Where are all the Albuquerque homebuyers coming from?
(Transcript Snippet): “Tego:
Yeah. So one thing I wanted to get to Tracy is this whole narrative. I, you know, I’ve been interviewed now a couple of times by the journal about the Albuquerque journal. And I appreciate that. I mean, I, you know, I, I hope I’m adding some, some value to the stories we’re doing on real estate here. And one of the questions that always comes up and I heard it again on a podcast, I know I drove to grants and back the other day, and both directions, I listened to podcasts from housing economists and people like that. That’s what I do for fun. Anyway. That’s why I was able to do it. But you know, th this whole idea that, oh, that’s the Californians came, you know, where are the buyers coming from? We keep hearing that all these people coming from?
Everybody says, oh, the Californians are all coming here and buying our, built our houses with cash, especially luxury.
And we hear that from our friends, at our agents in Austin. We hear that from, I mean, it’s everywhere. It’s everywhere in the country. You know, the, the one person I was listening to there in Sacramento, and they’re saying, well, it’s all those bay area, people coming to Sacramento. Well, it’s partly that, but th th th th the little, th the dirty little secret, it’s not even really a dirty little secret. It’s just the, the reality is most of the demand that we have in our markets is coming from within, right. It’s, it’s not, you know, people coming from elsewhere, it’s just households getting formed people, not wanting to live stacked on top of each other, in apartment buildings anymore. The lack of, of rentals. And we’re gonna talk about that in a second. And, and so, you know, it’s, it’s whole narrative that it’s, oh, it’s, it’s those other people coming in and stealing our affordable homes. It’s like, well, no, I think you need to let that go because yeah. Okay. There’s always going to be people coming in and out of markets, but you, you can’t say because it doesn’t, it breaks down when you realize that this is happening in every market, around the country, except New York, and except San Francisco,
They’re all saying something else because people aren’t flocking there, right? Yeah, exactly. Everybody else says, oh, the new Yorkers are buying all our property, or everybody from California is coming and buying our property. So yeah. We’ll have to do a poll of our most recent buyers Tego at certain, and just kind of see where they’re found. I mean, we know generally have a pretty good idea of a pretty good idea. I would say probably 90%, 85, 90% at least are local. Yeah. Yeah. Or there, they were in New Mexico and are coming back to New Mexico for some reason.