NM Real Estate Info

With housing prices in recent years averaging an upward trend, the Albuquerque real estate market is more competitive than ever. Finding a home can be challenging, and getting a bid accepted on one more so. Since bidding wars are stronger than ever, here are 4 tips to consider when placing your bid.

1 Figure out what the home is worth to you. Temporarily put the the asking price out of your mind. If the house has unique features that fits your needs and is in low supply, you may want to consider making a higher offer.

2 Look at comparable properties. Remember, location weighs heavily in pricing. A house that could be worth $300,000 in one neighborhood may only sell for $225,000 in a different one down the street. Make sure the asking price is fair by looking at houses on the same block, preferably the same size, and with the same number of bedrooms and bathrooms. Using these comps will give you a baseline estimate of what your potential home should be worth.

3 Research sold price vs. list price. Look at houses that have sold recently in the same neighborhood. Have they sold above or below the asking price? This should tell you what sellers are expecting. Don’t forget the word “recently.” A home that sold above the asking price last year may not be able to get the same price today.

4 Consider price history. How long has the home been on the market (days on market)? If it was recently listed, the seller may not be as likely to take a lower offer. If it’s been on the market for several months and the price has dropped, you may be able to make an offer below the list price.

After considering these tips in making a bid, how much should you bid? In competitive markets, you need to make your best offer initially because you may not get a second chance. Work with your real estate agent and use your information from above to determine what amount would be competitive while keeping your bid affordable. Doing so will put you in a far better position to grab your dream home!

Have you won in a bidding war? Do you have any bidding advice to share? Feel free to tell me in the comments below. And if you’re looking to buy or sell a house in the Albuquerque area, contact me today!

Quite often, I’m asked by homeowners and sellers alike for advice on remodeling. Here are my six best tips for a successful remodel.

1. Start with a realistic budget.

Don’t rush into your project without seriously budgeting for materials, supplies, and tools! Try to be as specific as possible so you know you’ll have the budget to finish the project. Be sure to set a completion date.

2. Stay consistent with your home’s overall style.

Creating a contemporary addition to a classic farmhouse or changing a room that becomes out of sync with the rest of the house is never a sound remodel.

3. Don’t attempt to do everything yourself.

Many people hear the price of a contractor, and try to do the entire project themselves. Price around. Recognizing your limitations may be difficult, but you only have so many skills and so much knowledge.

4. Don’t necessarily hire the lowest bidding contractor.

Going with the lowest bidder may not always be the best choice. Check to see whether your contractor is stable, including being licensed and insured.

5. Consider the effect on your property value.

When considering the importance of projects, be sure to put heavier weight on those that will have a good impact on your home’s resale value.

6. Don’t over-personalize.

In general, avoid making permanent changes that are far from neutral, unless you’re really advertising a particularly valuable niche within your home.

By following these six tips, you’ll be well on your way to a home that will make the most of its value when you do decide to sell! If you have any remodeling tips you’d like to add, feel free to leave them in the comments below. And if you have any questions about selling or buying a home in metro Albuquerque, be sure to contact me today!

Archives for August 2019

4 Tips to Consider When Bidding on a Home

6 Tips for a Successful Remodel