Is Now a Good Time to Buy a Home? What the Survey Says About Albuquerque’s Real Estate Buyer’s Market

by | Feb 17, 2022 | Albuquerque Real Estate Talk | 0 comments

Is Now a Good Time to Buy a Home? What the Survey Says About Albuquerque’s Real Estate Buyer’s Market

(Transcript Snippet): “Tego:

Lee, you saw a story and, and I know, you know, I saw the story too, and Fannie Mae does a, a home purchase sentiment index. Okay. So Fannie Mae’s one of the, the, the funders of mortgages. Right, right. Okay. We can get into the secondary mortgage market too, if we want, but they do a survey and it was the, basically the buyer sentiment was at an all time low meaning it’s like the worst time, you know, the, the, I forget exactly the question. You know, how surveys are, you know, depends how it’s asked, but basically it’s saying is now a good time to buy. Right. And it, it hit a, a, an all time low. So that was splashed all over the news this week. And I, I can see why buyers feel that way.

Lee:

I can see it too. You know, I can see it with the news, you know, again, good and bad. Right. The news is pushing, oh, rates are, are, are moving up, they’re high, you know, they’re going, you know, they’ve, they’ve had this increase, that’s, you know, unprecedented and it’s gonna continue to go up. But then the other part of it is, you know, they talk about inventory and it’s a seller’s market. And so that all already has a connotation of, it’s not a buyer’s market, it’s a bad time to buy. Right. Which is, isn’t true. You know, there’s so many good reasons to buy right now.

Tego:

Well, the, and, and the question. Yeah. And, and that’s just, it it’s like, okay, well, is it a good time to buy? Well, kind of know if you look at it from the standpoint, there’s very little to choose from. It’s very competitive interest rates have gone up at one point in the last, you know, two months, right. Then. Yeah. Okay. I can see that. That makes sense. It’s really frustrating to be a buyer, big picture though. Is it a good time to buy if your intention is to be in the home for 10 years? I, I don’t see why not.

Lee:

Right. That’s where I’m at with it. Long term, you look at it and it’s a great time still, right? Yeah. Yeah. But you’re right. Short term. Yeah. You’re competing with,

Tego:

Was it better a year ago? Of course it was. Of course that ship is sailed. We’re not there anymore. We’re not there. Doesn’t

Lee:

Stop buying. Yeah. There’s still opportunities out

Tego:

There. Yeah. And we know, again, we already said this, but you know, we see it, you see it in the, in the, in the broker, in the mortgage brokerage world that there’s still a lot of buyers out there that are looking for homes. And there are very, very few homes for, for sale in the Albuquerque area. And

Lee:

What also comes with that sentiment, you know, where the, where the buyers feel like that there, there are also capturing people that probably out there looking and discouraged, you know, because of multiple offer situations, they’ve probably put in 10 or 15 offers and lost out on ’em just because, you know, and so you have a, a pretty big pool of bars that are probably are looking because I imagine that right now I don’t know the statistics on this, you probably know better than I do that. We probably have one of the biggest pools of buyers out there right now. Oh, yeah. Right. For we’re at right now. And that’s part of why the supply issue is, is what it is. So you have a lot of people looking that are just so discouraged with the market because they do lose out on a lot of offers.

Tego:

Yeah. I GU I guess my only point is if you see the headline that says, you know buyers say it’s the worst time ever to buy, you know, that doesn’t mean they’re not going to because they’re still out there. Right. So don’t, don’t, you know, match one headline with a belief of what’s going on in the market.