Real Estate Information Archive

If you plan to buy your first home in Albuquerque, you're certainly not alone. There's a growing trend this year in home sales across the nation - first-time home buyers. In fact, last month in June, first-time home buyers made up 35% of home sales nationwide.

The National Association of Realtors (NAR) had this to say about the rise in first-time home buyers:

“The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending higher than the 29% to 32% average in past years since 2012.”

Why are there more new home buyers?

NAR continues to say:

“The major factor is, arguably, low mortgage rates. As of the week ended July 16, the 30-year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30-year mortgage, the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045. For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher.”

These record-low mortgage rates are just too enticing for many people who are currently renting, especially since monthly mortgage payments can be cheaper than renting. According to the Q2 2020 Housing Trends Report from the National Association of Homebuilders (NAHB):

“Eighty-four percent of Gen Z’s planning to buy a home are first timers, compared to 68% of Millennials, 52% of Gen X’s, and 21% of Boomers. Looking at results by region shows that over 60% of prospective buyers in the South are buying a home for the first time.”

The issue for most first-time home buyers is that they don't understand the home buying process. NeighborWorks America had this to say about this challenge:

“Homeownership is a particular challenge for many, despite high levels of interest. Americans believe there are many benefits to homeownership and half of non-owners will seek information about the process in the next few years…a large share of non-owners say the process is too challenging and only a minority know where to find advice if they wanted it. And although many would seek the guidance of community and non-profit programs, only one in three non-owners are aware of such services.”

If you plan to buy your first home in Albuquerque, you don't have to worry about having the help you need to buy the perfect home for your needs. The Sandi Pressley team is here to help. We've been helping people buy homes in Albuquerque and the surrounding communities for decades. In fact, Sandi has been rated the #1 Top Producing Realtor for 34 consecutive years. You can count on Sandi Pressley and her team to help you understand the home buying process. Contact us today to start your journey to owning your first home in Albuquerque!

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!

1393 TIFFANY Lane SE, Rio Rancho, NM 87124  $300,000

3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 1846 Square Feet

TRINITY ESTATES! Open floor plan with lots of living space featuring wood ceilings, vigas, nichos, Kiva fireplace, skylights, REFRIGERATED AIR! Kitchen features beautiful cabinetry, granite countertops, island, recessed lighting, gas cooktop, double oven, walk-in pantry, breakfast bar & bkfst nook with a bay of windows! Master suite features double doors, sep shower, jetted tub, his & her vanities and two closets! Secondary bdrs and full bath on its own wing! Private backyard, beautifully landscaped with turf, shrubs, flowers and trees, covered patio and walled for privacy. Garage has separate, enclosed room for easy storage. Close to shopping, restaurants, parks and easy access to Albuquerque!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

As you well know, the pandemic has impacted every industry, including the the real estate industry. The way people buy and sell homes has changed quite a bit as a result. The interesting twist in all of this is that the demand for housing hasn't fallen, despite expectations that it would. In fact, the demand seems to has gone up.

Many people in Albuquerque are looking for more space, and for obvious reasons. We are all spending much more time in our homes, as well as working from home. And since more people are working remotely, they have the options to widen their search since they don't have the commute they use to. Who knows if this will be a permanent situation. But in the end, things will be different when the pandemic pass, and home buyers are keeping that in mind when searching for a home in Albuquerque.

Whether you plan to buy or sell a home in Albuquerque, you need to be aware fo how much the market has changed. This will allow you to find the right home for your needs.

Here are a few things to keep in mind when buying or selling a home in Albuquerque during the pandemic.

Know the Local Albuquerque Real Estate Market

Keep in mind that local real estate markets vary from place to place. Right now in Albuquerque, there are plenty of homes for sale. That means that Albuquerque has a great selection of homes for home buyers looking for a home that better suits their needs. This is not even including the surrounding communities such as Bernalillo, Corrales, Rio Rancho, and others. These surrounding areas in Albuquerque give home buyers more options, as commuting is not as much as an issue as it once was for many people who can now work from home.

The Changing Loan Market

It's taking a bit longer for loans to go through now due to the pandemic, as some parts of the home loan market are not operating at full capacity. This is causing a backlog in processing loans. To add to this load, traditional lenders are trying to process SBA loans under the Payroll Protection Program (PPP), placing home loans lower on the priority list.

This means that has a home buyer in Albuquerque, you need to be patient. Interest rates are still historically low. If you are looking to buy a home in Albuquerque that you plan on living in for the next few decades, you could end up saving thousands of dollars over the life of the loan.

Questions About Employment Are Common

Finally, you should expect a lot of questions about the status of your employment. Since tens of millions of people have filed for unemployment since the pandemic started, lenders are just as strict as ever when it comes to making sure their borrowers have the capacity to pay back their loans. You might even be asked to submit pay stubs every two weeks instead of the traditional six weeks.

The Real Estate Market in Albuquerque Is Strong

The COVID-19 pandemic has forever changed how people look at the process of buying and selling homes. Right now, everyone needs to expect the unexpected. The good news is that for both buyers and sellers in Albuquerque, there are still significant opportunities.

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!

1 TIERRA MONTE Street NE, Albuquerque, NM 87122  $495,000

2 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2655 Square Feet

Spectacular and Breathtaking Panoramic views from this gorgeous one owner custom home nestled in the foothills of the Sandias. Beautifully updated/remolded bathrooms and kitchen, including new appliances. Master bath is a true spa like retreat along with a huge walk in closet. What a great home for entertaining family and friends indoors and out. This is a true one of a kind home conveniently located near hiking, biking and waking trails. The unobstructed majestic views will take you breath away!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Selling your home in Albuquerque can be an exciting time, but there's a lot of things to keep in mind so that the process goes smoothly as you transition to your new home. Here are a few common mistakes for you to avoid in hopes to keep the selling process as efficient and stress-free as possible.

1. Setting a price for your home without doing research or working with a real estate agent is the first mistake to avoid. Home prices are based on a number of factors, such as comparable sales in your Albuquerque neighborhood,the time of year, current available inventory, and much more. 

2. On that same note, the next mistake to avoid is pricing your home too high off the bat. We can tell you from experience that overpricing a listing will yield fewer showings. Also, we know that homes for sale in Albuquerque sell closer to their asking amount if they are priced correctly at the start of the listing. 

3. Another mistake regarding pricing your home for sale is setting a strange listing price. In other words, don't set your price for your $400k home at $402,289. Not only is that odd, but it will keep your home from being seen if a home buyer is searching for homes in the price range below $400,000.

4. Overpricing your home because you have more time to sell it is also a mistake. Some may think that they can list their home at a higher price and wait for the right buyer to come along who will pay it. Yet the longer your house sits on the market, the less likely you are to get showings and in return the more difficult it becomes to attain that higher asking price. 

5. Becoming emotionally involved in the selling process is another mistake that's easy to make. You have probably lived in this home for years and have emotional connections to it. But you need to remember that this is a business transaction, and you should not take it personally if you get a low offer on your listing. View this as an opportunity to negotiate with the potential buyer to see if you can settle on a number that works for both parties. 

6. Even in the best seller’s market, you need to stay away from the mindset that the house will sell itself. Anytime a listing goes live, you need to ensure that the home is properly staged and marketed to ensure it is appealing to potential buyers. 

7. Finally, the last mistake to avoid is trying to sell your home on your own. Studies have shown that homes for sale in Albuquerque stay on the market longer and sell for far less when people do not work with a real estate agent.

The Sandi Pressley Team has the experience you need to help avoid making these selling mistakes. Contact us today to see how we can help you get the best price for your home for sale in Albuquerque.

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!

4332 ALTURA VISTA Lane NE, Albuquerque, NM 87110  $230,000

3 Bedrooms / 3 Bathrooms (2 full, 1 half) / 1662 Square Feet

Fantastic location in desirable gated community of Altura Village! Conveniently located close to UNM, Nob Hill, UNM Hospital, Altura Park! 3BDR/2.5BATH plus Loft! Light, bright & open with lots of living space in the great room. Open kitchen with sunny breakfast nook, gas stove, built-microwave, refrigerator, washer & dryer stay! 3 large bedrooms upstairs! Master bdr has a wall of windows, 2 walk-in closets, garden tub/shower, dual sink vanity and tile flooring in bath. Private gated community minutes away from shopping malls, Uptown & restaurants.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The City of Albuquerque canceled its annual Freedom Fourth fireworks show at Balloon Fiesta Park, citing coronavirus restrictions. But that's OK, as there will now be four displays throughout the city of Albuquerque, so we can all watch from home!

Fireworks displays will launch from the Ladera Golf Course, North Domingo Baca Park, Tom Tenorio Park and Expo New Mexico on Saturday. It will certainly be a unique combination of displays.

Weather permitting, the show will begin at 9:20 p.m.

The city is discouraging you from gathering near the four sites, and instead urging you to watch from home. Local law enforcement will monitor each site to restrict street parking in the area.

If you don't live in the Albuquerque city limits, you may be able to enjoy these following shows.

Rio Rancho 4th of July Drive-In Fireworks Extravaganza

3200 Civic Center Circle NE Rio Rancho 87144 – 7-10p

Fireworks start @ 9p – Restrooms Available

The City of Rio Rancho is hosting an admission free drive-in fireworks extravaganza event at City Center. On Saturday, July 4, the City Center area opens for parking at 7:00 p.m. and the fireworks show begins at 9:00 pm.

The City invites community members to enjoy the dazzling display of fireworks, while adhering to state mandated social distancing guidelines. If you want to bring food, please support local reataurants offering take-out.

Spirit of Los Lunas Fireworks from the Hill

Fireworks start @ dusk – Spectators encouraged to watch from their homes

Los Lunas will be having a fireworks show from the Los Lunas Hill. They ask people to stay home and enjoy the view from their homes. By lighting the fireworks off from the Los Lunas Hill, they are enabling more homes to be in view of the show. 

Have a Safe and Fun 4th of July!

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!

23 JENNIFER Drive, Sandia Park, NM 87047  $189,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1215 Square Feet

Quaint mountain home in Sandia Knolls. This lovingly maintained home boasts 3 bedrooms and 2 baths. The kitchen appliances are higher end and oversized, great for the chef in the family. Brand new water heater installed in 2020. Enjoy breathtaking views of the Sandias in the front of the home and a private patio in back surrounded by trees. Home sits on 0.5 acres and has a paved public road all the way to property with the school bus stop right out front. Close to open space for hiking.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team