Real Estate Information Archive

Are you ready to buy your first home in Albuquerque? If so, it can be an exciting time.  But times change, and some of the things that were true in the past about home buying are not true anymore.  There are also a number of misconceptions circulating that can confuse a home buyer, whether it’s your first home or your fifth.

What are some of the misconceptions of buying a home?

1. You need a 20% down payment to get a mortgage.

Many home buyers think you still need at least 20% down to get approved.  Yes that may have been true a few decades ago.  In fact, at one time only people with perfect credit and 20% - 50% down could buy a home.  That’s why the government created the Federal Housing Administration and offered “FHA Loans”. These days, the FHA will back a loan from a home buyer with a credit score as little as 500 and a 10% down payment. If your credit score is higher than 580, you only need 3.5% for a down payment! Certainly it’s easier to afford buying a house than it used to be.

2. You can save money by not using a real estate agent.

You simply can’t afford to not use an agent.  Yes they get a 3% commission.  But you’re not the one that pays that fee as a home buyer.  Instead it’s the seller who pays that fee and it’s part of the selling price. Don’t think you’re getting a discount by not using an agent, as they can help you get a lower price. They will also take care of all the paperwork, appraisals, inspections, and other matters that are part of the process. You need their expertise to guide you through this difficult transaction.

3. It’s cheaper to buy a home that needs a lot of renovating.

Sure we’ve all seen the TV shows where people buy an ugly home and turn it into their dream home. And sure they make it seem so easy.  But in the end, all of these repairs take time and money.  And usually the case is that people end up getting tired of all the renovations and don’t end up loving their new home. So if you need to tear down the walls to make a home look good, then perhaps you should find a better choice.

If you’re ready to buy your first home in Albuquerque, let us help you make it a reality.  We’re happy to answer any questions about the process and make sure you have the right information going into the home buying process. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Albuquerque and the surrounding areas.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

1011 Puebla Drive, Bernalillo, NM 87004

Immaculate one-story home in the much desired Santiago Subdivision. The natural sunlight from the skylights throughout makes this home bright and open, perfect for entertaining! This home is also handicap accessible with a 36'' wide door frames and 43'' hallway, entrance from the garage into the home with no steps for easy access. Spacious MB and bath featuring double sinks, garden tub, and separate shower with bench. Upgrades to include: Rain gutters, NEW Water Heater (2021), NEW REF A/C Unit (2021), NEW CARPET w/ plush padding (2021), NEW laundry room cabinets, and folding area, (CA Closets). Outside has a covered patio w/ a serene private setting, easy maintenance yard with turf, native plants, and 55 gallon vertical water barrel, and water feature.

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.

Get your Morning Inspiration with the Sandi Pressley Team

Most first time home buyers are in their early 30's when they decide to buy. That's a young age to make such a huge financial decision. Of course, it's also a stressful decision no matter how old you are.

How can you reduce the stress of buying a home for the first time? Here's a few things to consider.

How Much Home Can You Afford?

First you need to decide how much of a home you can afford before you start looking for a home. You can use an online mortgage calculator to find out the maximum amount you can afford to pay on a mortgage. This will be based on the price of the home after the down payment for a 30 year mortgage.

An even better way to pin down how much you can afford is to work with a loan officer to help you come up with an amount. They have more detailed access to information such as how much the bank can loan you and what the interest rate will be.

What Can't You Live Without In a Home?

Before the home search begins, you need to sit down and figure out what really matters to you in a home. And not just in the home itself, but the location. Also consider what would make you miserable. Then put it all down in a list of items that are non-negotiable.

After you start looking at homes, then you should take another look at your list and adjust it as you know more about the homes that are available.

Use an Experienced Local Real Estate Agent

A real estate agent can make all the difference when buying a home. Try to get a referral from friends or relatives who live in the area you want to move to. If that's not an option, you can check agent reviews online for local real estate agents.

A good real estate agent knows the Albuquerque area and listens to your needs. In many cases, a great agent will have repeat clients over the years. Look for an agent who has reviews that reflect this. They will also be able to connect you to loan officer and real estate attorneys, along with other needed professionals. Sandi Pressley and her team have decades of experience helping fitst-time home buyers realize their dream of owning a home.

Compare Prices

You should look at homes in the area that are comparable to get an idea of what they're selling for.

You can easily compare homes in the area you plan to move to using tools such as our Advanced Home Search feature.

Ask Your Real Estate Agent About Closing Costs

Closing costs can vary widely. These costs usually include hiring an attorney to look over the buyer seller agreement, along with a home appraiser to inspect the home before the sale. A good real estate agent will be happy to help you determine closing costs.

Being a first time home buyer may seem daunting, but it's something you can accomplish successfully with the right planning and information.

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

7 RICHY Place, Tijeras, NM 87059

Peace & Quiet in Tijeras! This Single-Owner Home is ready for a new owner. New Roof 2019....soaring ceilings with tons of light...2 living areas.....and a beautiful, wooded 1/2 acre is yours to enjoy. 2-car garage features a separate workshop/hobby/storage area. Relax in the sunroom or the deck while watching the wildlife. Come see this one today!

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 prices in the Albuquerque market are expected to rise at a steady pace throughout 2019. In fact, Albuquerque home values have gone up 4.2% over the past year and Zillow predicts they will rise 2.6% within the next year. If you're considering moving to Albuquerque, there are a few creative ways to cope with rising housing costs and get into your dream home sooner rather than later.

Consider Nearby or Adjacent ZIP Codes

The old adage in real estate is “location, location, location,” but often the location is the very thing that makes certain ZIP codes so pricey. When looking into a desirable area, consider the nearby or adjacent neighborhoods to scout for more affordable finds. The good news is that if your house is near a pricier area, home prices are expected to remain strong or even rise as demand for the area increases.

Purchase a Foreclosure or Fixer-Upper

Purchasing a foreclosure or home that needs a little work is a smart move if you want to buy into a more expensive neighborhood and stay in your price range.

Fixer-uppers can yield significant discounts in major urban areas, as much as 40% to 50%, according to research conducted by realtor.com, but inventory may be low, and the competition may be fierce.

Consider a Roommate

If you can afford a home but are concerned about what the monthly payment will do to your lifestyle (and budget) consider renting out rooms in your house to a long-term roommate or on housing-share apps.

This way, your housing payment gets covered and any extra can go toward paying down the mortgage, paying off student loans, or maintaining your lifestyle.

Try a Starter Home Before Thinking of a Forever Home

Think about what you really need in a first-home purchase as opposed to what you fantasize about having. With so many first-time buyers now delaying home ownership until their early 30’s (when a family and kids comes along), many skip the notion of the starter home and leap right into the forever home - often at a cost.

Starting small allows buyers to start putting housing payments into equity, not rent. Should property values rise, after a few years a buyer would then be able to upgrade into something bigger or more practical for their lifestyle.

Also keep in mind that just because you qualify for a loan amount, it doesn’t mean you have to borrow the maximum. When shopping for homes, be sure to find something that sits comfortably in your budget once you factor in insurance, taxes, home maintenance, and even discretionary funds.

While these tips may not land a first-time buyer in their ideal neighborhood straight away, equity (the amount of your house that you “own”) builds over time and works in favor of the buyer. Remember: With time and patience, many may be able to cash in on the equity in their first home and move into their ideal square footage or location.

Looking to find the perfect home in Albuquerque? Let us help you find the perfect home in Albuquerque. And make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

7 Chamisa Road, Placitas, NM  $468,000

3 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2500 Square Feet

Southwest Style custom home on incredible 2 acre lot with stunning views. Exquisite tile & woodwork throughout. Well appointed kitchen with SS appliances, granite counters, large pantry and island. New Carpet in 2019, new Paint in bedrooms and entry 2017, Refrigerated air, raised ceilings, open floor plan, skylights and lighted niches make this home perfect for entertaining. Private master suite has private balcony access, double sinks w/jetted tub, separate shower and a huge walk-in closet. Backyard has covered patio, water feature, fire-pit and mature landscaping. Over-sized 3 car garage, water softener, central vac system, upgraded sinks and faucets, brand new septic in 2013, the list just goes on!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Millions of Americans will remember to do their taxes just in time to sprint to the April 15 finish, fists stuffed with W2s and receipts. But if you're a homeowner, wrangling income tax paperwork, or other home records is a marathon, not a sprint. Even more than repainting your house's facade or mowing your lawn, keeping important docs organized year round is a crucial part of home maintenance — it can save you $ and protect you from the Tax Man.

Here's what could happen if you don't keep accurate records and back them up.

You'll Pay More Taxes Than You Should

Homeowners get access to various deductions and credits based on payments for owning, financing, and maintaining a home. If you don't maintain your records, you may miss out on some of these major tax benefits:

1. Real Estate Tax and Mortgage Interest Deductions. "A homeowner's biggest tax break generally comes from his or their monthly mortgage payments since, for most folks, the bulk of that check goes toward interest, and all that interest is fully deductible on Schedule A," says Kay Bell, tax analyst at Bankrate.com. Property taxes are also deductible.

What You Need: Your annual statement from your mortgage company, which usually includes property taxes. If you pay your real estate taxes directly, the bill from your local unit of government.

2. Home Improvement Deductions: Improvements made for purpose of accommodating disabled residents can be included in medical expense deductions. Energy costs for certain medical-related improvements may also be partially deductible. 

What You Need: Receipts and a letter from a doctor.

3. Tax Credits for Energy-Efficient Upgrades: Installing new energy-efficient systems (that meet Energy Star guidelines) like insulation, a roof, windows, water heater, or furnace can earn you a credit to offset your tax liability. 

What You Need: Receipts and certification from product manufacturers.

4. Home Office Deductions: If you can deduct the costs of a home office , you will need to prove you paid those expenses. For example, if your home office takes up 10% of your home's square footage, you can deduct 10% of your home insurance and utility costs. But you need proof you paid those bills. 

What You Need: Bank statements, bill receipts, insurance receipts, your mortgage documents, and any other documents of related expenses. If you're self-employed, you'll be taking this deduction on Schedule C.

You May Have Trouble Selling Your Home

It's not just the IRS that requires paperwork. Ryan Fitzgerald, a REALTOR® in Raleigh, N.C., and owner of Raleigh Realty, recently ran into proof of ownership issues when a seller hadn't backed up his paperwork, nearly causing a delay in the sale of his property.

"The original deed was filed with the wrong county in North Carolina. The original bank was sold to another bank, and there were several refinances in between that caused confusion as well. The original paperwork could not be located by the purchasing bank, and since the original bank was no longer in business, the seller was freaking out about the sale not being able to go through," recalls Fitzgerald.

"The buyer's attorney needed to prove that my seller did indeed own the property outright, and could not do so without the original deed," he says. "This all could have been avoided if there were duplicate documents backed up."

What You Need: Your home's deed, or deed of trust if you have a mortgage that needs to be paid off.

Selling your home in Albuquerque? Get a FREE home valuation of your home today. Looking for the perfect home in Albuquerque? Our powerful home search feature will help you find the home of your dreams. And make sure to join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

326 Atrisco Drive SW, Albuquerque, NM 87105  $189,000

2 Bedrooms / 2 Bathrooms (1 full, 0 half) / 1570 Square Feet

Check out this incredible opportunity! Precious 2 BR Adobe with separate Casita! Lovingly restored, the main house boasts wood floors, newer water heater, newer metal roof and refrigerated air. With beautiful landscaping surrounding, the separate casita has a kitchen, full bath & combo sleeping/living area. This oversized lot - greater than a 1/2 acre - also boasts irrigiation from the Atrisco Ditch and great open space!! Both the main house & casita have a solid Air BnB rental history. Don't miss this one!

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

Many first time buyers struggle with saving enough for a down payment. But one creative way to save that money is gaining traction - crowd sourcing. It's a great way to let friends and relatives help you buy your first home.

Here's how it works. When a young couple gets married, they will invite the wedding guests to skip the usual gifts and instead contribute to a “Down Payment Fund." Usually a newly wed couple already has the items they need for a new home, as they have their own furniture and home items. Now all they need is the new home.

When you see the math, it makes it even more clear why this is such a great idea. For example, if you have a wedding have 120 guests who all give gifts of about $186 (the average price), then you would have over $22,000 for your down payment! That would cover a 10% down payment on a $220,000 starter home. Not bad! This is just an example, and real world result certainly vary.  But it shows how much this can help a new couple on their way to buying their first home.

Services are already in place to make this all happen, such as a company called HomeFundMe. Friends and family can easily and safely contribute to the fund.  Plus the ones contributing can decide if their gift is  ‘conditional’ or ‘non-conditional’ on the beneficiary buying a home.

According to a recent Wall Street Journal article report, “about 400 borrowers have used HomeFundMe to help buy homes since the program launched in October and on average, they raise about $2,500.” The article goes on to show that these funds are used by the borrower along with their own savings to help them reach the down payment.

Another thing that helps first time home buyers is that they can take advantage of programs from Fannie Mae and Freddie Mac that lets them put down as little as 3%.  Also, FHA programs require as little as 3.5%, and VA Loans are often approved with 0% down!

Gone are the days when you had to come up with a whopping 20% down. And with this creative solution, now even more first-time buyers can make owning a home a dream come true.

HOT HOME LISTING OF THE WEEK!

2228 Cebolla Creek Way NW, Albuquerque, NM  $397,000

3 Bedrooms/ 2 Bathrooms (1 full, 1 partial) / 2345 Square Feet

Fantastic Del Webb gated community! Premium lot, wood tile flooring, plantation shutters, garage door screens, artistic landscaping, upgraded light fixtures & appliances, private courtyard w/OJstom gate & stucco wall are just a few!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you’re planning to buy a home in Albuquerque and can afford a higher payment, then a 15-year mortgage is an ideal way to pay off your mortgage faster and save thousands of dollars in interest. Of course, to make it work you need to have enough income to cover the payments, along with your other expenses. Despite the advantages of a 15-year mortgage, many home buyers tend to stay away from them when they realize the payments are about 50% higher than a 30-year mortgage.

As with any mortgage, there’s pros and cons.  What are the pros and cons of a 15-year mortgage?

Pros

• Owning your home faster. Knowing that your home is paid off gives you security.
• Builds equity. Since you’re paying off the principal balance faster, you can build more equity.
• Save money. 15-year loans have a lower interest rate, since there’s fewer years of risk for the lender. You also save money on interest because the loan term is shorter.

Cons

• Higher payments. You have to make sure that you can handle the higher payment, along with taxes and other expenses for the entire 15-year term. 
• Locked up equity. The equity you’re building is locked up in the home. The only way to use it is to sell the home or refinancing.
• Missing other opportunities. Higher payments means you may not have enough money to take advantage of other financial opportunities, such as investments or matching your employers contribution to a retirement account.
• Lower quality home.  Since you aren’t stretching your payments over 30-years, you won’t qualify for as high of an amount as you would with a 30-year loan.

To sum up, a 15-year loan is an ideal way for those who can afford the higher payments to save money and own their home more quickly. But if you’re not entirely sure your finances are stable, then you should avoid a 15-year mortgage.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1625 Los Alamos Avenue SW, Albuquerque, NM  $489,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2775 Square Feet

Beautifully situated in Coveted Albuquerque COUNTRY CLUB NEIGHBORHOOD! Near parks and bike paths, and just blocks from downtown. Warmth and Charm exudes thru-out. Don't miss out on this one! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You’re buying your first home in Albuquerque and the excitement abounds.  But you have to be careful that all the excitement doesn’t cloud your vision.  It’s easy to see the exterior of a home and how much you like (or dislike it).  But you need to see the inside as well.  How was it maintained? What issues will come up when you buy the home? If you know these things in advance, you can save on expensive repairs in the future.

This is even more important as a first time buyer. First time buyers usually don’t have the experience to know what warning signs to look for in a home.  Hiring a home inspector will definitely help in this regard.  Here’s a list of warning signs to look for.

Foundation  

• Look for cracks in the driveway, walls and sidewalks                                                                  
• Are the floors, windows and doorways crooked or not level?                                                        
• Are there large trees with roots near the foundation?
• Do the inside doors jam or have gaps on the top of them?

Electrical

• Are there any exposed wires?
• Do the lights flicker?
• Are outlets warm to the touch?
• Are there any visible signs of electrical tape?
• Look for flash burns near socket covers.

Roof

• Look for missing or cracked shingles and significant wear and tear.
• Are there mismatched materials or curled or warped shingles?

Plumbing

• Do the faucets leak?
• Are there water stains under the sinks or around toilet or tub
• Check how the bath and sinks drain.
• Do you smell foul odors near sinks?
• Check the water pressure in sinks and bath.

Mold

• Do you see any water stains on walls?
• Is any mold visible?
• Is there a musty smell?
• Check for rotted wood around doors and windows.
• Is the paint peeling?

Insects or Pests

• Are there signs of termites and carpenter ants?
• Are there ways for rodents to enter the house?
• Is any exposed interior wood damaged?

Poor Workmanship

• Do repairs look professional?
• Do renovations look armature?
• Are any tasks uncompleted?

Checking these items can go a long way to making sure you pay the right price for your first home and know more fully what you’re buying. Check back on our blog twice a week for more real estate advice and for local Albuquerque topics. 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!

8520 Hawk Eye Road NW, Albuquerque, NM  $260,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3486 Square Feet

Incredible back yard perfect for entertaining family & friends, with Outdoor kitchen, built in grill, tile bar, flagstone open & covered patios, pergola, hot tub, fire pit, garden area, trees, and shrubs! Exceptional home with many custom upgrades including stacked stone accents, light fixtures, wrought iron stairway! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team