This week’s look at the Albuquerque Real Estate market.
👉View these “Real-Time” market reports by City, County, Zip, or MSA here. https://venturiteam7.wpengine.com/albuquerque-real-estate-market-conditions/
If you’re on the fence about whether or not you want to sell your house this year, there’s good news. For nearly two years, real estate professionals have worked tirelessly to ensure the safety of buyers and sellers during the pandemic.
Today, they’re seasoned experts, not just in the art of buying and selling homes, but also in how to keep you safe throughout the process. Real estate professionals have learned new technologies plus safety and sanitation measures. As new variants emerge, those lessons continue to be key ways agents add value.
Agents don’t leave your health up to chance. They follow guidance from the Centers for Disease Control (CDC) and the National Association of Realtors (NAR) to ensure in-person showings are safe. NAR maintains industry-specific resources to ensure agents are informed on the latest recommendations and best practices.
Guidance from the CDC also equips real estate professionals with the know-how to employ sanitization and disinfectant measures during the health crisis, so they’re safe for you and your potential buyers.
In addition, agents are also well versed in using technology and digital tools to sell your home efficiently. In their guidance for realtors, NAR says:
“The COVID-19 pandemic is impacting members in unprecedented ways, and raises numerous unique and novel issues for the real estate industry.”
Real estate advisors have responded by reimagining the tech and tools they use. For instance, serving clients at a distance and limiting exposure to others is more important now than ever. That’s because restricting the number of people you need to interact with during the sales process is one of the best ways to keep everyone safe.
To accomplish this, agents now use a variety of methods to serve their clients, including:
The health challenges we face today have fundamentally changed the way real estate professionals conduct business for the better. Let’s connect today so you have the latest tools on your side to feel safe and confident when you sell your house this year.
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There have been plenty of stories about how the crazy real estate market of 2021 is dominated by Cash Buyers, however, in Albuquerque, the data shows only a slight increase for past years. In 2021, of the 15,265 home sales in the Albuquerque MSA, 2,300 (15.1%) were financed/paid for with cash. For comparison, we looked at 2019 (the last “normal” Real Estate market) and found 13.0% of the sales were Cash. That is a 14% increase but not as big of a change as many had thought.
2022 is looking to be another year of strong demand and low supply and this could drive more people (that can) to offer Cash to make offers more competitive.
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![How To Hit Your Homebuying Goals This Year [INFOGRAPHIC]](https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/06132911/20220107-KCM-Share-549x300.png)
![How To Hit Your Homebuying Goals This Year [INFOGRAPHIC] | Simplifying The Market](https://files.simplifyingthemarket.com/wp-content/uploads/2022/01/06132825/20220107-MEM.png)
Affordability Crisis: The Challenges in Albuquerque’s Real Estate Market
(Transcript Snippet): “
Tego: So Tracy, you know, there’s, there’s gonna be, and there’s gonna continue to be a lot of stories about the affordability crisis, if you will. Right. There’s always a crisis. Right. That’s what I was saying earlier at the top of the show, there’s always some sort of crisis going on, but in the real estate world now with, with prices you know, have increased so much over the last few years the big headline we’ve seen now is, you know, the affordability crisis, right? And, and, and it is a challenge. You know, you think about a market like let’s, let’s take San Francisco, cuz they’re the, the ugliest of all, when it comes to affordability in San Francisco. And I had it here a moment ago in San Francisco, they only 6% of, let me, let me, let me, let me get this straight.
Tego:
And I apologize. It, if you look at what the median home price is based on the median income, only 6% of the people in San Francisco based on the median income can afford to buy a media a median price house, which is 1.5 million, right? Just, you know, logic is, is just, doesn’t make sense there a thing that was interesting though, when I start looking at this and we look at Albuquerque compared to some of the other markets, Albuquerque is 65% of homes, you know, that that could be purchased based on the median income here in Albuquerque. Yeah. Which is better than most markets around the country, especially in the west. The only markets in the west that are, that are more affordable based on this criteria. And this comes from the national home builder association and the I think Wells Fargo is a co-author of this study. They, they put it out every month and it’s, it’s an interesting piece of data cuz it, it gives you at least a comparison to a, their markers. But if you look at the west only Douglas, Arizona, Fairbanks Fairbank and Anchorage, great falls, Montana are more quote, air quote affordable than, than Albuquerque. You know, then you go down the list, we’re very similar to Tucson and Yuma. We’re very similar to Pueblo Fort Collins.
Tracy:
Interesting. So that that’s good news, right? 65% of our population can afford the median price house.
Tego:
Yeah. If you just look at bare stats, you know, median income to median home price. Yep. And we know the reality is, you know, those that’s just data, but at least it gives us a, a benchmark to compare ourselves to other markets. Cuz again, those markets, it’s just data too. We know it’s challenging right now. And there’s only 600 and, or just, just about 700 homes on the market, in the Albuquerque area. As we sit here today, which is, you know, we’re gonna start the year with an lowest number of homes in the market that since recording data yeah. That I can, that I can find going back as far as I can find.