I know you are reading alot of statistics here and there and everywhere about what the market is like. Depending on the delivery the stats are useful, or not.
Be aware when you see statistics that the market is “up” with pending sales (as recently reported), be curious as to how that data was collected. In my opinion it had more to do that the inventory of available new home inventory has decreased, causing buyers to buy re-sale homes that are in the MLS; often new home sales are not reported in the MLS. So, yes buyers are out there, but are there more buyers, or just less homes?
When you see sales increasing in an area, don’t think that this means, as a seller, that you should start holding out for a higher price than market value. Let’s remember that Market Value is where you get an offer – so if you have had an appraisal 5 months ago that told you a price, that doesn’t mean this is where it is going to sell. If you see home sales increasing in your area, race to be at the head of the pack. Reduce your price to the closest comparable, or lower – to make it attractive to the next wave of buyers. Be sure your photos are properly placed in the MLS and that your marketing is updated and fresh.
In any case, be curious when you see statistics – as they can be construed in many different ways.
For a free Market Snapshot, go to my site at https://www.realestateinabq.com/ and fill out the Market Snapshot form. After you review the graphs and stats, don’t hesitate to contact me to help you interpret the data.
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