Real Estate Information Archive

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!

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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

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

As you plan on buying your next home in Albuquerque, you no doubt are already setting aside a down payment.  But have you considered closing costs? If not, then you need to remember that’s it’s an important part of the buying process.

What exactly are closing costs?  They are also known as settlement fees, and are paid when obtaining a mortgage.  These fees are charged by your real estate agent, lender and other parties involved in the transaction.  These costs can be around 2-5% of the purchase price.

Many first-time home buyers in Albuquerque don’t realize this.  And if you have a low down payment program, the closing costs could be the same amount as the down payment.

There’s a number of factors that can affect the closing costs, such as appraisal fees, credit report fees, and others.  You can work with your lender and agent to see if there’s any way to decrease these costs. You can also negotiate with the seller over who pays the fees. This is called ‘seller’s concession’ and can be used in negotiation to get the deal closed with the seller.

So make sure to talk to us early about closing costs so you won’t be caught unprepared.

To receive a personal consultation for your home, contact the Sandi Pressley Team directly!

Looking for the perfect Albuquerque area home? Sign-up for our free Preferred Email Listing Alerts and receive only the properties that meet your personal qualifications! Follow this link: PREFERRED EMAIL LISTING ALERTS

HOT HOME LISTING OF THE WEEK!

4401 Pershing Avenue SE, Albuquerque, NM   $499,000

3 Bedrooms/ 4 Bathrooms/ 4100 Square Feet

INCREDIBLE Custom single story Home-In the heart of ABQ! This home has it all! Open floorplan with large living areas, game room, and so much more.  

Contact the Sandi Pressley team for additional details! 

Mortgage rates have remained at all-time lows so the home buying market stays strong. Are you one of the many looking to buy a home this year? Here are steps you may take on your journey to home ownership.  

Start with a list – Your wish list should begin with the area you want to live in and basic needs like how many bedrooms and bathrooms you need. You should also consider the type of home you want, condos with shared spaces and minimum owner responsibility, a single-family home offering more privacy and room to spread out or an as-is home that would require some TLC, are all options at this stage of the game.  

Talk with a lender – Once you’ve made a decision about the kind of home you want, it’s time to call a lender. A lender can look at your budget, credit rating and other factors and let you know how much home you can get a loan for, and more importantly, how much home you can afford. A qualified lender can also help you decide what kind of loan program is best for you.

Avoid looking at homes before this important step and you’ll side step some heartache if you don’t qualify in that price range.

Start interviewing Realtors – Now that you know your price range and you have an idea of the type of home you want, you’ll want to partner with a real estate professional to help with your home search. A qualified real estate professional will have access to the MLS which lists most homes for sale in your local area. Look for someone who is an expert in the area you’re shopping and avoid using friends and family unless they meet your standards.

Find your dream home – You will never find a home that offers every single item on your wish list. Unless you build a custom home, this is nearly impossible. Know which items on that list are deal breakers and which ones are flexible. Look at the use of space, the features and amenities that match your lifestyle and don’t look at homes outside your price range.

Getting your offer in – Once you’ve selected your dream home it’s time to make an offer. Your real estate professional should pull comparable homes so you know you’re making an offer that makes sense. They should know whether you’re in a buyer’s or seller’s market as this can affect what kind of offer you make. Make sure your broker knows how to negotiate offers and how to deal with multiple offer situations.

Don’t skip the inspections – Home inspections are your protection against material defects in the home that could end up costing you more after you close the deal. A professional home inspection will reveal any major malfunctions in the home and help you decide what you’ll deal with after closing and what might be a deal breaker before.

Get the home appraised – If you’re getting a loan, an appraisal will be required. This step gives the bank a fair market value of your home. If the appraisal comes in low, it may be difficult to get a loan. If it comes in high, you may have instant equity in your new home.

Head to the closing table – Once you’ve made your list, been pre-approved, selected a home, had an inspection and gotten a good appraisal, it’s time to close the deal. Your title company will gather documents from the mortgage company and some of their own and bring you in to sign everything. All documents will be signed by all parties involved including the buyer and seller. The lender will fund the payoff of the seller and then, once all payments have been made, you’ll receive your keys. It seems like a lot of work to buy a home, and it is! The professional buyer brokers at The Sandi Pressley Team are ready to walk you through the process and help you find your dream home today!

Have An Awesome Week!

Sandi's Hot Home Listing

The current real estate market is extremely competitive due to the low mortgage rates and renewed interest in the market. Many buyers find it frustrating to spend weeks and weeks searching for the perfect home only to find the house has five other offers on the same property. It’s a maddening and time consuming process that can drive most buyers up the wall. Here are a few tips that can help you make your offer stand out among the others.

Get Pre-Approved

Getting a true pre-approval from a reputable lender means you have given your lender your personal financial information and that lender has given your information to an underwriter for approval which leaves a clear title and the home appraisal as the only remaining criteria. Getting pre-approved shows the seller that you’re serious and prepared to purchase their home. After an offer is accepted the home will be removed from the market and will be unavailable to other buyers. The seller will only want to take their home off the market for a reliable seller and having a pre-approval from a reputable lender will make your offer more appealing.

Work With an Experienced Realtor

Buying a home is a huge investment, and sometimes you can be pressured into working with a realtor that was recommended by a friend or family member, but you need to make sure you find a realtor that’s qualified for you, and the homes and area you’re looking at. The knowledge from an experienced realtor can save you time and money and can give you an edge when going up against other buyers.

Don’t Lowball the Seller

Before your offer is submitted, your agent should’ve pulled comparables, which should have given you an idea of what similar houses in the area have sold for and the average days on market. These factors go into the estimated sales price of the home you’re looking at. If all goes well and the house is priced in line with recent sales and there are no signs of extra maintenance that could cause delays, all that’s left is to make an offer. Making an offer 25% under the asking price of a home that’s properly priced and in good repair can be a huge insult to the seller, you may even end up with a rejection instead of a counteroffer. While you’re trying to barter with the seller, you leave the door open for other buyers to come in and give better offers. This doesn’t mean you have to pay the asking price upfront, but pay attention to the numbers and don’t try to bluff your way to a lower price.

Put Down More Earnest Money

Earnest money, or escrow depending on where you live, is a deposit made in good faith that tells the seller you’re serious about buying their home. The more money you deposit, the more seriously the seller will take you and your offer. The seller is looking for a guarantee before they take their home off the market, putting down more money will show the seller how serious you are about buying their home, and the money is not lost if you close.

Contact the Listing Agent

Having your lender contact the listing agent and explain that you are a serious buyer, whose credit has been pulled and jobs have been verified, which can bring your offer to the top of the pile. Having your lender contact the listing agent introduces the lender and the agent, and a competent lender is reassuring to the agent and by extension, the seller.

Be Flexible

When you make an offer, there are several factors that you’ll need to consider about the seller. If the seller needs more time to find another place to live, or is moving across country, be accommodating. Your understanding might mean more to the seller than having a higher dollar offer. Have your broker call the listing agent before sending over your offer and explain that if the seller needs more time to leave at the closing you’re willing to be flexible. This will put less pressure on the seller during the moving process, which is something every seller needs.

Shorten the Inspection Period

There are quite a few points in the contract where the transaction can go bad for the seller and one major point is the inspection period. By cutting down the time frame for the inspection process you can limit the window of opportunity for you to remove yourself from the transaction. You can add to your offer that you’re looking for only major defects in the home and any other defects you are willing to accept up to a certain point. This will assure the seller you’re not going to back out of the transaction or ask them to repair a list of small items.

Try to Meet the Sellers

Meeting the sellers can be a good idea or a bad idea. If you really want to buy the house, ask if the sellers can be there when you view the house. Putting a personal touch into your transaction can go a long way into a deal.

Raise the Offer

Making an offer and getting it accepted can involve other factors of the purchase agreement besides the price, but of you find your offers keep getting cut off by higher bids you may want to consider raising your offer. This isn’t something you should lead with, but sometimes a home is priced below market value with the expectation of multiple offers. After you receive comparables and you know that the home is priced below market value, give an offer that is closer to market value, you’ll also want to make it an odd numbered number. Most people think in terms of even numbers, so instead of writing an offer of $255,000 write an offer for $257,770, you can win the home by just $50. Overpaying for a home, if you’re going to get a mortgage may mean you don’t pass your appraisal. This is where your experienced Realtor will pay off, as they will know the market values of the area you’re looking to buy in. Knowing the framework of making an offer and having good communication with your Realtor will help you navigate through the process and will save you money and time. If you’re ready to buy a home, contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

5709 Altima Place, Albuquerque

Price: $269,000 Beds: 3 Baths: 2 Square Feet: 2,040

Quality custom home with Southwest Elegance & charm offers amazing views of mountains & incredible city views. With over $72,000 in upgrades,this 3-4BDRMS/2Bths/2Car garage hm showcases soaring ceilings w/vigas & corbels complimented w/wood latillas & arched accents thru-out.Home has it all! Great Room offers upgraded tile&cozy kiva fireplace. Beautifully updated Kitchen w/Hi-end Granite Counters, updated appliances, breakfast bar&farmers sink.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Mortgage interest rates being as low as they have been have spurred many into purchasing their first home. If you or someone you know is planning on purchasing a home, here are a few tips that might help with the process.

Know What You Can Afford

One of the hardest parts of buying a home is figuring out what you can afford. First-time buyers sometimes rely on the amount the bank is willing to lend, other buyers will use a mortgage calculator to crunch their numbers. But banks are often willing to lend much more than you are able to afford, and mortgage calculators don’t always give all the information necessary to make a decision. To learn your budget, start with the basics.

How Much Can You Pay?

Instead of concentrating on the purchase price or offers from lenders, figure out how much you are able to spend on a mortgage payment each month. A common way of determining how much you can spend is that your mortgage should be between 25 and 30 percent of your income, though 30 percent is often too high for many buyers. The best way to find out is to add up all of your monthly bills and expenses and look at estimates for the cost of utilities for the home you plan on purchasing. Consult local service providers or your real estate agent for specific rates. Don’t forget to add the cost of living changes, price of gas, groceries, and other necessary items. These can change radically if you’re moving to a different location. Another cost that is often overlooked is long-term savings, some assume that future wage increases will allow them to save money later on. Do not make the mistake of depending on uncertain circumstances.

Get the Right Balance on Your Down Payment

Next in the process is determining how much you can put down on the home. Save as much as you possibly can, but make sure to set aside money for inspections, appraisals, moving expenses and closing costs. If you can manage to set aside enough to put 20% down, you will be much more appealing to lenders. Furthermore, loan products with a 20 percent down payment requirement are much easier to get if your credit is less than perfect. If you can’t save that much, don’t worry. There are plenty of ways to buy a house with little to no down payment, though your interest rates might be higher and you’ll have to pay for private mortgage insurance.

Private Mortgage Insurance?

Private mortgage insurance or PMI is the protection lenders use against risky buyers. Usually buyers who put down less than 20 percent have to pay PMI monthly as part of the mortgage payment. As the down payment decreases, the PMI rates go up. Speak to as many lenders as you possibly can to learn what rates you can expect and make sure you ask how long you will have to pay PMI. Some loans, like those backed by the Federal Housing Administration, will require payments on PMI for the full term of the loan. Other options will allow you to cancel PMI after you’ve paid enough towards the main balance.

Does the Interest Rate Make a Difference?

The interest rates on a loan can make or break the deal. Even a slightly higher rate can add to a monthly payment.

If you’re ready to buy your first home, contact The Sandi Pressley Team to get the process started.

Have An Awesome Week!

Sandi's Hot Home Listing

9405 Black Farm NW, Albuquerque

Price: $1,175,000 Beds:5 Baths: 1 Square Feet: 5,005

Current owners built this home, they oversaw each and every detail of this very special Mission Style Home, the meticulous attention to detail shows. A rare find, gracious entry courtyard leads to a separate guest suite, with a private balcony. Main residence features a chef's kitchen, and a gracious floorplan that opens to a large covered and heated patio. Fully equipped outdoor kitchen.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!