Venturi Realty Group’s Albuquerque Real Estate Talk Podcast #446 – May 13, 2023
Tego and Tracy Venturi of Venturi Group discuss real estate in Albuquerque, New Mexico on their podcast. They discuss topics such as home buyer confidence, artificial intelligence in real estate, and the current market with low inventory. They also encourage potential sellers to contact them for options.
Albuquerque Real Estate Market
– The Albuquerque real estate market has fewer homes available compared to normal, but there are still many diverse options and beautiful communities to choose from. However, there is a lack of bigger parcels with facilities close to the airport. Topics discussed also included mortgage price rate adjustments and options for those who want to sell their homes.
Mortgage Requirements
The article discusses adjustments made by Fannie and Freddy to mortgage requirements, including loan-to-value ratios, credit scores, and debt-to-income ratios. The debt-to-income ratio adjustment was later rescinded, but fees are still affected by down payment amount and credit score. Misconceptions are addressed, and the article concludes by mentioning a recent survey showing increased confidence in the housing market.
Increased Confidence in Housing Market
A survey has shown that the confidence of both buyers and sellers in the US housing market has increased, which is driven by expectations of softer mortgage rates over the next 12 months. Affordability is a top concern due to limited inventory, but people are becoming more comfortable with the current interest rates. Refinancing is also seen as an option if rates go down significantly. The US has a homeowner-friendly financing system that enables refinancing.
Reimaginehome.AI
Reimagine Home is an AI platform that allows users to upload pictures of their homes and receive design ideas for redecorating. Users can input their preferred styles and colors to receive different options. The platform is a fun example of AI imaging technology.
Real Estate Company in Albuquerque
A real estate company in Albuquerque is asking for input on places to recommend for their relocation guide, which they send to people considering moving to the area. They are specifically looking for suggestions on day trips, restaurants, yoga places, shops, and other attractions that can be recommended to people who have a few days to do sightseeing after looking for a house. They also mention their own guide contains information on different parts of town and New Mexican style language and architecture.
Consumer Price Index (CPI)
The Consumer Price Index (CPI) is a measure of inflation that affects mortgage rates. Good news for the housing market is that inflation is coming down, which could lead to lower mortgage rates through the summer. Additionally, despite criticism, the Federal Reserve helped slow down the housing market’s rate of appreciation and the cost of rent. On a different note, the speaker attended a real estate conference in Washington, DC, where they learned the chief economist’s report and enjoyed Albuquerque compared to big cities.
Current State of the Housing Market
The article discusses the current state of the housing market, stating that the number of homes sold is expected to be the lowest in years in 2023. However, home prices are going up this spring in some markets, including Albuquerque. There is also a significant wealth gap between homeowners and renters, with homeowners having a net worth of around $320,000 versus just $8,000 for renters on average. The article notes that many buyers and sellers are stuck due to high mortgage rates and rising home prices, resulting in a real estate logjam in certain areas.
Hiring the Right Realtor
In a strong seller’s market, it is important to hire the right realtor to sell your home and maximize profits. The Venturi Realty Group can provide data and specific marketing tactics to help sell homes. They advise checking their website for open houses as properties are selling quickly with multiple offers. Their contact information is 448 888 888 and their radio show can be heard on KIVA 1600 AM.