by Cheryl Marlow on July 18, 2010
AUDIO
June 2010 Market Report
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
The Greater Albuquerque Association of Realtors recently released the June Market Report and we are back to good news, bad news. One of the highlights of the report was that sales in June were up over 11% from last year! Unfortunately the pending sales are down from last June, however we expected that with the tax credit ending. The closings are still reflecting that incentive, the pendings are now forced to stand on their own in today’s market place.
The $200,000 to $249,000 price range saw the most activity. The month of June showed 115 sales within that price range. That was the highest in any range and really has been the story in previous months! The Greater Albuquerque market is seeing an average sales price of about $220,000.
Obviously the affordable price range is continually seeing the most activity. There were 30 sales in the upper end which is considered to be homes priced over $500,000. That’s just about 4% of the total sales in June telling us that activity in the upper end has been steady but still much slower than other price ranges.
Right now, the Northeast Heights and Rio Rancho seem to be the place to buy. We continue to see the most activity in these two areas month after month.
Right now is a great time to buy! With 30 year fixed rates below 5%, it’s a good time to buy for anyone. But it’s especially a great time to sell your home and buy a more expensive home. You may not receive as high of a sales price as you would like for your home, however you will be able to find a good value on the home you want to purchase, and you will save money with today’s low interest rates.
For sellers, you’re going to find motivated buyers that are ready to make a purchase, but keep in mind what I said a couple of weeks ago. You have to be competitively priced and willing to make your home show ready because we are still in a Price War and Beauty Contest. And my job as a realtor is to help make sure that your home stands out favorably amidst the competition, so we can place a sold sign and you can start packing!
Cheryl Marlow
by Cheryl Marlow on July 9, 2010
The Price is Right! Or is it?
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
Pricing is one of the hardest issues to deal with as a realtor, because quite frankly every seller feels like their home is better than the competition and that it’s worth more. And I hate to be the bearer of bad news, but the reality is that we are still very much in a Price War and a Beauty Contest! Your home has to be priced extremely well in today’s market conditions in order to be the one to have that Sold Sign put in front of your house.
There are currently over 6300 homes available in the Greater Albuquerque Area. Typically we see about a 14% absorption rate in the overall market per month. In otherwords, 14 out every 100 available homes are selling per month which means 86 out of every 100 people who are wanting to sell their homes this month are not going to, so we really have to take these numbers into consideration. When the market was really struggling we saw about an 8% absorption rate. So although we are seeing an improvement, pricing is still critical! I am here to help sellers protect their equity, I’m not trying to beat them up about their price. At the same time I have to tell them the truth because in pricing the home right it will sell in a reasonable amount of time, it won’t get stale on the market and that’s where you really start eating into your equity.
Unfortunately, buyers these days are seeming to be very picky! So to have your home sold in today’s market you really need to be number one, two or three in the market in terms of your pricing and in terms of how well your home shows. You absolutely have to be the best deal! Buyers are not emotional buyers any longer. It used to be that a buyer would fall in love with a house that they had to have and then pay a reasonable price for that. But now, buyers are making more of a business decision when it comes to homes. They are looking for the best deal and frankly some buyers are looking to steal a home. The reality is, Albuquerque’s market is not as bad as other areas and you can’t steal a house, but you can find a very good deal and a motivated seller in any given location and price point. That’s what buyer’s are looking for..price and motivation on behalf of the sellers.
Call me today if you’re ready to be competitive in our market and get your home sold and I would be more than happy to advise and help with all of your real estate needs. Thank you.
Cheryl Marlow
