Real Estate Information Archive

Refinancing a mortgage is something that many homeowners in Albuquerque do at some point. There are a wide range of reasons why a homeowner would want to refinance their mortgage. Yet along with the benefits of refinancing come some risks and costs. The question you need to ask is, if in your case, do the benefits outweigh those risks. Here's a list of pros and cons of refinancing to help you decide if it's the right decision for you.

Refinancing Pros

Free Up Money

If you replace your mortgage with a rate-and-term refinance at a lower rate, you will pay less each month. You could save anywhere from $75 to several hundred dollars a month.

Pay Off Your Home Faster

A loan with a lower interest rate and shorter term means you can pay your home off faster, especially if you go from a 30-year loan to a 15-year loan. The down side of this is you may pay more per month, meaning you'll have less cash on hand.

Get Cash

Albuquerque homeowners who want to get money for remodeling or other important matters can get what's called a cash-out refinance. This is a loan that let's homeowners with at least 20% equity in their home refinance for a larger amount and get the difference in cash.

Lock in a Fixed Rate

If you have a loan with an adjustable rate and you want to lock it into a lower rate so that it doesn't rise, you can get a fixed-rate loan. The rate may be higher than what you have now, but it will not rise in the future, giving you more financial predictability.

Refinancing Cons

It Costs Money

Remember the fees you paid on your original mortgage? You will have tp pay them again for a refinance. This includes origination fees, an appraisal, title insurance, taxes and other fees. If you are refinancing to save monthly costs, you should calculate how long it will take to make up the difference between your monthly savings and the refinance costs.

Prepayment Penalty

You may have to pay your current lender extra to pay off the loan early. If that amount is too high, you might want to just stick with your current loan.

Total Costs Can Increase

The interest and fees over the life of a new 30-year loan can increase. This could also offset the advantage of refinancing.

Make sure to 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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

1820 34TH Street SE, Rio Rancho, NM 87124  $169,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1348 Square Feet

One story 3BDR/2BA/2CG in the heart of Rio Rancho! Minutes from Intel, Cottonwood Mall, schools, parks and shopping! HUGE BACKYARD with views of the Sandia Mountains!! Tile flooring throughout!! NEW Water Heater! Oversized great room with cozy wood stove, open to the kitchen with lots of cabinets, long breakfast bar, gas stove & refrigerator. Master bdr features a walk in closet and private bath. Fenced backyard with open patio, mountain views and plenty of room for gathering family & friends!

Contact the Sandi Pressley team for additional details! 

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Do you want a really good reason to own a home in Albuquerque? Besides being a fantastic location to live, when you own your home, it's what can be called a “forced savings plan.” When you make your mortgage payment, part of it is applied to the principle balance. Each month, you owe less on the home. The difference between the value of the home and what you owe is called equity.

If your home's value has increased since you bought it, then your equity increases. On average, home owners gained more than $65,000 in equity over the last 5 years. That's a lot of money!

When you compare spending habits to 10 years ago, we find that homeowners also are no longer tapping into that equity to buy expensive items. They were pulling out cash (equity) from an appreciating asset, and then spending it on rapidly depreciating items. That is not the case today.

The number of homeowners that currently have at least 50% equity in their home is astonishing. According to the Urban Institute, 37.1% of all homes in the country are mortgage-free. In a home equity study, ATTOM Data Solutions revealed that of the 62.9% of homes with a mortgage, 25.6% have at least 50% equity. That number has been increasing over the last five years.

By doing a little math, we can see that 53.2% of all homes in this country have at least 50% equity right now. Of all homes, 37.1% are mortgage-free and an additional 16.1% with a mortgage have at least 50% equity.

As we can see, owning a home in Albuquerque is far different from renting. Owning a home means that your mortgage payment comes back to you in the form of equity in your home. That doesn’t happen with your rent payment. Your rent helps build your landlord’s equity instead.

Let us help you find the home of your dreams in Albuquerque. And make sure to join us twice a week on our blog for more 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!

1800 Cooke Canyon Drive NW, Albuquerque, NM  $385,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 2690 Square Feet

Mountain Views! This popular one story Pulte floorplan has 4BDRS/3BA plus separate office/study with French doors!! Light, bright and open featuring two walls of sliding doors opening to the outdoor living space, covered patio showcasing mountain views! REFRIGERATED AIR! Tankless Water Heater! Approx 19k in new engineered wood flooring! 11k Professionally landscaped backyard with grass, roses, shrubs! Gourmet kitchen has built-in stainless steel appliances, gas cooktop, huge teardrop shaped Island, granite counter tops, beautiful cabinetry, backsplash & walk-in pantry. Master suite has bay window, large shower, raised granite dual sink vanity & walk-in closet!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

It's time once again to set your clocks back this Sunday, Nov 3 at 2 a.m. But if you forget, your smartphone will probably remind you anyways.

When we set our clocks back, this is called "Regular Time." President Lyndon B. Johnson signed the Uniform Time Act in 1966 that made Daylight Saving Time official. The law established daylight saving time from the last Sunday in April through the last Sunday in October. Several states, including New Mexico, are trying to change this practice. But for now, we still need to fall back

What will you do with your extra hour? Here are a few suggestions:

• Take a hot bubble bath.
• Organize your office.
• Call a friend to catch up.
• Make a scrapbook.
• Create a “family recipe book.”
• Look up funny videos on YouTube.
• Read your favorite blog.
• Straighten up your pantry.
• Go outside and take pictures of nature.
• Get an extra hour of sleep!

Or, if you're thinking about buying a new home in Albuquerque, you can use our home search tool and take an hour to really look over some of the great homes we have for sale. And then call us on Monday for more help finding the perfect home for sale.

Looking to sell your home for the right price in Albuquerque? Let us help you sell your home in Albuquerque and get the right price. And make sure to join us twice a week on our blog for more 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!

2612 Espanola Street, Albuquerque, NM 87110  $170,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Real estate prices in the Albuquerque market are expected to rise at a steady pace throughout 2019. In fact, Albuquerque home values have gone up 4.2% over the past year and Zillow predicts they will rise 2.6% within the next year. If you're considering moving to Albuquerque, there are a few creative ways to cope with rising housing costs and get into your dream home sooner rather than later.

Consider Nearby or Adjacent ZIP Codes

The old adage in real estate is “location, location, location,” but often the location is the very thing that makes certain ZIP codes so pricey. When looking into a desirable area, consider the nearby or adjacent neighborhoods to scout for more affordable finds. The good news is that if your house is near a pricier area, home prices are expected to remain strong or even rise as demand for the area increases.

Purchase a Foreclosure or Fixer-Upper

Purchasing a foreclosure or home that needs a little work is a smart move if you want to buy into a more expensive neighborhood and stay in your price range.

Fixer-uppers can yield significant discounts in major urban areas, as much as 40% to 50%, according to research conducted by realtor.com, but inventory may be low, and the competition may be fierce.

Consider a Roommate

If you can afford a home but are concerned about what the monthly payment will do to your lifestyle (and budget) consider renting out rooms in your house to a long-term roommate or on housing-share apps.

This way, your housing payment gets covered and any extra can go toward paying down the mortgage, paying off student loans, or maintaining your lifestyle.

Try a Starter Home Before Thinking of a Forever Home

Think about what you really need in a first-home purchase as opposed to what you fantasize about having. With so many first-time buyers now delaying home ownership until their early 30’s (when a family and kids comes along), many skip the notion of the starter home and leap right into the forever home - often at a cost.

Starting small allows buyers to start putting housing payments into equity, not rent. Should property values rise, after a few years a buyer would then be able to upgrade into something bigger or more practical for their lifestyle.

Also keep in mind that just because you qualify for a loan amount, it doesn’t mean you have to borrow the maximum. When shopping for homes, be sure to find something that sits comfortably in your budget once you factor in insurance, taxes, home maintenance, and even discretionary funds.

While these tips may not land a first-time buyer in their ideal neighborhood straight away, equity (the amount of your house that you “own”) builds over time and works in favor of the buyer. Remember: With time and patience, many may be able to cash in on the equity in their first home and move into their ideal square footage or location.

Looking to find the perfect home in Albuquerque? Let us help you find the perfect home in Albuquerque. And make sure to join us twice a week on our blog for more 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!

7 Chamisa Road, Placitas, NM  $468,000

3 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2500 Square Feet

Southwest Style custom home on incredible 2 acre lot with stunning views. Exquisite tile & woodwork throughout. Well appointed kitchen with SS appliances, granite counters, large pantry and island. New Carpet in 2019, new Paint in bedrooms and entry 2017, Refrigerated air, raised ceilings, open floor plan, skylights and lighted niches make this home perfect for entertaining. Private master suite has private balcony access, double sinks w/jetted tub, separate shower and a huge walk-in closet. Backyard has covered patio, water feature, fire-pit and mature landscaping. Over-sized 3 car garage, water softener, central vac system, upgraded sinks and faucets, brand new septic in 2013, the list just goes on!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

How do I get approved for a home loan? Who will help me find the right home in Albuquerque? Don’t panic! Here are the top four people you need to know when it comes to buying a home.

The Person Who Approves the Loan

One of the first people you’ll need to work with is a loan officer or lender. This is the person who helps you understand the ins and outs of getting a loan, as well as any requirements or conditions.

Before speaking with the loan officer, however, you may want to estimate what a monthly mortgage payment may look like, which you can do with a simple mortgage calculator. Your monthly payment will include homeowners insurance, property taxes paid into an escrow account, and, if you put down less than 20%, PMI or private mortgage insurance.

Remember: The bank will provide an initial number of what it thinks you can afford based on your gross monthly income. But it’s up to you to account for your own personal budget and living expenses.

Once you’ve spoken with the lender, it’s worthwhile to get a preapproval letter, which shows how much the bank would be willing to lend you based on your full financial picture. Without this letter, most sellers won't take you seriously and may not even accept your offer.

The Person Who Finds the Home

A real estate agent is usually the first person that most people speak to during the homebuying process. You need someone who understands the housing market in Albuquerque.

When you begin your home search, you might start with an online search. While these property listing sites provide formatted data on available properties, a REALTOR®, such as Sandi Pressley, will have access to the latest information and can provide any updates or correct misinformation found online.

A REALTOR® can work on your behalf or on behalf of the seller. When you’re buying a home, it’s important to work with a buyer’s agent, whose responsibility is to you, not the seller.

You should ask the agent all the questions that are important to you — how much other homes in the area recently sold for, how long those homes were on the market, and any other questions that might help you make an informed decision.

The Person Who Inspects the Home

Once you have found a home, made an offer, and signed the contract to buy, it’s time to hire a home inspector. The contract will specify how many days you have to get the inspection. The home inspector will come to check things like structural integrity, plumbing, electrical systems, heating and cooling, the condition of windows, walls, door frames, ceilings, the attic — basically anything that can be seen without going into walls.

The Person Who Checks Ownership of the Home

The title officer or title company checks the ownership of the home to make sure there are no potential disputes with previous owners, and, ultimately, will issue title insurance for the property. This insurance protects you and the lender if there are claims or lawsuits against your ownership of the property.

Each person has a distinct role in the homebuying process in Albuquerque, and being informed about exactly what you need from them helps make the process run smoothly. The key is patience — it’s all worth it when you get the new keys to your home!

Looking to find the perfect home in Albuquerque? Let us help you find the perfect home in Albuquerque. And make sure to join us twice a week on our blog for more 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!

104 Sandia Mountain Ranch Drive, Tijeras, NM  $479,000

3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 2608 Square Feet

Resort style living in the mountains with incredible views on approx 3.25 acres in Sandia Mountain Ranch!! Custom elegance featuring TPO Roof, Refrig Air, Sec System, Water Softener, Skylights, Private Elec Gate. Amazing outdoor living space featuring a huge raised deck for entertaining, relaxing in nature taking in the mountain views! Great room features wall of windows, wood beam ceiling, wood stove. Custom kitchen features cherry cabs, granite countertops, walk-in pantry, bkfst bar & nook. Master suite features his/her vanities, jetted tub, sep shower, two walk-in closets. Finished & insulated oversized 2CG!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Most of us have our own reasons for wanting to buy a home in Albuquerque. Maybe we want a bath with a luxury spa. Maybe we want a huge deck for parties.

But your lender doesn't care about such things - the designer tub, the fire pit, and all the extras. What they really care about is the actual value of the home and if it's worth as much as the value of the mortgage.

To a bank, a house is collateral. That means that they can foreclose on the home if you miss payments.

Therefore, a home must be valued at, or above, the agreed-upon purchase price, and this has to happen before you can close on a house. That’s where a home appraiser comes in.

A Home Appraiser Is Neutral

After you sign a home purchase agreement, which is the contract between you and the seller about the terms of the pending sale, and before your lender approves your loan, the home you’re buying must pass an appraisal.

An appraiser is either licensed by the state or a certified professional. It's their job to asses the value of the home. They are on no one's side, not you or the seller. They are chosen by your lender through an appraisal management company, which is a neutral entity.

Appraisers survey a house in person, using five main criteria to determine the value of a home:

• Location
• Age
• Condition
• Additions or renovations
• Recent sales of comparable homes

Be Prepared to Pay for the Appraisal — or to Negotiate

Usually the home buyer is the one that pays for the appraisal, and this is generally included in the closing costs. But this can be negotiated. You can always ask if the seller will pay for it.

Home appraisals are not as expensive as you might think. They will usually cost between $287 and $373.

Appraisals Take a While, So Be Patient

Typically, a purchase agreement has a “home appraisal contingency” requiring that the appraisal be completed within 14 days of the sales contract being signed. Because it takes appraisers some time to visit your house and write a report — up to a week, or longer in a busy housing market — your lender will order the appraisal immediately after you sign the purchase agreement.

Looking to sell your home for the right price in Albuquerque? Let us help you sell your home in Albuquerque and get the right price. And make sure to join us twice a week on our blog for more 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!

8000 Oso Loco Road NE, Albuquerque, NM  $288,000

3 Bedrooms / 2 Bathrooms (1 full, 0 half) / 1879 Square Feet

Excellent opportunity to own in Far North East Heights neighborhood! This beautiful home is close to in shopping, bike paths and highly desirable schools. Open and bright floor plan with custom Southwest touches throughout; ledges; arched doorways and more. A custom Kiva fireplace with built-in Bancos grace the family room that opens to the sunny kitchen with breakfast bar; kitchen island; lots of cabinets and pantry for storage. Separate formal dining room. Master Suite w/access to patio and ample spa like en suite with walk-in closet that includes a custom closet system. Low maintenance front and backyard landscaping w/ lush shrubs and trees & cool covered patio for warm summer evenings.

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 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

Are you ready to buy your first home in Albuquerque? Obviously, buying a home for the first time is a major life decision.  You will be investing a large amount of money and time in this adventure.  Do you know all the steps involved in the home buying process? It's important to know the steps along the journey and what tools are available.  You also need to forge relationships with experts in Albuquerque who can help you along the way.

Here are the 11 steps to living the dream of owning your first home.

1. Do Your Homework
   Any large purchase requires planning, and that is particularly true with buying a home in Albuquerque. Factors such as price, housing type, neighborhood, school districts, and more need to be considered. Here's a worksheet that can help you pin down what you're really looking for. Fill it out with your partner (if you're not single) and your agent.  That way everyone is one the same page - literally.
   
   
2. Start Shopping For Homes in Albuquerque
   Now that you know what you're looking for, start looking for listings online.  Here's a great tool for finding the ideal home in Albuquerque and surrounding communities.
   
   
3. Find a Great Agent
   We're ready to help you find the perfect first home and help you through the process.
   
   
4. Choose a Lender
   After you find the right agent, we can help you find the right mortgage lender. This is an important step as your lender will be working closely with you throughout the process.
   
   
5. Pick a Loan
   Your lender will work with you to determine the right mortgage to fit your financial needs.  You'll need to provide proof of income, employment, and other details.
   
   
6. Look at Homes
   Now comes the fun part! Your agent will help you find homes in in Albuquerque and the surrounding areas in New Mexico that fit your budget and the needs you determined in step 1.
   
   
7. Make an Offer
   When you find the ideal home, then you make the offer.  Your agent will help you decide how much you want to pay, along with contingencies that both parties can agree on.
   
   
8. Negotiate, Negotiate, Negotiate
   Now comes the time where you work out the deal for your new home in in Albuquerque.  It can be an emotional time, especially if you really want the house. Some sellers may just accept your offer, but some may make a counter-offer.  Your agent will work with you to decide what to do.
   
   
9. Inspect the Home
   When an offer is accepted, then you'll sign a contract that will no doubt include a home inspection contingency.  At this point you'll hire a licensed home inspector to look for needed repairs. If major repairs are needed, then the seller will be asked to make those repairs.
   
   
10. Appraisal
    Your lender needs to determine if the home is worth enough to cover the mortgage.
    
    
11. Close the Deal
    The home is close to being yours! You just need to sign the final paperwork to finish the deal.  Then it's time to show off your new home to all your family and friends!

The Sandi Pressley Team has been helping people buy their first home in in Albuquerque for years. They can help you through all of these steps to guide you to owning your first home in in Albuquerque. You can call them at 505-980-2999. Your first home is only a few steps away!

Don't forget to follow us on Facebook!

HOT HOME LISTING OF THE WEEK!

210 Tornasol Lane NE, Albuquerque, NM  $450,000

3 Bedrooms/ 2 Bathrooms (2 full, 0 partial) / 2573 Square Feet

The charms of North Valley country living only with a NE address! Impeccably maintained, one owner, custom built,TRUE Southwestern adobe home on 1/2 acre with RV parking! Escape to the beautiful backyard with raised bed garden with plum trees, shade trees, roses, solar wall and fire pit.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Few things in life are certain. One thing that is certain is the ever-changing real estate market. The market we see today will not be the same a year or even a month from now. The market for 1st time buyers hasn't changed much in recent time but it looks like that might be changing soon. If you're a first time buyer, now is the time to act. Here are a few reasons why.

Historically Low Rates

Many experts predicted a rise in real estate rates over last summer. That didn’t happen. It could come at any time but for now, it looks like rates are holding at near historic lows. A rise in rates can have a significant impact on your monthly payment so if the stars are aligned for you to purchase, don’t wait. "If mortgage rates hit 6%, a third of millennials (people younger than 35 years old) wouldn't be able to afford homes as they're currently listed, according to an analysis by HouseCanary, a housing-data analytics company," said Money magazine. A $215,000 loan at 80% LTV over 30 years climbs just over $100 a month with just a 1% increase in interest rate.

Low Down Payment Programs

New loan programs from Fannie Mae and existing loans from FHA make buying a home even easier. With down payments as low as 3% in some cases, homes become more affordable for first time buyers. Pair that with lower MIP and you’ve got a great reason to buy now.

Rent is Going Up

In most markets around the nation, rental payments have been climbing steadily in recent years. When you look at rising rental payments and the tax benefits of home ownership, the decision becomes much clearer. In many markets, it is less expensive to make a house payment, usually on a larger residence, than to pay rent.

Tax Benefits

When you own a home, especially the first year, the tax benefits can easily outweigh the costs. Here are just a few things that may reduce your tax burden when you own a home:

• Interest payments
• Interest buy downs
• Points
• Property Taxes

PMI Went Down

The going rate for PMI in recent years was 1.35% of the balance of the loan. The feds recently made a change that lowered this rate to /85 meaning huge savings for buyers with lower down payments. The change can mean a savings of around $900 each year. As you can see, there are plenty of reasons why now is a GREAT time to buy your first home. If you’re ready to start your search, contact the Sandi Pressley Team today!

Have An Awesome Week!

Sandi's Hot Home Listing

24 Plaza De Sonadores, Placitas

Price: $300,000 Beds:3 Baths: 2 Square Feet: 2,170

Immaculate single story home nestled on 2.1AC showcasing breathtaking 360 degree views~Pride of ownership! This open concept floorplan showcases 2 Heated Sunrooms-North & South side of home, 2 living areas w/3 fireplaces, raised ceilings, family dining room. Gourmet Kitchen features stunning upgraded granite countertops & backsplash (2015), lovely cabinetry+ sunny breakfast nook-Chefs Dream!

View This Listing