Albuquerque, NM Real Estate: Relocation and more

A headline in the Albuquerque Journal, our local newspaper read, "Marvel To Film 'Avengers' in New Mexico. Production Will Rent All of ABQ Studios for Most of 2011". There are four complete film studios in the Metro Albuquerque Area, and most people would be very surprised by the number of major motion pictures that are made, from start to finish, here in the Metro Albuquerque Area. At one time Albuquerque was considered a miniature "Silicon Valley" with the majority of jobs in the tech field. Over the years Albuquerque has expanded the range of its job market to diversify the types and kinds of occupations that are now here and looking for qualified people to fill important positions in their companies. With the number of people moving into the area, homes are selling well and prices are still low, a qualified Buyer has a choice of a wide range of homes and prices to choose from. Please contact me for more information on the Metropolitan Albuquerque Real Estate Market and the wide variety of choices of Homes For Sale. If you're considering purchasing a rental property in the Albuquerque Area, now is a good time with the rental vacancy rate at an all time low percentage, rental homes can and are producing a positive cash flow that is a very attractive alternative to other types of investments. Click here to E-mail me

Now is really the ideal time for people to purchase a home or land, whether new construction or a resale, in the Metro Albuquerque, NM Area. Mortgage rates are at all time lows, homes are at the lowest prices in years, and mortgage companies are ready to loan money to qualified home buyers. For the Buyer that has time, foreclosures and Short Sales can be a great source to find a home that would normally be beyond the amount of money you have budgeted for a home, you can get more house for your money as long as you have the patience to wait out the time it takes to complete a transaction with property owned by a bank (REO). I have access to all the homes in the Albuquerque market that are foreclosures or Short Sales, if you need to close a home within a short period of time, there are still bargains to be found, both in resales and new home construction, with many home builders offering a wide variety of incentives to buyers of new homes. Many of the builders have spec homes, throughout the Metro Albuquerque Area, they are ready to move in, for those people who are transferring into the area and want a new home in the least amount of time. As a Realtor with over 17 years experience, in the Metro Albuquerque Real Estate market, you can be sure that you will work with a knowledgeable Realtor, who works full time, to help you find the perfect home that fits your needs.

D.R. Horton, a builder, has developed a program for the Metropolitan Albuquerque, NM market, called the Main Street Stars^tm. Through this program, military, law enforcement, firefighters, healthcare and education professionals may be eligible for special incentives or options on new homes at the D.R. Horton locations built by the New Mexico Division here in the Metro Albuquerque Area.

The Main Street Program^tm is in recognition of the people who contribute to the success, well being and security of citizens in the Metro Albuquerque Area. We appreciate that the military, law enforcement, firefighters, healthcare and education professionals exhibit dedication and frequently exhibit personal sacrifices. As their way of saying, "Thank you for all that you do," they are offering this special program to help bring those groups of people one step closer to the American Dream of home ownership, and as a REALTOR I am participating in and helping the affected groups named above to benefit from this program.

While most citys provide 911 for emergency calls, the City of Albuquerque provides 311 (Outside Albuquerque, dial (505) 768-2000) for non emergency telephone calls. The staff that mans that telephone number has a wealth of information about the city of Albuquerque and will gladly, in a very courteous manner, give you anything and everything you've every wanted to know about Albuquerque. As a REALTOR I have used the number, as have my clients, and we've always been pleased with the accurate information we've received. So if you have any questions about anything Albuquerque, and can't find the answer on this website, feel free to call 311 from within the calling area or outside Albuquerque, dial (505) 768-2000. You'll be pleasantly surprised with the helpful information you receive.

Albuquerque is divided into four quadrants: Northeast (NE), Southeast (SE), Northwest (NW), and Southwest (SW) The North and South dividing line is Central Avenue, also known as "Old Route 66." The East and West dividing line is Broadway, or to old timers the railroad tracks. Each quadrant has its own unique qualities and distinctive neighborhoods.. If you want to become active in your new neighborhood, there are over 225 neighborhood associations throughout the city that are coordinated through the Office of Neighborhood Coordination ( 505-768-3790). If you want and approximation of the dividing lines that are on the map at the right, use Interstate 25 for East and West and Interstate 40 for North and South.

Northeast:
This quadrant stretches from the University of New Mexico to the foothills of the Sandia Mountains. The Sandia Mountains to the east and the Sandia Pueblo to the north limit this area to moderate development. Some of the city's most affluent and upscale subdivisions lie within this area. Sandia Heights, Tanoan, High Desert and Glenwood Hills are located here. North Albuquerque Acres, with its large lot size and "country" feel has homes in every style and price range.

Southeast:
This area includes Albuquerque International Airport, Kirtland Air Force Base, and Sandia National Labratories. Subdivisions include the well established Ridgecrest and Nob Hill sections, The Four Hills area, and the contemporary Willow Wood subdivision. This area has homes in every price range to met most family needs.

Northwest:
This area contains the city's oldest most established neighborhood and it's newest more rapidly growing area. The North Valley contains some of Albuquerque's most secluded, rural properties, surrounded by massive cottonwoods, with lot sizes typically of an acre or more. Cross the Rio Grande River and atop the West Mesa you'll find the most rapidly growing area of the city, containing both residential and commercial developments. Taylor Ranch and Paradise Hills do have properties that date back several decades, so a mix of new and old can be found in this area. Ventana Ranch, a master planned community can also be found here (for more information on Ventana Ranch click here. Affordable housing abounds, with dozens of homebuilders offering an array of new homes with prices starting as low as in the $70,000 range. Cottonwood Mall, one of the largest shopping centers in the Southwest, has over 1 million square feet of space.

Southwest:
Starting in the South Valley, you'll find a mainly agricultural area, with many homes southwestern style, that often have barns and livestock. Head towards downtown and you'll find the Old Country Club neighborhood. Quiet and lushly landscaped, this neighborhood is one of the more highly sought after residential areas of the city. This is the area to come to during the Christmas season. Many residents set out luminarias, or little lights, to guide you on a tour of this area.

Communities such as Rio Rancho ( Click here for more information on Rio Rancho ), Corrales, Placitas, Bosque Farms/Los Lunas, and the communities in the East Mountains (east of the Sandia Mountains, Click here for more information on the East Mountains ), border Albuquerque and each has its own unique flavor, feeling, and life style. Information is available about each area (see the section on the East Mountains) and I will gladly provide it to you.

The builders in the Metro Albuquerque Area have finally wizened up to the needs of home buyers that want an over 55 community. We now have Jubilee a 55+ community just south of Albuquerque, we have the Esplanade, a townhouse 55+ community in Rio Rancho and the recently completed Alegria community in Bernalillo, just northwest of Albuquerque. I have information and floor plans for the homes available just drop me an e-mail or give me a call if you have any questions. The Metro Area is relatively free from natural disasters and I am getting quite a few e-mails from people considering moving, in their retirement, to this area.

On January 6, 2012 New Mexico celebrated the One Hundredth Anniversary of becoming a state in the United States of America. New Mexico, known as "The Land of Enchantment", was the 47th state to join the Union. As people travel to visit New Mexico, they discover the two things that make it most attractive to visitors: the physical beauty of the state and the diversity of the different cultures living together as citizens of this proud state. People also like the idea that New Mexico is not prone to natural disasters- we don't tend to have hurricanes, tornadoes, earthquakes, but we do have and average of 310 of sunshine a year ad still manage to fit in the four seasons.
New Mexico has also expanded the different types of occupations available within the state. Once known as a little "Silicon Valley", employment opportunities have expanded to all types of employment opportunities, we even have four complete movie studios within the Metro Albuquerque Area. You would be surprised at the number of box office hits that were filmed right here in the Metro Area. With the University of New Mexico and its schools of law and medicine, we have many people moving here to take advantage of a world class education at an affordable price.
Come and visit New Mexico and see what it has to offer, talk to the people, visit the museums, zoo, and other attractions. See for yourself what New Mexico and the Metro Albuquerque Area has to offer for yourself. You will find a warm welcome when you arrive.

* For those not familiar with the Metro Albuquerque Area, please go to the section of my website that discusses each neighborhood within the entire Metro Area. Click here to go to Metro Albuquerque Area Neighborhoods for a snapshot of each area.

Table of Contents: click on a topic 1. Metro Albuquerque Area Neighborhoods 2. City of Albuquerque 3. Albuquerque Public Schools 4. The East Mountains 5. City of Rio Rancho 6. Rio Rancho Estates lot information 7. Placitas 8. Corrales 9. View My Metro Albuquerque Listings 10. Condo/Townhouse Information 11. Your New Home Feedback Form 12. Mortgage and Financial Information 13. The 19 Indian Pueblos of New Mexico 14. Ventana Ranch 15. Bernalillo County Wastewater Ordinance- Summary 16. Albuquerque's Old Town 17. The Rio Grande Zoo, Botanic Garden, and Albuquerque Aquarium 18. NM Ski Info 19. Area Maps 20. Population: by Counties 21. Links to other sites 22. Duties of a Licensee or Transaction Broker 23. Buyer's Agent 24. Real Estate Tax Laws: Capital Gains 25. 1031 Tax Exchange Information 26. Clients' Referrals 27. Albuquerque Relocation Information 28. Comparative Market Analysis 29. What's Selling in the Metro Albuquerque Area? 30. Investor Information 31. Reciprocal Links Requests 32. Hotels and Motels in the Metropolitan Albuquerque, NM Area 33. Libraries in the Metropolitan Albuquerque, NM Area 34. Homeowners Insurance: The Basics 35. Feng Shui: The Basics 36. A Brief Biography 37. Links to Realtors in other states 38. Links to Realtors in other countries 39. Links to Hotels in the USA and Around the World 40. Search the Metro Albuquerque Multiple Listing System (MLS). 41. Financial Information and statistics Click to E-mail me

Albuquerque and The Land of Enchantment: Where else but Albuquerque can you step across extinct volcanic mesas on one edge of the city and traverse to the top of an almost 11,000 foot mountain peak on the other? Where else can you visit an historic old-world plaza one day and a modern atomic museum the next? Where else can you play a challenging round of golf in the morning and blaze down a rigorous ski slope in the afternoon? Where else? No where else, because there's no place on earth like Albuquerque- a rare contrast of time, terrain and people. Today, you have a chance to be part of our thriving community of more than 712,000 residents who call the Albuquerque ( founded in 1706) Area home. For more information: Click on Albuquerque- Rio Rancho- The East Mountains- Placitas- Corrales Patrick F. Montrose - REALTOR®, BA, MAT Associate Broker Certified Relocation Specialist Coldwell Banker Legacy Realtors 6767 Academy Road NE Albuquerque, New Mexico 87109 Pat@PatMontrose.com (505) 828-1000 Main Office Line (505) 857-2344 Office Direct Line (505) 239-4253 Mobile (505) 212-9357 Home Fax (505) 821-0399 Office Fax Albuquerque Real Estate and Homes: Relocating to the Metro Albuquerque, NM area? Selling your home? Buying another home in the area? Looking to buy an investment property? Well, welcome to the Montrose team, we are ready to assist you with your next real estate transaction. We do real estate the way real estate should be done - we care about our clients, treating them like friends and family. We follow every transaction from start to finish, troubleshooting any problems to avoid those last minute stressful situations. It's hard enough moving into a new area, but to find the "perfect" home you can use some friendly and experienced help. Whether you're buying or selling Residential real estate (both resale and new construction), Commercial, or Vacant Land (even a Bed and Breakfast), contact us. With over a decade and a half of experience in the Metro Albuquerque Area real estate market, you can be assured of a knowledgeable, professional, and experienced Realtor. We stay on top of the ever changing rules and regulations by attending continuing education courses on a regular basis to better serve our clients. As a veteran I can even help with military relocation and I'm on the F.E.R.S. list of approved Realtors. I'm associated with another Realtor, so if the situation calls for it, there is always another Realtor to back me up. This will insure full coverage on every transaction, with at least one of us available to answer your questions and guide your transaction. Check out our "client referrals" to see how our past clients feel about us. "Client Referrals" Click to E-mail me If you are unfamiliar with the Albuquerque, NM Area and would like a description, with pictures, of each neighborhood within the entire Metro Albuquerque Area, please click here to go to that web page. Clients have told me that they have found this page very helpful in choosing areas that may interest them for possible relocation. Albuquerque is in the middle of a Buyer's Market, so if you are thinking about Buying a home in the Metro Albuquerque, NM Area, now is the time to move ahead with the process of purchasing a home. Please feel free to call or e-mail me for more information about current market conditions in the Metro Albuquerque Area. "How is the real estate market doing? Find out your homes value now!" (click here): Thinking of selling your home? Would you like to receive a free Computer Comparative Market Analysis (CMA) of your home's real estate value? If you have us market your home for you, we attain the highest possible sale price within the shortest time on market. If you choose, we offer Seller's Agency to promote your best interests. We are having great success attracting Buyers with our website- homes are selling faster than those not listed on the Internet. Coldwell Banker Legacy New Mexico: *What percent of Coldwell Bankers Legacy's listings have sold in the last 12 months? - 92% (national average is 85%) *What was the average time it took to sell those listings? - 34 Days *What was the average sale price for those homes? - $212,504.00 *What was Coldwell Banker Legacy's list-price to sale-price ratio for those homes? - 98.22% BUYERS: What's your next home like? (click here): "Your New Home" - Thinking of buying a home and relocating to the Metro Albuquerque Area? Use our feedback form to tell us what you want in a home and we'll search the entire Multiple Listing System to find the perfect match for you in the Metro Albuquerque, NM Real Estate Market or provide information on new home construction and send the MLS printout to your e-mail mailbox. Why waste time searching complicated MLS databases, we'll do it for you, and if you want, send you information on any new homes that come on the market that meet your search criteria. We maintain a good working relationship with new home builders in the Metro Area, and have the latest up-to-date information on the newest subdivisions and the models being built there. If you choose, we offer Buyer Agency to aid in your home search for both resale and new construction. We never charge a fee to represent a Buyer and we have a perfect record for saving our Buyers money on both the new home and closing costs. Click here to review the duties of a licensee in New Mexico that's provided to every person we deal with regardless of whether or not an Agency relationship is chooser by the Buyer. MLS: "Multiple Listing System"- do you want to search the Multiple Listing System (MLS) yourself? Our local MLS has a consumer version that you can do a home search yourself. You can go there and search for a property and get basic information concerning it. You can then e-mail the MLS number (six digits: for example #446645) to me and I will e-mail you the full Client printout, with up to 15 photos of the property. Realtors have the only "real time" MLS, keep in mind that this website is updated every 24 to 48 hours and some homes listed as Active may have already been sold and gone into Pending, other websites may have a time lag of a week or more, so please make sure to check any properties with me for the most up-to-date and complete information. Please bookmark (save to "Favorites") my web site so you can find your way back to here. Search the Metro Albuquerque MLS: Click here! and don't forget to return to my website. You can use the "back arrow" in the extreme upper left hand corner of your Internet Browser to return to this website or click on Favorites (a star in the latest version of Internet Explorer) or simply reenter my website address, "www.patmontrose.com." What's selling in the Metro Albuquerque, NM Area? (click here): A list of homes, by average price and area, showing how many sold and the average price per square feet. This report also includes Area Maps to help pinpoint where the homes are located. We have two versions of this report, the complete version that consists of two pages or statistics and three pages of maps; if you have a high speed Internet connection or the patience to wait for a large download, this is the version for you. We also include a shorter version for those people using a dial-up connection and don't have the time or e-mail space for the full version. The form you fill out will let you tell me which version you prefer. Thinking of investing in the Metro Albuquerque, NM Market? We can provide you a breakdown of the average priced home in the various areas within the Metro Albuquerque, NM Market. We maintain a relationship with New Home Builders and keep an up-to-date file on the amount of money down that is required for investors and can help in identifying those "Investor Friendly" builders. Builders encourage Buyers to be accompanied by a Realtor, so we can bring you to their model homes to see their style of construction and help in the contract writing phase of the purchase. Builders in New Mexico do not charge a premium if you are working with a Realtor- the home price is the same if you are working with a Realtor or go into the development on your own. In most cases, we have saved Investors money at the closing table; if you are from out of state, we can be eyes and ears locally and monitor the construction process for you. We have even attended the final "walk through" of the home, the last step before the closing of the sale. For more detailed information about investing in the Metro Albuquerque, NM market, please click here to go to that page of my website. Information about Condos and Townhouses in the Metro Albuquerque, NM Area? (click here): Are you a student at the University of New Mexico (UNM) and thinking of buying a condo or townhouse to stay in while attending UNM? Are you thinking of downsizing or need information on condos and townhouses throughout the Metro Area? Are you over 55 and looking for a community of other over 55 residents? As a Realtor we have information and access to every condo and townhouse for sale in the Albuquerque real estate market. Click here for information about Condos and Townhouses in the Metro Albuquerque Area. Do you own a lot in Rio Rancho Estates? Beware, there are a variety of people trying to make money from long time holders of Rio Rancho Estates lots. They are offering everything from maps, to insurance, to newline, to purchasing your lots for small sums of money. The latest scam is that the caller will tell you your lot is worth $25,000; $30,000 or more; all you have to do is send then $749 (or some similar amount) to cover their costs, and they will have or find a buyer for your lot(s). Do not fall for this, no real Realtor will charge you an up front fee to sell your lot(s). Currently lots in unimproved areas of Rio Rancho estates are not selling, unless you take the $1,000 (or similar amount) offer you have received either through a telephone call or in the mail. My advice is to wait out the current downturn in the real estate market, keep an eye on your taxes, if they are raised significantly, call me and I'll let you know if the area around your lot is being developed. Keep in mind, there is little development going on at this time, my best advice is to hold onto your lot(s) and wait for the market to pick up. Forbes Magazine has listed the Albuquerque Area as one of the areas that will make a real estate comeback, in the first tier of areas to recover. Click here for information on lots I have listed for sale, and the true market value of your Rio Rancho Estates Lot! To send an e-mail, click here: RRE@PatMontrose.com Currently, the only lots selling in Rio Rancho Estates are those in developed areas for those people who wish to build a home on the lot or those located within the city limits of Rio Rancho and that have full infrastructure (not all lots within the city limits have streets, utilities, electricity, etc and when the city brings in the infrastructure they are assess individual lot owners for the section for the imprudence that extend along the street side of their properties, these assess can run as high as $22,000, payable over 10 years), those lots may sell to someone who is interested in building a home that has the utilities and roads already in. Unless the money is really needed at this time, i would wait until the Area goes through a correction, settles down and investors and regular Buyers start contacting Realtors for listed properties. New Mexico is a non-disclosure state. That means information about real estate is deemed private and confidential and can only be given to the owner of a property. We get daily requests for information that does not include a name and address, we respect your privacy but we no longer answer e-mails that leave a name and address off. Click here to read our Statement of Privacy. Do you need a list of Hotels and Motels in the Metropolitan Albuquerque, NM Area? (click here). While we don't recommend any one particular hotel or motel, we will gladly e-mail you an extensive list of available places to stay in the Metro Albuquerque Area. The East Mountains Real Estate Are you thinking about living in the East Mountains? The East Mountain communities are just a short drive away from Albuquerque, with country living in Sandia Park, Cedar Crest, Tijeras, Edgewood, and Moriarty. There are both high end developments and small cabins, so just about every price range is covered. For information about an area where land is measured in acres instead of feet, click here for information about East Mountains Real Estate, one of the fastest growing areas in the Metro Albuquerque Area. Ski information for the State of New Mexico. (click here) Stats, annual snowfall, number of trails, number of lifts, and more. We are constantly adding new information, please bookmark this website for the latest updates. If you have new information on ski sites, please contact us. What's happening in the Metro Albuquerque, NM Area? (click here) What's Happening in the Metro Albuquerque Area? If you know of an event occurring in the Metropolitan Albuquerque, New Mexico Area, please send me an E-mail with the details and we'll place it right here on our website. We try to make our website as informative as possible, and we rely on our visitors to let us know "What's Happening?". Albuquerque International Balloon Fiesta: In 2008 we celebrated The Albuquerque International Balloon Fiesta, the largest hot-air balloon festival in the world, it took place at Balloon Fiesta Park near Alameda and Jefferson in Albuquerque, NM. We celebrated our 37th Anniversary, of the Balloon Fiesta, with this seven day event. This is the event that people from all over the world attended, both as participants and as spectators. Click here to look at some of the pictures we took at a past event. I have available, a large collection, approximately 100, of Albuquerque International Balloon Fiesta "Coins" from a long time collector. Each "Coin" is one Troy Ounce of .999 pure silver, and depending on the "coin", some have 24 caret gold overlay designs on them. They are what coin collectors call silver rounds, only government issued money, with a denomination on it, can really be called coins, but each does contain one troy ounce of silver. If you need a particular "coin" for your collection, please e-mail me the date and type and I'll let you know if I have one. I have them separately and in sets of two, three, and four. Pricing is determined by the year of issue and what the "coin" commemorates, i.e. the Fiesta, the balloon shapes, the Balloon Glow, etc. The prices will be at least 50% off of the book price, according to the original collector, and they are packed and ready to ship. Most of the "coins are from the 1980's, 1990's, and 2000's, with the majority in the 1990's . Albuquerque has a Coin Club that meets the last Monday of the month (except December when a Christmas Party is held). Everyone is welcome to come, dues is only $15 a year and the club is affliated with the ANA. The meetings are held in the Hotel Elegante on Menaul in Albuquerque, trading starts at 6:00pm followed by club business and then ending with the monthy auction. Click here to look at a few pictures of some of the coins.

Technology alert!: We carry a laptop and a Tablet with us that can access the entire Multiple Listing System. EVERY home listed by every real estate company in the Metro Albuquerque, NM Real Estate areas accessible through my laptop or Tablet. (We update the listings every night) We can send MLS Listings directly to your e-mail address or fax machine. We have added the Multiple Listing System to our PalmOne PDA! I can now bring up information about every home and land parcel on the market as we drive by it, answering your questions about price, size, and other informative details about the property. If you need information, we'll gladly e-mail it to you as a PDF File or Word Doc, whichever works best for you. PDF Files can not carry a virus, so we tend to send PDF Files, unless a Word Document is requested. I even e-mail copies of Purchase Agreements, Inspections, Counteroffers, etc. directly to your mailbox as a PDF File. As the real estate industry goes further into the technological age, we try to stay in step with it to better serve our clients.

Trivia Fact - In the first 12 months after building a new home owners spend an average of $8,905 and buyers of existing homes spend and average of $3,766 on their home and grounds.

Finance Alert! Lenders are now required to pull a new credit report within 3 days of a loan closing. This is a new Fannie Mae requirement starting June 1st! Any new credit or credit inquiries will have to be addressed by the Borrower and the loan will need to be resubmitted to Underwriting. This could delay closings and in some cases, if shopping was done..cause the loan to be denied. Please make sure you understand the importance of not even having their credit pulled until you actually close!

Quick Metropolitan Albuquerque, NM Real Estate Facts:
* Less homes owners stopped making mortgage payments in the first half of 2007 than did in the first half of 2006.
* Foreclosures rose 58%, in the first half of 2007, nationwide but DECLINED 30% in New Mexico.
* New Mexico averaged 1 foreclosure for every 395 households, the national average is 1 in every 134 households.
* It has been estimated that as much as one fifth of foreclosures are started on investor groups rather than primary residences.
What does this mean? The Metropolitan Albuquerque Area continues to grow, mortgages are continuing to be offered to qualified Buyers, and homes continue to appreciate!

Want mortgage or financial information? Please click here. Want investor information? Please click here.

Click here to e-mail me!

Home Seller Alert!!! If you are considering selling your home, with your mortgage holder's permission, as a "Short Sale" please make sure you COMPLETE the transaction before December 31, 2012. This may look like you have plenty of time to complete your sale, but I've seen both foreclosures and Short Sales take from 6 months to a year to close. After that date, the IRS will consider the amount forgiven by your mortgage holder as earned income. In other words the amount forgiven will be added to your income and not only taxed, but the forgiven amount may raise your income into a higher tax bracket. The Federal Government is changing a lot of its rules, to increase money that comes into the Treasury, at an incredible rate to try any way it can to reduce the National Debt.

Additional Housing-Related Provisions

Tax Incentives to Spur Energy Savings and Green Jobs: This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2012 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings: This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing: This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance: This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

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More Help for Homeowners in the Future

Another thing to keep an eye on in the coming weeks is President Obama's plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That's because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

The Economic Stimulus Plan is huge, and impacts a number of industries. I've highlighted some of the major provisions that may impact you now and in the future.

If you've been passing up on buying a home because of the expense of anticipated cosmetic repairs, you're missing out on a great opportunity. Sure, it used to be that if you bought a home and then applied for a home equity loan to pay for repairs, the result would be two separate loans (or worse, a mortgage plus a short-term loan for repairs that often had a much higher interest rate). This is not the case anymore if you qualify for an FHA Streamlined 203(k) loan.

The Department of Housing and Urban Development's FHA Streamlined 203(k) loan allows qualifying home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. And the best part is, the additional funds are combined into your mortgage, so you only have to worry about one loan.

There are, of course, rules and guidelines we have to follow, and not every repair qualifies. But if you or anyone you know are interested in taking advantage of this great opportunity, give us a call, and we'll gladly provide you more information about this valuable program.

Average price for single family detached homes in the Metropolitan Albuquerque Real Estate Market (the Metro Albuquerque Area is approximately 1,200 square miles- Placitas to the North, Rio Rancho to the West Belen/Los Lunas to the South, and Moriarty to the East):
$150,023 in 2000.
$152,399 in 2001.
$158,717 in 2002.
$166,703 in 2003.
$182,490 in 2004.
$205,402 in 2005
$228,633 in 2006.
$243,089 in 2007
$232,626 in 2008
$215,295 in 2009
$215,915 in 2010

If you like statistics and more detailed information concerning the Albuquerque Housing Market please click here to go to that page of my website.

Statistics for Rio Rancho Estate Lots as of January 2012:

Number of lots For Sale (Active) = 1,723 Lots
The following statistics are for Sold lots in Rio Rancho Estates, both those in undeveloped and developed areas; the lots in developed areas have a Fair Market Value that is much greater than lots that are in undeveloped areas and they greatly effect the higher prices shown. An undeveloped lot can be have a Fair Market Value that is only 10% of a developed lot.

Statistics for Lots sold in Rio Rancho Estates:

Average Sale Price for lots in all Areas of Rio Rancho Estates: $9,245
Medium Sale Price for lots in all Areas of Rio Rancho Estates: $3,500
Average Days on Market: Average= 601 days
Most lots, 823 lots, have sold for under $20,000 with the majority of Lots selling in the $2,000 to $5,000 range, with an average of 329 Days on Market; the closer a lot is to development, the higher its Fair Market Value.

The current statistics for properties in the entire (1,250 square miles) Metro Albuquerque Area market are:

* With the current state of the housing market, many people are finding it harder to make their Mortgage Payment each month. If are having this problem, please contact me, Click here to E-mail me , and I can give you some alternatives to possibly having your home Foreclosed by your mortgage lender. I have helped Sellers complete a transaction called a "Short Sale" and that is a much more desirable way of putting your home on the market and has a less of an impact on your credit scores, than a foreclosure.

*I have been receiving both telephone calls and e-mails asking me if I am planning on remaining in real estate or am I leaving the profession, as many other Realtors are doing. The answer is, I'm remaining as a FULL TIME REALTOR! As a matter of fact, I'm currently in the process, finishing the courses needed, to renew my Real Estate License for three more years, so I intend to remain, as a full time REALTOR for some time to come. With 15 years experience, as a REALTOR in the Metro Albuquerque Real Estate Market, you can depend on me to have the experience and knowledge to make your real estate transaction go as smoothly as possible.

*Some Sellers, that are marketing their homes with Coldwell Banker Legacy, are participating in a "Buyer's Incentive Program." Basically the Seller agrees to pay 3%, up to $8,000, of the Buyers' closing costs. By tradition, Sellers pay a large part of closing costs, so this really isn't as bad as it sounds. Contact me for more information on this program. Click here to E-mail me

Need more information? Pick a topic, listed below, and just click on it. We are constantly adding new information to our website, so please check back often. If you would like to see us add another section to our website please E-mail me.with your suggestion.

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This page last updated Saturday, May 5, 2012 

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Albuquerque, NM Real Estate is a website dedicated to giving you information about the real estate market in the Metropolitan Albuquerque, New Mexico Area. This website not only contains Albuquerque real estate information, but information we feel the average person would need to learn about the Metro Albuquerque, NM Area

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