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 2nd and 3rd 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!!
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