The housing market for Albuquerque as of February of this year was considered a seller’s market, actually rating it as the “10th best market.” The indication is the market will hold steady into next year, with a shortage of homes continuing to be an issue while there’s still a demand.
With inflation and the economic landscape, there are currently slight changes, with buyers having time to make decisions instead of rushing into a contract with the potential for bidding wars. Some sellers reduce prices when houses sit a little too long on the market.
That means having a strategy in line with an idea of when the best time to sell the property will be. According to experts, the time to sell is when a house can go quickly.
The seller needs to select a range of times when houses are spending limited time on the market, when there’s a demand from buyers.
Find out what sellers can do before putting their home on the market at https://www.lifestorage.com/blog/moving/things-to-do-before-selling-your-home/.
When there’s buyer demand, it’s less likely the seller will need to reduce their asking price. Last year, at this time, homes in certain parts of Albuquerque were selling as quickly as ten days. Consider these suggestions to help sell your Albuquerque home quicker in 2023.
What Are Some Steps For Selling Your Albuquerque Home Quicker In 2023
The housing market in Albuquerque is still considered a seller’s market, albeit it has “cooled” just a bit. Buyers have a little more time with their decision-making, whereas before, there was more of a tug-of-war with housing shortages and increased demand for properties.
At this same time back in 2022, some areas of Albuquerque saw houses sell as quickly as ten days. That meant buyers had to make full offers or above upfront to attempt to get the property and then were often outbid. In the current housing market, let’s look at how it’s recommended to sell a house quickly.
· Work with a local real estate agent
While some areas of Albuquerque can see homes move swiftly, there’s a vast range in how quickly homes are moving across New Mexico, demonstrating the relevance of using a real estate agent in your local vicinity.
The industry is “hyper-localized,” making it necessary to have a professional versed in your market who can work with you to establish a proactive strategy.
It will mean investing in commission fees at roughly three percent for the sale and three percent for the buyer, but the investment is worth the extensive “leg work” an agent provides. As the seller, your primary responsibility will be to field offers as they come in, the real estate agent will handle everything else.
· The price should be competitive
Offers on your home are not guaranteed. For buyers to be interested, the price point needs to be appropriate. When assessing an asking price, part of the process involves evaluating comps to determine what a buyer might pay for the property.
An agent will review comparable properties with you in your location, along with their selling prices. As you consider the asking price, it’s important to see yourself in the position of a buyer and what you’ll be facing with higher mortgage rates.
That will encourage you to relax your price but not too much that you lose a profit. Go here for suggestions on selecting a real estate agent to help with these decisions.
· Is it worth the investment to pay for staging the house for potential buyers
Some sellers will pay for their home to be staged for buyers to come through and see the house in “move-in-ready” condition. The cost for this service is based on the amount of help you’re looking for.
That can be whether you want someone to help organize and declutter or need the home furnished since you’ve already moved out and the rooms are empty. Staging is optional, particularly if the house is clean and modern.
Again, this would be a question for your local agent to determine the house’s marketability in its current condition.
· Repairs could be a consideration
Unless the house is being marketed as is or you’re selling it as a fixer-upper, most homebuyers won’t want to put extra money into a property once they move in.
When considering potential issues look over the household as if you were the buyer viewing it in a walk-through to identify potential problems that would cause you to reconsider the purchase.
If you need more clarification about the necessary fixes and going too far with repairs, your local real estate agent can tell you what issues will turn a buyer away and which are less critical.
A wise step is investing in a pre-sale inspection allowing you to be a step ahead of problems that might be addressed with the buyer’s inspection process.
Final Thought
When the time comes to sell your New Mexico home and look for a new place, a priority is to locate a local Albuquerque real estate agent with specialized knowledge in your specific housing market. Agents come with varying levels of experience and different fields of expertise, making it essential to consult a few.
With each, asking many questions will ensure you have an agent who understands your needs and a clear-cut strategy for approaching the listing. The professional should be someone you feel confident and comfortable working alongside and capable of achieving success with the most lucrative deal possible.
