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When you buy or sell a home in Albuquerque, the home inspection is a critical part of the process. A home inspection benefits all parties involved in the transaction, as it reveals what the condition of the home is and what needs work.

How can you get the most from your home inspection?  Here’s the steps of the process and how you can maximize the results.

Why Have Your Home Inspected?

If you’re selling a home in Albuquerque, the home inspection gives you the opportunity to make needed repairs, and as such, list your home for a higher value. Your home will also sell faster with fewer issues. Most people in Albuquerque want to buy a turn-key home rather than a fixer-upper.

Make sure you do your research when you hire a home inspector. The internet is a powerful way to look at reviews and work history. If you find a home inspector with a good track record, but they cost more, it’s worth it.

During the Home Inspection

Make sure you’re there during the inspection. This way, the inspector can show you the issues in person and explain options for repair. You can also ask questions and take photos. This will also help you learn about what to look for when you buy a home in Albuquerque.

Recheck and Take Notes

After your home is inspected, go back over the issues for a closer look. Whether you’re buying or selling a home, this will help with negotiations. Then you can increase or lower the asking price depending on the repairs needed.

Discuss and Negotiate Repairs

For home sellers, you can either do the repairs before the home is listed and ask for a higher price, or you can skip the repairs and lower the price. It all depends on how much time you have to put into it.

If you’re the buyer, you can ask for an asking price deduction that is equal to the estimated cost of repairs if you’re buying the home as-is. Another option is to suggest that the current owner get repairs done and then you buy it after a re-inspection following the repairs. This would be best for very expensive repairs such as for changing the entire roof or re-plumbing the entire home.

A good home inspection can make the difference between a smooth transaction and a disaster.  Make sure you find the right inspector and be involved in the process.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1619 Camino De La Sierra NE, Albuquerque, NM 87112  $550,000

3 Bedrooms / 4 Bathrooms (3 full, 1 half) / 3415 Square Feet

Wonderful one owner custom home by Carlson Builders. Located in S foothills on approx acre of beautifully landscaped property with amazing view. This home has Hurd windows, custom cabinetry through out, GE Monogram/Jenn Air appliances, butcher block island, custom pantry, 3 cars plus carport, cedar closet, gun room, hidden closet. Even a detached workshop/studio. A 25'x39' great room for all occasions . Plantation shutters, two master suites. This home was built to stay, with post stressed concrete slab and a Garden room, and so much more. Minutes to hiking, biking, freeway and shopping.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Should You Buy a Second Home in Albuquerque?

by Sandi Pressley

Is buying a second home in Albuquerque something you’ve considered? Buying a 2nd home for retirement or a vacation home can be a great investment, as well as an indicator you’re planning well for retirement. And since finance rates are low, now is a great time to buy.

The big question though is why you should buy a 2nd home in Albuquerque? Answering this question will help you see where your priorities are.

You Can Afford It

Can you really afford a 2nd home in Albuquerque? Usually, people buy a 2nd home after their children leave home and they’re headed for retirement. People tend to earn more or have more saved up by this point in life, giving them more financial freedom.

A Good Investment

Buying a second or retirement home in Albuquerque can be a great investment. But there are risks. Try to choose a home in an area that is growing, which can improve the property value over time.

Comfortable Retirement

As we’ve noted, usually its individuals in their 40s – 50s that tend to buy 2nd homes. Most people are planning for retirement or at least thinking about it by that age. Owning a second home can be a great way to plan for retirement.

Let’s say you want to retire to a community with a sunny beach? Why not search for a home in the area you want to retire? That way you’ll already have the home and it will have increased in value until then.

Tax Benefits

If you own a home, you have to pay taxes on it, so of course we need to talk about the tax benefits. The good news is that you can write off the property taxes on a second home. And it doesn’t matter if it’s an investment, rental, or for your own use. You can also deduct interest, insurance, and depreciation against your home’s value.

Buying a second home may not be for everyone. But if it’s something you can do, take time to consider the advantages and disadvantages before you make the big move.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

7508 Calle Montana NE, Albuquerque, NM 87113  $419,000

5 Bedrooms / 3 Bathrooms (2 full, 1 half) / 3000 Square Feet

Beautiful 5 bedroom Stillbrooke in highly desirable planned community! The main level offers a grand open floorplan that seemlessly connects the living spaces. Cathedral ceilings & Clerestory windows lend to the light, bright family room w/cozy fireplace; A chef inspiring kitchen will delight featuring gorgeous granite counter tops, ample cabinet space, large pantry, eat at kitchen island & sunny breakfast nook. Master suite is situated on the main level at the back of home for optimal tranquility with backyard access, spa like en suite & huge walkin closet. Upstairs features a loft/den, three more large bedrooms, & another full bathroom. Enjoy the tranquil water feature in the professionally landscaped and fully walled backyard.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Common First Time Home Buying Misconceptions

by Sandi Pressley

Buying a home for the first time can be an exciting time in your life. However, there are misconceptions floating around that may give you cause for concern. Maybe you’ve heard things from family or friends that could deter you from buying your first home. But what was true about home buying years ago may not be the case today.  What are some of the misconceptions of buying a home?

  1. You need a 20% down payment to get a mortgage.

A few decades ago this was true. In fact, you needed almost perfect credit and had to pay 20% - 50% down for a mortgage.  To make it possible for more people to own a home, the government created the Federal Housing Administration and began offering “FHA Loans”. The FHA will now back a loan from a home buyer who only has a credit score of 500 and a 10% down payment. And for those with a better credit score of than 580, you only need 3.5% for a down payment! This is a big reason why more people can afford to buy a home today.

  1. You Can’t Qualify For a Mortgage With Student Loans

Having student debt doesn’t mean you can’t get a mortgage. Lenders look at your total debt-to-income ratio to see how much you make each month compared to all of your debt, no matter who you owe. So if you’re handling all of your debt responsibly and can still afford the payments, that’s what matters.

  1. You can save money by not using a real estate agent.

More people use a real estate agent today than ever before. You may think that agents are just out for the money. Sure they get paid for their services with a 3% commission.  But you don’t pay that fee as a home buyer.  Instead that fee is part of the selling price. Don’t be lured into thinking that you’ll save money by not using an agent. And don’t forget that they will also take care of all the paperwork, appraisals, inspections, and other matters that are part of the process. Imagine having to do all that by yourself. Let a professional with years of experience handle the process.

  1. It’s cheaper to buy a home that needs a lot of renovating.

Perhaps you’ve been inspired by TV shows that make it look like fixing up a house is the way to go. They make it almost look easy, but don’t be fooled. All of these repairs take time and money and in the end you may end up getting tired of all the renovations. So if you need to renovate the whole house to make it livable, it may not be the best choice.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

6708 Baker Avenue NE, Albuquerque, NM 87109  $205,000

2 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1529 Square Feet

Excellent location! 2BDR/2BA/plus office townhome in Los Trechos! Many updates! REFRIGERATED AIR! Updated furnace, water heater and ROOF! Updated stucco (2013) Two large bedrooms plus a beautiful built-in office addition with cabinets & desk. Light & bright atrium for plants! Bath features a therapy tub! Kitchen has bkfst nook and all appliances stay! Private patio can be accessed from the master bedroom and living room. Convenient location close to shopping, restaurants, parks and transportation!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Sandi Pressley and Her Team Get Rave Reviews

by Sandi Pressley

Since 1979, Sandi Pressley has been making dreams come true in Albuquerque. In fact, Sandi is the #1 Top Producing Realtor for 33 consecutive years, not just in Albuquerque, but all of New Mexico! You only need to hear what her happy home buyers and sellers have to say about Sandi and her team to know why. Here’s a few of the hundreds of comments that people have made over the years about their extraordinary experience buying or selling a home in Albuquerque with Sandi Pressley and her team.

“Sandi and her team are the ultimate tools to engage when you are looking to make a move in real estate. We have used Sandi and team twice now, and would never consider anyone else. Sandi’s team is very honest, thorough and professional. Great recommendations for any modifications that need to be addresses, backed up with excellent (and reasonably priced) contract professionals to handle any aspects. “
- Kelly

“Very impressed with efficiency and professionalism of the entire team. “
- Ystesund

“Sandi and her team were knowledgeable, responsible, and a pleasure to deal with the entire way. I would recommend Sandi Pressley and her team to anyone needing to sell their home. “
- McDonald

“I have been working with Sandi for many years. I am so happy we closed on a property. So now to sell my property and buy one in town. So much to look forward to! Working with Sandi is like working with my sister!”
- Bilbo

“Sandi's team is phenomenal and we would not consider working with anyone else! Our agent Kat Jacob handled our listing and sale with excellence and we sold in 4 days. Thanks Sandi!”
- Church

Sandi Pressley sold our home in the most satisfying real estate transaction I've ever experienced, and I have bought and sold twenty homes in my lifetime. She clearly established her competence during her initial meeting. The house sold to the second party viewing it. Neighbors down the street attempting to sell a similar home for several months immediately hired her to represent them. However the remaining very significant factor motivating this recommendation is the tremendously effective and service oriented team she employs to shepherd the seller through the settlement process. To repeat the words I said to her, she is a treasure. “
- Reilly

These outstanding recommendations only scratch the surface what people are saying about The Sandi Pressley Team.  Check out our testimonials to read all the great things Sandi’s clients have to say.

If you want to have the same amazing experience buying or selling your next home in Albuquerque, give us a call at 505-263-2173 to speak with Sandi Pressley and her team today!

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1133 Santa Ana Avenue SE, Albuquerque, NM 87123  $499,000

4 Bedrooms / 3 Bathrooms (2 full, 1 partial) / 3550 Square Feet

Oversized .46 Acre Corner Lot! BACKYARD ACCESS! Incredible backyard for entertaining family & friends with the great room & game room opening on to the covered patio, pool area and beautiful landscaping! Separate wings, 4BDRs, 3BATHs, TWO living areas, formal dining and large game room with built-ins, cabinets & wet bar! Refrigerated Air! Pool & electric pool cover! Lots of windows and skylights make it light, bright and open! Kitchen features a built-in oven, gas cooktop, built-in cabs, tile flooring & bkfst nook. Oversized master suite opens on to the covered patio & features a jetted tub, separate shower, double vanity and walk-in closet. Conveniently located close to the golf course, shopping, easy access to KAFB, Sandia Labs, downtown ABQ!!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

What are Appraisal Contingencies?

by Sandi Pressley

Here's the scenario: You're buying a home in Albuquerque, and the seller has accepted your offer.  The contract is signed and you've paid the deposit.  Then you have the home appraised and it turns out that the home is worth less than what you offered. And now the bank won't grant the mortgage.  So how do you avoid this kind of situation? Appraisal contingencies are the answer.

What are appraisal contingencies?  They are conditions that have to be met on a real estate contract before it becomes legally binding.  Most real estate contract include these conditions:

  1. The appraisal contingency: This states that the home has to be appraised at the sale price or higher.  This will help keep the mortgage from falling through.
  2. The finance contingency: This mandates that the deal is based on the bank granting the loan.
  3. The inspection contingency: The home must pass inspection.

These conditions must be met in a specified time.  If they aren't then there's no deal and you get your deposit back.

The appraisal contingency works like this: the bank hires an appraiser to assess the fair market value of the home.  This value is based on similar Albuquerque homes in the area, and is referred to as comparative sales, or comps. The bank will only loan the amount that the home is appraised for.  So if the appraisal is lower than what the seller is asking and they refuse to lower the price, you can walk away from the deal and get your money back.

So you might wonder if this is the same thing as a finance contingency. The finance contingency can sometimes cover the same things. If the bank refuses to write a mortgage based on a lower appraisal, then you can leave the deal.  But the bank may agree to a smaller loan that meets the finance contingency. In that case, the seller can demand that you pay the difference.  So if you don't also have the appraisal contingency, then you're left having to come up with that extra money, or be in breech of contract and possibly lose your deposit. And that's why you should have both the appraisal and finance contingency in a contract.

What if the appraisal is too low and you still want the home?  You can ask the bank for another assessment, as well as present evidence that represents what you believe makes the home worth more.

Should you ever enter a deal without contingencies? In this hot Albuquerque real estate market, sellers can entertain offers from multiple buyers.  The easier the deal is for them, the better chance you have of getting the home.  But you run the risk that you won't get the loan you need. In the end, it's up to you, based on the market and what risks you want to take either way.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1133 Santa Ana Avenue SE, Albuquerque, NM 87123  $499,000

4 Bedrooms / 3 Bathrooms (2 full, 1 partial) / 3550 Square Feet

Oversized .46 Acre Corner Lot! BACKYARD ACCESS! Incredible backyard for entertaining family & friends with the great room & game room opening on to the covered patio, pool area and beautiful landscaping! Separate wings, 4BDRs, 3BATHs, TWO living areas, formal dining and large game room with built-ins, cabinets & wet bar! Refrigerated Air! Pool & electric pool cover! Lots of windows and skylights make it light, bright and open! Kitchen features a built-in oven, gas cooktop, built-in cabs, tile flooring & bkfst nook. Oversized master suite opens on to the covered patio & features a jetted tub, separate shower, double vanity and walk-in closet. Conveniently located close to the golf course, shopping, easy access to KAFB, Sandia Labs, downtown ABQ!!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you bought a house in Albuquerque, or any area for that matter, with no maintenance issues at all, that would certainly be a rare occasion. Usually most homeowners find a something that needs to be fixed in a home within the first couple of months of purchase.

And if you’ve already settled into your Albuquerque home, getting answers to these key questions will help you get to work putting the shine on your castle. Ask the previous owner, your agent, and your new neighbors for helpful answers.

Has There Ever Been a Busted Pipe?

Broken pipes are more common than many people think. Water damage caused by a frozen or burst pipe is a leading cause of homeowners insurance claims, at around 22% of all home insurance losses, according to the Insurance Information Institute.

What pipes can you expect to burst? Typically, the ones that burst more are exposed water pipes in unheated basements and crawl spaces, along with exterior faucets.

Old washing machine hoses are also a cause of water damage.

A good inspector in Albuquerque usually can tell if water damage has occurred, and any damage should be disclosed by the previous owner at the time of sale.

The big fallout from water damage is moisture problems you won’t see — behind drywall and trim — which can lead to mold. If you know there’s been a major leak, a mold remediation pro ($200 to $600) will tell you if mold is present and the steps required to remove it.

Any Infestations of Termites, Carpenter Ants, or Other Pests?

In Albuquerque and New Mexico, there’s a wide range of pesky critters that can plague a home. These can include ants (carpenter, fire, harvester, and the like), cockroaches, fleas, silverfish, and termites.

If this was an issue in a home you bought, this should be disclosed by the previous owner at time of sale. But even if the owner dealt with a past infestation, that doesn’t mean the little buggers have been totally eliminated.

Whatever conditions made your house ripe for infestation in the first place — a slow leak under the house, soft rotting wood that attracts insects — may still be present. Plus, many infestations aren’t confined to one house. It may be a neighborhood-wide problem.

Be proactive, because the average cost of a termite extermination treatment around the perimeter of a 2,500-square-foot house is $1,700 to $3,200. Repairs to wooden framing, sheathing, and siding can run from hundreds to thousands of dollars.

What are Monthly Utility Costs?

You can’t get away from paying utilities, so know what your monthly budget is up against. Be sure to get an average cost — not the lowest monthly bill — and ask when peak months are.

While you’re at it, ask what kind of energy sources your house appliances use — gas, electric, propane, or a combination. That’ll help you understand where you might upgrade to energy-efficient appliances to save energy costs.

Remember that energy savings starts with the simplest of tasks, like sealing air leaks.

Has the Sewer Ever Backed Up?

As properties age and trees and other plants get bigger, roots find their way into sewer lines between a house and the street, causing clogs. It’s a mess for sure, and most homeowner insurance policies don’t cover damage from backed-up sewers.

Plan to have the sewer line cleared (about $150) every other year.

For $40 to $50 per year, you can add an endorsement to your insurance policy to cover damage from a backed-up sewer.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1824 Bold Ruler Road SE, Albuquerque, NM 87123  $425,000

4 Bedrooms / 3 Bathrooms (3 full) / 4650 Square Feet

Seller paid lot premium for over sized corner lot. Original Owner built and upgraded Raylee-Vantage home. No PID!! Fantastic 4650 sq ft 4/5 bedrooms plus huge family room upstairs perfect for home theater, pool table.1 Spacious bedroom and full bath plus office area on main level. 5th bedroom currently used as exercise room. 2 large living areas , formal living and huge formal dining room. Kitchen is a dream with beautiful sile stone counter tops, island, and sunny breakfast nook. Kitchen opens on to spacious family room with fireplace. Master suite has private balcony, double sink, jetted tub, sep shower. Beautifully landscaped front and back, bubble drip and sprinklers designed for low maintenance, wonderful covered patio. Over sized 3 Car Garage, Home is immaculate, shows like model!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Buying a home in Albuquerque should be an investment that gives you safety and security, along with financial security. Before you buy a home in Albuquerque, you should make sure you can afford the mortgage and that it fits in your budget.

Prepare a Detailed Budget

The standard rule of thumb says that you can afford a home that costs 2 to 3 times your gross income for one year. In other words, if you earn $100,000 in a year, you should be able to afford a home between $200k to $300k.

There is one problem with this rule. It doesn't factor in your monthly expenses and debts. If we use our previous example of $100k per year income, and you have $1000 monthly debt payments, this leaves you with less money to pay the mortgage.

You should prepare a family budget that takes into account your ongoing monthly bills for everything — credit cards, car and student loans, lunch at work, day care, date night, vacations, and savings.

Now you can see what's left to cover the costs of owning a home, such as your mortgage, property taxes, insurance, maintenance, utilities, and community association fees, if applicable.

Factor in Your Down Payment

Having enough for a down payment is also an important factor to consider. It's simple: the higher the down payment, the lower your monthly mortgage costs will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which protects the lender if you default and costs hundreds each month. That leaves more money for your mortgage payment.

The lower your down payment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.

But, if interest rates and/or home prices are rising and you wait to buy until you accumulate a bigger down payment, you may end up paying more for your home.

Consider Your Overall Debt

Lenders generally follow the 43% rule. Your monthly mortgage payments covering your home loan principal, interest, taxes and insurance, plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 43% of your gross annual income.

Here’s an example of how the 43% calculation works for a home buyer making $100,000 a year before taxes:

  1. Your gross annual income is $100,000.
  2. Multiply $100,000 by 43% to get $43,000 in annual income.
  3. Divide $43,000 by 12 months to convert the annual 43% limit into a monthly upper limit of $3,583.
  4. All your monthly bills including your potential mortgage can’t go above $3,583 per month.

You might find a lender willing to give you a mortgage with a payment that goes above the 43% line, but consider carefully before you take it.

Use Your Rent as a Mortgage Guide

If you currently are renting, then you can use an online calculator to compare the costs of renting vs owning a home to see which makes the most sense for your financial situation.

If you’re struggling to keep up with your rent, buy a home that will give you the same payment rather than going up to a higher monthly payment. You’ll have additional costs for home ownership that your landlord now covers, like property taxes and repairs. If there’s no room in your budget for those extras, you could become financially stressed.

Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

7904 Charger Trail NE, Albuquerque, NM 87109  $375,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 2828 Square Feet

NEW ROOF! (2018) NEWER CARPET & PAINT! (2017) Single story 4BDR/3BA/2G with TWO LIVING AREAS, formal dining, oversized eat-in kitchen plus sunroom! .25 ACRE LOT! REFRIGERATED AIR! Skylights! Wet bar and wood burning fireplace in the oversized family room! Large secondary bedrooms, walk-in closets! Master bath has updated wood tile flooring, double sink vanity and sep vanity! Spacious eat-in kitchen features lots of cabinets, newer oven and dishwasher (2017 & 2018). Beautifully landscaped yard with mature trees, grass and shrubs! Conveniently located in Academy Estates neighborhood, close to shopping, Whole Foods, Trader Joe's, Alb Academy, parks, schools & restaurants! Sandia High School district!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Negotiate Your Best House Buy in Albuquerque

by Sandi Pressley

Buying a home in Albuquerque can have moments that can get emotional. Yet it doesn’t need to be that way. If you stick to a plan and follow the lead of your agent, you can get through this. Although your agent may offer advice, it’s ultimately you that needs to make the final decision.

Here are six tips for negotiating the best price on a home.

Get Prequalified for a Mortgage

Prequalifying for a mortgage does two things – it shows the seller that you’re serious about buying their home and that you can afford it. This also put you in the lead of those who don’t take this important first step.

Ask Questions

Questions are a good thing. Ask all the questions you want. You need to know many things about the home and seller you’re interested in. What's the seller's motivation for selling? What is their financial position? Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go.

Work Back From a Final Price to Determine Your Initial Offer

Decide beforehand what you're willing to pay. Then you can work back from that number to make an initial offer. If you bid too low, you may offend the seller. If you bid too high, you may end up spending more than you need to.

You agent can work with you to compare homes in area that have sold recently to come to a fair initial offer.

Avoid Contingencies

Sellers don't like taking chances. Nobody does for that matter. So keep the bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Try to keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.

Remain Unemotional

Remember that buying a home is a business deal. Treat it that way. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating.

Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won’t budge, make it clear you’re willing to walk away; they may get nervous and accept your offer.

Don't Let Competition Change Your Plan

Great homes and those competitively priced can draw multiple offers in any market. Don’t let competition propel you to go beyond your predetermined price or agree to concessions — such as waiving an inspection — that aren’t in your best interest.

Search for your dream home in Albuquerque with our easy to use home search. Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

3504 Yipee Calle Court NW, Albuquerque, NM 87120  $259,000
$499,000
6309 Dorado Beach NE, Albuquerque, NM 87111  $349,000

4 Bedrooms / 4 Bathrooms (1 full, 3 half) / 2281 Square Feet

Tanoan Torrey Pines! 4BDR/3.5 BATH! NEW TPO ROOF! (2018) So many updates including REFRIGERATED AIR! NEW HVAC (2016)! PELLA WINDOWS! (2013) RE-STUCCO! UPGRADED KITCHEN & MASTER BATH! NEW FRONT DOOR (2018)! Floor plan features office/study/bedroom on main level, formal dining, open living room featuring French doors to outdoor patio, wood tile flooring and cozy fireplace! Updated kitchen features granite counter tops, double oven, pantry, breakfast nook and access to the outdoor patio! Master suite features an updated over-sized shower, double sink vanity & built-in organizer walk-in closet. One bedroom suite has its own private bath! Beautiful New Orleans style back patio, perfect and private for entertaining family & friends!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Should You Buy That Fixer Upper in Albuquerque?

by Sandi Pressley

Buying a fixer-upper, if you buy the right one, can really be a great investment. If the right things are wrong with a house, it can become both your dream home, as well as earn a great deal of equity.

You don't need to be a DIY guru wither. Patience and time are all that's needed.

Here's how you can tell if that home you're looking at fixing up is worth it.

Evaluate the Price

A fixer-upper should be priced as such. Try not to fall in love too quickly with a home that “just needs a little TLC.” make sure you do your research and make sure the price is right for the work needed.

Also look at other homes in the neighborhood to see how much they sold for and how much work they've had and how fancy they are. you don't want to over-improve for the neighborhood, as this could affect the selling price in the future if you decide to sell.

Start Evaluating What Improvements Are Needed

An ideal fixer-upper is a home that offers a lot of opportunities for “instant equity." This means that if your turned around and sold the home right away, you would get your money back.

Some improvement tasks can be as simple as painting or landscaping, which you can accomplish with sweat equity.

Other tasks may require the work of professionals and cash to pay them. It’s those projects you want to carefully evaluate against the home’s price.

Which Hire-a-Pro Projects Add Instant Equity?

Some home improvement projects that require a pro stay at the top of the list of things that will be worth the cost instantly.

Based on data gleaned from the “Remodeling Impact Report” (RIR) from the National Association of REALTORS®’, if these three projects are on your fixer-upper’s list of must-haves, then you may have found your dream equity-builder:

  • New roof
  • Hardwood floors
  • Insulation

While those three are pretty safe bets. Almost any project can be worth it with a fixer-upper if the price is right. For example, a complete kitchen renovation can cost $65,000 and recover only about $40,000 when you sell. But if the fixer-upper is discounted enough, think how amazing it would be to cook in a kitchen you designed yourself.

Evaluate Your Ability to Deal with Disruption

Whether you’re a DIY Jedi or content to let the pros handle the remodel, if your patience is shorter than your potential home’s to-do list, a fixer-upper may not be a good choice.

Renovating a bathroom alone can take two to three weeks. Add hardwood flooring, a new kitchen, and siding, and you’re looking at a whole summer’s worth of rehab.

When considering a fixer-upper, evaluate the limits of your emotional energy as well. Inevitable project pitfalls and delays can be wearing. Only if you have the time, patience, and emotional endurance for a fixer-upper will it be a good fit for you. And only you can determine that.

But if you can budget your time and money, and employ the right fixer-upper strategies, you might find yourself with a double reward: A home that’s worth far more than you paid, and the joy of knowing you helped get it there.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

3504 Yipee Calle Court NW, Albuquerque, NM 87120  $259,000
$499,000
3504 Yipee Calle Court NW, Albuquerque, NM 87120  $259,000

2 Bedrooms / 3 Bathrooms (2 full, 1 half) / 1920 Square Feet

Superb Town home nestled on the Bosque! Very well maintained, newer carpet '16, new low flow, comfort height toilets in all bathrooms! Newer furnace/AC '12, upgraded granite counter tops with widened bar in kitchen. Breakfast nook, stainless steel appliances, and pantry. Beautiful tongue and groove ceilings, loft with latillas and sola tub lighting. Master suite is large with double sinks, separate shower and garden tub. Backyard features pergola, water feature, turf, covered patio and you own personal gate to hiking/biking trails and the bosque. Minutes from shopping/restaurants and so much more!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Everything to Know About the Pre-Approval Process in Albuquerque

by Sandi Pressley

No doubt, you've already hear about being "pre-approved" if you're planning on buying a home in Albuquerque. Yet many people don't fully understand the process.

What is Pre-Approval?

In short, being pre-approved for a mortgage means that the lender decides if you're eligible for a loan and how much you can borrow. This decision is based on your finances and credit rating.

Why Do I Need to Get Pre-Approved?

Being pre-approved is necessary for a number of reasons. It gives you clearer picture of how much money you need to complete the buying process. The more you put down, the lower your monthly payments will be. You will also get a better idea of how much you can afford for the total price of the home.

Many people make the mistake of thinking that the loan product that a friend used will work the same for them. Even though that's a possibility, it's not safe to assume so. No two loans are alike, just as no two lives and circumstances are alike.

Loan products also have different costs, such as varying lender origination fees. Your loan officer can work with your to learn the costs of a loan and how the loan process works.  This will give you a good idea of what costs to expect.

Knowing these things will make you more comfortable when deciding on a home to buy. It also shows sellers that you're serious about making an offer, giving you an edge over buyers who haven't been pre-approved.

Getting Pre-Approved is Easy

Pre-approval is an easy process, so there's no reason not to do it. You just need to know how much money you make, assets, and debts.

What Will My Lender Need to Check During Pre-Approval?

  • Your credit score. Yes, your lender will then have to pull your credit. Don’t worry, pulling your score once shouldn’t affect your score. 
  • W2s or 1099s
  • Pay stubs
  • Tax returns
  • Bank statements
  • Account statements
  • Your list of monthly expenses

Gathering all these documents can feel like busy work and is typically the hardest part for you. 

If you want to have an idea of whether you’ll get pre-approved before choosing a lender, a good first step is finding out your debt-to-income ratio, or DTI. Your DTI ratio helps a lender understand how much of your monthly income goes to paying debt and what you have left after those debts are paid. You can calculate the ratio by dividing monthly debt payments by gross monthly income.

The lower your debt-to-income ratio is, the better. A lower DTI will make you seem less risky to lenders.

Although each loan product is different, most lenders would prefer your debt-to-income ratio to be at 36% or lower.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1120 Edith Boulevard SE, Albuquerque, NM 87102   $202,000

 

3 Bedrooms / 2 Bathrooms (1 full, 1 partial) / 1413 Square Feet

Welcome this one story Hip cottage, bungalow style, built 1908 in the urban South Broadway Neighborhood. Home features 2 covered porches, historic front faces west and east facing back. Over sized lot for the area, and entire property is fenced. Original wood floors. Home offers 3 bedrooms, and 2 baths. 3rd bedroom currently being used as an office. Newer updates include, ROOF, windows, evaporative cooler. This home is not to be missed!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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