You’ve found a home you love in ABQ and you’re serious about putting in an offer on it. That’s great! It can be a little nerve-wracking and you’ve probably got some questions. Before you submit anything, make a list of questions to ask an Albuquerque Realtor®. You should have complete confidence in your decision before you put yourself in the position to get an accepted offer. In this article, we’ll look at five questions to ask an Albuquerque Realtor® before submitting an offer.
- Is the asking price reasonable?
- What’s the property’s history?
- How’s the neighborhood?
- How long has it been on the market?
- Are there previous or current offers?
These are by no means the only questions you’ll have, but they do represent some of the most important when it comes to building buyer confidence. If you’ve got questions to ask an Albuquerque Realtor®, ask them! Information will make you a confident buyer, ready to submit a winning offer.
1. Is the asking price reasonable?
The ABQ housing market is a hot one. Not only will you face stiff competition from other buyers and bidders, you’ll also likely see inflated asking prices. Before you dismiss a property as overly expensive or submit an offer on what looks like a bargain, take a moment to check if the asking price is reasonable. There are a few ways to determine this—the simplest being to ask an Albuquerque Realtor®.
You can tell if an asking price is reasonable by looking at all the following as benchmarks for the current listed price:
- When the property last sold and its selling price
- Comps from recent sales in the surrounding area
- County assessor and property tax information
These metrics will provide some insight for the current market price. If it’s far above them, you’ll need to ask yourself if the property is worth the premium—or start negotiating. If it’s far below, you need to start asking what’s wrong with the property!
2. What’s the property’s history?
Every home for sale in Albuquerque has public-facing history. When did it last sell? What did it sell for? What’s the property tax history? What year was it built? Are there foreclosures in its history? All this information and countless other facts are available, and can give you great insight into the house you want to buy.
Every bit of information gives you power as a buyer. Sales and tax history help you make a better offer. Property construction information tells you more about the nature of the home itself—things you can’t see at an open house. It all supports you in your decision to put in an offer and makes you a more confident, informed buyer.
3. How’s the neighborhood?
One of the most important questions to ask an Albuquerque Realtor® is how the neighborhood stacks up against others like it. Even the best home in a declining neighborhood can mean sinking money into a depreciating investment. Likewise, a neighborhood on the come-up could land you an investment that’s worth a whole lot more in a few years!
Ask your Realtor® about any nearby foreclosures, public works projects, commercial developments or anything else that might drive a home’s price up or down in the next one to three years. It’s impossible to predict the future, but there are signs and markers that can help you make an educated guess about the direction of the neighborhood.
4. How long has it been on the market?
Before you put in an offer on an Albuquerque home, take a peek at how long it’s been on the market—or ask your Realtor® to provide that information. There’s a big difference between a home that’s been on the market for 30 days vs. one that’s been on the market for 300 days! The longer a listing is on the market, the more questions you need to ask.
A long-time listing doesn’t necessarily bode poorly for a property, but there’s likely a reason no one else has snagged that home. Maybe it’s priced too high and the seller is inflexible? Is there an undisclosed problem lurking in the foundation? An easement on the property? Any number of things could dissuade buyers and keep the property up for sale longer. Once you find out why it’s been on the market for so long, you’ll need to decide whether you want to put in an offer or not.
5. Are there previous or current offers?
This is one of those questions to ask an Albuquerque Realtor® if you’re really unsure about putting in an offer. If there are old offers that weren’t accepted or didn’t go through, you’ll want to know why. For example, if a past buyer backed out due to financing issues, it might be your opportunity to buy a home you love. But, if the previous bid was withdrawn after a home inspection, it might give you pause or urge you to look closer at the property.
Likewise, knowing about any other current offers can influence how aggressively you bid on a home. If you’re dead set on a particular home that’s getting a lot of attention, it might be your cue to offer a premium. Or, if there are no other offers, you might slow-play the negotiations in your favor.
Be a confident buyer
After looking through these questions to ask an Albuquerque Realtor® you should have a good idea of what to think about before you submit an offer. Remember: once the offer’s in, it’s real! Cross your fingers and hope you get an accepted offer from the seller. Asking these questions (and more) before you submit your bid will make you more confident in the entire process, and feel even better when you finally move into a home you love.
Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas. Call us if you are looking to puchase a new house. Also you can call to see how we position your home to sell at the best possible price.