Tracy Venturi: So the topics for today, yes.
Tego Venturi: Should this be the year that somebody sells their home? Tracy, that’s the topic. That’s one of them.
Tracy Venturi: So should it be, well, obviously what we always say, the first thing is, is it time for you to sell your house? Yeah. Right. I mean, the, the approach we’re taking is does the market support, is this the year you should sell your house, right? Not, you know, if you don’t need to sell your house, you don’t have a reason to sell your house. Should you sell your house? So let’s say you need to move in the next couple of years. Is it the year that you should sell your house? Well, what do you think?
Tego Venturi: I think if, if you let’s look at it from a timing, the market standpoint, right. If you’ve been waiting for home prices to be high or higher, then yeah. It’s a great time to sell. I mean, like just talked about home prices up nine, 10% versus last year. Right. however, if you’re just moving to somewhere else in town, you’re going to be paying, you know, 9%, 10% more than you did last year. So, you know, you have to balance that as part of it. When you look into the whole timing issue, now I will say this and we’ve said it before, and I’ll say it again is, you know, if you’re moving from a, let’s say sub median price, median prices around two 50 right now, if you’re selling a home in a lower price point, and you’re moving up into a higher price point, you know, lower price homes definitely went up higher in price last year, higher price homes, man. That was tough.
Tracy Venturi: So from that perspective, if you’re going to be a move up, buyer is what we call it. Yeah. It’s a great time. Yes. Right. Great time. Because you’re going to be in a great position when you sell and you’re going to be buying at a price point that hasn’t appreciated as much and taking advantage of the interest rates and rock, you know, assuming you use the loan locking in phenomenal interest rates and monthly payment for the next 30 years. Now, a lot of us say, I’m not going to be in my house for 30 years, but the analogy is you’re going to be paying to live somewhere in most cases, unless you’re moving in with mom or your children or a friend. Right. So if you’re going to have a monthly housing cost, you might as well be paying yourself instead of a landlord. So sidebar there,
Tego Venturi: I think it’s good. W why do you think Tracy, what would be another reason somebody should be thinking about selling this year? If it’s kind of been on their radar and now they’re going, you know, maybe this is a year,
Tracy Venturi: You know, I’m, I’m thinking shorter term when I answer this question. So yes, 20, 21 good time to be a seller for sure. But let’s talk about today, next week. Isn’t it right now, a good time to sell seven,
Tego Venturi: 9:00 PM.
Tracy Venturi: We put a home on the market. Today’s we put a home on the market two afternoons ago. And by that night, okay. This house is on the West side, 519,000. And by that evening, they’d already had two showings. You know, it’s the early January, not when you typically think of putting a $500,000 plus house on the market. Right. It’s not what people typically do, but there’s a lot of activity on that property. And next time we’re on the radio. We’ll probably be saying that house sold, right? Yeah. So right now is a good time because the springtime come March, April, may, there will be more homes on the market. We still won’t have enough on the market, but there will be more homes on the market competing for your buyer. So getting it on right away before the market gets hotter, I think is advantageous to sellers right now.
Tego Venturi: So if somebody’s going to sell this year, Tracy, what do you think? I mean, what are the, like, let’s say give three things that they should be thinking about. If they’re going to be selling their home this year,
Tracy Venturi: One of them would be to present it like a model home has best. You can get our advice, help us, let us get you staging somebody to give you advice. If you need it on how to present your home so that you get top dollar and then pricing your home, right. Would be number two, pricing your home, right? Even in this market is critical. We have seen it over and over the last couple of months, Tego where somebody says the market’s hot. I think I can get more than what, what the statistics are showing. And what we’ve seen most times is they end up price, reducing, chasing the market downward. And then their house has been on the market for a month. And buyers are like, what’s wrong with this house? It’s not sold,
Tego Venturi: But having sold in five days, there must be something wrong with it. Yeah. So they’re, they’re getting ahead of market appreciation. And so you want to be careful about that. And, and it, it’s actually not hard to do that because you can just look at the data at what homes are selling for. So you know that the data we have the data, right. That’s what we do is, is help you come up with that. You know how you’re going to position your home by price in, in the current market. Right?
Tracy Venturi: The other thing I would say is remember that your home is going to be a product now, and we need to think like a consumer, how will buyers feel coming into your home? What will attract them? What might turn them off, whether it smells clean, windows, pets, whatever it might be. You know, sometimes you have your beautiful paints that you’ve painted walls and, you know, we need to make the house more of a product.
Tego Venturi: Well in its presentation, right? Presentation matters, merchandising matters. And the marketing matters just because somebody can go out and snap, a bunch of cell photos of the home, put it in the MLS and have it sold in a few days, you got to ask yourself, are you leaving money on the table if you’re doing that right. So we’re still doing the premium marketing on our homes. We’re making sure it gets presented properly so that we’re getting the clients the most money.
Tracy Venturi: Right. And I would say there’s a number four in there. You know, if we put your home,
Tego Venturi: I don’t know. I lost track. Are we on three or four? We’re on four.
Tracy Venturi: Okay. So, so the w we might get an above price buff above list price offer on the home. When you put it on the market, we need to remember as sellers that the house most clear in most cases still needs to appraise. And so we need to temper what price somebody is offering along with the rest of the criteria of their offer. What, what type of loan, what’s their closing date? How long is, you know, how long will it be to closing who’s their lender because who their lender is matters, especially in this market. Are there other things in their offer that we need to be considering, right. So not, not re just remembering that if we get an above price offer, that it may not be the best offer because it may not appraise. Yeah. Yeah. So I have another topic.
Tego Venturi: Well, I want to, I just want to tell one story. So we have a property that we just rented. We remodeled it here in Rio Rancho, and just put it up for rent. And if you’re looking for a rental, you know, there was a lot of demand, a lot of people looking for rentals right now. So not only do we have a shortage for homes for sale, we have a shortage for homes for rent.
Tracy Venturi: Well, so let’s give a warning to all those renters real quick and tell them what happened. Tell them the story. This is way too common
Tego Venturi: Is very common. So the home I put it on the normal services that we use to list homes for, for sale, but also in this case, it’s worth for rant. I put her on our MLS ends up on Zillow and you know, all the other places it goes, well, somebody took our home for rent and put it on Craigslist for rent, much cheaper, much cheaper, you know, stole our photos off the listing. And they put their contact, put their contact info. Luckily multiple people, they were able to just Google the address and find it on Zillow and called me direct and said, something’s not right here. And the, the reality is if you’re looking for a rental and tell everybody, you know, I might be looking for a rental, be extremely careful for listings. You see on services like Craigslist, where there’s really no policing in making sure that the person that’s posting it is actually owner of the property.
Tracy Venturi: So what happens? And we don’t know of anybody doing this for this particular rental, but in past years, we do know of people who have put down a month’s deposit. And the first month’s rent to somebody, who’s not the owner that you never hear from again. And that’s really tragic because oftentimes when you’re moving from one rental to another, you know, money is scarce. You don’t want to lose two months worth of, of of the money that you needed for housing. So be careful with who you’re renting from. And there’s great property managers in Albuquerque. If you need the name of a great property manager, you can call us or Google property managers, Albuquerque and column individually.
Tego Venturi: I think it comes down to the basic rule was if it looks too good, it probably is not right. It’s probably not real,
Tracy Venturi: But the next scam could be, it doesn’t look too good. And they say, we’ll meet you and give you keys as soon as you pay us on PayPal.
Tego Venturi: Exactly. So just be again, tell all your friends, if they’re looking for rentals, be really careful. And it’s unfortunately, like I say, there’s, there’s very little policing on it. And the problem is when somebody does that, there’s, you know, what are you going to do? Especially if they’re overseas somewhere, right?
Tracy Venturi: So this is Tracy and Tego, Venturi, Albuquerque real estate talk. We’ve been coming to you here on the rock of talk for over over seven years. You can reach us. Our real estate office is at 448-8888. And we’re all standing Vida help you with your real estate needs for the year. If you have any specific questions or topics, you’d like to see us cover on the radio let us know.