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The Albuquerque real estate market is changing. Fewer and fewer homes on the market and more sales means that not only are there less homes to choose from, but that buyer?s need to act differently.
Just like sellers who were left behind by the transitioning market back in 2007-2008 because they failed to adjust their prices and expectations, buyers who don?t adjust their expectations in 2012-2013 may be left behind, wishing they had purchased a home when both rates and prices were down.
By my calculations, we were stuck in a buyer?s market for an unusually long time: 4 years. Most people have probably forgotten what it was like before that, so with that in mind?what kind of adjustments do buyers need to make?
- Buyers need to make quicker decisions. ?Average market times are not telling the whole story in the areas with the most demand. That?s because the best properties, the ones that come on the market in good condition and priced competitively, are selling super fast. If you?re a buyer out there looking for a home and you think you?ve found the right one, don?t delay in making an offer.
- Buyers need to look more aggressively. Buyer?s should look at the available inventory in their price range and desired area to learn about house prices and then be poised and ready to strike when new listings come on the market.
- Buyers will have to be less picky. ?With so many homes to choose from in a buyer?s market you can be pickier about condition. In a seller?s market, there will be other buyers lined up behind you willing to buy the same house for more money and asking for less repairs.
These are three things to keep in mind as the market shifts. There are still some good deals in some neighborhoods, but not like there were. Adjust your expectations or be left behind. You?ll be left wishing you had taken advantage of reduced prices and incredibly low interest rates.
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Source: http://www.albuquerquerealestateplace.com/blog/transitioning-from-buyers-market-to-a-sellers-market/
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