Albuquerque’ Dynamic Real Estate Market: Are There Less Buyers Out There?
Transcript Snippet: “Tego:
Let’s talk about that, Tracy. I, I, you know, right now we’ve been in this really dynamic real estate market in Albuquerque in, in, in the entire country really. But you know, the big question is, is, you know, is buyer demand slowing? Are there less buyers out there are, are prices starting to fall? And just from a anecdotal, you know, standpoint, Tracy, which you’re seeing with the team with offers, being written to number of buyers that are out there, what are, what are we seeing?
I would say Tego that we’re seeing, I, I heard the analogy, you know, we had great monsoons or rain, not really monsoons. It was a nice, steady rain this week on and off. And it was, we, it was like, you know, where we were in a monsoon and now we have steady rain, right? Yeah. I like that one. So for the housing market, it’s like, it it’s been just off the hook and now it’s still busy, but it’s not that frenetic busy. So we’re seeing offers on properties typically right away, if they’re priced for the market and the way the condition and location, but we’re not seeing 20 offers for that property. We’re seeing that when a, a seller talks to us about their home price, we need to look at the market and make sure that when they go on the market, they’re in the right range and not pushing it. Because right now we’re feeling things flattened out a little bit, which is typical this time of year. Right. Tego,
So less bidding wars, but they’re still bidding wars for right. For certain houses and certain areas at certain price ranges. Right. There’s less demand let’s say, but there’s still a lot of demand,
Right? Yeah. There’s still lots of buyers in the market. Lots of people if you talk to lenders, right? Yeah. you’ll find that there are lots of pre-approved people waiting for houses. Ooh,
I have a stat for that. Where did it go? I’ll just go up for memory. So mortgage bankers association, they do a, they, they keep track of how many people are applying for mortgages. And so I saw the may numbers, which is interesting because, you know, may that’s really, when interest rates really started to, to take off and nationwide purchase applications were down like 13% from may this year to may last year. But in New Mexico, it was only down 3%, which I found interesting. So we’re actually, there’s still a lot of buyers out there, which, you know, we
Know that yeah. We know that from working in real estate every day with our team, right? Yeah. There’s a lot of buyers waiting for homes, the right home for them to be available. And
However, you know, what else is true at the same time is we’re seeing more price reductions now than we’ve seen in many years, because it just, I think, I think a lot of people maybe push the price, the list price a little bit too high. So we are seeing, seeing more price reductions now. And you can have both things true at the same time. You can have strong buyer demand and an increase in, in price reductions.