Real Estate Information Archive

You’re buying your first home in Albuquerque and the excitement abounds.  But you have to be careful that all the excitement doesn’t cloud your vision.  It’s easy to see the exterior of a home and how much you like (or dislike it).  But you need to see the inside as well.  How was it maintained? What issues will come up when you buy the home? If you know these things in advance, you can save on expensive repairs in the future.

This is even more important as a first time buyer. First time buyers usually don’t have the experience to know what warning signs to look for in a home.  Hiring a home inspector will definitely help in this regard.  Here’s a list of warning signs to look for.

Foundation  

• Look for cracks in the driveway, walls and sidewalks                                                                  
• Are the floors, windows and doorways crooked or not level?                                                        
• Are there large trees with roots near the foundation?
• Do the inside doors jam or have gaps on the top of them?

Electrical

• Are there any exposed wires?
• Do the lights flicker?
• Are outlets warm to the touch?
• Are there any visible signs of electrical tape?
• Look for flash burns near socket covers.

Roof

• Look for missing or cracked shingles and significant wear and tear.
• Are there mismatched materials or curled or warped shingles?

Plumbing

• Do the faucets leak?
• Are there water stains under the sinks or around toilet or tub
• Check how the bath and sinks drain.
• Do you smell foul odors near sinks?
• Check the water pressure in sinks and bath.

Mold

• Do you see any water stains on walls?
• Is any mold visible?
• Is there a musty smell?
• Check for rotted wood around doors and windows.
• Is the paint peeling?

Insects or Pests

• Are there signs of termites and carpenter ants?
• Are there ways for rodents to enter the house?
• Is any exposed interior wood damaged?

Poor Workmanship

• Do repairs look professional?
• Do renovations look armature?
• Are any tasks uncompleted?

Checking these items can go a long way to making sure you pay the right price for your first home and know more fully what you’re buying. Check back on our blog twice a week for more real estate advice and for local Albuquerque topics. 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!

8520 Hawk Eye Road NW, Albuquerque, NM  $260,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3486 Square Feet

Incredible back yard perfect for entertaining family & friends, with Outdoor kitchen, built in grill, tile bar, flagstone open & covered patios, pergola, hot tub, fire pit, garden area, trees, and shrubs! Exceptional home with many custom upgrades including stacked stone accents, light fixtures, wrought iron stairway! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Are you planning to buy a home in Albuquerque and have kids in school? Then no doubt you want to find the right home near the best schools in Albuquerque.  You certainly don’t want to end up regretting buying your home if it turns out that the school you live near isn’t right for your child.

You may think that your real estate agent can show you all the best schools in Albuquerque. But they can’t. Fair housing laws have been enacted that prevents agents from recommending schools.  Why? It was discovered that some agents in recent years have been labeling schools as "bad" to swing the sales of homes toward more affluent neighborhoods. So it’s a good thing that agents in general aren’t allowed to recommend schools. That means that you as a parent should research the best schools in Albuquerque for your children. After you find a school you think would best suit your children’s needs, then your agent can help you find the right home near that school.

There are at least 3 questions you should ask when finding the right school in Albuquerque.

What school will you child attend?

Sure this may seem obvious, and that’s why some people forget to ask it. There are dozens of schools in the Albuquerque Public School district, so that means you have a lot of schools to choose from. Their website has a great deal of information about schools in Albuquerque that should be useful in finding a good school.

What are the numbers?

Even though numbers don’t provide a complete perspective, they are a great place to start. You can find helpful ratings and scores on websites such as GreatSchools.org and Niche.com. They use test scores, reviews, and other factors to rate the best schools in a given area.

What about reputation?

If you know people in the area you want to move to in Albuquerque, ask them what they know the schools in the area. You might even meet with the principal of a school to get an even closer look, presuming you can make such an arrangement. See if they can give you a tour of the school with your child present.  Look at class sizes.  Is the library well stocked? What does your child think about the school? These are great indicators to look for.

Finding the right school and the right home for sale in Albuquerque is worth the effort.  Once you do find a great school for your child, let us help you find the right home near that school.  Our powerful search tools can help you find homes for sale near the schools of your choice in Albuquerque.  Also make sure to take advantage of our Home Buyer Listing Alerts to get automated alerts of homes as they hit the market. And you can always feel free to call us at 505-980-2999 to speak with an experienced agent.

HOT HOME LISTING OF THE WEEK!

10 Tres Amigos Road, Placitas, NM  $399,000

3 Bedrooms/ 2 Bathrooms (2 full, 0 partial) / 2200 Square Feet

This stunning Placitas Custom Home offers a secluded .97 AC Sanctuary w/breathtaking views. Open & spacious floorplan featuring a dramatic entry way into a cozy living space. Warm & inviting property in a highly sought-after location. Fabulous access to hiking & biking.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Self-made millionaire David Bach has written nine consecutive New York Times best-selling books. His book, “The Automatic Millionaire,” was on the New York Times bestseller list for a whopping 31 weeks. In fact, he is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

In a recent CNBC article, Bach explained that: “The biggest mistake millennials are making is not buying their first home.” Then he said that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”

Bach went on to explain why buying a home is so important:

“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”

 “Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”

What will it cost to pay your mortgage in fifteen years? Here’s what he had to say:

“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.”

If a well-respected millionaire gives advice, it’s usually a good idea to follow it.  But of course, he’s not the first person in the know to advice on the wisdom of buying a home. Many successful individuals have found that over time, buying a home is the most advisable course toward financial security.

As an additional note on David Bach’s experience, he has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes. Not a bad resume!

If you’re ready to buy a home in Albuquerque, you couldn’t have found a better city to buy a new home! Give us a call at 505-263-2173 to talk to an experienced agent. And if you don’t want to talk to someone just yet, you can browse our website for the latest real estate on the market.  And make sure to use our powerful home search tool to find the home of your dreams in Albuquerque.

HOT HOME LISTING OF THE WEEK!

522 Palo Alto Drive NE, Rio Rancho, NM  $320,000

4 Bedrooms/ 2 Bathrooms (1 full, 1 partial) / 2960 Square Feet

Like new Pulte Home Ruby Model versatile floor plan. So many options! Upgraded gourmet kitchen with stacked cabinets, SS appliances, electric cooktop, built-in oven, granite countertops, backsplash, island, pantry and recessed lighting, tile flooring! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you live in Albuquerque and are on Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits, you may have wondered if buying a home is attainable.  Perhaps you’ve wondered if merely owning a home may affect your benefits, making home owning nearly impossible. The fact is that many people living on SSDI and SSI benefits do qualify to buy a home, and it’s possible that you can as well. But as you can guess, there are obstacles to think about.

What are some of the challenges? As you know already, the benefits for SSI are low, and you will probably struggle to save for a home while trying to make ends meet.  And if you live on SSDI benefits, you may not be sure how long those benefits will last.  So when you go to apply for a loan, it may be difficult to prove you have a stable income.

Another factor to consider is that SSI rules limit how much income and assets you can have while receiving benefits.  So that creates a fine line between making or having enough to save for a home and keeping your benefits. Here’s the good news though:  the home is considered your primary residence, and not an asset.

All of this is not presented to discourage you from buying a home in Albuquerque. It may seem almost impossible to buy a home if you are on SSI or SSDI, but it’s not. There are a number of programs that can help.  For example, Fannie Mae offers loans for people with disabilities.  Here’s some examples:

• Fannie Mae loans for disabled individuals
• Individual Development Account (IDA)
• Habitat for Humanity
• Housing and Urban Development (HUD) Homeownership Voucher Program

There may also be some nonprofits in Albuquerque that can help as well.

The bottom line is that if you are on SSI or SSDI and are considering buying a home in Albuquerque, give us a call at 505-980-2999 to see how we can help you find assistance.

HOT HOME LISTING OF THE WEEK!

10 Tres Amigos Road, Placitas, NM  $399,000

3 Bedrooms/ 2 Bathrooms (2 full, 0 partial) / 2200 Square Feet

This stunning Placitas Custom Home offers a secluded .97 AC Sanctuary w/breathtaking views. Open & spacious floorplan featuring a dramatic entry way into a cozy living space. Warm & inviting property in a highly sought-after location. Fabulous access to hiking & biking.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Buying a home – what an exciting time! But don’t get carried away with all the excitement. Now more than ever, you need to think carefully about your decisions.  It’s easy to get emotional about a home you fall in love with.  Many times people will let their emotions take over and not ask the important questions that need to be asked before buying a home. And that can lead to some major buyer remorse.

What are the most important questions to ask when buying a home? Here’s a few to consider.

What Is the Home’s Market Value?

This is a very important question since it will determine the amount you’ll offer for the home.  You need to know what the market value is to make a solid offer.  But also remember that there’s no magic formula for making an offer.  But the market value is certainly the biggest factor in making a decision.

How Much Did the Seller Pay For the Home?

Many people will buy a home just to flip it for a huge profit.  Some may have made improvements to the house that will increase the value, but that’s always the case. Knowing how much the previous owner paid will give insight into whether or not the home is overpriced.

How Long Has the Home Been on the Market?

You can sometimes tell the motivation level of a seller by how long the home has been listed. Sure, it’s also the agent who can affect this factor.  Your agent can look to see how many times the home has been relisted and the pricing history.

Click here to find more important questions to ask when buying a home. And always feel free to call or contact Sandi and her team for expert advice.

HOT HOME LISTING OF THE WEEK!

1743 Black Gold Street SE, Albuquerque, NM  $255,000

4 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2269 Square Feet

4 beds PLUS LOFT!! Extended patio and beautifully landscaped backyard with grass and shrubs and sprinkler system!  Refridgerated air, security system, newly painted, stacked stone front exterior, water heater new in 2016.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Despite what people may be saying, the dream of owning a home is definitely still valid.  Sure it may not be as easy to buy a home these days.  Factors such as student loan debt, rising home prices and a fewer available properties make it a challenge. Because of this, on a national level home ownership rates have declined to around 64%.

That doesn’t mean there aren’t cities that are the exception to this trend. Realtor.com performed a study of the cities in America where homeownership rates are growing faster.  The great news is that Albuquerque ranked #7 on their list! They analyzed data from the last Census and compared homeownership rates between the first 3 quarters of 2014 to the first 3 quarters of 2017.

Albuquerque was hit pretty hard during the recession.  But the area’s climate and amazing scenery, along with low home prices and location near Santa Fe make it a very desirable place to buy a home.  This has especially become true for people looking for the perfect retirement location.

People moving here to retire are drawn to the low prices in the area.  New homes hover in the $250,000 range, making it very affordable to live here.

If you’re looking for the ideal city to move to, why not look at what Albuquerque has to offer?

HOT HOME LISTING OF THE WEEK!

8314 Calle Picaflor NW, Albuquerque, NM  $850,000

4 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 4710 Square Feet

Exquisitely appointed single story custom home offers an exclusive & tranquil environment nestled on 1 Acre Sanctuary. Open concept floorplan featuring a dramatic entry way into inviting living area, 3 car garage, hardwood flooring, and so much more!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You see advertisements for mortgage rates all over the media and internet.  But how can you be sure that you’re getting the best rate possible? Even if you compare rates, they probably aren’t realistic. Here are some factors to take into consideration.

• Economy – The global economy drives all interest rates, including mortgage rates
• Property location – Lender costs can go up or down depending on state laws
• Lender pipeline – How much business a lender is currently processing
• Property type – Single family, multi-family, condo, mobile, co-op, etc.
• Loan-to-value – Lower values get a better rate
• Home use – Is this home being used for personal use, rental, or vacation?
• Credit score – The higher the score, the better the rate
• Points – Overall, the higher the costs, the lower the rate
• Loan features – Term, documentation, rate adjustment, interest-only payments, etc.
• Loan amount – If the loan amount is very high or very low, this can mean higher rates

Mortgage Rates Always Change 

It’s true. In fact, rates can change in minutes!  Even politics can affect the rate.  As an example, when the President disbanded his business council, it sent rates into a tailspin within 20 minutes! So that means the rate you were quoted before and after that situation would have been much different.

The good news is that current mortgage rates are as low as they've been in 2017. But home prices are soaring in much of the US. To get a low rate and make your home as affordable as possible, you need to get several custom quotes from competing mortgage lenders.

HOT HOME LISTING OF THE WEEK!

996 Lynx Loop NE, Albuquerque, NM  $595,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3215 Square Feet

Custom Home features INCREDIBLE VIEWS of the Sandia Mountains, Tram & City lights from large balconies and decks. Master Suite features cozy fireplace, tranquil balcony, mountain views, complimented by the Spa-like Master Bath.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Owning a home has many advantages and benefits.  One of the best things about owning a home is avoiding rising rent costs. 

The cost of renting is going up across the nation.  According to ConsumerAffairs “The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.” The Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report also noted that “Renters continue to be more likely to face cost burdens…the number of cost-burdened renters (21 million) considerably outstrips the number of cost-burdened owners (18 million) even though nearly two-thirds of US households own their homes.”

With a 30 year fixed rate mortgage, owning a home can be cheaper than renting. Many people feel they can’t afford to buy a home because they haven’t saved enough money for down payment, or they don’t have good enough credit.  But you don’t know until you investigate the options.  If you’re considering buying a home in Albuquerque, give us a call and let a professional help you determine if you’re in a position to own your own home and not get stuck in a rental trap.

HOT HOME LISTING OF THE WEEK!

10 Cinco Circle, Placitas, NM   $550,000

5 Bedrooms/ 5 Bathrooms (1 full, 4 partial) / 4015 Square Feet

Enjoy the extraordinary views from this spacious home, featuring 5 bedrooms, 2 living areas, and more.  Treat your guests to the upstairs bed with en suite bath.  Entertain in style with the spacious kitchen that opens into the great room.  

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

According to the latest US Census Bureau report, it turns out that for the first time since 2006, more people chose to purchase a home over renting in the first quarter of this year.  There were 1.22 million new households formed in the first quarter, and of those, 854,000 were first-time buyers.  That makes the home ownership rate among new households a whopping 70%!

This is great news as the rate of homeownership nationwide is currently 63.6%.  The last time the rate came close to this figure was in the 2^nd quarter of 2004, when it was at the all-time high of 69.2%.

Recently, a Wall Street Journal article had this to say about the reason for the jump in first-time buyers:

“The return of first-time buyers is accelerating. In all, they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”

According to Trulia’s Chief Economist, Ralph McLaughlin:

“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”

What does this all mean? Basically, this indicates that as more people who can buy for the first time realize their ability to buy a home without renting first, then the overall economy will benefit.

HOT HOME LISTING OF THE WEEK!

4401 Pershing Avenue SE, Albuquerque   $499,000

3 Bedrooms/ 1 Bathrooms / 3 Partial Baths / 4100 Square Feet

INCREDIBLE Custom single story Home-In the heart of ABQ. 2CAR garage, open floorplan showcases 3 exceptional LG living areas, all in whopping 4100 sq ft!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

According to a report recently released by Down Payment Resource, 65% of first-time homebuyers bought their homes with a down payment of 6% or less in January. This trend continued through all buyers who had a mortgage, as 62% made a down payment of less than 20%.

What does this all mean? An article by DS News points to the new wave of millennial homebuyers:

“It seems that the long-awaited influx of millennial home buyers is beginning. Ellie Mae reported that mortgages to millennial borrowers for new home purchases continued their ascent in January, accounting for 84 percent of closed loans.”

For millennials who purchased homes in January, FHA loans remained popular, making up 35% of all loans closed. Ellie Mae’s Executive Vice President of Corporate Strategy Joe Tyrrell gave some insight into why:

“It is not surprising to see Millennial borrowers leverage FHA loans because they typically offer lower down payments and lower average FICO score requirements than conventional loans. Across the board, we're continuing to see strong interest in homeownership from this younger generation.”

If you’re a millennial who’s wondering if you should buy a home this year, please feel free to contact us.  We can help you understand your options and get you on the path to preapproval.

HOT HOME LISTING OF THE WEEK!

5909 Gorrion Street NW, Albuquerque   $199,000

4 Bedrooms/ 1 Bathrooms/ 1935 Square Feet

Back on the market! This open concept floorplan includes tasteful updates. Plenty of space with 2 living areas and 4 beds spread over 1935 sq ft!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team