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Is a Recession the Same as a Housing Crash?

by Sandi Pressley

Many people who plan to buy or sell a home in Albuquerque fear that as we head into a recession, that this will lead to a housing crash. But will that be the case with this recession? The thing to keep in mind is that a recession and a housing crash are two different things.

What is a recession?

The National Bureau of Economic Research defines a recession this way:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

The Coronavirus restrictions hit the American economy in March. According to Goldman Sachs, JP Morgan, and Morgan Stanley are all indicating that there will be a deep dive in the economy in the second quarter of this year. 

Does that mean we’re headed for another housing crash?

Home buyers and sellers in Albuquerque and around the nation fear that we're going to see a repeat of the housing crash that happened during the Great Recession of 2006-2008. Yet if we look at past recessions, we can see that most do not impact home values adversely.

Doug Brien, CEO of Mynd Property Management, explains:

“With the exception of two recessions, the Great Recession from 2007-2009, & the Gulf War recession from 1990-1991, no other recessions have impacted the U.S. housing market, according to Freddie Mac Home Price Index data collected from 1975 to 2018.”

What are the experts saying this time?

This is what three economic leaders are saying about the housing connection to this recession:

Robert Dietz, Chief Economist with NAHB

“The housing sector enters this recession underbuilt rather than overbuilt…That means as the economy rebounds – which it will at some stage – housing is set to help lead the way out.”

Ali Wolf, Chief Economist with Meyers Research

“Last time housing led the recession…This time it’s poised to bring us out. This is the Great Recession for leisure, hospitality, trade and transportation in that this recession will feel as bad as the Great Recession did to housing.”

John Burns, founder of John Burns Consulting, also had this to say, based on his firm's research:

“Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).”

What does all this mean for home buyers and sellers in Albuquerque? It means that if you had plans to buy or sell a home in Albuquerque before the pandemic, there's no reason to derail your plans. These are uncertain times for sure. The Sandi Pressley Team is adapting to these changing times and are ready to help you realize your real estate goals. Contact us today to see how we can help you continue on your plans to buy or sell a home in Albuquerque today.

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!

9214 REDMONT Road NE, Albuquerque, NM 87109  $435,000

4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2695 Square Feet

This beautiful light filled Family Home in a fabulous NE Heights location has been meticulously maintained! Two living areas, cathedral ceilings, bright kitchen with large breakfast area, plenty of cabinets and a pantry. Kitchen is open to the family room. The master suite is spacious and truly a retreat. Enjoy the views from the balcony! Wonderful home and gorgeous landscaped yard for entertaining.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Many home sellers are understandably concerned about a looming recession and how it will impact their ability to sell their home in Albuquerque. But just because there may be a recession doesn't mean your home won't sell. It just means there are things to consider to make sure your home is as competitive on the market as possible. Right now, we are in what's considered a buyer's market, which means you'll need to do mare to attract buyers.

Here are 3 main factors to look at:

Pricing

Strategically pricing your home for sale in Albuquerque means the difference between making and breaking the sale. In a buyer’s market, getting the price right is critical.

While market value is based on the sales prices of similar homes in your neighborhood, in a buyer’s market it pays to be aware of your competition. This means looking at homes for sale in your area online. If you find one that is priced comparable to yours, you’ve found your main competitor. If it’s in far better condition than yours, you have two choices, upgrade your home similarly, or adjust the price of your home. We can help you decide which of these two choices would be more advantageous.

Flexibility

Due to new rules regarding social distancing, you will need to be more flexible when it comes to showing your home. No matter what, you home should always be kept clean. Photos will need to be taken to show your home online, as more people will be using our website to look at your home. And in the event that your home will be shown in person, you need to be able to make it ready to view and have arrangements to be safely away from your home during a showing.

Concessions

Home buyers can become unreasonable when they know they are in the driver’s seat. They may ask for personal property to be included in the sale, such as furniture or play equipment. They may ask for credit for carpet or vinyl replacement even if there’s not a thing wrong with the existing floorcovering except that the buyer doesn’t like the color or pattern.

There is no rule about how to handle these situations, since just about everything in a home sale is negotiable when it comes to concessions. If it will pave the way to a smooth and quick closing, many homeowners are more than happy to accommodate the buyers’ requests, as long as they’re reasonable.

Unfortunately, you may need to sell your home when the market is stacked against you. Get your price right, be flexible and have plenty of patience and you’ll get through it.

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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

10647 SUMMERCREST Drive NW, Albuquerque, NM 87114  $310,000

4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2820 Square Feet

VIEWS of the Sandia Mountains!! Beautiful 4BBDR/3BA/3CG home with 3 living spaces! Light, bright and open floor plan with living room, family room and large LOFT!! REFRIGERATED AIR! NEW ROOF! NEW CARPET! Updated flooring! Under stair storage! Kitchen features upgraded raised panel cabinetry with crown molding, granite countertops, LG appliances, tile flooring, recessed lighting, island, walk-in pantry & breakfast nook! Family room features cozy fireplace. Master suite features double door entry, walk-in closet with built-in shelving, dual sink vanity, sep shower and garden tub. Huge backyard with open patio and pergola covered outdoor space for entertaining! Terrific location close to Cottonwood Mall, shopping, restaurants, Rust Medical Center, schools and parks!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

How Home Seller Disclosure Laws Work in New Mexico

by Sandi Pressley

Let's say you just bought a new two-story home in Albuquerque. As you unpack upstairs, you realize there's no water coming from the faucets. In fact, there's no running water at all on the second floor. Somehow this went unnoticed when you were viewing the home.

What's even worse is that the owner knew the whole time and didn't disclose that issue. But was the seller required by law to disclose all the issues with the home, including the fact that you have no water running upstairs? And what legal action can you take to have the seller fix any major issues such as this that were not disclosed?

Disclosure Laws in New Mexico for Home Sellers

The state of New Mexico requires sellers to disclose defects in a home to buyers. Albuquerque home sellers are required to provide buyers with a written disclosure of all material defects on the property of which they have knowledge of. This disclosure should be given to the buyer before the contract is signed. Usually the seller's real estate agent will take care of this.

The seller is also required by state law in New Mexico to disclose tax burden information. According to New Mexico Statutes § 47-13-4, the seller must “(1) request from the county assessor the estimated amount of property tax levy with respect to the property and… specify the listed price as the value of the property to be used in the estimate” and “(2) provide a copy of the assessor’s response… in writing to the prospective buyer or the buyer’s broker.” 

New Mexico is somewhat unique when it comes to requiring both of these disclosures. It helps buyers to avoid unpleasant surprises from home defects or having a huge tax bill they didn't expect.

What Are Your Rights as a Home Buyer in Albuquerque?

If you buy a home in Albuquerque and it turns out that the home has issues that were not disclosed, what can you do? Here are some details about the disclosure form that will shed light on your rights as a buyer.

The bottom of the disclosure form contains important language. It states that: “This is not a contract.” That means the seller isn't guaranteeing anything. They are only required to disclose defects that they know about. And the seller is not required to hire a home inspector to check the before checking the “no” box on the disclosure form.

There is also a second important statement on that form: “The law does not protect a Seller who makes an intentional misrepresentation.” In other words, if the seller knows that the AC doesn't work and doesn't disclose that fact, then they could be charged with fraud.

Furthermore, to continue with the AC example, if the contract promises that the AC would be in good working order, and it's not, this would cause a breach of contract.

So if you as a buyer find yourself in this situation, you need to immediately write to the seller, broker, or both, stating the problem and outlining your damages. You can also send a demand letter to the seller, and this may persuade them to settle the dispute. But before you take legal action, you should weigh the cost of litigation against simply fixing the issue yourself. Suing someone is probably going to cost more than fixing a refridgerator.

In the end, when you buy a home in Albuquerque, you have a measure of protection against dishonest sellers. And as a seller, it's a good idea to fully disclose any defects in your home that you have knowledge of, or it could come back to get you later.

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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

12906 ALICE Avenue NE, Albuquerque, NM 87112  $172,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1443 Square Feet

This wonderful townhome has newer carpet & fresh paint in 2019. Refrigerated Air, Custom Brick fireplace and Banco (hearth). The great room is wonderful for entertaining, and an enclosed atrium opening to kitchen (window) and great room, great for dining or planting. Oversized garage, enclosed courtyard makes this your next home. Close to shopping and fwy. Don't wait!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Rising Home Prices in Albuquerque Benefit Home Sellers

by Sandi Pressley

If you plan to sell your home in Albuquerque, there's good news. Home prices are increasing, not only in Albuquerque, but in 94% of the major metro areas in America. Here in Albuquerque in the fourth quarter, appreciation climbed by 11%. This was higher than the average gain of 6.6% for the rest of the nation during that same period.

According to a report by the NAR, home buyers in general could more easily afford a mortgage due to lower mortgage rates, which on average was 3.76% for a 30-year fixed mortgage. When you combine those two factors, that means that more home buyers can afford to buy a home, even though prices are appreciating. That's a great combination for home sellers in Albuquerque!

First-time home buyers also have good news, as they also saw an expansion in affordability last quarter, according to the same report. The average monthly mortgage payment for first time buyers went down to $1,006, provided they had a 10% down payment.

The Albuquerque housing market forecast ending with the 3rd Quarter of 2021 is also positive. LittleBigHomes.com estimates that the probability for rising home prices in Albuquerque, NM is 82% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 4th Quarter of 2019.

The bottom line is that if you plan to sell your home in Albuquerque, now is as good of a time as any. But if you're not ready to sell, there's also a good chance that your home's value will continue to increase over the next couple of years, if predictions hold true. 

What about buying a home in Albuquerque? This is also a great time for Albuquerque home buyers, as this is a good time to buy a home before prices increase. Again, if prices continue to increase, that means your home equity will increase as well.

If you're thinking about buying or selling a home in Albuquerque, call Sandi Pressley and her team today. Their unmatched knowledge of the Albuquerque real estate market will help you benefit from this current market trend, and to make a solid investment to benefit from the growing Albuquerque real estate market.

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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

100 BROADWAY Boulevard NE, Albuquerque, NM 87102  $150,000

1 Bedrooms / 1 Bathrooms (1 full, 0 half) / 730 Square Feet

Urban Living at it's finest! Loft is located in the historic Classroom Building(built in 1935) of the old Albuquerque High School. Large west facing windows flood the loft with natural sunlight. Original wood floors. Kitchen Island, all appliances convey. Open floorplan, 14 foot ceilings, original chalkboard. Full bath. 3 Lockers for storage. Laundry and elevator in building.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Tips for Selling Your Albuquerque Home in Winter

by Sandi Pressley

You may think that selling your Albuquerque home during the winter may be more challenging than in the summer. Yet there are actually advantages when selling your home during the colder months. There are fewer homes on the market to compete with. Yet, there are still buyers on the market, with a wide variety of reasons why they need to buy a home Albuquerque. Winter is also a great time to show off how family friendly and cosy your home can be. Here are some tips on how to do this.

Welcome Buyers Home

Making your front door welcoming is a huge way to make a great first impression. You can make your entrance appealing with a wreath or garland that's appropriate for the winter months. Perhaps leave up the Christmas lights a little longer, at least around the door. You can put plant urns with festive greenery with silver ball ornaments tucked inside, then add some gold, red, or green ribbon. Whatever you do, make the front door an appealing portal to the rest of your home.

Make the Good First Impression a Lasting One

Now that you've got the potential buyer thought your inviting entrance, you want to keep that great impression going. Make sure the heat is on and your home is at a comfortable temperature, or that first impression may take a nose-dive. You want to make the buyer want to linger a little longer and feel like it's their home.

Warm it Up

Add a little more warmth with some candles and potpourri in the main rooms. Go with popular scents like vanilla or cookies. You can also simmer a pot of cider on the stove for added effect on really cold days.

Use the Fireplace

If you have a fireplace, that's a great way to add a glow to your home during a viewing.

Don’t Forget the Exterior

During the winter, you may have to pay more attention to the exterior than in the summer. If there's been some inclement weather, make sure you check to make sure your siding is clean. Washing siding with soapy water can make a huge difference.

Manage the Foliage

Make sure you trim any trees or shrubs around the entrance and walkways. It certainly won't hurt them either. It will keep the landscaping in front of your home looking well maintained and manicured.

Make sure to 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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

13104 Desert Moon Place NE, Albuquerque, NM 87111  $624,900

4 Bedrooms / 4 Bathrooms (3 full, 1 half) / 3330 Square Feet

Spectacular Mechenbier home in sought after High Desert! This move-in ready gem has a long list of amenities: Dual living Areas, Gorgeous high ceilings, 3 Gas Fireplaces, Open Kitchen with available gas or electric for the stovetop, and a downstairs Guest Suite all invite you to make this home.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Don't Make These Mistakes When Selling Your Home in Albuquerque

by Sandi Pressley

Selling a home in Albuquerque can be a very time-consuming and emotional process. With all that's going on in the process, it can be easy to make mistakes. But with a little preparation, you can avoid some of the pitfalls that snag many home sellers. Here are some key mistakes to avoid when selling your home in Albuquerque.

Being Emotionally Involved

Sure, this was your home that you no doubt built many memories in. But you need to think of yourself as a businessperson and a home seller, and not a homeowner. By thinking of it from a financial perspective, you'll be able to avoid the emotional aspects of the sale that could cloud your judgement.

Not Hiring an Agent

Unless you have a lot of experience selling homes, it's never a good idea to sell a home without expert help. Selling homes is what real estate agents do full-time. Sandi Pressley and her team, for example, have been helping people in Albuquerque sell their homes for decades. They've built a reputation of being the top real estate agents in New Mexico, and it shows in the amount of homes they've sold. They can help you get the best price and the fastest sale.

An experienced agent will also help you during negotiations, which can be tricky even with years of experience. They also handle all the photography, marketing, leads, and showing appointments. They work for you, not against you in the process. There's simply no reason to go it alone when selling your home.

Setting an Unrealistic Price

Setting the right price for your home is critical, and again, that's where an agent's experience can make all the difference. They will use comparable sales in your neighborhood to help set the best price. And remember that buyers also have access to the same information, so you won't be fooling anyone if you set the price too high.

Hiding Major Problems

The purpose of a home inspection conducted by the buyer is to uncover major problems with a home. So don't bother trying to hide anything. In fact, you should be proactive and take care of any major issues before putting your home on the market, if possible. If you can't afford a major repair, then you can disclose the issue and reduce the price accordingly so the buyer can fix the issue if needed.

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

HOT HOME LISTING OF THE WEEK!

2612 Espanola Street, Albuquerque, NM 87110  $165,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Home Staging Tips For Fall in Albuquerque

by Sandi Pressley

Having your home on the market in Albuquqerque during the autumn selling season can be a great thing. There are fewer homes on the market, which means you will be in an ideal position to market your home. Here's a few staging tips to help you close the sale by the holidays.

1. Brighten Up

Days are getting shorter, and that can be a good thing for sellers. When you have a well-lit room, it looks larger and more inviting. Turn on all of your lights before the showing, and make sure they can be seen from the steet so that they welcome buyers as they drive up. 

2. Light Your Buyer’s Fire (with Fire)

Buyers want to see themselves relaxing in front of a warm fire. You can help them envision the warmth of thier new home by building a fire if you have fireplace, along with lighting some well-placed candles.

3. Use Seasonal Scents

Normally you would use unscented candles when showing a home, as you don't want to alienate buyers. But the fall season may be a time to bend that rule and light a few candles that have an autmn scent.

Because smell is so intricately tied to emotion, harnessing the aroma of fall will evoke memories of apple picking, pumpkin carving, leaf raking and other family-friendly activities.

4. Get Cozy

A few throw pillows and soft blankets will make your home feel more cozy. This will help buyers feel more relaxed and ready to curl up with a good book.

5. Make Your Curb Appealing

The approach of fall heralds crisp breezes and brightly colored leaves. Embrace the natural hues of the season by adding fall-hued foliage and flowers to your outdoor landscape — mums, goldenrods, Aster, smoke bush, Heleniums, burning bush, Virginia Sweetspire, witch-hazels and Viburnum are all plants that thrive in colder temperatures and produce gorgeous, seasonal color.

6. A Little Goes a Long Way

As with any seasonal decor, it’s important to make sure you don’t overdo your decorating efforts.

Good: a fall-hued wreath on the front door and a few cheeky-looking pumpkins.
Bad: a pumpkin-patch themed front yard, including hay bales and a scarecrow.

Good: bringing seasonal color inside via candles, pillows and fall foliage.
Bad: a home cluttered with Halloween knick knacks and an excess of fall accessories.

Remember that when it comes to decorating your Albuquqerque home for a showing or open house, it’s always better to keep it sweet and simple.

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

HOT HOME LISTING OF THE WEEK!

2612 Espanola Street, Albuquerque, NM 87110  $170,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

A Guide to Selling Your First Home in Albuquerque

by Sandi Pressley

You love your home in Albuquerque, but it's time to sell it. And of course you want the next owner to love it as well. But in the end, you want to get the right price for your home.

Selling a home in Albuquerque takes time and work. It's not the easiest journey, but in the end you'll come out on top if you know what to do.

Here are some of the steps of that journey. You need to understand the market and make a plan, as well as create partnerships with experts in the Albuquerque real estate market who will help you sell your home.

Know What You Want

Here's the big question: what do you want? Why are you moving? What do you expect from the process? When, exactly, should you put that For Sale sign in the yard?

Do Your Research

The Albuquerque real estate market is always changing. Mortgage rates change as well. Make sure you stay on top of the market and educate yourself.

Select an Agent

The right agent makes all the difference. And of course you would expect that we suggest you rely on Sandi Pressley to sell your home in Albuquerque. Sandi and her team are the top real estate agents in New Mexico, so you can count on them to sell your home for the best price.

Price Your Home

We can help you find out how much your home is worth and get the right offers to sell your home for what it's worth.

Prep Your Home for Sale

Staging your home and getting rid of all the stuff you don't need makes a huge difference when you present your home to buyers. And make sure you take care of any needed repairs. You need to make buyers say “Wow!”

Market Your Home

Sandi and her team will market your home to the maximum amount of buyers possible. That's why we have such a great track record of selling homes in Albuquerque.

Close the Sale

Settlement, or closing, is the last step in the home selling process. This is where you sign the final paperwork, make this whole thing official, and collect your check. Before that can happen though, you’ll have to prepare your home for the buyer’s final walk-through and troubleshoot any last-minute issues.

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

HOT HOME LISTING OF THE WEEK!

8320 Calle Petirrojo NW, Albuquerque, NM 87120  $750,000

4 Bedrooms / 4 Bathrooms (2 full, 2 half) / 4844 Square Feet

Beautifully maintained and lovingly upgraded single level custom home close to the Bosque on 1 acre lot. Kitchen is well appointed with island,granite counters,dbl oven, Wolf gas cook top & sub zero fridge. Wide open floorplan, light, bright and cheery, perfect for entertaining. Stunning maple flooring, breakfast nook and formal dining room. Large master suite w/ sittingarea & luxurious bath w/jetted tub & sep. shower. Immaculate grounds w/covered patios, lush grass, 2 storage sheds & fountain to enjoy outdoor living. Newer appliances,hot water heater, water softener and so much more.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Dangers of Not Backing Up Your Income Tax Documents

by Sandi Pressley

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

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

You'll Pay More Taxes Than You Should

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

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

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

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

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

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

What You Need: Receipts and certification from product manufacturers.

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

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

You May Have Trouble Selling Your Home

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

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

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

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

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

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Home Maintenance Mistakes to Avoid

by Sandi Pressley

The way your home exterior looks makes a huge difference when you sell it. First impressions can make or break a sale.

Here are some home maintenance mistakes to avoid to keep your home looking fresh.

Stop Using the Pressure Washer at Full Force

When you pressure wash your home, the goal is to remove the dirt, not the paint. You can do this without setting the pressure washer to full force. If you don't, you could end up making your home look worse by damaging the paint or wood, along with forcing the water under the siding where it can cause rot.

Instead, turn the spray as low as it can go to still get the job done. Then angle the washer down, and clean with gentle, side-to-side motions.

Stop Putting Mulch Against the House

Lining your home with mulch may look great, but it can increase the risk of bugs and mold. Instead, you can keep that great look by placing a layer of brick or stone between your house and the mulch.

Stop Storing Produce on the Counter

There's nothing more appetizing than bowls full of garden-fresh goods on the counter. But it comes at a price: bugs.

While fruit flies are annoying, ants and roaches are full-on worrisome once they're in your home. And they are TOUGH to get rid of. Refrigerate all the produce you can — and if you must keep it out to ripen, pop it in the fridge as soon as it peaks.

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

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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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

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