Is it a Good Time to be an Albuquerque Home buyer?

Is it a Good Time to be an Albuquerque Home buyer?

Transcript Snippet: “

Tracy:

Totally. So, which brings me to, yeah. The other point was, is a good time is a good time to be a buyer.

Tego:

I’m gonna go back to the default on this, which is the number one financial reason to buy a house is that you’ve locked in your housing cost. If you’re getting a mortgage for the next 30 years.

Tracy:

Right. Where, whereas when you’re a renter, you’re not locking in anything. Right. You are paying whatever the landlord raises your rent to every month or six months or every year.

Tego:

Exactly. And so you are, you’ve now locked that in. I mean, yeah. Taxes go up. Yes. You know, insurance, you know, you’re gonna have other expenses, right? I mean, certain things go up, but you know, talk a talk about, you know, hedging, inflation, right. You know, obviously inflation’s been big topic of discussion lately. Right. And, and, and rightfully so. I mean, home prices are up. Rent prices are up, gas prices are up, you know, everything’s gone up the thing that’s interest. And, and if you believe that inflation is gonna keep going, which a lot of people do then owning real estate locking in your housing costs for the next 30 years is a great hedge GI inflation.

Tracy:

So Tego, a lot of times, right now we’re hearing buyers say, oh, I’m gonna wait for things to settle down. I’m gonna wait for home prices to come down. I’m gonna wait in interest rates went up.

Tego:

I heard that a couple times, 12 months, 18 months ago. Yeah. And boy, those poor people, if they didn’t

Tracy:

Didn’t by then we did last year one, they were at 3%. But if you have to live some beware, which we do, right? Why not be your own landlord, be the one building your own wealth. You know, all the economists that you follow on Twitter or email or podcasts or whatever they’re saying, you know, where is the best place to hedge inflation? Where’s the best place to be invested. You want the stock market. The last few weeks has been dismal, right? It’s like if you’ve got money in the stock market, it’s been a bit difficult the last couple weeks or year to date, even it’s been pretty difficult. But if you owned real estate, which we own both, we have money in the stock market. Right. And in real estate, our real estate has been great. It’s kept our sanity, right. Because we know we have all that in real estate and it’s, it’s working for us. Whereas the stock market can drop, can go down, can go up. And it’s more out of our control than real estate. Yep. So owning, owning, and buying now while it may not seem like the best time because interest rates have gone up to pre pandemic levels and home prices are up. Home prices are expected to keep going up. So why not lock in your housing cost for 30 years? Yeah. Yeah. And build your own wealth.