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Should You Buy a Second Home?

by Sandi Pressley

Buying a second home - many people dream of it.  Buying a second home is something of a rite of passage, like buying a car or getting married. It’s a great investment as well. It shows that you’re doing well financially and can afford to reward yourself. And since mortgage rates are still low, now may be a good time to take the leap.

Before you jump into buying a second home, it’s important to ask “why?” Answering this question will help you see where your priorities are.

You Can Afford It

Of course, your finances are the first thing to look at when deciding to buy a second home. Most 2nd home buyers are in their 40s or 50s and their children have left the house. They no longer have to stay in one place because of school, or work if they’ve retired. People tend to earn more or have more saved up by this point in life, giving them more financial freedom.

A Good Investment

A second home can be a great investment, but you have to do it right, as there are still risks. You should try to buy a home in an area that’s growing, which could 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. By that age, many are thinking about retirement.  Buying a 2nd property is an ideal way to plan for that phase of your life.

Let’s say you want to retire to a sunny and artistic city such as Albuquerque (assuming you don’t live here already). 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

Paying taxes are a big part of owning a house, so it’s only logical we should talk about the tax benefits. And 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.

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!

2228 Cebolla Creek Way NW, Albuquerque, NM  $399,000

3 Bedrooms/ 2 Bathrooms (1 full, 1 partial) / 2345 Square Feet

UPGRADES GALORE! Fantastic Del Webb gated community! Premium lot, wood tile flooring, plantation shutters, garage door screens, artistic landscaping, upgraded light fixtures & appliances, private courtyard w/OJstom gate & stucco wall are just a few! State of the art clubhouse, resort style pool, fitness center & sport courts!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Should We Be Worried About Another Housing Crisis?

by Sandi Pressley

Here’s a question – does the economy affect the housing market, or does the housing market affect the economy? That’s a good question to consider.  Our economy has been doing well for a while now. But still people have fears that 2008 will repeat itself. Are we headed for another recession, and if so, will the housing market be affected?  Economists and analysts are of the opinion that a recession is comin in our near future. This isn’t an opinion based on politics, but data analysis. Zillow Research recently reported on a Pulsenomics survey that took a look at the housing market by surveying market analysts and experts.  This report also indicated when the next recession could begin:

“Experts largely expect the next recession to begin in 2020.”

A recent survey of economists by the Wall Street Journal backs this up:

“The economic expansion that began in mid-2009 and already ranks as the second-longest in American history most likely will end in 2020 as the Federal Reserve raises interest rates to cool off an overheating economy, according to forecasters surveyed.”

Does this mean that we should worry about a housing crisis?  Not at all.

Here's how the Merriam-Webster Dictionary defines a recession:

“A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

As we remember, a recession is a slowing down of the economy, as happened in 2008. But a recession doesn’t always cause a housing crisis. As you may recall, in 2008 the housing bubble burst, causing the recession, not the other way around. In fact, during the previous five recessions home values appreciated.

According to the experts in the report, the top three probable triggers for the next recession are:

 

  • Monetary policy
  • Trade policy
  • A stock market correction

 

A housing market crash came in 9th in this list. Those same experts also projected that home values would continue to appreciate in 2019, 2020, 2021 and 2022.

Other experts agree that the housing market won't be affected by a recession:

Mark Fleming, First American’s Chief Economist, explained:

“If a recession is to occur, it is unlikely to be caused by housing-related activity, and therefore the housing sector should be one of the leading sources to come out of the recession.”

And U.S. News and World Report agreed:

“Fortunately – and hopefully – the history of recessions and current issues that could harm the economy don’t lead many to believe the housing market crash will repeat itself in an upcoming decline.”

In summary, a recession may be in our future, but it doesn't mean that there will be a housing crisis.

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!

11716 Easy Goer Road SE, Albuquerque, NM  $289,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2600 Square Feet

Beautiful Southwest style home in Volterra. Light, bright and open floorplan with plenty of entertaining space!  Mountain views! The secondary bedrooms are large plus a loft and the utility room is upstairs for convenience! Mountain views! Beautifully maintained landscaped front and backyards!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Add Value to Your Home With Good Landscaping

by Sandi Pressley

It’s no secret that good landscaping can add substantial value to your home. In fact, great landscaping can raise the value of your home by up to 11%, sometimes even more.  The bonus about landscaping is that in addition to adding to your home’s value, it can be one of the easiest home improvement projects to do. How can you make your landscaping add to your home’s value?

Match the Style of Your Home

As with any home improvement project, you should keep the style of your home in mind when planning your landscaping. For example, you wouldn’t want to put in a Japanese garden if you have a Victorian style home, and vice versa. For a Victorian home, you would probably go with a cottage style or country landscape as it fits in with the formality of the home.  Modern homes look best with landscaping that has greenery and natural looking beds that blend in with the contours of your property. So for these homes, formal landscaping looks out of place.

Have a Plan

Any great landscape needs designing. Make sure you have a balance between planting too many high maintenance plants and just plain grass with no landscaping. Aim for a foundation planting with a few points of interest. Your landscaping should be diverse, but not too much. In other words, don’t go buying a bunch of different types of plants.  You should aim for a uniform look that has just enough variety to make your landscaping interesting.

Seasons Change

Make sure that your landscaping looks good all year. Even in the Southwest, the temperatures change with the seasons.  For example, in Spring you may want blooming bulbs, in summer cacti, and so forth. Buyers will see that the landscape will be attractive all year, further increasing its value.

Trees

You might think that trees are too much maintenance.  But they can actually add significant value to a home. According to one study, homes on streets lined with trees had a 10 – 15 percent higher sale price compared to similar neighborhoods with fewer trees. Trees have many advantages.  In the Southwest they can add valuable shade and relieve stress.

Edging

A well maintained lawn can look even better when it’s edged. An edged lawn gives the appearance of being easy to maintain since there’s fewer weeks. It’s also a great first impression for buyers, as it shows that you take meticulous care of your lawn and property.

Focusing on your landscaping will be one of the best ways to improve your home’s value, as long as you have a plan and keep it from getting too complex.

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!

11716 Easy Goer Road SE, Albuquerque, NM  $289,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2600 Square Feet

Beautiful Southwest style home in Volterra. Light, bright and open floorplan with plenty of entertaining space!  Mountain views! The secondary bedrooms are large plus a loft and the utility room is upstairs for convenience! Mountain views! Beautifully maintained landscaped front and backyards!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Celebrate in Albuquerque This 4th of July

by Sandi Pressley

The 4th of July is just around the corner, so now is a good time to plan how you and your family will enjoy the holiday in Albuquerque. And what better place to spend independence day than in Albuquerque, where you’ll find plenty of ways to enjoy the day. Here’s a few of the 4th of July events you can look forward to in Albuquerque.

Take Me Out to the Ballgame

What could be more American than baseball and fireworks? Come to Isotopes Park for baseball as the Isotopes will take on the Tacoma Rainiers followed by a fireworks display. Gates open at 5:00 p.m. and the game starts at 7:05 p.m. Then stay for a spectacular fireworks display after the game.

Freedom Fourth

One of the largest Independence Day gatherings in the state, this annual celebration at the Balloon Fiesta field is a free event for all to enjoy.  The festivities start at 3pm and go till 10pm, featuring a beer garden highlighting local breweries. The family will have a great time with free children's activities, a food court, and several other performances, all leading up to the largest fireworks display in the state.

Rio Rancho Fireworks Event

Just a short drive from Albuquerque is the city of Rio Rancho where you can enjoy a fantastic fireworks display without the huge crowds of the Freedom Fourth event. It will be held at the Loma Colorado Park with parking at the high school, the Rio Rancho Aquatic Center, Loma Colorado Library, and Loma Colorado Park, for $5 per vehicle. Proceeds will benefit the Rio Rancho High School booster club.

The stadium opens at 6 p.m. and the fireworks show starts at 9:15 p.m. There’s also going to be live music, concessions, and activities for the kids. Admission is free, and remember to bring chairs and blankets.

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.

 

Have a safe and happy 4th of July!


HOT HOME LISTING OF THE WEEK!

9400 Bear Mountain Trail NE, Albuquerque, NM  $709,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2775 Square Feet

Custom elegance abounds in this beautiful Tuscan style home with views of the Sandia Mountains! Oversized lot in gated community. Guest suite/office w/full bath on the main level. Gourmet kitchen featuring Subzero fridge, two ovens, gas cooktop, granite countertops, large island & bkfst nook and walk-in pantry. 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

How to Get Your Family to Clean Out the Closets

by Sandi Pressley

Let’s face it – if you have kids, you have messy closets. The hustle and bustle of daily life usually doesn’t leave much time to organize. And living in a disorganized home can make you feel a bit out of control.

Organizing every closet in the house can be daunting.  But it you can get the family in on the project, you might be surprised at how much you can accomplish. What are some ways you can get your family to help?

Discussion

Talk about organizing the closets before you plan to start. It’s easier to get people to do things that they don’t want to do if you talk about it first and mentally prepare them.  And let your kids know that you’ll make the experience fun and rewarding for them. That will certainly put grease on the wheels, as it were.

Planning

Of course every project needs at least some planning to be successful.  Are the closets full of clothes your kids don’t wear anymore, or are out of season? Set  goals to clean out unwanted items and organize what’s left. Realistic goals are the key to success.  If you aim too high, it could lead to disappointment.

Rewards

Everyone wants rewards. Scheduling regular breaks is a great start.  You should also find a reward that keeps the family moving.  You know what your family loves to eat or do, so try to make that happen for them when they reach a goal. Keeping a positive and fun attitude will do wonders for keeping the project on the move.

Unwanted Items

You’ll certainly come across items you don’t need or want.  Don’t throw them away. Make a pile or put them in boxes to either donate or sell. If you have a Goodwill donation center nearby for example, you can get a coupon for usually 20% off an item bought from their stores, plus you can write it off your taxes. Of course there are a number of donation centers in Albuquerque you can give to. You can also try some consignment shops in Albuquerque to make some fast cash, such as 2 Time Couture and Your Other Closet.

Organizing your closets can actually be a rewarding experience for the whole family. It teaches your kids cooperation and organizational skills.  And it can be a fun time if you plan ahead.

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!

9400 Bear Mountain Trail NE, Albuquerque, NM  $709,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2775 Square Feet

Custom elegance abounds in this beautiful Tuscan style home with views of the Sandia Mountains! Oversized lot in gated community. Guest suite/office w/full bath on the main level. Gourmet kitchen featuring Subzero fridge, two ovens, gas cooktop, granite countertops, large island & bkfst nook and walk-in pantry. 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Should You Go With a 15-Year Mortgage?

by Sandi Pressley

If you’re planning to buy a home in Albuquerque and can afford a higher payment, then a 15-year mortgage is an ideal way to pay off your mortgage faster and save thousands of dollars in interest. Of course, to make it work you need to have enough income to cover the payments, along with your other expenses. Despite the advantages of a 15-year mortgage, many home buyers tend to stay away from them when they realize the payments are about 50% higher than a 30-year mortgage.

As with any mortgage, there’s pros and cons.  What are the pros and cons of a 15-year mortgage?

Pros

  • Owning your home faster. Knowing that your home is paid off gives you security.
  • Builds equity. Since you’re paying off the principal balance faster, you can build more equity.
  • Save money. 15-year loans have a lower interest rate, since there’s fewer years of risk for the lender. You also save money on interest because the loan term is shorter.

Cons

  • Higher payments. You have to make sure that you can handle the higher payment, along with taxes and other expenses for the entire 15-year term. 
  • Locked up equity. The equity you’re building is locked up in the home. The only way to use it is to sell the home or refinancing.
  • Missing other opportunities. Higher payments means you may not have enough money to take advantage of other financial opportunities, such as investments or matching your employers contribution to a retirement account.
  • Lower quality home.  Since you aren’t stretching your payments over 30-years, you won’t qualify for as high of an amount as you would with a 30-year loan.

To sum up, a 15-year loan is an ideal way for those who can afford the higher payments to save money and own their home more quickly. But if you’re not entirely sure your finances are stable, then you should avoid a 15-year mortgage.

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!

1625 Los Alamos Avenue SW, Albuquerque, NM  $489,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2775 Square Feet

Beautifully situated in Coveted Albuquerque COUNTRY CLUB NEIGHBORHOOD! Near parks and bike paths, and just blocks from downtown. Warmth and Charm exudes thru-out. Don't miss out on this one! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The Fun in Albuquerque Continues in June

by Sandi Pressley

The summer fun continues in full force in Albuquerque in June. Celebrate summer with movies, festivals, dancing, live music, and the amazing food of the Southwest. Here’s a few upcoming events in Albuquerque that you can look forward to.

31ST FESTIVAL FLAMENCO INTERNACIONAL DE ALBURQUERQUE

June 9, 2018 - June 16, 2018
National Hispanic Cultural Center and Rodey Theatre on UNM Campus

The finest flamenco artists in the world come to the University of New Mexico every June for Festival Flamenco Internacional de Albuquerque, an 8 day flamenco extravaganza. The event celebrates this ancient Spanish-Gypsy art form that expresses the full range of human emotions. The festival has been drawing students and patron for over 30 years to the University of New Mexico, establishing it as the center for flamenco in the US.

HEIGHTS SUMMERFEST

June 9, 2018
North Domingo Baca Park, 7521 Carmel Ave NE, #605, Albuquerque, NM 87113

Start the Summerfest season at North Domingo Baca Park.  The City of Albuquerque will be hosting an evening full of sweet and savory treats, local beer, wine and spirits in the Microbrew Garden. You can shop from artisans in the market, and the kids will enjoy free activities. Then top it off with live music from The Squirrel Nut Zippers!

DOWNTOWN GROWERS' MARKET

Recurring weekly on Saturday
Robinson Park, Central & 8th Ave, Ste. 209, Albuquerque, NM 87102

This family friendly market is a weekly event on Saturday at Robinson Park. One of the largest and longest running markets in the state of New Mexico, it features endless local produce, prepared food, live music, arts and crafts, and fun activities. Admission is free, but donations are welcome to keep the market an Albuquerque tradition.

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!

1625 Los Alamos Avenue SW, Albuquerque, NM  $489,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2775 Square Feet

Beautifully situated in Coveted Albuquerque COUNTRY CLUB NEIGHBORHOOD! Near parks and bike paths, and just blocks from downtown. Warmth and Charm exudes thru-out. Don't miss out on this one! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173
Fax: 505-212-0729

Quick links to this site are also SandiSells.net or SandiSellsHomes.com