Linda DeVlieg

I get asked this all the time by customers - I'm sure most Realtors® answer this question for customers. What should the answer be?

We don't really know what your home is "worth" and neither does an appraiser.

If you receive an appraisal from a licensed appraiser, what you are receiving is a value based on "intended user/intended use". If the appraisal was for a refinance, what you have received is based on the "intended user" as the lending institution supplying the funds. The "intended use" is the refinance. The appraisal isn't giving you a market value, or giving you a figure where you could market your home. That's not the intended use.

If you are getting an appraisal because you have a purchase contract on your home, the "intended user" is the mortgage company representing the buyer. The "intended use" is to substantiate that the contract terms are sufficient to complete the loan.

Real estate licensees in Albuquerque, New Mexico are only allowed to give you a range in market value, a suggestion of what where to price your home. Our suggestion is based on our perception of the market needs, mood and what buyers are buying. Since there are as many types of buyers as their are homes, what we are doing is trying to place a price on a home that will attract the largest bucket of buyers for the property, and match those buyers with the home's qualities and ammenities.

What really establishes the "worth" of a home is what that particular buyer was willing to pay at that particular time. What Realtors® do in this process is bring in their own personal knowledge of the marketplace and knowledge of the needs and wants of the buying public.

So, when you call in a real estate professional, remember we are real estate consultants as well as analysists.

Happy selling!

Very popular question, not such a popular answer unless you are ready to play and get in the Game.

I'm asked - How do I get my Albuquerque home sold? Simple - a few things that are very important.

1. Hire a great broker to represent you. This doesn't mean they have to have the BIGGEST numbers, but they have to be active in the market enough to know the most recent in's/out's...things to be careful of - for example a very big, long time inspection company just closed it's doors today. You need a broker that is on top of this kind of information to guide you through the process. They have to be busy enough in the market on a daily basis that they have the latest mortgage information, title information - and since we are in the information age - that means every day! It isn't just about putting the home into MLS and letting it sit. They have to help you through the decisions.

2. Marketing matters only if your broker isn't doing any. Good photos are an absolute MUST; virtual tours - statistics say that buyers just don't like looking at properties without them - so be sure your broker is willing to supply a virtual tour that can be published into the internet on all of the sites.

3. Stage your house so that there are no objections. We can't help it if you have a strange floorplan, it won't be strange at the right price for the right buyer, so if you get those kinds of objections - hey, nothing you can do! But - don't show the house with dirty carpets, laundry on the floor, dirty dishes in the sink. Your house has to look like a model home. Remember how nice it was when you walked into the builders' new homes? (Remember what those were like?)

4. Finally - and this is the one thing that might just turn some of you straight away from this blog - PRICE!When I say price, I mean PRICE! Don't compete with your neighbors for the same price because your "home as the best blinds" or the "best appliances", or you did a heating system upgrade. Those things don't matter for a few thousand dollars. Remember - ACTIVE LISTINGS FOR SALE ARE HOMES THAT NOBODY HAS WANTED! You don't want to be one of those. You want to price your home ridiculously low - YES I said ridiculous. You need to have a buyer say "that's ridiculous! I can't let this one go away!" If you have equity in the home enough to list your home 20% lower than anyone else, then do it! Don't wait for the "market to catch up" or get better. Hey, it's not going to happen for a very long time. Some areas have an 8 month supply, and guess what - when those buyers finally see your home after 8 months, guess what they are going to offer. I've been seeing homes go into PENDING status after triple digit 'days on the market', but I can also tell you when you look at the history you see multiple price reductions and when you check the closed price...it will be low. If you don't do this, and you have to sell (and I'll cover that later)...you are going to keep making payments until it does sell, and you have to factor into how much you think you have "lost"..that figure becomes the amount it has cost you. You haven't lost anything if you unload this off the inventory and off your your books. Some insurance companies will no longer cover your home if it is not occupied. Factor that in, too. You don't owe anything? See above about insurance. MAKE SURE YOU HAVE TO SELL THE HOUSE - if you think you might want to sell and think you saw another house that you might want to buy...now is not the time unless you really want to move this home off the books and you want to get a screaming deal on the new home. That can be done - but you have to be ready. Okay, now that's been harsh, but it is the reality. It's not all about marketing - it helps alot only if the broker you have hired doesn't do it well. It's not about how many people a company is moving in - all of the buyers will have a representative to help them find a home. Your job and mine is to make sure that home is available, staged perfectly and priced crazy! Don't let them say no - don't give them a reason to look the next day.

Get into the market, and get moving. The market is not going to "catch up to your price" anytime soon. If you don't need to sell, then explore your other options. Get a good tenant and become a landlord. Consult with your financial advisor as to the risks and tax benefits to being a landlord. Sometimes there aren't any, sometimes there are.

Be realistic, it was your home but now it's inventory.

Opportunities are everywhere - we just have to find them!

My SWMLS Policy Committee asked me to serve again as Chair, and we have a great new year coming up with policy making and implementation of some new changes. Change is always good. It's great being in the middle of it all, watching the ins and outs of procedure and being able to be a part of it.

Social networking - what a great way to touch base with past clients. I think that there is a new wave of communication that we need to be a part of.

I think the old method of hammering people's mailboxes with postcards is going to go away. I hope so for their sake and mine. Now if I could find out a way to get rid of all of these catalogues!

New ways to keep in touch - think ahead, be ahead of the curve. Everything is moving fast. Think - how would YOU like to have someone get in touch with you? Do you want to shove marketing at someone, or do you want to be able to touch and remind by way of your unique presence? Everyone can send out housing statistics...everyone seems to be doing so.

Thanks for the memories, and as we look ahead to 2009, let's think of new ways to re-shape and reaffirm how we work with clients and customers, and what we want them to remember us by. Let's become better educated and better informed as Brokers. Let's have a super New Year.

Been having a great time here in Albuquerque, and so much fun that I haven't posted to AR in a long time. Thanks to my friend Margaret Rome who has put me back on the road again.

Been busy with Albuquerque real estate, even if the market is taking a bit of a nap - but it gives me time to retune and refine my business. New ideas come easier and I'm able to implement them. Retooling my websites, putting in new searches, all lots of fun. I've been out searching for new homes on the market, and getting good ideas for marketing in 2009.

Ran across a great inspiration named Seth Godin - wow, what a mind bender. I'm running out to get his books today.

The weather in Albuquerque has been Chamber of Commerce quality. I can't believe it's December. I've had lots of fun getting out doors, hiking the Sandia Mountains and enjoying everything. There are lots of things to enjoy - get out and find them!

Having a ton of fun with new recipes - I get a box of fresh local vegetables delivered weekly. It's both extremely economical and great fun. A local farmer at Los Poblanos, he has a delivery service which drops these wonderful products at your door every week. It gives me variety and inspiration for new things. Some of the products are locally grown, some are free trade - all great. I simply Google the item for recipes. Get those ovens going!

Here's to wishing all of you a fabulous end of 2008.

A report just released from the New Mexico Mortgage Finance Authority reports the following: Purchase Housing Markets New Mexico Markets Are Localized Residential real estate sales activity appears to have slowed in most New Mexico markets, but it should not be characterized as stagnant or stalled. What is more, prices in many markets have increased over last year despite the abundant supply in some areas. A word of caution: not unlike most analyses of New Mexico, real estate market analyses confirm that markets are very different throughout the state and it is difficult to draw statewide conclusions. The market "snapshots" on the next page demonstrate market distinctions throughout the state. As the table illustrates, most markets in New Mexico experienced a slow down in sales, and yet in many markets, average sales prices were greater in 2007 than they were in 2006. This market phenomenon is not unique to New Mexico. Wells Fargo Chairman Richard Kovacevich made the following observation in a Washington Times article published on December 12, 2007: "‘There's no credit crunch, not when you see people investing billions of dollars into financial institutions,' he said, referring to recent equity sales to foreign investors by Fannie Mae and Citigroup to bolster their capital. ‘The crunch is that there are buyers who don't think values are low enough yet and sellers who don't want to sell at these levels.'" This appears to be the case in many New Mexico markets. This is great news for our area - we have always said that Albuquerque and New Mexico is a microcosm of the general national market; trends are that we have done and will do better than most markets in appreciation. If you would like a free color copy of this report, please contact me at my website at http://www.realestateinabq.com/