Albuquerque House Prices: When is the Right Time to Buy a Home

Albuquerque House Prices: When is the Right Time to Buy a Home

(Transcript Snippet): “Tracy:

Let’s talk about house prices and, and buyers thinking, I shouldn’t buy a house right now because prices went up. Right. So Tego,

Tego:

When’s the best time to buy Tracy?

Tracy:

Well, obviously the best time is, is when you need a house. Right? Right. However, what, what we know from all the economists is that the house prices are suggested to continue to rise. And, you know, even the worst case is that they’re still gonna be going up house prices. Right. So,

Tego:

You know, you know, I, I don’t know if you

Tracy:

Bet purposely for that purposely

Tego:

Segued right into this, but so there’s a group called PulseNomics and they survey about a hundred of the economists across the country, mostly in the ones that specialize in housing and real estate. But there, there are other specialists too. I mean, a lot of the economists look at all kinds of stuff in looting housing and, and these are, you know, the experts, right. And, and what they do is they look at a you know, this year, next year, I think they go out till 20. I think they go to 20, 25. And what you’re gonna find is that really most well, if you look at the most negative, here it is, I’m gonna get, so it’s

Tracy:

ING. These panelists are divided by optimist PE pessimist and kind of middle of the road, right?

Tego:

So if you take the, if you take just like the middle of the road for 2022, they’re saying 6% price appreciation. This is nationwide, the most peso optimistic. If you just kind of lumped all the pessimist together, the it’s three and a half percent price appreciation. And the most optimist optimistic are eight and half percent. Right?

Tracy:

And in some markets we know will be low. Some markets will be higher, right? We, we feel like New Mexico is poised to be on the positive of, of price growth for homes, which if interest rates continue to go up this year and prices continue to go up still a great time to be a home buyer, to lock in your home price earlier this year than later this year, when home prices are expected to be higher and interest rates are expected to be even higher.

Tego:

Well, and I heard, so somebody say this talking about housing and they said, you know, buying a good home in a good area, you know, good location, you know, the whole location thing, right. In the long run you’re always gonna do well. Even people that bought in 2005, right at the very peak of the, the, the bubble. And that was a real bubble. That was a credit bubble. That was a, an issue with, with bad lending standards, which we just haven’t had in the last 10 years.

Tracy:

So we were at a in-person event yesterday, sponsored by fidelity title. Thank you for that. It was awesome. Pretty much a whole day. And it was a snow day and it was a great day to be indoors. But they had a Wells Fargo economist that they had flown in for the event. Mark, I can’t think of his last name, but nobody here Vener

Tego:

Vener yeah.

Tracy:

So he, he was a wealth of knowledge, very interesting right up Tego alley, you know? Yeah.

Tego:

Stats and he, he got pretty wonky. It was good stuff. It, you know, he talked a lot about inflation. He’s very concerned about inflation, which I know a lot of people are. And it’s interesting. And he said the same thing that, you know, I hear all the time, which is real estate is one of the best hedges there is against inflation, cuz it’s a real asset that is generally goes up at least as fast as inflation, but usually more than inflation from from an appreciation standpoint.