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!
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