Real Estate Information Archive

Nowadays more and more people are excited to see the “fixer upper” and “flipped” properties. These have been played up by home improvement shows and articles showing owners who purchase poor homes in disrepair and reconditioning and repairing them to sell them for thousands more. The hosts on TV make it seem simple, but in reality it can be an extremely difficult experience, especially if you have little to no market experience.

Owners who purchase a home to flip often make the mistake of paying too much for the home without considering how much will be needed in the restoration and improvements. This problem shows itself when the owner tries to sell and the value of the home is less than what they’ve put into fixing it up in the first place.

There are homes that can be fixed up, flipped and then sold but you have to be careful, pay close attention to the market, and be able to assess all your restoration costs; if you’ve not had years of experience in this field it would be wise to find someone who does.

If you’d like to buy a home to fix up, contact The Sandi Pressley Team today.

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Sandi's Hot Home Listing

6812 Vista Del Sol Drive, Albuquerque

Price: $350,000 Beds:4 Baths:2 Square Feet: 3,860

Exquisitely Appointed Home in desired Montecito Estates!With over 3700SF, this open floorplan shows like a model-featuring cozy living area w/fireplace, 4 BDRMS (see loso)/3BA+loft & computer area! Gourmet kitchen offers upgraded cabinetry, corian countertops, upgraded appl, cooktop, double ovens(gas connection avl), pantry,breakfast bar&pantry.Addtnl amenities:upgraded thermostat system, Refrig Air, traditional tiered water fountain,oversized 2 car tandem garage(fits 3 cars).

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Owning a home is something many people dream of, but it can seem like a huge commitment with little benefits in return. Some choose to rent over purchasing a home, but there are actually some great monetary advantages that come with owning a home. For those who own homes, there are some itemized tax deductions available, which you are allowed to deduct every year.

Taxes

Both state and local real property taxes can be deducted, but you should keep in mind that real estate taxes are only deductible in the year they are paid to the government. For instance if your lender held money in escrow for taxes due in 2016, you can’t take a deduction for those taxes in the year 2015.

Mortgage Interest

Mortgage lenders send an annual statement to borrowers by January 31st every year that reflects the amount of mortgage interest and real estate taxes that have been paid by the homeowner during the previous year. Mortgage interest loans on a first or second home are fully deductible but subject to certain limitations like the acquisition of loans up to one million and home equity loans up to $100,000. If you are married but file individually, these limits are split.

Points

Some mortgage lenders will allow you to pay one or more points to get a loan. The more points you have, the lower your interest rates should be. These points are sometimes called “loan origination fees” or “premium charges”, but they’re all still points. Each point is one percent of the borrowed amount, for instance if you get a loan of $180,000 each point would cost you $1,800. The IRS has dictated that even if the points are paid by sellers, they are still deductible by the homebuyer. Any points paid to a lender when refinancing your current mortgage aren’t fully deductible in the year they’re paid; you have to distribute the amount over the period of the loan. If you paid $1,800 in points for a 30 year loan, each year you are only allowed to deduct $60, which $1,800 divided by thirty. When you pay off your new loan, any remaining parts of the points you have not deducted, can then be deducted in full.

If you have further questions about the tax benefits of owning your own house, contact your legal and financial advisors.

If you’d like to own your own a home, contact The Sandi Pressley Team to get the process started today.

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Sandi's Hot Home Listing

9150 Eagle Rock Avenue, Albuquerque

Price: $975,000 Beds:4 Baths:3 Square Feet: 3,800

Divinely Appointed Custom Tuscan Home in desired North ABQ Acres,this .84AC single level dream home offers Elegance,Sophistication,Luxury & Bkyrd living that looks as if it is out of the pages of Better Homes & Garden!With approx 3800SF,the open 4BD+OFC(w/closet) floorplan greets you w/massive exposed wooden trusses in living area,brick FP,stunning porcelain tile(wood-like flooring),striking arched accents thru-out-showcasing the finest quality craftsmanship.

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Real estate agents are often asked whether it is better to remodel or to sell. Generally, projects that build off of or improve what you already have are much more expensive than having something new built or added. You could end up with more money invested into a remodel project than you would’ve if you’d just bought a home better suited to your needs.

You need to ask yourself if the home you’re currently in has too many irreplaceable features, and if you’d be willing or even able to duplicate them in another home. If the answer is no, then you should consider selling your home and buying a new one. But if the answer is yes, then there a few things you should be aware of.

When you remodel, it’s best to look forward to when you’ll have to sell it. Some common remodels and improvements can get different percentages in return. Replacing your entry door can get you up to 96.6% in return. Adding a wood deck can return up to 87.4%, and attic bedrooms, garage door replacements and a minor kitchen remodel can get 82-84% return.

Some remodel projects bring less in returns. A master suite addition or backup power generator offers about 67%, a bathroom addition brings back 60%, a sunroom addition or a home office remodel only brings about 49-52% returns.

The most important question you need to ask is whether you actually need to remodel or upgrade. Unless your door is cracked or peeling, you might just need to give it a fresh coat of paint, then try buying planters and other accents like a porch swing in the same color. Don’t assume that a complete remodel is always necessary; sometimes all you need is a repair and a fresh coat of paint.

Keep in mind how long you’re planning on staying in the house, don’t worry too much about what buyers will think, and focus on projects that will make staying in the house more pleasant for you and your family. You can knock out a few walls to make your living room bigger or fill out the attic to make it a bedroom or playroom.

The addition of a second story, a master suite or even a sunroom is worth the extra money if you really need the space, but keep in mind that you’ll need building permits for all of those additions, and that the work could clutter up your home for months at a time. DO NOT attempt a major remodeling project without an architect or experienced contractor. Take advantage of having the expert advice and make sure any projects you’re undertaking are complimenting the structure of your house.

In general, smaller projects can get you more return than the larger ones, so start with those and fix any minor things that you can. As you spend more time in your home you’ll get a better idea of which remodels and updates make the most sense for you and your home.

If you’ve decided that you’d like to sell, contact the Sandi Pressley Team today.

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Sandi's Hot Home Listing

154 Placitas Trails Road, Placitas

Price: $415,000 Beds:3 Baths:2 Square Feet: 2,943

EXCEPTIONAL! Single level custom Pueblo style Placitas Home features 3BDRM/3Bath/2 CG nestled on 1.58 AC culdesac lot. Breathtaking great room complete w/kiva fireplace, beamed/T &G ceilings, LG picturesque windows for spectacular Views, Gourmet kitchen w/granite counters-veg sink, custom cabinetry & S/S appl overlook the spacious & sunny breakfast nook+ formal dining area. Private MSTR-STE w/Kiva FP, secluded Mstr BDRM ofc, outside entrance to relaxing back covered patio

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Curb appeal can go a long way toward getting your home sold as quickly and for the highest price possible. Most agents rate outside remodeling projects as the most valuable a homeowner can undertake. But most homeowners are uncertain which projects will get them the most return on investment when they put their home on the market.

Projects like replacing the entry door or siding and window treatments can get homeowners more than 78% of costs upon the sale of their home. Replacing your door with a steel entry might cost around $1,000, but you can make most of that back in the sale of your home. Even though you aren’t making a 100% return, a good first impression is absolutely priceless. If the buyer doesn’t like what they see, they won’t even bother taking a second look at your home.

Adding a deck or patio is another project that is often recommended by agents, with the opportunity for a return of over 87% of your costs. Vinyl siding can return over 78% while fiber-cement siding can return 87% as it’s more popular with buyers. Replacing a midrange garage door can return almost 84% return, but getting a more upscale garage door can offer an 83% return on your costs. Investing in wood or vinyl window replacements can get you more than a 79% return.

Even giving your home a fresh coat of paint can get your home noticed faster, and get it sold for more.

If you’d like to see what return you can get on all your projects, contact The Sandi Pressley team today.

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Sandi's Hot Home Listing

13201 Canyon Edge Trail NE, Albuquerque

Price: $675,000 Beds:5 Baths:4 Square Feet: 3,265

A Rare find - Oversized Lot at the Canyons featuring two homes and a 3 Car Garage.Perfect Multigenerational Home- Numerous recent upgrades to main home- Beautiful New Kitchen, New Wood Floors, Heating System Upgrade, Living Room Remodel

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When you are placing your house on the market, it is crucial to price it properly. Pricing too high to start can be a waste of both time and money for the seller. Usually, the seller will get showings, but the offers that come in won’t be close to your asking price, or won’t come in at all. Sellers who price their home with the market will usually get more offers at better prices and their homes sell faster than homes that price high to start.

Because of this, you need to be extremely cautious when choosing a price for your home. If you price too high your home can sit on the market and the longer it sits the less offers you’re likely to receive. If you price too low you won’t get what your home is worth. Your real estate agent should be able to narrow down the number that is perfect for your home. Sellers who listen to their Realtors when it comes to valuing their home are usually the ones that come away from a sale with the most for their home.

If you are ready to find out what your home is worth, contact The Sandi Pressley Team today.

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Sandi's Hot Home Listing

8018 Loma Larga, Corrales

Price: $1,125,000 Beds:4 Baths: 2 Square Feet: 4,253

True country estate! Casual Elegance! Perfect for multi-generational living, 1 story plus guest house, amazing mountain views! Front acre landscaped lot borders Loma Larga & is perfect for play area, soccer field, dogs or horses. Home & guest house are set way back for serene and private living. Incredible outdoor living spaces with multiple covered patios, portals, fireplace, pool, hot tub, outdoor kitchen w/ Alfresco grill!.

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Mortgage interest rates being as low as they have been have spurred many into purchasing their first home. If you or someone you know is planning on purchasing a home, here are a few tips that might help with the process.

Know What You Can Afford

One of the hardest parts of buying a home is figuring out what you can afford. First-time buyers sometimes rely on the amount the bank is willing to lend, other buyers will use a mortgage calculator to crunch their numbers. But banks are often willing to lend much more than you are able to afford, and mortgage calculators don’t always give all the information necessary to make a decision. To learn your budget, start with the basics.

How Much Can You Pay?

Instead of concentrating on the purchase price or offers from lenders, figure out how much you are able to spend on a mortgage payment each month. A common way of determining how much you can spend is that your mortgage should be between 25 and 30 percent of your income, though 30 percent is often too high for many buyers. The best way to find out is to add up all of your monthly bills and expenses and look at estimates for the cost of utilities for the home you plan on purchasing. Consult local service providers or your real estate agent for specific rates. Don’t forget to add the cost of living changes, price of gas, groceries, and other necessary items. These can change radically if you’re moving to a different location. Another cost that is often overlooked is long-term savings, some assume that future wage increases will allow them to save money later on. Do not make the mistake of depending on uncertain circumstances.

Get the Right Balance on Your Down Payment

Next in the process is determining how much you can put down on the home. Save as much as you possibly can, but make sure to set aside money for inspections, appraisals, moving expenses and closing costs. If you can manage to set aside enough to put 20% down, you will be much more appealing to lenders. Furthermore, loan products with a 20 percent down payment requirement are much easier to get if your credit is less than perfect. If you can’t save that much, don’t worry. There are plenty of ways to buy a house with little to no down payment, though your interest rates might be higher and you’ll have to pay for private mortgage insurance.

Private Mortgage Insurance?

Private mortgage insurance or PMI is the protection lenders use against risky buyers. Usually buyers who put down less than 20 percent have to pay PMI monthly as part of the mortgage payment. As the down payment decreases, the PMI rates go up. Speak to as many lenders as you possibly can to learn what rates you can expect and make sure you ask how long you will have to pay PMI. Some loans, like those backed by the Federal Housing Administration, will require payments on PMI for the full term of the loan. Other options will allow you to cancel PMI after you’ve paid enough towards the main balance.

Does the Interest Rate Make a Difference?

The interest rates on a loan can make or break the deal. Even a slightly higher rate can add to a monthly payment.

If you’re ready to buy your first home, contact The Sandi Pressley Team to get the process started.

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Sandi's Hot Home Listing

9405 Black Farm NW, Albuquerque

Price: $1,175,000 Beds:5 Baths: 1 Square Feet: 5,005

Current owners built this home, they oversaw each and every detail of this very special Mission Style Home, the meticulous attention to detail shows. A rare find, gracious entry courtyard leads to a separate guest suite, with a private balcony. Main residence features a chef's kitchen, and a gracious floorplan that opens to a large covered and heated patio. Fully equipped outdoor kitchen.

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Are you ever curious as to how mortgage interest rates affect your ability to purchase a home or what you actually pay over the full term of a the loan?

The national average for a 30-year, fixed rate mortgage has been under 5% for more than five years. Many assume these rates will stay that low indefinitely, but that is not the case.

Economists predict the improving economy, better job outlook and enthusiastic buyer confidence, will cause the Federal Reserve to start raising borrowing rates to banks, which will cause mortgage rates to become unstable and things to change drastically for consumers.

To demonstrate how changing mortgage rates impact your monthly payment, think about how much of a difference a small dip and rise in interest rates impact you.

According to the National Association of Realtors®, in December 2014, the average price for a home in the U.S. was $209,500. If you purchased a home for $200,000 and put 20% down with a fixed-rate mortgage (3.86%), your monthly payment would be about $750 a month. You’d make a total of 360 payments to equal $270,362.59 with $110,362.59 in interest over the period of the loan.

The same home with the same loan next summer could be vastly different. With the interest rates dropped to 3.59%, your monthly payment is $726.53 and your total payment adds up to $261,552.16 and $101,552.16 in interest. That’s not much of a difference, just under $25 a month and $8,810 in round numbers.

But if interest rates go up as economists predict, lets say as high as 4.9%, your monthly payments would look drastically different.

Your monthly payment would bump up to around $850 for a total of $305,698.59 and interest payments totalling $145,698.59. That’s an additional $122.63 monthly and $44,146.43 in interest by the end of the loan.

If you’re interested in buying a home, now could be the ideal time to do so, as mortgage rates are unlikely to stay this low much longer.

If you’re ready to see how affordable a home purchase might be with the current low mortgage rates, contact the Sandi Pressley Team today.

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Sandi's Hot Home Listing

2308 La Vista Ct NW, Albuquerque

Price: $675,000 Beds:5 Baths: 5 Square Feet: 3,745

Built new 2015! Cool and contemporary design with incredible views of the Sandia mountains and ABQ downtown on private cul de sac! This 5 BDR, 5 BATH home boats two oversized master suites. Formal living and dining rooms, great room showcases sleek in wall fireplace and opens to Chef's kitchen with granite countertops, SS appliances, gas range, pot filler, custom cabs, large walk-in pantry & butler pantry.

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When your home is starting to feel not like home, it might be best to change your scenery. But is it better to sell or to remodel?

After a few years, a home can start to show signs of wear and tear. Color schemes, furniture and decorative styles start to look outdated, and sometimes you must put off certain renovations as a new homeowner that a more settled homeowner could easily afford to do.

Some factors like lower interest rates and an improving economy are in your favor, so you’ll have a chance to get back whatever you spend on improving your home if you end up selling. The question is, if you were able to renovate your home like you wanted, would you be willing to stay in it for a few more years? Or would a complete change be better?

When you start, put together the right team. Unless you’re moving walls or pouring new foundations, you probably don’t need an architect. Finding a good contractor, a kitchen planner and an interior designer might be a good start. You may want to talk with your lender to learn how much you’ll be allowed to borrow as well as whether the current market value will support the renovation.

As you’re putting all of this together, you may find more work that needs to be addressed you hadn’t expected. Plan ahead for problems so your budget and your contractor don’t suffer the consequences.

Before making the decision to renovate your home, make sure you can get what you want within the budget you’ve set, and that you’d be happy with the results for at least a few years.

If you’re not completely sure renovation is the option for you, talk to your real estate professional. Let your agent know you are considering remodeling, but that you’re also open to finding a new home. Your agent might be able to find a few homes for sale that have the size, finishes and features you’re looking for. After viewing a few homes you should have a better grasp of what you want and what you’re looking for.

You and your agent can also discuss selling your home. Your agent will create a comparative market analysis of homes like yours that have both been sold and put on the market recently so you can judge what you could gain from selling your home. From this list you’ll also learn how long you can expect your house to be on the market and if other sellers are getting the prices they set. You and your agent and discuss a price range based on your home’s location and its current condition.

Keep in mind that markets have their ups and downs so what your agent shows you is only a glimpse of what is true today. If you are happy with where your home sits among the competition, then it could be a good time to list.

Whether you are selling your home or remodeling there will be lots of disorder in your home. You’ll have to either open your home up to buyers, or let workers in and out. But the sacrifice can be worth it if you’re happy on the other side.

If you think selling your home is the option for you, contact The Sandi Pressley Team.

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

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

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

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

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

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

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

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

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

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

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

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

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Sandi's Hot Home Listing

10528 Crestridge Ct, Albuquerque

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

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

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

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

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

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

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Sandi's Hot Home Listing

528 Brianna Loop, Albuquerque

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

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

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