On this week’s show… Is It Better To Buy an Albuquerque Home in The Winter and the economic impact of home sales.
I recently read a study done by Nerdwallet titled “Why January Is the Best Time to Buy a Home”. The study found that nationally home prices were 8.45% lower in January and February than in June, July, and August. I wanted to see how this compared to the Albuquerque Real Estate Market since our winter weather is so mild compared to many parts of the country. I have looked at this data in the past however never as thoroughly as I did this time. So… what do the numbers show? On average, Homes in the Greater Albuquerque Area that closed in January, February, and March sold for 4.1% less than homes sold in June, July and August. This suggests that a $200,000 home bought in February would be $208,000 in July. I am not a big fan of trying to time the market and base your home buying decision on this, move when the time is right for you. It’s just interesting data to be aware of. The 2017 housing market in Albuquerque is looking strong. The number of homes on the market for sale is at a historically low number and strong buyer demand are sure to push up prices going into the summer. Not going to say “Buy Now Before It’s Too Late!”, however I will say… the data suggests buying in the Winter will save you vs. buying in the Summer.
The chart below shows the Average Sale Price per Square Foot for Albuquerque. You can see the seasonal ebb and flow. Generally the avg price per square foot % changes tracks with the Home Price Index.
On our radio show this week…
- The Final Housing Market numbers for 2016.
- Predictions for the real estate market for 2017, both locally and nationally.
- Interest Rates and the implications of recent increases.
- Mortgage Loan Availability.
- And… The Home Of The Week.
Whether you are looking to buy or sell your home, finding a good real estate company can make the process much smoother and if you are a seller, get more money and sell your home quicker. The fact is, even in a buyer\’s market, houses are still moving, just not as easily as they once did. Still, with a good real estate broker, a seller can see better results in nearly any market.
1. Several connections
There are several ways that a top real estate company can benefit a person trying to sell their home. First, a top realtor is likely to have connections that most other companies don’t have. For example, the best real estate companies generally have a team of professionals from related industries backing them up. These professionals include a mortgage broker, staging company, home inspection company, and several others. Working with a good team of other pros allows each to focus on their area of expertise and give the seller the best possible service.
2. Extensive knowledge of local market
Another way a top Albuquerque real estate company can benefit a seller is their extensive knowledge of the local market. It’s a sad fact that not all real estate companies are created equal. Some are part-time, some are full-time.Some have vast knowledge of the communities they work in, others jump from one part of town to the other without ever really getting to know one area very long. A top real estate company stays in one place for a while and takes the time to understand the trends in the local market. This allows them to better gauge the home prices in the area and make sure your home is priced appropriately.
Top real estate companies use creative marketing methods. This is essential in a buyer’s market like the one we are experiencing. With so many houses on the market, realtors need to use all marketing methods at their disposal, and that includes online as well as offline. A good real estate company will have more than a few unique marketing methods they use to set themselves apart from the competition and get a steady flow of traffic in front of your home. Remember, if you have no traffic, you get no offers. Without an offer, your home can’t get sold. Traffic is everything, and creative marketing methods yield quality traffic.
3. Ability to negotiate the deal to your benefit
When it comes time to sell your home, a good real estate company will have the ability to negotiate the deal to your benefit. This is a small but critical ingredient to making sure you get as close as possible to the price you are looking for. So how do you know if your realtor is a good negotiator? Ask them. What I mean is-ask them how well they negotiated their own commission with the company they work with. If they are keeping 60% or more, then that is a good sign that they have above average negotiating skills and will be able to represent you well when the offer finally comes in.
4. Safe Documentation
Experts of the company will check for the legal documentation of the property that you are going to buy. They will check for the genuine documents of the property to let you keep out of the hassle of legal issues. This will help you to purchase the needed property from the reputed company in an easier way with certified documentation.
5. Selection of Best Property
By approaching a reputed real estate company, you will surely get a wider number of options for selecting the best property. Simply describe your preferences and let the professionals search for the suitable property for you. Once, you are done with the selection of the best property, the professionals of the company will complete all the legal formalities to transfer it in an easier way.
To make sure you find the very best homes for sale in albuquerque nm, you need to ensure you’ve got the best real estate company in abq to help you.
The Venturi Team – Keller Williams Realty
1119 Alameda Blvd NW Albuquerque NM, 87114
Earlier this month I did a quick update as well as the Q3 numbers. Here is a full Video Market Update Report including the HPI numbers for the 3rd quarter as well as a November 2016 update. Two big things I am watching… Home Price Index, and Supply vs. Demand ratio. The HPI has had a 4.49% increase through the 3rd quarter, largest move in 10 years, a healthy move. It will be interesting to see how Oct, Nov, and Dec come out. At this point it looks like we will end up at 5%+ appreciation for 2016 Y/Y. The Supply is low and if the demand trend continues, this could create some challenges. However, the fact the prices are going up will help some people who have been in the position of wanting to sell but having negative equity. As the negative equity goes away that can help bring more homes on the market.
We just received the latest Home Price Index numbers for Albuquerque and as expected… prices are up. For 2016 we have seen a 4.49% increase in the index through the 3rd quarter. The last time the ABQ housing market has had gains greater than this was 2006. The Albuquerque Home Price Index has averaged 3.9% since 1978.