May 2024 Market Statistics

Highlights (the highlights are a comparison between May 2023 and May2024)

  • Median detached home price increased 5.9 percent to $372,500
  • Average detached home price increased 2.0 percent to $418,399
  • Overall inventory of detached homes for sales increased 29.4 percent to 1479

Additional Reports

  • May 2024 Showings Report
  • May 2024 Local Market Snapshot Reports (by zip code & MLS Area)

Credit GAAR.com

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Assumable home mortgages offer a unique opportunity for both buyers and sellers in the real estate market. These loans allow a buyer to take over the seller’s existing mortgage, maintaining the original terms and interest rate. This can be highly advantageous, especially in an environment where interest rates are rising.

For buyers, assumable mortgages can mean significant savings. Instead of securing a new loan at a higher interest rate, the buyer inherits the seller’s lower rate. This can reduce monthly payments and overall interest costs, making homeownership more affordable. Additionally, assuming a mortgage can streamline the buying process, as it may bypass some of the rigorous underwriting procedures of new loans.

Sellers can also benefit…

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Tierra Del Norte by Hakes Brothers

Starting at $400,990

Status: Active
School District: Rio Rancho Public Schools
Home Sizes: Starting at 1,638 Square Feet
Location: Sandoval County

 Welcome to Tierra Del Norte New Homes

Tierra Del Norte offers a vibrant living environment with convenient access to amenities and shopping destinations. Enjoy recreational options like the Rio Rancho Aquatic Center and the Rio Rancho Events Center. Discover the perfect blend of modern living, quality education, and convenience in this thriving Rio Rancho community.

Tierra Del Norte Community Features

  • Educational Institutions: Located within the Rio Rancho Public Schools district, with nearby schools including Colinas del Norte…

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Get rid of the Escrow Account

An escrow account is an account that is used to collect annual expenses like property taxes and homeowners insurance on a monthly basis. Banks often mandate that borrowers have an escrow account at closing so that they know that the borrower has the funds to pay their property taxes when they are due. However, after a period of time of perfect payment history many banks will allow the borrower to stop escrowing. At that moment the monthly payment goes down and although the borrower is still responsible for making the tax and insurance payments at the end of the year.

If the borrower is comfortable budgeting for taxes and insurance, they can elect to not have an escrow account upon closing thus immediately making their…

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Remove PMI

Private Mortgage Insurance (PMI) is insurance that protects the lender in case an owner should default on their home. PMI is required for buyers who get a conventional mortgage and make a down payment of less than 20%. Once the homeowner has an equity position of more than 20% the PMI can be removed with lender approval. Upon request, lenders will do a home valuation to determine if the PMI can be removed.

The cost of PMI for a conventional home loan averages 0.58% to 1.86% of the original loan amount per year.

If the borrower has an FHA loan, they can refinance into a Conventional loan once they’ve gained enough equity to help get rid of the PMI.


Contact me at by text (505) 350-8184 for more information on our Trusted Lender.

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HELOC 

Understand Mortgage Hacks for Homeowners A Home Equity Line of Credit, also known as a HELOC, is a line of credit secured by the home that gives the borrower a revolving credit line. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Much like a credit card, you can draw on the HELOC, pay it off, and draw on it again. There are several ways a homeowner could benefit from using a HELOC:

  1. Use the equity from the home without refinancing.
  2. Use the equity for a down payment on a new home while keeping the current home.
  3. Use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
  4. The additional line of credit may increase their…

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