Are you sick and tired of hearing all of this? I am. Does it just make you mad that so many people are “losing” their homes. I can’t tell you the emotions that are roused by people in the Real Estate Industry as well as people outside the industry who are so angry that this has happened...
Funny thing about it. The same people 2 years ago were bragging about how amazing real estate investing is and how important home ownership is. A couple of years ago, anyone could buy a home. Lenders biggest requirement was that a person could “fog a mirror”! Hello! Well today, the same lenders are requiring a reflection in the same mirror. Guidelines are tougher and understandably so. They gave away the bank and now the price has to be paid for their wild speculation for working with buyers that couldn’t qualify. They lowered their standards to capitalize on Wall Street’s unquenchable desire for “easy money”. The alarms have sounded, I can hear my mother, “Wakey Wakey, it’s time for eggs and Bakey!” So now what?
Here’s the deal. Take a deep breath. Relax for a moment and let’s look at the facts in the matter.
I received a report last week that was a great relief to me here in New Mexico. Of all the states, counties, cities and neighborhoods in the United States, the Albuquerque Market had some of the best appreciation in the country. As a Metropolitan Statistical Area (MSA), which includes Albuquerque, Rio Rancho, Placitas, Los Lunas, etc., our total area appreciation in 2007 was 7.5%! Wow~! That does not sound like the Doom and Gloom the media is portraying.
Slow down before you get too excited. There are many sellers out there right now that are marking their homes incredibly high in their neighborhoods causing Realtors to reduce home prices on their listings. If you’re going to sell, trust the Professional Realtor you are paying for. Trust me. Realtors will sell your home for as much as they possibly can. They are on commission after all. So, if your Realtor suggests that the price point you are choosing as a seller is too high, listen close! They know what it takes to sell your home.
Another great stat I received the other day was about where New Mexico ranks in Foreclosures. The state only has a .3% (yes that is 1/3 of a percent) rate of foreclosures. That number is down over 25% from Jan. 08 back to Jan 07. Times are fine.
Another important fact is Buying Real Estate these days! It is not the time to be waiting for a deal. The deals are all out there. Consider it a Clearance Rack at Macy’s. Prices were high, now they are low. If you or someone you know is in the market to buy, Don’t miss this sale. Now is the time to buy Real Estate! By this time next year, the sale will be over.
If I can be of any help to you, please don’t hesitate to call me. 505-884-8600
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