your House Right Now

Many people believe that selling their house during “the spring buyers’ market” is the best thing to do. Their reasoning is that there will be more buyers than there are during the winter months and, therefore, their house will sell quicker and for a higher price.

Historically, this made sense. However, today’s real estate market is not following the rules of the past.

The National Association of Realtors (NAR) measures buyer “foot traffic” each month. It receives data on the number of properties shown to a prospective purchaser by a Realtor® (based on the number of lockboxes used). The data reveals the number of buyers out actively looking for a home, not just window shopping on the internet. NAR explains:

“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months...

Home Prices Up 7% Over Last Year

According to CoreLogic’s latest Home Price Indexnational home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase.

A lack of supply of homes for sale has led to upward pressure on home prices across the country, especially in areas where both existing and new home inventory have not kept up with buyer demand....

9 Things You Should Ask Your Realtor Before Moving In

Jennifer just closed on her very first home, a cornflower blue and white bungalow with a big front porch on a tidy cul de sac. She’s ecstatic as she thanks her Realtor for all his help, he opens the lockbox from her home for the very last time and gives her the key. Her key to her own house.

After work, Jennifer loads up her car with some small items to take over to her new place. Her mind is racing. Is she really ready to be a homeowner? Her parents always seemed to know how to fix things and who to call if there was a problem they couldn’t handle — everything just seemed like it came to them naturally. How did they...

Why Is There So Much Paperwork in a Mortgage?

Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires three separate sources to validate each and every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank proves beyond any doubt that you are indeed capable of paying the mortgage.

During the run-up to the housing crisis, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen...

National Median Days on Market Drops to 34...How did NM do?

Some Highlights:

  • The National Association of REALTORS® surveyed their members for their Confidence Index.
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
  • Homes sold in less than 60 days in 44 out of 50 states, and Washington D.C.
  • Homes typically went under contract in 34 days in October!
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