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Archive for the ‘New Mexico Real Estate’ Category

Congress Realty – June 2020

J. Andrew English J. Andrew English
Friday, June 26th, 2020

The summer of 2020 has brought on a bombardment of offers on our listings. Markets like Phoenix, Flagstaff, Las Cruces, ABQ, amongst a few others have seen an astronomical rise in activity. To put this in perspective, in Flagstaff as of this writing, I have only 1 active listing. Every other listing I have in Flagstaff is under contract. In Phx, nearly half of our listings are under contract. In Las Cruces, I listed one of my own personal properties through our firm and it had 4 offers the very first weekend.  Without a doubt, buyers are taking advantage of insanely low interest rates. In the coming weeks, I will write a more detailed blog outlining exactly how I prepped my Las Cruces property and what techniques I used to gather 4 offers on the very first weekend of publishing to the MLS. I will map out an outline that will help our sellers mirror some of my personal techniques in their own listings.

Las Cruces – Congress Realty Review

J. Andrew English J. Andrew English
Friday, February 28th, 2020

Las Cruces, NM is still booming. According to the local association of Realtors, just under 1500 homes were sold in Las Cruces in 2015. 4 years later that # boomed to over 2100 in 2019. The 2100 number is the most homes sold in Las Cruces since 2005. The driving force behind this surge? The local economy is strong coupled with younger home buyers getting into the market for the first time. Our own listings have seen a strong uptick in activity. Properties we have listed in Las Cruces have seen a substantial decline in days on market, with a handful of listings selling the very first weekend on market.

ABQ, NM New Electronic Lockboxes

J. Andrew English J. Andrew English
Saturday, February 20th, 2016

The Greater ABQ Association of Realtors(R) has jumped on the bandwagon of upgrading the Supra lockboxes for the ABQ area. The new boxes have a variety of functions for Realtor(R), including blue tooth functionality. We are proud to announce that the ABQ Association will be shipping Congress Realty a handful of the new upgraded Lockboxes. We will have these in our office available for lease by the end of February 2016!

Las Cruces Association of Realtors(R)

J. Andrew English J. Andrew English
Friday, October 10th, 2008

The Las Cruces Association of Realtors(R) presented a check this past week to the Ruidoso Board of Realtors(R) as their contribution to the disaster relief effort for the recent flooding within the county. The Ruidoso board has decided to place these funds towards shelter, food, and assistance to those residents who were displaced from their homes. All funds collected by the Las Cruces Assc came directly as the result of gifts from its members.

Path of illegal immigrants with regards to real estate

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Monday, February 4th, 2008

An AP article today at AZCentral, pointed out that tough illegal immigration laws have led to a significant migration of illegal immigrants from Arizona to Texas.  Arizona’s recently passed laws are considered some of the toughest in the nation.

Rather than open a debate on the issue, we are just going to list out some of the reported impacts on real estate that property owners must be aware of:

  • Landlords are facing potential penalties that must be understood by anyone buying multi-family properties
  • Certain apartment complexes in Phoenix have seen significant decreases in occupancy in the last few months some of which is attributed to the illegal immigration issue
  • Commercial properties such as grocery stores targeting particular segments report that sales are down (will this benefit properties in Texas?)
  • A number of homes have been placed on the market by illegal immigrants
  • The impact on the cost to build which has been argued will either increase or stay the same by people on different sides of the issue will now have a chance to be examined
  • The impact on other programs which have a lot to due with the health of a market such as education, health care, etc. will now have a chance to be examined

This issue promises to remain heated for the foreseeable future, particularly in states bordering Mexico like Texas, New Mexico, Arizona, and California.

Real estate and the New Mexico legislature

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Thursday, January 24th, 2008

A couple of critical real estate bills are on being considered by the New Mexico legislature as I write this:

  • Senator Bill 160 sponsored by Senator John Grubesic would stop cities and municipalities from collecting a local real estate transfer tax.
  • House Bill 21 would eliminate certain types of loan products from being offered in New Mexico including all interest only and adjustable rate mortgage products.

The Realtors Association of New Mexico is taking a strong position for SB160 and against HB21 for obvious reasons. SB160 would lower the costs of buying and selling a home and HB21 would decrease the amount of real estate that an individual could afford to buy (leaving some individuals who previously could purchase a home with say a 5 year interest-only ARM unable to purchase anything at all).

If any readers are in the mortgage industry, we would love to hear your comments on HB21.

Title insurance in New Mexico

Donald L. Plunkett, Jr. Donald L. Plunkett, Jr.
Wednesday, January 23rd, 2008

1/23/08

There will be no relief from high cost title insurance for New Mexico homeowners this year. The Albuquerque Tribune is reporting that Gov. Richardson will not put the issue on the legislature’s agenda this year, but will focus on health care.

In states like New Mexico and Texas, the cost of title insurance is regulated. Everyone charges the same thing, and discounts are not available for properties purchased within the last two years, developer policies, re-financing, etc. The costs are set very high compared to other states and compared to what is actually paid out. One ALTA study in 2003 showed that nationwide only 4.3% of what was actually charges was paid out in claims.

Many homeowners do not realize that after the real estate commissions, the title insurance policies are the second most expensive item typically found on a closing statement, and the one that increases proportionate to the price of the home and the amount financed.With increased transaction costs, you create a disincentive to sell or re-finance your property.So in the end, the title insurance might actually benefit from making less money per transaction across more transactions.

Title companies in New Mexico should be allowed to compete on price, just like real estate brokers.