With summer temperatures heating up, so is the real estate market in Albuquerque. Low inventory and eager buyers is shaping things into what real estate experts like to call a “seller’s market.”
The month of May saw very low inventory for single-family homes and this is continuing into June. Looking at all new listings from the start of the month to today we are only seeing about 1100 new residential listings with only around 1700 listings total in the greater Albuquerque area (including attached and manufactured housing). In terms of pending sales, from the start of the month to today we are seeing about 1,300 properties go under contract. One way of looking at this is for every new home that hits the markets another home is sold.
What should I consider when looking for a REALTOR to represent me when selling a home? Find someone who is an expert negotiator. There is a good chance, in a market like this, that your home could enter into a multiple offer situation. It is important to have a real estate agent who knows how to analyze those offers and not just find you the highest price, but get you the one that will net you the most money at close.
Not only should you look for that expert negotiator, you should find someone who is familiar with not just selling or buying a home, but who knows enough about our real estate partners in lending and title. With uncertain times and changing “normals” due to COVID-19, it is vital to find someone who knows how long different title and lending groups take to close.
Do your research and find a real estate agent you want to work with and meets all of your needs not just the first REALTOR who pops up on Zillow. If you are looking to sell and/or learn more about the Albuquerque area’s sellers market, reach out today!
Elizabeth Benedict is an Associate Broker and REALTOR® at ERA Sellers and Buyers Real Estate in Albuquerque, New Mexico. She holds a Masters in Literature from the University of New Mexico. When she is not helping her community buy and sell houses she is usually writing.