Market Conditions in 87048>Question Details

Evac Wons, Home Seller in Albuquerque, NM 87048

I am selling a $599K home in Albuquerque metro. It is very slow going. What gives?

Asked by Evac Wons, Albuquerque, NM 87048 Fri Jul 13, 2007

My home is on one acre in Corrales and is only one year old. It is priced in the same range as other similar homes in Corrales (that are not selling). When can I expect my home to sell?

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Evac - Currently there are 107 homes on the market in Corrales. Last month 10 homes sold. The absorption rate is 10.7 months. Absorption rate is the number of months it would take for the current supply to be "absorbed" based on the current selling pattern. The average days on market for Corrales is 74. Now if we look more closely at your price and go with a range from $550-$650 there are currently 18 for sale and in the month of June only 1 sold giving you an absorption rate of 18 months. In the last 90 days only one home in your price range has sold it took 57 days. If you are currently listed with an agent this is not intended to solicit your listing. I wish you the best with selling your home. Corrales is a beautiful area.
6 votes Thank Flag Link Fri Jul 13, 2007
I don't know the specifics of your home and/or neighborhood in Albuquerque but I believe that $599K is on the high side for the region. In a stagnant or reduced market buyers are not willing to pay "fair market value" for homes, especially when there is a larger than normal inventory. Make your home unique in a market of sameness. Especially "spiff" the front, curb appeal is usually the most overlooked item in home selling. Contact me if you would like more information and hepl with youe sale.
1 vote Thank Flag Link Fri Jul 13, 2007
Hi Evac...hopefully this reaches you as you sit with a sold home...your question actually had a hint at the answer. If you already knew homes weren't selling at a certain price and you "joined" that competition---that was a mistake. In this market, the key to selling isn't just a beauty contest...PRICE reigns supreme! The fact that the home is practically new and in great condition contributes to "impression" but unfortunately buyers are crazed "deal hunters" right now. A home that's priced aggressively will not endure a long listing period.

Also, the simple truth is that the price point at which you are competing in is not as active as the market below $250K. Home Builders are experiencing this and so is the re-sale market.

Good news is that Corrales is still a very desireable area (even though sales are sluggish). I've lived in Corrales for the past 13 years and love it. I've seen first hand our great markets and now this...

With so many homes available to buyers right now---keep in mind the "beauty pageant" has now become a "swap meet"---Buyers want a "deal".
0 votes Thank Flag Link Sun Oct 3, 2010
What sells your home? Price, product, place, promotion. If you effectively use these to sell your home, you should find success. Currently, homes are on the market longer, especially those that are not competitively priced. It sounds like your home is in excellent condition, having been recently built. That's a plus. As far as place goes, Corrales is one of my favorite villages in New Mexico. We eat and shop there frequently and my daughter took swimming lessons at the Corrales pool this summer. We love it, although we live on the West Side of ABQ. Corrales will continue to be highly regarded and thus hold property values. Great schools, too. As far as promotion goes, you will pay a lot for the services of a traditional real estate broker, as I'm sure you are aware. My wife and I run a discount real estate brokerage and can offer substantially discounted service, saving you money, which may be of great importance in this market. Since you could offer your home at a lower price by using our service, you may be able to sell it more quickly. Our last listing sold in just 5 days for only $5,000 less than asking price. Please visit http://www.skillernrealestate.com for more information and Good Luck!!! Best Regards, Ken Skillern
0 votes Thank Flag Link Tue Aug 28, 2007
for my .02, the media has quite a bit to do with these issues "too much inventory" overbuilt, blah blah blah, plenty of folks want to low ball my property at 20-40(!)% under market, I kick em to the curb IMHO summer has to be a tough sell in NM, pull off the market and advertise in some east coast papers when there is snow on the ground. Ashley had some good numbers, albeit depressing as to the market situation. From my pov, buying a brand new house is like buying a new car, sell too soon, and you're going to take a beating. Crunch some numbers and see what happens if you cut your price 10-20% if possible to show up as the low ball price from the buyers point of view, that might get some action. That btw is a strategy I've seen on these house flipping shows, you get a couple of fish on the hook with the low price, get some emotional attachment going and hope for a bidding war. Best of luck in your sell.

-p
0 votes Thank Flag Link Mon Jul 23, 2007
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