Real Estate Information Archive

The one question we get asked more than any other is this: When is the best time to buy a home? It most often comes from first time homebuyers who are making the change from being renters to being owners. The answer is complicated and varies depending on your individual situation but let's take a look at a common situation as an example. Your readiness to make a commitment is likely the most important factor in the timing of a home purchase. You've already looked at your budget and determined that renting is costing you more than owning would. You have a down payment saved up and you're ready to take the leap. What's next? Here are some questions to ask to determine if it's time.

• Am I willing to work with a lender to determine my price range and ONLY look at homes in that range?
• Am I willing to research neighborhoods to find one that meets my lifestyle needs?
• Am I willing to compromise my desires to find a home that suits most of my needs?
• Am I prepared to make an offer when I find a home that fits my needs and is within my budget?

If you answered no to any of these questions, you may not be ready. Finding the right home is the easy part. Being prepared to jump, not so much. Prices are still at historic lows, rates remain very affordable. Now is a great time to buy a home. The real estate market has been tumultuous for years. Being fearful of making such a large financial commitment is understandable. Buying a home is a long term investment. Like the stock market, there is risk. If the market tanks again, you may lose equity and be forced to stay in your home longer than you expected. If you can be realistic about home ownership being a long term investment, you will eventually get a return on investment. However, you must be willing to:

• Keep your home updated and do repairs on a regular basis
• Be patient, return on investment can take a decade or more
• Buy in your price range

Once you asked yourself all the right questions and decided that you're willing to do what it takes, it's time to talk to your lender and a real estate professional. The Sandi Pressley Team is here to answer your questions.

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Sandi's Hot Home Listing

12105 Signal Ave NE, Albuquerque

Price: $945,000 Beds: 5 Baths: 4 Square Feet: 4,495

Sophisticated custom home with casita; Nestled in desired Primrose Pointe, showcases breathtaking MTN & City views!Built with Elegance & Luxury, the 4495 SF Award winning home offers the finest quality craftsmanship 5 bedrooms, 4 baths, 3 fireplaces, a 3 car garage and 2 spacious living areas, with wet-bar, travertine flooring and alder wood throughout! Gourmet kitchen with custom Alderwood cabinets, granite counters, island, stainless steel Subzero and WOLF appliances!  Tranquil Master suite with fireplace, sitting room and private patio.

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Having a home inspection is a given when you are selling a home. You can prepare for your home inspection by taking a few steps. This will help the seller avoid bumps along the road to the closing table and helps the buyer avoid complications as they go through the buying process.

A competent inspector should be called in to inspect any home for sale. This inspection protects the buyer from future issues and protects the seller from potential lawsuits for known defects. The inspector will be looking for material defects in the home and reporting these defects to the buyer and seller, giving them the opportunity to negotiate repairs or price changes based on repairs needed. Often, sellers think they can just leave during their home inspection. This is far from accurate and taking these steps can help your inspection go smoother from the beginning.

Tip #1 Clear areas the inspector may need to enter. This includes attic scuttle entries, furnace areas, hot water heaters, crawl spaces and your electrical box.

Tip #2 Have the power on. Inspectors will be testing all major mechanical appliances including all those mentioned above.

Tip #3 Don’t forget about other appliances. A good inspector should test all appliances like the ice maker, dishwasher, microwave, water softener and trash compactor.

Tip #4 Replace garage door opener batteries and make sure the door(s) are clear and can be opened. The inspector will open and close the garage door(s).

Tip #5 If you have a well and/or septic system, the inspector will be running tests. For the septic system they will need to open the tank. Ensure the inspector has access for that. They may also take a water sample if you're using a well.

Tip #6 Here are some other things a competent inspector will check:

• Toilets
• Faucets
• Electrical receptacles
• Windows
• Roof
• Basement
• Fireplaces

Tip #7 Don't try to hide things. A good inspector will know what signs to look for to ensure nothing is being kept from the inspection. In fact, a hidden items found during inspection may even raise red flags with the inspector.

Preparing for your home inspection may seem overwhelming. Following these tips above can help your inspection go smoothly and put the buyer at ease that the home they've made an offer on will be a good investment.

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Sandi's Hot Home Listing

12095 Irish Mist Rd NE, Albuquerque

Price: $1,750,000 Beds:5 Baths: 7 Square Feet: 7,037

Elegant Tuscan Estate! Exquisitely Appointed Custom Home with amazing VIEWS located in Primrose.One of a kind floorplan showcases EVERY UPGRADE you would desire. Finest quality of craftsmanship throughout. In this dream home you will feel like you are in Italy. Impeccable travertine, hardwood & carpet flooring.

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We've been asked recently about the effect Brexit will have on the US housing market. Initial reactions say the stock market responded negatively. This puts pressure on the Fed who might, in turn, keep interest rates low. There might even be a temporary, slight drop in rates as the market adjusts.

The reality is, we won't see much change at all until things settle over in Europe. If other countries in the UK follow suit, this could all change, and quickly. The reality is, now is still a great time to buy or sell a home.

If you're ready to buy or sell, contact The Sandi Pressley Team today!

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Sandi's Hot Home Listing

1104 Indiana St SE, Albuquerque

Price: $145,000 Beds:3 Baths: 2 Square Feet: 1,236

STYLISH REMODEL! 3BDR/2BATH, so many updates! New windows, new evap cooler, new water heater, new light fixtures, new tile flooring, newly painted, updated baths! Remodeled kitchen includes new cabinets, new tile flooring, new granite countertops, new backsplash, new SS sink, spacious and still room to add a table, island or baker’s rack

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At this time of year it's not uncommon for homeowners to list their homes for sale. Competition can be steep so preparing your home to stand out among the rest is the key to getting it sold quickly and for top dollar. Here are 5 tips to help you do just that.

Your broker has added your home for sale to the local multiple listing service or MLS. The field services agent has put up a sign on your lawn. You have beautiful marketing flyers ready to go and you've scheduled an open house. What's next? v

You might think you're part of the work is done but you'd be wrong. A lot of what draws buyers, and hopefully THE buyer, to your home, happens before it even goes on the market.

1. Decide on repairs - Unless you are selling as-is, you'll want to make a list of repairs needed on your home and prioritize which ones you can afford to do and which ones you can't. Consider also the opportunity cost you might lose if you don't do some repairs. Heavily stained carpets can set the tone for the buyer leaving them feeling like the home hasn't been cared for. If you're not sure which repairs are worthwhile, ask a real estate professional. They can help you sort your list and get the most bang for your buck.

2. Make way - Clutter sends a similar message to deferred maintenance. In addition to not caring for your home, clutter says the home lacks storage space. Pack away all your knick knacks, clear the kid's art off the fridge and take down personal photos. This also allows the buyer to see themselves in your home.

3. Keep things clear - covering up windows or blocking views to areas of your home or property may give the buyer the impression that you've got something to hide. Not to mention it could minimize the light that comes into your home making it look dark and dirty.

4. Maximize the space to let in the most light. You can accomplish this by packing away extra furniture, opening blinds and curtains during showings and taking extra boxes of personal items to a storage facility or stacking them neatly in the garage.

5. To compete in a tough market, you must be prepared to stand out. This means your home must be cleaner and nicer than competing similar homes in the neighborhood. It also means your home must be priced competitively. Ask your broker for a competitive market analysis to see what other homes like yours are selling for in the area.

Small efforts, big rewards. Working on these small things can mean a quicker sale and more money in your pocket. If you're ready to get started on the process, call the Sandi Pressley Team today!

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Sandi's Hot Home Listing

6427 Lagunitas Rd SW, Albuquerque

Price: $535,000 Beds:5 Baths: 4 Square Feet: 3,900

Welcome to this meticulous SV Farms home on 1.54 AC fenced lot. Northern New Mexico meets contemporary offers multigenerational living-main home built-in 2004 approx. 2650sf, 3BDRM+OFC(closet.2BDRM,3CG w/WKSHP. Custom finishes thru-out. Gourmet kitchen features a quartz counters, kraftmade cabinets, copper backsplash & S/S appliances w/5 burner gas cooktop.

The worry that the inspector will find something wrong with your home is something that hangs over every seller, but it doesn’t have to be. Keep in mind what the inspector will be looking for and at and you can make the inspection process much smoother. Most sellers think that all they have to do for an inspection is leave the house. While most Realtors will suggest that the owners leave the house during the inspection, this is far from the only thing the seller can do.

Clear out Closets

Clean out any closets that have attic access scuttles in them, as the inspector will need to get in and out of the attic spaces. Some insulation may fall out during the inspection and while the inspector will try to clean it up after he probably won’t be able to get it all. So remove all the clothes and boxes from the closet to make it easier for the inspector.

Keep the Windows Closed

If your home will be getting a Radon test as part of its inspection leave the windows closed for two or three days before the test is to take place. The Radon detector will be placed in your home and will need to be there for 48-72 hours in order to collect enough information for accurate test results.

Make Sure Your Mechanicals are Accessible

Your inspector will be running tests on the cooling and heating systems, the water heater, the water softener and the electrical service panel, so make sure the inspector has easy access to all these things so they don’t have to climb over or step on any of your things.

Check the Appliances

Check that all the appliances that are staying in the house are plugged in and functioning properly. The inspector will run the dishwasher and check the burners on the oven and stove. They will also run the microwave, ice maker, and any other appliances like the trash compactor.

Check the Garage Door Openers

Make sure the garage door openers are working properly and the safeties are set correctly. The inspector will check to see if breaking the safety beams will make the door stop closing and that pressure on the door that indicates the door has hit someone or something will cause it to stop.

Septic

If your inspector is going to be doing well and septic tests make sure to mark the spot where the tank is or even dig down and uncover the top as the septic inspector will need to open the tank. For the well tests they will be testing the bladder (holding) tank to make sure that it’s not ruptured. They’ll also be taking a water sample which will be sent in for analysis.

Other things a good inspector will be checking are:

The Faucets

All the faucets will be run, the toilets will be flushed and the tubs and sinks will all be filled and drained to test the plumbing for leaks or other various problems.

The Windows

The inspector will be opening and closing all your windows to make sure they all open and close smoothly and properly.

Roof and Basement

Your inspector will be getting onto your roof to check it for any damage. In the basement the inspector will be checking for cracks that indicate excessive foundation settling and any signs of water damage. If there are obvious cracks or water damage you might want to leave an explanation for the inspector and proof for any repairs or water proofing work that has been done on the home.

The Fireplace

The inspector will be checking your chimney for any blockages or problems. If there is an insert for a wood-burning system installed the inspector will check to make sure there aren’t any defects or mistakes with the instillation.

Don’t Hide Things

Remember that your inspector will look behind and under things so make sure you don’t try to cover things up by tucking them in a corner.

Your home inspection doesn’t have to be an anxiety creating event for the buyer or the seller. If you have a good thorough inspector they will explain the state of the home to the buyers as he goes through the house and give them their opinion on the condition of the home. He might also offer the buyers advice on the potential cost of dealing with the issues that may be found in the home. A good inspector can alert the buyer to problems without causing undue alarm to the buyer. Most of the issues an inspector finds during an inspection are minor problems that involve postponed maintenance or improper installation and can be resolved for a few hundred dollars.

Be patient with your Realtor if they ask you to leave for the inspection. There are a few good reasons behind their request. First of all, some homeowners can become overly defensive and argumentative with their inspector if they are following them on their inspection. Secondly, some home owners are overly helpful pointing out flaws that the inspector has already noted or doesn’t even need to note. Lastly some sellers tend to get in the way of the inspector as they work.

So make sure your home is prime condition for the inspection and then let the inspector do their work. You’ll have ample opportunity to defend any problems after the inspector has made their report.

If you’d like to sell your home contact The Sandi Pressley Team today.

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Sandi's Hot Home Listing

814 Sandoval Lane, Bernalillo

Price: $625,000 Beds: 4 Baths: 2 Square Feet: 2,705

Welcome to this Exceptional One-of-a-kind Custom Built Home by your private oasis along the Rio Grande Riverfront where your living space extends onto a LG covered patio delivering captivating views of the mountains & mature cottonwood trees-Perfect for entertaining or relax while enjoying the serene SW eves.With over 2 acres, this sophisticated single level custom home showcases 4 BDRMS/2 Full baths/oversized 3CG & open concept exquisitely designed w/hi-end finishes.

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After your home is listed on the MLS (Multiple Listing Service) and the sign is placed in your yard, you might be wondering what comes next. Most sellers think there’s nothing left but to sit back and wait for the offers to come rolling in, but that’s not always what ends up happening. You'll need to draw in some buyers. Here are some tips to get buyers more interested in your home.

First start by looking at your home and finding any repairs you’ll need to make. Is your plan to sell your home as it is or are you going to be put some money into fixing it up? There might be a few surface problems that can be distracting to potential buyers that you can easily fix.

After that you’ll want to pack away anything that might be cluttering up your home. Extra furniture, family portraits, books and any boxes you have stored in your closets. Try to store these things in your garage or even in an offsite storage area. Unnecessary clutter can make a buyer think there's a lack of space, so clearing up the clutter shows the buyer how much room your home actually has.

Make sure that you don’t block any views out of the house with furniture or stacked boxes from your oncoming move. Blocking the views might make buyers think that you’re trying to hide something unpleasant or it may just give them a claustrophobic feeling, neither thing is something you want from a potential buyer. While buyers are usually pretty sympathetic about the mess a move can cause try to keep the mess confined to one room or maybe even half the garage.

Always remember more room and storage space are things that buyers love. Create an open feeling in your home by swapping out or removing any bulky furniture in the house. Large pieces of furniture take up precious square footage in a room and make it look much smaller than it is. Try to find a piece of furniture that fits into the room better, or if you can’t just remove it altogether. The idea is to present your home in the best possible light, adding mirrors to a room can make a room look bigger and can bring more light in.

Make your repairs, pack away any extra clutter and make your home as open as possible and make sure to do a clean-up before any showings or open houses to make sure your home puts its best foot forward.

If you’re ready to put your home on the market contact The Sandi Pressley Team today.

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Sandi's Hot Home Listing

8619 Vintner Court, Albuquerque

Price: $840,000 Beds: 5 Baths: 5 Square Feet: 4,327

Exquisitely Appointed Custom Home! Nestled on culdesac in North ABQ Acres this custom dream home offers Elegance, Luxury & VIEWS! With over 4300 SF,the open floorplan incl casita; Showcases EVERY UPGRADE you would desire-finest quality craftsmanship,EXQUISITE wood accents.5BD/5BTHS/3 Car Garage.

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While you might think buyers pick homes by how well the home is staged or the quality of the additions you’ve just made, this isn’t actually the case. While these things will go a long way towards getting a buyer interested in your home, they aren’t the main factors. The main factors that draw buyers to a home are price, location, and condition.

Price

Choosing the right listing price for your home can be tricky, you’ll need to know if your neighborhood is in your in a buyers or seller’s market. A buyer’s market is distinguished by the large inventories of six or more month’s worth of supply. Fewer buyers are making offers and any offers that are being made are low and the buyers will usually ask for more concessions from the sellers. In a seller’s market there is a low supply of six or less months. Buyer traffic gets heavier and sellers are more likely to get multiple offers and close closer to the full price.

Buyer’s agents, buyers and bankers all have access to the same market information that you and your agent have. If your price your home too high potential buyers who would be interested in your home won’t see it at all and if they do end up seeing it it’s unlikely they’ll get their loans approved.

Location

While you can’t do much about the location of your home, you can make sure your home looks its best inside and out. Spruce up your landscaping and put up fencing to block out any unpleasant views that might diminish the value of your home and remember to drop the price for any problems that can’t be solved.

If your home is in a good location, try not to overprice your home. People will expect to pay more for a great location near shopping, restaurants, schools and transportation but if you overprice you’ll drive some buyers away.

Condition

Putting your home onto the market in the best possible condition will help your agent place your home onto the market in the best possible light. While the pet peeves of individual buyers are easy to fix, having your home in good condition as it comes onto the market will keep it in the minds of any potential buyers who come to see it. You wouldn’t want to lose buyer interest because you didn’t mow the lawn or repaint a wall.

Keep in mind that today’s buyers are usually more skeptical about buying a home so problems like outdated wallpaper, creaky steps and dripping faucets will just give buyers an excuse to skip over your home.

Its understandable to be sentimental about a home you’ve lived in for years, but to the buyers your home is something they are looking to buy, like you they just want a good deal on a home they love.

You’ll find out what agents and buyers think of your home pretty quickly. If you get an offer quickly, you know you’ve priced your home right for the location and condition of your home, but if you don’t get an offer within the normal time range for your area, there’s probably something wrong. Take a close look at the condition and price and see if you can adjust them to make your home a little more desirable.

If you’re ready to sell your home contact The Sandi Pressley Team today.

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Sandi's Hot Home Listing

6905 Tesoro Place, Albuquerque

Price: $399,000 Beds:5 Baths: 3 Square Feet: 2,909

Great neighborhood of Sonora! 5BR/3 FULL BATH/3CG! CUL-DE-SAC! New flooring and newly painted interior! Versatile floor plan with two living areas, formal dining, one bedroom/bath on the main level, spacious kitchen has breakfast nook! Oversized master suite features a two-way fireplace, balcony, walk-closet, separate shower and garden tub.

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The Albuquerque Real Estate market is continuing heat up as an increase of the local economy and the concern for mortgage interest rates increasing are promoting the market. With the home inventories remaining low and the demand still being high, this creates a great opportunity for anyone looking to sell their home. If you think about selling your home, you might want to start doing some research. Start by looking up the current market value of your home by getting an online evaluation at www.valuemyalbuquerquehome.com.

Bernalillo County saw boosted real estate activity everywhere in the month of April. Pending sales at 557 showed an increase of 56.6% over the 356 offers that were accepted in the April of 2014. This shows the one of strongest April for pending sales in Bernalillo County on record. Closed sales at 382 also outdid April 2014, by about 29.9%, making it the April with the most closings since April 2006 and its 394 closings. There have been 687 new listings which is 15.7% over April 2014 and its 594 new listings, which makes it the highest number since 2010 when there were 691 new listings in April. The inventory in Bernalillo County has dropped to 3.4 months in April and total market time has fallen to 95 days within the same time frame.

Average and median sale prices have gone up higher in 2016 than they were in 2014 as well, with the average sales price of $225,200 rising to $236,900, a 5.2% increase, and the median sales prices have risen 5.6% from $203,100 to $214,500.

If you’re looking to sell your home this year contact The Sandi Pressley Team today.

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Sandi's Hot Home Listing

4515 Atherton Way, Albuquerque

Price: $899,000 Beds:4 Baths: 3 Square Feet: 4,361

Exceptional Customized Dream Home. Over 150k spent just last year in high end remodeling & resort style backyard! Exquisite custom home in the exclusive gated community of Oxbow North w/sweeping views of the Sandia Mtns. This pristine 4/5 BDR/5 BATH/3 CG home showcases arch accents, pillars, custom lighting, wood & hi-grade tile flooring, 3 NEW Refrig & 3 NEW central heating units. Gourmet Kitchen features granite countertops, prof grade SS appl, custom cabinetry/LG Island.

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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.

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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.

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Confidence in the housing market remains low nationally despite the fact that mortgage interest rates are at all-time lows. This means many would-be home owners are choosing to rent instead of buying a home outright. Fewer and fewer shoppers think it’s a good time to buy a home because of the climbing house prices and stagnant wages. People need bigger wage increases in order to be able to gather a down payment and afford the home.

The number of jobs is increasing, but the wages haven’t increased along with it. It’s also become more difficult for potential buyers to save enough money for a down payment than it has been for previous generations, which makes homeownership difficult for a lot of people. This leads to a smaller group of people who own property, as very few home buyers have the money to enter the market the first time.

The good news is that mortgage rates are falling, with the average rate for a thirty year fixed mortgage being around 3.72%, a fifteen year mortgage around 3.01% and five year Treasury-indexed adjustable rate mortgages  dropping down to 2.85% as of March 2016.

Lower mortgage rates mean more affordable buying, and more first time buyers motivated to buy as renting gets more expensive on a long term basis and in most places renting exceeds what it costs to buy a home with a mortgage.

If you think you’re ready to stop renting and buy a home, contact The Sandi Pressley Team today.