Lg, Other/Just Looking in Corales

Are the property values in Corrales continuing to rise?

Asked by Lg, Corales Thu Mar 13, 2008

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Hi Lg,

The current data from our local MLS suggests the answer is NO. Prices HAVE been steadily rising from 7% to 19% for the prior 4 years yet have flattened if not fallen this past year. The average home price dropped from $514K to $504K, however the median price raised slightly from $450 - $455K from 12 months ago.

Also interesting to note, inventory has gone up nearly 20% from this time last year and days on the market have increased from 51 to 59 in that same period. In the last 30 days, 44 sellers or a full 30% have lowered their asking price.

What's going to happen next you say? Anyone's guess! We see sellers afraid they will be giving their home away and buyers are afraid they will overpay. If you have to or want to move, get your home in the best condition possible to sell and start looking for a motivated seller. Right now, it's a beauty contest and a price war...

BTW, the flowers are starting to come out and the weather is gorgeous. Hope you make it to Corrales soon...
0 votes Thank Flag Link Fri Apr 18, 2008
Thank you for this great question! Corrales is unique in the home market - appealing to a sector of the market that searches for individualistic life styles and a foundation in Southwestern sense of freedom with its charming historical stamp. However, Corrales charm is not enough when a home owner fails to maintain his property. Properties may suffer depreciation if due diligence is not practiced. Astute buyers are buying the best deal in Corrales while a large selection of homes remains on the market. An experienced real estate agent is your best friend in this case. An agent previews homes constantly to locate the most desireable homes for a client. A consultation with a professional Realtor should be your first step before placing a home on the market.
0 votes Thank Flag Link Fri Mar 14, 2008
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