Thursday, February 12, 2009

What are prices doing in Albuquerque?

I spend a few minutes every day looking at what is selling - going through pending sales and compiling data for area, pricing, and days on the market. What I am finding consistently is this - when I see a DOM (days on the market) in three figures, I'm also finding the 'start' price being dropped by 10-20%. In the upper price ranges or challenging areas it usually hovers in the 20% range of a price reduction to procure an offer. What this means is - when you start out to price your home, price it under the market value to start out with. I consistently see these types of pricing strategies to produce very fast results for a sale. When you have a fast sale you have less maintenance cost to maintain the property, you pay off your loans on the property quicker and thus reduce your portfolio costs. No more utility bills, no more worries, and you can move to your next investment more quickly. Albuquerque's market is still suffering less than in other areas, but it still takes strategic pricing and marketing to get your property sold. To learn more about selling your Albuquerque home, visit me anytime!

Friday, February 06, 2009

Should we share SOLD and PENDING data?

There is a debate about whether we, as real estate professionals, should share SOLD and PENDING data so easily with the public. My view? Yes,and why not? We aren't the gate keepers of the data so that customers need us just for this info. We are consultants. Our knowledge and training goes far beyond just being gatekeepers. There are alot of real estate business models that only allow for putting data INTO the MLS system without any consulting and that business model never seems to really leap beyond the customers real needs. I am often taking over the listings of these business models. Why? The consumers are needing advice, they are needing guidance and professionalism. By sharing this data I believe we will begin having real transparency in the system. No longer will we experience listing brokers trying to cheat the data by changing addresses to hide the true market time statistics, we won't have constant re-lists in an attempt to hide from the public how long the property has really been on the market. With transparancy the public is better prepared for our consultative relationship. If the consumer has the ability to have the real information about a property, then we as real estate professionals will have the opportunity really carry out our knowledge and assistance in helping the consumer through the tough choices, the possible legal ramifications that are present in many transactions and become the true consultants that we are trained to be.

Blog Archive