Real Estate Information Archive

Blog

Displaying blog entries 1-9 of 9

Does Your Credit Need to Be Perfect to Buy a Home in Albuquerque?

by Sandi Pressley

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!

REQUEST MOR

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

 

How to Handle Moving Company Issues

by Sandi Pressley

Buying a home in Albuquerque involves making important decisions. One of the most important of those is how you plan to move your belongings. If you plan on hiring a moving company in Albuquerque, the thing to remember is that not all moving companies are operating on the same level. There are a number of things that can go wrong during a move. The question is how the moving company you hire will handle those issues and protect your items.

Here are some common moving disputes, and how you can handle them:

Damaged or Lost Items

Things tend to break or get damaged during a move. It's inevitable. Even when you hire pros to help, it can happen. How can you minimize the risk?

A professional mover will offer the option of buying Full Value Protection, which is a type of insurance that fully covers the cost of any broken or lost items. Without this protection, you will be asked to sign a Waiver of Full Value Protection. In that case, only 60 cents for each pound will be covered. That's not very much compensation, especially if you have expensive items that don't weigh very much.

Before you move, take the time to photograph your possessions, or at least the most expensive ones. If anything is damaged or lost, you should submit a claim as soon as possible, as the moving company can take up to 30 days to acknowledge the claim and 120 days to settle it.

Here are a few things to do during the move to make sure any damages are accounted for:

  • Look over all of your items to check for damage as you unpack.
  • Make a list of any damaged or missing items.
  • Take photos of any damage found.
  • Determine the replacement costs for damaged or lost items.
  • Fill out a claim form with the moving company immediately and return it with your photos. Make copies for your records.

Hostage Shipments

There have been cases where a disreputable mover will hold a delivery hostage until the owner is forced to pay an additional fee. The federal government calls these 'hostage shipments.'

If a mover does try to hold your things hostage, there is recourse. The Federal Motor Carrier Safety Administration has a Consumer Complaint Hot line that you can call at (888) 368-7238. The federal organization claims that it tries to respond to hostage shipment as quickly as possible, so you can expect some sort of resolution.

Late Deliveries

Late deliveries are not completely unexpected. But there have been cases where a delay an last several weeks. Not all companies do this of course. Make sure that you carefully research moving company reviews for any reports of late deliveries.

Keep in mind that delays of some kind are possible. If you need certain things that are really important, like a computer, medication, or other critical items, make sure you take them in your car instead of the moving truck.

Moving to a new home is a never a trouble-free process. But if you keep these tips in mind, you can lessen your chance of having issues with movers, and know what to do if you do have any problems.

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!

REQUEST MOR

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

 

Buying Furniture for Your New Home? Consider These Points First

by Sandi Pressley

You've found the perfect home for sale in Albuquerque and closed the deal. Now for the fun part - buying furniture! But hold on, don't get carried away. Doing so can lead to costly mistakes. When it comes to buying furniture for your home, there are a number of points to consider to make sure you buy the right items.

Measure Twice, Move Once

Will your new luxury leather couch fit through the front door, or any of your doors? There’s nothing more frustrating than buying a piece of furniture and not be able to get it in the house. Also, consider the size of the room you’re placing your furniture. Would it be too big or small? Make sure that you get the measurements on the furniture you’re buying and compare it to the space you plan to put it. You can also download an app for your pad or phone that will help you visualize how furniture will look in your home.

Maintenance

Hardwood furniture is certainly appealing and will last for many years, but it does take more maintenance than furniture made with synthetic materials. Make sure that you have the time and know-how to care for hardwood furniture before you invest in it.

Avoid Fads

Will that trendy chair or sofa still be in style next year? If you want to avoid having your home look dated, consider more classic styles. Classic styles will outlive trends for generations and always keep your home looking good.

Take Some Time

There’s no law that says you have to buy the first piece of furniture that strikes your fancy. It’s a lot like buying a home. Did you buy the first home you saw? Probably not. When you take your time, there’s more of a chance of finding the best products that will compliment your home.

Think Ahead

What are your living plans over the next few years? Are you staying in your home indefinitely? Or are you planning to upgrade in the a few years? Base your furniture choices on your plans as much as possible and you won’t have to spend more money than you need to if you do move.

Cost and Budget

Lay out a budget before you dive into the furniture stores or shop online. And of course, furniture stores have all sorts of sales and plans to get you to buy more than you need. Stay focused on your goals and budget. If you buy furniture using credit plans offered by these store, you will pay more than you need to for items that are not necessarily of higher quality. Remember – furniture stores exist to make money.

If you keep these thoughts in mind when buying furniture for your home in Albuquerque, you can make great choices that will make your home look amazing for years to come.

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

 

Are you ready to get your Albuquerque home search going full steam? Our latest featured properties offer something for everyone. Two of these properties were just listed today, so make sure you jump on these great homes while they last. And if you're looking for for the ultimate luxury home for sale, take a closer look at our two latest spectacular estates for sale.

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can check out all of our listings on our Featured Listings page.

8439 CASA MORENA Court NW, Albuquerque, NM 87120

$199,000

Beautiful home in the Tierra Oeste Subdivision awaits its new owner! Situated on a large culdasac lot and close to conveniences, this home will not disappoint! The spacious and bright floorplan features beautiful low maintenance tile throughout main living and wet areas, with carpet in bedrooms; Three bedrooms with a possible fourth or office/hobby room; two full bathrooms upstairs and a 1/2 bath down; & lots of closet & storage space. Family room opens to a sunny dining nook and bright kitchen. Low maintenance landscaping in front, & extra large backyard with backyard access potential. This home is a must see!

Learn More!


4401 RIATA Trail SE, Rio Rancho, NM 87124

$189,000

Home is perched on the end of a Cul-de-sac, East facing with big views of the Sandia Mountains. Open kitchen with pitched ceilings, ample cabinets and countertops. Oversized laundry room that could double as a workout area or home office. 3 bedrooms on upper level. With a little TLC, make this home your own. Short distance shopping and restaurants .

Learn More!


11720 COYOTE RUN Road NE, Albuquerque, NM 87122

$1,125,000

Magnificent Rex Wilson remodel of this amazing Pueblo style home. From the minute you enter you will feel like you are on vacation (feels like a Taos Hacienda), beautiful hardwood floor, custom carved beams, corbels kiva fireplace, leads into a wonderful custom kitchen. Skylights bring in natural light, and Pella windows, hardwood doors updated electrical and an amazing wrap around covered patio embraces beautifully landscaped private oasis. ''And'' a detached casita heating cooled, presently used as a theatre room (projection equipment, screen and couches will stay) and of course a totally remodeled bathroom, and could easily be an in law quarters.

Exquisite Lee Micheal Masterpiece w/Stunning Views! Impressive architectural details paired with fine appointments throughout, make this home a North Albq Acres 'One of a Kind.' Enjoy Sandia views from main living area w/custom two-way fireplace shared w/formal dining room & opening to Gourmet Chef's Kitchen boasting gorgeous cabinets/counters; eat at island; Built-in SS appliances; two sep sinks; wine cooler, plus. Upper level has library; exercise & office spaces, Plus: Luxurious Master retreat that includes TWO balconies to enjoy Mtn & City/mesa views! Spa like en suite w/walk-in closet & built-ins. Lush landscaped backyard includes views from the covered patio; built-in firepit; water feature; & hot tub. Garage is car enthusiast's dream. See 'Feature Sheet' for more amenity details.

Learn More!


13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111

$1,125,000

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.

Learn More!

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.

Get your Morning Inspiration with the Sandi Pressley Team

Avoid Costly Home Remodeling Mistakes

by Sandi Pressley

No doubt you are spending more time at home, like so many of your neighbors in Albuquerque and across the nation. And no doubt you're thinking about how you can renovate your home to suit your changing needs. But don't start knocking down walls just yet. You want to make sure that you plan carefully for any renovations you make on your home.

Whether you’re outfitting your home with a new office or classroom, or taking on long-intended improvements such as painting or installing new flooring, here are four tips to help you make sure you’re heading into the right project, the right way.

1. Return on investment

If you plan to sell your home in Albuquerque soon, you should focus on projects that have a good ROI. You can spend thousands of dollars on projects that won't increase the value of your home.

For example, it costs about $50,000 to add a new bathroom, but homeowners typically recoup only about 54% of the cost in increased home value. A minor kitchen remodel, on the other hand, returns about 78% of its cost.

2. Create a budget

The last thing you want to do is run out of money in the middle of your remodel. You need to take care that your project costs don't get out of hand during the process. Add up all of your expenses before you start, and add 10% or 20% to the total to allow for cost overruns.

To get an idea of how much you’ll have to spend on a specific project, look at what others have spent on comparable projects using a project estimate calculator or perusing sites like HomeAdvisor or Remodeling Magazine.

3. Choose the right funding

Over the past year, 34% of homeowners who undertook home improvement projects used cash on hand to fund those projects, 25% used money they had saved for those projects specifically and 14% used money from their economic stimulus check. As long as you're not avoiding more important expenses, using that cash or savings can be a good way to keep from paying interest on your home improvement project.

You can finance your remodel with a variety of options, such as a home equity line of credit, a personal loan, a cash-out refinance or even credit cards. ust make sure to keep an eye on interest rates and the length of the terms, as that will affect the overall cost of the project.

4. Research contractors

If you need a pro to do the work, get written estimates from several Albuquerque contractors. Check references and ask about their credentials, along with licensing. You can also ask about their membership in trade associations. Many reputable contractors belong to professional trade groups such as the National Association of the Remodeling Industry or the National Association of Home Builders.

A good contractor will guarantee the work and offer a warranty. You can check Better Business Bureau ratings to see if others have had complaints about companies you’re evaluating. If there have been complaints, check to see how they were resolved.

When you select a contractor, make sure you get your agreement in writing.

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!

REQUEST MOR

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

 

Clean Your Attic for a Faster Sale

by Sandi Pressley

Want a way to get more money from selling your home in Albuquerque? A clean attic can make a big difference. 

You may just think of your unfinished attic as storage, so who cares if it's clean? But it can be a huge collector of junk and dirt. Whether you sell your home or not, a clean attic can make a big difference in the usefulness of your home. It can also impact your health for better or worse.

All that dust, dander, and mold can add up and irritate your lungs, and possibly make you sick. These allergens come into the rest of the house through ceiling hatches, doors, recessed lights, and heating and cooling systems (especially if they’re located in your attic).

Cleaning your attic will also let you put some great ideas to work to get more from this often neglected space.

Here's some helpful tips to get that attic clean and being a more useful space.

Attic Cleaning Basics

  • Dust walls, window frames, and rafters with an electrostatically charged cloth (think Swiffer) or duster, which grab twice as much dust as cotton cloths. Don’t forget to dust exposed roof trusses, attic fan blades, light bulbs, fixtures, hatches, and door frames.
  • Vacuum with a HEPA (high-efficiency particulate air) filter vacuum cleaner, which channels all vacuumed air through a filter designed to remove even microscopic particles. A less expensive choice: Install a top-quality, high-efficiency filter bag in your vacuum.
  • Line shop vacuums with a plastic bag, which traps irritants and makes debris disposal easy.
  • Wear a National Institute of Occupational Safety and Health (NIOSH) mask, which filters a high percentage of airborne particles.
  • If you suffer from asthma and allergies, hire a professional to remove the debris. There's no reason to risk your life. A clean attic is even more important for your health, but the cleaning process can be even more risky if you deal with asthma and allergies. A professional can remove that risk and make your attic a safer place for you.

Keeping Irritants Out of Your Attic

Preventing mold growth and sealing out insects and vermin helps reduce irritants in your attic.

Mold: Moisture can leak into your attic from a number of sources, such as roof leaks and old caulking. After a big storm, inspect your roof for missing shingles and fix any missing or broken ones immediately.

Don’t bother buying a home mold test kit, which may register mold spores that are constantly in the air anyway. If you suspect mold, or can see a mold-covered area that’s larger than about 10 sq. ft., call a certified indoor air quality professional to evaluate your situation.

Dust: Many of those tiny dust mites you see floating around are really dust mite particles, roach parts, and vermin dander made of dried saliva, urine, and feces.

These dust proteins can trigger allergic reactions, so search for tiny cracks and openings in your roof, walls, and windows where vermin and insects can enter. Seal attic air leaks with caulk and polyurethane foam, and repair any holes in attic ventilation screens that are under the eaves and in gable ends.

A clean attic can pay huge dividends and help you sell your home in Albuquerque even faster. It's definitely worth your time and effort.

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!

REQUEST MOR

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

 

Negotiate Your Best Offer When Buying a Home in Albuquerque

by Sandi Pressley

Every home buyer in Albuquerque wants to make the perfect offer when buying a home. Ideally you won't have to negotiate and you can move on with the deal and move into your new home.

Sure, that could happen. But usually, there's going to be some negotiation to nail down the perfect offer. But sellers are known to reject offers for a variety of reasons. Or they make counteroffers. This is especially likely if you bid low, or when you’re up against multiple competing offers.

Here are a few rules you should know before you start negotiating:

Act Fast

When the seller makes a counteroffer, don't sit on it. You should respond as quickly as possible. The longer you wait, the more space you leave for another buyer to swoop in and nab the property. Also, if a seller senses hesitation, they may decide to withdraw their counteroffer before you even have a chance to respond.

Raise Your Price (Within Reason)

Of course you don't want to overpay for your home. But you may have to up the offer, especially if you initially made a lowball offer. You agent will lend their expertise to determine how much money you should add to the offer.

Before you make an offer, talk with your agent about how high you’re willing to go if the seller doesn’t accept your bid. Then your agent can make the counteroffer look even more attractive by pointing out similarly priced “comps”, recently sold homes in the area of the home that are comparable in terms of square footage and features.

As your agent negotiates, it can feel like things are escalating quickly. It’s stressful. You may feel a sudden urge to do whatever it takes to win.

Before you go overboard, there are two things you must keep in mind:

  • You can’t exceed the monetary confines of the pre-approved mortgage you received from your lender.
  • You shouldn’t overextend your budget.
  • Because your counteroffer has to be an amount you’re comfortable spending on a home. You want that new house and to keep living your life. Plus: You’re not out of options yet.

Increase Your Earnest Money Deposit

Increasing your earnest money deposit (EMD) — the sum of money you put down to prove to the seller you’re serious (i.e., “earnest”) about buying the house — is another way to show the seller you have more skin in the game. A standard EMD is typically 1% to 3% of the sales price of the home. Making a counteroffer with a 3% to 4% deposit could be what you need to persuade the seller to side with you.

Demonstrate Patience About Taking Possession

Depending on the seller’s timetable, changing your proposed possession date, the date you take over the property, could sweeten the deal. If the seller wants to stay in the home for a few days after closing, try offering a later possession date. You could also draw up a “rent-back” agreement, meaning the seller pays you rent for staying in the home for a set period of time after the closing date.

Negotiating the right price for a home for sale in Albuquerque can be a challenging task. But if you follow these tips, you can have a better chance of getting the perfect deal on your new home.

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

 

Selling a home in Albuquerque is an opportunity to make a significant amount of money. And you can maximize that opportunity by enhancing your home's curb appeal. Making your home stand out in the market is crucial to making a quick sale and getting the highest offer possible. Here are some simple and effective ideas for enhancing your curb appeal that also won't break the bank.

Pressure Wash

Giving your home a good pressure washing is an affordable and easy way to give your home's exterior a quick and easy makeover. You can rent a pressure washer and most hardware or home improvement stores.

Install New House Numbers

If your house has old or faded house numbers on it, install some new numbers to spruce up the curb appeal. Try to match your new house numbers with the finish that is on your exterior light fixtures. Simple house numbers can start at $2.00 for a number or you can look into customized plaques that can cost $50-$100.

Fresh Doormat

A fresh front doormat offers a welcome greeting to visitors. What better way to greet guests, while also keeping the dirt where it belongs - outside.

Install a Porch Swing

A cozy wooden porch swing adds a spot to relax outside, while also enhancing your curb appeal. Before purchasing a new porch swing, be sure to measure your space.

Paint the Front Door

You can paint your front door for less than $50. Giving your front door a new coat of paint will add brightness and revive your house. Pick a bold color that makes your house stick out, but make sure to match it to the rest of the colors on your house. Properly prep all surfaces before you paint so you'll get great results that will last for years to come.

Install a New Door Knob

While you're paining your front door, you can add an eye-catching door knob and punch up the design of the front of your house. With a wide range of prices and styles, you have endless options. Today, there are several safety door locks on the market that have cameras or numerical codes that will unlock the door.

Plant a Tree

Planting a tree is one of the most common ways to add curb appeal to your house. Before you plant a tree, consider how big the tree will get and how it will affect your house. If you have enough space, try planting two trees to frame your house or your entryway.

Outdoor Furniture

Adding seating space will give your home charm. Porch furniture can be found at antique or second hand stores and can easily be painted. Just add fresh cushions and they will look like new.

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

 

Let the COVID-Safe Halloween Fun Begin in Albuquerque

by Sandi Pressley

If you think Halloween is off the table this year, think again. Halloween festivities will still happen in Albuquerque, they'll just be a bit different. But hey, we've all learned how to be different here in Albuquerque. So get ready for a new spin on Halloween this year in Albuquerque. Here are some COVID-safe events to put on your calendar.

Halloween in Old Town 

Albuquerque Old Town

Oct. 31 from 4-6pm

A free, safe and fun evening in Old Town with local musical entertainment on the Gazebo with trick-or-treating at participating shops.

 

Dragons House of Horror

3001 Civic Center Cir NE, Rio Rancho, NM 87144

Sept. 4 – Oct. 31

Rio Rancho’s own mile-long, drive-thru haunted house. COVID safe practices utilized and price is per vehicle.

 

NM Slaughter House

Cottonwood Mall, 10000 Coors Blvd. Albuquerque

Opens Sept. 25

Times and addmission varies. This event may be unsuitable for young children.

COVID Safe practices in place

 

Day of the Tread

Sawmill District – 20th St.

Virtual event Oct. 24 – Nov. 1. Due to recommendations from the State of New Mexico and the City of Albuquerque as well as the health and well-being of participants and volunteers, this year's event will be held virtually. Ride any time between October 24 and November 1, 2020. Admission varies. Halloween Costumes encouraged.

Have a great time in Albuquerque this Halloween and Fall Season!

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!

25 CAMINO DEL CARRISITO, Placitas, NM 87043  $775,000

4 Bedrooms / 4 Bathrooms (3 full, 1 half) / 3468 Square Feet

Exquisite SW Custom w/Stunning Views! Featuring a spacious floorplan including Greatroom that invites the outdoors in & opens to Gourmet Kitchen boasting gorgeous cabinets & granite; bonus prep sink; Jen-aire SS appliances including oversized refrigerator & warming drawer. Adjoining walk thru Butler/service room w/ample pantry leads to elegant formal dining room. Thoughtful In-Law-Suite hosts full bath & separate living room. Other fine appointments include raised tray ceilings; Schonbek Crystal Chandeliers & upgraded lighting; solid interior doors; & more! Take in views from every window in privately situated Owner's suite w/luxurious en suite & 'Supersized' closet/dressing room w/builtins. Outdoors, enjoy vistas from covered portal; built in grill; & covered pergola on lower terrace.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Displaying blog entries 1-9 of 9

Syndication

Categories

Archives

Contact Information

Photo of The Sandi Pressley Team Real Estate
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