Real Estate Information Archive

So you're all set to buy that charming old home in Albuquerque. But before you start packing your belongings, you should make sure the plumbing can handle your needs and doesn't need major repairs.

It’s true, older homes in Albuquerque are charming and full of character. In many cases the materials stand the test of time, but not always. Plumbing is a different animal. Below are 10 things to check before writing the big check.

1)  Sewer line. Have an expert check the sewer line to the street. A video camera is crucial to detecting potential problems. Tree roots, corrosion or clogs can all hurt the line, and you don’t want it to collapse.

2) Water heater. Check the age. Water heaters should last at least 10 years, so if it’s much older than that, it’s probably time to replace it. Look at the location, will it cause problems if it leaks?

3) Toilets. Check toilets for leaks at the base to check for damage. Sealing a leak will make the problem worse. Check for things like rocking, discoloration, or warping at the base. Flush each toilet to make sure there aren't clogs.

4) Water supply pipes.

• Find out when the pipes were installed and whether they have been replaced.
• What type of pipes are they? If they are copper or plastic, they have probably been replaced. Copper and plastic don’t corrode like steel, but some plastics, such as PVC, are not approved for inside use.
• If it is galvanized steel, it is probably old and likely to require replacement. Look for small holes that could be rust.
• Are the pipes a mix of different materials? This is usually a sign that minimal maintenance has been performed and will likely need replacement.
• If the pipes are cast iron, they may need to be replaced due to mineral build up, corrosion or leaks.
• Pipes made from polybutylene should be replaced. These pipes a grayish, flexible plastic used from the 1970’s to the 1990’s. Chlorine erodes them over time.
• All lead pipes should be replaced.

5) Inside water lines. Look for discolored water or leaks in the pipe you can see—either in the basement or under the sink.

6) Drain lines. Even though these lines generally don’t corrode, play it safe and look down the drain.

7) Water taps. Turn on the tap to check for corrosion. If the home is vacant and there has been no activity for a while, rust may drain out, but if it is occupied, corrosion is more likely.

8) Water Pressure. Test the water pressure by running all the faucets simultaneously. You need 3/4” water pipe from the water source to the house, and no less than 1/2” to the faucets.

9) Crawl space and basements. Look for water damage, leaky pipes or inadequate repairs.

10) Shower pressure. Although there are numerous models with varying water pressure, make sure the stream of water is steady.

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.

HOT HOME LISTING OF THE WEEK!

2625 HALCON Place SW, Albuquerque, NM 87105   $400,000

3 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2797 Square Feet

Country living in the South Valley at its best! Covered sun porch & front entry with rose bushes! BACKYARD ACCESS with electric gate. Metal Roof! 3BDR/3BATH featuring a beautiful ADDITION in 2010 for kitchen, sitting room & master suite! Oversized kitchen features beautiful cabinetry, granite countertops, huge pantry & tile flooring! Master suite features his/her vanities, large walk in closet, jetted tub, sep shower, skylights, gas fireplace! Detached 2Car garage with pit, crane, sink & storage; horse barn & shop w/electricity & chicken coop! Gorgeous yard to entertain family & friends! Fruit trees, grapes, grass, shrubs & covered patio!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Many Albuquerque homeowners find kitchen remodeling a costly project. The fact that COVID-19 has given people more time at home means that many are considering remodeling their homes.

Some homeowners choose IKEA kitchens to save money on kitchen projects.

The savings can eventually add up to thousands or even tens of thousands of dollars, but is it worth it? This is a personal decision, but there are a few things to know about an IKEA kitchen.

Designing an IKEA Kitchen

The initial design process of an IKEA kitchen poses one of the biggest challenges. In the store, you can have a designer assist you with the design. A nearby IKEA can simplify things, and you will avoid the risk of your mistakes derailing your project. But if you live in Albuquerque, you will no doubt have your kitchen shipped, as the closest store is in Phoenix.

If so, there is an online planning tool available.

The concept of an IKEA kitchen is the same as that of their furniture. Aside from being budget-friendly, things are packaged and delivered so they can be assembled right away. The work may be possible without a contractor.

One of the most important things to remember when using the design planner is to measure, measure, and measure again. It is important to consider things like window openings, outlets, and door swings.

As soon as you have your measurements, you can start planning the layout of your kitchen. This simply means putting everything where you will need it and thinking about how everything will flow.

Are the Cabinets High-Quality?

Cabinets, particularly custom cabinets, can be extremely expensive. It is significantly cheaper to buy cabinets at Ikea.

IKEA cabinets are primarily made of particleboard, which is then covered in laminate. Solid wood is a preferred choice for some people. Again, that's completely up to you.

As IKEA cabinets aren't available in custom sizes, if you have an odd space or something doesn't quite work out, you may need to use a filler piece.

Another important part of planning your kitchen is the 3D planner. You can think of it as a puzzle.

Cabinets can be equipped with features such as internal organizers, and drawer dampeners can give your cabinets a soft closing. Below the counter are the base cabinets. It is available in two depths, with the standard depth being 24 inches. Above the countertops are wall cabinets. Wall cabinets typically have a depth of 15 inches.

The tall cabinets come in handy if you need additional storage, which is somewhat like a free-standing pantry. Their height is 80 or 90 inches, and they sit on the floor. Base cabinets can either have exposed legs or toe kicks.

What About the Countertop?

Although you can buy cabinets at Ikea, you might want to look elsewhere for countertops. You can choose either laminate or veneer.

Putting it Together

As always, your IKEA kitchen will not be assembled when it arrives. A contractor can assemble them for you or you can do it yourself. You should have your kitchen delivered instead of picking it up, and you may find that if you have a larger kitchen, you have more than 100 boxes.

The way you put everything together and install the components correctly is crucial to the durability and quality of your IKEA kitchen. Think about having someone help you if you're unsure of your skills.

In addition, if you do not plan on changing your kitchen layout or shape, you could be limited in your IKEA kitchen choices. This is simply due to the modular design of IKEA kitchens and the lack of customization possibilities. If you are going with IKEA, a straight-line kitchen is the best option.

Whether or not an IKEA kitchen is worth the cost savings depends on your preferences, the layout of your kitchen, how handy you are, and what your budget is.

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.

HOT HOME LISTING OF THE WEEK!

7508 CALLE MONTANA NE, Albuquerque, NM 87113

5 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3011 Square Feet

Beautiful 5 bedroom Stillbrooke home in highly sought after planned community! Main level features grand open floorplan w/gorgeous custom staircase; spacious great room opens onto breakfast nook & kitchen w/granite countertops, island & breakfast bar. Cathedral ceilings & Clerestory windows makes this home bright & light. Flexible floorplan could be 2 living areas: office & 5 bedroom plus loft, OR formal dining, greatroom, 5 bedrooms & loft/media area. Master suite on main level has backyard access, spa like en suite & huge walk-in closet. Also, a secondary bedroom on main level. Upstairs features a huge loft/media room, 3 more very large bedrooms, & additional full bathroom. Lovely landscaped backyard w/water feature & fully walled for privacy. New carpet 2019, & updated SS appliances.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

When your garbage cans are out five minutes after garbage pickup, they complain. When a car is parked outside their house -- legally, of course -- they get mad. Everything is a big deal to them. Those people are the Nightmare Neighbors, and they need to be avoided at all costs. 

“Neighbors matter: more than three-quarters of Americans say neighbors factor into their decision when choosing a new home,” said mortgage company Ally. They surveyed more than 2,000 Americans on their favorite and least favorite characteristics in a neighbor. “More than half of Americans report having had what they'd classify as a ‘nightmare neighbor’ in the past,” and 67% of the respondents said that “prior unhappy neighbor experiences make them realize the importance of good neighbors.” 

When you are deciding on a new home in Albuquerque, how do you know who your neighbors are truly? You do these three things: 

Ask

Unless one of your neighbors has done something legally required to be disclosed, asking the seller about your neighbors may not get you a straight answer. In any case, a seller has little reason to reveal if he dislikes the person next to him or across the street. At the end of the day, they want to make the sale. Even though they have had problems with a neighbor, it doesn't necessarily mean you will. 

A real estate agent may be able to get some information from the selling agent, because they have a duty to you. Other neighbors may also be able to help you. Is there anyone outside? Say hello!

Spy

If you're buying a house, it's always a good idea to make multiple visits at different times of the day and on different days. You won't get enough information from one short visit about what it's like to live there. 

It's best to get out of your car and walk around. “Ideally, you should try taking a few different routes on your walks around the neighborhood and go at different times of day,” said The Zebra. “It takes time, but the amount of valuable information you’ll get from it is well worth it before making a decision this big.”

Research

If you are planning to move, the first thing you should do is check a site like Family Watchdog to see if there are any sexual offenders in the neighborhood. A reverse address search can be done on a site like Spokeo to check the addresses of individual houses in a neighborhood. With just a few clicks, you can learn a lot. Addresses lead to names, and names lead to police activity or court records. 

It's a goldmine of information about the people who live in the neighborhoods in which you're interested if you can get access to the Nextdoor community site. Some neighborhoods also have Facebook pages that might provide you with valuable insight. 

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.

HOT HOME LISTING OF THE WEEK!

7508 CALLE MONTANA NE, Albuquerque, NM 87113

5 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3011 Square Feet

Beautiful 5 bedroom Stillbrooke home in highly sought after planned community! Main level features grand open floorplan w/gorgeous custom staircase; spacious great room opens onto breakfast nook & kitchen w/granite countertops, island & breakfast bar. Cathedral ceilings & Clerestory windows makes this home bright & light. Flexible floorplan could be 2 living areas: office & 5 bedroom plus loft, OR formal dining, greatroom, 5 bedrooms & loft/media area. Master suite on main level has backyard access, spa like en suite & huge walk-in closet. Also, a secondary bedroom on main level. Upstairs features a huge loft/media room, 3 more very large bedrooms, & additional full bathroom. Lovely landscaped backyard w/water feature & fully walled for privacy. New carpet 2019, & updated SS appliances.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The real estate market in Albuquerque has never been hotter, with homes still selling at record pace. That's why we're excited to offer 3 new listings just posted on our website. These affordable homes are perfect for first time home buyers as well as home buyers looking for an upgrade. Check these out now before they're gone!

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.

13517 SKYLINE Road NE, Albuquerque, NM 87123

$225,000

GREAT LOCATION close to foothills trails, shopping, parks, restaurants and easy access to I40! Southwest style 2BDR/2BA/2CG townhome! Private front courtyard with pergola covered patio, entertain family & friends and enjoy the best of NM weather!! Huge great room features Saltillo tile, gas fireplace, and raised ceilings! Large kitchen with eat-in space, Saltillo tie, lots of cabinets, pantry and granite countertops! Open patio and walled backyard for privacy!

Learn More!

6029 CREGGS Street NW, Albuquerque, NM 87120

$310,000

Peaceful Living Awaits! Situated on a quiet cul-de-sac street, nestled up against the Petroglyphs for optimal serene suburban living, no homes behind you, this beauty will not disappoint! Backyard is a private paradise featuring a Sparkling Gunite POOL, covered patio, & low maintenance landscaping! Attractive Saltillo tile floors and cathedral ceilings in living areas. Two living areas, an open & bright kitchen w/adjoining dining, & half bath grace the main level. Three bedrooms including the Master Suite w/VIEW balcony & his/her closets, & two bathrooms on upper level. Close to library, hiking trails, & dog park.

Learn More!

4 CAMINO DE LA VINA VIEJA, Placitas, NM 87043

$425,000

Nestled in the foothills on an acre with incredible views! Beautiful 3BDR/2BA home with the master suite on its own wing! Updated windows and Pella Doors showcasing amazing views! Radiant heat! Skylights! Tile flooring! Great room features a wood beam ceiling, vigas, Kiva wood fireplace, and a wall of windows! Master suite features double doors, walk-closet, jetted tub & separate shower. Secondary bdrs & full bath on its own wing! Private well! New septic system installed soon! Incredible outdoor living space with lots of spots to relax & enjoy nature, sunset views from the covered porch, walled back courtyard with lots of room to entertain family & friends. Huge storage shed, partially fenced lot, potting shed over the bridge, solar powered gate, backyard access!!

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.

House flipping has become increasingly popular thanks to reality TV shows that show house flippers making nearly $50,000 in just a few weeks. You make a nice living doing it and help a lot of families find their dream homes (since you have helped fix them up). The only problem is that you must have the ability to do the job correctly. You cannot expect to paint the walls and sell the home for a million dollars. It takes a lot of hard work and research to flip a house. Here are five steps to help.

1. Research the Albuquerque Real Estate Market

There are certain markets that are better suited for flipping houses. For example, if you're only looking to start off with $10,000 for your remodeling budget, you probably should not start flipping houses that are previously listed for millions. This kind of strategy isn't recommended because you'll end up with less than what you began with. It's a general rule of thumb that the less cash you have to start with, the less the house should cost overall. That means that the first two questions that you need to answer are:

• How much cash are you starting off with?
• What market can you afford to work with?

You need to know where the neighborhood that you’re planning on working with sits on the scale of A to D. A neighborhood that is classified as “A” means that the homes are wealthier. A “D” neighborhood would be considered poorer and definitely working class. Each neighborhood has its challenges and benefits, so learn about your local market before buying your first home to flip.

2. Set a Budget and a Plan

If you enter this without a plan, you're setting yourself up for failure. It need not be extravagant or crazy, or even very detailed. It is imperative that you plan how much you'll spend on the flip and how much you'll make off of it. Try not to buy anything that has serious issues that you cannot fix within your budget. This is especially true for your first home, which you want to flip quickly and easily.

3. Find the Right House

Secondly, you will need to start looking for the right house. Here are again the benefits of neighborhood classification. You need to find a house that fits your budget without significant complications. Research the property first as well to verify structural soundness, the absence of infestations, and mold problems if any. If everything you do feels like a numbers game, it is. You need to find a house that's high enough for you to make money off of it, but low enough for you to feel comfortable with the price that you are spending.

4. Renovate

Here comes the most important part of the process: the renovation. You'll be busy all day and night to flip the house since the faster you do it, the more money you'll earn. Make the house feel homey by adding special touches. Skim coat the walls to prolong their lifespan and give it a quality appearance. The more time you spend on your house, the more money you'll lose since you must pay taxes, bills, and insurance. Because of all that, you should finish the house right away.

5. Get Ready to Sell

Fortunately, the final step of the process is the easiest one, since now you just have to prepare to sell the home. It's in your hands to determine the price that you're willing to sell it for. You want to make sure the house is priced right, while still making enough money to cover the costs. An experienced Realtor, such as Sandi Pressley and her team, can help you get the highest price for your newly completed home flip.

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.

HOT HOME LISTING OF THE WEEK!

7508 CALLE MONTANA NE, Albuquerque, NM 87113

5 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3011 Square Feet

Beautiful 5 bedroom Stillbrooke home in highly sought after planned community! Main level features grand open floorplan w/gorgeous custom staircase; spacious great room opens onto breakfast nook & kitchen w/granite countertops, island & breakfast bar. Cathedral ceilings & Clerestory windows makes this home bright & light. Flexible floorplan could be 2 living areas: office & 5 bedroom plus loft, OR formal dining, greatroom, 5 bedrooms & loft/media area. Master suite on main level has backyard access, spa like en suite & huge walk-in closet. Also, a secondary bedroom on main level. Upstairs features a huge loft/media room, 3 more very large bedrooms, & additional full bathroom. Lovely landscaped backyard w/water feature & fully walled for privacy. New carpet 2019, & updated SS appliances.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

When it comes to buying a home in Albuquerque, the competition is stiff. You will no doubt end up in a bidding war if you do find a home you want. You need to act quick to stay ahead of the competition. More money will always make your deal more appealing, but that’s not always an option.

One way to make your offer stand out is to write a personal letter.

There is a trend for sellers to accept offers by sending a heartfelt letter that explains why their home means so much to you. This method is growing in popularity throughout the Albuquerque real estate market.

In some cases, a letter can be off-putting, so be careful to strike the right balance if you submit it. If you’re worried about not being able to write a genuine, honest letter, you might consider another method to increase the likelihood of your offer being accepted.

Don’t Use a Template

You should always speak directly from your heart when writing an offer letter to a seller. If you are being fake or using a template, this is probably going to backfire, since most sellers are smart, perceptive people who will notice you are trying to flatter or flatter them too much.

Try to Find a Connection

You may identify and highlight some kind of connection the seller and you share. For instance, maybe you both have similar hobbies, or your families have a similar number of children. Do not force it if it’s not there.

There Are Times When a Letter’s Not Worth It

If the seller is an investor or builder, you shouldn't bother with the letter. They just want to make a profit, so they don't have any emotional attachment to the property. It might be best to offer them more money or an expedited closing to get their attention.

Appreciate Their Work and Improvements

Don't be afraid to mention the recent remodeling the seller has done in their home. Houses are a lot of work and the seller's probably put a lot of effort into it, so it's good to know others are aware of that.

Do not mention your plans to remodel even if you have some ideas in mind. It’s better for the seller to know that you will enjoy the spaces just as much as they did.

Don’t Be Desperate

Don’t appear desperate or needy. Sellers prefer positive emotions to negative ones. No one likes to feel uncomfortable. They should be pleased to pass their home onto new owners who will enjoy it just as much as they did.

Last, keep it short and to the point. Not only should you be telling the story behind why this is such an important house to you, but you should also include how you intend to use it. You don't have to go on and on to make an impression.

In your final paragraph, sum up all your key points to provide a takeaway from your letter.

You may not find it easy to write a personable and engaging letter to a seller, and it is not for everyone, but in certain instances it can make the difference in getting the house you want.

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.

HOT HOME LISTING OF THE WEEK!

9519 OAKLAND Avenue NE, Albuquerque, NM 87122

5 Bedrooms / 5 Bathrooms (3 full, 2 half) / 3631 Square Feet

Welcome home to this Custom John Mark home built in 2019 with all the bells and whistles. Nestled into 0.73 acres in this prime location, walk in to soaring ceilings & a magnificent floor-to-ceiling gas fireplace as the centerpiece to this open floorplan with bright, LED lighting. The gourmet kitchen features top-of-the-line Jenn-Air appliances, gorgeous granite countertops & a cleverly concealed oversized pantry. From the living room, slide open the 3 glass doors to enjoy the INCREDIBLE backyard. This property features: a heated pool with electric cover, separate spa/hot tub, outdoor kitchen, gas fire pit with circular seating, basketball court, soccer field, meticulously planned landscaping, an outdoor accessible 3/4 bath, and electric gate entry.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You need to be aware of contingency clauses when buying a home in Albuquerque. These clauses bind the contract by requiring certain requirements to be met prior to closing. If they aren’t met, then the contract can be terminated.

Some people describe these as if-then scenarios. For instance, if you sell your home you’ll buy someone else’s.

The buying process begins with a purchase offer you make to a seller. Your contingencies may be included in the purchase contract once your offer is accepted. 

Among the most common contingencies are the following.

Selling Your Current Home

The chain of sale clause is the most common contingency where your offer might be contingent on the sale of your current home.

If your home's not sold after a certain period of time, usually 30 to 60 days, your contract will end.

As long as you are buying your home during a down market, this strategy might work for you. However, if you're trying to purchase a home during a hot or competitive market, such as is occurring now, this might not be as feasible.

Appraisals

The appraisal contingency is a way for you as a buyer to be sure the property appraises for a minimum amount. If the property does not appraise for that amount, you can terminate the contract. The earnest money can be returned in most cases.

Inspections

There’s always a good reason for having a professional inspector examine a property before you move in. An appraisal, on the other hand, is required by lenders. An appraisal doesn’t look at the physical condition of a home as much as specific factors that affect its value.

An inspector evaluates structural and mechanical elements of a home and identifies anything that needs replacement or perhaps repair. These can be used in your negotiation.

There might be a clause in the contract that requires repairs be done by the seller if they are found, or you might renegotiate based on what an inspector finds.

It’s possible that you will agree not to have an inspection if you’re in a hot market.

Financing

Financing contingencies, or mortgage contingencies, can give you the time you need to get the financing you need for your home purchase. If financing cannot be obtained, then there is the possibility that you can end the contract without forfeiting your earnest money.

You may have a financial contingency in a contract, where you have a period of time to obtain financing. Then, you may have a certain amount of time to terminate or extend your contract. The contingency is automatically waived if the contingency is not met, and you have to buy the property even without financing.

It’s important to understand that contingencies can be essential when buying a home. However, you need to use them wisely because overusing them may cause your offer to be rejected. With multiple offers flying around, sellers tend to prefer buyers with less contingencies. Even if you’re not able to beat a competitor's offer, you can at least take out contingencies and make yourself a more attractive buyer.

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.

HOT HOME LISTING OF THE WEEK!

9519 OAKLAND Avenue NE, Albuquerque, NM 87122

5 Bedrooms / 5 Bathrooms (3 full, 2 half) / 3631 Square Feet

Welcome home to this Custom John Mark home built in 2019 with all the bells and whistles. Nestled into 0.73 acres in this prime location, walk in to soaring ceilings & a magnificent floor-to-ceiling gas fireplace as the centerpiece to this open floorplan with bright, LED lighting. The gourmet kitchen features top-of-the-line Jenn-Air appliances, gorgeous granite countertops & a cleverly concealed oversized pantry. From the living room, slide open the 3 glass doors to enjoy the INCREDIBLE backyard. This property features: a heated pool with electric cover, separate spa/hot tub, outdoor kitchen, gas fire pit with circular seating, basketball court, soccer field, meticulously planned landscaping, an outdoor accessible 3/4 bath, and electric gate entry.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you're planning to buy a home in Albuquerque, earnest money is just one of the terms you need to be aware of. It is often overlooked by buyers, but not understanding it can cause roadblocks once you’re ready to make an offer.

The Basics of Earnest Money

Simply put, earnest money is a deposit that the buyer makes on the property to indicate that he or she is serious about buying it. The earnest money might range from 1% to 5% of the total purchase price.

After accepting the earnest money, the seller will take the home off the market. This will enable them to start getting things ready, such as inspections.

While you wait for your closing, your earnest money goes into an escrow account. The escrow account is held by either the seller's broker or title company, or by an escrow company.

The earnest money is kept securely until closing. Then, the earnest money is deducted from your total payment and applied to closing costs.

How Much Earnest Money Should You Offer?

The earnest money is typically between 1% to 5% of the total purchase price. However, there are many causes for variance. For instance, some cities might require you to pay a fixed amount while others may prefer a percentage.

It is not unusual for earnest money deposits to be very high in highly regarded housing markets. Your real estate agent will help you know what to expect in your area.

Earnest Money Is Not a Down Payment

Many buyers are confused by the idea of earnest money—it is not a down payment. Your down payment will be anywhere from 10-20% of your home's purchase price.

Think about the price of a house after adding your earnest money and down payment, and then figure out how much you need to pay for the house down payment and closing costs later. Your earnest money is usually due with your offer, while the down payment and closing costs come later.

Is It Refundable?

You should make sure your purchase agreement includes contingencies. These are situations in which you may walk away from a deal and still be able to get your earnest money back.

As an example, you might stipulate a contingency for appraisals that are lower than the sale price.

In a market that is highly competitive, you could agree to a nonrefundable earnest money deposit. That can be very risky since the seller may hold the money if your sale collapses.

The seller can keep your earnest money if you break the terms of your purchase agreement or decide that you do not want to buy a house anymore.

That is why hiring a skilled real estate agent is crucial, like the ones on the Sandi Pressley Team. They will make sure that you fully understand what is involved before you sign anything. Otherwise, you could end up forking over a lot of money you cannot afford.

If you’re buying in a market that’s not very competitive, earnest money isn’t a requirement. It is however a good way to beef up an offer, especially if you expect there will be multiple offers on the house you want.

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.

HOT HOME LISTING OF THE WEEK!

1004 NOVAK Lane NW, Albuquerque, NM 87114  $898,000

4 Bedrooms / 4 Bathrooms (3 full, 1 half) / 4235 Square Feet

North Valley Renaissance Custom Masterpiece! Situated in a gated community close to Rio Grande/Alameda. Highlights include a well thought out floorplan with both formal & casual living spaces. Exceptional features include wood beam raised ceilings; travertine floors; quality wood doors; wood trimmed windows; custom paint; floor to ceiling fireplace; & more! Well appointed Kitchen w/Wolf & Subzero appliances; Alderwood cabinets; gorgeous granite counters; kitchen island; large walk-in pantry; kitchen nook; & eat at bar. Privately located Master Suite offers portal access, luxurious en suite w/snail shower, jetted tub, ample walk-in closet w/built-ins. Three additional bedrooms-one could be In-law Suite. Large covered portal w/relaxing spa & cozy fireplace. See Feature Page for more details!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The Sandi Pressley Team has just listed several fine homes for sale in Albuquerque, which is a breath fo fresh air in this tight market. But you need to act fast, as homes are selling at record pace. These homes offer plenty for both first time home buyers or those looking to step up into a home with more features and space. And make sure you check out other blog for even more newly listed homes for sale in Albuquerque!

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.

6917 LAS ANIMAS Avenue NE, Albuquerque, NM 87110

$310,000

Lovely Meticulously Maintained Home! Move in ready! Located in the highly sought after Sandia High School District, beautifully established NE Heights neighborhood. This brick, single level ranch features a half circle drive at front of home, with garage on side; two living areas for both formal & informal gatherings; cozy stacked brick fireplace & wet bar in family room; bright sunny eat in kitchen w/breakfast nook, plus formal dining room; large laundry/mud room that includes a half bath; oversized garage w/workshop space; and so much more! Water Heater & Evap Cooler approximately 2 years old; 2017 Roof Shingles replaced! Pride of ownership prevails. Convenient to shopping, parks, and schools.

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9104 SURREY Road NE, Albuquerque, NM 87109

$549,000

This elegant 4-bedroom home, located in highly coveted Heritage East and La Cueva School District boast many great features including a gorgeous finished basement and a light bright floor plan!! Enjoy entertaining in the updated kitchen complete with granite counters, SS appliances and plenty of cabinet space. Owners Suite and bath is well equipped. Relax and enjoy outdoor living in your backyard oasis, lush green lawn, mature trees and covered patio. To many features to list. Move in ready!! This home is a must see!!

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8716 GREENARBOR Road NE, Albuquerque, NM 87122

$425,000

Location! Location! This Beautiful Home with room to grow, is situated in the highly sought after NE Heights/Desert Ridge & La Cueva school district. Featuring five bedrooms plus study; two living areas for formal and informal gatherings; built ins; & more! The open & bright kitchen features gorgeous granite countertops; lots of cabinets & storage; & high ceilings; & sunny nook with built in seating. Master suite on main level with access to backyard, a full en suite w/jetted tub & separate shower. Lush landscaping front & back. No HOA fees & move in ready!!

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 buy or sell a home in Albuquerque it’s good to know what to expect in real estate trends. The spring months are always exciting and interesting in the real estate industry, so what are analysts expecting us to see in the near future?

Increasing Mortgage Rates

It appears that mortgage rates could continue to rise, depending on how well the economy recovers. Rates have been rising for weeks, whereas earlier in the year, they were holding under 3%. With the expectation that rates will continue to tick upward throughout the year, borrowers are advised to lock in low rates now. 

According to Fannie Mae, 30-year fixed-rate mortgages are expected to average 3.1% through the spring months, while they were averaging 2.9% in the first quarter of the year.

Many economists agree that as more Americans are immunized, there will be a larger economic recovery, thus a rise in mortgage rates.

Even with the slowdown compared to the hot market that has combusted the past year, there’s no major crash forecast. Prices could slow down a bit, and new homes might get built a bit more.

So that means if you plan to buy a home in Albuquerque, now is the time to act, despite stiff buyer competition.

Inventories Could Increase

The past year has been frustrating for home buyers and would-be homebuyers. It has been near impossible to find homes available, and when something comes on the market, it will often sell within just a few days or just an hour.

Today, however, more people have been vaccinated, so there will be less fear of catching COVID-19 from people coming into their home.

Although inventory levels are expected to rise, there could remain a shortage of options, particularly in some markets.

Millennial Movement

More than five million millennials will turn 30 on this year, and they are now the biggest segment of buyers in the real estate market. In 2018, millennial homeownership was at record lows, but that looks like it may be changing.

Around 86% of younger millennials and 52% of older ones are buying first homes, and some are buying luxury properties that are well beyond what you think of as a starter home.

Millennials will likely continue to dominate the market in 2021. According to a survey from the National Association of Homebuilders in the fourth quarter of 2020, 27% of millennial respondents intend to buy a home in the next 12 months, a significant jump from only 19% previously.

The Online Trends Are Growing

The popularity of real estate services online continues to grow, and that will probably not change regardless of the pandemic's state.

It has become increasingly possible to buy or sell a home without leaving the comfort of your current location. Virtual showings, the use of fully virtual agents, or mobile or online closings are just a few ways technology made real estate easier this past year.

What does all this mean for home buyers and sellers in Albuquerque? Whether you plan to buy or sell your home, now is the time to act. For home buyers, you’ll want to get your mortgage rates locked in before they rise any further. For home sellers, there’s never been a better time to sell your home, with stiff buyer demand raising prices and making homes sell fast. Talk to Sandi Pressley and her team soon to buy or sell a home in Albuquerque today!

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.

HOT HOME LISTING OF THE WEEK!

1004 NOVAK Lane NW, Albuquerque, NM 87114  $898,000

4 Bedrooms / 4 Bathrooms (3 full, 1 half) / 4235 Square Feet

North Valley Renaissance Custom Masterpiece! Situated in a gated community close to Rio Grande/Alameda. Highlights include a well thought out floorplan with both formal & casual living spaces. Exceptional features include wood beam raised ceilings; travertine floors; quality wood doors; wood trimmed windows; custom paint; floor to ceiling fireplace; & more! Well appointed Kitchen w/Wolf & Subzero appliances; Alderwood cabinets; gorgeous granite counters; kitchen island; large walk-in pantry; kitchen nook; & eat at bar. Privately located Master Suite offers portal access, luxurious en suite w/snail shower, jetted tub, ample walk-in closet w/built-ins. Three additional bedrooms-one could be In-law Suite. Large covered portal w/relaxing spa & cozy fireplace. See Feature Page for more details!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team