Food, Wine and Culture in the 505

This wonderful Spring morning I spent looking through "Albuquerque The Magazine" for May. It's the annual Food & Wine issue so a keeper, for sure. I was reminded of what I love about ABQ. Surprisingly, this is a city fullof "foodies." We eat out more than at home, in part because of all our really good restaurants. Yes, we have everything. Most are owned locally by chefs who have a passion for their style of cooking. Most of them we know personally because they greet you at the door and check on you while you it. You get a hug when you return. Yes, we all hug here. On June 3rd there is a Chef KnockOut event at the Convention Center pitting some of our stars against each other and I for one will be there. $25! You can't beat that.

And we love wine and locally brewed beer here in ABQ. We have a few terrific wineries that offer sampling with brunch and music. The City has a Wine Trail and Ale Trail event during the summer where you can take the ABQ Trolley around town for sampling. Tons of fun and no driving! And then there is the art. Francisco Goya's work is showing at The ABQ Museum in May for a taste of the classics. But our local artist talent is
stunning. Most weekends feature a gallery tour in the region to see artist's works in their own studios. Last week we went to a show of 200 entries by women photographers in NM and I was blown away. I didn't even know you could be so creative with photography.

Recently, I learned that ABQ has more theatre productions than most cities our size and I know we have more music here due in part to the talent the casinos bring in. I'd like a little more jazz but it's coming.  Everyone knows that if you love the outdoors, this is the place. We live outside here and throw our doors open since we don't have flies. Yes, no flies or mosquitoes. That should convince you right there to move here. In three hours in any direction you can be transported to beautiful sights or taken back to an historic time when cowboys and Indians ruled with the Santa Fe Trail and then Route 66 defining our development. A weekend getaway feels
like you've gone a million miles away and back in time.

Lots of people ask why I don't visit Los Angeles more often having moved here 13 years ago. Why would I? Except for the ocean and friends who love to come here anyway, there is nothing there I miss. I love it here and would be happy to convince anyone that this is the place to move to. The life is great!

For local real estate trend information, go to my website at www.judypierson.com. I have information about ABQ and surrounding areas. And if you want to check homes values in an area, click on Market Snapshot for
current and trended sales activity. Then use the map search to find some homes you might like to see, and call me. "Just Call Judy" if you want more information or a consultation about buying or selling here.Give me a call at (505) 220-9193 or email me at Judy@JudyPierson.com.

Time to Challenge Assessed Home Values in ABQ

Bernalillo County Assessor Karen Montoya will mail out Notice of Valuations for Real Property and Mobile Homes on Thursday, March 1, 2012.The Assessor’s Office will also begin its annual protest period for Real Property and Mobile Homes on March 1st. Subsequent to the mail out of the Notices of Values, property owners will have the opportunity to file a valuation protest within 30 days of the actual date of mailing.




How do you know if you should file a protest? I can check for you or you can estimate based on market value trends. The statistics for yearend show that the values went down about 6% last year. It varies by area but that is a rule of thumb you can use to compare last year's assessment with the one you get for 2011.



If you want me to help you decide give me a call and I will do a free market analysis for you. Also, you can go to my website and click on Market Snapshot to see what the values were for similar homes sold in 2011. If you decide to protest, I can provide you with three comparable homes that have sold which you will need for the protest. If that doesn't work, a good friend of mine is an attorney who specializes in protests. Give me a call and let me know how I can help you save money on taxes.

PSYCHOLOGY OF BUYING A HOME

Conducted by International Communications Research (ICR), a leading third-party research company, the findings from the Coldwell Banker Survey include the following highlights:
Quality, “Feel”and First Impression of Home Matter
More than three out of every four respondents (78 percent) felt that the quality of a home is more important than square footage.
The majority of respondents (60 percent) also said that the “feel” of a home is as important as its price.
12 percent of respondents knew their house was “the one” even before stepping inside. After visiting just once, that figure rose to 51 percent.

“While some buyers begin the process with a list of “must-haves,” this data demonstrates how intangible impressions like “quality” and “feel” factor heavily into the home decision-making process,” said Dr. Peters. “In fact, some people even experience ’love at first sight’ when it comes to their homes, which means one cannot overstate the importance of a strong first impression. And price isn’t all that matters – as opposed to investing and then hoping for an overnight return, consumers recognize that a home must have the right ‘feel’ for their everyday lifestyles.”

Buyers Prefer Security, Nurturing and Cozy Spaces Over More Abstract Ideals
51 percent of respondents said that, “A home should be a space that feels safe and secure,” while an additional 16 percent felt it should be “full of warm, cozy spaces where I can curl up.” Taken together, these responses heavily outweighed those who felt a home should be a “refuge to get away from it all” (13 percent), “open to nature with great views (12 percent),” or “a space that feels airy and light (6 percent).”
58 percent of respondents agreed with the statement, “My home is a place to shelter and nurture my family.” The next most popular response was, “My home is a place to escape from the pressures of daily life,” which 19 percent of respondents agreed with.

“Lovely views and lots of light are nice to have,” said Dr. Peters, “but these results underscore that first and foremost, a house becomes a home when it feels comfortable and safe for the family that resides there. Now more than ever, consumers are probably more inclined to choose security over special add-ons like lofty views or an airy atmosphere.”

Opinion on proposed new refinancing plan?

NEW YORK (CNNMoney) -- The Obama administration on Wednesday detailed its latest plan to help millions of homeowners refinance their mortgages to today's historically-low rates. The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration, according to the U.S. Department of Housing and Urban Development. The plan is estimated to cost between $5 billion and $10 billion. To pay for it, President Obama said he does not plan to add to the deficit. Instead, he wants to impose a fee on large banks -- a move that may have a hard time making it past members of Congress, who have rejected the notion of taxing the banks in the past.

The refinancing plan is the latest in a string of programs designed to help solve the nation's housing market crisis. Three years ago, Obama unveiled the Home Affordable Modification Program (HAMP) foreclosure prevention effort and soon followed up with the Home Affordable Refinance Program (HARP), which helps homeowners who owe more on their homes than they are worth refinance their loans. But the programs, which sought to help 8 to 9 million homeowners who hold loans from government-supported Freddie Mac (FRE) and Fannie Mae (FNMA, Fortune 500), have helped only some 2 million to date.

What's different about this latest proposal is that it would help borrowers with private, non-government bank loans who could not obtain new refinanced loans in the past because they owed more on their mortgages than their homes were worth. "If you're underwater through no fault of your own and can't refinance, this plan changes that," Obama said in a speech in Falls Church, Va. On Wednesday. To be eligible for the new refinancing program, borrowers must not have missed a mortgage payment for at least six months and have no more than one late payment in the six months prior to that. They also must have a credit score of 580 or better, a threshold that the administration says 9 out of 10 borrowers meet.


The borrower's mortgage balance also cannot exceed the loan limits for FHA-insured loans in their communities, which range from $271,050 in low housing cost areas to $729,250 in high-cost ones. They also must own and occupy the home covered by the loan.

What do you think?

Credit Scores versus Low Interest Rates

Many consumers applying for a mortgage are going to start sharing more personal information with lenders next year, like it or not. FICO scores, the industry standard for determining credit risk in mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration, largely have been based on a person's credit history. But in an attempt to develop a more well-rounded picture of a person's finances beyond credit, tools are being developed to help the lending industry dig deeper. Fair Isaac Corp., or FICO, the company behind the widely used scoring formula announced a separate score that will be available to mortgage lenders and incorporates information that will include payday loans, evictions and child support payments. In the future, information on the status of utility, rent and cell phone payments may also be included. Separately, last month, the big three credit reporting agencies, Experian, Equifax and TransUnion, began providing estimates of consumer income as a credit report option. And earlier this year, Experian began including data on on-time rental payments in its reports.




The new information could prove to be a double-edged sword for consumers: It may open the door to homeownership to some consumers who have, according to industryspeak, a "thin file" or worse, a "no-file," meaning they lack sufficient credit histories. On the other hand, the extra information may make a borderline borrower look even worse on paper. And it's unlikely to quiet critics who complain that too much emphasis is put on a single number. It may expand the universe of people who can get a mortgages.


FICO scores have been around since the 1950s, but they didn't become a major factor in mortgage lending until 1995, when Fannie Mae and Freddie Mac began recommending their use to help determine a mortgage borrower's creditworthiness. The score, which ranges from 300 to 850, factors in how long borrowers have had credit, how they're using it and repaying it, and if they have any judgments or delinquencies logged against them. The change comes at a time when the average FICO scores of homebuyers who qualify for loans continue to rise, as mortgage lenders reward the most creditworthy borrowers with low rates and tack extra fees onto loans for those with lower credit scores. The extra information may also help more affluent homeowners who aren't on the credit grid. Residential lenders are open for business. Money's almost free; it's extraordinary.

Foreclosures Suspended Until Jan 2, 2012

Washington, DC - Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of forclosed single family and 2-4 unit properties from December 19th, 2011 throught January 2nd, 2012. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home.


"The holidays are meant for families to spend time together, especially if they've gone through the stress of financial challenges and foreclosure," said Terry Edwards, Executive Vice President of Credit Portfolio Management, Fannie Mae. "No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help."

Home Sales Up but Values Down

Albuquerque like the rest of the US saw home prices falling after some small gains in home values in the Summer and Spring of 2011. In ABQ, almost 30% of home sales are short sales or foreclosed home where the bank takes 20-25% of the market value for a home. For a Seller, these distressed properties depress the value of nearby homes. For Buyers, there continue to be terrific values out there especially with low interest rates. The average median price in ABQ area was $167,000 in October down 7% from last year. Recovery is a long way off. To see an excellent article on the national trend click on the link below.