Real Estate Information Archive

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! 

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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! 

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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! 

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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! 

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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! 

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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

Are you a first time home buyer in Albuquerque? Buying a new home, no matter if it’s your first time or not, takes a lot of effort.  Here are a few tips that can help the process go more smoothly.

Research Early

Start looking at websites and even local real estate listings in paper journals. Write down the listings that interest you and how long they’re listed, along with any changes in asking prices.  This will give you a more accurate read on your local market trends. You can also sign up for email listing alerts that give you real time updates of new homes as they hit the market.

Budget

How much can you really afford?  That’s the biggest question.  It‘s recommended that you keep the cost of your home to less than 5 times your annual income, providing you’re making a 20% down payment and have moderate debt. Here’s a handy affordability calculator that can help.

Get Prequalified and Preapproved

You need to know how much you can spend before you start looking for a home.  Work with a lender to determine how much you can afford by providing simple information such as income and how much you have in savings.  This is called prequalifying. Later you can get preapproved for credit, which involves providing more documents like W-2s and bank account statement so that a lender can verify your credit.

This is just a start.  But if you follow these tips it will get you on your way to buying the home in  Albuquerque that best fits your needs.

HOT HOME LISTING OF THE WEEK!

2571 Clear Sky Street SW, Los Lunas   $175,000

4 Bedrooms/ 2.5 Bathrooms/ 2265 Square Feet

Popular DR Horton Floorplan w/ 4 bedrooms and bonus loft space upstairs. 2 living areas, open kitchen and comfortable family dining room!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

As you plan on buying your next home in Albuquerque, you no doubt are already setting aside a down payment.  But have you considered closing costs? If not, then you need to remember that’s it’s an important part of the buying process.

What exactly are closing costs?  They are also known as settlement fees, and are paid when obtaining a mortgage.  These fees are charged by your real estate agent, lender and other parties involved in the transaction.  These costs can be around 2-5% of the purchase price.

Many first-time home buyers in Albuquerque don’t realize this.  And if you have a low down payment program, the closing costs could be the same amount as the down payment.

There’s a number of factors that can affect the closing costs, such as appraisal fees, credit report fees, and others.  You can work with your lender and agent to see if there’s any way to decrease these costs. You can also negotiate with the seller over who pays the fees. This is called ‘seller’s concession’ and can be used in negotiation to get the deal closed with the seller.

So make sure to talk to us early about closing costs so you won’t be caught unprepared.

To receive a personal consultation for your home, contact the Sandi Pressley Team directly!

Looking for the perfect Albuquerque area home? Sign-up for our free Preferred Email Listing Alerts and receive only the properties that meet your personal qualifications! Follow this link: PREFERRED EMAIL LISTING ALERTS

HOT HOME LISTING OF THE WEEK!

4401 Pershing Avenue SE, Albuquerque, NM   $499,000

3 Bedrooms/ 4 Bathrooms/ 4100 Square Feet

INCREDIBLE Custom single story Home-In the heart of ABQ! This home has it all! Open floorplan with large living areas, game room, and so much more.  

Contact the Sandi Pressley team for additional details!