Welcome to Lynn Williams REALTOR Blog

Tax Credit Can Be Used as Down Payment

2009-05-14T14:26:00.000-07:00

This excerpt was posted by the Kansas Association of Realtors on their website:

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Zillow Home Valuations in New Mexico

2009-05-07T08:47:00.000-07:00

Zillow has become a very popular search for home evaluation across the country taking information from the public sites such as county and city property tax registrations. Unfortunately, in the State of New Mexico, Zillow doesn't work.

New Mexico is a Public Non-Disclosure state. This means that public records are limited disclosure in New Mexico. Anyone can call up the county or query the city or county Taxation Dept. or Assessor's website to find how much tax is paid on a property, due, legal description and owners name and mailing address. If you want more information, you can ask a REALTOR if they can find out further information. We have relationships with Escrow Officers at Title companies. Title companies have accessibility to more information than we or the general public does. They are able to find out the name of the MOST CURRENT mortgage company (re-fi or home equity loan but maybe not the original mortgage loan information).

If the property has been sold on an REC (Real Estate Contract), the Title company can find out the purchase price of the property if the REC was recorded with the county.

So, when it comes to home valuation, again, it's best in the State of New Mexico to get it from a knowledgeable, experienced REALTOR.

Green Building

2009-05-03T14:12:00.000-07:00

It seems that the Albuquerque Metro Area is becoming more aware of Green building concepts. There have been several high end home builders which have incorporated Green builiding techniques for many years. Artistic Homes, a track home builder, has been incorporating a few concepts such as using a high efficiency boiler to heat homes for several years. Now Artistic is getting into Zero energy homes with solar panels to generate electricity for some of their new homes. There is a new home builder of lower cost homes on the West side of Albuquerque building almost Zero energy homes (without solar panels). They are Paul Allen Homes.

When I was a member of the Northwest Washington Building Inspector Association, we would have vendors come speak at our meetings. One of those meetings, a company who sold and promoted isocyanurate spray on insulation spoke. This past week, while listening to a presentation from paul Allen Homes, I found that they are using the same concept insulating homes. This is the most efficient and cost effective method in insulating homes to date.

If you think about the concept, where is the greatest amount of heat loss in a home? Through the penetrations in the walls and roof. Where is the greatest amount of condensation? On the inside surface of the walls,ceiling and floor insulation (in the Albuquerque Metro area, there are few crawlspaces since most homes are built on concrete slabs). In spraying an expanding foam insulation on the inside surface of sheathings and by insulating the outer perimeters of concrete slabs below frost line, you thereby reduce heat loss/gain and prevent condensation which ruins the R-Factor of fiberglass and cellulose insulations (which have been used primarilly since the changes in codes across the country since the '70's).

I am excited to become involved with this innovative builder in saving customers utility costs as well as selling them homes which may garner tax credits and rebates from the State of NM, the Federal Government as well as Public Service Company of New Mexico. Here are some links for websites to search more information on Going Green.

http://www.cleanenergynm.org/
http://www.usgbc.org/
http://www.buildgreennm.com/
www.pnm.com/rebates
http://www.albuquerquegreen.com/
http://www.housingnm.org/

2009 Homebuyer Tax Credit

2009-04-04T10:59:00.001-07:00

Saw an awesome article on details about the 2009 Homebuyer Tax Credit. Here's the link for the article. It's in chart format and makes it comprehensible. Hope you find it useful.

http://www.realtor.org/wps/wcm/connect/b6911d004d24c833931bf726a9949436/government_affairs_tax_credit_chart_022309.pdf?MOD=AJPERES&CACHEID=b6911d004d24c833931bf726a9949436

Google Sketchup 7

2008-11-28T12:44:00.000-08:00

Wanted to mention a tool which I used recently for one of my clients. One of my clients wanted to build a custom shed. To assist with the design and dimensions of his custom shed, I Googled for a 3D software. What I came across was Google's Sketchup 6. I used it to design his shed and was placed on Google's Sketchup notifier. Google has now come out with an enhanced version 7. And it's all for free!!!

It's an amazing tool. Took some time to learn Version 6. With the enhanced Version 7, I'm sure they have improved on some of the complexities of the older Version 6. Haven't had a chance to go in and try the new Version 7 yet. Looking forward to playing around with it since I need to build a couple sheds, re-do a patio cover and enclose it as well as several re-model projects in my own home which is a fixer-upper.

10 years ago when I was a contractor, I used a software from Broderbund which I think was called Architect 3D. That was a clunky software in my opinion compared to Sketchup 3D. The nice thing about Sketchup is that you don't have to have a very powerful computer to use the software. But, if you take into account that my computer from 10 years ago was probably half as powerful as my current PC, I guess it's all relative.

Good job Google for creating and making available this great tool for the everyday Joe. For any of you interested in checking out the software and downloading it, here is the URL:

http://sketchup.google.com/

Parade of Homes-Part 2

2008-10-27T13:40:00.000-07:00

My wife and I viewed several more homes at the Parade of Homes Tour this last Saturday. If you're considering to build a new homes or want to know the quality of certain builders, the Parade of Homes is an excellent way to get to know the builders. Many of the builders are at the homes they have on the Tour to meet, greet and answer any questions from prospective buyers. We met several on the Tour and were able to ask pertinent questions about home features.

Two of the home builders we were impressed with were Sun Mountain Construction and Homes by Marie. They were #'s 49 and 51. Plus, right next to entry #49 was a Sun Mountain home we previewed. The features were excellent. My wife loved the detail of the kitchen at Homes by Marie's entry #49. Since the Parade is over, you can still locate the homes, their addresses and contact info @ http://www.homesofenchantmentparade.com/ . Entry #51 was already sold.

Below you will find the info for the 2 homes on this blog:

Entry #51

64 Victor Road:Take I-25 north to Alameda Boulevard. Turn left on Alameda to Corrales Road. Turn right on Corrales and drive 1.2 miles to Applewood Road. Turn left on Applewood and drive .4 mile, and turn right on the far side of the irrigation canal. Drive .2 mile to Victor Road. Turn left on Victor to the home

This unique home is built to the highest greenbuilding criteria. Features include photovoltaic electricity, a chef’s kitchen with butler’s pantry, a large owner’s suite with sitting room and private courtyard, full guest quarters, and a study. The interior courtyard is equipped with a pool, barbecue, fireplace, and roof deck.
4 bedrooms • 4 baths • 3,920 sq. ft. • $1,400,000

Entry #49

112 Mesa Vista Road
Take I-25 north to Alameda Boulevard. Turn left on Alameda to Corrales Road. Turn right on Corrales Road and continue to the north end of Corrales. Turn left on Paseo Cesar Chavez and follow the road to the Mesa Vista subdivision on the right.

Everything is custom in this 3,320-square-foot home, from the granite sink, alder cabinets, and cobblestone tile to the open dining area looking onto the outdoor living area and views of the Sandia Mountains. The house has a separate large game room/multi-use room off of the children’s wing. The separate master bedroom has an extra-large walk-in closet, a walk-up coffee bar, a large walk-in shower, and lots of storage. The finished oversized three-car garage has epoxy-finished flooring. This home is ready for move-in, with all of the luxurious amenities Homes by Marie is known for.
3 bedrooms • 3 baths • 3,320 sq. ft. • $980,000

Contractor Isn't an Inspector

2008-10-24T13:04:00.000-07:00

When selling your home, be aware that a General contractor is not the same as a Home Inspector with the right credentials. The General contractor may be very knowledgeable when it comes to building new homes or remodeling existing homes. But, that does not mean that the contractor is qualified in inspecting your heating, electrical and plumbing systems for possible repairs before closing on a purchase of a home. You have to ask, is he going to warranty the items in the house that he says will work after they break when you move in? In today's economic climate, will you be able to find the contractor in business in the next year?

Professional Property Inspectors are skilled in property defect evaluation as well as being skilled in construction techniques, building codes, discovwery of damage, deterioration and other building defects. Most home inspectors began their careers in the building trades. Construction knowledge is essential in checking the condition of a home, but a comprehensive inspection is much more involved and far more complex than a mere walk through overview that a contractor might perform.

Home inspectors check the electrical systems by pulling the panel and looking to see if there are any faults in how the box is wired. They test grounding and polarity and other features. They check for code compliance with GFCI breakers. They check the plumbing systems which, in Rio Rancho, can be crucial to the purchase of a home. many homes in Rio Rancho have polybutylene pipes. They check all plumbing fixtures inside and out for leaks. They inspect the heating systems for damage and operability as well as built-in appliances, fireplaces for chimney and firebox cracks, garage door openers and more. They check water heaters, crawl underneath crawl spaces, look for faulty drainage, evaluate the condition of the roof, etc. If you ask for a structural inspection, it is more complex and comprehensive and checks such things as foundation cracks, stucco condition, operation and performance of windows and doors, etc.

One last thought is that when a Home inspector looks at a house, their report is accepted by Home Warranty companies which will warrant certain items of the house such as roofs, plumbing, heating and cooling. Without that report, it is unlikely that you would be able to obtain a warranty. So, keep in mind that hiring a professional inspector who is trained to look for defects is a much better choice than a contractor skilled only at new construction and systems.

Homes of Enchantment-Parade of Homes

2008-10-22T12:25:00.000-07:00

It's that time of year again in the Albuquerque Metro area. My wife and I took this last Sunday afternoon to preview the homes on the Parade of Homes tour. We started in Placitas and ended up in North Rio Rancho. There are definitely some beautiful homes on the tour this year. We will be going out again this weekend to see some more homes. We would like to finish up Rio Rancho and Corrales. If there is time left over, the Albuquerque Westside will be the finale for us.

My pick so far for the Buyer's Choice Award is entry #45 built by Verdugo Custom Homes. The address of the home is 31 Apache Mesa Rd in Placitas. Here is a graphical rendition of the Front Elevation:

This masterfully designed artistic, functional, green-built custom home has beautiful Sandia Mountain views in a very private location next to the Cibola National Forest, three minutes from I-25 and a Rail Runner station. Luxurious amenities abound yet energy efficiency and environmental impacts have been carefully monitored.

3 to 4 bedrooms • 3 1/2 baths • 4,383 sq. ft. • $1,249,000

It's a definite must see! Not only is the layout of the home well thought out but the location of the home relative to the Sandias with easy accessibility to I-25 make this home a great buy even at the price listed. I spoke with John Verdugo who said that most of his homes are sold before they are finished. I've seen, worked on and sold thousands of homes in my career. Many of the homes I worked on were more expensive than this home and it Wowed me!

One other home of mention is Twin Builders home in Bosque Encantada, a gated community off Sheriff's Posse Rd in Bernallilo nestled in the Rio Grande Bosque. Here is a snippet of the home worth viewing:

Entry #42
Twin Builders’ traditional Pueblo style home architecture is perfectly suited to the home’s surroundings. Impeccable attention to detail is evident throughout this home, from the beautiful stone detailing in the grand round entry to the brick and wood flooring. The home’s rounded barreled ceilings are extremely impressive.
4 bedrooms • 3 1/2 baths • 3,659 sq. ft. • $1,100,000

Hope you get a chance to go see both of these homes and the rest of the Parade homes. I think you'll be impressed!

MYTH: Buyers Are NOT Liars!

2008-10-06T14:11:00.001-07:00

Read an article and listened to a recording by Karin Hanna, agent from Australia who is a coach with another agent,Joeann Fossland. She mentioned that she’d heard an excerpt from a supposed “real estate expert”, Barbara Corcoran. Ms. Corcoran had mentioned that Buyers are Liars. That type of thought process is so negative and misguided.Buyers are people like you and me who are looking to invest in, what oftentimes is considered, the single most important purchase of their lives. All of us as humans change our minds from time to time and get wet feet. Kudos to those Buyers who change their minds and are cautious on buying a home until it is the right time for them. If that would have happened more often in the last few boom years within real estate, our market would probably not be in such dire conditions now.I’ve heard of this idea before from other real estate agents. I believe it is a wrong thought process and incorrect to label folks who ae wanting to purchase a home as “liars”. That creates a mindset of dis-trust between Buyers and agents. Do those agents not believe that Buyers can sense that type of mindset?A little more patience and understanding on the part of agents would go a long way toward helping Buyers find the home of their dreams.

Builders: Who Should You Pick?

2008-10-06T14:07:00.001-07:00

Where’s the best place to start when you have limited knowledge of construction techniques, materials and local construction companies? There are many avenues to obtain the information about local builders such as Internet, Newspaper, local Chamber of Commerce, Better Business Bureau…and last but not least, a local REALTOR with construction experience and background.Your local REALTOR with construction experience has, more than likely, sold many homes of various builders and can tell you which builders live up to their promises or not. If their clients have experienced difficulties from service or warranty issues after the purchase of their homes, you can rest assured that their REALTOR will have heard about it! And maybe that statement should have been prefaced by another statement: REALTORS who continue to be in contact with and have continued relationships with their clients. That would mean a REALTOR who cares.A REALTOR who knows how a home should be built can guide Buyers on what features to look for when choosing a builder. There are major differences between custom builders and track home builders. Buyers will find major differences in quality and features between custom builders and track home builders. Even then, there are custom builders to stay away from when considering building your dream home. Your local REALTOR with construction experience can assist you in finding a quality reputable builder.Finally, there is no substitute for physically looking at homes when considering a builder. Requesting a list of satisfied homeowners will be gladly supplied by a reputable builder. The local Better Business Bureau will have a log of complaints from dissatisfied owners. If you live outside of the area in which you plan to build a home, it is crucial that you consult a knowledgeable REALTOR who can assist you in all of these aspects.

Pet Odors

2008-10-06T14:03:00.000-07:00

Pet odors in a home can be one of the toughest deal killers in scaring off Buyers. Sellers must realize that not every Buyer is a pet lover. Even if they are, not many people care to walk into a house and be hit in the face with the smell of cat urine! And, in this day and age of highly allergic people, reactions to pet dander can be violent. Best to remove the odors and dander before putting your house on the market. Don't wait until you receive comments from potential Buyer you lost due to the odor that you should replace carpet and pad from pet urine. You can't afford to miss any Buyer in this market.There is a professional group I belong to called ePro. In a discussion on one of the forums today was the question on what to use to get rid of pet odors on concrete floors. There were comments about contacting professional cleaners to all kinds of products available on the market. My years of experience in construction and damage restoration have found that the answer is very basic.Remove the damaged carpet and pad and discard them. You'll never get the smell out of the fibers, backing or pad. These are all synthetic products made from petroleum and possibly some natural fibers in the backing. Clean the floor with an industrial cleaner. Be careful about using bleach because of the caustic nature of the chemical. Let the concrete dry for a day or so. Then, use any of several brand products named Kilz, Bins or Zinsser. Most of these are alcohol based. The alcohol kills the odor and the sealer in the product helps keep the latent odor from telegraphing through after the initial cleaning.Let the sealer dry for a day if possible and off-gas the fumes. Open the windows and doors if possible. Try to keep traffic off of the floor and get the new carpet and pad or laminate floor installed over the top of it as quickly as possible. You're one step closer to selling your home.

Reasons Why Your House Doesn't Sell

2008-10-06T14:02:00.000-07:00

The location of your home can't be changed. If you're in a great neighborhood, count your blessings. You chose well. Corner lots in low traffic neighborhoods are a bonus feature. If your home is located for easy entrance and exit without causing dangerous situations for your auto and body, you have one factor toward selling your home out of the way. If the location of your house is not the best location, consider compensating with a reduction in price relative to your competition (comparables in your neighborhood).The condition of your home is crucial to selling in a timely manner. If your home is well maintained and your are constantly fixing leaks, squeeky doors, keeping the carpet clean and have a fresh coat of paint on the walls, for example, you'll be able to sell your home quicker than the competition. In today's market, you have to best the competition right out of the gate. There's no time to fool around and let the home languish on the market while homes which are priced better and in better condition steel away the Buyers who could have bought your home.Listen to the experts when preparing your home to sell. If you hire a competent,experienced REALTOR, that individual will help guide you with advice on what's needed to prepare your home to list. I give my Sellers a pre-listing walk-thru and prepare a list of items they need to change or repair. After the repairs are done, we get a pre-listing inspection which calls out any further repairs to be completed. Then, when the house is completely ready, we set down and discuss the market and the competition.When you hire a REALTOR to sell your home, get one who is realistic and savvy. Ask them how long their listings have been on the market before a sale was consummated. Many REALTORS will price your home at the price you suggest regardless of what the market is telling them. Do you know why? Because it is to the agent's advantage to have listings which advertise their name! The more homes they have, the chances are greater that one will sell! Don't let that happen to you. You don't want to be a statistic for your REALTOR.Let the agent give you the actual market statistics. They can tell you what homes have sold for in your area. With an ever changing market such as ours today, look at the numbers for the most recent sales. And, when the agent asks you to go with him/her to look at your competition, go. It will give you an invaluable perspective and assist you in setting the price at which your home will sell...quickly!Once your house is listed, make sure your REALTOR keeps in touch. Ask the REALTOR to keep you updated every couple of weeks on what the market is doing. If the market is dropping, adjust your price accordingly based upon their assessment. You're now on the road to selling your home.

Buying Homes In Today's Mortgage Market

2008-10-06T14:00:00.001-07:00

Do you know the term ”Fallout Rate” and what it means? Do you know what “Trailing Spouse” doctrine is? Do you know what the requirements for contact are for VA Appraisers? Did you realize mortgage companies across the board are coming up with new and different “conditions” which frustrate Buyers and Sellers?Mortgage companies are being so cautious in today’s real estate market in loaning money to “A” clients that the fallout rate on them is at 50%. Fallout rate is the rate at which “A” credit clients will be rejected from approval of a loan. Is that scary or what? The fallout rate was, for some companies, at 80% just a few short months ago!Trailing spouse means the person who gives up their job in order to follow the other person in a relationship to a new location where that person has found employment. Even government credit unions are denying loans for “A” credit customers unless the trailing spouse has secured their job in the new location.VA Appraisers have up to 1 week to respond to an order from the VA for an appraisal. Then, they must respond within 1 week after appraisal to supply their report. New conditions which might be seen when getting a loan are:1. When the clients are not able to sell their home and the move is mandated by their employer, clients must rent out their home to qualify for the loan. The lender might give them 75% value for the rental payment instead of the 100% value of the rent received.2. Lenders are now requiring letters from clients in which they must write a letter stating they acknowledge that they are close to an airport and that the noise generated will not be a concern for them.3. An appraiser is to submit a letter stating the value of the rent being sufficient for the area of the residence which was rented out. Even though the Federal Appraisal Oversight Committee is clamping down on appraisers giving price opinions on properties.4. W-2’s to be provided for verification of income EVEN when the client did not work and was a full-time college student.These are some of the situations in which Buyers may experience which,in reality has an effect on not only the Buyers but the Sellers, REALTORS, inspectors and title company escrow officers. Many delays and cancellations of contracts are occurring due to these special conditions which are required by lenders who, in this author’s opinion, are operating out of fear. That fear is from having to shut their doors due to the housing market crisis to being audited by the Federal agencies which oversee the day to day mortgage business.

The Upside of Quick Sales: The ONLY Way To Sell In A Tough Market

2008-10-06T13:56:00.000-07:00

Another REALTOR told me the other day, “I’ve got 25 listings and only one of them has sold since January!” He’s a successful agent who’s been in the business for 18 years. You ask yourself,”Why only 1 listing sold out of 25 in 7 months?” Is it the market or is it the agent? Or is it a combination of both?There are 3 factors in selling a house in a tough market: 1. Price 2. Condition 3. Location, in that order. I can prove this theory. My last 4 listings have sold within 10 days or less! After a pre-inspection, repairs are completed before the house is placed on the MLS. The house is priced as close to what the current market will bear instead of pricing high with the full intent of reducing the price 10’s of thousands of dollars, many months on the market and much frustration for the Seller. The agent holds the line on price and Buyers realize what a value the house is for the local market. The selling price is confirmed by the appraiser. Purchase prices are only a couple thousand dollars different from list price instead of 10’s of thousands.The agent must make the Seller fully aware of the realities of the current market up front. If you have a REALTOR who knows their local market, they will give you the correct price and service to sell your home quickly. Your competition won’t have the time to realize what happened until it’s too late!

Market Value Of Your Home: Get It From a REALTOR!

2008-10-06T13:51:00.000-07:00

There are many choices on the World Wide Web right now for homeowners to look for the value of their homes. But, are the sites which offer this information accurate? It all depends on where that data is pulled. For instance, no website would be able to determine the value of your home in New Mexico since it is a Non Disclosure State. Public records for the sale price aren’t accessible. You might be able to find the information through a REALTOR but only if the house was listed and sold on the MLS (Multiple Listing Service). Several times in the past week, I checked out some sites to find out if they were accurate. The neighborhood in which I live, Corrales Heights, Rio Rancho, NM is the area used. What I found is that there are several “comps” which have not sold recently. One of the “comps” was the house next to mine! The value listed is approximately $50,000 above the actual value. The point here is in order to obtain the correct value of your home, you need to talk with a local REALTOR who is experienced and knows your local market. They will analyze the “comps” in your area and make the determination as to which houses are to be used as true comparables. This will give you an accurate idea of the price to list and sell your home. Even though technology has come a long way, it is not at the point of complete accuracy in evaluating homes. So, trust your local expert and let him or her give you a true picture of your local market.

Rio Rancho on the Move

2008-10-03T12:16:00.001-07:00

Friday August 2, 2008 was the day of the Inauguration of the new Presbyterian Rio Rancho Medical Center. Presbyterian broke ground on their new $200,000,000, hospital which will employ 200 physicians and 1200 full-time employees. It will include 2-6 story towers in which patients will be treated. The hospital will be located just North of the Bernallilo/Sandoval county line in Rio Rancho, NM just East of Unser Blvd.This is one of many facilities planned to be built in the burgeoning community North and West of Albuquerque,NM. Presbyterian has a vision of the future of this facility to be larger than the main campus in Downtown Albuquerque. The new Westside hospital will have parking as well. It is located to the South of the Cabezon subdivision.This ceremony rides on the recent announcements of new movie studios to be built along with UNM West campus, CNM, UNM Hospital West and the most recent announcement of a Hewlett Packard service facility.Congratulations to the people of Rio Rancho.

The Albuquerque Housing Market

2008-10-03T12:12:00.000-07:00

The Greater Albuquerque Association of REALTORS reports that the median price of an existing single-family, detached home was $195,000 for the first half of 2008. That’s $2,000 lower than 1 year ago. Even at that, the Albuquerque Metro Real Estate market still fairs better than many other markets around the country.If you compare the numbers of homes sold the first half of 2008 compared to the first half of 2007, the numbers are down 28%. There were 3,888 homes sold in the Albuquerque Metro for the first half of 2008 compared to 5,412 sales the first half of 2007.

Much of the drop in numbers of homes sold this year is due in large part to the difficulty of Buyers being able to obtain a loan. It now takes 68 days average to sell a home this year as opposed to 42 days last year.Even though the amount of inventory is high for new homes, the number of closings have surpassed the number of housing starts. According to Metrostudy, a balanced market would have a 1 & 1/2 month supply. We now have a 2 & 1/2 month supply. We are approaching a balanced market.

There are plenty of vacant lots, especially in Rio Rancho. But, with a new City Center, new Convention Center and Arena, ground breaking of a new 1200 bed Westside hospital, proposed HP Service Center, new High School, soon to be UNM/CNM campus and UNM Hospital, only time will tell when that balance will arrive and the pendulum swing the other direction.

Welcome to Lynn E. Williams REALTOR Blog

2008-10-03T12:09:00.000-07:00

Welcome to Lynn E. Williams’s Blog! This blog will provide you with valuable information, tips, and general insight into the Albuquerque Metro and Rio Rancho New Mexico Real Estate market.