When clients contact me to talk about listing their home, I start by asking them questions such as the year it was built, the type of construction, the address, major repairs needed or when remodeled, how soon they want to sell, and what they think they want to net from the sale. That last question is often the most telling about what a person truly knows about the market and the value of their home. Often their response to the pricing question starts with, “Well, according to (one of the online real estate posting websites) the estimate is…” Sometimes that number is close to accurate, but often it is not.
The information on the national boards is an asking price, nearly always more than a realistic sale price. The median shown is midpoint of all properties, not a mean among comparable properties that often are not comparable at all. And, if the home has not been listed anytime recently, the chances are extremely high the generalized information is out of date and not accurate. Often the property data has not been corrected or does not accurately reflect what the situation is with the property, making any computerized estimate nothing more than a guess.
My name is Leanna Chavez and I am a long-time real estate professional serving the Albuquerque region. I was born and raised here. I know Albuquerque, the neighborhoods, what architecture styles bring higher dollars, how to stage your property for showing, and exactly what is going on in the real estate market. All those factors make a big difference for what the final sale price will be for your home. Let’s look for a moment at what goes into pricing a property to get the highest sales net for you.
Many factors go into establishing a potential listing price and fair sale price for a residence. Among the most common factors are square footage, acreage, number of bedrooms, bathrooms, and garage space. Well established quality landscaping and amenities such as fencing, a lanai, or swimming pool, or if the house has been remodeled recently add to value. The type of heating and cooling system also make a difference, as well as appliances, type of flooring, the age of the roof and septic (if applicable), and what repairs are outstanding that could affect the sale of the property all have to be taken into account. Even items such as type of flooring, the base construction materials, and the facing finish on the home are factors in establishing a good, accurate listing price and realistic sales price for your property.
It is helpful to know if the home will qualify for VA and FHA loans, or special first time buyer programs. The more information I can gather, the better and more accurate a figure I can supply you with to establish an accurate listing price for your home. Great photos, all around video, a well manicured yard, and clean, well-staged interior all add to the listing and generally command a better sale price as well, especially for upscale properties and estates.
A few other factors also make a difference in how fast and what you can sell your home for, such as if you are willing to carry part or all of the financed amount. How quickly you need to sell also helps determine a realistic sale price. If your home needs repairs, and is being sold as is, a professional realtor can nearly always get you a much better price, even in a quick sale, than you can obtain from property speculators or handling it yourself. As your real estate representative, I can make certain the titles and deeds are correct, there are no encumbrances or liens that could negatively affect closing, water and mineral rights are conveyed properly, and that the buyer is aware of property taxes and utilities that need paid and/or transferred.
Depending on the type of agreement reached will depend on what comes out of the sale price on your property. Generally there is commission, closing costs including title search and title insurance if needed, document stamps, and other items. The buyer and seller agree on who pays what and after those costs are covered, you get a check for the balance. My many years of experience in the Albuquerque area show that I get good sale prices for the properties I list, because I match the buyer with the property and make sure they are qualified to make an offer on your property from the start.
When you see information online about a certain zip code or what the average home price in Albuquerque NM is, that information is usually one of two numbers, either the average of all properties listed (which will be high), or the average of all residences sold in a given area (which is real). The median home price is neither of those numbers. The median is a little difficult to explain, so bear with me – if you make a list high to low of all the prices for every home listed in Albuquerque, counted the total number of listings, and then divided the total in half and counted down to just that halfway point, that is the median home prices in Albuquerque. What does it mean? Not much. The only thing it does mean is half of the home prices are above that number, and half below. What you need to know if what your home is worth, not what some statistics says that has nothing to do with the value of your house.
Albuquerque has home prices at all price points, and your both location and home condition makes a big difference in what it is worth. While the average home price is around $174,000 in 2019, homes range from under $100,000 to millions in our area, depending on size, does it fronting the river, is it a 5/4/3, or is it choice horse property nestled in the foothills? Vistas and views even make a difference, and mature trees certainly do in our high desert region. Talk to a professional to get an accurate valuation on your home, not some guestimate off the Internet, or based on the house down the street.
Many areas of Albuquerque have seen double-digit home price increases in the past few years, and they are continuing to escalate. There is no sign that Albuquerque house prices will be going down, either, as more retirees and businesses move to the area, looking for less congestion, great weather and beautiful scenery. There are many real estate companies Albuquerque based who are not truly aligned with the culture and life that this oasis offers. You can rest easy knowing that I am passionate about getting the most money for your home as possible, with the easiest, most well organized closing you can imagine. My name is Leanna Chavez, and I can be reached at 505-559-4690 or by sending in the contact form. Let’s talk so you can find out what your home is really worth.