Real Estate Information Archive

If you have your home on the market, you'll soon be getting offers. When that happens, you'll need to decide which offers are best for you.

Your real estate agent will be a huge help with this. Agents know how to determine the pros and cons of an offer, since there's more to it than just dollar signs. They have a sense of your financial and personal goals, so they can help you decide if the offer being made matches those goals.

Before the first offer rolls in, here’s what you need to know about the offer evaluation process, including the main factors that should go into making a decision with your agent.

When vetting offers, evaluate these areas in addition to price:

The earnest money deposit.

An earnest money deposit, or EMD, is the amount of cash a buyer will pay when the agreement is signed to show they're serious about buying your home. This money is usually held by the title company and goes toward the down payment at closing.

A standard EMD is 1% to 3% of the cost of the home. If a buyer tries to back out of an offer for no good reason, the seller typically keeps the EMD. Therefore, the higher the earnest money, the stronger the offer.

The down payment. 

In most cases, a mortgage requires some down payment. The size of a down payment can determine the strength of an offer. As a seller, your main concern is for the transaction to close. And for that to happen, the buyer’s mortgage has be approved.

In most cases, a larger down payment indicates that a buyer has the cash to make sure the sale goes through. This means that if the appraisal comes in higher than your contract’s sale price, the buyer with a higher down payment would more likely be able to cover the difference with the large amount of cash they have available.

The closing date. 

Closing is when the final paperwork is signed and the sale is final. The entire process, from accepting an offer to closing, takes between 30 and 60 days.

Three days before closing, the buyer receives a closing disclosure from the lender, which he compares with the loan estimate he received when he applied for the loan. If there are material differences between the buyer’s loan estimate and closing disclosure, the closing can’t happen until those amounts are reviewed and approved. But this is rare.

Some transactions can take more time, depending on the buyer’s financing. For example, the average closing time for a Federal Housing Administration (FHA) loan is 43 days, according to Ellie Mae.

Whether you want a slow or quick settlement will depend on your circumstances. If you’ve already purchased your next home, for instance, you probably want to close as soon as possible. On the other hand, you may want a longer closing period if you need the proceeds from the sale to purchase your new home.

Buying your first home bring up all sorts of good feelings. But before you get there, you have to get through the daunting task of making sure you have enough for a down payment. You may have to come up with as much as 10% - 20% of the purchase price, which can be a large sum.

So now its time to get creative! Here's 3 creative ways you can put together the money you need faster than you may think.

Crowdsourcing

Crowdsourcing has become a popular way for people to raise money for projects. Popular crowdsourcing sites such as Kickstarter have been used to fund all sorts of projects. So why not crowdsource your first home?

If you're getting married, for example, you can skip the traditional registry and use sites such as Feather the Nest and Hatch My House to raise your down payment. According to Hatch My House, they've helped home buyers raise more than $2 million for down payments.

Ask the Seller to Help (Really!)

Seller concessions are where the seller will work with you to reduce closing costs. If the seller wants to close the deal quickly, they may work with you in this way. The fewer the closing costs, the more money you can put toward your down payment.

You real estate agent may be able to help you negotiate a deal, such as 2% of the overall sales price in concessions to help with the closing costs.

There are, however, limits on concessions depending on the type of mortgage. For FHA mortgages, the cap is 6% of the sale price. For Fannie Mae-guaranteed loans, the caps vary between 3% and 9%, depending on the ratio between how much you put down and the amount you finance. Individual banks have varying caps on concessions.

Government Options

You can also look into programs through the U.S. Department of Housing and Urban Development, or HUD, that help with down payments and closing costs. If you meet particular income requirements, you may qualify.

Your profession may also determine what programs are available through HUD. The Good Neighbor Next Door Sales Program can help those who are law enforcement officers, firefighters, teachers, or EMTs.

If you're a veteran, the VA will guarantee part of a home loan through commercial lenders. In many cases, you don't need a down payment or private mortgage insurance, and it will help you secure a  competitive interest rate.

Christmas in Albuquerque is marked by luminarias, seen all over teh city, as well as tree-lighting, luminaria tours and shopping for New Mexico gifts. You can get into the spirit of the holidays, Siuthwest style, with these upcoming holiday events in Albuquerque.

Stroll Old Town
December 7, 2018

Get the holidays started right in Albuquerque with the Old Town Albuquerque Holiday Stroll at 6 p.m. on December 7, 2018. Enjoy the annual lighting of the Old Town Christmas tree, along with live entertainment and tons of shopping specials.

Twinkle Light Parade
Dec. 1, 2018

The Twinkle Light Parade is one the signature holiday events in Albuquerque. Watch floats, bands, bikes, cars, and Santa parade down East Central Avenue through Nob Hill from Washington Street to Girard Boulevard from 5 to 9:30 p.m.

Shop at the Pueblo Cultural Center

For traditional Native American gifts, there's no better place to shop than the Indian Pueblo Cultural Center. On November 30, 2018, from 5 to 8 p.m. come for the annual Pueblo Shop & Stroll, lit by countless luminarias. You'll find handmade Christmas ornaments in clay, jewelry, and works of art. You can cap off the evening with a performance by the White Mountain Apache Crown Dancers. Free with museum admission.

Look at the Luminarias
Dec. 24

Walk around Old Town Plaza and experience one of the hightlights of Christmas in Albuquerque - luminarias. You can venture into the Country Club neighborhood on Dec. 24, and enjoy hot chocolate, carolers, and holiday cheer along the way. Other neighborhoods to try are Ridgecrest and North Albuquerque Acres.

Watch the Hanging of the Greens
Nov 30

Take part of this age old student tradition on Nov 30 at 5:45 p.m. at the UNM Bookstore. Carolers will move across campus to University House with a wreath for UNM's president, followed by a reception at Hodgin Hall from 6:30 to 8 p.m. UNM is also the scene of a gorgeous and large luminaria display that you will certainly no want to miss.

The community is invited and attendees are asked to bring an unwrapped children's book to place under the tree at Hodgin Hall. Books will be donated to UNM Children's Hospital.

Shop and Stroll on Nob Hill

The holiday season means lots of shopping, and what better way to get into the spirit than at the Nob Hill Shop & Stroll in early December. Central Avenue will be closed to traffic between Girard and San Mateo boulevards to make it easier to walk around the Nob Hill area of interesting local shops.

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!

7056 Tombstone Road NW, Albuquerque, NM $269,000

4 Bedrooms / 3 Bathrooms (2 full, 1 partial) / 2654 Square Feet

 This wonderful Green Built Silver Rated DR Horton home is located near parks, shopping & walking trails. No neighbors behind the home. Huge loft, and even a downstairs office with French doors. All appliances are included. With a HERS rating of 60, this home is extremely energy efficient! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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From all of us here at The Sandi Pressley Team, we'd like to wish all of you a very happy Thanksgiving. Here's a few tips for hosting the perfect Thanksgiving meal.

Keep it simple

Unless you're a 5-star chef, don't try to make every possible dish that you think would make a perfect Thanksgiving feast. The traditional basics - turkey, mashed potatoes, cranberry sauce, gravy, and a simple vegetable dish such as string beans - will certainly fill everyone's plate. If nervous about cooking for guests, pick dishes that you’re comfortable making. If you’re trying something new, give it a practice run a few days before.

Go potluck

Why not ask a few family members to prepare a side dish, either beforehand or at your home? This will take some stress off of you and allow you to focus on the main course.

Cook turkey breasts separate from the legs

Turkeys are a challenge to cook as they don't cook uniformly. Breast meat cooks faster than the dark meat. If you don't care about breaking tradition, try cooking the turkey breasts and legs separately. Experiment with cooking the turkey legs in a slow cooker in olive oil. They’ll come out moist and delicious after six hours. And roast the turkey breast in the oven, just like any other type of roast.

Use a thermometer

A turkey is done cooking when it hits 135–140°F, whether that takes 10 or 30 minutes. The USDA’s Food Safety and Inspection Service advises cooking turkeys until the thermometer reads 165°F; this is the “instant kill” temperature for any bacteria that might be present. With care and proper hold times, you actually can safely cook turkey to lower temperatures to avoid potential dryness, but hold time becomes critical for proper pasteurization. Regardless, use a good digital probe thermometer to let you know when the turkey has reached temperature.

Have a Happy Thanksgiving Weekend!

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!

7056 Tombstone Road NW, Albuquerque, NM  $269,000

4 Bedrooms / 3 Bathrooms (2 full, 1 partial) / 2654 Square Feet

 This wonderful Green Built Silver Rated DR Horton home is located near parks, shopping & walking trails. No neighbors behind the home. Huge loft, and even a downstairs office with French doors. All appliances are included. With a HERS rating of 60, this home is extremely energy efficient! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Video Doorbell

Video doorbells are fast becoming the must-have smart device. This is because WiFi-enabled video doorbells are an inexpensive and convenient way to see who's at your door, even when you're not home, using your smartphone.

You get an alert on your phone when someone rings the bell, or even when they come near the doorbell. And you can even talk to the visitor, making sure you get important deliveries or to let your friends know you're on the way to the door. And when you're away from home, you can catch potential thieves.

Not only are video doorbells inexpensive, at around $200, they are easy to install and use.

Smart Door Locks

Speaking of the front door, keys are becoming a thing of the past thanks to smart devices. Your phone can now akt as a digital key. And even better, you can text digital keys to whoever you want to gain access to your home. And you can set these so-called digital keys to be temporary or permanent, which is perfect for hiring contractors or others who should only have temporary access.

And how many times do we forget to lock the house? That's no longer an issue with smart locks. Just check your cell phone and set the lock if needed.

Home Generators

More an more people are investing in generators due to more extreme weather and risk of power outages.

However, the noisy portable diesel generators can be a pain. A built in generator can be installed that's about the size of an HVAC unit. They run on propane or natural gas and will kick on automatically when the power goes out.

Smart Mirror

Mirror, mirror on the wall, will this be the fairest day of them all? Yes, now you can talk to the mirror. You can get the weather, traffic updates, podcasts, or order more bathroom supplies.

There are even prototypes not yet on the market that will give you fashion advice. The magic mirror of Snow White is coming soon. The you can make sure you're the fairest of them all before you leave your smart home.

Smart Blinds

You can save money on cooling costs in the summer with smart blinds, which you can also control from your phone.

You can program them to open or close at certain times of day, or when the room hits a specific temperature. Or if you’re reading and you want to open the blinds to let in more light, you don’t have to get out of your chair. “Alexa, open the blinds.” Done.

You can also pre-schedule your smart blinds to make your home more secure.

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!

2536 Sarita Avenue NW, Albuquerque, NM 87104  $165,000

3 Bedrooms / 2 Bathrooms (2 full, 0 partial) / 1232 Square Feet

 Convenient location near Old Town & Rio Grande! Wonderful home with tile roof, refrigerated air, great room with fireplace open to kitchen with breakfast bar & pantry. Nice layout featuring master bedroom separate from the 2 additional bedrooms, great covered patio & attached 2 car garage. All appliances stay! Don't miss this turn key property!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Organizing your garage is never easy. The challenge is how to bring together all your tools, toys, and sporting equipment, along with your cars if there's room, in a way that is functional.
There's also a tendency for people to store items that don't belong in the garage.

A cluttered garage is certainly the norm for most people, so don't feel bad if your garage isn't exactly pristine.Your garage is probably nowhere near as bad as expert garage organizers have seen - dead animals, termite infected furniture, spoiled food, you name it.

Here's a few things to gather before you start organizing your garage:

• Heavy-duty trash bags
• Strong vacuum like a shop vac, or a broom
• Catch-all basket for odds and ends

Organize Garage Clutter

Start out by doing a basic cleaning of the floor with a brook or shop vac to avoid spreading dirt during the project. Also look out for:

• Nails and other small items on the floor
• Oil or chemical stains
• Cobwebs
• Any evidence of furry or winged creatures that may have taken up residence in your home

As you clean, you can start decluttering by tossing anything you know right away belongs in the trash. That way you don't have to deal with it later during the actual decluttering process. This is just like any organizing process, as you need to get rid of the clutter first. You can divide items into familiar categories:

• Toss
• Keep
• Donate
• Trash

Ideally, you should pull everything out of the space it's in. Putting everything out on the driveway and sorting into zones will help you see how many of one item they may have, how many items are broken, outgrown or not used. You may be amazed how many items are actually stuffed into your garage.

Plan Garage Storage

Figure out your garage storage space and start storing items where they belong. Here's some ways to create more storage space:

• Utilize vertical space
• Use what you have, or purchase the right products
• Make sure and dangerous items are stored in a locked cabinet if children are in the house

Don't go out and buy an organizing system and install it to see if it fits all your stuff. Start with the basics. Use basic organizers and shelves, then go up from there as you see fit.

Maintain Garage Organization

Once you’re organized your zones, you will feel a well-earned sense of accomplishment. Step 4 is to keep this organizing scheme going by doing a quick sweep as often as you need to: Seasonally, monthly or even weekly. Garages are a high traffic area so the more often you organize this space, the less time it will it take.

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!

2536 Sarita Avenue NW, Albuquerque, NM 87104  $165,000

3 Bedrooms / 2 Bathrooms (2 full, 0 partial) / 1232 Square Feet

 Convenient location near Old Town & Rio Grande! Wonderful home with tile roof, refrigerated air, great room with fireplace open to kitchen with breakfast bar & pantry. Nice layout featuring master bedroom separate from the 2 additional bedrooms, great covered patio & attached 2 car garage. All appliances stay! Don't miss this turn key property!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

According to the National Association of Realtors®, first time home homebuyers are about 31 years in age on average? So it makes sense that when you sell your home, it will no doubt be to someone younger.  It's been getting easier for young families and professionals to buy a first home.  When it comes to staging your home to sell in Beaufort County, you need to keep the younger buyers in mind.  Just like the generations before them, this generation has their won unique needs and wants in a home. How can you make your home appeal to this growing market?  Here's a few tips.

Open Floor Plans

Younger buyers no longer want the formal setting of a dining room for entertaining. They want a more open feel that make entertaining easier. Rooms that flow together are highly sought after.

Working From Home

First time buyers are more likely to be working from home. They need extra space for a home office, even if they work from home part-time.

Low Maintenance

Young buyers already have plenty of bills: cell phone bills, cable bills, car payments, student-loan debt and more. Therefore, many don't ant to spend extar on landscaping and other high maintenance features, or old appliances that will soon need upgrading. Make sure your home is ready to move in and doesn't need a lot of extras.

Use Neutral Colors

Buyers under 40 are not really into the gold or pink walls any more.  Think about painting the walls a more neutral color.  This will allow potential buyers to envision their own accent colors and furniture to make it their own.

Open Up the Shower

Open showers are all the rage. Younger buyers aren't as attracted to the old tub and shower configuration. If you have it in your budget, consider remodeling your bath to include an open shower design.

White Cabinets

White or off-white cabinets not only brighten up the kitchen, but the younger buyers are more attracted to it.  They don't want to be reminded of mom's old dark cabinets.  You might try Benjamin Moore's Advance paint, as it requires little prep work.

Stainless Steel Appliances

Old appliances can be a big turnoff for younger buyers.  Many love stainless steel appliances, and for good reason.  If you have it in your budget, consider updating your appliances if they look dated.

Updated Countertops

Young buyers really love granite and stone countertops.  But keep it simple.  Don;t go with busy designs.  Black countertops or designs that are simple are the best.

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!

231 Graceland Drive NE, Albuquerque, NM  $194,000

2 Bedrooms / 2 Bathrooms (1 full, 1 partial) / 1530 Square Feet

 Nob Hill Charmer! Great Opportunity!!! Make this one your own or your investment property; whatever the goal-DO NOT MISS this one! Situated on a large corner lot, this gem features both formal and informal living areas; Recently re-finished hardwood floors; Cozy wood burning fireplace; separate dining room or perhaps office/hobby space; plus classic details throughout. Enjoy warm summer evenings under the ample covered patio. Close to shopping, UNM & UNMH, transporation! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You will certainly be spending a lot of time in your home office. You need space to move and breathe, which means a desk in the closet won't cut it. Also think about distractions and traffic flow. What environment do your work best in? Will you be having clients visit your office? If so, a private space with seating is a must.

You office should be a reflection of the rest of your home and feel like a part of the whole design. For homes with traditional decor, you might put in a comfy chair or love seat if you have the space. Or you might chose artistic pieces and modern furniture for a more contemporary home.

The right chair makes all the difference. Plan on spending enough money to find the one that fits your body. Or you might ditch the chair and get a standing desk, which are gaining popularity. In the end, whatever helps you be the most productive will be the right choice.

A window that lets int he natural light is better than a blank wall any day. But if you don;t have a window, hang a favorite photo above your desk or face your desk toward the door.

Make sure your office has plenty of light. This will reduce eye strain and headaches. Make sure your monitor is positioned to reduce glare from the window or overhead light, and use a desk lamp for doing tasks.