inventory: A Timely Reminder of Just How Competitive Mortgage Rates Still Are - 11/29/16 07:11 PM

An Albuquerque Journal online article certainly grabbed our attention earlier today.
The report said that latest Standard & Poor’s CoreLogic Case-Shiller national home price index, released today, is slightly above the peak it reached prior to recession in July 2006, rising 5.5% between September 2016 and September 2015.
While this offers a national snapshot, and there are naturally regional variations, it's important to consider the implications of this excellent news at a time when rising mortgage rates have been the overwhelming real estate industry focus since the election (although they do appear to have stabilized in the past few days).
Above all, the index … (1 comments)

inventory: The Importance of Keeping Your Home on the Market for the Rest of 2016 - 11/25/16 11:40 AM

First of all, we hope you and your family had a fantastic Thanksgiving Day and if you've been shopping today that you found the bargains you were looking for.
Thanksgiving always heralds in the start of the Christmas season and, rather less joyously, another annual tradition we get to see in the real estate industry around now is a number of sellers taking their homes off the market until the New Year.
There is still a widely-held misconception that homes do not sell around the holidays.
In reality, however, this is actually a great time of year for our industry, not least because, let's … (0 comments)

inventory: Continuing Positive Market Trends Set Up An Exciting Winter for Sellers - 11/19/16 12:57 AM
It's great to be able to report that the positive market trends we've been seeing all year in the Albuquerque area real estate market appear to be continuing deep into the fall.
The latest statistics, for October, recently released by Greater Albuquerque Association of REALTORS® (GAAR) are perhaps most notable for the lack of change they represent.
In other words, as predicted we're seeing another strong end of year market building up, just as we witnessed in 2015.
As ever, we'll concentrate our monthly review of the latest stats on the single-family detached market and there are many signs that sellers in this key … (1 comments)

inventory: Quarterly ABQ Area Stats Reaffirm Robust Real Estate Trends - 11/11/16 03:02 AM
Every few months, we like to review and contextualize the latest Greater Albuquerque Association of REALTORS® quarterly statistics for you, especially as they provide a wider perspective of market trends than month-to-month reports.
Once again, it's very pleasing to be able to tell you that the recently published third quarter figures reaffirm the general positivity we've been seeing all year.
A key highlight is that, in July, August and September, single-family detached home sales showed a year-on-year increase of 6.34%.
The average sale price of those homes rose by 3.32%, compared with the third quarter of 2015, to $228,271. Indeed, if we look back … (1 comments)

inventory: Your Fall Home Maintenance Checklist - 09/27/16 02:56 AM
Thursday will be the first official day of Fall, so we thought now would be a great time to offer some useful tips to help you prepare your home for the changing weather conditions and temperatures we'll be seeing in the coming weeks.
Roofs - A pair of binoculars is invaluable when it comes to making an inspection of the general condition of your roof. You should look for obvious signs of missing shingles/tiles, cracks or other damage, as well as the integrity of flashings around vents, chimneys etc. Remember that even very, very minor leakages or damage can be utterly catastrophic … (5 comments)

inventory: Why Pre-Approval For A Mortgage Is Even More Important Right Now - 09/16/16 07:25 AM

If, as a prospective house buyer, you were to ask us what's the single best piece of advice we could give you right now, we'd not hesitate to say: "get pre-approved for your mortgage".
In fact, with low inventory of available homes for sale this has become an even more important pre-requisite.
To explain why we say this, imagine for a moment that you are selling a home in the Albuquerque area right now. You're in a great position, because there are many buyers chasing a slimming number of available homes. Indeed it's quite possible that you'll receive multiple offers for your home, … (0 comments)

inventory: Latest Albuquerque Area Real Estate Stats Show Summer Ending On A High Note - 09/14/16 03:37 AM

It's good to be able to report that recently released Greater Albuquerque Association of REALTORS® statistics for August point towards a very lively end to the summer in the area.
Apart from continuing concerns over the level of inventory of available homes for sale, which we'll return to later, there were positive indicators right across the most important statistical categories for detached homes.
In line with trends we've been seeing all year, median detached home prices were up by 1.6% ($190,000) on the same period last year, while average prices rose by exactly the same amount ($226,422).
A detached home took just 51 days … (0 comments)

inventory: Why Low Inventory Is A Even Better Opportunity For Sellers Right Now - 09/12/16 01:53 AM
Low inventory of available homes for sale continues to be a major factor in the Albuquerque area. Despite a couple of slightly encouraging signs during this year to date, in general the trend has been getting worse.
The truth is, of course, that a shortage of homes is a mixture of good and bad news, depending on which end of the real estate kaleidoscope your looking through.
For buyers, it does mean less choice at any given price point and, quite possibly, some difficulty in finding exactly the right specification of home. That said, however, buyer sentiment continues to be amazing, with a … (0 comments)

inventory: First Time Home Buyers Are Now Making A Big Impact! - 08/27/16 11:12 AM

It now appears that the first time buyer is making a huge comeback this year after all.
According to recent survey information revealed by Zillow, 53% of all buyer sales in 2016 have been to first time buyers!
And in spite of well-publicized recent concerns to the contrary, millennials are featuring strongly in this purchasing pool.
These stats were further reinforced earlier this week when the latest figures for new home starts, traditionally a stronghold for the first time buyer, showed a multi-year high in July, and quite a significant hike on the rest of 2016 to date!
And with news today that … (0 comments)

inventory: Important Late Summer Considerations for Would Be Home Sellers - 08/27/16 10:58 AM

With the kids going back to school and football season approaching fast, there are plenty of signs around that summer will soon coming to an end.
And what a summer it has been in real estate.
As we reported last Friday, the Albuquerque area has seen very good year-on-year growth recently and, as we also reported last week, buyer sentiment is being measured at an all-time high, nationwide.
And yet, despite all these, and other great reasons, for listing a home right now, we are still in the midst of a significant shortage of available properties for sale.
There are many reasons why … (0 comments)

inventory: New Albuquerque Area Market Stats Demonstrate Healthy Year-on-Year Growth - 08/12/16 04:38 AM
Figures just released by the Greater Albuquerque Association of REALTORS® (GAAR) should make for very good reading for anyone currently selling their home, or contemplating doing so.
These stats contain good news in several key categories.
The median price of a detached home rose by 3.2% ($189,900) in comparison with July 2015, while the average detached price showed a year-on-year increase of 6.8% ($226,192).
On average, a detached home sells faster by a fifth of the time compared with the previous July. It now takes an average of 48 days to sell such a home.  
Pending sales, a good indicator of August performance, showed … (1 comments)

inventory: Home Buying Sentiment Reaches a New High - Are You Ready to take Advantage? - 08/09/16 08:55 AM
There's been some interesting news already this week from The Federal National Mortgage Association (FNMA), better known as Fannie Mae, the government sponsored, leading source of financing for mortgage lenders.
Fannie Mae reports that its Home Purchase Sentiment Index rose by 3.3 points in July to 86.5. This an all-time survey high, indicating a very positive outlook for the housing market nationwide.
The Index comprises a number of components, one of which is a the number of consumers who would buy if they were to move house. This figure rose to 67%, with a 26% fall in those who said they would rent … (0 comments)

inventory: What a Great Time to Buy A Home - But Are You Ready To Take The Plunge? - 07/29/16 07:05 AM

The recently published, and widely publicized, Zillow Real Estate Market Report for June, certainly paints a great picture of a very, very hot market all over the country, and we're not talking about the sizzling temperatures.
Consider, for instance that homes are closing faster at the moment than at any time in the past six years. The national average for the time it takes to market and finalize the sale of a home is now just 78 days, including the selling time.
It should be noted that the Albuquerque market is probably either matching or doing slightly better than this. Consider that, … (0 comments)

inventory: Quarterly Home Sales Review Demonstrates Albuquerque Selling Opportunities - 07/23/16 04:07 PM
The Greater Albuquerque Association of REALTORS® (GAAR) has just released its review of the second quarter of 2016.
Quarterly reports are always interesting to study, as they tend to point to more sustainable trends than month-to-month statistics.
Compared to the second quarter of 2015, single-family detached home sales increased by 9.19% and the average sale price in this category is also making very good progress with a 4.26% year on year rise.
In real price terms, that translates to an average sale price of $228,003, which is quite a leap from the 2016 first quarter figure of $216,222 - a great demonstration of the … (0 comments)

inventory: "Should I Delay Selling My Home For Even Better Returns?" - 07/15/16 06:14 AM
With such a vibrant homes market in the Albuquerque area at present, there is a temptation for sellers to assume that delaying listing their property could lead to even better returns on the sale in the future, especially if they have the luxury of being able to wait.
Such decisions to procrastinate are, of course, ultimately always a judgement call. They are also something of a gamble, given how quickly things can change in the real estate, both positively and negatively.
Today we'd like to suggest five key factors that help to explain why playing a waiting game may carry quite a lot … (1 comments)

inventory: Mortgage Rates Now At The Best Levels In Years - Seize the Moment! - 07/03/16 05:28 PM

It would be totally remiss of us if our blog theme today was anything other than mortgage rates.
They are now at their lowest levels in years, with average 30 year interest rates dipping below 3.60%. They have dropped by around a quarter point in just five weeks.
One of the main factors in this incredibly good news for home buyers and, by implication, sellers too, was last week's British vote to exit the European Union - the so called Brexit.
Largely unexpected, Brexit has caused a tidal wave of uncertainty in global financial markets. Although Britain has yet to begin formal proceedings … (0 comments)

inventory: Five Great Tips For Successful Home Buying When There is Low Inventory - 06/24/16 08:00 AM
Our recent blogs have often touched on what a great market it is at the moment, for both buyers and sellers.
In fact the only really significant chink in the armor at present is the continuance of low supply of available homes.
While it creates fabulous, low-competition/price-resilience opportunities for sellers, low inventory is clearly not such good news for buyers, who very simply have less choice.
Some buyers may be tempted to sit on the fence until more homes become available. There is, however, no way of knowing when this will happen and, perhaps of even more importance, there is always the risk that … (0 comments)

inventory: The Critical Importance of Ensuring Your Home Is Correctly Priced - 06/21/16 07:30 AM
While it is great to be able to consistently report how well the local real estate market is fairing, it's also true to say that correct pricing of your home is still a critical element in the selling process.
Although fast sales and multiple offers are much more commonplace these days, and even as inventory of available homes for sale struggles to keep pace with current very high demand, it's still very still possible to price your home above true market value, with serious consequences.
Unfortunately, it's so simple to get a false impression of what your home might be worth and the … (0 comments)

inventory: A Real Estate SWOT Analysis at the Halfway Mark in 2016 - 06/15/16 04:33 AM
We're now almost exactly at the halfway mark in 2016.
It therefore seems a good time to look ahead at prospects for the second half of the year and we thought a good way of assessing future possibilities would be to carry out a SWOT, or Strengths, Weaknesses, Opportunities and Threats analysis, based on what we've seen in the first six months of the year.
Strengths - With the news at the end of last week that they are now nearing multi-year lows, mortgage rates continue to be one of the main motivations for buyers. While there's no guarantee of the very welcome … (1 comments)

inventory: Latest Albuquerque Area Real Estate Statistics Emphasize Seller's Market - 06/15/16 04:31 AM

Figures released this afternoon by the Greater Albuquerque Association of REALTORS® (GAAR) demonstrate an increasingly healthy homes market in our area.
These latest statistics, reflecting on performance in the area last month, show the growing strength in the market as we approach the halfway mark in 2016, as the peak selling period continues.
Yet again, there was a very robust year on year rise in both detached average sales price (4.69%) and median sales price (6.63%). Overall detached sales volume rose 14.05% in the 12 months leading up to the end of May.
With the news this week that mortgage rates are … (1 comments)

Manish Chanda (Everest Peak, Inc.) Rainmaker large

Manish Chanda

Albuquerque, NM

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Everest Peak, Inc.

Address: 4801 LANG AVE NE, STE 110, ALBUQUERQUE, New Mexico, 87109

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