Everything is changing in our lives, and the real estate market is no exception. They way buyers work with agents, lenders, and all of the people involved in buying a home in Albuquerque are changing to the virtual world. But through it all, one thing is not changing: the need for people to buy homes. Buying a home can drive the local economy here in Albuquerque.

Everyone is being affected differently by the effects of this virus on the economy. If you're in a position to buy a home, you are a major economic force in your neighborhood in Albuquerque. Even though we don't know how long it will take for this pandemic to pass, there are still things right now to keep your search for a new home in Albuquerque going.

Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales. This report makes the following statement:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

That means that when you buy a home in Albuquerque, you make an impact on the local economy. While it fulfills your need for a having a roof over your head, it also generates income for appraisers, loan officers, the title company, your real estate agent, and anyone else who contributes to the process of buying a home. These people also have teams that they work with that benefit from the purchase. And when you buy a new construction home, that impact almost doubles. According that same report, the economic impact of a home sale in New Mexico is $66,912. That's a lot of people in Albuquerque who benefit from just one home sale.

When you buy a home in Albuquerque, you become an economic driver. Even if you're not ready to buy a home right now, there are things you can do to keep your own process moving forward so you’re set when the time is right for you. Contact us today to keep your home buying process on track.

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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

5910 HANNETT Avenue NE, Albuquerque, NM 87110  $208,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1885 Square Feet

Terrific location close to Uptown, shopping, dining, parks, UNM! 3BDR/2BA/1CG! Versatile floor plan with 3 living spaces; combined living & dining space, separate hobby/office/bdr, plus large family room/den with cozy wood fireplace. NEW ROOF (2017-1018) Updated furnace (2017) Newer water heater! Lots of light, skylights, ceiling fans, separate utility room! Kitchen features new gas stove, lots of cabinets, tile floor, breakfast bar and is open to the dining room. Outdoor living space with covered patio and walled for privacy and storage shed.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you plan to sell your home in Albuquerque, there's good news. Home prices are increasing, not only in Albuquerque, but in 94% of the major metro areas in America. Here in Albuquerque in the fourth quarter, appreciation climbed by 11%. This was higher than the average gain of 6.6% for the rest of the nation during that same period.

According to a report by the NAR, home buyers in general could more easily afford a mortgage due to lower mortgage rates, which on average was 3.76% for a 30-year fixed mortgage. When you combine those two factors, that means that more home buyers can afford to buy a home, even though prices are appreciating. That's a great combination for home sellers in Albuquerque!

First-time home buyers also have good news, as they also saw an expansion in affordability last quarter, according to the same report. The average monthly mortgage payment for first time buyers went down to $1,006, provided they had a 10% down payment.

The Albuquerque housing market forecast ending with the 3rd Quarter of 2021 is also positive. LittleBigHomes.com estimates that the probability for rising home prices in Albuquerque, NM is 82% during this period. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 4th Quarter of 2019.

The bottom line is that if you plan to sell your home in Albuquerque, now is as good of a time as any. But if you're not ready to sell, there's also a good chance that your home's value will continue to increase over the next couple of years, if predictions hold true. 

What about buying a home in Albuquerque? This is also a great time for Albuquerque home buyers, as this is a good time to buy a home before prices increase. Again, if prices continue to increase, that means your home equity will increase as well.

If you're thinking about buying or selling a home in Albuquerque, call Sandi Pressley and her team today. Their unmatched knowledge of the Albuquerque real estate market will help you benefit from this current market trend, and to make a solid investment to benefit from the growing Albuquerque real estate market.

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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

100 BROADWAY Boulevard NE, Albuquerque, NM 87102  $150,000

1 Bedrooms / 1 Bathrooms (1 full, 0 half) / 730 Square Feet

Urban Living at it's finest! Loft is located in the historic Classroom Building(built in 1935) of the old Albuquerque High School. Large west facing windows flood the loft with natural sunlight. Original wood floors. Kitchen Island, all appliances convey. Open floorplan, 14 foot ceilings, original chalkboard. Full bath. 3 Lockers for storage. Laundry and elevator in building.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you plan to buy a home in Albuquerque, no doubt you would appreciate some insight into the many fine neighborhoods here. Niche.com is a website that rates, among other things, the best neighborhoods to buy a home in Albuquerque. These ratings are based on a wide range of criteria, including the quality of local schools, crime rates, housing trends, employment statistics, and access to amenities. Here are some of the top neighborhoods in Albuquerque according to Niche.com.

Nob Hill
#1 Best Neighborhoods to Live in Albuquerque
#1 Best Neighborhoods for Young Professionals in Albuquerque
#1 Best Neighborhoods to Raise a Family in Albuquerque

Albuquerque is a city rich in history, dating back hundreds of years. As such, if you're looking to buy a home here, you might come across a home for sale that's over 50 years old. There's certainly nothing wrong with buying an older home, as they offer styles and features from the past that may not be found in newer homes.

When you buy an older home in Albuquerque, there are some things to consider before making a decision to buy.

Plumbing

Many older homes have galvanized steel water piping. This kind of pipe was used originally in the 1970's because it was thought to have a longer shelf life. Now, after several decades, it's been discovered that these pipes can rust inside, leading to dirty water and blockage.

A specialized plumber can help you decide what needs to be repaired with this type of plumbing. New plumbing technology will give you cleaner water and reduce leaking.

Energy Efficiency

Older homes were not built to be as energy-efficient as they are today. Energy was cheaper back then, and insulation was not always used in home construction. If insulation wasn't installed or upgraded since the home's original construction, then you should assess how insulated your home is and make any needed upgrades.

Single-paned windows were also used in older homes, which can add up to a huge heat loss. If you're looking to buy an older home in Albuquerque that still has this type of window, you should decide if you plan to replace them, and how much that will cost if you do so. You may also see if you can negotiate having those windows replaced as part of the sale.

Floor Plans

Older homes in Albuquerque may not have as much floor space as newer homes. The bedrooms in older homes tend to be smaller, and master bedrooms were not as popular. 

If you're considering an older home, but want more open space, you can do so by adding additions, redoing your kitchen, or removing walls to add to your open floor plan. Of course, these improvements will cost a good deal of money. Make sure you factor in these costs when looking to buy an older home in Albuquerque.

Lead

All the way up to the 1970's lead paint was used in the interior of homes. The government banned lead paint in 1978. But even with that ban, lead paint was still used on occasion. Make sure that the house you plan to buy has been tested for lead. If a wall has been painted over, there still could be lead paint underneath the tops layer.

If the paint does test positive for lead, make sure it's removed and repainted by a professional. Professional painters are better equiped to deal with unhealthy paint and make sure it's removed in a manner that won't cause any health issues.

Selling a home in Albuquerque can be a very time-consuming and emotional process. With all that's going on in the process, it can be easy to make mistakes. But with a little preparation, you can avoid some of the pitfalls that snag many home sellers. Here are some key mistakes to avoid when selling your home in Albuquerque.

Being Emotionally Involved

Sure, this was your home that you no doubt built many memories in. But you need to think of yourself as a businessperson and a home seller, and not a homeowner. By thinking of it from a financial perspective, you'll be able to avoid the emotional aspects of the sale that could cloud your judgement.

Not Hiring an Agent

Unless you have a lot of experience selling homes, it's never a good idea to sell a home without expert help. Selling homes is what real estate agents do full-time. Sandi Pressley and her team, for example, have been helping people in Albuquerque sell their homes for decades. They've built a reputation of being the top real estate agents in New Mexico, and it shows in the amount of homes they've sold. They can help you get the best price and the fastest sale.

An experienced agent will also help you during negotiations, which can be tricky even with years of experience. They also handle all the photography, marketing, leads, and showing appointments. They work for you, not against you in the process. There's simply no reason to go it alone when selling your home.

Setting an Unrealistic Price

Setting the right price for your home is critical, and again, that's where an agent's experience can make all the difference. They will use comparable sales in your neighborhood to help set the best price. And remember that buyers also have access to the same information, so you won't be fooling anyone if you set the price too high.

Hiding Major Problems

The purpose of a home inspection conducted by the buyer is to uncover major problems with a home. So don't bother trying to hide anything. In fact, you should be proactive and take care of any major issues before putting your home on the market, if possible. If you can't afford a major repair, then you can disclose the issue and reduce the price accordingly so the buyer can fix the issue if needed.

Looking to sell your home for the right price in Albuquerque? Let us help you sell your home in Albuquerque and get the best price. And make sure to join us twice a week on our blog for more 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!

2612 Espanola Street, Albuquerque, NM 87110  $165,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1140 Square Feet

HUGE LOT with BACKYARD ACCESS and custom gate in the NE Heights! Conveniently located close to Uptown, Trader Joe's, shopping, restaurants & parks! 3BDR/1.5BA/1CG featuring a large open great room with huge picture window and tile flooring! Remodeled kitchen with new soft-close cabinetry & crown molding, Quartz countertops! Beautiful shade tree in the front yard and oversized backyard with plenty of room for pets, backyard access, custom metal gate and covered patio for Summer BBQs!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Do you want a really good reason to own a home in Albuquerque? Besides being a fantastic location to live, when you own your home, it's what can be called a “forced savings plan.” When you make your mortgage payment, part of it is applied to the principle balance. Each month, you owe less on the home. The difference between the value of the home and what you owe is called equity.

If your home's value has increased since you bought it, then your equity increases. On average, home owners gained more than $65,000 in equity over the last 5 years. That's a lot of money!

When you compare spending habits to 10 years ago, we find that homeowners also are no longer tapping into that equity to buy expensive items. They were pulling out cash (equity) from an appreciating asset, and then spending it on rapidly depreciating items. That is not the case today.

The number of homeowners that currently have at least 50% equity in their home is astonishing. According to the Urban Institute, 37.1% of all homes in the country are mortgage-free. In a home equity study, ATTOM Data Solutions revealed that of the 62.9% of homes with a mortgage, 25.6% have at least 50% equity. That number has been increasing over the last five years.

By doing a little math, we can see that 53.2% of all homes in this country have at least 50% equity right now. Of all homes, 37.1% are mortgage-free and an additional 16.1% with a mortgage have at least 50% equity.

As we can see, owning a home in Albuquerque is far different from renting. Owning a home means that your mortgage payment comes back to you in the form of equity in your home. That doesn’t happen with your rent payment. Your rent helps build your landlord’s equity instead.

Let us help you find the home of your dreams in Albuquerque. And make sure to join us twice a week on our blog for more 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!

1800 Cooke Canyon Drive NW, Albuquerque, NM  $385,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 2690 Square Feet

Mountain Views! This popular one story Pulte floorplan has 4BDRS/3BA plus separate office/study with French doors!! Light, bright and open featuring two walls of sliding doors opening to the outdoor living space, covered patio showcasing mountain views! REFRIGERATED AIR! Tankless Water Heater! Approx 19k in new engineered wood flooring! 11k Professionally landscaped backyard with grass, roses, shrubs! Gourmet kitchen has built-in stainless steel appliances, gas cooktop, huge teardrop shaped Island, granite counter tops, beautiful cabinetry, backsplash & walk-in pantry. Master suite has bay window, large shower, raised granite dual sink vanity & walk-in closet!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Real estate prices in the Albuquerque market are expected to rise at a steady pace throughout 2019. In fact, Albuquerque home values have gone up 4.2% over the past year and Zillow predicts they will rise 2.6% within the next year. If you're considering moving to Albuquerque, there are a few creative ways to cope with rising housing costs and get into your dream home sooner rather than later.

Consider Nearby or Adjacent ZIP Codes

The old adage in real estate is “location, location, location,” but often the location is the very thing that makes certain ZIP codes so pricey. When looking into a desirable area, consider the nearby or adjacent neighborhoods to scout for more affordable finds. The good news is that if your house is near a pricier area, home prices are expected to remain strong or even rise as demand for the area increases.

Purchase a Foreclosure or Fixer-Upper

Purchasing a foreclosure or home that needs a little work is a smart move if you want to buy into a more expensive neighborhood and stay in your price range.

Fixer-uppers can yield significant discounts in major urban areas, as much as 40% to 50%, according to research conducted by realtor.com, but inventory may be low, and the competition may be fierce.

Consider a Roommate

If you can afford a home but are concerned about what the monthly payment will do to your lifestyle (and budget) consider renting out rooms in your house to a long-term roommate or on housing-share apps.

This way, your housing payment gets covered and any extra can go toward paying down the mortgage, paying off student loans, or maintaining your lifestyle.

Try a Starter Home Before Thinking of a Forever Home

Think about what you really need in a first-home purchase as opposed to what you fantasize about having. With so many first-time buyers now delaying home ownership until their early 30’s (when a family and kids comes along), many skip the notion of the starter home and leap right into the forever home - often at a cost.

Starting small allows buyers to start putting housing payments into equity, not rent. Should property values rise, after a few years a buyer would then be able to upgrade into something bigger or more practical for their lifestyle.

Also keep in mind that just because you qualify for a loan amount, it doesn’t mean you have to borrow the maximum. When shopping for homes, be sure to find something that sits comfortably in your budget once you factor in insurance, taxes, home maintenance, and even discretionary funds.

While these tips may not land a first-time buyer in their ideal neighborhood straight away, equity (the amount of your house that you “own”) builds over time and works in favor of the buyer. Remember: With time and patience, many may be able to cash in on the equity in their first home and move into their ideal square footage or location.

Looking to find the perfect home in Albuquerque? Let us help you find the perfect home in Albuquerque. And make sure to join us twice a week on our blog for more 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!

7 Chamisa Road, Placitas, NM  $468,000

3 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2500 Square Feet

Southwest Style custom home on incredible 2 acre lot with stunning views. Exquisite tile & woodwork throughout. Well appointed kitchen with SS appliances, granite counters, large pantry and island. New Carpet in 2019, new Paint in bedrooms and entry 2017, Refrigerated air, raised ceilings, open floor plan, skylights and lighted niches make this home perfect for entertaining. Private master suite has private balcony access, double sinks w/jetted tub, separate shower and a huge walk-in closet. Backyard has covered patio, water feature, fire-pit and mature landscaping. Over-sized 3 car garage, water softener, central vac system, upgraded sinks and faucets, brand new septic in 2013, the list just goes on!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team