Buyer’s Fatigue: How it affects the Albuquerque Real Estate market

Buyer’s Fatigue: How it affects the Albuquerque Real Estate market

(Transcript Snippet): “Tego: For sure. So the Tracy let’s, let’s talk about this term. That’s now kind of come into the mainstream is buyer fatigue, right? When we’re talking about real estate sales, and if you guys haven’t been listening to us, oh, by the way, we’re in show three hundred and seventy three, three seventy three. You know, it’s interesting because of course, when we started the show, the market was a very different market than it is today. You know, it was definitely a sellers excuse me, a buyers market at the time,

Tracy:

Eddie was a lot different radio station then to think about how his station has grown and his listenership and his just everything about what he’s done socially on social media and affecting our market.

Tego:

Things change a lot in five years, six years, seven years, eight

Speaker 3:

Years. How long your, I don’t remember how long.

Tracy:

I think it’s almost eight years or something. Yeah.

Tego:

So by fatigue. So this is a new term, you know, how terms come up and all of a sudden, now everybody’s saying it it’s buyer fatigue, where, where buyers are frustrated, they put in multiple offers, right, Tracy. Right.

Tracy:

And it seems like, you know, they might have missed out on three or four houses so far, and they’re thinking I’m going to just throw in the towel and wait for the market to shift. And we’ve been talking about this with our team, with the whole real estate community. Don’t throw in the towel. If you’re looking to buy a home, don’t throw in the towel, don’t let it frustrate. You, let’s get you into a house. And there’s some of the things that we do to help buyers. And we’re going to talk about one of those things, which is new home community. Yeah. We’ll

Tego:

Get into that. There were the, I was in a mastermind group here earlier this week with a bunch of other realtors and, and there was a conversation cycle. The market’s slowing down. We’re only seeing five offers, not 20 offers. And, and, and that may sound a little funny, but I think what’s also happened in our market. Tracy is both the, the buyers that are, that are out there are a little better educated, kind of understand what’s going on in our market now, right? A year ago, 10 months ago, you know, things were pretty, pretty frantic. And now everybody’s a little more up to speed on how to work in this particular market condition, including the real estate agents. And there are some real estate agents that maybe hadn’t dealt with as many transactions as we see in how to work through, you know, what’s going on in our market, where we have super low supply, super high demand. And you know, people really want to get into a house and they’re having a hard time finding it because there’s just not enough homes on the market for there are for the number of buyers that are out there. Right? So I don’t buyer fatigue is, let me just wrap this up. I don’t think, I think buyers are understanding what type of market we’re dealing with in right now. And if, and if you want to get a home, you’re going to have to adjust to the way things are right now,

Tracy:

Those things are to have already started working with a great local lender, have already had your credit check tab, had your employment verified, have already supplied some documentation. So the letter you get from a lender is a very strong lender letter, not a based on what they told me. They appear to qualify.

Tego:

They’re basically pre-approved versus pre-qualified

Tracy:

Very different things. A very strong lender, typically local that has a reputation to uphold is holds a lot more weight than an out of area lender, for sure. But there’s lots of things. So we’d be happy to talk with you about it. If you want to know how to position yourself to be a strong buyer, besides just, you know, money wise and price wise, right.