Real Estate Information Archive

Do you have homeowner’s insurance or considering getting it for your home in Albuquerque? It can be complicated to understand insurance rates, but it all comes down to a formula that takes many variables into account. You need to know these five factors that can affect your bottom line if keeping rates as low as possible is your number one objective.

1. Your house's age and condition.

Obviously, the age of your house and its wiring, pipes, roof, lumber, square footage, and even how many corners it has all play a role in the cost of your insurance.

The risk attributed to the house is determined by the costs associated with repair or replacement. For example, if your house was built in 1920, old pipes and wiring may not be up to code. Insurance companies will charge more to insure these materials because they are more likely to damage or catch fire.

2. In a flood zone? 

As mentioned above, if you are at high risk of destruction, your insurance will reflect that. If your home is near a river, you can expect to pay more than if it were in an area where flooding is less of a threat.

If your home is in a flood zone and you have a mortgage on it, your lender may require that you purchase separate flood insurance for your home — and that costs money. Despite your location, your mortgage company may still require flood coverage, so you should be aware of your lender’s requirements when shopping around.

3. Some dog breeds can make a difference.

Dogs can sometimes push up premiums. Certain breeds have been traditionally regarded as more dangerous and are associated with large liability concerns from your insurer, leading to a higher rate. Even if your dog is the most loving example of such a breed, it’s the insurance company that makes that general rule. So that’s why it’s important to check before buying insurance.

Three things can happen if your dog is considered a “dangerous” dog breed: you could be charged a higher rate from your carrier, your provider may cover you but exclude any liability associated with the dog, or the carrier could decide not to insure you at all.

4. Backyard attractions.

Pools, trampolines, and even backyard construction projects fall into a category called attractive nuisances that raises liability concerns (and your premiums) on the part of an insurer. If you have anything on your property which may attract the attention of minors or pose any level of danger, this will probably affect your insurance policy.

5. Proximity to the fire department.

How long would it take for the local fire department to get to your house if it caught fire? The faster they arrive, the more likely they are to minimize the damage.

A public protection class rating is required for every homeowner’s insurance policy. A PPC is based on a scale of 1-10, with one the best. Factors like nearby fire departments, the availability of fire hydrants, water towers, and even railroad tracks are considered in calculating the PPC.

It is possible that some changes can cut down your rates, but never intentionally lie or withhold key information from an application—this can result in your coverage being denied. Provide your agent with honest feedback, and they will assist you in finding the right policy and rate for your needs.

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!

5916 KATHRYN Avenue SE, Albuquerque, NM 87108  $239,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1947 Square Feet

WOW! Beautiful remodel with so many updates including ROOF, ELECTRICAL, FURNACE, EVAP COOLER, WATER HEATER, BATHS, INTERIOR PAINT, CARPET, REFINSHED WOOD FLOORS, FRONT DOOR & STORM DOOR! TWO large living areas! Kitchen features LG gas stove with double oven & Quartz countertops! Open living room features wood floors, fireplace, recessed lighting and barn door to family room. HUGE family room features wood ceiling, wood stove, extra flex room/office and separate laundry room. Huge lot with BACKYARD ACCESS & NEW GATE! Close to UNM, CNM, UNM Hospital, Nob Hill!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you plan on buying a home in Albuquerque, your credit history is critical. If you haven’t reviewed your credit report in a while, you probably need to pull another one for free from www.annualcreditreport.com. This site allows consumers to retrieve their free credit report once a year from Equifax, Experian, and TransUnion. It has the main goal of ensuring that there aren't any errors in the report. Unfortunately, credit reports do contain a fair amount of errors. 

However, these repositories are not to blame because they only report what they receive from merchants and companies who issue credit. When data is sent to them, they include it. They will not be checking every time a consumer's payment history is forwarded to them. They will only check it if the consumer reports the error. 

For example, someone who has a similar name on their report might show some late payments on your report which do not belong to you. This is the kind of information to look out for. You would be surprised to see what all your report contains. You’ll see the addresses of homes you’ve lived in over the years. You’ll also see any previous names you’ve used. 

When consumers look at their report, they should look for errors, but they also want some assurances what is put out there is accurate. The key to building a good credit history is making sure that these credit agencies are reporting your timely payments. However, some data bits from these reports are more important than others. What are they?

Surely the places you've lived over the last few years aren't that important. Right? And of course any other surnames you’ve used. If you married John Doe and your name is Jane Smith, you will be recorded as Jane Doe and Jane Smith. Pretty straightforward. 

The most important factor in your credit report is payment on time. Account balances are also important. Someone with a balance that exceeds his or her limit regularly will see their scores plummet. On the other hand, keeping your balance relatively low all the time improves your scores.

If you have had the credit card for a while, a late payment on it won’t hurt your scores as long as the late payment is relatively isolated. A late mortgage payment will count more against you than any late credit card payments. However, bankruptcy or foreclosure will hurt your credit report the most, although the damage will lessen with time. What matters most to your credit report is what happened within the last few years, not what happened five or six years ago. Older, less reliable information will be ignored, provided that current payments are being reported in a timely manner. 

When you apply for new credit, an inquiry is recorded. The occasional inquiry for new credit is not detrimental to your credit score, but multiple inquiries within a short period of time will hurt your score. Not as much as a late payment or high balance account, but it will still have an impact. There will be more impact on your credit report when there are other negative marks as well.

It all comes down to making sure payments are made within 30 days after the due date and keeping balances below one-third of credit limits. These two factors are the biggest ones. A mortgage company looks at your credit report and credit score, so long as your payments, balances, and history are kept under control, your credit will be fine.

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!

5916 KATHRYN Avenue SE, Albuquerque, NM 87108  $239,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1947 Square Feet

WOW! Beautiful remodel with so many updates including ROOF, ELECTRICAL, FURNACE, EVAP COOLER, WATER HEATER, BATHS, INTERIOR PAINT, CARPET, REFINSHED WOOD FLOORS, FRONT DOOR & STORM DOOR! TWO large living areas! Kitchen features LG gas stove with double oven & Quartz countertops! Open living room features wood floors, fireplace, recessed lighting and barn door to family room. HUGE family room features wood ceiling, wood stove, extra flex room/office and separate laundry room. Huge lot with BACKYARD ACCESS & NEW GATE! Close to UNM, CNM, UNM Hospital, Nob Hill!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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

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

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

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

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

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

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

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

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you're considering building a new home in Albuquerque, it can be a thrilling process. It can also be a bit intimidating and confusing. To help aleviete your trepidation, here are some suggestions that can really simply the process and make you feel more confident about your decisions during the building process.

Work with a Reputable Construction Firm

There's no substitute for working with qualified and reputable builders. You need to explore all of your choices for builders in Albuquerque. If you want to determine whether a company is a suitable fit for you, ask to see photographs of their latest construction projects. It’s critical to work with a business that has the ability to understand the specific vision you have in mind for your future home in Albuquerque.

Identify All the Things You Want out of Your Upcoming Home

Building a new home is a very detailed endeavor. That means you need to pin down exactly what you want before you start the building process. Even changing your during the design process can cost money (don't forget you'll be paying for an architect, and they usually don't do revisions for free). So you can imagine how hard and costly it would be to make change during the actual building process.

Assess your size requirements. Think about the number of bathrooms you need. Contemplate windows, levels, basement matters, ceiling height, and other important aspects. Don’t leave anything out of the equation.

Recruit Professional Construction Management Services

Construction management services can streamline your home construction mission considerably. Construction managers are seasoned professionals who can help your project stay within your designated budget. They can help you stick to your timeframe as well. If you want to steer clear of excess stress, uncertainty, and frustration, then the assistance of adept and proficient construction managers can be indispensable.

Assess Other New Construction Jobs

The new home contruction world is constantly changing, so it can be hard to keep up with. If you're looking for a contemporary design with all the latest features, you need to take a close look at new projects that have just been completed. This can help you see to it that you haven’t neglected anything, too. Evaluating other projects can make it simpler for you to finalize your effort in the end.

Constructing a beautiful new residence in Albuquerque can feel like a fairy tale for many people. That’s not to say that it’s not a time-consuming and elaborate process, however. If you want to simplify matters for yourself and for the people around you, you need to think things through cautiously. Refrain from making any careless or overly quick decisions.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,125,000

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Do you think you have to have perfect credit to buy a home in Albuquerque? Many people do. But the reality is that quite a few people buy homes without a credit score above 700.

Even so, poor credit scores keep people from even trying to buy a home, assuming they won't qualify. Yet, as with most things, knowing how credit works is the key to making things happen. Educating yourself about credit could very well change your life.

Here are a few key things you should know about credit and how you can qualify for a mortgage with a less-than-perfect score.

What score is required?

Lenders vary on the minimum score to qualify for a loan, but 580 is the usual number. That’s the minimum credit score that is typically required for an FHA loan, although scores can go as low as 500 with a higher down payment. 

How does your score affect your mortgage rate?

The rule of thumb in general is the lower the score, the higher the rate. You may still get approved with a low score, but you may need a co-signer or only qualify for a reduced amount.

Are there easy ways to raise your credit?

If you need to raise your score, first check your credit reports for errors. Perhaps a collection account that was paid off long ago or that’s not even yours could be dragging your score down. You can get a free copy credit of your credit report every 12 months from each credit reporting company at AnnualCreditReport.com. 

Experian Boost is a newer service that allows you to raise your FICO score by getting “credit” for making timely phone and utility payments. According to Experian, the average user raised their score by 13 points, which could be enough to get you over the hump.

Should you spend some time working on your credit before you buy a home? That's up to you. If you can raise your score in a few months and it will help you qualify or lower your rates, then it's worth it. Your lender can advise you on where to concentrate for the biggest and quickest improvement. But if raising your score a few points won’t make a big difference in your rate and you’re ready to roll, you might not have much incentive to wait. 

Remember that even a small change in your rate can mean huge savings over time. For example, the difference between a 3.5 percent rate and a 4 percent rate on a $200,000 mortgage is $56 per month. That’s a difference of $20,427 over a 30-year mortgage term.

What is the best loan for low credit scores?

An FHA loan is often the choice of buyers with low credit scores and/or minimal down payments funds. Their criteria is among the most lenient, but you will pay for that leniency. You may be able to qualify for an FHA loan with a minimum credit score of 580 and a 3.5% down payment. Taking out an FHA loan does mean that you'll need to pay mortgage insurance, also known as a mortgage insurance premium, throughout the lifetime of your mortgage. Currently, the mortgage insurance premium on an FHA loan is 1.75% upfront, then 0.7 to 0.85% annually.

Can you buy a home in Albuquerque with less than perfect credit? The answer may depend more on your actions than you think. If you want to explore your home buying possibilities, contact us today. We'll be happy to help you explore your options.

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!

6017 CROWNPOINT Drive NE, Rio Rancho, NM 87144  $299,000

4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3086 Square Feet 

4 BDRS/3BA/2CG PLUS two office/flex rooms! TWO livings spaces! Kitchen features walk-in pantry, island, breakfast nook and bkfst bar. Light, bright and open floor plan! REFRIGERATED AIR! UPDATED WATER HEATER! Large secondary bdrs have walk-in closets & laundry room located upstairs for convenience! Office/flex room on the main level with 3/4 bath! Newly painted interior and new carpet! Master suite features a balcony, walk-in closet, dual sink vanity, garden tub and separate shower. Backyard features a covered patio, balcony off master suite, walled for privacy and easy care rock landscape!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team