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How to Decide to Pay Off Your Home in Albuquerque or Invest

Thursday, June 13, 2019
by Sandi Pressley

Looking for something to do with extra cash? If you own a home in Albuquerque, you could pay off your mortgage. Or you could invest your money in something else. Which option is better?

There's been no shortage of debate on this matter, with great arguments on either side. But in the end, it's a decision that will have a huge impact on your finances.

Which way should you go?

You need to consider these variables:

  • Your home’s current market value
  • Your mortgage interest rate
  • Home appreciation in your area
  • Your income tax rate
  • Expectations for inflation
  • An assumed rate of investment return

A certified financial planner named Justin Goodbread analyzed these variables by sung national averages in order to compare various scenarios between investing and paying off a mortgage.

As it turned out, the math favored investing. But the math isn’t the only thing you should consider. It also depends on your own situation. Goodbread offered two rules of thumb to decide:

You should pay off your mortgage early if you’re a conservative investor, in a low tax bracket with a high mortgage interest rate.

And you should invest if you’re a more aggressive investor, in a high tax bracket with a low, 30-year, fixed mortgage interest rate, and if you’re younger than 50.

What are some reasons to keep your mortgage?

  • Maintaining liquidity.  Paying off a mortgage will leave you without a cash cushion in an emergency.
  • Your home’s value isn’t affected by a mortgage.  The value of your home will increase over time. But this will not affect how much you owe on your mortgage.
  • Mortgage interest is inexpensive. Your mortgage is secured by your home’s value, and this keeps interest rates much cheaper than credit cards and personal loans. Even better, the interest is tax deductible.

Of course, in the end, the choice of investing vs paying off your mortgage is one you should make carefully.

Search for your dream home in Albuquerque with our easy to use home search. 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!

17 Juniper Hill Loop NE, Albuquerque, NM 87122  $579,000

3 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2770 Square Feet

Heaven in Sandia Heights! Views! Serene, light filled sanctuary, within this spectacular custom built home by Kjell Slaan. This spacious home has soaring ceilings, light filled rooms, walls of windows with magnificent Mountain and city views. Pride of Ownership. Two living areas w/Fireplaces. Nice sized kitchen with breakfast nook, ample cabinet space, island w/cooktop, flows into dining room. Three generous bedrooms. More views from Master suite. Wonderful outdoor entertaining spaces. Membrane roof/2015. Septic ASU advance treatment/2006. Newer Windows. One owner GEM. Nature brings serenity to this home with the Vibrant New Mexico sky. Discover the wildlife such as deer, rabbits, eagles, hummingbirds, & squirrels. Close to shopping, restaurants, trails, mountain biking, tram, I25.
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Heaven in Sandia Heights! Views! Serene, light filled sanctuary, within this spectacular custom built home by Kjell Slaan. This spacious home has soaring ceilings, light filled rooms, walls of windows with magnificent Mountain and city views. Pride of Ownership. Two living areas w/Fireplaces. Nice sized kitchen with breakfast nook, ample cabinet space, island w/cooktop, flows into dining room. Three generous bedrooms. More views from Master suite. Wonderful outdoor entertaining spaces. Membrane roof/2015. Septic ASU advance treatment/2006. Newer Windows. One owner GEM. Nature brings serenity to this home with the Vibrant New Mexico sky. Discover the wildlife such as deer, rabbits, eagles, hummingbirds, & squirrels. Close to shopping, restaurants, trails, mountain biking, tram, I25.

 

Contact the Sandi Pressley team for additional details! 

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Avoid These Moving Mistakes When You Buy a Home in Albuqueruqe

Thursday, June 6, 2019
by Sandi Pressley

Whether you're moving to or from Albuquerque, it can be a very stressful and exhausting time, even if all goes as planned. And since things rarely go perfectly when you move, that stress can go through the roof. Even though you can't expect everything to go as planned, there are mistakes that can be avoided that will make it worse.

Try to avoid making these following mistakes during your move:

Not Planning

Planning for your move is realy key to avoiding stress. The moment you know you're moving, start planning. The more time to plan, the better. When it comes time to move, then you should be ready for the unexpected. If you fail to plan, this can lead to disaster. Sure, there are times when you have to move suddenly. But in most cases, you should have enough time to plan.

Moving Everything

You don't have to take verything you own to your new home. Most people accumulate items they don't need over time. So take this opportunity to declutter and get rid of extra things you won't need in your new home.

Separate those items into donations, items to sell, items to recycle or dispose of, and items to move. Then when moving day comes, you'll have less to deal with and more room on the moving truck.

Spending Money on Packing Material

If you're trying to save money, there's no good reason to spend a ton of money on packing materials that will only be used once and then disposed of. If you need boxes, check with local stores to see if they have any that haven't been broken down. If you can find newspapers laying around, that makes for great padding. You may still need to buy some materials, but you won't need as much.

Not Making a Moving Survival Kit

If you're moving a long distance, it's a good idea to put together a survival kit with a change of clothes, toilet paper, snacks, medication, water, and other essentials you may need.

Not Keeping Track of Expenses

You can write off your move from your taxes, so make sure you save receipts, bills of lading, and estimates to use on your tax return next year to deduct your moving expenses.

Keep these tips in mind, and hopefully you can relieve some stress during your next move.

Search for your dream home in Albuquerque with our easy to use home search. 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!

1619 Camino De La Sierra NE, Albuquerque, NM 87112  $550,000

3 Bedrooms / 4 Bathrooms (3 full, 1 half) / 3415 Square Feet

Wonderful one owner custom home by Carlson Builders. Located in S foothills on approx acre of beautifully landscaped property with amazing view. This home has Hurd windows, custom cabinetry through out, GE Monogram/Jenn Air appliances, butcher block island, custom pantry, 3 cars plus carport, cedar closet, gun room, hidden closet. Even a detached workshop/studio. A 25'x39' great room for all occasions . Plantation shutters, two master suites. This home was built to stay, with post stressed concrete slab and a Garden room, and so much more. Minutes to hiking, biking, freeway and shopping.

Contact the Sandi Pressley team for additional details! 

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What to Expect During an Albuquerque Home Inspection

Tuesday, June 4, 2019
by

When you buy or sell a home in Albuquerque, the home inspection is a critical part of the process. A home inspection benefits all parties involved in the transaction, as it reveals what the condition of the home is and what needs work.

How can you get the most from your home inspection?  Here’s the steps of the process and how you can maximize the results.

Why Have Your Home Inspected?

If you’re selling a home in Albuquerque, the home inspection gives you the opportunity to make needed repairs, and as such, list your home for a higher value. Your home will also sell faster with fewer issues. Most people in Albuquerque want to buy a turn-key home rather than a fixer-upper.

Make sure you do your research when you hire a home inspector. The internet is a powerful way to look at reviews and work history. If you find a home inspector with a good track record, but they cost more, it’s worth it.

During the Home Inspection

Make sure you’re there during the inspection. This way, the inspector can show you the issues in person and explain options for repair. You can also ask questions and take photos. This will also help you learn about what to look for when you buy a home in Albuquerque.

Recheck and Take Notes

After your home is inspected, go back over the issues for a closer look. Whether you’re buying or selling a home, this will help with negotiations. Then you can increase or lower the asking price depending on the repairs needed.

Discuss and Negotiate Repairs

For home sellers, you can either do the repairs before the home is listed and ask for a higher price, or you can skip the repairs and lower the price. It all depends on how much time you have to put into it.

If you’re the buyer, you can ask for an asking price deduction that is equal to the estimated cost of repairs if you’re buying the home as-is. Another option is to suggest that the current owner get repairs done and then you buy it after a re-inspection following the repairs. This would be best for very expensive repairs such as for changing the entire roof or re-plumbing the entire home.

A good home inspection can make the difference between a smooth transaction and a disaster.  Make sure you find the right inspector and be involved in the process.

Search for your dream home in Albuquerque with our easy to use home search. 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!

1619 Camino De La Sierra NE, Albuquerque, NM 87112  $550,000

3 Bedrooms / 4 Bathrooms (3 full, 1 half) / 3415 Square Feet

Wonderful one owner custom home by Carlson Builders. Located in S foothills on approx acre of beautifully landscaped property with amazing view. This home has Hurd windows, custom cabinetry through out, GE Monogram/Jenn Air appliances, butcher block island, custom pantry, 3 cars plus carport, cedar closet, gun room, hidden closet. Even a detached workshop/studio. A 25'x39' great room for all occasions . Plantation shutters, two master suites. This home was built to stay, with post stressed concrete slab and a Garden room, and so much more. Minutes to hiking, biking, freeway and shopping.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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Should You Pay Off Your Mortgage or Invest?

Tuesday, May 21, 2019
by Sandi Pressley

If you have some extra cash on hand, what do you do with it? If you plan to make that money work for you, perhaps you've thought about investing or paying off your mortgage.

Which choice yeilds the best return? This has certainly been a heated debate, with passionate responses on both sides of the question.  Either way, it’s a decision that can have serious consequences financially.

Which way should you go?

You need to consider these variables:

  • Your home’s current market value
  • Your mortgage interest rate
  • Home appreciation in your area
  • Your income tax rate
  • Expectations for inflation
  • An assumed rate of investment return

Justin Goodbread, a certified financial planner, analyzed these variables, using national averages for these parameters to compare various scenarios between investing and paying off a mortgage.

As it turned out, the math favored investing. But the math isn’t the only thing you should consider. It also depends on your own situation. Goodbread offered two rules of thumb to decide:

You should pay off your mortgage early if you’re a conservative investor, in a low tax bracket with a high mortgage interest rate.

And you should invest if you’re a more aggressive investor, in a high tax bracket with a low, 30-year, fixed mortgage interest rate, and if you’re younger than 50.

What are some reasons to keep your mortgage?

  • Maintaining liquidity.  Paying off a mortgage will leave you without a cash cushion in an emergency.
  • Your home’s value isn’t affected by a mortgage.  The value of your home will increase over time. But this will not affect how much you owe on your mortgage.
  • Mortgage interest is inexpensive. Your mortgage is secured by your home’s value, and this keeps interest rates much cheaper than credit cards and personal loans. Even better, the interest is tax deductible.

Of course, in the end, the choice of investing vs paying off your mortgage is one you should make carefully. Join us every week for more real estate advice and local Albuquerque articles.

Search for your dream home in Albuquerque with our easy to use home search. 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!

5000 College Heights Drive NW, Albuquerque, NM 8712  $425,000

4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2850 Square Feet

Casual elegance abounds in this beautiful custom home with private courtyard & dramatic functional floor plan featuring 4BDR/2.5BA/3CG! Oversized great room features coffered ceiling, tile flooring, gas fireplace, 8ft stacking patio doors that open up to the amazing outdoor living space w/wood fireplace & covered patio to entertain or relax & enjoy the best of New Mexico weather! Gourmet kitchen features granite countertops, gas cooktop, pot filler, built-in oven, bkfst bar, pantry, island! REFRIG AIR, central vac, skylights, RV Pad! Incredible mst suite on its own wing featuring backyard patio access, jetted tub, sep shower, built-in cabinets in walk-in closet. Beautifully landscaped & walled for privacy. Close to shopping, parks, Bosque trails, easy access across town Montano, I40!

Contact the Sandi Pressley team for additional details! 

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Moving in Albuquerque With Pets

Thursday, April 18, 2019
by Sandi Pressley

If you've ever moved, you know it can be a stressful time for people. But just imagine how stressful it can be for pets. It's a huge change to their environment that they aren't expecting or understand, especially if the home you're moving from is the only one they've ever known. So how do you make the experience less stressful? There’s no way to remove all the stress for you and your beloved pets, but you can take some steps to make the transition for bearable.

Here’s a few tips you can try.

Prepare for the First Few Days

The first few days of unpacking can be the rather stressful, so make an ‘overnight kit’ that has enough food, litter, toys and other needed items to keep your pets comfortable.

Keep Them Out of the Action

It's best if you can keep your pets with a friend or in a kennel during the move. But if that's not an option, at least keep them in a quiet space. If there’s an empty room in your new home or garage you can keep clear, then that is ideal. Check on them regularly and try to stick with feeding and walking routines.

Talk to Your Vet

If you’re moving to another area and need a new vet, contact your current vet to obtain records and prescriptions if any.  See if they can recommend a vet in your new area.

Move Them in Your Own Vehicle

Your pets, especially dogs, are used to your family vehicle. Your pets will take the changes better if they ride with you and not in a moving van or with other people. You may want to throw a blanket over their carrier so they can’t see the changing environment.

Keep Them Inside

Don’t let your dog or cat outside until you get to your new home, as they can get lost if they get away from you. Do this even if your dog is normally well behaved. They need a few days to adjust to their new neighborhood and environment.

Move the House Before Your Pets

The more of the house you can have moved and set up before you move your pets, the better. Try to set up one room first to move them into and keep them there to let them adjust.  Give them plenty of love and attention and toys to make them feel at ease in their new home.

Moving is never easy, but if you prepare, you can make it easier for your furry family.

Search for your dream home in Albuquerque with our easy to use home search. 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.

$499,000

HOT HOME LISTING OF THE WEEK!

1005 Quincy Street SE, Albuquerque, NM 87108  $210,000

3 Bedrooms / 1 Bathrooms (1 full) / 1105 Square Feet

UNM South 3BDRs/1BA/1CG HUGE BACKYARD!!! WOW! Beautifully REMODELED KITCHEN with Quartz countertops, new cabinetry, SS appliances, recessed lighting! NEW ROOF! (2018) Updated windows! Hardwood floors!! Huge backyard features a pergola covered patio, grass, trees & mature landscaping & walled for privacy & plenty of room to entertain family & friends!! Excellent location UNM South, close to parks, schools, shopping, UNM & Nob Hill!!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

$499,000

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Stay Warm in Albuquerque at these Top Coffee & Tea Houses

Tuesday, January 8, 2019
by Sandi Pressley

With that cool nip in the air, we all need something warm and revitalizing to start the day - or keep it going for that matter. And what better place to find the perfect cup of java or tea than in Albuquerque’s fine coffee houses? Here’s a list of some of the best coffee and tea houses in Albuquerque to warm up your day.

Pinon Coffee House

Pinon features coffee roasted locally by New Mexico Piñon Coffee. You can also enjoy pastries and breakfast burritos made in house, with new pastries flavors created every week.

Prismatic Coffee

If a great cup of espresso is all you need, then Prismatic is the place. They don’t feature food items, except for an outstanding stroopwafel made in house. Otherwise, you’ll just find superb coffee and a relaxing atmosphere to work or relax.

Satellite Coffee

As co-founder Jean Bernstein says “Coffeehouses are where we fuel up, exchange ideas, people watch, and hopefully get a little warmth. With coffee, all things are possible.” At Satellite Coffee you’ll find regular patrons hanging out, enjoying the outstanding coffee choices and relaxing vibe.

Humble Coffee Company

Humble Coffee is a craft coffee shop that specializes in single-origin espresso and brews. Located in the Nob Hill/University and Downtown neighborhoods of Albuquerque, you’ll also find a tasty supply of locally made breakfast burritos and pastries.

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!

9300 Thornton Avenue NE, Albuquerque, NM 87109  $375,000

4 Bedrooms / 3 Bathrooms (2 full, 1 partial) / 2717 Square Feet

 Light, bright and open floor plan on this custom-built NE Heights beauty with 4 bedrooms and over-sized 3 car garage. Full pitched tile roof. Separate laundry room with W/D that stay! Close to schools, shopping and lovely park!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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How to Use Our Website to Buy or Sell Your Next Home

Tuesday, September 18, 2018
by Sandi Pressley

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

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

For Home Buyers

Featured Properties

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

Property Search

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

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

Property Detail Pages

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

Email Listing Alerts

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

Community Pages

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

Buyer's Resources

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

For Home Sellers

Home Valuation

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

Seller Resources

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

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

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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How to Keep Your Home Secure

Tuesday, August 14, 2018
by Sandi Pressley

Home security is an important consideration when owning or even renting a home. Many people have home security systems to help keep their home secure. But is that enough? A home security system can only do so much. There are other steps you can take to make sure your home is as secure as possible.

Here's a few important precautions you can take to firm up your home protection.

  1. An old trick that still works is leaving the TV or music on when you're gone.

  2. Reduce the amount of hiding places outside with motion sensor security lights.

  3. All exterior doors should have 1-inch deadbolts installed.

  4. Make sure to lock all doors and windows when going to bed.

  5. Never open your door until you confirm who is there. Check you security camera or get a doorbell camera.

  6. Thieves know all the hiding places for keys. If you must hide a key, don't hide it under a doormat or rock. Find an inconspicuous place or leave it with a neighbor.

  7. Use a metal pipe or bar, or a wood plank or dowel to secure sliding doors. You can also install a glass break sensor on the door.

  8. Keep your garage door closed, even when you're home. The garage leads straight into your home, giving intruders easy access. An overhead garage door contact can also provide further protection.

  9. Make sure drapes or blinds are closed on rooms that have valuable items.

  10. Keep expensive items that are not in use in a deposit box at your bank.

  11. Don't leave notes on your door for family or service people letting them know you're not home.

  12. If you plan on being gone for more than a few days, have someone you trust collect your mail and newspaper.

You can keep you home and family safe with just these few additional steps. Our world is becoming more dangerous. This isn't meant to scare you, just as a friendly warning to stay safe.

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!

12009 Modesto Avenue NE, Albuquerque, NM  $750,000

4 Bedrooms/ 4 Bathrooms (2 full, 2 partial) / 5000 Square Feet

Exceptional Custom Ranch Home on .89 Acre! Expansive Floorplan features both formal & informal living areas, with outdoor living that includes a newly refurbished pool w/built in hot tub, deck w/views & more! Enormous 29'x28' Den for indoor entertaining w/Wet Bar & fireplace. So much more! A MUST SEE!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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Can Using Storage Help Your Next Move?

Tuesday, August 7, 2018
by Sandi Pressley

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

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

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

Advantages of Using Storage

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

Disadvantages of Using Storage

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

Portable Storage Units

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

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

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

HOT HOME LISTING OF THE WEEK!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

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8 Steps to Improve Your Credit Score

Tuesday, July 31, 2018
by Sandi Pressley

Have you checked your credit score lately? Having good credit is important in this world, particularly if you plan on buying a home. Even though there are mortgages available to those with lower credit scores, it's always a good idea to raise your score as high as you can before you apply for a mortgage. A higher score will yield a lower interest rate and less money you have to put down.

What are some basic ways to get your score higher?

1. Pay Bills on Time

Of course we always hear this. But it can't be stressed enough how critical it is to you overall score. In fact, it makes up 35% of your score. If you have trouble remembering due dates, try setting up automatic payment, or use a bill pay service from your bank.

2. Correct Errors on the Credit Report

Check your credit reports for errors, even minor ones. You may be surprised how many can slip through. If you find any, call the creditor that's reporting the error and follow up with a letter with the same request. Then notify all of the credit bureaus of the changes and let the creditors know you've done so. This will help motivate them to make the needed corrections.

3. Raise Your Available Credit

If you ask an existing creditor for a higher limit, this can help raise your score.

4. Keep Old Credit Cards Open

Do you have an older card that you're thinking of closing? Keeping the card open can help your score. 10% of credit scores are based on history.

5. Consolidate Cards

Try not to have smaller debts spread among several cards. This will not help your score. Try to consolidate smaller balances onto one card, or at least fewer cards.

6. Don't Rack Up Balances

Keeping a lower credit utilization ratio will also help your score. 30% of your limit is a good goal. That means, for example, if you have a $1000 limit, then you would keep your balance below $300.

7. Negotiate

A defaulted card can cause a lot of damage to your credit score. Try to work with the creditor to accept a partial payment for a debt in collections in exchange of reclassifying the debt as paid.

8. Don't Keep Applying for New Credit

10% of your score is affected by new credit applications. Don't apply for a new card unless you absolutely have to.

Of course there are other ways to maintain a great credit score. But if you start with these points, you will be on your way to a better score in no time.

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!

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

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

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

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Have you checked your credit score lately? Having good credit is important in this world, particularly if you plan on buying a home. Even though there are mortgages available to those with lower credit scores, it's always a good idea to raise your score as high as you can before you apply for a mortgage. A higher score will yield a lower interest rate and less money you have to put down.

What are some basic ways to get your score higher?

1. Pay Bills on Time

Of course we always hear this. But it can't be stressed enough how critical it is to you overall score. In fact, it makes up 35% of your score. If you have trouble remembering due dates, try setting up automatic payment, or use a bill pay service from your bank.

2. Correct Errors on the Credit Report

Check your credit reports for errors, even minor ones. You may be surprised how many can slip through. If you find any, call the creditor that's reporting the error and follow up with a letter with the same request. Then notify all of the credit bureaus of the changes and let the creditors know you've done so. This will help motivate them to make the needed corrections.

3. Raise Your Available Credit

If you ask an existing creditor for a higher limit, this can help raise your score.

4. Keep Old Credit Cards Open

Do you have an older card that you're thinking of closing? Keeping the card open can help your score. 10% of credit scores are based on history.

5. Consolidate Cards

Try not to have smaller debts spread among several cards. This will not help your score. Try to consolidate smaller balances onto one card, or at least fewer cards.

6. Don't Rack Up Balances

Keeping a lower credit utilization ratio will also help your score. 30% of your limit is a good goal. That means, for example, if you have a $1000 limit, then you would keep your balance below $300.

7. Negotiate

A defaulted card can cause a lot of damage to your credit score. Try to work with the creditor to accept a partial payment for a debt in collections in exchange of reclassifying the debt as paid.

8. Don't Keep Applying for New Credit

10% of your score is affected by new credit applications. Don't apply for a new card unless you absolutely have to.

Of course there are other ways to maintain a great credit score. But if you start with these points, you will be on your way to a better score in no time.


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The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729
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