Real Estate Information Archive

It’s National Home Buying Month so it only makes sense for us to review the home buying process. For many would be home buyers, the excitement builds so high in anticipation of purchasing your home that you may jump over some of the important aspects needed before you begin your search. We’ll outline those here, so you are sure to have success in not only finding your perfect home but securing it as well.

1. Finding the best Real Estate Agent/Team for you. Partnering with a strong, knowledgeable local real estate agent/team who understands your personal situation and needs and has a strong team of individuals and resources at their disposal to help provide all the tools necessary to secure your perfect home is essential in the home buying process. At the Sandi Pressley Team we have ALL those and more. Our relationships in the community, with lenders, attorneys, home inspectors, contractors, etc, allow us to provide you with all the individuals necessary to make your dream home a reality while leveraging our substantial real estate experience and expertise.
2. Getting Pre-Approved for your Home Loan. This is critical in the market today. Not only will the lender let you know how much you are able to afford, but the pre-approval will also let the seller know you are serious about purchasing their home and consider your offer seriously. Buyers not pre-approved will often not have their offers considered, as pre-approved buyers have the upper hand. This can cause you to lose out on the home of your dreams. Remember, you don’t want to make ANY large purchases, or make changes to your financial picture during the home buying process.
3. Start looking at homes that meet your requirements with your real estate agent!  This is such a fun and exciting time. Make sure your list of wants and needs is clearly defined. You’ll also want to have a list of what you may be willing to forego if you find a home that meets most of your needs.
4. Making an offer on the perfect home. Your real estate agent/team is your fiduciary and will help you craft the optimum offer based on your personal situation, the home price, market conditions and more.  Once accepted, you’ll move into the due diligence phase
5. Due diligence. This is the phase where you’ll have your inspections and have ample time to remove any contingencies that were placed on the offer you placed. Usually this includes the Home Inspections, Appraisal, and gaining home insurance on the property.
6. After this date you will receive the final mortgage approval.
7. Next is the final walk-through of the home you are purchasing. This is done to verify that the condition of the home hasn’t changed and that all repairs and updates have been completed accordingly. This normally takes place 24 hours prior to closing.
8. CLOSING!!! You get the keys to your new home. CONGRATULATIONS!!

Purchasing a home, whether it’s your first or last, is such an exciting time. And whether you’re a seasoned pro or first-timer, questions always arise. Put our team’s knowledge to work for you. Our vast array of resources is second to none and we’re here to assist you at every step. Ready to MAKE A MOVE?  Contact us today.

HOT PROPERTY OF THE WEEK!

916 LOS PADRES PLACE SE, ALBUQUERQUE, NM

Welcome to the desirable community of Willow Wood. Pride of ownership shows how well the home has been cared for throughout. Wonderful open floor plan, flooded w/natural light. The kitchen & heartbeat of the home is a true gathering place w/breakfast nook, stainless appliances, ample cabinets, countertops & oversized pantry w/extra storage, opens to the great room featuring a Fireplace and soaring ceilings. Step outside to enjoy the lush, colorful yard full of mature plantings w/drip system. Upstairs, enjoy the oversized Primary bedroom w/a walkout balcony. 3 more spacious bdrms & 2nd full bath. Additional amenities, features water softener, lots of storage, pad and electric to add a hot tub. Conveniently located near Kirtland AFB, Sandia Labs, shopping, Foothills, trails, & I40.

GET YOUR MORNING INSPIRATION WITH THE Sandi Pressley TEAM!

Congratulations, you’ve decided you’re ready to purchase a home. It’s such an exciting time and you want to dive right into looking at homes, but you need to slow down and prepare accordingly.

Purchasing a home is a big decision and a huge financial step, so you want to make sure you are fully prepared financially to be in a position to get the home you want, and can afford, at the best rates possible.  Of course, if you have an abundance of cash at your disposal and can offer cash for the house, then you won’t need to read further, but for most of us, planning is crucial.

So, let’s break down the process to ensure your success.

1. Get your finances in order. Make sure you are ready to meet with a lender to get your pre-approval. Check your credit ahead of time just so you know where your credit score stands. You can utilize sites such as Credit Karma or Credit Sesame to get a good overview. If you find issues, it is better to take time to repair those issues before seeing your lender.
2. Down payment and closing costs- How much have you saved toward your down payment and closing costs?  The more you can put down, the less you need to finance. Thus, making your payments lower each month. You’ll also need to budget for closing costs, which are typically 2-5% of the total cost of the home purchase price.
3. Getting your Pre-Approval. This is the key. The housing market is tight right now, meaning inventory is low so there are more buyers per home. You need to make sure you are pre-approved for your loan amount- not only so you know exactly what you can spend, but so the sellers know you are serious, qualify for the loan, and can purchase the home. Often buyers who are not pre-approved will not have their offer even considered.
4. Once you are pre-approved for a home loan, it is very important that you do not make any large purchases or take out any loans, credit cards, etc. You need to keep your credit profile clean and consistent with where it was when approval was made. You’ll want to continue making all payments on current rent, mortgages, car, credit cards, etc on time.
5. Your real estate agent partner is also your fiduciary in the real estate transaction and is there to protect your interests every step of the way. This is why it is critical to partner with an agent/team that is experienced and knowledgeable in the local market and the field. Small mistakes can be costly ones.

At the Sandi Pressley Team we’re here to help you realize your dream of homeownership and partner with the best lenders, inspectors, attorney’s, appraisers and more in this industry to offer the most complete services to our clients.  Ready to make your DREAM COME TRUE?  Call us today.

HOT LISTING OF THE WEEK!

13908 INDIAN SCHOOL ROAD NE, ALBUQUERQUE, NM

Stunning home in the foothills with incredible views! SOLAR OWNED! POOL & HOT TUB! TWO PRIMARY SUITES! So many upgrades! Amazing outdoor living space with heated pool, hot tub, outdoor kitchen, wood burning fireplace, covered patios & balconies with mountain views & city lights! Grand staircase, open floorplan with lots of natural light! Entertainer's kitchen has Quartz countertops, backsplash, island, walk-in pantry, induction cooktop, wall oven, butler pantry/bar, sink & wine fridge! Beautifully updated flooring. The luxurious primary suite features private balcony with views, gas fireplace, his/her closets, separate study/office, jetted tub, two-way fireplace & separate shower. 2nd primary suite on the main level w/private bath & access to pool. Secondary bedrooms have Jack-N-Jill bath! 3CG with storage & workshop

GET YOUR MORNING INSPIRATION WITH THE Sandi Pressley TEAM!

What an exciting time! Your moving day is fast approaching, and your excitement level and anxiety is starting to run high. Instead of tackling the organizing, packing, and moving ALL of your belongings on your own, consider the services of a professional moving company. Here’s why:

1. Professional movers have the know-how, equipment, and efficiency needed to get the job done smoothly and on time. If you need assistance with packing items- especially fragile, collectibles, electronics, etc, they’ll be sure to bring all the necessary supplies to safely pack and secure these items for the move so that you’ll rest easy in knowing they’ll arrive safely to your new destination.
2. With years of experience and training on their side, professional movers not only have the equipment (dollies, ramps, lifts, and protective devices) to safely move all your belongings from house to truck and house again, they know how to navigate the larger items through narrow spaces, doorways, and trickier layouts of homes. They’ll also wrap larger items like furniture, mattresses, appliances and electronics so nothing is dented or scratched during the moving process.  Giving you much better protection for all your belongings.
3. Did you know that professional movers keep an inventory of all boxes, furniture, and items they are moving on your behalf? In the chaos of the moving process, it is very easy to lose track of boxes and items. Having a company accountable for your belongings takes a weight off of your shoulders…and you know it will arrive at your new home.
4. Save your health! That’s right. Do you know how many injuries have happened during the moving process? From sprains to pulled muscles, broken bones and more. Even the simple strain of up and down stairs and lifting heavy furniture can tweak your back or legs and put your out of commission. Why chance an injury or time off work when you can have the professionals handle things for you?
5. Movers will save you much valuable time and money. If you evaluate the amount of money spent on supplies needed to ready your belongings, truck rental, rental of dollies, lifts, and other accessories, and the sheer amount of time and energy that will go into moving on your own- not to mention the stress factor- you come out ahead using the services of a moving company.
6. Your family and friends will THANK YOU…and still invite you over for get-to-gathers! All joking aside, it can be difficult to call on family and friends to help with moving. While many will offer their help, or kindly answer YES, it is always a dreaded task for anyone. Plus, utilizing movers allows you time to get to your new home and ready it for the arrival of your personal belongings without the stress and exhaustion of having to do the move yourself.

Enjoy the process of moving into your new HOME! Don’t add in stress and anxiety by doing the entire move yourself. You deserve a break at this joyous time, so take it!

Looking for some great, trusted Moving Professionals in the Albuquerque area?  Reach out to our team.

HOT LISTING OF THE WEEK!

1340 CHIHUAHUA ROAD NE, RIO RANCHO, NM

Move-In Ready Custom Brick Home w/detached Workshop/Garage situated on half acre Rio Rancho lot! Custom built & lovingly cared for by original owners! Boasting amazing Sandia Mountain views and thoughtful architectural details throughout. Featuring a gated entry; raised ceilings; plantation shutters throughout; 2 Master Suites; 2 living areas with bonus Rec room; both formal and informal dining options; family room w/cozy fireplace opens to kitchen with eat at bar; huge east facing covered patio for cool summer evenings & ideal for outdoor entertaining. Roof re-shingled April 2023! RV parking with amp service adjacent to the 888 Sq Ft detached Workshop/Garage with single garage door that can easily tandem park 2 vehicles, & ideal for hobbyist, car enthusiast, or other possible endeavors.

GET YOUR MORNING INSPIRATION WITH THE Sandi Pressley TEAM!

Whether you're in the market for a mid-priced home packed with features, or a condo in a quiet neighborhood, we have the perfect homes for you. These outstanding homes are ready to move in and are sure to sell fast!

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

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3301 Monroe Street NE, Albuquerque, NM 87110

A great home in a great location at a great price! Super cute condo tucked away in a quiet neighborhood yet centrally located right in the heart of the city. Recently refreshed with NEW carpet and paint in neutral tones, new commodes, and new upstairs baseboards. Complete with washer and dryer, this home is move-in ready. TWO primary suites upstairs as each bedroom has its own bathroom, with a guest bath downstairs. Lovely fenced outdoor patio with covered designated parking directly behind. Light and bright with big south-facing windows upstairs and down. HOA covers exterior, roof, front and common area landscaping, and water. Laminate and tile flooring downstairs with extra under-stair storage. Easy living, and your pet can come too!

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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.

When obtaining a home loan in Albuquerque, selecting a lender is the first step. A lender can refer to all parties involved in the loan process from the borrower's perspective, but in actuality, they do not handle all aspects.

Mortgage servicers may take over the loan after closing and handle day-to-day administration until it is paid off. Mortgage lenders can be a group of investors or a financial institution that provides funds to borrowers for purchasing or refinancing homes.

Some lenders service their loans, but most are too small to make a profit doing so, which is where a loan servicing company becomes part of the situation.

The Role of a Mortgage Lender

Mortgage lenders are responsible for the origination of loans. This process involves working with homeowners to select a loan, taking their application, and processing the loan. Additionally, the origination process includes underwriting the loan, creating the necessary documents, funding the mortgage, and ultimately closing it.

After your loan closes, the administration is needed on an ongoing basis until it’s paid off. This administration is known as servicing.

When you obtain a mortgage, the lender may transfer it to another company for loan servicing. This transfer may occur without prior notification, but the loan documents should indicate whether it will occur.

What Is a Mortgage Servicer?

Mortgage servicers are responsible for taking over tasks that lenders may leave unfinished. As a borrower, it is important to note that the servicing of a loan includes payment processing, which means that you are paying the servicer directly. Additionally, mortgage servicing involves keeping track of loan balances and interest payments. It is worth noting that your servicer will provide you with tax forms that show how much interest you have paid each year.

The servicer is responsible for managing your escrow accounts, which includes collecting and paying your homeowners' insurance and property taxes. In the event of a loan default, the servicer initiates the foreclosure process.

Additionally, servicers can provide loss mitigation services to help borrowers avoid foreclosure. If you wish to cancel your mortgage insurance and have a loan servicer, you must go through them to make the request.

Mortgage servicers can report the payment history on loans to credit bureaus, so if you think there’s been an error, you will contact this company rather than your lender.

Finding the Servicer on Your Mortgage

It's common to have multiple servicers throughout the life of a home loan. To find out who your servicer is, check your mortgage statement or contact your original lender. Another option is to use the Mortgage Electronic Registration System (MERS), which allows you to search for your loan online using your property address, name, or Social Security number.

When a mortgage is transferred to a servicer, the terms of the loan remain the same. The only difference is that you may receive a new account number and your payments will be sent to a different entity than your original lender.

When it comes to mortgages, your servicer can greatly impact your experience as a borrower. A good servicer will have reliable customer service and be easily accessible for any questions or concerns you may have. Unfortunately, you don't have the option to choose your servicer or switch to a different one. Your only option is to file a complaint with the Consumer Financial Protection Bureau or work with a lender that services its own loans if you're unhappy with your servicer.

Finally, when applying for a mortgage, lenders must provide a Mortgage Servicing Disclosure Statement. This statement informs you whether the lender plans to service the loan themselves or transfer it. It is a legal requirement for lenders to provide this information.

HOT ALBUQUERQUE LISTING OF THE WEEK

Learn More!

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.

Get your Morning Inspiration with the Sandi Pressley Team

If you're in the market for the perfect home for sale in Rio Rancho or Albuquerque, here are two HOT listings ready for your inspection. These homes offer outstanding ammenities and prime locations in the Albuquerque area.

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

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8104 Eagle Rock Avenue NE, Albuquerque, NM 87122

Impressive, Impeccable, irresistible . This amazing home will really wow you.With s/s appliances, updated HVAC, remodeled bathrooms (frameless shower), kitchen, 21' tile floors, downstair 4th room (office with French doors),plantation shutters, barn doors (to oversized master closet, beautifully hand crafted custom stair case. This is your next home. Enjoy.

Learn More!

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.

Moving to or from Albuquerque, or anywhere, can be expensive. But there are ways to make it more affordable. This blog post will give you tips on how to move smarter and save money during the relocation process. From packing supplies and organizing your belongings, to finding the best moving companies and storage options, these tips will help you make your move as smooth and affordable as possible.

When it comes to moving, being smart and savvy about your expenses can make all the difference. To save money and reduce stress, it's important to plan ahead and look for ways to streamline the process.

Here are a few tips to help you move smarter and save money:

Set a Moving Budget

Moving can be expensive, but when done correctly, it doesn't need to break the bank. With the right budgeting and planning, you can make relocation affordable and still move smart.

Before you start packing, take some time to plan out your budget and make sure you have enough money to cover the expenses that come with moving.

Start by creating a budget that includes expenses like rental trucks, packing supplies, and movers. Estimate how much you'll need to cover the cost of fuel and lodging on the way to your new home. If you have the time, try to look for money-saving opportunities like borrowing packing supplies from friends and family, or renting a truck for a cheaper rate.

As you plan, remember to factor in the cost of moving insurance, storage units, and any other services you may need. Once you've created a budget, you'll be able to make the most of your money, ensuring a smooth and efficient move.

Downsizing Before the Move

Moving can seem like a daunting and expensive experience, but it doesn't have to be. Downsizing before the move is an effective way to save money and make the process less stressful.

Start by sorting through your belongings and eliminating items you no longer need or use. This can be done through donations, consignment, or even a yard sale. By getting rid of unnecessary items, you will be able to reduce the amount of furniture and boxes that need to be transported to your new home.

Additionally, you can save money on packing materials and moving costs. Finally, by downsizing before the move, you can save time, energy, and money on the entire relocation process. So, if you're looking to move smarter and save, downsizing is a great starting point.

DIY Strategies for Relocation Savings

Moving to a new home can be expensive and stressful, but there are plenty of DIY strategies to help keep costs down and make relocation more affordable. Start by scheduling a move during the off-season, when moving companies are less busy and more likely to offer discounts.

You can also save money by packing and unpacking your own boxes, and renting or borrowing a moving truck instead of hiring a professional moving company. When it comes to furniture, consider selling large pieces and buying smaller, more affordable replacements at your new home.

Finally, make sure to research any potential new neighborhoods to make sure you are getting the best deal on rent or a mortgage. With a little planning and research, you can move smarter and save money on your next relocation.

Tips for Finding Affordable Movers or Rental Trucks

Whether you are moving across Albuquerque or across the country, there are ways to save money and make your move more affordable. To start, it's important to plan ahead and compare prices between several different movers or rental truck companies.

One great way to save money is to look for discounts or special offers. You can also save money by packing your items yourself and using your own supplies. Additionally, packing and loading on a weekday can often result in lower rates than weekend rates.

Finally, it's important to research the company you choose and double-check their experience and customer reviews before signing a contract. With a little bit of planning and research, you can move smarter and save money on your relocation.

When it comes to relocating, it can become quite expensive. But there are ways to make the process more affordable. 

HOT ALBUQUERQUE LISTING OF THE WEEK

Phenomenal private North Valley oasis located on one of the most coveted streets in Los Ranchos. Entering this magnificent property will take your breath away. Single level. Elegantly and completely renovated in 2018. The entire home encompasses high end finishes, impeccably done with exquisite taste. Two very large living areas, options for formal and casual dining, tremendous windows with exclusive custom drapery. Kahrs white oak wood floors. Chef's kitchen with massive island, custom cabinetry, quartz counter tops and high end appliances. Each bedroom has its own bath and walk-in closet. Separate office with gorgeous builtins. Grounds are simply stunning. The property is gated and fully fenced. Mature trees, fruit and nut bearing, beautiful grass. 

Learn More!

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.

Get your Morning Inspiration with the Sandi Pressley Team

If you plan on buying a home in Albuquerque, you likely will need a mortgage. The process of finding a mortgage might involve the assistance of a mortgage broker. An experienced mortgage broker can help you secure the best interest rates and terms. There is, however, still some residual doubt about working with these professionals after the 2008 real estate market crash.

There is a possibility that a mortgage broker is not really looking out for your best interests. It is true that working with someone who is experienced and ethical is an asset. Using a mortgage broker has its pros and cons, just as anything else.

Mortgage brokers are an alternative to banks. Banks and mortgage companies are direct lenders. The financial institutions in this category originate, process, and fund loans. Money is lent by the company handling your loan process.

A mortgage broker is a middleman, and the goal is for the broker to match you with the right lender for your needs. Brokers work with wholesale mortgage companies, so they’re your primary and unified point of contact to compare multiple loan options.

The following are some of the pros and cons of working with mortgage brokers.

What Are the Pros of a Mortgage Broker?

When you work with a broker, benefits include:

Brokers have access to interest rates and loan program options from various lenders, so they might be able to get you a more specialized product that’s well-suited to your needs.

In addition to everything else that comes with buying a house, comparing lenders is time-consuming. Brokers can help manage the legwork, and they can also make sure you steer clear of lenders with adverse payment terms that might be otherwise buried in the fine print. While brokers do a lot of the heavy lifting, so to speak, you still need to do some of your own research before meeting with someone so that you’re going to be better prepared to assess the skills and qualifications of the broker.

Since brokers work exclusively with lenders, they might have better access. Some lenders won’t let you directly get in contact for a retail mortgage.

Brokers can get special rates if they generate a lot of business for a lender, and you wouldn’t be able to do this on your own.

Brokers might be able to manage the fees. There are a lot of fees that come with getting a mortgage, including application, origination, and appraisal fees. A mortgage broker may be able to negotiate with lenders to waive some or all of these, which can end up saving you thousands of dollars.

What Are the Downsides of Working With a Mortgage Broker?

There are some downsides you have to weigh that come with working with a broker.

Mortgage brokers aren't guaranteed to act in your best interests. Brokers earn a commission when they refer business to lenders, so if you were working with someone, they could steer you toward a loan that's higher than you want. After the 2008 housing market crash, many brokers earned a negative reputation for maximizing their own compensation.

Some mortgage brokers may offer you the same terms and rates that you’d get from the lender anyway. You should probably still shop around to make sure what you’re getting from a broker is the best deal, increasing the amount of work you need to do and negating some of the benefits of working with a broker in the first place.

A mortgage broker might be paid by a lender or by you. In such a case, you might also need to inquire about whether you are being guided toward a loan that ends up being more expensive just so the broker can earn a higher commission. It is essential that you know all fees upfront before you agree to anything or work with a broker.

For many buyers, particularly since you have access to online comparison tools, a broker might not be worth it as you secure a mortgage.

HOT ALBUQUERQUE LISTING OF THE WEEK

Majestic Custom Tuscan style home with over 3500 square feet, featuring an open & bright floorplan & thoughtful architectural & design details throughout! Grand foyer leads to stunning great room boasting a raised, beamed ceiling; floor to ceiling 'stack' stone fireplace; picture windows to enjoy the Sandia Mtn views; & surround sound extending out to covered patio. Gourmet kitchen graced w/beautiful cabinets & granite cntrs; high end SS appliances w/dbl ovens & 2 microwaves; oversized eat-at island; large pantry & sunny nook. Exquisite custom etched glass doors open o the formal dining room! Privately situated primary suite is a true retreat with its own east facing patio & spa like en suite.

Learn More!

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.

Get your Morning Inspiration with the Sandi Pressley Team

What more could you ask for in a luxury home than to be located in one of the most scenic places on earth? Our top luxury homes for sale in Albuquerue offer everything you can imagine, including stunning views of the Sandia mountains and the surrounding area.

Contact the Sandi Pressley Team today for your exclusive showing. You can also check out all of our listings on our Featured Listings page.

Majestic Custom Tuscan style home with over 3500 square feet, featuring an open & bright floorplan & thoughtful architectural & design details throughout! Grand foyer leads to stunning great room boasting a raised, beamed ceiling; floor to ceiling 'stack' stone fireplace; picture windows to enjoy the Sandia Mtn views; & surround sound extending out to covered patio. Gourmet kitchen graced w/beautiful cabinets & granite cntrs; high end SS appliances w/dbl ovens & 2 microwaves; oversized eat-at island; large pantry & sunny nook. Exquisite custom etched glass doors open o the formal dining room! Privately situated primary suite is a true retreat with its own east facing patio & spa like en suite.

Learn More!

45 BROKEN ARROW Place, Sandia Park, NM 87047

Luxurious Custom Home located on a private gated street in the prestigious Paako Ridge Community, situated next to the fairway of hole #1 of the world class Paako Ridge Golf course! Approximately 300K has been invested by current owners in the surrounding environmentally friendly & efficient landscaping that boasts low voltage lighting, stone fountain, drought tolerant trees, shrubs and perennials. Environmentally constructed for optimum energy efficiency, with thoughtful architectural & designer details throughout, this exquisite home will impress the most discerning buyer! Upon entry, the open & bright great room offers a dramatic raised coffered ceiling, custom tile floors, double sided gas log fireplace, & awe-inspiring views of veranda & garden through the windows & French doors.

Learn More!

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.

Real estate can seem complicated to people regardless of whether they are first-time homebuyers or experienced investors. There is a lot to learn about mortgages, contracts, and market analysis. When you have the right knowledge and resources, you can easily navigate through this potential minefield. 

Real estate can be a great way for you and your family to build wealth and financial security. But, just like any other form of investing, buying and selling a property isn't without its risks. However, there are things you can do to help you make sure that your real estate investments are successful.

Here are some common mistakes to avoid when making decisions in the real estate market:

Not Having Enough Money

You can make a big mistake in real estate investing if you rush in without enough money for contingencies. You'll need capital not only for your initial investment, but also for any unexpected issues that might arise. But even with a loan, it's important to ensure you have enough saved to cover the remaining expenses and still turn a profit.

Not Getting a Home Inspection

Nobody wants to be unexpectedly saddled with costly repairs after purchasing a house. Getting a home inspection before you buy a property can save you both time and money in the long run. If there are any issues, a professional inspector will identify them. As a result, you won't agree to anything without knowing what you're getting into. An inspection may seem unnecessary at first, but opting out could result in unexpected expenses in the future.

Not Having Realistic Expectations

There are no shortcuts to success when it comes to real estate investing. Making it in this business requires a lot of energy, research, and gut instinct. Aiming high and expecting huge returns with little effort may seem tempting, but it's rarely the case. Rather than becoming discouraged or overwhelmed, it is important to set realistic expectations in these situations. Focus on acquiring properties within your budget and that are accessible. By doing this, you won't take on too much financial risk. With careful planning and an eye for detail, you can navigate the real estate market- but it doesn't happen overnight!

Not Diversifying Your Portfolio

It's an old financial rule – don't put all your eggs in one basket. In the world of real estate investing, that rule still applies. The best way to ensure a lucrative and successful investment portfolio is to diversify it as much as possible. This means considering different types of properties in various markets. Creating a mix that reflects your personal needs and goals is also necessary. Sure, it may require more research and effort, but you can rest assured knowing that your investment is spread out. So the consequences of any unexpected market changes won't be catastrophic. Instead, diversifying your portfolio across a mixture of real estate investments can help build wealth for years to come.

Not Working with a Qualified Agent

Although it might be tempting to try to cut corners and save a few dollars by skipping the assistance of an experienced real estate agent, it's not advised. An agent who's been in the business for a while will have all the necessary skills to find precisely what you're looking for. They will also help you negotiate a fair price. Even more valuable are their insights into the best possible options for real estate investments in Albuquerque. Their expertise in helping you through a complex process that can often be quite confusing is excellent. As such, a qualified agent, such as Sandi Pressley, is essential if you really want to get the most out of your real estate investment.

Conclusion

Real estate can be a complex field, but it doesn't have to be intimidating if you take the time to understand the basics. From understanding mortgages and loan types to exploring local market trends, there's no shortage of knowledge available when it comes to real estate. The most important thing is to equip yourself with as much information as possible before making any significant decisions. It may take some time and effort, but the rewards are worth it in the end. With a bit of research and preparation, you can navigate the real estate world with confidence.

HOT ALBUQUERQUE LISTING OF THE WEEK

45 BROKEN ARROW Place, Sandia Park, NM 87047

Luxurious Custom Home located on a private gated street in the prestigious Paako Ridge Community, situated next to the fairway of hole #1 of the world class Paako Ridge Golf course! Approximately 300K has been invested by current owners in the surrounding environmentally friendly & efficient landscaping that boasts low voltage lighting, stone fountain, drought tolerant trees, shrubs and perennials. Environmentally constructed for optimum energy efficiency, with thoughtful architectural & designer details throughout, this exquisite home will impress the most discerning buyer! Upon entry, the open & bright great room offers a dramatic raised coffered ceiling, custom tile floors, double sided gas log fireplace, & awe-inspiring views of veranda & garden through the windows & French doors.

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