Survey Stats: Is Albuquerque in a Housing Bubble?

Survey Stats: Is Albuquerque in a Housing Bubble?

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Tego:

Yeah, that’s

Tracy:

Good. Okay. So I’m sure you have some other stats. Let’s talk about the Zillow.

Tego:

Yeah. So, so Zillow does a, a survey where they survey about a hundred different economists academics, you know, people that, that really study the, the financial world and housing in particular,

Tracy:

I’m surprised they haven’t called you yet for your take on it. Yeah, exactly. Funny.

Tego:

There you go. That’s funny. And so it’s interesting because 60%, they do not believe that the housing market is in a bubble. Interesting thing is a third of them think that we are in a bubble now and then 8% weren’t sure. So I’m not sure what that, what that means. When you say we’re in a bubble, what does that mean? Because you, you read into the, the, the data in this, and they’re saying it’s not like 2000 6, 7, 8, right? It’s the, the underlying financials of, of people right now are very, very strong, but this really, really rapid increase in prices we’ve had over the, the past few years is very, very concerning. So you know, that, that’s, that’s the short take. The, the, the, the main thing is that most of these economists feel like the housing market is gonna continue to chug along. And, and, and again, I’m gonna say, hopefully not at the, at the rapid appreciation that we had decelerating appreciation is not depreciation. Right.

Tracy:

And as a team here, bringing it local. Yeah. What are we feeling? We’re feeling a little bit of, of a shift in, like for sure, pushing the price or the list price of a property, for sure. Isn’t working, you know, marking a house at the very top of the market that could be justified is probably not the way sellers need to go right now,

Tego:

What I’ve seen in the data is that people are, you know, keep pushing that list price higher and higher and higher. And, and maybe they’re getting ahead of the game a little bit. And so if you are thinking of selling, just, just keep that in mind that, you know, yes, absolutely. You want to, you want to put as much money in your pocket as you can, but if you get too far ahead of the market and you, you overprice it and you don’t get the activity, then you start the whole price reduction spiral, you know, we’ve seen which kind of wanna unfold. Yeah. We’ve seen some price reductions more than last year, but still about half of historically for this time of year.

Tracy:

So it’s still not alarming. It’s just a little more than last year. Exactly. Yeah. And last year was pretty abnormal. Well,

Tego:

And you know, early in the, in this year there was, it was just about zero price reductions. No, no. Oh yeah, yeah.