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and it doesn't seem to reflect a great deal of seller stress.
There are a couple houses still there that we first noticed back in July, some of
which had already been in the MLS system for up to six months at that point,
but the basic house prices don't seem to be down that much from when we
started looking last Spring.
Whether that is a sign of stability or self-delusion, I'll not judge...
FWIW I put in the following criteria and came up with about 450 houses in ABQ
and Bernalillo that were matches..
single family, 3 or more bedroom, 2 or more bath, min 2000 sq ft with garage
and a price range from $260,000-$400,000. I figure that covers most of the
mid to upper-mid range where stress discounting would be more visible than
in the $250,000 or less range because a $20k reduction is a lot easier to
spot than $5,000 and the lower the price, the less room there is to make
deals.
Mike, the deals are there! It may not be evident on the surface so read the fine print and do your homework. If it says in the description that the seller will not pay sales tax that is an REO (bank owned) and you can low ball that house. Key words such as motivated Seller, Short sale, All offers are leading words that the property may be distressed. If you are prequalified and ready to buy try cross referencing the legals for notices of sale to MLS addresses and you will find where deals are going to happen in the next 30 days. Or hire an experienced Realtor who has LOTS of experience with distressed properties and let them do the work for you.
I am working on buying another rental home and my current offer is $70k below the asking price. It is a short sale which takes time to get accepted by the bank so I won't know for weeks. Persistance pays and remember the old saying..."you make money in Real Estate when you buy the house" which means buy it "priced right" and watch your money grow in appreciation.
Good luck, Jim
I am working on buying another rental home and my current offer is $70k below the asking price. It is a short sale which takes time to get accepted by the bank so I won't know for weeks. Persistance pays and remember the old saying..."you make money in Real Estate when you buy the house" which means buy it "priced right" and watch your money grow in appreciation.
Good luck, Jim
Oh, we bought our house months ago. I'm just saying that there is little visible
difference between today's listings and those of up to six months ago. Which to me
says that there is no widespread desperation in the mid-range ABQ market.
I still have a three-ring binder with 70 or 80 MLS listings I printed out during
our search and although many of those house are long off the market, comparing
their basic characteristics, price, size, location, etc., with those currently listed
does not show the kind of drastic price change that some people may have expected
given how the rest of the world seems to be collapsing.
You are right, it is not evident of the ones for sale. The obvious difference is in the ones that have sold. Very few are selling for near the listing price anymore.
Glad to see I'm not the only one unable to sleep tonight....lol
Are we absolutely positive that MLS will deliver a representative sample? I see a lot of FSBO's (more than usual) and those typically don't show up in MLS.
Are we absolutely positive that MLS will deliver a representative sample? I see a lot of FSBO's (more than usual) and those typically don't show up in MLS.
Absolutely NOT. But all I intended to do was run a rough "Apples-to-apples"
comparison of the MLS listings of 3-6 months ago against what I see now.
I DO think it is a significant data point, but obviously not the entire picture.
We always took a hard look at the FSBO listings when we were actually in the
market, but generally even the best of the FSBO listings are far less informative
than the MLS listings and far, far too many FSBO ads are so badly crafted as
to be almost worthless in a quickie drive-by. How in the hell someone can
expect to sell a house with nothing more than "3 bedrooms, 2 bath,
$150,000, NO AGENTS OR TIRE-KICKERS" eludes me....
As I also pointed out, I was only looking at one broad market segment
because I thought a generalized slump in prices would be more apparent
there than in either the top end or the lower middle. I'm sure that the
Albuquerque Board of Realtors will come out with more accurate figures
in a couple months.
> ... FSBO ... How in the hell someone can
> expect to sell a house with nothing more
> than .... eludes me ....
My neighbor is doing a ( lame ) FSBO. He says he doesn't
care how long it takes and he "wants" a certain amount
( about $400k / $200/sf ).
He refuses to pay any commission, so if a buyer brings their
agent, they have to pay - not him. Effectively, he's pricing
the home at $412k ( 3% x $400k ), so is really pulling a
bait-and-switch IMO.
I'm seeing a lot of FSBO's now using limited service listings on the MLS, the owner pays several hundred dollars to a Real Estate agency and they post the property on MLS for them, however compensation to the Buyers Agent must be offered. The listing agent posts the listing and that is it, their job is done as they receive no commission if the property sells.
I showed such a house this week and while I was there the owner was commenting that he couldn't get hold of the listing agent now that he has an offer. I wonder why not?
You are right, it is not evident of the ones for sale. The obvious difference is in the ones that have sold. Very few are selling for near the listing price anymore.
Glad to see I'm not the only one unable to sleep tonight....lol
I have spent the weekend doing CMA's and looking at the properties recently sold where my customers were looking I was finding the average selling price to be 97% of listing price. Not all properties in Albuquerque are distressed properties.
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Lat night too?
