"I don't need to hire an agent. Why should I pay extra?" This is a statement many home buyers and sellers in Albuquerque have said over the years. Despite the fact that most people have no idea how to buy or sell a home by themselves, some still decide to take on the process on their own, without professional help.

You might think it's self-serving for us to say that you need to hire an experienced real estate agent to buy or sell a home in Albuquerque. Yet now more than ever, there are very solid reasons why you should hire a Realtor. Here are 3 of those reasons:

My services are free for buyers

Many home buyers in Albuquerque don't know that it’s the seller who pays all the real estate fees at closing. This includes not only their real estate broker’s commissions, but the buyers’ agent’s as well.

It is important to have professional representation when you purchase a home. Even if you think you can do it alone, you must remember that there are major steps to the purchase process, many people involved in the transaction, time restrictions, legal requirements and more to consider.

Not many things in life are free, so the fact that you can hire someone to represent you in one of the largest financial transactions you’ll ever be a party to, at no cost to you, is pretty compelling.

Not all FSBO sellers cooperate with brokers

When a FSBO seller agrees to pay a buyers’ real estate agent’s commission, the process is known as cooperating with brokers. Not all FSBO sellers are willing to do so. If you’ve decided to work with an agent in the purchase of a FSBO, ask the seller if he or she is willing to pay your agent’s commission.

You won’t necessarily get a discount

Many FSBO buyers are under the impression that, since the seller doesn’t have to pay an agent’s commission, he or she will be willing to discount the price of the home accordingly. Nothing could be further from the truth.

Consider this: the typical FSBO seller is single and earns less than the area median income. He or she is less likely to offer help with closing costs than home sellers with agents, according to the National Association of Realtors (NAR). Furthermore, the number one reason a homeowner chooses to go it alone when selling is to save the money they would’ve paid in commissions. They are not about to give this money to the buyer of their home.

To sum up, working with a real estate agent, especially someone who has decades of experience buying and selling home in Albuquerque, just makes sense.

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!

12906 ALICE Avenue NE, Albuquerque, NM 87112  $172,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1443 Square Feet

This wonderful townhome has newer carpet & fresh paint in 2019. Refrigerated Air, Custom Brick fireplace and Banco (hearth). The great room is wonderful for entertaining, and an enclosed atrium opening to kitchen (window) and great room, great for dining or planting. Oversized garage, enclosed courtyard makes this your next home. Close to shopping and fwy. Don't wait!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

As our world is changing so rapidly with the spread of the COVID-19 virus, many people are wondering how long this will last and what impact it will have on the economy. As such, many who were thinking about buying a home in Albuquerque may think they should put that goal on hold. But should you suspend your home search now? The short answer is "no." Here's why.

Despite all the unsettling changes happening and the effect it's having on the economy right now, it will very likely be followed by economic expansion like we’ve seen play out in the U.S. economy many times over.

What are experts saying about an economic rebound? It starts with a forecast of U.S. Gross Domestic Product (GDP).

According to Investopedia:

“Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.”

Based on the GDP, three leading financial institutions state that the economy will see a projected sharp decline followed by a steep rebound in the second half of this year. A recent study from John Burns Consulting also notes that past pandemics have also created V-Shaped Economic Recoveries, and they had minimal impact on housing prices. This certainly gives hope and optimism for what is to come as the crisis passes.

Keeping this history in mind, many business owners are being optimistic about the economy making a strong return. A recent survey by PricewaterhouseCoopers shows that 66% of business owners feel that their companies will return to business as usual within a month of the passing of the pandemic. A solid 90% feel that within 1-3 months, things will be back to normal. 

From expert financial institutions to business leaders across the country, we can clearly see that the anticipation of a quick return to normal once the current crisis subsides is not too far away. 

With these things being considered, if you had been wanting to buy a home in Albuquerque, there's no reason to stop your progress on searching for a home.

One thing you can do to stay on top of your home buying process is to get pre-approved for a mortgage, which you can do from home. Getting pre-approved will hep you get a better idea of what you can afford so that you can move forward with confidence in buying a home in Albuquerque.

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

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

Are you thinking about moving into a smaller home in Albuquerque? Many people choose to downsize, and for many reasons. One major reason to downsize is if you plan to retire to Albuquerque and don't need as much room as you had when you were raising children.

Now is a great time to consider if downsizing is the right choice, as home values have been steadily increasing for years. If you've owned your home in Albuquerque for a while, then you've no doubt built equity in it. That puts you in a great position.

Another strong reason that downsizing is a good idea right now is that mortgage rates are expected to remain low throughout 2020 at an average of 3.8% for a 30-year fixed-rate loan.

When you combine growing equity and low interest rates, it makes for an opportune time to consider downsizing.

Using Your Home Equity

For people who are looking to buy a bigger and better home in Albuquerque, the plan is to buy a home and gain equity by making mortgage payments for several years. Over time, home values generally increase, adding to that value. You then can take that built up equity and make a down payment on the larger home.

For those who want to downsize, it works a bit differently depending on your goals.

Some may chose to downsize for reasons other than retirement. Perhaps a younger homeowner may not need as much room if they are single. It may be a way to save money and simplify their lifestyle. The reasons can be quite varied.

If you've built equity in your current home, you may be able to make a huge down payment toward a smaller home, or perhaps even pay for it entirely. Either way, you're in the plus, with little or no mortgage payment.

Those who choose to put their equity toward a new home have the opportunity to make a substantial down payment or maybe even to buy their next home in cash. This is incredibly valuable if your goal is to have a minimal mortgage payment or none at all.

The Power of Low Mortgage Rates

If you still need to get a mortgage when you downsize, then now is the time to lock in the low rates while they last. You should also consider a shorter term loan, as you can pay it off faster. Loans with shorter terms have lower rates than 30-year loans, which makes them a better deal if you can afford the payments.

If downsizing is your goal, now is the perfect time to consider a transition to a smaller home in Albuquerque. With low rates and rising home prices, you're in an ideal position to make downsizing an economic boon.

Sandi Pressley and her team will be happy to discuss your goals, now matter if you want to downsize or upsize your home. Contact us today to find out how you can use your home equity and low interest rates to your advantage.

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!

9209 HENDRIX Road NE, Albuquerque, NM 87111  $185,000

3 Bedrooms / 2 Bathrooms (0 full, 2 half) / 1058 Square Feet

Terrific location! So close to shopping, restaurants & transportation in the NE Heights! Foothill trails nearby! BRAND NEW ROOF! One story 3BDR/BA/1CG with NEW CARPET & NEW PAINT! REFRIGERATED AIR! Updated baths & windows, furnace and water heater! Updated kitchen has room for bkfst table, pantry, sliding door to the patio and all appliances stay! Master bdr/bath has new shower! Light, bright and open with a great floor plan! Large backyard with open patio and room to entertain, walled for privacy. Don't miss this little gem!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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.

Refinancing a mortgage is something that many homeowners in Albuquerque do at some point. There are a wide range of reasons why a homeowner would want to refinance their mortgage. Yet along with the benefits of refinancing come some risks and costs. The question you need to ask is, if in your case, do the benefits outweigh those risks. Here's a list of pros and cons of refinancing to help you decide if it's the right decision for you.

Refinancing Pros

Free Up Money

If you replace your mortgage with a rate-and-term refinance at a lower rate, you will pay less each month. You could save anywhere from $75 to several hundred dollars a month.

Pay Off Your Home Faster

A loan with a lower interest rate and shorter term means you can pay your home off faster, especially if you go from a 30-year loan to a 15-year loan. The down side of this is you may pay more per month, meaning you'll have less cash on hand.

Get Cash

Albuquerque homeowners who want to get money for remodeling or other important matters can get what's called a cash-out refinance. This is a loan that let's homeowners with at least 20% equity in their home refinance for a larger amount and get the difference in cash.

Lock in a Fixed Rate

If you have a loan with an adjustable rate and you want to lock it into a lower rate so that it doesn't rise, you can get a fixed-rate loan. The rate may be higher than what you have now, but it will not rise in the future, giving you more financial predictability.

Refinancing Cons

It Costs Money

Remember the fees you paid on your original mortgage? You will have tp pay them again for a refinance. This includes origination fees, an appraisal, title insurance, taxes and other fees. If you are refinancing to save monthly costs, you should calculate how long it will take to make up the difference between your monthly savings and the refinance costs.

Prepayment Penalty

You may have to pay your current lender extra to pay off the loan early. If that amount is too high, you might want to just stick with your current loan.

Total Costs Can Increase

The interest and fees over the life of a new 30-year loan can increase. This could also offset the advantage of refinancing.

Make sure to 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!

1820 34TH Street SE, Rio Rancho, NM 87124  $169,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1348 Square Feet

One story 3BDR/2BA/2CG in the heart of Rio Rancho! Minutes from Intel, Cottonwood Mall, schools, parks and shopping! HUGE BACKYARD with views of the Sandia Mountains!! Tile flooring throughout!! NEW Water Heater! Oversized great room with cozy wood stove, open to the kitchen with lots of cabinets, long breakfast bar, gas stove & refrigerator. Master bdr features a walk in closet and private bath. Fenced backyard with open patio, mountain views and plenty of room for gathering family & friends!

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

It's time once again to set your clocks back this Sunday, Nov 3 at 2 a.m. But if you forget, your smartphone will probably remind you anyways.

When we set our clocks back, this is called "Regular Time." President Lyndon B. Johnson signed the Uniform Time Act in 1966 that made Daylight Saving Time official. The law established daylight saving time from the last Sunday in April through the last Sunday in October. Several states, including New Mexico, are trying to change this practice. But for now, we still need to fall back

What will you do with your extra hour? Here are a few suggestions:

• Take a hot bubble bath.
• Organize your office.
• Call a friend to catch up.
• Make a scrapbook.
• Create a “family recipe book.”
• Look up funny videos on YouTube.
• Read your favorite blog.
• Straighten up your pantry.
• Go outside and take pictures of nature.
• Get an extra hour of sleep!

Or, if you're thinking about buying a new home in Albuquerque, you can use our home search tool and take an hour to really look over some of the great homes we have for sale. And then call us on Monday for more help finding the perfect home for sale.

Looking to sell your home for the right price in Albuquerque? Let us help you sell your home in Albuquerque and get the right 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  $170,000

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

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