Friday, May 29, 2015

406B Apache #14 Taos,NM MLS#96650

Inside the Release: Home Prices on the Rise

Real estate agent for sale signWe reported earlier this morning that home prices in metro areas throughout the country showed strong growth in the first three months of this year.
While the number of rising markets was mostly unchanged from last quarter (Q4 2014), the amount metro areas experiencing double-digit increases doubled. The reason? Increased sales from a year ago amidst no change in overall housing supply.
Homeowners throughout the country have enjoyed accumulating household wealth through the steady rise in home values. However, prices that are rising too quickly can be a challenge for buyers.
According to Lawrence Yun, NAR chief economist, sales could soften slightly in some of these markets seeing sharp price appreciation unless housing supply markedly improves and tempers its unhealthy level of growth.
How fast did prices rise in your market in the first quarter? Here’s NAR Research’s data for single-family homes and condos/co-ops.

Story Idea—The Disappearing “Shadow Inventory” and What it Means for Homebuyers

The housing market has been on quite the roller coaster ride the last decade. And while things are looking up after a few tough years, one issue that has surfaced is that of inventory—specifically shadow inventory. Shadow inventory, or properties in foreclosure or in serious delinquency status, has been steadily declining in recent years. According to the National Association of REALTORS®, distressed sales made up 10 percent of existing-home sales in March, down 4 percent from March 2014. While it’s obviously a great thing to see fewer distressed homes, it does mean an even tougher inventory situation for prospective homebuyers, especially in certain areas where home inventories are especially low. Paired with rising home values, lower shadow inventory means it could take longer to find the right home at the right price.

Tuesday, May 26, 2015

We've all noticed the seed from the noxious trees called the Siberian Elm. Some call it, incorrectly "Chinese Elm". Due to the abundant precipitation we've experienced lately, this invasive tree can do a lot of damage. Be sure to manage your property to keep it from spreading. Read the following from the
With moisture, Siberian elm germinates readily and grows
rapidly. It quickly out-competes desirable native plants,
especially in sparsely vegetated or disturbed areas. A high
density of Siberian elm can reduce shade-intolerant species
(including quality forage) and decrease overall species
Siberian elm can dominate new locations in just a few years
due to its adaptability, high rate of germination, and rapid
Siberian elm (Ulmus pumila L.)
Elm family (Ulmaceae)
Siberian elm is common to southwestern states and is listed
as a noxious tree in New Mexico. This field guide serves as
the U.S. Forest Service’s recommendations for management
of Siberian elm in forests, woodlands, and rangelands
associated with its Southwestern Region. The Southwestern
Region covers Arizona and New Mexico, which together
have 11 national forests. The Region also includes four
national grasslands located in northeastern New Mexico,
western Oklahoma, and the Texas panhandle.
In moist environments, Siberian elm (synonyms: Asiatic
elm, dwarf elm, and Manchurian elm) is a hardy, fastgrowing,
mid-sized, deciduous tree. In drier locations, it
is smaller and takes on a shrubby appearance. Siberian
elm has an open crown with upward-growing branches
and many flexible, pendulous, brittle branchlets that easily
break off. There is usually a large accumulation of leaves
and woody litter that builds up in the understory beneath
Siberian elm.
Growth Characteristics
• Deciduous tree (up to 70 feet tall) with an open,
rounded crown that is 3/4 as wide as it is tall; slender,
spreading branches.
• Trunk has rough grey or brown bark with shallow,
irregular furrows.
• Twigs are silver-grey, yellowish, or grayish-brown,
zigzag-shaped with a leaf bud at each bend and
scattered spots (lenticels).
• Alternate leaves; 0.5 to 2.5 inches long, tapered
at each end with a simple serrate or entire margin;
upper surface deep green; lower surface paler green
with hairs along vein axils. Leaves may turn yellow
in autumn.
• Reproduces primarily via seed; roots resprout when
top growth is damaged.
• Clusters of 2 to 5 small, green, drooping flowers
without petals occur from February through April
before leaves develop.
• Clusters of smooth, circular, winged, samara-type
fruit with single seed in the center occur from April to
Siberian elm prefers open areas but tolerates a wide range of
conditions including long periods of drought, cold winters,
poor soil conditions, high winds, and low moisture. In the
Southwest, it commonly grows on disturbed grounds, moist
streambanks, in pastures and rangelands, and along road
and railroad rights-of-way. Siberian elm does not tolerate
flooding and seldom invades mature forest because of its
high requirement for sunlight.
Siberian elm seed is primarily dispersed via wind, although
seed may also be transported by water and animals.

Real estate market recap, May 18-22

Here’s what happened this week in the real estate market:
Builder confidence in the market for newly built single-family homes slid two points in May to a level of 54, but still posted a nine-point increase from a year ago, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
“We’ve found that rising rents do not appear to be playing a significant role in motivating renters to buy a home,” said David Brickman, EVP of Freddie Mac Multifamily, in a statement; Freddie Mac research showed that most renters are not looking to buy homes despite rising rent. “This contradicts what some in the housing market think as they expect more renters ought to be actively looking to purchase a home. We believe rising rents are primarily a sign of increased demand rather than a signal that home purchases will be increasing.”
The Re/Max National Housing Report clocked higher home sales in April 2015 than in any other April since the report began in 2008.
Privately owned housing starts, which include single-family and multifamily residential construction, jumped 20.2 percent in April to a seasonally adjusted annual rate of 1.135 million from a revised March estimate of 944,000, according to a monthly report released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.
Freddie Mac revised the forecast for economic growth for 2015 down from 2.6 percent to 2.3 percent due to weak first-quarter data in its U.S. Economic and Housing Outlook for May.
Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 3.3 percent to a seasonally adjusted annual rate of 5.04 million in April from an upwardly revised 5.21 million in March, theNational Association of Realtors reported.
Driven by an increase in bank repossessions, 125,875 properties faced some form of foreclosure activity in April, representing an 18-month high, according to RealtyTrac’s U.S. Foreclosure Market Report.
Subsidies that governments give to debt have spawned a “vast distortion” in the global economy that has made the financial system vulnerable to crises, hindered productive investment, curtailed economic growth and aggravated inequality, according to The Economist.
Last month’s purchase loans as a percentage of lenders’ overall mortgage volume hit 52 percent, a 6 percent jump from March, according to Ellie Mae’s Origination Insight Report.
As the rental sector enters what is historically peak leasing season, owners and managers of value-add — Class B and C — properties and newly built or Class A product will look to push rents more aggressively. For recent college grads, this will equate to a difficult environment in which to find “affordable” living.
Another week of anxious pencil-tapping in quiet markets, and one more holiday-shortened week ahead before events will conspire to move the herd. Long quiet, big move. A “data-dependent” Fed means more than ordinary waiting for data. If the Fed is waiting, too, then we’re really waiting.
While the real estate market has experienced a strong surge in refinance transactions in recent years, an economist at government-sponsored enterprise Fannie Mae and the head of mortgage software provider Ellie Mae this week touted an increase in purchase mortgage applications in the past few months.’s Real Estate Nowcast projected that existing home sales for May will land somewhere between 5.03 and 5.34 million annual sales, up 2.9 percent from april and 5.8 percent from May 2014.

Friday, May 22, 2015

Fully-developed, self-sufficient, 6.99-acre homestead property in Arroyo Hondo valley, 12 miles/20 minutes north of Taos. 3400 sq-ft main house is super-insulated adobe construction; open country-style kitchen/living room and access to sheltered east patio; 3 bedrooms, 2 baths; large master suite with fireplace and mountain views; passive solar dining room, a large pantry, and lots of storage space. Main house has solar-thermal hot water and propane-fired in-floor radiant heat, as well as propane stove and wood stove. There are many creative spaces throughout the main house, offering opportunities for a workout room, art studio, library, or office space. 900 sq-ft guest house has magnificent mountain views, open living area and full kitchenette, one bedroom and one full bath. 768 sq-ft workshop is open passive solar design with windows facing north and east to the mountains, solar-assisted electric in-floor radiant heat and wood stove. 518 sq-ft enclosed barn has electricity, two stalls, tack room, and hay room and gated paddock. 380 sq ft geodesic dome greenhouse, passive-solar with raised planting beds and automated vents. Developed, irrigated garden areas. Electricity is provided by a grid-tied solar photovoltaic electrical system with battery storage and backup generator serving the main house and the guest house. Water is provided by 3.0 acre-ft private well, 3.19 acre-ft surface irrigation (acequia) water rights, and rainwater catchment. Wastewater treatment by 2 septic systems. Approximately 4 acre fenced pasture and fenced property. See Sellers list of improvements for details. Close to the Taos Ski Valley and the Rio Grande Gorge.
MLS 92697  $750,000

Friday, May 15, 2015

Millennials’ homeownership dreams are alive and well

Nearly all millennials, the largest generation in U.S. history, expect to be homeowners, according to a new report from the Urban Land Institute based on a national survey of 1,270 members of the group conducted in November.
The group includes U.S. residents ages 19 to 36 and totals nearly 79 million. They’re just beginning to come into their own, and their take on homeownership and renting will have big effects on the future of real estate.
Of the 74 percent of millennials who currently do not own homes, more than two-thirds (70 percent) said they expect to by 2020. Most said they expected to use savings for their down payment.
But, as a whole, millennials’ homeownership outlook is not all that rosy, with less than half saying they feel that homeownership is a good investment. The study’s authors suggest that this demographic group may be gun-shy on this aspect of homeownership because of the recent significant housing collapse.
Not surprisingly, a big chunk of millennials (half) are renters, paying a median monthly rent of $925.
Of those who rent, a relatively large percentage (38 percent) live in single-family homes, which the authors attribute to the large number of homes snapped up by investors and turned into rentals in the wake of the housing crash.
Contrary to what some may believe, millennials are not an urban-dwelling group, according to the report. Only 13 percent live in or near downtowns, while 63 percent live in other city neighborhoods or in the suburbs.
However, the generation does have a strong preference for traits often found in urban settings like a high degree of walkability, diverse transportation options, and easy to access to shopping and places to “hang out,” noted Leanne Lachman, president of real estate consulting firm Lachman Associates LLC and one of the co-writers of the report.
Millennials’ “desire for an urban lifestyle suggests that the current trend of urbanizing suburbs will present lucrative opportunities for the development community for decades to come,” Lachman said.
“This is a generation that places a high value on work-life balance and flexibility,” Lachman added. “They will switch housing and jobs as frequently as necessary to improve their quality of life.”
Other notable stats from the survey:
  • Twenty-one percent currently live at home, and of those, 42 percent moved back home after living independently. Only 10 percent of those now living at home expect to still be there in five years.
  • 45 percent of millennials moved at least twice in the past three years, which reflects the high mobility of the generation.
  • Among the millennials who rent apartments, two-thirds live in low-rise garden-style units that tend to offer fewer amenities but are more affordable than high-rise, amenity-rich developments.
  • Of those who own, 46 percent said they bought because they believe that owning is a good long-term investment; 41 percent said it offers stability; and 40 percent said they wanted more privacy and space.
  • Sixty-two percent of those who own are very satisfied with homeownership in general, and 64 percent listed the stability and safety of their neighborhood as the most positive feature of their location.

Thursday, May 14, 2015

Located in Arroyo Hondo. 10 acres with magnificent views of the Sangre de Cristo mountains, featuring Wheeler Peak! Built in 2008, this frame 2x10 construction home is sited perfectly to frame those special views. 1815 sq ft with 3 bedrooms and 2 baths. Spacious, light, open and lofty living room with large picture windows, high vaulted wood ceiling with exposed beams and easy care tile floors. Super-efficient wood stove heats all the way to the second floor. Open kitchen with work island, wonderful pantry, and wood cabinets. Great lighting throughout creates a dramatic effect at night. Upstairs loft style landing could be a cozy reading room, or office and leads to the master suite, through double pocket doors, with 2 closets and full bath. Two additional bedrooms and full bath on the main floor. Laundry with work sink. Flagstone patio. Two covered portals. Detached, insulated 2 car garage with workshop space and storage. Private well and septic. Approximately 3 of the 10 acres are located across Sangre de Cristo Mountain Drive which gives you the option of building a guest house or??? Gorgeous, forested setting. Make this your Winter/ski and Summer/hiking vacation home or full time mountain living! 
MLS 96780 $448,000

Wednesday, May 13, 2015

601 Este Es Taos NM Mls#95743

Sen. Capito: REALTORS® Help Lawmakers Understand Issues

U.S. Senator Shelley Moore Capito, R-W.Va., in an interview with NAR’s news video program, The Voice for Real Estate, says she’s looking forward to meeting with REALTORS® this week because she relies on them to get a good look at how federal laws and regulations impact real estate markets in her state and around the country.
“There’s no better way for us as lawmakers to understand the issues REALTORS® face every day, and that homeowners face every day, than to meet about them face-to-face with REALTORS® in our offices,” she says.
Capito spoke with Stephen Gasque, NAR director of broadcasting and the host of The Voice for Real Estate, in the Russell Senate office building on Capitol Hill. The interview comes on the heels of the REALTORS® Legislative Meetings & Trade Expo this week, where NAR members from all over the country meet in Washington, D.C. to take an active role to advance the real estate industry, public policy and the association through special issues forums, committee meetings, and legislative activities.
“REALTORS® across the country are the people we sit on the bleachers with and we go to the grocery store with,” she says, “and they’re the small business people that are very much attuned to the community. “
One of the biggest strengths of REALTORS® is their ability to explain in simplified terms how Washington actions impact communities, often unintentionally. “A lot of what we make decisions on, whether it’s ensuring the availability of home mortgage financing or financing multifamily housing—all of these things are complicated,” she says. “There’s no better way to move through the complexity than to have REALTORS® boil it down for us in a very simple way. And that will influence what kind of legislation we do, how we fight back against certain rules, and what kind of impact the legislation we’ve already passed is having right now.”
Capito says this year it is especially important to have REALTORS® in Washington due to all the rules affecting real estate that have been issued since the downturn. These include the qualified mortgage rule, which sets ability-to-repay standards that lenders must follow if their loans are to meet conventional mortgage standards. “I’m very concerned that a lot of the regulations that have come forward over the last several years, post 2008, will contract the ability of home buyers to get into the market,” she says.
Among the issues REALTORS® will be meeting with their members of Congress about this week are making sure rules don’t restrict consumers’ choices in selecting lenders. The NAR-backed Mortgage Choice Act would require the federal government to treat all lenders the same in meeting a 3-percent cap on points and fees; right now, federal financial regulators want to apply the cap one way with some lenders and another way with other lenders, and NAR argues that’s unfair to consumers.
“This is going to be a big year,” Capito says. “We know that buying houses and moving to the next house are important drivers in our economy, so we want those statistics to be good,” she says. “And in order for that to happen, we have to make sure the rules that have been coming out won’t hurt real estate markets and consumers.”
Capito’s interview is excerpted in The May 11 Voice for Real Estate video, which also looks at legislation introduced in the Senate that would get tough on patent trolls and changes to the closing process that start August 1.

Monday, May 11, 2015

Metro Home Prices Maintain Steady Growth in First Quarter of 2015

WASHINGTON (May 11, 2015)—Stronger demand amidst lagging inventory levels caused home prices to accelerate in many metro areas during the first quarter of 2015, and the number of areas experiencing double-digit price appreciation doubled compared to last quarter, according to the latest quarterly report by the National Association of Realtors®.
The median existing single-family home price increased in 85 percent of measured markets, with 148 out of 174 metropolitan statistical areas1 (MSAs) showing gains based on closings in the first quarter compared with the first quarter of 2014. Twenty-five areas (14 percent) recorded lower median prices from a year earlier.
The number of rising markets in the first quarter was mostly unchanged compared to the fourth quarter of last year, when price increases were recorded in 85 percent of metro areas. Fifty-one metro areas in the first quarter (29 percent) experienced double-digit increases, a sharp increase from the 24 metro areas in the fourth quarter of 2014. Thirty-seven metro areas (21 percent) experienced double-digit increases in the first quarter of 2014.
Lawrence Yun, NAR chief economist, says after moderating to healthier levels of growth at the end of 2014, prices picked up in several metro areas during the first quarter. "Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market," he said. "However, stronger demand without increasing supply led to faster price growth in many markets."
Adds Yun, "Sales could soften slightly in some of these markets seeing sharp price appreciation unless housing supply markedly improves and tempers its unhealthy level of growth."
The national median existing single-family home price in the first quarter was $205,200, up 7.4 percent from the first quarter of 2014 ($191,100). The median price during the fourth quarter of 2014 increased 5.8 percent from a year earlier.
Total existing-home sales2, including single family and condo, declined 1.8 percent to a seasonally adjusted annual rate of 4.97 million in the first quarter from 5.06 million in the fourth quarter of 2014, but are 6.2 percent higher than the 4.68 million pace during the first quarter of 2014.
At the end of the first quarter, there were 2.00 million existing homes available for sale3, slightly above the 1.96 million homes for sale at the end of the first quarter in 2014. The average supply during the first quarter was 4.6 months—down from 4.9 months a year ago. A supply of 6 to 7 months represents a healthy balance of supply between buyers and sellers.
"Homeowners throughout the country have enjoyed accumulating household wealth through the steady rise in home values in the past few years," says Yun. "However, some homeowners are hesitant to move-up and sell because they aren't confident they'll find another home to buy. This trend—in addition to subpar homebuilding activity—is leading to the ongoing inventory shortages and subsequent run-up in prices seen in many markets."
The five most expensive housing markets in the first quarter were the San Jose, Calif., metro area, where the median existing single-family price was $900,000; San Francisco, $748,300; Honolulu, $699,300; Anaheim-Santa Ana, Calif., $685,700; and San Diego, $510,300.
The five lowest-cost metro areas in the first quarter were Youngstown-Warren-Boardman, Ohio, where the median single-family home price was $64,300; Cumberland, Md., $71,600; Rockford, Ill., $78,600; Decatur, Ill., $82,200; and Toledo, Ohio, $83,800.
Adds Yun, "Because of some volatility in smaller markets, it's wise to look at the long-term trend for a direction on prices."
Metro area condominium and cooperative prices—covering changes in 61 metro areas—showed the national median existing-condo price was $193,500 in the first quarter, up 1.5 percent from the first quarter of 2014 ($190,600). Forty-seven metro areas (77 percent) showed gains in their median condo price from a year ago; 14 areas had declines.
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage during the first quarter remained below 4 percent for the second consecutive quarter at an overall average rate of 3.72 percent, down from 3.97 percent during the fourth quarter of 2014. They were 4.36 percent in the first quarter of 2014.
NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says with home prices on the rise in many parts of the country, low interest rates have helped keep affordability in check for those entering the market. "Realtors® are reporting increased foot traffic this spring as more consumers are feeling confident about their financial situation and looking to lock-in before rates eventually start to climb," he said. "With supply remaining tight—especially at the entry-level price range—buyers will need the expertise and local market insight of a Realtor® to help them through each intricate step of the buying process."
Lower interest rates and an uptick in the national family median income ($66,257) slightly improved affordability in the first quarter compared to the first quarter of last year4. To purchase a single-family home at the national median price, a buyer making a 5 percent downpayment would need an income of $43,466, a 10 percent downpayment would require an income of $41,178, and $36,603 would be needed for a 20 percent downpayment.

Regional Breakdown

Total existing-home sales in the Northeast dropped 11.2 percent in the first quarter but still remained 2.2 percent above the first quarter of 2014. The median existing single-family home price in the Northeast was $245,000 in the first quarter, up 2.4 percent from a year ago.
In the Midwest, existing-home sales declined 2.0 percent in the first quarter but are 6.3 percent higher than a year ago. The median existing single-family home price in the Midwest increased 8.9 percent to $156,600 in the first quarter from the same quarter a year ago.
Existing-home sales in the South fell slightly (0.5 percent) in the first quarter but are 7.8 percent above the first quarter of 2014. The median existing single-family home price in the South was $182,300 in the first quarter, 8.2 percent above a year earlier.
In the West, existing-home sales increased 1.5 percent in the first quarter and are 5.4 percent above a year ago. The median existing single-family home price in the West increased 5.8 percent to $295,500 in the first quarter from the first quarter of 2014.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: NAR releases quarterly median single-family price data for approximately 170 Metropolitan Statistical Areas (MSAs). In some cases the MSA prices may not coincide with data released by state and local Realtor® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, Realtors® are advised that for business purposes, local data from their association may be more relevant.
Data tables for MSA home prices (single family and condo) are posted at If insufficient data is reported for a MSA in particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of Realtors®.
1Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at:
Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.
Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.
NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.
Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes. As the reporting sample expands in the future, additional areas will be included in the condo price report.
2The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single family, townhomes, condominiums and co-operative housing.
Seasonally adjusted rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, sales volume normally is higher in the summer and relatively light in winter, primarily because of differences in the weather and household buying patterns.
3Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).
4Income figures are rounded to the nearest hundred, based on NAR modeling of Census data. Qualifying income requirements are determined using several scenarios on downpayment percentages and assume 25 percent of gross income devoted to mortgage principal and interest at a mortgage interest rate of 4.0%.
NOTE: Existing-Home Sales for April will be released May 21, the second quarter Commercial Real Estate Report/Forecast will be released May 26, and the Pending Home Sales Index for April will be released May 28; release times are 10:00 a.m. EDT.