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Home Maintenance Mistakes to Avoid

by Sandi Pressley

Deferred maintenance is a huge concern for buyers. If they find small things left undone in a listing, they're likely to walk away without giving the home a second thought. Here are a few home maintenance tips to make your home stand out when you're listed for sale.

You should be replacing your air filter and dusting the return vents at least once every 3 months. More often if you live in a dusty area, have pets or suffer from allergies. This will help your AC system last longer and nothing turns off a buyer like looking up and seeing a filter covered in dust and hair.  

Grout, in areas of your home that get wet, need to be cleaned and resealed about once per year. If you notice an area that needs it more often, add it to your calendar. Buyers may not notice your efforts but I guarantee they will notice if it's not done.

Look for leaky faucets and toilets. Run faucets for a minute or two and check under the sinks for water leaking. If you think you might have a leak, turn off all water sources and check your meter. Still moving? You may have a leak. The ABQ Water Authority can help you with a water audit to help detect those leaks and refer a licensed plumber to get repairs done.

Finally, dust ceiling corners and remove cobwebs from the front porch area. While cobwebs and dust may not be indicators of damage, it can give a buyer the wrong impression about your home. Best to clear them out before your first showing.

If you're ready to put your Albuquerque home on the market, call The Sandi Pressley team today. We'll help you get your home ready to sell fast and for the best possible price.

Have An Awesome Week!

Sandi's Hot Home Listing

1015 C De Baca Lane, Bernalillo

Price: $550,000 Beds:4 Baths: 3 Square Feet: 3,664

Welcome to this Exquisite Custom home in the sought after gated community of C de Baca Casitas. Upon entering this home, you’ll notice sweeping views of the Sandias! Built by Su Casa, this home features Diamond Finish Plaster, arches, pillars, beamed/raised ceilings, custom lighting, hardwood & travertine flooring.

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1st Time Buyers, Now is the Time to Buy!

by Sandi Pressley

Few things in life are certain. One thing that is certain is the ever-changing real estate market. The market we see today will not be the same a year or even a month from now. The market for 1st time buyers hasn't changed much in recent time but it looks like that might be changing soon. If you're a first time buyer, now is the time to act. Here are a few reasons why.

Historically Low Rates

Many experts predicted a rise in real estate rates over last summer. That didn’t happen. It could come at any time but for now, it looks like rates are holding at near historic lows. A rise in rates can have a significant impact on your monthly payment so if the stars are aligned for you to purchase, don’t wait. "If mortgage rates hit 6%, a third of millennials (people younger than 35 years old) wouldn't be able to afford homes as they're currently listed, according to an analysis by HouseCanary, a housing-data analytics company," said Money magazine. A $215,000 loan at 80% LTV over 30 years climbs just over $100 a month with just a 1% increase in interest rate.

Low Down Payment Programs

New loan programs from Fannie Mae and existing loans from FHA make buying a home even easier. With down payments as low as 3% in some cases, homes become more affordable for first time buyers. Pair that with lower MIP and you’ve got a great reason to buy now.

Rent is Going Up

In most markets around the nation, rental payments have been climbing steadily in recent years. When you look at rising rental payments and the tax benefits of home ownership, the decision becomes much clearer. In many markets, it is less expensive to make a house payment, usually on a larger residence, than to pay rent.

Tax Benefits

When you own a home, especially the first year, the tax benefits can easily outweigh the costs. Here are just a few things that may reduce your tax burden when you own a home:

  • Interest payments
  • Interest buy downs
  • Points
  • Property Taxes

PMI Went Down

The going rate for PMI in recent years was 1.35% of the balance of the loan. The feds recently made a change that lowered this rate to /85 meaning huge savings for buyers with lower down payments. The change can mean a savings of around $900 each year. As you can see, there are plenty of reasons why now is a GREAT time to buy your first home. If you’re ready to start your search, contact the Sandi Pressley Team today!

Have An Awesome Week!

Sandi's Hot Home Listing

24 Plaza De Sonadores, Placitas

Price: $300,000 Beds:3 Baths: 2 Square Feet: 2,170

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

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

 

Why you NEED a real estate professional

by Sandi Pressley

Making a home purchase on your own has become increasingly difficult. New regulations, an increase in the amount of paperwork required and negotiation requirements means it's even more important to find a qualified real estate professional. In addition to a real estate license you should seek a broker who is a negotiation specialist for repairs and inspections, someone who is very familiar with the area you're shopping in and a broker who knows a lot about the mortgage industry.

The process of getting a real estate deal from contract to close is a complicated one. The number of obstacles a buyer may face is ever increasing and always changing. Financing standards have tightened, supply of homes has changed dramatically and prices and interest rates are always on the rise.

Your Sandi Pressley team buyer specialist will have access to all homes listed for sale in the Albuquerque Metro Area through the local MLS. They can set you up with email alerts so know immediately when a new listing goes on the market or if a listing you're looking at changes status or price.

Brokers also share new listings with each other, sometimes before they even hit the market. This means having a well-connected real estate broker will benefit you even more. If your broker isn’t contacting you with new home prospects on a regular basis, it’s time to shop for a new broker.

Your broker should also be poised and ready to help you make an offer as soon as you decide on a home. If your broker isn’t available by phone text or email, or fails to return your calls in a timely manner, this is a sign they aren’t invested in your situation. Sadly, this lack of attention could end up costing you the home you want.

Your broker should also have strong negotiating skills. Since buyers and sellers have competing interests, it’s important that your buyer specialist be able to negotiate with the sellers and be able to work through problems that arise along the way.

While all of these things are important when you’re looking for an agent, you aren’t without responsibility in the deal. Here are a few things you should do:

  • Be Loyal
  • Working with more than one broker is not kind. Brokers work solely on commission and if you spend their time to find your dream home, then give them the commission they deserve for their hard work.
  • Communicate
  • You may hear a lot of stories about brokers who never call back or don’t communicate as much as you’d like. This is a two way street. If your needs change or you aren’t happy with the level of service you receive, tell your broker and give them an opportunity to remedy the situation. If they fail to do so, move on.
  • Don't Go Alone
  • If you're going to look at a home, tell your broker first. They may have inside information about the home. It’s also good because having them with you can rule out any possibility of a seller trying to take advantage of your lack of representation.

If you want the best service during your home purchase, hire a real estate professional with a proven track record. If you’re ready to work with the best, call the Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

604 Autumnwood Pl, Albuquerque

Price: $389,000 Beds:3 Baths: 3 Square Feet: 2,900

SLICE OF HEAVEN-CULDESAC Hillside Home w/Private Pool, Lush landscaping & breathtaking city & mountain views. This stunning home shows like a MODEL w/upgrades galore-showcasing 3 BDRMS/3 BATHS/2 CAR GARAGE/UPSTAIRS LOFT/BALCONY OFFERING MAJESTIC VIEWS-3 decks for views overlooking Tijeras Canyon. This open concept floorplan includes 2 living areas w/fireplace, spacious remodeled Kitchen w/granite counters S/S appliances -chefs dream!

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First Time Buyer Tips

by Sandi Pressley

Are you looking to buy your first home? A large number of homes selling today are going to first time buyers. The low mortgage rates and great prices are making it a great market for home buyers, especially first time buyers It’s a good idea to start early, at least 4-6 months before you plan to purchase and before you call a lender. To best position yourself for a purchase, follow these tips.

Get your Credit Report and Score

The 3 credit bureaus offer an annual free check of your credit. Under the Fair Credit Reporting Act they are required to provide you with a copy of your full credit report at no cost. You can also pay a small fee and see your credit score. Your credit score is what a lender will use to determine your creditworthiness. The higher your score, the better your interest rate will be. Lenders look at your average score and while they use a complex algorithm, having good credit can make a huge difference in your monthly payment. All three credit bureaus can take up to 90 days to correct errors on your report. Check it carefully for mistaken identities, signs of identity theft and payments that were incorrectly reported. Make sure to allow plenty of advance time for those corrections. This will make the pre-approval process smoother.

Keep Your Scores Up

You might think that opening a new credit account and then leaving it uncharged will help your credit score. This includes large purchases like furniture and cars. It also includes personal loans, major credit cards and even store credit cards like those offered at department and home improvement stores. Lenders look at your credit score but they also consider your debt to income ratio. The higher this number is, the more risk you pose. Rates rise or loans are denied. It is best to wait to open new accounts until after your home loan has closed.

Get Pre-approved

Know what you can afford AND what you can qualify for before you go shopping for a home. Your lender will want to see your credit reports, job history, income, loans, credit card balances and any alimony or child support you pay or receive. Once you apply for a loan and get a pre-approval letter, finding a home in your price range is easier and you don’t risk falling in love with a house that’s out of reach. Based on all the financial information you provided, your lender will provide a tentative commitment to your loan. You won’t lock your interest rate yet but your lender can give you an idea of what your monthly payment might be like and how much of a down payment you might need.

Make a List

Make a list of all the things you want and need in a home. Do you need a single story home? Do you want to include a pool or horse stables in your purchase? Before you call a real estate professional it’s a good idea to have your choices narrowed down. Looking at 20 houses in one day might sound like fun but you won’t enjoy it if none of those homes meet your needs. Communication is key when it comes to your agent helping you find a home. Tell them what you’re looking for and talk to them if your needs or wants change during the home search process.

Find a Broker

When you’re ready to go look at homes it’s important to hire the right broker to help you. It’s important to find someone who is experienced in negotiations and who knows the areas you’re shopping in. You should interview no less than 3 agents in this stage of the process. Look for a broker who has a positive track record and whose personality is a good fit for yours. You’re likely to be spending a lot of time together in the process of finding and purchasing your first home.

Check Your Expectations

Unless you’re having a home custom built, you’re unlikely to find a home that has everything you’re looking for. Make a list of the top 3-5 things that are deal breakers and be flexible on everything else. Cosmetic changes like paint and carpet are an easy fix compared to structural changes and major renovations. Some home improvements can be covered by your mortgage loan. Talk to your lender about programs that may be able to help.

Real Estate is NOT a Short Term Investment

Unless you buy cheap, do all the work yourself and then flip the home for an immediate profit, you should always think of real estate as a long term investment. The National Association of Realtors says that home equity in general beats out inflation by one or two percent annually. Add that to the tax benefits of home ownership and this is an investment that can really pay off if done right. It’s not just an investment though. If you focus completely on the financial aspects of your home purchase you might miss out on the joys of home ownership. Living in a great neighborhood, not worrying about rising rents and making your house a home, all easily outweigh the financial benefits of owning. When you’re ready to purchase your first home, contact The Sandi Pressley Team and let our buyer specialists help you find the home of your dreams.

Have An Awesome Week!

Sandi's Hot Home Listing

1412 Stagecoach Ln, Albuquerque

Price: $575,000 Beds:5 Baths: 4 Square Feet: 4,250

Check out this Private Dream Home! Nestled in desired Four Hills, this rare find 2.21 acre single level dream home offers Elegance and Tranquil living! With over 4200SF, PLUS attached Sunroom 267+SF (not incl in sqftg) the open floor plan offers 5 BDRMS/4 Baths/Huge 3 Car garage ,2 breathtaking living areas +formal dining. Lovely raised and T&G/Beamed ceilings with picturesque window which flood the home with natural light and views

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

Displaying blog entries 1-4 of 4

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