Saturday, June 26, 2010

Both 30 Year and 15 Year Fixed Rates are down to their lowest levels EVER!

Plus – in most parts of the country, home values as reported by both the National Association of Realtors and the S&P Case-Shiller Indices are higher than last year. If you were unable to refinance last year, the combination of your current home value and historic interest rates may provide you a greater opportunity to save money than ever before

Finally, even if your home has lost value from when your loan was originated, you may still be able to refinance. There are some special programs available that might allow you to refinance without private mortgage insurance, even if your loan will now exceed 80% of the present value..

Tuesday, June 15, 2010

Renting Your Home in 5 Easy Steps

A homeowner who is able to sell a property at the asking price has the potential to reap a profit, but what happens when you are having trouble getting your home sold? In today’s difficult market, many homeowners are taking advantage of renting out their homes, or individual rooms, in order to cover the bills. 

According to Glenn Curtis, freelance financial writer and analyst, here are five easy steps that will help make the renting process easier and more profitable. 

Study the market: Check local newspapers and with local Realtors to see what comparable homes/properties are renting for in the neighborhood. This should help you establish a fair rental price.

Prep the home: Renters may not take care of the home or its furnishings; therefore, the owner might consider removing breakables and personal items in order to avoid damage and potential arguments.

Find a renter: Consider advertising in local newspapers, in the brochures and bulletins found in supermarkets and on website classifieds. The idea is to try to get as many people to view the rental details as possible, so that you are left choosing your renter, rather than having to go with the only renter who expresses interest in your place.

Interview: Consider meeting with the potential renter rather than simply dealing over the phone. Knowing who will inhabit your home may put your mind at ease and help you weed out unsuitable candidates.

Spell out the deal: You should consider contacting an attorney (particularly one that specializes in real estate) to help see you through the rental transaction. The lawyer should be able to provide or help draft a rental agreement/contract. Consider any stipulations you want in the paperwork (like late fees, lease terms, payment due dates, etc.) and make sure the attorney includes those items.

By Paige Tepping

Thursday, June 10, 2010

May 2010 Real Estate Market Report

Monthly Highlights

•731 single-family detached homes were reported sold for May 2010, the highest number of May sales since 2007.

•Compared to May 2009, detached home sales in Albuquerque are up 28.09 percent and Rio Rancho sales rose 37.08 percent from the same period.

•The median sale price for single-family detached home sales stayed at $175,000 for the 3rd consecutive

PDF File Read the full May 2010 Market Report

Tuesday, June 8, 2010

Optimistic Outlook for Housing, But Challenges Remain

Economists participating in a recent NAHB Construction Forecast Conference Webinar agreed that the housing market is on the road to recovery, but cautioned that several factors could contribute to a bumpy ride in the coming months.... Continued arrow

Commercial Vacancies to Peak Near Early 2011

Multifamily housing is a bright spot, with increased demand expected, NAR says. Read more >

5 Tips to Save Money for First-Time Home Buyers

Those who missed taking advantage of the first-time buyer tax credit but who are still planning the purchase of their first home, continue to have a wealth of opportunities in today’s marketplace. A few smart steps can save first-time buyers thousands of dollars. Here is a look at some of the ways how: Continued arrow