When Will We Have More Homes in the Market? And why Albuquerque’s Real Estate Market is Still a Seller’s Market.
(Transcript Snippet): “Tego:
This whole conversation about inventory, you know, that’s kind of real estate lingo. Basically. It means homes for sale on the market. We just this week hit another all time low, right. For the Albuquerque area. And there was a conversation on one of the face book groups that just realtors here locally and is like, you know, this is, this is nutty. And one thing that I’ve tracked Lee over the years and, and is, you know, when do we generally see a seasonal change in the Albuquerque area for the number of homes on the market. And, and by the way, if you just tuned in, this is Tego Venturi Realty Group with Keller Williams Realty. And you can reach us at 448-8888. I’m with Lee Smith with the PRMI mortgage broker here, local Albuquerque Lee. How can people get ahold if you wanna talk mortgages?
Lee:
Yeah, my my phone number, my direct line is (505), 507- 4751. That’s the best number to reach me at. Perfect. It’s my mobile text call.
Tego:
And I will say people that are thinking about buying. I know it’s great, you know, you can get on websites and look at homes and do all that, but, but man talking with a trusted local mortgage advisor is so critical because mortgages are not cookie cutter. They’re not, no,
Lee:
You can lose thousands by talking to the wrong lender. Yeah. You know, you really can. Yeah. And and put yourself in a bad situation. I, you know, I talk to people all the time. One was talking to a lender and it took weeks and weeks and weeks found out they couldn’t do it. You know rates had gone up by then, you know, we got ahold of it. We were able to get it done, you know, but it’s just that even that time lost when you’re talking to the wrong person, you know, it’s so important. And especially in this market.
Tego:
So what I looked at was, so, so back to this whole idea of, okay, when are we gonna have more homes on the market all time low, we’re like 600 homes on the market, in the Albuquerque area right now, which is just, just ridiculous. Right. And, and to put some perspective on that a balanced market is five, six months supply right now where at like 0.5 month supply. Right. Which, which means, you know, if we, if we had 5,000 homes in the market versus the 600, right now, we’d still be considered kind of a balanced market or still maybe even a seller’s market, you know, it would, it would take about four, 5,000 homes to come on the market to push us into what traditionally would consider a buyer’s markets. We got a long way to go long way to go. Yeah. And we’re not gonna build our way out of it. That’s a whole nother conversation, right. With, with what’s going on with new construction. So, but, but seasonally, what we’ve seen is sometime around the end of March early April is generally when we see a bottoming of the number of homes on the market, in the Albuquerque area. That’s not good news for us right now where we sit today,
Lee:
We still haven’t hit the bottom.
Tego:
We haven’t hit the bottom yet. Right. And we’re, and, and so my, my, my hope and my wish is if, if you’re thinking about selling out there and you’re you’re listening, or, you know, people that are thinking to selling get in earlier than later, I assure you, there are lots of buyers out there that, that are, that are looking for homes. Oh yeah. And, and it you know, earlier is better.
Lee:
Absolutely. I mean, it is truly a seller’s market right now. I mean, you can get top dollar for your home right now is the, it is the time if you’re thinking about selling, you know, definitely call Tigo. I mean, it’s a great time to do it. Yeah.
Tego:
You know? Yeah, yeah, no, yeah.
Lee:
Probably one of the best times in historically that we’ve had
Tego:
Well and interesting, you know, we did that show. We did that show last weekly. Tracy and I talked about that, is this the, the greatest time ever to be a home seller really is, and, and you’re going well, well, statistically, yes. Could it be better next year? I don’t know. But you know, it’s, it’s, it’s
Lee:
Interesting. And it’s funny cause I, you know, I, I hear a lot of the, the, the realtors I work with, they’re all, you know, they’re all on the listing side now, you know, they’re listing because they can list those houses and they sell, you know, within, you know, a weekend, multiple offers and, you know,
Tego:
Know, it’s interesting. I’ve gotta tell you this Lee, cuz that, you know, you say that and, and then people think, well, oh gosh, it’s just so easy. And just do that. And we were having a, our, our team meeting here talking about, and it’s like, oh my gosh, it’s like more work now than ever, even though yes, it’s happening fast, but filtering through 20 different offers and trying to figure out, you know, the, the best offer is what’s gonna be the best deal for the, the, the seller. You know, they want to net the most amount of money, but it’s not always just about money. It might be about timing. It might be about terms. It might be about repairs. And one of the other things we always talk about and you’ll like, this is, you know, who is the lender that, that buyer is working with?
Tego:
You know, if it’s, if it’s cash, okay. That’s one thing I get that. But if it’s, if there, if, if you’re a seller and you’ve got 10 offers and they’re all pretty, you know, let’s say equal in, in dollar amount, for example one of the things that we think is super important is who’s the lender, who’s the that’s, you know, helping that buyer get the loan because we’ve seen way too many crash and burns over the years with, with people that got prequalified with let’s just say an online lender, you know, I’m not saying they’re all bad, I’m just saying, you know, somebody that’s not local and, and crash and burn, and you’ve probably bailed some of those deals out before.
Lee:
Absolutely. You know, it’s so important. One to have a local lender who knows the area, who knows this market, who, who works with the local agents who understands this community you know, what we see a lot of, and especially over the last couple years, there’s been a lot of companies that have come out out of nowhere, you know, mortgage companies. Yeah. And a lot of companies will issue what, what I call false prequels, where they haven’t done their due diligence. And I haven’t looked at credit, you know, maybe just had a conversation with a borrower and, and here’s a prequel. And that, that, that is happening out there. You know, we
Tego:
Know,
Lee:
Yeah, you’ve, you’ve run into it. So it is important to have a good, reputable, local lender who understands this market and, and who can stand by those prequels, you know, and, and as, you know, having deals fall apart because at the end of the day, the bar wasn’t qualified. When you could have found that out on day one waste a lot of money, waste a lot of time and causes a lot of frustration.