Home Not Selling? What you should keep in mind...

When a home's not selling, there's a reason, and often there's more than one reason why a home continues to sit on the market.  We all know it can be very frustrating to put that For Sale sign in the front yard, expecting a fast sale, only to find that after months you’re still waiting for an offer. I’ve said it before and I’ll say it again… if you want to sell your home in this market, you have to be competitively priced and your home has to show well.  

Pricing, by far, is the most important thing to consider!  Inaccurate pricing can kill a potential deal.  On the other hand, a home priced at market value peaks the interest of agents and buyers. Overpricing simply chases everyone away. In today’s market, the most serious sellers are pricing their properties slightly below market value to generate excitement and activity.  That in turn can lead to a faster sale, especially with all of the competition out there.

You want to be in the top 2 in your area when it comes to pricing.  And if your home doesn't show as well, then you need to be the best deal out there in your price range.

Another reason why your home could be sitting on the market is insufficient exposure.  For Sale By Owners, I'm talking mostly to you. If you’re attempting to sell your home on your own, or with minimal marketing, you need to reconsider. You may have the best home out there, but if no one knows about it, it won’t help you get your home sold. Hiring a Realtor that develops comprehensive marketing strategies is absolutely key.  Realtors like myself will create a compelling MLS listing, effectively market your home on the  internet and showcase your home to top agents in the Greater Albuquerque Area.

Last, but definitely not least, we need to talk about the condition and appearance of the home.  Buyers may see seven or more homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful.   Remember, clutter can distract a buyer from the beauty of your home.  Remove the clutter and a buyer will be able to better envision themselves living there.  A real estate professional can offer guidance in that department.

It pays to have a Realtor working for you on both sides of the deal! 

Call my team today for more information on how we can help you! 505-923-4730 

August 2014 Market Statistics

In the month of August the Greater Albuquerque Association of Realtors reported 895 closed single-family, detached homes and condos.  Almost tied with the 898 sold this past July and 5% below sales we experienced in August of 2013.  We also saw more than 950 pending sales in August.  I’m encouraged by those closing numbers and at the same time I am closely monitoring supply and demand as with 1700 new listings in the month of August we have an oversupply of inventory of 5500 homes.

As usual, we saw quite a bit of activity in the Northeast Heights.  What was different this time around was an increase in activity in some areas West of Coors.  The southwest and northwest heights each had more than 40 sales in the month of August.  And I have to mention the East Mountains, as I do quite a bit of business out there and also live out there.  The market is still very slow.  In fact in the month of August there were only 41 detached homes sold.  That’s less than 5% of the total detached sales in the Greater Albuquerque Area.  That area continues to be a challenge, but we are seeing activity.  That’s why it is so important for today’s sellers in these tougher areas to be realistic about pricing and realize that they are constantly in a price war and a beauty contest. 

Maintaining our market’s consistency, we saw most of the sales under that $250,000 mark.  In fact 75% of sales last month were under $250,000.   22% of total sales were of homes and condos in the $250 to $500,000 range.  That means only 3% of sales were over $500,000 last month.