Real Estate Information Archive

With the end of the year close at hand and the busy real estate season over, now is actually a great time to start your home search in Albuquerque. There are some outstanding homes coming on the market, as you can see with our latest Hot Properties for November. Here are some of our most desirable properties 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 check out all of our listings on our Featured Listings page.

803 WARM SANDS Court SE, Albuquerque, NM 87123

$697,500

Stunning Custom home (By Guererro)on a cul de sac in 4 Hills Village, upon entering you will notice the hardwood grand staircase. Home features 6 Bedrooms, 4 Baths, with Gourmet Kitchen, stainless appliances, granite counter tops, remodeled bathrooms, an amazing walk out basement (1200 sq ft) with a bedroom bathroom (pool table stays), storage, wet bar and so much more and entertaining areas. Spectacular views from master bedroom Balcony,(there are two other balconies as well), backyard w/rv access. There is new carpet, paint, surround sound, updated lighting, fans, all new hardware on the doors, oversized 3 car garage w new doors/openers. Schedule an appt now.

Learn More!

4332 ALTURA VISTA Lane NE, Albuquerque, NM 87110

$225,000

Fantastic location in desirable gated community of Altura Village! Conveniently located close to UNM, Nob Hill, UNM Hospital, Altura Park! 3BDR/2.5BATH plus Loft! Light, bright & open with lots of living space in the great room. Open kitchen with sunny breakfast nook, gas stove, built-microwave, refrigerator, washer & dryer stay! 3 large bedrooms upstairs! Master bdr has a wall of windows, 2 walk-in closets, garden tub/shower, dual sink vanity and tile flooring in bath. Private gated community minutes away from shopping malls, Uptown & restaurants!

Learn More!

11720 COYOTE RUN Road NE, Albuquerque, NM 87122

$1,125,000

Exquisite Lee Micheal Masterpiece w/Stunning Views! Impressive architectural details paired with fine appointments throughout, make this home a North Albq Acres 'One of a Kind.' Enjoy Sandia views from main living area w/custom two-way fireplace shared w/formal dining room & opening to Gourmet Chef's Kitchen boasting gorgeous cabinets/counters; eat at island; Built-in SS appliances; two sep sinks; wine cooler, plus. Upper level has library; exercise & office spaces, Plus: Luxurious Master retreat that includes TWO balconies to enjoy Mtn & City/mesa views! Spa like en suite w/walk-in closet & built-ins. Lush landscaped backyard includes views from the covered patio; built-in firepit; water feature; & hot tub. Garage is car enthusiast's dream. See 'Feature Sheet' for more amenity details.

Learn More!

5108 WILD PLUM Way NW, Albuquerque, NM 87120

$799,000

Stunning Custom Home in desirable, gated neighborhood! On a quiet cul-de-sac this luxurious home has a fantastic layout perfect for entertaining. Chipped edge Travertine tile downstairs, lighted niches, viga ceilings and tile accents on the walls/ceiling are just few of the features this home has to offer. Kitchen is a chefs dream with granite counters, Wolf gas cooktop, pot filler, warming drawer, 2 dishwashers, 2 sinks and a wine cooler that holds 88 bottles! Master suite has balcony with access from bedroom and private sitting room. Two-way fireplace, bidet, california closets (in all rms), jetted tub and a steamer in the shwr make this a perfect retreat. Theater room with projector, recliner chairs, movie posters and popcorn maker all convey! So much more you have too see to believe.

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.

Buying a home in Albuquerque involves making important decisions. One of the most important of those is how you plan to move your belongings. If you plan on hiring a moving company in Albuquerque, the thing to remember is that not all moving companies are operating on the same level. There are a number of things that can go wrong during a move. The question is how the moving company you hire will handle those issues and protect your items.

Here are some common moving disputes, and how you can handle them:

Damaged or Lost Items

Things tend to break or get damaged during a move. It's inevitable. Even when you hire pros to help, it can happen. How can you minimize the risk?

A professional mover will offer the option of buying Full Value Protection, which is a type of insurance that fully covers the cost of any broken or lost items. Without this protection, you will be asked to sign a Waiver of Full Value Protection. In that case, only 60 cents for each pound will be covered. That's not very much compensation, especially if you have expensive items that don't weigh very much.

Before you move, take the time to photograph your possessions, or at least the most expensive ones. If anything is damaged or lost, you should submit a claim as soon as possible, as the moving company can take up to 30 days to acknowledge the claim and 120 days to settle it.

Here are a few things to do during the move to make sure any damages are accounted for:

• Look over all of your items to check for damage as you unpack.
• Make a list of any damaged or missing items.
• Take photos of any damage found.
• Determine the replacement costs for damaged or lost items.
• Fill out a claim form with the moving company immediately and return it with your photos. Make copies for your records.

Hostage Shipments

There have been cases where a disreputable mover will hold a delivery hostage until the owner is forced to pay an additional fee. The federal government calls these 'hostage shipments.'

If a mover does try to hold your things hostage, there is recourse. The Federal Motor Carrier Safety Administration has a Consumer Complaint Hot line that you can call at (888) 368-7238. The federal organization claims that it tries to respond to hostage shipment as quickly as possible, so you can expect some sort of resolution.

Late Deliveries

Late deliveries are not completely unexpected. But there have been cases where a delay an last several weeks. Not all companies do this of course. Make sure that you carefully research moving company reviews for any reports of late deliveries.

Keep in mind that delays of some kind are possible. If you need certain things that are really important, like a computer, medication, or other critical items, make sure you take them in your car instead of the moving truck.

Moving to a new home is a never a trouble-free process. But if you keep these tips in mind, you can lessen your chance of having issues with movers, and know what to do if you do have any problems.

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!

6017 CROWNPOINT Drive NE, Rio Rancho, NM 87144  $299,000

4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3086 Square Feet 

4 BDRS/3BA/2CG PLUS two office/flex rooms! TWO livings spaces! Kitchen features walk-in pantry, island, breakfast nook and bkfst bar. Light, bright and open floor plan! REFRIGERATED AIR! UPDATED WATER HEATER! Large secondary bdrs have walk-in closets & laundry room located upstairs for convenience! Office/flex room on the main level with 3/4 bath! Newly painted interior and new carpet! Master suite features a balcony, walk-in closet, dual sink vanity, garden tub and separate shower. Backyard features a covered patio, balcony off master suite, walled for privacy and easy care rock landscape!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You've found the perfect home for sale in Albuquerque and closed the deal. Now for the fun part - buying furniture! But hold on, don't get carried away. Doing so can lead to costly mistakes. When it comes to buying furniture for your home, there are a number of points to consider to make sure you buy the right items.

Measure Twice, Move Once

Will your new luxury leather couch fit through the front door, or any of your doors? There’s nothing more frustrating than buying a piece of furniture and not be able to get it in the house. Also, consider the size of the room you’re placing your furniture. Would it be too big or small? Make sure that you get the measurements on the furniture you’re buying and compare it to the space you plan to put it. You can also download an app for your pad or phone that will help you visualize how furniture will look in your home.

Maintenance

Hardwood furniture is certainly appealing and will last for many years, but it does take more maintenance than furniture made with synthetic materials. Make sure that you have the time and know-how to care for hardwood furniture before you invest in it.

Avoid Fads

Will that trendy chair or sofa still be in style next year? If you want to avoid having your home look dated, consider more classic styles. Classic styles will outlive trends for generations and always keep your home looking good.

Take Some Time

There’s no law that says you have to buy the first piece of furniture that strikes your fancy. It’s a lot like buying a home. Did you buy the first home you saw? Probably not. When you take your time, there’s more of a chance of finding the best products that will compliment your home.

Think Ahead

What are your living plans over the next few years? Are you staying in your home indefinitely? Or are you planning to upgrade in the a few years? Base your furniture choices on your plans as much as possible and you won’t have to spend more money than you need to if you do move.

Cost and Budget

Lay out a budget before you dive into the furniture stores or shop online. And of course, furniture stores have all sorts of sales and plans to get you to buy more than you need. Stay focused on your goals and budget. If you buy furniture using credit plans offered by these store, you will pay more than you need to for items that are not necessarily of higher quality. Remember – furniture stores exist to make money.

If you keep these thoughts in mind when buying furniture for your home in Albuquerque, you can make great choices that will make your home look amazing for years to come.

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!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,125,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 4556 Square Feet

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Are you ready to get your Albuquerque home search going full steam? Our latest featured properties offer something for everyone. Two of these properties were just listed today, so make sure you jump on these great homes while they last. And if you're looking for for the ultimate luxury home for sale, take a closer look at our two latest spectacular estates for sale.

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 check out all of our listings on our Featured Listings page.

8439 CASA MORENA Court NW, Albuquerque, NM 87120

$199,000

Beautiful home in the Tierra Oeste Subdivision awaits its new owner! Situated on a large culdasac lot and close to conveniences, this home will not disappoint! The spacious and bright floorplan features beautiful low maintenance tile throughout main living and wet areas, with carpet in bedrooms; Three bedrooms with a possible fourth or office/hobby room; two full bathrooms upstairs and a 1/2 bath down; & lots of closet & storage space. Family room opens to a sunny dining nook and bright kitchen. Low maintenance landscaping in front, & extra large backyard with backyard access potential. This home is a must see!

Learn More!

4401 RIATA Trail SE, Rio Rancho, NM 87124

$189,000

Home is perched on the end of a Cul-de-sac, East facing with big views of the Sandia Mountains. Open kitchen with pitched ceilings, ample cabinets and countertops. Oversized laundry room that could double as a workout area or home office. 3 bedrooms on upper level. With a little TLC, make this home your own. Short distance shopping and restaurants .

Learn More!

11720 COYOTE RUN Road NE, Albuquerque, NM 87122

$1,125,000

Exquisite Lee Micheal Masterpiece w/Stunning Views! Impressive architectural details paired with fine appointments throughout, make this home a North Albq Acres 'One of a Kind.' Enjoy Sandia views from main living area w/custom two-way fireplace shared w/formal dining room & opening to Gourmet Chef's Kitchen boasting gorgeous cabinets/counters; eat at island; Built-in SS appliances; two sep sinks; wine cooler, plus. Upper level has library; exercise & office spaces, Plus: Luxurious Master retreat that includes TWO balconies to enjoy Mtn & City/mesa views! Spa like en suite w/walk-in closet & built-ins. Lush landscaped backyard includes views from the covered patio; built-in firepit; water feature; & hot tub. Garage is car enthusiast's dream. See 'Feature Sheet' for more amenity details.

Learn More!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111

$1,125,000

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

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.

Every home buyer in Albuquerque wants to make the perfect offer when buying a home. Ideally you won't have to negotiate and you can move on with the deal and move into your new home.

Sure, that could happen. But usually, there's going to be some negotiation to nail down the perfect offer. But sellers are known to reject offers for a variety of reasons. Or they make counteroffers. This is especially likely if you bid low, or when you’re up against multiple competing offers.

Here are a few rules you should know before you start negotiating:

Act Fast

When the seller makes a counteroffer, don't sit on it. You should respond as quickly as possible. The longer you wait, the more space you leave for another buyer to swoop in and nab the property. Also, if a seller senses hesitation, they may decide to withdraw their counteroffer before you even have a chance to respond.

Raise Your Price (Within Reason)

Of course you don't want to overpay for your home. But you may have to up the offer, especially if you initially made a lowball offer. You agent will lend their expertise to determine how much money you should add to the offer.

Before you make an offer, talk with your agent about how high you’re willing to go if the seller doesn’t accept your bid. Then your agent can make the counteroffer look even more attractive by pointing out similarly priced “comps”, recently sold homes in the area of the home that are comparable in terms of square footage and features.

As your agent negotiates, it can feel like things are escalating quickly. It’s stressful. You may feel a sudden urge to do whatever it takes to win.

Before you go overboard, there are two things you must keep in mind:

• You can’t exceed the monetary confines of the pre-approved mortgage you received from your lender.
• You shouldn’t overextend your budget.
• Because your counteroffer has to be an amount you’re comfortable spending on a home. You want that new house and to keep living your life. Plus: You’re not out of options yet.

Increase Your Earnest Money Deposit

Increasing your earnest money deposit (EMD) — the sum of money you put down to prove to the seller you’re serious (i.e., “earnest”) about buying the house — is another way to show the seller you have more skin in the game. A standard EMD is typically 1% to 3% of the sales price of the home. Making a counteroffer with a 3% to 4% deposit could be what you need to persuade the seller to side with you.

Demonstrate Patience About Taking Possession

Depending on the seller’s timetable, changing your proposed possession date, the date you take over the property, could sweeten the deal. If the seller wants to stay in the home for a few days after closing, try offering a later possession date. You could also draw up a “rent-back” agreement, meaning the seller pays you rent for staying in the home for a set period of time after the closing date.

Negotiating the right price for a home for sale in Albuquerque can be a challenging task. But if you follow these tips, you can have a better chance of getting the perfect deal on your new home.

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!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,125,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 4556 Square Feet

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Selling a home in Albuquerque is an opportunity to make a significant amount of money. And you can maximize that opportunity by enhancing your home's curb appeal. Making your home stand out in the market is crucial to making a quick sale and getting the highest offer possible. Here are some simple and effective ideas for enhancing your curb appeal that also won't break the bank.

Pressure Wash

Giving your home a good pressure washing is an affordable and easy way to give your home's exterior a quick and easy makeover. You can rent a pressure washer and most hardware or home improvement stores.

Install New House Numbers

If your house has old or faded house numbers on it, install some new numbers to spruce up the curb appeal. Try to match your new house numbers with the finish that is on your exterior light fixtures. Simple house numbers can start at $2.00 for a number or you can look into customized plaques that can cost $50-$100.

Fresh Doormat

A fresh front doormat offers a welcome greeting to visitors. What better way to greet guests, while also keeping the dirt where it belongs - outside.

Install a Porch Swing

A cozy wooden porch swing adds a spot to relax outside, while also enhancing your curb appeal. Before purchasing a new porch swing, be sure to measure your space.

Paint the Front Door

You can paint your front door for less than $50. Giving your front door a new coat of paint will add brightness and revive your house. Pick a bold color that makes your house stick out, but make sure to match it to the rest of the colors on your house. Properly prep all surfaces before you paint so you'll get great results that will last for years to come.

Install a New Door Knob

While you're paining your front door, you can add an eye-catching door knob and punch up the design of the front of your house. With a wide range of prices and styles, you have endless options. Today, there are several safety door locks on the market that have cameras or numerical codes that will unlock the door.

Plant a Tree

Planting a tree is one of the most common ways to add curb appeal to your house. Before you plant a tree, consider how big the tree will get and how it will affect your house. If you have enough space, try planting two trees to frame your house or your entryway.

Outdoor Furniture

Adding seating space will give your home charm. Porch furniture can be found at antique or second hand stores and can easily be painted. Just add fresh cushions and they will look like new.

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!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,125,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 4556 Square Feet

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The summer home selling season may be over, but that doesn't mean the Albuquerque real estate sceen isn't still sizzling. Thanks to one of the hottest real estate markets in memory, homes are selling fast here in Albuquerque, despite the pandemic.

If you’re a regular reader of our blogs, you’ve no doubt noticed a “Featured Hot Property” at the end of every article. These are some of the hottest properties in the Albuquerque real estate market. Here’s a roundup of some of our latest properties currently on the Albuquerque market. Don't let these fine properties pass you by, because they will go fast.

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 check out all of our listings on our Featured Listings page.

6017 CROWNPOINT Drive NE, Rio Rancho, NM 87144

$299,000

4 BDRS/3BA/2CG PLUS two office/flex rooms! TWO livings spaces! Kitchen features walk-in pantry, island, breakfast nook and bkfst bar. Light, bright and open floor plan! REFRIGERATED AIR! UPDATED WATER HEATER! Large secondary bdrs have walk-in closets & laundry room located upstairs for convenience! Office/flex room on the main level with 3/4 bath! Newly painted interior and new carpet! Master suite features a balcony, walk-in closet, dual sink vanity, garden tub and separate shower. Backyard features a covered patio, balcony off master suite, walled for privacy and easy care rock landscape!

Learn More!

1009 C DE BACA Lane, Bernalillo, NM 87004

$499,000

Exquisite custom home with stunning views situated in gated community. Enter in the grand foyer through gorgeous Spain imported front double doors. This home was built to embrace the majestic mountain views.2 master Suites! Amazing gourmet kitchen boast granite counters, custom cabinets and built in Thermador appliances. Master Suite w/breathtaking views &spa like en suite w/double shower, jetted tub and palatial walk in closet. Huge finished & heated 3 car garage 1 is RV. Attention to detail shines! Just minutes to the Bosque and perfectly located between Santa Fe & Abq. Please see more unique features in Documents.

Learn More!

25 CAMINO DEL CARRISITO, Placitas, NM 87043

$775,000

Exquisite SW Custom w/Stunning Views! Featuring a spacious floorplan including Greatroom that invites the outdoors in & opens to Gourmet Kitchen boasting gorgeous cabinets & granite; bonus prep sink; Jen-aire SS appliances including oversized refrigerator & warming drawer. Adjoining walk thru Butler/service room w/ample pantry leads to elegant formal dining room. Thoughtful In-Law-Suite hosts full bath & separate living room. Other fine appointments include raised tray ceilings; Schonbek Crystal Chandeliers & upgraded lighting; solid interior doors; & more! Take in views from every window in privately situated Owner's suite w/luxurious en suite & 'Supersized' closet/dressing room w/builtins. Outdoors, enjoy vistas from covered portal; built in grill; & covered pergola on lower terrace.

Learn More!

9300 RIVERFRONT Drive NW, Albuquerque, NM 87114

$899,000

Amazing Opportunity to be in Custom Home in Riverfront Estates with 4CG and 1.77 acres for 899k! Zoned for horses and a perfect set up to bring your horses. Versatile floor plan has many possibilities with 3 spacious bedrooms with 4th bedroom currently used as library/office/study with floor to ceiling bookshelves and rolling custom access ladder. Bedrooms open on to common area perfect for media room/flex room. Very spacious owner suite has private patio access, luxurious master bath with jetted tub and custom shower with large custom closet. Huge living room and Family Room, Open and light kitchen with counter/cabinet space galore, opens to family room and sunny breakfast nook. 1326 sq ft Casita/Studio could be perfect for in-law suite /in home office/ studio - endless possibilities!

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.

Have you heard of the term "house poor"? If you are house poor, it simply means that you're spending most of your income on things related to your home. This is more than just the mortgage. It includes things like maintenance, utilities, insurance, and taxes. When you’re house poor, you can’t afford many other things, and certainly not big extras like vacations.

When you buy a home in Albuquerque, you need to know what you realistically can afford to keep from being house poor. One of the biggest mistakes home buyers make is being too ambitious and taking on a home that's too expensive, as well as not anticipating other expenses.

Here are some ways to buy a home in Albuquerque that you can reasonably afford and lower your risk of being house poor.

Crunch the Numbers

Before you ever start the actual process of shopping for homes, look at the numbers.

You’ll need to take into account how much your household earns every month. Then, outline all of the housing costs, which include:

• The down payment
• Property taxes
• Homeowner’s insurance
• Utilities and maintenance

Tally up all of the expenses that you currently have to pay every month. Then, look at your discretionary spending and include that as well. Including that discretionary spending is important and sometimes overlooked. It’s those extras that you want to be able to continue to pay for, even when you buy a home.

Follow the 28/36% Rule

Many financial professionals advise that you spend no more than 28% of your gross monthly income on your housing expenses. You should also plan to spend no more than 36% on your total debt, including not just your home loan but your credit cards, car loan, and student loans.

Affordability Considerations

Some of the things that you should think about beyond your income and expenses include:

• How much savings do you have set aside? You want to have a reserve of cash in case something happens, and if your down payment or mortgage costs are going to dip into your savings, that can be a problem.
• How much of a down payment can you afford? The traditional wisdom is that you put 20% down, but there are loans with options to put as little as 3% down. Remember that the lower the down payment, this higher your monthly payments will be.
• Is there a different type of mortgage outside of a traditional bank loan that you might qualify for? For example, FHA loans are backed by the Federal Housing Administration and you may qualify with a lower credit score and down payment compared to a traditional loan.

Take Steps to Get a Competitive Interest Rates

Interest rates are at an all-time low. Even so, try to get the most competitive rates you can. Having a strong credit score will help. Before you buy a home, look at your credit report, and clean it up if necessary. Try to minimize how much debt you have compared to your income.

Err on the Side of Caution

When you start looking at homes, you should always err on the side of caution. Keep your house hunt focused on the lower end of what you can technically afford. If you’re a first-time home buyer in Albuquerque, it can be tempting to want to go all-in with the belief that you’re buying your forever home. Your life can change over the years, and your first home is probably not your forever home.

Focus on finding a starter home for sale in Albuquerque that works for your current needs. You can’t just think about your current income either. Think about what might happen if you lost your job or your partner lost their income. How would that change the equation?

Finally, one option that can help you better stay within your budget is buying a fixer-upper. You can find a great deal, and then you have the option to gradually create the home of your dreams as your budget allows, rather than having to go all-in right away.

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!

804 ADAMS Place SE, Albuquerque, NM 87108  $399,000

3 Bedrooms / 3 Bathrooms (1 full, 2 half) / 1888 Square Feet

Magnificent Rex Wilson remodel of this amazing Pueblo style home. From the minute you enter you will feel like you are on vacation (feels like a Taos Hacienda), beautiful hardwood floor, custom carved beams, corbels kiva fireplace, leads into a wonderful custom kitchen. Skylights bring in natural light, and Pella windows, hardwood doors updated electrical and an amazing wrap around covered patio embraces beautifully landscaped private oasis. ''And'' a detached casita heating cooled, presently used as a theatre room (projection equipment, screen and couches will stay) and of course a totally remodeled bathroom, and could easily be an in law quarters.

Contact the Sandi Pressley team for additional details! 

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