Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher’ by putting your needs first.
Tracy Venturi: This is Albuquerque real estate talk with Tego and Tracy Venturi. We are with Keller Williams Realty, the Venturi Realty group. We have a great group of licensed agents that work with us to help with buyers and sellers. Give us a call 448 88 88. We’d love to hear from you and answer any questions that you might have.
Tego Venturi: We’re here to solve your real estate problem. That’s right. How’s that? That’s good.
Tracy Venturi: So Tego, I’m sure you have some stats for us.
Tego Venturi: Well, what I want to talk about was the economic impact of real estate, because I think it’s, I, I want to, you know, keep perspective here because at the beginning of this shutdown, you know, there was a lot of concern about the economy. Well, there still is right in actually, you know, in this last week, even, you know, even more than before for New Mexico in particular. The thing is in Albuquerque, there’s in the last few years, we’ve averaged somewhere around 14,000 real estate sales home sales per year. Okay. So that’s 40, that’s a lot that that’s just in the greater Albuquerque area. There are the Albuquerque MLS. You think about that, that’s, you know, let me just run this out here. So you understand that’s $3.8 billion worth of real estate per year,
Tracy Venturi: Just in the value of the buildings or yeah, not the economic. Yeah,
Tego Venturi: No, no, no, not the economic impact, but that’s, I mean, 3.8 billion, which is a big number, the, but for every sale, every property that sells, there’s been a bunch of studies on this, how much the economic impact that it puts into the economy and for, for a new construction home, it’s somewhere around 70 to $75,000. Right. But even for a resale home, let’s say we just cut that in half. Be very conservative, cut that in half, let’s say it’s around $36,000 for every home that sells that’s money into the local economy. And, you know, Tracy, you know what that is, that’s home inspectors. Oh, you did the math look at that
Tracy Venturi: 504 million,
Tego Venturi: 504 million, a half, half a billion dollars every year that flows into the Albuquerque area economy from residential real estate sales.
Tracy Venturi: And I believe that it’s probably higher than that because you just took half of what they say. They say it’s, you know, 72,000 for every sale. Okay.
Tego Venturi: Or new for new, for new, for new construction. Right. So new construction is more obviously cause you’re you’re building contractor. Yeah. Yeah, exactly. Yeah.
Tracy Venturi: So if it’s 36, that’s a huge, huge part of what’s keeping things going
Tego Venturi: And understand we’re not talking just about the real estate agent and the loan officers in the title company, the people that are very tightly connected to it. We’re talking about restaurants, hotels, hotels, we’re talking about moving companies, furniture companies, home, home stores, right. Remodel, remodelers, you know, tile, tile, setters, painters, roofers, blah, blah, blah. I mean, it goes on and on and on. So yeah, it’s, it’s a big impact on our economy and, and hopefully we can get things rolling again because there’s a lot of demand for real estate right now. And let’s get into that. Tracy, in, in New Mexico, in Albuquerque, we were at you know, starting this week, we were already at a record, low number of homes on the market. Right. And I’ve got some
Tracy Venturi: Stats. I thought you might have some stats.
Tego Venturi: So obviously, obviously Friday when we heard the news, it was kind of a, a gut punch not this Friday, but a week ago, Friday you know, that, that real estate might be getting shut down. I was like, okay, what’s going to happen. Are people going to take their home off the market? Are they going to cancel? You know, and not, you know, show their home. There’s a an option for people that have a homeless. And let me put this out. There is an option for people that have their home listed for sale right now, to what we call withdraw from the multiple listing service. Right. Tracy
Tracy Venturi: It’s to withdraw it from available for showings. It still shows up in the multiple listing service.
Tego Venturi: Well, yeah, but it’s, but it basically means that the home is still for sale, but there’s no marketing and there’s no showings going on. And so I was thinking that a lot of people would opt into that just this week though. It was 22 people withdrew out of 1400 homes on them.
Tracy Venturi: So it wasn’t a big flood to withdraw from the market.
Tracy Venturi: This is Albuquerque real estate talk with Tego and Tracy Venturi. We are with Keller Williams Realty, the Venturi Realty group. We have a great group of licensed agents that work with us to help with buyers and sellers. Give us a call four, four eight 88 88. We’d love to hear from you and answer any questions that you might have.
Tego Venturi: We’re here to solve your real estate problem. That’s right. How’s that? That’s good.
Tracy Venturi: So Tego, I’m sure you have some stats for us.
Tego Venturi: Well, what I want to talk about was the economic impact of real estate, because I think it’s, I, I want to, you know, keep perspective here because at the beginning of this shutdown, you know, there was a lot of concern about the economy. Well, there still is right in actually, you know, in this last week, even, you know, even more than before for New Mexico in particular. The thing is in Albuquerque, there’s in the last few years, we’ve averaged somewhere around 14,000 real estate sales home sales per year. Okay. So that’s 40, that’s a lot that that’s just in the greater Albuquerque area. There are the Albuquerque MLS. You think about that, that’s, you know, let me just run this out here. So you understand that’s $3.8 billion worth of real estate per year,
Tracy Venturi: Just in the value of the buildings or yeah, not the economic. Yeah,
Tego Venturi: No, no, no, not the economic impact, but that’s, I mean, 3.8 billion, which is a big number, the, but for every sale, every property that sells, there’s been a bunch of studies on this, how much the economic impact that it puts into the economy and for, for a new construction home, it’s somewhere around 70 to $75,000. Right. But even for a resale home, let’s say we just cut that in half. Be very conservative, cut that in half, let’s say it’s around $36,000 for every home that sells that’s money into the local economy. And, you know, Tracy, you know what that is, that’s home inspectors. Oh, you did the math look at that
Tracy Venturi: 504 million,
Tego Venturi: 504 million, a half, half a billion dollars every year that flows into the Albuquerque area economy from residential real estate sales.
Tracy Venturi: And I believe that it’s probably higher than that because you just took half of what they say. They say it’s, you know, 72,000 for every sale. Okay.
Tego Venturi: Or new for new, for new, for new construction. Right. So new construction is more obviously cause you’re you’re building contractor. Yeah. Yeah, exactly. Yeah.
Tracy Venturi: So if it’s 36, that’s a huge, huge part of what’s keeping things going
Tego Venturi: And understand we’re not talking just about the real estate agent and the loan officers in the title company, the people that are very tightly connected to it. We’re talking about restaurants, hotels, hotels, we’re talking about moving companies, furniture companies, home, home stores, right. Remodel, remodelers, you know, tile, tile, setters, painters, roofers, blah, blah, blah. I mean, it goes on and on and on. So yeah, it’s, it’s a big impact on our economy and, and hopefully we can get things rolling again because there’s a lot of demand for real estate right now. And let’s get into that. Tracy, in, in New Mexico, in Albuquerque, we were at you know, starting this week, we were already at a record, low number of homes on the market. Right. And I’ve got some
Tracy Venturi: Stats. I thought you might have some stats.
Tego Venturi: So obviously, obviously Friday when we heard the news, it was kind of a, a gut punch not this Friday, but a week ago, Friday you know, that, that real estate might be getting shut down. I was like, okay, what’s going to happen. Are people going to take their home off the market? Are they going to cancel? You know, and not, you know, show their home. There’s a an option for people that have a homeless. And let me put this out. There is an option for people that have their home listed for sale right now, to what we call withdraw from the multiple listing service. Right. Tracy
Tracy Venturi: It’s to withdraw it from available for showings. It still shows up in the multiple listing service.
Tego Venturi: Well, yeah, but it’s, but it basically means that the home is still for sale, but there’s no marketing and there’s no showings going on. And so I was thinking that a lot of people would opt into that just this week though. It was 22 people withdrew out of 1400 homes on them.
Tracy Venturi: So it wasn’t a big flood to withdraw from the market. And we had one where our clients took it off the market, but it really had nothing to do with one of those numbers is a house we have listed, but it had nothing to do with that.
https://welcomehomeabq.com/albuquerquerealestate/is-real-estate-shutdown/ – Is Real Estate shutdown?
Tracy Venturi: So we have a few new homes on the market that we’re supposed to have grand open houses this past weekend and this coming weekend. And, you know, we’re not able to do those. However, the house is still can be viewed, right. And especially on our website at welcomehomeabq.com, but there are ways for you to view them in person if you’re looking for something. So we do have a few new ones on the market and a few others that are coming soon. You know, there’s one in Rio Rancho. I want to specifically talk about it’s on Colorado mountain and a one Oh seven Colorado mountain new on the market this week. Loma Colorado or not, this street sounds like it’s coast close to Unser in Abrazo. Okay. Sort of, not quite as far as Northern anyway, custom home that’s extract, exceptionally energy efficient. It has trauma walls for passive solar. It’s got brick floors in half of the house and the other half is a beautiful acid wash.
Tego Venturi: You, you told me about this house, lot of little customers Tracy Venturi: And a lot of custom details. Yeah. It’s a 288,000. It’s a three bedroom. It’s on a third of an acre, very move in, ready, really a great floor plan. So if you’re looking for something like that, let us know. Tego Venturi: Well, let’s talk about the big topic of the week that we’re all experiencing here in New Mexico, which is air quote being shut down. Of course, you know, we’re, we’re at our office here on Alameda by ourselves recording, recording our little, little studio that we’ve created in our office, but you know, it’s funny we were prepared for this, right? We’ve got the studio here. We don’t have to go down to Eddie station.
Tracy Venturi: We don’t get to, which is a bummer, you know, it’s great to be in Eddie’s space and live with him,
Tego Venturi: The wine show too, you know, so usually
Tracy Venturi: Has leftovers. Yeah. So we’re missing out on that, but, but, you know, we’ve, we’ve been,
Tego Venturi: I was going to say though, as you know, there’s a lot of people out and about we’ve all seen it. Right. but I think for the most part, people are being respectful and the thing is real estate continues, Tracy Venturi: Real estate does continue and, you know, people still need to shelter. If they need to shelter in place, they need shelter. Right. Pretty, pretty important. So we’re able to continue the process for those folks who already were in the process of buying a house or selling a house. And we have lots of ways to help people who are still in the market to buy yourself. So despite, you know, the real estate shut down, we, we have a lot of strategies and a lot of ways to help people
Tego Venturi: Just to backpedal a little bit, if people don’t recognize or realize what, what what’s happened in, in real estate, in, you know, back in March and whenever it was the first shutdown that we had there was the list of, you know, essential services, essential companies that could remain open as long as they were following safe practices as well with the, the announcement and the directive that came out on Friday real estate was not on the list, which surprised a lot of people because really real estate and, and the, the real estate, you know, buying and selling process, it can be very contactless, right? So much of what we do now in the real estate business is digital from looking at homes online, you know, virtual tours like Eddie, just talked about you know, you, you can get on and do Google street views and walk up and down the street and the neighbor.
Tego Venturi: I mean, you can get a pretty good idea of, you know, what’s going on before we actually go out and visit a property, right. Also the contract side and the, the, the actual process. I mean, we don’t sit down together and go through contracts together anymore. Everything’s digital, everything’s electronic signatures. So there, isn’t a lot of contact in the real estate world. And I’m putting that out there into New Mexico here, because hopefully that’ll trickle up to the the office of the governors to, you know, understand that that real estate can be done very safely. And, you know, there’s, there’s ways to do showings that are very safely where we do have to meet, but, you know, I I’m, I’m hoping it can and can get back to it because of the huge economic impact that real estate has on our economy.
![Key Terms to Know in the Homebuying Process [INFOGRAPHIC]](https://files.simplifyingthemarket.com/wp-content/uploads/2020/11/19135442/20201127-KCM-Share-549x300.png)
![Key Terms to Know in the Homebuying Process [INFOGRAPHIC] | Simplifying The Market](https://files.simplifyingthemarket.com/wp-content/uploads/2020/11/19135445/20201127-MEM.png)
