If you are planning to remain in this home, refinancing can be an option. Evaluate the cost of the refinance against the length of time you plan to remain in the home. If you plan to sell in the next year or two, this may not be the best approach.
If you are planning to pull out equity, this may not be your best move. Appraisals for refinance may be higher than market value. The challenge is to keep as much equity intact as possible to prevent "over-borrowing" and owing more than the home is worth in the next year or two. This includes obtaining "Lines of Credit."
Too often real estate agents find that owners are faced with "out of pocket" expenses if it becomes necessary to sell before equity has been rebuilt. As with any credit purchase, your real estate is not a bank or a source of instant cash. Real estate is a long term investment with troughs and peaks of value.
Consult with a real estate professional with market expertise BEFORE you refinance.... more
Thank you for this great question! Corrales is unique in the home market - appealing to a sector of the market that searches for individualistic life styles and a foundation in Southwestern sense of freedom with its charming historical stamp. However, Corrales charm is not enough when a home owner fails to maintain his property. Properties may suffer depreciation if due diligence is not practiced. Astute buyers are buying the best deal in Corrales while a large selection of homes remains on the market. An experienced real estate agent is your best friend in this case. An agent previews homes constantly to locate the most desireable homes for a client. A consultation with a professional Realtor should be your first step before placing a home on the market.... more
As I'm sure you've read, water supply in New Mexico is a very critical issue that is constantly being debated in all parts of the government. Here is a link that provides information regarding the issue for Corrales although it is from 2005 it can provide you with some insight.
Interim report on Water issues in Corrales
I don't know the specifics of your home and/or neighborhood in Albuquerque but I believe that $599K is on the high side for the region. In a stagnant or reduced market buyers are not willing to pay "fair market value" for homes, especially when there is a larger than normal inventory. Make your home unique in a market of sameness. Especially "spiff" the front, curb appeal is usually the most overlooked item in home selling. Contact me if you would like more information and hepl with youe sale.... more