Real Estate Information Archive

Moving into a new home is an exciting time.  But it can be frustrating.  As you're getting to know your new place, you're going to be running into things that you didn't know about before you moved in.  But many surprises can be avoided if you ask the right questions of the seller. Sure, you may get details from the home inspection and disclosure, but why not talk to the people who have lived there already? Just make sure to ask these questions at the end of the selling process, as the seller might think their answers would make the sale not go through.

What Are Past Problems That Were Fixed?

Even though existing problems are disclosed in the seller's statement, it doesn't reveal what past problems may have been fixed.  Use the disclosure as a place to start when asking to learn what wasn't listed.

Switch and Valve Locations

The home inspector may not always show you where all the valves and circuit breakers are.  Especially if it's an older or larger home, just ask the seller where everything is and if there's anything special about their operation.

Ask About the Neighborhood

This may be a loaded question, but you'll usually get the best of both worlds and everything in between.  That's OK, because it can help you keep your move-in experience more enjoyable.  You'll know what to expect and hopefully help make new friends with your neighbors. 

HOT HOME LISTING OF THE WEEK!

10 Caminito Trail, Placitas   $395,000

3 Bedrooms/ 2 Bathrooms/ 2580 Square Feet

This amazing culdesac property features unobstructed views of the mountains and open floorplans with stunning raised ceilings.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Buying a second home - many people dream of it.  Buying a second home is something of a rite of passage, like buying a car or getting married. It’s a great investment as well. It shows that you’re doing well financially and can afford to reward yourself. And since mortgage rates are still low, now may be a good time to take the leap.

Before you jump into buying a second home, it’s important to ask “why?” Answering this question will help you see where your priorities are.

You Can Afford It

Of course, your finances are the first thing to look at when deciding to buy a second home. Most 2^nd home buyers are in their 40s or 50s and their children have left the house. They no longer have to stay in one place because of school, or work if they’ve retired. People tend to earn more or have more saved up by this point in life, giving them more financial freedom.

A Good Investment

A second home can be a great investment, but you have to do it right, as there are still risks. You should try to buy a home in an area that’s growing, which could improve the property value over time.

Comfortable Retirement

As we’ve noted, usually its individuals in their 40s – 50s that tend to buy 2^nd homes. By that age, many are thinking about retirement.  Buying a 2^nd property is an ideal way to plan for that phase of your life.

Let’s say you want to retire to a sunny and artistic city such as Albuquerque (assuming you don’t live here already). Why not search for a home in the area you want to retire? That way you’ll already have the home and it will have increased in value until then.

Tax Benefits

Paying taxes are a big part of owning a house, so it’s only logical we should talk about the tax benefits. And the good news is that you can write off the property taxes on a second home. And it doesn’t matter if it’s an investment, rental, or for your own use. You can also deduct interest, insurance, and depreciation against your home’s value.

Buying a second home may not be for everyone. But if it’s something you can do, take time to consider the advantages and disadvantages before you make the big move.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

2228 Cebolla Creek Way NW, Albuquerque, NM  $399,000

3 Bedrooms/ 2 Bathrooms (1 full, 1 partial) / 2345 Square Feet

UPGRADES GALORE! Fantastic Del Webb gated community! Premium lot, wood tile flooring, plantation shutters, garage door screens, artistic landscaping, upgraded light fixtures & appliances, private courtyard w/OJstom gate & stucco wall are just a few! State of the art clubhouse, resort style pool, fitness center & sport courts!

Contact the Sandi Pressley team for additional details! 

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If you’re planning to buy a home in Albuquerque and can afford a higher payment, then a 15-year mortgage is an ideal way to pay off your mortgage faster and save thousands of dollars in interest. Of course, to make it work you need to have enough income to cover the payments, along with your other expenses. Despite the advantages of a 15-year mortgage, many home buyers tend to stay away from them when they realize the payments are about 50% higher than a 30-year mortgage.

As with any mortgage, there’s pros and cons.  What are the pros and cons of a 15-year mortgage?

Pros

• Owning your home faster. Knowing that your home is paid off gives you security.
• Builds equity. Since you’re paying off the principal balance faster, you can build more equity.
• Save money. 15-year loans have a lower interest rate, since there’s fewer years of risk for the lender. You also save money on interest because the loan term is shorter.

Cons

• Higher payments. You have to make sure that you can handle the higher payment, along with taxes and other expenses for the entire 15-year term. 
• Locked up equity. The equity you’re building is locked up in the home. The only way to use it is to sell the home or refinancing.
• Missing other opportunities. Higher payments means you may not have enough money to take advantage of other financial opportunities, such as investments or matching your employers contribution to a retirement account.
• Lower quality home.  Since you aren’t stretching your payments over 30-years, you won’t qualify for as high of an amount as you would with a 30-year loan.

To sum up, a 15-year loan is an ideal way for those who can afford the higher payments to save money and own their home more quickly. But if you’re not entirely sure your finances are stable, then you should avoid a 15-year mortgage.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1625 Los Alamos Avenue SW, Albuquerque, NM  $489,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2775 Square Feet

Beautifully situated in Coveted Albuquerque COUNTRY CLUB NEIGHBORHOOD! Near parks and bike paths, and just blocks from downtown. Warmth and Charm exudes thru-out. Don't miss out on this one! 

Contact the Sandi Pressley team for additional details! 

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When it comes to buying a home in Albuquerque, the biggest factor in whether or not it’s possible boils down to income.  And of course, depending on where you live, income and cost of living can vary drastically.  A new study by GOBankingRates endeavored to reveal what the minimum salary would be needed to buy a medium priced home in each state.

The great news is that New Mexico, and by extension Albuquerque, came out as one of the most affordable states to buy a home. GOBankingRates arrived at this conclusion based on the average mortgage payment for each state along with the average APR on a 30-year fixed-rate mortgage.  They then assumed that no more than 30% of monthly income would be spent on housing.  For New Mexico, that figure came out to only $40,960!

Other neighboring states turned out to be quite a bit higher.  You would need to make $55,680 a year to own a home in Nevada. Arizona is higher as well with $50,880.  If you bought a home in Colorado, you would need to make at least $73,600. So it really goes to show that if you plan on buying a house in the Southwest, your dollar goes farther in Albuquerque.

GoBankingRates has this advice,

“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

Historically, Americans have spent 21% of their income to own a medium priced home.  Today that figure is down to 15%! This all demonstrates that now is a great time to own a home in Albuquerque.

If you're looking to buy a home in the Albuquerque area, feel free to contact us to help you find the right home for your budget and income. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Albuquerque and the surrounding areas.

HOT HOME LISTING OF THE WEEK!

15 Calle Cobre, Placitas, NM  $498,000

5 Bedrooms/ 3 Bathrooms (3 full, 0 partial) / 3200 Square Feet

Exquisite Placitas property nestled on 2.25 AC w/stunning views. Custom home offers functional open floorplan w/radiant heat, soaring ceiling w/viga& latillas, kiva FP, nichos&surround sound thru-out main floor. Back yard offers large deck w/breathtaking views-Perfect for entertaining. 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You’re buying your first home in Albuquerque and the excitement abounds.  But you have to be careful that all the excitement doesn’t cloud your vision.  It’s easy to see the exterior of a home and how much you like (or dislike it).  But you need to see the inside as well.  How was it maintained? What issues will come up when you buy the home? If you know these things in advance, you can save on expensive repairs in the future.

This is even more important as a first time buyer. First time buyers usually don’t have the experience to know what warning signs to look for in a home.  Hiring a home inspector will definitely help in this regard.  Here’s a list of warning signs to look for.

Foundation  

• Look for cracks in the driveway, walls and sidewalks                                                                  
• Are the floors, windows and doorways crooked or not level?                                                        
• Are there large trees with roots near the foundation?
• Do the inside doors jam or have gaps on the top of them?

Electrical

• Are there any exposed wires?
• Do the lights flicker?
• Are outlets warm to the touch?
• Are there any visible signs of electrical tape?
• Look for flash burns near socket covers.

Roof

• Look for missing or cracked shingles and significant wear and tear.
• Are there mismatched materials or curled or warped shingles?

Plumbing

• Do the faucets leak?
• Are there water stains under the sinks or around toilet or tub
• Check how the bath and sinks drain.
• Do you smell foul odors near sinks?
• Check the water pressure in sinks and bath.

Mold

• Do you see any water stains on walls?
• Is any mold visible?
• Is there a musty smell?
• Check for rotted wood around doors and windows.
• Is the paint peeling?

Insects or Pests

• Are there signs of termites and carpenter ants?
• Are there ways for rodents to enter the house?
• Is any exposed interior wood damaged?

Poor Workmanship

• Do repairs look professional?
• Do renovations look armature?
• Are any tasks uncompleted?

Checking these items can go a long way to making sure you pay the right price for your first home and know more fully what you’re buying. Check back on our blog twice a week for more real estate advice and for local Albuquerque topics. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

8520 Hawk Eye Road NW, Albuquerque, NM  $260,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3486 Square Feet

Incredible back yard perfect for entertaining family & friends, with Outdoor kitchen, built in grill, tile bar, flagstone open & covered patios, pergola, hot tub, fire pit, garden area, trees, and shrubs! Exceptional home with many custom upgrades including stacked stone accents, light fixtures, wrought iron stairway! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Are you planning to buy a home in Albuquerque and have kids in school? Then no doubt you want to find the right home near the best schools in Albuquerque.  You certainly don’t want to end up regretting buying your home if it turns out that the school you live near isn’t right for your child.

You may think that your real estate agent can show you all the best schools in Albuquerque. But they can’t. Fair housing laws have been enacted that prevents agents from recommending schools.  Why? It was discovered that some agents in recent years have been labeling schools as "bad" to swing the sales of homes toward more affluent neighborhoods. So it’s a good thing that agents in general aren’t allowed to recommend schools. That means that you as a parent should research the best schools in Albuquerque for your children. After you find a school you think would best suit your children’s needs, then your agent can help you find the right home near that school.

There are at least 3 questions you should ask when finding the right school in Albuquerque.

What school will you child attend?

Sure this may seem obvious, and that’s why some people forget to ask it. There are dozens of schools in the Albuquerque Public School district, so that means you have a lot of schools to choose from. Their website has a great deal of information about schools in Albuquerque that should be useful in finding a good school.

What are the numbers?

Even though numbers don’t provide a complete perspective, they are a great place to start. You can find helpful ratings and scores on websites such as GreatSchools.org and Niche.com. They use test scores, reviews, and other factors to rate the best schools in a given area.

What about reputation?

If you know people in the area you want to move to in Albuquerque, ask them what they know the schools in the area. You might even meet with the principal of a school to get an even closer look, presuming you can make such an arrangement. See if they can give you a tour of the school with your child present.  Look at class sizes.  Is the library well stocked? What does your child think about the school? These are great indicators to look for.

Finding the right school and the right home for sale in Albuquerque is worth the effort.  Once you do find a great school for your child, let us help you find the right home near that school.  Our powerful search tools can help you find homes for sale near the schools of your choice in Albuquerque.  Also make sure to take advantage of our Home Buyer Listing Alerts to get automated alerts of homes as they hit the market. And you can always feel free to call us at 505-980-2999 to speak with an experienced agent.

HOT HOME LISTING OF THE WEEK!

10 Tres Amigos Road, Placitas, NM  $399,000

3 Bedrooms/ 2 Bathrooms (2 full, 0 partial) / 2200 Square Feet

This stunning Placitas Custom Home offers a secluded .97 AC Sanctuary w/breathtaking views. Open & spacious floorplan featuring a dramatic entry way into a cozy living space. Warm & inviting property in a highly sought-after location. Fabulous access to hiking & biking.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Self-made millionaire David Bach has written nine consecutive New York Times best-selling books. His book, “The Automatic Millionaire,” was on the New York Times bestseller list for a whopping 31 weeks. In fact, he is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

In a recent CNBC article, Bach explained that: “The biggest mistake millennials are making is not buying their first home.” Then he said that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”

Bach went on to explain why buying a home is so important:

“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”

 “Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”

What will it cost to pay your mortgage in fifteen years? Here’s what he had to say:

“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.”

If a well-respected millionaire gives advice, it’s usually a good idea to follow it.  But of course, he’s not the first person in the know to advice on the wisdom of buying a home. Many successful individuals have found that over time, buying a home is the most advisable course toward financial security.

As an additional note on David Bach’s experience, he has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes. Not a bad resume!

If you’re ready to buy a home in Albuquerque, you couldn’t have found a better city to buy a new home! Give us a call at 505-263-2173 to talk to an experienced agent. And if you don’t want to talk to someone just yet, you can browse our website for the latest real estate on the market.  And make sure to use our powerful home search tool to find the home of your dreams in Albuquerque.

HOT HOME LISTING OF THE WEEK!

522 Palo Alto Drive NE, Rio Rancho, NM  $320,000

4 Bedrooms/ 2 Bathrooms (1 full, 1 partial) / 2960 Square Feet

Like new Pulte Home Ruby Model versatile floor plan. So many options! Upgraded gourmet kitchen with stacked cabinets, SS appliances, electric cooktop, built-in oven, granite countertops, backsplash, island, pantry and recessed lighting, tile flooring! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you live in Albuquerque and are on Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits, you may have wondered if buying a home is attainable.  Perhaps you’ve wondered if merely owning a home may affect your benefits, making home owning nearly impossible. The fact is that many people living on SSDI and SSI benefits do qualify to buy a home, and it’s possible that you can as well. But as you can guess, there are obstacles to think about.

What are some of the challenges? As you know already, the benefits for SSI are low, and you will probably struggle to save for a home while trying to make ends meet.  And if you live on SSDI benefits, you may not be sure how long those benefits will last.  So when you go to apply for a loan, it may be difficult to prove you have a stable income.

Another factor to consider is that SSI rules limit how much income and assets you can have while receiving benefits.  So that creates a fine line between making or having enough to save for a home and keeping your benefits. Here’s the good news though:  the home is considered your primary residence, and not an asset.

All of this is not presented to discourage you from buying a home in Albuquerque. It may seem almost impossible to buy a home if you are on SSI or SSDI, but it’s not. There are a number of programs that can help.  For example, Fannie Mae offers loans for people with disabilities.  Here’s some examples:

• Fannie Mae loans for disabled individuals
• Individual Development Account (IDA)
• Habitat for Humanity
• Housing and Urban Development (HUD) Homeownership Voucher Program

There may also be some nonprofits in Albuquerque that can help as well.

The bottom line is that if you are on SSI or SSDI and are considering buying a home in Albuquerque, give us a call at 505-980-2999 to see how we can help you find assistance.

HOT HOME LISTING OF THE WEEK!

10 Tres Amigos Road, Placitas, NM  $399,000

3 Bedrooms/ 2 Bathrooms (2 full, 0 partial) / 2200 Square Feet

This stunning Placitas Custom Home offers a secluded .97 AC Sanctuary w/breathtaking views. Open & spacious floorplan featuring a dramatic entry way into a cozy living space. Warm & inviting property in a highly sought-after location. Fabulous access to hiking & biking.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Buying a home – what an exciting time! But don’t get carried away with all the excitement. Now more than ever, you need to think carefully about your decisions.  It’s easy to get emotional about a home you fall in love with.  Many times people will let their emotions take over and not ask the important questions that need to be asked before buying a home. And that can lead to some major buyer remorse.

What are the most important questions to ask when buying a home? Here’s a few to consider.

What Is the Home’s Market Value?

This is a very important question since it will determine the amount you’ll offer for the home.  You need to know what the market value is to make a solid offer.  But also remember that there’s no magic formula for making an offer.  But the market value is certainly the biggest factor in making a decision.

How Much Did the Seller Pay For the Home?

Many people will buy a home just to flip it for a huge profit.  Some may have made improvements to the house that will increase the value, but that’s always the case. Knowing how much the previous owner paid will give insight into whether or not the home is overpriced.

How Long Has the Home Been on the Market?

You can sometimes tell the motivation level of a seller by how long the home has been listed. Sure, it’s also the agent who can affect this factor.  Your agent can look to see how many times the home has been relisted and the pricing history.

Click here to find more important questions to ask when buying a home. And always feel free to call or contact Sandi and her team for expert advice.

HOT HOME LISTING OF THE WEEK!

1743 Black Gold Street SE, Albuquerque, NM  $255,000

4 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2269 Square Feet

4 beds PLUS LOFT!! Extended patio and beautifully landscaped backyard with grass and shrubs and sprinkler system!  Refridgerated air, security system, newly painted, stacked stone front exterior, water heater new in 2016.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Despite what people may be saying, the dream of owning a home is definitely still valid.  Sure it may not be as easy to buy a home these days.  Factors such as student loan debt, rising home prices and a fewer available properties make it a challenge. Because of this, on a national level home ownership rates have declined to around 64%.

That doesn’t mean there aren’t cities that are the exception to this trend. Realtor.com performed a study of the cities in America where homeownership rates are growing faster.  The great news is that Albuquerque ranked #7 on their list! They analyzed data from the last Census and compared homeownership rates between the first 3 quarters of 2014 to the first 3 quarters of 2017.

Albuquerque was hit pretty hard during the recession.  But the area’s climate and amazing scenery, along with low home prices and location near Santa Fe make it a very desirable place to buy a home.  This has especially become true for people looking for the perfect retirement location.

People moving here to retire are drawn to the low prices in the area.  New homes hover in the $250,000 range, making it very affordable to live here.

If you’re looking for the ideal city to move to, why not look at what Albuquerque has to offer?

HOT HOME LISTING OF THE WEEK!

8314 Calle Picaflor NW, Albuquerque, NM  $850,000

4 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 4710 Square Feet

Exquisitely appointed single story custom home offers an exclusive & tranquil environment nestled on 1 Acre Sanctuary. Open concept floorplan featuring a dramatic entry way into inviting living area, 3 car garage, hardwood flooring, and so much more!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team