2013 Real Estate Year In Review
Posted by NMWelcomeHome Team Associates (505) 886-1432 on
Take a look back at 2013’s dynamic year in real estate. Low mortgage rates, all-cash buyers and bidding wars played a part in the housing market's recovery. In 2013 we saw the housing market recover a lot faster than we anticipated. It was a great year for seller and homeowners who saw their home values appreciate.
Housing Prices Rose Fast
The local average sale price was $191,683 in November 2012 and rose to $198,249 by November 2013 according to gaar.com.
Mortgage Rates
Mortgage rates remained low with a slight increase. Fixed-rate loans were as low as 3.45 percent in December 2012 and rose to 4.49 in September 2013 according to Freddie Mac. Mortgage rates are likely to stay low and perhaps even drop between now and March 2014.
Housing Inventory
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Owning a home comes with a great deal of maintenance. During the cold part of the year, many home owners forget to service their furnace. No matter what type of furnace you have, there are several things you can do to keep your heating system in top condition. Heating systems are usually trouble-free and easy to maintain. Good regular maintenance will help with the efficiency of your furnace.
We moved into this spacious home because of the open floor plan. There are four bedrooms upstairs along with a balcony from the master suite. The balcony has beautiful views of the east Sandia Mountains and city of Albuquerque. There are also the same views from the landscaped backyard. The view will never be compromised. There are wood floors throughout and has recently been painted. The location is great. We are close to the I-40 freeway and are near a park and a walking/bike path. Nearby is also the new stadium. Our neighbors are great and are very nice. This is a great home that is spacious and great for entertaining.
Coming up with a down-payment for a home purchase can be a major roadblock for some. This is often the reason for renting, rather than owning, a home. A "down-payment" is the difference between the home's purchase price and its mortgage amount. The down-payment must be paid up-front and can vary by lender, location, and loan program. A higher down-payment generally translates into lower loan interest rate. Down-payments typically come from personal cash savings, but it can also be a borrowed amount secured by assets. Our mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the…