Real Estate Information Archive

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.

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Going through bankruptcy can be an emotionally difficult experience with lasting financial repercussions, including damage to your credit score and report. While bankruptcy eliminates or reduces debts, this relief comes at the cost of making it harder to obtain credit in the future.

Does that mean you can't buy a home after filing? No. Even though it's possible, buying a home in Albuquerque after bankruptcy will require careful planning, preparation, and patience.

How Long Until You Can Buy a Home?

One big question a lot of people have is how long after bankruptcy can they buy a home?

To get a mortgage, you must have discharged your bankruptcy. Discharging bankruptcy means a court has released you from legal responsibility for certain debts, preventing creditors from pursuing collection on the debts removed through the discharge.

A discharge of debts is one part of bankruptcy, but it does not signal the end of the bankruptcy process. However, lenders will want to see proof of discharge before approving you for a new home loan. Typically, a bankruptcy case is closed soon after the court grants the discharge.

What Does Your Credit Report Look Like?

After bankruptcy, monitor your credit report closely because filings may remain for up to 10 years. Despite misconceptions, you may qualify for a new mortgage before that time, so check your report for accuracy, especially regarding any discharged or repaid debts if you plan to apply.

After declaring bankruptcy, focus on rebuilding your credit by ensuring there is no outdated or inaccurate information on your credit report. To qualify for a mortgage after bankruptcy, you must demonstrate to lenders that you are financially prepared and not too much of a risk.

After your bankruptcy, your available credit will likely be limited. Begin rebuilding your credit by using a secured credit card or small installment loan. Make sure to make your monthly payments on time and in full.

The length of time a bankruptcy remains on your credit report depends on the chapter you file. A Chapter 7 bankruptcy typically stays on your credit report for up to 10 years after filing. A Chapter 13 bankruptcy, which involves a court-approved repayment plan, usually drops off your credit report after 7 years. Although a bankruptcy may still appear on your credit report, its impact diminishes over time as you rebuild your credit by making on-time payments and keeping credit balances low.

How Long Should You Wait?

After filing for bankruptcy, waiting at least two years before applying for a mortgage allows time to significantly rebuild your credit. With improved credit, you become more likely to qualify for a mortgage and secure better terms. Even a small reduction in your interest rate can substantially lower your monthly payments and total loan costs.

Government-Backed Loans

If you have declared bankruptcy in the past or have limited funds for a down payment, FHA or VA loans may be options to consider.

The FHA does not directly issue loans but provides insurance for loans made by private lenders to first-time homebuyers and buyers with lower credit scores, thereby reducing the lenders' risk.

There is a waiting period before the FHA will consider you for a mortgage after bankruptcy. Specifically, the FHA requires a 2-year waiting period after a Chapter 7 discharge, and a 1-year waiting period after a Chapter 13 discharge, provided you made your bankruptcy payments on time. If you want to buy a home while still in Chapter 13 bankruptcy, you'll need permission from the court to take on the new mortgage debt.

The Department of Veteran’s Affairs backs VA loans, which are available to certain veterans, service members, and some spouses. However, VA loans require a two-year waiting period after a Chapter 7 bankruptcy discharge, and borrowers must meet minimum credit score requirements.

In contrast, those considering a conventional loan may need to wait 24 to 48 months after a Chapter 7 discharge before qualifying. For a Chapter 13 bankruptcy, most lenders require a 24-month waiting period following discharge.

HOT ALBUQUERQUE LISTING OF THE WEEK

2904 El Tesoro Escondido NW, Albuquerque, NM 87120

LUXURIOUS yet AFFORDABLE home on the golf course with amazing mountain views! This is a true GEM! Enjoy stunning morning sunrises while you peacefully watch the geese & cranes soar above. Light & bright with high ceilings & clerestory windows. Too many upgrades to list: NEW: HVAC, stucco, windows, cordless lift blinds with remote controls, LVP flooring, electrical rewire with 200 volt service & a completely REMODELED KITCHEN with custom-made cabinets, butcher block counters, & new appliances! Marble counters & a modern vanity in the primary bath, solid granite counter and tub in spare bath. Two big bedrooms & a bonus/office/workout room. Wrought iron courtyard security door with ring doorbell. W/D included! Great location with easy access to I-40; lots of conveniences and shopping nearby.

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 is a complex process that requires careful preparation. Months before you begin your search, take steps to get ready. This article outlines the key steps for successfully purchasing your dream home in Albuquerque. Starting early and planning thoroughly are essential keys to success.

First step in buying a house: pre-approval

Before purchasing a home in Albuquerque, you should get pre-approved for a mortgage. Pre-approval reveals your maximum affordable price range based on factors like your debt-to-income ratio, annual income, and credit score. Lenders usually require a minimum credit score of 620 for mortgage approval. If your credit score is below 620, it's best to wait, improve your credit, and get pre-approved later when you are in a better financial position to buy a home.

A lender will also ask for two years of W-2s to review your net income history, which is a key factor in mortgage approval. Additionally, avoid taking out large loans or closing bank accounts right before applying, as that may hurt your chances of getting approved. Once the lender has reviewed your income, debts, and assets, they can provide a pre-approval letter.

To find a lender, you have a few options: you can do some quick online research to find options, go to your own bank since they already know you well, or ask a local Albuquerque real estate agent for a recommendation, as they often have connections with lenders. Once you have contacted a lender, you can move on to the next step in the home buying process.

Choosing the right real estate agent

When finding the ideal home for sale in Albuquerque, choosing an experienced real estate agent like Sandi Pressley is crucial for making the process easier. Sandi and her team will guide you through the entire process, from finding a home to moving in. You can count on the Sandi Pressley team to make buying your first home a complete success. You can check out what all of her happy clients have said about working with the team.

When your offer gets accepted

Once your offer is accepted, you must make a good-faith deposit, separate from the down payment you provide to your lender. If this is your first time purchasing a home, consult with your lender about a Federal Housing Administration (FHA) loan, which allows you to finance a home with a down payment of just 1% to 3% of the purchase price after making the good-faith deposit.

Getting an inspection before closing is typically the next step in the home buying process, and most lenders require one.

Making it to the settlement

Once your offer is accepted, inspections and mortgage approvals will begin. Expect 40+ days for inspections, loan processing, and setting a closing date. This can be stressful, but an experienced agent and lender can make the process go more smoothly. Follow their guidance closely to ensure you can move into your dream home without issues.

If you want to learn more about how The Sandi Pressley Team can help make your home buyind dream a reality, contact us today!

HOT ALBUQUERQUE LISTING OF THE WEEK

2316 Agua Fria Drive NE, Rio Rancho, NM 87144

Discover the perfect place to call home! You will be immediately greeted by the Sandia Mountains with picturesque views out of the office, living, kitchen, dining room and primary bdrm. This home has unobstructed views, an attached studio Casita equipped with: a full kitchen, 3/4 bath and ample closet space, perfect for a mother-in-law, Airbnb or rental and has a private entrance. The main home has 3 bd, 4 baths. 1 office is fully furnished with a custom wrap-around desk and a separate wine room or 2nd office. In 2014 the home was fully renovated; new roof, stucco, HVAC and the added sf of the casita. This home also has PAID SOLAR! There is a huge rooftop patio with gorgeous views, great for entertaining!!

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!

Purchasing your first home in Albuquerque is an exciting milestone, and you'll likely want to personalize the space to make it truly your own. Renovating your home can be a rewarding experience if you approach the process with careful planning and forethought.

For new homeowners looking to renovate, here are five tips to help transform your property into the home of your dreams, whether you're planning minor upgrades or a major overhaul.

1. Create a Budget and Stick to It

To start any renovation project, the first step is to establish a realistic budget by thoroughly evaluating your finances and creating a detailed breakdown of expected costs.

When planning a budget, consider factors such as materials, labor, and any potential unforeseen expenses. A well-thought-out budget not only helps prioritize goals, but also ensures that you don't overspend or compromise the quality of work.

To save money without sacrificing quality, shop around for budget-friendly home items. For instance, many mattress stores in Albuquerque may offer affordable single mattresses that provide comfort and support, so you can sleep well without overspending.

2. Prioritize Any Repairs

Before diving into stylish upgrades, first address any necessary repairs or maintenance your new home requires. While an aesthetic makeover is tempting, focusing on function ensures your home's basic needs are met.

Addressing plumbing, roofing, and electrical issues early on will prevent minor problems from escalating into major repairs later.

Focus first on making any necessary repairs so your home stays safe, usable, and structurally intact. With urgent issues resolved, you can then turn your attention to the more exciting interior design projects with confidence.

3. Focus on Energy Efficiency

With concerns over climate change and rising costs, incorporating energy efficiency into home renovations benefits the environment and saves on energy costs. For example, installing double-glazed windows and insulating walls makes homes more eco-friendly. When choosing energy suppliers, consider companies that prioritize green solutions.

4. Work With Trusted Tradespeople

Though you can complete some parts of the renovation yourself, you should hire experts for areas like electrical work, plumbing, and structural changes to ensure those complex tasks are handled properly.

Although it may seem like an unnecessary cost, hiring professionals to maintain your health, safety, and home is crucial for your well-being and your property's longevity.

5. Plan for Your Future Needs

As you plan home renovations, consider how your family's needs and lifestyle may evolve, and aim to build in flexibility that allows rooms to serve multiple functions or accommodate future additions to the family.

Thinking ahead can save you time and money in the long run, ensuring that your Albuquerque home remains functional and accommodating for years to come.

HOT ALBUQUERQUE LISTING OF THE WEEK

460 Michael Avenue SW, Los Lunas, NM 87031

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

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Real estate can seem complicated to people regardless of whether they are first-time homebuyers or experienced investors. There is a lot to learn about mortgages, contracts, and market analysis. When you have the right knowledge and resources, you can easily navigate through this potential minefield. 

Real estate can be a great way for you and your family to build wealth and financial security. But, just like any other form of investing, buying and selling a property isn't without its risks. However, there are things you can do to help you make sure that your real estate investments are successful.

Here are some common mistakes to avoid when making decisions in the real estate market:

Not Having Enough Money

You can make a big mistake in real estate investing if you rush in without enough money for contingencies. You'll need capital not only for your initial investment, but also for any unexpected issues that might arise. But even with a loan, it's important to ensure you have enough saved to cover the remaining expenses and still turn a profit.

Not Getting a Home Inspection

Nobody wants to be unexpectedly saddled with costly repairs after purchasing a house. Getting a home inspection before you buy a property can save you both time and money in the long run. If there are any issues, a professional inspector will identify them. As a result, you won't agree to anything without knowing what you're getting into. An inspection may seem unnecessary at first, but opting out could result in unexpected expenses in the future.

Not Having Realistic Expectations

There are no shortcuts to success when it comes to real estate investing. Making it in this business requires a lot of energy, research, and gut instinct. Aiming high and expecting huge returns with little effort may seem tempting, but it's rarely the case. Rather than becoming discouraged or overwhelmed, it is important to set realistic expectations in these situations. Focus on acquiring properties within your budget and that are accessible. By doing this, you won't take on too much financial risk. With careful planning and an eye for detail, you can navigate the real estate market- but it doesn't happen overnight!

Not Diversifying Your Portfolio

It's an old financial rule – don't put all your eggs in one basket. In the world of real estate investing, that rule still applies. The best way to ensure a lucrative and successful investment portfolio is to diversify it as much as possible. This means considering different types of properties in various markets. Creating a mix that reflects your personal needs and goals is also necessary. Sure, it may require more research and effort, but you can rest assured knowing that your investment is spread out. So the consequences of any unexpected market changes won't be catastrophic. Instead, diversifying your portfolio across a mixture of real estate investments can help build wealth for years to come.

Not Working with a Qualified Agent

Although it might be tempting to try to cut corners and save a few dollars by skipping the assistance of an experienced real estate agent, it's not advised. An agent who's been in the business for a while will have all the necessary skills to find precisely what you're looking for. They will also help you negotiate a fair price. Even more valuable are their insights into the best possible options for real estate investments in Albuquerque. Their expertise in helping you through a complex process that can often be quite confusing is excellent. As such, a qualified agent, such as Sandi Pressley, is essential if you really want to get the most out of your real estate investment.

Conclusion

Real estate can be a complex field, but it doesn't have to be intimidating if you take the time to understand the basics. From understanding mortgages and loan types to exploring local market trends, there's no shortage of knowledge available when it comes to real estate. The most important thing is to equip yourself with as much information as possible before making any significant decisions. It may take some time and effort, but the rewards are worth it in the end. With a bit of research and preparation, you can navigate the real estate world with confidence.

HOT ALBUQUERQUE LISTING OF THE WEEK

45 BROKEN ARROW Place, Sandia Park, NM 87047

Luxurious Custom Home located on a private gated street in the prestigious Paako Ridge Community, situated next to the fairway of hole #1 of the world class Paako Ridge Golf course! Approximately 300K has been invested by current owners in the surrounding environmentally friendly & efficient landscaping that boasts low voltage lighting, stone fountain, drought tolerant trees, shrubs and perennials. Environmentally constructed for optimum energy efficiency, with thoughtful architectural & designer details throughout, this exquisite home will impress the most discerning buyer! Upon entry, the open & bright great room offers a dramatic raised coffered ceiling, custom tile floors, double sided gas log fireplace, & awe-inspiring views of veranda & garden through the windows & French doors.

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

A variety of factors make Albuquerque real estate an excellent long-term investment. A real estate investment, for instance, can serve as a hedge against market downturns as well as inflation. You must, however, understand how individual retirement accounts work in order to invest in real estate with them. 

IRAs are essentially retirement accounts that you can use to save money. When you understand the fundamentals of investing with an IRA, you'll see how easy it is to invest in real estate with one. 

We will explain what an IRA is and why real estate investors might benefit from using one.

The Basics of an IRA

Individual retirement accounts (IRAs) are special accounts that can be used to invest for retirement. You can open several types of IRAs, including a traditional IRA and a Roth IRA. Most people will use a Roth IRA to invest in real estate. 

With a Roth IRA, you pay taxes upfront on all your contributions, so if you invest in real estate, you won't have to worry about taxes on your earnings. With a traditional IRA, you pay taxes upfront when you contribute to the account, whereas a Roth IRA allows you to pay taxes upfront on all your contributions.

Why Should I Invest In a Real Estate IRA?

Diversifying your retirement savings with a real estate IRA is a great idea. Instead of investing all your retirement savings in stocks or bonds, you could put a portion into real estate. In this way, you won't lose everything if the stock market drops or interest rates go up and affect bond prices. 

Real estate IRAs are also advantageous because of their long-term investment horizon. Investing in real estate requires a long-term perspective due to the fact that cycles can last decades. By investing in an IRA, you can ignore short-term fluctuations in the market and focus on the long term. Saving for retirement means you don't have to worry about getting out of the market when it's down.

How To Invest In Real Estate Using An IRA

If you want to invest in real estate with your IRA, you must open a Roth IRA account. You can open the account with any investment brokerage. 

After you open the account, you can use it to invest in real estate in a variety of ways. Depending on where you live and your investment strategy, you can invest in both residential and commercial real estate using an IRA.

If you want to invest in residential real estate, you can either purchase a single-family home or a multi-family property such as a duplex or apartment building. If you’re considering purchasing a residential rental property, you’ll want to know the average rental income for the area where you want to invest. This will help you estimate how much money you can expect to earn from the property. 

Commercial real estate is often more expensive than residential real estate, but it can be a more lucrative long-term investment. To invest in commercial real estate with your Roth IRA, you’ll likely need to partner with a commercial real estate investment firm. 

You can also use your Roth IRA to invest in real estate through stocks in real estate investment trusts (REITs). REITs are companies that invest in real estate, and they often pay healthy dividends.

Albuquerque real estate is an excellent long-term investment for a variety of reasons. For example, real estate is often considered to be inflation resistant and can also act as a hedge against market downturns. These benefits, in addition to the fact that you can use your Roth IRA to invest in real estate, make a Roth IRA an excellent choice for long-term, retirement savings. 

HOT ALBUQUERQUE PROPERTY OF THE WEEK!

3515 COLINA SERENA Place NE, Rio Rancho, NM 87124

Beautifully updated, former Pulte Model home in the highly sought after community of Loma Colorado. This home is tucked in a quaint cul-de-sac and backs to open space. Multiple living spaces to fit into your lifestyle. Flooded with light and open floor plan, it has been freshly updated with designer details. Kitchen features an amazing, large granite island with seating and storage. Ample cabinets and countertops, newer Stainless appliances & a walk in pantry. New hot water heater. Off the kitchen you will find a functional Mudroom w/storage and laundry room. One bedroom on the main level and 1/2 bath. Glass doors open to the backyard, which features a sports court, pergola, mature trees, lawn and the privacy of open space behind it. On the second level you will be greeted with a huge Loft.

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510 Loma Linda Court NERio Rancho, NM 87124

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

Get your Morning Inspiration with the Sandi Pressley Team