Now is an excellent time to evaluate your home needs and consider downsizing.  To take advantage of the new tax credit of $6,500, you have until April 30 2010 to go under contract, and until June 30 2010 to close on a home (primary residence), providing you’ve been in your current home 5 of the last 8 years.  To learn about your options in Santa Fe, New Mexico – call me at 505 690 3751

For those searching the Santa Fe, New Mexico market, here’s a terrific opportunity to use that first-time homebuyer’s tax credit.  You may be eligible for the $8,000 tax credit incentive, which is currently in place until November 30 2009.  You may also be eligile for this tax credit if you have not owned a home in the last three years.

Check out this property in Santa Fe, NM  - a Santas Fe gem for first time home buyers.

http://santafesir.com/listing/902420/

Contact me at 505 690 3751 or email me at penelope.vasquez@sothebysrealty.com

This is NOT a short sale

Please check this link to a terrific offering in Santa Fe.

http://santafesir.com/listing/903860/

SHORT SALES

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

These ten points are not designed to be definitive. On the contrary, they should prompt buyers into further investigation and self-education concerning short sales.

1) BE INFORMED before you enter into proceedings and  CONSULT with a real estate attorney.

2) USE a real estate broker with experience in Short Sales.

3) MAKE SURE the lender is involved and in agreement. Beware of phrases such as “offers are subject to third party review”.

4) BE SURE you know what other liens are against the property, including second mortgages, home equity lines of credit, property tax liens, child support, etc. These lien holders may not agree to reduced payoffs.

5) BEWARE as a buyer, of spending your money on inspections and appraisals before you have the commitment of the bank/s (and any other lien holders) to go through with the short sale.

6) REMEMBER – It is the Bank that makes the decisions, not the Seller.

7) DO NOT – Make really low-ball offers.

8) BE PATIENT – the process can take an extended period of time.

9) BE READY – as the buyer, have your financing in order.

10) BE REALISTIC – Don’t enter into a short sale if you are in a hurry.

There are advantages and disadvantages in entering into a short sale. Negotiations are often complicated when several third parties are involved in decision making. Lastly, never set your heart on a home that’s in a short sale. The more parties involved, the less likely agreement will be reached.

Luxury Real Estate in Santa Fe

Our high-end market is showing signs of increased activity, which translates into increased buyer confidence, in Santa Fe. In the last 30 days six homes sold in the over $1,000,000 category. This compares favorably with the previous 30 days, during which there was only one $1,000,000+ property sold.

Consider your options in Santa Fe. From the unique Historic Eastside to the internationally renowned Las Campanas country club, with its two Jack Nicklaus signature golf courses, we have homes for every lifestyle and taste. A surprising fact is that Santa Fe showcases some stunning contemporary homes (more about that later in a separate blog).

I specialize in luxury real estate and invite you to email or call  for more details.  505 690 3751

SANTA FE LEADS REAL ESTATE NEWS

Santa Fe is named in a national news report to be among the top 10 housing markets in the USA over the next decade.

This is exciting and important news for residential real estate in Santa Fe and for home buyers.

Those of us who live here know so well the quality of life afforded in this small city of about 70,000 residents with 300+ days of sunshine a year. We have so much to offer. On the arts side, we have the third largest art market in the USA, a world-class opera venue, music, theatre, and dance of international caliber, and a vibrant community of authors, artists, poets and musicians. For outdoor enthusiasts there’s skiing, hiking, golf, biking, backpacking and much more.

Most importantly, our real estate market has not suffered in the way other markets have. Our median sales price rose from $301,500 for the first quarter of 2008 to $308,000 for the same quarter in 2009.

I invite you to contact me for more information on residential real estate in Santa Fe. I will supply you with details on homes, areas, statistics, analysis, etc.

Penelope Vasquez – 505 690 3751