Preparing Your Home for the Market

770 KKOB Residential Real Estate Expert Report 

Marian Camacho - Associate BrokerCheryl Marlow & Associates

As it is... preparing a home for the real estate market can be a challenging and overwhelming thing.  Add in more competition with the influx of inventory we've been seeing, and that should give sellers more than enough of a push to take the right steps in getting their home "For Sale" ready! 

Right now there are more than 5,000 homes and condos on the market.  That's an increase in more than a thousand properties since February and we can expect to see a continual rise in inventory over the next couple of months.  At the same time though, we are going to start to see more sales as buyers are looking to make a move in these warmer months and get settled before school starts again in the fall. 

For any homeowner preparing their home for the Albuquerque market, I would start with 3 tips:

1.) Hire the right agent!  Our team is unique as we are comprised of several people who specialize in each area of the home sale process, from listing strategies to marketing to ensuring a smooth closing.  It's important to find a professional that knows how to navigate this tough market! 

2.) Consider how your home will show to a potential buyer.  Start with a deep clean and de-clutter.  You want buyers to focus on how great your home is, not how messy it looks.  

3.) Be realistic about the price.  If you truly want to be one of the 20 out of every 100 sellers moving every month in the Greater Albuquerque Area, you have to be competitively priced.  If the house up the street has the same square footage as yours, more updates AND is better priced, what home do you think a buyer would go for?  It really is something to think about...  Be smart about pricing and listen to your Realtor's advice because if they know the market, they know what it can bear!

If you're interested in receiving a free home value consultation from the Marlow & Associates team.  Call 505-923-4745 or email us at cheryl@cherylmarlow.com. 

November Market Statistics

The Greater Albuquerque Association of Realtors has released the November market statistics and I have looked over them in length.  Here are some of the highlights.  In November, 658 homes and condos sold.  That’s down from October’s 827.  However, there's always a silver lining right?  For us, it’s that the 658 sold last month, is actually an increase when compared to the same time last year when just 617 were sold.

Unfortunately the upper end is still suffering from a lack of activity.   Maintaining our market’s consistency…we saw just 4% of the total sales above $500,000.  As expected, most of the sales were made below the $250,000 magic mark totaling for nearly 73% of all of the homes and condos sold in November.  That of course means 23% of sales were between $250,000 and $500,000.

Another thing that stood out to me in the report is supply and demand.  Our market is still out of balance.  In November there were 4,741 homes and condos available.  Out of the 4,741 only 658 sold.  Those numbers tell me that only 14% of homes and condos available in were purchased.  That's 14 out of every 100 homes and condos. This time of year it is a price war and a beauty contest more than ever.  That’s why it’s so important to have an experienced Realtor on your side who will tell you the truth about how you should price your home and show your home in order to get it Sold!

If you would like to buy or sell a home today please call my team at 505-923-4730 or 505-238-1000.

Cheryl