Tag Archives: albuquerque home buying

10 Steps to Buy a Home in Albuquerque in 2020

Real estate conditions look good for 2020—mortgage rates are low, prices are stable, values are high, and there are lots of great homes for sale, especially in the Albuquerque area. It’s a great time to buy a home, so it’s no surprise many would-be buyers have decided to make 2020 the year they finally buy!

Is your 2020 New Year’s Resolution to buy a home? Here are 10 simple steps to get you started.

Step 1: Track your spending

calculating spending

First things first. Take a look at your finances. Analyze all the details of your income and spending to determine how much you make versus how much you spend. When taking a closer look at your spending, you might find that you’re spending more in certain areas than you thought—or paying for things you don’t need or have forgotten about.

Step 2: Figure out how much you can afford

calculating a budget

While you’re looking at your spending, try and figure out how much you might be willing or able to spend on your mortgage. Don’t forget to include other expenses such as utilities and regular maintenance. If your perusal of your spending found some areas you can cut down on expenses, even better.

Step 3: Get serious about saving

saving money to buy a home

If you aren’t already putting money regularly into a savings account, it’s probably time to start. Though there are a number of loan options in this day and age that don’t require a full 20% down payment, most do require some amount of upfront cash—plus closing costs.

Pro tip: Did you cut down on some monthly expenses? Take the money you were previously spending on that old magazine subscription and put it into your savings account instead. You won’t even miss it!

Step 4: Start talking to lenders

talking to a lender

Once you’ve started sorting through your finances, the next step is to get a professional involved. Start by inquiring at banks or credit unions you already work with to see what types of loan options they might be able to offer you. You may also want to ask around for local recommendations, too.

Step 5: Get prequalified

getting prequalified for a loan

Once you start talking to lenders, they’ll likely want to get you prequalified for a loan. Even if you’re not quite ready to jump into the home search just yet, getting prequalified can be quite helpful. Not only will it ensure that you can qualify for a loan (and there are no red flags), it will also show you how much you qualify for—and even break down your monthly mortgage costs at various home prices.

Step 6: Find an agent

working with a real estate agent

Buying or selling, a real estate agent is an invaluable tool. Agents offer a wealth of knowledge, as well as tools and resources, that will help you find the right home in the right spot at the right price. Not to mention, your agent can make recommendations for local vendors (like inspectors or lenders), can handle all the communication between yourself and the seller, and will walk you step by step through the whole process to ensure nothing is forgotten or overlooked.

By the way: Sellers pay agent commissions, so as a buyer, using an agent is FREE. That’s right. Free.

Step 7: Determine wants and needs

determining important home features

Once you’ve sorted through the financial side of things, you can start thinking about the more fun side—the actual house you’ll be buying. Before you jump into the search, spend some time thinking about what you really want and need in a home. Separate needs (essential must-have deal-breaker features like beds, baths, yard, or location) from wants (things you’d strongly like to have but aren’t 100% required) from likes (bonus features).

Step 8: Start searching

searching homes for sale

Once you’ve got your list set, use a home search tool (we think ours is pretty exceptional because of how customizable it is) to set criteria based on your wants and needs. You likely won’t be able to get all your wants and needs, so start by searching for homes that only meet your needs. Based on your search results, you may be able to start adding in wants.

Step 9: Make adjustments

adjusting wants and needs

What if your search didn’t return anything or you just aren’t seeing a home you like? You might need to reevaluate something. Be careful that you don’t include too many absolute “needs”, and try to refrain from adding “needs” that might be fairly easily or inexpensively updated (like flooring or countertops).

Depending on your needs or preferred location, it’s possible you’ll need to evaluate your budget, too. That might mean cutting more expenses or even pushing back your timeline a bit to give you more time to save.

Step 10: Start the tours!

taking a tour with a realtor

Now the buying really begins! Once you’ve got your budget and your criteria aligned, it’s time to get serious about searching. Your agent will likely schedule some tours, then circle back with you to get your opinion and work from there.

It’s helpful to take notes or photos as you tour, as homes can start to blend together after a bit, or you might not remember all the details after you leave. And don’t be discouraged if you don’t find the perfect home right away—home searching takes time!

Ready to Buy a Home in Albuquerque?

Ready to start your home search and buy a home in Albuquerque? We’re here to help! Contact the Feils today to learn more about how we can help you get to know the area and find the perfect home in just the right spot.

Moving to Albuquerque/Santa Fe? Here’s What You Need to Know

Whether you’re moving from across the city, the state, or the country, relocation is a big life change. Packing up your old home, finding and closing on a new one, and taking care of all the details in the process? It’s easy to get overwhelmed.

But when you’re moving to a one-of-a-kind area like Albuquerque and Santa Fe, the process is well-worth it in the end! After all, where else can you find hundreds of years of history, a vibrant arts and culture scene, and some of the most stunning landscapes in the country?

If you’re making the move to Albuquerque or Santa Fe, don’t worry: we’re here to help. Here’s everything you need to have a successful relocation journey.

Get to Know the Area

Albuquerque at night.

Sandia Mountains Trails, award-winning golf courses, the Old Town Historic District, the  Albuquerque International Balloon Fiesta—every aspect of the area offers something unique.

If you’re getting ready to make a move, take some time to really dig into what makes Albuquerque and Santa Fe so special, from the different neighborhoods to the wide range of homes. These cities have a little something for everybody, from premier shopping to an active nightlife. Check out a few of our favorite hidden gems as you prepare for your move!

Find Your Dream Home

People cooking in a kitchen.

There are lots of different stages to the relocation process, and maybe you’re still in the home search phase. Santa Fe and Albuquerque are home to a wide variety of homes in different price ranges, sizes, and locations, so there’s an option for nearly every buyer!

Take some time to think about what’s most important to you in a home. Do you need recently updated features? A yard with plenty of room to roam? A quick commute to work? Once you’ve nailed down the basics, use our home search tool to find a few options!

Get Some Answers

A woman on a laptop.

Buying, moving, relocating—it all comes with a lot of questions. From finding the right mortgage to recommending local lenders to answering your questions about closing, our Buyer FAQs were made to break down every aspect of relocation. Browse a few of our answers, and let us know if you have any other burning questions!

Pack Like a Pro

A person packing up a box.

While it’s certainly not the most complicated part of moving, it might the most dreaded. Staring down all of your possessions, knowing you’re going to have to find a way to pack it all up in boxes and haul it to a new place…sounds exhausting.

While packing is going to be more time-consuming than other tasks, there are ways to make it much easier on yourself. Start stockpiling some cardboard boxes, and check out our guide to packing like a pro!

Make Your Move with the Feil Team

Moving is stressful, but our team is here to help take some of those worries off of your shoulders. Take some time to dive into our resources, and give us a call when you’re ready to start your real estate journey!

The Latest Featured Listing: A Pueblo Revival in a Coveted Neighborhood

Luscious green landscaping, iconic Pueblo Revival architecture, a full guest house, and over 4,000 square feet of room to roam—this home at 6504 Avenida La Cuchilla is the full package.

Located in the highly sought-after El Caballero Ranchitos neighborhood just off the Rio Grande and minutes from Downtown Albuquerque, this listing likely won’t stay on the market for long. Take a sneak peek at some of the amazing features, and schedule your private showing here today.

Stunning Landscaping

The front yard of 6504 Avenida La Cuchilla.

Perhaps the most striking part of 6504 Avenida La Cuchilla is the emerald green vegetation—colorful pops of flowers, verdant green lawn, and tree-lined perimeter. The yard is truly a flora-filled wonderland.

In addition to the rich plant-life surrounding the home, the front yard and back yard patios are also full of landscaping potential. Thanks to the fenced-in privacy and covered patios in the back, it’s the perfect space for entertaining. Just imagine rolling in your grill, setting up some outdoor furniture, and hosting the best barbecue of the spring!

Luxurious Kitchen

The kitchen at 6504 Avenida La Cuchilla.

Are you looking for a kitchen where you can perfect your favorite five-star recipe? One with enough granite countertop space to hold every course of your meal? One with state-of-the-art stainless steel appliances? The kitchen at 6504 Avenida La Cuchilla will check off all of your culinary boxes.

Other highlights of the kitchen include the stone flooring and skylight that keep the Pueblo Revival theme consistent throughout the home, and the sink window that allow plenty of sunlight to flood the room.

Cozy Living Spaces

The sitting room at 6504 Avenida La Cuchilla.

With both a formal living room and a large family room—both with beautiful white stone fireplaces—you’ll have plenty of room to kick back and relax.

Whether you’re looking to sit quietly and enjoy the ambience of a New Mexico night or host a lively game night, you’ll have plenty of space to spread out and soak everything in.

Expansive Office

The office at 6504 Avenida La Cuchilla.

Another highlight of the home 6504 Avenida La Cuchilla is all of the extra space to use creatively. The home includes an expansive office space, built-in desks and walls of shelves and cabinets.

If you’re looking to work from home, take up a new hobby, or simply spend time in thought, this office is perfect for all of your goals.

Full Guest House

The guest house at 6504 Avenida La Cuchilla.

Since the main home has four bedrooms and four bathrooms, there’s plenty of room for a guest or two. But you won’t even need it, thanks to the full guest house.

Located just off of the main house and attached to the garage, the guest house includes an extra bedroom, bathroom, and cozy fireplace. Whether you choose to rent out the space, offer it to a family member, or use it when guests come to town, it’s an incredibly convenient feature.

Ready To See It in Person?

When it comes to Albuquerque real estate, you won’t find many options as one-of-a-kind as the home at 6504 Avenida La Cuchilla. Don’t miss your chance to see it in person, and schedule your private showing today.

If you have any questions or would like more information about the area, give the experts at the Feil Team a call today!

old town sign

Explore Historic Old Town Albuquerque

Albuquerque’s heart lies in its historic Old Town. An integral part of Albuquerque since the city’s founding in 1706, Old Town remains an important cultural hub. As Albuquerque’s first official neighborhood, this 300-year-old neighborhood is home to the oldest church in Albuquerque, the San Felipe de Neri.

Today, Old Town is a vibrant hot spot home to museums, locally owned shops and galleries, and delicious restaurants. Let’s take a quick tour.

All the Fun is Waiting in Old Town

When Old Town was first settled in 1706, settlers built historic adobe homes in a Pueblo-Spanish style. Newer architectural styles did not grace the streets of Old Town until the late 1800s, when the railroad brought more modern Victorian styles.

History

hot air balloonsIf you’re interested in learning more about the fascinating history of Old Town, peruse any of the wonderful museums here. The Albuquerque Museum of Art and History has both vast collections of native art and traveling exhibitions. The New Mexico Museum of Natural History and Science will capture your imagination with its prominent dome planetarium.

Afterwards, walk through the Botanic Gardens to explore local foliage or go fishing at Tingley Beach. Fans of culture and history may have a hard time deciding exactly what to do in this cultural hot spot!

Here are some of our other favorite museums and attractions in the area:

  • The Turquoise Museum
  • Rattlesnake Museum
  • ABQ Bio Park
  • Tricentennial Tiguex Park
  • Tingley Train

Events and Music

From holiday celebrations to live musical performances and the annual Balloon Fiesta Week, Old Town Albuquerque has a lot going on. Every year, Albuquerque hosts the beloved Balloon Fiesta, which means a whole week of partying in Old Town!

A number of holiday events take place during the “colder” months (except it never really gets too cold in New Mexico), such as the Old Town Holiday Stroll.

New Mexican Cuisine

enchiladasIf you’ve been dying to try traditional New Mexican cuisine, you can’t do much better than Old Town. As soon as you wander into town, you’ll encounter the delicious smells of roasting meat and enchiladas. Treat yourself to a heaping plate of these wonders, or a sopaipilla stuffed with chiles and seasoned chicken.

Go Shopping!

There’s something for every budget waiting in the locally owned shops of Old Town. Whether you’re searching for fine-art, Breaking Bad memorabilia, or one-of-a-kind clothing, there’s a wide range of shops to peruse.

Eager to Call this Wonderful City Home?

There’s a reason so many homebuyers and visitors are flocking to beautiful Albuquerque. With fantastic natural wonders, excellent schools, and beautiful homes for sale, this is an excellent place to call home.

If you have any questions about the real estate opportunities in Albuquerque, or its surrounding communities, please don’t hesitate to contact us. We have easy-to-use home search tools and other buyer resources to help you in your real estate journey.

home

Why Getting Pre-Approved for a Mortgage is Crucial

So, you’ve decided to buy a home in the Albuquerque area. Congratulations! Investing in real estate is always a wise financial decision, and you’ve just chosen a wonderful area to invest in. Plus, buying your own home will bring you indescribably joy and security.

While the overall experience of buying a home is positive, searching for your dream home can be intimidating. You have to set a budget, determine what kind of features you need to have, schedule home tours, hire a realtor… and obtain a mortgage.

The majority of homebuyers use mortgages to purchase their home. There are different kinds of mortgages depending on your income and financial situation, but here’s the rundown.

A mortgage, quite simply, is a loan for the amount of money your home is worth. The amount of your loan depends on your credit report, annual income, and a whole host of other factors.

If you’re searching for a home in an area as competitive as Albuquerque, getting pre-approved for your mortgage is essential to buying the home of your dreams. Here’s why.

It Gives You a Competitive Edge

internet researchIf you’re pre-approved for a mortgage when you make an initial offer on a home, it lets the seller know that you’re serious. In competitive markets like Albuquerque, sellers often prefer pre-approved buyers.

Essentially, you’re given priority over other buyers. This means you’re more likely to buy the best home for you in a timely fashion.

It Helps Set Your Budget

Going through the pre-approval process with a lender is the ideal way to set your budget, because you’ll know firsthand how big of a loan you can get. To become pre-approved, you’ll sit down with a lending officer who will review your credit score, amount of debt, income level, and all other factors of your financial life.

Basically, the lender is reviewing your finances to determine if you can afford to buy the home. This includes monthly mortgage payments, which will vary depending on interest rates, as well as the big down payment.

Be Smart With Your Money

mortgage interest rateHowever, there are other things you should look atwhen deciding your budget. Take a hard look at your annual income, as well as your expenses. Try to determine how much money you’re comfortable spending per month on a mortgage payment. Our mortgage calculator can help with that.

You should also think about that down payment. Depending on what kind of mortgage you qualify for, which determine the down payment, you could be paying around 20% of your home’s value upfront.

When you sit down with a lender to become pre-approved, they can help you figure out what kind of mortgage is best for you.

Any Other Questions about Buying a Home?

Please reach out to us! We would love to sit down and talk with you about your mortgage pre-approval options, and your goals in real estate. Feel free to use any of our complimentary home-search tools and real estate resources.

If you ever have any questions about the home buying process, please don’t hesitate to contact us. We would love to help.