So how much can it save a seller of real estate? Well, the average sales price of a Albuquerque home was $232,626 in 2008. The majority of sellers pay 6% of the sales price to agents involved in the transaction, or $13,958. Using ABQFlatFeeMLS.com, you would only pay $395 if you sell your home yourself, saving $13,563. If a buyer's broker brings you a buyer you will pay our fee plus that brokers commission (typically 3%), still saving $6,583.
|Savings if you sell your Home Yourself:||$13,563|
|Savings if a Buyer's Broker Brings you a Buyer:||$6,583|
For this professional assistance from a licensed real estate broker, you pay only $750 at the time you decide you need help and 1% of the sales price, at closing. Still much less than a full fare brokerage.
At the same time, PMI says that 13 of the nation's top housing markets have more than a 60 percent likelihood of home price declines.
The cities with the biggest price risks are in California, Florida, Nevada and Arizona, and in most cases are already experiencing sharp home price declines.
"Excess supply is responsible for much of the risk we're seeing in the market," David W. Berson, PMI's chief economist and strategist, said in Thursday's report.
"The excess supply of housing in the United States is 9.2 months for existing homes (the 20-year average has been six) and 9.8 months for new homes (the 20-year average has been 5.5), which will continue to depress prices."Additionally, the report stated that in the 4th Quarter of 2007 Home Values GREW by 4.07% in Santa Fe. This compares to an increase of 9.32% in Q4 2006, a difference of 4.34. In Albuquerque, home values grew by 4.66% in Q4 2007 compared to an increase of 14.45% in Q4 2006.
|Fort Worth||Less than 1|
|Pittsburgh||Less than 1|
|Dallas||Less than 1|
|Houston||Less than 1|
|Indianapolis||Less than 1|
|SOURCE: PMI Group|