List vs. Sales Prices: Loads of Unrealistic Sellers, at least around Albuquerque!
By Laura Warden Nordin, 30-year Top Producer in Greater ABQ Real Estate
(Century 21 Camco Realty)
I've been doing a lot of showing in the past couple of weeks, and even some offer-writing. I'm getting a bit frustrated though, at the really strange market situation that's developed, at least in the rural areas surrounding Albuquerque. With very few exceptions, all the active listings were priced well above the very highest sold comps, sometimes as much as 20% above the highest comparable property that has actually closed. (Let me here congratulate that minority of serious sellers whose homes are well-priced: it was such a pleasure showing your properties!)Last year, and the year before that, this "overpricing" strategy worked for sellers! Property values were increasing so rapidly that you could actually get 20% more than your neighbor got for his identical property six months earlie...
Comments
13