Real Estate Information

Accessory dwelling units have been around for a while. You might call them granny flats, in-law units, tiny homes, or carriage houses. These little homes can solve a number of issues, such as making a good retirement home, or if you want your parents to live close to you so you can take care of them. Accessory dwelling units (ADUs) can be located within the primary dwelling such as a basement or attic, be attached to the primary dwelling, or be structurally separate from the primary dwelling. ADUs usually contain a separate kitchen and bathroom. ADUs can be traced back to the early 20th century, when they were a common feature in single-family housing. Many ADUs were created by middle-aged or older persons seeking to take in boarders after their children moved out.

What should you know if you plan to build an ADU in Albuquerque?

Types of ADUs

There are several ways you can build an ADU. They include:

• Detached new construction ADUs, also sometimes called backyard cottages, granny flats, laneway houses, or DADUs.
• Garage conversion ADUs
• ADUs above a garage or workshop, or attached to it.
• Addition ADUs or “bump-out ADUs”:
• Basement conversion ADUs, also commonly called basement apartments, mother-in-law units, in law units, secondary suites, English basements, accessory apartments, and a host of other names.
• Internal ADUs, where part of the primary house besides the basement is converted to an ADU.

Cost

It comes as no surprise that building an ADU is cheaper than building a regular home. But it's still a considerable investment. An ADU that includes a kitchen and bathroom typically start at $80,000 and can quickly move up from there. Depending how elaborate the structure is you can end up spending as much as $150,000 or more.

In addition to the cost of construction, you need to consider permits. Many homeowners may end up building illegal accessory dwellings because they realize how much permits cost. So make sure that you check the permit fees before you build.

Regulations

If you want to build an ADU in Albuquerque or the surrounding area, you should check current local regulations before you build as they are subject to change. In general, in New Mexico most regulations include the following guidelines:

• It must have a room which is at least 70 sq. ft and no less than seven ft in any direction (including the ceiling)
• Each tiny house must have sanitary facilities (toilet, sink, and either a bath or shower)
• The bathroom and kitchen sink have to have both hot and cold water
• The plumbing fixtures must be connected to an approved sewage system
• The whole structure has to sit on a foundation which is considered permanent
• It needs to meet the requirement of the New Mexico Energy Conservation Code
• There are a number of things which must be included, and which need to be regulated, such as:
  • Windows
  • Permanent heating facilities
  • Wall-switch lighting
  • Bathroom windows or exhaust fans
  • Smoke alarms
  • A door (leading to the outside) which must be at least 32 inches wide and 78 inches high

Building an ADU on your property can certainly be a good way to address your family's needs. Just make sure you do your research and are ready to make the investment.

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.

HOT HOME LISTING OF THE WEEK!

5 BLUE SPRUCE Trail, Jemez Springs, NM 87025  $499,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 2900 Square Feet

Beautiful setting for this home built with Northern Hemlock logs on 2 acres of land among soaring Ponderosa Pines. Enjoy the mountain air from your 8x24' covered front porch looking out to the mountain range. Great rm w/ Wood stove, vaulted ceilings, a 26ft pitch, wood beams. Functional kitchen, stainless appliances, ample counter and cabinet space. 2 bedrooms and a bonus/flex room that could be an office/recreation/fitness on main level. Upstairs offers a loft and a spacious Master suite, huge walk in closet, bath w/jetted tub, separate shower. Viewing deck off Master. From lower level access back yard with SW landscape, privacy fence and hot tub. Also access to a separate entrance for in laws quarters/studio apt. complete with kitchenette and bath. Horses allowed, w/RUN IN stall

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

If you plan to buy your first home in Albuquerque, you're certainly not alone. There's a growing trend this year in home sales across the nation - first-time home buyers. In fact, last month in June, first-time home buyers made up 35% of home sales nationwide.

The National Association of Realtors (NAR) had this to say about the rise in first-time home buyers:

“The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending higher than the 29% to 32% average in past years since 2012.”

Why are there more new home buyers?

NAR continues to say:

“The major factor is, arguably, low mortgage rates. As of the week ended July 16, the 30-year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30-year mortgage, the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045. For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher.”

These record-low mortgage rates are just too enticing for many people who are currently renting, especially since monthly mortgage payments can be cheaper than renting. According to the Q2 2020 Housing Trends Report from the National Association of Homebuilders (NAHB):

“Eighty-four percent of Gen Z’s planning to buy a home are first timers, compared to 68% of Millennials, 52% of Gen X’s, and 21% of Boomers. Looking at results by region shows that over 60% of prospective buyers in the South are buying a home for the first time.”

The issue for most first-time home buyers is that they don't understand the home buying process. NeighborWorks America had this to say about this challenge:

“Homeownership is a particular challenge for many, despite high levels of interest. Americans believe there are many benefits to homeownership and half of non-owners will seek information about the process in the next few years…a large share of non-owners say the process is too challenging and only a minority know where to find advice if they wanted it. And although many would seek the guidance of community and non-profit programs, only one in three non-owners are aware of such services.”

If you plan to buy your first home in Albuquerque, you don't have to worry about having the help you need to buy the perfect home for your needs. The Sandi Pressley team is here to help. We've been helping people buy homes in Albuquerque and the surrounding communities for decades. In fact, Sandi has been rated the #1 Top Producing Realtor for 34 consecutive years. You can count on Sandi Pressley and her team to help you understand the home buying process. Contact us today to start your journey to owning your first home in Albuquerque!

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.

HOT HOME LISTING OF THE WEEK!

1393 TIFFANY Lane SE, Rio Rancho, NM 87124  $300,000

3 Bedrooms / 2 Bathrooms (2 full, 0 half) / 1846 Square Feet

TRINITY ESTATES! Open floor plan with lots of living space featuring wood ceilings, vigas, nichos, Kiva fireplace, skylights, REFRIGERATED AIR! Kitchen features beautiful cabinetry, granite countertops, island, recessed lighting, gas cooktop, double oven, walk-in pantry, breakfast bar & bkfst nook with a bay of windows! Master suite features double doors, sep shower, jetted tub, his & her vanities and two closets! Secondary bdrs and full bath on its own wing! Private backyard, beautifully landscaped with turf, shrubs, flowers and trees, covered patio and walled for privacy. Garage has separate, enclosed room for easy storage. Close to shopping, restaurants, parks and easy access to Albuquerque!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

As you well know, the pandemic has impacted every industry, including the the real estate industry. The way people buy and sell homes has changed quite a bit as a result. The interesting twist in all of this is that the demand for housing hasn't fallen, despite expectations that it would. In fact, the demand seems to has gone up.

Many people in Albuquerque are looking for more space, and for obvious reasons. We are all spending much more time in our homes, as well as working from home. And since more people are working remotely, they have the options to widen their search since they don't have the commute they use to. Who knows if this will be a permanent situation. But in the end, things will be different when the pandemic pass, and home buyers are keeping that in mind when searching for a home in Albuquerque.

Whether you plan to buy or sell a home in Albuquerque, you need to be aware fo how much the market has changed. This will allow you to find the right home for your needs.

Here are a few things to keep in mind when buying or selling a home in Albuquerque during the pandemic.

Know the Local Albuquerque Real Estate Market

Keep in mind that local real estate markets vary from place to place. Right now in Albuquerque, there are plenty of homes for sale. That means that Albuquerque has a great selection of homes for home buyers looking for a home that better suits their needs. This is not even including the surrounding communities such as Bernalillo, Corrales, Rio Rancho, and others. These surrounding areas in Albuquerque give home buyers more options, as commuting is not as much as an issue as it once was for many people who can now work from home.

The Changing Loan Market

It's taking a bit longer for loans to go through now due to the pandemic, as some parts of the home loan market are not operating at full capacity. This is causing a backlog in processing loans. To add to this load, traditional lenders are trying to process SBA loans under the Payroll Protection Program (PPP), placing home loans lower on the priority list.

This means that has a home buyer in Albuquerque, you need to be patient. Interest rates are still historically low. If you are looking to buy a home in Albuquerque that you plan on living in for the next few decades, you could end up saving thousands of dollars over the life of the loan.

Questions About Employment Are Common

Finally, you should expect a lot of questions about the status of your employment. Since tens of millions of people have filed for unemployment since the pandemic started, lenders are just as strict as ever when it comes to making sure their borrowers have the capacity to pay back their loans. You might even be asked to submit pay stubs every two weeks instead of the traditional six weeks.

The Real Estate Market in Albuquerque Is Strong

The COVID-19 pandemic has forever changed how people look at the process of buying and selling homes. Right now, everyone needs to expect the unexpected. The good news is that for both buyers and sellers in Albuquerque, there are still significant opportunities.

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.

HOT HOME LISTING OF THE WEEK!

1 TIERRA MONTE Street NE, Albuquerque, NM 87122  $495,000

2 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2655 Square Feet

Spectacular and Breathtaking Panoramic views from this gorgeous one owner custom home nestled in the foothills of the Sandias. Beautifully updated/remolded bathrooms and kitchen, including new appliances. Master bath is a true spa like retreat along with a huge walk in closet. What a great home for entertaining family and friends indoors and out. This is a true one of a kind home conveniently located near hiking, biking and waking trails. The unobstructed majestic views will take you breath away!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

The City of Albuquerque canceled its annual Freedom Fourth fireworks show at Balloon Fiesta Park, citing coronavirus restrictions. But that's OK, as there will now be four displays throughout the city of Albuquerque, so we can all watch from home!

Fireworks displays will launch from the Ladera Golf Course, North Domingo Baca Park, Tom Tenorio Park and Expo New Mexico on Saturday. It will certainly be a unique combination of displays.

Weather permitting, the show will begin at 9:20 p.m.

The city is discouraging you from gathering near the four sites, and instead urging you to watch from home. Local law enforcement will monitor each site to restrict street parking in the area.

If you don't live in the Albuquerque city limits, you may be able to enjoy these following shows.

Rio Rancho 4th of July Drive-In Fireworks Extravaganza

3200 Civic Center Circle NE Rio Rancho 87144 – 7-10p

Fireworks start @ 9p – Restrooms Available

The City of Rio Rancho is hosting an admission free drive-in fireworks extravaganza event at City Center. On Saturday, July 4, the City Center area opens for parking at 7:00 p.m. and the fireworks show begins at 9:00 pm.

The City invites community members to enjoy the dazzling display of fireworks, while adhering to state mandated social distancing guidelines. If you want to bring food, please support local reataurants offering take-out.

Spirit of Los Lunas Fireworks from the Hill

Fireworks start @ dusk – Spectators encouraged to watch from their homes

Los Lunas will be having a fireworks show from the Los Lunas Hill. They ask people to stay home and enjoy the view from their homes. By lighting the fireworks off from the Los Lunas Hill, they are enabling more homes to be in view of the show. 

Have a Safe and Fun 4th of July!

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.

HOT HOME LISTING OF THE WEEK!

23 JENNIFER Drive, Sandia Park, NM 87047  $189,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1215 Square Feet

Quaint mountain home in Sandia Knolls. This lovingly maintained home boasts 3 bedrooms and 2 baths. The kitchen appliances are higher end and oversized, great for the chef in the family. Brand new water heater installed in 2020. Enjoy breathtaking views of the Sandias in the front of the home and a private patio in back surrounded by trees. Home sits on 0.5 acres and has a paved public road all the way to property with the school bus stop right out front. Close to open space for hiking.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

You've found a home for sale in Albuquerque in the ideal neighborhood, and it's priced just right. But something is holding you back from making the deal.

Could it be the outdated appliances, dark brown exterior, and wall-to-wall carpeting? You can make it the home of your dreams with an FHA 203(k) renovation loan. This type of loan will let you buy the home and have extra cash to purchase appliances or make other improvements to the home. It's unique because you can borrow the funds you'll need based on what your house is expected to be worth after the renovation is complete. 

The FHA 203(k) loan is insured by the Federal Housing Administration (FHA), and offers two options: Limited and Standard. Finding the one that's right for you depends on how much you want to spend and what you intend to do. 

3 Differences between the Limited 203(k) and the Standard 203(k)

1. Structural Repairs.LIMITED: Minor remodeling and non-structural repairs.
   
   STANDARD: Major rehabilitation or when repairs are structural or involve landscaping. Examples include jacking up your house to replace the sill plate or knocking the house down to rebuild it (you must leave the foundation). 
   
   
2. HUD Consultant.
   
   LIMITED: Does not require a HUD consultant.
   
   STANDARD: Requires the use of a HUD consultant. He will draw up the paperwork and work with you and your contractors to get a write-up before the appraisal and ensure the required renovation is completed. (Your loan officer can work with you to obtain the services of an experienced HUD-approved 203(k) consultant).
   
   
3. Cost.
   
   LIMITED: Total renovation costs cannot exceed $35,000. There are no minimum costs.
   
   STANDARD: Your repairs and renovations can go above $35,000. There is a minimum repair cost of $5,000. 

Eligible repairs you can make with a Limited 203(k)

• Repairing or replacing the roof, gutters or downspouts
• Repairing or replacing HVAC, heating, plumbing, or electrical systems
• Repairing or replacing flooring
• Minor remodeling
• Indoor or outdoor painting
• Replacing appliances
• Accessibility upgrades
• Abatement of lead-based paint
• Repairing or replacing decks, patios, and porches
• Waterproofing or finishing a basement
• Weatherization

Eligible repairs you can make with a Standard 203(k)

• Plumbing, electrical, heating, and cooling improvements
• Structural changes
• Storm shelter additions
• Appliance and HVAC upgrades
• Roofing alterations
• Large landscaping and site improvements
• Sewage and septic improvements
• Site conversion (from a single unit to multi-unit property, for example)
• Site relocation
• Accessibility upgrades

This is a basic overview of the differences between the Standard and Limited 203(k) loan. Let us know if you want to learn more about how these loans can help you live in the perfect home in Albuquerque.

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.

HOT HOME LISTING OF THE WEEK!

4732 SANDPOINT Road NW, Albuquerque, NM  $365,000

4 Bedrooms / 3 Bathrooms (3 full, 0 half) / 2915 Square Feet

All brick KB home with amazing Chef Kitchen with viking appliances, cherry wood soft close cabinetry, tankless water system, Easy Water whole house system, Solar System owned by the seller (not leased),custom tile floors, Brazilian cherry floors on the loft, custom wood banister(railings), Washer,dryer refrigerator and pool table conveys.Home has numerous skylights, fully professionally landscaped with water features!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Not Enough Money

Not Enough Time

Not Enough Skills

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.

HOT HOME LISTING OF THE WEEK!

1 TIERRA MONTE Street NE, Albuquerque, NM 87122  $$495,000

2 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2655 Square Feet

Spectacular and Breathtaking Panoramic views from this gorgeous one owner custom home nestled in the foothills of the Sandias. Beautifully updated/remolded bathrooms and kitchen, including new appliances. Master bath is a true spa like retreat along with a huge walk in closet. What a great home for entertaining family and friends indoors and out. This is a true one of a kind home conveniently located near hiking, biking and waking trails. The unobstructed majestic views will take you breath away!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team