As we've been reporting on this blog for some time, the extreme buoyancy of the current Albuquerque area real estate market is frequently leading to multiple offers for homes.
This, of course, is just about the best news any seller can have, as it more and more often results in the sold price exceeding the asking price!
Given that the average percentage of asking price achieved in the area currently stands at 98.2%, automatically suggests that a lot of homes are now selling above 100%
And with low inventory of available homes in the area and very high buyer demand, it really is a good idea to ensure you're totally prepared for this increasingly likely, but most welcome, possibility.
Competitive bidding scenarios essentially create an auction-style sale. As ever with auctions, people don't like to lose, ensuring that you get not only the very best price but also terms and conditions that are very much in your favor.
The key advice is to work very closely with your agent to ensure that all interested potential buyers have an opportunity put forward their highest and best offer.
If your home has attracted considerable interest, you need to be aware at all times that buyers are pretty much desperate to find something that exactly fits their needs and it therefore is not usually the right strategy for you to automatically accept the first offer, especially if there is a strong likelihood of other offers coming in very soon.
So why not give all interested buyers the chance to make a bid and sit back when all offers are in and decide which one suits you best. And always remember that the highest monetary offer may not be the best one from an overall perspective. Does, for example, the buyer making this offer have fully approved finance to purchase? With multiple offers on the table, you are in the driving seat to pick and choose! Your agent will of course be able to provide experienced and professional guidance as to what represents the best overall offer.
What an enviable position and, we're happy to say, one that more and more home sellers find themselves in!
Of course to achieve best price in the shortest possible time frame, the standard rules of initially pricing the home "in the market" to attract interest, plus ensuring the property is in tip-top condition, still apply.
Chances are, if you're selling, you'll also be a buyer too, either looking to upgrade or downsize. You therefore also need to be prepared to be in the best shape for when you're on the flip side of all this, not least by ensuring you can put forward a strong price in the chosen home category, as well as being completely pre-approved for the requisite home loan.
If you're considering selling, why not contact us today for an informal discussion of how we can help you formulate an effective strategy to optimize your returns.