Albuquerque Housing Market 2024: Where Are Prices Now?

Hello, everyone!

I’m Tego Venturi from Albuquerque Real Estate Talk, and in today’s piece, we’re diving deep into the fabric of our city’s housing market. Albuquerque has been witnessing some fascinating developments, especially with the advent of build-to-rent communities, and there’s a lot to discuss concerning the current real estate trend wave.

New Developments in Albuquerque Real Estate

Firstly, let me share with you some details about the new housing projects taking shape in our beloved city. A notable one is a 10-acre parcel being transformed into a neighborhood of 90 standalone homes ranging from 850 to 1,070 square feet. Imagine sitting out on your front porch sipping your morning coffee or participating in communal gardening within internal courtyards — this is the kind of living experience that’s being created right here in Albuquerque.

Then we have the Eleanor development by Unser Gateway Realty—a promising venture in partnership with Westway Homes featuring 126 single-family houses. With home sizes varying between 650 and 1,500 square feet and about 30 units anticipated to be ready within the next year, the diversity and availability of housing options are indeed looking up.

The Trend of Build-to-Rent

Now, let’s talk about a trend that’s gaining significant traction: building single-family homes for rent. This concept has blossomed into neighborhoods like The Bedrock at Tracy—a build-to-rent community comprising 199 townhomes and an additional 145 single-family homes. But why is this trend emerging?

In my analysis, the tightening of lending standards post the Dodd-Frank Act has played a pivotal role. It’s changed the dynamics of homeownership and has paved the way for build-to-rent communities to fill a need in our market.

Housing Market Insights

As we’ve seen, housing affordability continues to be a challenge, with building new single-family homes under $300,000 becoming increasingly difficult. With the median home price hovering around $350,000, a family needs an income surpassing $100,000 to afford these prices comfortably—a figure not attainable for everyone in our city.

Since late 2019, home prices have risen by roughly 50%, with mortgage rates fluctuating, adding another layer of complexity for potential homeowners.

Rental Properties and Market Accessibility

On the rental side, we’ve launched a new tool, nmhomerentals.com, aiming to streamline the search for rental properties while cracking down on scams. Despite a common misconception, institutional investors are not the primary rental property owners—it’s typically small-scale, individual investors that hold this market segment.

The real challenges to housing affordability lie in the administrative and regulatory terrain—issues like zoning, planning, and permitting. It’s critical to have informed discussions around these topics, rather than pointing fingers at large corporations who, contrary to belief, are not the root cause of the problem.

Navigating Real Estate Commissions

In our episode, Tracy and I also touched upon the proposed changes to real estate commissions in New Mexico. Under the current system, the seller effectively covers the buyer broker’s commission, but this might soon change, with buyers directly reaching agreements with their brokers regarding payment. Although this could introduce new paperwork and procedural changes, it’s important to remember that real estate fees are always open to negotiation.

Reflections and Market Stability

In the midst of these shifts, I’ve felt an overwhelming sense of satisfaction in assisting our clients with their real estate journeys. The Albuquerque housing market has maintained stability with consistent price appreciation and a relatively low number of available homes—promising signs for both buyers and sellers.

As the seasons change, we expect an uptick in listings, so buyers, keep your eyes peeled for that perfect home, and sellers, get ready to showcase your property’s charm.

For anyone navigating the Albuquerque real estate waters, the Venturi Group is here to steer you in the right direction. Feel free to reach out to us at 505-448-8888 for guidance or to discuss your property needs. We’re more than just your realtors; we’re your neighbors in this vibrant community. Let’s make your real estate dreams a reality together!

Tracy Venturi:
Absolutely. So where do you wanna start?

Tego Venturi:
Start how people can get a hold of us.

Tracy Venturi:
Sure. So we’re Venturi Realty Group of Realty Broker, and, the best way is our phone, 505-448-8888. That’s an easy one. We should have a jingle. 448-8888. Or, you know, welcomehomeabq.com online. You can check out our website and reach us through that as well.

Tego Venturi:
I you know, I wanna start with housing affordability. Not not affordable housing. That’s a different conversation. I’m talking about housing affordability. Housing affordability is the issue of our time, I think. Now I’m a little biased because I’m a housing wonk. I believe in housing. Everybody needs a place to live.

Tego Venturi:
And we have a housing problem. There’s been a gazillion studies, you know, analyzing how many homes were short in the United States, in Albuquerque, in New Mexico, everywhere. Right? And the the challenge is right now to build a new single family home, it’s almost impossible now to build anything that could be sold as new for $300,000 and under.

Tracy Venturi:
In Albuquerque area, in our metro Realty.

Tego Venturi:
Honestly, in the country. I’ve heard that everywhere. I mean, I’m sure there’s some places maybe, but it it’s it’s it’s a real challenge.

Tracy Venturi:
You’re being very serious, Tego, but all I heard was wonk. I don’t know that word, wonk and kazillion, a kazillion stories.

Tego Venturi:
A kazillion. You know?

Tracy Venturi:
You you stopped me at wonk.

Tego Venturi:
Wonk. Wonk as in, like, I follow this stuff, and I’m very passionate about it. And I really get in the weeds on trying to figure out how to, you know, bring these solutions forward that that are gonna help the affordability challenge.

Tracy Venturi:
Right. So this week, there was a lot of news, right, about what it, what an income needs to be in our market to be able to buy, average median priced home?

Tego Venturi:
Well, median price is now around 350 in Albuquerque.

Tracy Venturi:
Yeah. And so what what that equates to as far as an income for a household is now over a 100,000 to be able to afford that house. Yeah. And it seems like pre pandemic, that was significantly less. What the the, rate that I think somebody’s I saw somebody’s stat. I think it was in the 50,000 or 59,000 or something was the income needed to buy the average price home, average median. Yeah. Yeah.

Tracy Venturi:
And now it’s over a 100. So, yes, it’s changed a lot because of interest rates, because of home prices. Everything combined together made it significantly different for affordability.

Tego Venturi:
Well, let’s just go back to pre pandemic. Home prices in Albuquerque have gone up about 50% since, let’s say, 2019. Right? End of 2019. Not not double, but, you know, half of double.

Tracy Venturi:
Right.

Tego Venturi:
Is that right? No. That’s not quite right. Anyway, 50%. So so home prices have gone up. On top of that, we went from again, pre pandemic, we were kind of in the 4, 4 and a half percent range on mortgages. And then when the pandemic hit, you know, we had that unbelievably low mortgage rates there where people were getting under 3%.

Tracy Venturi:
Especially if they did, like, a 15 year, which many people did

Tego Venturi:
Right.

Tracy Venturi:
Because the monthly payment was still so affordable on a 15 year at a 2.875 or whatever.

Tego Venturi:
Right. And then and then what happened is, you know, we had this price appreciation, and then we had mortgage rates go up to over 8% at one point. Now they’re more they’re hovering right around 7% right now, plus or minus, you know, in in that range, which is better than 8. However, it’s really put a strain on people’s affordability. And and we’re talking about purchase, but there’s also rent.

Tracy Venturi:
Right.

Tego Venturi:
You know, every type of housing is more expensive. Every type of housing is a much larger portion of everybody’s budget than it used to be. And, of course, everything else is a lot more expensive too. So there’s definitely been some some Tracy.

Tracy Venturi:
So that brings up 2 topics.

Tego Venturi:
Well, I’ve got one, but you go ahead.

Tracy Venturi:
Well, one of them is the multiple listing service, the Realty association that has a website to help with people find real rentals that are available, that are authenticated, that it’s really the person renting it using this site. So you’re not gonna get scammed by somebody pretending to be the owner or the rental manager.

Tego Venturi:
Yeah. So last year yes. So let’s talk about that. Last year, the we we at the Southwest MLS, we added a product that that basically aggregates all the different rental properties for the most part in the whole metro Albuquerque area. You can visit that website atnmhomerentals.com. And so it combines property managers and rental properties they have. It combines even individual private owners that want to post their their properties for rent and any rentals that are in the multiple listing service, which isn’t a lot, but it takes it all in one place so that a consumer can go there again, nmhomerentalsdot com, and see a really good, cross section of everything that’s available.

Tracy Venturi:
Right. And so there might be Tego, some of our listeners might have rental properties, and they don’t know this resources out there. They can get, go through the process to be legitimized as the owner of a property, and they can use this site to put their property for rent.

Tego Venturi:
Yeah. And a lot of people may not realize this, but the the rental scams on places like Craigslist, Facebook Marketplace, you know, these free listing services, the scams are just out of control, and it’s really sad. You know, we’ve had situations where we we’ve talked to people that thought they were putting the deposit down on a property and putting the 1st month rent down on a property. They sent it off, you know, they wired it off to somebody and that money was gone. Never seen again. Probably somebody overseas. Right?

Tracy Venturi:
Well and it it’s gotten worse than that. We’ve had people literally meet people with keys to properties, like, in person who aren’t the real property managers or owners. Anyway, so that’s one thing. Right?

Tego Venturi:
Yeah. That that’s again, the I mean, I know we’re having a conversation about affordability. Right. But it’s also part of that is just accessibility to properties that are available.

Tracy Venturi:
Right. Totally. Problem

Tego Venturi:
Right. For the rental side in Albuquerque. Yeah.

Tracy Venturi:
Totally. So that’s great. I really appreciate that the Realtors Association put that out there because, you know, it it costs them money

Tego Venturi:
to

Tracy Venturi:
to, have that. So we appreciate that they’re doing that.

Tego Venturi:
Okay. Can I just say I was very involved in making this happen, and I’m very proud of it? And I’ve heard some people pooh pooh ing, and I’m like, you know, there’s always gonna be your people that are detractors. But I’m sorry. This is this is for the community because it was broken. It was so bad if you’re trying to find a rental property.

Tracy Venturi:
So hard. We’d get calls all the time from people moving to Albuquerque or the metro area. They don’t know the area, and they need help finding a rental. And we are like, I’m so sorry. There isn’t one place that I can direct you. There there just wasn’t, and now there is one place that we can direct people.

Tego Venturi:
And Well, you can go to Craigslist. Good luck. Watch out for

Tracy Venturi:
this house. Careful.

Tego Venturi:
Yeah.

Tracy Venturi:
Yeah. So this is great. It’s great if you own some property and you wanna use it for your rental site because that’s part of what it’s good for. You don’t have to be a real estate professional to list your property there.

Tego Venturi:
Remember how at the top of the show, I said, we’ll probably go down some rabbit holes?

Tracy Venturi:
That was one.

Tego Venturi:
That was 1, but it was really good. I mean, it’s good information. I think the community needs to more know more about this resource. Again, it’s nmhomerentals.com.

Tracy Venturi:
Speaking of rabbits, you know, it’s Easter weekend, so it’s very appropriate that you would say rabbit hole, just this show. Anyway, so, Tego, the other part of where we were going on affordability, units, properties coming online. Right?

Tego Venturi:
Well, I I wanna I wanna hit on let me let me take this another direction just a little bit. I posted something about a week ago on my Facebook. Again, it’s Tego Venturi if you wanna follow me. I pretty much just post a lot of housing stuff, housing stat, housing news.

Tracy Venturi:
You don’t post pictures of your family and your vacation and your dogs

Tego Venturi:
I don’t know.

Tracy Venturi:
Post pictures of

Tego Venturi:
of yeah. I know. I I just don’t. I just don’t. Anyway, the the thing with affordability, there’s been this this kind of story kind of out there that that all the Wall Street, big investors are buying all the single family homes, and that’s why we have an affordability problem.

Tracy Venturi:
Right.

Tego Venturi:
And I just couldn’t take it anymore. And so I put together a long post that breaks down how many homes in the country and in New Mexico are owned by investors like institutional investors versus the mom and pop investors. And the short of it is most rental properties are owned by the mom and pop investor, basically, you know, 10 or less properties. And they’re they’re and and a lot of them are people where this is their, like, retirement fund. Right? You know, maybe it was their their home they had and they moved. They kept it. Now it is their nest egg.

Tracy Venturi:
Right.

Tego Venturi:
Right? And so the the the the problem I’ve had with it is the scapegoating of blaming, you know, the evil Wall Street people for the housing affordability problems when it is yeah, maybe it’s an issue, but it is minuscule compared to the other things that can be done. And what’s happened just this week, for some reason and maybe it’s just my bubble because I follow all these housing econ people. Everybody’s freely saying it’s like, look, blaming the Airbnb, blaming the Wall Street investor, you know, buying all the houses. Okay. That’s great. But that’s that’s easy for politicians to do is to, you know, blame some evil corporation that’s doing all this bad stuff when the real problem is zoning, planning, permitting, infrastructure, ridiculous regulations on on building. I saw a story. Again, this is just anecdotal, but, you know, this this person, he’s he’s trying to build these townhomes, and he’s, like, just about done.

Tego Venturi:
And he’s trying to get his CO, his certificate of occupancy. And and the city will not let him do it until he puts in the sidewalk in the front required. And for for whatever reason, he couldn’t do it in a timely manner, and they would not let him move forward until that was absolutely done. Cost him an extra $100,000, and it it cost him an extra 3 months. So this is the type of thing that’s broken housing. And the the scapegoating, you know, these evil companies is not solving the problem. And it looks like people are finally starting to break away from that that narrative and call it out what it is, is this is a local problem. It’s not a national problem.

Tego Venturi:
It’s really hard for national to do it. It has to be done at the local level. Okay. I’m done. I’ll fill my cell box.

Tracy Venturi:
Great. So let’s change gears. So let’s talk about I love

Tego Venturi:
it when you do this to me.

Tracy Venturi:
Let’s talk about

Tego Venturi:
I have this big profound statement and you just go, oh, okay. Great. Let’s go to something else. Sorry.

Tracy Venturi:
That was really awesome, Tego.

Tego Venturi:
Thank you.

Tracy Venturi:
Great job. Okay.

Tego Venturi:
Oh, and I got to say one more thing. If you believe that 44% of of homes got purchased by Wall Street Investors in 2023, you have been lied to, and I’m sorry you fell for it. That’s all I gotta say.

Tracy Venturi:
K. We’re gonna talk about the newest trend that we’ve talked about before, Tego. And we’ve put information out about it, and it seems to be happening more now, and that is build to rent. So there is a community in the North Valley.

Tego Venturi:
Speaking of affordability.

Tracy Venturi:
Speaking of affordability, these are homes being built to be rental properties. So, Jay Remby has one. It’s called Griegos Farm. It’s in the North Valley off Griegos, basically, between 12th and Rio Grande, and it’s well underway. It’s a beautiful master planned community with homes for rent. And it’s a 10 acre plot. Right? And, you know, it’s going up. They’re building there.

Tracy Venturi:
It’s a 10 acre area. They’re 1 and 2 bedroom, homes, 850 to a 1,070 square feet. 90 freestanding homes on the 10 acres. But there’s, you know, front porches, internal courtyards. There’s all sorts of areas for community gardening. There’s a pickleball court. I know that’s really important these

Tego Venturi:
days. Hey. That is that is a thing these days.

Tracy Venturi:
That is. So they also have some offices where you can rent, you know, space there so you can have kind of a work, live. Even though you might only have an 850 square foot house, there are some spaces for the community to use. So those ones are well under construction. Last time I was overlooking it, I think there was some streets going in and and, you know, things going up. So, that’s one of them, but we know that one was just announced this week in Rio Rancho. And last week on our show, we talked about Rio Rancho being one of the places in the whole country

Tego Venturi:
one of the highest in the entire country.

Tracy Venturi:
Right. Right up there. So Unser Gateway Realty, west side by Rust Hospital, They have, the Eleanor that was just they did the little groundbreaking with the whole row of men with shovels. Yep. I’m pretty sure there wasn’t one woman with a shovel there.

Tego Venturi:
What’s up

Tracy Venturi:
with that? Anyway, 126 homes in the Cabezon area. They’re gonna be 650 to 1500 square feet, and these are homes being built to Venturi. Single family homes. Right? And they said 30 units will be ready in 12 to 15 months. This is a partnership with Westway Homes. JLM Living owned has purchased the land about 2 years ago, and they’re finally getting to the point where they can say they did did a groundbreaking to start construction. And, you know, Westway Homes is one of our great local builders. They’ve been building in that, Diamante area, you know, rest hospital, very, southern end of Rio Rancho by Unser Yep.

Tracy Venturi:
In West Side Boulevard, just west of the hospital. They’ve been doing some building there as well as other areas of town. So, really excited to see how they’ve partnered with, Westway Homes to build this rent to or build to rent community.

Tego Venturi:
Right? And and when we say build to rent in in this context, it’s obviously build to rent apartments has been around forever. But this this concept of building single family homes to rent is been huge actually for the last 5 years in in other parts of the country. Right. You know, Phoenix, Atlanta, Dallas, Houston, you know, some of those big cities. And now it’s it’s here in Albuquerque. And other than that, there’s the 344 units that are going to go in. Oh, did I steal your thunder?

Tracy Venturi:
You did. That’s okay.

Tego Venturi:
Go ahead.

Tracy Venturi:
This was my story.

Tego Venturi:
Oh, man.

Tracy Venturi:
So so we That’s

Tego Venturi:
my deal.

Tracy Venturi:
We talked a long time ago, Tego, on the radio show and podcast that this was happening around the country and that it was destined to come here. And, yes, there is the Bedrock at the Tracy that’s also built to rent. It’s a little bit different. They’re going to have a 199 townhomes and a 145 single family homes, and it’s a big parcel, 37 acres. The trails, for those of you who don’t know, it’s by Volcano Vista High School, the whole cluster where they’ve got, by Ventana Ranch, West Albuquerque out at the end of Paseo del Norte, kind of between Montano and Paseo del Norte out on the west side Yeah. At the Tracy. So, those ones are under construction as well.

Tego Venturi:
Yeah. That that’s all coming. I I just, again, getting back to this housing affordability thing. I I, again, I read all this stuff and listen to all this stuff. I I I heard an interesting analysis, and there’s a lot of people that are are vilifying these build to rent investors. Again, the whole Wall Street, you know, they’re evil. They’re taking away all the homes. Why don’t they build them for people that can buy? Well, it’s it’s really a a supply and demand thing.

Tego Venturi:
There’s demand for rental houses that are single family homes for rent. There’s a shortage of those. Part of that and this is this was the the take that I heard, and I thought it was interesting is you go back to 2,000 and, I guess, with 2,009 when they passed the Dodd Frank Act. So if you’re not familiar with Dodd Frank, Dodd Frank was the the thing that came out of congress that was after the big the great recession. Right? And, you know, all the the crappy financing that happened pre housing recession 2,004 5 where they just loosened up the standard beyond belief and people were buying homes Realty that had no business buying a home.

Tracy Venturi:
Right.

Tego Venturi:
However, this this person’s take was it swung the other way way too far. With with Dodd Frank, it tightened up the lending standard so tight that now there’s people that are maybe they’d like to buy, but they’re kind of on the margin, you know, debt to income wise. They’re kind of on the margin maybe credit wise. Well, there’s no products available for those people anymore, and they might be good homeowners. The problem is they can’t get loans. And so now this person kind of hypothesis is this is why we see this proliferation of build build to rent neighborhoods because there isn’t a product available for somebody that wants a single family home that, again, maybe they’re on the margin, you know, credit wise, they can’t buy.

Tracy Venturi:
Right.

Tego Venturi:
And I thought that was an interesting an interesting idea. I mean, you can agree or disagree with. That’s not the point. I just thought it was an interesting take on on what’s going on in the, housing economy. Alright, Tracy.

Tracy Venturi:
Alright, Tego. We boy, we’ve done some light

Tego Venturi:
heavy news today.

Tracy Venturi:
Yeah. Wow. I was gonna say we need to talk about, you know, some of the fun things going on in our community. Right? We’ve got some really awesome new home communities all over the city. I was thinking about the new development by Hoffman Towne Church in Northeast Albuquerque where they’re selling homes there. So you’re looking at new construction in the far Northeast. There are several options besides that Realty community. There’s Stillbrook and there’s some others.

Tracy Venturi:
So give us a call. We’d be happy to help you, with that new home purchase. You know, a lot of times people don’t think of using a realtor to represent them when there’s a new home builder involved. And, honestly, we we kinda know the ins and outs of it, and and it doesn’t cost you anymore to have representation. So give us a ring if you’re interested in that, and we’d be happy to help help you find the different opportunities of homes and home builders that might work for you.

Tego Venturi:
That’s great. Yeah. K, Tracy. I know it’s been some kinda heavy news. We’ve been talking a lot about affordability and the challenges. We we must talk about the National Association of Realtors, settlement agreement, that has to do with some lawsuits that have been floating around for about 4 years. And and you know, Tracy, I’ve been following them, like, you know, since the beginning.

Tracy Venturi:
So but we need to be clear. This is a proposal. This is proposed. Proposed settlement. Yep. And that in New Mexico, our purchase or our listing paperwork I wanna be really clear that in New Mexico, the agreement that we fill out when we go to list a home is very clear on how the commission is shared with a different realtor, which is different. A lot of states didn’t have that. They didn’t show how that whatever the broker is charging might be being shared with the other realtor.

Tego Venturi:
Let let’s break down the way it is now, and and then we can also kind of go into how this is gonna look in the future for buyers and sellers. Right now, a seller agrees to sell a property, hires a real estate agent to a realtor to assist them with that. They agree on what that realtor, the listing agent is going to get paid. In that agreement, the listing agent also says, I’m gonna share part of what I’m charging with the realtor that brings the buyer to this house. Right. Right? So it’s an incentive or just just like any other, you know, sales, you’re incentivizing somebody to bring you a buyer on on this, in this case, a property. But, again, it’s in any sales cut. That’s basically the way it is now.

Tego Venturi:
The the the issue that really created the the the lawsuit was if if you’re hearing this noise in the background, Tracy has her dog in our in our studio here, and he’s, he’s

Tracy Venturi:
he’s having spring spring fever?

Tego Venturi:
He’s he’s having an allergy attack, if you can hear that. Sorry. Okay. Me get off get back on track. So, yeah, we gotta keep this light because this is kinda crazy stuff.

Tracy Venturi:
But the dog’s keeping it light.

Tego Venturi:
Yeah. So, so okay. So that’s the way it is. The the the let me get back to where I was going with this is the the the issue that that created the lawsuits, the issues that created the settlement without getting in going down that list of how it all came about because it doesn’t matter at this point, is that the listing agent would say, okay. I’m guaranteeing to the whoever the buyer agent that brings a buyer, I’m guaranteeing that I’m going to pay them x amount. Right? And I wanna be clear. There’s no set amount. Oh, we gotta talk about this.

Tego Venturi:
Can you believe how much poor reporting there has been and how so many people have no idea how organized real estate works, but yet they’re writing national stories about it. Some of the stuff I’ve seen is just absurd. And, you know, stuff like the the the 6% requirement from the National Association of Realtors now going away. There’s never been a requirement.

Tracy Venturi:
Right.

Tego Venturi:
I mean, do do a lot of people charge similar fees? Sure. Because that’s that’s what works in the

Tracy Venturi:
business model. Do a lot of, attorneys charge similar fees? Do a lot of other professionals charge similar fees? Yes. But there is no set fee structure in real estate.

Tego Venturi:
No. And there’s a bunch of different business models that that don’t charge

Tracy Venturi:
as much. And, you know, I could Or charge more.

Tego Venturi:
Or charge more. You can list them all off. Anyway, sorry. Just wanna make that clear. And and and then one one thing I’ve seen people say is, like, you know, we all say, well, commission fees are negotiable, and then people will say, well, my my my broker won’t negotiate it. It’s like, yes.

Tracy Venturi:
That’s that’s the negotiation.

Tego Venturi:
That that’s that’s what they charge. Could you go to another broker and do that? It’s just like buying a car at one place versus the other. It’s like, okay. That’s what they charge. Okay. If you don’t like that, go somewhere else. Right? And that’s that’s the negotiable part of it. Anyway.

Tego Venturi:
Alright. So back to what I was saying. Okay. Where where this is going with the big change is going to be instead of that guaranteed compensation to the buyer broker from the listing broker that goes away. Now the buyer will basically have a direct agreement with the buyer broker, and they will agree on what the buyer broker is going to get paid. K? So it it I’ve used this term and people said it’s not correct. It’s kind of decoupled The the seller paying or the seller basically portion of the proceeds helping pay for the buyer broker, where now the buyer broker and the buyer get to agree on what they get paid. There’s so much more to it than that, but that’s the simple the simple answer.

Tego Venturi:
And can sellers still incentivize a buyer broker bringing a buyer to their house? Absolutely. Can they still pay for the buyer broker? Again, that’s one of the other things that’s out there. Can the seller still pay for buyer broker’s fee or, you know, professional fee? Absolutely. It just can’t be guaranteed through the MLS system, and it it it must be negotiable, basically. And it but it can’t be promoted in the MLS is is the real big change. Okay. That was in the weeds. Yeah.

Tego Venturi:
But that’s the short of it. Yeah. And in in in right now, back to what you originally said, it’s all proposed. Nothing for sure yet. There’s gonna be a lot of changes. There’s gonna be a lot of new paperwork in how we do things. There’s gonna be extra steps, especially on the buyer side. Buyers are gonna have to get into agreement with a broker before they even go and see a home, which is very different than what we do now.

Tego Venturi:
But we’re still a few months away on this at least, maybe, you know, till till July is what

Tracy Venturi:
we do. Get to keep talking about it for several more months.

Tego Venturi:
Of course.

Tracy Venturi:
Can we just talk about the llama I saw when I was out showing a house instead? You know, there are some really cool houses on the market right now, Tego, just to change it up a little bit.

Tego Venturi:
No. That’s great. I know we’ve been Realty heavy this week, but it’s just because that’s what that’s what the real estate news is served up.

Tracy Venturi:
I saw 1 mid mod house that was so cool, Tego. It made me wanna, like, have a mid mod house even though I love our house.

Tego Venturi:
Mid century modern.

Tracy Venturi:
Century modern, you know.

Tego Venturi:
What part of town?

Tracy Venturi:
It was in the UNM kind of Altura area.

Tego Venturi:
Yeah. Of course.

Tracy Venturi:
And it had, you know, the the the little triangle type windows with the pitched roof line sort of where you could just tell from the outside that it was a mid mod. Anyway, it was it was pretty it’s pretty cool, but that’s part of the fun stuff we get to do. You know, I was, showing a house, was last weekend. Sunday? Sun? I don’t remember. Anyway, it was in outside Laguna, in Canyon Seto, 5 acres. And it was a beautiful day, and there was no wind. I’ve can’t remember. I think it was last Friday afternoon, actually.

Tracy Venturi:
It was like a blue ribbon day. And I was out there, and I did not have time to stop for a Laguna burger, which really bummed me out. That’s right.

Tego Venturi:
That’s right. Yeah. You have to

Tracy Venturi:
You know? It’s like I’m going right by, and I’m all by myself thinking I can do this. And then I ran out of time because we spent a lot of time looking at that property. But, anyway, that’s the best part about what we do is helping people with their dreams, their home purchases, their home sales, and making great representation happen. So we appreciate you. There are a lot of open houses this weekend on Saturday. Sunday, not so much because it’s Easter. But if you wanna reach out to us, 448-8888 is the best way.

Tego Venturi:
We didn’t even talk about Albuquerque housing market status this week, and and that’s fine. I’ll do a deep dive here next week because we’ll have the the March data and and get into that. I will just tell you that, you know, year over year price appreciation is still, you know, chugging along. We’re not, you know the home price are still going up. We still have very low number of homes on the market, and and that really hasn’t changed. So

Tracy Venturi:
We have quite a few coming on the market in our inventory personally. So if you’re looking for something specific, give us a ring and maybe we know about it.

Tego Venturi:
Yeah. The the we do see okay. Now we gotta do the low markets. Normally, it’s very normal this time of year, starting now, you know, into April, a surge in the number of people listing their homes. It’s just this is that time of year. So if you’re if you’re a buyer, it’s time to really start watching and thinking about it. If you’re a seller, you gotta get ready now because, you want you wanna be hitting the market right now too as well. So that’s it.

Tego Venturi:
Tracy, again, we’re the Venturi Group Realty Broker here in Albuquerque, New Mexico. You can reach us at 505-448-8888. Take care.