Real Estate Information Archive

Buying a home is likely the biggest decision you’ll make in your life. It’s a decision that you will likely be living with for years. Everyone dreams of finding the perfect home. What is the perfect home, and how can you find it?

Defining the "Perfect Home"

The perfect home, as it were, is a home that fits your needs the best. You define what you want or need in a home. To that end, you should make a list of what’s important to you in a home. Separate what you want and what isn't important. If you have a partner buying with you, compare your lists and compare them to see what you can compromise on and what you can't.

Also think about the homes you lived in before and what you did and didn’t like. Keep those things in mind when searching for a home.

How Much Can You Afford?

Getting in over your head with payments can really ruin the experience of a new home. Determining how much you can afford really the first thing you should do. Don't make the mistake of basing it on the maximum amount you can borrow. You should set a budget so that you can comfortably handle the monthly payments.  And if this is your first home, you need to keep in mind other expenses such as taxes, repairs, appliances, furniture, and so forth. Try to save money aside for unexpected expenses. It would be a shame to find a beautiful home and then have to struggle financially to live there.

Get the Right Help

Finding the right agent makes all the difference. And don’t be tempted to go it alone either. Working with a real estate professional can make the difference between a smooth experience and complete disaster. Real estate agents can find properties you may not be able to.  They can also negotiate the best price and recommend the best lenders.

Location, Location, Location

Location makes all the difference when buying a home. Bad neighbors can ruin even the most desirable home. Test out the community and compare it to what you like or don’t like about your current neighborhood. Drive around the area at different times of the day and ask yourself how safe you would feel living there.  Also test your commute during rush hour to the neighborhood.

Do Your Homework

This takes some time and money, but is well worth it. Compare property values around the home and look at trends. What are homes selling for in the area? This information can help you negotiate a better price. Also make sure to hire your own home inspector to find potential issues.  Finding these up front can help you as well in negotiations with the seller.

Finding the perfect home is not impossible if you follow these basic steps.

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!

11716 Easy Goer Road SE, Albuquerque, NM  $289,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2600 Square Feet

Beautiful Southwest style home in Volterra. Light, bright and open floorplan with plenty of entertaining space!  Mountain views! The secondary bedrooms are large plus a loft and the utility room is upstairs for convenience! Mountain views! Beautifully maintained landscaped front and backyards!

Contact the Sandi Pressley team for additional details! 

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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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According to report released by Down Payment Resource, 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.

The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.

An article by Chase points to a new wave of millennial homebuyers:

“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”

Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:

“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.

There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”

Are you one of the many millenials looking to buy a home this year?  If so, we can help.  Call the Sandi Pressley team today to see how we can help you fulfill your dream of owning a home today!

HOT HOME LISTING OF THE WEEK!

996 Lynx Loop NE, Albuquerque, NM  $595,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3215 Square Feet

Custom Home features INCREDIBLE VIEWS of the Sandia Mountains, Tram & City lights from large balconies and decks. Master Suite features cozy fireplace, tranquil balcony, mountain views, complimented by the Spa-like Master Bath.

Contact the Sandi Pressley team for additional details! 

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Owning a home has many advantages and benefits.  One of the best things about owning a home is avoiding rising rent costs. 

The cost of renting is going up across the nation.  According to ConsumerAffairs “The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.” The Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report also noted that “Renters continue to be more likely to face cost burdens…the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.”

With a 30 year fixed rate mortgage, owning a home can be cheaper than renting. Many people feel they can’t afford to buy a home because they haven’t saved enough money for down payment, or they don’t have good enough credit.  But you don’t know until you investigate the options.  If you’re considering buying a home in Albuquerque, give us a call and let a professional help you determine if you’re in a position to own your own home and not get stuck in a rental trap.

HOT HOME LISTING OF THE WEEK!

10 Cinco Circle, Placitas, NM   $550,000

5 Bedrooms/ 5 Bathrooms (1 full, 4 partial) / 4015 Square Feet

Enjoy the extraordinary views from this spacious home, featuring 5 bedrooms, 2 living areas, and more.  Treat your guests to the upstairs bed with en suite bath.  Entertain in style with the spacious kitchen that opens into the great room.  

Contact the Sandi Pressley team for additional details! 

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According to the latest US Census Bureau report, it turns out that for the first time since 2006, more people chose to purchase a home over renting in the first quarter of this year.  There were 1.22 million new households formed in the first quarter, and of those, 854,000 were first-time buyers.  That makes the home ownership rate among new households a whopping 70%!

This is great news as the rate of homeownership nationwide is currently 63.6%.  The last time the rate came close to this figure was in the 2^nd quarter of 2004, when it was at the all-time high of 69.2%.

Recently, a Wall Street Journal article had this to say about the reason for the jump in first-time buyers:

“The return of first-time buyers is accelerating. In all, they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”

According to Trulia’s Chief Economist, Ralph McLaughlin:

“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”

What does this all mean? Basically, this indicates that as more people who can buy for the first time realize their ability to buy a home without renting first, then the overall economy will benefit.

HOT HOME LISTING OF THE WEEK!

4401 Pershing Avenue SE, Albuquerque   $499,000

3 Bedrooms/ 1 Bathrooms / 3 Partial Baths / 4100 Square Feet

INCREDIBLE Custom single story Home-In the heart of ABQ. 2CAR garage, open floorplan showcases 3 exceptional LG living areas, all in whopping 4100 sq ft!

Contact the Sandi Pressley team for additional details! 

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According to a report recently released by Down Payment Resource, 65% of first-time homebuyers bought their homes with a down payment of 6% or less in January. This trend continued through all buyers who had a mortgage, as 62% made a down payment of less than 20%.

What does this all mean? An article by DS News points to the new wave of millennial homebuyers:

“It seems that the long-awaited influx of millennial home buyers is beginning. Ellie Mae reported that mortgages to millennial borrowers for new home purchases continued their ascent in January, accounting for 84 percent of closed loans.”

For millennials who purchased homes in January, FHA loans remained popular, making up 35% of all loans closed. Ellie Mae’s Executive Vice President of Corporate Strategy Joe Tyrrell gave some insight into why:

“It is not surprising to see Millennial borrowers leverage FHA loans because they typically offer lower down payments and lower average FICO score requirements than conventional loans. Across the board, we're continuing to see strong interest in homeownership from this younger generation.”

If you’re a millennial who’s wondering if you should buy a home this year, please feel free to contact us.  We can help you understand your options and get you on the path to preapproval.

HOT HOME LISTING OF THE WEEK!

5909 Gorrion Street NW, Albuquerque   $199,000

4 Bedrooms/ 1 Bathrooms/ 1935 Square Feet

Back on the market! This open concept floorplan includes tasteful updates. Plenty of space with 2 living areas and 4 beds spread over 1935 sq ft!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Are you a first time home buyer in Albuquerque? Buying a new home, no matter if it’s your first time or not, takes a lot of effort.  Here are a few tips that can help the process go more smoothly.

Research Early

Start looking at websites and even local real estate listings in paper journals. Write down the listings that interest you and how long they’re listed, along with any changes in asking prices.  This will give you a more accurate read on your local market trends. You can also sign up for email listing alerts that give you real time updates of new homes as they hit the market.

Budget

How much can you really afford?  That’s the biggest question.  It‘s recommended that you keep the cost of your home to less than 5 times your annual income, providing you’re making a 20% down payment and have moderate debt. Here’s a handy affordability calculator that can help.

Get Prequalified and Preapproved

You need to know how much you can spend before you start looking for a home.  Work with a lender to determine how much you can afford by providing simple information such as income and how much you have in savings.  This is called prequalifying. Later you can get preapproved for credit, which involves providing more documents like W-2s and bank account statement so that a lender can verify your credit.

This is just a start.  But if you follow these tips it will get you on your way to buying the home in  Albuquerque that best fits your needs.

HOT HOME LISTING OF THE WEEK!

2571 Clear Sky Street SW, Los Lunas   $175,000

4 Bedrooms/ 2.5 Bathrooms/ 2265 Square Feet

Popular DR Horton Floorplan w/ 4 bedrooms and bonus loft space upstairs. 2 living areas, open kitchen and comfortable family dining room!

Contact the Sandi Pressley team for additional details! 

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Are you looking to buy or sell Real Estate in 2017?  Choosing the Best Local Real Estate Team is critical to your success!

5 Reasons to choose the Sandi Pressley Team:

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!

4840 Mcnary Court NW, Albuquerque New Mexico   $239,000

5 Bedrooms/ 3 Bathrooms/ 2420 Square Feet

Ready to Close-Show and Sell! Meticulously maintained open concept quiet culdesac lot showcasing 5 BDRMS/3BATHS/2 car garage. This functional floorplan features stunning oak wood flooring in living, dining room & spacious kitchen. Kitchen overlooks family room offering a cozy fireplace. Rare find private in-law Suite on Main floor and other Master Suite on Upper level with oversized master bath; dual vanities, jetted tub, separate shower & walk-in closet + access to balcony to enjoy the beautiful views. Additional Amenities incl: Refrigerated Air, arch accents, hi ceilings, plant ledges bull-nose corners thru-out and so much more-Pride of Ownership! Lovely low maintenance landscaping both front and back-Perfect for summer BBQ's!NO PID! It is a MUST SEE!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Buying a home is more than just finding the right home and going to the title company to sign documents. Unless you have cash to make the purchase, you'll need to obtain a home loan or mortgage. This can be an intimidating process. We hear every day about new predatory lending practices and mortgage scams. So how do you protect yourself and get the best loan available for your situation? Here are some tips to help protect you when the time to buy a home comes along.

Ask for referrals

You're likely to have family, friends or coworkers who have recently been through the process of obtaining a home loan. Ask around and find out where they had the best experience. Your real estate broker is also likely to have a preferred lender they like to use. Word of mouth is a great way to find a reputable lender.

If it seems too good to be true...

If it sees too good to be true, it probably is. Be wary of rates far below what the market shows. There are plenty of programs available that help with down payment, closings costs and other parts of buying a home. Try not to be wowed by companies offering miracle deals.

Do your homework

Taking the time to research rates, companies and programs, can save you thousands of dollars out of pocket and even more over the term of a conventional mortgage. Being uneducated can cost you the same. Start by:

• Understanding your credit score and how it relates to interest rate
• Understanding mortgage terms like amortization, APR and compounding interest
• Understanding payment and prepayment options

Be careful who you trust

The internet is a smorgasbord of information when it comes to mortgage lending. You have to be careful though as there is a ton of outdated information, deceptive advertising and just plain bad advice.

There are ways to protect yourself and even learn from other peoples’ mistakes. Consumer websites like the Consumer Financial Protection Bureau are a great place to start. Here you can learn about known scams and read personal experiences from people who have been there already.

When you're ready to buy a home, contact us for a referral to our preferred lender, Legacy Mortgage. The Sandi Pressley team is here to help you have a great experience!

Have An Awesome Week!

Sandi's Hot Home Listing

6812 Vista Del Sol Dr, Albuquerque

Price: $375,000 Beds:4 Baths: 2+ Square Feet: 3,755

Exquisitely Appointed Home in desired Montecito Estates!With over 3700SF, this open floorplan shows like a model-featuring cozy living area w/fireplace, 4 BDRMS/3BA+loft & computer area!

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!