Michael Dunn, Realtor (505) 379-5849 call or text!!! AbqDunn@gmail.com

Michael Dunn, Realtor

Coldwell Banker Legacy (505)379-5849 Call/Text ** AbqDunn@gmail.com

Real Estate News

2018 Real Estate market update!!

by

Can you believe we are more than half way through 2018?! I was at our copying machine earlier at the office and noticed that someone had left a school supply list there. It started to sink in that the summer flew by and we are just a few weeks from starting school again!! And I now have daughters in 7th and 8th grade!! Almost high school!! Time Flies!! sniff sniff…..

 

 

 

The Real Estate market is still hot in the Albuquerque Metro area! Interest rates are still low, there are first time home buyer programs and homes are still appreciating at a healthy level! Below are some stats that the Greater Albuquerque Association of REALTORS®published about June and the 2nd Quarter of 2018

 

June 2018 Stats (click for full report)

Highlights

  • the median detached home price rose  6.3 percent to $212,500
  • the average detached price rose 0.8 percent to $244,365
  • overall inventory of detached homes for sale decreased  15.4 percent to 3,297
  • the number of closed sales for detached homes decreased 4.7 percent to 1,189
  • the number of detached homes going under contract rose 13.7 percent to 1,279

2nd Quarter 2018(click for full report)

  • Detached home sales totaled 3,484 units, a 3.08  percent increase when compared to 2nd quarter 2017.
  • The median sales price for detached homes increased to $210,000, a 5.53 percent increase from a year ago.
  • Average sales price for detached homes increased 1..24 percent to $242,906..
  • Townhome and condo sales totaled 368, an increase of 9.52 percent when compared to the 2nd quarter 2017.
  • Click the links under ‘Downloads’ to access the Full Market Report  or the Green Sheet Report for the 2nd QTR 2018 Statistics.

Contact me if you are considering buying or selling a home this year!! We can get the process started and map out a timeline for you!!

Michael Dunn, Realtor

Coldwell Banker Legacy Realtors

505-3790-5849 Call/Text

Click this link below for your FREE and confidential home valuation!!

 

 

2017 Real Estate Market Stats

by

The full report for the 2017 Real Estate Market stats was released!!

For the 2017 Greater Albuquerque area housing market:

  • The average annual sales price for single-family detached homes rose 4.89% to $235,206
  • The median annual sales price for single-family detached homes grew 3.77% to $196,900
  • The number of attached and detached home sold jumped 7.28% to 12,620 transactions this year
  • Inventory of the 3,407 existing homes for sale is at its lowest level since 2006

You can view the full report here 2017 Full Report

The interest rates are still low and our market is very active! Contact me asap if you think you might be looking to buy or sell a home in 2018!!

Are you considering selling your home or investment property OR are you just curious what it is worth in todays market?? Click here to request your FREE home valuation and Id be happy to provide you with the information specific to your home!! No obligation or cost!!

Michael Dunn, Realtor

Coldwell Banker Legacy Realtors

505-379-5849 Call or Text

AbqDunn@gmail.com

FHA Loan limits increasing in 2018!!

by

Roger Gettler with Legacy Mortgage just shared this with me:

The Federal Housing Administration (FHA) announced increased loan limits for 2018, reaching nearly all areas of the country. The new loan limit will be $294,515 for a one-unit property, which is up from $275,665 this year. In areas defined by FHA as ‘high-cost,’ county loan limits may be as high as $679,650 for a one-unit property, which is also an increase from current 2017 limits.

 

Mostly attributed to rising home values, these increases allow consumers to purchase and refinance homes at higher price points with access to the benefits of FHA loan options. These mortgage loans generally carry lower down payment requirements and more flexible credit qualifying standards than conventional financing.

 

The Housing and Economic Recovery Act requires certain baseline limits to be reviewed each year. Because the U.S. House Price Index Report published by the Federal Housing Finance Agency showed a 6.5% gain in home values since third quarter 2016*, the limits for 2018 were increased; however, these new limits will only apply to FHA case numbers assigned as of 1/1/2018.

There is still first time home buyer money as well! Contact me with any other questions or to get the process started!

Michael Dunn, Realtor

Coldwell Banker Legacy

505-379-5849 Call or Text

AbqDunn@gmail.com

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

FHA Monthly mortgage insurance (MIP)

by

MIPFHA Monthly MIP has been decreased! The monthly premium used to be 1.35% and is now only .85%. This is a huge break through after FHA has continued to increase the premiums over the last couple of years to offset their foreclosure debt. Now that they have recouped their costs from the collapse of the real estate market, they are giving the benefits back to today’s home buyers with a lower premium.

This allows for buyers, especially first time homebuyers, to qualify for more! The lowered amount equates to about $40 savings or in an increase in purchase price of about $6,000 for every $100,000 financed.

Rates are still near historical lows, home prices are still near the bottom and are on a upward trend, and credit guidelines are starting to loosen again. People are asking when is the time to buy and NOW is the answer for all the above mentioned.

Info provided to me by Aaron Thompson Legacy Mortgage

3rd Quarter sales increase 17%

by

 

Quarterly home sales for single-family detached homes in the Greater Albuquerque real estate market saw a 17.25% improvement from 3rd Qua

Total dollar volume for single-family detached home sales was $442.3 million for 3rd Quarter 2012.  This number is based on an average sale price of $205,896, a 1.84% increase from 3rd Quarter 2011.rter 2011, according to the Greater Albuquerque Association of REALTORS®.    This is the highest 3rd Quarter for home sales since 2007.

 

 

“This is only the second time since 2006 that 3rd Quarter home sales were higher than 2nd Quarter,” said Marc Guggino, 2012 GAAR President, “and year to date, sales volume is up substantially from last year.  The overall sales trend for the Greater Albuquerque real estate market continues to look positive.”

view the whole  report here —-> Full 3rd quarter market report

 

 

article provided to me by gaar.com

Contact me if you would like a free evaluation of how much your homes is worth in todays market!

Coldwell Banker Legacy Realtors (505) 292-8900 8200 Carmel NE Ste. 103A Albuquerque, NM 87122