HOMES FOR SALE IN AND AROUND RIO RANCHO NM

Great Location!

• 1,000 sq. ft., 2 bath, 3 bdrm single story - MLS® $123,000 USD - Affordable!

Paradise Skies, Paradise West  -  Get a fantastic deal on this 3 Bedroom 2 Bath Home in a GREAT Location! Close to shopping and future Presbyterian Hospital. Features Vaulted Ceilings and ample storage. Clean and ready to show and sell. Short Sale - being sold as is.

Property information

Ok, so you hear REALTORs and lenders advertising all the time about how you should “Buy Now”.  Buying a home may be the largest financial decision you make, so I think you should have some solid reasons why you, a friend, or a family member should take a VERY close look at why now is such a good time.

For the first time homebuyer, the $8000 tax credit is due to expire on Nov 30^th.  There’s no guarantee this will be continued.  You would need to close by Nov 30^th in order to qualify for this free money.  This is still possible, but you need to get under contract with your new home ASAP!  Lenders are taking longer to close transactions, so the typical 30 day close may now take about 45 days or longer.  If you qualify, the New Mexico Mortgage Finance Authority has programs to limit your down payment.  Rio Rancho also has a grant program for qualified buyers.  Call me for more information or go to MFA’s website at http://www.housingnm.org/

Prices are LOW!  Why wait to buy a home in a seller’s market.  It seems simple enough.  Don’t miss the boat when prices start rising.  Pending Homes for sale in Rio Rancho and Albuquerque have gone up 36% in the month of August compared to 2008 (based on data from the Southwest Multiple Listing Service).  When the bank owned properties and short sales start to clear out, I expect prices to begin rising.

Interest Rates are LOW right now!  I don’t think they will remain low.  Here’s why.  Recently, the Fed said they would begin rationing out the purchase of mortgage backed securities they have committed to through the first quarter of 2010.  It appears they want to “wean” the market back to normal market conditions.  What will this mean for the home buyer?  It means mortgage rates are likely to go back up over 6%.  When interest rates go up, waiting to buy will cost you.

With the above reasoning, if you’re in a position to buy, why are you waiting?

Need to speak to a mortgage lender in Albuquerque or Rio Rancho?  I work with a team of lenders that will help you find the best deal. 

So you want to remodel?  Will you recoup the cost when you sell?  You may want to think about the big picture before you start that next project.

Every week I speak to someone about selling their home, and I do a market analysis to determine what their home can sell for.  Even in a tough market with all the negative publicity regarding home values, people still seem to think their home can sell for more than others in the area.  The main reason I get is this…..”I’ve remodeled the *******, and I’ve put this much $$$$$$$ into the house.  I want to recoup what I put into the home”.  If you plan to sell in the next few years and you would like to remodel…..please speak to me first!  I say this, because most remodeling jobs DO NOT increase the value enough to cover the cost when it comes time to sell.

What do I normally suggest?  When planning to remodel, plan a design with widespread appeal.  If you go crazy with wild colors and designs, when it come times to sell, you may have just reduced the pool of buyers willing to accept your eccentric taste.  My wife likes purple, but when it comes time to sell….we’ll have to paint (that much purple just isn’t normal).  Also, think about the area you live in.  There was a home for sale in Rio Rancho, NM in an area of large lots and open desert.  Everything around it was Southwest style.  When I went inside, the home was EXTREME Contemporary.  It was actually nice, but the design was suited for an urban loft.  A home that appraised for $400K sold for a little over $200k.  Part of the reason was a declining sellers market, and part was the design.

Potential first time Home buyers in Albuquerque and Rio Rancho NEED to be aware of this tax credit.  You get this credit after you file your taxes next year. I will give a run down of the basics.

* Amount of Credit - Maximum credit is 10% of the value of the home, not to exceed $8,000.
* Income Limit - As a single head of household, you are eligible if your income is no more than $75k.  Those that file a joint tax return may have no more than $150k.  The credit phases out if income exceeds these limits up to $95k for individuals and $175k for joint returns.
*First Time Homebuyer - Not exactly...if you have not owned a home within the past 3 years you still qualify.
*MFA - If you use this New Mexico program, you are now eligible to receive this credit!  If you are not familiar with NMMFA, contact me, it can save you money.
*Recapture - If you sell the home within 3 years, you must repay the credit.
*Effective date - Purchases on or after January 1, 2009, and before Dec. 1, 2009.

Allright, so you're a first time home buyer and a little worried about committing to a home.  If your payment is $1000/month, this credit could make your payments for 8 months!  Don't forget the tax deductible mortgage interest.  Factor in incredibly low mortgage rates, and NOW may be the best time to buy. 

 **Disclaimer** - CONSULT A TAX ADVISOR TO GET SPECIFIC GUIDANCE RELEVANT TO YOUR CIRCUMSTANCES.