Monday, February 01, 2010

What comes next in Albuquerque real estate?

Waiting to sell your nest? Remember my interview with KOB here where we talked about not waiting to put your Albuquerque home in the market if you need to sell...."we're going to wait until the market turns around", or "wait until the real estate values go up" Well, I can tell you that odds are if everyone is saying that, you are going to be jumping into the pool at the same time. This will create what I believe is going to be another ripple effect, a bad one, for that old economic issue of Supply and Demand. We are in an information age like no other. Everyone hears the same news at about the same time with the same amount of intensity. So, when we start hearing that 'the market is bottoming out' or 'the market is getting better' we might be kidding ourselves to think that we are going to be the only smart guy in the room who will put their house on the market at just the right time. I believe there is a large pool of individuals out there who are just waiting...waiting for something...before they add their home to the inventory. If this happens all at once, we are going to see a surge of new listings on the market just when we thought that the supply had leveled out to 'normal'. The larger the supply, the fewer the buyers, the lower the prices might go again. This seems almost too simple, but if you think about it from the perspective that the consuming public tends to do things all at the same time (and the economists in the audience count on this) you might want to re-think your idea of 'waiting' because you might not be as unique as you think. Here's the facts - if you have to sell your home, do it now. There were alot of people who waited too long and now I know they will take a bigger hit than if they had pulled the trigger, priced it perfectly, staged the home just right - and grabbed the right buyer. I also know there were sellers sold their home just in the knick of time. Looking back I know they got the highest dollar for their property than they would see in years. The thing I cannot promise, nor can anyone else - is what is going to happen in the future. While I love being optimistic, I also have to base practices in reality. Reality states that we have lived through an historic time and we simply don't know what values are going to do in the future. Of course prices will go up, someday....but it will take a long steady climb to recover the pricing that we have seen in the last couple of years. What kind of a delay are we putting on our future plans, the use of money, and our wait it out. Be smart now - check my Market Snapshot and see what home prices are doing in your neighborhood. Then, call in the professionals at The eTeam to get your home sold.
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