Are you thinking about buying an Albuquerque house? Before you do, educate yourself in the process by watching my series of homebuyer videos on YouTube.
Here’s an example of one of the video tips I have for you there that talks about comps, or comparable sales, which help you determine how much you should offer on a home.
Before you make offer on a house in Albuquerque make sure your Realtor pulls comps.
Now what are comps? Comps are closed sales of similar sized homes, with same number of bedrooms, baths, and square footage, in the neighborhood of the house that you want to buy.
Why do you do this? Well remember Realtor’s don’t price houses, sellers do, and sellers have all kinds of different motivations. Some sellers, it might be an estate sale, and they’re like “let’s sell that thing quick and be done”. Other sellers might be like “well, hey. Lets price it high and if I can get that much, you bet I’d sell the house.” right? they’re testing the market, and you really don’t know until you understand pricing in the neighborhood.
So, again, I told you what makes a good comp, what makes a bad comp is other homes that are for sale in that area. Anybody can price a home at any price they want, it doesn’t mean that’s what they’re worth. So you need a Realtor here in New Mexico to pull closed sales information for you.
So the market has kind of changed, its slowed down a little bit, sellers think that property values are still on the climb, whereas most buyers understand that there are more homes to look at than ever, and that they ought to be able get sellers to come down and accept a fair price. So we’re getting a gap there between sellers and buyers, that makes this a difficult market for me to work.
In fact, I’ve wrote an offer lately that the buyer and seller couldn’t come to terms on price, and you know what’s happened, a month or two later I got a call from the seller saying “Hey, is your buyer still interested? We’d take that offer now”. Usually I tell them “no, I’m sorry, we found a house that was reasonably priced and we made an offer on it we’ve already closed”. Buyers just remember, you always need to look at those comps, before you fall too much in love with a property, because one of the worst things that you could possibly do is overpay.
Click this link for more short video tips on buying a home in Albuquerque,