Real Estate Information Archive

If you're ready to enter the luxury home market in Albuquerque, there's no better place to start than with our latest featured luxury listings. Whether you're looking for extra room for your family, meticulous contruction and features, or a spectacular view, these homes are sure to please.

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.

14412 OAKWOOD Place NE, Albuquerque, NM 87123

A gem nestled in the Foothills! Built in 2000, this 4-Bedroom custom home comes with all the bells & whistles. At 4,665sqft, this home boasts incredible living space made for entertaining. Open kitchen is a chef's delight w/ great new appliances, 5-burner Gas Range, gorgeous granite, large pantry and tons of seating. Spread out w/ the lower level entertaining area, or go outside on any of the multiple balconies, or through the huge backyard with hot tub and so many great views. This smart home features lights that turn on automatically as you enter the room & is wired with surround sound. The Master Suite showcases a luxurious bathroom complete with jetted tub, oversized shower, & custom California Closet. With a water softener, humidifier, and laundry chute, this home truly has it all.

Learn More!

315 LAGUNA SECA Lane NW, Albuquerque, NM 87104

Private gated community of The Gardens on the Rio Grande! Minutes to Old Town, downtown, parks, shopping, restaurants! Incredible outdoor living & entertaining space with 3 sets of patio doors to the lush interior courtyard, rose bushes, shrubs, trees & beautiful serene fountain! Relax & unwind in the custom spa with waterfall! 3BDR Plus OFFICE/STUDY/3BA/3CG! Formal dining! Oversized great room with soaring ceilings and Kiva fireplace. REFRIGERATED AIR & FURNACES! RADIANT HEAT! Skylights! Gourmet kitchen with granite countertops, island w/wine rack, SubZero fridge, gas cooktop & convection oven! Large secondary bdrs with Jack-N-Jill bath! Elegant mst suite looks onto courtyard & features Kiva fireplace, sitting area, jetted tub, sep shower, dual sink granite vanity & two closets!

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.

More and more Albuquerque home buyers are working remotely, which has changed what they want in a home. Businesses are choosing to delay reopenings or go remote full-time, and buyers are looking for homes with more space to accommodate their work needs.

It is assured that you will find a buyer for the extra room you have in your home if you no longer need it.

Working Remotely is Here to Stay

There are still many Americans who work remotely. According to a recent Garter, Inc. poll, many organizations haven't yet returned to their offices: “. . . 66% of organizations are delaying reopening their offices due to new COVID-19 variants.”

Remote working is not just a trend among companies - workers are also seeking more flexibility. A study by PricewaterhouseCoopers found that nearly one in five employees would prefer to work remotely in the future. Many people are leaving jobs to pursue remote work opportunities, according to the study: “Among employees looking for new jobs, almost one in ten say it’s because they moved away from the office while working remotely and don’t want to go back on-site.”

More Remote Work Means a Greater Need for Home Offices

Today's buyers prioritize finding homes with more space so they can work from home comfortably. According to the American Institute of Architects survey of 2021, 69% of respondents still wish to have an office at home. The study also shows that more people are looking for multiple spaces in their home to conduct remote work and virtual meetings.

How Does This Affect You?

In case you have extra space in your house and are no longer using it, buyers are interested, so now may be a good time to sell.

Sandi Pressley and her expert team will help make sure your listing highlights many of the most sought-after features, such as a home office. However, if you have an unused room, consider staging it as a location where remote work can be accomplished. You can enlist the help of your agent to evaluate and prepare your space for potential buyers, as well. You'll get recommendations for how to stage a room, where to draw attention, and what other sellers are doing to make their houses stand out.

Due to the continued rise of remote work, more buyers are looking for homes that can accommodate multiple home offices. If you have extra room you’re no longer using, consider selling. Discuss the unique features of your home with us and how you can utilize any extra space to appeal to today's buyers.

HOT PROPERTY OF THE WEEK!

6424 PRAIRIE Road NE, Albuquerque, NM 87109

Welcome to this well maintained 2 bd | 2 ba Townhouse in the sought after NE Heights. Master bedroom has his/hers separate bathrooms and walk-in closets. NEW CARPETS, FRESH PAINT (10/2021), NEW WATER HEATER (2021), NEW A/C (REF AIR), NEW HEATER (6/2021), NEW TPO ROOF (2016), NEW SKYLIGHTS (2020). The Murphy bed in 2nd bedroom makes space for a great office. Home also has a detached hobby room. Low-maintenance, private backyard with access to a roof deck! Schedule a showing today!

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.

In the last 18 months, buyers' preferences have changed. An AIA survey of home design trends was recently released for Q3 2021 by the American Institute of Architects. It found that:

• 70% of respondents want more outdoor living space
• 69% of respondents want a home office (48% wanted multiple offices)
• 46% of respondents want a multi-function room/flexible space
• 42% of respondents want an au pair/in-law suite
• 39% of respondents want an exercise room/yoga space

Albuquerque homeowners who wish to add any of the above options have two options: renovate their existing homes or purchase a home that already contains those features. You may be influenced by factors such as:

• Possibility of relocating
• The cost difference between renovating and buying
• Find an existing house or design a new one that has exactly what you want (rather than trying to rearrange your current house)

Regardless of the outcome, you'll need access to capital: either for the renovation or the down payment on your next home. You probably have the money you need in the form of equity in your home already.

Home Equity Is Skyrocketing

Over the last two years, home prices have risen at a record pace, improving homeowners' equity dramatically. Odeta Kushi, Deputy Chief Economist at First American, quantifies the amount of equity homeowners gained recently:

“Remember U.S. households own nearly $35 trillion in owner-occupied real estate, just over $11 trillion in debt, and the remaining ~$24 trillion in equity. In inflation adjusted terms, homeowners in Q2 had an average of $280,000 in equity- a historic high.”

If you own a home, you may have the funds to purchase the perfect home or renovate your current home. However, if you wait to decide, the cost of tapping that equity may increase.

Renovations will require you to refinance (or take out a home equity loan) to access the equity. In the event that you decide to move instead and use your equity as a down payment, you will still need a mortgage to cover the difference between the down payment and the price of your next home.

Over the next year, mortgage rates are expected to increase. You will probably pay more if you wait to leverage your equity. Most current mortgage borrowers have a rate of less than 4%, according to the latest Federal Housing Finance Agency (FHFA) data. By taking action now, you can keep your mortgage rate below 4% if you're one of those homeowners. If you're among the 43 percent of homeowners with a mortgage rate over 4%, you may be able to refinance for a cash-out or buy a more expensive home without significantly increasing your monthly payment.

Calculate your home's equity

To determine how much equity you have in your current home, or to find a constructed or existing home that has everything you need, you first need to determine how much equity you have in your current home. You will need two things for that:

• The current mortgage balance on your home
• The current value of your home

If you have a monthly mortgage statement, you should be able to find your mortgage balance there. You can get an appraisal for several hundred dollars, or you can get an equity appraisal for free from a professional local real estate agent.

If the past 18 months have refocused your thoughts on what you want from your house, now may be the time to either renovate or make a move to the perfect home. Contact the Sandi Pressley team to help you decide what the best way to move forward if you decide to buy a home in Albuquerque.

HOT PROPERTY OF THE WEEK!

508 ORTEGA Road NW, Los Ranchos, NM 87114

Plenty of room for your HORSES & HORSE POWER! Gorgeous approx 1.26 acre NV Village of Los Ranchos Horse Property. One of a kind, rare opportunity to own private gated valuable Sub-dividable lot. 4BD/3.5 BA renovated 2015 w/hardwood oak floors, 2015 roof, HVAC, HWH, windows, insulation, refrigerated air/heat throughout home. 1000sf grand sunroom w/ tile setting the stage for peace & relaxation. Recessed Lighting & Skylights! New SS appl! This home shines like a diamond! Not incl in TSF Finished 1979sqft heated/cooled 6 Car Tandem Garage/Shop w/220! The possibilities are truly endless.1100sf Horse barn, plus storage, 2 patios, circular drive w/50+ trees & fenced lawn.1 mile to Alameda Open Space, trails & Rio Grande River, & 15 mins to Airport. Perfect for entertaining. RV parking/NO HOA!

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 homes like this hit the market in Albuquerque, there's no time to waste! Whether you're looking for the perfect entry level home, or want to step up to a more luxurious setting, these fine homes are definitely worth a look!

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.

8007 Tuscarora Road NW, Albuquerque, NM 87114

Freshly updated Pulte home in the sought after community of Ventana Ranch. Luxury vinyl flooring throughout(no carpet) Ceiling fans and recessed lighting have all been replaced. Newer Refrigerated Air and Furnace(approx 2 years young). Functional kitchen with ample cabinets and countertops. Stainless appliances all convey. Open floor plan. Spacious Primary bedroom, dual vanities, walk in closet. 2 more good sized bedrooms. SW landscape, front and back with drip system.Close to parks, amenities & schools (Volcano Vista school district). Dont miss this GEM.

Learn More!

14412 OAKWOOD Place NE, Albuquerque, NM 87123

A gem nestled in the Foothills! Built in 2000, this 4-Bedroom custom home comes with all the bells & whistles. At 4,665sqft, this home boasts incredible living space made for entertaining. Open kitchen is a chef's delight w/ great new appliances, 5-burner Gas Range, gorgeous granite, large pantry and tons of seating. Spread out w/ the lower level entertaining area, or go outside on any of the multiple balconies, or through the huge backyard with hot tub and so many great views. This smart home features lights that turn on automatically as you enter the room & is wired with surround sound. The Master Suite showcases a luxurious bathroom complete with jetted tub, oversized shower, & custom California Closet. With a water softener, humidifier, and laundry chute, this home truly has it all.

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.

You've likely heard a lot about all-cash offers if you've ever watched a real estate show, especially one that focuses on the luxury market. All-cash offers are becoming increasingly popular because there are few properties on the Albuquerque real estate market, and bidding wars are rampant.

What that means may confuse you.

An all-cash offer contains a secret that you may not know about - you can still get a mortgage.

Cash Offers: The Basics

All-cash offers mean that a buyer will pay for the home in full at closing. Consequently, the buyer can show they are able to perform the transaction based on their bank account. There are fewer chances for something to go wrong along the way with a cash offer, which makes it appealing to a seller.

The risk of selling to someone who plans to get a mortgage is greater. From the seller's viewpoint, the less financing a deal requires, the better.

A prospective buyer who is not financing their home will use a cashier's check or electronic transfer.

As cash purchases do not involve a lender, the closing time is usually shorter. The process can usually be completed in two weeks. Within those two weeks, any liens can be cleared, paperwork can be prepared and insurance can be procured.

An average closing time for a mortgage-financed purchase is 30 days. However, the timeline may vary from 45 to 60 days from signing to closing date.

How to Buy a Home With Cash

In the process of buying a house all-cash, the following steps usually occur:

Upon accepting the buyer's offer, a Purchase and Sale Agreement is then drafted. This is called going under contract.

Afterwards, funds must be verified. In the case of a seller, it's vital that the buyer actually has the cash they claim. One to two percent of the sales price is usually required as earnest money. A bank statement or investment statement may be required as proof of funds. Your real estate agent can assist you with this.

Title companies check for liens and arrange title insurance. A title company ensures the transfer of ownership occurs correctly on closing day. In addition, an escrow company handles the transfer of funds and closing documents. Escrow companies also handle legal paperwork.

Depending on what the buyer finds during the inspection, the buyer may have the option to renegotiate a lower sale price or request repairs.

The closing documents must then be reviewed and signed. The amount of paperwork you'll encounter is considerable even when the transaction is all-cash.

Are You Still Competitive With a Mortgage?

It is true that buyers prefer cash buyers, especially right now in a seller's market. You can still be considered all-cash with a loan.

A decision-now approval is offered by some lenders. Although it's not cash, the benefits may be similar for a seller because of the preapproval. Therefore, the loan will already be funded, and the lender can verify the remaining amount of the sales price.

The buyer can then remove financing contingencies from their offer without worrying about losing their earnest money since they've already secured a mortgage.

It's possible to become a strong buyer by doing something like this, depending on the lender's offer.

Finally, you may want to shop around if you're considering this approach because not all lenders offer upfront underwriting.

HOT PROPERTY OF THE WEEK!

508 ORTEGA Road NW, Los Ranchos, NM 87114

Plenty of room for your HORSES & HORSE POWER! Gorgeous approx 1.26 acre NV Village of Los Ranchos Horse Property. One of a kind, rare opportunity to own private gated valuable Sub-dividable lot. 4BD/3.5 BA renovated 2015 w/hardwood oak floors, 2015 roof, HVAC, HWH, windows, insulation, refrigerated air/heat throughout home. 1000sf grand sunroom w/ tile setting the stage for peace & relaxation. Recessed Lighting & Skylights! New SS appl! This home shines like a diamond! Not incl in TSF Finished 1979sqft heated/cooled 6 Car Tandem Garage/Shop w/220! The possibilities are truly endless.1100sf Horse barn, plus storage, 2 patios, circular drive w/50+ trees & fenced lawn.1 mile to Alameda Open Space, trails & Rio Grande River, & 15 mins to Airport. Perfect for entertaining. RV parking/NO HOA!

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.

Whether you're looking to make more room for your expanding family (including your horses), or want to upgrade your lifestyle, these stunning homes will offer all that and so much more. And you can't beat the the amazing location and stunning views these homes offer. Don't wait to shedule your exclusive viewing!

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.

218 SKYLAND Boulevard, Tijeras, NM 87059

This wonderful home boasts, Newer windows, newer carpet, newer tile! Newer stainless steel appliances. (Wash & Dryer, Refrigerator all convey as is) Newer water heater, new septic system 2018, newer blinds throughout, Newer metal roof, newer energy efficient heater! Out-Buildings for horses, goats chickens. Home has an attached mother in law suite (built in 2004) w/2 bedrooms, kitchenette, and huge family room, could be Air BNB, office, the possibilities are endless! radiant heat (in in law quarters), 3/4 bath w/handicap access) complete with own entrance, private patio area. Beautiful vigas, tongue and groove ceiling, oversized garage w/workshop area, and so much more! only 10 miles once exit off Cedar Crest exit!

Learn More!

508 ORTEGA Road NW, Los Ranchos, NM 87114

Plenty of room for your HORSES & HORSE POWER! Gorgeous approx 1.26 acre NV Village of Los Ranchos Horse Property. One of a kind, rare opportunity to own private gated valuable Sub-dividable lot. 4BD/3.5 BA renovated 2015 w/hardwood oak floors, 2015 roof, HVAC, HWH, windows, insulation, refrigerated air/heat throughout home. 1000sf grand sunroom w/ tile setting the stage for peace & relaxation. Recessed Lighting & Skylights! New SS appl! This home shines like a diamond! Not incl in TSF Finished 1979sqft heated/cooled 6 Car Tandem Garage/Shop w/220! The possibilities are truly endless.1100sf Horse barn, plus storage, 2 patios, circular drive w/50+ trees & fenced lawn.1 mile to Alameda Open Space, trails & Rio Grande River, & 15 mins to Airport. Perfect for entertaining. RV parking/NO HOA!

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 looking for a mid-priced Albuquerque home packed with features? Our latest listings offer everything you need in a modern home, with newer constrcution or tons of upgrades. These homes are certain to sell fast, so make sure you schedule a showing today.

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.

6713 PROMENADE Avenue NE, Albuquerque, NM 87109

Beautiful '4 Year Young' Abrazo Home! Tucked away in the desirable Santa Monica neighborhood, this home includes lots of builder & owner upgrades! Featuring an open & light floorplan, wood look tile floors, tray ceilings, remote control shutters, built-ins, & more! Must see 'Seller's Feature' sheet included in MLS! Kitchen appointed w/gorgeous granite counters, Stainless Steel appliances, eat-at island, large pantry, & opens to family dining & great room. Owner's Suite, privately situated privately at the back of home, features spa like en suite & huge walk in closet. Flex room currently converted to closet, could be 4th bedroom/study. Professional landscaping front & back yards; both covered & open patio areas in backyard; great for entertaining. Easy access to I-25, shopping, & more.

Learn More!

4100 SKYVIEW CREST Road NW, Albuquerque, NM 87114

Price reflects $248,000 in upgrades in the past 7 months! Seller has invested in upgrading & improving this home with the best of the best. This property is exclusive and exquisite. Upgrades include: New (TPO ROOF) 50 year industrial grade 80mil TPO Carlise Syntec roof system. New (PAID SOLAR) 30 year low profile solar array not visible from ground level provides enough energy to waive off future energy bills -- $4000 to $5000 annual savings. New (SWIM SPA) premier Marque aquatic training vessel for endless swimming with a number of other aquatic fitness features. New (HOT TUB) premier Marque seven seat therapeutic spa. See MLS Features & Updates List for a full list of many more updates. 3 minutes from Intel & easy access to shopping, restaurants, schools, and major thoroughfares.

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.

There's a home for every budget with our hot Albuquerque properties! Whether you're looking for your first home, wanting to upgrade, or looking for a more luxurious life, these fine homes are ready for your inspection. These homes are certain to sell fast, so make sure you schedule a showing today.

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.

7416 Blue Holly Court NE, Albuquerque, NM 87113

Beautiful family home in La Cueva and North Star distrist. Floorplan features 4 bedrooms and 3 full baths, formal dining, breakfast nook, plus large bonus/game room with wine cooler and loft. Kitchen updated with granite countertops, island, double oven and pantry. Romantic mastersuite with gas fireplace, separate tub and large walk in closest. Tons of out door spaces includes a courtyard, two covered balconies, a covered patio and private parklike backyard with Gazebo that already has water and electric. Mountain views and located on a cul da sac finish out this lovely home.

Learn More!

6601 TAUTON Road NW, Albuquerque, NM 87120

Welcome to this move-in ready home. Soaring ceilings , bright and open floorplan. Two living spaces separated by a 2-way fireplace with gas starter. Spacious kitchen, ample cabinetry, counter tops & Pantry. Newer dishwasher and refrigerator. Opens to a breakfast nook and sliding doors to covered patio outdoors. Formal dining room could be an office/hobby room or workout area. . Primary bedroom is in rear of home and is separated from 2 front bedrooms. Primary suite offers a bay window with seating, walk-in closet, oversized shower, separate garden tub & 2 sink vanity. Covered front porch & huge covered rear patio! New block wall added in Spring of 2021.

Learn More!

11200 ELENA Drive NE, Albuquerque, NM 87122

Welcome to North Albuquerque Acres This stunning, light-filled home is surrounded by Pines and forever views of the Sandias. Three balconies with views off to the mountains and city views. 2 spacious living areas, 5 large bedrooms, an office plus a second living area that can be used as a bedroom, gameroom, home schooling, it is a wonderful flex space. From the living room on 1st level enjoy magnificent views of the Sandias. Open kitchen offers ample cabinets and counter space, breakfast nook, and then onto the formal dining room with a fireplace.A Guest room is located on the 1st level and a full bath. The Primary suite is nicely separated from the other bedrooms. Oversized with space for a sitting area, more views of the mountains.

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.

Normally people talk about spring as a good time to upgrade their Albuquerque homes, but did you know that fall can also be a great time? When it comes to presenting your home to potential buyers later, getting your house in shape now can make a huge difference. Especially if you intend to put your home on the Albuquerque real estate market during the peak selling season. As winter approaches, you can focus on indoor and outdoor upgrades that make your home feel more cozy and ready for the elements. 

Examine your front yard

When you are thinking of selling your home, agents recommend updating curb appeal - the way the outside of your home looks to potential buyers. If you wish to boost your curb appeal, you can hire a landscaper. However, there are also a few easy DIY tips that you can follow to take your home to the next level. Start by removing weeds from your landscaping and trimming overgrown areas and shrubs. To fill in bare spaces in your lawn, you can plant a rock garden, mulch, or low-maintenance plants. By updating your landscaping with perennials, you can make sure that your garden will be able to withstand the elements and bounce back as soon as spring arrives.

Upgrade your front door

After considering the state of your front yard, you can make easy upgrades that real estate agents swear by — giving your front door a wow factor. The easiest way to transform your front door from drab to wow is to paint it in a bright color like red, blue, or yellow. It won't take long for potential buyers to be intrigued by the front door and eager to step inside. Another way to update the outside of your home is to update your garage door.

Back to nature

While curb appeal is all about the outside of your home, staging is all about the inside. The purpose here is to get your home in order so that buyers can visualize themselves living there, with modern decor, neutral colors, and fresh furniture. Bringing natural elements indoors is also a trend this year. Any room in your house can be transformed by adding plants, and if you don't have a green thumb, opt for air plants, which are low maintenance and can be hung anywhere (since they have no roots). In addition to home furnishings, natural materials like bamboo and jute are also popular for home decor - think side tables, lamps, and rugs. Pillows or other fabrics in the living room or bedroom can be enhanced with linen and cotton.

When you plan on selling your house this year, you should bring natural elements inside, and pay attention to its curb appeal. You will be able to show off your home to potential Albuquerque home buyers in no time with a few decor upgrades and some TLC for the yard. 

HOT PROPERTY OF THE WEEK!

7804 AVENIDA VISTA VENTANA NW, Albuquerque, NM 87114

Welcome home to this GEM in Ventana Ranch! Meticulously cared for, this 4 Bedroom + Office stunner is full of upgrades. Enjoy the oversized corner lot while swimming in your NEW heated, gunite pool with automatic cover. This home also boasts 2 living areas, gas fireplace, open kitchen with SS gas appliances, one downstairs bedroom, a large office/gym, plus 3 FULL bathrooms. With 3 additional bedrooms upstairs, this home is move-in ready. Close to trail access, and convenient to grocery stores, schools and more, enjoy the Ventana Ranch lifestyle today!

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.

Purchasing a home in Albuquerque comes with many expenses, including closing costs. Often, these costs come as a surprise to inexperienced homebuyers and drastically affect their budgets. In spite of the seemingly additional costs, with a little planning, you can prepare for the added expenses. Planning ahead when searching for a new home can make the process easier.

How can you prepare for closing costs when buying a home in Albuquerque?

How to Budget for Closing Costs

When it comes to saving for their closing costs, homebuyers need to start planning well in advance. Before looking for a house, you should start saving money. If an unexpected expense arises, you will have your funds ready so you won't be forced to borrow from family or take out loans to cover it. 

Generally, you should expect to pay 3-4 percent of the purchase price for closing costs when calculating your home buying budget. As an example, if you spent $200,000 on your home, you can expect closing costs to be between $6,000 and $8,000. Using this figure as a starting point can give you a good idea, but keep in mind that it can vary greatly, depending on the area you live in and the amount of the mortgage.

What's Included in Closing Costs? 

The three main areas where closing costs are incurred are mortgage origination fees, which comprise points and lender's fees; government recording fees; and charges from third parties, including adjustments for utilities, flood certifications, home warranties, and points for loan discounts. Several closing costs are negotiable, including lender's charges and government recording fees. Buying a house requires some specific closing costs, which you can find out from your mortgage lender.

There are a variety of closing costs that include the down payment, the settlement agent fee, escrow or title searches, and any other charges that are typically related to a home purchase. 

The majority of closing costs arise from paperwork required to process your mortgage application and handle the loan closing paperwork. In addition, you will be charged various service fees from your lender and unpaid agents. 

Factors That Affect Closing Costs

You will have to pay closing costs based on a variety of factors. As an example, your down payment is an important factor, but it isn't the only one. You need to take into account these additional factors as well:

The size of your loan: 

The loan origination fees as well as points will likely be higher if you are taking out a large loan. If you're planning on taking out a large mortgage, you should be prepared to pay an extra 2 to 4 percent for these fees. 

Where you buy: 

Closing costs are likely to be higher if you are buying in a high-cost area. Transfer fees and taxes tend to be higher in areas with high property values. When considering a new area, you should research it so you can make the right decisions. 

The type of home: 

Closing costs also depend on the type of property you purchase. In the instance of a newly built house, the lender will put aside money to pay taxes owed once the property has been assessed. In the case of an existing home purchase, you will likely have to pay these fees and taxes upfront. 

Buying a home has its share of closing costs, but they can be less daunting if you plan ahead and budget. It is best to start preparing for these costs before you get too involved in the process of buying a home, and once you know how many costs to expect you can seek professional advice.

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.