Selling your ABQ Home? – Top Tips for Albuquerque Home Sellers

(Transcript Snippet): “Tego: Last thing we want to leave everybody with this week is if you are going to be selling your home this year, Tracy, what are some tips that people can do? Cause we know homes are going to sell for the most part relatively quickly in this market, but they may be let me leaving money on the table potentially right.
Tracy: Possible. You know, it’s, it’s interesting because we want to make sure when a buyer goes in your home, it’s appealing to them that they’re attracted, that they feel comfortable. They feel welcome. And with COVID, it’s been a little bit hard, you know, we were making people put on, you know, some, some houses I show they want me to put on booties. They want me to put on gloves. They have hand sanitizer to use. They have, you know, the whole mask protocol. They don’t want me to touch anything. They don’t want me to open doors or cabinets. They, you know, so we walk through and it’s uncomfortable. You know, the more comfortable you can make it the better. And one of the ways is get a stager in. So even if you’re living there and you know, still occupying the home, have a stager, come in and take a look with you and say, Hey, you might want to move that picture over here and switch the couch this way. I know the couch works good for watching TV this direction, but it’s going to feel a lot better and make your home live larger or be more appealing to buyers if you change these things around.
Tego: So stagers are professionals they’re, they they’re designers. They’re they’re, you know, designers, but they’re really specialists in merchandising, a home to maximize the desirability for, for home buyer. So staging is, is, is critical Tracy: And it maximizes the home sale for sure. And you know, a couple of weeks ago it was probably been three or four weeks. Now we had a house and we looked at it and went, I don’t know, it’s just not, not what people are going to want. The stager went in and we went back and went, Oh my gosh, this house looks great. And, and the buyers were raving, but you know, it, it maximizes your money to spending a little bit to stage if it’s occupied versus vacant, obviously vacant homes,
Tego: Just to be clear, staging doesn’t mean bringing in furniture in many times, it’s just redesigning what you have. Like you said, I’ll make that clear. Tracy: Stager will give advice and say, Hey, pack all this stuff up, put these, this collection away. You know, things that sometimes it’s hard to say, but that’s their job. And you know what? We have some great stagers in our market, you know, really, really good staging. So there’s plenty of them here, great things. And if you do need to supplement with some furniture, they can rent it to you. Or if you need a whole house staged, that’s possible too.
Tego: You know, the other thing that that’s, it really it’s just work. It’s no cost is clean, clean, clean, clean, you know, people want to see nice clean. They don’t, they don’t want know about anything. You know, they want the house to be theirs. And, and so cleaning bathrooms and kitchens in particular make a huge difference and little details. It’s the light switches tops of the baseboards, right?

https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Freddie Mac forecast: What experts are saying about Albuquerque’s Real Estate Market

(Transcript Snippet):”Tego: What about the forecast? What are the experts saying?
Tracy: Well, as the market recovers from COVID. The housing market is going to stay healthy and slowly mortgage rates will move up. I don’t expect to see anything very quick on that. Right. but that’s, that’s the forecast from Freddie Mac. So Freddie Mac, I’m not, I’m not I don’t have as big a team of researchers behind me. I’m quoting Freddie Mac. Well, of course, while you’ve got me, I know you’re my number one researcher, and I’m every morning over coffee. I appreciate hearing about it.
Tego: So Freddie Mac does a quarterly forecast where they look into Freddie Mac, you know, as one of the the, the big government sponsored mortgage funds basically. And they always look and like, kind of give a forecast what’s going on and what they’re saying for, you know, right now we’re somewhere around 3.1, 3.2% interest rates that, you know, it fluctuates obviously, but they’re saying through 2021, it’s going to stay pretty close to here in the low mid to low, to mid, to low threes. They’re even saying for 2022, they’re saying 3.7. So still not even getting to that, that 4% even next year. Interesting. the number of home sales they’re predicting to be above last year, last year was a record year, 6.5 million nationally. This year, they’re saying 7.1 in 2022, they’re saying 6.7 million homes sold. So again, they, they are expecting a healthy growing residential real estate market.
Tracy: Let’s talk about the number that I hear the most that people seem to really want to know about when people are saying, I can’t buy a house prices are too high. Well, Freddie Mac says, prices are going to keep going up for the next two years. Yeah.
Tego: And not just Freddie Mac. I’ve seen that on all the air quote experts are saying the same thing, right?
Tracy: So they’re saying home prices in 2021 across the States are expected to average 6.6% up. And we’re definitely seeing that in our market and many others that we watch.
Tego: We’re going to be ahead of that this year. I mean, I’ll, I’m going to say this right now in April of 2021, that we are going to see probably double I’m going to I’m not going to say probably we’re going to see double digit home price growth for 2021. I just, there’s no writing on the wall that says that home prices aren’t going to keep going up. Unless we get that, you know, the so-called black Swan,
Tracy: And they’re saying, they’re going to keep going up in 2022. Now this is really early. It’s April, 2021, where they’re forecasting next year’s home price appreciation. And they’re saying four and a half percent appreciation, 20, 22 nationally. That’s nationally. Yeah. They’re not saying things are going to pull back. And everyone that bought 
https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Patience is the Key! – Albuquerque Home Buying Secrets

(Transcript Snippet): “Tracy: You know, the, the topic Tego that we wanted to talk about, we can jump right in. Right. you know, stay calm. Right. The market’s hard for home buyers right now.
Tego: You know, one of the things that we’ve seen a lot of, and if you are a home buyer or know somebody that’s, you know, looking to buy a home right now, a frustration seems to be the key term. Right? Right.
Tracy: Yeah. It’s an emotional roller coaster, right. Being a home buyer, you go, you look at houses, you pick your favorite one. You get that offer in right away. That seems like a good offer. And you don’t get selected. And you F you know, you go back out and look for more homes and find another one, and you get all your hopes and dreams in that house. And my family’s going to be here and, and you put in an offer and you might not get it. You know, that could happen several times. It can be very frustrating. But it seems like lately Tego, especially, I’ve always said this, but I’ve seen a few instances in the last few weeks where the house, the person didn’t get the first time the house that they ended up, being able to buy and being selected to buy is really the better house. You know, it was like, meant to be
Tego: Times over the years, we’ve seen that Tracy and we, we can personally attest to that as well that, you know, we lost out on a house. We were purchasing and turns out the home we ended up buying was even better.
Tracy: Yeah. Oh my gosh. I’m so glad for what we ended up with versus the offer that didn’t get accepted. Yes.
Tego: So, so I think, you know, I think th the, the takeaway for, for buyers right now is patients, patients, patients, you know, it, it is going to take some time or you might get lucky, right? You might decide, okay, now’s the time I’m going to go talk to a lender. I’m going to get my pre-approval, I’m going to be ready to go to buy. And you start looking and all of a sudden, Oh, well, there’s the perfect home. And you get it.
Tracy: And you ended up being able to buy it,
Tego: Buy it. However, more today it’s people are having to put in multiple offers. You’re going to have to spend a lot of time watching new home listings as they come on the market to be, be there, ready to go, to go look at it. As soon as it’s as available to hit the ground running with the offer and in a great realtor, Tracy, we’re going to, we’re going to talk about the realtor community here. And I know we’re kind of preaching. We’re talking about ourselves here, but having a great realtor is key, right? Because what’s that realtor going to do for somebody that that’s looking for that home?

https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Albuquerque Real Estate Market: Multi-Generational Housing on the Rise

(Transcript Snippet): “Tego: Tracy, I’m going to change the subject. And I want to ask you about this trend that we’ve been seen now for quite a few years, and it’s really catching on and the thing that’s interesting talkie, well, wait, hold on, hold on. I’m building it. I’m building or making us wait. It’s the multi-generational housing and, and we’ve seen builders adjusting their, their products to this meaning that has a, you know, there’s a lot of different terms for it in law suite, in New Mexico, it’s the casita or it’s the granny flats, or, you know, whatever, whatever you want to call it. It’s, it’s kind of like the second home within the home and, and the thing that’s interesting. There were some interesting stats here. Tracy, did you see this one? I did not. Yeah, it’s a, well, there we go. So the percentage of total home sold in 2020 that were this kind of multi-generational type type home, where again, it had one of those things the, what did they call it? ADU auxiliary dwelling unit is another term you hear sometimes too. 12% of the home sold. Well, that’s a pretty big, pretty big move in there saying the spring of, of it hit it, it hit even higher. So yeah, Tracy: You know what I find interesting looking at this visual that you pulled up that I hadn’t seen before is the most common age range of these buyers for these homes that have, that is 41 to 55. Now that’s young. These are people who are being [inaudible], but and the second age bracket is 75 to 95 years old. So they’re buying it and having a space for them and moving in one of their child, children or something. But it’s interesting. Cause 41 to 55 is pretty young right together. It’s really young and they’re buying these houses with a Caseta or an in-law suite or an extra living area that  is available. So 
Tego: Did you want to hit on the benefits that people are saying from it was that where you were going?
Tracy: I wanted to just say, you know several years ago Dr. Horton and Pulte started adding that option into their floor plans and they had spectacular, they have spectacular floor plans that have that in, you know, the in-laws suite, isn’t just a bedroom with a bathroom, right. It’s typically on a main floor if the whole house isn’t main one, one level. But it also has some sort of an extra living space. So you’ve got a little living room in addition to a bedroom and then a small little kitchenette in addition to the bathroom, separate entrance sometimes. So we’ve seen that lately in Abrazo homes where they’re building in the new neighborhood in the parade,
Tego: You know, what can we just sidebar here for a second? Because we, we, we overlooked it. And we were talking about the parade of homes this weekend and that Abrazo homes, which is a local locally owned home builder here. They have a neighborhood right by the balloon park. Just what would it be? Just West, North,
Tego: South and West of the balloon park, if you can envision that and  Tracy: Behind the big horizon business building,

https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Albuquerque Real Estate News: 3 Things to Keep in mind

(Transcript Snippet): “Tracy: So switching gears along the same vein, right? You were sharing with me a CNBC story saying Google is reporting that the hottest trends, some of the hottest trending searches right now regarding homes is when is the housing market going to crash?
Tego: So get this Tracy that search has spiked 2450% in the past month. And it it’s interesting right
Tracy: Along with other phrases that are similar, like why is the market so hot and how much over asking price should I offer on my home in 2021? So it’s interesting. Those are the spikes on Google searches, which you know, I completely understand. Yeah,
Tego: Yeah. You know, it there, one of the things that, that happens and I know listeners to Kiva get this is that NEWS media will take something. It’s a very none, well, no, no. Yeah. The non, but, but it’s, it can be a trigger for people, a very emotional, you know, the housing thing, a lot of kids that are not kids now lived through the crash of 2008. Right. And so now they’re millennials right now, they’re getting into that, you know, maybe buying a home or maybe, you know, thinking about buying a home, they lived through that. They watched their parents go through that in 2008. So, you know, I understand that the angst that is out there, but what I was saying is, is Kiva listeners understand that news media will take something and, and try to create a story where maybe there isn’t a story, but obviously there’s a story there because people are curious.
Tego: It’s like, how, how can this market be so hot? And when is it going to stop? We know it’s going to stop the question is, is it going to be just a slow coast to a stop or is it going to be a screeching halt? And, and my feeling right now is it’s, it’s going to continue at this pace for a while. Cause there’s no signs of anything, anything changing Tracy and, and a couple things just to talk about. So there’s three things that we want to keep in mind. And if you don’t see these in the stories that are talking about how there’s a, a home bubble building and it thought market’s going to crash, then they’re not telling you the whole story. And there’s one other thing too, that I’ll throw in here. But, but the first one is home price appreciation leading up to 2007, Tracy, it was like 10% average over the four years leading up to 2007, eight in the last four years now, today it’s been closer to 6%. So we haven’t had quite the acceleration in home price appreciation that did back then. The other one, Tracy, you could speak to this. I know, you know, this really well is, is the way lending standards have been now in the last, well, literally 10, 12 years versus the way they were back

https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Parade of Homes – HBACNM’s Twice-a-year event for builders

(Transcript Snippet): “Tego: Okay.
Tego: Let’s see. Parade of homes, Tracy,
Tego: Big weekend for the home builders twice a year, the New Mexico, central New Mexico home. What is it? Home builders association, HBA is just what I always call them. They do their big parade of homes where they, they put homes out for open they’re open houses to show off the, the latest products and what the builders are.
Tracy: Yep. And it’s Friday, Saturday, Sunday. So yesterday, today, Friday, Saturday, Sunday, and next Friday, Saturday, Sunday from 11 to 5. There’s 21 homes in the spring parade of homes. The the featured builder this year is Pulte homes at inspiration, which is in the petroglyph area. Just North of I-40 and West West of the river inspiration, the homes, the lots, there can be just some phenomenal views because it’s sort of below the petroglyphs. And if you haven’t been out that way and you’re thinking of new construction, give us a call. We’d love to show you that neighborhood as well as the others that are available, but that neighborhood is quick to everywhere. There’s some new cluster schools over there. There’s some new, big fields. Like if your kids play soccer, you probably know that part of town. But it’s, it’s a great neighborhood, but in addition, lots of other homes to tour to go, do you happen to know how people are touring them in the days of COVID?
Tego: Well, I don’t,
Tracy: I was thinking I didn’t find that out either because Eddie said that we’ll tell you how to get inside of them. There’s the safety protocol. So the homes vary right from Corales to the West side I’m sure there’s a map. So if you go to just Google homes of enchantment, but it’s the websites, homes of enchantment parade.com and it’s Home Builders Association of Central New Mexico. And it’s all the information is right there, but you can tour if you’re thinking of building anytime in the future or remodeling, this is the way to go, right? Go hit up these homes.

https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Albuquerque Home inspections and Lenders: What is their purpose?

(Transcript Snippet):

“Tego:

Corey, can I ask you about home inspections? Because that one seems to be a misconception for people. So, so what’s the purpose of a home inspection?

Corey:

Well, it’s so you can actually get a good feel of the home and how well it’s been loved and taken care of or neglected. And so it’s good to have it on paper, black and white, that you can really see exactly what’s going on with the house.

Tego:

Got it. And, and what is, you know, there’s this process once the inspection reports done and there’s all different types of inspections, I’m going to ask you about that, Melissa, but the different types of inspection, but, but core, you get this report back from a home inspector in you sit down or, you know, miss these days on a phone call, go through it with your buyer, your client. I mean, what are you looking for?

Corey:

Well, before we even go into the house, I locked to talk to my clients about the home inspections, because now it’s a sellers market. We don’t get to ask for a whole bunch of stuff. If something is shown on the inspection. So I, once we get the report, then we can look at it and say, okay, this is for a safety issue. And we can ask, it’s kind of like a honeydew list and we can ask it doesn’t mean it’s going to be taken, but we can always ask.

Tego:

Yeah, you can ask for the repair. Anyway. Okay. Okay, Melissa, we in, in generally we always get what we call a full home right inspection, but what other kind of inspections are there out there that, that people should be thinking

Melissa:

At the absolute minimum? It’s a sewer and duct scope or a sewer scope of full home and a termite and dry ride. If the home has in floor ducting, you want to definitely do a duct scope as well, just to make sure the ducts don’t have rust, or there’s rust on the tube or everything’s functioning properly. The there’s

Tego:

Cause I’m thinking back to that experience, right? Cause we’ve had collapsed ducts. We’ve had, we’d had, we’ve had offset sewer lines, right? It’s like, you know, those are the big things that if you don’t know it, when you purchase, it’s going to really be a headache for you later.

Melissa:

Absolutely. And at least just, you know, $500, $700 for inspections is a lot cheaper than if you didn’t know about that sewer line. That was an issue down the road, the backup and the problems that comes up.

Tego:

Yeah, yeah. Yeah. Sewer lines, sewer lines are interesting because you can have one that’s working fine and it’s flowing fine. And they, they put the camera down there and find out that it’s offset, meaning that the pipes don’t line up, even though it’s a draining half of the water may be draining into the ground and not actually into the pipes stuff like that’s right. You’re aggressive. So green. Right. What was the old book from the seventies at all? I’m going to date myself. It was, it was called the grass is always greener over the septic tank. Right? There is a, it was a book anyway. Sorry. I’m really dating myself there. So the, the Oh, local lender core. I just wanted to hit on that before we run out of time here. So you w we’ve you both have said multiple times, local lender, local lender. Tell me why.

Corey:

Well, mainly, they can get you to the closing table when somebody is possibly online and possibly just asking through the internet, they don’t know Albuquerque market. They don’t know you’re saying the Northeast hikes or the Northwest and our lenders. They know, they know exactly where you’re talking about. They know the neighbors over there. It’s just so much

Tego:

Yeah. And you know, when you, when you nickel and dime on mortgages, you probably will not always. And I shouldn’t say that because I’ve had people that have bought using the quote online lenders and had had fine experiences. One of the things I say, Melissa, is that the local lenders have a reputation to protect amongst obviously their clients, as well as the realtor community. Right.

Melissa:

Right. Well, and then I’d also like to say, like on Sunday, when I’m going over six different offers that I might be getting, I’m probably going to call those lenders just to make sure that they’d have talked to their clients and they are truly solid buyers. But if it isn’t someone who’s local, they might not work weekends. Whereas a local lender does work weekends and they are willing to answer the phone and answer those questions, giving that buyer a leg up.

Tego:

So there you go. So there’s another tip. As a, as a buyer, the local lender, that’s going to answer their phone. That’s going to talk to the listing agent again, not give up private information, but at least reassure that the listing agent and the seller know that that yep. I’ve talked to this person, I’ve done some work on their, their file. You know, they’re solid, whatever it is, again, without giving out any personal information. I mean, we know that these pre-approval letters versus pre-qualified I mean, prequalified versus pre-approved, you know, pre-qualified, if you’re an a, on the seller side and you start looking at some of these letters, they basically mean that they say that I’ve talked to the person on the phone and based on what they told me, they should be able to qualify for a loan. Right. And that’s what some of these pre-qualification letters are. And, you know, in this market as a seller that doesn’t really serve you at all.

Albuquerque’s Real Estate Market – How does it really feel out there?

(Transcript Snippet):

“Tego:

I want to transition to another subject here. The market. I want to ask you guys, I mean, you guys know, I look at this all the time, but you guys are the feet on the street. So, so Corey, I mean, how has it feel out there? I mean, is it frantic? Is it, is it like boots on the ground?

Corey:

It’s amazing when you drive up to the house and see six realtor cars with all these kids coming out and everybody’s going in and out in and out in and out, it’s a lot, a lot of business cards.

Tego:

Don’t tell the governor, but no, I mean, it is, it’s kind of a frenzy sometime when that first day on market

Corey:

And we are wearing masks, just so

Tego:

We know, we know. So what do you think, Melissa? I mean, what are, you know, again, from out on the street, what are you hearing, seeing feeling?

Melissa:

I think Chase on our team said it the other day. It’s not days on market, it’s minutes on market. And when I call another realtor to say, Hey, before it was like, do you have any offers? And now it’s how many offers every time. And so that’s yeah.

Tego:

Yeah. I was hoping that we would see some more homes come on the market this week. And actually I’m looking at the numbers here right now. We’re actually at a net loss. So we’ve had more go off the market than come on the market in the last seven days. And I, you know, I don’t see any let up on this. Are you guys hearing people being concerned that we’re building a bubbles building up in the real estate market or you hear people say that

Melissa:

I have heard that, and then I have a lot of people asking about foreclosures. Are those going to start coming? Because the bubble is getting so high and

Tego:

Yeah, I mean, we’ve had what, 15% appreciation over the last two years, maybe even higher than that, just depending. It depends on whose numbers you look at. I mean, some of them say about 10% in the last year. Some of them say 13% in the last year. So home prices have risen dramatically in the last the last couple last year, for sure. And, you know, there’s this whole forbearance slash foreclosure overhang out there. And, and, and people are saying, well, there’s all these people that are still in forbearance plans. And all of a sudden they’re going to go out of those four Barron’s plan and those homes are going to flood the market. One thing first off, that’s interesting about that. Even if every one of those homes that are still on forbearance plans came on the market immediately nationwide, we’d still only be up at five months supply of inventory, which is still considered a quote balanced market, or maybe even still a sellers market.

Tego:

The, the, the, the lack of homes on the market is so low, right now that, you know, we could use any of those homes if they start coming on things interesting about the forbearance plans is they’re kind of tiered, right? So people, you know, a lot of them, you know, are expiring in March, obviously were your, were your through this. Now, a lot of them are now this month in April, may, June, so it’s kind of tiered out. And so those people either come off the forbearance plan meaning they’ll just start making, you know, making their payments again, they’ll do some sort of workout with their, their bank or potentially they sell their home, which most people have enough equity to just sell their home if they need to. And again, that’s not going to be this flood of homes, fire sale, you know, drastically reducing prices.

Tego:

No, these are people that will sell that are equity sales, where they’re selling it for enough to pay off, you know, their, their, their debt and, you know, move on to the next, the next property. And that brings up a good question that or point I want to make is that if, if you’re out there and you’re listening and you, you know, somebody that might be in that situation, you should reach out to us and let’s talk about, you know, have a private conversation about the different options that you may have, right, Melissa, cause you can sit down with them. Go ahead, go ahead and say some, say what you’re going to say.

Melissa:

No, there’s we can make it very easy with our instant offer programs. We can put it on the market and then just do the, have it sold by a Sunday potentially. So it really could be just painless as possible.

What Albuquerque home buyers should be doing before looking for a home

(Transcript Snippet):

“Tego:

So tell us some of the things that that home buyer should be thinking about before they, they be, let’s say even before they start going out, looking at homes what’s, what are some of the top things that buyers should be doing right now? Let’s, I’ll, I’ll throw that to you first,

Melissa:

Making sure that you’re working with a local reputable lender that makes it easier to get, make sure you’re pre-qualified pre-approved versus qualified. And that basically just means that the lenders taking those extra steps to check your financial qualifications in versus just saying guests, I believe what they said versus actually looking at it and verifying that it is true. It makes you a little bit of a stronger buyer. And then also having some flexibility, if a house hits the market and you can’t see it for four more days, you may not make it to that house.

Tego:

If it’s a good house. I mean, median days on market for March was, was four days, which means what was the stat I pulled the other day? It was 65% of the homes in our current market are selling within six days, basically immediately, as soon as they come on the market. And so, so Corey, what other things are you doing to, without giving away any?

Corey:

I know, I get nervous.

Tego:

No, we don’t mind educating other realtors. We want everybody to be good, but what what other tips would you say for buyers when they’re, when they’re thinking about getting out there,

Corey:

Especially when they’re first time home buyers, you really want to say put the seatbelt on because we’re going to go for a ride because there is a lot of offers that are being put out there and you want to make sure that you’re looking out for your buyer. And so when somebody comes in with, you know, 40,000 over cash and no appraisal, when everything looks so good, that may not be the best one for your buyer. So I like to definitely talk to them about the reality and just talk about how exciting it’s going to be and how we’re going to get there.

Tego:

Yeah. And I think, you know, preparation and setting expectations is anything. Obviously, we’re kind of doing that right now. So, so what are you telling like Corey, what would you actually tell a buyer right now? Let’s say you just pick up the phone and somebody, somebody, you know called, called and said, Hey, I’m interested in this house. I want to make an offer. What are the things you’re going to be asking them?

Corey:

Well, I want to make sure first that they’re pre-approved with the lender. Obviously we’re not going to write an offer without going to look at that house, whether I’m going to be FaceTiming home in that house and going through each room and showing absolutely everything of the home, absolutely closed it. And exactly, and then making a good relationship with the listing agent is extremely important.

Tego:

Right? Right. You want to, you want to know you want the listing agent to be able to basically pass onto the seller. That’s like, look, this is somebody that really wants a house they’re really engaged or communicating. Well, you know, they’re, they’re not just fly by night, Melissa, what other little tips or tricks should, should buyers be thinking about right now

Melissa:

In this market, they need to have some skin in the game. They need to be willing to pay for inspections, appraisal, home warranty, their closing costs, and potentially even some of the seller’s closing costs to make it just that much more of a competitive offer. Yeah. When it’s a buyer’s market, you could ask for the seller to pay some of your closing costs, but this is just not where we’re at, right?

Tego:

No, definitely not the market we’re in right now. And, and you know, we have earnest deposits. We also have this thing called time off market fee, or it’s just, the buyer pays the seller to take the home off the market to do their due diligence inspections and so on. I want to just talk about inspections really quick because we’re, we’re seeing a lot of people thinking well, to make my offer more competitive, I’m just going to waive inspections. So,

Corey:

Oh no, no. You want inspections. Absolutely.

Tego:

So one thing you can do, Melissa though, is waive the basically making, asking for, for major repairs.

Melissa:

You could see, you only want repairs that are safety concerns or lender required repairs because during the appraisal process, if the praiser might call out some dry rot, then that would be, have to be something that would get repaired during that time. But you’re not going to ask for the light bulbs to be replaced or whatever the

Tego:

Well, you know, cosmetic stuff or, or again, you know, we put a new hot water heater because it’s end of useful life. Right. You know, whatever that means. So, so yeah, it that could be one of those things that makes your offer stand out is to say, okay, I still want inspections. Right. I want to know what the property is like, but I’m not going to be, you know, asking for, you know, $5,000 in repairs. Right. Once we get to that point.

Melissa:

And then the other thing is with as many offers as we’re getting the seller could say, that’s fine. You just asked me for 5,000 in repairs when another offer came in and said that they’re not going to ask for any repairs. So yeah, go ahead and try to find another house.

Tego:

So Melissa, I just want to ask you about sellers because you work with a lot of sellers as well as, as buyers. And what are you telling sellers when you’re, when you’re listing them or meeting with them to get their home on the market? What are you telling them? What are you preparing them for?

Melissa:

Well, I just had a house that went active this weekend. We already have so many showings that they are planning to be gone for the weekend. And we’re going to review the offers on Sunday. There’s over 30 showings and that’s just, that can get overwhelming for somebody who’s living in the house. Cause you’re basically home for 10 minutes and then have to leave again. And especially if there’s pets or children plan a little weekend getaway or

Tego:

Yeah, well, and, and what what’s happened with this market, we know, you know, certain homes and certain price ranges, certain parts of town. We know there’s going to be multiple people that want to see it right away. Right. And so you can condense all those showings down into a very short period of time. Yes. Yeah. Which is nice. It makes it easier for the seller. They can just do their picnic day

Speaker 2:

For the buyers. It’s wonderful when they have a few days to look at it. So it’s not like, okay, I’ve got 15 minutes to write this offer and hope that, you know, we can get it being able to go into the house two to three times and say, yes, I love this house. And this is going to go to the finish.

Tego:

That’s a really good point, Corey, because people may think, Oh, it’s going to be the first one that writes the offer’s going to win. It’s like, no, that really, you know, we’re not seeing that much, most sellers are asking, you know, for, you know, showings like one day and then they’ll review any offers that come in the next day. And that’s really common now it’s not across the board, but just understand we’re seeing most of that, but

Corey:

It’s helpful for our buyers for that to happen. Well,

Tego:

The truth is it’s helpful for the seller too, right? Because that way now the, they have, you know, a handful of offers to choose from. And you know, obviously the, the seller’s objective is to get the highest and best that’s going to close. Right. That’s going to close Melissa, let’s talk about that real quick. Let’s go back to that whole conversation about reviewing offers. If you’re on the, on the seller side.

Melissa:

Yeah. I had a friend, then she was like, Hey, my friend, didn’t get a house in the wrote an offer 25,000 above list. And I was explaining that just because it’s 25,000 above list, that’s not always the best offer. Is it going to appraise? Probably not. If they were already pushing the value. So there’s just a lot of other components to an offer than price it’s are you offering the sellers to stay in a couple extra days so they can move out on the, you know, slowly and at their leisure, are you waving the repairs? Are you offering above appraised value, but bringing cash to the table? So there’s a lot of components and that’s where that experience comes to play versus saying, wow, we got an offer 50,000 above. Let’s take it. Well, when appraisal comes, that’s when there’s going to be a crash, right?

Tego:

Yeah. Yeah. We won’t go deep into appraisal right now, but you know, understand that if there’s going to be financing involved, there’s going to be an appraisal. The appraisal’s job is to justify the value to the bank that they’re making a safe alone. And so, you know, if they just can’t justify that the value is there, even though somebody is willing to pay that price, it’s going to be a challenge. It’s going to be a challenge. And so, so some people are, well, Corey, you know this right there, they’re making offers over list price. And you’re going to say what the wave wave the appraisal contingency or up to a certain dollar up to a certain dollar amount. Yeah. So that’s one of those other things that we’re seeing a lot.

Considerations when buying a Rural Property near Albuquerque
(Transcript Snippet):
“Tracy:
Let’s talk about rural properties. Yes.

Tego:
I’ve got some, I’ve got some great notes on that because with the way the market has been Tracy, you know, people are starting to look out a little further, maybe because of COVID people are going, you know, I need a little more elbow room. I want to move out. I want to get out of the city. And, you know, around Albuquerque, we have a lot of good options.

Tracy:
And some people know that they don’t have to go back to work in a building. They can work from anywhere. So we’re seeing people take advantage, move out a little bit further because they don’t have to do the daily commute.

Tego:
The commute is not as important anymore. So first off, Tracy, what are, what are, if somebody’s thinking about first off, let’s talk about the areas of the Metro Albuquerque that we kind of call rural areas. What would you say?

Tracy:
Well, Edgewood, Moriarty, Berlin, really all the East mountains, all of the East mountains, they’re rural, you know, there’s also Santa Fe area in Los Alamos area. And so, you know, to Espanola Ribeira up to Las Vegas, you know, just whatever rural properties there might be. Yeah.

Tego:
It’s just kind of, you just start getting out outside the Metro itself. Yeah. Some of the rural properties

Tracy:
We’re talking about might be in a town versus out in the country.

Tego:
Well, you think about the South Valley or Valley farms as we call it, there’s some great rural properties down there. There’s Corolla. So there’s the North Valley, which even though they’re kind of in the city, you still get that rural feel. Right. And you’re dealing with some of the things we’re about to talk about, which are you know, w what are you looking for, right. That would be the first consideration. Right. What would it be? It’d be, you know, do you need space for the animals?

Tracy:
Are you looking for barn storage, you have a hobby or collection, and you need that. Right. is it for animals? Is it for privacy? Is it just, you need a big view wide open spaces. Yep. Yeah. Sometimes we like what we grew up.

Tego:
I just need to make a side note. We have a home listed for sale in a Stanley right now, which is North of mariachi Moriarty, and it’s wide open spaces, but it was a 78 acres, a Homeland, 70 acres, all fenced. And yeah. So, I mean, there’s, you know, and really, that’s not that far you know, from Albuquerque. Right.”