Real Estate Information Archive

If you're getting a bit tired of the hustle and bustle of city life, then these latest homes for sale in Albuquerque and Sandia Park are the ideal solution. They offer country living and amazing scenery, along with being outstanding homes. So make sure to act fast as they are sure to sell quickly!

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can also check out all of our listings on our Featured Listings page.

2528 BOSQUE ENTRADA Trail NW, Albuquerque, NM 87120

Welcome home to a slice of country living in the city! This impeccable 3 bed | 2 bath home is located in the much desired Bosque Del Rio neighborhood. Home features: freshly painted interior with an open concept kitchen, newly painted kitchen cabinets and new hardware, SS appliances, Quartz countertops, new fixtures, plantation shutters and window seats, 2 refrigerated air units, open and spacious living room. Outside is beautifully landscaped with low maintenance plants, trees and flowers; very relaxing! The Bosque trails are walking distance - where you will enjoy New Mexico living at its finest. Schedule your showing today!

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76 SANDIA CREST Road, Sandia Park, NM 87047

Welcome to this charming mountain cottage surrounded by mature pines, native flowers and landscape. Freshly updated home. Stylish Kitchen with maple cabinetry, beautiful granite. Stainless appliances. Antique cupboard/pantry in kitchen will stay. Newer luxury vinyl flooring. Dining with views of soaring pines in the backyard. Enter home through a bright sunroom/mudroom that could be used as an office with south and east facing windows and views. Enjoy the open great room flooded with natural sunlight and warmed by a wood burning stove. Both bedrooms are separate for privacy. Possible 3rd bedroom on the back of the home in the basement. Deck on the back of the house is covered to enjoy NM evenings and stargazing. Community water. Septic inspection has been completed. 

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

If your Albuquerque home is old and in disrepair, getting it ready for the market can be tough in many ways. As is, you may be able to sell it, but at a much lower price than what you wanted.

'Band-Aid solutions' are temporary solutions; they may not provide the ideal or permanent solution that a kitchen renovation would, but they are intended to be done more quickly and be less expensive. 

When it comes to getting your home ready for company or selling your house, you have a few options for making it look good without spending a lot.

Peel-and-stick wallpaper

For those who don't want to commit to a particular look for decades - or who do not want to take down a permanent wall covering - peel-and-stick wallpaper is the perfect option. The use of graphic patterns, florals, or even faux wood grain can create a focal point or transform a room. 

Peel-and-stick backsplash

For backsplashes, peel-and-stick works too, and it's not just for renters looking to add a little style to their rented space.

Carrera marble will look amazing, classic subway tile will give your kitchen a classic feel, and weathered quartz will give your kitchen a natural feel. You can put it up in no time, and take it down just as quickly when you're ready for something new.

Floating floor

Floating floors, which are floors that go over another floor, are somewhat more maintenance-intensive than peel-and-stick materials, but they are still easier than other flooring options. You may be able to do it yourself on your own, and very affordably, if you have some skill and inclination to DIY.

Additionally, both natural hardwood and engineered wood floor planks-not to mention cork, ceramic tiles, and vinyl—are now also available in floating versions, which can be easily assembled by aspiring homeowners.

Peel-and-stick countertops

Using a PVC vinyl base, peel-and-stick countertops can make your home look more updated at a fraction of the cost of traditional countertops. These countertops are not best for high-traffic areas due to their durability (or lack thereof), but they can serve as a temporary makeup makeover for spaces you don't own, don't use often, or can't afford to renovate yet.

So yes, you can update your Albuquerque home on a budget and in little time, with just a bit of peel-and-stick.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Would you like some assistance in buying a house in the rural areas around Albuquerque? One of the least-known programs of the USDA is its mortgage program.

There is a mortgage assistance program available to eligible buyers in rural areas, which could apply to areas around Albuquerque. A USDA loan is issued through the USDA Rural Development Guaranteed Housing Loan Program by the U.S. Department of Agriculture.

The loan program is intended to improve quality of life and economic conditions in rural areas. Rates are relatively low, and no down payment is required. Other USDA programs are also available.

How Does a USDA Home Loan Work?

USDA offers three different loan programs, though loan guarantees are the most common.

A USDA-backed mortgage is backed by a local lender that participates in the program, similar to a VA-backed loan. If you put down little or no money down on a mortgage, you can still get a low interest rate, but you will still have to pay mortgage insurance.

The second program is a direct loan from the USDA. The mortgage can be obtained by low- and very-low-income applicants, and the interest rate can be as low as 1% with subsidies.

Loans and grants that provide homeowners with outright cash to make repairs or upgrades to their homes are called home improvement loans and grants. There are also packages that combine a grant and a loan.

Do You Qualify?

A home loan guarantee has income limits which vary by location. Your household size is also taken into account. USDA-backed loans can only be used for owner-occupied primary residences.

You must be a U.S. citizen or permanent resident, and your monthly payment must be 29% or less of your income. Your payments must include interest, taxes, and insurance. The total of your monthly debt payments cannot exceed 41% of your income, but USDA may allow a higher ratio if your credit score is above 680.

In order to qualify, you need to demonstrate dependable income for at least 24 months, and you need a good credit history. No accounts can have been in collections within the past 12 months.

You will receive streamlined loan processing if your credit score is at least 640. Borrowers with a score below that will face tougher underwriting standards.

If you want a USDA loan, you must demonstrate that you have a great need for housing. It means that you do not have what's characterized as a safe or sane dwelling. Traditional lenders won't offer you a loan, and you might have an adjusted income that's at or below the local low-income limit.

Direct USDA loans are usually issued for properties measuring 2,000 square feet or less, with market values below the loan limit in the area.

USDA loans can only be used to finance homes in rural areas or at the edge of suburbs. You can find out if a home qualifies for USDA funding by going online. All you have to do is enter the address of the home.

In order for you to qualify for USDA loans, your adjusted gross income cannot exceed 115% of the median income where you live.

A USDA loan, like a conventional loan, requires an appraisal before it can be approved, but the purpose of each appraisal is different.

When it comes to conventional loans, lenders want to make sure they aren't giving a loan greater than the property's value. An appraisal for a USDA loan not only ensures the value of the home is appropriate for the loan amount, but also makes sure it complies with USDA requirements. To qualify, the house must be in good livable condition. It must, for instance, have a functional heating system.

There is help for those in rural areas to buy a home in the Albuquerque area. Check out this option and feel free to contact Sandi Pressley and her team to find a home that qualifies.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Most of us have probably spent more time in our homes in Albuqerque over the past couple of years than we have in the past 10 combined. Maybe more. If that's the case with you, you're probably getting a bit tired of your surroundings. Maybe your home is in a rut, with an ugly living room, a cluttered kitchen, or just outdated everything. It may be so bad that you want to move.

But before you throw in the towel on your haggard home, why not take a second look at your abode and think about making some easy changes that will bring the love back. And when you're done making things more appealing, if you're still not satisfied, you're home will be more ready to sell to Albuquerque home buyers.

Here are 9 easy ways to make you love your home again.

1. Rearrange your furniture.

This is an easy one, but has a big impact. Maybe you can use a home deisgn app to help you before you lug your furniture around. Sometimes, all a tired living room needs is a little refresher, and that can often be achieved without spending a dime. Check out HGTV for some tips.

2. Clear up the clutter.

Clutter is so easy to let get out of control, and it can make a huge difference in how you feel about your home and life. Organizing can help to bring order to your space and your mind, reducing messes and stresses.

3. Get a new TV.

If you still have an old tube TV because you thought flat screens were too expensive, your day has arrived. If you haven't been shopping for flat screen TVs lately, you'll be surprised by how inexpensive they are now. You can get a larg screen for only a few hundred dollars these days. Do a little comparison shopping and you'll be watching HI-Definition movies and TV in no time.

4. Pick one room to overhaul per quarter.

Pick one room every few months to overhaul. Schedule a weekend scrubbing, swapping out linens, painting, changing light bulbs or whatever else is needed for an easy and cheap update. By the end of a year, you're whole home will be overhauled.

5. Use your spare change.

Change out your throw rug, window coverings, or accessories. Designating a special spot to collect leftover coins at the end of the day will give your family purpose, and before you know it you'll have a "Freshen Up Fund."

6. Change out your wall art.

Do you have a decent printer? Why not change out your wall art with some new masterpeices. With a computer and a printer, the options are limitless.

7. Clean it up.

Organize the gang on a Saturday morning to clean the baseboards, light fixtures, and ceiling fans. Sprucing up these often-dusty and grimy areas can really freshen up a space. 

8. Take care of little issues that you've been ignoring.

Fix little issues like toilet paper holders that have come out of the wall and crooked pictures that raise your ire every time you walk by them. Take a good look at your whole house and make a list of the things you've been overlooking.

9. Paint your old kitchen cabinets.

Painting your kitchen cabinets may be a lot of work. But you won't regret it when you're done. And you may just love your kitchen so much again you'll choose to fix up some other stuff.

It doesn't take a fortune or an army of contractors to make your home feel new again. 

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

12 DUSTIN Court, Placitas, NM 87043

High atop in Placitas with magnificent sunrise & sunset views of mountains & mesas!! Lots of natural light, wood beam ceilings, open plan, 3 living areas, sep study/office plus In-law/guest suite! REFRIG AIR! Living room features cozy Kiva fireplace & wall of windows w/mtn views! Formal dining room &butler pantry. Beautiful kitchen has SW style cabinets, island, built-in oven, gas cooktop, bkfst bar & nook w/banco. Private master suite features a sitting room/office, fireplace, sep shower, huge walk-in closet & covered patio with views! Secondary bdrs w/Jack-N-Jill bath! Lower level walk-out living room/game room/media room! 3CG. paved driveway & cul-de-sac location. Natural landscape, 2 waterfalls, covered portals & private courtyard to enjoy the beauty and nature of Placitas!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Considering selling your Albuquerque home in the near future? Due to the hot market, most homes are selling quickly. Even so, your home needs to look amazing to get the best price.

Making improvements to the exterior of your home is one effective way to achieve this. Here are some top tips to get the outside of your home in great shape.

Paint the House

Selling a house can be made easier with a great paint job. Potential buyers tend to avoid houses with old or outdated paint. These days it is more important than ever to make a good first impression. When potential buyers aren't impressed with the outside appearance of your home, they'll be less likely to view it.

If you have recently painted your home, you might want to consider updating the trim to give it a fresh, new look without having to complete a complete painting project.

Clean It

Good old soap and water and a long-handled, soft bristle brush is a good way to remove dirt and grime from your siding. Try spraying it off first, then scrub it if needed with a solution of 1/2 cup trisodium phosphate—TSP, (available at grocery stores, hardware stores, and home improvement centers) dissolved in 1 gallon of water.

Power Wash

Use a power washer if TSP doesn't remove the dirt. During your power washing, you might as well clean your walkways and driveway as well.

Front Door

It can make a huge difference to freshen up your front door. The process can be as simple as a good scrubbing, or as complex as a complete painting. A new door will be a great investment if the whole thing needs to be replaced.

Check Eaves and Downspouts

Cobwebs, wasps nests, and grime love these areas.

Stain the Fence

Have you noticed that your wooden fence is looking weathered? If you really want to kill some time, you can stain it yourself. For a more professional look, you may want to rent or buy a sprayer.

Wash the Windows

Do some work on those windows with those restless teenagers of yours. Even if you don't have teenagers, this is a wonderful way to get fit. Cleaning is most effective when you use dishwashing liquid and a squeegee.

Landscaping

The appearance of your home's exterior is largely influenced by your lawn. Even though you might spend a lot of time and effort on the house itself, you might lose all the effect if the lawn is unkempt. Taking care of your lawn starts with regularly mowing it. To give your lawn an extra boost, you can plant flowers, weed, and edge it. You should give your bushes and hedges a good haircut. (People appreciate nice haircuts these days.)

During this pandemic, your home is an investment that protects you. Even if you don't intend to sell your Albuquerque property, giving it some attention and love can be a very worthwhile investment.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Are you unemployed and thinking about buying a home in Albuquerque? You might think it's an impossible feat. But it might be possible to still qualify for a mortgage if you have other forms of income.

In short, you can't use your unemployment benefits to get a mortgage, but there may be other options to help you buy a home in Albuquerque.

What Forms of Income Count?

There are numerous types of income you can use if you are trying to get a mortgage. If you have dividends from investments or Social Security income, these can be included as income for mortgage purposes.

Another option is to have a co-signer.

Mortgage lenders do not consider unemployment income because it's a short-term source of income. Therefore, it isn't qualified income. Getting a mortgage while you are unemployed requires that at least one of the applicants has financial documentation.

In most cases, lenders require a stable income for at least two years. Lenders must also prove that income will continue for at least three years into the future. A lender cannot verify your future earnings if you're recently unemployed.

What Happens If You Return to Work?

Once you return to work after being on unemployment, you may not have to show a two-year job history to a lender. Depending on certain factors, reapplying for a mortgage might not even be necessary.

The factors can include, for example, whether or not you have income from other sources, how you handled your finances while unemployed, or the size of your down payment.

In the event that you have not yet started your new job, but you have an offer letter for employment, you may be able to qualify for a mortgage. The letter may need to verify that you'll be employed within 90 days of getting the mortgage, and it should also show your income.

Applying with a Co-Signer

A co-borrower will make it easier for you to get a mortgage following an unemployment period. When making an assessment, a lender will consider the income, debt-to-income ratio, and credit score of the other borrower.

Your co-borrower will need to have a good credit rating and a steady, verifiable income.

What is Considered Income?

Regular income payments made to you are counted by most lenders when determining whether you qualify for a mortgage.

This can include, for instance, income from a traditional job as well as many types of government benefits, self-employment, child support, and alimony. You can include income from rental properties if you own them. Payments you receive as a freelancer also count.

Lenders consider retirement and disability benefits to be income. Dividends, capital gains, and interest income can sometimes be considered.

Among the things that do not count as income are income that's not listed on tax returns, illegal income and projected income. If a lender is unable to verify your income, it won't be accepted, and capital withdrawals can't be used.

As a whole, you cannot use unemployment income to get a mortgage, but there are other options, such as finding a co-signer or co-borrower, or using other forms of income.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

When it comes to buying a house, Albuquerque first-time homebuyers have a serious problem. Despite an easing in acceleration, home prices continue to rise at record levels.

This trend is likely to continue for several reasons. Motivated buyers are plentiful, housing supply is limited, and mortgage rates are low. Prices for almost everything, including homes, are rising due to inflation. In a low-interest rate environment, buyers can buy more than they would ordinarily be able to, and this can result in heated bidding wars.

Additionally, sellers are staying put since they don't want to jump into a highly competitive buying market, further limiting the supply of available homes.

It's hard for homebuilders to get the materials they need, and if they do, labor is in short supply.

What are the implications of this for first-time buyers or anyone buying a house in Albuquerque?

Priced Out: What Does It Mean?

When you're priced out of the housing market, you cannot afford even a starter home. First-time buyers are often priced out for a variety of reasons, many of which are currently converging.

Your hard-earned down payment isn't going as far as you planned if you are trying to buy a house right now. You may not be able to pay for a house even if you save 20% of what you were planning to pay.

What are your options?

Although it may seem logical to keep renting, rent prices are increasing due to inflation and wages aren't keeping up, so renting isn't always the best option.

Although none of your options might be perfect, when you're priced out, your choices are limited.

Save More

Depending on where you live, you might have to keep renting and add to your savings if the market isn't currently affordable. At the same time, this allows you to wait a little longer until the market improves. If you want to re-enter the market successfully, you may have to be patient since it could take a couple of years.

It's better to think about your monthly expenses instead of the sales price when you're considering what you can afford.

If you want to wait out the market and put more money aside, don't just put it in your regular savings account. Some of your savings may need to go into riskier but higher-earning options, such as stocks.

Be Flexible

Changing your expectations is another option you have when you're priced out of the market. In the current market, limited inventory and other factors may make you give up some of your wish list items, or even more than a few.

Perhaps you'll end up buying a fixer-upper that fits your budget. The key to being a first-time buyer in today's market is to be humble.

Geographically broaden your home search

Likewise, you may have to give up some of your wish list as far as home features, and you may also need to broaden your geographic search. Prices for homes can differ considerably from one neighborhood to the next or from one suburb to the next. Have you considered buying a home in surrounding Albuquerque communities such as Rio Rancho, Placitas, Corrales, Bernalillo, or Sandia Heights, just to name a few?

Choosing the Right Real Estate Agent

Finally, as a first-time buyer, you will have a hard time navigating the current market without the help of a great real estate agent. Despite your ability to find an affordable home, you may face stiff competition.

Having a real estate professional who knows about properties before they hit the market will give you an advantage. As well as helping you understand your local market, they can help you adjust your expectations.

You can cut some of the stress out of the buying process by hiring a real estate pro to negotiate on your behalf. Contact Sandi Pressley and her team today to see how they can use their years of experience buying homes in Albuquerque to help you realize your home owning goals.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Homes are selling fast in Albuquerque, so we're excited to bring you these latest HOT listings! But there's no time to waste, so make sure you arrange to see these fabulous homes in person.

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can also check out all of our listings on our Featured Listings page.

6320 BOBCAT HILL Place NE, Albuquerque, NM 87111

Highly sought after gated community in High Desert. situated on a PREMIUM VIEW LOT! Plus, take in the mountain views from the Wall of Windows in the great room, featuring soaring ceilings, a beautiful fireplace with built-in's and adjoining dining room. Owner's suite is on main level. Bright, sunny eat in Kitchen with breakfast nook, granite counter tops and Stainless Steel appliances. Spacious loft/office plus two bright and light bedrooms upstairs plus full bath. Loft could be a 4th bedroom if you enclosed it. New TPO roof in 2020; new hot water heater-60 gallon tank in 2018; new furnace & refrigerated air 2018 with high ratings for its efficiency; new carpet 2019; and so much more! View decks/balconies to take in the breathtaking city & sunset views! Near amazing hiking and biking trail

Learn More!

8535 OLD COTTONWOOD Avenue SW, Albuquerque, NM 87121

ACROSS FROM THE PARK!! 4BDR/3BA/2CG featuring 3 living areas; family room, living room and loft/rec area! Beautifully updated with tile flooring & tile surround at gas fireplace, interior paint, SOLAR system! Light, bright floor plan features an open kitchen with island, bkfst bar, gas stove, built-in micro, pantry, sunny bkfst nook open to the large living room with gas fireplace! Master suite features a walk-in closet, sep shower & garden tub. Huge loft can be used as rec room/playroom/office! Sep utility room! Beautiful backyard has open patio, easy care rock landscape and is walled for privacy. Great location across from the park, close to shopping restaurants and easy access to I-40!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

If you’ve been in the market to buy a home in Albuquerque, you’ve no doubt come across the concept of cash buying. Usually, it’s a tactic meant to sweeten the deal. But there are, as always, pros and cons of buying a home with cash.

It’s Less Common

Not as many home buyers are buying with cash these days. It’s just not as possible for most people with median home prices at around $300,000. According to the National Association of Realtors, around 87% of home buyers used financing when purchasing a home.

Buying with cash doesn’t mean you’re showing up to the closing with a briefcase full of cash. It just means you’re not using financing. You might pay for the home with savings, selling another property, or investments.

The Pros of Paying Cash

Paying with cash has some great benefits, such as:

• With stiff competition in the home buying market in Albuquerque, you’ll be more attractive to sellers. When it comes down to bidding wars, the cash offer will give you an edge over other buyers. Financing can fall through and delay the sale. Cash transactions usually close faster.
• You don’t have to deal with mortgage payments and the added cost of interest.
• Lower closing costs because you don’t have to pay lender and loan originating fees.
• Faster closing.
• The home is yours. You won’t fear losing it if you can’t make the mortgage payments.

The Downsides of Paying Cash

There are a few cons of paying cash for a home that you do have to think about as well.

• If you use all your money to buy the home, you won’t have access to it later if needed.
• There may be better ways to invest your money than to put it all in a home.
• You won’t be able to claim mortgage tax deductions, which allow you to deduct the interest on the first $750,000 of your mortgage.

If you’re still wondering if buying a home with cash is a good idea for your situation, talk to a financial professional. They can go over your finances to help you decide what the best course of action is. And of course, we can also help you weigh the pros and cons as well to fit your specific real estate needs.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

4501 ATHERTON Way NW, Albuquerque, NM 87120

Exquisite custom Tuscan home-in the gated community of Oxbow North. Impeccable hand crafted cabinetry throughout, travertine tile with inlay, gourmet kitchen with Wolf Appliances and Sub-Zero Refrigerator. Commercial grade radiant heating system (plus central forced air).Two master suites, 3 custom fireplaces, tiled balcony with breathtaking views of the city and mountains. Surround sound in great room and loft area, 4 car tandem garage..and so much more. Enjoy your next memorable home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

When you get a mortgage to buy a home in Albuquerque, you are taking out a long-term loan. Mortgages are used to finance the purchase of a home. As well as repaying your principal, you make interest payments to your lender. Your house and land serve as collateral for the loan. A mortgage consists of two basic components: principal and interest. The following sections describe what they are and how they impact you as a borrower.

What is a Principal Payment?

As a borrower, you will initially borrow a certain amount of money, which is called the principal. You calculate your principal by subtracting the final selling price of your home from your down payment. Your budget and how much home you can afford are determined largely by your principal. 

As soon as you borrow money, interest begins to accrue. Mortgages are typically paid in monthly installments over a 15- or 30-year period. The outstanding principal on your mortgage refers to how much you still owe.

Interest on a Mortgage

Mortgages don't just require you to pay the principal each month. You also pay interest. A lender charges you interest to let you borrow money. The interest rate is determined by a percentage. The money you pay each month goes toward your principal and interest, and the two are combined into a single payment to your lender.

Does Your Mortgage Principal Change?

With most home loans, your monthly payments don't change despite paying down your principal over time. However, you will end up paying less interest over time. 3% of a smaller remaining principal, for example, is going to cost you less than 3% of your entire principal when your loan is processed. Even though your payments remain the same, you're putting more toward your principal. 

Payment changes could occur on rare occasions. Getting an adjustable-rate mortgage is one example. Home loans come in two varieties. The first is adjustable-rate and the second is fixed-rate. Your interest rate will remain the same throughout the term of your loan if you take out a fixed-rate loan. A variable-rate mortgage has periodic rate changes. If the rate goes up, so do your monthly payments.

After you get enough equity in your home, your lender will cancel your private mortgage insurance, so your payment may change.

Refinancing means replacing your old mortgage with a new one. Therefore, you'll have a new interest rate, monthly payment, and term length on the new one. When you refinance, your principal could change, but it doesn't have to.

Last but not least, you can pay more toward your mortgage than the minimum. You can either make a monthly payment or a lump sum payment. When you make extra payments, you reduce your principal, so you can pay less in interest every month.

When you reduce how much you pay in interest, you get lower monthly payments.

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