Real Estate Information Archive

Embarking on the journey of purchasing your first home is a significant milestone that comes with a mix of excitement and apprehension. Albuquerque's real estate market presents unique opportunities and challenges for first-time home buyers. Here's an extended guide to help you navigate this important life decision with greater ease and understanding:

Deep Dive into Your Finances

A thorough assessment of your financial health is the first step in the home-buying process. Understand your credit score's impact on loan opportunities, calculate your debt-to-income ratio, and determine how much you can realistically afford for a down payment without compromising other financial goals.

Mortgage Pre-Approval

Securing pre-approval for a mortgage not only clarifies your budget but also strengthens your position in negotiations with sellers. It demonstrates your commitment and financial readiness to make such a significant purchase.

Comprehensive Market Research

Albuquerque boasts a variety of neighborhoods, each with its own character and price range. Investigate current market trends, average property values, and future development plans to find a community that aligns with your lifestyle preferences and financial constraints.

Account for All Ownership Costs

The purchase price is just the beginning. Factor in ongoing expenses such as property taxes, homeowners insurance, HOA fees if applicable, maintenance costs, and potential renovations or upgrades.

Enlist a Local Real Estate Expert

Partner with a real estate agent who specializes in the Albuquerque area. Their expertise will be invaluable in guiding you through listings, viewings, and the nuances of local real estate regulations. Sandi Pressley and her team have been helping people in Albuquerque find their first home for decades.

Prepare for Bidding Wars

With a competitive housing market, it's essential to be decisive and prepared to make strong offers. Discuss strategies with your agent to stand out among multiple bids without overextending your budget.

Rigorous Home Inspection

A comprehensive home inspection can reveal hidden issues that could lead to costly repairs down the line. Consider additional inspections for pests, radon, or structural integrity if suggested by the initial findings.

Strategic Negotiation

Work with your agent to understand the seller's motivations and craft an offer that addresses those while remaining within your budget. Be prepared to negotiate terms beyond price, such as closing dates or contingencies.

Evaluate Resale Potential

While it may be early to think about selling, understanding factors that affect resale value—such as location, school districts, and property condition—can ensure your investment remains sound over time.

Embrace Patience in Your Search

The right home might not appear immediately. Stay patient and avoid rushing into a decision that doesn't check most of your boxes or feels financially uncomfortable.

Explore Financing Options

Familiarize yourself with different types of mortgages and lenders available in Albuquerque. From conventional loans to government-backed options like FHA or VA loans, choose the one that best suits your needs.

Closing Process Understanding

Be aware of what the closing process entails—title searches, insurance policies, closing costs—and set aside funds for these final steps.

Homeownership Education

Take advantage of homeownership classes or workshops offered by local organizations. These resources can provide valuable insights into the buying process and long-term financial planning for homeownership.

By taking these extended tips into account, you'll be better equipped to approach the Albuquerque housing market with confidence and make well-informed decisions as you step into the realm of homeownership.

HOT ALBUQUERQUE LISTING OF THE WEEK

Beautiful 'Move in Ready' Home situated in the quaint community of Mountain Hawk! With 5 bedrooms/2.5 bathrooms, this home is ideal for large &/or extended families, hobbyist, etc! Featuring efficient floorplan with 2 living areas; easy care tile & Mohawk laminate flooring thru-out; gourmet kitchen w/granite countertops; upgraded cabinetry; pantry; overlooking dining & family room. Privately situated on main floor, the primary suite is a true retreat w/spa like en suite. Upper level boasts a spacious loft plus 4 more bedrooms & full bath w/dbl vanity. Low maint' front & back yards w/covered & open flagstone patio, weed barrier, decorative rock/mulch, privacy fence, raised garden beds, security side gate, shed & more. Close to local amenities with easy commute to Santa Fe or Albuquerque.

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!

Buying a home in Albuquerque is a big decision, especially if it's your first time. There are many factors to consider, such as location, budget, financing, inspection, and negotiation. If you're looking for some tips to help you navigate the process of buying your first home in Albuquerque, you've come to the right place. Here are some of the most important things to keep in mind as you embark on this exciting journey.

1. Do your research.

Before you start looking for homes, you should have a clear idea of what you want and what you can afford. You can use online tools to search for homes that match your criteria, such as size, style, features, and price range. You can also browse through local listings and compare different neighborhoods and communities. You should also research the market trends and the average home prices in Albuquerque to get a sense of what to expect.

2. Get pre-approved.

One of the first steps to buying a home is getting pre-approved for a mortgage. This means that a lender will check your credit history, income, assets, and debts and determine how much they are willing to lend you. Getting pre-approved will help you narrow down your options and show sellers that you are serious and ready to buy. It will also give you an edge over other buyers who may not have this advantage.

3. Hire a real estate agent. B

uying a home can be overwhelming and complicated, especially if you're new to the process. That's why it's advisable to hire a professional real estate agent who can guide you through every step and represent your best interests. A good agent will help you find the right home for your needs, negotiate the best deal, handle the paperwork, and resolve any issues that may arise along the way. Sandi Pressley and her team have been helping people find thier ideal home for decades and can do the same for you.

4. Make a smart offer.

Once you find the home of your dreams, you'll need to make an offer that reflects its value and your budget. Your agent will help you determine a fair and competitive offer based on the market conditions, the condition of the home, and the seller's motivation. You'll also need to decide on other terms and contingencies, such as closing date, earnest money deposit, inspection period, and appraisal contingency. Your offer should be clear, concise, and attractive to the seller.

5. Have the home inspected.

After your offer is accepted, you'll need to have the home inspected by a qualified professional. A home inspection is a thorough examination of the physical structure and systems of the home, such as plumbing, electrical, heating, cooling, roofing, foundation, and more. The inspector will identify any defects or issues that may affect the safety or value of the home. You'll receive a detailed report with photos and recommendations for repairs or improvements. You can use this report to negotiate with the seller or back out of the deal if there are major problems.

6. Close the deal.

The final step to buying your first home in Albuquerque is closing the deal. This is when you sign all the necessary documents, pay the closing costs, and get the keys to your new home. The closing process can take anywhere from a few days to a few weeks depending on various factors. You'll need to work closely with your agent, lender, title company, and escrow company to ensure everything goes smoothly and on time.

Congratulations! You've just bought your first home in Albuquerque! Now it's time to celebrate and enjoy your new place.

HOT ALBUQUERQUE LISTING OF THE WEEK

Save time & money over new construction on this turn-key, less than 2 year old home! Like-new kitchen w/sparkling white quartz counters, tile backsplash, stainless appliances & on-trend light gray cabinets w/crystal glass pulls. Wood-look plank tile in kitchen & baths, carpet in living & bedrooms. Living/dining/kitchen combo for open-floorpan comfort. Big walled backyard ready for your creative vision. Landscaped front yard with drip system for low-maintenance yard care. Light & bright primary suite with double sinks, big shower, and huge walk-in closet. 2 spacious spare bedrooms, full spare bath, and two car garage. Smart home alarm system, refrigerated air and low-e windows for energy efficiency and the utmost comfort; even on the coldest winter nights & the hottest summer afternoons.

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 a first-time homebuyer in Albuquerque, you’re no doubt already aware that buying a home involves more than just a mortgage payment. There are other costs included in the process of buying a home. It's important to be aware of those costs in advance so that you can make the best decisions during the process. 

Here's a helpful overview of what costs to expect when buying a home in Albuquerque.

1. Closing Costs

Closing on a mortgage is the last step in the process, often overlooked by homebuyers in terms of cost. At this stage, the loan is approved, the inspection is completed, and you are on the verge of receiving the keys to your new home.

When you complete your purchase, you will have a closing meeting where you will sign all the necessary paperwork and make payments for various costs.

The costs associated with purchasing a home encompass various elements. These include mortgage interest payments, taxes and insurance escrow payments, legal fees, lender application fees, recording fees, and title insurance.

Closing costs can average between 3-4% of the price of the home.

2. Property Taxes

When you own a home in Albuquerque, you pay property taxes. The bank doesn’t determine these. Instead, the county of Bernalillo does.

The county of Bernalillo's average effective property tax rate is 1.18% of the assessed value of your home. So for a home that costs $205,500, you would pay $2,419 per year.

3. HOA or Condo Fees

Homeowners in homeowners' associations or condo associations are required to pay a monthly or quarterly fee. This fee is used to cover various neighborhood services, including garbage collection.

The fees of an HOA can fluctuate due to potential increases or assessments for large projects, resulting in unpredictable costs.

4. Insurance

Homeowners insurance is a requirement for obtaining a mortgage loan. Typically, the premiums are already included in your monthly mortgage payment and are paid from your escrow account. This is similar to how property taxes are handled in many cases.

Premiums for homeowners insurance can increase each year, and it's important to note that standard policies usually often do not provide coverage for acts of God. Therefore, it is advisable to obtain additional insurance specifically for natural disasters.

5. Utilities

The cost of your utilities can be as much as your property taxes. In Albuquerque, the average monthly electric bill for residential customers is $144/month.

6. Appliances

When purchasing new construction or some used homes, it is important to note that appliances may not be included. This means that you will need to budget and plan accordingly to purchase these necessary items for your home.

When purchasing a new home, it is important to consider the appliances that may need to be purchased. While the seller may leave behind the dishwasher, refrigerator, stove, and possibly the microwave, it is not guaranteed. Therefore, it is advisable to budget for the purchase of a washer and dryer at the very least.

7. Landscaping

Managing your landscaping requires both time and investment in lawn equipment. However, there will inevitably be tasks that you cannot handle alone, such as removing hanging tree limbs or dead trees.

Hiring a professional for regular lawn care services transitions the expense from an occasional occurrence to a recurring monthly cost.

8. Maintenance

When you own a home, you take on the responsibility of all the maintenance tasks, which is a significant change from being a renter.

From the plumbing to the electrical wiring, a home is filled with numerous systems that require regular maintenance, occasional repairs, and, in some cases, replacement.

When purchasing an older house, it is important to consider the potential increase in maintenance costs compared to new construction. This includes maintaining the electrical system, HVAC system, roof, and plumbing.

All things considered, buying your first home in Albuquerque is the best decision you can make for your future. Making sure you have all the costs involved lined up will help make your dream a reality.

HOT ALBUQUERQUE LISTING OF THE WEEK

Learn More!

Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

Many people are discouraged and disheartened by the rise in rent prices throughout the U.S.

Since 2019, the median rent for one-bedroom and two-bedroom units has increased by 13% and 16%, respectively.

Right now, one-bedroom rentals are at an all-time high.

The high rental prices in Albuquerque coincide with an overheated housing market. There have been record-setting home prices due to demand, inflation, and reduced home construction. Rental prices are rising because potential homebuyers are priced out of the market, requiring them to stay in the rental market.

As a renter in Albuquerque, it can seem impossible to save for a down payment when so much of your income goes toward rent. Homeownership feels unattainable for a large portion of the population.

It’s decidedly not an easy issue to work your way out of, but it is possible.

Figure Out What You Need

Start by crunching the numbers. It will be easier to achieve your goals if you have a concrete number for the down payment you need. If you don’t have a plan in mind or a set number to work toward, you’re going to feel scattered, and it will be much harder to get out of the rent cycle.

The down payment will depend on the type of loan you hope to get and where you plan to buy.

There are mortgages with a down payment as low as 3%, giving you opportunities to save up in a shorter period of time. You may have to pay for private mortgage insurance if you don’t put down 20%, however.

You have to think about other costs that you’ll need upfront money for to buy a home. These costs include closing fees and the costs of moving.

Open a Dedicated Down Payment Savings Account

After you've researched your mortgage options and figured out which one you'd like to end up getting, you can create a savings account. You will only use this account for your down payment.

So that you do not spend the money in it, it should be liquid and separate from anything else.

Deal with Debt

In order to save more money for a down payment, you must find ways to cut costs. One way to do that is to reduce your debt.

Do a balance transfer if you have a credit card balance with a high interest rate. You can transfer the expensive debt to a card with a zero-percent interest period.

If buying a house is your goal, try not to add any more debt during this time.

To qualify to get a mortgage, you’ll have to meet the debt-to-income requirement.

Find Ways to Cut Back

If you're paying a lot in rent, there's not much you can do unless you're willing to move unless you're willing to give things up.

It will be necessary for you to find other ways to reduce your costs. By skipping meals out, ordering food from home, or looking through your subscriptions, you might be able to save some money.

Think About Moving

We mentioned moving above, and you may not be willing or able to do it, but if you can, cutting down on what you’re paying for rent is one of the best ways to have more money to put toward a down payment.

It might be possible for you to renegotiate your lease with your landlord if you cannot move to a smaller or less expensive home, or you might get a roommate. If you can move, along with getting a smaller place, another option is to move outside of the center city area, if you live there currently. Typically, the further out you move from the central area of Albuquerque, the lower the rent.

Explore Assistance Programs

Finally, many mortgage lenders have programs and loans for first-time homebuyers that cover part or all of a down payment. There are also grants, which require you to complete a homebuyer education course before you get the financial assistance.

If you work in certain fields, like as a first responder or teacher, homebuying assistance programs are often available.

A lot of lenders are looking to reach out to underserved communities to help them make homeownership a reality, so make sure to explore everything that’s out there.

HOT ALBUQUERQUE LISTING OF THE WEEK

1520 VISTA DE COLINAS Drive SE, Rio Rancho, NM 87124

Corner lot, BEAUTIFUL one story home with a desirable floor place & lots of living space w/beautiful upgrades! Great room features a wall of windows, decorative ledges & a gas fireplace! Gather, cook & entertain in the gourmet kitchen featuring a wide island/bar with sink, 42''cabinets w/crown molding, granite countertops, large pantry & bkfst nook w/French doors to the backyard patio! Spacious master suite features his & her vanities, garden tub, separate shower, tile flooring and a large walk-in closet. Secondary bdrs on a private wing feature a Jack-N-Jill bath w/walk-in tub & shower. Utility room has cabs, sink & storage closet. Covered patio, easy care rock landscape, trees, turf and walled for privacy; a perfect place to enjoy outdoor living and the best of NM weather!

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 this is the first time buying a home in Albuquerque, no doubt you already feel the pressure of making wise decisions. This, after all, is one of the most important financial decisions you've made so far in your life. But don't worry, many people have bought a home before you ever thought about it, so we have a good idea of what to do and not to do. Let's take a look at some of the mistakes that first time home buyers have made and what we can learn from them.

Not Preparing Their Finances

Being financially ready to buy a home is really the first step in the process of buying s a home in Albuquerque. This is a step that should take place long before you start looking.

Make sure your credit score is accurate and strong enough to secure a lower interest loan. You also need to have a steady income and save enough for a down payment that will make a dent in the mortgage. You should also try to save money for an emergency fund that will cover unexpected expenses.

Next, you need to choose a good lender ad get preapproved for a lender. Finding a good lender is not always about who has the lowest interest rates. You need to make sure they're the right fit in other areas as well and educate yourself about the mortgage process. The more you know, the better chance you'll have of making wise decisions regarding your mortgage.

Getting Carried Away With Emotions

Have you ever played poker? Then no doubt you're familiar with the term "poker face." It means that you keep your emotions in check and don't give away your hand to the other players.

Buying a home is not so different. You need to keep your emotions at bay so that you can keep a clear head during the process. remember that this is a business transaction.

You especially want to keep that poker face during a bidding war. You may let your love of the home you want to buy in Albuquerque get the better of you, and then you're making bad decisions that you'll regret later.

Not Account for the Full Cost of Owning a Home

Remember that the purchase price of the home is just part of the total cost of owning a home in Albuquerque. Closing costs can be an unexpected surprise for first time buyers. Make sure that you discuss all the costs with an experienced agent like Sandi Pressley and her team. They can help you get a full perspective of all the costs you can expect when buying a home so that you're not caught off guard at the end of the process.

Not Looking "Under the Hood"

Like buying a car, a home can look pretty on the outside, but behind the walls there may be issues. Home sellers will make their home look as desirable as possible to win over sellers. And that's fine. But did they take care of hidden problems? This is why having a home inspected that you're serious about buying is such an important step. The money you spend on a good home inspector will save you a lot of pain and money later.

Make sure to 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. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.

HOT HOME LISTING OF THE WEEK!

13501 Cedarbrook Avenue NE, Albuquerque, NM 87111  $525,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 3800 Square Feet

GORGEOUS Renovation in Peaceful Glenwood Hills! This turn-key home has it all! 3 Living Areas...3 Stone Fireplaces...Beautiful Beamed Ceilings....Tile & Stone floors throughout...Wet Bar...Atrium with tranquil water feature & goldfish pond...4 Bedrooms...Cedar Coat Closet...3 Car Garage...New Roof 2011...New Water Heaters 2017...New HVAC/Furnaces 2011. The amenities list is huge! Enjoy the oversized lot with both mountain & city views...backyard that's large enough to fit a pool...and additional gated parking for your travel trailer or toys.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team