Albuquerque Homes For Sale
Real Estate Blog
What are the trends in the Albuquerque real estate market? How many homes are for sale and how many have sold? What type of homes are selling first, and fast? Which areas in the Multiple Listing System are the hottest? Are there any areas in Albuquerque that are just plain cold? Should I buy a new home, or an existing one? Are real estate prices in Albuquerque going up - holding steady - or dropping?
These are just a few of the questions that Albuquerque Real Estate Buyers and Sellers must ask themselves when looking for Albuquerque Homes for Sale. Our goal is to help answer these questions for you. Homes that are priced "in the market" are selling, and as usual, the best house in any given price range goes first. Interest rates are lower than in the past 42 years. They have dropped even further during early 2013.
Here at Home Finder Real Estate, we serve the greater Albuquerque metro. Some of the areas are: Rio Rancho, Placitas, Corrales, and what we call the East Mountain area of New Mexico. Feel free to use our search engine to view all of the real estate available in the local Albuquerque MLS, and all of the homes for sale. The Albuquerque real estate market is active and robust!
When you would like to schedule a personal viewing of any of these homes, call or email us, we can set this up for you. We are members of the local MLS and have access to show you any of these beautiful Homes for Sale in Albuquerque, NM. You may reach us by phone at: 505-228-8294.
Best of luck in your Home Search.Joe Schumerth505-228-8294Qualifying BrokereXp RealtyAlbuquerque Homes For Sale
Today in the Albuquerque MLS - real estate listings specifically to Albuquerque numbered 3559 listings. Of this total 937 were in the pending category, which means they were under contract. A total of active Albuquerque real estate listings stood at 2622. A rough breakdown of these listings follows.
The smallest of these properties was one bedroom condo with 463 ft.², with a list price $25,500. The largest home listed for sale in Albuquerque was a 10 bedroom, 9 bathroom, luxury home with 10,311 ft.². The list price on this home is $2,795,000.
The average price of 3559 homes was $256,230 and the average was a 3 bedroom 2 1/2 bath 2030 ft.². The average time on the market for these homes was 107 days with the cumulative time of 140 days. The median price was $185,000 with three bedrooms two full baths and 1790 ft.². The average time on the market for the median priced Albuquerque home was 60 days with the cumulative time of 73 days.
The Albuquerque MLS on April 20, 2012, showed a total number of Albuquerque real estate listings at 4448. The breakdown of these residential real estate listings contained 3786 residential detached listings and 413 residential attached listings. Residential attached listings would include condominiums and townhomes while the residential detached listings would indicate single-family free standing homes. We typically see a ratio along this line between the residential detached and residential attached listings.
Activity on the market in the last 24 hour shows 74 new Albuquerque real estate listings. In the same time. 15 properties came back on the market while 4 properties had price increases. Price reductions occurred on 46 real estate listings. 39 Albuquerque real estate listings went into the pending category which indicates a contract was achieved between the buyer and seller. Successful sellers that closed on their properties where keys exchanged or title passed on 32 different properties. In this time period 15 properties expired their real estate listing contract.
Are the values of homes for sale in Albuquerque, NM, being affected by banks accepting cash offers only and not even considering those buyers that would be utilizing a mortgage. For Albuquerque homebuyers it's unsettling for their offer to be rejected due to financing the purchase of a bank owned home. The Albuquerque real estate market is experiencing this trend as are other real estate markets across the nation. The trend is that properties that banks own themselves which require financing with a mortgage, the bank often leans towards buyers paying in cash.
Why would a bank except a cash offer that was lower than an offer on a home they own that would be financed with a mortgage? Well to the bank the answer is simple. Anytime a mortgage is needed to purchase a home additional factors need to be considered in the purchase other than just the purchase price of the home in question.
Even though a Albuquerque mortgage company provided the buyer a preapproval letter, often additional factors come into play. Some of these factors may even include, change of credit worthiness, loss of employment, increasing debt, or even the appraised value of the home in question. Often the condition of the bank owned home is less than perfect. Depending on the loan the buyer would be acquiring the condition may be a determining factor in loan approval, or denial.
Albuquerque Real Estate Listings for Today
The Albuquerque multiple listing service also known as the Albuquerque MLS, indicated activity for Wednesday, April 4, 2011 as follows. The total number of Albuquerque real estate listings in the residential listing category stood at 4361 total listings. The breakdown of residential detached listings stood at 3707, and residential attached listings were a total of 415. The difference between residential detached and residential attached listings is detached listings are stand-alone homes and attached listings would either be a condo or a townhomes with at least one common wall.
The residential manufactured listings stood at 239. Residential land listings, also known as vacant land contained a total of 4446 entries. In the Albuquerque MLS there was a total of 144 residential income listings. We had 50 farms listed and 129 residential rental properties in the inventory.
In the past 24 hour market watch, we had 65 new homes listed and placed on the market. There were 12 homes that were placed back into the multiple listing system and we had price increases on 9 homes. Price reductions were made on 44 homes and 34 homes went under contract and were placed into the pending category. Listings that were sold and closed totaled 29, with and we had a 8 homes that expired their listing contract. The MLS also had 31 homes that were withdrawn from the market temporarily.
Albuquerque MLS Update
The Albuquerque MLS as of March 15 as a total residential listing number at 4342. The breakdown in the residential listings was detached listings at 3683, with attached listings at 406. Manufactured homes listed in the Albuquerque MLS stood at 253. Vacant land listings were 4541. Residential income which would be two, three or four-plexes, stood 147. Farm and Ranch listings stood at 50.
The breakdown of Albuquerque Homes for Sale in the last 24 hours showed 76 new listings into the Albuquerque MLS. During this time. We had homes place back on the market at 12. We showed price increases on 9 homes. We also had price reductions on 44 homes. In the last 24 hours, homes that went under contract, which we call pending, stood at 42. Our sold listings, which are the homes that have closed escrow were 23. We had 21 listings expiring their listing agreement in the last 24 hours. We also had 17 homes that were withdrawn early and placed on temporary hold
The Albuquerque multiple listing system, also known as the Albuquerque MLS, contained 4336 residential listings in the system today. The residential listings were further broken down by category. Today's real estate listings included detached listings at 3680, and residential attached listings at 409. The residential attached listings could either be townhomes, or condos. The number of manufactured homes in the multiple listing system stood at 247. Land listings stood at 4518, along with residential income listings of 143.
Over the past twenty four hours, 27 new listings came on the market. 4 homes showed price increases along with 20 properties having price reductions. 5 homes were put into the system as closed, which means a close of escrow. 4 homes expired their listing agreement time periods, and 14 homes were place in a temporary hold status. These numbers are lower than normal and may be a reflection of the need for agent entry to be accurately reflected as paperwork is caught up on later today. Tomorrows number of Albuquerque Real Estate Listings should be a reflection.
Northeast Albuquerque Homes for Sale - Inventory
There were 844 Active Detached Homes listed for sale in the Northeast Albuquerque quadrant as of November 27, 2011. The price range of these Northeast Albuquerque Homes started at $70,000 for a 900 square foot home and went up to $2,000,000 plus for a 6000 square foot plus home.
There were 193 Attached homes listed for sale in the Northeast Albuquerque section of town as of 11-27-2011. The lowest price was $40,000 and the top real estate listing was $375,000. The square footage ranged from 619 to 3250 square feet. These Attached homes are either townhomes or condos.
Northeast Albuquerque Real Estate Listings
All Albuquerque real estate listings as searched in the Albuquerque MLS were at a total of 1306 as of 11-27-2011. These listing include Albuquerque Homes for Sale, Condos, Townhomes, vacant land and Commercial Properties.
Northeast Albuquerque Homes - Sold
Albuquerque real estate listings and Albuquerque Homes that were sold in the month of November were as follows by category. Total Albuquerque real estate listings of ninety-seven were closed in the month up to this date. The square footage ranged from 800 to a little over 8000 square feet. The selling price ranged from a little over $50,000 to over $1,000,000.
Northeast Albuquerque homes for sale remain to provide opportunities for both first time home buyers and for the home owner that either wants to move up to a larger home, or even to sell your larger home, and find something smaller that will be easier to maintain.
Call me with any questions, I can schedule a personal viewing of any of the homes listed on this site.
Joe Schumerth - 505-235-9904 - Albuquerquehomesforsale.com
The Albuquerque Multiple Listing System had a total of fifty-eight homes that entered the market as new real estate listings in the 24 hour period between November 22, and November 23, 2011.
All of the following information covers this same time frame. A total of twenty homes were put back on the market. The total active residential homes for sale in Albuquerque, NM as of today numbered at 5072.
Fifty-six of these homes for sale in Albuquerque, NM had price reductions. Additionally forty homes went into the classification known as pending, which means they were under contract for sale but had not closed. There were thirty-two homes that closed escrow in the last 24 hours. A total of thirteen homes expired in the MLS, which meant that their contract ran out on the listing without a buyer under contract.
Under the Residential real estate listing category there were a total of 5,072 MLS listings. 502 of these were Attached Homes, or Condos, and 4,314 were Detached Homes. Often Detached Homes are called Single Family Homes, and the Attached Homes are known as either Townhomes, or Condominiums.
Homes for Sale in Albuquerque, NM
Do Short Sales affect the value of Homes for Sale in Albuquerque, NM?
The Albuquerque Real Estate market has been affected by foreclosures and short sales just like most real estate markets in the United States. One important factor to note is that every major metropolitan area of the United States has a distinct and individual market. Often home values fluctuate by as much as twenty percent from market to market. Hopefully for Homeowners, these fluctuations gradually increase in value over time.
How have the prices of homes for sale in Albuquerque, NM been affected by short sales? That question is often viewed completely differently depending upon which party is viewing the short sale. Is the short sale looked at from the Lender's perspective, the Homeowner's, or that of a potential Buyer? What is the real quick answer to the question of: "What is a short sale?"
A "Short Sale" is initiated between the Homeowner and the bank, or mortgage company, the "Lender." The short sale is not between the Homeowner and potential Home Buyer. This is a very important factor. The short sale is between the Lender and the Homeowner, not the Buyer. The Homeowner must receive approval from the Lender prior to the closing of the sale with a willing Buyer.
Some Buyers say, "that doesn't make sense. The Homeowner owns the home, and the Buyer is buying from the Homeowner, right?" Yes, but the Lender must approve the acceptance of less money than they are owed. What is often missed from the outset is that the Lender must approve the Homeowner's contract with the potential Home Buyer. When a Homeowner has less money available to pay off the debt that is created by their mortgage after the sale of their home, they must either come up with the difference in cash, or ask the Lender for approval to accept less money on the mortgage than they owe. Herein lies the difficulty.
Who wants to accept less money for a debt than they are owed? Isn't a mortgage a contract? How does the Lender know the house is not worth what is owed? Why can't the Homeowner just pay off the total debt owed? How does the Lender know the Homeowner is not just trying to give the Buyer a great deal? These are all questions that must be answered before a Lender is willing to approve a short sale.
The Lender is going to require that these question be answered satisfactorily . Lenders have different protocols and procedures in place to gather the required information. All of these questions in their entirety may take a considerable amount of time and patience for all parties involved. It is not uncommon for this question and answer process to take up to 180 days.
Sometimes the answer from the lender is "No." Sometimes their answer is "Yes" without any additional terms. However, the answer may be a conditional yes, with an increase in the amount that the Lender will accept to satisfy the mortgage. Lender's look at Albuquerque Real Estate values in this stage. When the Lender requires more money than the purchase agreement would allow, this additional money will usually fall upon the Buyer if the Homeowner is truly tapped out on money.
Now the Buyer must make a decision if he want to spend more money to purchase the home, or cancel the contract and attempt to get a return of the earnest money in order to start the home search again. The end result may be "back to the drawing board" for most Buyers at this point. Opportunities and pitfalls exist when purchasing a short sale. The most important factor is to thoroughly understand the process and work with an experienced, full time Albuquerque Real Estate Agent who understands and can communicate this to the Homeowner and Buyers. Time and patience are a definite necessity.
Do short sales affect the value of homes for sale in Albuquerque, NM? Short sales affect the market value of homes less than if the home went into foreclosure, however, the entire process ads to the uncertainty of Homeowner's and Home Buyer's being able to close on a real estate transaction in a timely manner. Buyers looking for a good deal and Homeowners looking to unload their homes without regard to price has facilitated a softening of home values in this market.
Please call me with any questions, or comments: 505-235-904
Albuquerque Real Estate News:
The Parade of Homes is a highlight of the fall Albuquerque Real Estate market. The parade of homes begins Friday, October 7, and continues on the weekends through Sunday the 16th. Homes open for viewing at 11:00am, and remain open until 5:00 in the evening on weekends. This special event coincides with the International Balloon Fiesta and is enjoyed by both local residents and the many guests from around the world that are in Albuquerque to witness the more than 700 balloons that are part of the fiesta.
The Parade of Homes highlights the styles , variety, and availability of homes for sale in Albuquerque, NM with a mixture of semi- custom builders, production subdivision builders, remodelers, and even pure custom builders. Beginning in the early 90's, the Parade allows builders, remodelers, design specialists and potential home buyers the chance to meet while viewing spectacular new and remodeled homes. The Albuquerque Real Estate Parade of Homes is self guided and allows tour guests the option of choice as to which homes and areas to visit.