UPDATE 2: On Wednesday, January 29th, the Albuquerque Journal reached out to Tego Venturi to help get clarification on the issue. You can read their article, including Tego’s full comments in the article here.

UPDATE 1: As of Tuesday, January 28th, Realtor.com actually removed their article. However, at the time of its removal it had already been shared and reposted by several outlets including the New York Post. Stay tuned as we continue to address these inaccuracies and work towards a transparent real estate market in Albuquerque.

ORIGINAL POST: It’s been a whirlwind in the world of Albuquerque real estate this week. You might have heard some buzz about cash sales and a certain controversy involving Realtor.com. Let’s dive into the details and clear up the confusion.

Breaking Down Home Purchase Data

We’ve been looking into how homes are purchased in Albuquerque, and here’s what we found for 2024: about 14.5% of homes were bought with cash, 60% with conventional loans, and another 14% with FHA loans. These numbers are pretty standard and expected. Pie chart showing home purchase methods in Albuquerque 2024

The Realtor.com Controversy

Last weekend, a story from Realtor.com made waves, claiming that 71% of homes in Albuquerque were bought with cash in October 2024. This was a massive overstatement and simply not true. It led to assumptions about investors flooding the market, which just isn’t the case. Realtor.com article headline about cash sales in Albuquerque

Setting the Record Straight

After seeing this, Tego reached out to Realtor.com for clarification. Despite his efforts, the response was minimal, and the data remains unexplained. It’s essential to note that Realtor.com is managed by Move Inc., not directly by the National Association of Realtors, which might explain the disconnect.

Impact on the Market

Such misleading data can significantly affect consumer perceptions. If potential buyers believe that the majority of homes are sold for cash, they might feel discouraged, thinking they can’t compete. This isn’t good for anyone involved in the market. Concerned homebuyer reading misleading data

Local Association’s Response

Thankfully, the Greater Albuquerque Association of Realtors issued a statement supporting the accurate data we presented: only 14.4% of homes were cash sales in October 2024. This helps reassure the market and correct the narrative. Press release from Greater Albuquerque Association of Realtors

Frustration with Inaccurate Data

As a team who values accurate market data, this situation has been frustrating, especially for our market expert Tego. Incorrect information can harm the market’s integrity and mislead consumers. We’re committed to providing reliable data to support informed decisions.