Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Your Home Isn’t Selling? These Reasons Could Be Why.

Wednesday, September 26, 2018

by Elite Asset Management Team

Your home has been up for sale for quite some time. You were hopeful for a quick sale, but it didn’t happen. It has been months with no offers on the table. It can be really frustrating, but understanding why it’s not selling is a great place to start to finally getting your home sold.

So, why isn’t your home selling?

Overvalue. You may have overvalued your property. Your home must be priced right at market for it to get offers. Comparing your home to similar homes that have recently sold in your neighborhood is one way to find out your home’s estimated value. A good realtor will be able to get the correct value for you. Try to avoid pricing a bit high saying we can always come down.
Listing lacks presentation. A listing has to have a good description with beautiful photos of the interior and exterior. Highlight important stuff like the unique features of your home. Work with your realtor in creating an excellent presentation.
Always at Showings. You should not be at home when it is shown to people. This could add pressure to the buyers and could ruin the chances of getting your home sold.
Not Negotiating Properly. When selling your home, you have to be open to negotiations. One reason why home sellers don’t negotiate is that they’re too attached to their homes. Negotiate for the right price and get your home sold. Even if a low offer comes in try to make it a win, win. Any offer is a starting point.
A Dirty House. Your house has to be clean. Period! A clean house is inviting and fresh. Have your home professionally cleaned to make sure potential homebuyers see your home at its best. Air fresheners are a plus but don’t over power on the scents.
No Staging. Have you moved already? If you have, you have to consider staging your home. Adding furniture and decorations to your home will make it look good for potential buyers. It gives it warmth and the home will be more appealing to the buyers. It is a proven fact that staged homes sell faster and for a higher price that vacant homes.
Personal Items. You have to make sure your home is free of your family photos and other personal items. The goal is to let the potential buyers see themselves living in the home.
Personalized Improvements. You may have done something to your home that others may not like and this could be preventing the sale. It could be something like the color of your walls, the built in cabinets with weird carvings, and a lot more. You may want to have these adjusted to better suit the potential buyers. Ask you realtor for their assistance or even higher a professional stager.
Clutter. Clutter isn’t good when selling a home as it makes the room look smaller. Potential buyers may shy away at the site of clutter so be sure to minimize or de-clutter completely.
Too many repairs needed. If your home is in need of a lot of repairs, most of the buyers are going to look the other way. The best thing to do is get the small items done, especially those visible to the eye. Also, be prepared for repairs after having all the home inspections completed.
Realtor. Choosing a good realtor is very important. Select a highly qualified agent with good experience, a good track record and good credentials. A good start is selecting a CRS – Certified Residential Specialist. Also note their presentation skills when you interview. If they can’t present themselves properly, how will they present your home?

Knowing these issues can definitely set you on the right path to getting your home sold. You wouldn’t be reading this if you have a good realtor or if you didn’t need one. Get a good realtor. It really makes a huge difference. If you are local in the Greater Albuquerque Area visit www.TopAbqAgent.com

RE/MAX National Housing Report for August 2018

Wednesday, September 19, 2018

by Elite Asset Management Team

Home Sales Decline 1% as Inventory, Prices Level Out

DENVER – The RE/MAX National Housing Report for August 2018 shows increasing home prices, low inventory and a reduction in days on market. These combined factors made August 2018 the sixth time this year that home sales lagged behind last year’s pace—but only slightly at -1.1%.

Home prices rose by 3.7% over August 2017, much lower than the year-over-year price increase of 5.4% from August 2016 to August 2017. In fact, the past three months of 2018 have trailed 2017’s rate of price growth year-over-year—compare that to four of the first five months of 2018 when year-over-year price increases easily topped those posted in 2017.

The Median Sales Price of $248,500 marked the 29th consecutive month of year-over-year price increases.

Even though active inventory dropped for the 118th consecutive month, the decline of 5.4% from August 2017 marked the smallest year-over-year decrease since August 2014. In addition, the August 2018 inventory drop marked the fourth consecutive month in 2018 to post single-digit percent declines, rather than the double-digit monthly drops consistently seen in early 2018 and over the previous three years.

“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic,” said RE/MAX CEO Adam Contos. “That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning. The economy is strong and potential buyers are out there—they just need more listings, at the right price points, to consider. We believe that balance will return, which will be good for everyone in the long run. It’s just a matter of when.”

Contos added that although the lack of inventory continues to be a challenge, the trends suggest that the market finally appears to be rebalancing.

“The moderation we are experiencing seems to be a bit more than the normal seasonal lull we’d expect this time of year,” said Contos.

Closed Transactions
Of the 54 metro areas surveyed in August 2018, the overall average number of home sales is down 0.4% compared to July 2018, and decreased 1.1% compared to August 2017. Twenty-two of the 54 metro areas experienced increases in sales year-over-year including, Houston, TX, +34.2%, Burlington, VT, +11.5%, New Orleans, LA, +10.7% and Tulsa, OK, 10.5%.

Median Sales Price – Median of 54 metro median prices
In August 2018, the median of all 54 metro Median Sales Prices was $248,500, down 0.7% from July 2018 and up 3.7% from August 2017. Only four metro areas saw year-over-year decreases in Median Sales Prices including Trenton, NJ, at -1.9%, Little Rock, AR, at -1.1%, Burlington, VT, at -0.3% and Birmingham, AL, at
-0.03%. Three metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, ID, +16.8%, San Francisco, CA, +11.7% and Augusta, ME, +10.2%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in August 2018 was 43, up two days from the average in July 2018, and down 4 days from the August 2017 average. The metro areas with the lowest Days on Market were Omaha, NE, at 21, Seattle, WA, at 23, and San Francisco, CA, Denver, CO, and Cincinnati, OH, all tied with 25. The highest Days on Market averages were in Augusta, ME, at 91, Miami, FL, at 78, Hartford, CT at 77 and New York, NY, at 65. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in August 2018 was down 1.0% from July 2018 and down 5.4% from August 2017. Based on the rate of home sales in August, the Months Supply of Inventory increased to 3.0 from 2.9 in July 2018, and decreased compared to August 2017 at 3.1. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In August 2018, all but one, Miami, FL, of 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. The markets with the lowest Months Supply of Inventory are San Francisco, CA, at 1.4, Boise, ID, at 1.6, Denver, CO, at 1.7 and Salt Lake City, UT, at 1.8.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com