Real Estate supply and demand: Driving Albuquerque’s real estate market forward
(Transcript Snippet): “Tego:
I want to address something on the market. In general, I’ve heard a lot of people saying they’re going to wait. They’re going to wait for the market to crash the narrative that’s out there. And it’s really, really prevalent. And in all, like there’s so much to talk about because there’s so many different factors that play into what’s going to drive the housing market going forward. And you know, the number one thing when, when we talk about what prices are going to do is supply and demand. And currently we are at an extreme, short supply and we have strong demand and there’s no indication of that changing. And if people think that there’s going to be this flood of homes coming on the market, though, the people that were in the forbearance plans, there may be a few trickle in, but it’s not going to be a flood. And if anything, it’ll, it’ll just help. You know, my biggest concern, my biggest fear about the real estate market right now is this, this 17, 15% price appreciation. We can’t do that year over year because what’s going to happen is we’re going to get way ahead of that 4%. You know, once you, once you look at it, historically, the, the longterm,
See, we’re still catching up on prices. I mean, we have finally passed up what house houses were in like 2008, right. And recovered from all that. But when you look at the long-term chart, we’re just getting back to where we should have been price wise.
One last thing on that when, when we look at what happened in 05, 06, 07, that was a credit bubble, meaning it was easy credit. People were buying multiple homes with no money down today. Our bubble is a demand, a bubble. If you want to call it that the buildup in prices, let’s say it’s, there’s just more people that want homes in there are homes available,
And that’s going to stay that way for quite a while.