It's a Great Time to Make a Lowball Offer in Northwest Albuquerque!

Wouldn't you think in this buyer's market that this would be a great time to make a lowball offer?

It seems like everyone has a story-"My Uncle just bought a house for $40,000 under list price!"

And then the worst part---the follow up: "I expect to get that kind of deal too!"

Unfortunately for you buyers out there scenarios like this are like the fishing stories people tell; You know, "the fish I caught was this big!"

I was telling someone at an open house today that even though it is a buyers market, most houses are still selling for fairly close to list price. It's just the list prices that are coming down. Here is a look at the real numbers on sales price to list price in Northwest Albuquerque Area 120:

Hey, that looks like a wild deviation in the sales price to list price ratio, but really it's not. Here is another way of looking at it:

If you look carefully, there has not been a huge difference in the ratio. This means buyers are not getting $40,000 off the list price on average priced Homes in Northwest Albuquerque.

What it does mean is that buyers can expect to negotiate only 2 to 3% off the sales price on an average transaction.

That doesn't mean there aren't some great deals out there, because there are. But usually the savings comes in the form of a reduced-sometimes greatly reduced-list price.

Before you make an offer on a house, make sure your Albuquerque Realtor shows you how much comparable homes have been selling for in the neighborhood.

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