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How do I save for a down payment?

by Sandi Pressley

Interest rates on a home mortgage remain low. Home prices are rising but they are still below the level they were at before the market took a dive. If you qualify for a low or no down payment loan, you're still likely to have closing costs and other expenses revolving around a new home purchase.

Here are 6 tips to help you save enough to make owning a home more than just a dream.

Tip #1 - Create a budget and expense report. Be specific about how much income you have each month and how much of it is being spent where. This will not only help you see where you might be able to make cuts, but will also help when you need to decide on a price range for your new home.

Tip #2 - Eliminate recurring service expenses, like gym memberships or cleaning services, that you aren't using or you might be able to do yourself to save some cash. A gym membership can add up to hundreds of dollars in a year.

Tip #3 - Cut out the java and other treats. Sure, we all like a good cup of coffee on the way to work but those trips can cost $30 - $40 a week or more if you add any food items to your stop. Your budget and your waistline will thank you!

Tip #4 - Eat out less or go earlier in the day. Dinners at restaurants are often more expensive than the same meal on a happy hour or lunch menu. Keep your leftovers and take them for lunch the next day. Living lean has become more and more popular in recent days.

Tip #5 - Consider getting a side job. What skills do you have that you can use on the side to make a little extra cash? Selling crafts on Etsy, working part time at the mall or even babysitting or mowing lawns can be great ways to earn a little extra each month.

Tip #6 - Be diligent about paying off debt. Start with your highest interest rate card first. Hit it hard and then move that payment to the next highest card. Rinse and repeat until all debts are paid.

It may feel like you're depriving yourself of the basics that make life comfortable to you but remember, there's a bigger purpose here. You want to be a homeowner and you want an affordable payment. Saving for the down payment or closing costs is a great start to ownership.

If you're ready to start your search, contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

4 Cinco Circle, Placitas4 Cinco Circle, Placitas

Price: $409,000 Beds: 3 Baths: 3 Square Feet: 2,740

GORGEOUS SINGLE STORY Placitas custom home offers a private 2 acre sanctuary with breathtaking mountain views. This 3 bedroom, 3 bath, 3 car garage, NM Pueblo home showcases spacious floorplan featuring a dramatic entry way into a cozy living space with Kiva fireplace and exposed vigas, T&G ceilings+wooden shutters throughout. Upgraded gourmet kitchen with custom cabinetry, granite countertops with beautiful backsplash accents. Private master suite with stunning Kiva fireplace and lovely Master Bath jetted tub, separate shower and large walk-in closets.

View This Listing


AND HERE'S YOUR MONDAY MORNING COFFEE!!

 

Are you ready to buy a home?

by Sandi Pressley

The one question we get asked more than any other is this: When is the best time to buy a home? It most often comes from first time homebuyers who are making the change from being renters to being owners. The answer is complicated and varies depending on your individual situation but let's take a look at a common situation as an example. Your readiness to make a commitment is likely the most important factor in the timing of a home purchase. You've already looked at your budget and determined that renting is costing you more than owning would. You have a down payment saved up and you're ready to take the leap. What's next? Here are some questions to ask to determine if it's time.

  • Am I willing to work with a lender to determine my price range and ONLY look at homes in that range?
  • Am I willing to research neighborhoods to find one that meets my lifestyle needs?
  • Am I willing to compromise my desires to find a home that suits most of my needs?
  • Am I prepared to make an offer when I find a home that fits my needs and is within my budget?

If you answered no to any of these questions, you may not be ready. Finding the right home is the easy part. Being prepared to jump, not so much. Prices are still at historic lows, rates remain very affordable. Now is a great time to buy a home. The real estate market has been tumultuous for years. Being fearful of making such a large financial commitment is understandable. Buying a home is a long term investment. Like the stock market, there is risk. If the market tanks again, you may lose equity and be forced to stay in your home longer than you expected. If you can be realistic about home ownership being a long term investment, you will eventually get a return on investment. However, you must be willing to:

  • Keep your home updated and do repairs on a regular basis
  • Be patient, return on investment can take a decade or more
  • Buy in your price range

Once you asked yourself all the right questions and decided that you're willing to do what it takes, it's time to talk to your lender and a real estate professional. The Sandi Pressley Team is here to answer your questions.

Have An Awesome Week!

Sandi's Hot Home Listing

12105 Signal Ave NE12105 Signal Ave NE, Albuquerque

Price: $945,000 Beds: 5 Baths: 4 Square Feet: 4,495

Sophisticated custom home with casita; Nestled in desired Primrose Pointe, showcases breathtaking MTN & City views!Built with Elegance & Luxury, the 4495 SF Award winning home offers the finest quality craftsmanship 5 bedrooms, 4 baths, 3 fireplaces, a 3 car garage and 2 spacious living areas, with wet-bar, travertine flooring and alder wood throughout! Gourmet kitchen with custom Alderwood cabinets, granite counters, island, stainless steel Subzero and WOLF appliances!  Tranquil Master suite with fireplace, sitting room and private patio.

View This Listing


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Albuquerque's History, Past and Present!

by Sandi Pressley

Albuquerque is a city of rich history and cultural diversity. Celebrate our community’s past by honoring those whose ancestors have lived in the area for long before we became a nation. Head to the Indian Pueblo Cultural Center (2401 12th Street NW) on Monday, October 10th, for the Indigenous Peoples’ Day Celebration. The event takes place all day from 9:00 am until 5:00 pm. Songs, dances, and stories will be performed by students of the Native American Community Academy (NACA) to honor and share their heritage with all guests of the museum. The students of NACA have worked hard putting together their performances in order to express what it means to them to be indigenous. Learn more about the people that have inhabited this land since ancient times and celebrate the future of this rich community.

 

Schedule of Events

9:00 am - American Indian Development Associates, Inc. Opening Remarks

10:00 am - NACA Student Presentations

12:00 pm - Bird Dancers (San Felipe)

1:00 pm - Radical Poets Presentation

1:30 pm - NACA Student Presentations

2:30 pm - Sweet Nations Sisterhood Jingle Dress Dancers

3:00 pm - Bird Dancers (San Felipe)

4:00 pm - Pre-Columbian Seeds Dry/Wet Preservation Demos Presented by the IPCC Education Department

This great educational event is open to all. The cost is FREE with the regular $8 museum admission. Be sure to check out all of the Indian Pueblo Cultural Center during the event. This fantastic museum presents the history, art, and culture of the 19 Pueblos in New Mexico.

 

Bring the family down to the Indigenous Peoples’ Day Celebration for all the fun!

Visit our blog and website frequently for more Tips on fantastic upcoming events!

Featured Home Listing of the Week!

6 Bedrooms/ 5 Bathrooms/ 5135 Square Feet...$1,195,000

ONE OF A KIND PROPERTY! Exquisitely Appointed SINGLE LEVEL MULTIGENRATIONAL Custom Home! Nestled in desired Black Farms Estates, this 1.14 acre EXCLUSIVE dream home offers Elegance, Luxury & stunning Backkyard!   View this incredible listing

 

Get your Monday Morning Inspiration with Sandi Pressley!



 

 

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