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Find the Right Home in a Seller's Market in Albuquerque

Wednesday, December 30, 2020
by Sandi Pressley

By most accounts, we are currently in a seller's market in Albuquerque. Home prices nationwide are expected to rise, and there are fewer homes on the market. This means that as a home buyer in Albuquerque, you need to up your game to get the right home.

Here are a few suggestions to keep in mind as you search for your dream home in Albuquerque.

Be Decisive

When you find a home for sale in Albuquerque that might fit your needs and budget, you need to be decisive. It really can boil down to who gets to the home first when it comes to making an offer. 

If you want to see a home that goes on the market, don’t wait until the weekend for a showing. Try to get a showing as soon as you can, or if that’s not possible, do a virtual showing.

You also need to work with an agent who is an expert in the Albuquerque real estate market and will work hard to help you get the right home.

Avoid Contingencies

Don't make your offer complicated for the seller. If you add contingencies to your offer, they may opt for a faster and easier deal.

Contingencies may offer you as a buyer more ways to back out of a deal, which may be appealing to you. But from the seller's point of view, this may make them just go with what they view as a more stable offer.

You can still protect yourself, even without contingencies. For example, you may want to get your loan completely underwritten. This means you go through the full loan process before you make an offer.

It Doesn't Need to Be Perfect

The right home doesn't have to be perfect right our of the gate. With inventory as low as it is, finding the "perfect" home may not be an option. But that's OK.

If you find a home that's right for you, you can make it perfect later. It's your home. You can do what you want with it.

Be Disciplined with Your Budget

If a bidding war breaks out over the home you want, be careful not to get carried away. Getting emotionally attached to a home can make you go beyond your budget.

Set a budget, and don’t let yourself go above it, no matter what the other offers may look like. Sure, offering too much may get you the house, but it’s going to create financial stress for you for years to come.

Offer More Earnest Money

Earnest money is something like a deposit and you provide it alongside your bid. It’s a way to show the seller you’re serious, but if the deal doesn’t go through you can get that money back.

Usually, you’ll see buyers offering around 1%, but during a hot market, think about offering more. It shows that you’re more invested in the deal and less likely to let it slip through your fingers.

If you have the option to pay with cash, that’s almost always going to win you favor. Cash offers take out the element of financing contingencies, and they make for a simpler transaction, which is beneficial for buyers. A cash buyer also tends to be more serious, and when you buy with cash you’re not beholden to the lender through the closing process.

Buying a home in a seller's market can be challenging, but you can find the right home if you're patient and work with the right agent. The Sandi Pressley Team has the experience to help you find the best home for your needs in this seller's market in Albuquerque.

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.

HOT HOME LISTING OF THE WEEK!

3517 CALLE SUENOS SE, Rio Rancho, NM 87124  $399,000

3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 2517 Square Feet

Custom elegance abounds in this exquisite home! Upgrades include REFRIG AIR, radiant heat plus furnace, solar, water softener, surround sound, custom paint, custom lighting & ceiling fans! HUGE great room features soaring wood beam ceiling, wall of windows, tile flooring, & cozy Kiva fireplace. Beautiful kitchen features SS appliances, built in wall oven, gas cooktop, wine fridge, pot rack, walk-in pantry, bkfst nook, butcher block island & huge adjoining bar to entertain family & friends. Private master suite features Kiva fireplace, sitting area, balcony w/mtn views & CA Closet walk-in. Oversized 2CG garage has extra storage space & wkshop! Beautiful outdoor living area features a large brick patio, outdoor kitchen, lush landscape, 2 fountains & custom swing to enjoy the views!

Contact the Sandi Pressley team for additional details! 

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Happy Holidays from the Sandi Pressley Team

Thursday, December 24, 2020
by Sandi Pressley

All of us at the Sandi Pressley Team send you our thanks for letting us help you with your Albuquerque real estate needs over the past year. We wish you and your family the happiest of holidays this week and hope the coming year brings you much joy in your new home.

Happy Holidays!

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These Home Exterior Tips Will Help You Sell Your Albuquerqe Home Faster

Wednesday, December 23, 2020
by Sandi Pressley

Selling a home in Albuquerque can be a rewarding but challenging endeavor. There are many tips that can help you sell your home faster and for a higher price. When it comes to first impressions, your home's exterior is everything. The way the outside of your home looks can very well make or break a sale before the buyer looks any further. So here are a few tips to help you make the best first impression for potential Albuquerque home buyers.

Minor Repairs

Making minor repairs is one of the easiest and most affordable ways to boost curb appeal. If you have repairs to make, it's a good idea to make them before putting your home on the market. Home buyers might see these repairs as a red flag and make them think twice about the rest of the home. Every repair you make to your exterior can make a difference.

Clean Up Landscaping

If you think that keeping up your landscaping was important before you decided to sell your home, it's even more important when it's on the market. Messy landscaping can be a big turnoff. Not only will your messy yard look like a big project, but it will also hurt the overall curb appeal of the property. At the very least, you should clean up debris, mow the lawn, and trim hedges. The more you do, the better.

Pressure Wash

How clean is the siding and concrete on your property? If in doubt, go ahead and rent or buy a pressure washer, or hire a pro to clean up your exterior. Doing so will give your home a fresh and clean look that makes a huge impact on curb appeal.

When using a pressure washer, just make sure that you use the right setting for your type of exterior walls. You don't want to end up stripping any paint in the process.

Structural Repairs

If you home has any structural issues that could turn off buyers. Keep in mind that a buyer who makes an offer will hire a home inspector. If they find serious issues, they may back out of the deal or you may have to lower the price. You can beat them to the punch by inspecting your home first and taking care of any deal-breaking issues.

Lighting

If you have lighting on the exterior of your property, you should make sure that it is functional and turned on. This will help to ensure that your lighting system is working right. If you have a visitor at night, it will also give a great curb appeal improvement to any buyer.

When you are looking to improve the landscaping and overall exterior of your home, you should consider the individual needs of your property. We can provide you with a fair assessment of your property to help you get a better sense of what needs to be done to sell your home faster.

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.

HOT HOME LISTING OF THE WEEK!

11721 SKY VALLEY Way NE, Albuquerque, NM 87111  $849,000

6 Bedrooms / 5 Bathrooms (3 full, 2 half) / 4860 Square Feet

Almost 5,000sqft in Prestigious Tanoan East with absolutely INCREDIBLE views!! Enjoy mountain views as you overlook the 6th Hole of Sandia and float in the pristine, HEATED pool, with a lot situated above the golf course for privacy. At night, view the twinkling lights of Albuquerque from your private balcony off the oversized master. Too many amenities to list! With room for everyone, this home boasts a finished basement complete with rec room, bedroom & bath. The luxury kitchen features granite countertops, newer appliances and open floorplan. Beautiful wood floors, oak staircase, 2 gas log fireplaces and more are ready to welcome you home!

Contact the Sandi Pressley team for additional details! 

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Avoid the Storage Rental Trap

Friday, December 18, 2020
by Sandi Pressley

Are you moving to or from Albuquerque and considering getting a storage unit? If you are, a good question is "why?" Are you letting logic or emotions rule your decision?

The interesting fact about the self-storage industry is that they are a $39 billion dollar industry with positive projected growth over the next five years. One big reason for this growth is that they've figured out how to play off of our emotions.

This isn't to say that using a storage unit is always a bad idea. It just depends on the reason you decide to use one. There are many reasons we choose to rent a short-term storage unit and, for some, it makes solid financial sense. There are those who don't have room in their home for things such as winter clothes and sports equipment, outdoor furniture, bikes, lawnmowers etc. So these people have figured the monthly cost of renting a unit into their budget, and justify the rental cost.

And the rest of us? We are fueling the growth of this industry. Why? We allow our emotions to affect the financial decisions we make. It’s that simple.

When many people move, they have things they just can't part with emotionally. It may be heirlooms they'll never display or give away, or things they save because they think the kids will want them someday. So they store those things, deferring making difficult emotional decisions, which ends up costing quite a bit of money over time.

Here are some stats about the US Self-Storage Industry that illustrate this:

 Annual industry revenue  $39 billion
 Number of storage facilities (range)  45,000-60,000
 Total rentable self-storage space.  1.7 billion square feet
 Self-storage space per person   5.4 square feet
 Percentage of households that rent a self-storage unit.   9.4 percent
 Average monthly cost for a self-storage unit.   $87.89

Think about it. Almost 10% of households in America rent a storage unit. The storage area averages about 5.4 sq feet per person and costs almost $88 per month. That's almost $1000 per year.

If you aren't careful, renting a storage unit can become a black hole. How?

Let's say you find a great deal on a storage unit, say 1 or 2 months free, and it sounds like the perfect way to keep your things safe while you move. So now you can lock your things away and move on with the move.

What most people don't realize is that when they sign the rental contract, most of them have a timed cost increase in the contract. And you agreed to it. 

So now that your things are stowed away, you, like many other people, just deal with the monthly payments and think "I'll deal with it next month." Before your know it, a year has gone by and you've dumped $1000 to store things that you may not even remember.

How can you avoid wasting money like this and avoid being a casualty of the self-storage industry?

1. Take the time to truly think through the COST of storing each item over time.
2. Set a time frame in which you agree to rent the space - 6 months or 1 year
3. Ask to see the fine print in the contract regarding automatic monthly increases
4. Ask to be informed before a monthly increase will occur
5. Create a visual and physical inventory of stored items-include measurements

So, if you are one of the families using a short-term unit, ask yourself if you are ready to make decisions to dispose of the “treasures” you have stored in the 5.4 square feet once and for all and us that $1,000.00 yearly savings elsewhere.

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.

HOT HOME LISTING OF THE WEEK!

9423 MORROW Avenue NE, Albuquerque, NM 87112  $220,000

4 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1475 Square Feet

Excellent location across from SNOW PARK!! 4BDR/2BA/1CG! TPO Roof! New Swamp Cooler! Newly updated kitchen! Wood floors! Great room features cozy wood burning fireplace, wood floors and is open to the dining room. Beautifully remodeled kitchen featuring new cabinets, granite countertops, SS microwave & dishwasher, refrigerator, new tile flooring! Separate utility room and washer & dryer stay! Close to shopping, restaurants, parks, transportation and Uptown!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

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Check Out These New Albuquerque Listings

Wednesday, December 16, 2020
by Sandi Pressley

Why buy a home during the holiday season? Because new homes are hitting the Albuquerque real estate market, and you don't want to pass up these opportunities while everyone else is waiting for Spring. There are some outstanding homes just listed in the past 2 weeks. Check out these latest properties just listed for sale in Albuquerque. 

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can check out all of our listings on our Featured Listings page.

905 SANTA FE Avenue SW, Albuquerque, NM 87102

$179,900

Precious home in the heart of historic Barelas. This lovingly cared for house needs a new owner! Enjoy 3 bedrooms and 2 baths with great living areas plus a private backyard with newer fencing and patio. Newer Roof (2018) with warranty, Newer Pex plumbing (2017), Newer furnace (2013) with warranty, wow! Plus, you're in walking distance to so much: Bosque Access, ABQ BioPark, and more. Come feel why this charming home is move-in ready today.

Learn More!

4332 ALTURA VISTA Lane NE, Albuquerque, NM 87110

$225,000

Fantastic location in desirable gated community of Altura Village! Conveniently located close to UNM, Nob Hill, UNM Hospital, Altura Park! 3BDR/2.5BATH plus Loft! Light, bright & open with lots of living space in the great room. Open kitchen with sunny breakfast nook, gas stove, built-microwave, refrigerator, washer & dryer stay! 3 large bedrooms upstairs! Master bdr has a wall of windows, 2 walk-in closets, garden tub/shower, dual sink vanity and tile flooring in bath. Private gated community minutes away from shopping malls, Uptown & restaurants!

Learn More!

7308 DON DIEGO Street NE, Albuquerque, NM 87109

$359,000

Magnificent Rex Wilson remodel of this amazing Pueblo style home. From the minute you enter you will feel like you are on vacation (feels like a Taos Hacienda), beautiful hardwood floor, custom carved beams, corbels kiva fireplace, leads into a wonderful custom kitchen. Skylights bring in natural light, and Pella windows, hardwood doors updated electrical and an amazing wrap around covered patio embraces beautifully landscaped private oasis. ''And'' a detached casita heating cooled, presently used as a theatre room (projection equipment, screen and couches will stay) and of course a totally remodeled bathroom, and could easily be an in law quarters.

Proudly maintained 3bdr/2ba quality one level custom Mechenbier in highly desirable La Cueva district. High ceilings, open floor plan lots of windows and light. Wonderful kitchen, SS appliances, gas cook top, plenty of cabinets and a pantry. Lovely backyard with mountain views. Double gated yard access 40x12 RV/Boat Pad.

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

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Keys to a Successful Walk-Through

Friday, December 11, 2020
by Sandi Pressley

When you buy a home in Albuquerque, the last step is usually the final walk-through. This is an important step in the buying process, as you and your agent will need to carefully look at the condition of the home before you close the deal.

How does this process work, and what should you look for?

A walk-through happens just before settlement. It's your time as a buyer to check the property and make sure any work has been done on the home that was part of the negotiations. The seller and listing agent usually won't be there during the walk-through. That way there won't be as much pressure on you as a buyer as you inspect the property.

What should you check during the walk-through?

  • Inspect the outside for any obvious damage
  • Run the AC
  • Turn on and off all the lights
  • Test all appliances
  • Run the faucets and check for leaks
  • Flush the toilets and check for leaks`
  • Open and shut all the doors and windows
  • Verify that any agreed upon repairs have been made
  • Verify that any fixtures that are supposed to be left behind are still in place

As you check these items, make a list of questions about how systems in the home work and anything else you need clarification on. 

Also, make sure you give yourself plenty of time for the inspection. This is your last chance before you complete the purchase, and you won't have another chance to make sure the home is up to your expectations.

You should also have your Agreement of Sale and inspection reports handy to make sure that anything that needed repaired has been taken care of. You should also take photos of items that have not been taken care of so that you can further negotiate repairs.

A successful walk-through may take time and effort, but it's worth it as it could save you many headaches after you've finalized the purchase.

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.

HOT HOME LISTING OF THE WEEK!

9423 MORROW Avenue NE, Albuquerque, NM 87112  $220,000

4 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1475 Square Feet

Excellent location across from SNOW PARK!! 4BDR/2BA/1CG! TPO Roof! New Swamp Cooler! Newly updated kitchen! Wood floors! Great room features cozy wood burning fireplace, wood floors and is open to the dining room. Beautifully remodeled kitchen featuring new cabinets, granite countertops, SS microwave & dishwasher, refrigerator, new tile flooring! Separate utility room and washer & dryer stay! Close to shopping, restaurants, parks, transportation and Uptown!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

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Help Support Albuquerque Businesses This Holiday Season

Wednesday, December 9, 2020
by Sandi Pressley

Are you still looking for the perfect gifts for the holidays? Why not skip the online route and support local Albuquerque businesses? Buying gifts from local vendors is a great way to not only give to your loved ones but to the community you love as well. Your local Albuquerque merchants will definitely appreciate your support. 

Here are some gift ideas that you can buy locally.

For Mom

For Dad

For the Young

Help support local Albuquerque businesses and have a wonderful holiday season!

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.

HOT HOME LISTING OF THE WEEK!

9423 MORROW Avenue NE, Albuquerque, NM 87112  $220,000

4 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1475 Square Feet

Excellent location across from SNOW PARK!! 4BDR/2BA/1CG! TPO Roof! New Swamp Cooler! Newly updated kitchen! Wood floors! Great room features cozy wood burning fireplace, wood floors and is open to the dining room. Beautifully remodeled kitchen featuring new cabinets, granite countertops, SS microwave & dishwasher, refrigerator, new tile flooring! Separate utility room and washer & dryer stay! Close to shopping, restaurants, parks, transportation and Uptown!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

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Tips for Selling Your Albuquerque Home During the Holidays

Friday, December 4, 2020
by Sandi Pressley

Most home sellers in Albuquerque don't think that selling a home during the holidays is a good idea. It's a busy time of year for most people.

But there are some real benefits of selling your home during the holiday season. There's less competition for one thing, as most people sell during the spring and summer. Buyers also have more time off and are more available for showings.

If you decide to sell your home during the holidays, there are things you can do to make it an easier process.

Stage It Accordingly

You can use the holidays to make your home more inviting to buyers. Just make sure not to overdo it. You can add some simple and tasteful decorations that will warm up the home without hiding it's features.

Focus on the cozy features like the fireplace. And it’s a great time to use the classic real estate trick of baking cookies when someone comes for a showing. Make sure your home is warm temperature-wise as well.

Clean-Up the Curb Appeal

Winter may make landscaping a little more challenging, but you need to make your yard as appealing as you can. Clean up the yard, clean up the exterior of your home, and illuminate pathways. Also make sure that there’s a mat at the door so people coming to see your house can wipe their feet.

Price It Accordingly

Your agent can work with you to develop the right pricing strategy based on their assessment of the data. Many variables go into pricing, but you may need to go a little lower than you’d like if you are selling around the holidays.

If you’re selling during the holidays, it’s not the time to haggle. During this time of year, it’s often better to price it right from the start instead of making price reductions later.

Work with a Reliable Agent

Working with an experienced agent during the holidays will make all the difference. Sandi Pressley and her team have been rated the #1 real estate agents in New Mexico, so you can count on them to help you make the sale.

Be Flexible About Showings

During the holiday season, everyone is busy and may have more plans than usual, but if you’re selling your home, you need to be flexible and accessible when it comes to showings. It’s a challenging time, so if someone wants to see your home, you need to do everything you can to facilitate that.

If you can manage your expectations before you put your Albuquerque home on the marketing during the holidays, it’s going to help you stay more relaxed and also hopefully help you sell your house faster.

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.

HOT HOME LISTING OF THE WEEK!

6815 VISTA ANTIGUA Drive NW, Albuquerque, NM  $450,000

5 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3334 Square Feet

INCREDIBLE OUTDOOR LIVING! ACROSS FROM THE PARK! HUGE CORNER LOT! NEW CARPET!! Gorgeous 5BDR/3BA/3CG with so many upgrades! ONE BDR/BATH on the main level! LOFT! Refrigerated Air! Tankless water heater! Huge great room open to the kitchen featuring tile flooring, cozy fireplace & wall of sliding doors provides lots of natural light! Beautiful wrought iron stairway! Beautiful kitchen features upgraded cabinetry with crown molding, granite countertops, SS appliances, gas cooktop, double wall oven, entertainment island & bkfst bar & large walk-in pantry. Formal dining room. Private master suite features dual sink vanity, sep shower, garden tub, two walk-in closets. Incredible outdoor living space with covered & open patios to entertain family & friends, trees, shrubs, & Synlawn!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

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Find the Perfect Christmas Tree in Albuquerque

Wednesday, December 2, 2020
by Sandi Pressley

Are you ready to find the perfect Christmas tree this year? With all the outstanding tree farms and nurseries in Albuquerque, you won't have any problem finding the ideal tree to help celebrate the season. Here's a list of some of the best places to get your tree. And of course, they are all adhering to COVID guidelines to make sure you stay safe.

Dave's Evergreens

Optum Primary Care
1924 Juan Tabo Blvd NE, Albuquerque, NM 87112
8:00AM - 8:30PM Daily
(505) 250-6049

Rehm's Nursery and Garden Center

5801 Lomas Blvd NE, Albuquerque, NM 87110
10AM - 5PM Mon - Sat, 11am-5pm Sunday
(505) 266-5978

Offering curbside service featuring cut Christmas Trees, Poinsettias, Wreaths, Christmas Cactus, and Garland.

Osuna Nursery

501 Osuna Rd NE, Albuquerque, NM 87113
9AM - 5PM Daily
(505) 345-6644

Offering a wide selection of Christmas themed plants and live trees.

Jericho Nursery

101 Alameda Blvd NW, Albuquerque, NM 87114
9AM - 5PM Mon-Sat, 10AM - 4PM Sun
(505) 899-7555

Featuring fresh cut Oregon fir trees, along with garland, wreaths, swags, poinsettias, Christmas cactus, forced bloom hyacinths, paper whites and amaryllis.

Alameda Greenhouse

9515 4th St NW, Albuquerque, NM 87114
9AM - 5PM Daily
(505) 898-3562

A wide selection of Pinon, Afghan Pine, Ponderosa Pine, Blue Spruce and many 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.

HOT HOME LISTING OF THE WEEK!

6815 VISTA ANTIGUA Drive NW, Albuquerque, NM  $450,000

5 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3334 Square Feet

INCREDIBLE OUTDOOR LIVING! ACROSS FROM THE PARK! HUGE CORNER LOT! NEW CARPET!! Gorgeous 5BDR/3BA/3CG with so many upgrades! ONE BDR/BATH on the main level! LOFT! Refrigerated Air! Tankless water heater! Huge great room open to the kitchen featuring tile flooring, cozy fireplace & wall of sliding doors provides lots of natural light! Beautiful wrought iron stairway! Beautiful kitchen features upgraded cabinetry with crown molding, granite countertops, SS appliances, gas cooktop, double wall oven, entertainment island & bkfst bar & large walk-in pantry. Formal dining room. Private master suite features dual sink vanity, sep shower, garden tub, two walk-in closets. Incredible outdoor living space with covered & open patios to entertain family & friends, trees, shrubs, & Synlawn!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

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What Is a Purchase Agreement?

Friday, November 27, 2020
by Sandi Pressley

Now that you've found the perfect home for sale in Albuquerque, the next step is to determine how much you want to pay for the home. This leads to getting a signed offer to purchase to the seller. While the whole purchase agreement is important, there are some parts that are critical to understand before you sign. Here are 3 of those parts.

Earnest Money Deposit

The earnest money deposit is the amount of money you’ll be giving the seller when you submit your offer to purchase (or shortly after it is accepted) to show you are serious. This is not the same as a down payment, which is what you give to your lender.

Usually you pay about 1% of the price of the home to the seller, and the money is kept in the broker’s trust account or with the title company. If the seller accepts the offer, the earnest money will be applied to the purchase of the home.

Personal Property

Personal property is anything that is not permanently attached to the house. Sometimes personal property is included in the sale to sweeten the deal. These items will be listed in the purchase agreement or in a separate addendum.

Items of personal property commonly included in home sales include:

  • Appliances
  • Yard equipment
  • Furniture

Closing Date

There are various strategies when it comes to choosing a closing date. Some people feel it’s best to close escrow as late in the month as possible. This is because prepaid interest, which you’ll need to pay at closing, is prorate from the date of closing to the end of the month.

If you're keeping a tight leash on your cash flow, you may want to close escrow early in the month. Your prepaid interest charge will be higher. Yet, because mortgage interest is paid in arrears, you will skip two mortgage payments instead of one.

That said, there are some times that are better for closings, for various reasons:

  • Avoid closing escrow near the fall and winter holidays, especially Thanksgiving, Christmas Eve or New Year’s Eve. Real estate professionals, like everyone else, take time off to be with friends and family.
  • If you are both selling and buying, you may need a simultaneous close, allowing both escrows to wrap up on the same day. This is a delicate process and it does have its shortcomings, which can be explained to you if you are in this situation.

Sandi Pressley and her team has the experience to walk you through the purchase agreement, line-by-line, to ensure you understand what you’re signing. 

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.

HOT HOME LISTING OF THE WEEK!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,050,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 4556 Square Feet

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

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Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729
Send an Email

Quick links to this site are also SandiSells.net or SandiSellsHomes.com