Albuquerque Real Estate News!

Albuquerque Real Estate Sales are on the rise!

In March the local area housing market saw significant increases in home sales! There were 634 residential inits in March 2010 which represented a 36% increase over the same month in 2009! Additionally there were 1,077 sales placed under contract in March 2010 which represented an incredible increase of 44% over March of 2009! This was the highest number of pending sales since June 2007!

The median price dropped about 5% from $184,500 in March of 2009 to $175,000 for March of this year. The average price dropped slightly to $211,049.

The number of homes cureently on the market is down 4.7% from this time last year!

The market is brisk! Buyers are in the marketplace and sellers are selling. With today's interest rates this is nothing but good news for all involved!

Did you know that The Albuquerque Real Estate Group can place your home in the Coldwell Banker Legacy Welcome Home Magazine every month until it sells? Well, we can and we will!

Visit us at TheAlbuquerqueRealEstateGroup.com and search the Albuquerque MLS!

Albuquerque Homes May Be Saved By Reductions in Mortgage Balances

In the newest attempt to stem foreclosures in Albuquerque and elsewhere in the country, Bank of America has announced that it will reduce the balance on some mortgages that owe more than the current market value.

In example some homes that sold for $200,000 during the housing boom may now be worth more like $150,000, encouraging homeowners to toss in their lost down payments and walk away in disgust. Bank of America says it will "forgive" some principal balances up to a maximum of $30,000, providing the homeowner is underwater at least 120%, or owes 20% more than the home is worth.

Since Bank of America bought Countrywide Home Loans in 2008, this has the potential to help a large number of Americans to keep their homes and hopefully prevent another flood of foreclosures as more of the negative-amortization and adjustable rate mortgages with baloons become due.

Here is how the program will work for an eligble mortgagee:

The bank will create a separate, interest-free "forebearance" account that covers a five year period. The $50,000 overage goes into this temporary account, and your new mortgage is based on $150,000 instead of $200,000. In some cases the interest rate can be reduced as well, resulting in much lower payments.

During the first year, if the homeowner makes the new, reduced payments on time, the bank will "forgive" $10,000 of the overage.

The second year, providing the house is still in an underwater condition, another $10,000 will be dropped.

The third year brings the same, providing the homeowner is continuing to make timely payments and the house is still over-mortgaged. This brings the amount "forgiven" to $30,000.00.

During the fourth and fifth years, your situation would be re-evaluated, and if you still benefitted from the reduced payments, they could remain the same. However, if the house has appreciated, or your principal balance is now under 100%, no more would be forgiven for that year. If home prices have not gone up and your mortgage is still more than the market value, they may elect to forgive $10,000 more these final two years until the total overage of $50,000 is met.

On certain negative-amortization mortgages, the bank may forgive the principal amount down to a 95% loan to value level as well.

Wells Fargo has also announced similar plans to reduce negative equity balances, and the Obama Administration has announced measures aimed at getting lenders to reduce underwater borrowers' principal balances and refinance their mortgages into government-sponsored loans. Government programs could affect loan modifications offered by many other banks and mortgage companies.

With these programs coming into effect, the prices of Albuquerque homes for sale will hopefully stabilize and our real estate market will bounce back sooner instead of later.

If you are a homeowner currently facing this situation, be sure to contact your mortgage company and find out your options before you decide to walk away from the home that you love.

If you are a buyer looking for a home in Albuquerque, there is no better time to buy than right now. Use our website to search the Albuquerque MLS and find just the one for you. 

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Free WIFI on Albuquerque's Rail Runner Express

One of fun things about making your home in Albuquerque is the Rail Runner Express shuttle bus. Getting to the Albuquerque Airport is a snap with the Rail Runner, whether you take Route 350 from north of downtown, Route 222 from south of downtown, or the single Saturday Route 50.

Ride to the Santa Fe Depot, the Kewa Pueblo for a little casino action, downtown Bernalillo, or several other destinations in New Mexico's attempt to go green and eliminate a few cars on the road.. And now you can work (or play) while you ride with the free WIFI on the train. For the last several months, only a 50 chosen participants had been given access to test the system. As of April 5, 2010, the final test phase is being opened to all passengers for the next 90-days to work out any remaining bugs in the system.

Quite the "Google-esque" thing to do, don't you agree?

Check the schedules and full information about times and stops from their website at www.nmrailrunner.com. Our city offers more reasons every day to own real estate in Albuquerque, NM. Downtown Albuquerque condos offer more and more in lifestyle amenities and conveniences and there's always plenty of land for new homes in Albquerque too. Let us show you around town and convince you we've got the best city in the west!

The website offers the following instructions for connecting on the shuttles:

How to connect on the NM Rail Runner Express:

1. Turn on your device
2. Check for a list of available Wi-Fi networks
3. Select or connect to NMRX (SSID or Service Set Identifier that will appear in list of available networks)
4. Open your browser and you will be redirected to the NM Rail Runner portal page.
5. Click on “accept” to accept the terms of using the service and you will be allowed into the free internet.

 Remember this is a free service and is not password protected. Never perform any data-sensitive transactions such as banking while accessing the internet on an unprotected network. 

Albuquerque Mayor Promotes Bicycle Safety

Mayor Richard Berry has adopted a new bicycle safety campaign called "Easy to Miss". The campaign, which includes a new website, billboards, mall and airport displays aims to raise awareness of drivers who share the roads with cyclists.

According to statistics, more than 100 bikers in Albuquerque are killed each year from accidents involving motorists who didn't see them until it was too late.

As recently as last June, mother and biking enthusiast Heather Reu was killed after being struck by a car. She left behind four small children and grieving friends, who came up with the idea for the campaign. Reu worked for a marketing company that partnered with the mayor to produce the billboards and website.

One of the billboards is designed to demonstrate how hard it is to see a bicycle until you are almost upon it...a picture on the sign has a biker that doesn't show until seen at a certain angle as a car begins to pass.

Bicycles are popular in our city, particularly in the neighborhoods and homes near Albuquerque's UNM campus. The campaign sponsors hope to make drivers in the University area more careful and on the alert.

Also in the works are more bicycle lanes throughout the city. Mayor Berry encourages bicycling and bike lanes, according to Chris Ramirez, City of Albuquerque communications director. He considers it a quality of life issue and wants Albuquerque residents to feel safer and enjoy biking. The website offers answers to questions of driving laws and safety tips for drivers and bikers.

Having a fun and healthy neighborhood for biking is often a deciding factor for our buyers looking for Albuquerque homes for sale. If you are interested in property near UNM or in a bike-friendly area, call us, or use our free Albuquerque MLS search!

Albuquerque Home For Sale by Owner - Will it really sell?

"FSBO" (pronounced fizz-bo).

This is a four-letter word for most Realtors, but not for the reasons most consumers might think. Many agents will look past a FSBO and pretend it doesn't exist when they are searching for homes to show a buyer. I've heard it referred to as "kinda like the obnoxious relative you see out with your friends and hope they go away before someone makes the connection". Beyond the obvious reason of commissions, why would a Realtor avoid the pitfalls of helping a buyer to purchase a FSBO? Glad you asked!

Despite the fact that an owner sponsored listing might be a bargain, an agent becomes twice as liable for legal and other problems. Also, a seller being represented by a professional Realtor is more willing to pay for inspections, repairs, and even closing costs. Those are major negotiating points, after all.

O.K., let's just pretend that you want to buy a FSBO home without a Realtor. You would save 6%, right? That's $12,000 on the average price of a home for sale in Albuquerque. Start with this...would you feel comfortable taking the seller's word on the condition of the home?

Do you consider yourself as a professional negotiator?  This isn't a car you're buying,  It's a HOUSE... the most expensive investment that most people make in their lives.

"But I have done it in the past.", you say. Neat. You can negotiate with this stranger all by yourself and save the commission dollars. So...do you know all the new rules regarding tax levy disclosure? FIRPTA? Septic and well regulations? Does the seller know them? Do you trust him well enough to take this chance?

Who do you call for inspections?  Do you have an escrow officer at a trusted title company?  Do you have a mortgage officer? Is that mortgage officer up to date with all the new government regulations?  These are the things you have to consider with an Albuquerque home for sale by owner.

And the appeal of SELLING your home by yourself is definitely tempting. Realtors understand this. But how much are you going to save selling a product that basically repels the main group of people (Realtors) that represent the one group of people (qualified buyers) that you want your property exposed to?

The statistics speak for themselves: 92% of For Sale By Owner transactions FAIL - this is according to the Nation Association of Realtors.

If I was feeling that lucky, I would go put my 6-3% "savings" on red or black at my local roulette table. My odds would increase 6.25 times. It would make much more sense...and maybe I would make enough money to pay a real plumber to fix that faucet I've tried to fix myself that continues to drip, drip, drip all the time...:-)

### ~Tim Fish

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We are Albuquerque Real Estate Experts!

Albuquerque Job Market is Expanding

We happened to run across a new job listing in careerbuilder.com for Greyhound Bus Drivers in Albuquerque. That's kind of an ususual job that many folks might not think of on their own, but it looks to be a good one.

Greyhound was founded in 1914, according to their short bio. They provide not only passenger bus transportation, but also accept express package delivery and charter services.

Drivers (or Greyhound Motorcoach Operators, as they list the official job position) are expected to possess safe driving practices, the ability to be on schedule at all times, to excel in customer service, and be dependable and professional.

Requirements of the job include: professional dress, the ability to lift baggage and packages of up to 100 lbs, be on-call 24/7, and be away from home for stretches of three or more days when necessary. You would also have to be proficient enough with reports to do passenger counts, driving logs, and safety inspections. (They would love you to speak Spanish, but it's not a requirement!)

More job specifications include:

• Be at least 22 years of age
• Have a valid driver’s license
• Minimum of three (3) year’s driving experience (Commercial or private)
• Have a good character and positive work history
• Consent to a background check and alcohol/drug screen
• Pass a background check (MVR, Criminal Extended Employment Verification).

Your driving record must:

• Have no more than two (2) moving convictions/accidents in the past three (3) years.
• Have no more than three (3) moving convictions/accidents in the past five (5) years) (Speeding, tailgating, etc.)
• Have no license suspensions in the past ten years (Suspensions for physicals, insurance lapses, failure to pay fine and failure to appear are exempt under the ten-year rule)
• Have NO driving convictions related to alcohol or illegal drugs.

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 This could be a unique new career path for our young people, or even pre- or post-retirees. An Albuquerque relocation is proving to be a very good choice as our economy tries to pull out of its problems and make a comeback. When you are ready to find a home, use our website to search the Albuquerque MLS, and then give us a call. With over 35 years of experience, we are Albuquerque real estate experts, and we look forward to helping you!
 

Living in Albuquerque- Balloon Festival Event

On March 7, the Albuquerque Balloon Museum will host one of its best exhibits - The Open House Sky Sailing.

Visitors will thrill to hang gliding and paragliding demonstrations, including an acrobatic paragliding act by the Ozone Team, as well as 12 ft walking puppets, remote controlled flight demonstrations, and model gliders.

The Museum's open house will feature an Olympus 180 hang glider and a giant sailplane with wingspans of 50 ft. These aircraft will be hanging in the Museum Gallery.

The concept of wind flight will be explored, from the aircraft to nature's own wind machines - birds, squirrels...and even amphibians.

This is a great free exhibition that the whole family will enjoy. Come and learn about Albuquerque's special wind currents, and then drive around afterwards and check out what Albuquerque real estate has to offer these days!

The exhibition is on March 7, 2010, from 11-3pm.

Albuquerque Balloon Museum
9201 Balloon Museum Dr. NE
Albuquerque, N.M. 87113
505-880-0500
I-25 (exit 233), west on Alameda
Google Map and Directions

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