Even though the web sites such as Zillow.com and Cyberhomes.com often offer plenty of disclaimers when it comes to home value estimations, these estimates can be off by large amounts.
So be careful, its tempting to fall in love with a high estimation or get depressed by a low one, but "automated valuation models" can be missing critical information. To get a good home valuation, use a local expert, an experienced agent that knows the market and can make the proper comparisons.
Tuesday, June 24, 2008
Monday, June 16, 2008
FHA Loan Limit Increase
Although FHA loans only make up a small percentage of the home loan market, the number of these loans have gone up this year, 126% in the first quarter 2008.
Many attribute FHA's growth spurt in part to federal legislation that has temporarily raised the FHA loan limits nationwide ($271,050 in Las Cruces for a single family home), broadening the number of people who can use these loans.
Often popular for the minimal down payments and less stringent credit requirements, most FHA loans are used for refinancing but with with the higher limits such loans can be a useful option for home buyers in the current market.
Many attribute FHA's growth spurt in part to federal legislation that has temporarily raised the FHA loan limits nationwide ($271,050 in Las Cruces for a single family home), broadening the number of people who can use these loans.
Often popular for the minimal down payments and less stringent credit requirements, most FHA loans are used for refinancing but with with the higher limits such loans can be a useful option for home buyers in the current market.
Wednesday, June 11, 2008
Home Sales-News
Its a good idea to have a sense of market trends when making decsions to buy or sell a home. The National Association of Realtors ® has recently published an update on the housing market which indicates a modest rise in pending home sales contracts for April (compared to March) and forecasts a broader upturn in the second half of 2008.
Monday, June 9, 2008
The Rainy Season
We're getting close.
Although we generally connect the term, “monsoon”, with SE Asia and the massive rainy seasons found in that part of the world, monsoons happen here in New Mexico and it’s a big part of our climate. A monsoon is generally defined as a seasonal variation of wind, cloud cover and precipitation that is controlled by the annual cycle of the sun. In climates that are strongly influenced by monsoons, most of the annual precipitation is received during the monsoon season.
Portions of the southwest United States, including New Mexico, are influenced by the North American Monsoon System (NAMS), which is also referred to as the Southwest Monsoon. In particular Las Cruces receives, on average, just above 50 percent its annual precipitation during the months of July, August and September when the monsoon season sets in. This time of year can bring thunderstorms, spectacular lighting displays and the desert blooms.
Although we generally connect the term, “monsoon”, with SE Asia and the massive rainy seasons found in that part of the world, monsoons happen here in New Mexico and it’s a big part of our climate. A monsoon is generally defined as a seasonal variation of wind, cloud cover and precipitation that is controlled by the annual cycle of the sun. In climates that are strongly influenced by monsoons, most of the annual precipitation is received during the monsoon season.
Portions of the southwest United States, including New Mexico, are influenced by the North American Monsoon System (NAMS), which is also referred to as the Southwest Monsoon. In particular Las Cruces receives, on average, just above 50 percent its annual precipitation during the months of July, August and September when the monsoon season sets in. This time of year can bring thunderstorms, spectacular lighting displays and the desert blooms.
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