What Sellers Need to Know About the Albuquerque Real Estate Market

What Sellers Need to Know About the Albuquerque Real Estate Market

(Transcript Snippet): “Tego:

So Tracy, one topic I had on our list here is, you know, what does sellers, so you just said, it’s a seller’s market. So what do sellers need to know about this market if they’re gonna be selling this year? And first off, what, what does a seller’s market? What does that mean? Cuz we hear that, right?

Tracy:

So you didn’t tell me we were talking about this, but you know, seller’s market is just what it says, right? Seller’s market means they’re in the driver’s seat right now. There’s more buyers than there are sellers. And you know, it’s interesting. One of the things I really noticed is when in this seller’s market, it, we’re seeing a few sellers price, their homes at the high end of the range and they are not selling, they are taking price reductions. I looked at a property this week with a client. It was 112. We didn’t get to it. It was 112 days on market mm-hmm <affirmative> and my client looked at it and went well, it’s clearly overpriced significant, right? I don’t need to see that property till that seller gets realistic about what their house was worth. And it was significantly overpriced. It was obvious.

Tego:

So the pushback I hear in that is people will say, well, they can just make an offer then.

Tracy:

Yeah. People don’t. And once it’s it’s on the market now, because we know the average days on market is very, very low. Once it sits on the market for a while, you’ve sent that message out that there’s something wrong with the house or the price or the location. Right? So what we find is if you start at the right price, people will probably bid to buy it for a higher price. But if you start to high, we don’t even get a start to that bidding war. So to, to speak

Tego:

There, there’s definitely a balancing act there and getting a lot of interest early on is, is super important. It really is to get the most for your property. Yeah. You know, the bottom line is, you know, the, the market is very strong for sellers continues to be there’s still a lot of homeowner or, you know, people that want to, to buy and you know, are constantly waiting for the right home to come on the market. Yep. We have seen a ENY bean, the tiny bit of increase in the number of homes on the market or listings, as we say here in the Albuquerque area. Not significant. And generally that, that’s what, in this time of year, you know, over here probably over the next couple, couple weeks, we’ll see a little bit of an increase as more people get their homes ready going into the spring selling season. So, you know, if you’re interested in, in selling or buying, of course, reach out to us inventory Realty, group Keller Williams Realty (505) 448-8888 we’ve helped a lot of people over the years and would, would love to help you as well.