Real Estate Information

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.

Have An Awesome Week!

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.

View This Listing

Mortgage rates have remained at all-time lows so the home buying market stays strong. Are you one of the many looking to buy a home this year? Here are steps you may take on your journey to home ownership.  

Start with a list – Your wish list should begin with the area you want to live in and basic needs like how many bedrooms and bathrooms you need. You should also consider the type of home you want, condos with shared spaces and minimum owner responsibility, a single-family home offering more privacy and room to spread out or an as-is home that would require some TLC, are all options at this stage of the game.  

Talk with a lender – Once you’ve made a decision about the kind of home you want, it’s time to call a lender. A lender can look at your budget, credit rating and other factors and let you know how much home you can get a loan for, and more importantly, how much home you can afford. A qualified lender can also help you decide what kind of loan program is best for you.

Avoid looking at homes before this important step and you’ll side step some heartache if you don’t qualify in that price range.

Start interviewing Realtors – Now that you know your price range and you have an idea of the type of home you want, you’ll want to partner with a real estate professional to help with your home search. A qualified real estate professional will have access to the MLS which lists most homes for sale in your local area. Look for someone who is an expert in the area you’re shopping and avoid using friends and family unless they meet your standards.

Find your dream home – You will never find a home that offers every single item on your wish list. Unless you build a custom home, this is nearly impossible. Know which items on that list are deal breakers and which ones are flexible. Look at the use of space, the features and amenities that match your lifestyle and don’t look at homes outside your price range.

Getting your offer in – Once you’ve selected your dream home it’s time to make an offer. Your real estate professional should pull comparable homes so you know you’re making an offer that makes sense. They should know whether you’re in a buyer’s or seller’s market as this can affect what kind of offer you make. Make sure your broker knows how to negotiate offers and how to deal with multiple offer situations.

Don’t skip the inspections – Home inspections are your protection against material defects in the home that could end up costing you more after you close the deal. A professional home inspection will reveal any major malfunctions in the home and help you decide what you’ll deal with after closing and what might be a deal breaker before.

Get the home appraised – If you’re getting a loan, an appraisal will be required. This step gives the bank a fair market value of your home. If the appraisal comes in low, it may be difficult to get a loan. If it comes in high, you may have instant equity in your new home.

Head to the closing table – Once you’ve made your list, been pre-approved, selected a home, had an inspection and gotten a good appraisal, it’s time to close the deal. Your title company will gather documents from the mortgage company and some of their own and bring you in to sign everything. All documents will be signed by all parties involved including the buyer and seller. The lender will fund the payoff of the seller and then, once all payments have been made, you’ll receive your keys. It seems like a lot of work to buy a home, and it is! The professional buyer brokers at The Sandi Pressley Team are ready to walk you through the process and help you find your dream home today!

Have An Awesome Week!

Sandi's Hot Home Listing

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.

Have An Awesome Week!

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.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Summer is here in Albuquerque and this time of year always brings more buyer interest in homes. Home buyers who wish to purchase a home now can find it challenging to buy a home in a seller’s market, but having a good buyer’s broker can make a huge difference towards getting the home you want. Make sure you’re careful of bidding wars that can push a home past its actual value; a good agent will be able to help you here as well.

If you’re planning on selling your home this year do it as soon as you possibly can. The likelihood of getting a quick sell at top market value is higher than it has been in some time. There are many buyers looking for a home to buy and your home might be the one they’re looking for. It’s a seller’s market out there and it might not last so make sure you get your home on the market as soon as you can.

If you’re considering selling your home and would like an accurate look at the estimated market value of your home don’t trust sites like Zillow.com. Speak to a broker about your home value as they can give you a more accurate numbers.

If you’re ready to buy or sell a home contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

2808 Maximillian Road, Albuquerque

Price: $375,000 Beds: 3 Baths: 2 Square Feet: 2,110

TRANQUIL LIVING! Exceptional Adobe Customized single level home showcases 3 spacious Bdrms+Ofc & 2 remodeled Bathrooms. This property features great room w/ custom bay window & Saltillo tile thru-out.This spacious floorplan delivers dramatic Santa Fe entry w/wood carved custom doorways into each cozy living space. With over 2100 SF, this home offers radiant heat,Kiva FP; exposed wood beams w/ T&G raised ceilings.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

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.

If you’re thinking about selling your home there are some things that can be done to improve the presence of your home to draw in buyers. Your efforts could be rewarded with less market time and more money at closing. Here are three of the biggest projects you can tackle to bring in buyers.

Work on Your Curb Appeal

First impressions are extremely important. Your home should grab a buyer’s attention before they even walk in the door so it’s extremely important that your curb appeal it the best it can be. Pay attention to the details, make your home cleaner, prettier, and in better condition than all the others around it. Start by sweeping the walkway, driveway and the entry or porch of any debris or dirt. Get rid of broken tree limbs, leggy bushes and any wilted flowers, and plant new flowers in the garden or place them in pots on the porch. Power-wash the exterior of your home and have the windows washed. Touch up the paint around the home’s windows if it’s needed. Give the door a fresh coat of paint in a light modern color and replace any damaged door hardware.

Create Space

The biggest reason people move is to get more space, whether they’re moving up from an apartment or into a home larger than the one they had, they want more space to live in. If you’ve got a large home, you don’t have to worry about space too much, but you have to be careful. If you’ve got too much clutter around your home, buyers can think it’s smaller than it actually is, so make sure your home is as clean and decluttered as possible. If you have a smaller home you’ll have to do some staging and storing. Rent a storage unit and pack away any toys, home decorations, clothes and accessories that aren’t in use. Clear your countertops, tables and floors of all unnecessary clutter so that you’re left with the minimum of things necessary to operate in your home and move all items stored in closets and cabinets into your storage unit. There is a fee for the storage unit but you’ll make back the difference when your home sells.

Upgrade

Most buyers buy older houses because they are usually more affordable than newer homes. So unless you’re selling to a building contractor, chances are they want a home with the most possible updates. You may not want to put in a new kitchen or bathroom to sell your home but there are a few things you can do to appeal to the buyers. Replace the most outdated features like the appliances, countertops or the cabinet pulls. Get new towels, shower curtains and bathmats for your bathrooms and make sure you throw out all old soaps and sponges. And replace all your soaps with liquid products for easier storage. Cover older paint colors with newer neutral colors that compliment your flooring and architecture and repaint any faded white walls to give your home a newer fresher feel.

Remember that the most common house bought in 2013 was about 1,860 square feet and was built in the year 1996. Buyers aren’t looking a mansion and they don’t expect your home to be brand new, but they do want to see some pride of ownership from the seller. The more repairs, updates and tweaks you give the house the more convinced the buyers will be that they’ve picked the right home.

Have An Awesome Week!

Sandi's Hot Home Listing

1801 Irving Road, Albuquerque

Price: $1,275,000 Beds: 6 Baths: 5 Square Feet: 5,135

ONE OF A KIND PROPERTY! Exquisitely Appointed SINGLE LEVEL MULTIGENRATIONAL Custom Home! Nestled in desired Black Farms Estates, this 1.14 acre EXCLUSIVE dream home offers Elegance, Luxury & stunning Bkyrd! With over 5100SF, the open floorplan offers TWO HOMES under ONE ROOF W/FULL top-of-the-line KITCHENS/LAUNDRY ROOMS connected by an adjoining mudroom.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Whenever you turn the TV onto the HGTV or DIY channels you’re likely to find a show or two about house flipping. They’re usually cautionary tales of people who overreach financially or make some big rookie mistakes, but most of the time the houses featured turn a profit of $30,000+ in just a matter of months. If you think that house flipping is something you might be interested in, here are a few things you should know before you start.

Be Aware of the Financial Risks

It may seem obvious that there is a bit of risk involved, but some people don’t quite understand the huge financial stakes that are involved. The first expense is the cost of acquiring the property, and while low or no money down financing options are easy to find, finding these from legitimate vendors is harder than you might think. And if you’re paying for the home yourself that means you’re paying interest and every dollar paid in interest adds to the amount you’ll need to make back on the sale of the home in order to make your money back. If you’re planning on paying in cash, you don’t have to worry about interest, but you will have to deal with carrying costs like HOA fees, property taxes and utilities.

If you don’t have the cash to buy a home to flip, the next thing you could try is home equity line of credit or HELOC. These are variable-rate, low-interest lines of credit that are secured by an investment property or your primary residence, usually HELOC rates are set about 1-2% over the prime rate. You’ll need to put the HELOC in place before you start to bid on any properties, but then you can bid on the home as if it were a cash deal rather than a financing deal. Lots of investors use hard money loans or other conventional mortgages to finance their flips. Because of higher interest rates and the points that have to be paid at closing both can reduce your net profit a great deal and are not generally recommended for flips unless there are no other options.

Location

It is extremely important that you find a home in a desirable location, find a neighborhood or city that people want to live in and purchase a house there. Remember to keep the convenience factor in mind, make sure that the home isn’t too far from local grocery stores, gas stations, or schools. You don’t want to invest in a home that’s too far from everything to be worth it.

Get a Realtor

Trying to get the best price for your flipped by yourself rarely works as well as you want it to if you aren’t familiar with the process. Figuring out disclosures and conditions without going to real estate school might be more difficult than figuring out which walls you can knock down without knocking your entire house down. The money spent on realtor commissions will be well spent for their skill set. More than just getting your house sold, a good real estate agent can help in other ways when flipping a house. They can help you find some great deals, help you connect with lenders and contractors and get you comps. Don’t settle for any broker, take your time and look around and find a good investor friendly agent.

Update Smarter

Knowing where and what to spend your budget on is one of the most important parts of a successful house flip. You want to make sure you don’t leave key areas without improvements but you also don’t want to over-improve for the neighborhood you’re in. Home improvements that increase a home’s value are things like kitchen upgrades, more closet space, green energy technology, the addition of a deck and repainting the exterior. Try to avoid improvements like the addition of a sun room, pools, or whirlpool baths as these don’t really add to the value of a home. This is another reason to use a realtor as they will be able to guide you through which upgrades would suit your neighborhood and budget best.

Use Good Quality Products

Make sure you don’t skip out on supplies. Even though it means more money being poured into your projects, lower priced products might not be high enough in quality to get the job done properly or allow you to sell the home for as much as you need.

Work With Good Quality People

All the people you work with during the flipping process can make or break the chances of it succeeding. Team up with people that you can trust and are qualified in their respective roles. A poorly qualified subcontractor that does a bad job on project can end up costing you thousands more to have it redone by a professional. On the other hand, if you’re capable of getting the job done yourself properly then you should do it yourself. But you’ll need to be sure you can do the job properly the first time. If you can, you can save time, money and you won’t need to invite contractors into your house.

Finding a flippable home in your housing market with a good chance of being a success is a difficult task. But with the proper help, tools and skills it is manageable.

If you’re in the market for a home contact the Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

1423 San Rafael Avenue, Albuquerque

Price: $850,000 Beds:4 Baths:2 Square Feet: 5,430

INCREDIBLE & RARE PREMIUM LOT w/360 degree Unobstructed views of sweeping Sandia MTNS & city lights. This .58 AC Custom Home offers quality craftsmanship.Dream home delivers Elegance, Luxury & Serenity! With over 5400SF, the floorplan features great room w/raised T&G ceilings, Adobe accents thru-out, Travertine flooring, HI-end carpet+spacious sunroom & loft + 3 amazing view balconies. Gourmet kitchen highlights granite counters, Prof-Grade S/S Appl.-Chef's Dream!

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

If your home is currently on the market or you’re just about to put it there, your curb appeal is extremely important, especially now that spring is here. The outside of your house is a buyer’s first impression of your home, so you have to make sure it’s a good one. If you’re planning on selling your home it’s important to make sure your curb appeal is up to scratch. When working on your home you might be a bit overwhelmed by all the work, decisions, time, and costs involved with the process of getting your yard buyer ready. Many think that since most landscaping work isn’t permanent, it’s not as important as some of the other projects they might have but you should really consider putting it near the top of your list. Here are five things you can do to improve your curb appeal to help your home put its best foot forward.

Remove Anything Dead

Get any dead trees, flowers or leaves out of your yard. Trim dead branches and rake up the winter leaves. As you remove things, fill in any blank spots with flowers, bushes, potted plants or yard art, but try to avoid any garden gnomes or pink plastic flamingos.

Mow the Lawn

If you have a lawn, mow it once a week to keep it looking its best. Don’t forget to spray or pull any weeds to keep the texture pleasant.

Trim the Hedges

Make sure your bushes are trimmed and not spilling onto your walkways or driveway. If they grow too fast to keep them maintained properly, you may want to just pull them up. You can always cover blank areas with gravel, wood chips, or mulch.

Improve the Landscape

Improve your landscape with tile, decorative stone, concrete, brick or wood to add some appeal to the softer elements like your flowers, grasses and plants. And make sure you don’t forget your porch! Bring in a splash of color with flowers and potted plants

Add Some Light

You don’t have to spend a fortune on landscape lighting. Get some lanterns to line the walkways or something to hang from a tree can to give your yard a stylish effect. Lighting not only highlights key areas of your yard, like trees and flower beds, it also provides a bit of extra security. If you’re still not sure where to start, check out your local hardware store with a photo or sketch of your home and ask for ideas. Let them know you’re planning on selling your home and you’re struggling with your curb appeal, you might get some great advice. If you think your curb appeal is ready to get your home sold, contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

24 Plaza De Sonadores Placitas, Albuquerque

Price: $275,000 Beds:3 Baths:2 Square Feet: 2,170

Immaculate single story home nestled on 2.1AC showcasing breathtaking 360 degree views~Pride of ownership!This open concept floorplan showcases 2 Heated Sunrooms-North & South side of home,2 living areas w/3 fireplaces, raised ceilings, family dining room. Gourmet Kitchen features stunning upgraded granite countertops & backsplash(2015),lovely cabinetry+ sunny breakfast nook-Chefs Dream!

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Nowadays more and more people are excited to see the “fixer upper” and “flipped” properties. These have been played up by home improvement shows and articles showing owners who purchase poor homes in disrepair and reconditioning and repairing them to sell them for thousands more. The hosts on TV make it seem simple, but in reality it can be an extremely difficult experience, especially if you have little to no market experience.

Owners who purchase a home to flip often make the mistake of paying too much for the home without considering how much will be needed in the restoration and improvements. This problem shows itself when the owner tries to sell and the value of the home is less than what they’ve put into fixing it up in the first place.

There are homes that can be fixed up, flipped and then sold but you have to be careful, pay close attention to the market, and be able to assess all your restoration costs; if you’ve not had years of experience in this field it would be wise to find someone who does.

If you’d like to buy a home to fix up, contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

6812 Vista Del Sol Drive, Albuquerque

Price: $350,000 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 w/fireplace, 4 BDRMS (see loso)/3BA+loft & computer area! Gourmet kitchen offers upgraded cabinetry, corian countertops, upgraded appl, cooktop, double ovens(gas connection avl), pantry,breakfast bar&pantry.Addtnl amenities:upgraded thermostat system, Refrig Air, traditional tiered water fountain,oversized 2 car tandem garage(fits 3 cars).

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Owning a home is something many people dream of, but it can seem like a huge commitment with little benefits in return. Some choose to rent over purchasing a home, but there are actually some great monetary advantages that come with owning a home. For those who own homes, there are some itemized tax deductions available, which you are allowed to deduct every year.

Taxes

Both state and local real property taxes can be deducted, but you should keep in mind that real estate taxes are only deductible in the year they are paid to the government. For instance if your lender held money in escrow for taxes due in 2016, you can’t take a deduction for those taxes in the year 2015.

Mortgage Interest

Mortgage lenders send an annual statement to borrowers by January 31st every year that reflects the amount of mortgage interest and real estate taxes that have been paid by the homeowner during the previous year. Mortgage interest loans on a first or second home are fully deductible but subject to certain limitations like the acquisition of loans up to one million and home equity loans up to $100,000. If you are married but file individually, these limits are split.

Points

Some mortgage lenders will allow you to pay one or more points to get a loan. The more points you have, the lower your interest rates should be. These points are sometimes called “loan origination fees” or “premium charges”, but they’re all still points. Each point is one percent of the borrowed amount, for instance if you get a loan of $180,000 each point would cost you $1,800. The IRS has dictated that even if the points are paid by sellers, they are still deductible by the homebuyer. Any points paid to a lender when refinancing your current mortgage aren’t fully deductible in the year they’re paid; you have to distribute the amount over the period of the loan. If you paid $1,800 in points for a 30 year loan, each year you are only allowed to deduct $60, which $1,800 divided by thirty. When you pay off your new loan, any remaining parts of the points you have not deducted, can then be deducted in full.

If you have further questions about the tax benefits of owning your own house, contact your legal and financial advisors.

If you’d like to own your own a home, contact The Sandi Pressley Team to get the process started today.

Have An Awesome Week!

Sandi's Hot Home Listing

9150 Eagle Rock Avenue, Albuquerque

Price: $975,000 Beds:4 Baths:3 Square Feet: 3,800

Divinely Appointed Custom Tuscan Home in desired North ABQ Acres,this .84AC single level dream home offers Elegance,Sophistication,Luxury & Bkyrd living that looks as if it is out of the pages of Better Homes & Garden!With approx 3800SF,the open 4BD+OFC(w/closet) floorplan greets you w/massive exposed wooden trusses in living area,brick FP,stunning porcelain tile(wood-like flooring),striking arched accents thru-out-showcasing the finest quality craftsmanship.

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!