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Featured Listing

For Sale: $210,000

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Monthly Newsletter from Sandi Pressley

Real Estate Overview

Note: January 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales experienced a minor drop for the third consecutive month in January, according to the National Association of Realtors®. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity in January.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) decreased 1.2 percent from December to a seasonally adjusted annual rate of 4.94 million in January. Sales were down 8.5 percent from a year ago (5.40 million in January 2018).

NAR's chief economist, Lawrence Yun says January's home sales of 4.94 million were the lowest since November 2015, but that he does not expect the numbers to decline further going forward. “Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

The median existing-home price for all housing types in January was $247,500, up 2.8 percent from January 2018 ($240,800). January’s price increase marks the 83rd straight month of year-over-year gains.

Total housing inventory at the end of January increased to 1.59 million, up from 1.53 million existing homes available for sale in December, and represents an increase from 1.52 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.7 months in December and from 3.4 months in January 2018.

Properties remained on the market for an average of 49 days in January, up from 46 days in December and 42 days a year ago. Thirty-eight percent of homes sold in January were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.46 percent in January from 4.64 percent in December. The average commitment rate for all of 2018 was 4.54 percent.

First-time buyers were responsible for 29 percent of sales in January, down from last month (32 percent), but the same as a year ago. 

How's Your Selling Strategy

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Upcoming Events in Albuquerque

As Spring is just around the corner, it's time to get out and have some fun this March and April in Albuquerque. Here's a few upcoming events that are sure to put some spring in your step.

RIO GRANDE ARTS & CRAFTS SPRING SHOW
March 8, 2019 - March 10, 2019
EXPO New Mexico, Lujan Exhibit Complex, 300 San Pedro Dr. N.E., Albuquerque, NM 87108

185 fine artists and craftsmen come from all over the country to Expo New Mexico for the Rio Grande Spring Show. Marking the state’s first major art event of the year, this juried indoor festival focuses on fine arts and crafts while offering something fun for the whole family! You can shop a colorful variety of works in all mediums, from leather and pottery to jewelry and woodwork, while also enjoying artist demonstrations, foods sampling, and live entertainment. 

19TH ANNUAL REVOLUTIONS INTERNATIONAL THEATRE FESTIVAL
March 9, 2019 - March 30, 2019
Tricklock Performance Laboratory, 110 Gold Ave. S.W., Albuquerque, NM 87102

NEW MEXICO UNITED'S INAUGURAL SEASON
March 9, 2019 - October 19, 2019
Albuquerque Isotopes Baseball Club 1601 Avenida Cesar Chavez S.E., Albuquerque, NM 87106

Come watch New Mexico’s pro soccer team as they take soccer, the state and every single fan to the next level.

SOUTHWEST CHOCOLATE & COFFEE FEST
March 16, 2019 - March 17, 2019

The nation's largest festival dedicated to chocolate, coffee, and gourmet foods featuring the finest chocolatiers, coffee roasters, candy makers, bakers, breweries, wineries, and gourmet food companies. Live entertainment, professional cooking demonstrations, and a dedicated Kids Zone with free activities.

2019 FIESTAS DE ALBUQUERQUE
April 6, 2019
Old Town Plaza 200 N Plaza St NW, Albuquerque, NM 87104

Celebrate Albuquerque's birthday and enjoy the history and traditions of our city with free children's activities, live artist demonstrations, local food, shopping, and fun for the whole family. Fiestas de Albuquerque will feature live entertainment performed by a variety of local talent including headliner, Gonzalo.

Check back on our blog every week for more real estate advice and local articles about living in Albuquerque. And make sure to follow us on Facebook for up to date real estate news for Albuquerque and surrounding areas.

Quick links to this site are also SandiSells.net or SandiSellsHomes.com