Eddy (00:00):
Tego and Tracy, here’s the KIVA this morning, giving you some real estate advice, talking you through it. They are here every week, rain or shine, letting you know what’s going on because real estate is a 24/7, 365 day decision. It’s where you wanna live, and they’ve been providing all that information to you now for over eight plus years. And they’re here in the Kiva. And all you have to do is take their phone number down, make that phone number ring, get some expert advice, consultative advice. These are your real estate counselors here, Tego and Tracy Venturi, 505-448-8888, 505-448-8888. Welcomehomeabq.Com. Welcome into the Kiva. Guys, good morning.

Tego (00:40):
Good morning. Good morning. Yeah, you know, it’s interesting. I, I was participated in a, a, an event the other day with a panel of realtors that all got into the business somewhere around 2006, 2007, you know, right before everything shifted drastically. And, you know, clearly we’re in a real estate shift right now, and it’s very different though, than back then. So we’re gonna talk about that and, and just where we are in real estate market and some tips and tricks. And, sorry, Eddie, I didn’t get to let let you finish, finish introducing, but

Eddy (01:11):
No, that was it. You guys take it away. Run with it. You only got 30 minutes.

Tego (01:15):
I know we gotta go. We got a lot of, lot to cover here.

Tracy (01:18):
I’m sure we have new stats, right? Tego for October. October. It’s October now that it’s November,

Tego (01:22):
October. Data is here. I just, it’s

Tracy (01:24):
Like the best time of the year. The month for you, huh?

Tego (01:27):
Yeah, I posted something on Twitter that you can see where I just kind of went through some of the data. I’ll probably record a video after, after this show and just kind of go through what I’m seeing in the market, but we’ll talk about it a little bit today as well. But I’ll put it out on my Facebook, my Twitter, and our YouTube channel on a market update. So

Tracy (01:48):
I know a lot of people like to follow that, and so they follow you on those, on those different avenues. So we appreciate that. I know a lot of, a lot of people follow listen and, and value your advice, Tego.

Tego (02:01):
Well, you know, I have realtors, pretty statistical realtors coming up to me all the time, you know, saying, Well, what do you think? What do you think? What do you think? And it’s like, Man, I wish I knew.

Tracy (02:09):
Oh, come on. You use real data though when you answer them, which is awesome. Yeah. So that’s part of the being a trusted resource. I,

Tego (02:16):
I have a, a gut feel where we’re gonna go. It’s, it’s an educated instinct on, on where things are gonna go here over the next six months. So it’s gonna be very curious. Obviously, we’ve got an election this, this coming week, and I think that alone is gonna settle down a lot of people’s nerves about the economy, the market, just, just in a course. You know, housing’s all part of that, that, and

Tracy (02:46):
Getting past

Tego (02:47):
That. Yeah. And just the uncertainty. I mean, that’s just one of those uncertainty that’s floating out there right now that, that anyway. Okay. Getting way off track here.

Tracy (02:56):
Let’s quickly go through what we hope to talk about now that we’ve already spent time.

Tego (03:00):
So there’s been a lot of, you know, let’s say, well, let’s just call it, you know, kind of bummer news about housing lately. Lately, right? I mean, it’s, you know, kind of some negative news about housing. And, and the question, you know, that’s coming up now is like, will my home sell in today’s real estate market? And so we’re gonna talk about that. Some, some, just some thoughts on that. The October data, we already said that. And then Tracy, we were gonna dive into what is due diligence in a real estate transaction, right? And that could be in a, a commercial real estate transaction, could be in a home purchase, it could be in a vacant land purchase. There’s this, this thing that we call due diligence. So let’s just jump right into that first, what, what is due diligence?

Tracy (03:44):
So due diligence is your opportunity to investigate the condition of a property that you are purchasing to make sure that it’s acceptable to you. You know, we talk about houses that are resale houses, and we are really buying them as is, right? We go in, we have the opportunity to look at it, We go, Yes, I want this house. So then we make our offer, we get it under contract, and we have, typically in our contract, we put in dates for our due diligence. And what’s due diligence also called inspections?

Tego (04:20):
Yeah. It could be inspections, it could be you could call it contingencies as well. Yeah. Cause

Tracy (04:25):
Contractual contingencies. Well, the, usually

Tego (04:28):
Not the same, but different. I mean, you, you have a contingency based on the due diligence that you do, right? Did that make sense? Yeah, sure. Yeah. .

Tracy (04:38):

Tego (04:39):
So, so basically, so let’s go through the list. You’ve got a home condition mm-hmm. , right? So that, that could be, you know, some sort of due diligence. Due diligence. Due diligence.

Tracy (04:46):
Might have an appraisal. It

Tego (04:48):
Could, it could be an appraisal, right? Could be a should be a survey of some sort to actually, you know, do that. And, and then there’s also the title search, which is also a due diligence where you’re actually having the title company do a search on the property, ownership, record history, all that stuff.

Tracy (05:08):
Sure. Making sure they can convey clear title to the new owner. Yeah.

Tego (05:11):
Yeah. So that would be another piece that, that you go through as the process, right?

Tracy (05:16):
Right. And so all of those things together are due diligence, and it’s a part of the process. So a lot of times people really rely on us realtors to walk them through all of those steps, right? Because they don’t really know a home inspector, or they don’t know what to look at when the title company sends them a binder. You know, a lot of times people who wanna sell their home by owner, which is great, if they do, they, they oftentimes end up relying on a trusted realtor to help them through the paperwork of it and the due diligence of it, because it can get very difficult, right? Yeah. So one of the questions that I get sometimes, Tego is when you’re buying a brand new, newly constructed home, should you do inspections?

Tego (06:00):
I, I mean, I, I’m, I’m never gonna say, don’t get a home inspection.

Tracy (06:04):
There you go. So, yes.

Tego (06:06):
Was that a double negative? No, that wasn’t a double negative. No, it wasn’t. Yeah. No. So I’m never gonna say no.

Tracy (06:10):
Yes. Even, even if it’s new construction, you have due diligence periods. And one of those I suggest is get a home inspection, get another party to come in and get their eyes on it, make sure that everything got buttoned up, because a lot of the builders are building multiple properties at the same time. And it would be easy to have an outlet not work or reverse polarity on a water faucet or whatever, but just good to, to have another set of independent eyes on things. You know, there’s lots of different types of home inspections, and we’re not gonna go into that, but, well, we’ve kind of covered the main things that are the big items in your due diligence

Tego (06:47):
Period. Yeah. There, there’s one more that I thought of as we were talking here, which was homeowners associations and or condo associations or CCNRs, for example, covenants, conditions and restrictions on the property. Those could also be a contingent thing and, and something you want to do d due diligence on. And in fact, in New Mexico there, there is a state statute that you, you know, home buyers are allowed to do or required to receive information about the homeowner’s association if it is in a homeowner’s association, right? Right. So they understand what’s going on with the budget and if there’s any, you know, what the fees are and how it’s managed and, and all that, all that stuff, right? So that’s another one.

Tracy (07:30):
So working with home buyers, we tend to give them a heads up of what to expect. And that typically, especially with inspections of the property things that come up that might be safety, mechanical or hazardous, are things that we typically see buyers wanting the seller to take care of. And we do typically have that opportunity to put together what we call a repair request. And it’s really just a, would the seller be willing to do this? And then we decide if we’re comfortable with the answer. Sometimes we go back and forth on it. Yeah. But sometimes we do our due diligence and whether it’s regarding title or survey or inspections or other things, we decide it’s not a good house for me. Right? Yep. And we need to not buy this house. And, and that’s a hard thing to do once people have put all this time and energy and love into the future in that property. Right.

Tego (08:26):
Well, and maybe some expense too, and some expense, maybe, maybe pay for a survey, maybe paid for some of those inspections. Yeah,

Tracy (08:32):
For sure. Right, right. So sometimes we, we suggest they not move forward with the house. It’s not what they were expecting, and that’s very sad emotionally, but a lot of times it’s the better choice, especially if they feel like it’s gonna cost them too much to do what they need to do to the house. Yeah. And they can’t make it what they want. So sometimes we don’t move forward.

Tego (08:54):
Yeah. And so I, I think the takeaway here is that, you know, due diligence and contingencies are part of every home purchase and home sale. Very, very common. Our purchase agreements, our New Mexico contracts that we use here in the state the the, the State Association of Realtors, you know, puts together the forms that we use. There are standard forms, and there are a lot of contingencies, a lot of due diligence options in there for buyers. And a lot of options. I, I mean, I have to say, we say this a lot ourselves, is that our, our purchase agreements definitely weigh in the favor of the buyer. There’s a lot of sellers that look at this and go, Wait, hold on a second. They’ve got all these different options to back out of the deal. But it’s, it’s that way on purpose to, to make sure the buyer has the opportunity to understand what they’re, what they’re purchasing.

Tracy (09:45):
So then from the seller’s side, we talked about the buyer’s side on, on the due diligence, on the seller’s side, the, the due diligence period items that come up. They don’t necessarily have to make repairs or fix things, but a lot of times they do. And because if this buyer goes away, they might need to do it for another buyer. Right? Right. And so it’s, it’s a kind of a precarious thing, but we, we try to warn sellers ahead of time of what might be coming.

Tego (10:16):
You, you always say that, Tracy, you always say, Well, we’ve got the negotiation on the price and the sale date, and the kind of the terms of the sale, but then we have the second negotiation, which is usually that repair request. If, if there’s some condition things that the buyer wants to get addressed. Right.

Tracy (10:32):
So, Yeah. So I know October’s over Yep. I know you’re dying to get to stats. We have other topics too, but let’s, let’s get to some stats now that we are in a new month.

Tego (10:44):
You know what I’m gonna do, Tracy, is I’m gonna just pull up my, my Twitter, my Twitter account, and the tweet thread that I posted the other day or Yeah, just yesterday. And, and what, what I, what I did is just to give a quick summary of what we’re seeing and, and let me just run through this real quick. So, October, home sales data, this is generally closed sales. This is an all closed sales. You’ll see what I mean here in a second. But it’s, it’s basically, you know, what happened in October in for single family homes and Albuquerque Metropolitan Statistical area,

Tracy (11:20):
Single family detached homes. Right. We’re not talking manufactured homes and we’re not talking condos. No.

Tego (11:26):
I just attached, I narrow it down to that cuz that’s the biggest bulk, that’s the biggest data set. So we can get some good statistical information out that, So close sales in October was 767 homes. That is a 33% decline from October of last

Tracy (11:45):
Year, month over month,

Tego (11:47):
Month, year over year, year

Tracy (11:49):
Over year. So year over

Tego (11:50):
Year. October.

Tracy (11:50):
October to

Tego (11:51):
October, October 21 versus October 22. Right. And so, yeah, 33% declined. So, you know, obviously the number of of homes selling and closing has declined a lot, especially since, you know, the, the mortgage rate push that we’ve seen here over the last few months. Yeah. Well,

Tracy (12:10):
If we were in a frenzy, I mean, think

Tego (12:12):
About, no doubt

Tracy (12:12):
About it, we were selling more homes than we’d ever sold. So now of course the numbers are a little different.

Tego (12:18):
Yeah. You know, the, the thing that’s interesting about that, I mean, if we look at that, you know, October last year was a record, record. Right. You know, but, but if I, I went back in time and looked at that, and that was equal to about 2017 something in there, you know, the number of home selling. So it’s, it’s, it’s not like this, It feels like it’s a drop off the cliff, but it’s not so much, it’s, it’s kind of normalizing to a certain extent. The Go ahead

Tracy (12:47):
Homes for sale, Tego, you know, the, there, there’s a lot of national news saying, Oh, more homes are coming on the market and flooding the market, or words like that, which is not the case here. Right.

Tego (12:59):
I heard a realtor say yesterday, Oh, all those bank owned and short sale homes that are coming. I’m like, Where did you get that from? And I’m like, Who is he listening to and reading or, or I, I just, I, anyway, sorry, I, I digress.

Tracy (13:18):

Tego (13:19):
It was, So Homes

Tracy (13:19):
For Sale has been staying steady for months now. Right.

Tego (13:22):
I kept my mouth shut. Okay. We’re

Tracy (13:24):
Up year over year, however, we’ve been staying steady for many months.

Tego (13:29):
Yeah. So there’s

Tracy (13:30):
Still way down. Yeah.

Tego (13:31):
28% more homes on the market October this year versus October last year. October last year was like an all time low though, right? Yeah. And, and, and the way to really look at it is month supply of inventory. So that’s supply versus demand, how many homes they’re selling versus how many homes are on the market. And historically, we’ve always said five, six month supply is a balanced market. Well, we’re at one and a half month supply. We still have a very, very low number of homes on the market. And like we talked about last week, Tracy, the city of Albuquerque, you know, came out and said, we’re whatever, 15,000 housing unit short in, in Metro Albuquerque. And that’s, that, that includes apartments too. But we, there’s clearly still a shortage of, of the number of homes out there,

Tracy (14:24):
Which a topic on the market, a topic we’re gonna be getting to is, you know, should people be thinking of selling that house right now during November, December, January. So we’ll get to that.

Tego (14:36):
Yeah. And then, and then this is the one that I’ve really been watching now because it’s been trending in a interesting way, which is number of new listings, new homes coming on the market. These are people that are putting their homes for sale. We’ve seen a 23% decline from last year. So the curious thing, or curious, I dunno if that’s the right word, but the, the thing is, you know, it’s like, yes, we’ve had a decline in a number of sales. We’ve also had a, a decline in a number of new homes coming outta market. So our supply demand ratios are still very, very tight just because of that. It’s just less people are wanting to sell

Tracy (15:13):
Their homes right now. And from the sales side of the business that I work in mostly, Yeah. Yep. We are still seeing the nice homes priced Right. Get multiple offers.

Tego (15:23):
Yeah. And what I’m seeing is I don’t know what the nice word is, marginal homes, you know, homes that maybe need a little bit of work that are, you know, kind of, kind of,

Tracy (15:33):
They have a reason that Yeah. Yeah. They’re either on a busy road or they are not pristine or they’re not priced right. Yeah.

Tego (15:40):
A little, little ahead of the market on, on price. Those homes are taking longer to sell. And so when we talk about days on market, median days on market was 11 days in October, meaning half home, half of the homes that came on the market were under contract within 11 days. Wow. So

Tracy (15:59):
Still amazing.

Tego (16:00):
Yeah. I mean, that is, that is, you know, if we were to go back to 2019 and say 11 days on median days on market, we go, That’s just crazy. You know, we hit five last year,

Tracy (16:11):
So what was it in October of 19?

Tego (16:13):
Yeah. In October of 19, it was , excuse

Tracy (16:17):
Me, that was 18

Tego (16:18):

Tracy (16:19):
Pre pandemic,

Tego (16:21):
Pre pandemic

Tracy (16:22):
18. So that was a more normal market. Yeah. 18 days on market versus 11 right now. Yeah. Yeah. So tell shows you the market is still pretty strong,

Tego (16:31):
You know, in, in, and really the take is, you know, clearly the, the number of home selling have slowed a a lot. And, and, and yet we still have less supply coming on, which means our supply demand ratios are still very tight.

Tracy (16:46):
We haven’t talked about prices. Yes. And I know everybody wants to know about prices.

Tego (16:50):
Prices year over year. Home prices are up, median price is up 15 and half percent October last year to October this year. We had,

Tracy (17:01):
When, when did they peak though?

Tego (17:03):
Unprecedented increase in home prices This from, from, for the first half of this year. So that 15 and half percent is mostly from December of last year to May of, of this year.

Tracy (17:20):
And then since then, they’ve been saying sort of steady, not going up

Tego (17:24):
Pretty much steady, pretty much flat, maybe a little, you know, me, May was a, was a peak pulled back slightly a percent or so, and it’s just been kind of flat. We haven’t really seen much decline, but we’ve seen a little bit of decline since then. And, and the take there is, if you are listing your home right now, you do have to, to listen to the market and not try to, to price ahead of it. Because right now, prices are not increasing. They’re not really decreasing either. They’re just kind of steady. I would suspect we’ll probably see home prices pull back a little bit through winter, which is, which is very common seasonally. And then we’ll see what happens in the spring, because that’s usually when we get the, the big bulk of price appreciation is in the spring. So,

Tracy (18:13):
Okay. So that was a lot. That was, that was good stuff. It was very accurate, which is always helpful to have real data. So we have quite a few open houses this weekend, houses that we represent as well as open houses around the city. I know it’s not the best weather weekend, so maybe it is a good time to be in your car and go see some open houses because you know, when it’s beautiful out, you wanna be doing other things sometimes, But, so open houses, you have a, a link on our website, Tego to all open houses, not just vent realty groups, open houses. So welcome home. Abq.Com is where you go for that. Under

Tego (18:57):
It’s just on a, on our website, so yeah, just under the home search, there’s the open houses. Yeah. Great.

Tracy (19:03):
So we have Giselle Drive Northeast. It’s 500, I’m sorry, three hundred and twenty nine nine in the 87,109 neighborhood. It is open both Saturday, today from one to three and Sunday from 12 to two. So both days to see that one. There’s also in Edgewood, we have 46 drive in Edgewood. It’s 393,900. It’s open today from one to three. That particular house is new on the market. It’s 2000, just over 2000 square feet on 1.36 acres. Three bedroom built in 2002. Really beautiful home there in Edgewood for 3 93 9. We have a couple other open houses. I know that four Quail Meadow Road in UHS is open this weekend on Sunday from one to three. That’s a spectacular property for six 50. It’s a house in a guest house, so that one’s very close to the main road through Placitas, just off it a couple blocks. Yes. So it’s really easy to get there. Yeah. I went out there last weekend to deliver some flyers mm-hmm. , and it was just beautiful setting. I I really enjoyed that drive. It’s, Yeah. It’s so easy, you

Tego (20:30):
Know? Yeah. It’s, it’s beautiful out there in,

Tracy (20:32):
In Yeah. Cafe along the road there had a ton of cars. It was Friday, late afternoon, early evening when I went by there. Yeah. And lot of people were there. Yeah. Which was nice to have the community. Anyway, several other open houses get on the website, That’s the easiest. Yep. Just find the link on our website Yep. To all open houses and you can plan your route. Absolutely.

Tego (20:54):

Tracy (20:54):
Yep. A couple new properties on the market this week, and easiest just get on our website. Tego has this really great link that’s newly listed so it lists the houses we’ve just put on the market as well as everybody else. Yep. So you can kind of get the fresh things right away. So if you’re looking for something special, you might see it before others.

Tego (21:14):
Yeah. You know, and, and it’s curious to say that because you know, you think about, okay, six months ago in March, April of this year, we, you know, it was a frenzy, right? There was, you know, homes were going under contract and meeting the same day, same day. And we think, okay, well it’s slowed down now, but like I just said, you know, half the homes are still selling and going under contract within 11 days, which means there’s still demand out there. Right. And that’s what I wanna segue into our next story here, Tracy, which is, should I sell? Right.

Tracy (21:44):
I just wanna finish that, say, Oh, yes. The best way, of course is for us to set up a customized search for you for sure. Based on what you’re wanting, and we can set it up so you get anything new coming on the market immediately, or only one email a day, whichever you prefer. So you can get an email every time something comes on during the day that matches, or one a day to summarize if more than one, Come on. All right. So,

Tego (22:09):
And, and let, let’s just address one thing, which is kind of the elephant in the room, is that yes, home prices have gone up a lot over the last couple years for sure. And, and interest rates now have gone up more than double since the beginning of the year. So affordability is definitely a challenge. It’s the, the thing is, it’s, it’s not just Albuquerque, in fact Albuquerque’s in a better position than many markets, especially in the Southwest from an affordability standpoint. So, you know, it’s it’s an interesting time for sure because people are like, Well, should I buy, you know, I don’t, I’m, it’s

Tracy (22:50):
It’s tough. It’s a conversation.

Tego (22:51):
Yeah. It’s a conversation. And, and you, you have to make the decision that’s that’s right for you and your long term plans.

Tracy (22:57):
And if you’re thinking of buying, at some point we should talk because right now there are several new home builders who are offering a low interest rate. They have bought a bulk of mortgage money at low rates, and when it’s gone, it’s gone. And we, we know who those builders are. There’s also a few loan programs out there that are offering lower rates. And

Tego (23:17):
We gotta talk about the MFA targeted areas program

Tracy (23:20):

Tego (23:21):
Quickly, really quickly, I know we’re running outta time mfa, Margaret Mortgage Finance Authority, this is a New Mexico program, and they have what they call the targeted areas program. These are are certain census tracks part, you know, neighborhoods around Albuquerque where you can buy a home and potentially get a three and a half percent, three and a quarter percent mortgage rate still right now, that’s only good for a few more months because what’s gonna happen is it, they can only go back, they go back 12 months and whatever the best rate they had available on that program they can give you that. So right now, the best rate in

Tracy (24:02):
The past 12 months is what they’ll give you, but a couple months from now, we’re gonna lose those three and four centers. Exactly.

Tego (24:08):
So Exactly. So Tego Yeah. And that’s on our website mfa, targeted areas, homes, you have the search setup. Yep, yep. Lot of choices.

Tracy (24:16):
Will my house sell in today’s market?

Tego (24:18):
Yeah. I think that’s a, a conversation. A lot of people that want to sell our are asking themselves. And so first and foremost, I want to talk about foot traffic or what I call foot traffic or, or showing activity. You know, how many people are out there looking at homes and Tracy, you know, because of what you do is we still get in lots of inquiries every day, every week of people that are, are looking to buy a home. Right? I mean, it is not like they, that that’s gone away.

Tracy (24:51):
Right. There are still plenty of people in the market to buy a home

Tego (24:54):
Yeah. And,

Tracy (24:56):
And life changes happen. Right? Right. People may not know today that they are gonna be selling their house tomorrow, or people might not realize that somebody might help ’em with a down payment and they could buy a house right now if that’s their goal. Right. we know that people have job changes, they have marital changes, relationship changes, empty nesters, new babies, you know, combining households, all these reasons why people still need to buy a house. Yeah.

Tego (25:27):
So yeah. And, and, and it’s the same again. So if you’re saying, Okay, well my house selling this market, well, first off, do you know is do you have to sell right now? Do you have that three and a quarter or 3% mortgage that you know you’re not gonna get again, probably ever. Right. You know, and so you gotta ask yourself all those questions. The thing is the, the number of people out looking at homes, one of the things I have data on is the number what, what I call foot traffic, I started to say, which is how many times properties are being shown to potential buyers

Tracy (26:00):
Based on lockbox

Tego (26:02):
Activity. Exactly. So this is real data on, you know, who, how many people are going into properties in October of this year was down 27% from October of last year, but October of last year, again, was kind of off the chart. You can’t really compare it to it. But if I compare it to October of 2019 it’s very similar foot traffic. Actually. It’s up 20%.

Tracy (26:28):
So, so there are more buyers right now out looking for homes than there were pre pandemic October 19. Correct. So there

Tego (26:36):
You go. That’s interesting. Right. That’s

Tracy (26:38):
Very interesting.

Tego (26:39):

Tracy (26:39):
That would, that would, we didn’t, if you’re ready to sell, there are buyers more than there were even three years ago.

Tego (26:45):
You know, to be fair, we didn’t have seven and a half percent mortgages, you know, back then either, but

Tracy (26:51):
No, but that’s more of the norm over history, right? Yeah. When I started in real estate in 2002, the interest rates were seven and a half. Yeah. Sometimes people were getting a, sometimes a little lower,

Tego (27:04):
But, but lemme push back on that. We didn’t have 35% home price appreciation over two years before that, though, either, which we’re dealing with now, that’s why affordability is, is definitely a challenge right now. The question is, are price is gonna decline to bring affordability back down or our mortgage rate’s gonna decline? And, and right now the jury’s out on both of those, and

Tracy (27:26):
We have our beliefs on that. Of

Tego (27:28):
Course, I definitely do. But the bottom line is, you know, buyer demand has not disappeared. It, it’s definitely moderated this year versus the last two years we’re, we’re just off the hook. But you know, if you, if you, if it’s the right time for you to sell, let’s talk, right? Yep. Give us a call. How do we get people, get a hold

Tracy (27:45):
Of us. Sure. 448-8888. Simple number, give us a ring and we’ll, we’ll be happy to help you and talk through whatever works for you. So Eddy, another another show in the books

Eddy (27:59):
There it is, I think what you guys are talking about specifically, and instead of the stats, it’s belief and it’s expectations, then I think it’s important. Again, we get into this thing where you’re working with people who are transacting business and doing it often, and one deal differs from the next. And it’s important to understand what’s happening with those market conditions and what’s able to actually be sort of you know, achieved. And I think that that’s so important. I think with what people, what might think is a difficulty is, you know, it’s a real opportunity. And I believe that that opportunity is there because you’re seeing more people deciding to sell their homes and they want to catch it because we know that interest rates are gonna go up and continue to go up, but that doesn’t mean in a market like New Mexico, the prices are going to come down. That’s happening other places. But New Mexico’s one of those places and you’ve listened to that. Wells Fargo economist Tego, we are protected and that’ll happen for the next couple of years. So it looks pretty good and I’m happy to hear all of this this morning. I feel very well informed when it comes to the real estate prices.