Home Buying in Albuquerque>Question Details

Uwe Klotz, Home Seller in McLean, VA

Are sellers unrealistic or are my expectations too high?

Asked by Uwe Klotz, McLean, VA Mon Mar 18, 2013

I am looking into buying a $600K home in NAA and noticed that many properties have been listed for a year and over. There were only a handful of sales in the last year so either there are not enough buyers or prices are not attractive. I can understand as a seller to sell as high as possible but if the house is on the market for such a long time wouldn't you try adjusting the price to sell? Many houses are empty so the sellers have to assume monthly costs to maintain the property. It looks to me that many sellers are just not interested in selling at all. Am I missing something?

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There are alot of thinks involve in selling a home. The market does determine the price but some people can not sell because they are upside down and don't want to bring moneyto the table. They would rather rent the home until market conditions change. It is also diffcult to obtain a jumbo loan. Your agent should be able to provide you with all the details on the homes you are interested in. If they can not give you the ino please contact me.
0 votes Thank Flag Link Thu Mar 21, 2013
One reason the house might be on the market for so long is because of the inventory level.
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Depending on when the homes were purchased, they could be listed below what they were purchased for although still appearing priced high in the present market.
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Seller who purchased when the market was high, have mortgages that might be higher than the present valuation of their home, so it is hard for them to reduce price as quickly as someone owning a house outright.
0 votes Thank Flag Link Mon Mar 18, 2013
There have actually been a LOT of sales very lately in NAA. I have a customer who lives there.
The ones that were on the markeet for some time are becoming more attractive because
the market is picking up in MANY parts of town and $800k homes are being sold NOW for several reasons. There are several WAYS I can discover what is out there waiting to be bought but I would have to talk to you and meet you in person. Max Sklower, Owner/Broker of Broadcast Realty. Phone 800-888-3581 or 505-822-8864. Email: realtyperson@gmail.com . Without personal contact you and I are and will both be flying blind. OK? Thanks Uwe.... Max
0 votes Thank Flag Link Mon Mar 18, 2013
Hello,

It can depend on a Seller's motivation. If they're just looking to "test" the market, they'll discover that the market will actually "test" them. Others just may not have much flexibility, so they have to stick to their price.

On the buying side, some times simply submitting comps along with your offer can help get a Seller to be a bit more realistic.

If you have any questions or would like to get an idea of value on a particular home, feel free to connect with me.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.syan.com
0 votes Thank Flag Link Mon Mar 18, 2013
Looks like you have been giving some valueable information. I'd be glad to help you in your search, find answers to your questions about specific properties of interest, etc. Feel free to call, text or email.

Adam Pehrson
Sandia Peak Realty
Adam@SandiaPeakRealty.com
505-401-0496 cell/text
0 votes Thank Flag Link Mon Mar 18, 2013
You could be missing a lot! You might not know if the house is a short sale. Those take a longer time than you'd expect to close and although the Seller is still the owner, the Bank makes the final decisions. BTW, a "short sale" means that the Seller falls short of the amount owed because the house is no longer worth what the Seller owes on it. So, a short sale takes very long to close! The irony of real estate still exists. Also, NAA is a particular area where the homes are on full acre lots. For a good amount of Buyers, that's too big of a lot to take care of. NAA seemed like a great idea as the North Valley got overly expensive. But now the market has turned and Boomers don't want too much to take care of. In addition, I have found that that is an difficult price range in today's market. Homes under
$300K sell very quickly but over $400K take longer. No one wants to pay too much for a house and then wish they didn't because the value has gone down. The NEWS says the market is improving and in some areas it's back to "normal" but in NM, we are usually 2 years behind the "real" world. And finally, FIND YOURSELF A REALTOR that can answer your questions. We are educated in the market and knowledgable about everything you'd want to know about real estate in ABQ..The Seller usually agrees to pay the commission and you will be better informed and more educated to the ABQ. market. You certainly can not see the house next door on the internet and when you buy in NAA, that can be extremely important!
0 votes Thank Flag Link Mon Mar 18, 2013
Every property is unique. Once you zero in on one the price of that unit can be evaluated. The job of persuading the seller falls to the buyer. A personal visit or detailed correspondence may be required. One cannot leave the job of selling the seller to the listing broker. Call me with questions.
0 votes Thank Flag Link Mon Mar 18, 2013
Buyers are usualoly are unrealstic in their expetations but they have the WEDGE. Sellers are mostly unrealistic in what they think they can get for the property. The GOOD realtor, like Me, Max Sklower in Albuquerque will have done sufiicient research to convince the Seller what is a price that will MOVE the property. Contact me, Max Sklower at: realtyperson@gmail.com or call me at 800-888-3581. Max Sklower in Albuquerque, Owner/Broker of Broadcast Realty, LLC.
0 votes Thank Flag Link Mon Mar 18, 2013
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