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Families looking for assisted living in New Mexico (NM) have a wide array of communities to choose from, since estimated that there are more than 30,000 assisted living communities serving seniors across the U.S., and over 98 statewide. The state is also home to a rapidly growing number of senior citizens, with adults over 65 making up an estimated 17 percent of the population. A resident in an assisted living community in New Mexico will pay $4,250 per month on average.

2,496 Caring Families

As of 2018, our family advisors have helped more than 2,496 families in New Mexico find the right assisted living community.

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See more than 485 authentic verified reviews of assisted living communities across New Mexico from residents and their loved ones.

98 Communities

Browse our comprehensive directory of more than 98 assisted living communities statewide for photos and information about amenities, costs and more.

Genworth lists the average cost of a private, one bedroom unit in an assisted living community in New Mexico as $4,377. This places New Mexico on the higher end of the scale at about $400 over the national average, and about $400 higher than the median cost of assisted living in nearby states.

Compare Monthly Care Costs

When it comes to care options, assisted living is just one of several choices available to seniors. Some care options, like part-time in-home care or independent living, may cost less, while others like memory care or skilled nursing are likely to cost significantly more. Seniors can speak with their medical practitioners to receive guidance on what level of care will best suit their needs and abilities.

When estimating the cost of assisted living, it's important to know that average prices can differ significantly between various parts of New Mexico. The most affordable region in New Mexico for assisted living is Farmington at $3,708.

What You Should Know About Assisted Living in New Mexico

Assisted living communities in New Mexico were formally referred to as adult residential care facilities by the state. As of 2018, the correct technical term for these communities within the state was assisted living facilities (ALFs).

State laws cause a wide range of facilities to fall under this designation. Requirements to be an ALF include:

• Two or more individuals receive services and live within the facility
• Assistance is provided with at least one activity of daily living (such as helping someone bath, eat, take correct medications or travel to necessary appointments)
• Programmatic services are also provided (such as recreation and exercise, games and nutritional education)

Under these rules, adult foster care that includes at least two individuals constitutes an ALF in New Mexico.

When you’re ready to buy, you’ll need to determine if you prefer the charm of an existing home or the look and feel of a newer build. With limited existing home inventory available today, especially in the starter and middle-level markets, many buyers are considering a new home that’s recently been constructed, or they’re building the home of their dreams.

According to Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB),

“The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months.”

This is great news for homebuyers because it means there is additional inventory coming to the market, giving buyers more choices. The most recent data from NAHB shows,

On the national level “The inventory of new homes for sale was 321,000 in September, representing a 5.5 months’ supply. The median sales price was $299,400. The median price of a new home sale a year earlier was $328,300.”

The Median Sales Price in the Greater Albuquerque Area increased 15.5 percent to $229,900 for Single-Family and we have a 2.2 months supply of inventory.

Another added bonus is that builders are very aware of buyer demand in this segment, so they’re now building in a price range where there are more interested buyers ($299,400 instead of $328,300). With a reduced sales price and low-interest rates, today’s buyers have strong purchasing power.

Bottom Line

If you’re thinking of buying a home, you may want to consider a new build to meet your family’s needs. Contact a local real estate professional to learn more about the process and what’s available in your area.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Sales and Prices Increase, Inventory Sharply Declines 

DENVER – Home sales, which lagged during the first part of 2019, continued their recent rebound with another strong month in October. October 2019 sales finished 3.9% higher than in October 2018. At the same time, inventory posted a steep 9.0% year-over-year decline across the report’s 54 metro areas, while the Median Sales Price of $254,800 set an October record.
 
“October continued a recent win streak for home sales, and the market is positioned much better than it was a year ago,” said RE/MAX Holdings CEO Adam Contos.  “Demand is strong, due in part to low interest rates, but buyers have limited options because inventory remains such a challenge. As a result, prices keep rising. Fortunately, key forecasts suggest an increase in new-homes moving onto the market next year, which would help address the inventory situation and potentially slow the steady price gains we’ve seen for so long.”
 
With May, July and September already in the positive column, October became the fourth month of the past six to post a year-over-year increase in sales, which hadn’t happened for nine months prior to May.
 
Meanwhile, inventory resumed the skid that has dominated the last decade. October’s year-over-year decline of 9.0% was the largest for any month since May 2018. The downturn resulted in October’s Months of Inventory dropping to 3.1 – the lowest October amount in the report’s 11-year history. The 49 Days on Market was the second-lowest figure for October in report history, trailing only 2018’s 48.
 
The Median Sales Price of $254,800 set an October record for the report and the 8.4% increase year over year was the highest for the month since 2013.
 
Closed Transactions 
Of the 54 metro areas surveyed in October 2019, the overall average number of home sales is up 0.4% compared to September 2019, and up 3.9% compared to October 2018. Leading the year-over-year sales percentage increase were Los Angeles, CA at +24.4%, Charlotte, NC at +19.1%, and Burlington, VT at +16.1%.
 
Median Sales Price – Median of 54 metro median prices
In October 2019, the median of all 54 metro Median Sales Prices was $254,800, up 0.1% from September 2019, and up 8.4% from October 2018. Three metro areas increased year-over-year by double-digit percentages: Trenton, NJ at +20.9%, Albuquerque, NM at +15.8%, and Boise, ID at +10.9%. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -2.6% and Burlington, VT at -0.8%.
 
Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in October 2019 was 49, up three days from the average in September 2019, and up one day from the average in October 2018. The metro areas with the lowest Days on Market were Omaha, NE at 21, Cincinnati, OH at 27, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 102, Augusta, ME at 96, and Miami, FL at 86. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
 
Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in October 2019 was down 5.5% from September 2019 and down 9.0% from October 2018. Based on the rate of home sales in October 2019, the Months Supply of Inventory decreased to 3.1 compared to 3.4 in September 2019 and decreased compared to 4.0 in October 2018. A six months supply indicates a market balanced equally between buyers and sellers. In October 2019, of the 54 metro areas surveyed, only Miami, FL at 6.9, reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were San Francisco, CA at 1.6 and a three-way tie among Denver, CO, Manchester, NH, and Phoenix, AZ at 1.8.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Homeowners and renters remodel, redesign, and restructure their home for a variety of reasons. This report takes a deep dive into the reasons for remodeling, the success of taking on projects, and the increased happiness found in the home once a project is completed. This report contains some excellent information as many more people are remodeling their homes. Please contact me, Pete Veres and have any questions or would like a market analysis for your home.

See complete report CLICK HERE

September Home Sales Post Highest Year-over-Year Gain in Nearly Three Years

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Some Highlights:

• The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time.
• Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020.
• CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months.
• If you’re ready and willing to buy your dream home, now is a great time to buy.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

Year-Over-Year Home Sales Slip 1.6% After Largest Inventory Decline in 13 Months

DENVER – August 2019 existing home sales slipped 1.6% from a year ago, despite buyer demand exceeding available housing supply, according to the RE/MAX National Housing Report. Following July’s year-over-year sales increase of 2.3%, the slight August decline marks the sixth month of 2019 that produced fewer sales than 2018.

Buyer demand outpaced homes listed for sale in August, causing the largest inventory decline in 13 months. An analysis of the report's 53 metro areas shows August inventory shrank 5.5% year-over-year, the largest drop since 7.8% in July 2018. August’s inventory contraction followed July’s year-over-year inventory decline of 1.5% after nine consecutive months of year-over-year inventory growth. Months Supply of Inventory decreased to 2.8 compared to 2.9 in July 2019 and eclipsed the previous August low in the report’s 11-year history.

“The modest inventory growth that started last fall has been swallowed up by demand as buyers have returned to the market, likely spurred on by attractive interest rates,” said RE/MAX CEO Adam Contos. “Home sales dipping at the same time inventory falls suggests there may have been some reluctance on the part of sellers to list their homes. Nevertheless, demand is again ahead of supply, extending the favorable seller’s market that has been in place for several years.”

Inventory has remained below four months in 39 of the last 42 months, dating back to March 2016. Six months is considered a market balanced between sellers and buyers. 

Homes moved quickly and August saw a year-over-year price increase of 5.7%, further evidence of buyer demand. The August Days on Market total of 44 represented the second-fastest pace of August home sales in the report’s history. The previous record was set last August, when homes sold in an average of 43 days.

August weighed in as the eighth consecutive month of year-over-year price growth as the Median Sales Price rose to $263,000. Going back to February 2012, prices have increased year over year in 89 of the past 91 months.

Despite the favorable conditions for sellers, there were still a few encouraging signs for buyers in the last of 2019’s peak months for home sales: 

While home prices typically decline from July to August, the decrease of 3.6% was the steepest drop-off in report history from July to August.

Despite August’s significant year-over-year inventory shrinkage, the seasonal decline in inventory from July-to-August of 3.9% is on par with the 3.7% average since the RE/MAX National Housing Report began in August 2008.

Closed Transactions

Of the 53 metro areas surveyed in August 2019, the overall average number of home sales is down

4.2% compared to July 2019, and down 1.6% compared to August 2018. Leading the month-over-month sales percentage decrease were Miami, FL at -13.5%, Dover, NH at -13.1%, and Washington, D.C. at -10.3%.

Median Sales Price – Median of 53 metro median prices

In August 2019, the median of all 53 metro Median Sales Prices was $263,000, down 3.6% from July 2019, and up 5.7% from August 2018. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -3.2% and Wichita, KS at -1.2%. Six metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +13.2%, Milwaukee, WI at +11.3%, and Manchester, NH at +11.2%.

Days on Market – Average of 53 metro areas

The average Days on Market for homes sold in August 2019 was 44, up one day from the average in July 2019, and up one day from the August 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 19, Cincinnati, OH at 25, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 95, Miami, FL at 79, and Hartford, CT at 75. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas

The number of homes for sale in August 2019 was down 3.9% from July 2019 and down 5.5% from August 2018. Based on the rate of home sales in August 2019, the Months Supply of Inventory was 2.8, a decrease compared to 2.9 in July 2019 and 3.5 in August 2018. A six months supply indicates a market balanced equally between buyers and sellers. In August 2019, of the 53 metro areas surveyed, only Miami, FL, at 6.9, reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Phoenix, AZ and Manchester, NH, both at 1.5.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Below are 5 compelling reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

Many homeowners were reluctant to list their homes over the last couple years, for fear that they would not find a home to move to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to Ellie Mae’s latest Origination Insights Report, the time needed to close a loan is 43 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that in the luxury or premium market.

According to CoreLogic, prices are projected to appreciate by 5.2% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

Here’s what some of the experts have to say:

Ralph McLaughlin, Deputy Chief Economist for CoreLogic

“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Lawrence Yun, Chief Economist at NAR

“We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac

“The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Bottom Line

The housing market will be strong for the rest of 2019. If you’d like to know more about your specific market, contact a local real estate professional to find out what’s happening in your area.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources