Real Estate Information Archive

Congratulations on your new home in Albuquerque! Moving presents an opportunity to holistically design your home's interior. Mismatched decor can make a home feel disjointed, like people talking past each other. Follow these tips to smoothly transition your furnishings during your move.

Planning

The first step is to survey the territory:

• List any furniture or decorative elements (like rugs or framed art) you are keeping from your prior home.
• Consider design aspects you can choose, like wall color, textures and lighting. Also take into account existing aspects that will impact your planning.

If you have a treasured family heirloom that will be moving with you to your new home, consider how your future furniture purchases can complement it. Take a moment to reflect on why this heirloom is meaningful to you. If it no longer sparks joy, feel free to pass it on to someone who will cherish it.

Preparing

Before painting, consider the furniture and overall interior design. For example, if you plan on a bold red sofa, choose neutral wall colors to let it stand out. Making paint choices too early may clash with furniture and decor you add later. It's best to finalize the furniture first, then select wall colors that complement the furnishings and create harmony.

When refinishing wood floors, consider how the floor and molding colors will visually interact with the rest of the interior design.

Prioritizing

Though acquiring all your furniture before moving in may not be feasible, prioritize purchases based on your family's needs. If you have children, buying a dining table and chairs should be a top priority, as this gathering spot can help the new house feel like home right away. Let the kids have input on decorating their rooms too - giving them a say can ease their transition.

Purchasing

Consider furnishing each room with major pieces from the same designer's collection, as they are designed to coordinate. Once you find a piece you love, explore other offerings from that line to build a cohesive look.

Rather than mere gimmicks capitalizing on a celebrity's name, celebrity furniture brands are carefully designed to evoke the mood and emotion most linked to that star. A great deal of work goes into creating a cohesive, evocative style for the entire line.

Getting Help

Rather than hiring an interior decorator, you can find free online tutorials on interior decorating and design that provide helpful guidance.

Your new Albuquerque home is just waiting for your vision and the opportunity to create your own world. Take your time and don't make rash decisions. Making the right choices now will help you create a home that will be your refuge for years to come.

HOT ALBUQUERQUE LISTING OF THE WEEK

460 Michael Avenue SW, Los Lunas, NM 87031

Beautiful Hakes Brothers home in the much desired Legacy at Sierra Vista subdivision. 1907 SF with 4 bd, 2 ba., built in 2022. Owner has finished the backyard and spent $10k on a (custom) security door and side gates. In addition; raised the walls in the backyard for privacy. Home comes equipped with a kitchen stainless package + washer/dryer. Builder upgrades include: fireplace, instant hot, pot filler, rain shower and so much more! Call for a showing today!

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 thinking about buying a home in Albuquerque, you've made a wise choice. Albuquerque offers a diverse range of attractions, making it an appealing place to call home. The city boasts a favorable climate, rich history, vibrant arts scene, and a thriving culture. Its beautiful architecture adds to its charm. However, there are additional compelling reasons to consider buying a home in Albuquerque. Let's explore these further.

Affordable Real Estate

In October 2023, the median listing home price in Albuquerque, NM was $372.8K, trending up 8.1% year-over-year. The median listing home price per square foot was $206. The median home sold price was $339.2K.

Homes for sale in Albuquerque definitely give you far more bang for the buck compared to other markets. 

Stable Job Market

Albuquerque benefits from a stable level of employment, largely due to the presence of state and federal level jobs. Sandia Laboratories, a high paying employer, contributes significantly to the job market. Additionally, the healthcare and education fields offer ample employment opportunities in the area.

Livability

Albuquerque boasts a walk score of 43 and a transit score of 30, both of which surpass the average for cities in New Mexico. It is renowned for its bike-friendly environment and offers numerous bike trails in the scenic Sandia Hills. The city provides a wide range of outdoor recreational activities, making it an ideal destination for nature enthusiasts. Remarkably, despite its natural beauty, Albuquerque remains relatively free from tourist crowds.

More Renters

The presence of a large military population in this area ensures a steady supply of potential renters for your investment home. Given that those serving in the military are more inclined to rent rather than buy, you can expect a consistent flow of cash from monthly rental payments. With the average rent being around $1300, your investment is likely to yield a favorable return.

Living History

Albuquerque, the largest city in New Mexico, has a rich and diverse history. The area was originally inhabited by Native American tribes, including the Pueblo people. In 1706, a Spanish colonial outpost was established in the area, which eventually grew into the city we know today.

Albuquerque played a significant role in the development of the American Southwest, serving as a trading center and transportation hub along the historic Route 66. The city has also been influenced by its proximity to Native American and Hispanic cultures, which are still celebrated today through various festivals and events. Albuquerque is known for its unique blend of history, culture, and natural beauty, making it a fascinating destination for visitors and a vibrant community for its residents.

Albuquerque is undeniably one of the top cities in America to purchase a home. If you're searching for a home in Albuquerque, reach out to our knowledgeable agents today to assist you in finding the ideal property for sale in this remarkable city.

HOT ALBUQUERQUE LISTING OF THE WEEK

38 Villa De Paz Road, Corrales, NM 87048

Incredible Corrales casita on cul-de-sac w/amazing views of the Sandias, sunrises & sunsets!! Circle drive, private courtyard , RV PAD, veg garden, dog run, chicken coup, electric awnings, owned solar! Wood beamed ceilings, tile flooring, skylights, REFRIG AIR! Open living room w/lots of natural light, home theatre sys, kiva fireplace & pellet stove! Gorgeous kitchen features beautiful cabinetry, granite, island, Smart hub fridge, gas range. Office/bdr has its own courtyard entrance. Primary suite has patio access, jetted tub, sep shower, dual sink vanity & walk-in closet. 3CG with workshop area plus a bonus heated & cooled storage room w/sink. The Village of Corrales is home to rural living, Bosque trails, acequia paths, shops, restaurants, wineries, art galleries & farmer's market.

Learn More!

Buying a home in Albuquerque is an exciting yet potentially overwhelming experience. The process involves numerous steps that lead to the closing.

One of those steps is called a title search.

It is important to note that when purchasing a home, it is not always guaranteed that the seller has full entitlement to sell the property. There may be instances where another individual or entity has a claim or lien on the property in question. Therefore, it is crucial to conduct thorough due diligence and seek professional assistance to ensure a clear title before proceeding with the purchase.

That’s where a property title search is relevant.

What Happens During a Title Search?

When purchasing a home, conducting a title search is crucial. This process involves reviewing public property records to verify the legal ownership of the property. Additionally, a title search uncovers any existing liens or claims that may impact your ability to purchase the property.

A property title is distinct from a deed and is not a document. It represents ownership rights. A title company or attorney can conduct a property title search to ensure no other party can claim ownership. If you are obtaining financing, a title search is mandatory before the loan is funded.

Who Does a Title Search?

When purchasing a home, the responsibility of conducting a title search falls either on a title loan company or an attorney, depending on the location. After the contract is signed, the buyer's attorney may order the title search and either complete it themselves or delegate the task to a title company. The completed report is then sent to the seller's representative, who is responsible for handling any issues that may arise.

There are a lot of sources of information that might be accessed during a title search, including:

• County land records
• Deeds
• Property plats
• Tax liens at the state and federal level
• Divorce records
• Bankruptcy court records
• Construction liens
• Judgments

When a title search is done, it will also uncover details about mortgages associated with the property.

How Long Does it Take?

The duration of a title search can vary from a few hours to a few weeks. Generally, the older the home you are interested in purchasing, the longer the title search will take. This is due to the potential involvement of multiple owners and transactions related to the property.

What If There Are Issues?

Some of the common issues that can come up during a title search include:

• A break of chain in the title: In this scenario, there might be a missing deed in the chain. This is common in older homes.
• An improper description on the deed: There might be an improper or missing description on a deed, and that would require obtaining a corrected deed.
• Missing interests: If there’s a transfer via an estate in a title chain, then any heirs must have relinquished their interest in the property. If they haven’t, then you have to get deeds from the parties with an interest to release it.
• Liens: This is a legal claim or right on a property often used as a way to get repayment for a debt. Title searches can show if there’s a lien on a property and whether or not it might be expired or could be something requiring payment.

A title search is a crucial step in the home buying process. It is important to understand what happens during a title search and the potential results. To gain clarity, it is recommended to consult with your Realtor or attorney. Failing to uncover issues like judgments or liens before closing on a home can lead to costly and stressful situations down the line. If you purchase a home with a judgment against it, you may become responsible for resolving the issue.

HOT ALBUQUERQUE LISTING OF THE WEEK

Welcome to this wonderful home in the Sundoro South community. Big open floor plan, vaulted ceilings, three way fireplace. Kitchen offers stainless appliances, eat in bar, ample cabinets and countertops for food prep. Kitchen flows nicely into the dining room and great room. Through the sliding doors, find yourself in the best backyard party ever! Covered patio, plus the built-in BBQ grill, two smokers and a disc cooker. Great place to enjoy our NM weather. Back inside, Split primary suite, separate shower, garden tub, dual vanities and walk in closet. 2 more good sized bedrooms that share a bathroom. There is an additional flex space that could be used as an office, hobby room or home school. Beautiful Park just down the street, easy access to I-40.

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

The Nightmare Neighbor. It sounds like a bad B-rated movie plot. The Nightmare Neighbor is notorious for complaining about the slightest inconveniences, such as leaving garbage cans out for a few extra minutes after trash pickup, a legally parked car outside his house, or even a dog sniffing his lawn. It is best to avoid any interaction with him.

“Neighbors matter: more than three-quarters of Americans say neighbors factor into their decision when choosing a new home,” said mortgage company Ally. Their new survey asked more than 2,000 Americans about their favorite, and least favorite, qualities in a neighbor. “More than half of Americans report having had what they'd classify as a ‘nightmare neighbor’ in the past,” and 67% of the respondents said that “prior unhappy neighbor experiences make them realize the importance of good neighbors.” 

When searching for a new home in Albuquerque, there are three key steps to help determine who your neighbors truly are.

Ask

When inquiring about your possible future neighbors, sellers may not provide a direct response unless legally required to disclose any issues. Their main priority is to make the sale, so they may not inform you if they have a negative opinion about a neighbor. It's important to remember that their experiences with neighbors may not necessarily reflect your own.

Your real estate agent has a duty to you and may be able to gather information from the seller's agent. Additionally, consider asking other neighbors for information. If you see someone outside, take the opportunity to introduce yourself.

Spy

It is highly recommended to make multiple visits at different times of the day and on different days when purchasing a house. One brief visit is insufficient to fully understand what it is like to live in the neighborhood.

To make an informed decision, you should get out of the car and explore different routes on foot. By walking around the neighborhood at different times of the day, you can gather valuable information that will help you make the best choice. 

Research

Before you move, it is important to prioritize safety by checking for sexual offenders in the area using a site like Family Watchdog. Additionally, conducting a reverse address search on a platform like Spokeo can provide valuable information about specific houses in the neighborhood. With just a few clicks, you can uncover details such as names, police activity, or court records associated with the address.

To gather information about the people in the neighborhoods you're interested in, try accessing the Nextdoor community site or local Facebook pages. These platforms can provide valuable insights.

In the end, there's no way to know 100% if your new neighbors in Albuquerque will be an issue or not. But by following these steps, you can reduce the risk of having the nighmare neighbor.

HOT ALBUQUERQUE LISTING OF THE WEEK

Welcome to this wonderful home in the Sundoro South community. Big open floor plan, vaulted ceilings, three way fireplace. Kitchen offers stainless appliances, eat in bar, ample cabinets and countertops for food prep. Kitchen flows nicely into the dining room and great room. Through the sliding doors, find yourself in the best backyard party ever! Covered patio, plus the built-in BBQ grill, two smokers and a disc cooker. Great place to enjoy our NM weather. Back inside, Split primary suite, separate shower, garden tub, dual vanities and walk in closet. 2 more good sized bedrooms that share a bathroom. There is an additional flex space that could be used as an office, hobby room or home school. Beautiful Park just down the street, easy access to I-40.

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

Just listed! These latest homes for sale in Albuquerque offer unique design and features that are sure to impress even the most discerning home buyer. Both homes offer plenty of space for your growing family as well.

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

Welcome to this wonderful home in the Sundoro South community. Big open floor plan, vaulted ceilings, three way fireplace. Kitchen offers stainless appliances, eat in bar, ample cabinets and countertops for food prep. Kitchen flows nicely into the dining room and great room. Through the sliding doors, find yourself in the best backyard party ever! Covered patio, plus the built-in BBQ grill, two smokers and a disc cooker. Great place to enjoy our NM weather. Back inside, Split primary suite, separate shower, garden tub, dual vanities and walk in closet. 2 more good sized bedrooms that share a bathroom. There is an additional flex space that could be used as an office, hobby room or home school. Beautiful Park just down the street, easy access to I-40.

Learn More!

2832 Casa Del Norte Drive NE, Albuquerque, NM 87112

Precious, single-story gem nestled in the Foothills in search of a new owner! Featuring 4 bedrooms, with a possible 5th bedroom or Office, this showcases a 3-year old roof and NEW evaporative cooler, along with Fresh paint, light fixtures and floors, including gorgeous wood-laminate flooring! The primary suite is oversized with an updated en suite and access to the expansive patio where you can take in the peace of the rolling foothills. Cozy up by the fireplace and enjoy the open floorplan that is open to the kitchen and wet bar. Get ready to be home for the holidays!

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.

When buying a home in Albuquerque, the term "escrow" will come up frequently. Escrow is a legal arrangement where a third party holds money or property until certain conditions are met. In real estate transactions, escrows provide protection for both buyers and sellers.

An escrow account is established as part of your mortgage terms to hold funds for homeowner's insurance and taxes. Additionally, escrow accounts can be used to safeguard a good faith deposit, ensuring that the funds are allocated correctly based on the sale conditions. In this blog, we will focus on the escrow account used throughout the duration of your loan.

Escrow Accounts When You Borrow Money

When you borrow money to buy a home, whether from a bank or direct mortgage lender, you will be given an escrow account. This account serves as a place for the lender to deposit a portion of your monthly mortgage payment that will cover insurance premiums and taxes. The purpose of the escrow account is to ensure that you do not fall behind on your obligations to your insurance provider or the government by collecting a part of those costs every month.

How It Works

When obtaining a mortgage loan, lenders typically mandate the establishment of an escrow account. This account serves to mitigate risk and ensure timely payment of annual homeowner's insurance premiums and property taxes. Although these expenses are paid on an annual basis, the lender requires a monthly fraction to be paid, with the remaining balance accumulating in the escrow account.

Having unpaid insurance or taxes can result in liens during foreclosure, making it more difficult for lenders to recoup the initial loan. As a result, lenders have a vested interest in ensuring that borrowers stay current on these non-mortgage homeownership expenses.

As the borrower, there are downsides to this arrangement. Your lender typically mandates a minimum balance in the escrow account to safeguard against potential cost hikes. Most lenders require you to maintain at least two months' worth of expenses in the mortgage escrow account.

When it comes to managing your insurance premiums and taxes, there's a convenient option available. Instead of making separate payments, you can choose to pay a portion of these expenses each month. This amount, along with your principal and interest payments, is collected and held in an escrow account. At the end of the year, the money in the escrow account is used to pay your premiums and taxes.

Escrow payments can be adjusted based on the surplus or shortage in the account for the year's payment. The mortgage holder is required to send an annual statement regarding the escrow account, which may also be referred to as a mortgage impound account.

Mortgage insurance premiums are required for borrowers who make less than a 20% down payment. These premiums are held in the escrow account along with other payments.

The escrow agent must provide a settlement statement before closing. This statement will detail all final closing costs, as well as fees associated with the home loan, including prepaid and escrow funds.

Escrow accounts do not cover HOA fees or supplemental tax bills. HOA fees and supplemental tax bills are separate expenses that homeowners are responsible for. Supplemental tax bills can be issued due to new construction or a change in ownership, and the amount cannot be predicted by the lender.

HOT ALBUQUERQUE LISTING OF THE WEEK

7508 Calle Montana NE, Albuquerque, NM 87113

Beautiful 5 bedroom Stillbrooke home in highly sought after planned community! Main level features grand open floorplan w/gorgeous custom staircase; new carpet 2019; bright sunny large kitchen opens onto great room and has spacious breakfast nook, updated stainless steel appliances, granite countertops, kitchen island & breakfast bar. Cathedral ceilings & Clerestory windows makes this home bright & light. Flexible floorplan could be 2 living areas: office & 5 bedroom plus loft, OR formal dining, greatroom, 5 bedrooms & loft/ media area. Primary suite on main level has backyard access, spa like en suite & huge walk-in closet. Also, a secondary bedroom on main level plus 3/4 Bath. Upstairs features a huge loft/media room, 3 more very large bedrooms, & additional full bathroom.

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

An open floorplan is often touted as the top preference for Albuquerque home buyers on real estate shows. While it has its advantages, it may not be suitable for everyone. It is crucial to consider the potential downsides that may have been overlooked.

What is Open-Concept?

An open-concept floorplan is characterized by spacious, interconnected rooms that serve multiple functions within a single space. This layout is particularly beneficial for smaller homes with limited square footage. In contrast, larger Albuquerque homes may not require an open-concept plan as each individual room is already sizable.

Homes constructed prior to the 1990s typically featured significant division between rooms, while the open floorplan gained popularity in the 2000s.                      

The Pros of Open-Concept

The following are some of the upsides of a wide-open living area.

• Having a family, especially with young children, an open-concept floorplan can provide numerous benefits. It allows for easy togetherness and enables parents to keep a watchful eye on their kids while attending to other tasks such as cooking. The open layout fosters a sense of togetherness and promotes a more connected family dynamic.
• Open floorplans are beneficial for maximizing space utilization. They allow for the conversion of underutilized areas, such as formal dining rooms, into functional spaces. By adopting an open floorplan, all available space can be effectively utilized.
• If you entertain, open floorplans are undoubtedly ideal for you.
• Taking out walls or having a design with limited interior walls allows for more natural light, and you can get outdoor views.

The Cons of Open-Concept

Again, while people rave about open-concept living, it’s not right for everyone. Downsides include:

• Having older children or multiple generations in your household may lead you to desire the privacy that smaller rooms can provide. On the other hand, if you have a nanny or a similar arrangement, an open-concept layout can bring everyone together in a way that may not be your preference.
• Open-concept living spaces can pose a challenge for those who enjoy showcasing items on their walls. With fewer walls available, the opportunity to display art or collectibles becomes limited. This can be particularly frustrating for art collectors who desire more rooms and walls to exhibit their pieces.
• Having enclosed rooms can be extremely helpful if you have kids who regularly make a mess. This allows you to contain the mess to one room more easily, preventing it from spilling into other living areas.
• Noise travels a great deal in open-concept plans.
• You may want rooms that are dedicated to specific, individual uses. For example, maybe you want a home office, a workout room, or a crafts room.

If you’re deciding on a new home or thinking about renovations, it doesn’t have to be all-or-nothing with open-concept.

In some homes, there is a middle ground when it comes to the layout. For instance, the living area and kitchen may be open to one another, while the dining area is separate. Alternatively, partial walls can be used to create some separation between spaces without completely closing them off.

HOT ALBUQUERQUE LISTING OF THE WEEK

5516 Laredo Road NE, Rio Rancho, NM 87144

WOW! Incredible views of the Sandia Mountains!! Beautifully maintained, traditionally classic home! 4BDR/4BA plus 2 large bonus rooms; perfect for second living room/den/playroom/office!! Secondary bdrs w/Jack-N-Jill bath! Gorgeous Pella windows w/spectacular views! TWO new refrig air units (2023)! Re-stuccoed (2023)! Roof (2020)! Elegant entry, grand staircase, formal dining & living room. TWO Primary Suites; one on the main floor, one upstairs w/balcony showcasing panoramic views! Laundry room upstairs. Classic kitchen has granite countertops, LG SS appls, storage pantries & bkfst nook. Half circle drive, 2CG, large expanded lot for RV, rec vehicles, extra parking! Great location in mid Rio Rancho, parks, schools, shopping, Intel, Presbyterian Rust Hospital, Rail Runner to SF!

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

Student loan debt in the U.S. is skyrocketing, growing at a rate six times faster than the country's economy. With over 43 million student borrowers in debt, the average debt load per person is a staggering $39,351.

Carrying student loan debt can have several negative impacts on your life, one of which is its effect on your ability to secure a mortgage and buy a home. Here are some specific details you should be aware of regarding how your student loan debt can affect your borrowing ability.

Does Student Loan Debt Affect Your Ability to Buy a Home Directly?

Mortgage rates are currently at historic lows, making it an opportune time to consider purchasing a home, particularly for those who are currently renting. It is important to note that student loan debt can impact both your eligibility for a mortgage and the interest rate you receive.

When it comes to getting a mortgage, having student loan debt doesn't impact your eligibility any differently than other types of debt.

Credit card debt and student loan debt have similar impacts on your financial situation. Both require repayment and are taken into consideration by lenders when reviewing mortgage applications. Lenders assess your ability to handle additional monthly payments based on your existing obligations.

If you qualify under the lender’s standards, they’ll decide on an interest rate.

Having student loan debt doesn’t automatically disqualify you from getting a mortgage, but it can.

Debt-to-Income Ratio

When it comes to student loan debt or any other financial obligation, the critical issue lies in how it impacts the debt-to-income ratio. This ratio is used to determine if you can manage your current payments and take on a new one for a home loan.

To calculate your debt-to-income ratio, add your current debt payments and anticipated mortgage, then divide by your gross monthly income. Gross monthly income is your earnings before deductions and taxes.

Having a debt-to-income ratio over 43% will likely result in mortgage loan denial, as most lenders have this threshold. It is recommended to aim for a ratio of 36% or lower. Additionally, experts suggest that monthly mortgage payments should not exceed 28% of your income.

When considering your financial situation, it is important to focus on your monthly debt obligations rather than the total amount of debt you have.

Flexibility in Payments

Changing your student loan repayment plan, such as opting for a graduated or extended repayment plan, can be a viable option to qualify for a mortgage with student loan debt. This is particularly beneficial if you have federal student loans. While you will still need to pay the same principal amount, opting for a different repayment plan can result in a lower monthly payment, which can help reduce your debt-to-income ratio. Keep in mind that this approach will extend the time it takes to pay off your loans.

FHA Changes

In the summer of 2021, an announcement was made regarding a change in the calculation of student loan debt as part of the debt-to-income ratio for FHA loans. This change aims to facilitate the process of obtaining an FHA loan for homebuyers with student loan debt.

Before the recent changes, FHA lenders were required to calculate a borrower's monthly student loan payment by using 1% of the outstanding balance. However, under the new guidelines, the monthly payment amount used in calculating debt-to-income is now based on the borrower's actual student loan payment, which is often lower. This change aims to provide a more accurate representation of a homebuyer's financial situation and make homeownership more accessible.

Effects on Credit Scores

Having student loan debt can impact your ability to qualify for a mortgage due to your debt-to-income ratio. Additionally, your credit score, which is influenced by your existing debt, is taken into consideration by mortgage lenders.

An FHA loan could be a viable option for individuals with a low credit score. These loans are accessible even if your score is as low as 500, allowing you to afford a 10% down payment.

Overall, student loans don’t inherently affect your ability to get a mortgage, but in multiple indirect ways, they can and do.

HOT ALBUQUERQUE LISTING OF THE WEEK

5516 Laredo Road NE, Rio Rancho, NM 87144

WOW! Incredible views of the Sandia Mountains!! Beautifully maintained, traditionally classic home! 4BDR/4BA plus 2 large bonus rooms; perfect for second living room/den/playroom/office!! Secondary bdrs w/Jack-N-Jill bath! Gorgeous Pella windows w/spectacular views! TWO new refrig air units (2023)! Re-stuccoed (2023)! Roof (2020)! Elegant entry, grand staircase, formal dining & living room. TWO Primary Suites; one on the main floor, one upstairs w/balcony showcasing panoramic views! Laundry room upstairs. Classic kitchen has granite countertops, LG SS appls, storage pantries & bkfst nook. Half circle drive, 2CG, large expanded lot for RV, rec vehicles, extra parking! Great location in mid Rio Rancho, parks, schools, shopping, Intel, Presbyterian Rust Hospital, Rail Runner to SF!

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

Due diligence is an important term in real estate, as well as in other contexts. It refers to the process of conducting thorough research and gathering information before making a significant purchase. In the case of buying a home in Albuquerque, due diligence involves learning about the neighborhood, school district, property history, proximity to amenities, and the specific terms of the mortgage loan. It is akin to doing your homework before making a decision.

When researching a home, it is crucial to gather information about its current condition. Assuming a home is move-in ready without proper investigation can lead to unexpected repairs or renovations.

During the house buying process, it is common to have a period of due diligence outlined in the contract. This timeframe varies depending on the state and can extend until the closing.

During the due diligence period, it is crucial to thoroughly understand the house and the neighborhood. This allows for any potential surprises to be identified, and if necessary, provides the option to cancel the contract.

Due Diligence During Your Home Search

During your home search, it is crucial to conduct due diligence. This involves taking steps to ensure that you are well-informed throughout the process. Working with a real estate agent who listens to your needs and is knowledgeable is essential. Before making an offer on a home, it is important to gather as much information as possible about the current housing market in your desired location. Your real estate agent can provide valuable insights on current property values, average list prices, and home sale trends. From there, you might start to narrow down neighborhoods.

During the pre-offer due diligence period, it is important to compare mortgage loans and lenders. Additionally, it is crucial to consider the necessary steps to insure the home. Once all necessary preparations have been made, it is time to make a competitive offer.

Due Diligence Before You Close

Before closing on a property, it is important to complete certain steps of due diligence. As a buyer, you should request a home inspection and appraisal to ensure the condition and value of the property. Additionally, it may be necessary to request a land survey review. These steps are crucial in avoiding any unexpected issues or surprises.

You might also want to talk to your real estate agent about a home warranty.

Having contingencies in your contract provides you with the option to back out of the transaction if necessary. It is important to note that sellers typically do not allow buyers to back out after making an offer unless there is a valid reason.

Once the seller accepts your offer and both parties sign the sale contract, the official period for due diligence begins. At this point, you are under contract.

The due diligence period poses a risk for sellers as it prohibits them from showing the home to other potential buyers once they accept an offer. If a buyer decides against purchasing the house at the end of the 30-day period, it goes back on the market. However, the longer a house is on the market, the less desirable it becomes, causing sellers to lose out on potential buyers during that month.

A due diligence fee can be helpful because it incentivizes the seller to accept your offer and take on the risk of removing their home from the market during your due diligence period. While it is not typically required, paying a due diligence fee can improve your deal and increase the chances of it being accepted. If you proceed with the purchase, the fee is credited towards your closing costs.

However, if you decide not to buy the house, the seller keeps the due diligence money as compensation for their lost time. It is important to note that due diligence fees are non-refundable if you cancel the sales contract, but the seller may refund the money if they back out of the sale.

Earnest money is different from due diligence money. It shows the seller that you're acting in good faith and won't breach the contract. If you breach the contract after paying earnest money, the seller keeps the money. However, earnest money can be refunded if you back out of the sale, unless your contract says otherwise.

HOT ALBUQUERQUE LISTING OF THE WEEK

Welcome to the community of La Orilla Contemporary living in a Great location with quick access to Paseo del Norte, I40, Bosque Trails, Restaurants & shopping! Views of Sandia mountains from spacious primary suite's balcony. Pulte luxury townhome, Ocotillo floor plan, open concept, connecting great room, dining room & kitchen. Kitchen offers an expansive island, room for seating 4, Beautiful granite counters, ample cabinets & pantry. Energy efficient appliances. Covered patio for alfresco dining, easy maintenance yard, room for small garden. 3 bedrooms on second level & separate Primary suite with sitting room/flex space, separate spa like bathroom. 2 car garage with finished floors & walls, tankless water heater, enter from the back. Must see 4 years young, easy living, low maintenance!

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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

Just listed! Whether you're looking for your ideal first home in Albuquerque, or looking to upgrade to a more custom luxurious setting, we have the perfect home for you. Check out all that these fine homes have to offer, then give us a call for your exlusive showing.

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

Impeccable, One of a kind custom Rutledge home. From the minute you walk thru the front door, you have realized excellence in craftsmanship and design. From the chef's kitchen, custom cabinetry, travertine tile, granite counters , Bosch appliances, incredible master suite, sunroom and a backyard experience to share with family and friend's, outdoor kitchen, hot tub, view deck with unobstructed views....inground gunite pool with new cover and retractor, and don't forget the wonderful outdoor kitchen, fire pit. Lets make new memories in your new home.

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3205 Schumacher Street NW, Albuquerque, NM 87120

Gorgeous Move-in Ready Townhouse! Seller has spent approximately 55K in improvements in the last two years! Refrigerated air & CFA furnace (2022); carpet (2021); blinds & several light fixtures; stainless steel refrigerator & dishwasher (2022); professional xeriscape landscaping, front & back, with 3 French drains, & auto sprinkler system for trees & shrubs; 12K in vinyl fencing (2022). Bright & thoughtful floorplan features a generous great room & three ample bedrooms. Primary suite boasts an adjacent study/office & ample walk-in closet. Large covered & beautifully tiled patio in backyard, plus an open deck with views of the Sandia Mountains. In a convenient location, close to commute, shopping and amenities. Don't miss this opportunity!

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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.