Why are there so few homes on Albuquerque’s Real Estate Market?

by | Apr 20, 2022 | Albuquerque Real Estate Talk | 0 comments

Why are there so few homes on Albuquerque’s Real Estate Market?

(Transcript Snippet): “Tego: Tracy. I wanted to talk about the number of homes on the market in Albuquerque. Okay. And what the heck is going on? I will tell you that we are, we, we basically hit an all time low number of homes on the market last week. At least from any data that we’re able to track, it was sub 600 homes in the market in Albuquerque. Right now. We’ll probably see, I think it was about 1100 homes, you know, sold in March. We’ll probably see more than that in April. And so you think about that for, for every one home on market, there’s gonna be two sold in this month.

Tracy:

Wow.

Tego:

Yeah. And, and usually if you look at the seasonal trends, we see more homes coming on the market this time of year right now. I mean, this is like, right. You know, through the end of April, basically. And we’ve seen a, we see a lot of homes come on the market on Fridays. So if you’re a homeowner, you know, or excuse me, a home shopper, a home buyer, you know, watch our website on Fridays cuz that’s we saw what a hundred come on the market on Friday yesterday, right? Yeah. Which, which is

Tracy:

Across MLS

Tego:

Across the entire city. But we, we know, but we have those on our site, you know, the, the, the, the just listed, you can see ’em, you know, virtually in real time as they come on the market. So if you’re looking for a home, you wanna be bird, doggy, nose, and, and watching for ’em cuz it’s that’s the market we’re in mm-hmm <affirmative> so why do we have so few homes on the market? You know, why did, why are we in this position? Well, why aren’t we just building more homes?

Tracy:

We talk about this a lot. Don’t we, I mean, there’s a lot of reasons why don’t we build more homes? We, we know the answer to that. Yeah. Our listeners hear it, you know, land costs, builders. They don’t wanna get ahead of themselves. Right. They wanna make sure when they’re putting that money out, that they’ve got the market for the houses they’re building, but just getting permits, buying land, getting it, developed, getting infrastructure, getting materials everything’s been taking longer.

Tego:

Right. It’s a long process. It is. I listen to a very wonky podcast with a new home construction analyst this week. And you know, the, the sentiment out there for new, new construction home builders is they’re, they’re cautious, right? They’re they’re not gonna overbuild this time again, getting back to that whole conversation of, you know, what, what happened with the, the great recession home builders are, are gonna take their time and build when they build, want to need and, and not overdo it and not get ahead of this, this market.

Tracy:

So not talking about new construction. Yeah. Why don’t we have enough resale homes on the market? So there’s lots of things, you know, if you’re thinking about selling your house, it’s kind of scary to pick up the phone and call us and say, Hey, I’m ready to sell my house. Right? Yeah. First of all, you keep hearing how quickly things are selling and you might feel like we’re gonna sell your house out from under you. Right. And, and maybe move it too fast for you. And really

Tego:

That’s a really, really good point, Tracy. Yeah.

Tracy:

It it’s, let’s meet and talk about what your goals are and move slow. We don’t have to move fast. Right. We can talk about it. We can help you with where you’re moving to and what, where you’re going. Even if you’re moving to Oklahoma, we knew a, we know great agents there that can help you get a house or a place to rent or wherever you’re moving. But

Tego:

So, you know, I just wanna say something about that because you know, I do these stats all the time and I talk about, you know, half of the homes are selling in four days as they come on the market and, and you as a homeowner going, well, I’d like to sell my home, but I don’t want to be homeless in four days. Right. You know? So, so if that’s what you’re hearing, I’m sorry. I don’t mean it that way. I mean, it just, that’s the statistic. However you want selling

Tracy:

Sell four days doesn’t mean you have to be outta your house in four days. Of course, of course. But it sounds like that from the headlines, doesn’t it? Yeah. Oh yeah. Yeah. It sounds like you better be packed up before you call us.

Tego:

You better not invite that realtor to your house cuz it’ll be sold before they get there. You know, it’s like, no, no, no, no. It’s not what it is. If, so, if you are thinking of selling, please understand we, we get it and, and that, you know, we’re gonna go at whatever pace you need to go at. Right. And there’s ways to what I would call, you know, prelist the property and go at the pace that works for you.

Tracy:

Right. We have a lot of strategies in place to really hold your hand and make it comfortable and make it work so that you don’t feel like it’s going too fast for you. Yeah.

Tego:

Right. Yeah. For sure. For sure. Yeah. There, there was a story in the wall street journal that somebody sent me because they used my photo again in, in the story, the photo where I was putting up a sign there’s a stock photo floating around there of me putting up a sign on a house wall street journal now has used it a couple times. But the story was, sellers are stressed out because they don’t wanna miss the top of the market, basically what it was saying. And it’s like, no, you know, sell when you’re ready to sell. And you know, don’t, don’t overthink it. Just make sure you have the plan in place and you know where you’re gonna go. Cause I think that’s the thing is, is people don’t wanna sell before they know where they’re going.

Tracy:

Right.