Top Home Buyer Regrets + 3 Unique Homes for Sale in Albuquerque

Tego Venturi: Welcome to Albuquerque Real Estate Talk, episode 546. First week of August, 2025. And it’s hot out…

Tracy Venturi: I’m always cold, so I’ve got my jacket…

Tego Venturi: A lot of interesting things came out this week, Tracy. There were two national rankings related to Albuquerque and real estate…

EPISODE 546 Final
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Tego Venturi: . [00:00:00] Welcome to Albuquerque Real Estate Talk, episode 546. First week of August, 2025. And it’s hot out

And

Tracy Venturi: I’m always cold, so I’ve got my jacket. Well, it’s ’cause

Tego Venturi: you know, this time of year everybody’s got their air conditioner cranking. Yeah. So you end up being, either, either hot or cold.

A lot of interesting things came out this week, Tracy. There’s two stories that were national stories. I call ’em stories or rankings or surveys related to Albuquerque and real estate. I’m gonna talk about those. we wanted to cover, I, I found like these three different surveys that ask buyers what are your top regret?

And so we’re gonna top

Tracy Venturi: regrets. And that’s of people who bought homes in the last two years.

Tego Venturi: Yes.

Tracy Venturi: So we’re gonna talk about that and. Options of what you can do about that.

Tego Venturi: Yeah. And then, I’ve got a little bit of market data. It’s the first week of the month, so I’ve got a, a couple takeaways from, the.

July data, I had to think about what month we were in. Yeah, yeah. The July data. one thing I posted on my Facebook just talking about how we’ve [00:01:00] got these two different, indicators and they’re kind of contradictory at first glance. And so I want to go through that and where we are in our, our real estate cycle here in Albuquerque.

Tracy Venturi: Sounds good. We have a couple of homes to feature and. Tego. You’ve had your feet in the trenches working with home buyers and home sellers, and you have two more properties you’re representing right now.

Tego Venturi: Yeah. Yep. So we’re gonna talk

Tracy Venturi: about that.

Tego Venturi: Talk about that. Yep, for sure. So Tracy, let’s. What, what do you wanna lead off with? I’m, it’s, it’s lady choice. I’m excited about

Tracy Venturi: the houses that are for sale,

Tego Venturi: let’s do that.

Tracy Venturi: Yeah. Yeah. Great. So new on the market this week. when people think of corrals, tego, we have, the rural larger properties kind of typically think people think of an acre and horses.

You know the Texas Longhorns you see as you drive down Corrales Road? Well, what a lot of people don’t know is there is a really nice, town home neighborhood in Corrales. It goes up the side of the hill, so a lot of views, [00:02:00] and it’s called Pueblo Los Seros Town Homes, but we just listed one at five San Juan Trail.

In Corrales, and it is just a charming, wonderful town home. It’s a three bedroom, two bath. This, community has its own clubhouse, swimming pool and tennis courts that are also painted for pickleball. I don’t think you knew that.

Tego Venturi: Oh, though, that’s new. That didn’t use to be that way.

Tracy Venturi: Yeah, I know. And I was touring this home with the sellers going, oh, pickleball, maybe Tego and I are ready downstairs.

I guess the last time I was in that

Tego Venturi: neighborhood though, it was probably 10 years ago. So, yeah, that doesn’t doesn’t mean that doesn’t surprise. It’s new.

Tracy Venturi: Yeah. Yeah. So anyway, it’s just about 1400 square feet. It’s very upgraded. Just really great home. if you’re interested, get online and check it out.

Five San Juan Trail. We’d be happy to show it to you. It will be open this weekend. So. Check out our open houses site to find out what time. I know it’ll be on Sunday. I am not sure about Saturday. but just a really sweet property for, for [00:03:00] 425,000.

Tego Venturi: Awesome. Tell us

Tracy Venturi: about the fourplex, tego that you represent.

Tego Venturi: Yeah, we, we have a fourplex that’s in the, Carlisle, command. No, Carlisle,

Tracy Venturi: Comanche Coman. It’s between, between Comanche and Montgomery.

Tego Venturi: Yeah. Kind of. Yeah, exactly. Thank you. And it’s a, it’s a fourplex, so it’s an investment property. And the, the kind of, the big opportunity is for somebody that’s interested in doing the house hacking thing, which we’ve talked about many times.

Tracy Venturi: Yeah. House hacking. So you live in one, you rent the other three out, and the other three should cover the full mortgage so that you’re living with somebody else paying for your room. Right. Your space.

Tego Venturi: I was chatting with one of the mortgage lenders at. That, we know here in town very wise on the mortgage industry and everything going on, and she was mentioning that there’s a really great program for 5% down that somebody could use to, to if they live in one of those units.

You gotta be owner occupied, get into an investment property for 5% down,

Tracy Venturi: so that that complex. I, I haven’t been inside one, but I’ve seen it [00:04:00] from the outside. It’s nice. It looks newer. Yeah, it’s

Tego Venturi: newer, not that old. 94. It was built and, and, yeah.

Tracy Venturi: for somebody looking, it’s 600,000 and it’s four units that you could rent out.

So a really great opportunity and

Tego Venturi: for the, the investment nerds, , it’s, it’s a six cap based on the proforma. It’s about a 10 gross rent multiplier. The NOIs is about 36,000, $37,000 a year. So here you go. All that, those are, those are all the language. Those are all, yeah, yeah. All that language.

Tracy Venturi: Yeah, all that stuff. I go, oh boy. Okay. I’m glad I have you in my life.

Tego Venturi: people that know, know what the all those things mean. I know. Yes, I know,

Tracy Venturi: I know what they are. ’cause you talk about it. But yeah, it’s big time stuff. So you also have another property you represent in, in kind of our old stomping ground.

We, when we first met, we lived on Los Arboles. We did. And near North Valley.

Tego Venturi: Yep.

Tracy Venturi: so you’ve got one at 615 Los Arboles Northwest.

Tego Venturi: Yeah. And I’ve, Sam, pull up the screen here. I’ve got it, pulled up here. This is, this’ll be, This should be [00:05:00] live by the time you’re hearing this when we’re recording this, Wednesday afternoon, we were just finishing up the photos, the professional photos to get it ready.

the thing that’s really unique about this property is it’s located in the North Valley, not too far from fourth Street, just north of Manal, kind of in that general vicinity, the major crossroads. but it’s a half acre lot. That’s the, the, the main unique thing here.

Tracy Venturi: It’s a half acre and it backs to an irrigation ditch kind of area.

Well,

Tego Venturi: it’s the irrigation ditch, but it’s the, Albuquerque drain trail. So it’s a paved one of the, the paved bike paths. Wow. Goes right behind it, basically. Yeah, it goes, it goes east, west. Through that section, but then goes north all the way up to Alameda along Second Street. So that path, it basically ties Second Street all the way down to the Bosque Trail.

So it, it basically backs up. Well, it does, it backs up to that. Nice. the unique thing about this with the half acre is it. Potentially could be subdivided.

Tracy Venturi: So you told me that the seller [00:06:00] had already done the research and did a summary drawing or whatever. Yeah. Didn’t finalize it. Correct. But somebody could take that and kind of finish the work if they wanted to subdivide it and have a lot, that they could sell or build on.

But it’s in Albuquerque. It could have an ADU, an accessory dwelling unit. It could,

Tego Venturi: it could. The only thing with ADU, you’re limited to 750 square feet. But yeah. So it’s more of a guest house? Yeah. Be more of a guest house. There’s definitely room to do that there. but it’s, again, it’s a larger lot. The, the home itself is kind of set to one side, so there is plenty of room to do something else or expand the existing home.

Tracy Venturi: So it’s 365,000? Yep. It’s interesting when you say, you know, it’s kind of small. I was thinking about when you go through IKEA and they show you like a sample house that’s 365 square feet or something, and they’ve got everything, you know, it’s like, wow, okay. So that’s, you know, 750 ish isn’t that bad?

I

Tego Venturi: mean, the thing is you can build a. Full additional residence is what I’m getting at. If you [00:07:00] subdivided it, if you can get it subdivided and go through all the work to do that, which, which again, that’s, you know, on the buyer to, to, to do that and figure that out. But anyway, if you’re interested in that, give us a call and if you know any property, any property questions that you, that come up in the Albuquerque area, you can always reach out to us.

We have our. Our team line at 5 0 5 4 4 8 88 88.

Tracy Venturi: Okay, let’s go to the top. Regrets. Regrets of home buyers in 2025. And this is of home buyers who have purchased in the past two years. There was a study done, right?

Tego Venturi: Yeah. And actually what I did is I took there, there’s like three different studies. One of ’em was bank rate, one of ’em was this insurance company, another one was real estate brokerage.

And it just kind of consolidated, you know, what they found. And what they found across the board was pretty much the same result. And, you know, the percentages vary a little bit, but, but what they’re, what they’re finding, wanting to know is like, okay, you, you’re a first time home buyer. What are, what are the things that you regret or like you wish you would’ve known before you purchased

Tracy Venturi: And see, since I didn’t say it, you [00:08:00] just did.

This was especially regrets of first time home buyers who have already purchased, right? Correct. So one of ’em was underestimating repair and maintenance costs. That’s the most common regret, not like forecasting that that things might break or that you need to upgrade, or what your utilities might be.

Tego Venturi: Yeah. And, and one, well, this was more around repairs, but Yeah, ba basically just the re the cost maintenance. The cost maintenance of ownership, maintenance, maintenance and stuff. Like if you’ve always been a renter, you, you’re just used to the landlord taking care of things.

Tracy Venturi: Right.

Tego Venturi: the, the, the biggest thing that was, you know, since that was one of the thing, again, under underestimating repair costs, the, the number one thing that came up was cosmetic repairs.

Not necessarily, you know, the air conditioner breaking, right? Not a major one. Yeah.

Tracy Venturi: So another one very high on the list, right, was not getting the right size home. Not buying the right size home, either buying too small or too big. Yeah, right. I can imagine a lot of [00:09:00] it is too small for a first time home buyer.

You know, somebody with maybe their first two or three kids. And the entry level home just doesn’t have the space or that second living area that they can get away to, or one, one living area that all the kids’ toys can be in or,

Tego Venturi: well, let me put a side note on this is maybe not so much a first time home buyer, but yard maintenance, landscaping maintenance.

Right? You know, that that’s something that maybe people don’t kind of recognize is, is gonna need be needed depending on what type of landscaping the property has. Yeah, totally.

Tracy Venturi: Another, Regret feeling rushed or pressured to decide too quickly. On which house to choose. Right? Those who felt pressured are much more likely to experience buyer’s remorse.

Tego Venturi: Well, and there’s a, there’s multiple reasons you could feel rushed. One, it could be that interest rates, the time is ticking, let’s say interest rates like they, well, actually that’s a side note. This week interest rates have dropped, right? You know, interest rates have dropped. Oh, I better find [00:10:00] something.

’cause I need to get that locked in, that low interest rate so they feel rushed to find a property or. We’ve seen this many times. Somebody’s first, you know, ready to go out and start looking at homes first weekend, and they’re out and they see the perfect house and they’re like, I gotta get it. I gotta get it.

I gotta get it. And it may be the right decision,

Tracy Venturi: it probably is the right decision, but they might feel like they should have looked at more houses first. So possibly,

Tego Venturi: yeah, I think I, I think the rushing part is. Take your time, you know, look online and, and do all that stuff before you actually start looking at home so you really know what, what the options are.

Tracy Venturi: Sometimes the, the rushing part of getting your house, house under contract has to do with the deadline of when you have to be moved. You might be under. Oh yeah, good point. A year lease, right? Of course. Of course. And your lease is coming up and you know that you need to get a house under contract or you have to sign for another year.

Tego Venturi: Yeah. And we’ve seen that over the years where somebody reaches out to us, it’s two months [00:11:00] before lease end and you’re like, it’s cutting. It kind of close. We can do it. We can do it. But you know, you know, you probably need to be thinking about it more for six months out to. When I say six months, I’m talking about getting on the website, start getting

Tracy Venturi: no, getting with your realtor.

Wait,

Tego Venturi: wait, wait. Learning

Tracy Venturi: about the market, learning how to be a great buyer so that when it happens, you’ve got a great foundation. Because just getting on the website and searching homes is not a great place to start. To you go,

Tego Venturi: yeah, that, you know what, you know,

Tracy Venturi: it’s not,

Tego Venturi: I I accept your correction a lot of times.

Thank you. No, you’re, you’re, you’re absolutely right. Yes. You’re a lot of times.

Tracy Venturi: People are searching in a price range because that’s what they think they want. And when we really get, I, I think of it as the trifecta, right? Mm-hmm. It’s us, their lender, and them, and we, we put that team together. So we have the team approach and the lenders doing their part to make sure that they’re getting the best loan type.

For them and give them the good information so they [00:12:00] know what their monthly outflow is going to be in total. because a lot of times buyers tell us a price way under what they can actually, afford or, or monthly comfort payment. and then they take too long to get to the right price. They start looking at houses and they go, oh wow.

This is all I can get. And they waste time. Before we get to the right price.

Tego Venturi: Yeah. That, that, no, that’s all really, really good advice there. But I want

Tracy Venturi: you to say one more time that I was right.

Tego Venturi: You were right and I was wrong.

Tracy Venturi: Okay. Okay. Just, just like to get it on the record again. Mark. Mark that

Tego Venturi: down, Sam, that you know that, that, yeah.

That, that happened on this day. Okay.

Tracy Venturi: Okay. Moving on.

Tego Venturi: August, 2025. Okay. financial regrets. And I thought this was interesting ’cause one of them was too high of an interest rate

Tracy Venturi: that they locked in.

Tego Venturi: Yeah. And. I think some of that may be that, you know, now we’ve been in the 6.5%, 30 year fixed rate, mortgage rate range now for a couple years.

Really kind of, in that range. Well,

Tracy Venturi: it’s been higher than that. It’s

Tego Venturi: been higher, but let’s just [00:13:00] say in that range. And then people are comparing to what was going on in 2022 or 2021, where you could get a 3%, you know, interest rate. So yeah, you’re gonna have regrets, but. It is what it is right now

Tracy Venturi: and it historically we’re still at really good interest rates.

Yeah, yeah. You know, be thankful you’re not at 12 or 18%, but you’re right, Tego. And you know, even if you’re locked in at 7.5% right now on a house you bought two years ago, you can refinance it. And I think we will be seeing some refinances. We had some people buy houses at 8% or higher, and you know, if that’s you call us, we’ll tell you a great way to get a refinance.

And lower your monthly payment.

Tego Venturi: And, and the other part was, you know, again, financial regrets was just overpaying or buying too much house and ba basically being house poor as they say, where you’ve, you know, you’ve got just too much of your income, dedicated to your, your mortgage payment.

Tracy Venturi: Okay? So my story on that, Tego, when our son and daughter-in-law in the [00:14:00] Phoenix area, were buying a house.

We thought they were gonna buy in like the three 50 to four, four twenty five, four hundred. And they’d call and they’d send us a picture and say, we saw this house today, we’re gonna write an offer. And it was 4 25. It was in the islands in Gilbert. And we were like, oh, 4 25. They were only like two years, one year out of college or something.

Right. You know, obviously our son was doing well in his job, but they didn’t, we were freaking out. Right. Yeah. And. I was saying to myself, okay, we tell the buyers a lot of times, stretch yourself right now because you’re at the beginning of your earning capacity. Right. Your, your wages are gonna go up, but your house mortgage is gonna stay the same, so it’s, it’s okay to stretch yourself.

Well, they ended up buying a house that was 500,000. We were like, oh my gosh. We were losing our minds, even though we didn’t say anything out loud to them. Right. Kind of

Tego Venturi: were in so many words we did. Yeah.

Tracy Venturi: But, but looking back, their house, they bought. At [00:15:00] the early days of COVID when they couldn’t go in, you had to wear masks and gloves, and the realtor was in a different car and you kind of got to look in the windows, I think.

Right. And it was a tough time to be a buyer, but they locked in a good rate. They stretched themselves, but it has worked out well.

Tego Venturi: Yeah. It and, but it doesn’t always work out well. No, and I think that’s where getting a trusted realtor a a, a trusted. Mortgage person to really look at that and help you make those decisions.

I mean, that’s the job of the realtor and the mortgage person is not just to sell you a house and not just to sell you a mortgage. Find the right thing that fits for you and your lifestyle and so you’re not. You’re not stretching yourself, but sometimes stretching yourself makes sense, right? If you know that your income’s gonna be going up, you don’t want to buy a starter home and then just have to move a year or two years later because you need more house.

Tracy Venturi: True. Although for us, you know, our thing is consider that your first rental and go buy the right house. Well, there’s, [00:16:00]

Tego Venturi: that’s not a possibility for everybody, for a, for sure people. Yeah.

Tracy Venturi: So another thing, tego compromising on the homes condition. Features such as accepting some. Some deferred maintenance, some structural issues or skipping inspections or something, and then regretting it later that you didn’t do more due diligence and you kind of end up with, this is very dating for me, but it dates me.

I mean, like a house is a lemon. Mm-hmm. Right. I don’t think people talk about cars like they’re lemons anymore. Cars must not be lemons anymore.

Tego Venturi: Yeah. It’s not, not as, not a thing. It’s old school. I mean, lemon law still exists, but that’s, yeah. That,

Tracy Venturi: anyway, you know, just buying a house that isn’t in as good a repair as you needed.

Yeah. Could be a regret.

Tego Venturi: Okay. And then the other one was wrong location. Maybe they didn’t do enough legwork, groundwork. Like, like you always advise people go in the morning, go in the evening, go on the weekend, go on the go for a walk, go for a walk,

Tracy Venturi: go to the grocery store you would go to, and make sure you feel [00:17:00] comfortable.

Listen for, sound pollution, light pollution. Go for a walk, make sure you’re comfortable. But sometimes tego buy, people buy where they can afford and it’s maybe a long commute to work and they think that’s okay. I’ve got a great house. And then later they regret that that commute has gotten burdensome.

Tego Venturi: Yeah. And then the, the last thing is really the, their stress. I don’t, I don’t know if that was really a regret. It’s just recognizing it’s gonna happen. From? From the

Tracy Venturi: process. From the process. Yeah.

Tego Venturi: You know, and some, but there’s other emotions too. There’s excitement, there’s pride. Yeah. In buying your first home, it, all of those things happen.

So, you know, be I, I think part of that is just be prepared for that. It’s gonna happen.

Tracy Venturi: So Tego, is it just Gen Z Millennials that have. Regrets? Or is it everybody?

Tego Venturi: Oh, it’s, it’s everybody. Yeah. Yeah. It’s universal, right?

Tracy Venturi: I just wanted to make sure you knew that it wasn’t just first timers and it wasn’t just young people.

Tego Venturi: So anyway, there was [00:18:00] our top regrets of home buyers and, and some tips along the way there that you can do to help alleviate that. And of course, we’re here to help so that you don’t have as many regrets in the end. People are always gonna have regrets no matter what. Right? I mean, every time we, we put money into something, we’re always gonna have some buyer’s remorse to a certain extent.

So.

Tracy Venturi: Maybe I closed with some folks this week on a house that is just great house. There’s just no way they’re gonna have a regret about that property.

Tego Venturi: I like your optimism there. Yeah, no, it’s good. I, I’m thinking like more human nature, right? Yeah. I think it’s, to a certain extent, it’s just human nature. I

Tracy Venturi: think that’s, you know me when I buy a pair of shoes, I have buyer’s remorse or whatever, and then, then I get used to it.

Tego Venturi: Tracy, there were two. Okay. Changing subject. You completely ignored. I know, I, I know my

Tracy Venturi: shopping story. I, I

Tego Venturi: did, I did. I just, I don’t like to

Tracy Venturi: shop For all you listening, I’m No, you really don’t. I do not like to shop or I like the grocery store, but don’t take me to a mall.

Tego Venturi: So. it’s funny, [00:19:00] I just pulled up this Newsweek story and it says, map shows most desirable major US cities for home ownership.

And the top was an ad for floor mats for vehicles, because I was just shopping for some yesterday for your car. You’re so kind. Isn’t that typical? Yeah. So anyway, so there’s two stories this week. One of them, Newsweek, one of them was Zillow, where they do these rankings about in in both, in both cases related to housing.

So Newsweek did this story, Tracy, and you dug into it. And what they said. These were the top 10 most desirable major US cities for home ownership.

Tracy Venturi: And Al Albuquerque was number seven. Albuquerque

Tego Venturi: was on the list.

Tracy Venturi: And this is based on a ranking of 40 major US cities according to a range of criteria, including average home price, size, availability, and online interest as measured through Google search volume, which is interesting.

So like the number one city. Actually they talk about the number two city, but the number two city, let me find [00:20:00] number one, Washington DC was number one with 461 online searches. Per home and albuquerque’s at 107 a, searches per home. So that means in other states people aren’t looking at homes as often, but think about some of the homes.

If the average is 107, that means some of them are really high, some of them are really low, but

Tego Venturi: interesting And o of the 10, five of them are California, right? Sacramento, San Jose, Fresno, la, and San Diego. And we’ve got Albuquerque in the, in the southwest. We’ve got St. Louis, no, Kansas City, sorry, the other, the other one.

Louisville, DC like you said, and then, Boston and the Northeast. So interesting. It just, again, it’s one of those things, sometimes you gotta take these kind of survey ranking things a little bit that, you know, these entities are making news, but it is interesting that they. That, that we’re, we’re in that game.

Tracy Venturi: Yeah. [00:21:00] It is interesting.

Tego Venturi: the other story that, that hit this week, in fact, Albuquerque Journal is doing, a, a story on this ’cause I, I interviewed with her just to kind of giving her some context about the Albuquerque market

Tracy Venturi: for the Albuquerque Journal, and you haven’t told me,

Tego Venturi: I did an interview.

With the reporter from the Albuquerque Journal about this story, which is

Tracy Venturi: Oh, a story about a story.

Tego Venturi: They’re doing a story about a story,

Tracy Venturi: okay. And they interviewed you. So when does your story come out? That’s very typical news in the, I’m not

Tego Venturi: sure. so. What Zillow did is they went and they ranked and, and with this story, the headline is Top Cities for

Tracy Venturi: recent college graduates.

Recent

Tego Venturi: college grads. Exactly. So you

Tracy Venturi: recent college graduates. So do you know that when I worked at Intel Tego, my title was, well, I was hiring, I knew what your, I knew what your title I was doing. Recent college graduate, recruiting and hiring. Okay, so tell us. Austin, Texas, number one.

Tego Venturi: Austin was number one.

[00:22:00] Albuquerque was number two, and we were number two last year as well. And then as Dallas, San Antonio, Charlotte. and, and I’m, I’ve got the methodology up on the screen here, but I’ll just tell you what it is. Basically they’re looking at rent, affordability, rent concessions of, of the properties that are for rent, how many are offering concessions

Tracy Venturi: such as a free month’s rent or free parking Yeah.

To get you to move in.

Tego Venturi: And then, recent graduate income. So they took a Bureau of Labor statistics data, basically who’s got the best incomes and then the number of job openings, and then also the share of 20 somethings that live in the area.

And so Albuquerque came up pretty high and I thought, gosh, if they put weather in there as well, and that availability of outdoor activities and outdoor stuff, we’d definitely be on the top of the list. So,

Tracy Venturi: well, we’re number two. That’s not bad. Yeah, it’s pretty darn good for recent college graduates,

Tego Venturi: so that, that was an interesting one.

yeah. Let’s just take a [00:23:00] quick look, Tracy, at the,

Tracy Venturi: let me tell you, let me guess statistics. Are we gonna do some July stats?

Tego Venturi: Yeah, I, if you go to our website, so I’ve got it up on the screen here. It’s at welcome home ab q and under, market, update. Under market. You’ve got monthly update and every month at the beginning of the month, this resets and it tells us, what sales activity have been, what prices have been doing.

And I don’t know if there’s any specific questions you have about what’s going on, but I’ll tell you what I’m seeing is, you know, the number of sales, it’s, it’s pretty flat. It’s actually down from last July.

Tracy Venturi: Very consistent with two years ago though. Yeah.

Tego Venturi: Yeah, exactly. and, and we’re looking at, we’re just comparing this recent month, July 25 to July of 24.

The number of homes on the market is now higher than we’ve seen in quite a while. Well, it’s the highest we’ve seen since 2020, [00:24:00] but it’s still lower than we had in 2019. And. So at the, end of July, on average, there are about 2200 homes on the market at any given, any given time, which, and what I’m starting to see is that starting to plateau for the year as the number of homes on the market.

We’re not seeing this flood of new listings. We’re not seeing this big growth in supply.

Tracy Venturi: It’s interesting because we’re also not seeing a big flood of foreclosures, which wasn’t on your list, but, okay.

Tego Venturi: Well, I just happened to look at that data this morning and it’s still. Almost all time low. Yeah. New Mexico is on the kind of mid range of all the states in the country.

We’re not, we’re not the very lowest for delinquencies and foreclosures. We’re not the very highest either. We’re just, we’re really like at national average, which is very low, historic wise. So there’s not, there’s not a lot of homeowners that are in stress that are having to either. not make payments [00:25:00] or end up in foreclosure.

It’s very, very, very few in as a percentage. the known homes under contract also, Tracy, very low. the number of new listings is basically equal with last year and month supply of inventory, which is just this, is that one that kind of takes both supply versus demand and gives you this, this ratio.

And right now we’re at 2.7 months supply, which means if no more homes sell. Excuse me. If no more homes come on the market and the same number of homes sell 2.7 months, that’s still considered a seller’s market. But you can look by this chart, Tracy, that if we get under 300,000, it’s, it’s like one month supply,

Tracy Venturi: right?

Tego Venturi: But if we get over, 600,000, it’s closer to five months supply, right? And as you know, every home is different, every neighborhood is different, every condition is different, yada, yada, yada. Right? I talk about it all the time. so, you know, you, you gotta, I I, I generally report on big picture, not exactly what’s [00:26:00] happening, in a specific neighborhood or specific house, right?

Tracy Venturi: Yeah.

Tego Venturi: Days on market. I had somebody. At a, an event I was at and they, wanted to chat with me ’cause they know I’m always looking at the market data and said, well, days on market’s really up there. I said, well actually days on market is back to normal 2019 levels. So of the homes that sold in July, it was 33 days was average days market.

Very respectable. Very, very common.

Tracy Venturi: Respectable tekos. It’s interesting, this is not related to what you said, but. You know, it used to be on our radio show and podcast years ago we talked about the 2008 market crash. Everything was related to, from that date forward, we would talk about it. Now we’re talking about from COVID Forward.

Tego Venturi: It’s true. So

Tracy Venturi: it’s sort of like 2019 is the new 2008 for us.

Tego Venturi: That’s a good No, that’s it’s true. And I mean, you look at some of those stats from 2008, number of [00:27:00] homes on the market, number of homes that were delinquent or in foreclosure. I mean, it just, it’s, it’s. Night and day. Not anybody that says, oh, it’s 2009 all over again.

Or 2008 all over again. It’s just that they, they don’t know what they’re talking about. Yeah. You can stop listening to them. so just one last thing on, on prices, Tracy. Prices have gone up a little bit over the last year. Like I’ve been saying, it’s somewhere around 2% appreciation is what we’re seeing across all price ranges.

But, you know, it depends on. Again, the home, the condition, the price point, higher end homes, maybe not quite as much or, you know, seen very little appreciation, kind of mid-range, good condition homes are probably seen more appreciation. So it’s very dependent there.

Tracy Venturi: Yeah.

Tego Venturi: so I wanna talk about this post I did the other day, Tracy, on Facebook where I was, I was looking at a couple different indicators that I’m always looking at. One of them is. The number [00:28:00] of homes that have reduced price.

And if we look at the data, it says that 49% of the homes that are currently active on the market in the Albuquerque area have reduced price at least once. That’s an all time high.

Tracy Venturi: That’s a big percentage.

Tego Venturi: That is 50% of the homes.

Tracy Venturi: Yep.

Tego Venturi: So if you take that in a vacuum, you go, oh my gosh, prices are falling.

Tracy Venturi: Right, right. I know where this is going.

Tego Venturi: Right. It means. List prices are falling,

Tracy Venturi: right?

Tego Venturi: Which is different than sale prices, right? And, and so what I, what I was like going, okay, well where, where do we stand? And then, so what I said is, okay, 49% have had had price reductions. But yet at the same time, if we look at the homes that are in pending status, meaning under contract to sell, and we look at what their average price is and median price was a year ago versus today we’re, we’re up.

From like price per square foot, we’re two 20 this year versus two [00:29:00] 11 last year. So whatever that is, 4%, something like that, median price is, is, up as well. So they’re two different things. Right? Right, right. So, so list price versus sale price, very different. the other thing is the days on market, we’ve got, we just talked about the, the average days on market homes that sold was 33 days.

And at the same time we’ve got. Homes that were unsold or not sold yet. The average days on market is 83, so we have this disconnect between. The good homes that are priced to the market, they seem to be, you know, selling relatively quick versus this other group of homes that may not be in, in the right price, that are not, not selling right now.

Tracy Venturi: So of those that are unsold averaging 83 days on market, some of them might just come off the market and wait to sell at another time and not enter the statistics of sold to

Tego Venturi: Correct. Push

Tracy Venturi: that. Yeah.

Tego Venturi: Correct. Correct. And [00:30:00] somebody asked me, and I’ve gotta get the data, is how many. How many homes are coming off the market and not going back on.

That’s a very difficult statistic to, to pull.

Tracy Venturi: That’s one you should not spend time on.

Tego Venturi: I know. I, yeah. That would take away

Tracy Venturi: from a lot of other things. That’s,

Tego Venturi: that’s a fair market. Anyway, my, my takeaway on this, and I don’t know if, if you like this point or not, and it’s, my, my thought was it’s not really a, it’s not a market correction.

It’s a, a pricing strategy correction, or it’s time to look at pricing strategy and just understand that. Depending on where you are, there might be a lot of competition, but again, it’s neighborhood specific. Right. I was talking to one of our, our, our title people that does, does realtor tours talking about a certain part of town I’m not gonna mention, and there’s a lot of homes in that particular area in the same price range, very similar homes.

So that are

Tracy Venturi: taking time just get sold. They,

Tego Venturi: they, they’re just, yeah, because there’s a lot of competition. Yeah. So, yeah. It’s very, [00:31:00] very neighborhood property specific. Right. I always want to point out, so Yeah.

Tracy Venturi: Okay.

Tego Venturi: Any other tips and tricks

Tracy Venturi: this week? No, but some really great properties hit the market this week.

So if you’re thinking of making, making a move, give us a call. Let’s sit down, let’s do a strategy on your home buying needs, and if you need to sell. Wanna sell, let’s talk early. Get it, get you in line. You know, we’ve actually got a few appointments. I have two next week tego of people who wanna sell next spring, and they’re asking me, what should I be doing now to get ready?

So they’re not, that’s so wise. Yeah. So they’re not stretched. So be good. Good. Yeah.

Tego Venturi: No, that’s wise.

Tracy Venturi: Plus we have one that’s going on the market in January or February, so we’re doing the photos. Now while the yard is beautiful, so that come January or February, we’ll have the outdoor photos ready to go. So if you’re thinking that you’re gonna be selling when the win, when the winter is here, the winter, call us now and maybe we can get you the photos now, so they’ll [00:32:00] look great.

Tego Venturi: Awesome. If you want to connect with us, we’re the Venturi group at. Real Broker, 5 0 5 4 4 8 88 88 or website. Welcome home abq.com.

Tracy Venturi: Till next time,

Tego Venturi: take care.

Tracy Venturi: Till next time,

Tego Venturi: Take care.