NewsfromSFAR
More owners seeing equity advantage Housing demand, from move-up buyers or existing homeowners selling their properties to replace them with more expensive homes, is on the rise as home equity levels improve. As home prices continue to increase, so does demand from move-up buyers, who are now able to provide a substantial down payment on a new home after gaining value on rising equity. An important sign of a healthy and sustainable recovery is increased housing turnover driven by trade-up buying, which is more or less discretionary spending. These buyers are typically more responsive to market conditions and financial incentives.
Much of the desire for move-up buyers lies behind rising mortgage rates. They know if they don’t move now, they might be kicking themselves all over again in three months. Historically, rates remain very low, but experts predict they will continue to gain steam as we move into 2014. According to Daren Blomquist, vice president of RealtyTrac, 18.5 million homeowners — 40 percent of all homeowners — have at least 20 percent equity in their homes, putting them in a prime position to sell. “In addition, we show 8.3 million homeowners who are on the equity fence, and should have at least 20 percent equity in the next 15 months if
home prices continue to appreciate at the same rate we’ve seen over the past 15 months,” Blomquist said in an interview with HousingWire. Blomquist noted that if 5 percent of these 8.3 million homeowners list their homes for sale, that’s an additional 415,000 homes that will be available for sale in the coming months. The increase in the share of equity sales reflects a market that is fully transitioning from investor purchases of distressed homes to primary home purchases by households. The housing market continues to improve as more previously underwater homes gain equity due to recent upward movements in price.
PA C O A R G U ELLO
Rubel “Paco” Arguello is a Santa Fe native and chief executive of the Santa Fe Association of Realtors. Contact him at 982-8385.
A glossary of regional building terms adobe - sun-dried earthen bricks; and a house made of adobe bricks alacena - cupboard built into an interior adobe wall araña – traditional wooden, cross- or spider-shaped candle chandelier arroyo - natural watercourse, usually dry; a gully banco - adobe (or facsimile) bench built at the base of a wall canales -drainspouts extending out from parapet of flat roof, originally designed to protect adobe wall from falling water cedros – (See rajas) corbel – scroll-shaped wood bracket used to support a viga entrada - entryway latillas - juniper or alder branches used for ceilings and coyote fences nicho - niche in interior adobe wall used for display of santos and artworks Northern New Mexico style - Spanish Pueblo Revival-style house with pitched tin roof placita - courtyard
portál - porch, often with beamed roof supported by corbels and zapatas on posts. rajas – split juniper (“cedar”) used like latillas for ceiling sala – living room Spanish Pueblo Revival style - House having walls of earth-colored adobe (or facsimile), flat roof with canales, often with vigas projecting from exterior walls; typically one story Talavera - colorful Mexican tile bearing Moorish designs based on precedent made in Talavera de la Reina, Spain Territorial Revival style - Pueblo style modified with sharper edges, brick coping around roofline, white-painted, milled-woodwork details such as pedimented lintels on window frames and square portal posts torta – packed mud traditionally used over viga/latilla ceiling trastero - cupboard viga - debarked log used as ceiling beam zapata – similar to corbel but double-ended, used to support beam joint on post
Building permits Building permits issued by the CITY OF SANTA FE during the month of August included the following:
Peter Diebold, 1004 S. Summit Ridge. $900,000. Piedra Partners LLC, 250 Las Colinas Dr. $300,000. Vance C. Campbell, 147 Gonzales Rd. $200,000.
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Pulte Development, 3054 Floras Del Sol St. $163,389. — 3136 Floras Del Sol St. $163,389. — 5907 Monte Rosa St. $128,133. Michael & Joanie Sparkman, 2084 S. Ridgetop Rd. $251,226. Romily & Norman Perry, 102 Starview. $640,000.
SANTA FE COUNTY building permits issued from midAugust to mid-September included the following:
Univest Rancho Viejo, 132 Rancho Viejo Blvd. $120,761. — 80 E. Saddleback Mesa. $124,536. — 81 Calle Agua Clara. $131,457. — 3 Cibolita Pk. $124,914.
E.J. Jennings, 16 Cam. San Lucas. $200,000. Carrillo Construction, 5 Calle Milpa. $80,000. Salam Hassam, 12 Summer Night. $400,000. Marcia Sanchez, 15 Rainbow Ridge Ln. $200,000. Julian Spollholz, 11 Fortuna Rd. $350,000. Eric Knee, 21 Cam. Del Monte. $75,000.
James Rhotenberry, 35 Vista Tesuque. $850,000. Pauls Corp, 27 Craftsman. $98,750. — 30 Craftsman. $98,750. — 35 Craftsman. $98,750. Gardner Associates, 112 Bosquecillo. $170,000. — 70 La Pradera. $200,000. Ferbie Montano, 6A Cam. Urban. $200,000.