NMREC Mandatory Course in Silver City on Tuesday, March 17th.
The AOR and MLS Boards recently met in a work session with Donna Reynolds to set their 3-year strategic plan.
2014 Year-End Statistics for SCRAR and the MLS: December Month End Report - 2014 by Quarter - Sold Market Analysis Year-End Totals - 2014 Firm Ranking - 2014 Broker Ranking.
Congratulations to Robin Thomas, Associate Broker at Prudential Silver City Properties for being awarded the 2014 REALTOR® of the Year award by her peers. She has served in all positions on the Silver City Regional Association of REALTORS® Multiple Listing Service Board of Directors. Robin's passion is to serve her clients and customers in the Mimbres, Silver City and surrounding areas.
Also, recognized were Mischa Larish of One Stop Realty - Southwest as the Rookie of the Year and Mike Rowse - Farm Bureau Financial Services as the Affiliate of the Year.
Dreaming of a Home in 2015? Focus on Saving
Even though most people start their New Year’s resolutions on January 1, some people add resolutions as the year progresses. For some, that goal is realizing the dream of homeownership. Beginning the process of buying a home can be daunting, but it is easy enough to begin working on the first step saving for a down payment. According to the National Association of REALTORS®' 2014 Profile of Home Buyers and Sellers, 65 percent of home buyers utilize their savings account for a down payment; however, buyers find many other ways to finance a down payment, including selling stocks or bonds, relying on gifts from friends or relatives, retirement funds or using the proceeds from another home sale.
Beginning to build savings should be a priority for potential buyers because it can take some time. Typically, potential homeowners should consider saving 10-20% of property’s value; if FHA-qualified, then possibly less. According to NAR’s report, it took half of buyers a year or less to save for a down payment, while another 19 percent said it took between one and two years to build their savings account. Additionally, 29 percent said they needed more than two years to save.
Sylvia Mikes, Past President of the Silver City Regional Association of Realtors stated, “Saving for your home is saving for a better future.” There are many resources available to help you learn how to begin your savings process. Your local bank or credit union is a great source of information. Many communities have non-profit credit counseling agencies that have savings programs. The internet has a plethora of saving tips, tools and even mobile apps.
“Homebuyers also need to remember that while they are saving for a down payment they need to maintain good credit. Saving and good credit go hand and hand in insuring a successful mortgage process.” stated Donna Rader, a mortgage banker with First American Bank in Silver City.
As the housing market slowly rebounds, buyers thinking about a home purchase often stall at the first step: saving for the down payment. That is not surprising. With wages largely flat, saving any money, never mind money for something as substantial as a down payment, requires lifestyle changes. It may seem obvious, but the first step to successful saving is cutting out the small stuff. Pack a lunch or invite friends over for dinner instead of going out to eat. Skip the morning coffee at the local coffee house. Ask for a reduction on your credit card interest rates. Little cuts in spending add up to big savings.
One of the easiest ways to save is to make it automatic. Have money taken out of each paycheck and have the funds automatically diverted into a savings account or money market fund. Consider spending 6-months diverting the difference between what you spend on your current housing and what it will cost to own into savings. For example, if you are planning on a mortgage of $1,200 and your current housing is $800, put away $400 a month. After 6-months, if you've been able to keep up the deposits and pay your other bills, that is a sign you can afford to buy.
Lastly, call a Realtor to start the home buying process, put the money you have saved toward the down payment on your new home and realize your dream of homeownership.
Housing Expectations for 2015.
The information in this infographic comes from a video of NAR Chief Economist Lawrence Yun talking about his 2015 housing market expectations. He expects existing-home sales to rise about 7 percent in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices.
About the New Mexico Real Estate Commission.
The New Mexico Real Estate Commission was created by state law in 1959 and charged with enforcing the Real Estate License Law and the Real Estate Commission Rules. The mission of the New Mexico Real Estate Commission is to protect the public and enhance the professional competence of real estate brokers. The Commission's primary responsibilities include issuing and renewing real estate broker's licenses, establishment and enforcement of pre and continuing education requirements, certification of providers of education, investigation and adjudication of consumer and Commission rules and education of consumers and brokers about the NM Real Estate License Law. Click here to read the NMREC frequently asked questions document.