The State of Albuquerque Real Estate in 2023 – Insights from Albuquerque Real Estate Talk Episode 473
The Housing Shortage and Contributing Factors
In this episode, we delved into the persistent housing shortage in Albuquerque. We discussed how investor purchasing, development and build costs, planning & zoning, and the NIMBY (Not In My Backyard) problem significantly contribute to this issue, impacting the availability of affordable housing in our city.
Analysis of the Slow (sales) Real Estate Market
We shared insights into the current slow real estate market and empathized with homebuyers who faced challenges in 2021 and 2022. Understanding the nuances of our local housing market is crucial for anyone looking to buy or sell a home in Albuquerque.
Home Equity and Interest Rates
We shed light on the increase in home equity and interest rates for homeowners who bought property a year or two ago despite fluctuations in home prices. We also provided information about our real estate services and encouraged listeners to contact us for personalized assistance, of course.
Forecasts for Interest Rates and Housing Market Activity
We made predictions about interest rates potentially dropping through 2024, leading to potential refinancing opportunities for homeowners. We anticipate a “refi boom” in 2024 and expect a surge in home sales and listings due to pent-up demand in the coming year.
Albuquerque Real Estate Market Trends
We discussed the minor drop in home prices in the 2nd half of 2022, followed by a notable increase in 2023. Moreover, we highlighted the decrease in the number of home sales in 2023 compared to the previous year and its impact on the availability of homes on the market.
Anticipated Market Shifts for 2024
In our conversation, we shared our expectations of more people listing their homes for sale in 2024, potentially altering the current real estate landscape. Additionally, we touched on the spike in mortgage interest rates, reaching the highest level in 20 years.
Affordability and Bidding Wars in Real Estate
We emphasized the ongoing prevalence of multiple offer bidding wars in the housing market, with approximately 1 in 4 homes receiving multiple offers. We highlighted how affordability and the impact of mortgage rates are significant issues affecting the real estate market.
Controversy Surrounding Short-Term Rentals
We dipped our toe into the controversy surrounding short-term rentals like Airbnb and Vrbo. Exploring their impact on the long-term rental supply and the hotel industry revealed the complexities of this issue. No easy answers for sure.
Ownership in the Real Estate Market
We clarified misconceptions about large hedge funds and investment banks buying up single-family homes, highlighting that most long-term rental properties are owned by individual investors (mom-and-pop). 2% of single-family investment properties are owned by groups that own 1000 or more homes. Most of these are rented and many are on a lease-to-own program.
The discussion in this episode of Albuquerque Real Estate Talk provided valuable insights and forecasts, catering to anyone interested in the real estate landscape of Albuquerque.
Tego Venturi:
Welcome to Albuquerque Realty estate talk episode 473 here in the beautiful Albuquerque, New Mexico, December end of December 2023, Tracy. It is the last show of 2023, so we’re gonna do a 2023 right round up. Wrap up
Tracy Venturi:
Roundup. Summary wrap up.
Tego Venturi:
Yeah, of, real estate in Albuquerque.
Tracy Venturi:
However, we’re gonna save the real final stuff for January. But we’re gonna talk about some of what what were the hot topics? What were the things that were big issues here this past year?
Tego Venturi:
What What are we saving for January? Oh, the the the market data.
Tracy Venturi:
The market data. You know?
Tego Venturi:
Of course. But
Tracy Venturi:
of course. Statimatic.
Tego Venturi:
Yeah. Oh, well, you know, I’ll do a deep dive into that and, you know, look back at, 2023 and see how it compares to other years. You know, I think Well, let’s just jump right into it. I I think the big story of 2023 in in real estate in, you tell me what you think, Tracy, is normalizing would be a word I would put on it.
Tracy Venturi:
Yeah. I guess I wasn’t prepared for that word, normalizing. I don’t think so. But okay.
Tego Venturi:
Well, compared to 2020, 2021, the first half of twenty twenty two.
Tracy Venturi:
I think normalizing as far as rates and things, and being more normal. But I I normalizing the amount of available properties for sale was not normal at all. Yeah. And I guess Very low.
Tego Venturi:
I guess I’m thinking of it from a statistical standpoint, as in, you know, days on market got a little bit better, You know, the the pace of home sales wasn’t as frantic as as we saw the last few years. Some of the seasonal trends that just went out the window in ‘twenty one, ‘twenty two, and kinda 23, part of I’m sorry. The yeah. In 2021, and 22, all the normal seasonal trends just went out the window.
Tracy Venturi:
Right. Right. So I can see normalizing in some ways. In other way other ways, I would say very opposite of normalizing.
Tego Venturi:
Yeah. And and and that’s a fair point. I mean, we we think about people that have been in the real estate business, you know, as Realty estate professionals since maybe just 2020, or 2019. This was a very unusual year for them because they didn’t, You know, they’ve never dealt with a year like this where the home sales were quite a bit slower than those other years, for example, at least from the the professional side.
Tracy Venturi:
Right. Sure.
Tego Venturi:
Yeah. So, anyway okay. It it let let let’s let’s jump back. Hold on. Let me let me just announce it’s Venturi Realty Group. We’re with a Realty broker here in Albuquerque, KIVA you can reach us at 505-448-8888. Again, this is 473. Thrilled to be doing this radio show weekly here in Albuquerque for 10 years,
Tracy Venturi:
something like that. 9.
Tego Venturi:
9, 10 years, something like that, and being on the Kiva 1600 AM and, of course, on YouTube and Facebook. Okay. Got that out of the way.
Tracy Venturi:
So going back to the conversation. So I did a post on Facebook this week, and I was kind of feeling Beat up and sad for the real estate community for 2023. So when you said normalized, I was like, I feel sort of like our clients have been beat up and our. The real estate community just I I felt a lot of sadness for all the people who I feel like should be a homeowner that were not able to buy a home this year. And it was kinda weighing on me because I feel like, you know, wealth building through real estate is the way to go. So the a lot of People got locked out of homeownership this past year because of the rising value of homes as well as the rising interest rates. And it’s It’s sad. But you know what, Tego? In the last week or 2, with last 6, 9 weeks with interest rates coming down, this past week, we have felt more buyers coming back in the market, and it’s been feeling good.
Tracy Venturi:
Right?
Tego Venturi:
Well, it Two two
Tracy Venturi:
things to maybe not yet. But
Tego Venturi:
No. No.
Tracy Venturi:
I know that people are starting to think about buying again.
Tego Venturi:
Two points on what you what you just said. First is affordability. When I when I wrote the notes of kind of the the the issues or the trends or whatever you wanna say for 2023 in real estate is hot topics, affordability’s gotta be right up there. 2020 3, worst affordability in a long, long, long time. And of course, that’s because of higher home prices and and then the mortgage rates. And then the mortgage rates is has been a big story, and we’ll, I’ve got some some notes on that too I want to share. But the other thing you said is just recently we’ve had this mortgage rate Group, and I had somebody nationally reach out to me, that’s, you know, one of these housing economists at one of the the big, it’s actually Freddie Mac, and was asking, you know, what are we seeing? What are, you know, feet on the ground, what are we seeing in in the way is has interest rates really motivated people to, let’s say, get off the fence and get out there and look for homes that that maybe, you know, the 8% mortgages are like, no way. But now we’re, you know, in the the the high sixes, maybe maybe so.
Tego Venturi:
And I don’t know. So and and so that goes back to what you’re just saying.
Tracy Venturi:
Well and, you know, you walked around the office and you asked everybody, what have you noticed? Anything different because of interest rates? And I I heard different opinions around the office. And what I know personally is we’ve seen more showings on houses we’ve listed for sale. We’ve seen a bit more frenzy in that area. We know that our phone’s been ringing more. We’ve had more buyers who maybe last year, we talked to them a few times. We’ve shown them houses, and they just couldn’t find what they wanted in their price range Based on what that monthly payment would be.
Tego Venturi:
Well, that’s interesting.
Tracy Venturi:
And they’re coming back around.
Tego Venturi:
Yeah. It’s interesting. So what I told him, but because kinda big theme was that, yes, we were seeing more people connecting with it. There’s more people out there that are interested, but there’s also a lot of people that, you know, have kind of been thinking about buying or in the pipeline, and we’ve reached out to them. We’re like, oh, and and they didn’t even know mortgage rates had dropped.
Tracy Venturi:
Right.
Tego Venturi:
There’s another group of people that are saying, well, I think I’m gonna wait for them to drop more because that is the belief is that they are gonna drop more through 2024. So, interesting.
Tracy Venturi:
And what I would say to that is we’ve had people who purchased in the last year at high sevens, eight And 8% interest rates who can refinance, you know, about a year in. They’re gonna be able to refinance those loans into whatever the new rate is. Because it’s already dropped enough that for some, it makes sense to refinance, and I think that’s a story we’re gonna need to tell a lot in the next quarter of the year.
Tego Venturi:
Well, there we go. So there’s one of our predictions for 24.
Tracy Venturi:
I’ll put it I’ll put it on the note. Doing predictions yet, but
Tego Venturi:
But I I’ll put that on the list as a refi boom.
Tracy Venturi:
Right. I think there will be some refi going on in 2024. Maybe not January, but I think, because a lot of the lenders need Those loans to season, so to speak, they need them to at least be 9 months to 12 months in before they can refinance them. I think that we will see refinances.
Tego Venturi:
So let’s go back a year and kinda walk through, you know, what what’s happened in real state in in Albuquerque. A lot a lot of it’s national, so we’ll talk about that as well. But, you know, starting in January, Tracy, there was a lot of stories about, oh, the crashes here. The market is crashing. Home prices are crashing around the country. And to be honest, I mean, starting, you know, mid year last Group prices did drop starting May, June, let’s say, July of 22. Prices dropped all the way through until December here in Albuquerque, not a lot, you know, 2%, maybe maybe 3%, you know, in that 6 month period. And then starting in January of last year, off to the races.
Tracy Venturi:
Well, not off to the Tracy. We didn’t see him go up 17% this year.
Tego Venturi:
True. True. We’re more in a single digit. You know? Just right now, we’re tracking well, no. We’re still above normal. We’re still six, 7%, you know, something like that. It depend you know, you gotta take all of the things with a grain of salt, those averages, because they’re averages. Right? It’s not
Tracy Venturi:
Right. Right. So but yeah. We’ll be talking about that in the new year for sure.
Tego Venturi:
But but I think I think there was a lot of people out there saying the crash is here, the market’s going to crash. A lot of people were scared. And And then, you know, basically, people said, we need a place to live.
Tracy Venturi:
Right.
Tego Venturi:
And they went out and bought homes. Now. That’s the other big trend of 23, which was home sales, the actual number of homes selling, the number of homes actually exchanging way down, like, way down, like, dropped 20% in 23 on top of another 20% drop from 22. And to give to give you perspective here, if if you’re listening,
Tracy Venturi:
at one point they’re listening.
Tego Venturi:
If you’re listening. If you’re not listening, then I don’t know how you anyway, sorry. This is getting too weird. At one point in Albuquerque, we saw about 15,000 homes sell in a year. Right? And this was at the peak, probably somewhere in mid-twenty 2 is when it peaked. This year, 2023, we’re gonna see less than 10,000 home sale. So
Tracy Venturi:
A 3rd 3rd less.
Tego Venturi:
Yeah. So, you know, the the number of people selling is way down. And then, you know, Tracy, the number of people actually wanting to sell is way down. People are not putting their homes on the market as much. Right?
Tracy Venturi:
I would change that language. People people wanting to sell versus people Putting their homes on the market. There are people, I believe, out there that want to sell, but they were waiting because of maybe their current interest rate.
Tego Venturi:
Do you think this whole story, this was another story of 23, was rate lock? Yeah. Is a term that, you know, came up in meaning that You’ve got a really low interest rate. You know, they’re at 3%, and they would like to move, and they’d like to get something different or whatever it is, move up, move down, but they’ve got this great mortgage rate and aren’t willing to give it up to to go to something else at a 7% mortgage rate.
Tracy Venturi:
Yeah. I think that’s true for 2023, for sure. I think 2024. I’ll wait on that prediction, but I have a thought on 2024.
Tego Venturi:
Okay.
Tracy Venturi:
I believe we’re gonna see more people putting their homes on the market.
Tego Venturi:
That was one of the things I said to this economist at Freddie Mac was, It just feels like, Tracy, you tell me if you feel this too, is pent up demand for people to buy as well as pent up people wanting to sell that just have been kinda on the fence.
Tracy Venturi:
Waiting to see if it’s the right time. So I don’t know. What do our listeners think? Do you think there’s people out there waiting to sell that
Tego Venturi:
Pent up to buyer and seller demand?
Tracy Venturi:
Buyer and seller demand?
Tego Venturi:
I think there is.
Tracy Venturi:
Yeah. I’d love to hear from all of you though. Yeah. Because, you know, what what who knows what’s really gonna happen, but I believe that’s true.
Tego Venturi:
Couple other big stories of 2023. We gotta talk about interest rates. Mortgage interest rates, highest since
Tracy Venturi:
20 years?
Tego Venturi:
Yeah. I mean, I I’ve got a chart I put on my Facebook yesterday that goes back to the beginning of 2001. In in October of this year is the highest since beginning of 2000 Yeah. 2001. I mean, that’s and and it actually goes back you know, you can go back further in it like you said. So
Tracy Venturi:
I I got licensed in real estate in 2002. Mhmm. And interest rates very normally then were 7 a half percent plus 1% origination fee. So 1% of your loan value in addition.
Tego Venturi:
You think about what we did what happened in 22, we started with, you know, mid threes. We ended up the year in like 6% in ‘twenty two, so we started this year in the mid sixes, 6 a half percent. It went up, to about, let’s see, 6. So it stayed in that 6a half range until, like, May. Right? And then starting in May of this year, rates just kept going up and up and up and up and finally peaked on October 19, 2023 at over 8%. Again, and that we’re we’re talking about average for for well qualified person. Well, now, a couple months later, we’re back down in the high sixes, let’s say, you know, mid mid to high sixes. And and like we said earlier, all the prognosticators are thinking rates are gonna drop into to 24.
Tego Venturi:
So we’ll see. So really big roller coaster on mortgage rates in in 2023.
Tracy Venturi:
Yep. And a
Tego Venturi:
lot of that has to do with, you know, all the experts, air quote, experts, economists stuff thought there was gonna be recession in 23 that never materialized.
Tracy Venturi:
I watched someone on CNBC this week who was talking about, his predictions for interest rates next year, and He felt like the, election season was gonna really impact it and that we would see rates come down a little bit between now November.
Tego Venturi:
There’s definitely a lot of that conversation out there for sure in the in the econ world. Let’s see. Couple other big stories, Tracy. Locally, ADUs.
Tracy Venturi:
Yep. Accessory dwelling units.
Tego Venturi:
I know we’ve kind of beat up on this the last few shows just because there’s been a lot of news on it, but that was a battle with Albuquerque Planning and Zoning, and city council had to approve it because they had to change the zoning rules for R1 properties, which was a big deal, and allow people in Albuquerque, Albuquerque to be proper that have an R1 zone property, as long as it, you know, fits all the criteria, you can build a casita or an accessory dwelling unit on your accessory dwelling unit on your your property. And so that was a big story for Albuquerque.
Tracy Venturi:
Big story. So as a listener of our radio show, who do you know That’s done that. Who do you know that’s building an accessory dwelling unit? Or who do you know that might be thinking about it and is looking into it? We’d love to hear from you To see what’s really happening out there. Where where are they being built? Who’s doing it?
Tego Venturi:
Well, I’ve, you know, started a conversation on my Facebook again. That’s where I post all my market stuff. And, a lot of people chimed in, a couple of them being local builders that we all know, just saying The the numbers are really hard to make it pencil because you’re gonna be spending anywhere from 2 to $300 a square foot to build this, you know, 700 square foot
Tracy Venturi:
Right.
Tego Venturi:
Property on your property. And so there’s some big question marks out there, but it was it was a, you know, a step in the right direction. You know, we started the year with the Albuquerque Housing Forward project. You know, Mayor Keller saying that we’re 10 to 20 to 30,000, you know, housing units short in Albuquerque. And there’s been progress there, Tracy. I mean, we see apartments going up all over the town.
Tracy Venturi:
Lot of apartments going up for sure. Yeah. And more on the on the books for the future too.
Tego Venturi:
Yeah. Yeah. Builders are not overbuilding, I would say. They’re being conservative.
Tracy Venturi:
Their prices are high. I mean, this is not 2011. You know? The Getting a newly constructed home from all of our great builders. You know, they’re great houses, great neighborhoods. However, they they’re not cheap.
Tego Venturi:
Here, I got one for you, Tracy. Here’s a stat for you. Okay. The beginning of 2023, 47% of the homes that sold were $300,000 and under. The end of the year, it’s only 34% of the homes are $300,000 and under. And that number is gonna keep dwindling as well because, Again, I’m gonna make my prediction. I do not see any price drops coming in Albuquerque.
Tracy Venturi:
So interesting, you know, Even that you would use 300,000 as what you looked up. Right? Because we not long ago, you’d have said homes under 250,000 or homes under 200,000.
Tego Venturi:
I said on this radio show in 2019, maybe 2020, that $200,000 homes are going away and they’re never coming back. And, few people thought I was I had lost my mind, but yeah. Alright, Tracy. We gotta talk about this. October of 2023.
Tracy Venturi:
Balloon Fiesta?
Tego Venturi:
CNBC reached out to you and, had you on the their, their show lunch. Power lunch on, you know, the national CNBC show talking about real estate in Albuquerque. It was interesting because it was They
Tracy Venturi:
were doing their roadshow from the East Coast to the West Coast, and They picked 4 cities along the way, and Albuquerque was one of them. Yeah. That was fun and stressful.
Tego Venturi:
You you were you were stressed out big time. You you had way too much time to think about it, I think. If they had just called up and said, here, do an interview, you would have been much better. I mean, I know you did great, but I knew how stressed you were.
Tracy Venturi:
Better. We’re gonna have to talk about this later, Tigo. No. It was a lot of fun. And Yeah. You know, they threw me for a curve right away because they asked. They said something completely different because they had already told me what they were gonna ask me, and then they said, oh, you guys have a podcast set up or something. I was like, I wasn’t Realty for just general banter.
Tego Venturi:
Yes.
Tracy Venturi:
I should have been, but I wasn’t. So
Tego Venturi:
Yeah. Yeah.
Tracy Venturi:
They may not invite me back because of that.
Tego Venturi:
Oh, stop. Alright, Tracy. We’ve talked about interest rates. We’ve talked about that, you know, not a lot of people, you know, listed their homes. The number of people actually listing their homes for sale is at a at a very, very low number. The number of homes selling is a very, very low number. But prices prices have held steady.
Tracy Venturi:
Yep. They sure have.
Tego Venturi:
Demand has been low, but at the same time, supply has stayed very low or lower. And
Tracy Venturi:
I think that the demand has been very Steady for the amount of supply though. When you say demand is low, I think we have less homes on the market. We do have less buyers in the market, but we are Still seeing multiple offers on some homes.
Tego Venturi:
And that’s what I was gonna say. The the multiple offer bidding wars has not gone away a 100%.
Tracy Venturi:
It has not. We’re still seeing people do escalation clauses saying, hey. If you get another offer, I’ll pay x over the other offer To get the house, I would say probably 1 in 4 homes we list for sale is getting, multiple offers on it.
Tego Venturi:
Yeah. Yeah. I think that’s
Tracy Venturi:
Just to kind of off the top of my head?
Tego Venturi:
It’s interesting. No. For sure.
Tracy Venturi:
And it’s probably those houses in, you know, that Price range that are more affordable that people are still there’s more than 1 buyer waiting for that house.
Tego Venturi:
One other 2 national stories that I want to talk about that are still kind of out there, actually, one of them was the short term rental kind of controversy that’s that’s brewing nationally. And what that is is, you know, these are the Airbnb or VRVrbo, you know, short term rentals. Okay? Right. These are single family homes that are being rented out short term, or it could be condos rental. But basically, they’re single family homes. And in some markets, they’re trying to ban that.
Tracy Venturi:
Some municipalities, cities, villages, communities are trying to ban them. New York City altogether. There’s a, you know, big hub hubbubaloo hubbubaloo
Tego Venturi:
Well, there there’s there. There’s a belief that, you know, those homes are now taken out of the rental pool for, You know, people are looking for more of a long term, you know, Venturi, like a 1 year type rental. And And they’re
Tracy Venturi:
that they’re taking away from the hotel industry. Street.
Tego Venturi:
Well, there is that.
Tracy Venturi:
There’s a lot of hotels in New York City that are very unhappy about short term rentals.
Tego Venturi:
Well, in here in Albuquerque, there was a proposal, through through the city council that wanted to limit the number. And I think it’s still out there. I don’t know where it stands right now, but it was a they wanted to limit the number of short term rentals in the Albuquerque market. There there is a belief that that though that is hurting the housing supply, and I I I I can see that. I don’t think it’s a huge number, but it but it is a it is a belief out there.
Tracy Venturi:
It’s a service. I think, you know, for people who have, Short term rental next door to them that has constant turnover and always somebody different there.
Tego Venturi:
Mhmm.
Tracy Venturi:
And, you know, Unfortunately, here and there, somebody has a wild Realty, and it’s too loud, and it makes the neighbors unhappy, and it turns off everybody from short term rentals. But, you know, if you’re the neighbor next to a house that has different people every 2 nights, it might be Yeah. No fun.
Tego Venturi:
I could I I I probably wouldn’t like that. Yeah. So, yeah, it it’s the it’s one of those, you know, national kinda housing stories that’s out there that really hasn’t settled yet, and it’s, there’s also a belief that there’s a lot of short term rentals that are gonna flood the market in certain markets. I mean, we’re not gonna see that here, but, you know, there there is that belief. The other big national story in one of those kind of I’m gonna call it a red herring story, as in, you know, let’s find somebody to blame for all our housing woes. And that’s the, big hedge funds and investment banks buying up all the single family homes and taking them away from homeowners.
Tracy Venturi:
Right.
Tego Venturi:
And I’m I’m frustrated because I feel like I keep fighting this battle and people just aren’t listening. They’re not the the data doesn’t matter. It it’s better to just say, oh, the evil hedge funds, Wall Street, are buying all the homes. But then when you look at the data, It it it’s just not happening. Now go go ahead.
Tracy Venturi:
What you’re gonna say? You know, locally, homeownership of The long term rental properties is not hedge funds. It’s the mom and pops.
Tego Venturi:
Right? Mom and pops. Yeah. I’ve got the stats in front of me.
Tracy Venturi:
I bet you do.
Tego Venturi:
So the thing the thing is, I will say, there are a few markets, and I’ll give you give you the list here: Atlanta, Jacksonville, Charlotte, Indianapolis, that’s interesting, Tampa, Orlando, Raleigh Durham. Those are interesting. I mean, they’re all kind of, you know, Southeast, except for Indianapolis, then Phoenix, Nashville. But all of those are, like, 10% ownership are these large, you know, entities that own a 1,000 or more properties in New
Tracy Venturi:
Brunswick. Somebody went in and they bought them all. Some of them. Yeah.
Tego Venturi:
Some of them might be where they actually built the neighborhood and then rented them out. Right?
Tracy Venturi:
So does
Tego Venturi:
that count? Does that take away? I mean, does that take away from people? So, anyway, for Albuquerque, here’s the numbers. In in the Albuquerque metro, of all the the properties that are for rent properties, 80 what is that? 87%
Tracy Venturi:
are Individually owned?
Tego Venturi:
Basically, a 100 units or less. Right? So, you know, and most people are in that twenty property. You know, we’re in that range. Right? We’re one of those those, right, where we have a lot of single family homes that that we rent. Right? That’s just one of the things we do. There’s only 2% of of all the single family rentals in Albuquerque that are owned by large operators. America Homes 4 Rent, we know the 1. They bought a whole bunch of homes.
Tego Venturi:
100. Yep. They
Tracy Venturi:
bought. 100 out of
Tego Venturi:
No. No. No. It’s more than that. They bought a whole bunch back in two thousand, what was it, 12, 13.
Tracy Venturi:
Their goal was to buy 200 at that point.
Tego Venturi:
No. They bought more than that. My my point is, You know, they were buying back then. They weren’t buying so much, you know, during the housing boom the last few years.
Tracy Venturi:
Right.
Tego Venturi:
Right? So, I would just say be cautious of that story because I think politicians like to be able to point the fingers at this and that, and this is why we have a housing shortage. And it’s it’s much more than that. Just ask any builder developer what it takes to get a home built in in our in our market. And Totally. And they’ll they’ll they’ll tell you the truth. They’ll tell you the whole story. I mean, it’s it’s all part of it. But the the planning and zoning in the NIMBY problem has a lot more to do with our housing shortage than than these hedge funds buying homes.
Tego Venturi:
Sorry. I know I know we all like to have an, you know, an evil person to to point the finger at, but, unfortunately, it’s not there. That was my big controversial story for the for the week. Big big controversy.
Tracy Venturi:
Okay. Any other big topics for 2023?
Tego Venturi:
Not really. You know, I kinda like the the the slow, boring real estate market as opposed to what we had in 21 and 22. You know?
Tracy Venturi:
Yeah. I mean, it was That was a really hard time for a Lot of homebuyers who were making offer after offer and not getting their offer accepted, feel bad for those folks, and, hopefully,
Tego Venturi:
they the home.
Tracy Venturi:
Yeah. Big win.
Tego Venturi:
Think where they’re at now.
Tracy Venturi:
Right. Absolutely. That’s why I’m, like, saying, but if they finally, if they didn’t give up, Congratulations because you’re sitting on equity. Right? That home you bought a year or 2 ago is now worth more, and you’re at a nice interest rate. So congrats to them. I mean,
Tego Venturi:
even if you bought at the peak of the market in 22, which would have been May of last year
Tracy Venturi:
Peak of the market for prices.
Tego Venturi:
For Albuquerque, for prices, for home prices, May, June last year, 2022. Prices dropped through the winter, and you’re still up 6% from that time. Right? You know, you you gotta look at the long the long the long period on that and and where it’s going and Totally.
Tracy Venturi:
You know,
Tego Venturi:
you need a place to live.
Tracy Venturi:
Yep. So always good to visit every week. We can talk real State all day long. Oh, wait. We do talk real estate all day long.
Tego Venturi:
Every day.
Tracy Venturi:
So, happy to have you along with us. Thanks for listening. And if there’s topics you wanna know about, you know how to find us at our phone, 448-8888 Tracy welcome home a b q dot com. We’d be happy to hear from you, And, all the best for a good finish to 2023, and happy New Year over the weekend.
Tego Venturi:
Yeah. We did a we did a nice little team, you know, social media video for happy new year that we’re gonna post out there, so look for that. That was kinda fun. And, yeah, Yeah. If you need help with your real estate need, we’re we’re here for you. We’re the, Venturi Group of Real Broker. And, again, just back to our website, welcome home abq.com. I’ve I’ve added some more data on there.
Tego Venturi:
I know. Hard to believe, but I do have a weekly tracker. If you take a look at it every Sunday or Monday, it’ll give you the the the weekly, kinda update on what’s going on in the housing market. And if you really wanna dig into the data and and keep an eye on where things are at, it it’s available there. So look for the weekly tracker on our website at welcome home abq.com. Thanks. Happy New Year.
Tracy Venturi:
Happy New Year, everybody.