Real Estate Search Engines

How does someone typically start the process for buying a home?

With the do-it-yourself trend, Bob, so many people start by looking online. They use real estate search engines like Zillow and Trulia.com. This gets people excited about the process, looking at the available pictures and general information. However, I caution my buyers and sellers that oftentimes the information is not accurate. I have seen prices too high or too low, houses that were sold months ago and still show up as available to buy or rent. It can be very confusing.

 

Why is that? Where do these websites get their information?

Licensed Brokers upload accurate information into the Multiple Listing Service, or MLS, as required by law. Search engines like Trulia and Hotpads.com have limited access to this data, and they offer it for free to people searching for houses. Yet, these sites are really just another way to sell advertisements as they are not monitored for accuracy and are often unreliable. As Brokers, we can’t control what they choose to promote. The MLS is the gold standard, with information updated daily and only accessible by a Realtor. 

So you’re saying that a buyer really needs to look at the MLS?

Absolutely! As a Broker, I make sure that my buyers and sellers are obtaining current and accurate information and offer them expert advice on what is often, for many of us, the biggest financial decision we will ever make.

I gather that searching online can be only an initial step?

I love the online process when it comes to the buyer. I can set up a portal to the MLS for a buyer with a search to their specific preferences, such as the desired area and price range, sent right to your inbox; as new homes come on the market, it will continue to send them listings of homes that fit their criteria. Only an agent can access the real, live information about homes for sale in our area. So call me today and start your home search!

Purchasing Investment Properties

I believe that everyone that possibly can should buy 1-2 rental homes this year as part of their financial plan. Real estate is still one of the number one long term investment strategies that makes sense. Many factors make this the perfect time to invest in real estate for the future.

How does the down turn affect this strategy?

Prices hit the low point, creating an incredible investment opportunity for the investor. As the market stabilizes, values increase, you will benefit from an increase in equity. Many of the banks are accepting short sales (in fact, we recently got two short sales to be approved in less than 4 weeks!), which is taking less than what is owed on properties to avoid foreclosures, resulting in great deals for buyers.

What are some of the factors that make this a good time in your opinion?

Interest rates are still at an all-time low. Sellers are negotiable. You control when you buy or sell so you can buy low and sell high. With a reasonable down payment, your investment can produce cash flow now and into the future. One of my favourite things about rental houses is that the tenant makes the monthly payment for you. As the owner, you benefit from the appreciation and don’t have to make the payment, I think that is a pretty good deal!

Isn’t it more difficult to get financing as an investor?

Many people think that! However, there are still great programs out there for people with a down payment and good credit. If you don’t fit in that category, you can still buy an investment property with owner financing. As I always say, “If you don’t buy now, you’re going to say ‘I wish I had bought then’.”

As always, who do you know that needs to buy or sell real estate today? Thanks!!

Luxury Home Market

In the Greater Albuquerque Area, the luxury real estate market is defined as a home valued at $500,000 and above. Over 4,500 homes are currently for sale in the Greater Albuquerque Areas, and out of that 415 are priced in excess of half a million dollars. This means that the upper end market currently represents just over 9% of the total inventory available. What we report month after month, the 3-5% of all the total sales. The supply and demand in the upper end market, we do still have an over supply.

What does it take to get a home like that sold?

All it takes is a pretty sign, a shiny lockbox, and an MLS listing. Ha ha ha! Just kidding, I only wish it was that easy. Luxury real estate is definitely a niche market. The top 3 things to focus on in the upper end market are as follows:

#1: Work with an experienced luxury home specialist, like myself, of course! Seriously, with over 3,000 Realtors in the area, less than 2% of agents qualify and are invited to be members of an exclusive network of agents that specialize and consistently sell in this price point.

#2: You have to have an aggressive and creative marketing plan, not to mention a sizable investment from the listing agent towards the marketing campaign, to succeed in this competitive price point.

#3: As in all price ranges, but especially in this price point, the price war and beauty contest is absolutely critical and a luxury home specialist can help you determine exactly what the top value is to get your top dollar in this upper end market.

How many have sold over the past year?

Since March 1, 2013, 398 properties have closed above $500,000. A sold sign becomes even more difficult as the price point reaches the million dollar mark. Historically speaking, the 2^nd and 3^rd quarters are the most productive, so if you’re thinking of selling an upper end home, now is the time to do it!

As always, who do you know that needs to buy or sell real estate today? Thanks!!