Albuquerque Real Estate Blog
Getting PreApproved Should Always 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, understanding 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...
Just How Important is a Bathtub for Resale
FEBRUARY 2018 | BY BARBARA BALLINGER
Bathrooms reflect trends as much as any room in a house does. Back in...
What Impact Will the New Tax Code Have on Home Values?
Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.
Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.
As we can see, CoreLogic projects...
Tax Reform & Housing: A Reference Guide
When the tax code was originally being overhauled by the House and the Senate, there were three major proposals being considered that would have substantially impacted the residential real estate market:
- Changing the requirements for the exclusion of gain on the sale of a principal residence
- The reduction on the limit of the Mortgage Interest Deduction (MID)
- The elimination of the State and Local Tax deduction (SALT) which includes property taxes
Let’s look how the tax code has evolved from the original proposal, and decipher what impact experts believe it may have on the housing market.
1. Exclusion of gain on sale of a principal residence
Original Proposal: Owners would need to live in their house for at least 5 out of the last 8 years to claim this exemption. Under the former tax framework, a typical owner, who has lived in their house for at least 2 years out of the last 5 years, would pay nothing in...
Downtown, public arts scene helps ABQ top Sunset Magazine’s list of best places to live
Albuquerque is known for many good things.
A burgeoning film industry.
An arts scene that grows exponentially each year.
Dozens of nature trails.
And what’s not to love about more than 300 days of sunshine annually?
All of these examples were noted by Sunset Magazine in its list of “20 Game-Changers That Are Redefining the West” in the February issue.
The city ranked at the No. 1 spot beating out Taos, Flagstaff and Tempe, Ariz. for the honor in the Southwest.
“The West was founded by pioneers and continues to evolve thanks to that same pioneering spirit as forward-thinking...
Four Tips for Deep Cleaning Your Home BEFORE You Move In
So, you’ve closed on your house and it’s time to figure out what the next step is. Don’t load up the moving van just yet — this is the perfect time to do a real deep clean on your new home! After all, you have no idea when the last time the place was cleaned or what the prior owners may have done inside or what residues remain. Without furniture or boxes in the way, deep cleaning will be a cinch, so let’s get to it.
Deep Cleaning an Empty House: Begin at the Beginning
It can feel overwhelming to deep clean an empty house that’s brand new to you. You have no real sense of the space or how the whole thing fits together just yet, but that’s ok, start by making a list. Walk through the house and note everything that’s going to need a good wipe down or scrubbing. For example, your living room might have a ceiling fan, a fireplace,...
There's More to a Bubble Than Rising Home Prices
What truly causes a housing bubble and the inevitable crash? For the best explanation, let’s go to a person who correctly called the last housing bubble – a year before it happened.
“A bubble requires both overvaluation based on fundamentals and speculation. It is natural to focus on an asset’s fundamental value, but the real key for detecting a bubble is speculation…Speculation tends to chase appreciating assets, and then speculation begets more speculation, until finally, for some reason that will become obvious to all in hindsight, the ‘bubble’ bursts.
I have taken to calling the housing market a ‘bubble’.”
– Bill McBride of Calculated Risk calling the bubble back in April 2005
Where do we stand...
The Benefits of Homeownership Go Beyond the Financial
Homeownership is a major part of the American Dream. As evidence of that, 91% of Americans believe that owning a home is either essential (43%) or important (48%) to achieving that “dream.” In a market where some people may be unsure about the benefits and possibilities of buying a home, it is important that we remember this.
Homeownership is NOT just about the money. In fact, some of the major benefits are non-financial. Here are a few of those benefits as per the National Association of Realtors:
- Consistent findings show that homeownership does make a significant positive impact on educational achievement.
- Several researchers have found that homeowners tend to be more involved in their communities than renters.
- Early studies...
Buying or Selling in 2018? 5 Reasons to Resolve to Hire a Pro
- As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team!
- There are many benefits to using a local professional!
- Pick a professional who knows your local market and can help you achieve your dreams!