Is it a good time to buy or sell your Albuquerque home?
(Transcript Snippet): Tracy:
What we hear regularly Tego, and I know you’ve been listening to these podcasts and we’ve talked about it. Is it a good time to sell? Is it a good time to buy?
Tego:
Yeah, I heard, I heard somebody reframe this and it was just like, it was a, it was a light bulb, you know, it was just like, yes, of course the question. Is it a good time to buy as a good time to sell now if you’re a real estate investor, maybe that is a good, that’s a fair question to ask. I would even debate with that, that maybe it isn’t, but if th th the question you’re asking is where am I going to live?
Tracy:
Right. Instead of, is it a good time to buy or sell? Where am I going to live? Might be the better question.
Tego:
And so if you’re a homeowner and you’re saying, okay should I sell, well, where are you going to live when you sell? Right. And so what what’s, what’s a better option for, and I know people go through this, right? They, everybody goes through this exercise when they’re thinking about it. I just, I think this whole idea of when a time the market, oh my gosh, are we in a bubble? Are we gonna, you know, are we the top of the market? Is, should I sell now? Will the prices are high? Or, you know, are they going to go down next year, blah, blah, blah, blah, blah. It’s like, no, where am I going to live? Next is I think the question, right? Interesting.
Tracy:
So I had a gentleman call yesterday and wanted to speak to one of the Venturis, which was cute. And he he had our number from when we were on TV with Barbara Corcoran, doing ads with Barbara Corcoran. And he had written down our numbers, our office number and ourselves numbers from that commercial. And I don’t know, I, he kept track of it. So he called yesterday and we talked because he’s thinking it might be time to sell, but he’s thinking maybe now maybe four months from now, maybe two years from now. And he wanted to ask that question, should I sell now? What’s the market going to do? And so, of course I was asking them, what, where are you going to live? And what are you going to do if you sell now? And what’s the motivation. And, you know, he feels like it’s a good time to sell, and he does have a place to live. And he said, there’s an active adult apartment complex nearby that he’s kind of curious about, cause he lives alone and he’s 60 years old now. And he thought if he moved into the apartment complex where there’s 55 plus active adults, that he might have more social going on. So that was interesting not. And so the question I asked him of course, was where are you going to live if we sell it now? And he had that all figured out and it sure made good sense, didn’t it? Yeah, no,
Tego:
It does. And I think the other question is for the, for the buyer, that’s going, oh my gosh, home prices have gone up 15% in the last year. What am I going to, am I buying at the top of the market? You know, blah, blah, blah, blah, blah. Well, there again, again, the question is where are you going to live? What do you want, you know, w is, is, is your housing cost to buy versus rent? You know, look at that. Right. And, and, and I hinted on this earlier. I mean, if you guys don’t know, rental prices have gone through the roof, I mean, it’s, it’s really increased. It’s really gone up. It’s really difficult to, to especially single family homes, et cetera. What you’re looking for is slim pickings out there and apartment complexes. And let me, let me make a side note scapular on renting, if you please, please, please, if you know anybody or you’re thinking about renting or, you know, any, you know, kids or whatever that, that are looking to rent, there are scams everywhere right now in the rental world.
Tego:
It is out of control. Use every bit of, you know, spidey senses. They say that you can, when you’re, when you’re looking at rental properties, there’s scammers that are taking homes that are for sale and posting them for rent and then collecting. And then sending this, I saw one that one of the co one of our colleague agents posted, and it was like the sob story about, oh, well, don’t tell my agent. Yeah. They don’t know that I’m renting it, blah, blah, blah, blah, blah. You know, and th this was a home that was for sale, right. And they’re trying to get money out of these people trying
Tracy:
To get first and last month’s rent and they’re taking it and giving me even keys that don’t work for the house right there,
Tego:
Or they’re taking it and
Tracy:
Not even, yeah, they’re gone there. It’s terrible. What’s it honey. And
Tego:
Heard situations where they’re actually meeting in person.
Tracy:
This isn’t just an online thing. It’s not
Tego:
Just an online thing. And, and, you know, we have rental properties and, and the last one I rented, it ended up on Craigslist for rent, some scammer, just
Tracy:
Copied our photos, copied it over and put it on, put it for rent. And,
Tego:
And, and so it’s a chronic problem. And so, you know, go to reputable property management companies go to go to reputable sources. And I will say Zillow would be one of them because Zillow charges for rental properties to be on there. So a scammer’s not going to pay the 35 or 50 bucks, whatever it is to post a rental property on sale. Yeah. I would
Tracy:
Say, don’t go to Craigslist. And if you Google Albuquerque property management, you’ll find Sky Management and Amarie and Tyson properties. I mean, go to those websites, call the company and we know how hard it is right now. People are offering to pay over rent just to be the one selected to rent a property. And,
Tego:
And of course, I gotta, I gotta, I gotta talk about my MLS. Right. You know, w we do, we do have an MLS here. Obviously that’s the multiple service. It’s really focused on residential sales, on residential resale properties as a little bit of new construction. And, but there are rental properties there as well. And again, that’s going to be a reliable safe source. Because again, you, you have to be a realtor. You have to be a member of the MLS. You have to be a member of the local association to post rental properties on there. So a lot of property manager managers do put them on there. Th the challenge is that not everything is on there, right. Not everybody puts them.