Tips: Selling

When selling a home in Albuquerque, determining the asking price is both an art and a science. Achieving the optimal price when listing your home for sale is the result of objective research into comparable properties and a feeling about your property and the current market.

The Right Price Should:

• Attract buyers.
• Allow you to earn the most money possible.
• Help you sell as quickly as possible.

The simple fact is, price is the number one factor that most home buyers use to determine when looking at listings of homes for sale that they want to view. It's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Overpricing is a common mistake that can cost you in the end.

The Importance of Proper Pricing

When selling a home in Albuquerque, determining the asking price is both an art and a science. Achieving the optimal price when listing your home for sale is the result of objective research into comparable properties and a feeling about your property and the current market.

• Faster sale and less inconvenience.
• Exposure to more home buyers.
• Increased response from other Albuquerque Realtors® .
• More advertising/sign calls.
• Attracts higher offers.
• Means more money to the seller.
• Avoids being "shopworn."

What really matters is how your home compares to others houses for sale that are currently offered and have recently sold in your neighborhood. You can be sure that buyers will be comparing. 

Some Common Reasons for Overpricing

• How much you think it "should" be worth.
• Need.
• Purchasing in higher priced area.
• Original purchase price too high.
• Lack factual data.
• Bargaining room.
• Move isn't necessary.
• Assessed value.
• Emotional attachment.
• Opinion of family and neighbors.
• The number of "unneeded" improvements that have been made.
• How much homes across town or even in the next neighborhood are selling for.

Dangers of Overpricing

• Most of the activity of homes for sale occurs in the first few weeks they are on the market. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.
• Many times buyers who have seen most available homes for sale in their price range are waiting for the "right house" to come on the market. That's why is a house is priced right, it will sell quickly. There are buyers are waiting for the "right" house to materialize.
• It's not generally wise to start with a high price with the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned.
• A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.
• Even if your home is nicer than other homes in the same area, your house won't be picked for viewing if you set the price too high.
• Buyers become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property. They will also be passed over by some Albuquerque Real estate agents for the same reason.
• Attracting the wrong buyers.
• Fewer potentially qualified buyers will respond.
• Realtors® use overpriced homes for sale to help them sell other homes in the same neighborhood.
• You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.

It's important that your property be competitively priced the moment it hits the market. We can help by providing you with a free comparative market analysis. This tool will not only provide a complete listing of homes for sale in your neighborhood, but also give you a range of sales prices for other similar homes which can then be used to determine your asking price.