Upcoming Albuquerque Area Open Houses

Here is the list of open houses scheduled for this weekend. Here are a few tips and etiquette to keep in mind if you are going to go out “Open House-ing”.

  • Do a little home work before heading out. Make a plan where you want to go and what you want to see on-line first.
  • Be polite and respectful to the host and home. People are letting you in their private space, respect that.  The host (Realtor or Owner) will most likely want to get your contact information, give it to them, If you already have an agent just let them know.
  • If you find a home you like, have YOUR Realtor schedule a follow up showing. This will avoid confusion on who is representing you.
  • DON’T make yourself at home… think of it as visiting a museum. Look but don’t touch. Keep your kids with you.
  • Hold your criticism. Not every home is for you and thats fine, just wait till you are back in your car to share.

Happy house hunting…

You can also browse out Open Houses Map.

119
matches found

$1,302,500
Open House (08/03/2014 - 1:00 pm)
# of Bedrooms:4
# of Bathrooms:4
Square Footage:4898
Year Built:2000
Area:31 - Foothills North
Subdivision:Desert Highlands/High Desert U
Description:Gorgeous Altair home in sought after High Desert. This exquisite custom hom...
Listing Office:Coldwell Banker Legacy
Last Updated:July - 30 - 2014
; View Photos (44)  |  Virtual Tours (2)
$995,000
Open House (08/03/2014 - 1:30 pm)
# of Bedrooms:5
# of Bathrooms:6
Square Footage:4131
Year Built:2001
Area:31 - Foothills North
Subdivision:Highlands/High Desert Un 02
Description:OPEN HOUSE! Sunday, 08/03/14 - From 1:30 to 3:30 PM. The views are breathta...
Listing Office:Keller Williams Realty
Last Updated:July - 28 - 2014
; View Photos (42)  |  Virtual Tours (1)
$940,000
Open House (08/03/2014 - 12:00 pm)
# of Bedrooms:4
# of Bathrooms:3
Square Footage:3554
Year Built:1929
Area:80 - Downtown Area
Subdivision:Huning Castle Addition
Description:This extraordinary Pueblo style home on rare .69 acre lot in sought after A...
Listing Office:Coldwell Banker Legacy
Last Updated:July - 28 - 2014
; View Photos (80)
$799,000
Open House (08/03/2014 - 12:00 pm)
# of Bedrooms:5
# of Bathrooms:4
Square Footage:6543
Year Built:2003
Area:121 - Paradise East
Subdivision:Executive Ests/Paradise Hills
Description:Open House Sunday 8/3 12-3pm. This home will take your breath away! The min...
Listing Office:Coldwell Banker Legacy
Last Updated:July - 28 - 2014
; View Photos (56)
$799,000
Open House (08/03/2014 - 1:00 pm)
# of Bedrooms:4
# of Bathrooms:4
Square Footage:3129
Year Built:2004
Area:31 - Foothills North
Subdivision:Overlook/High Desert Un 02
Description:Located in the Overlook Section of prestigious High Desert with views and s...
Listing Office:Coldwell Banker Legacy
Last Updated:July - 30 - 2014
; View Photos (100)  |  Virtual Tours (1)
$600,000
Open House (08/03/2014 - 2:00 pm)
# of Bedrooms:4
# of Bathrooms:4
Square Footage:4214
Year Built:1952
Area:100 - North Valley
Subdivision:Lee Acres
Description:A private country oasis in the middle of the city awaits you! Hidden behin...
Listing Office:Century 21 Unica Real Estate
Last Updated:July - 25 - 2014
; View Photos (69)  |  Virtual Tours (1)
$598,000
Open House (08/03/2014 - 1:30 pm)
# of Bedrooms:4
# of Bathrooms:3
Square Footage:2996
Year Built:2001
Area:31 - Foothills North
Subdivision:Desert Song
Description:Mechenbier Custom In Desert Song. Walk into this grand home w/wood railing ...
Listing Office:Coldwell Banker Legacy
Last Updated:July - 26 - 2014
; View Photos (39)
$564,000
Open House (08/03/2014 - 1:00 pm)
# of Bedrooms:5
# of Bathrooms:4
Square Footage:4409
Year Built:1992
Area:51 - Foothills South
Subdivision:Piedra Vista&Amd Rep Corr
Description:Phenomenal property discovered in a serene foothills setting with magnifice...
Listing Office:Keller Williams Realty
Last Updated:July - 30 - 2014
; View Photos (57)
$557,000
Open House (08/03/2014 - 1:00 pm)
# of Bedrooms:5
# of Bathrooms:3
Square Footage:3356
Year Built:1972
Area:101 - Near North Valley
Subdivision:Dietz Farm Add
Description:Prime North Valley location, Bosque side of Rio Grande This Hacienda Aboun...
Listing Office:Coldwell Banker Legacy
Last Updated:July - 28 - 2014
; View Photos (47)  |  Virtual Tours (1)
$549,000
Open House (08/03/2014 - 1:00 pm)
# of Bedrooms:5
# of Bathrooms:3
Square Footage:3292
Year Built:1983
Area:10 - Sandia Heights
Description:Ideal Sandia Heights private wooded setting just blocks from the National F...
Listing Office:Coldwell Banker Legacy
Last Updated:July - 28 - 2014
; View Photos (45)  |  Virtual Tours (1)

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Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

Albuquerque Real Estate Talk – June 21, 2014


Tego: This is Market Makers and Risk Takers Saturday morning on 959 FM AM 1600 KIVA, The Rock of Talk. This is Albuquerque Real Estate Talk with Tego and Tracy Venturi of The Venturi Teams and Keller Williams Realty. We’re here every week talking about residential real estate in the Albuquerque area.
We have a good line-up here today, Tracy! What do we have going on today?
Tracy: Well, sort of the usual things; our favourite new listings, some great houses to talk about, we’ve got our tip of the week and our question of the week and a little bit of the market update and we’re going to be talking a little bit about staging your home for sale and also showings. You’re one the market, you have somebody coming to look at your house; what should you do in advance of that showing?
Tego: Great advice! We’ve got some good advice coming in and you’re going to do that for us here in a little bit.
I’ve got a little bit of a news roundup and I wanted to just kind of go over some of the things that we saw this week in Albuquerque newspapers regarding residential real estate here in Albuquerque.
But before I do that, Tracy, how do people get a hold of us if they want to talk real estate, ask about market, ask about anything, look at homes in the Albuquerque area? How do they get a hold of us?
Tracy: Sure! The best way is by phone – 933-6881. You can also check us out on the website www.welcomehomeabq.com; lots of great ways to search for property there – by map, by area, by school, by zip code, by price, by bedrooms, all sorts of different ways. Check out the website. We do work pretty much all the time so give a call, 933-6881.
This week there was some interesting thing on home prices in New Mexico in May. Take it over.
Tego: Yeah! We had, basically even for the number of homes sold up slightly for the state and home prices actually have increased, at least the median home prices have increased over last year and that’s state wide. If we look at just the Albuquerque market, we’re seeing about even number of homes sold and then we’re also seeing just a little bit of price increase, maybe two per cent in our market. The median price has gone up about two per cent and the average price has gone up about three per cent.
But those don’t tell a whole story on appreciation because that accounts for more higher-priced homes selling versus lower priced homes.
Tracy: Tego, yesterday you were telling me about Placitas and thinking we should spotlight Placitas a little bit. Tell me what you were seeing when you were looking up the numbers there.
Tego: You know how I am; I’m always looking at the market stats. One of the things I saw is that Placitas this year is up about twenty per cent in a number of homes sold versus last year. It’s not a big number in number of units but it has increased and that’s a good sign. Placitas got hit pretty hard with the downturn in ’08 for sure.
Tracy: Yeah. It may not be big numbers of how many extra homes have been sold this year over last year but for the folks that have had their houses on the market that have sold, that’s pretty significant.
Tego: It is. Tracy, if people aren’t familiar with Placitas and where it is and what it’s all about, can you just give us a snapshot of what the community of Placitas is like?
Tracy: Sure! Placitas is great! It’s from I40 and I25 interchange, it’s about ten miles north so you go about ten miles to the Placitas and Bernalillo exits. If you get there and you go west you end up in Bernalillo and north Rio Rancho and if you turn right you end up in Placitas. It’s beautiful rolling hills with sagebrush on them, huge views to Cabezon Peak and the Jemez and Santa Fe and the Sandias. Most of the people there live on acre lots.
Tego: Yeah! If you’re looking for an area to be relatively close to the city so you can still commute but be out of the city, have the big lot, have the big view, have the big sky over your head. It’s a neat community and if you haven’t checked it out it’s just worth a little road trip, a nice day trip. There are hiking trails, of course because you can hike in from Placitas into the north side of the Sandia wilderness area.
Tracy: It sort of looks to me like a Georgia O’Keefe painting. Great community! There’s a nice little mercantile area with restaurants, shops, neat little things, a great community and things like that.
Tego, what’s the question of the week?
Tego: The question of the week, segued right into that. We have something come up and I was talking with somebody and we were just talking about refinancing. The question was should I refinance? When does it make sense to refinance my home?
Tracy: It doesn’t always make sense, right?
Tego: Of course.
Tracy: There are some reasons you should not refinance your home even if you’re at six per cent interest.
Tego: Yeah. The old general rule was if you can get a one per cent better interest rate then it probably makes sense to refinance but that’s not always true. I’ve been looking and doing a little investigating online and I found a story on AOL real estate that addresses some of these things.
Tracy: What are the costs involved in refinancing? Is that part of the picture?
Tego: Yeah, it is. One of the things you always have to remember when you refinance is that there’s always going to be closing costs. You always have to do a new title insurance policy and you’re going to have the lender fees and a bunch of other stuff. Those fees generally get rolled back into your loan. In most cases when you refinance you’re not going to be bringing money out of pocket, however you are taking on some new expenses and putting them into that new loan.
Tracy: An example of that; let’s say your loan amount is a hundred thousand. You might end up spending two or three thousand because you have to do the owner’s policy and new appraisal, the fees for the loan and they add those back in so your loan amount might end up being a hundred and three thousand.
Tego: Correct!
Tracy: What about the length of the loan? Maybe you were down to twenty-two years left and you just decide to refinance?
Tego: That’s the other thing. That’s one of the three things here on this list. Yeah, it sounds great, you’re going to lower your monthly payments, however, instead of a home that you paid off for eight years, you’re now down to twenty-two years. You’re going to roll it back out to thirty years so in the long run, if you’re going to be staying there for a while then that may not make sense.
The other thing that I think is one of the most important things to look at is how long are you going to be in the home? We talk about this, Tracy. Most people under-predict the time that they expect to be in a home, right?
Tracy: Totally! People say, “I’m never moving again” and two years later they’re calling and saying, “Guess what? I’m ready to sell my house!” It’s great to hear from them, of course.
Tego: Yeah. There are some great tools online. If you just did a Google search for ‘Should I refinance?’ or ‘Mortgage Loan Refinance Calculator’ you’re going to find these tools that will give you the ability to put in your current payment, your new mortgage amount, your lender cost, your closing cost and do a calculation based on time – how long is it going to take – and so on.
I did a quick calculation, Tracy, just based on a two hundred thousand dollar house. If you’re currently at five per cent interest rate, your monthly payment is – let’s just say – a thousand and seventy-five. If you’re going to refinance, bring that interest down to four and a quarter, your monthly payment is now going to be nine forty-five so that sounds pretty good. It’s a hundred and thirty dollars a month difference.
Tracy: Yeah.
Tego: The thing is, you’ve got five thousand dollars in closing cost on top of that now that you’ve put into that mortgage. There’s a breakeven point where you actually saved that one hundred twenty-nine or a hundred and thirty dollars a month. In this case it was forty-seven months before you actually broke even.
Tracy: Forty-seven.
Tego: It doesn’t make sense. Four years.
Tracy: Four years! If you’re going to be in your house for more than four years then in that case then it would make sense because after four years every month you’re saving a hundred and whatever dollars so that’s great.
Tego: Yeah. I would say if you’re thinking about refinancing, look at some of those mortgage calculators and talk to a good mortgage broker, not somebody who is just trying to slam you into mortgage; somebody that’s really going to advice you. We recommend local people always because there are some great, great lenders here in town.
Tracy: We actually have a couple lenders that do excellent refinances; if you give us a call we can give you their information.
Also, Tego, can you post that link on our website, maybe in the blog so people can do the mortgage calculator on our website?
Tego: Absolutely! I’ll do that. I’ll put a blog post up here today that shows how to calculate your mortgage to refinance as well as the story about reasons why you shouldn’t refinance your mortgage.
Tracy: To piggyback on that, one of the things that’s amazingly effective in cutting down on the time you pay for your house and how much interest you pay is if you pay your mortgage bi-monthly instead of monthly or even bi-weekly so that bi-weekly you would get twenty-six payments in instead of twenty-four. If you pay bi-monthly you’re paying the interest earlier. What we know is that if you switch the way you automatically – let’s say you have it on auto payment through your bank, your mortgage. If you switch it to pay bi-weekly or bi-monthly instead of a thirty-year term to pay off, it would come down in somewhere in twenty to twenty-two years just by switching the frequency of paying your mortgage. For a long of us, that’s huge and it wouldn’t really make a difference. We already know our monthly outflow so it would really be wise to call your lender and switch your auto-pay to at least bi-monthly if not bi-weekly.
Tego: Again, there are tons of calculators out there on the internet. Do a search for bi-weekly or bi-monthly mortgage payment calculator and you’ll find something. You can run the numbers for yourself and see. It makes sense. We did it, Tracy, and it’s worked great for us.
Tracy: It has. When you set up a new mortgage, if you’re buying a home from us, just tell them you want to set it up that way right from the beginning. We’ll be hoping that you all do that.
Tego: Yeah. This is Albuquerque Real Estate Talk on KIVA The Rock of Talk. We are going to take a quick break here. Be back shortly; going to talk about preparing your home for sales, staging your home, what that all is about. The crust of it, Tracy, is how to get more money for your home when you’re going to sell it.
Tracy: Absolutely!
Tego: How do you put more money in your pocket? That’s really what it comes down to.
Tracy: Right.
Tego: We’ll be back shortly!

Tego: This is Market Makers and Risk Takers Saturday morning on 959 FM AM 1600 KIVA, The Rock of Talk here in Albuquerque, New Mexico – sunny, Albuquerque, New Mexico!
We’ve got a nice warm summer going here, don’t we, Tracy?
Tracy: Sure is! All of a sudden I heard “Welcome to the beginning of summer” and I was like, ‘Really; it just turned summer?’
Tego: Yeah.
Tracy: It feels like it’s been summer a while.
Tego: Let’s introduce ourselves again. This is Tego Venturi with Keller Williams Realty joined by Tracy Venturi with Keller Williams Realty. We’re a part of The Venturi Team of Realtors here in Albuquerque specializing in residential real estate sales.
Eddie: Let me interrupt you guys. Weather forecast for tomorrow – ninety-eight degrees Sunday afternoon, first day of summer.
Tego: Wow! I hope my air conditionings work!
Tracy: That’s awesome!
Tego: It’s hot out there!
Tracy: It is.
Tego: We got the swamp coolers worked in.
Tracy: Yeah.
We’ve actually grown our team a little bit. We have a few new members that have joined us. We are up to about fifteen people on our Venturi Team Realtors that all work together to help buyers and sellers with their home and real estate needs.
Tego: We’re a unique situation in real estate. This is actually pretty common around the country now; it’s kind of a trend where realtors team up and team together. Everybody gets on the right seat on the bus and doing the job that they’re very good at. Instead of trying to do everything, because there are so many parts and pieces to a real estate deal, both on the buy and on the sell side that it’s nice to have specialists to work through these deals.
Tracy: Yeah! If you are thinking of selling your home, give us a call and we will meet with you and put together a great marketing strategy and give you information about how we sell homes and why we’re so successful.
If you’re thinking about buying a home, we have a couple of awesome people that specialize in working with home buyers and they see thousands of houses a year. We look forward to hearing from you; 933-6881.
Tego, let’s talk a few of the properties we listed for sale this week. There were some really great ones. I know there’s one in River’s Edge.
Tego: Yeah! There’s one that I want to bring up. We’ll talk about River’s Edge first since you brought that up.
If you’re not familiar with River’s Edge, that’s the community kind of north Rio Rancho; if you go through Rio Rancho Boulevard of what is it called now – freeway?
Tracy: 528.
Tego: 528! It’s got three different names. Anyway, you go through Rio Rancho, just pass the turnoff into Corrales or the back road into Corrales, I guess you call it. On your right hand side there is the River’s Edge community. One two and three; there are three phases there.
Tracy: On the river bank!
Tego: On the river bank! Imagine that! That’s why they called it River’s Edge. We have a home listed for sale there at a hundred and fifty-nine, a hundred and sixty thousand. It’s a great house in that price point because it’s been totally updated, amazing kitchen, granite countertops, really well landscaped.
Of course, these aren’t brand-new homes, these were build maybe twenty years ago now but it’s a nice, solid neighbourhood convenient to Corrales, Rio Rancho. Rio Rancho has so many services now, there’s pretty much everything you need there unlike when I first moved to Albuquerque, there wasn’t much in Rio Rancho. But now it’s a great community and something to look at.
It’s Gamble Quails; if you jump on our website welcomehomeabq.com and look at the featured properties you’ll see it there. A hundred and sixty thousand for a nicely updated house – three bedroom, two bath, two car garage.
Tracy: That’s on a quarter-acre that’s really beautiful .
Tego: Yeah.
Tracy: What’s the other one you wanted to tell us about?
Tego: The other one is also in Rio Rancho. It is in a community called Vista Entrada. If you’re familiar with that, Tracy, it’s a little further north, half acre lot for the most part in this community at Adelia and 528; they’re just west of 528 off Adelia.
Tracy: Right, the Judicial Complex.
Tego: The San Diego County Judicial.
Tracy: Sandoval County.
Tego: What did I say?
Tracy: San Diego.
Tego: Sandoval County Judicial Complex. This house is a three hundred and thirty-two thousand and it’s one of the highest quality, energy-efficient, really meticulous homes I’ve seen in a long time. It’s not a gigantic house, it’s twenty-one hundred and fifty square feet but it has ICF walls. Are you familiar with ICF walls?
Tracy: Insulated Concrete Form, absolutely! It’s very highly rated for energy efficiency. It’s a nice, thick wall; it’s kind of sound-proof, provides kind of a serenity inside.
Tego: Super efficient, super solid and literally bullet-proof house. The inside is all meticulous wood work. All the finishes were done – custom cabinetry, custom doors and so on. And it’s solar power so it’s really zero-energy bill house.
Tracy: You saw this house this week and I remember you coming back to the office and just telling everybody, “You guys have to know about this house” although many people on our team have seen it.
Tego: Yeah.
Tracy: It’s really a gem. If you’re interested in a really efficient green-built home that would be a great choice.
Tego: Again, visit our website. Fallcreek Court is what it’s called, the street name of that home.
Tracy, let’s talk about some tips. We had talked about this earlier – getting ready to sell your home. I want to just get into that before we do anything else because when people get ready to sell their home, they really need to think about it. It’s more than just saying, “My home’s in the market now. Put it on the MLS, put the sign out.”
Tracy: It really is. It’s becoming a product instead of your home. We have to think about it as more of a product even though that’s tough when you have all your memories in the house.
Think about when you go to sell your car. What do we do? The first thing we do when I need to sell an automobile is I go and have it detailed. I might take it to Octopus and pay the most money I can to have them shampoo the carpets and clean it all up. If I have any dings I might take it to a dent repair place.
Tego: Yes. We might spend two to five hundred dollars to get a car ready to sell – it’s a ten thousand dollar car, let’s say. But we’re talking about a house and it’s a much larger asset; it’s probably the largest asset that most people have. We should put that same type of attention to detail into prepping the home for sale, correct?
Tracy: Absolutely. Staging and setting up the house to put its best foot forward is the best thing that we can help you with and that we can do for yourself to make sure that you can get the most money in the least amount of time when we sell your house.
Tego: When we say staging, what does that mean? I think to different people that means different things. I know there’s a ton of shows on Home and Garden TV talking about staging and that stuff. What does that mean? Can you define that, Tracy?
Tracy: I have to confess first that I watch HGTV.
Tego: I know you do.
Tracy: You say I show houses all day, how can I watch it on TV, too and I’m like, like the rest of the world, real estate is interesting.
Staging, yes. There are a variety of things. It can be as little as the realtor – come to the house and say, “Here’s what I would do to make it look better. Here’s the list. Let’s put together a list of things to do” to hiring maybe an interior designer, somebody that’s got some skill at this and they do this for a living to come in and you pay them by the hour and they re-stage. They say, “These photos have to go. We need to put this picture a little bit lower. Let’s move this chair over here. Let’s clear this path in the walkway. Let’s put away some toys.”
Tego: These are trained designers that can come in and basically take what you have and present it in a way that’s maybe more appealing to the masses of the people that are going to be looking at the home, correct?
Tracy: Exactly! We had a house in Loma, Colorado a couple of years ago – great house, lots of showing, we weren’t getting the offer. We suggested restaging and they hired an interior designer who was there for two to three hours, brought in a new kitchen table that they rented from a rental place and changed around photos and furniture groupings and things and really just restaged. We sold the house that week, the next person through.
Tego: Staging can come down to something as simple as cleaning the house. I know everybody gets comfortable with their environment that they’re in constantly and sometimes it just takes somebody else coming in and saying, “I need to do a little clean up over here, a little paint over here and move these stuff around” because we all just get comfortable with how we live.
Tracy: In our market, to piggyback on that – we still have quite a few houses to sell. You’re competing for that buyer so the house that’s been spit-shine and polished, you walk in and it feels sparkling, light, and bright. It’s the one that’s going to go.
Staging can also be how the house should look when the buyer comes to look at it. Opening up the blinds, turning up the lights, making sure it smells good. One of the tricks of the trade is to put a little bit of real vanilla in your microwave a little bit before a showing and set it somewhere inconspicuously in your kitchen and it just freshens it up. A bunch of sprayed smelly stuff is not the way to go; that really turns off buyers.
Tego: You’re right. It can overpower folks when they walk in the door. There are a lot of people with chemical sensitivities so you have to be aware that if you’re not there may be other people that are.
Tracy: Very often people don’t like to leave the house and still smell it two houses later which can happen.
Other things about staging, Tego; we often recommend professional stagers with furniture.
Tego: Sure. That takes it to the next level. Instead of just getting a consultation and using what you have, you have somebody that basically rents you furniture. They move it in, they prepare it, they stage a home that works on homes that are vacant, obviously. We’ve done that a few times with great results.
Tracy: When we take the photos of the house, we look at a vacant house versus one that’s been staged with furniture. The photos are so different; they’re inviting and it doesn’t scream that I’m a vacant, unloved house.
Tego: Yeah. Tracy, we have some resources available for people if they want to get some help in getting their home ready for sale. We always have these available for our clients that obviously, we’re listing their homes. We’re happy to send them to anybody that reaches out to us.
Tracy: Right! We have a couple of pamphlets that we can email – Forty-Seven Easy Ways to Make Your Home Sell Faster; great tips in there.
Tego: Good old checklist, you know?
Tracy: A checklist, sort of, for prepping and staging your home for sale. If you like those just send us an email from our website and we will get those off to you.
Tego: Our website is -
Tracy: www.welcomehomeabq.com. Boy, the time has flown here this morning!
Tego: Yeah! Let’s squeeze in that one house in Corrales. We just want to talk about it because it’s just a spectacular place.
Tracy: Sure!
Tego: You’ve been there. I put the sign up. It’s a great little location.
Tracy: Sure is!
Tego: Excuse me, not little!
Tracy: South end of Corrales, in the Greenbelt; two full acres – lush green grass. It’s mostly adobe home with two masters; about three thousand square feet, single storey, South end of Corrales. It’s really great; it’s seven hundred and sixty-five thousand.
Tego: Two acres which is kind of rare in Corrales. A lot of acres in Corrales mostly.
Tracy: And irrigated.
Tego: Yeah. There’s irrigation nearby. It’s a great property.
Anyway, thanks for listening! This is Venturi Team Realtors, Tego and Tracy Venturi and this has been Albuquerque Real Estate Talk. Thanks for listening!
Again, if you want to reach out to us, we’re at 505-933-6881

Albuquerque Real Estate Talk – June 14, 2014

Albuquerque Real Estate Talk – June 14, 2014

Tego:                     Hello. This is market makers and risk takers here on 95.9 FM AM 1600 KIVA, the Rock of Talk. This is Albuquerque Real Estate Talk with Tego Venturi and Tracy Venturi of the Venturi team of Keller Williams Realty. We come here every Saturday talk about real estate, Albuquerque real estate, residential real estate in the area here. Tracy, who do we have on tap for today?

Tracy:                    All sorts of great stuff. Of course we love real estate. We’re going to do our usual market update, right Tego?

Tego:                     Yup, I got the new May numbers. We can go thru that.

Tracy:                    Great! We’re going to cover our tip of the week and do a little bit of news roundup. There’s been a lot of real estate news this week, so we can just chat about it. And we’re going to really delve into how you determine your home’s value, how does an appraiser look at it, how do buyers look at it, how do realtors look at it.

Tego:                     And what is a ‘zestimate’ and what does that mean? If you don’t know what that means, we can talk about it. If you do know what that means, you may be a little confused about it. We’re going to clear up those confusion on those, too. ‘Zestimate’, just so we know, it’s an automated, online and home valuation system on Zillow.

Tracy:                    Sure. We are working this weekend. If you have questions about residential real estate, feel free to give us a call 933-6881. That would be to the Venturi team realtors here at Keller Williams Realty

Tego:                     Market update?

Tracy:                    Go for it. You got all those numbers ready to crunch.

Tego:                     I know. I’m kind of crazy about this. I did just do my monthly video blog and put it on our website with the market numbers. If you do want to catch that, you can just go to our website at welcomehomeabq.com. I walk thru and show you the numbers and where we’re at. The first thing is we did get report from our board this week, GAAR – Greater Albuquerque Association of Realtors and there were some good thing in there and there were some thing that were a little odd. However, overall, I feel like it how what we’ve been seeing which is we’re kind of in a steady, maybe a slight appreciation market.

Tracy:                    Exactly, That’s how I would place it.

Tego:                     The headlines and the papers and stuff were “Prices raise in May”, and that’s sort of true; however, we’re looking at averages. The average price from May last year to May this year is 5 ½%. That’s like Wow!

Tracy:                    Up 5 ½ %

Tego:                     Yup, up 5 ½ %. That’s a big number and that’s surprising when you look at it on its face. However, if you dig into it deeper, that’s not the same house. A year later, the same house has gone up 5 ½ %. We’re looking at averages

Tracy:                    Right. What we look at is kind of neighborhood to neighborhood, price range to price range

Tego:                     Yeah. And we talked about this last week, Tracy, the more expensive homes are selling at a stronger pace this year than they were last year. So we’re up about 20% in the 500-and above price range. So if you look at the homes that are 500-and above, we sold 20% more this year than last year. That is also driving that averages. I’m not trying to di the number. I just want the people to put it into perspective that 5 ½% doesn’t mean their home has gone up 5 ½% in the last year. We’re probably more on a 1-2% appreciation range right now

Tracy:                    Right. So when we sell more of the higher-priced homes, it brings up the average. Definitely, we’re seeing more of those higher-priced homes selling which is bringing up the average, but it’s not necessarily meaning each individual houses jumping up.

Tego:                     Sure. Let’s do a little news roundup. On a national scale, I looked at a couple of things. Again, I included this in my video, but the [0:04:18], which is a national one they do a 10-city composite, a 20-city composite of the whole country. The interesting thing about that one is the market shows that we’re basically back to that 2004 level. Obviously, 2004 is when the bubble started to really grow. Obviously, in 2008 is when the bubble burst. It seems like, if you look at it from a national standpoint, we’re back to those 2004 levels right now. I think that’s probably true here in Albuquerque as well based on what we’ve seen.

Tracy:                    I would totally agree.

Tego:                     A couple of news stories. Damon Scott from Albuquerque Business First, and I’m sure it was showed elsewhere, but I saw there that Downtown Anasazi Condo project is complete.

Tracy:                    That is so exciting. That building was sitting there blooming over the downtown skyline.

Tego:                     Kind of sad.

Tracy:                    It was very sad.

Tego:                     It was sitting there vacant. People know where that is. It’s just right downtown. It’s a beautiful project. They’re finally back up and going. You can look it up on Albuquerque Business First. There’s the story there. They got really nice swanky condo units anywhere from 650-1,000 sq. ft. The prices range from 145-220 in that range. So if you’re looking for that modern downtown condo feel, it’s there. It’s up and running, and it sounds like they’re starting to sell.

Tracy:                    Yeah, give us a call if you’re interested in a downtown condo or a loft or that hill kind of thing because we love to share those. They’re very cool. Great opportunity for people who want that lifestyle. The kind they can lock and leave, the hip areas close to shops, restaurants, things like that.

Tego:                     There’s this one, and obviously there’s a handful of other condo-communities downtown and Knot Hill area and of course other areas but if you like the walkability and the areas are close, you can just walk to different places. Those are the top choices—downtown Edo and uphill.  Did I miss something?

Tracy:                    Downtown, there’s a couple [0:06:46]. Those are trendy.

Tego:                     Tracy, let’s jump to the tip of the week. You had something that we had found on the Penny Mae website which was kind of interesting. It was about selling your home.

Tracy:                    Absolutely. We’ve had a couple of questions this week. People are asking us about helping selling their  houses, and they’re saying, “Should I sell by owner without a realtor hire a realtor?” We’re glad to answer the question. We’re happy they asked it.

Tego:                     We’re somewhat biased, I would say, but we try to give it to the straight and give them the pluses and minuses on both sides.

Tracy:                    Yeah, so really when you look at the Fanny Mae website, really it says “Decide how to list. Select by real estate agent or by owner how you will market and list and sell your house. There are pros and cons to each, but unless you’re experienced at selling homes, it usually makes financial sense to get professional help. Homes sold by agents typically sell at a higher price and spends less time on the market, and agent will also help you determine the best pricing for your house. They’ll market the home. They’ll be your advocate throughout the process. We know this. We see “For Sale by owners” a lot of times. They take it on and they price it to take out what they would pay a realtor, and then the buyers beat them up again to lower the price even further. We know from the National Association of Realtors and the local boards that

 

Tego:                     Welcome back to market makers and risk takers here on 95.9 FM AM 1600. This is Albuquerque Real Estate Talk with Tracy Venturi and Tego Venturi of the Venturi team of Keller Williams Realty here in Albuquerque. We’re here every week talking about residential real estate in the Albuquerque area. Tracy, we’re going to just jump right into this whole market valuation thing. A big question people get stuck on is ‘What is my home worth?’ Even us as professionals doing this every day, looking at homes, and appraisers who use a very scientific method and formula for determining home  values, there’s always going to be some variation here because what a home is worth is what a buyer is willing to pay for it. I just told it.

Tracy:                   You just stole my fender. I was going to say, “We can answer this question really quick and move on.” The answer is what’s a buyer willing to pay is what your house is worth.

Tego:                     Great! That’s perfect. Let me give you the follow-up question. How do we determine what we think a buyer may be willing to pay for a home?

Tracy:                    Sure! What we believe is we look at neighboring data, similar-sized properties, similar condition, see how long they were on the market, what the price history was, what they sold for. In our area, in all of New Mexico, sold prices are not public record. So to get sold data, you need to come to a realtor like us, and we can use sold data when we’re in this scope of pricing properties. We try to make it what’s called comparable market analysis. We look at homes typically within a mile or the same neighborhood, one-storey to one-storey, 2-storey to 2-storey, similar square footage. We try to stay within 10-15% on either side of the size of the home we’re looking at and we pull the data. When we’re pricing a home for sale, we like to do what’s called 555 if we could have it. Five active houses for sale in the area that a buyer might also look at

Tego:                     Those would be like what competition is, basically. And of course, people have to think of it a little bit differently because when you’re putting your home on the market, it suddenly becomes a product competing against other products on the market. That’s what we’re looking at. We’re looking at those 5 homes that are the competition, right?

Tracy:                    Right. What else are they going to see the day they go out and look at houses with the realtor because we want to make sure yours is positioned so were not giving it away; but that it’s priced competitively. We’re not just helping the neighbor’s houses out.

Tego:                     What are the other 2 5’s that you’re talking about?

Tracy:                    5 houses that are in pending sale. Which ones are selling? They’re not closed yet. We don’t know the sale price, but they’re out there as somebody thought they were good houses and they put them under contract.

Tego:                     SO, they’ve made an offer on it, there’s a pending contract. They’re working thru the contract contingencies. They’re in escrow period then.

Tracy:                    Correct. And 5 similar sold properties. So 555. Like I said, 5 similar from the same area. I was in a patio home neighborhood yesterday by Wyoming and Paseo. Actually, this was going to be on my coming soon part of our radio show here this  morning. You know, when you go a mile from this patio home neighborhood—it’s right there by Paseo and Wyoming by Flying Star and the Countrywood neighborhood.

Tego:                     Nice area. Really nice neighborhood.

Tracy:                    Yeah. Great proximity the North Domingo Baca Park and multi-generational center and the Flying Star and everything. But if I went a mile out radius, I’d get a bunch of detached houses on big lots that really wouldn’t make sense. So when you do a market analysis on that house that we’re putting on the market today, it needs to be similar-sized lots in that patio-home concept.

Tego:                     Sure. We’ll get back to that because we do want to talk about some hot properties coming up, and that’s one of them. when we’re looking at those sold properties, when an appraiser does a market analysis or does a market value on a home, they’re, for the most part, just looking at sold homes, correct?

Tracy:                    Not always. I do see on appraisals when they do have some non-sold properties, when they really can’t find things.  But typically they’re looking at sold properties and then they adjust for differences.

Tego:                     What’s the purpose of an appraisal at the time you get an offer. So a buyer comes and says, “I’ve looked at 10 houses, and this one has everything I need. I’ve looked at the prices of the other homes” and they made an offer and they put an offer on the property, and the buyer and seller have agreed on this price. Now they apply for the loan, the appraiser comes in. What’s the role of that appraisal? Long question. Sorry.

Tracy:                    Sure. You had a long set-up. The appraisal is for the buyer or the lender, so there’s no loan. It’s for the buyer to feel like “Yes, it’s the right price.” Or it’s for the lender to say, “Yes, I’m making a good loan.” What a lot of people don’t understand—they think the appraisers like taking a shot in the dark and trying to appraise it for the price, but actually the appraiser gets a copy of the purchase contract. They know what’s agreed upon. They know what’s included in the home, if the [0:05:39]. They know if the seller is paying some of the buyer’s closing cost. They know the sale price. So they’re really just trying to justify to the lender that the house price is fair for the bank to lend on.

Tego:                     Really, what their job is to make sure that the bank is not making a bad loan.

Tracy:                    Right. And if it’s a cash purchase , sometimes the buyer just feels like they need that appraisal as well. So it’ not always for the lender. Sometimes the buyer just says, “Hey, I want an appraisal.”

Tego:                     So the best way to determine what your home is worth again is what? Real good set-up question there, Tracy.

Tracy:                    Call me. Is that the right answer?

Tego:                     Of course it is. To be fair, call a real estate professional. In New Mexico, again sale prices are not public record so you do really need a realtor to look at those numbers and really crunch it and make those adjustments. If the home has a an extra bedroom or bathroom versus another house, you do have to make some adjustments to be comparable.

Tracy:                    One of the things we find a lot when we’re talking and meeting with home sellers the first time is what they’ll tell us is “The house around the corner sold for 260,and the one over there, my neighbor told me sold for 280, so I want 290 for mine.” I go and look at the data and I go “There’s nothing in this neighborhood that is sold over 240.” What your neighbors are telling you things are selling for may not really be out there.

Tego:                     Many times, what they’re quoting is list price not the actual sale price.

Tracy:                    Or even not. The latest case there wasn’t even any listed that high.

Tego:                     Let’s talk about the ‘zestimate’. We kind of set this up earlier. So I’m at home and im just kind of curious and I’m surfing on the internet and I do a Google search of ‘What’s my home worth?’. If you search that, you’re going to end up at Zillo at some point. Zillo is a national—they’re really not associated with any real estate or anything; they’re a marketing company. What they do is they take all the homes that are for sale and publish them on their website. They also include a database of all homes in the country—every single address in the country and they come up with what they call a ‘zestimate’. What this is is an algorithm-based calculation of the home value. It’s for every home. What we find is, and many times we’ll have the question of “It’s zestinate is way off. How do I adjust that?” You can’t really. you can do a  few things, but there’s not much you can do. The point of bringing this to people is to understand that that estimate or what they call ‘zestimate’, it’s just a math formula.

Tracy:                    Tego,how accurate is this ‘zestimate’ in New Mexico?

Tego:                     It’s the lowest–

Tracy:                    Of any

Tego:                     Of any state. Because New Mexico is non-disclosure, Texas is non-disclosure as well. There’s a few other states. We don’t publicly publish sale prices. They don’t have that information because they’re really not associated with any realtor organization. They use things like Assess Value; and of course, Assess Value, what you usually find in Assess Value is how do those compare to True Value.

Tracy:                    Generally, they’re pretty far off unless a house has been sold recently.

Tego:                     They’re usually quite a bit lower, right?

Tracy:                    Yeah.

Tego:                     And so they’ll take some of that, and they’ll look at what other homes are listed for. They must because obviously they do have that data, and they come up with a calculation. But it cannot take into account square footage. They’re just going to take averages for the neighborhood ad square footage. They’re not going to take into account things like number of [0:09:34], storeys, upgrades, updates, landscape, all those other little things that are important when you’re trying to determine the value of a property.

Tracy:                    Yup. So if you’re the smallest house in the neighborhood or the biggest house in the neighborhood or you’re in the North Valley on an acre, and everybody around you is in a subdivision, the ‘zestimate’ is not going to be too accurate.

Tego:                     The short of that is call your realtor or call us 933-6881. Let’s jump into some hot properties, Tracy.

Tracy:                    Awesome. We’re making a house active today like I said in Countrywood which is a patio home right there in Paseo and [0:10:14] across the street from Flying Star in that little complex. Really close to Smith’s and Starbucks and Flying Star and the dog park and the multi-generational cultural center. Everything is right there.

Tego:                     Once I get the sale finished it’s going to be an easy in and out of that area to most parts of town.

Tracy:                    Right. This particular house is a 2-bedroom plus and office, completely updated, beautiful. It looks like a model home. It’s 259.90. we also just listed 2 houses in 7 Bar North which is kind of kiddie corner from Intel. It’s in Albuquerque, but that northwest section very close in

Tego:                     Hot Wood Mall, Intel, that whole vicinity. That whole area.

Tracy:                    One of them we listed is on Cascada Azul place. It’s 295,000. It’s a single-storey with this awesome pool. Don’t miss it. If you’re looking to get out there and enjoy the ppol this summer. Another one is on Montara with huge backyard views

Tego:                     [0:11:14]. That one is listed at 187.

Tracy:                    187. It is gorgeous, too. The owners have done a great job there.  2 really great properties, updated, ready to go in 7 Bar North. So give us a call

Tego:                     As we know our office is in that Cottonwood area Coralles Road and Alamida. There’s a lot happening there. There’s so many services. There’s every store you can think of in that area. It’s a great location. I like it

Tracy:                    Great day! Go out and enjoy it. We look forward to talking to you again next week.

Tego:                     If you want to connect with us or see any homes for sale and of course, the homes we have for sale, visit our website at welcomehomeabq.com. Thanks for listening.

Albuquerque Real Estate Talk – June 7, 2014


Albuquerque Real Estate Talk June 7 2014

Tego:                                     Welcome to Albuquerque Real Estate Talk on 95.9 FM AM 1600. This is small business Saturday, market makers and risk takers.  And this is Tego Venturi with Keller William Realty of the Venturi team of Keller Williams Realty and I’m with Tracy Venturi. We do this every week talking about residential real estate here at the Albuquerque area, what’s been going on. Everybody have interest in homes and home ownership and real estate one way or another, even if you’re renter, right Tracy?

Tracy:                                    Absolutely, you know everywhere we go we hear people having conversation around us seem like everyone’s talks about real estate.

Tego:                                     Everybody got to live somewhere. So it always comes up for us and we’re obviously in that world. That’s pretty much what we do. We have a team, 13 of us that work together. We have people that specializing making buyers people, specialize in helping the home sellers. We have marketing people as well as administration people to with all the help of all the crazy amount of paper work involve in real estate transactions.

Tracy:                                    Absolutely and when we list houses for sale, we sometimes work with you directly, but we have 2 great people that are our partners in this. Meredith Stump and Troy Harlow are people you also might hear from.  So if you give us a call, want to sell your house, you might speak with me or you might speak with Meredith or Troy. And I have to say they’re great if I were going to be selling my house, I would choose one of them in addition to me.

Tego:                                     Well you get the whole package because we do have them the marketing people and all the marketing stuff that I do behind the scenes to get people to find a home as well as visit our website. Speaking of, we have a great website to help you search for homes, we have all the homes for sale in Albuquerque area it’s welcomehomeabq.com you can map search, you can search by price, you can search by area, pretty much, you name it, you can do your search.

Tracy:                                    Also in venturiteam.com does the same thing. It might be easier to remember venturiteam.com, welcomehomeabq.com, or give us a call, we’re working, right?

Tego:                                     What’s the number?

Tracy:                                    It’s 933-68-81, we get to work all weekends. So we loved to hear from you, give us a ring.

Tego:                                     So Tracy, let’s just jump into the news here. Some articles out this week, there is an article in the journal the headline was ABQ home prices rise again in April. This is a national study or excuse me let me rephrase that, this is chronologic which is the national organization that studies market conditions around the country in the way of real estate we’ve seen, what they are saying is there’s a year over year price increase of about two and a half percent maybe two, you know in that range in.  And won’t you agree that kind of what it seems in right now, it’s just the real study kind a slow appreciation market right now.

Tracy:                                    I would agree. It does seem that way in the typical price range where most buyers in our market.

Tego:                                     And you know that I always harp on this is it. Somebody’s national story applied to us but in this case, it’s very specific just who are our market and we’re kind of steady right now, you know seems that we’ve gone through the worst to the market condition. However, it’s not boomy neither, it’s not like we’re just going crazy with home sales right now.

Tracy:                                    No and tell us about the higher price point. What about houses over a million, how’s the inventory, how many sales are we seeing?

Tego:                                     No. I’m kind of a crazy looking some of this stuff Tracy but I pulled up the numbers on come on the higher end because you know we have the high end properties we’ve had for sale for a long time to be honest. I mean it’s just because the way the market is higher and it’s kind of the slowest to recover and what I found, I ran the numbers of homes for five hundred thousand dollars or more or half a million and above this year, we’re up 21 percent and the number of home sold this year versus 2013, so that’s a positive sign in that higher end market.

Tracy:                                    That’s really great. I bet the number of houses to get up by 20 percent we’re not talking about huge number of homes?

Tego:                                     No we’re not, just to break it down like in a million dollars and above, obviously there’s a limit numbers for those type of home, it’s actually 156 of those home on the market right now million dollars and above in Albuquerque.

Tracy:                                    How many?

Tego:                                     156. This year, year to date there’s been 12 sales. In that area that’s called maybe the ultrahigh end I guess in Albuquerque. It’s still not booming but it is better. 12 sold this year so far versus 10 last year, that’s 20 percent increased, but again it’s 10 versus 12.

Tracy:                                    Is it year over year? Or is it year to date?

Tego:                                     Year over year, year to date. Yes, it’s through May of this year versus through May of last year.

Tracy:                                    So those 2 extra houses are 20 percent, but still there’s a hundred and fifty out there waiting for the right buyer.

Tego:                                     What other market condition thing I wanted to talk about is I got a different report from again chronologic and this one talks about the equity report just kind of a national over view.

Tracy:                                    An equity means?

Tego:                                     Difference between what you owe and what you could sell on home. The equity is a difference between what you owe, your lender and what you actually sell it for and the sales, so it’s that spread. That’s really what you own in a property, obviously the bank owns the portion that they’ve lended two year for the property. The equity is that spread and of course it happened in the market decline in 2008, we went through there is that a lot of people negative equity positions. Meaning they‘d owed more from their home than it was actually worth. Now, we’ve obviously with the appreciation over the last few years we started come out of that so some of the numbers are, so far 312 thousands homes is actually regain equity in 2014. That was good, but there’s still 6.3 million homes that have mortgage and in are still negative position. The interesting stat that I saw that was fascinating is that if home prices increased in just another 5 percent and let’s say we just take the average maybe that’s 1 and a half,  2 years if you look at the big picture, that’s 12 million homes would come out in negative equity position with, excuse me, 1.2 million I misquoted that, 1.2 million homes would come out of the negative equity was just the 5 percent appreciation.

Tracy:                                    Let’s talk about a great neighbourhood on the west side that I wanted to mention. We have an open house tomorrow Sunday, actually 2 open houses, on the Lucia which is a really great neighbourhood close to I-40 off course on the bluff of the Rio Grande river.

Tego:                                     Let’s talk about that area in particular, tell me about that area Tracy.

Tracy:                                    Sure. The area was developed a long time ago, there still lots for sale there, new homes being built there. There are homes for sale from regular sellers that need to move. It’s quick to downtown, a lot of people like that it’s close to I-40 quick over the river, downtown UNMwe see a lot of people right next to it.

Tego:                                     Explain exactly where it is, that kind of area.

Tracy:                                    Sure, right next to Saint Pius High School, off course between the river and course, North of Southern of Montaño.

Tego:                                     In spite of old La Looz, I say old but the La Looz community the end fund, predoc community, condo community right there uncoursed.

Tracy:                                    Right, it’s all part of that and it’s called the Lucia day La Looz and on the east side of course towards the river, there’s some really nice custom homes, there’s the gated neighbourhood in there. It’s Basque de, what is it called? Basque came from the Lucia not sure what it’s called, but there is a gated neighbourhood with lots for sale so you can pick your own builder or there’s a few spec homes being built in there and then Scott Patrick has built in the lot and the homes there and then some where tree which is one of the Scott Patrick products is also building in there more affordable.

Tego:                                     Can you mention this, let me just expand on it, there’s some custom home and lots on that area, correct?

Tracy:                                    There are, there is a gated neighbourhood and there are customs lots for sale , you can just buy a lot and pick your own builder and you know, but not everybody is up to that, picking everything for a new home can be overwhelming. It’s definitely test of a marriage, we’ve heard that over and over.

Tego:                                     We had no problem.

Tracy:                                    We didn’t. However, there’s a lot of decisions made if you’re going to custom home, but if you get a good builder, who is used to knowing how to help you pick things, give you good choices, not too many choices it goes well. The gated neighbourhood is El Basque de La Looz under Lucia and several builders are building there. 2 houses that we’re going to be holding, holding open or both Scott Patrick built big views on one of their backyard to the river toward the San Diaz, really beautiful single level homes kind of what would you think of executive up skill home, ones in a high 300, ones in a 400, it would be hard press to find them new at that price right now. Sunday afternoon from 1 to 3, you’ll free to go and check it out, the signs will be out of the course.

Tego:                                     1-3 Sunday and that’s just right there off, of course between let’s say Basque School and Saint Pius with the certain extent.

Tracy:                                    That’s pretty much it.

Tego:                                     A fair way to put it.

Tracy:                                    Yes, speaking of, there’s apartment, up skill luxury apartments going in by Basque School right now, it was part of under Lucia master plan those have been for the works for years.

Tego:                                     Lot of activity in the area, there’s another builder who’s doing stuff. I guess we can call it the older developer the West side of course which was, again this is part of La Looz del Sol on the West side and there’s a new construction going on there as well.

Tracy:                                    Los Montanos is building there, correct?

Tego:                                     Yes.

Tracy:                                    Beautiful, kind of more modern.

Tego:                                     There was an actual article business journal, famous Scott who does residential real estate news in an Albuquerque business first excuse me, I said that wrong, the Albuquerque business first, he did a story about what they got going on over there, got a few partners and they got some things going. It’s nice to see, that’s a nice are of town, relatively close to whole [0:11:33] area do which is nice. Where going to take a break here be back shortly and this is Albuquerque real estate talk on 95.9 FM AM 1600. This is Tego Venturi with the Venturi Team of Kelly Williams Realty, you can visit us at welcomehomeabq.com, back to you shortly.

Part 2

Tego:                                     Thank you for joining us on Albuquerque Real Estate Talk. This is Tego Venturi with Kelly Williams Realty Venturi Team joined by Tracy Venturi and we’re here on 95.9 FM AM 1600 KIVA the rock of talk. This is Saturday morning makers and risk takers then we really enjoy committing, talking residential real estate every week Tracy?

Tracy:                                    We do and we love to hear from you. If there’s a topic you like for us to discuss, call us and tell us. We will make sure to bring it up on the air. Tego, one of the things this morning, actually yesterday, we met with our landscaper Gail with handy girls. We were talking to her and about our radio show she said, I am way too busy to be on a radio show. However, we have had a lot of questions lately from people and hit this past week because really change things, what time of year should we planting grass or putting in a seed, what should be doing.

Tego:                                     Well you know a discussion came up we had somebody, a friends of ours is getting ready to do grass and because I just had a bearer spot, he use to seed and she said, seed not now. Seed, you do that in the spring or the fall, ideally the fall. If you’re going to do planting right now probably need to be sad, that’s the recommendation and then I think that makes sense of course, this time of the year having this type of heat, it’s going to take a lot of water to get it sad too.

Tracy:                                    It’s better to wait, do it in the spring or fall for seed or sad.

Tego:                                     Coincidently I saw this article here and I was talking to you about it.

Tracy:                                    Landscaping, we know from working with sellers and buyers all the time, how much a great yard can contribute towards the sale ability and even the value of a property?

Tego:                                     We always talk about curve appeal. Curve appeal is when you’re trying to sell a home, of course landscape is an important piece of that curve appeal and of course in today’s world it’s not the curve appeal when people just drive up to the house. It’s a curve appeal of the photograph when they see it online, 90 percent of the people see the home that they going to buy online before they ever go up and drive up to it.

Tracy:                                    Totally and so, one of our kind of big deals when we list the house for sales. The photos need to be excellent and the first visit to your home is online. They may never get inside the door if the photos don’t say yes. The first few photos online are going to make or break, everybody this days seems to have ADD. There online shopping for homes. They look through the first 3 to 5 photos of your house and then go on to the next one if it doesn’t grab them. That curve appeal needs to be great right from the get go.

Tego:                                     We all have ADD. It’s not a good thing. I don’t think, but unfortunately that’s the culture where in right now.

Tracy:                                    Right, we know that when we market the house, we have to get to the top of the search engines, have to come up from the first page and the first 5 or so photos need to grab people so that they do get that appointment to get to the house.

Tego:                                     Yes. People definitely need to be able to shake them and catch their attention right away, and that’s true in any marketing this days.

Tracy:                                    What about landscaping for your house?

Tego:                                     This story jump out of me, I saw an house logic, houselogic.com, it’s just some kind of a house home, real estate website something that I subscribe to. They had a story that says gorgeous landscape for your house means more than just looks. What they are talking about is your home’s value and the study was done by the national home builders association and what they came up with is a good landscaping can add up to 28 percent to your home’s value which is odd, to me that was shocking, but I guess if that’s a patch of dirt versus a nicely landscape house, I guess that could be possible.

Tracy:                                    Seems like a really big number, I know when I’ve shown some valley properties down by the river and they have just a lots of lush cotton woods and that is really nicely landscape with maybe meandering path a little arbour, a little hidden treasures and places to sit under covered area, it really makes a huge difference on sale ability but I say probably.

Tego:                                     That Segway’s actually into another point here. Don’t landscape merely to flip your house. You don’t get your money back, so I guess what they’re saying is you’re just buying a house to flip it, resell it, you know you’re not going to get your money out of it. Do the landscaping because it’s something to do, it’s enjoyable, you get to enjoy trees, you get to see the trees you know and in the end you are making a good investment out of that.

Tracy:                                    I beg to differ though, I think when you’re flipping a house, the outside it just as important as the inside, getting somebody, most people don’t want a project to when they’re living in. They want it done, they want to move in and enjoy. Not everybody wants to do landscaping.

Tego:                                     That is true. Interesting story, it goes through a couple of different tips here, just talks about the trees and what value trees bring to a neighbourhood and just using an aid of plant course here in New Mexico using an aid of plant is great because it’s less water use and yet you still get the beautiful foliage of some of this made of plants.

Tracy:                                    And for us, we were kind of believers when we landscape our acre, that we want everything to provide something so we planted plants that are good for humming birds or good for other birds or they produce fruits. We we’re like, we’re going to be watering this plants, let’s get this some cherries and some peaches and pears and apples and things out. That was our plan.

Tego:                                     For sure, absolutely. The humming birds, they were out in full forces here, hasn’t there?

Tracy:                                    They have been               just crazy at our house.

Tego:                                     Not to mention the cricket, they’re grasshopper, I’m sure they are not cricket; they’re grasshoppers that we’ve had here in Albuquerque area.

Tracy:                                    We’ll they’re just a minor nauseates.

Tego:                                     That’s true. We got some hot properties wanted talk about. What do you have for Tracy? It just listed for sale, just kind a give an idea going on around town prices are looking at want to share this property with you.

Tracy:                                    Sure, we have 2 that just went active that I can talk about, but we have 5 in the hopper right now and probably 5 more next week coming on the market, if you want to find out about thing that might not be on the market yet, give us a call and the coming soon properties, we kind of have our list of what’s coming in case there’s a certain neighbourhood that you want, give us a call and we’ll watch for it and If we have something, you’ll know about it first, which is good, because some neighbourhoods are pretty hot, we are seeing some multiple offer in some areas.

Tego:                                     Some areas are, It’s very neighbourhood specific for sure.

Tracy:                                    We just listed one in a, it’s by course and Montano just a couple of blocks from that intersection, its beautiful single storey.

Tego:                                     Which directions from there Tracy?

Tracy:                                    It’s just West of course kind a up to hill from Dion’s. It’s really nice single storey with real open kitchen. It’s not that old but it already updated, new cabinets, new flooring, lot of new things and beautiful wood blinds just make it great, but one other thing I love about it, really large yards, I think about a quarter acre. There’s two areas of grass, just lots of beautiful plantings, which speak to what we were just talking about. We just listed it, we already have a couple of showings and the feedback has been great. It’s 2.99 it’s just about 2000 square feet, very nice with the walk in shower and the master which I know a lot of people like and then we just listed one in Real Rancho in Vista Entrada.

Tego:                                     Vista Entrada, explain to people where Vista Entrada is. They’re not familiar with unit 17 North Real Rancho. It’s not unit 7 is’t? It’s unit 21, go ahead Tracy.

Tracy:                                    Sure, Vista Entrada is a neighbourhood where developer where in about the majority of the lots and then put underground utilities in. So mostly half acres, some are three quarter to an acre or more. The streets are all pave, there’s sewer in the ground so you kind a get the best of a country but you have city utilities and no overhead wires to obstruct those phenomenal views.

Tego:                                     That neighbourhood has larger lot to have half acres pave streets which in lot of places in Real Rancho you don’t get that, you can get the half acre but a lot of times maybe a dirt street.

Tracy:                                    And a sewer line and a well which cost quite a bit to put in.

Tego:                                     True. What’s the property like?

Tracy:                                    This particular one is listed for 332,000, it’s just about 2200 square feet, a single level, beautiful North of New Mexico, look pro panel roof and really great half acre. It’s not very old, it was built in ’09 and its nice 3 bedrooms with some flex base, real great room concept, real open but the views, the Santa Fe, the Hamas, the Sandia just phenomenal views.

Tego:                                     Those views at the North end of Real Rancho looking back toward the Sandia and of course even looking North East up toward Santa Fe and a same way to Christos. They can be just spectacular. If you haven’t seen that area, there’s a lot going on obviously you have convenience to the freeway through Bernalillo.

Tracy:                                    And the round runner on Bernalillo and a lot of people jump on that it’s either going down town Albuquerque or to go to Santa Fe. So that’s a nice name ahead.

Tego:                                     Those are some good ones. Do you have any more to share with us?

Tracy:                                    Well, I was just going to mention what’s going on around town kind a thing, so we recently have quite a few deals in the last one is in Basque farm area. It’s been interesting I’ve spent a lot of time in that area and some really beautiful properties had the opportunity to go to a home inspection from one of our colleagues at a little mini Ranch South of Los Lunas and just minutes away but there’s the barn stable kind a for the horses pasture and they had a little cute guest house and a little kids play house, all in the same style but I drove through and saw all the lush alfalfa field and there’s a lot of newly cut alfalfa.

Tego:                                     Bring you back to your farm root from Minnesota doesn’t Tracy?

Tracy:                                    It does, make we want to go and touch the alfalfa but the point was it was such a short trip to downtown or uptown to get there, but it was like worlds away, sometime we forget that there’s more than just.

Tego:                                     We really have some unique situations like that in Albuquerque area because you can be in the East Mountain and kind the get that mountain community field in Peter Crest Sandia Park, you can go South Valley get down in the los Los Lunas and Basque farm or even all the way to Belen get that country river, field obviously crowd is so strange because it’s kind of country little town in the middle of all this suburbia.

Tracy:                                    Strange in a good way.

Tego:                                     Strange in a good way we live there, we love it.

Tracy:                                    We all little have right there in 5 minutes from everything.

Tego:                                     And of course the North valley so you can that way but then you still have High Desert and Montano Ranch, really modern master plan community that are just spectacular. Anyways we love Albuquerque.

Tracy:                                    It’s a great weekend for real estate give us a call 933-6881. Check us out online venturiteam.com or welcomehomeabq.com and give us a ring, we would love to hear from you especially if you have anything you want us to talk about.

Tego:                                     Thanks for listening and have great weekend. Go out and enjoy it, looks like for me a good one.

Albuquerque Homes With a Pool… in February?

Albuquerque Homes with a PoolIt’s time to start thinking about summer in Albuquerque and buying that home you always wanted with a swimming pool. Why? Because the numbers tell us it’s time.  Lets look at the data… The average home buyer spends 12 weeks in  home search process. The average escrow time (from contract to final closing) is 40 days.  Add at least another week for move in, that put us smack in the middle of May, perfect season to enjoy that pool!

We have a couple resources on this site to help you find homes for sale with a swimming pool. Visit our Homes with a Pool page to browse by price or area, and learn things to consider when buying a home with a pool.   Swimming pools come in all shapes and sizes (literally) and are definitely not created equal. The most common type we see are in-ground and can be Gunite (cement), Vinyl, or Fiberglass construction and can have many different features.  You will also find above ground (in general lower quality than in-ground), or community pools. 

One last note… it you decide to get a home with a pool be sure to do your due diligence and get appropriate inspections and learn what maintenance and upkeep is needed.

 

 

Great Video – 2013 Balloon Fiesta

In case you missed it… it was a excellent fiesta this year. The weather was good for the most part and we has a couple great mass ascensions as you will see in this video.  I will say our dog is glad it’s over… she is scared to death of the balloons and hides under the bed when they fly over the house.  Enjoy this video… they did a great job!  Tego

Albuquerque Real Estate Talk – November 2, 2013

Why homes don’t sell and prepping your home for sale.

Buying a Home vs. Renting. What’s Better for You?

We often get the question if buying is a better value than renting, the answer is… it depends.  Everyone’s situation is different and many factors must be considered including monthly payment budget, home price, interest rate, and most importantly the length you plan to be in a home.  Trula has created a Rent vs. Buy Calculator that will help you crunch the numbers. Of course there are some intrinsic considerations in deciding to buy vs. rent including the simple Pride of Ownership, and having something that is “yours”.  Also if you want to make changes and upgrades to the home like me, you can only do that in your own place.       

Albuquerque Real Estate Talk – Oct 26 2013

Albuquerque Real Estate Talk Oct 26 2013

Tego:                     Good morning and welcome to 95.9 FM and AM 1600 KIVA the Rock of Talk. This is Albuquerque Real Estate Talk on Small Business Saturday here on KIVA Radio. This is Tego Venturi with Keller Williams Realty and the Venturi team, of course. I’m with Tracy Venturi.

Tracy:                    Good morning, everybody.

Tego:                     Thanks for that bumper music. I decided I wanted to hear some Police today because it brings me back to my high school days. I thought that was the good choice. What do you think?

Tracy:                    Sure. It was great.

Tego:                     This week, couple of things, we’re going to go over some of the market data, just kind of the latest and greatest on what’s going on in residential real estate in Albuquerque. We have a question of the week. We’re going to talk about new versus existing homes and what are the trade-offs and things to consider there. Tip of the week is lowering your heating bill. Guess what? It’s getting cold out there.

Tracy:                    Yeah, it has shifted a little bit. We’re seeing the leaves change. We’re not in the Midwest where you have to really button down your house extensively, but there are some things that are fairly simple that will make a difference.

Tego:                     Tracy, you and I grew up in the Midwest—me in Michigan and you in Minnesota. It’s different because we don’t get the super cold here. The way you prepare for winter there is a little bit different here, but there are definitely some things you can do to make your home more efficient. One thing I wanted to start off with here is the Mariposa community out in northwest Rio Rancho. Most people are familiar with the area. It had been around for a while because they had so many TV advertising.

Tracy:                    Beautiful, beautiful advertising.

Tego:                     And marketing when they were first going.

Tracy:                    Gorgeous scenery there in Rio Rancho.

Tego:                     Of course, it got hit with the housing downturn just like so many other places. They were just getting going when the market turned. They finally have come full circle. There’s an event out there this Sunday we wanted to bring up. It’s going to be a community open house. There’s six, seven houses that are going to be open Sunday afternoon between 1 and 4. Price ranges from 250,000 up to 950,000.

Tracy:                    Right. There’s some nice builders still building there. I know Twilight Homes last time I was out there is building on that more affordable scale. Then, Sivage Homes is building custom and there are some amazing lots there with views to Santa Fe or the Haynes. It really doesn’t take long. If you’re considering Placitas, Mariposa might be a good option for you.

Tego:                     If you don’t know where Mariposa is, if you were to go out to Bernalillo and take Highway 550 – no it’s not 44 anymore.

Tracy:                    550.  It’s been a long time.

Tego:                     It’s been a long time.  Highway 550 out and just go west to Unser, and it’s right there. Beautiful community. If you haven’t been out there, this might be an opportunity to go out, take a look d see some of the homes that are out there. Whole range from 250 up to a million dollar custom homes. It’s a great community

Tracy:                    Yeah. Maybe we’ll see you there.

Tego:                     By the way, they have settles lot of news about their taxes and issues there. All of that has been settled

Tracy:                    Their Public Improvement District was big news for  a while. When the downturn came, developer, at one point, just kind of pulled out. It was difficult. We’re happy that the people that live there can enjoy the beautiful homes that they have and move on from that.

Tego:                     The fear that was there—making an investment out there has gone away now. Good time to take a look. We do have a house for sale out there. Beautiful with a swimming pool. It’s 750,000. It’s up high with beautiful views.

Tracy:                    It’s a phenomenal property. If you have time to go out there, that’s a special one. It was a parade of homes a few years ago. I remember visiting it as a parade and thinking Wow!

Tego:                     Yeah, beautiful, custom home for 750,000. It’s amazing for that kind of price.

                                Market data, Tracy. We’re coming in to the end of October, I guess. Year-to-date, we’re still holding at about 3% average sale price. Average sale price year-to-date is 197,000

Tracy:                    3% average sale price

Tego:                     3%, excuse me, over previous year. Thank you for correcting me. We got about 3% average sale price increase over last year same period. We’re about 197,000 average sale price in Albuquerque market

Tracy:                    Again, our numbers are really fairly stable. We’re not seeing huge price increases yet.

Tego:                     Correct. The place that’s really jumped up is the number of homes sold this year versus last year. About 8,000 homes sold this year versus about 6,700 at the same time last year. So, it’s about 18% increase in the number of residential homes in the Albuquerque area that have sold. The number of homes is up.

Tracy:                    Just to point out, you said Albuquerque area. So, the statistics, when we quote, it is our home metro area so it goes to blend past the news edge with Moriarty, Placitas, Corrales, Rio Rancho. We’re talking about the big picture.

Tego:                     Correct. All the east mountains that you mentioned there. In the other statistics that’s kind of interesting is the average days on market for the homes that have sold is at 87 days from the time it goes on the market until–

Tracy:                    it gets an offer that’s acceptable

Tego:                     Yup. That’s down from last year this time where it was around 100 days. Everything is going in the right direction.

Tracy:                    Long with that, last week we talked about real estate investing with Jason Pyke of Prime Lending. It’s interesting because we actually have another house that we have under contract to purchase as a rental property. The interest rates just in the last month for that have come down a quarter of a point, which over the life of a 30-year loan is fairly significant. We’ve seen similar in lending for residential homes. That combined with our prices fairly stable, it’s still a pretty darn good time to be a buying a home.

Tego:                     Yeah, and I get those once a week, the market interest rate updates and marked rates have actually pulled back just slightly. Interest rates are still crazy good.

Tracy:                    We expect the whole winter selling season to be a great opportunity to buyers and sellers because a lot of sellers wait until spring to put their homes on the market, so there’s less competition when you put those out there. Chances are, it’s going to get noticed. For buyers, the rates are good, and sellers would like to sell.

Tego:                     The myth that homes don’t sell during the winter is just that. It’s a myth unless you live in Minnesota maybe. I’m sure there, homes sell too.

Tracy:                    I think they do.

Tego:                     We have pretty nice winters here so we can’t complain. Another interesting market statistic we look at this week, Tracy, is we were looking at the zip codes in the Albuquerque area, how many homes are selling in what parts of town and what are the average price ranges and so on. I have some interesting stats there.

Tracy:                    Before you tell us the stats, did it shake out like you expected when you started doing the analysis?

Tego:                     It did to a  certain extent. It did. The average home price were kind of what I expected. The most expensive area of town when you look at it from an average price standpoint is the zip code 87122 which is North Albuquerque Acres and Sandia Heights. The foothills by the tram, that’s Sandia Heights and North Albuquerque Acres which is very far northeast part of Albuquerque, those are all larger lots just under an acre most of those. Average home price in that area  over the last year and a half is 449,000.

Tracy:                    That’s average sold price

Tego:                     Average sold price. Yeah. That’s number 1. Number 2 is Corrales from an average sale price standpoint. Corrales is right at 444,000. Number 3 is Placitas at 387,000. I didn’t really have any surprises there the one area I thought would be a little bit higher is 87111 which is kind of the Central Northeast Heights

Tracy:                    Tanoan

Tego:                     Tanoan, High Desert. Average price in that area was 282,000. Of course, our market average in Albuquerque is 197 like I said. Those are the higher areas. What do you think the number 1 zip code for the number of homes sold is? Kind of putting you in a spot here

Tracy:                    in Albuquerque proper?

Tego:                     Well, the whole metro area

Tracy:                    Maybe 87114, the West Side

Tego:                     Close. 87124 actually.

Tracy:                    That’s Rio Rancho. Rio Rancho South

Tego:                     South Rio Rancho. Southern half of Rio Rancho.

Tracy:                    Cabezon

Tego:                     Yup. 1,400 homes sold in this period that we looked at which is about a year and a half. And 87114 which is West Side, Paradise Hills, Taylor Ranch, Ventana Ranch. Not Taylor Ranch, you’re right.

Tracy:                    Cottonwood Mall

Tego:                     Cottonwood Mall area.

Tracy:                    Which is interesting because homes, that’ the trade-off. A lot more home sales activity going on there, but we’ve got intel where it’s right there. We got some major employers in Rio Rancho so we are seeing more homes selling there which is great especially for people who need to sell.

Tego:                     I think if you look at the metro Albuquerque area as a whole, West Side, Northwest Albuquerque is definitely more bang for the buck than the Northeast Heights. Would you agree?

Tracy:                    Yeah, and that will tie in with what we are going to talk about after the break. That is new houses. We are going to talk about benefits of buying new versus buying an older home. Part of that will play into the West Side home sales.

Tego:                     Good tie-in there, Tracy, because after the break here, we are going to talk about new versus existing and some of the trade-offs there d pluses and minuses. We also have little tip for the week on your household heating bill. We’ll get into that.

Tracy:                    You can call us 9336881. If you have a question, you want to talk real estate, we’d be more than happy to hear from you. Our website is www.wlecomehomeabq.com. Let us know how we can help.

Tego:                     Great. We’ll take a break here. We’ll be back in a few minutes and talk about new versus existing homes.

                                Welcome back to Albuquerque Real Estate Talk on Small Business Saturday at 95.9 FM and AM 1600 KIVA, the Rock of Talk. This is Tego Venturi and Tracy Venturi with the Venturi team of Keller Williams Realty. Tracy, if somebody wants to talk to us about real estate, selling a home, buying  a home or just talk about real estate in the Albuquerque area, how do people reach out to us?

Tracy:                    First of all, it’s exciting to hear you say that because we love to talk about real estate. We can be reached from our website, via phone, whatever works best for you. Our phone number is 9336881. You can check us out on the web at www.welcomehomeabq.com . We have a really great website for both buyers and sellers. Buyers really like the ease of doing a home search on it. We try to make it as user-friendly as we can. Check it out.

Tego:                     We’ve just been doing some upgrades there, some great map searches, a lot of different ways to do home searches, find homes for sale in the Albuquerque area.

Tracy:                    And to pinpoint some of the things that are important is you can really customize your search. Obviously, we would love to do that search for you. Love to take you and show houses. I was showing houses yesterday. It rained a little bit on us in the morning, but it was awesome. That’s one of my favorite things is to show houses. We found a great gem for this particular family, so that’s always rewarding.

Tego:                     The question that came up this week, Tracy. Should I buy a new or should I buy an existing home. We put together this list. We actually borrowed it from some people, but we kind of added our own things. Some of the advantages of buying new versus existing – not really versus, but the advantage of new and the advantages of existing. Give us a  rundown. To buy a new home, there’s some great new home neighborhoods in Albuquerque. Great builders. What are some of the advantages of buying a new home?

Tracy:                    First, I want to say yes. Realtors work with home buyers to help them buy new. So, if you see D.R. Horton. Sentex, Paul Tee, Sivage Thomas. Oops, Sivage Homes.

Tego:                     Sivage Homes, yeah.

Tracy:                    Different builders, even custom builders, they work with realtors. Oftentimes, we  bring a lot of value because we know what’s really important. But general, new homes. You get a new home. You get peace of mind knowing it’s neat and clean. Nobody’s been in the shower before. The carpet’s clean.

Tego:                     You get the ‘new home’ smell.

Tracy:                    Yeah. You get the ‘new home’ smell. Other things. Generally, the master suites are a little more lavish these days than older homes. Older homes, you might find a single sink in the master, but in the master of a new home, it’s probably going to have double sinks and the shower, tub.

Tego:                     Yeah, it does seem like the master bathrooms in newer homes tend to be larger than homes 20 or 30 years ago, for sure.

Tracy:                    Yeah. Then the big one. Energy efficiency, of course. The Green Code in Albuquerque changed about 3 years ago. Houses built since then are significantly more energy efficient. That makes it a lot more comfortable. Your utility bills are less. The house will be a little quieter and more sound.

Tego:                     It’s amazing in 5 years, 10 years how much more efficient the homes are.

Tracy:                    Yup, it is. The other thing that’s a little bit different in new home versus an older home is the layout of the home. They tend to be more open these days. You kind of got the great room concept going on a lot more with the kitchen, dining, living are somewhat more integrated or in view shot of each other. I think back to the Princess  Jeanne neighborhood, which is much loved here. I remember when we were at the Smithsonian in Washington, there was a replica of the Princess Jeanne house talking all about how aggressive that was before its day.

Tego:                     1,050 sq. ft. How many of those homes are 1,050 sq. ft?

Tracy:                    A lot of them. But one of the things they were touting was the kitchen was very separate and closed off so that the wife could do her duties in the kitchen. It’s a little bit different from how.

Tego:                     You can’t talk like that these days.

Tracy:                    No, but it’s interesting because that’s an evolution that now, the kitchen is where the people hang out. It used to be kind of off-limits. Obviously, you get the builder’s warranty. Everything is new. Perhaps a lot less maintenance costs your first few years of owning.

Tego:                     Yeah. Some of the builders – you know this – they have their own in-house lenders or lending partners. Sometimes, the new home builders can kind of do some things with financing that you may not be able to do elsewhere. Is that true?

Tracy:                    That is true. It depends on each builder. You realtor can really help walk you thru what the builders have the programs that will work best for you. Some of them, they cover all the loan costs. You still might be able to choose your lender or use their lender. But all you have to come up with is your down payment. If that’s what you need, you got just enough for your 3 ½% down but not the loan fees, we can help with that.

Tego:                     Sure. What parts of town are the new homes being built for the most part right now, Tracy?

Tracy:                    Big picture. They’re still building in Voltera by Kirkland Air Force Base kind of at the south end of Wantabo. It’s a lovely community. Beautiful homes. The west, northwest in West Side Storm Cloud, Boulders, Ventona Ranch. The Montecito area at the end of Montano. Southwest we still have some great communities in Anderson Hills and that area. Then Rio Rancho, still a lot of great building going on in Rio Rancho. There’s a little bit going on in Las Lunas but not a lot.

Tego:                     For the most parts, the new construction is kind of outskirts, to be honest. There’s not much in the Northeast Heights. A few little projects here and there, but not much. Let’s talk about that. The older home and some of the advantages of looking at an older home. What do you get if you want to get an existing or an older home?

Tracy:                    Sure. There’s a lot of great reasons why an older home might be right for you. A lot of it might have to do with neighborhood or location. A lot of the older homes might be closer to work or in a neighborhood where you may already be confortable or maybe you grew up in this area of the Northeast Heights and you already know and love the shops and restaurants and things there. Sometimes, the older neighborhoods and houses have bigger yard or fully landscaped yards, which a lot of times new homes don’t come with. Sometimes, they have more charm. Sometimes, they have different features especially older houses. They can have really great character like the [0:19:28]. I can think of some great wood floors and little nichos and cozy alcoves and things like that,

Tego:                     More personality because with the newer homes especially if we’re talking with production builders, I don’t think it’s unfair to say that they’re somewhat cookie-cutter and you’re not going to get the same kind of character and personality you would get in some of the existing home neighborhoods. Is that fair or am I being unfair?

Tracy:                    I wouldn’t say that. I’d say it depends on the builder. I think there’s some of the new home builders that are doing little touches that are really special. Some of the other things when you looks for an older home, like I said I was showing Northeast Heights Homes yesterday and I saw a couple of awesome renovations where somebody –hopefully, someone lived there and enjoyed it for a while; it wasn’t just to do it for resale. New bathrooms and kitchen and they took advantage of some of the existing charm of the home and then upgraded things. It was really exciting. Some of the yards were really fun. One had a waterfall all the way thru where it had a little stream. It was lovely. Older homes, sometimes the landscaping, location, price.

Tego:                     Price is interesting because you could, if you’re willing to do a little bit of sweat equity, you are going to have an opportunity to do that with an older home that may need some work. Pretty obviously with new, you’re not going to get that.

Tracy:                    Yeah. And if you like to do projects and that feeds your soul, then an older home might be just right.

Tego:                     Thanks, Tracy. It’s interesting. There’s trade-offs obviously on everything. It’s interesting to talk about it and get it on our brains and everybody’s brains. I’ve got a tip of the week.

Tracy:                    Your tip of the week.

Tego:                     Tip of the week is saving money on your heating bill. Of course, we were talking about this earlier. We’re from the Midwest. It’s not quite as big of a concern here as people that grew up as kids and walking to the bus stop–

Tracy:                    Blizzards

Tego:                     uphill both says, all that good stuff. A couple of tips here. Turn down your thermostat. That seems like an obvious thing, but study shows that 3% of your heating bills is saved for every degree you set back your thermostat.

Tracy:                    What about those new high-tech thermostats where they learn your schedule? Those are pretty amazing.

Tego:                     Yeah, and you can set them up to come on lower at night and set time tables for those.

Tracy:                    Or you could use your smartphone to adjust your temperature up and down.

Tego:                     Another one. This one is from the Department of Energy. They did a study and found out that if you have one of your bathroom fans or rain hood

Tracy:                    Exhaust?

Tego:                     exhaust hood, you can basically empty your house of all the hot air within one hour. I thought that was interesting. So, keep those things off unless you really need them. keep them on during your shower though. That’s why they’re there. We’ve seen those houses, right Tracy?

Tracy:                    Yeah.

Tego:                     Keep your fireplace damp or close. Close off those rooms that you don’t use very often. Close the vents. Turn down the water heater. It doesn’t need to be over 120°, in fact it’s dangerous. So, it can’t get any higher than that. Keep your heating vents open if you do need them. you do need to get good air circulation if you do have a forced air house.

Tracy:                    Don’t push your rug over it.

Tego:                     Exactly. Take advantage of our warm southwest sunshine here. Take advantage if that southern exposure that you have in your house. Open it up during the day, close it up at night and get some of that pass of solar gain. It’s something we have here that we can really take advantage of here in the southwest.

That’s our show for today. We appreciate your listening. Again, this is Tego and Tracy Venturi with the Venturi team of Keller Williams Realty. You can contact us at–

Tracy:                    (505) 9336881

Tego:                     and our website is www.welcomehomeabq.com like Welcome Home Albuquerque but Welcome Home ABQ. Do home search. You can contact us there. Have a good weekend.

Albuquerque Real Estate Talk – October 12, 2013

Tego:                     Good morning and welcome to 95.9FM and AM1600 KIVA, the Rock of Talk. This is Small Business Saturday and Albuquerque Real Estate Talk with the Venturi team of Keller Williams Realty. This is Tego Venturi, and I’m joined with Traci Venturi

Traci:                     Good morning everybody.

Tego:                     We do this every week. We talk about residential real estate in the Albuquerque area and what’s been going on with the real estate market. We generally will cover a little market update, the question of the week, tip of the week. What’s out tip of the week this week, Traci?

Traci:                     I think the tip of the week is ‘Is it a good time to buy? Should I be a renter or a buyer?’ We’re going to cover that here this morning.

Tego:                     Got it. We had a question come up – this comes up all the time – should I buy or should I rent? We’re going to go thru that and we’re going to talk about some of the pros and cons and how to balance that out. Right?

Traci:                     Right. But first, a little bit about us. We’re a team of realtors all working together as the Venturi team. We had been very fortunate to work with lots of buyers and sellers in the Albuquerque Rio Rancho, the whole metro area. We would love to help you if you have questions about real estate, you’re thinking of buying or selling. Give us a call. Our number is 93368881. We have a phone and a lot of us could answer, so if you need to talk to Tego or I, just ask for us. We’d be more than happy to help out. Actually, it’s what we love to do. Hopefully, we’ll hear from you.

Tego:                     If you want to do a home search, you can visit our website at welcomehomeabq.com. We have all the listings from the Albuquerque MLS on our website, so you can go there and search by map, by area, basically search any way you want if you want to do a home search and see what’s out there. Let’s get into market data. Every month the greater Albuquerque Association of Realtors releases its monthly market report, and it comes out usually around the 10th.

Traci:                     Tego, that just came out. If you’ve been looking at those numbers–

Tego:                     I have. Last week, I did a preliminary on the radio show. We talked a little bit about some of the stuff. I just crunched some numbers pulling the data myself. I like to look at this every month but I end up looking at it every week because of the radio show because I do want to keep up on what is going on with residential real estate in Albuquerque.

Traci:                     We obviously have our thumb on the pulse of it because we’re in it every day. So, it’s great to see the numbers and see how they correlate to what we are experiencing.

Tego:                     Anyway, September numbers. Let’s just go thru this quickly here. We had an increase in the number of homes sold and the average sale price for September. This is year over year, so September 12-September 13. The number of close sales increased 17% from 650 last year to about 770 this year. Good increase in the number of homes closed in September. The average sale price climbed from 203,000 to 212,000, so about 4 ½% increase in the average sale price. It’s interesting because the medium sale price increased about 3% which is about what we’re trending for the year is about 3%. Of course, that’s down from August numbers, the average price. We’re still kind of – since it increases year over year, month over month – it kind of goes up and down, up and down.

Traci:                     It’s interesting that September was a very large amount. I saw the headline in the Albuquerque Journal this week about the numbers. It kind of just went over where there were just record numbers of homes sold in September, a huge spike up. It’s an interesting month for that spike. It’s obviously kind of the end of summer, and kids are back in school, and people are out there still shopping for houses and making the move.

Tego:                     Yeah. We’re going to talk about first time homebuyers. It’s a good time to buy if you’re looking for a house. I don’t think people need time to market like trying to do it as an investment. That’s whole another discussion. However, if you need to buy a home, it’s a good time.

Traci:                     You should be. One of the things we’re going to talk about is should you be a homebuyer versus a renter. Not everybody should be a homeowner. We’ll get into that.

Tego:                     One of the things I did want to say—a couple of other numbers people who live in Albuquerque just would be interested to know is that the average time on market is right around 60 days, give or take. That’s total average all the homes that have sold in the area. I look at that. It goes up, it goes down. But it’s anywhere from 50-60 days on the market. That gives you an indication of what the time on market should be if it’s the right house in good condition and price to the market conditions.

Traci:                     and marketed really well.

Tego:                     Marketed properly, of course.

Traci:                     That’s an interesting number. I wouldn’t have guessed that it would be so low.

Tego:                     Obviously, there’s homes that would be in the market for much, much longer. A lot of them just sit on the market and don’t sell for whatever reason. However, out of the ones that have sold, the average days in market is 60 days.

Traci:                     That’s what we tell people when we’re working with them and get them ready to sell their house, we talk to them about if your house is priced right and marketed right and we get you poised to sell, it should sell in the right time frame because we’re not pricing it to sell next year; we’re pricing it to sell now. So, we need to look at the market data and price it accordingly. What’s going on with foreclosures these days?

Tego:                     That question always comes up. What’s going on with foreclosures or shadow inventories? Everything I’ve seen indicates that the foreclosure bubble is going down. We’ve gone, we’ve peaked and we’re pulling back now not as many foreclosures.

Traci:                     Tell me what shadow inventory means.

Tego:                     Shadow inventory is the homes that are behind on their payment that are clearly, probably going to get foreclosed but have not actually gone to the judicial process of foreclose on the home yet. So, these are homes that are expected to come on the market as foreclosure, and that number has been shrinking. I’ve got a market report from Core logic which is one of the big national companies that do market data. They ran some numbers on the foreclosure inventory. New Mexico is kind of in the middle of the pack at 2.7% of homes on the market. Our foreclosures, which is actually down about a percent from last year which is good, there is about 4.9% of the homes that are seriously delinquent, and those are the ones that I would call the shadow inventory. Those are the ones that are still most likely going to come into the pipeline as a foreclosure. We’re trending in the right direction. A lot of the markets – Florida is still at 8%. Other markets are much lower. We’re right in the middle of the pack. The good news is month over month; the number of foreclosures coming on the market is decreasing.

Traci:                     I’m going to switch gears into something I was thinking of while you were telling us about the shadow inventory. For a while there, there were a lot of short sales and we’re not seeing a lot of short sales these days. But that shadow inventory, for somebody you might know or if you’re in a position where you’re not able to make your payments anymore, the process has gotten a lot better for short sales, right? You don’t really have to go to foreclosure. If you’re one of those people, give us a call. We can talk to you about what your options might be  that perhaps if you look like you’re about to lose your house, we might be able to at least make it a little less painful and do a short sale.

Tego:                     Why don’t you define the short sale and what that is versus foreclosure? We talk about them together a lot, but they are very different.

Traci:                     They are. A short sale, my quick analogy is somebody is no longer able to afford the house they’re in. So, they’re still the owner but they have to get the bank who owns the mortgage, their lender to agree to take short what they’re owed. That’s where the term short sale came from.

Tego:                     Meaning, the house is worth less than the mortgage pay-out.

Traci:                     Right. Or there’s not enough there to pay all the closing tasks and everything. But the short sale process has gotten really good. I’ve seen a lot of great short sales go right thru the system. Fairly short time. The banks are responding. It’s taken some time, but the process is much better.

Tego:                     Back in 2008 and 2009, they were getting 10,000. I heard a story once that Wells Fargo is getting 10,000 short sale applications a month or a week or something crazy like that.

Traci:                     And they had no staffing.

Tego:                     And they had no staffing… now they’ve staffed up over the last 4 years or 5 years. The processes have improved greatly. As a listing agent, I saw my share of short sales, and I got to say the term short sale definitely does not describe how long it takes to do because it can be a process. It can cause a lot of pain for the sellers. It’s a tough process, but in the long run, it’s much better than the foreclosure.

Traci:                     Right. That was sort of off-topic.

Tego:                     Yeah, we got off there. It’s interesting because all of those things are on a decrease when we talk about our markets. So, the number of foreclosures is down, the number of short sales are down. We think that’s a great trend. The number of homes sold is up. The inventory is steady. We have about a 6-month’s supply of homes, give or take about five homes for every one person in the market right now which is good. It’s not bad. It’s not seller’s market. It’s not buyer’s market. It’s just right in the middle there right now which seems to be good for us. We’re going to talk about the rent versus buy and how that works. Now we’re going to go over some tips for first time home buyers here coming up. We appreciate you listening. This is Albuquerque Real Estate Talk on Small Business Saturday on 95.9FM and AM1600 KIVA, the Rock of Talk. We’ll be back shortly.

Tego:                     Hi. Welcome back to 95.9FM and AM1600 KIVA, the Rock of Talk. This is Albuquerque Real Estate Talk with the Venturi team with Keller Williams Realty with Tego and Traci Venturi here today. We’re talking about market information and what’s going on in the market. Prices obviously are down from the peak. ‘08 was probably when we peaked out — ’07. Interest rates are down. Obviously, there’s a lot of buzz about the real estate market and if it’s a good time to buy. Question of the week for us – this comes up a lot but it came up again this week – was should I rent or should I buy? If you’re consulting with somebody, Traci, what would you ask them? How would you address that when somebody comes up to you and says, “I’ve never bought a home before? I’m renting. I’ve always rented. I’m not sure. I hear about the housing market. Should I be a buyer right now?

Traci:                     Yeah. That’s a good thing. It does come up a lot – the rent versus buy. It was interesting. The Albuquerque Journal this week again

Tego:                     Made me think about

Traci:                     The money section on Sunday’s per had a rent versus buy, and said you should be a buyer. I looked into it a little bit. I got on realtor.com. I got on bankrate.com. I got on yahoo.com. Actually, the Motley Fool has always been one of my favorite investing advice website. What was interesting about it is everybody’s not meant to own a house.

Tego:                     Hold on! You’re a real estate agent, and you just said not everybody should own a house. Is that right? Did I get that right?

Traci:                     Yeah, you got it right.

Tego:                     I agree with you. That’s our job as a real estate agent is get people good advice, not just try to slam them in a home, right?

Traci:                     That’s correct. We don’t want to see anybody get in a house and being stretched financially or needing to sell it 6 months later and they can’t afford to sell it. That’s part of the ‘Let’s do the foundation and make sure you should be a buyer.’ One of the things I just want to clarify, we’re talking first time home buyers. We’re talking people who bought houses before. When we say the word first time home buyer, everybody thinks it’s somebody who’s 24 years old and they’re buying their first house. I’ve helped many people who aren’t in their 20’s, 30’s, and 40’s buy a house first time. Sometimes its people who have been transferred a lot. They know they’re going to need to resell their house. I helped a woman in her – I think she was in her 60’s – living in New York City where homeownership is very not affordable. Amazing what she could get in New Mexico. First time home buyer really is a lot of different people. But should I be a buyer? You want to think about how long are you going to be in that house? Most people when they’re buying, unless they’re with Kirkland Air and Space or they’re in the military or they’re in a company that moves them a lot, plan to be there for 7 years or more.

Tego:                     Sure. And with our price appreciation here in Albuquerque which we average somewhere 2, 3, 4, 5%. Let’s say its 3% or4 % price appreciation, it costs about 8% to sell your home. So, if you’re not going to be in your home for 2 years, it doesn’t make sense. That’s one thing to consider. There’s obviously lot of benefits of owning a home. That’s just straight across looking at the numbers. The home is not going to appreciate enough to cover your closing costs at the time you’re there. It may not make sense.

Traci:                     It may not. Some people, the pride of homeownership and being able to do a paint job on a weekend and enjoy it and prove the value of their property is great. And there’s some tax benefits. Yes, it’s going to cost you some money to sell your house, but there’s also some tax benefits that you get by being a homeowner. All that interest that you pay towards your mortgage is generally a very generous tax benefit that people really appreciate. Length of stay, how long you’re going to be there is important. A few things just to buzz through, the location of the home is extremely important. You want to get a good realtor like us to be your partner because the house might work well for you, but you got to think resell. So many times I’ve worked with a home buyer who says, “I am never moving again. This is it. I am done. This house works perfectly for me. Its 2-bedroom something that’s not normal in our market. The neighborhood is not where most people want to live. I really try to counsel people that location is exceptionally important. Even if 6 months from now you call me and say, “Hey, I got relocated with my job.” Somebody else is going to want to buy that neighborhood.

Tego:                     They need to consider the resell when they’re doing their purchase is what you’re saying.

Traci:                     Always. And then monthly budget. Let’s talk about what your monthly budget is. Owning a home and what percentage of your budget are you comfortable with? That’s where I bring in our great lenders like Sarah [0:17:23] who was on our show last week. We got other great lender partners. Jason Pyke with Prime Lending. Others. We have Bank of Albuquerque.

Tego:                     We have a lot of great lenders.

Traci:                     A lot of great lenders. Depending on your needs, we can direct you to a lender that we think has the most programs that would work with you best. What you can afford and what your budget is and what the loan programs are. We did some quick calculations. Let’s say you wanted to buy a $ 150,000 house. That’s less than $ 6,000 down payment if it’s an FHA loan. Closing costs are maybe another $ 2,000. So, for under $10,000 you can be in a home. Your monthly payment on that is going to be under $ 1,200 a month. So, if you’re paying $1,400 a month in rent right now and you have good credit and you’re going to be here a while, you might look at buying while the market is very favorable to home buyers.

Tego:                     Of course, there’s always the tax benefit of a tax deduction on your home interest which it’s not huge, but it adds up. It’s something to consider. There’s a ton of different types of calculators and different ways to analyze these numbers online. If you just do a Google search for.

Traci:                     Rent versus buy.

Tego:                     Rent versus buy.

Traci:                     That’s what I did.

Tego:                     Truly it’s a great one. There’s some of them that will even calculate that mortgage interest reduction and how much of a difference that will really make based on your tax bracket and your income. Those are some good things to look at as you get out there and crunch the numbers before you go out shopping.

Traci:                     One of the things we find is sometimes first time home buyers re reluctant to become buyers. They don’t really know where to start. They don’t know what their credit needs to be or what it costs to buy a house. Getting with us or a great realtor, we can really help you. I see statistics a lot of times that say how much time people spend researching and buying on a car. Most people don’t just drop in and buy first thing. They’ve already researched it. I know from our home and car-buying experience, so many hours we pour into researching vehicles. Buying a house is a lot more significant in your future wealth-building strategy. Let’s take some time, put together a plan, and see if you should be a home buyer. Give us a call. We’ll help walk you thru those steps. We’ve done it a lot. I know for most home buyers in the first time, it’s pretty daunting.

Tego:                     Do you have some tips for first time home buyers. That was our tip of the week here. I know we had some things we wanted to go thru for first time home buyers. Obviously, first and foremost like we said, should you be a buyer? Are you going to be in the home a length of time to make sense?

Traci:                     Sure. Some of the tips we’ve gone over. What’s your budget? What’s your comfort level? You don’t want to be too stretched. You want to be able to have some reserves out there at the end of every month. Remember to come up with a realistic wish list. That’s part of that buyer consultation that we can do. We can sit down in our office and really go thru the things that are important to you. How do you live in your house? How often do you entertain? Do you really need that guest bedroom and that extra bathroom? A lot of times, once we start talking about how people live, what they really need is different from what their wish list is. Sometimes we need to pare it down.

Tego:                     And address the commute to work commute to school, commute to whatever it is and make sure that that’s going to be recognizable for you as well.

Traci:                     Absolutely. That’s great for sure. One of the other ones is getting pre-approved for a mortgage. You’re like a cash buyer. When you’ve already met with the lender, you’ve already given them your bank statements and your tax records and things. When we go out and we find the right house, we’re ready to go. When we put an offer in, the sellers of the house feel confident that you’re going to be able to follow thru and buy the house.

Tego:                     Most sellers won’t even consider an offer unless it comes with some sort of proof of ability to get the loan.

Traci:                     I would say I agree with that, but I also feel like realtors with great reputations in our market like we have, people will look at an offer but they usually have pretty form deadlines of getting that proof. Then the whole home inspection and your due diligence period. We find the right house. We help you with every step of the way on home inspection, termite inspection, all of those types of things, but making sure there’s a realtor with a good team of vendors supporting you. The other thing is get to know the neighborhood. Your realtor may not know every neighborhood in the whole metro area. If you’re looking for Las Lunas or Placidas or the East Mountains, they may not know where the local school is or the best grocery store. Make sure you take some time and go back to that neighborhood. Go at night. Go in the morning. Go at rush hour. See what it’s like. Go for a walk. Try to meet a neighbor and ask him what’s going on so that you feel like you really know if this is the right place for you and your family.

Tego:                     Yah. Any other great tips for first time home buyers? Some of these are great tips just for anybody that’s in the home buying process. Get pre-qualified. Go thru a thorough needs and wants, work with a good realtor that can really help you thru that process. Let’s just talk about that. We have a team of buyer specialists that all they do are work with people that are buying homes. We have Jane, Aimee, Tori, Martha. That’s what they specialize in. they work with home buyers and get them to find their right house for them.

Traci:                     Exactly. We’ve seen thousands of houses between all of us. We know the market. So, we know if a house is priced right, what neighborhoods are best for certain reasons based on what your needs are. We’d love to go to work for you to find that perfect place for you to call home and lots of other little tips, but those are the big ones that we’ve covered here today.

Tego:                     If we can help you obviously, we love to talk about real estate and be in real estate. You can call us at (505) 933-6881 or visit our website at welcomehomeabq.com. That’s welcomehomeabq.com.

Traci:                     Have a great weekend

Tego:                     Bye.

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