Real Estate Information Archive

The Albuquerque real estate market is HOT! This means the market for selling is good but if you're thinking about selling, there are some things you'll need to consider before you list your home. To sell quickly and for top dollar, you won't want to get caught with these issues dragging your listing down.

Problem #1 - Repair Damage Whether it's tenant damage or deferred maintenance on your part, repairing damage to your home is a great way to increase its value. Walls with holes, floors with scratches and the yard filled with weeds taller than your toddler are a sure way to scare off buyers or receive low ball offers on your home.

Problem #2 - Outdated Features Outdated features like carpeted bathrooms should be updated before you list. Issues like this speak volumes to buyers about the care and effort you've put into your home.

Problem #3 - Dirty Carpet Large stains in carpet will surely scare off potential buyers who may not understand if said stain came from a recent encounter with a spilled drink or a dog that's been using the area for a potty box long term. Shampoo the carpets and if the stain doesn't come out, consider replacing the carpet with wood, tile or new carpet. If replacement isn't an option, be ready to offer a discount so the buyers can do it themselves.

Problem #4 - Pet Smells Since we're on the topic of pets, you may not notice pet smells in your home because you live there. Buyers on the other hand will know right away if you have pets in your home. If you can't find a place for your pets to go while your home is listed, make sure the litter box is ALWAYS clean, clean up Fido's mess from the yard and use air fresheners where needed. Also, consider the options mentioned in #3.

Problem #5 - Barking If you have a dog who barks when someone comes in, it's imperative the dog is kenneled away from the areas buyers will be viewing. Ideally, you'll have a different home where Fifi can stay until your home goes under contract or at least during showings. If not, get a kennel and ask your agent to build in enough time before showings to put the dog in the kennel.

Problem #6 - Bad Curb Appeal If your lawn is dead, your trees are overgrown and your shrubs are hiding your home from the street view, you probably need to do a little work in the yard. Curb appeal is your home's first impression. Getting buyers in the door is the first step toward getting an offer.

Problem #7 - Bad Marketing If your real estate broker is lazy, mean, inattentive, doesn't communicate or isn't marketing your home, fire them. If they aren't giving you the attention you desire, they probably aren't giving it to your listing either. A bad agent can definitely have a negative impact on days on market and final sales price.

Problem #8 - Junk Like it or not, buyers are going to open drawers, cabinets and closets when they view your home. If you crammed all your junk into those drawers, cabinets and closets, your secret will be revealed during a showing. Declutter, clean and clear these areas so buyers can picture their stuff in your home.

Problem #9 - Poor Choices That matching pink toilet and vanity may have seemed like a great idea when you put it in back in the 80s but outdated decor can be a real turn off for buyers. While you're not expected to update kitchens and bathrooms in most price ranges, do what you can to bring your home's decorative items into the current decade. Window coverings, wallpaper and furniture can go a long way toward improving the appearance of your home to buyers.

Problem #10 - Controlling Sellers Yes, it is reasonable to ask brokers to give you notice before showing your home. You probably want to lock up that barking dog, empty the litter box and pick up toys in the kids' rooms. Asking for more than a small amount of notice however may be unreasonable. Some buyers may find your home online and call their broker to see it right away. Another piece of advice, NEVER be home during showings. It makes buyers uncomfortable. Let the broker do their job and get out of the way.

If you're ready to list your home for sale, this is a great time to get started. When you're ready to put that sign in your yard, call the Sandi Pressley Team. We're here to help. 

Have An Awesome Week!

Sandi's Hot Home Listing

10528 Crestridge Ct, Albuquerque

Price: $275,000 Beds: 4 Baths: 2+ Square Feet: 2,603

AMAZING home on Cul-de-Sac Lot! Dramatic Great Rm w/Soaring Tongue&Groove Beamed Ceilings, Latillas, custom fireplace w/picture windows and access to balcony/patio to take in Scenic views! Gorgeous Kitchen features: lovely Counters w/Beautiful Tiled Backsplash/Custom Cabinetry with S/S appliances w/breakfast bar Seating that opens to the family dining.

View This Listing

If you're considering selling in 2016, it's important to be priced competitively to avoid certain challenges. Historically, overpriced homes stay on the market longer, often sell for less than market value and sometimes don't sell at all. You may see a listing in your neighborhood that seems to be for sale forever, with a different broker every few months. If there are no major defects in the home itself, it's likely overpriced. This stigma can stay with your home and is a great reason to avoid overpricing in the first place.

A great way to avoid overpricing is to get a home valuation from a reputable source. Not only can overpricing give your home a bad reputation on the market, it can also cost you, big time, in the long run. Not only can overpricing scare off potential buyers, but over time, you'll actually end up reducing your price more than if you had just listed it at market value to begin with. Overpricing is often the most costly mistake a seller can make.

When you're ready to list your home, and 2016 is looking like a great time to do so, start with a home valuation from a specialist who knows your area well. A licensed real estate broker should be willing to provide this information free of charge. Relying on sites like Zillow and their zestimates is risky business when you're ready to list as they've never seen your home, nor do they know what features your home has to offer, or the amenities in the neighborhood.

Put your trust in The Sandi Pressley team; a listing specialist from The Sandi Pressley team can give you a free, no-obligation home valuation during a 20-30 minute in-person consultation. Call us today for more information or to schedule your appointment.

Have An Awesome Week!

Sandi's Hot Home Listing

528 Brianna Loop, Albuquerque

Price: $315,000 Beds:4 Baths: 2+ Square Feet: 2,260

North Valley Beauty! Built in 2013 sleek and contemporary design two story with 1BDR/office on the main floor! Upgraded kitchen with 42’ cabinets, granite countertops, tile backsplash and breakfast nook! Security system, refrig air, raised ceilings, ceramic tile flooring in kitchen and great room, ceilings fans, window coverings.

View This Listing

Springtime is the most common time sellers decide to put their homes on the market. Many assume spring and summer are the best sales seasons. Unfortunately, this is a common misconception and often, sellers miss out on valuable listing time because of it. Typically, you'll see more homes listed for sale during spring and summer. The amazing weather we have here in Albuquerque also makes this a great time to list. However, don't rule out the fall and winter months just yet! Here are some points to consider about listing during fall and winter:

• There is less competition during these months as most sellers prefer to list in spring and summer
• Less families are on vacation during fall and winter
• Buyers looking during these times might be more serious about purchasing since this is considered the off season

If you're considering listing your home, don't wait for spring. Contact The Sandi Pressley Team today for a no-obligation market analysis. Our listing specialist can help you decide if this is the right time to list your home.

Have An Awesome Week!

Sandi's Hot Home Listing

9312 Nationwide St. NW, Albuquerque

Price: $210,000 Beds: 4 Baths: 2+ Square Feet: 2,270

Beautiful 4 Bedroom/2.5 Baths w/open and functional floor plan*Home features comfortable great room with cozy fireplace, arched accents, lovely wood laminate flooring thru out the lower level. Sunny spacious kitchen overlooks the family dining area & showcases plenty of counter & cabinet space

View This Listing

AND HERE'S YOUR MONDAY MORNING COFFEE!!

This may be the best time to purchase a home.  There are many reasons but below we’ll highlight the top 6.  If you’re considering a purchase, here are a few great reasons to make that move now!

Reason No. 1 to buy now: Rates are low
"Low mortgage rates continue to keep ownership less expensive than renting," said Investopedia. "Even a small change in interest rates has a significant effect on what you'll pay each month and over the life of a 30-year mortgage.
Take a $172,000 30-year mortgage, for example ($172,000 is 80% of the median sales price for existing homes of $215,000 after a 20% down payment). With an interest rate of 4%, you would pay $821.15 each month. At an interest rate of 5%, the monthly payment would be $923.33, and at 6%, the payment rises to $1031.23."

Reason No. 2: Renters Feeling the Squeeze
A recent article from the National Association of Realtors explains that renters are “feeling the squeeze” as rental costs increase nationwide at a pace greater than income increases.

Reason No. 3: It’s Easier to Qualify
When the real estate market hit its recent low around 2006, lending institutions increased their lending standards, making it harder to qualify for a loan.  During this time, lending standards were raised and only prime applicants could get a decent loan.  Today, those standards have loosened slightly, making it easier to find loans and get qualified.  New FHA minimums include a 620 credit score and 3.5% down payment.   

Reason No. 4: PMI Costs Less
When a buyer puts a down payment of less than 20%, there is often an additional monthly fee called PMI or Private Mortgage Insurance.  Early this year the Feds lowered those fees on FHA loans which can add up to over $900 a year in savings.  

Reason No. 5: It’s Still a Good Investment
Perhaps even a great investment.  Experts say that affordability is still at an all-time high, making home ownership a great option for those investment dollars.  As an asset, homeownership stands up, especially when buyers make smart decisions. 

"The largest measurable financial benefit to homeownership is price appreciation," said Investopedia. "Price appreciation helps build home equity, which is the difference between the market price of the house and the remaining mortgage payments."

Reason No. 6: Pride of Ownership
Pride of ownership is a real thing!   Having the freedom to make it your own, painting walls, upgrading kitchen items and not having to worry about higher rent payments coming with your next lease term, make owning your own home a great idea.  Add that to watching your equity grow and the tax benefits of homeownership and this is a no-brainer!

Have An Awesome Week!

Sandi's Hot Home Listing

2700 Vista Grande Dr. NW 114, Albuquerque

Price: $595,000   Beds: 3   Baths: 2.5  Square Feet: 3,970

INCREDIBLE & RARE BLUFF LOT RESIDING ALONG THE RIVER W/Unobstructed views of the City,Bosque,Rio Grande & Mountains. This bluff lot offers unsurpassed sensational views-will not find more breathtaking views anywhere ceiling to floor windows from living, dining, kitchen & Master-Suite showcases phenomenal Views! View This Listing

Here's Your Morning Coffee

Let me start by saying I am a great believer in the supply-demand-price equation.  Everything that I look at trying to predict or interpret the market is through that lens. 

From my seat, this recession started in the residential real estate market in November 2007.  That was the first month where there was a dramatic decrease in closings (demand) from the same month in the prior year.  To go back a touch, in July 2007, the closings were about 9% less than the prior year.  We had always known that the market couldn’t sustain the pace of 2003 to 2006.  We had thought that a 10 to 15% slowdown was to be expected.  So, the summer of 2007 felt like the anticipated slowdown.  August, September and October started to get alarming when the citywide closings were down 25% year-over-year.  In November the deceleration was 33% and then December 2007, the closings were 35% lower than December the year before. 

By January 2009, the closings in Albuquerque were the lowest since 1998.  On a percentage basis, January 2009 had 58% fewer closings than January 2006.  The spring of 2010 benefited from the First Time Homebuyer Tax Credit which resulted in some artificially created year-over-year gains.  When July hit and the Credit expired, we slumped backwards, with 4 of the first 6 months of 2011 behind 2010.  However, at the start of 2012 I am optimistic for the following reasons. 

Good Sign #1.  In July 2011, things started to change.  July through December showed a 13.17% increase in units closed over the same period of 2010.  This was the first six-month period in three years that had been up over the previous year. 

Good Sign #2:  Decreasing supply.  Building permits have been steadily declining for 5 straight years.  In 2006, the biggest year, the permits for the MSA of Albuquerque (includes Valencia and parts of Sandoval counties) were around 6,600.  In 2011, the Albuquerque MSA finished up at just shy of 1,300 permits.  That is an 81% decrease!  While that has been devastating for the construction industry at every level, it does mean that supply is decreasing steadily.   At the same time, the current resale supply (4,156 active detached listings) is the lowest it has been since March 2007 (4,504 active detached listings), when it started climbing precipitously!  Demand up, Supply Down, but… 

Confusing Sign #1:  There has been a steady decrease in average sales price for the second half of this year as demand has been increasing and supply has been decreasing.  On the surface that is disconcerting, but remember that price is a trailing indicator.  That means that the last adjustment will be an increase in price.  There is also an artificial suppressant:  the appraisal issue.  What is happening is that the market is trying to recover as to price, but a number of appraisals are coming in below the market price of the transaction.  In response to the low appraisal the sellers and buyers are often forced adjust their price down to the appraisal, which in turn keeps the average price artificially lower than the market is indicating. 

I believe that we will start to see an increase in average price sometime in the first half of 2012, providing the demand stays steady. 

Good Sign #3:  There is pent up demand.  Where?  Household formations are the way a community grows.  They come from at least two places.  The first is job growth.  The second is organic growth.  Organic growth is when two residents in a community form a new household through some sort of union and then they buy or rent a house.  Statistics are showing that the 25 to 34 year old population who would like to and are capable of buying a home have waited and stayed living at their parents’ home during this recession.  As consumer confidence grows and prices stabilize, those people who have been waiting for the bottom will likely enter the housing market.  I believe we will see that in 2012 as well. 

Good Sign #4:  The housing affordability index is at an all time high.  High is good in this case.  With historically low prices and almost unheard of low interest rates converging, when consumer confidence stabilizes, there should be a strong motivation to take advantage of these unique circumstances, which will likely not reoccur for a long time. 

Confusing Sign #2:  The last issue is the constant chatter about the “shadow inventory” of homes that are either underwater (value below mortgage) or are delinquent in payments and no foreclosure has been initiated.  The worry is that there is a hidden potential glut of homes, which eventually will come on the market, flooding the supply side, which in turn would further depress prices. 

I disagree for the following reasons.  First, when a family is foreclosed on or they short sell their house, they very rarely move into an apartment or move home with their parents.  They typically go rent a home, which is exactly what we are seeing in the current marketplace.  The consequence is that rents have been increasing significantly over the last year.  This does not create a new “vacant unit” in the market place as would new construction.  In other words there is no increase in supply.  Investors have been seeing this trend and with current low interest rates, purchasing single-family homes for investment has become a very attractive alternative.  In other words, a new buyer segment has entered the marketplace, absorbing those homes. 

It is for that reason that I don’t believe we have significant risk from the “shadow inventory.” 

In closing, if we review the timeframe of the Great Depression, which started in October of 1929, it is generally agreed that 1933 was the beginning of the recovery.  That was four years from the beginning of the Depression to the beginning of the recovery.  As I said in the beginning of this letter, we are at the end of our fourth year of this cycle.  Certainly, this Great Recession was not nearly as bad as the Great Depression.  If it took four years in the early 1930’s for the recovery to begin, I cannot believe, given the above information that we are not poised perfectly for our recovery to begin. 

I wish everyone a hopeful and prosperous 2012 and I hope that my predictions are correct!  Thank you for your business. 

Warmest Regards,

Sandi Pressley

Click here for the full year end report from the Greater Albuquerque Association of REALTORS®

Good Monday Morning!

What a gorgeous sunny Southwestern day it is in the Albuquerque area. Our super blue skies with the golden trees along the Rio Grande Bosque is so beautiful! How blessed we are!

Social media is quickly becoming one of the most popular communication tools used by many of us.  Facebook, Twitter, Google Plus all are widely used.  Facebook now has over 800 million users with over 300 million people on line at any given time.  We want to remain on the cutting edge and make sure that we are providing Real Estate information consistently to anyone looking for that information in the Rio Rancho and Greater Albuquerque areas.  Our new Facebook business page has been designed to do just that.  Check us out at!  http://www.facebook.com/pages/Sandi-Pressley-Real-Estate-Team/233948076627601.  or just click the Facebook link below.  While you are there click the "LIKE" button and you will be updated on local Real Estate news and tips along with exciting new home listings.  

Have An Awesome Week,

Kindest Regards,

Sandi

                                       THIS WEEKS HOT HOME LISTING!

4009 Zarzuela Ave NW Albuquerque, New Mexico 87120

Listing # 715849:  5 Bedrooms   2 Full Bathrooms   1 Partial Baths   2800 Square Ft

Price: $325,000

Carefully maintained, freshly painted, original owner Raylee custom home on cul-de-sac lot w/amazing city & mountain views! 3-car garage w/8 ft doors to accommodate lg vehicles. One bedroom/office on main level. Delightful kitchen has double oven, gas cooktop, island, breakfast bar & large walk-in pantry. Huge master suite w/balcony to enjoy magnificent views, oversized jetted tub & lg walk-in closet. Beautifully landscaped back yard w/30x10 covered patio perfect for entertaining family & friends!

View Property>>