Real Estate Information Archive

Are you planning to put your Albuquerque house on the market soon? If so, it is essential to figure out how to boost its value. Fortunately, there are many ways that can help you do this - from a fresh coating of paint or new windows to a full-on renovation.

Let's take a look at some of the best and trendiest ways to increase home value.

Update the Interior

For individuals looking to upgrade their home, interior design is usually the first thought that comes to mind.   Appreciated amenities,   energy efficient appliances and creative   designs have the potential to   change a room's overall appeal without having to spend too much money on a whole remodel. And there's no limit to how   creative you can get with your updates! 

Want to make your home more visually appealing? Adding some simple touches like repainting your cabinets and swapping out old light fixtures can instantly give it a more modern look. You can also ask help from an interior designer, your realtor, or even the internet for some inspiration. 

Exterior & Landscaping

Homebuyers have certain expectations when they visit your listing. Is the house inviting? Does the yard look well-maintained? Walkways should be clear of debris.

Many people will not buy a house if the outside and surrounding property look like it will need expensive repair. Remember to take extra consideration for often overlooked aspects of your lawn. There are easy and inexpensive ways to do so, such as:

• Mend wood rot
• No bare grass spots
• Fix any peeling paint
• Add mulch where necessary
• Fix any cracks in the concrete
• Clear your gutters of any debris
• Ensure your front door is in good shape
• No dead, wilted, or dry plants, shrubs, or trees
• Clean the windows inside and out and ensure no screens or blinds are damaged

Ensuring all of these are in good standing will quickly add to the curb appeal of your home.

Make Your Home Energy Efficient

The new energy-efficient appliances will make your home more appealing, because buyers are looking for a home that is environmentally friendly. This can be an added plus, if the house is put on the market or if you live in the home and want to increase its value. 

Energy-efficient windows, doors, and lighting are not only a great way to reduce their carbon footprint and save money, but these energy-efficient building materials and fixtures could also lead to tax breaks. 

Thanks to advances in technology, there are many eco-friendly, energy-efficient options available to you. You can find smart technology, Energy-Star rated appliances, and thermally-broken steel-based doors and windows. Whether you prefer contemporary or more traditional rustic-style homes, there's a solution for you. 

Install New Windows & Doors

Customizing your windows and doors is one of the most effective ways to raise the value of your home. When home buyers look at houses, they pay close attention to how upgraded the doors and windows are. 

Not only are there energy-efficient options to choose from—there are also plenty of stylish colors and fashionable designs to choose from, so there's sure to be something that fits your unique aesthetic perfectly. 

Are you looking for traditional or modern-looking windows and doors that will provide your home with character and a fresh, new look? 

When choosing new doors and windows, keep in mind the dessert climate you live in. Aim to buy windows and doors that hold in warm and cool air accordingly so that you don't end up paying more on energy bills.

Update Your Kitchen & Bathroom

A common project for a home remodeling project is to change the kitchen or bathroom. There are so many things that you can do to add value to these rooms! Installing smart home technology and devices, re-doing a shower or bathtub, or even just a new countertop or backsplash plus a bit of paint goes a long way too. When you want to add value to your home, there’s no shortage of ideas or options! 

If you're thinking of fixing up your home to put it on the market, check what's trending. Get an idea of what might increase a home's value. Then, once you've finished renovating, you can improve the right features and try to make a much nicer profit once you do find a buyer. 

New bathrooms and kitchens, however, are only as good as the pipes that support them. If a home has a lot of old pipes and plumbing, it might be worth updating or replacing them with newer versions. Unfortunately, there's no way around it: Buyers do look at these things. So if it's not up to standard, it can be difficult to find a buyer. 

Focus on Maintenance and Repairs

If your plumbing isn't up to date, you could be facing problems with your home. Plus, no one wants to deal with broken pipes while you're trying to sell! If there are repairs to be made, do it before you put your home on the market. 

Whether you intend to sell the home or not, keeping up with routine preventative maintenance and fix all problems you know already exist helps ensure that the home is in its best possible condition and will attract the most number of buyers. Keep a record of all repairs, installations, and any service done to any part of the house so that you have answers and proof ready for any potential buyer's questions. 

Old houses always come with hidden problems and issues. By getting a Home Inspector in to thoroughly check the house, you'll be saving yourself a lot of headaches and potential costs long term. Regular maintenance and upkeep on a house also saves you money in the long run. 

There are so many ways to increase home value. Just make sure you communicate with your realtor if you're selling the house and research what's trending in the market and with home buyers. Then, find the best ones for your budget and aesthetic goals, and you'll sell the house in no time at all.

HOT ALBUQUERQUE LISTING OF THE WEEK

** $10,000 incentive for points buydown, closing costs or to use on carpet/paint.** This home boasts 5 bedrooms, 4 baths and a spacious 3 car garage! This wonderful corner lot home in the Celebracion at Fiesta Subdivision has 2 living areas and an open concept, perfect for entertaining! Great location close to restaurants, stores and the freeway. There is much to see with this fabulous home, come and look for yourself!

Learn More!

Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Are you in the market for a perfect starter home, or for a place to expand your space? These latest Albuquerque Hot Properties from the Sandi Pressley Team are just what you're looking for. But don't wait, as these great homes are sure to sell fast!

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

** $10,000 incentive for points buydown, closing costs or to use on carpet/paint.** This home boasts 5 bedrooms, 4 baths and a spacious 3 car garage! This wonderful corner lot home in the Celebracion at Fiesta Subdivision has 2 living areas and an open concept, perfect for entertaining! Great location close to restaurants, stores and the freeway. There is much to see with this fabulous home, come and look for yourself!

Learn More!

1009 BARELAS Road SW, Albuquerque, NM 87102

Value...Value...Value!! This quaint adobe in the heart of Barelas gives you easy access to Downtown, the bosque, parks, I-25 and more. Featuring 1 bedroom, an updated full bathroom, and newer swamp cooler (2016), this one has been in the same family for 3 generations but is ready for a new owner. Don't miss this opportunity!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

What more could you ask for in a luxury home than to be located in one of the most scenic places on earth? Our top luxury homes for sale in Albuquerue offer everything you can imagine, including stunning views of the Sandia mountains and the surrounding area.

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

Majestic Custom Tuscan style home with over 3500 square feet, featuring an open & bright floorplan & thoughtful architectural & design details throughout! Grand foyer leads to stunning great room boasting a raised, beamed ceiling; floor to ceiling 'stack' stone fireplace; picture windows to enjoy the Sandia Mtn views; & surround sound extending out to covered patio. Gourmet kitchen graced w/beautiful cabinets & granite cntrs; high end SS appliances w/dbl ovens & 2 microwaves; oversized eat-at island; large pantry & sunny nook. Exquisite custom etched glass doors open o the formal dining room! Privately situated primary suite is a true retreat with its own east facing patio & spa like en suite.

Learn More!

45 BROKEN ARROW Place, Sandia Park, NM 87047

Luxurious Custom Home located on a private gated street in the prestigious Paako Ridge Community, situated next to the fairway of hole #1 of the world class Paako Ridge Golf course! Approximately 300K has been invested by current owners in the surrounding environmentally friendly & efficient landscaping that boasts low voltage lighting, stone fountain, drought tolerant trees, shrubs and perennials. Environmentally constructed for optimum energy efficiency, with thoughtful architectural & designer details throughout, this exquisite home will impress the most discerning buyer! Upon entry, the open & bright great room offers a dramatic raised coffered ceiling, custom tile floors, double sided gas log fireplace, & awe-inspiring views of veranda & garden through the windows & French doors.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Real estate can seem complicated to people regardless of whether they are first-time homebuyers or experienced investors. There is a lot to learn about mortgages, contracts, and market analysis. When you have the right knowledge and resources, you can easily navigate through this potential minefield. 

Real estate can be a great way for you and your family to build wealth and financial security. But, just like any other form of investing, buying and selling a property isn't without its risks. However, there are things you can do to help you make sure that your real estate investments are successful.

Here are some common mistakes to avoid when making decisions in the real estate market:

Not Having Enough Money

You can make a big mistake in real estate investing if you rush in without enough money for contingencies. You'll need capital not only for your initial investment, but also for any unexpected issues that might arise. But even with a loan, it's important to ensure you have enough saved to cover the remaining expenses and still turn a profit.

Not Getting a Home Inspection

Nobody wants to be unexpectedly saddled with costly repairs after purchasing a house. Getting a home inspection before you buy a property can save you both time and money in the long run. If there are any issues, a professional inspector will identify them. As a result, you won't agree to anything without knowing what you're getting into. An inspection may seem unnecessary at first, but opting out could result in unexpected expenses in the future.

Not Having Realistic Expectations

There are no shortcuts to success when it comes to real estate investing. Making it in this business requires a lot of energy, research, and gut instinct. Aiming high and expecting huge returns with little effort may seem tempting, but it's rarely the case. Rather than becoming discouraged or overwhelmed, it is important to set realistic expectations in these situations. Focus on acquiring properties within your budget and that are accessible. By doing this, you won't take on too much financial risk. With careful planning and an eye for detail, you can navigate the real estate market- but it doesn't happen overnight!

Not Diversifying Your Portfolio

It's an old financial rule – don't put all your eggs in one basket. In the world of real estate investing, that rule still applies. The best way to ensure a lucrative and successful investment portfolio is to diversify it as much as possible. This means considering different types of properties in various markets. Creating a mix that reflects your personal needs and goals is also necessary. Sure, it may require more research and effort, but you can rest assured knowing that your investment is spread out. So the consequences of any unexpected market changes won't be catastrophic. Instead, diversifying your portfolio across a mixture of real estate investments can help build wealth for years to come.

Not Working with a Qualified Agent

Although it might be tempting to try to cut corners and save a few dollars by skipping the assistance of an experienced real estate agent, it's not advised. An agent who's been in the business for a while will have all the necessary skills to find precisely what you're looking for. They will also help you negotiate a fair price. Even more valuable are their insights into the best possible options for real estate investments in Albuquerque. Their expertise in helping you through a complex process that can often be quite confusing is excellent. As such, a qualified agent, such as Sandi Pressley, is essential if you really want to get the most out of your real estate investment.

Conclusion

Real estate can be a complex field, but it doesn't have to be intimidating if you take the time to understand the basics. From understanding mortgages and loan types to exploring local market trends, there's no shortage of knowledge available when it comes to real estate. The most important thing is to equip yourself with as much information as possible before making any significant decisions. It may take some time and effort, but the rewards are worth it in the end. With a bit of research and preparation, you can navigate the real estate world with confidence.

HOT ALBUQUERQUE LISTING OF THE WEEK

45 BROKEN ARROW Place, Sandia Park, NM 87047

Luxurious Custom Home located on a private gated street in the prestigious Paako Ridge Community, situated next to the fairway of hole #1 of the world class Paako Ridge Golf course! Approximately 300K has been invested by current owners in the surrounding environmentally friendly & efficient landscaping that boasts low voltage lighting, stone fountain, drought tolerant trees, shrubs and perennials. Environmentally constructed for optimum energy efficiency, with thoughtful architectural & designer details throughout, this exquisite home will impress the most discerning buyer! Upon entry, the open & bright great room offers a dramatic raised coffered ceiling, custom tile floors, double sided gas log fireplace, & awe-inspiring views of veranda & garden through the windows & French doors.

Learn More!

Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Downsizing and moving into a smaller Albuquerque home might be a good option for you for a number of reasons. Having an empty nest is a good reason. Families with children still at home often make the decision to downsize in order to save money on their mortgage and to have less upkeep and maintenance. You have less time to enjoy your life if you spend all of your free time maintaining a larger home than you need.

When you downsize to a smaller home, you can declutter and enjoy lower utility bills. Living in a smaller home requires you to think about your priorities and get rid of things that aren’t needed.

If you plan to downsize, decluttering and preparing can be intimidating, and the following are some tips to take some of the stress out of it.

Be Strategic

The biggest items in your current home are probably the first things you'll consider when you downsize. It's not worth your time to guess what will fit or not with furniture and large items.

Instead, create a floor plan for your new home, then map out a grid for your furnishings to determine what will fit and how. It's incredibly easy to do this using apps.

You’ll feel more confident in your decisions as far as what you keep and throw away if you measure first. If there are rooms in your current home that you won’t have at all in your new home, get rid of everything from those if you can. For example, if you’re not going to have a guestroom, start eliminating the items in your current guestroom first.

Take Inventory

You're going to have to get rid of things if you're moving to a smaller home. Having less clutter and a more simplified living space is one of the benefits of downsizing.

Start by taking inventory of what you have versus what you need. You can begin weeding out the things you’re certain you want to get rid of, such as duplicate items.

Start Small

Create a downsizing plan, and start small. Don’t overwhelm yourself with the most challenging parts of your house first.

For example, begin with your laundry room or perhaps a small closet. Don’t start with your garage or your basement first—those can be the biggest projects to take on.

Start Clearing Things Out

You can begin the process of clearing out your belongings once you have a general idea of how much space you have in your new home.

Make four piles. Don't give yourself the option of a maybe pile.

The first pile will consist of giveaways. Don't save too many items in these piles. These are the things you're going to give to family and friends. Many of the things you plan to give loved ones may not be useful or valuable to them.

The next pile will be donations. If something is in bad shape, don’t put it in the donate pile because it probably won’t be accepted.

Your third pile can be more valuable items that you plan to sell.

Finally, your fourth pile heads to the dump.

Find Help

You should find someone who doesn't have an emotional attachment to what you do to assist you with the process. You have to take the emotionality out of downsizing, and a third-party can guide you in that direction.

Perhaps you should get help getting rid of things if you're having trouble. In that case, resist the urge to micromanage what they give away or discard.

Finally, try to make downsizing as fast a process as you can. You don’t want to give yourself too much time to think on things because you might come up with some reason for keeping items that you really shouldn’t.

Get it done and move the items out as soon as possible.

Downsizing can be very emotional for many reasons, but create a plan for yourself and stick to it. Change is hard for most people but can bring wonderful benefits at the same time so focus on that rather than focusing on the feeling of giving something up.

Are you in the market for an Albuquerque home that offers a bit more space and features than your current home? Maybe you have a growing family and just need more room? These fine Albuquerque homes offer all the space and features you need for an expanding lifestyle.

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

15 WESTLAKE Drive NE, Albuquerque, NM 87112

Welcome home to this tri-level townhome in The Shores! This corner unit has all of the perks one could want: NEW ROOF (2020), inside are cathedral ceilings with a light and bright living room. Kitchen comes with a stainless package and has an open dining area. Upstairs is a large master bedroom with a walk-in closet. The master bath has been remodeled with quartz countertops and a shower remodel, there are 2 additional bedrooms upstairs and a full bath. Downstairs is a bonus with a game room, and a second room that can be used as a bedroom/office, plus a full bathroom. There is also a community pool and tennis courts!!

Learn More!

1520 VISTA DE COLINAS Drive SE, Rio Rancho, NM 87124

Corner lot, BEAUTIFUL one story home with a desirable floor place & lots of living space w/beautiful upgrades! Great room features a wall of windows, decorative ledges & a gas fireplace! Gather, cook & entertain in the gourmet kitchen featuring a wide island/bar with sink, 42''cabinets w/crown molding, granite countertops, large pantry & bkfst nook w/French doors to the backyard patio! Spacious master suite features his & her vanities, garden tub, separate shower, tile flooring and a large walk-in closet. Secondary bdrs on a private wing feature a Jack-N-Jill bath w/walk-in tub & shower. Utility room has cabs, sink & storage closet. Covered patio, easy care rock landscape, trees, turf and walled for privacy; a perfect place to enjoy outdoor living and the best of NM weather!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

510 Loma Linda Court NERio Rancho, NM 87124

Are you looking for the ideal property to build your own custom dream home in Albuquerque? Or are you ready to move into a luxury home loaded with everything you could ask for right now? You get a choice with these two outstanding HOT Albuquerque properties.

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

45 BROKEN ARROW Place, Sandia Park, NM 87047

Luxurious Custom Home located on a private gated street in the prestigious Paako Ridge Community, situated next to the fairway of hole #1 of the world class Paako Ridge Golf course! Approximately 300K has been invested by current owners in the surrounding environmentally friendly & efficient landscaping that boasts low voltage lighting, stone fountain, drought tolerant trees, shrubs and perennials. Environmentally constructed for optimum energy efficiency, with thoughtful architectural & designer details throughout, this exquisite home will impress the most discerning buyer! Upon entry, the open & bright great room offers a dramatic raised coffered ceiling, custom tile floors, double sided gas log fireplace, & awe-inspiring views of veranda & garden through the windows & French doors.

Learn More!

6500 PATO Road NW, Albuquerque, NM 87120

We are proud to introduce this 0.34 Acre CORNER lot located in the desirable Petroglyph Estates neighborhood of Volcano Cliffs! There's so much to enjoy with this one, including location and AMAZING views from all sides. All lots come equipped with city utilities including gas, electricity, water, & sewer, and paved roads and sidewalks. Plus, there is NO SAD on this one! Grab this one today and start building your own custom dream home.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Are you thinking about relocating to a city that has everything? With a great climate, affordable living, authentic cuisine, and plenty of outdoor activities, Albuquerque is a great place to call home. Whether you plan to live here temporarily or permenantly, the city offers unparalleled opportunities.

Cost of Living

Home prices in Albuquerque are below the national average, which is why Apartment Therapy named it one of the "7 Cheapest Cities to Buy a House Right Now" in 2020. There are also a number of fun and unique things to do in the city without spending a fortune. 

Short Commute Times

You can enjoy the big city feel without the big city commute in Albuquerque. You'll have enough time to explore the city like a local with commute times averaging 26 minutes. You don't need to worry about getting lost in a new city either. It's easy to navigate Albuquerque thanks to its grid layout, and the Sandia Mountains to the east will keep you on course.

Outdoor Life

If you love the outdoors, you'll find no end of activities to keep you going all year long. Whether you love to play in the water or the snow, there's always a new adventure awaiting. That's why it was named one of SmartAsset’s best places for outdoor enthusiasts to live and work in 2020.

History

Albuquerque is one of the oldest cities in America. You can see its rich history in Old Town, where quite a number of historic buildings still stand.

Ideal Weather

Albuquerque offers four distinct seasons, so if you love change, you'll enjoy them all here. Flowering blooms in the spring, vibrant greenery along the Bosque in the summer, beautiful foliage in the fall and the occasional snow storm in the winter create an ideal living situation. There are also more than 300 days of sunshine in Albuquerque every year, so outdoor activities are easy to enjoy.

World Famous Food

Foodies will be quite at home here in Albuquerque. The New Mexican cuisine foiund here combines history, local cultures and pure passion to create an entirely unique flavor. You'll discover the difference between "chili" and authentic "chile." You'll discover the variety of cuisines from around the globe in Albuquerque, no matter what your preference.

Stunning Scenery

There are dozens of mesmerizing landscapes surrounding this city, and it is conveniently located near many of the state's most breathtaking attractions. It's only a short drive to the Valles Caldera National Preserve, the Petroglyph National Monument and the Sandia Peak Aerial Tramway and Sandia Peak Ski Area.

Arts

The art scene in Albuquerque is also something that draws people from around the world. Art is everywhere in this cisty, from public art and murals, to the performing arts. There's something for every lover of art here.

Balloons

If you love hot air balloons, then you already know about the Balloon Fesitival held here every year in October. You'll feel right at home seeing all the beautiful balloons flying in the Albuquerque skies.

Craft Beer and Wine Scene

And last but not least, if you love craft beer and wine, welcome home! Along with being located in New Mexico which is the oldest wine producing region in the United States, but Albuquerque has one of the highest number of breweries per capita in the country. 

Are you ready to move to Albuquerque? Then contact Sandi Pressley and her team today to make it a reality!

HOT ALBUQUERQUE LISTING OF THE WEEK

2600 MONTERREY Road NE, Rio Rancho, NM 87144

Welcome home to this single-owner, custom-designed, Tuscan-styled beauty. Situated on an oversized lot (over 1.5 acres) with STUNNING views of the Sandias, this home has so much to offer. Gourmet chef's kitchen features custom cabinets, GORGEOUS granite countertops, oversized island, HUGE Viking Gas Range, Double-Oven, Viking Microwave, Warming Drawer, and pH controlled water system. Bedrooms are oversized with 2 possible Master Suites. The Master Suite showcases stunning mountain views and a spa-like bathroom with Freestanding Jetted Tub, amazing tiled shower with multiple showerheads and double sinks plus a giant walk-in closet.

Learn More!

Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Many people are discouraged and disheartened by the rise in rent prices throughout the U.S.

Since 2019, the median rent for one-bedroom and two-bedroom units has increased by 13% and 16%, respectively.

Right now, one-bedroom rentals are at an all-time high.

The high rental prices in Albuquerque coincide with an overheated housing market. There have been record-setting home prices due to demand, inflation, and reduced home construction. Rental prices are rising because potential homebuyers are priced out of the market, requiring them to stay in the rental market.

As a renter in Albuquerque, it can seem impossible to save for a down payment when so much of your income goes toward rent. Homeownership feels unattainable for a large portion of the population.

It’s decidedly not an easy issue to work your way out of, but it is possible.

Figure Out What You Need

Start by crunching the numbers. It will be easier to achieve your goals if you have a concrete number for the down payment you need. If you don’t have a plan in mind or a set number to work toward, you’re going to feel scattered, and it will be much harder to get out of the rent cycle.

The down payment will depend on the type of loan you hope to get and where you plan to buy.

There are mortgages with a down payment as low as 3%, giving you opportunities to save up in a shorter period of time. You may have to pay for private mortgage insurance if you don’t put down 20%, however.

You have to think about other costs that you’ll need upfront money for to buy a home. These costs include closing fees and the costs of moving.

Open a Dedicated Down Payment Savings Account

After you've researched your mortgage options and figured out which one you'd like to end up getting, you can create a savings account. You will only use this account for your down payment.

So that you do not spend the money in it, it should be liquid and separate from anything else.

Deal with Debt

In order to save more money for a down payment, you must find ways to cut costs. One way to do that is to reduce your debt.

Do a balance transfer if you have a credit card balance with a high interest rate. You can transfer the expensive debt to a card with a zero-percent interest period.

If buying a house is your goal, try not to add any more debt during this time.

To qualify to get a mortgage, you’ll have to meet the debt-to-income requirement.

Find Ways to Cut Back

If you're paying a lot in rent, there's not much you can do unless you're willing to move unless you're willing to give things up.

It will be necessary for you to find other ways to reduce your costs. By skipping meals out, ordering food from home, or looking through your subscriptions, you might be able to save some money.

Think About Moving

We mentioned moving above, and you may not be willing or able to do it, but if you can, cutting down on what you’re paying for rent is one of the best ways to have more money to put toward a down payment.

It might be possible for you to renegotiate your lease with your landlord if you cannot move to a smaller or less expensive home, or you might get a roommate. If you can move, along with getting a smaller place, another option is to move outside of the center city area, if you live there currently. Typically, the further out you move from the central area of Albuquerque, the lower the rent.

Explore Assistance Programs

Finally, many mortgage lenders have programs and loans for first-time homebuyers that cover part or all of a down payment. There are also grants, which require you to complete a homebuyer education course before you get the financial assistance.

If you work in certain fields, like as a first responder or teacher, homebuying assistance programs are often available.

A lot of lenders are looking to reach out to underserved communities to help them make homeownership a reality, so make sure to explore everything that’s out there.

HOT ALBUQUERQUE LISTING OF THE WEEK

1520 VISTA DE COLINAS Drive SE, Rio Rancho, NM 87124

Corner lot, BEAUTIFUL one story home with a desirable floor place & lots of living space w/beautiful upgrades! Great room features a wall of windows, decorative ledges & a gas fireplace! Gather, cook & entertain in the gourmet kitchen featuring a wide island/bar with sink, 42''cabinets w/crown molding, granite countertops, large pantry & bkfst nook w/French doors to the backyard patio! Spacious master suite features his & her vanities, garden tub, separate shower, tile flooring and a large walk-in closet. Secondary bdrs on a private wing feature a Jack-N-Jill bath w/walk-in tub & shower. Utility room has cabs, sink & storage closet. Covered patio, easy care rock landscape, trees, turf and walled for privacy; a perfect place to enjoy outdoor living and the best of NM weather!

Learn More!

Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Inflation has been in the news quite a bit lately. A number of categories saw significant increases, including cars, gas, food and restaurant meals. Compared to last year, core inflation increased 4% in September.

Because of COVID-19, factories in Asia continue to close and operations at U.S. ports are slowed. High demand and significant bottlenecks in the supply chain will keep inflation high for a long time.

What effect does this have on Albuquerque's real estate market?

The Inventory Issue

There has been a bubble in everything, not just the housing market, because interest rates have been kept so low for so long. Due to limited inventory, there is also inflationary pressure on the housing market. The industry faces a variety of problems that contribute to limited inventory levels.

The first problem is that many homeowners aren't putting their houses on the market. This is due to factors like lockdowns, but also the fear they won’t be able to find a new one to buy.

There are construction delays due to supply chain bottlenecks as well.

Albuquerque home buyers are often having to put in bids well above asking to get properties, creating a frustrating situation, to say the least.

Other Inflationary Effects On Real Estate

There are other ways inflation can affect how much you pay for a home in addition to the situations described above.

Inflation refers to a rise in the price of everyday items. Homes are built with those everyday goods. A builder will increase the price of a home if the cost of lumber or appliances goes up.

In some cases, however, inflation can have oppositional effects on real estate. If inflation rises, then theoretically, money should become more expensive to borrow. People borrow less of it, so there are fewer home purchases and that can lead to lower economic growth. Right now, that’s not happening however, because as mentioned, interest rates remain low.

When the Central Bank increases the money supply into the economy, which is a primary driver of inflation, home prices tend to automatically go up as a result.

Real Estate Can Protect You Against Inflation

Although inflation can negatively affect real estate through higher prices, it can also protect you from its effects.

As home prices go up over time, you’re lowering the loan-to-value of your debt. You’re simultaneously increasing your equity, but your fixed-rate mortgage payments will stay the same.

A real estate investor who earns income from rental properties will likely be able to charge higher rent when inflation increases. The rent can be adjusted while the mortgage remains the same.

Finally, in general, home prices do also tend to go up steadily over time. The homes that hit bottom prices during the real estate bubble burst of 2008 were back up to pre-crash prices in less than ten years in most cases.

The relationship between housing and inflation can go in both directions. If you’re a buyer right now, inflation isn’t good news, but if you own a home, it can be one of the best ways to protect yourself against rising prices.

1520 VISTA DE COLINAS Drive SE, Rio Rancho, NM 87124

Corner lot, BEAUTIFUL one story home with a desirable floor place & lots of living space w/beautiful upgrades! Great room features a wall of windows, decorative ledges & a gas fireplace! Gather, cook & entertain in the gourmet kitchen featuring a wide island/bar with sink, 42''cabinets w/crown molding, granite countertops, large pantry & bkfst nook w/French doors to the backyard patio! Spacious master suite features his & her vanities, garden tub, separate shower, tile flooring and a large walk-in closet. Secondary bdrs on a private wing feature a Jack-N-Jill bath w/walk-in tub & shower. Utility room has cabs, sink & storage closet. Covered patio, easy care rock landscape, trees, turf and walled for privacy; a perfect place to enjoy outdoor living and the best of NM weather!

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