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!!

Buyer & Seller Mentality

How is the spring market?

With the spring market in full swing and the strong activity we’ve been seeing lately, I wanted to discuss motivation and mindsets of buyers and sellers as it’s very important for all parties to understand what their goals are and the best way to achieve them. As a seller, if you can get into the buyer’s mindset, the sale of your home can happen faster and for more money.

What, in your opinion, are the most important steps in selling a home these days?

The first step starts with a decision. I often talk to my clients in terms of motivation. So ask yourself: on a scale of 1-10, what level of motivation are you at to sell your home? A three would be maybe next year; 6-7 would be to get the kids in school before August; 9-10, we are relocating to Chicago for a job. Often selling is a hard decision, so this process helps people focus on the decision with more clarity.

What are other factors in selling a home?

Success in selling a home is primarily driven by three factors – the condition of your home, appropriate pricing, and an aggressive marketing plan to generate traffic through the door! My proven aggressive marketing plan can make the difference between a for sale and a sold sign. I just sold a home in 8 days that had been on the market with another company unsold for several months, a clear indicator that the marketing plan is critical to a successful home sale. As the seller, remember that the old cliché of “you only get to make one first impression” definitely applies to selling real estate. With many serious buyers looking right now, you want your home to stand out amidst all of the competition! It’s important to remember that your home is for sale and on open display. Buyers like to see things that are streamlined, clean, and fresh looking. Deep clean and declutter to showcase how beautiful your home can be!

How can sellers achieve their real estate goals by thinking from a buyer’s point of view?

Today’s buyers benefit from historically low interest rates and they still want the absolute best deal on a home! They are focused more on the best value and less on emotional purchasing. They will buy their second choice before paying top dollar for their first choice! By working with an experienced Realtor, like myself, you can ensure that your home makes the best overall presentation. This will give you an upper hand when negotiating on price and other important terms of your home sale. My job is to protect the interests of my clients, from the price war, to the beauty contest, until your home is closed and the cash is in your hand!

Contact Cheryl today at 505-238-3272 or email her at cheryl@cherylmarlow.com!

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

Albuquerque Rankings

As you may know, we are certified Relocation Specialists for the Greater Albuquerque Area. When I talk with someone who is moving to our area, I say, "You're going to love the weather, history, and culture of Albuquerque!" And, Albuquerque offers numerous top rankings and accolades.

So, how does Albuquerque measure up?

First of all, our weather is fantastic, with our location being lowest on the scale for natural disasters and sunny for over 300 days a year! This makes us one of the healthiest and fittest cities in the country. Albuquerque ranked third in Men's Fitness Magazine's 25 Fittest Cities, Bicycling Magazine's list of America's Top Bike-Friendly Cities. With thousands of acres to explore in open space and National Forest Lands, we are also named as one of the U.S. Cities with the Cleanest Air, 2012 Greenest Cities in America. The Trust for Public Land ranked our park system among the 10 best in the nation! Albuquerque park acreage per capita is 261% higher than average, and the 2nd highest in their survey.

As we are the Land of Enchantment, Albuquerque offers an exciting array of activities for all ages and interests! From mountain biking and hiking, to playing a rousing game of gold on one of our famed golf courses; perhaps taking a tour or of one of Albuquerque's vineyards; attending live music and performances; or browsing museums and galleries, there is a range of activities for all to enjoy!

So Albuquerque is a great place to live and work, right?

Yes, our rankings reflect the industries that have come to Albuquerque, especially filmmaking. The city and surrounding areas, and New Mexico in general, have become magnets for films and media projects. Film Industry Network, MovieMaker.com, and P3 Update all ranked Albuquerque as one of their top 10 Best Cities for work. And I quote, "You can shoot in the snow-capped mountain peaks of Taos one week and be in the dry, cracked earth of Lordsburg salt flats the next." Add to that our high scores for availability of local food, pet friendliness, and green and tech jobs. Albuquerque is a great place to live, work, and own a home!