Real Estate Information Archive

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

How do I get approved for a home loan? Who will help me find the right home in Albuquerque? Don’t panic! Here are the top four people you need to know when it comes to buying a home.

The Person Who Approves the Loan

One of the first people you’ll need to work with is a loan officer or lender. This is the person who helps you understand the ins and outs of getting a loan, as well as any requirements or conditions.

Before speaking with the loan officer, however, you may want to estimate what a monthly mortgage payment may look like, which you can do with a simple mortgage calculator. Your monthly payment will include homeowners insurance, property taxes paid into an escrow account, and, if you put down less than 20%, PMI or private mortgage insurance.

Remember: The bank will provide an initial number of what it thinks you can afford based on your gross monthly income. But it’s up to you to account for your own personal budget and living expenses.

Once you’ve spoken with the lender, it’s worthwhile to get a preapproval letter, which shows how much the bank would be willing to lend you based on your full financial picture. Without this letter, most sellers won't take you seriously and may not even accept your offer.

The Person Who Finds the Home

A real estate agent is usually the first person that most people speak to during the homebuying process. You need someone who understands the housing market in Albuquerque.

When you begin your home search, you might start with an online search. While these property listing sites provide formatted data on available properties, a REALTOR®, such as Sandi Pressley, will have access to the latest information and can provide any updates or correct misinformation found online.

A REALTOR® can work on your behalf or on behalf of the seller. When you’re buying a home, it’s important to work with a buyer’s agent, whose responsibility is to you, not the seller.

You should ask the agent all the questions that are important to you — how much other homes in the area recently sold for, how long those homes were on the market, and any other questions that might help you make an informed decision.

The Person Who Inspects the Home

Once you have found a home, made an offer, and signed the contract to buy, it’s time to hire a home inspector. The contract will specify how many days you have to get the inspection. The home inspector will come to check things like structural integrity, plumbing, electrical systems, heating and cooling, the condition of windows, walls, door frames, ceilings, the attic — basically anything that can be seen without going into walls.

The Person Who Checks Ownership of the Home

The title officer or title company checks the ownership of the home to make sure there are no potential disputes with previous owners, and, ultimately, will issue title insurance for the property. This insurance protects you and the lender if there are claims or lawsuits against your ownership of the property.

Each person has a distinct role in the homebuying process in Albuquerque, and being informed about exactly what you need from them helps make the process run smoothly. The key is patience — it’s all worth it when you get the new keys to your home!

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!

104 Sandia Mountain Ranch Drive, Tijeras, NM  $479,000

3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 2608 Square Feet

Resort style living in the mountains with incredible views on approx 3.25 acres in Sandia Mountain Ranch!! Custom elegance featuring TPO Roof, Refrig Air, Sec System, Water Softener, Skylights, Private Elec Gate. Amazing outdoor living space featuring a huge raised deck for entertaining, relaxing in nature taking in the mountain views! Great room features wall of windows, wood beam ceiling, wood stove. Custom kitchen features cherry cabs, granite countertops, walk-in pantry, bkfst bar & nook. Master suite features his/her vanities, jetted tub, sep shower, two walk-in closets. Finished & insulated oversized 2CG!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Most of us have our own reasons for wanting to buy a home in Albuquerque. Maybe we want a bath with a luxury spa. Maybe we want a huge deck for parties.

But your lender doesn't care about such things - the designer tub, the fire pit, and all the extras. What they really care about is the actual value of the home and if it's worth as much as the value of the mortgage.

To a bank, a house is collateral. That means that they can foreclose on the home if you miss payments.

Therefore, a home must be valued at, or above, the agreed-upon purchase price, and this has to happen before you can close on a house. That’s where a home appraiser comes in.

A Home Appraiser Is Neutral

After you sign a home purchase agreement, which is the contract between you and the seller about the terms of the pending sale, and before your lender approves your loan, the home you’re buying must pass an appraisal.

An appraiser is either licensed by the state or a certified professional. It's their job to asses the value of the home. They are on no one's side, not you or the seller. They are chosen by your lender through an appraisal management company, which is a neutral entity.

Appraisers survey a house in person, using five main criteria to determine the value of a home:

• Location
• Age
• Condition
• Additions or renovations
• Recent sales of comparable homes

Be Prepared to Pay for the Appraisal — or to Negotiate

Usually the home buyer is the one that pays for the appraisal, and this is generally included in the closing costs. But this can be negotiated. You can always ask if the seller will pay for it.

Home appraisals are not as expensive as you might think. They will usually cost between $287 and $373.

Appraisals Take a While, So Be Patient

Typically, a purchase agreement has a “home appraisal contingency” requiring that the appraisal be completed within 14 days of the sales contract being signed. Because it takes appraisers some time to visit your house and write a report — up to a week, or longer in a busy housing market — your lender will order the appraisal immediately after you sign the purchase agreement.

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!

8000 Oso Loco Road NE, Albuquerque, NM  $288,000

3 Bedrooms / 2 Bathrooms (1 full, 0 half) / 1879 Square Feet

Excellent opportunity to own in Far North East Heights neighborhood! This beautiful home is close to in shopping, bike paths and highly desirable schools. Open and bright floor plan with custom Southwest touches throughout; ledges; arched doorways and more. A custom Kiva fireplace with built-in Bancos grace the family room that opens to the sunny kitchen with breakfast bar; kitchen island; lots of cabinets and pantry for storage. Separate formal dining room. Master Suite w/access to patio and ample spa like en suite with walk-in closet that includes a custom closet system. Low maintenance front and backyard landscaping w/ lush shrubs and trees & cool covered patio for warm summer evenings.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Having your home on the market in Albuquqerque during the autumn selling season can be a great thing. There are fewer homes on the market, which means you will be in an ideal position to market your home. Here's a few staging tips to help you close the sale by the holidays.

1. Brighten Up

Days are getting shorter, and that can be a good thing for sellers. When you have a well-lit room, it looks larger and more inviting. Turn on all of your lights before the showing, and make sure they can be seen from the steet so that they welcome buyers as they drive up. 

2. Light Your Buyer’s Fire (with Fire)

Buyers want to see themselves relaxing in front of a warm fire. You can help them envision the warmth of thier new home by building a fire if you have fireplace, along with lighting some well-placed candles.

3. Use Seasonal Scents

Normally you would use unscented candles when showing a home, as you don't want to alienate buyers. But the fall season may be a time to bend that rule and light a few candles that have an autmn scent.

Because smell is so intricately tied to emotion, harnessing the aroma of fall will evoke memories of apple picking, pumpkin carving, leaf raking and other family-friendly activities.

4. Get Cozy

A few throw pillows and soft blankets will make your home feel more cozy. This will help buyers feel more relaxed and ready to curl up with a good book.

5. Make Your Curb Appealing

The approach of fall heralds crisp breezes and brightly colored leaves. Embrace the natural hues of the season by adding fall-hued foliage and flowers to your outdoor landscape — mums, goldenrods, Aster, smoke bush, Heleniums, burning bush, Virginia Sweetspire, witch-hazels and Viburnum are all plants that thrive in colder temperatures and produce gorgeous, seasonal color.

6. A Little Goes a Long Way

As with any seasonal decor, it’s important to make sure you don’t overdo your decorating efforts.

Good: a fall-hued wreath on the front door and a few cheeky-looking pumpkins.
Bad: a pumpkin-patch themed front yard, including hay bales and a scarecrow.

Good: bringing seasonal color inside via candles, pillows and fall foliage.
Bad: a home cluttered with Halloween knick knacks and an excess of fall accessories.

Remember that when it comes to decorating your Albuquqerque home for a showing or open house, it’s always better to keep it sweet and simple.

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

You love your home in Albuquerque, but it's time to sell it. And of course you want the next owner to love it as well. But in the end, you want to get the right price for your home.

Selling a home in Albuquerque takes time and work. It's not the easiest journey, but in the end you'll come out on top if you know what to do.

Here are some of the steps of that journey. You need to understand the market and make a plan, as well as create partnerships with experts in the Albuquerque real estate market who will help you sell your home.

Know What You Want

Here's the big question: what do you want? Why are you moving? What do you expect from the process? When, exactly, should you put that For Sale sign in the yard?

Do Your Research

The Albuquerque real estate market is always changing. Mortgage rates change as well. Make sure you stay on top of the market and educate yourself.

Select an Agent

The right agent makes all the difference. And of course you would expect that we suggest you rely on Sandi Pressley to sell your home in Albuquerque. Sandi and her team are the top real estate agents in New Mexico, so you can count on them to sell your home for the best price.

Price Your Home

We can help you find out how much your home is worth and get the right offers to sell your home for what it's worth.

Prep Your Home for Sale

Staging your home and getting rid of all the stuff you don't need makes a huge difference when you present your home to buyers. And make sure you take care of any needed repairs. You need to make buyers say “Wow!”

Market Your Home

Sandi and her team will market your home to the maximum amount of buyers possible. That's why we have such a great track record of selling homes in Albuquerque.

Close the Sale

Settlement, or closing, is the last step in the home selling process. This is where you sign the final paperwork, make this whole thing official, and collect your check. Before that can happen though, you’ll have to prepare your home for the buyer’s final walk-through and troubleshoot any last-minute issues.

Selling your home in Albuquerque? Get a FREE home valuation of your home today. Looking for the perfect home in Albuquerque? Our powerful home search feature will help you find the home of your dreams. 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!

8320 Calle Petirrojo NW, Albuquerque, NM 87120  $750,000

4 Bedrooms / 4 Bathrooms (2 full, 2 half) / 4844 Square Feet

Beautifully maintained and lovingly upgraded single level custom home close to the Bosque on 1 acre lot. Kitchen is well appointed with island,granite counters,dbl oven, Wolf gas cook top & sub zero fridge. Wide open floorplan, light, bright and cheery, perfect for entertaining. Stunning maple flooring, breakfast nook and formal dining room. Large master suite w/ sittingarea & luxurious bath w/jetted tub & sep. shower. Immaculate grounds w/covered patios, lush grass, 2 storage sheds & fountain to enjoy outdoor living. Newer appliances,hot water heater, water softener and so much more.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Everyone knows that the best time to sell anything is when demand is the highest for that item and the supply is low. If you plan on selling your home in Albuquerque, there’s great news.  Two major reports released by the National Association of Realtors (NAR) revealed information that suggests that now is a great time to put your home on the market in Albuquerque.

Here is the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report that shows this.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home buying demand continued to outpace the supply of homes available in January.

The map below illustrates buyer demand broken down by state.  If you look at Arizona, you can see that buyer demand is strong in this state, which is great news is you plan on selling your home in Albuquerque

In addition to revealing a high demand for homes, the index also shows that compared to conditions in the same month last year, seller traffic conditions were strong in Arizona.

That shows that demand for housing continues to be strong, but supply is struggling to keep up, and this trend is likely to continue throughout 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales but was instead the inventory of homes for sale (supply). The report explained:

• Total housing inventory rose 4.1% from December to 1.52 million homes available for sale.
• Unsold inventory is 9.5% lower than a year ago, marking the 32nd consecutive month with year-over-year declines.
• This represents a 3.4-month supply at the current sales pace.

According to Lawrence Yun, Chief Economist at NAR:

“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability.”

There’s a guideline that often applies in Albuquerque Real Estate; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As mentioned earlier, there is currently a 3.4-month supply, and houses are going under contract fast. The Existing Home Sales Report shows that 43% of properties were on the market for less than a month when sold.

In January, properties sold nationally were typically on the market for 42 days. As Yun notes, this will continue unless more listings come to the market.

“While the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace. It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

If you plan on selling your home in Albuquerque, now is the time.  You can find out what your home is worth in Albuquerque with our home valuation website ValueMyAlbuquerqueHome.com.  You can also follow us on Facebook for the latest real estate news in Albuquerque. And always feel free to call us at 505-980-2999 to speak with an experienced agent.

HOT HOME LISTING OF THE WEEK!

5243 Foothills Trail NE, Albuquerque, NM  $798,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3156 Square Feet

Gated community of the Wilderness! Casual elegance abounds in this Scott Patrick Gold Package custom home. Tons of features include Oversized great room w/stacked stone fireplace, wall of windows! Gourmet kitchen has custom island, pantry, gas cooktop, custom cabinetry, Sub Zero fridge, Wolfe double oven. Private Master Suite on its own wing! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team