13412 Pinnacle Ct NE (Albuquerque, New Mexico)

Absolutely gorgeous hard to find 5 bedroom custom home built by Ultima. This home is nestled at the base of the foothills, close to hiking & biking trails, convenient to Kirtland Air Force base & Sandia labs. This home offers refrigerated air, a bright and open floor plan with a formal dining room, large updated kitchen with center island and stainless appliances. Large master bedroom with 2 private balconies, a walk-in closet, private full bath with jetted tub and double sinks. Spacious backyard offering a large open deck as well as stunning mountain views, and much, much more. Come see it today!



13412 Pinnacle Ct NE
Albuquerque, NM 87112

Price: $400,000
MLS#: 801425
Bedrooms: 5
Baths: 3
Sq Ft: 3000
Garage Spaces: 2
Click for More Details



www.GregLobb.com

The 1% = 10% Rule

Let's say that you are getting a $200,000 mortgage.  A few months ago, a 30 year mortgage at 3.5% would have been $985.48 (principle & interest only, not including property taxes & insurance).  To get the same payment today, at 4.5% you would only be able to get a $178,000 mortgage, or about 10% less.  Do you think that this would tend to slow down activity some?  Well, it has.

A lot of people I talk to will ask me "How's the real estate market, Greg?"  They watch mostly national news and hear that the home values have increased 20% over the last year.  Yes, but only in those places where values dropped more than 50% during the "mortgage meltdown" years (2007-2001), like Phoenix, Las Vegas and California.  They still have a way to go before catching up.  So do we, but on a smaller scale.  While we lost about 15% during those "meltdown" years, we've gained back approximately 5% since. 

Question to the Reader: How has rising interest rates affected your approach to the housing market?

www.GregLobb.com

The Real Estate Market is Calming Down!

 

In my summer update I wrote "Real Estate is Back with a Vengance!"  It was when the inventory of homes was 17% lower than it is now and interest rates were somewhere in the 3.5% range.  Since July, rates have gone up a full percentage point (to ~4.5% currently), so buying has slowed down.


In addition to that, with the increase in homes for sale, we are reaching what the industry calls a "Balanced Market" meaning than it's neither a "Buyer's Market" or a "Seller's Market", but somewhere in the middle.  It usually means that there is about a six month supply of homes for sale and the odds of selling in two days, with multiple offers, and going over list price (like in some areas this last Spring) are few and far between.

Question to the Reader: Did you get into the market over the summer?

www.GregLobb.com