Will winter bring a flurry of real estate activity in Albuquerque?

Will winter bring a flurry of real estate activity in Albuquerque?

Tego Venturi:

Here we are fall. It’s beautiful. Isn’t it?

Tracy Venturi:

Fall? November seems like winter to me. I don’t like the whole classification, but yeah, it’s like fall.

Tego Venturi:

It it’s, you know, well, you know, our fall is different than the fall I grew up within in Michigan, you know, fall in Michigan starts in August, but anyway. Yeah, it’s, it’s beautiful. And real estate’s booming. The leaves are falling off the trees. And here we are talking about real estate piles in the yard together. Yeah. So, Tracy, what do we got today?

Tracy Venturi:

Well, we’re going to talk about a few things today. One is, you know, what can we expect for the real estate market over the winter? You know, there’s been a lot of information about that. And the other thing is we’re going to talk a little bit about all the different players involved in, in the residential real estate world and kind of dive in deep on title.

Tego Venturi:

Yeah. And I think that the thing is anybody that’s been doing a certain job or in a certain career in a certain profession for so long, we, we develop our own lingo and over time we just take it for granted that everybody knows what our lingo is and what things mean. And so we felt like it was important to, to start really talking about what are the different people relating to the transaction, the, the, the, the parties, right? The players in the whole real estate transaction. So we’ll go through that. Well, and I wanted to just talk about the, this, the fact, this homes coming on the market, there’s a lot of interest for this home. We, we know that and I’ve, I’ve gotten a few people reach out to me. It’s like, you know, what’s going on with the market as it’s starting to slow down as, you know, what’s going on. And, and the short answer is yes, it’s slowing down, but the, the there’s a, but to that, which is, it always slows down this type of time of year, right. Tracy, you know, real estate activity always slows down November, December, January, well, and then February is kind of when it starts, you know, getting, getting busier again, it’s not like real estate stops. So, you know, people buy and sell throughout the whole the whole year. It’s just that the slower months are right now.

Tracy Venturi:

Speaking of housing. So Lawrence soon he is the chief economist for the national association association of realtors. Smartest, man, I don’t know smartest, man. You’d like to know petty, well, you know, you know, Eddie, so Lauren soon, you know, we really follow him because his chief economists great stuff and it always is very insightful and feels very spot on. You know, if you look back

Tego Venturi:

Well he has, he has the pulse on what’s going on in real estate, especially in the resale side of real estate, better than anybody in the country. Right. That’s his job, that’s his job.

Tracy Venturi:

So here’s, here’s what he’s saying this week, this winter, he said, winter will bring a flurry of activity to the housing market, which, you know, we don’t think of winter as a top selling season for home buyers and sellers. Right. but we are seeing, I know we started off with some stats that show that through the first 10 days of November, we’re up like 30% still, even though people are feeling that it might be slowing a little bit, which would be typical. So he’s saying it will be one of the best winter sales years ever. And we truly

Tego Venturi:

Believe that big statement, huge statement.

Tracy Venturi:

And if we had more houses on the market would be even a bigger winter, right.

Tego Venturi:

And say stuff like that, just to, to pump people up or anything, he will be negative if the data shows that that things are negative. Right.

Tracy Venturi:

You said the typical winter slowdown in the housing market is simply not on the radar. Right. And there’s reasons for that. Right.

Tego Venturi:

Well, we had the great pause is what I call it back in, you know, March, April, may.

Tracy Venturi:

So we still had more homes sold off overall in 2020 than in 2019, even with the great slowdown in March, April, may. Right. So we still sold more homes than last year.

Tego Venturi:

And that’s true locally here Albuquerque. Not that he’s talking nationally, but that’s true here locally as well.

Tracy Venturi:

Right? So some of the things he’s talking about that way into having a great winter mortgage interest rates are going to remain very low through the new year, right? So the possibility of rates falling you know, more is pretty unlikely, but staying low is very low.