An easier way to look at Areas 100 & 111 are Paseo to the North, the Rio Grande River, Central Avenue to the south and as far west as Albuquerque goes.
There are currently 453 active listings in these areas, 62 homes are currently in pending and 46 homes have sold. This means there is a 10 month supply of homes that are available.
The number of homes available in each of the price categories are:
................Area110........Area111.....Both....Sold
$0-$100K...........0..............9.........9.........2
$100-$200K........89.............170.......259.......23
$200-$300K........76..............38.......114.......18
$200-$500K........51..............7.........58........4
$500-$750K.........9..............2.........11........0
$750K+.............8..............0.........8.........1
I know what your saying all these statistics are fine but that doesn't help me get my home sold.
True but it does tell you the bottom line of what competition you face getting your home sold if it is between $100-$200K verses over $750K. Even though there are more first time home buyers in the $100-$200K range you actually have a better chance of selling your home if it is over $750K or a 1 in 8 chance than the 1 in 11 chance in the $100k-$200K range. Ok so what do you do now? Hire an effective Realtor that is agressive, markets to the broadest spectrum of potential home buyers in any price range, and make your home stand out to the competition!
Ok I could get my home sold faster if I just lowered the price but I am not willing to do that.
Well the price is determined by what someone else is willing to pay for it, not what you paid for it, not what Zillow says it is worth, not from your neighbors appraisal they had done last year. Take for example a home worth 200K, but it sits on the market for the 10 months it is currently taking to sell a home in Areas 110 & 111 right now. That is 10 months worth of mortgage payments at about $1250 with taxes and insurance figured into the payment. Ten months from now you sold the home for $190,000 because after that long that was the best offer. You have paid the $10,000 in asking price and $12,500 in mortgage payments or $22,500. Had you initially lowered the price of your home by the $10,000 ten months ago you may have found that buyer quicker willing to pay the full price of the home at $190,000 saving you the $12,500 in lost mortage payments.
Call me today to have a current market analysis done on your property, and to discuss the most effective way to get your home sold in 60 days or less instead of 10 months.
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1 comment:
Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!
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