An article this week by The Albuquerque Journal has once again highlighted the fabulous market conditions property sellers are enjoying in the area right now.
While acknowledging that inventory of available homes for sale remains tight, it describes the current situation as "a solid seller's market."
The article also quotes Jon Schnoor, 2016 president of the Greater Albuquerque Association of Realtors: “If sellers have a nice home priced well in a good location, they are entertaining several offers. We haven’t really seen that many (competing buyers) in six or seven years.”
Naturally, we're pleased to see such public acknowledgement of the great market we've been telling you about in this blog for quite some time now.
So the obvious arising question to would-be sellers has to be what more are you waiting for?
Realistically speaking, the stars will never align for sellers better than they are doing right now. With reduced competition and more robust pricing due to low inventory and with buyers highly motivated by mortgage rates still falling to near historic lows, it really is the stuff of dreams, whatever your reasons for selling might be.
The biggest mistake you could make at the moment, however, is to assume that things are going to get even better and to continue with your policy of sitting on the fence waiting for potentially even bigger returns on your sale.
While it's certainly true that there is no obvious sign of an impending end to the current key influences on this superb seller's market, the problem with a waiting game is that you can simply wait too long and, before it's obvious to anyone, market conditions change, for whatever unpredictable reason and returns are compromised.
Dealing in the "now" is really quite an important principle in real estate. While you can be very confident in the long term investment potential of property, from an historic perspective, the favorability of short term conditions can suddenly change and the attractiveness level of buying a home is very attuned to current sentiment, be it good or bad.
Probably the most volatile component of the current market is mortgage rates. They are still moving south at a time when all indicators suggested a steady rise this year. In other words, a u-turn at some point is certain - what we don't know is how near, or far away, that moment is. When rates do begin to rise steadily again, there will very likely be a short term reaction as buyers will possible delay purchasing in the hope that they will fall again - to be honest that's not a strategy we'd recommend either.
And, although you hardly need reminding of this, we are in an election year so much could change if you don't elect to sell in the next few months.
Why not act now and call us today to discuss setting up an effective strategy for optimizing the return on the sale of your property.
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