Wednesday, April 13, 2011

If you like it, BUY IT. - Albuquerque Real Estate

I keep running into this time and time again and felt it necessary to mention it for anyone who cares. The pendulum seems to have swung the opposite way concerning the seller/buyer mentality. During the real estate "boom", it was an amazing seller's market. It was pretty much put your house on the market and name your price then watch people fall all over themselves to buy your home because all they had to do was fog a mirror to get a loan.

Everyone felt invincible.

The bottom fell out and now the it is a buyers market, but no one really feels invincible now...

Inventory is up and Albuquerque Foreclosures are on the rise. Short sales are throwing a wrench in the works and buyers think they can come in a low-ball sellers to the tune of 10-20% off the sales price. Its taking 3+ tries to figure out its not working out quite how they read on yahoo and CNN. Albuquerque Real Estate sellers, including the banks, are not giving these homes away. In reality, homes are selling 3-8% off the asking price and the price range and area certainly will determine that percentage.

"So what does that mean if I want to buy a home now?" Well, since inventory is in fact high, you need to consider that you, Mr. & Ms. buyer, have competition. When a good home hits the market and the price is good, you need to realize that you are not the only one looking at that property, whether it be High Desert homes or North Valley homes in Albuquerque. If it fits your needs and you are in the market, jump on it! Because someone is either in front, behind or right along side of you.

by Tim Fish

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