Albuquerque Real Estate Talk – This Week’s Topics: Albuquerque Housing
Affordability, Buying and Selling Simultaneously, and Market Insights
Introduction:
Welcome to the Venturi Group’s blog post! For the past nine years, Tego and Tracy Venturi have been providing valuable insights into the real estate market on KIVA, 1600 AM in Albuquerque, New Mexico. Today, we’ll dive into some exciting topics, including the affordability of homes in Albuquerque compared to other regions, strategies for buying and selling simultaneously, and an update on the current real estate market. Let’s get started!
1. Albuquerque Affordability: A Closer Look at Prices and Affordability
Tego delves into the rabbit hole of Albuquerque’s housing market, analyzing how it stacks up in terms of prices and affordability compared to other regional markets. With the rising concern of affordability across the country, understanding Albuquerque’s position is crucial. Tego provides a comprehensive overview of median list prices in different cities, emphasizing Albuquerque’s moderate pricing compared to other Southwest cities. He also highlights the importance of considering affordability in conjunction with median income levels.
2. Buying and Selling a Home Simultaneously: Exploring Your Options
Tracy discusses a common dilemma faced by homebuyers who also need to sell their current homes. She explores various strategies for managing this situation, such as making offers with sale contingencies, requesting an extended closing period, exploring cash options, or becoming a landlord by renting out the current property. Tracy acknowledges the pros and cons of each approach and stresses the importance of being well-prepared and seeking professional advice when navigating this process.
3. Understanding the Current Real Estate Market
Tego provides a quick market update, highlighting the key trends observed in the real estate market. He emphasizes the low supply of homes on the market, which has been a significant factor driving the current market conditions. Tego also addresses the discussion surrounding home prices and appreciation, noting that while some cities experienced price declines, moderately priced markets like Albuquerque have continued to see price increases.
Conclusion:
Navigating the real estate market can be challenging, but with the right information and guidance, buyers and sellers can make informed decisions. In this blog post, we explored the affordability of homes in Albuquerque compared to other regions, strategies for buying and selling simultaneously, and gained insights into the current real estate market. Whether you’re a prospective buyer, seller, or investor, understanding these topics can help you navigate the ever-changing real estate landscape. Remember, the Venturi Group is here to assist you with all your real estate needs in Albuquerque and the surrounding areas.
Venturi Realty Group’s Albuquerque Real Estate Talk Podcast #446 – May 13, 2023
Tego and Tracy Venturi of Venturi Group discuss real estate in Albuquerque, New Mexico on their podcast. They discuss topics such as home buyer confidence, artificial intelligence in real estate, and the current market with low inventory. They also encourage potential sellers to contact them for options.
Albuquerque Real Estate Market
– The Albuquerque real estate market has fewer homes available compared to normal, but there are still many diverse options and beautiful communities to choose from. However, there is a lack of bigger parcels with facilities close to the airport. Topics discussed also included mortgage price rate adjustments and options for those who want to sell their homes.
Mortgage Requirements
The article discusses adjustments made by Fannie and Freddy to mortgage requirements, including loan-to-value ratios, credit scores, and debt-to-income ratios. The debt-to-income ratio adjustment was later rescinded, but fees are still affected by down payment amount and credit score. Misconceptions are addressed, and the article concludes by mentioning a recent survey showing increased confidence in the housing market.
Increased Confidence in Housing Market
A survey has shown that the confidence of both buyers and sellers in the US housing market has increased, which is driven by expectations of softer mortgage rates over the next 12 months. Affordability is a top concern due to limited inventory, but people are becoming more comfortable with the current interest rates. Refinancing is also seen as an option if rates go down significantly. The US has a homeowner-friendly financing system that enables refinancing.
Reimaginehome.AI
Reimagine Home is an AI platform that allows users to upload pictures of their homes and receive design ideas for redecorating. Users can input their preferred styles and colors to receive different options. The platform is a fun example of AI imaging technology.
Real Estate Company in Albuquerque
A real estate company in Albuquerque is asking for input on places to recommend for their relocation guide, which they send to people considering moving to the area. They are specifically looking for suggestions on day trips, restaurants, yoga places, shops, and other attractions that can be recommended to people who have a few days to do sightseeing after looking for a house. They also mention their own guide contains information on different parts of town and New Mexican style language and architecture.
Consumer Price Index (CPI)
The Consumer Price Index (CPI) is a measure of inflation that affects mortgage rates. Good news for the housing market is that inflation is coming down, which could lead to lower mortgage rates through the summer. Additionally, despite criticism, the Federal Reserve helped slow down the housing market’s rate of appreciation and the cost of rent. On a different note, the speaker attended a real estate conference in Washington, DC, where they learned the chief economist’s report and enjoyed Albuquerque compared to big cities.
Current State of the Housing Market
The article discusses the current state of the housing market, stating that the number of homes sold is expected to be the lowest in years in 2023. However, home prices are going up this spring in some markets, including Albuquerque. There is also a significant wealth gap between homeowners and renters, with homeowners having a net worth of around $320,000 versus just $8,000 for renters on average. The article notes that many buyers and sellers are stuck due to high mortgage rates and rising home prices, resulting in a real estate logjam in certain areas.
Hiring the Right Realtor
In a strong seller’s market, it is important to hire the right realtor to sell your home and maximize profits. The Venturi Realty Group can provide data and specific marketing tactics to help sell homes. They advise checking their website for open houses as properties are selling quickly with multiple offers. Their contact information is 448 888 888 and their radio show can be heard on KIVA 1600 AM.
– Real estate agents Tego and Tracy Venturi of the Venturi Group talk about the latest market data and tax assessments for the Albuquerque housing market. They also highlight two unique and special properties newly listed for sale: a 3,600 square-foot property in Corrales on 2.5 acres for $1.4 million and a 4,700 square-foot home in Cedar Crest on 6.5 acres with an indoor pool for $750,000.
– The real estate market in the Albuquerque area is experiencing a shortage of homes for sale, with closed sales down 31% from last year and new homes being listed down 35% in April. However, some special properties are available for purchase, including 34 acres for sale in Los ChΓ‘vez and a charming property on Arno Street.
– Mortgage rates are low for homeowners who bought or refinanced in 2020 or early 2021, leading some to keep their current home as a rental and buy a new one. However, the number of homes listed for sale is down, and homes are selling quickly, with a median time on the market of four to five days, leading to multiple offers and bidding wars. Real estate is seen as a lifestyle choice, and buyers are willing to pay more for the home they want, even if it means an increase in monthly payments.
– Buyers see houses on the market for 30 days or more as having a stigma and are more likely to negotiate a lower price. However, home sellers still need to price their homes competitively with the market. The median home price in Albuquerque is up 2.5% from April of last year, and while prices continue to rise, it’s at a healthier pace than the double-digit growth seen in the past two and a half years.
– The article discusses the Spring Parade of Homes, which showcases newly built homes from local builders. The event takes place over the weekend and features an app to access the homes online. Tego talks about his Facebook post on housing permits and jokingly encourages builders to step up their production.
– Discusses various events happening in Corrales over the weekend, including the Parade of Homes, the Corrales Arts Crawl, and the Ex Novo beer garden. The Parade of Homes allows visitors to talk to builders and learn about loan programs for custom homes, while the Corrales Arts Crawl showcases local artists and their studios. The Ex Novo beer garden provides a fun outdoor space for families to relax and enjoy drinks and food.
– The article discusses two topics. The first topic is about a new beer brewer in Corrales, built on the site of an old tea house. The second topic is about the new tax assessments for Bernalillo County, which have been delayed but are now out. The article advises residents to check their assessed property value and protest if it has increased above 3%. However, there is a risk of the value being raised even higher if protested, so it’s important to be cautious. The article also mentions that the author’s company can do a market analysis to help value a property.
– The text covers various topics, including property valuations and protests, mortgage rates’ impact on home prices, and assistance for people relocating to Central New Mexico. It mentions the use of real estate affiliation with multiple listing services to gather data on the valuations of comparable properties in New Mexico. It also indicates that a 1% change in mortgage rates can translate to a 10% change in the home’s purchase value. Finally, the author requests suggestions for popular places and things to recommend to people relocating to the area.
– Discusses various outdoor activities and attractions in Albuquerque, including the Tent Rocks hiking trail, kayaking on the Rio Grande, and a housing market study being conducted by Housing and Urban Development. The author encourages visitors to share their favorite activities and mentions that they often assist military personnel in finding housing during permanent change of station trips.
– The Venturi Group of Real Broker in Albuquerque discusses the upcoming report on the Albuquerque market and highlights the recent PGA Championship Golf event held in the city. They also promote their website and services for those looking to buy or sell homes in the area. They encourage listeners to enjoy the various events happening in the city over the weekend.
In the Albuquerque housing and real estate market update for April 2023, we are observing a fascinating contradiction of trends between sales and prices, with the number of homes sold experiencing a decline while home prices continue to rise.
The data reveals that closed sales in the Albuquerque area for April have dropped by 31% compared to the same period in 2022, with 730 homes sold against 1,061 the previous year. Additionally, the average number of homes for sale decreased by 5.8%, and pending sales, which serve as a reliable indicator of future closings, were down by 11.5%. The most striking figure, however, is the 35% decline in the number of homes entering the market compared to April 2022. As a result, the month’s supply of inventory remains extremely tight, currently standing at just one month’s supply of homes available, signaling a significantly limited supply. Despite the 92% increase in days on the market from 2022, the median time for a home to be under contract in April was just five days, indicating the ongoing competitiveness of the market. Finally, with price per square foot increasing by 1% and median prices rising by 2.6% since last April, Albuquerque’s real estate market continues to demonstrate consistent year-over-year growth in home prices, and have been on the rise every month since January, following a slight pullback from the peak in May of 2022.
