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The April Real Estate Market

by Sandi Pressley

The Albuquerque Real Estate market is continuing heat up as an increase of the local economy and the concern for mortgage interest rates increasing are promoting the market. With the home inventories remaining low and the demand still being high, this creates a great opportunity for anyone looking to sell their home. If you think about selling your home, you might want to start doing some research. Start by looking up the current market value of your home by getting an online evaluation at www.valuemyalbuquerquehome.com.

Bernalillo County saw boosted real estate activity everywhere in the month of April. Pending sales at 557 showed an increase of 56.6% over the 356 offers that were accepted in the April of 2014. This shows the one of strongest April for pending sales in Bernalillo County on record. Closed sales at 382 also outdid April 2014, by about 29.9%, making it the April with the most closings since April 2006 and its 394 closings. There have been 687 new listings which is 15.7% over April 2014 and its 594 new listings, which makes it the highest number since 2010 when there were 691 new listings in April. The inventory in Bernalillo County has dropped to 3.4 months in April and total market time has fallen to 95 days within the same time frame.

Average and median sale prices have gone up higher in 2016 than they were in 2014 as well, with the average sales price of $225,200 rising to $236,900, a 5.2% increase, and the median sales prices have risen 5.6% from $203,100 to $214,500.

If you’re looking to sell your home this year contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

4515 Atherton Way.4515 Atherton Way, Albuquerque

Price: $899,000 Beds:4 Baths: 3 Square Feet: 4,361

Exceptional Customized Dream Home. Over 150k spent just last year in high end remodeling & resort style backyard! Exquisite custom home in the exclusive gated community of Oxbow North w/sweeping views of the Sandia Mtns. This pristine 4/5 BDR/5 BATH/3 CG home showcases arch accents, pillars, custom lighting, wood & hi-grade tile flooring, 3 NEW Refrig & 3 NEW central heating units. Gourmet Kitchen features granite countertops, prof grade SS appl, custom cabinetry/LG Island.

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Home Buying Steps - 8 Expert Tips

by Sandi Pressley

Mortgage rates have remained at all-time lows so the home buying market stays strong. Are you one of the many looking to buy a home this year? Here are steps you may take on your journey to home ownership.  

Start with a list – Your wish list should begin with the area you want to live in and basic needs like how many bedrooms and bathrooms you need. You should also consider the type of home you want, condos with shared spaces and minimum owner responsibility, a single-family home offering more privacy and room to spread out or an as-is home that would require some TLC, are all options at this stage of the game.  

Talk with a lender – Once you’ve made a decision about the kind of home you want, it’s time to call a lender. A lender can look at your budget, credit rating and other factors and let you know how much home you can get a loan for, and more importantly, how much home you can afford. A qualified lender can also help you decide what kind of loan program is best for you.

Avoid looking at homes before this important step and you’ll side step some heartache if you don’t qualify in that price range.

Start interviewing Realtors – Now that you know your price range and you have an idea of the type of home you want, you’ll want to partner with a real estate professional to help with your home search. A qualified real estate professional will have access to the MLS which lists most homes for sale in your local area. Look for someone who is an expert in the area you’re shopping and avoid using friends and family unless they meet your standards.

Find your dream home – You will never find a home that offers every single item on your wish list. Unless you build a custom home, this is nearly impossible. Know which items on that list are deal breakers and which ones are flexible. Look at the use of space, the features and amenities that match your lifestyle and don’t look at homes outside your price range.

Getting your offer in – Once you’ve selected your dream home it’s time to make an offer. Your real estate professional should pull comparable homes so you know you’re making an offer that makes sense. They should know whether you’re in a buyer’s or seller’s market as this can affect what kind of offer you make. Make sure your broker knows how to negotiate offers and how to deal with multiple offer situations.

Don’t skip the inspections – Home inspections are your protection against material defects in the home that could end up costing you more after you close the deal. A professional home inspection will reveal any major malfunctions in the home and help you decide what you’ll deal with after closing and what might be a deal breaker before.

Get the home appraised – If you’re getting a loan, an appraisal will be required. This step gives the bank a fair market value of your home. If the appraisal comes in low, it may be difficult to get a loan. If it comes in high, you may have instant equity in your new home.

Head to the closing table – Once you’ve made your list, been pre-approved, selected a home, had an inspection and gotten a good appraisal, it’s time to close the deal. Your title company will gather documents from the mortgage company and some of their own and bring you in to sign everything. All documents will be signed by all parties involved including the buyer and seller. The lender will fund the payoff of the seller and then, once all payments have been made, you’ll receive your keys. It seems like a lot of work to buy a home, and it is! The professional buyer brokers at The Sandi Pressley Team are ready to walk you through the process and help you find your dream home today!

Have An Awesome Week!

Sandi's Hot Home Listing

24 Tierra Madre Rd.24 Tierra Madre Rd, Placitas

Price: $450,000 Beds:3 Baths: 3 Square Feet: 2,408

Stunning SW Santa Fe style Custom Home, built by Tom Ashe w/incredible architectural interest & attention to detail. Incredible views from every window in the home capturing the mountains and the mesas. Bright light & open great room floorplan, w/high ceilings throughout, accented with Vigas, beautiful Saltillo style floors, and 2 custom kiva style FP, 3 spacious bedrooms plus a separate office, family room off of the great room.

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How To Make Your Offer More Appealing

by Sandi Pressley

The current real estate market is extremely competitive due to the low mortgage rates and renewed interest in the market. Many buyers find it frustrating to spend weeks and weeks searching for the perfect home only to find the house has five other offers on the same property. It’s a maddening and time consuming process that can drive most buyers up the wall. Here are a few tips that can help you make your offer stand out among the others.

Get Pre-Approved

Getting a true pre-approval from a reputable lender means you have given your lender your personal financial information and that lender has given your information to an underwriter for approval which leaves a clear title and the home appraisal as the only remaining criteria. Getting pre-approved shows the seller that you’re serious and prepared to purchase their home. After an offer is accepted the home will be removed from the market and will be unavailable to other buyers. The seller will only want to take their home off the market for a reliable seller and having a pre-approval from a reputable lender will make your offer more appealing.

Work With an Experienced Realtor

Buying a home is a huge investment, and sometimes you can be pressured into working with a realtor that was recommended by a friend or family member, but you need to make sure you find a realtor that’s qualified for you, and the homes and area you’re looking at. The knowledge from an experienced realtor can save you time and money and can give you an edge when going up against other buyers.

Don’t Lowball the Seller

Before your offer is submitted, your agent should’ve pulled comparables, which should have given you an idea of what similar houses in the area have sold for and the average days on market. These factors go into the estimated sales price of the home you’re looking at. If all goes well and the house is priced in line with recent sales and there are no signs of extra maintenance that could cause delays, all that’s left is to make an offer. Making an offer 25% under the asking price of a home that’s properly priced and in good repair can be a huge insult to the seller, you may even end up with a rejection instead of a counteroffer. While you’re trying to barter with the seller, you leave the door open for other buyers to come in and give better offers. This doesn’t mean you have to pay the asking price upfront, but pay attention to the numbers and don’t try to bluff your way to a lower price.

Put Down More Earnest Money

Earnest money, or escrow depending on where you live, is a deposit made in good faith that tells the seller you’re serious about buying their home. The more money you deposit, the more seriously the seller will take you and your offer. The seller is looking for a guarantee before they take their home off the market, putting down more money will show the seller how serious you are about buying their home, and the money is not lost if you close.

Contact the Listing Agent

Having your lender contact the listing agent and explain that you are a serious buyer, whose credit has been pulled and jobs have been verified, which can bring your offer to the top of the pile. Having your lender contact the listing agent introduces the lender and the agent, and a competent lender is reassuring to the agent and by extension, the seller.

Be Flexible

When you make an offer, there are several factors that you’ll need to consider about the seller. If the seller needs more time to find another place to live, or is moving across country, be accommodating. Your understanding might mean more to the seller than having a higher dollar offer. Have your broker call the listing agent before sending over your offer and explain that if the seller needs more time to leave at the closing you’re willing to be flexible. This will put less pressure on the seller during the moving process, which is something every seller needs.

Shorten the Inspection Period

There are quite a few points in the contract where the transaction can go bad for the seller and one major point is the inspection period. By cutting down the time frame for the inspection process you can limit the window of opportunity for you to remove yourself from the transaction. You can add to your offer that you’re looking for only major defects in the home and any other defects you are willing to accept up to a certain point. This will assure the seller you’re not going to back out of the transaction or ask them to repair a list of small items.

Try to Meet the Sellers

Meeting the sellers can be a good idea or a bad idea. If you really want to buy the house, ask if the sellers can be there when you view the house. Putting a personal touch into your transaction can go a long way into a deal.

Raise the Offer

Making an offer and getting it accepted can involve other factors of the purchase agreement besides the price, but of you find your offers keep getting cut off by higher bids you may want to consider raising your offer. This isn’t something you should lead with, but sometimes a home is priced below market value with the expectation of multiple offers. After you receive comparables and you know that the home is priced below market value, give an offer that is closer to market value, you’ll also want to make it an odd numbered number. Most people think in terms of even numbers, so instead of writing an offer of $255,000 write an offer for $257,770, you can win the home by just $50. Overpaying for a home, if you’re going to get a mortgage may mean you don’t pass your appraisal. This is where your experienced Realtor will pay off, as they will know the market values of the area you’re looking to buy in. Knowing the framework of making an offer and having good communication with your Realtor will help you navigate through the process and will save you money and time. If you’re ready to buy a home, contact The Sandi Pressley Team today.

 

Have An Awesome Week!

Sandi's Hot Home Listing

5709 Altima Place5709 Altima Place, Albuquerque

Price: $269,000 Beds: 3 Baths: 2 Square Feet: 2,040

Quality custom home with Southwest Elegance & charm offers amazing views of mountains & incredible city views. With over $72,000 in upgrades,this 3-4BDRMS/2Bths/2Car garage hm showcases soaring ceilings w/vigas & corbels complimented w/wood latillas & arched accents thru-out.Home has it all! Great Room offers upgraded tile&cozy kiva fireplace. Beautifully updated Kitchen w/Hi-end Granite Counters, updated appliances, breakfast bar&farmers sink.

 

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Summer Real Estate Market

by Sandi Pressley

Summer is here in Albuquerque and this time of year always brings more buyer interest in homes. Home buyers who wish to purchase a home now can find it challenging to buy a home in a seller’s market, but having a good buyer’s broker can make a huge difference towards getting the home you want. Make sure you’re careful of bidding wars that can push a home past its actual value; a good agent will be able to help you here as well.

If you’re planning on selling your home this year do it as soon as you possibly can. The likelihood of getting a quick sell at top market value is higher than it has been in some time. There are many buyers looking for a home to buy and your home might be the one they’re looking for. It’s a seller’s market out there and it might not last so make sure you get your home on the market as soon as you can.

If you’re considering selling your home and would like an accurate look at the estimated market value of your home don’t trust sites like Zillow.com. Speak to a broker about your home value as they can give you a more accurate numbers.

If you’re ready to buy or sell a home contact The Sandi Pressley Team today.

 

Have An Awesome Week!

Sandi's Hot Home Listing

2808 Maximillian Road2808 Maximillian Road, Albuquerque

Price: $375,000 Beds: 3 Baths: 2 Square Feet: 2,110

TRANQUIL LIVING! Exceptional Adobe Customized single level home showcases 3 spacious Bdrms+Ofc & 2 remodeled Bathrooms. This property features great room w/ custom bay window & Saltillo tile thru-out.This spacious floorplan delivers dramatic Santa Fe entry w/wood carved custom doorways into each cozy living space. With over 2100 SF, this home offers radiant heat,Kiva FP; exposed wood beams w/ T&G raised ceilings.

 

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