Kendra Ruminer's Two Cents of Real Estate

Take A Peek At Los Alamos, New Mexico

Tag: New Mexico

Agent, Broker, or Realtor, Oh My!

October 28, 2020 /

It isn’t as if real estate is the only profession that enjoys a good dose of its own dedicated lingo. I think you find that in every industry, sport, or hobby. My daughter recently picked up horseback riding and I’m pretty sure she’s speaking a foreign language when she tries to discuss riding technique with me. But, I thought it might be helpful (or at least of passing interest) to talk about a couple of terms that are fairly basic to real estate in the State of New Mexico.

Yep. Realtor. Lots of people know this one. But, did you know that the word “Realtor” is a trademarked label belonging to anyone who is an active member of the National Association of Realtors (NAR)? While it would be unusual to hear a home inspector or a mortgage broker or an appraiser call themselves a Realtor, they actually could, as long as they’re an active member of NAR. So, while real estate brokers (or agents, we’ll get to that in a minute) can be Realtors, not all Realtors are real estate brokers. If you want to learn a little more about Realtors, you can find some bits and pieces here. Or, you can go to the NAR website here if you’d like to look up a list of Realtors in your area.

Here’s the thing. In New Mexico, we don’t call ourselves agents. If you think that’s a bit odd, don’t worry. You’re not alone. Here in Los Alamos we get a lot of folks moving here from other parts of the country. They’re used to working with real estate agents. And that’s what they’re looking for when they call. Now, if you want to get super technical, there are ways to create agency here in New Mexico. But if you go to the NM Real Estate Commission’s website, they aren’t going to talk to you about agents. They’re going to talk to you about brokers.

And THAT is where people from outside the area scratch their heads. In other states, a real estate broker is a step up from an agent. The broker’s license requires more education, a few more tests, and a lot more responsibility. Never fear. The NM State Board has come up with a way to differentiate between what other states might call an agent and a broker.

Here in New Mexico we are called Associate Brokers (or just brokers) and Qualifying Brokers. The simple explanation is that an Associate Broker is licensed to do just about everything you need to buy or sell property here in New Mexico. I’m an Associate Broker. We go through 90 hours of pre-licensure education that includes not only real estate basics, but also an ethics course. We need 36 hours of continuing education every year to keep our license current. And we have to know a heck of a lot about the local, state, and even national laws that apply to our job.

Now. The Qualifying Broker has that same background, but they also have an administrative section to their educational requirements. From a reciprocity standpoint, the Qualifying Broker is equal to a Real Estate Broker in most other states. But to be honest, New Mexico is pretty strict about their real estate licensure laws. Our state only recognizes official reciprocity with Massachusetts, Louisiana, and Georgia. That means if an “agent” from another state wants to move to NM or just to add a NM State Real Estate License to their resume so they can do business here, they have to go through a minimum of 30 hours of education before they take the test to get their license. And the board doesn’t care how long you’ve been handling real estate transactions wherever you come from either. You’ve got to provide them with your educational background and your license history to apply for your NM State License.

What does all of THAT mean?

Well, it means that we real estate brokers take our job pretty seriously. It means we’re more than capable of handling all of the intricacies of buying or selling property in the Land of Enchantment. Not that any one part of our state is the same as another. Which is why I’m so focused on Los Alamos. This county is unique. Our market isn’t like anywhere else. And that means I’m your Local Real Estate Expert. Give me a call today!

Let’s Get Real: Wire Fraud is a Thing

August 5, 2020 /

You’ve found the house of your dreams. You’ve made your offer. The offer has been accepted and you’ve been working with the lender who did the pre-approval on your loan. Now it’s down to the homestretch and you’re so excited you’re on edge just waiting for that closing date. Then you get an email from the title company telling you that you need to wire them your down payment and closing costs RIGHT NOW! If you wait even a millisecond, you’re going to lose this house!

What next? I’ll tell you what next. STOP! Seriously. Put the brakes on and just wait a second. Take a deep breath and call your Realtor! That’s right. Get on the phone and talk to the person who has been walking you through this entire process from the beginning. I can promise your real estate agent absolutely knows whether or not the title company has an urgent need to have your down payment and/or closing costs in hand right this second. Whatever you do, DO NOT wire a single penny without having an in person chat, Zoom call, or phone conversation with your agent, your lender, or your title company representative. Because let me tell you right now, if it feels fishy? It’s totally fishy!

Cases of Wire Fraud in Real Estate Are On the Rise!

I know, you’re probably thinking to yourself that this is Los Alamos. But I can assure you that I have had clients here in town who have been victims of wire fraud. In the case of my clients, they had enough savvy to question some of the information in the email. Once we realized what was happening, the phishers were denied their loot. But there have been other buyers who were not so fortunate. Imagine losing over a hundred thousand dollars with no way to get it back because your money just took a trip to Sri Lanka. Not cool!

How It Works

The entire scam is based upon a method you’re probably already familiar with. Phishing. A process that hackers use to snag personal information from the inboxes of professionals like real estate agents, lenders, and title company representatives. This information usually includes a buyer’s name, address, pertinent financial info, and even some pretty accurate numbers from their anticipated closing costs. It could even include the down payment amount they’re supposed to bring to the closing table.

Once the hacker has this important and personal information, they use “spoofing” techniques to build an email or even a phone number that looks absolutely legit. They pose as your lender or your agent, even going so far as to get a semi accurate signature to convince the buyer that this is a legitimate request.

In the case of wire fraud, an ounce of prevention is worth thousands of your hard earned dollars. Here are a few ways to protect yourself:

If you have already initiated a wire transfer, then time is running out. Contact your financial institution immediately. Generally speaking, there is a very small window of time when the transfer can be recalled. Don’t forget to tell your bank that you’ve been a victim of wire fraud. It may encourage them to do everything they can to recall that transaction.

Contact the FBI’s cyber crimes department and give them the details of your situation. Be aware though, these transactions are not insured. There is really no way to get your money back. It is simply gone. That is why it is SO important to prevent this from happening to you!

Prevent Wire Fraud by putting as little financial information into an email as possible. Talk in person (masked of course!). Use the phone. Use Zoom if you’re purchasing a home and you’re not already in the local area. Be free with your questions. Never be afraid to call your lender, your title company representative, and especially your Realtor! If something feels wrong, it probably is!

If you do get a request from someone claiming to be one of your trusted professionals, don’t click on anything in that email. If it’s a strange phone call, hang up. Then initiate contact from your end on purpose! Call your Realtor. Call your lender. Speak to a legitimate source and explain what’s happening. These are the same things that you should already be doing if you get a message from Paypal telling you that your account has been locked and please enter your personal information to unlock it. If the problem or the request really exists, then it will STILL exist when YOU contact them to discuss or resolve it!

Take your future by the horns and don’t let anyone try to snatch it from you. And as always, if you have questions or concerns, CALL ME! I’d love to give you more information.

Could You Quarantine In This Space?

July 1, 2020 /
The Coronavirus Has Changed What Buyers Are Looking For In a House

I think we’ve all come to the honest realization that the world we once lived in is gone. Things have changed. Everything has changed. The way that we hang out with our friends. The way that we hang out with our family… Wait. The way that we ONLY hang out with our family.

All of that togetherness is changing the way people live their lives and the things they value in a home. Let’s look at a few things that are becoming far more important to Average Joe Buyer.

Kitchens

So many times in the past, I’ve seen busy families who purchase homes because of their proximity to a school district or because the bedrooms are big or the garage and driveway has extra slots for the extra cars belonging to a family full of teenagers. Kitchens were useful because they contained conveniences like the toaster over, the microwave, and that mega juicer you just had to have but rarely use.

Now? The lack of restaurant options, especially in small communities like Los Alamos, means that homeowners are using their kitchens in ways they’ve not had to in ages. Even if you’re getting takeout and bringing it home, the kitchen is seeing far more traffic (or the dishwasher is!) than ever before. Suddenly, kitchens matter. Buyers want big eat in kitchens with tons of space, pantries that can handle kids who are no longer eating at school, and up to date appliances. The kitchen has suddenly become important to everyone and not just to a few home gourmets.

Home Office

Telecommuting is the new normal. No doubt about it. And considering the direction things are moving, there’s no doubt that this isn’t likely to change anytime soon. That means the home office has become the most important thing that anyone thinks about. The availability of any space that could be turned into a home office in a pinch has just become your home’s biggest selling point. Have an atrium or a little breakfast nook? Boom! Extra office. Have a spare bedroom? Boom! Instant school room. Yeah. Don’t forget those kiddos. Homes are now doing triple duty. Schoolroom. Workplace. And my personal favorite. Daycare.

Multiple Living Areas

All of a Sudden One Family Room Just Isn’t Enough!

In newer homes in places like Albuquerque, Rio Rancho, and Las Cruces, and even some of the newer housing developments here in Los Alamos County, a second living area or a bonus room is a given. Most of the homes in our community were built long before this was a popular concept. Not that there haven’t been tons of renovations or rehab projects with just that idea in mind, but all of a sudden buyers are VERY interested in homes that boast a second living area. After all, families that live and work together eventually need a break! What a great thing to have a basement or an upstairs loft where you can send the kids to enjoy their screen time while you binge watch Outlander and try to relax from your long day of pretending that you were super productive while working at home in a job that was never designed for a telecommute.

Outdoor Living Spaces

The backyard or side yard in some cases, has become a viable new place to hang out when all of the living space inside becomes either full of kids, or just boring. Patios and decks are suddenly far more attractive to potential buyers than ever before. Want to wow them when they come to view your house? Arrange your outdoor furniture to invite a buyer to imagine lounging after work with a book. Add a barbeque grill and I bet you’ll hook them in a second.

At the end of the day, our lives will never go back to the way that they were. And that means the real estate market – even the one in Los Alamos – is going to have to change too.

50 Shades of Greige

June 26, 2020 /

Yes. Greige. It’s a thing. A cross between gray and beige. It’s an indicator that the range of taupe and beige colors we used to see in the last decade have been fazed out in favor of the new, hot color or “lipstick” for your home. Gray.

I can see you scratching your head right now. Gray lipstick? Sure. It seems absolutely ridiculous, but interior and exterior home colors are a big deal when it comes to the real estate market.

Your Home. Your Rules. Your Color Choices.

Hey, you know what? If you want that purple wall in your bathroom, that is all up to you. Until you sell your house. That’s when it becomes an issue because buyers have a difficult time thinking about anything other than your design choices. In my last blog post, I talked about the benefits of staging a house for sale. What many people don’t realize is that your paint choices are all part of the staging. A BIG part.

White, Gray, & Neutrals with a splash of color are best.

What The Cool Kids Are Doing

I know what you’re going to say.

“Kendra, Los Alamos is a seller’s market. I could paint the interior of my house periwinkle and people would still buy it!”

You’re not wrong, of course. What you’re missing is the nuance of the seller’s market. The tweaks and extra effort that someone selling their home can make in order to turn their house around and get it sold in a week instead of six months. Not just sold, but sold for a top dollar price that will make it possible to maximize the investment made when the home was purchased.

The other part of selling a home in Los Alamos is that many of you bought your homes during a previous boom when the prices were sky high. Our property values fluctuate based upon things like Laboratory contracts in ways that are absolutely unlike anywhere else. If you are one of those homeowners and you’re finding the need to move either because you’re upsizing, downsizing or you’re moving to a new place to start the next chapter in your life, you’ll need to squeeze every penny out of your house to save your initial investment and hopefully come out ahead.

This means hiring a professional painter or rolling up your sleeves and doing a DIY job on your home’s “lipstick”. This can be the difference between meeting your goals or consistently getting offers that are below what you’re comfortable with.

Space Still Sells

A beautiful light gray is cool and peaceful. It can make a smaller room look spacious and it highlights the natural light from your windows. Considering a good number of the homes in our community have rather odd dimensions and unique floor plans that have undergone numerous renovations over the years, gray can be the answer to making your space look cool, modern, and inviting.

Taupe is another neutral color. And before you start reminding me that I just said brown was out, keep in mind that taupe doesn’t have to lean toward brown. There are many modern shades of taupe that maintain the warmth of a brown tone while bringing in grays, blues, or even lavender for a sophisticated result that complements our Southwestern style quite nicely.

White. Not institutional white mind you, but something that has a nice undertone that sticks with the cool, restful, and spacious theme you want to set in your home. Absolutely avoid yellows in your white. There was a yellowish off white color in the nineties called Navajo White that wound up in a huge number of homes here in Los Alamos. Using an off white with yellow undertones will immediately make your home look dated. So, it might be white. But you’re still going for blue or gray tint in order to keep things modern.

Simple. Spacious. Modern. Even if its not your style, it sells.

We All Like Cool Inviting Spaces

Even if you’re not selling your home and you’re looking around wondering why you feel so cramped and tense in your living space, consider lightening your color scheme with grays and blue tinted whites. You might be surprised how a bit of fresh lipstick can help you feel differently about the home you have. Stick around and keep checking my blog for new ideas to make your home not only a place you love to live in, but a solid investment for the future.

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