There was a time when First-Time Homebuyers in New Mexico were not at the top of the buyers’ market. Times have changed!
Today, with an MFA loan, First-Time Homebuyers can purchase a home with as little as $500.00 out-of-pocket.
Highlights of the MFA programs:
• As little as $500 out-of-pocket
• No cash for closing costs
• No cash for a down payment
• Below-market interest rates
• Choice of any available home within your approved price range
Here are two good local examples of the MFA program:
1. In Bernalillo County, a two-person household can earn up to a combined $61,700 and, in some cases, can purchase up to $243,945.
2. In Santa Fe County, a two-person household can earn up to $67,800 and, in some cases, can purchase up to $384,750.
Did you know that “First-Time Homebuyer” includes anyone who has not owned a property in the last three years, whether it’s their first home or not?
So, Albuquerque Area First Time Homebuyers, contact me, Patsy Bailey, to get your mortgage pre-approval* and a recommendation for an Albuquerque Area Realtor and stop paying rent!
*Eligibility and program details vary from county to county. Program limits depend on income of all members of the household, the size of the family, and the price of the home. There are credit requirements as well.
I was looking at open houses in Albuquerque recently and noticed some real beautiful finds out there! Just last weekend, I hosted an open house with Chuck Peterson, a local REALTOR® with Keller Williams.
It’s easy for home buyers to delay speaking with a mortgage banker about the different loan programs that are available to them. When they finally visit an open house, they don’t have any idea what the mortgage on it might be.
I can take that guesswork out of home mortgages. By talking to you about your financing options, you’ll be better informed about your mortgage choices and better able to make a purchasing decision. I won’t be out at an open house this weekend, but I’m always available by phone or email to answer your lending questions.
My preliminary November 2011 home sales report contains mixed numbers for real estate sales in Albuquerque and Rio Rancho. This report is based on preliminary statistics obtained from the Southwest MLS but not published by GAAR (Greater Albuquerque Association of Realtors).
Albuquerque Home Sales
Total home sales were down slightly
REO (foreclosure or bank owned homes) sales were up
Short sales were also up
Total home sales decreased from 386 homes sales in November 2010 to 367 home sales in November 2011, about a 5% decrease. 22% of the homes sold in Albuquerque were foreclosure homes or REO sales, up 4% from last November; short sales also increased about 4% from last November.
Sales numbers were down considerably from October, which is normal for this year.
2010
2011
Total Sales
386
367
REO Sales
71
82
% REO Sales
18
22
Short Sales
29
45
% Short Sales
8
12
Rio Rancho Home Sales
Total home sales were up significantly
Foreclosure sales were down
Short sales were up
Home sales were up approximately 28% year-over-year, the percentage of Rio Rancho foreclosure houses sold or REO sales was down about 3% and short sales increased about 4%.
Total sales in November were down slightly from last month.
2010
2011
Total Sales
74
95
REO Sales
16
18
% REO Sales
22
19
Short Sales
12
19
% Short Sales
16
20
Takeaways
Home sales were up in Rio Rancho but down in Albuquerque
Foreclosure sales were up in Albuquerque but down in Rio Rancho
Short sales were up slightly in both Albuquerque and Santa Fe
Definitely mixed news for the Albuquerque Real Estate Market but no horribly bad news.
This post was written by Rich Cederberg, real estate broker in Albuquerque. (505) 803-5012. RE/MAX Finest (505) 792-2255
(Stats never lie, only people do)
These statistics were compiled from the Greater Albuquerque Association of REALTORS®data on 12/04/2011. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. These stats are based on preliminary data and are subject to change.
October 2011 appears to have been a strong month for real estate sales in Albuquerque and Rio Rancho based on preliminary numbers pulled from the Greater Albuquerque Association of Realtors (GAAR).
Albuquerque Home Sales
Total home sales were up while REO (foreclosure or bank owned) sales were down.
Short sales were up.
Total home sales increased from 369 homes sold in October 2010 to 404 in October 2011, about a 10% increase. 15% of the homes sold in Albuquerque were foreclosure homes or REO sales, down 4% from last October; short sales increased 5% from last October. Sales numbers were down slightly from September, which is normal for this time of year.
2011
2010
Total Sales
404
369
REO Sales
62
70
% REO Sales
15
19
Short Sales
53
31
% Short Sales
13
8
Rio Rancho Home Sales
Preliminary Rio Rancho home sales numbers were even more promising, increasing closer to 15%. Similar to Albuquerque, foreclosure sales were down and short sales were up.
Home sales were up approximately 15% year-over-year, the percentage of Rio Rancho foreclosure houses sold or REO sales was down about 4% and short sales increased about 5%. Total sales in October were up from last month by about 5%, which is unusual for this time of year.
2011
2010
Total Sales
99
84
REO Sales
22
22
% REO Sales
22
26
Short Sales
11
5
% Short Sales
11
6
Take Aways
Sales were strong in both Albuquerque and Rio Rancho
Foreclosure sales are down slightly
Short sales are up slightly (we need to move these homes!)
All very positive things for the Albuquerque Real Estate Market!
This post was written by Rich Cederberg, real estate broker in Albuquerque. (505) 803-5012. RE/MAX Finest (505) 792-2255
These statistics were compiled from the Greater Albuquerque Association of REALTORS®data on 11/01/2011. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. These stats are based on preliminary data and are subject to change.
The official June Albuquerque real estate market report won’t be published by the Greater Albuquerque Association of Realtors until around the 10th of July, but I’ve already pulled some preliminary real estate stats.
June was an ok, but less than spectacular, month for Albuquerque real estate sales. There were 509 closed sales.
The 509 closed sales last month were slightly higher than the 496 May closed sales, but considerably less than the 603 sales in June of last year. Comparing June 2011 to June 2010 isn’t really fair, considering last June’s real estate numbers were greatly affected by the strong rush of home buyers trying to cash in on the end of the $8,000 First-Time Homebuyers Tax Credit.
However, if we compare June 2011 numbers to June 2009, we’ll see that Albuquerque real estate sales are still down in comparison to the 577 closed sales that year.
I really don’t think this news is all that bad, in my opinion. What we are seeing is a relatively strong Albuquerque real estate market that is struggling to recover from the artificial stimulation that fueled sales over the last two years.
I often think how lucky I am to be living in New Mexico. We have the most beautiful sunsets, mountains, wildlife, four seasons, and so much more. Albuquerque and Santa Fe are so close together, yet so different. We are given opportunities here I don’t believe most of us would have in other places. I experienced one of those opportunities recently.
Seeing three well-known authors in the same room, up-close and personal, and being able to just talk to them, with or without their books, was quite the opportunity.
The three authors talked extensively to each other about their books—on everything from character development to their research travels. The format was very open and relaxed. Much laughter and admiration filled the room. Pictures were allowed before, during, and after the authors’ discussion.
The authors were so gracious and accommodating to everyone’s questions. In fact, questions were allowed until there were no more. I don’t know another place where public figures would be so comfortable and approachable– it was like having them in your own living room!
If you are not familiar with these three wonderful and enchanting authors, please look them up, learn more about them, and read something they wrote. You will find new worlds to explore!
There was a time when First-Time Homebuyers in New Mexico were not at the top of the buyers’ market. Times have changed!
I was looking at 
I often think how lucky I am to be living in New Mexico. We have the most beautiful sunsets, mountains, wildlife, four seasons, and so much more. Albuquerque and Santa Fe are so close together, yet so different. We are given opportunities here I don’t believe most of us would have in other places. I experienced one of those opportunities recently.
The authors were so gracious and accommodating to everyone’s questions. In fact, questions were allowed until there were no more. I don’t know another place where public figures would be so comfortable and approachable– it was like having them in your own living room!
