Home Selling in Albuquerque>Question Details

Steve, Home Buyer in Albuquerque, NM

i am about a year away from selling my home. i just trying to think ahead and i know market conditions can change ( we have all learned that lesson).

Asked by Steve, Albuquerque, NM Sun May 15, 2011

i live in NAA ( not a subdivision) on an acre (.89 lot). It is a single story home built in 1994, 3 car garage, 4 bedrroms two bath-custom build home. i am proably on the small side for the area at 2156 sq ft, back yard view of the mountain and landscaped. i was thinking of selling a few years ago but decided against buying a home in primrose pointe. anyway the realtors keep showing me comps from hertiage east in my house size. i have lived in that subdivision and know it it is not NAA. the realtors kept trying to explain the only homes they could find in my sq ft was those homes. i think if i i was in hertiage east i would have eight homes sitting on my .89 acres with me. anyway if i wanted to leave in august of next year when should i put it ont he market. this year or next next year or spring. i know who knows what will happen in the next year. i still owe in the mid 60's on the home.

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The smaller the home in a larger home neighborhood, the more per square foot that you can calculate into the home's value. But, square footage isn't everything - homes aren't sold by the pound. There are many more factors that go into a home's value - and the buyers in the marketplace are going to establish the home's real market price.

Fill out the form below for your own self - service view of the market in your area.
0 votes Thank Flag Link Wed Nov 28, 2012
Steve, have you made any decisions about your home in NAA? I put a tickler on my calendar to check in with you in case you were thinking about listing in the spring. I am happy to help in any way. Shoot me a message or email if you would like a market analysis.
David
0 votes Thank Flag Link Wed Feb 1, 2012
Hi, Steve. There have been 12 sales since January of homes in your area (and similar lot size) and at least one that is close in square footage with the average size about 2700 sqft. Between that and a general knowledge of the market most agents should be able to help you determine fair market value for your home without having to go too far out of the area. And between now and when you are ready to sell there should be more comparable sales to reference. You're doing the right thing in educating yourself on the market now and asking questions about what to expect. Let me know if you need any more specific information or if you would like monthly updates on market statistics relative to your home and to the market as a whole.

Warmly,
Lila Simpson
Compass Your Real Estate Guide, llc
505.730.5452
Web Reference: http://gocompass.net
0 votes Thank Flag Link Wed Oct 19, 2011
Hi Steve,
First, I'm not a realtor. But have moved numerous times across the country and sold houses in down markets with multiple offers. How? We make the house as neutral, make it look large by storying excess furnitgure and anything extra in the garage or atttic or basement in a storage unit. Why? It makes even a small house look bigger to have as little furniture in the house when you put it on the market. Our first house was 1776 sq, ft., 4 bdrms, 1 bath in upstate NY. In 48 hours we had five offers in a down market back in the 90's. We hired someone to professional clean the windows, replaced the hardware on the front door, bought new door mats, carpets, hired maids to clean the house, found someone to prune and add finishing touches to the yard. This was all done the week before the house had a realtor's tour on a Tuesday. We had a signed contract by Friday when I gave birth to my son.
In short, make the house move-in-ready. No red dining rooms, no weeds, no junk in the backyard, all projects finished and take care that every item in your linen closet is folded beautifully. Remember--every drawer, every closet door will be opened, inspected and judged. A good house, well taken care of, priced right will sell much faster than it's competition in a down market. Oh, and bake cookies in the oven. Smells from the kitchen make buyers want to stick around and eat a cookie or two. Good luck.
0 votes Thank Flag Link Mon Oct 17, 2011
Steve,
Matt Peters answer below nailed a key point when considering value when he said you need to consider what homes would a potential buyer of your home might also consider. As I said earlier, pricing is key and there should be a clear plan for how to handle pricing, including adjustments. I always take my clients to actually see some direct competing listings firsthand as we get to the final refinement of our pricing strategy. See more interesting thoughts you need to consider when selling next year in my blog article I referred to earlier. You can read it here: http://www.trulia.com/blog/david_stafford
Best of luck to you, contact me with any questions any time, I would love to be of assistance.
David
0 votes Thank Flag Link Mon May 16, 2011
Steve:

I would love the opportunity to make an appointment to meet with you at your home and discuss not only the general market, but also the local market specific to your home and neighborhood. Getting the chance to see your home is actually the only way provide the best value estimate as compared to comparable properties. Feel free to call me any time to set an appointment. I look forward to hearing from you!!

Brian Daniel
Allstar Realty
(505) 480-9892
0 votes Thank Flag Link Mon May 16, 2011
Steve,
I would recommend you get a home inspection done, as well as talk with a local Realtor. Both will give you good advice as to how to get your home ready for the market. The little things (like neutral paint colors) can make a big difference.
0 votes Thank Flag Link Mon May 16, 2011
Sounds great! No I an very positive the market is on steady upward climb! Great to hear you have kept the home NAA has and always will be a very desired area! It would be a good idea to get a realtor involved just to give you some advice on want might help as far as getting the home in its best showing condition. When we prepare in advance our rewards are many! Call me if you would like 505-715-7954 cell
0 votes Thank Flag Link Mon May 16, 2011
i am will be selling to retire to a different state, so it will be next year. sorry i did not give that information earlier. I am not waiting for the market to improve just hoping it does not get worse. thanks for everyone's answer. I agree to sell in late spring or early summer because my backyard is very pleasant with a water feature, trees , flowers and the view on the mountains and best of all the backyard faces east. So i guess I will start making some repairs on the home that I thought about putting off until next spring. mostly minor we have kept up with the house and have remodel the kitchen and bathrooms in the last 4 years. i think it will sell but i am sure you hear it from that from all the sellers (lol). thanks everyone for your advice.
0 votes Thank Flag Link Mon May 16, 2011
I would say if you are thinking of leaving next year in August you may want to list your home in early spring, best time of the year to sell, flowers and trees start to bloom, giving your home the color beauty to show all your landscaping and allowing the home to beam with warm natural lighting. I am not sure what area you are in exactly but I found a listing that sold in November, 2010 for 459,900 2323 sq. ft 4 bedrooms, 1 full bath, 1/2 bath, 3/4 baths, 2 car garage, on .89 acres, 2 stories sold in 36 days. This I would say would be one of your comparables. Not sure what you are wanting to net out but hopefully this gives you something to go by. Price is very important when listing,so many houses have been on the market for so long, buyers are looking for new listings and you need to be priced correctly so you do not lose potential buyers, more realtors and buyers you have coming throuh the home the sooner you sell. And keeping home showroom ready at all times!!
0 votes Thank Flag Link Mon May 16, 2011
Hi Steve, there are probably as many answers as there are realtors but in my opinion you would be wise to spend the next few months doing everything you can to make your home sparkle and do whatever updates you feel comfortable with, then when you list next spring it will be ahead of the others. I also think the market is steadily improving and you don't want your home to get stale on the market if you list too soon. Call me and we can talk more 321-8603
0 votes Thank Flag Link Mon May 16, 2011
When doing an evaluation of an atypical home, there are usually a few extra steps that can be taken. Multiple indicated values by multiple approaches do have value. Looking at ranges of value for North Albuquerque Acres, and the attraction your home would be as "entry level" would be my first step. Values of similar size and quality homes, that are similar age, would also provide an indicator. There may be other ideas, depending on the profiles of potential buyers. So I do see some value in Heritage East as a partial indicator. The question becomes, "What homes would a potential buyer of your home also consider?"

Since all real estate is unique, values are always based on possible substitution. Sometimes the differences are greater than ideal. The direction of change value from today to a year from now is probably down. This may not be bad, depending on what you would be replacing your home with, and where it was.

It is difficult to predict required marketing time. It is very dependent on asking price and uncontrollable market conditions. I think that in your situation, there should not be a need for more than 90-120 days from market to close.
0 votes Thank Flag Link Sun May 15, 2011
In my opinion, your home will not be worth more any time in the next year than today. I agree that heritage east is not directly comparable. Pricing is the most critical issue, so don't be short changed on the effort to price it right. I can certainly help, including going to see some comps. If you want to wait until next year, I would have it on the market by May 1st to not completely miss the spring buyers. Please see my trulia bio and blog article entitled
0 votes Thank Flag Link Sun May 15, 2011
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