Real Estate Information

When you are placing your house on the market, it is crucial to price it properly. Pricing too high to start can be a waste of both time and money for the seller. Usually, the seller will get showings, but the offers that come in won’t be close to your asking price, or won’t come in at all. Sellers who price their home with the market will usually get more offers at better prices and their homes sell faster than homes that price high to start.

Because of this, you need to be extremely cautious when choosing a price for your home. If you price too high your home can sit on the market and the longer it sits the less offers you’re likely to receive. If you price too low you won’t get what your home is worth. Your real estate agent should be able to narrow down the number that is perfect for your home. Sellers who listen to their Realtors when it comes to valuing their home are usually the ones that come away from a sale with the most for their home.

If you are ready to find out what your home is worth, contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

8018 Loma Larga, Corrales

Price: $1,125,000 Beds:4 Baths: 2 Square Feet: 4,253

True country estate! Casual Elegance! Perfect for multi-generational living, 1 story plus guest house, amazing mountain views! Front acre landscaped lot borders Loma Larga & is perfect for play area, soccer field, dogs or horses. Home & guest house are set way back for serene and private living. Incredible outdoor living spaces with multiple covered patios, portals, fireplace, pool, hot tub, outdoor kitchen w/ Alfresco grill!.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Mortgage interest rates being as low as they have been have spurred many into purchasing their first home. If you or someone you know is planning on purchasing a home, here are a few tips that might help with the process.

Know What You Can Afford

One of the hardest parts of buying a home is figuring out what you can afford. First-time buyers sometimes rely on the amount the bank is willing to lend, other buyers will use a mortgage calculator to crunch their numbers. But banks are often willing to lend much more than you are able to afford, and mortgage calculators don’t always give all the information necessary to make a decision. To learn your budget, start with the basics.

How Much Can You Pay?

Instead of concentrating on the purchase price or offers from lenders, figure out how much you are able to spend on a mortgage payment each month. A common way of determining how much you can spend is that your mortgage should be between 25 and 30 percent of your income, though 30 percent is often too high for many buyers. The best way to find out is to add up all of your monthly bills and expenses and look at estimates for the cost of utilities for the home you plan on purchasing. Consult local service providers or your real estate agent for specific rates. Don’t forget to add the cost of living changes, price of gas, groceries, and other necessary items. These can change radically if you’re moving to a different location. Another cost that is often overlooked is long-term savings, some assume that future wage increases will allow them to save money later on. Do not make the mistake of depending on uncertain circumstances.

Get the Right Balance on Your Down Payment

Next in the process is determining how much you can put down on the home. Save as much as you possibly can, but make sure to set aside money for inspections, appraisals, moving expenses and closing costs. If you can manage to set aside enough to put 20% down, you will be much more appealing to lenders. Furthermore, loan products with a 20 percent down payment requirement are much easier to get if your credit is less than perfect. If you can’t save that much, don’t worry. There are plenty of ways to buy a house with little to no down payment, though your interest rates might be higher and you’ll have to pay for private mortgage insurance.

Private Mortgage Insurance?

Private mortgage insurance or PMI is the protection lenders use against risky buyers. Usually buyers who put down less than 20 percent have to pay PMI monthly as part of the mortgage payment. As the down payment decreases, the PMI rates go up. Speak to as many lenders as you possibly can to learn what rates you can expect and make sure you ask how long you will have to pay PMI. Some loans, like those backed by the Federal Housing Administration, will require payments on PMI for the full term of the loan. Other options will allow you to cancel PMI after you’ve paid enough towards the main balance.

Does the Interest Rate Make a Difference?

The interest rates on a loan can make or break the deal. Even a slightly higher rate can add to a monthly payment.

If you’re ready to buy your first home, contact The Sandi Pressley Team to get the process started.

Have An Awesome Week!

Sandi's Hot Home Listing

9405 Black Farm NW, Albuquerque

Price: $1,175,000 Beds:5 Baths: 1 Square Feet: 5,005

Current owners built this home, they oversaw each and every detail of this very special Mission Style Home, the meticulous attention to detail shows. A rare find, gracious entry courtyard leads to a separate guest suite, with a private balcony. Main residence features a chef's kitchen, and a gracious floorplan that opens to a large covered and heated patio. Fully equipped outdoor kitchen.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Are you ever curious as to how mortgage interest rates affect your ability to purchase a home or what you actually pay over the full term of a the loan?

The national average for a 30-year, fixed rate mortgage has been under 5% for more than five years. Many assume these rates will stay that low indefinitely, but that is not the case.

Economists predict the improving economy, better job outlook and enthusiastic buyer confidence, will cause the Federal Reserve to start raising borrowing rates to banks, which will cause mortgage rates to become unstable and things to change drastically for consumers.

To demonstrate how changing mortgage rates impact your monthly payment, think about how much of a difference a small dip and rise in interest rates impact you.

According to the National Association of Realtors®, in December 2014, the average price for a home in the U.S. was $209,500. If you purchased a home for $200,000 and put 20% down with a fixed-rate mortgage (3.86%), your monthly payment would be about $750 a month. You’d make a total of 360 payments to equal $270,362.59 with $110,362.59 in interest over the period of the loan.

The same home with the same loan next summer could be vastly different. With the interest rates dropped to 3.59%, your monthly payment is $726.53 and your total payment adds up to $261,552.16 and $101,552.16 in interest. That’s not much of a difference, just under $25 a month and $8,810 in round numbers.

But if interest rates go up as economists predict, lets say as high as 4.9%, your monthly payments would look drastically different.

Your monthly payment would bump up to around $850 for a total of $305,698.59 and interest payments totalling $145,698.59. That’s an additional $122.63 monthly and $44,146.43 in interest by the end of the loan.

If you’re interested in buying a home, now could be the ideal time to do so, as mortgage rates are unlikely to stay this low much longer.

If you’re ready to see how affordable a home purchase might be with the current low mortgage rates, contact the Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

2308 La Vista Ct NW, Albuquerque

Price: $675,000 Beds:5 Baths: 5 Square Feet: 3,745

Built new 2015! Cool and contemporary design with incredible views of the Sandia mountains and ABQ downtown on private cul de sac! This 5 BDR, 5 BATH home boats two oversized master suites. Formal living and dining rooms, great room showcases sleek in wall fireplace and opens to Chef's kitchen with granite countertops, SS appliances, gas range, pot filler, custom cabs, large walk-in pantry & butler pantry.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

When your home is starting to feel not like home, it might be best to change your scenery. But is it better to sell or to remodel?

After a few years, a home can start to show signs of wear and tear. Color schemes, furniture and decorative styles start to look outdated, and sometimes you must put off certain renovations as a new homeowner that a more settled homeowner could easily afford to do.

Some factors like lower interest rates and an improving economy are in your favor, so you’ll have a chance to get back whatever you spend on improving your home if you end up selling. The question is, if you were able to renovate your home like you wanted, would you be willing to stay in it for a few more years? Or would a complete change be better?

When you start, put together the right team. Unless you’re moving walls or pouring new foundations, you probably don’t need an architect. Finding a good contractor, a kitchen planner and an interior designer might be a good start. You may want to talk with your lender to learn how much you’ll be allowed to borrow as well as whether the current market value will support the renovation.

As you’re putting all of this together, you may find more work that needs to be addressed you hadn’t expected. Plan ahead for problems so your budget and your contractor don’t suffer the consequences.

Before making the decision to renovate your home, make sure you can get what you want within the budget you’ve set, and that you’d be happy with the results for at least a few years.

If you’re not completely sure renovation is the option for you, talk to your real estate professional. Let your agent know you are considering remodeling, but that you’re also open to finding a new home. Your agent might be able to find a few homes for sale that have the size, finishes and features you’re looking for. After viewing a few homes you should have a better grasp of what you want and what you’re looking for.

You and your agent can also discuss selling your home. Your agent will create a comparative market analysis of homes like yours that have both been sold and put on the market recently so you can judge what you could gain from selling your home. From this list you’ll also learn how long you can expect your house to be on the market and if other sellers are getting the prices they set. You and your agent and discuss a price range based on your home’s location and its current condition.

Keep in mind that markets have their ups and downs so what your agent shows you is only a glimpse of what is true today. If you are happy with where your home sits among the competition, then it could be a good time to list.

Whether you are selling your home or remodeling there will be lots of disorder in your home. You’ll have to either open your home up to buyers, or let workers in and out. But the sacrifice can be worth it if you’re happy on the other side.

If you think selling your home is the option for you, contact The Sandi Pressley Team.

Owning a home versus renting comes with many benefits. Painting the walls, having a pet, building a treehouse in the backyard for your kids, to name a few. It gives you the independence to do whatever you want with your home, whenever you want. Some people find it easier to continue renting than to gain that independence. Home ownership comes with many responsibilities. Here are the top three you’ll have to face as a homeowner.

Financial Responsibility

You will owe your lender payments which need to be paid in a timely manner. On time payments help build your credit, better credit can mean more remodeling projects you can take on, or perhaps furniture for your home, or maybe a new car. Having a higher credit score can help you with these things. Your payments should not exceed more than 40 percent of your income, if you overextend yourself, you could have trouble meeting the minimum payments. Limit the amount of credit you use and pay your bills on time every month. Avoid new charges unless you’ve paid off the old ones. You should also try and save as much money as you can. Put money in your 401K, invest in the stock market, or even put it in a lockbox under your bed, as long as you are saving rather than overspending. It’s also a good idea to have at least six months of payment stored somewhere in case of emergencies.

Neighborhood Responsibility

When you buy a home, you and your home are now a part of the image of the neighborhood, and can either improve or damage that image. Keeping your yard well-groomed can go far in making the neighborhood look nicer. This is an excellent way to protect your investment and that of your neighbors. This is one of the reasons many neighborhoods have homeowners associations. They try to protect property value by ensuring neighborhood safety and maintenance. To reap the benefits of higher property value, make sure to keep up with the HOA and their regulations. Consider volunteering to help or participate in meetings.Before you purchase a home in a neighborhood with an HOA, make sure to review their CC&Rs, (Declaration of Covenants, Conditions, and Restrictions) and make sure you will be able to keep up with them. If there are terms or conditions that bother you it may be wise to search a different neighborhood for your home.

Household Responsibility

Moving into a new home is a great chance to improve your lifestyle and enjoy the benefits of your new home and neighborhood. Choose a home that meets your needs and allows you to live within your means. If you don’t have a yard for the kids, find a home near a park or a playground. Keep in mind the time it will take to drive to your local grocery store, work and school. Check out traffic in the area and think about how the drive times will affect your family. You might want to live in a particular area, but if the payment for the house is too high, it can create financial strain. It’s better to buy a smaller home and be able to manage your payments than to have a larger home and not be able to make your payments.

When you make the decision to give up your landlord and buy a home, Contact Sandi Pressley to get started.

NAR has released their predictions for the 2016 housing market. Click the link below to see what the experts are predicting for 2016.

National Association of Realtors 2016 Predictions

Have An Awesome Week!

Sandi's Hot Home Listing

6812 Vista Del Sol Drive NW, Albuquerque

Price: $375,000 Beds:4 Baths: 2+ Square Feet: 3,860

Exquisitely Appointed Home in desired Montecito Estates! With over 3700SF, this open floorplan shows like a model-featuring cozy living area with fireplace, 4 bedrooms, 3 bath plus loft & computer area! Gourmet kitchen offers upgraded cabinetry, corian countertops, upgraded appliances, cooktop, double ovens, pantry, breakfast bar.

View This Listing

The Albuquerque real estate market is HOT! This means the market for selling is good but if you're thinking about selling, there are some things you'll need to consider before you list your home. To sell quickly and for top dollar, you won't want to get caught with these issues dragging your listing down.

Problem #1 - Repair Damage Whether it's tenant damage or deferred maintenance on your part, repairing damage to your home is a great way to increase its value. Walls with holes, floors with scratches and the yard filled with weeds taller than your toddler are a sure way to scare off buyers or receive low ball offers on your home.

Problem #2 - Outdated Features Outdated features like carpeted bathrooms should be updated before you list. Issues like this speak volumes to buyers about the care and effort you've put into your home.

Problem #3 - Dirty Carpet Large stains in carpet will surely scare off potential buyers who may not understand if said stain came from a recent encounter with a spilled drink or a dog that's been using the area for a potty box long term. Shampoo the carpets and if the stain doesn't come out, consider replacing the carpet with wood, tile or new carpet. If replacement isn't an option, be ready to offer a discount so the buyers can do it themselves.

Problem #4 - Pet Smells Since we're on the topic of pets, you may not notice pet smells in your home because you live there. Buyers on the other hand will know right away if you have pets in your home. If you can't find a place for your pets to go while your home is listed, make sure the litter box is ALWAYS clean, clean up Fido's mess from the yard and use air fresheners where needed. Also, consider the options mentioned in #3.

Problem #5 - Barking If you have a dog who barks when someone comes in, it's imperative the dog is kenneled away from the areas buyers will be viewing. Ideally, you'll have a different home where Fifi can stay until your home goes under contract or at least during showings. If not, get a kennel and ask your agent to build in enough time before showings to put the dog in the kennel.

Problem #6 - Bad Curb Appeal If your lawn is dead, your trees are overgrown and your shrubs are hiding your home from the street view, you probably need to do a little work in the yard. Curb appeal is your home's first impression. Getting buyers in the door is the first step toward getting an offer.

Problem #7 - Bad Marketing If your real estate broker is lazy, mean, inattentive, doesn't communicate or isn't marketing your home, fire them. If they aren't giving you the attention you desire, they probably aren't giving it to your listing either. A bad agent can definitely have a negative impact on days on market and final sales price.

Problem #8 - Junk Like it or not, buyers are going to open drawers, cabinets and closets when they view your home. If you crammed all your junk into those drawers, cabinets and closets, your secret will be revealed during a showing. Declutter, clean and clear these areas so buyers can picture their stuff in your home.

Problem #9 - Poor Choices That matching pink toilet and vanity may have seemed like a great idea when you put it in back in the 80s but outdated decor can be a real turn off for buyers. While you're not expected to update kitchens and bathrooms in most price ranges, do what you can to bring your home's decorative items into the current decade. Window coverings, wallpaper and furniture can go a long way toward improving the appearance of your home to buyers.

Problem #10 - Controlling Sellers Yes, it is reasonable to ask brokers to give you notice before showing your home. You probably want to lock up that barking dog, empty the litter box and pick up toys in the kids' rooms. Asking for more than a small amount of notice however may be unreasonable. Some buyers may find your home online and call their broker to see it right away. Another piece of advice, NEVER be home during showings. It makes buyers uncomfortable. Let the broker do their job and get out of the way.

If you're ready to list your home for sale, this is a great time to get started. When you're ready to put that sign in your yard, call the Sandi Pressley Team. We're here to help. 

Have An Awesome Week!

Sandi's Hot Home Listing

10528 Crestridge Ct, Albuquerque

Price: $275,000 Beds: 4 Baths: 2+ Square Feet: 2,603

AMAZING home on Cul-de-Sac Lot! Dramatic Great Rm w/Soaring Tongue&Groove Beamed Ceilings, Latillas, custom fireplace w/picture windows and access to balcony/patio to take in Scenic views! Gorgeous Kitchen features: lovely Counters w/Beautiful Tiled Backsplash/Custom Cabinetry with S/S appliances w/breakfast bar Seating that opens to the family dining.

View This Listing

If you're considering selling in 2016, it's important to be priced competitively to avoid certain challenges. Historically, overpriced homes stay on the market longer, often sell for less than market value and sometimes don't sell at all. You may see a listing in your neighborhood that seems to be for sale forever, with a different broker every few months. If there are no major defects in the home itself, it's likely overpriced. This stigma can stay with your home and is a great reason to avoid overpricing in the first place.

A great way to avoid overpricing is to get a home valuation from a reputable source. Not only can overpricing give your home a bad reputation on the market, it can also cost you, big time, in the long run. Not only can overpricing scare off potential buyers, but over time, you'll actually end up reducing your price more than if you had just listed it at market value to begin with. Overpricing is often the most costly mistake a seller can make.

When you're ready to list your home, and 2016 is looking like a great time to do so, start with a home valuation from a specialist who knows your area well. A licensed real estate broker should be willing to provide this information free of charge. Relying on sites like Zillow and their zestimates is risky business when you're ready to list as they've never seen your home, nor do they know what features your home has to offer, or the amenities in the neighborhood.

Put your trust in The Sandi Pressley team; a listing specialist from The Sandi Pressley team can give you a free, no-obligation home valuation during a 20-30 minute in-person consultation. Call us today for more information or to schedule your appointment.

Have An Awesome Week!

Sandi's Hot Home Listing

528 Brianna Loop, Albuquerque

Price: $315,000 Beds:4 Baths: 2+ Square Feet: 2,260

North Valley Beauty! Built in 2013 sleek and contemporary design two story with 1BDR/office on the main floor! Upgraded kitchen with 42’ cabinets, granite countertops, tile backsplash and breakfast nook! Security system, refrig air, raised ceilings, ceramic tile flooring in kitchen and great room, ceilings fans, window coverings.

View This Listing

Springtime is the most common time sellers decide to put their homes on the market. Many assume spring and summer are the best sales seasons. Unfortunately, this is a common misconception and often, sellers miss out on valuable listing time because of it. Typically, you'll see more homes listed for sale during spring and summer. The amazing weather we have here in Albuquerque also makes this a great time to list. However, don't rule out the fall and winter months just yet! Here are some points to consider about listing during fall and winter:

• There is less competition during these months as most sellers prefer to list in spring and summer
• Less families are on vacation during fall and winter
• Buyers looking during these times might be more serious about purchasing since this is considered the off season

If you're considering listing your home, don't wait for spring. Contact The Sandi Pressley Team today for a no-obligation market analysis. Our listing specialist can help you decide if this is the right time to list your home.

Have An Awesome Week!

Sandi's Hot Home Listing

9312 Nationwide St. NW, Albuquerque

Price: $210,000 Beds: 4 Baths: 2+ Square Feet: 2,270

Beautiful 4 Bedroom/2.5 Baths w/open and functional floor plan*Home features comfortable great room with cozy fireplace, arched accents, lovely wood laminate flooring thru out the lower level. Sunny spacious kitchen overlooks the family dining area & showcases plenty of counter & cabinet space

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Thinking about selling your home? Here are some tips for home selling success.

Get a CMA

The Competitive Market Analysis is a great tool to show you what the market looks like in your immediate area. Knowing what the local market is doing is essential to being able to accurately price your home for a quick sale without sacrificing a fair market price.

Remember, a CMA should only include homes in your immediate area and that are similar in size, amenities and features to your home. A home that sold with more or less upgrades won't be an accurate indicator of your home's potential buyers, days on market or how it should be priced.

You may not be in a hurry to sell but you might not be thinking about how longer days on market can affect your price and the impression of your home. If you overprice, buyers may assume you're making room for negotiation and make a low-ball offer to counter that. Underprice and buyers may jump to the conclusion that there is something wrong with the house.

A Buyer's Market

In a buyer's market you can expect:

• More days on market
• Dropping prices
• More seller incentives
• Higher inventories

A Seller's Market

In a typical seller's market you'll often see:

• Less inventory
• Rising prices
• Multiple offers

The type of market you're in will determine whether you can ask a little more for your home or if you need to price aggressively. It's important to pay attention to market conditions and understand how they affect your listing. Your real estate broker should be able to offer you guidance in this area. Ignoring market trends is a great way to have a long term listing with few showings and no offers.

When you're ready to look at a CMA for your home, call The Sandi Pressley Team. You can also visit our website for a no-obligation market analysis. Just complete the form and a member of our team will contact you with more information.

Have An Awesome Week!

Sandi's Hot Home Listing

827 Affirmed St NW, Albuquerque

Price: $145,000 Beds:3 Baths: 2 Square Feet: 1,400

This immaculate & stylish home is a gem! Features: Designer paint throughout, spacious family room and separate dining room, large country kitchen, new H20 Heater, Master bedroom with walk in closet separate from the other 2 bedrooms and a BEAUTIFUL, Terraced back yard with grass, shrubs, trees and flowers

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!