Real Estate Information Archive

Here’s a question – does the economy affect the housing market, or does the housing market affect the economy? That’s a good question to consider.  Our economy has been doing well for a while now. But still people have fears that 2008 will repeat itself. Are we headed for another recession, and if so, will the housing market be affected?  Economists and analysts are of the opinion that a recession is comin in our near future. This isn’t an opinion based on politics, but data analysis. Zillow Research recently reported on a Pulsenomics survey that took a look at the housing market by surveying market analysts and experts.  This report also indicated when the next recession could begin:

“Experts largely expect the next recession to begin in 2020.”

A recent survey of economists by the Wall Street Journal backs this up:

“The economic expansion that began in mid-2009 and already ranks as the second-longest in American history most likely will end in 2020 as the Federal Reserve raises interest rates to cool off an overheating economy, according to forecasters surveyed.”

Does this mean that we should worry about a housing crisis?  Not at all.

Here's how the Merriam-Webster Dictionary defines a recession:

“A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

As we remember, a recession is a slowing down of the economy, as happened in 2008. But a recession doesn’t always cause a housing crisis. As you may recall, in 2008 the housing bubble burst, causing the recession, not the other way around. In fact, during the previous five recessions home values appreciated.

According to the experts in the report, the top three probable triggers for the next recession are:

• Monetary policy
• Trade policy
• A stock market correction

A housing market crash came in 9th in this list. Those same experts also projected that home values would continue to appreciate in 2019, 2020, 2021 and 2022.

Other experts agree that the housing market won't be affected by a recession:

Mark Fleming, First American’s Chief Economist, explained:

“If a recession is to occur, it is unlikely to be caused by housing-related activity, and therefore the housing sector should be one of the leading sources to come out of the recession.”

And U.S. News and World Report agreed:

“Fortunately – and hopefully – the history of recessions and current issues that could harm the economy don’t lead many to believe the housing market crash will repeat itself in an upcoming decline.”

In summary, a recession may be in our future, but it doesn't mean that there will be a housing crisis.

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

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

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When it comes to buying a home in Albuquerque, the biggest factor in whether or not it’s possible boils down to income.  And of course, depending on where you live, income and cost of living can vary drastically.  A new study by GOBankingRates endeavored to reveal what the minimum salary would be needed to buy a medium priced home in each state.

The great news is that New Mexico, and by extension Albuquerque, came out as one of the most affordable states to buy a home. GOBankingRates arrived at this conclusion based on the average mortgage payment for each state along with the average APR on a 30-year fixed-rate mortgage.  They then assumed that no more than 30% of monthly income would be spent on housing.  For New Mexico, that figure came out to only $40,960!

Other neighboring states turned out to be quite a bit higher.  You would need to make $55,680 a year to own a home in Nevada. Arizona is higher as well with $50,880.  If you bought a home in Colorado, you would need to make at least $73,600. So it really goes to show that if you plan on buying a house in the Southwest, your dollar goes farther in Albuquerque.

GoBankingRates has this advice,

“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

Historically, Americans have spent 21% of their income to own a medium priced home.  Today that figure is down to 15%! This all demonstrates that now is a great time to own a home in Albuquerque.

If you're looking to buy a home in the Albuquerque area, feel free to contact us to help you find the right home for your budget and income. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Albuquerque and the surrounding areas.

HOT HOME LISTING OF THE WEEK!

15 Calle Cobre, Placitas, NM  $498,000

5 Bedrooms/ 3 Bathrooms (3 full, 0 partial) / 3200 Square Feet

Exquisite Placitas property nestled on 2.25 AC w/stunning views. Custom home offers functional open floorplan w/radiant heat, soaring ceiling w/viga& latillas, kiva FP, nichos&surround sound thru-out main floor. Back yard offers large deck w/breathtaking views-Perfect for entertaining. 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

There’s one thing you should expect to find in a Southwest city like Albuquerque – amazing Mexican cuisine. Not only will you find some of the best Mexican dishes anywhere, but the best flavors the Southwest has to offer as well.  The epicenter of the explosion of flavors in Albuquerque’s restaurant scene is definitely the many great Mexican restaurants to be found here – over 200 of them to be discovered. 

To get you started on your journey through Mexico’s finest flavors, here’s the top 4 places to enjoy Mexican and Southwest cuisine in Albuquerque.

Padilla's Mexican Kitchen

A staple for Mexican cuisine lovers in Albuquerque for decades, Padilla’s authentic Mexican dishes are certain to please any pallet.  It may always be busy, but the service is fast and friendly.  All dishes are home made, including their mouth watering tacos, enchiladas, tamales, and fresh made Sopailla’s.

The Range Cafe

If not everyone in your party is in the mood for Mexican food, then The Range Café is the perfect solution.  Their motto is “ordinary food done extraordinarily well,” and that motto has been demonstrated since 1992 with an outstanding menu selection from both sides of the border.

Monroe's Restaurant

Another great restaurant in Albuquerque for those who like both Mexican and American dishes, Monroe’s even offers dishes for those watching their carbs and gluten intake.  They also offer a great selection of beverages including the unique agave wine margarita. Also make sure to try their famous chile.

Cocina Azul

Family owned since 2009, Cocina Azul has become of the best new Mexican restaurants and catering businesses in Albuquerque. Created from scratch, their recipes have been handed down through the generations.  Owner Frank Barela, Sr. has recreated all of the dishes he learned to cook as a child in his family kitchen.  You also delight in their award winning chile made only from green chile grown in Hatch, New Mexico.

Join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. And follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you’re getting ready to buy a home in Albuquerque, you need to know as much as you can.  If you’re looking for a mortgage that lets you put down less than 20%, you’ll notice a lot of programs out there that lets buyers purchase homes with less than 20% down. But do you know about Private Mortgage Insurance? Not everyone knows about this insurance policy called Private Mortgage Insurance (PMI). What exactly is this policy and how can it protect you when buying a home in Albuquerque?

Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.

Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.” 

According to the National Association of Realtors (NAR), the average down payment last for all home buyers across the nation was 10% and 5% for first time buyers. The average for repeat buyers was 14%. That means that Private Mortgage Insurance didn't stop many home buyers from buying homes.

Here’s an example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI:

The larger the down payment, the lower your monthly housing cost will be, but Freddie Mac has this advice:

“It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”

If you're looking to buy a home in the Albuquerque area and have questions about buying now or saving for a larger down payment, feel free to contact us to help you decide what works best for your situation. You can also search for your dream home now using our convenient home search tool. And make sure to follow us on Facebook for the latest real estate updates for Albuquerque and the surrounding areas.

HOT HOME LISTING OF THE WEEK!

8520 Hawk Eye Road NW, Albuquerque, NM  $260,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3486 Square Feet

Incredible back yard perfect for entertaining family & friends, with Outdoor kitchen, built in grill, tile bar, flagstone open & covered patios, pergola, hot tub, fire pit, garden area, trees, and shrubs! Exceptional home with many custom upgrades including stacked stone accents, light fixtures, wrought iron stairway! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If there’s one thing among many that people love about Albuquerque is all the great flavors to be found here.  Usually you think of Southwest or Mexican dishes when you think of New Mexico. But what about pizza? The fact is that Albuquerque has over 100 places to get a delicious pie, along with other Italian dishes and brews.  So get ready for an unforgettable pizza night in Albuquerque! Here’s the top 4 places to get pizza to start you off on your journey to flavorville.

Golden Crown Bakery

If you want more than just great pizza, Golden Crown combines a bakery to offer sandwiches and other baked goods. Being primarily a bakery means that your pizza crust is sure to be amazing, and the reviews prove it. Over the years, Goldne Crown has been featured in magazines such as Gourmet, Condé Naste Traveller, Budget Travel, Alibi, USA Western, IQ, Guia Azul, and Su Casa. They also feature espresso drinks and a variety of brews.

Saggio's

Family owned and operated, Saggio’s prides themselves on their upbeat nostalgic atmosphere that appeals to young and old, along with gourmet pizzas, calzones, sandwiches, salads, pastas and desserts. They also offer a great selection of beer and wine. Your dollar also goes farther at Saggio’s with their huge portions. It’s the perfect place for a large family pizza night.

Farina

Named the #17 Best Pizza Joint in the Nation by TimeOut Magazine, Farina offers a more trendy and hip environment for your next pizza outing. You’ll keep coming back for their artisan pizzas, house-made pastas, and fresh salads. Local art from some of Albuquerque’s best artists adds to the atmosphere. They also stay committed to using only fresh locally sourced ingredients as much as possible.

Old Town Pizza Parlor

Located in old town Albuquerque, the name certainly applies, as they’ve been an Albuquerque fixture since the late 1930’s. Today’s Old Town Pizza is a melding of traditions and a modern vibe, offering the perfect setting for your next pizza night.

Join us twice a week on our blog for more great reasons to buy a home in Albuquerque and the surrounding area. And follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

10465 Chandler Drive NW, Albuquerque, NM  $260,000

3 Bedrooms/ 4 Bathrooms (2 full, 2 partial) / 2200 Square Feet

Pride of Ownership shows thru-out in this meticulously cared for beautifully kept home. 3 bedroom home features 2 master bedrooms each with a full bath. Beautiful backyard with backyard access and rv pad.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You’re buying your first home in Albuquerque and the excitement abounds.  But you have to be careful that all the excitement doesn’t cloud your vision.  It’s easy to see the exterior of a home and how much you like (or dislike it).  But you need to see the inside as well.  How was it maintained? What issues will come up when you buy the home? If you know these things in advance, you can save on expensive repairs in the future.

This is even more important as a first time buyer. First time buyers usually don’t have the experience to know what warning signs to look for in a home.  Hiring a home inspector will definitely help in this regard.  Here’s a list of warning signs to look for.

Foundation  

• Look for cracks in the driveway, walls and sidewalks                                                                  
• Are the floors, windows and doorways crooked or not level?                                                        
• Are there large trees with roots near the foundation?
• Do the inside doors jam or have gaps on the top of them?

Electrical

• Are there any exposed wires?
• Do the lights flicker?
• Are outlets warm to the touch?
• Are there any visible signs of electrical tape?
• Look for flash burns near socket covers.

Roof

• Look for missing or cracked shingles and significant wear and tear.
• Are there mismatched materials or curled or warped shingles?

Plumbing

• Do the faucets leak?
• Are there water stains under the sinks or around toilet or tub
• Check how the bath and sinks drain.
• Do you smell foul odors near sinks?
• Check the water pressure in sinks and bath.

Mold

• Do you see any water stains on walls?
• Is any mold visible?
• Is there a musty smell?
• Check for rotted wood around doors and windows.
• Is the paint peeling?

Insects or Pests

• Are there signs of termites and carpenter ants?
• Are there ways for rodents to enter the house?
• Is any exposed interior wood damaged?

Poor Workmanship

• Do repairs look professional?
• Do renovations look armature?
• Are any tasks uncompleted?

Checking these items can go a long way to making sure you pay the right price for your first home and know more fully what you’re buying. Check back on our blog twice a week for more real estate advice and for local Albuquerque topics. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

HOT HOME LISTING OF THE WEEK!

8520 Hawk Eye Road NW, Albuquerque, NM  $260,000

3 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 3486 Square Feet

Incredible back yard perfect for entertaining family & friends, with Outdoor kitchen, built in grill, tile bar, flagstone open & covered patios, pergola, hot tub, fire pit, garden area, trees, and shrubs! Exceptional home with many custom upgrades including stacked stone accents, light fixtures, wrought iron stairway! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Are you planning to buy a home in Albuquerque and have kids in school? Then no doubt you want to find the right home near the best schools in Albuquerque.  You certainly don’t want to end up regretting buying your home if it turns out that the school you live near isn’t right for your child.

You may think that your real estate agent can show you all the best schools in Albuquerque. But they can’t. Fair housing laws have been enacted that prevents agents from recommending schools.  Why? It was discovered that some agents in recent years have been labeling schools as "bad" to swing the sales of homes toward more affluent neighborhoods. So it’s a good thing that agents in general aren’t allowed to recommend schools. That means that you as a parent should research the best schools in Albuquerque for your children. After you find a school you think would best suit your children’s needs, then your agent can help you find the right home near that school.

There are at least 3 questions you should ask when finding the right school in Albuquerque.

What school will you child attend?

Sure this may seem obvious, and that’s why some people forget to ask it. There are dozens of schools in the Albuquerque Public School district, so that means you have a lot of schools to choose from. Their website has a great deal of information about schools in Albuquerque that should be useful in finding a good school.

What are the numbers?

Even though numbers don’t provide a complete perspective, they are a great place to start. You can find helpful ratings and scores on websites such as GreatSchools.org and Niche.com. They use test scores, reviews, and other factors to rate the best schools in a given area.

What about reputation?

If you know people in the area you want to move to in Albuquerque, ask them what they know the schools in the area. You might even meet with the principal of a school to get an even closer look, presuming you can make such an arrangement. See if they can give you a tour of the school with your child present.  Look at class sizes.  Is the library well stocked? What does your child think about the school? These are great indicators to look for.

Finding the right school and the right home for sale in Albuquerque is worth the effort.  Once you do find a great school for your child, let us help you find the right home near that school.  Our powerful search tools can help you find homes for sale near the schools of your choice in Albuquerque.  Also make sure to take advantage of our Home Buyer Listing Alerts to get automated alerts of homes as they hit the market. And you can always feel free to call us at 505-980-2999 to speak with an experienced agent.

HOT HOME LISTING OF THE WEEK!

10 Tres Amigos Road, Placitas, NM  $399,000

3 Bedrooms/ 2 Bathrooms (2 full, 0 partial) / 2200 Square Feet

This stunning Placitas Custom Home offers a secluded .97 AC Sanctuary w/breathtaking views. Open & spacious floorplan featuring a dramatic entry way into a cozy living space. Warm & inviting property in a highly sought-after location. Fabulous access to hiking & biking.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Antique collecting can be an addiction – just ask any antique lover. If you live in Albuquerque, you already know that this is the place to find the best antiques in the Southwest.  And if you’re thinking about buying a home in  Albuquerque and love to shop for antiques, then welcome home! Downtown Albuquerque is filled with places to pick up all the cool things from the past, no matter what your taste is.  You’ll find truth in the old saying “they don’t make ‘em like they used to” as you delve into the antique stores of Albuquerque.  Here’s a few of the better antique stores to get you started on your journey back in time.

Antique Specialty Mall

With nearly 50 dealers covering an area of over 18,000 sq feet, you’ll find plenty of treasures spanning over 200 years of history. You’ll definitely need to make sure you have enough time to spend at this one-stop antique shop.

Antiques & Things

Another great antique mall in Albuquerque, with 75 vendors in 15,000 sq feet. They feature a wide range of collectables and fine furniture, along with jewelry, clothing, Western and Native American goods, toys, art, and more.  Plus they’re located in an historic Five & Dime with the original oak floors and old cases, just to add more historic flavor to your antique shopping.

Cowboys & Indians Antiques

If you’re looking for antique Native American and Western art, then Cowboys & Indians Antiques is where you need to go. You’ll find items from many of the best-known antique dealers in the nation. Located on Route 66, it’s the perfect setting for your western antique shopping spree, or just to browse and enjoy the amazing pieces.

Old Town Antiques

This antique shop features a bit of everything. The vibe is both museum and retail store.  You’ll find an eclectic mix of items including antique Indian art, jewelry, pottery, antique art, early science, and much more.

There are so many great reasons to live in Albuquerque.  Check back on our blog every week for more great reasons to buy a home here. And if you’re looking to buy a home in Albuquerque and the surrounding areas, be sure to check out our powerful home search tool to find the latest homes on the market!

HOT HOME LISTING OF THE WEEK!

5719 Balsa Court NE, Albuquerque, NM  $410,000

4 Bedrooms/ 3 Bathrooms (2 full, 1 partial) / 2830 Square Feet

This beautiful custom home is nestled on a scenic mountain view lot in the highly sought after Peppertree Subdivision. An elegant entry to the circular staircase leads to the wonderful loft/office and 3 comfortable guest bedrooms & full bath.

Contact the Sandi Pressley team for additional details! 

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Self-made millionaire David Bach has written nine consecutive New York Times best-selling books. His book, “The Automatic Millionaire,” was on the New York Times bestseller list for a whopping 31 weeks. In fact, he is one of the only business authors in history to have four books simultaneously on the New York Times, Wall Street Journal, BusinessWeek and USA Today bestseller lists.

In a recent CNBC article, Bach explained that: “The biggest mistake millennials are making is not buying their first home.” Then he said that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”

Bach went on to explain why buying a home is so important:

“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”

 “Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”

What will it cost to pay your mortgage in fifteen years? Here’s what he had to say:

“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.”

If a well-respected millionaire gives advice, it’s usually a good idea to follow it.  But of course, he’s not the first person in the know to advice on the wisdom of buying a home. Many successful individuals have found that over time, buying a home is the most advisable course toward financial security.

As an additional note on David Bach’s experience, he has been a contributor to NBC’s Today Show, appearing more than 100 times, as well as a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS. He has also been profiled in many major publications, including the New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, Washington Post, the Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes. Not a bad resume!

If you’re ready to buy a home in Albuquerque, you couldn’t have found a better city to buy a new home! Give us a call at 505-263-2173 to talk to an experienced agent. And if you don’t want to talk to someone just yet, you can browse our website for the latest real estate on the market.  And make sure to use our powerful home search tool to find the home of your dreams in Albuquerque.

HOT HOME LISTING OF THE WEEK!

522 Palo Alto Drive NE, Rio Rancho, NM  $320,000

4 Bedrooms/ 2 Bathrooms (1 full, 1 partial) / 2960 Square Feet

Like new Pulte Home Ruby Model versatile floor plan. So many options! Upgraded gourmet kitchen with stacked cabinets, SS appliances, electric cooktop, built-in oven, granite countertops, backsplash, island, pantry and recessed lighting, tile flooring! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Every year your house takes a beating. But no matter how bad the weather is, you shouls make sure to check a few things around the house once a year so that you don't have to pay for larger repair bills later. Here's a couple of things you can check right now that will help preserve your home and reduce costs.

Change the HVAC air filters

You should really do this one once a month. The dirtier your filters are, the higher your energy costs can be and lead to more expensive repairs down the road.  And this is an easy one to do. Just buy a replacement filter available at most hardware stores and just replace it. You should also have a professional check your system each year to make sure it's tuned up and in good repair.

Service Yard Equipment

Change the oil and filters on lawn equipment and install new blades if needed. Check the owners manual to perform any suggested maintenance. Drain the gas tank before storing equipment for the season, but don't drain it completely. Instead use a premium gasoline without ethanol but with a gas preservative. Just before you store it, fill the tank with this mix.

HOT HOME LISTING OF THE WEEK!

5909 Gorrion Street NW, Albuquerque   $199,000

4 Bedrooms/ 1.5 Bathrooms/ 1935 Square Feet

Single story home with open concept & functional floorplan with tasteful updates thru-out! Kitchen with NEW Tile countertops, ALL APPLIANCES CONVEY with property! 

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team