Real Estate Information Archive

Buying a home can be a tricky process, and there are plenty of little costs that can add up. How can you prepare to cover these costs?

Since most people focus on the larger costs, such as the down payment and mortgage payments, they tend to overlook the smaller fees that come with buying a home.

Here are a few of these lesser known fees and what they could cost you.

Home Inspection

A home inspection is critical to protecting you from buying a home with hidden issues that could ruin your finances. The inspector looks for structural and general issues with the home. Inspections cost between $300 and $500, and whether or not you end up purchasing the property, you still need to pay this fee. You may also have to hire a specialist if specific issues are found, such as foundation issues or termites.

Appraisal Fee

This appraisal report goes to your lender to assure it that the property is worth what you’re paying for it. If you’re selling, review the appraisal thoroughly for any oddball numbers or descriptions that could affect the value of your home. An appraisal can take about 2 hours and costs between $200 and $425.

Application Fees

Before ever approving you for a loan, the lender is going to run your credit report and charge you an application fee, often lumping the credit report fee in with the application fee. This can run $75 to $300. Be sure to ask for a breakdown of the application fees to understand all costs.

Title Services

These fees cover a title search of the public records for the property you’re buying, notary fees for the person witnessing your signature on documents, government filing fees, and more. These can cost between $150 and $400, and it’s important to get a line item for each cost.

Private Mortgage Insurance (PMI)

When you put down less than 20% on your new home, the lender requires that you purchase PMI once you reach 78% of your loan-to-value ratio or you have 22% equity. So PMI is a policy that you have to buy to protect the lender from you. PMI rates can vary from 0.3% to 1.5% of your original loan amount annually.

Tax Service Fee

This is the cost (about $50) to ensure that all property tax payments are up to date and that the payments you make are appropriately credited to the right home.

Always ask questions when it comes to understanding the fees you’re paying. If possible, print out documents and go through them with a highlighter to indicate any areas you have concerns about. Discuss them with your lender or real estate agent and determine if you can negotiate any of them down.

Don’t be afraid to price shop to ensure you’re getting the best value. Just because you’re spending hundreds of thousands on a home doesn’t mean you should be comfortable throwing thousands of dollars at fees.

According to the National Association of Realtors®, first time home homebuyers are about 31 years in age on average? So it makes sense that when you sell your home, it will no doubt be to someone younger.  It's been getting easier for young families and professionals to buy a first home.  When it comes to staging your home to sell in Beaufort County, you need to keep the younger buyers in mind.  Just like the generations before them, this generation has their won unique needs and wants in a home. How can you make your home appeal to this growing market?  Here's a few tips.

Open Floor Plans

Younger buyers no longer want the formal setting of a dining room for entertaining. They want a more open feel that make entertaining easier. Rooms that flow together are highly sought after.

Working From Home

First time buyers are more likely to be working from home. They need extra space for a home office, even if they work from home part-time.

Low Maintenance

Young buyers already have plenty of bills: cell phone bills, cable bills, car payments, student-loan debt and more. Therefore, many don't ant to spend extar on landscaping and other high maintenance features, or old appliances that will soon need upgrading. Make sure your home is ready to move in and doesn't need a lot of extras.

Use Neutral Colors

Buyers under 40 are not really into the gold or pink walls any more.  Think about painting the walls a more neutral color.  This will allow potential buyers to envision their own accent colors and furniture to make it their own.

Open Up the Shower

Open showers are all the rage. Younger buyers aren't as attracted to the old tub and shower configuration. If you have it in your budget, consider remodeling your bath to include an open shower design.

White Cabinets

White or off-white cabinets not only brighten up the kitchen, but the younger buyers are more attracted to it.  They don't want to be reminded of mom's old dark cabinets.  You might try Benjamin Moore's Advance paint, as it requires little prep work.

Stainless Steel Appliances

Old appliances can be a big turnoff for younger buyers.  Many love stainless steel appliances, and for good reason.  If you have it in your budget, consider updating your appliances if they look dated.

Updated Countertops

Young buyers really love granite and stone countertops.  But keep it simple.  Don;t go with busy designs.  Black countertops or designs that are simple are the best.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

231 Graceland Drive NE, Albuquerque, NM  $194,000

2 Bedrooms / 2 Bathrooms (1 full, 1 partial) / 1530 Square Feet

 Nob Hill Charmer! Great Opportunity!!! Make this one your own or your investment property; whatever the goal-DO NOT MISS this one! Situated on a large corner lot, this gem features both formal and informal living areas; Recently re-finished hardwood floors; Cozy wood burning fireplace; separate dining room or perhaps office/hobby space; plus classic details throughout. Enjoy warm summer evenings under the ample covered patio. Close to shopping, UNM & UNMH, transporation! 

Contact the Sandi Pressley team for additional details! 

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If there's one thing that's always true about moving, is that it's expensive. You can easily rack up thousands of dollars of costs along the way. But it doesn't need to cost as much if you plan ahead and follow these simple suggestions.

1. Timing Your Move

The timing of your move can really affect how much you spend. You can save more by moving during the months between October and April, as this is a less busy time for moving companies. Moving companies also usually charge less during weekdays. If you have flexibility, try to schedule your move during these times.

2. Lighten Your Load

It should come as no surprise that the less items you have to move, the less you'll pay. This applies to either hiring a moving company or renting a truck.

Moving is a perfect time to purge the extra clutter from your life. You can start with the larger items, then work your way to the smaller things. You can have a moving sale to make some extra cash, or donate your items to charity. Some charities will even pick up larger items. You can also write off donations from your taxes.

Reducing the amount of items you move reduces effort and stress as well. And if you have friends and family helping, they'll appreciate that you've done what you can to lighten their load as well.

3. Save on Boxes

If you use boxes from a moving company, they will cost more, as they're sturdier and offer more protection. But you can reduce this cost by buying used boxes sold by many moving companies. They offer the same protection as new boxes.

You can also check post on Facebook Marketplace or Craigslist, along with local stores. Try to find liquor boxes, as they're more sturdy. Just make sure the boxes are in good shape and can be sealed properly.

4. Pack It Yourself

If you use a moving company, you can pack your own boxes to save money. But you should check with them to make sure of their policies on packing your won boxes. They have safety concerns and may make you repack them if not done correctly.

5. Save Your Receipts

Make sure to save all of your receipts of your company or military is reimbursing you.

6. Shop Around

Don;t just go with the first moving company you find. Check around and compare prices. Also make sure to check out ratings on Google. along with the Better Business Bureau.

You can also check with the Federal Motor Carrier Safety Administration, which receives over 4,000 fraud complaints each year related to interstate moves, primarily related to lost items, damage to property, or overcharges. Doing your homework will help you find the best price and select a reputable company.

Moving doesn't have to cost as much if you follow these basic tips.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

8309 Rancho Paraiso NW, Albuquerque, NM  $269,000

4 Bedrooms / 3 Bathrooms (2 full, 1 partial) / 2276 Square Feet

 You don't want to miss this picturesque almost 1/4 acre with backyard access. This is a fabulous 4 bedrooms home. Master is on the first floor. Spacious, well appointed kitchen. Light, bright wonderful family home. Pride of ownership is apparent. Balcony with fantastic views upstairs. Sought after neighborhood with easy access to all amenities. Don't wait to see this sensational home! 

Contact the Sandi Pressley team for additional details! 

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You did it! After all those years of renting and paying someone else's mortgage, you've purchased your own home at last. Now it's time to get ready to move out of your rental and into your dream home. 

But if you've never moved from a rental before, or if it's been a few years, you may have forgot all the things you need to do in order to properly leave your rental so that you get as much back from your deposit as you can. You'll certainly need that money for your new home, so it's a good idea to cover all of your bases when moving out of your rental.

Here's a checklist of the tasks to prioritize so that you can get back your deposit.

Two Months Before the Move: 

Examine Your Lease

As soon as you decide to move, you need to ask your landlord or leasing company about the move-out guidelines in your lease. Check your copy of the lease and go over specifics about how much notice is needed, cleaning responsibility, and other essential items.

Asses Damage 

Check the areas of your rental to see what needs repair before the final inspection. Go over the list with your landlord to see what items they will fix, and what you are responsible for.

One Month Before the Move:

Give written notice.

Write a letter to your landlord or leasing company with the exact date of your move. Make sure to give notice according to their rules or you may lose your deposit

Cancel or Change Your Renter’s Insurance.

Contact your insurance company to advise them of your move date.

Gather Supplies

Get together all the supplies you'll need, such as boxes, tape, and packing materials.

Three Weeks Before the Move:

Start Decluttering and Packing.

Start organizing and getting rid of things you won't need to move. Sell them, donate them, or give them to other tenants in your complex.

Tie Up Loose Ends

Make sure you get time off work, check into boarding pets, and changing utilities such as phone and internet, electricity, gas, and water to your new home. That will make sure you're not moving in the dark in your new home.

Want more tips on what to do before your move? Check back on our blog later this week for part 2 of this article.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

2536 Sarita Avenue NW, Albuquerque, NM 87104  $169,000

3 Bedrooms / 2 Bathrooms (2 full, 0 partial) / 1232 Square Feet

 Convenient location near Old Town & Rio Grande! Wonderful home with tile roof, refrigerated air, great room with fireplace open to kitchen with breakfast bar & pantry. Nice layout featuring master bedroom separate from the 2 additional bedrooms, great covered patio & attached 2 car garage. All appliances stay! Don't miss this turn key property!

Contact the Sandi Pressley team for additional details! 

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The Sandi Pressley Team has taken great care in making our website, www.albuquerquehomesolutions.com, a useful and powerful tool for anyone looking to buy or sell a home in Albuquerque. Our website is full of useful features and tools that will help you start your home buying or selling journey. If you plan to buy or sell a home soon, why not a take a few moments to see how our website can be a valuable resource.

Here's a few main features to look for on our website.

For Home Buyers

Featured Properties

Our Featured Properties page showcases our own premium listings in the Albuquerque area. You can sort listings by a number of factors, such as price, type, and open houses.

Property Search

This powerful property search tool lets you find the perfect home in Albuquerque that fits your exact needs. You can refine your search using a wide range of parameters, such as price range, sq feet, construction, schools district, and much more. By clicking on the Map Search tab, you can even draw a map around the area you want to search in.  It makes find the right home in Albuquerque even easier!

There is also a list of neighborhoods in the main menu under "Search MLS" which will let you search for homes in that specific neighborhood, along with information about that neighborhood.

Property Detail Pages

Selecting any property in the Featured Properties or Property Search pages will bring you to a comprehensive detaile page for that property. In addition to detailed information about the property itself, you can also view information about local schools, walks scores, and use a convenient mortgage calculator.

Email Listing Alerts

Be the first to know of new homes that meet your search criteria as soon as they hit the Albuquerque real estate market. It's a free, no obligation service that will help you stay in tune with the local real estate market.

Community Pages

Want to learn more about the communities that make up the Albuquerque area? These community real esatet and information pages will give you the run down on each community, along with being able to search homes for sael in those communities.

Buyer's Resources

This section features a number of useful articles to help home buyers with a variety of topics.

For Home Sellers

Home Valuation

Get an instant market valuation for your Albuquerque or surrounding area home. It's free, and no obligation.

Seller Resources

Just like the Buyer's Resoruces section, this section also features a number of useful articles to help home sells with a variety of topics.

These are just a few of the helpful tools and resources avaiable to our current and future clients. If we can offer any additional help in buying or selling your home, please feel free to conatct us.  We're always happy to help.

HOT HOME LISTING OF THE WEEK!

3620 Monte Vista Boulevard NE, Albuquerque, NM  $330,000

3 Bedrooms/ 2 Bathrooms (2 full, 0 partial) / 1590 Square Feet

Vintage beauty in the heart of NOB HILL!! Vintage feel in harmony with modern elements. This updated and remodeled classic home features a versatile floor plan with 3BDRs/2BAs plus two living areas, an office/study, second kitchenette and second entrance. Desirable URBAN location is close to shopping, restaurants, parks, Nob Hill, UNM and transportation!

Contact the Sandi Pressley team for additional details! 

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Selling your home can be challenging and stressful. You're taking on two major tasks at once - getting your home to show to potential buyers and getting ready to move. Will getting a storage unit will help the process go more smoothly? Yes and no, depending on your situation.

When you move, it provides a perfect opportunity to clean the clutter from your life.  You can sell, donate, or dispose of the things you don't need, meaning you'll have less to pack and move.

But you may also not have enough time to go through everything, so you may need to do whatever it takes to get through the process. That's where storing items may be an advantage. What are some things to think about when considering if you should use storage when you move?

Advantages of Using Storage

1. Pack up all the things you don't need now.
2. Staging your home will be more simple.
3. You home will look larger, adding to selling appeal.
4. Personal items will be out of sight from buyers.
5. Out of sight, out of mind.
6. You can sort all your items later.
7. You can decide what furniture works best in your new home and decide what to keep after you move.

Disadvantages of Using Storage

1. Another expense.
2. You'll have to handle everything twice, which is more work.
3. Not all units guarantee your items will be safe, so you may need additional insurance.
4. Storing items can lead to delayed decisions about what stays and what goes.
5. You may end up storing things you don't need, and paying monthly fees for those items.
6. It's hard to reach items in the back of a full unit.

Portable Storage Units

By now, you've seen people use portable storage unites. PODS was one of the first companies to offer this service, but other companies have caught onto the trend. Portable storage units can either be used for long term storage or to store and move items to your new home. That way, you can keep the storage at your house and pack as you go.  Then the unit is delivered to your new house, or taken to a warehouse for long term storage.

The great thing about portable storage is that you can pack and unpack everything in one go. This way you don't need to haul your things to a storage facility, then back again to the new home.

Moving is hard work for sure.  But with careful planning and good use of storage, you can make the process go more smoothly.

HOT HOME LISTING OF THE WEEK!

5007 Ensenada Place NW, Albuquerque, NM  $325,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2338 Square Feet

CASUAL ELEGANCE in this newly built custom home in the North Valley!! Close to Rio Grande Nature Center, Farmer's Market, shopping, restaurants and boutiques in the North Valley! Guest BDR with its own full bath! Landscaped yard, large covered patio, walled for privacy and hard to find oversized 3CG!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Buying a home is likely the biggest decision you’ll make in your life. It’s a decision that you will likely be living with for years. Everyone dreams of finding the perfect home. What is the perfect home, and how can you find it?

Defining the "Perfect Home"

The perfect home, as it were, is a home that fits your needs the best. You define what you want or need in a home. To that end, you should make a list of what’s important to you in a home. Separate what you want and what isn't important. If you have a partner buying with you, compare your lists and compare them to see what you can compromise on and what you can't.

Also think about the homes you lived in before and what you did and didn’t like. Keep those things in mind when searching for a home.

How Much Can You Afford?

Getting in over your head with payments can really ruin the experience of a new home. Determining how much you can afford really the first thing you should do. Don't make the mistake of basing it on the maximum amount you can borrow. You should set a budget so that you can comfortably handle the monthly payments.  And if this is your first home, you need to keep in mind other expenses such as taxes, repairs, appliances, furniture, and so forth. Try to save money aside for unexpected expenses. It would be a shame to find a beautiful home and then have to struggle financially to live there.

Get the Right Help

Finding the right agent makes all the difference. And don’t be tempted to go it alone either. Working with a real estate professional can make the difference between a smooth experience and complete disaster. Real estate agents can find properties you may not be able to.  They can also negotiate the best price and recommend the best lenders.

Location, Location, Location

Location makes all the difference when buying a home. Bad neighbors can ruin even the most desirable home. Test out the community and compare it to what you like or don’t like about your current neighborhood. Drive around the area at different times of the day and ask yourself how safe you would feel living there.  Also test your commute during rush hour to the neighborhood.

Do Your Homework

This takes some time and money, but is well worth it. Compare property values around the home and look at trends. What are homes selling for in the area? This information can help you negotiate a better price. Also make sure to hire your own home inspector to find potential issues.  Finding these up front can help you as well in negotiations with the seller.

Finding the perfect home is not impossible if you follow these basic steps.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

11716 Easy Goer Road SE, Albuquerque, NM  $289,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2600 Square Feet

Beautiful Southwest style home in Volterra. Light, bright and open floorplan with plenty of entertaining space!  Mountain views! The secondary bedrooms are large plus a loft and the utility room is upstairs for convenience! Mountain views! Beautifully maintained landscaped front and backyards!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Buying a second home - many people dream of it.  Buying a second home is something of a rite of passage, like buying a car or getting married. It’s a great investment as well. It shows that you’re doing well financially and can afford to reward yourself. And since mortgage rates are still low, now may be a good time to take the leap.

Before you jump into buying a second home, it’s important to ask “why?” Answering this question will help you see where your priorities are.

You Can Afford It

Of course, your finances are the first thing to look at when deciding to buy a second home. Most 2^nd home buyers are in their 40s or 50s and their children have left the house. They no longer have to stay in one place because of school, or work if they’ve retired. People tend to earn more or have more saved up by this point in life, giving them more financial freedom.

A Good Investment

A second home can be a great investment, but you have to do it right, as there are still risks. You should try to buy a home in an area that’s growing, which could improve the property value over time.

Comfortable Retirement

As we’ve noted, usually its individuals in their 40s – 50s that tend to buy 2^nd homes. By that age, many are thinking about retirement.  Buying a 2^nd property is an ideal way to plan for that phase of your life.

Let’s say you want to retire to a sunny and artistic city such as Albuquerque (assuming you don’t live here already). Why not search for a home in the area you want to retire? That way you’ll already have the home and it will have increased in value until then.

Tax Benefits

Paying taxes are a big part of owning a house, so it’s only logical we should talk about the tax benefits. And the good news is that you can write off the property taxes on a second home. And it doesn’t matter if it’s an investment, rental, or for your own use. You can also deduct interest, insurance, and depreciation against your home’s value.

Buying a second home may not be for everyone. But if it’s something you can do, take time to consider the advantages and disadvantages before you make the big move.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

2228 Cebolla Creek Way NW, Albuquerque, NM  $399,000

3 Bedrooms/ 2 Bathrooms (1 full, 1 partial) / 2345 Square Feet

UPGRADES GALORE! Fantastic Del Webb gated community! Premium lot, wood tile flooring, plantation shutters, garage door screens, artistic landscaping, upgraded light fixtures & appliances, private courtyard w/OJstom gate & stucco wall are just a few! State of the art clubhouse, resort style pool, fitness center & sport courts!

Contact the Sandi Pressley team for additional details! 

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If you’re planning to buy a home in Albuquerque and can afford a higher payment, then a 15-year mortgage is an ideal way to pay off your mortgage faster and save thousands of dollars in interest. Of course, to make it work you need to have enough income to cover the payments, along with your other expenses. Despite the advantages of a 15-year mortgage, many home buyers tend to stay away from them when they realize the payments are about 50% higher than a 30-year mortgage.

As with any mortgage, there’s pros and cons.  What are the pros and cons of a 15-year mortgage?

Pros

• Owning your home faster. Knowing that your home is paid off gives you security.
• Builds equity. Since you’re paying off the principal balance faster, you can build more equity.
• Save money. 15-year loans have a lower interest rate, since there’s fewer years of risk for the lender. You also save money on interest because the loan term is shorter.

Cons

• Higher payments. You have to make sure that you can handle the higher payment, along with taxes and other expenses for the entire 15-year term. 
• Locked up equity. The equity you’re building is locked up in the home. The only way to use it is to sell the home or refinancing.
• Missing other opportunities. Higher payments means you may not have enough money to take advantage of other financial opportunities, such as investments or matching your employers contribution to a retirement account.
• Lower quality home.  Since you aren’t stretching your payments over 30-years, you won’t qualify for as high of an amount as you would with a 30-year loan.

To sum up, a 15-year loan is an ideal way for those who can afford the higher payments to save money and own their home more quickly. But if you’re not entirely sure your finances are stable, then you should avoid a 15-year mortgage.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

1625 Los Alamos Avenue SW, Albuquerque, NM  $489,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2775 Square Feet

Beautifully situated in Coveted Albuquerque COUNTRY CLUB NEIGHBORHOOD! Near parks and bike paths, and just blocks from downtown. Warmth and Charm exudes thru-out. Don't miss out on this one! 

Contact the Sandi Pressley team for additional details! 

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According to report released by Down Payment Resource, 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.

The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.

An article by Chase points to a new wave of millennial homebuyers:

“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”

Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:

“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.

There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”

Are you one of the many millenials looking to buy a home this year?  If so, we can help.  Call the Sandi Pressley team today to see how we can help you fulfill your dream of owning a home today!

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team