Albuquerque Real Estate Talk Episode 511 Recap: Insights from November 2024

Nov 13, 2024 | ABQ Market, Albuquerque Real Estate Talk

Albuquerque Real Estate Talk Episode 511 Recap: Insights from November 2024

This week on Albuquerque Real Estate Talk Episode 511, Tego and Tracy Venturi of the Venturi Group at Real Broker delve into the latest trends in the Albuquerque real estate market for November 2024. From home sales data to community highlights in Corrales, this blog offers valuable insights for potential buyers and sellers alike.

Introduction

The Albuquerque real estate market is constantly evolving, and understanding its dynamics is crucial for both buyers and sellers. In this blog, we will explore the latest market data for October 2024, delve into the unique lifestyle offered by the village of Corrales, provide an overview of the local real estate market, and analyze the profiles of buyers and sellers in the current landscape.

Albuquerque Market Data for October 2024

October 2024 has shown promising signs for the Albuquerque real estate market. Home sales increased by approximately 5% compared to the previous year, indicating a slow but steady recovery. However, when comparing this data to October 2019, we observe a decline of about 20-30%, suggesting that while activity has improved year-over-year, it remains below pre-pandemic levels.

The average home price in Albuquerque has surpassed $400,000, reflecting an increase of nearly 8% from last year. Despite this rise, it’s important to note that the actual appreciation rate is likely closer to 3-4%, considering broader market factors.

October home sales data overview

Additionally, new listings increased slightly, with a little over 1,000 new properties hitting the market, a 3% rise from October 2023. The total number of homes for sale has surged by 23% compared to last year, yet it remains about 25% lower than the figures from October 2019.

Days on the market have also changed, with an average of 37 days from listing to contract, marking a nearly 50% increase from last year. This trend suggests a return to a more normalized pace of home sales compared to the rapid turnover seen in previous years.

Corrales: Dining, Events, and Lifestyle

Corrales, a quaint village nestled between Albuquerque and Rio Rancho, offers a unique lifestyle that attracts many residents. Known as the horse capital of New Mexico, Corrales is not just about equestrian pursuits; it boasts a vibrant dining scene and a calendar full of community events.

Popular dining spots include Indigo Crow, known for its delightful atmosphere, and Y Hannah and Nate’s, which serves breakfast and lunch. The Sandia Bar has recently reopened after renovations, adding to the local charm.

Dining options in Corrales

Corrales is also home to several wineries, including Malro Posa and Tampo Corrales Winery, perfect for a weekend outing. The Farm Stand offers fresh produce and local goodies, making it a favorite for health-conscious residents.

The community hosts various events throughout the year, such as the Fourth of July Parade, where families and friends come together to celebrate. The Fall Harvest Festival is another highlight, featuring hay rides and an arts festival that showcases local talent.

Fall Harvest Festival in Corrales

For those who enjoy outdoor activities, the Bosque Preserve offers scenic trails along the river, ideal for walking and enjoying nature. With tennis courts, a swimming pool, and an equestrian riding ring, Corrales provides ample recreational opportunities for its residents.

Corrales Real Estate Market Overview

The real estate market in Corrales is characterized by its higher price points compared to other areas in Albuquerque. As of early November 2024, the average list price for homes in Corrales stands at approximately $1,123,000, with a median list price of around $800,000. This price point reflects the desirability of the area, which is known for its spacious properties and scenic views.

Currently, there are about 22 homes on the market, indicating a relatively small inventory. The average price per square foot for properties in pending sale is $295, with an average pending price of $842,000.

Current real estate statistics for Corrales

It’s worth noting that the market is still adjusting, with an average reduction of approximately $27,000 for homes currently listed. The average days on the market for homes until they go pending is around 59 days, suggesting a stable, yet competitive market.

2024 Profile of Buyers and Sellers

The 2024 profile of buyers and sellers reveals significant shifts in demographics and purchasing behavior. The median age of home buyers has risen to 56 years, while first-time buyers have seen their median age increase to 38 years. This trend indicates a growing challenge for younger buyers, who face affordability issues in the current market.

Interestingly, the composition of home buyers has also evolved. Married couples now account for 62% of buyers, while single females represent about 20%. In contrast, single males have seen a decline, comprising only 8% of the market.

Demographics of home buyers

Moreover, a record 61% of home buyers had previously owned a home, highlighting the dominance of repeat buyers in the market. First-time buyers are struggling to secure properties, primarily due to rising prices and limited inventory.

When considering the motivations behind home purchases, many buyers reported making compromises on their price expectations, with 30% indicating they paid more than initially planned. This reality underscores the competitive nature of the current market.

Buyer compromises in the current market

As we navigate through these trends, it’s essential for both buyers and sellers to stay informed about the changing landscape of the Albuquerque real estate market. Understanding these dynamics can significantly impact decision-making and strategic planning in real estate transactions.

Homebuyer Trends and Insights

The landscape of homebuyers continues to evolve, reflecting shifts in demographics, motivations, and purchasing power. As of 2024, the median age of homebuyers has reached 56 years, with first-time buyers averaging 38 years. This shift indicates a growing challenge for younger buyers, highlighting the need for strategic planning in home purchasing.

Interestingly, the vast majority of homebuyers—61%—are repeat buyers, showcasing a trend where those who have previously owned homes dominate the market. This trend underscores the increasing difficulty for first-time buyers to enter the market, particularly in the face of rising prices and limited inventory.

Trends in homebuyer demographics for 2024

Moreover, the motivations behind home purchases reveal a willingness among buyers to compromise on various aspects, primarily due to the competitive nature of the market. Approximately 30% of buyers reported paying more than they originally planned, a clear indicator of the market dynamics at play.

New vs. Resale Homes

The current market data indicates a notable split between new construction and resale homes. In 2024, around 15% of homes purchased were new construction, while a significant 85% were resale properties. This shift reflects the changing preferences of buyers, who are increasingly drawn to new builds due to the incentives and financing options available, such as lower interest rates and closing cost assistance.

In Albuquerque, the share of new construction may be even higher, as buyers seek modern amenities and energy-efficient designs. Working with various builders can help navigate this segment of the market, ensuring buyers capitalize on available incentives.

Comparison of new construction vs resale homes

Distance Moved and Compromises Made

Another fascinating trend is the distance buyers are moving when purchasing a home. Pre-pandemic, the average distance was around 15 miles. However, during the pandemic, this number surged to an average of 50 miles as many sought to relocate to areas where they could enjoy more space or return to their roots. As of 2024, the average distance moved has settled at 20 miles, indicating a blend of both pre- and post-pandemic behaviors.

Compromises made by buyers also reflect the current market conditions. Notably, 30% of buyers reported compromising on the price of their new home, while 23% made concessions regarding the condition of the property. This dynamic showcases the realities of a market where demand often outstrips supply.

Compromises made by homebuyers in 2024

Tenure in Home and FSBO Trends

The average tenure for homeowners has increased to about 10 years, up from 6-7 years in previous years. This change can be attributed to the lock-in effect, where homeowners with favorable mortgage rates are hesitant to sell and lose their low-interest financing. Consequently, many homeowners are opting to stay put or renovate their existing homes instead of moving.

Interestingly, the trend of selling homes without a real estate professional (FSBO) has declined significantly. Currently, only about 6% of sellers are opting to go the FSBO route, compared to 15-20% in the past. This drop suggests that as the market becomes more complex, the need for professional guidance has never been greater.

FSBO trends in real estate

Conclusion and Contact Information

Understanding these trends is crucial for both buyers and sellers navigating the Albuquerque real estate market. Whether you’re looking to buy your first home, considering a new construction, or evaluating the value of your current property, having the right insights can make all the difference.

If you have questions about the market or need assistance with your real estate needs, feel free to reach out. The Venturi Group at Real Broker is here to help you every step of the way.

Questions on Albuquerque Real Estate?

Albuquerque Housing Market 2024: Where Are Prices Now?

Apr 2, 2024 | Albuquerque Real Estate News, Albuquerque Real Estate Talk, Housing Market Updates, Real Estate Market Reoprt

Albuquerque Housing Market 2024: Where Are Prices Now?

Hello, everyone!

I’m Tego Venturi from Albuquerque Real Estate Talk, and in today’s piece, we’re diving deep into the fabric of our city’s housing market. Albuquerque has been witnessing some fascinating developments, especially with the advent of build-to-rent communities, and there’s a lot to discuss concerning the current real estate trend wave.

New Developments in Albuquerque Real Estate

Firstly, let me share with you some details about the new housing projects taking shape in our beloved city. A notable one is a 10-acre parcel being transformed into a neighborhood of 90 standalone homes ranging from 850 to 1,070 square feet. Imagine sitting out on your front porch sipping your morning coffee or participating in communal gardening within internal courtyards — this is the kind of living experience that’s being created right here in Albuquerque.

Then we have the Eleanor development by Unser Gateway Realty—a promising venture in partnership with Westway Homes featuring 126 single-family houses. With home sizes varying between 650 and 1,500 square feet and about 30 units anticipated to be ready within the next year, the diversity and availability of housing options are indeed looking up.

The Trend of Build-to-Rent

Now, let’s talk about a trend that’s gaining significant traction: building single-family homes for rent. This concept has blossomed into neighborhoods like The Bedrock at Tracy—a build-to-rent community comprising 199 townhomes and an additional 145 single-family homes. But why is this trend emerging?

In my analysis, the tightening of lending standards post the Dodd-Frank Act has played a pivotal role. It’s changed the dynamics of homeownership and has paved the way for build-to-rent communities to fill a need in our market.

Housing Market Insights

As we’ve seen, housing affordability continues to be a challenge, with building new single-family homes under $300,000 becoming increasingly difficult. With the median home price hovering around $350,000, a family needs an income surpassing $100,000 to afford these prices comfortably—a figure not attainable for everyone in our city.

Since late 2019, home prices have risen by roughly 50%, with mortgage rates fluctuating, adding another layer of complexity for potential homeowners.

Rental Properties and Market Accessibility

On the rental side, we’ve launched a new tool, nmhomerentals.com, aiming to streamline the search for rental properties while cracking down on scams. Despite a common misconception, institutional investors are not the primary rental property owners—it’s typically small-scale, individual investors that hold this market segment.

The real challenges to housing affordability lie in the administrative and regulatory terrain—issues like zoning, planning, and permitting. It’s critical to have informed discussions around these topics, rather than pointing fingers at large corporations who, contrary to belief, are not the root cause of the problem.

Navigating Real Estate Commissions

In our episode, Tracy and I also touched upon the proposed changes to real estate commissions in New Mexico. Under the current system, the seller effectively covers the buyer broker’s commission, but this might soon change, with buyers directly reaching agreements with their brokers regarding payment. Although this could introduce new paperwork and procedural changes, it’s important to remember that real estate fees are always open to negotiation.

Reflections and Market Stability

In the midst of these shifts, I’ve felt an overwhelming sense of satisfaction in assisting our clients with their real estate journeys. The Albuquerque housing market has maintained stability with consistent price appreciation and a relatively low number of available homes—promising signs for both buyers and sellers.

As the seasons change, we expect an uptick in listings, so buyers, keep your eyes peeled for that perfect home, and sellers, get ready to showcase your property’s charm.

For anyone navigating the Albuquerque real estate waters, the Venturi Group is here to steer you in the right direction. Feel free to reach out to us at 505-448-8888 for guidance or to discuss your property needs. We’re more than just your realtors; we’re your neighbors in this vibrant community. Let’s make your real estate dreams a reality together!

Tego Venturi:
This week on Albuquerque Real Estate Talk, episode 484, end of March 2024, we’re gonna we have to talk about the National Association of Realtors settlement agreement regarding commissions and all that stuff and tons of news on that. So we’ll get into that. What really what buyers and sellers need to know, Tracy, as well as a lot of lot more in in a good way, talk about housing affordability and solutions there. Now, Tracy, you have a story about some new construction coming to Albuquerque, some single family homes, but there’s a twist on that. So we’re gonna get into that. And just a couple other things. Of course, we’ll probably go down the rabbit hole and get off on some other stuff too, Tracy. Plenty plenty of stuff in the real estate world this week in Albuquerque.

Tracy Venturi:
Absolutely. So where do you wanna start?

Tego Venturi:
Start how people can get a hold of us.

Tracy Venturi:
Sure. So we’re Venturi Realty Group of Realty Broker, and, the best way is our phone, 505-448-8888. That’s an easy one. We should have a jingle. 448-8888. Or, you know, welcomehomeabq.com online. You can check out our website and reach us through that as well.

Tego Venturi:
I you know, I wanna start with housing affordability. Not not affordable housing. That’s a different conversation. I’m talking about housing affordability. Housing affordability is the issue of our time, I think. Now I’m a little biased because I’m a housing wonk. I believe in housing. Everybody needs a place to live.

Tego Venturi:
And we have a housing problem. There’s been a gazillion studies, you know, analyzing how many homes were short in the United States, in Albuquerque, in New Mexico, everywhere. Right? And the the challenge is right now to build a new single family home, it’s almost impossible now to build anything that could be sold as new for $300,000 and under.

Tracy Venturi:
In Albuquerque area, in our metro Realty.

Tego Venturi:
Honestly, in the country. I’ve heard that everywhere. I mean, I’m sure there’s some places maybe, but it it’s it’s it’s a real challenge.

Tracy Venturi:
You’re being very serious, Tego, but all I heard was wonk. I don’t know that word, wonk and kazillion, a kazillion stories.

Tego Venturi:
A kazillion. You know?

Tracy Venturi:
You you stopped me at wonk.

Tego Venturi:
Wonk. Wonk as in, like, I follow this stuff, and I’m very passionate about it. And I really get in the weeds on trying to figure out how to, you know, bring these solutions forward that that are gonna help the affordability challenge.

Tracy Venturi:
Right. So this week, there was a lot of news, right, about what it, what an income needs to be in our market to be able to buy, average median priced home?

Tego Venturi:
Well, median price is now around 350 in Albuquerque.

Tracy Venturi:
Yeah. And so what what that equates to as far as an income for a household is now over a 100,000 to be able to afford that house. Yeah. And it seems like pre pandemic, that was significantly less. What the the, rate that I think somebody’s I saw somebody’s stat. I think it was in the 50,000 or 59,000 or something was the income needed to buy the average price home, average median. Yeah. Yeah.

Tracy Venturi:
And now it’s over a 100. So, yes, it’s changed a lot because of interest rates, because of home prices. Everything combined together made it significantly different for affordability.

Tego Venturi:
Well, let’s just go back to pre pandemic. Home prices in Albuquerque have gone up about 50% since, let’s say, 2019. Right? End of 2019. Not not double, but, you know, half of double.

Tracy Venturi:
Right.

Tego Venturi:
Is that right? No. That’s not quite right. Anyway, 50%. So so home prices have gone up. On top of that, we went from again, pre pandemic, we were kind of in the 4, 4 and a half percent range on mortgages. And then when the pandemic hit, you know, we had that unbelievably low mortgage rates there where people were getting under 3%.

Tracy Venturi:
Especially if they did, like, a 15 year, which many people did

Tego Venturi:
Right.

Tracy Venturi:
Because the monthly payment was still so affordable on a 15 year at a 2.875 or whatever.

Tego Venturi:
Right. And then and then what happened is, you know, we had this price appreciation, and then we had mortgage rates go up to over 8% at one point. Now they’re more they’re hovering right around 7% right now, plus or minus, you know, in in that range, which is better than 8. However, it’s really put a strain on people’s affordability. And and we’re talking about purchase, but there’s also rent.

Tracy Venturi:
Right.

Tego Venturi:
You know, every type of housing is more expensive. Every type of housing is a much larger portion of everybody’s budget than it used to be. And, of course, everything else is a lot more expensive too. So there’s definitely been some some Tracy.

Tracy Venturi:
So that brings up 2 topics.

Tego Venturi:
Well, I’ve got one, but you go ahead.

Tracy Venturi:
Well, one of them is the multiple listing service, the Realty association that has a website to help with people find real rentals that are available, that are authenticated, that it’s really the person renting it using this site. So you’re not gonna get scammed by somebody pretending to be the owner or the rental manager.

Tego Venturi:
Yeah. So last year yes. So let’s talk about that. Last year, the we we at the Southwest MLS, we added a product that that basically aggregates all the different rental properties for the most part in the whole metro Albuquerque area. You can visit that website atnmhomerentals.com. And so it combines property managers and rental properties they have. It combines even individual private owners that want to post their their properties for rent and any rentals that are in the multiple listing service, which isn’t a lot, but it takes it all in one place so that a consumer can go there again, nmhomerentalsdot com, and see a really good, cross section of everything that’s available.

Tracy Venturi:
Right. And so there might be Tego, some of our listeners might have rental properties, and they don’t know this resources out there. They can get, go through the process to be legitimized as the owner of a property, and they can use this site to put their property for rent.

Tego Venturi:
Yeah. And a lot of people may not realize this, but the the rental scams on places like Craigslist, Facebook Marketplace, you know, these free listing services, the scams are just out of control, and it’s really sad. You know, we’ve had situations where we we’ve talked to people that thought they were putting the deposit down on a property and putting the 1st month rent down on a property. They sent it off, you know, they wired it off to somebody and that money was gone. Never seen again. Probably somebody overseas. Right?

Tracy Venturi:
Well and it it’s gotten worse than that. We’ve had people literally meet people with keys to properties, like, in person who aren’t the real property managers or owners. Anyway, so that’s one thing. Right?

Tego Venturi:
Yeah. That that’s again, the I mean, I know we’re having a conversation about affordability. Right. But it’s also part of that is just accessibility to properties that are available.

Tracy Venturi:
Right. Totally. Problem

Tego Venturi:
Right. For the rental side in Albuquerque. Yeah.

Tracy Venturi:
Totally. So that’s great. I really appreciate that the Realtors Association put that out there because, you know, it it costs them money

Tego Venturi:
to

Tracy Venturi:
to, have that. So we appreciate that they’re doing that.

Tego Venturi:
Okay. Can I just say I was very involved in making this happen, and I’m very proud of it? And I’ve heard some people pooh pooh ing, and I’m like, you know, there’s always gonna be your people that are detractors. But I’m sorry. This is this is for the community because it was broken. It was so bad if you’re trying to find a rental property.

Tracy Venturi:
So hard. We’d get calls all the time from people moving to Albuquerque or the metro area. They don’t know the area, and they need help finding a rental. And we are like, I’m so sorry. There isn’t one place that I can direct you. There there just wasn’t, and now there is one place that we can direct people.

Tego Venturi:
And Well, you can go to Craigslist. Good luck. Watch out for

Tracy Venturi:
this house. Careful.

Tego Venturi:
Yeah.

Tracy Venturi:
Yeah. So this is great. It’s great if you own some property and you wanna use it for your rental site because that’s part of what it’s good for. You don’t have to be a real estate professional to list your property there.

Tego Venturi:
Remember how at the top of the show, I said, we’ll probably go down some rabbit holes?

Tracy Venturi:
That was one.

Tego Venturi:
That was 1, but it was really good. I mean, it’s good information. I think the community needs to more know more about this resource. Again, it’s nmhomerentals.com.

Tracy Venturi:
Speaking of rabbits, you know, it’s Easter weekend, so it’s very appropriate that you would say rabbit hole, just this show. Anyway, so, Tego, the other part of where we were going on affordability, units, properties coming online. Right?

Tego Venturi:
Well, I I wanna I wanna hit on let me let me take this another direction just a little bit. I posted something about a week ago on my Facebook. Again, it’s Tego Venturi if you wanna follow me. I pretty much just post a lot of housing stuff, housing stat, housing news.

Tracy Venturi:
You don’t post pictures of your family and your vacation and your dogs

Tego Venturi:
I don’t know.

Tracy Venturi:
Post pictures of

Tego Venturi:
of yeah. I know. I I just don’t. I just don’t. Anyway, the the thing with affordability, there’s been this this kind of story kind of out there that that all the Wall Street, big investors are buying all the single family homes, and that’s why we have an affordability problem.

Tracy Venturi:
Right.

Tego Venturi:
And I just couldn’t take it anymore. And so I put together a long post that breaks down how many homes in the country and in New Mexico are owned by investors like institutional investors versus the mom and pop investors. And the short of it is most rental properties are owned by the mom and pop investor, basically, you know, 10 or less properties. And they’re they’re and and a lot of them are people where this is their, like, retirement fund. Right? You know, maybe it was their their home they had and they moved. They kept it. Now it is their nest egg.

Tracy Venturi:
Right.

Tego Venturi:
Right? And so the the the the problem I’ve had with it is the scapegoating of blaming, you know, the evil Wall Street people for the housing affordability problems when it is yeah, maybe it’s an issue, but it is minuscule compared to the other things that can be done. And what’s happened just this week, for some reason and maybe it’s just my bubble because I follow all these housing econ people. Everybody’s freely saying it’s like, look, blaming the Airbnb, blaming the Wall Street investor, you know, buying all the houses. Okay. That’s great. But that’s that’s easy for politicians to do is to, you know, blame some evil corporation that’s doing all this bad stuff when the real problem is zoning, planning, permitting, infrastructure, ridiculous regulations on on building. I saw a story. Again, this is just anecdotal, but, you know, this this person, he’s he’s trying to build these townhomes, and he’s, like, just about done.

Tego Venturi:
And he’s trying to get his CO, his certificate of occupancy. And and the city will not let him do it until he puts in the sidewalk in the front required. And for for whatever reason, he couldn’t do it in a timely manner, and they would not let him move forward until that was absolutely done. Cost him an extra $100,000, and it it cost him an extra 3 months. So this is the type of thing that’s broken housing. And the the scapegoating, you know, these evil companies is not solving the problem. And it looks like people are finally starting to break away from that that narrative and call it out what it is, is this is a local problem. It’s not a national problem.

Tego Venturi:
It’s really hard for national to do it. It has to be done at the local level. Okay. I’m done. I’ll fill my cell box.

Tracy Venturi:
Great. So let’s change gears. So let’s talk about I love

Tego Venturi:
it when you do this to me.

Tracy Venturi:
Let’s talk about

Tego Venturi:
I have this big profound statement and you just go, oh, okay. Great. Let’s go to something else. Sorry.

Tracy Venturi:
That was really awesome, Tego.

Tego Venturi:
Thank you.

Tracy Venturi:
Great job. Okay.

Tego Venturi:
Oh, and I got to say one more thing. If you believe that 44% of of homes got purchased by Wall Street Investors in 2023, you have been lied to, and I’m sorry you fell for it. That’s all I gotta say.

Tracy Venturi:
K. We’re gonna talk about the newest trend that we’ve talked about before, Tego. And we’ve put information out about it, and it seems to be happening more now, and that is build to rent. So there is a community in the North Valley.

Tego Venturi:
Speaking of affordability.

Tracy Venturi:
Speaking of affordability, these are homes being built to be rental properties. So, Jay Remby has one. It’s called Griegos Farm. It’s in the North Valley off Griegos, basically, between 12th and Rio Grande, and it’s well underway. It’s a beautiful master planned community with homes for rent. And it’s a 10 acre plot. Right? And, you know, it’s going up. They’re building there.

Tracy Venturi:
It’s a 10 acre area. They’re 1 and 2 bedroom, homes, 850 to a 1,070 square feet. 90 freestanding homes on the 10 acres. But there’s, you know, front porches, internal courtyards. There’s all sorts of areas for community gardening. There’s a pickleball court. I know that’s really important these

Tego Venturi:
days. Hey. That is that is a thing these days.

Tracy Venturi:
That is. So they also have some offices where you can rent, you know, space there so you can have kind of a work, live. Even though you might only have an 850 square foot house, there are some spaces for the community to use. So those ones are well under construction. Last time I was overlooking it, I think there was some streets going in and and, you know, things going up. So, that’s one of them, but we know that one was just announced this week in Rio Rancho. And last week on our show, we talked about Rio Rancho being one of the places in the whole country

Tego Venturi:
one of the highest in the entire country.

Tracy Venturi:
Right. Right up there. So Unser Gateway Realty, west side by Rust Hospital, They have, the Eleanor that was just they did the little groundbreaking with the whole row of men with shovels. Yep. I’m pretty sure there wasn’t one woman with a shovel there.

Tego Venturi:
What’s up

Tracy Venturi:
with that? Anyway, 126 homes in the Cabezon area. They’re gonna be 650 to 1500 square feet, and these are homes being built to Venturi. Single family homes. Right? And they said 30 units will be ready in 12 to 15 months. This is a partnership with Westway Homes. JLM Living owned has purchased the land about 2 years ago, and they’re finally getting to the point where they can say they did did a groundbreaking to start construction. And, you know, Westway Homes is one of our great local builders. They’ve been building in that, Diamante area, you know, rest hospital, very, southern end of Rio Rancho by Unser Yep.

Tracy Venturi:
In West Side Boulevard, just west of the hospital. They’ve been doing some building there as well as other areas of town. So, really excited to see how they’ve partnered with, Westway Homes to build this rent to or build to rent community.

Tego Venturi:
Right? And and when we say build to rent in in this context, it’s obviously build to rent apartments has been around forever. But this this concept of building single family homes to rent is been huge actually for the last 5 years in in other parts of the country. Right. You know, Phoenix, Atlanta, Dallas, Houston, you know, some of those big cities. And now it’s it’s here in Albuquerque. And other than that, there’s the 344 units that are going to go in. Oh, did I steal your thunder?

Tracy Venturi:
You did. That’s okay.

Tego Venturi:
Go ahead.

Tracy Venturi:
This was my story.

Tego Venturi:
Oh, man.

Tracy Venturi:
So so we That’s

Tego Venturi:
my deal.

Tracy Venturi:
We talked a long time ago, Tego, on the radio show and podcast that this was happening around the country and that it was destined to come here. And, yes, there is the Bedrock at the Tracy that’s also built to rent. It’s a little bit different. They’re going to have a 199 townhomes and a 145 single family homes, and it’s a big parcel, 37 acres. The trails, for those of you who don’t know, it’s by Volcano Vista High School, the whole cluster where they’ve got, by Ventana Ranch, West Albuquerque out at the end of Paseo del Norte, kind of between Montano and Paseo del Norte out on the west side Yeah. At the Tracy. So, those ones are under construction as well.

Tego Venturi:
Yeah. That that’s all coming. I I just, again, getting back to this housing affordability thing. I I, again, I read all this stuff and listen to all this stuff. I I I heard an interesting analysis, and there’s a lot of people that are are vilifying these build to rent investors. Again, the whole Wall Street, you know, they’re evil. They’re taking away all the homes. Why don’t they build them for people that can buy? Well, it’s it’s really a a supply and demand thing.

Tego Venturi:
There’s demand for rental houses that are single family homes for rent. There’s a shortage of those. Part of that and this is this was the the take that I heard, and I thought it was interesting is you go back to 2,000 and, I guess, with 2,009 when they passed the Dodd Frank Act. So if you’re not familiar with Dodd Frank, Dodd Frank was the the thing that came out of congress that was after the big the great recession. Right? And, you know, all the the crappy financing that happened pre housing recession 2,004 5 where they just loosened up the standard beyond belief and people were buying homes Realty that had no business buying a home.

Tracy Venturi:
Right.

Tego Venturi:
However, this this person’s take was it swung the other way way too far. With with Dodd Frank, it tightened up the lending standard so tight that now there’s people that are maybe they’d like to buy, but they’re kind of on the margin, you know, debt to income wise. They’re kind of on the margin maybe credit wise. Well, there’s no products available for those people anymore, and they might be good homeowners. The problem is they can’t get loans. And so now this person kind of hypothesis is this is why we see this proliferation of build build to rent neighborhoods because there isn’t a product available for somebody that wants a single family home that, again, maybe they’re on the margin, you know, credit wise, they can’t buy.

Tracy Venturi:
Right.

Tego Venturi:
And I thought that was an interesting an interesting idea. I mean, you can agree or disagree with. That’s not the point. I just thought it was an interesting take on on what’s going on in the, housing economy. Alright, Tracy.

Tracy Venturi:
Alright, Tego. We boy, we’ve done some light

Tego Venturi:
heavy news today.

Tracy Venturi:
Yeah. Wow. I was gonna say we need to talk about, you know, some of the fun things going on in our community. Right? We’ve got some really awesome new home communities all over the city. I was thinking about the new development by Hoffman Towne Church in Northeast Albuquerque where they’re selling homes there. So you’re looking at new construction in the far Northeast. There are several options besides that Realty community. There’s Stillbrook and there’s some others.

Tracy Venturi:
So give us a call. We’d be happy to help you, with that new home purchase. You know, a lot of times people don’t think of using a realtor to represent them when there’s a new home builder involved. And, honestly, we we kinda know the ins and outs of it, and and it doesn’t cost you anymore to have representation. So give us a ring if you’re interested in that, and we’d be happy to help help you find the different opportunities of homes and home builders that might work for you.

Tego Venturi:
That’s great. Yeah. K, Tracy. I know it’s been some kinda heavy news. We’ve been talking a lot about affordability and the challenges. We we must talk about the National Association of Realtors, settlement agreement, that has to do with some lawsuits that have been floating around for about 4 years. And and you know, Tracy, I’ve been following them, like, you know, since the beginning.

Tracy Venturi:
So but we need to be clear. This is a proposal. This is proposed. Proposed settlement. Yep. And that in New Mexico, our purchase or our listing paperwork I wanna be really clear that in New Mexico, the agreement that we fill out when we go to list a home is very clear on how the commission is shared with a different realtor, which is different. A lot of states didn’t have that. They didn’t show how that whatever the broker is charging might be being shared with the other realtor.

Tego Venturi:
Let let’s break down the way it is now, and and then we can also kind of go into how this is gonna look in the future for buyers and sellers. Right now, a seller agrees to sell a property, hires a real estate agent to a realtor to assist them with that. They agree on what that realtor, the listing agent is going to get paid. In that agreement, the listing agent also says, I’m gonna share part of what I’m charging with the realtor that brings the buyer to this house. Right. Right? So it’s an incentive or just just like any other, you know, sales, you’re incentivizing somebody to bring you a buyer on on this, in this case, a property. But, again, it’s in any sales cut. That’s basically the way it is now.

Tego Venturi:
The the the issue that really created the the the lawsuit was if if you’re hearing this noise in the background, Tracy has her dog in our in our studio here, and he’s, he’s

Tracy Venturi:
he’s having spring spring fever?

Tego Venturi:
He’s he’s having an allergy attack, if you can hear that. Sorry. Okay. Me get off get back on track. So, yeah, we gotta keep this light because this is kinda crazy stuff.

Tracy Venturi:
But the dog’s keeping it light.

Tego Venturi:
Yeah. So, so okay. So that’s the way it is. The the the let me get back to where I was going with this is the the the issue that that created the lawsuits, the issues that created the settlement without getting in going down that list of how it all came about because it doesn’t matter at this point, is that the listing agent would say, okay. I’m guaranteeing to the whoever the buyer agent that brings a buyer, I’m guaranteeing that I’m going to pay them x amount. Right? And I wanna be clear. There’s no set amount. Oh, we gotta talk about this.

Tego Venturi:
Can you believe how much poor reporting there has been and how so many people have no idea how organized real estate works, but yet they’re writing national stories about it. Some of the stuff I’ve seen is just absurd. And, you know, stuff like the the the 6% requirement from the National Association of Realtors now going away. There’s never been a requirement.

Tracy Venturi:
Right.

Tego Venturi:
I mean, do do a lot of people charge similar fees? Sure. Because that’s that’s what works in the

Tracy Venturi:
business model. Do a lot of, attorneys charge similar fees? Do a lot of other professionals charge similar fees? Yes. But there is no set fee structure in real estate.

Tego Venturi:
No. And there’s a bunch of different business models that that don’t charge

Tracy Venturi:
as much. And, you know, I could Or charge more.

Tego Venturi:
Or charge more. You can list them all off. Anyway, sorry. Just wanna make that clear. And and and then one one thing I’ve seen people say is, like, you know, we all say, well, commission fees are negotiable, and then people will say, well, my my my broker won’t negotiate it. It’s like, yes.

Tracy Venturi:
That’s that’s the negotiation.

Tego Venturi:
That that’s that’s what they charge. Could you go to another broker and do that? It’s just like buying a car at one place versus the other. It’s like, okay. That’s what they charge. Okay. If you don’t like that, go somewhere else. Right? And that’s that’s the negotiable part of it. Anyway.

Tego Venturi:
Alright. So back to what I was saying. Okay. Where where this is going with the big change is going to be instead of that guaranteed compensation to the buyer broker from the listing broker that goes away. Now the buyer will basically have a direct agreement with the buyer broker, and they will agree on what the buyer broker is going to get paid. K? So it it I’ve used this term and people said it’s not correct. It’s kind of decoupled The the seller paying or the seller basically portion of the proceeds helping pay for the buyer broker, where now the buyer broker and the buyer get to agree on what they get paid. There’s so much more to it than that, but that’s the simple the simple answer.

Tego Venturi:
And can sellers still incentivize a buyer broker bringing a buyer to their house? Absolutely. Can they still pay for the buyer broker? Again, that’s one of the other things that’s out there. Can the seller still pay for buyer broker’s fee or, you know, professional fee? Absolutely. It just can’t be guaranteed through the MLS system, and it it it must be negotiable, basically. And it but it can’t be promoted in the MLS is is the real big change. Okay. That was in the weeds. Yeah.

Tego Venturi:
But that’s the short of it. Yeah. And in in in right now, back to what you originally said, it’s all proposed. Nothing for sure yet. There’s gonna be a lot of changes. There’s gonna be a lot of new paperwork in how we do things. There’s gonna be extra steps, especially on the buyer side. Buyers are gonna have to get into agreement with a broker before they even go and see a home, which is very different than what we do now.

Tego Venturi:
But we’re still a few months away on this at least, maybe, you know, till till July is what

Tracy Venturi:
we do. Get to keep talking about it for several more months.

Tego Venturi:
Of course.

Tracy Venturi:
Can we just talk about the llama I saw when I was out showing a house instead? You know, there are some really cool houses on the market right now, Tego, just to change it up a little bit.

Tego Venturi:
No. That’s great. I know we’ve been Realty heavy this week, but it’s just because that’s what that’s what the real estate news is served up.

Tracy Venturi:
I saw 1 mid mod house that was so cool, Tego. It made me wanna, like, have a mid mod house even though I love our house.

Tego Venturi:
Mid century modern.

Tracy Venturi:
Century modern, you know.

Tego Venturi:
What part of town?

Tracy Venturi:
It was in the UNM kind of Altura area.

Tego Venturi:
Yeah. Of course.

Tracy Venturi:
And it had, you know, the the the little triangle type windows with the pitched roof line sort of where you could just tell from the outside that it was a mid mod. Anyway, it was it was pretty it’s pretty cool, but that’s part of the fun stuff we get to do. You know, I was, showing a house, was last weekend. Sunday? Sun? I don’t remember. Anyway, it was in outside Laguna, in Canyon Seto, 5 acres. And it was a beautiful day, and there was no wind. I’ve can’t remember. I think it was last Friday afternoon, actually.

Tracy Venturi:
It was like a blue ribbon day. And I was out there, and I did not have time to stop for a Laguna burger, which really bummed me out. That’s right.

Tego Venturi:
That’s right. Yeah. You have to

Tracy Venturi:
You know? It’s like I’m going right by, and I’m all by myself thinking I can do this. And then I ran out of time because we spent a lot of time looking at that property. But, anyway, that’s the best part about what we do is helping people with their dreams, their home purchases, their home sales, and making great representation happen. So we appreciate you. There are a lot of open houses this weekend on Saturday. Sunday, not so much because it’s Easter. But if you wanna reach out to us, 448-8888 is the best way.

Tego Venturi:
We didn’t even talk about Albuquerque housing market status this week, and and that’s fine. I’ll do a deep dive here next week because we’ll have the the March data and and get into that. I will just tell you that, you know, year over year price appreciation is still, you know, chugging along. We’re not, you know the home price are still going up. We still have very low number of homes on the market, and and that really hasn’t changed. So

Tracy Venturi:
We have quite a few coming on the market in our inventory personally. So if you’re looking for something specific, give us a ring and maybe we know about it.

Tego Venturi:
Yeah. The the we do see okay. Now we gotta do the low markets. Normally, it’s very normal this time of year, starting now, you know, into April, a surge in the number of people listing their homes. It’s just this is that time of year. So if you’re if you’re a buyer, it’s time to really start watching and thinking about it. If you’re a seller, you gotta get ready now because, you want you wanna be hitting the market right now too as well. So that’s it.

Tego Venturi:
Tracy, again, we’re the Venturi Group Realty Broker here in Albuquerque, New Mexico. You can reach us at 505-448-8888. Take care.

Albuquerque Home Values Over 25 Years

Feb 17, 2024 | Albuquerque Home Values, Albuquerque Real Estate News, Albuquerque Real Estate Talk, Housing Market Updates

Albuquerque Home Value Trajectory Over 25 Years | ABQ Real Estate Talk

Navigating Albuquerque’s Evolving Real Estate Landscape: Insights and Opportunities

Albuquerque’s population is teetering on the brink of a significant milestone.

As we discussed in the latest episode of Albuquerque Real Estate Talk, projections from macrotrends.net suggest that by 2028, the Metro Albuquerque area is expected to exceed 1 million residents. This anticipated growth presents both challenges and opportunities in our real estate landscape, which Tracy and I explored in detail during our conversation on February 17, 2024.

Addressing Albuquerque’s Housing Needs

With the projected population gain of 1% per year, the necessity for additional housing units becomes glaringly apparent. We saw that growth in Albuquerque slowed during the pandemic with fewer people relocating from out of state. Yet, as we heard from a recent volunteer from California, the movement towards more affordable regions like New Mexico has resumed. To accommodate this inflow, Albuquerque must rise to the challenge of providing ample housing without losing the charm and affordability that make our city a desirable relocation destination.

Attracting New Businesses to Albuquerque

The prospect of reaching 999,000 inhabitants by 2027 and over a million shortly thereafter can serve as a beacon to entice more businesses to set up shop in our area. During our discussion, Tracy and I mused about the possible arrival of new businesses, like In N Out Burger and Nordstrom. These additions to our commercial landscape could enhance the diversity of offerings to residents while upholding the unique local culture that defines Albuquerque.

The Albuquerque Home Value Trend Over the Years

Albuquerque home values – 25 year trend. In our episode, I delved into the Zillow home value index, shedding light on Albuquerque home values over the past 25 years. The trajectory has shown significant increases, especially in specific years, driven by various factors, including inventory levels and homeowner equity. We also highlighted the fact that we offer an equity analysis service, so homeowners can determine their property’s worth in today’s market.

Zoning’s Role in Real Estate

We explained that zoning is the regulatory framework used to organize land use, ensuring the development of safe, efficient, and environmentally friendly communities. In Albuquerque, the allotment of spaces for residential, commercial, and special use plays a crucial role in mapping out the city’s growth and ensuring it aligns with the community’s needs.

Aiding Affordability: The Role of Assumable Mortgages

Affordability remains a paramount concern in real estate. I pointed listeners toward an innovative assumable loan search tool, which facilitates the process for buyers to assume the current terms of an existing mortgage – often with FHA and VA loans. This can provide a pathway to homeownership while mitigating some lending hurdles, although it’s essential to acknowledge that buyers would still need to cover any existing equity.

Exploring Current Listings and Advice

Tracy and I discussed various properties on the market, from a fixer-upper on Silver Street to a spacious manufactured home in Stanley. We navigated through the details of these listings, sharing insights and tips aimed at helping our listeners make informed decisions in their real estate ventures.

The Power of Preparation

Drawing parallels between the Chiefs’ Super Bowl victory and real estate success, we emphasized the crucial role of preparation. It’s about creating repeatable systems that guarantee exceptional service for our clients, ensuring each transaction is as smooth and successful as the Chiefs’ game-winning strategies.

Conclusion

As Albuquerque edges closer to a significant population milestone, the responsibility falls on us – realtors, city planners, and community members – to steer the city’s real estate market towards a future that honors both growth and tradition. At Venturi Realty Group, we’re committed to guiding you through this dynamic landscape. For questions or assistance with your real estate needs in Central New Mexico, you can always reach out to us.

Transcript Episode 480:

Tego Venturi:
Welcome to Albuquerque Realty Estate Talk with Tego and Tracy Venturi, episode 480, mid February. Tracy, in this week, we have 25 years of Albuquerque home values. We’re gonna break that down. I put a new chart together. Imagine that. Albuquerque population trend. When are we gonna hit a million people in the metro Albuquerque area? I’ve got some data on that. I always have data.

Tego Venturi:
Definitely. Got something good. You’ve got something on rebates?

Tracy Venturi:
Energy Star rebates. Right? If you look online, there are a lot of things that have rebates or tax incentives on them. So we’ll get into that.

Tego Venturi:
Awesome. And then, question of the week was zoning. What the heck is zoning, and why do we need it, and how does it work, and how to understand it? So we’ll break down zoning. And then I’ve got one more thing. Last week okay. So so last week, we spent a lot of time talking about affordability and the affordability challenges in real estate in general, just across the board, renting, buying, Albuquerque nationwide, everywhere. Right? It’s it’s it’s a challenge. But this week, something else popped up on my radar, which was a product to help with affordability.

Tego Venturi:
So I wanted to get into that. But first off, Tracy, introduce us and phone number, and how do we get ahold of us?

Tracy Venturi:
Sure. We’re welcomehomeabq.com, and our phone number is 448-8888, and we’re with Real Broker here in New Mexico.

Tego Venturi:
Thanks. Well, thanks for everybody that that joins us every week. Appreciate your comments on Facebook and YouTube. That’s great. And if you are following or watching us on YouTube, do hit the subscribe button. It just helps us out. We’re really close to hitting a big landmark for the number of subscribers on YouTube. So, hit that subscribe.

Tego Venturi:
We’d appreciate it.

Tracy Venturi:
Great.

Tego Venturi:
Alright. Alright. What do you wanna do for us to do?

Tracy Venturi:
25 Years of home values.

Tego Venturi:
25 Years of home values.

Tracy Venturi:
Interesting. We had it come up this week with a client who wanted to see a chart of 25 years, and it was kind of

Tego Venturi:
the Albuquerque home value, not home prices, but, actually, what what and I used a thing called the Zillow home value index. And what they do is they look at the values of all properties, be they sold or not, and what is the average value over time. And I went back to, 20 no. 2. 2000. No. 1998 for 20 to get to our to get to our 25 years. That was as far back as I could go with with good data.

Tego Venturi:
It’s interesting just so that in in what they do is they look at kinda what the typical home you know, they’re not doing the extremes in the low end. They’re not doing extremes on the high end. They’re kind of just, you know, in that middle range typical home. And in 1998 at the end of 1998, it was a 120 7,617, 25 years ago. End of 23, just here in December, 321,000. You can see the chart on my Facebook, also on our team’s Facebook page at Venturi Team, Venturi Realty on on Facebook or just search mine. It’s TEGO, t e g o, Venturi, and you’ll see it. It’s interesting because it’s striking, Tracy, because you can see that bump from 2,000, 5, six, and seven where home prices, you know, cry climbed dramatically.

Tego Venturi:
And the thing that’s striking about that is you we have that same kind of climb in 21, 2020, 21, 22, 23, and everybody goes, uh-oh. Look. Here we go again. Right? The the thing is you gotta overlay on top of that is the inventory and the number of homes actually on the market. It’s very different case than back then.

Tracy Venturi:
And the amount of equity people have in their homes.

Tego Venturi:
Exactly.

Tracy Venturi:
People aren’t leveraged like they were then.

Tego Venturi:
Yeah. Yeah.

Tracy Venturi:
So good information, Tego. We all like to know what our homes are worth. If you wanna know what your home might be worth in today’s market, even if you’re not wanting to sell, we’d be happy to put that together for you. Just let us know. Give us a call at that 448-8888, and we’ll put together what we call an equity analysis. So an equity analysis analysis is how much you might owe on the house versus what it’s worth, and they a difference is the equity. So we’d be happy to put that together.

Tego Venturi:
I know, you know, most people wanna know what their, you know, net worth is, meaning, you know, how much dollars if they sold everything, how many dollars would they have? And, obviously, equity for most people, equity in their home is one of their biggest assets. So Right. Always good to know. You always like to know. And, of course, it’s been a a a great few years for homeowners. So Right. You know, lot lot of equity out there. Tracy, the other thing was, well, let’s talk about zoning.

Tego Venturi:
This came up, you know, peep it’s it’s in our business, Tracy, we end up just taking certain things for granted that people know what zoning means. And a question came up, and and it was great because somebody was you know, they weren’t afraid to ask. They didn’t, like, act like, oh, I guess I’m supposed to know what this is. They were like, well, what’s zoning? Yeah. What what what is zoning all about, and what does that mean?

Tracy Venturi:
Yeah. Zoning basically are rules and land use regulations that are guidelines set by the government, right, of how to how this this specific land or home can be used. So, like, zoning could be commercial zoning. So it means it’s a commercial property. It could be residential. It could be special use. It could be, you know, whatever. But that’s what it is.

Tracy Venturi:
It’s just a a a rule book for cities and towns that divides areas into different zones. And typically, it’s different zones to keep like pie like kind property together. Right, Tego? So they don’t put, commercial building right in the middle of a residential neighborhood. They kind of group commercial together and residential together, and then there’s sort of some sort of mixed use usually that helps buffer the 2.

Tego Venturi:
Exactly. Yeah. So you’ll put a buffer between so maybe there’s a school, and instead of putting a single family home neighbor right next neighborhood next to it, maybe you put an apartment complex or something in between. Right? So you kinda set up these buffers. I don’t know if that’s a great example, but that would that would be, you know, what what the goal is to make

Tracy Venturi:
Yeah. To make it Yeah. Good for the residential, good for commercial. People think about it. You know, I was in retail before real estate for a while, and and it was like, you see the same types of stores all clumped together, all selling similar products. That’s intentional because people think of that as that’s where I go for furniture, let’s say, or that’s where we go for mattresses. They’re all kind of in the same area, so it’s it’s zoned that way. But, you know, the main idea behind zoning rules and land use reg regulations is to organize a city or town in a way that makes it a nice place to live and work while also keep keeping people safe and protecting the environment.

Tego Venturi:
Yeah. So In in you know, we always talk in terms like, it’s r one or it’s r two or it’s a one or a two or it’s c one or whatever, all these different terms. Right? And in so r one is residential one property per lot. Of course, the City of Albuquerque just changed that and now allows ADUs, meaning an accessory dwelling unit, on an r one lot, which was a big deal.

Tracy Venturi:
Yeah. With with other qualifications as well.

Tego Venturi:
Of of course. And that’s just it. You know, there’s all these there’s there’s rules, and, and so every municipality is going to have rules about land use and what you can do on your property and can’t do on your property. But then on top of that, you might have some other overlays like CC and Rs.

Tracy Venturi:
Right.

Tego Venturi:
KIVA and regulations? Restrictions.

Tracy Venturi:
Restrictions. I don’t know why I got the wrong word in my head. Like, rare yeah. Restrictions. Covenants, conditions. So how you can use that land Exactly. On top of what what if it’s intended for 1 house or one commercial property.

Tego Venturi:
And then you might have an HOA too, a homeowners association or a condo owners association that has other restrictions on what you can and cannot do. So,

Tracy Venturi:
So that’s zoning.

Tego Venturi:
Yeah. Know, you know, know what you’re what you’re looking at. And, you know, the thing that’s really good, I think I go back 20 years, Tracy, in this business, we didn’t have a way to go research that stuff really easily, but now there’s so many good maps out there, like city of Albuquerque. Basically, every county, most cities have what they call a GIS map. It’s an interactive map. I don’t even know what GIS stands for. Graphical. Global.

Tego Venturi:
Yeah. I don’t remember. Anyway, but Geographic. Maps with different layers. And so you can say, okay, show me and you can click on it and say, give me everything that’s a one. So show me everything that’s a one. And and a one is agricultural, residential, generally, but show me everything that’s r one, or show me things that are mobile homes, show me so so you can look at this. But it the other cool thing is if you’re looking at a property, you’re curious what, you know, the lot is behind it that’s sitting vacant, and you wanna know what it’s zoned for, well, you can go look it up, and you should.

Tracy Venturi:
Right.

Tego Venturi:
Right. It’s part of your due diligence of your purchasing. Yeah.

Tracy Venturi:
And that’s pretty common. I know there’s a strip in, right here near us where there was a big open lot behind it, Mhmm. And it was zoned for apartments. And those apartments are now almost complete, but that was probably 15 years ago that we looked it up and we saw that that’s what it was zoned for. But it was vacant for a long time. But at least when we were reselling a house there, we could tell them that is zoned for apartments.

Tego Venturi:
Yeah. Yeah.

Tracy Venturi:
So there you go. Tego, let’s let’s talk about the Energy Star rebate finder.

Tego Venturi:
I wanna call it free money.

Tracy Venturi:
Maybe. Gotta work

Tego Venturi:
for it.

Tracy Venturi:
Energy Star rebate finder.

Tego Venturi:
Okay. You gotta spend money to get money. I know.

Tracy Venturi:
I know.

Tego Venturi:
I know.

Tracy Venturi:
So you wanna get on energy star .gov /rebatedashfinder. And look, because there’s tax rebates as well as rebate rebates. Right? Like, just cash back.

Tego Venturi:
So, like, there’s tax?

Tracy Venturi:
Tax credit.

Tego Venturi:
Tax okay. Got

Tracy Venturi:
it. Credit. Sorry. Tax credits or mail in rebates or other rebates. And some are from, like, New Mexico Gas Company. Some are federal government. Some are New Mexico energy, minerals, and natural resources department. That’s for windows, doors, and skylights, where you can get 500 to $1,000 if you put in energy, star rated windows or doors that you are using to replace.

Tracy Venturi:
So there’s a lot of different things in here. I was going through it. I you have to put in a ZIP code just to kinda find what, what you might find. But clothes dryers, clothes washers, dishwashers, things that are Energy Star, even like mini splits, central air conditioning systems, heat source things, tankless water heaters, smart thermostats. That’s the one that’s most common, I know. When we go to, like, the home stores, a lot of times, the smart thermostats will say right there, qualifies for a rebate. And those light bulbs too. Right? So you might wanna get on that site, energy star .gov/ Realty dash finder, and see if there are some rebates for any projects maybe you’ve done Realty.

Tracy Venturi:
If they allow you to do it in arrears or in the future if you’re doing some work. Right? I might just help you move forward.

Tego Venturi:
Well, when you were just talking about that, Tracy, I just put a mini split in one of our rental properties. So mini split is a heating cool unit, you know, that that goes in a specific Group. And you said it was on the list, so it’s like, now I gotta go check it out and see if if it qualifies. Now it’s a rental property. I don’t know. Maybe that it’s only for your your personal residence.

Tracy Venturi:
It’s still saving energy. Isn’t that the point? That is the point. I would think so. Yeah. Anyway, Energy Star.

Tego Venturi:
Good stuff. It’s a great resource. So, yeah, energy star dot gov or just Google Energy Star rebates, and and you can do a search. You put in the ZIP code and blah blah blah. Yeah.

Tracy Venturi:
Pretty cool. Just Google Energy Star rebates. You’ll probably find it faster than what I said.

Tego Venturi:
Yeah. Yeah.

Tracy Venturi:
How how to get there?

Tego Venturi:
Or you use perplexity, which I’ve been using all the time now instead of Google. So

Tracy Venturi:
no.

Tego Venturi:
Sorry. That’s for all the nerds out there, the AI nerds. So, perplexity, it’s awesome. Okay. Population. I had reason to woah. Don’t bump the microphone. I had reason, Tracy, to search Albuquerque population, so the Albuquerque MSA, the metro area, which is the the 4 counties, Bernalillo, Sanoval, Valencia, Torrance.

Tego Venturi:
And I wanted to know, okay, where are we at now? How much has it grown? And I found a really good resource for it. It’s on, macro trends .net, and this is from the, looks like it’s a combination of the UN as well as Census, But, basically, they’re saying in 2023, in the Metro Albuquerque area, we’re at 900 and 40,000 people in the the 4 counties. And the question is, okay, when do we get to a1000000?

Tracy Venturi:
And does it tell you that prediction?

Tego Venturi:
Based on this, it says we will hit 999,000 in 2027 and go over a 1000000 people in 2028. And that’s based on just a 1% population gain over the next few years.

Tracy Venturi:
So that means we need a lot more housing units.

Tego Venturi:
Yes. And that actually brings me to another conversation I had this week I wanted to talk to you about, and that was the, apartment units. But, yeah, it’s interesting because up until 2018, they were saying that Albuquerque was growing at about 2% per year, but it actually the growth rate actually dropped starting in 2019 all the way through till now. It’s interesting. So, actually, the growth we still grew, but we didn’t grow as fast during the pandemic as everybody thought. Remember that

Tracy Venturi:
Really interesting.

Tego Venturi:
You know how many times people kept saying, oh, the Californians are all moving here and buying all our houses? And I kept saying, no. They’re not. Yeah. No. They’re not. I said, yes. There’s a few, but they’re not there’s not this flood of people coming in here. Right.

Tego Venturi:
And I kept having news people say try to put words in my mouth and say, yes. It’s all those Californias that are driving up our prices. Right? I said, no. It’s not. It’s us. It’s people that live here. And and and I don’t, I’ve got some other data that shows that’s the case that most of the movement, I think the stat was, like, 2% last year came from out of state.

Tracy Venturi:
Very low.

Tego Venturi:
Very low.

Tracy Venturi:
Very low. Yeah. You know, during the pandemic, as I have really

Tego Venturi:
Now, And let let me qualify that because this is important. Right? Because I’m always a stickler on data is it’s 2% of all the homes or all the moves, basically. Right? So so, you know no. I take that back. It’s 2% of the entire population. So it’s actually not you know, it’s a fair number, but it’s not like a crazy big number.

Tracy Venturi:
So, Tego, we were, volunteering this week.

Tego Venturi:
I have no idea what you just talked about.

Tracy Venturi:
Yeah. Moving on. Yeah. We were volunteering this week. We were at Storehouse West in Rio Rancho, helping them for a few hours, putting together bags of food that they distribute. And, one of the gentlemen who volunteers there, he’s been helping them for 2 years. He retired. He’s probably younger than us based on how he looked.

Tracy Venturi:
Very, very healthy, young looking, retired man. And, he retired he moved from California and bought a house in Rio Ranch, Tree and Clear, and and started working at Rust Hospital and then retired. And he’s just been volunteering, but he was somebody that actually moved from California and picked it, kind of just from coming out here and liking it and deciding the cost of living and that, a lot of affordability things were were worth it. And so it was interesting conversation.

Tego Venturi:
Yeah. Well, I think I think there’s you know, we we’ve been saying this for years, Tracy, that that Albuquerque, New Mexico, our Realty, is kind of undiscovered by a lot of places yet, and we’ll see. I think, you know, if we do hit that million that million person if we do hit that 1,000,000 person mark, that will change things. That’s what people say. It’s like once you hit a1000000 people in your metro, it kind of puts you on the radar for a lot of other business search type

Tracy Venturi:
people? Yeah. So I’ve heard that many times. Right? Once you go over a 1000000, lots of different companies are now you’re they’re you’re on their radar to move into. But you know what, Tego? We used to, like it was great when we got to go on vacation somewhere, and our favorite store was there that we didn’t have here, or a favorite restaurant was there that we didn’t have here. Seems like now we kinda have everything we need. Do we really need a big Nord strom’s? No. We’ve got the rack.

Tego Venturi:
Do we need an In N Out Burger? I think that’s really the question.

Tracy Venturi:
Do we do we need beans and brews? Yes. Because that’s Ann Vallejos, and she’s bringing another coffee shop. But, you know, it’s kind of nice to be able to travel and experience different things and not have everything right at your fingertips. But that’s just my take on when we hit the million. So it seems like maybe we’ve been close enough that a lot of places have come in.

Tego Venturi:
I tried to set you up so you could get hate for peep, in, and I tried to set you up to say that we don’t need In N Out Burger because, yeah, that would have not gone well.

Tracy Venturi:
I’ve I’ve seen the threads on the In N Out when they announced it, and it’s still, like, 3 years away or something before we’ll have our first one.

Tego Venturi:
I thought that was on April 1st that somebody announced In N Out Burger was coming.

Tracy Venturi:
No. It’s been a while.

Tego Venturi:
Is it for real?

Tracy Venturi:
It’s yes. But

Tego Venturi:
it’s that was a fake fake news.

Tracy Venturi:
No. It’s, like, 3 years from now. Like, twenty 27 or something they’re playing their 1st one.

Tego Venturi:
See, there we go. Yeah.

Tracy Venturi:
It tells

Tego Venturi:
you what I know.

Tracy Venturi:
No. But yeah. But, you know, it’s fun to be able to go somewhere and go to In N Out Burger because we don’t have it. You know? You can find it in Phoenix or Vegas or Tucson or I don’t know where else. But, you know

Tego Venturi:
West Coast. Yeah.

Tracy Venturi:
Yeah.

Tego Venturi:
Affordability. Can we go back to that?

Tracy Venturi:
Sure.

Tego Venturi:
We did a lot of conversation about affordability last week here on the show in in real estate, in general, in Albuquerque in particular, and it’s it’s a challenge. The and and there’s a lot of different resources. There’s people trying to figure out different ways and mortgage programs and this and that. Right? Well, one thing that I I came across and it’s interesting, and it’s an assumable loan search tool. So it allows you to find homes that have a mortgage that are assumable, meaning you, as the new buyer, can assume the current terms of that existing mortgage. Now

Tracy Venturi:
Sounds complicated.

Tego Venturi:
It does. It is complicated, but it may be worth it to jump through those hoops, because you might be able to find somebody that has a 3% mortgage that you can assume whatever their principal balance is, you still have to qualify though.

Tracy Venturi:
And, Tego, what’s the chance that of those homes that are available are ones that somebody wants to sell and No. They they are the

Tego Venturi:
ones that are on the market.

Tracy Venturi:
They’re on the market, and they’re in the neighborhood and price point that you’re looking for.

Tego Venturi:
For sure. You know? I mean, all stars definitely need to align. Right. However, it is an an opportunity to find some value and take over, not take over, but, basically, well, it’s assumed, the mortgage of of somebody. Now these are gonna be FHA and VA mortgages, so you have to be owner occupied. And, of course, VA, you have to be VA qualified, veteran administration qualified.

Tracy Venturi:
And the VA borrower who currently holds that loan and holds has the house has to know that if their loan is assumable, let’s see, they’re gonna be off that loan then.

Tego Venturi:
Yeah.

Tracy Venturi:
Yeah. It’s it’s not that they’ve taken over their eligibility. So that’s good.

Tego Venturi:
Yeah. So, the this is the catch. So it all sounds great. It’s like, okay. I can take over, you know, a $200,000 balance that’s got a 4% mortgage instead of, you know, the current rate at 8, 7% or whatever it is. The catch is, there may still be there may be $200,000 in equity on top of that. Where is that 200 coming from? That’s the question. So either you have to take out a 2nd mortgage for that amount or

Tracy Venturi:
have the cash. Yeah. Yeah. So it’s it’s great that the tool is out there, but probably not gonna happen.

Tego Venturi:
No. You’re you’re pessimistic. I think people that are looking for opportunity to save some money and get some affordability, it is an opportunity, but it’s definitely not your standard Tego get a mortgage, buy a house kinda thing. Totally. And I never said this. I’m sorry. It’s Assumable dot I o is the website. Assumable dot I o, and it looks like what they are is a I don’t really even know much about this company.

Tego Venturi:
I just came across it last week, and they it appears what they’re doing is they’re searching, public record databases of mortgages, and so they know what the you know, what people have, and they estimate what their mortgage balance is. They estimate what their payment is. And then they also cross reference that against homes that are on the market or have been on the market recently and and and put together this list. But they, I think, are a mortgage company then that is going to help you through this process. I I don’t quite understand the the process. But assumable mortgages, it’s a thing.

Tracy Venturi:
Let’s talk about some houses.

Tego Venturi:
Good idea.

Tracy Venturi:
Fun stuff. So we have a coming soon. 21 zero one silver. Oh, yes. 2101 silver. So that’s right at Buena Vista in silver, just south of the main UNM campus. Yep. Very, very convenient location on the corner of Silver and Buena Vista.

Tracy Venturi:
It’s a very charming could be very charming home. Three bedrooms, 1 and a half bath, 2 car detached garage.

Tego Venturi:
Realty good sized lot?

Tracy Venturi:
Yeah. Good sized yard. The house is livable, but it definitely is ripe for somebody to turn it into a charming gem that it apparently once was. 259.9. And that’s priced according to what people think, it’s going to take to make it that gem. It has, you know, the old original wood floors, but somebody painted them maybe and kind of scratched up and, you know, it’s gonna take some work. Some of the systems need updating. Some of the systems were updated, but a lot of them need updating.

Tracy Venturi:
But it’s Group location and a great opportunity because it’s priced to to know that it does need, like, electrical upgrade. Right? Some other things. So 21 zero one silver. Do you

Tego Venturi:
know what it has that’s rare? It’s got a basement.

Tracy Venturi:
It does have a basement. Yep. And a half bath down there along with some laundry facilities and an extra room that could be hobby or office.

Tego Venturi:
An old big old furnace too. It’s very cool old furnace, but it’s it’s, yeah. No. It it’s, I looked at it. Huge huge potential on that property. Give the address again, Tracy, if somebody want to Google it.

Tracy Venturi:
2101 Silver Southeast. I’m gonna talk about a couple others that are sort of out of area. So 247 Rough Road in Stanley is a, manufactured home, 4 bedrooms on a 160 acres.

Tego Venturi:
Wait. Say that again?

Tracy Venturi:
Yeah. Four bed, 2 bath, $215,000, and it’s a 160 acres in Stanley. So do we all know where Stanley is? You go out through the canyon to the east mountains, and you head north, and you go to Bruce King country. Right? Well, you

Tego Venturi:
go to you, basically, you go to Moriarty, and you take a left.

Tracy Venturi:
Go to Moriarty and go north?

Tego Venturi:
Yeah.

Tracy Venturi:
And then you hit Stanley.

Tego Venturi:
Yeah.

Tracy Venturi:
Yeah. So a 160 acres with a 4 bedroom manufactured home. So that one, I’m I’m surprised at 2/15 that it’s still on the market. It does need to be cash only, because of the manufactured home part of it. So that’s that’s definitely out there. We have another one, in Berlin that I wanna talk about because it’s a 115,500. It’s 187 Garcia Avenue. This is a 2 bedroom, 1 bath, house on, you know, about a 5th of an acre.

Tracy Venturi:
Just a small lot, but a nice little house. It’s it’s ready for a new owner. And if you’re interested at a 1155 in Berlin, you might wanna check that house out itself. In the Terrace area, we have, 49 La Cressida Circle. It’s sort of cabin like, 150,000. It’s also probably cash only. It has some work that was underway, and it needs to be finished. But it’s on an acre in the tall Ponderosas, not too far south on 14, through the Canyon South 14 Yep.

Tracy Venturi:
In Terrace. Yeah.

Tego Venturi:
Kind of Ponderosa area if if people are familiar with that. Yep.

Tracy Venturi:
Yep. And, lots of others. So if you’re looking for something specific, give us a call and see if we’ve got it coming. 448-8888. I know there’s open houses this weekend now that football’s over and now that the Chiefs won the Super Bowl. I know. I talk about it every week. But I I had some bittersweet about that game.

Tego Venturi:
Why?

Tracy Venturi:
Because I really liked Brockportie.

Tego Venturi:
So, you

Tracy Venturi:
know, if the Chiefs would have lost, I would have felt like, well, okay, Brock Purdie won. But, you know, my the Chiefs and my team

Tego Venturi:
everybody’s talking about the 3 peat. So that’s that’s the next the next milestone for them.

Tracy Venturi:
Yeah. You can never be at the top and just stay there and be top. Right? You have to keep growing.

Tego Venturi:
K. I gotta tell you my takeaway from the Super Bowl.

Tracy Venturi:
Okay.

Tego Venturi:
2 things came out of that. 1 was I was watching the interviews after after the, you know, after the game. I think I went to NFL channel and just, you know, kinda watching and talk to different people. And, Patrick Mahomes comes up, and and he talked about how the coaches just hammered into them over and over and over again about what happens during overtime. Tego, like, they were just sick of hearing it, just sick of hearing about what we do at overtime and what the rules are and how it works. And he said, we didn’t even have to think about what we needed to do because we were prepared. We didn’t have to, like, try to remember what we do during overtime and what the rules are. The next day, I heard somebody commenting about how the 49ers did not seem to know what the rules were for overtime.

Tego Venturi:
And, like, it and it would they were 2 totally separate conversations, but they came together then going, yeah, it’s like the 49ers didn’t seem to know what to do, you know, and didn’t quite understand what the rules were regarding overtime. And it’s you know? And so it just it struck me that that’s not the player’s fault. Right? That’s you know, they they they shouldn’t I’m sorry. This is not a sports talk show. But to me, it was more about a story about preparation, preparation, preparation, and over preparing is

Tracy Venturi:
Having your game plan?

Tego Venturi:
Having your game plan and actually knowing what, you know, what is going on and and how to deal with every situation that comes up. So

Tracy Venturi:
Yep. Well, and that’s kind of relates to real estate in that One of the things we do is we make sure we have systems. We have to repeat it. You can’t just tell somebody something once. Right? We have to have repeatable things that make, our clients get the best service, the best marketing, the best whatever to make sure that they’re taken care of as buyers and sellers of real estate.

Tego Venturi:
Yep. You wanna do you wanna outro us here?

Tracy Venturi:
Yeah. It’s always great to be here. We appreciate all of you listeners. Let us know if there’s something that you would like us to talk about or if you have a question of the week that we can help under answer for you. Have a great weekend, and it’s almost feels like spring is coming this week, so we’ll, enjoy it while we can.

Tego Venturi:
Let me give the last. It’s the Venturi Realty Group, real broker here in Central New Mexico, Albuquerque. You can reach us at 505-448-8888. Take care.

Housing Affordability Issues in Albuquerque

Feb 10, 2024 | Albuquerque Home Values, Albuquerque Real Estate News, Albuquerque Real Estate Talk, First Time Home Buyers, Housing Market Updates, New Construction

Unpacking Albuquerque’s Housing Affordability Issues: ABQ Real Estate Talk February 10, 2024

Albuquerque Real Estate Talk 479 – February 10, 2024

As experienced Albuquerque Realtors, we aim to simplify the complex dynamics of the Albuquerque real estate market for our clients and listeners. In the latest episode of Albuquerque Real Estate Talk, Episode 479 – February 10, 2024, Tracy and I explore essential topics for anyone navigating the housing market, incorporating both local and national perspectives, and we take a deep dive into Albuquerque Housing Afforability.

The Reality of “Shrinkflation” in Housing

We delve into the phenomenon of “shrinkflation” affecting the Albuquerque housing market. Despite homes becoming slightly smaller, prices are not decreasing. I found a 10% drop in the MEDIAN price of new construction homes from 2022 to 2023; however, the cost per square foot remains constant due to the reduced size of these homes.

Affordable Housing Initiatives

We talked about a topic this week by a national builder in Texas, who has 600-square-foot new homes priced between $145,000 to $160,000, sparking a debate on social media because they are very small and not super attractive. Despite the criticism, we discuss the value of such homes in Albuquerque, where affordable, financeable homes are scarce.

Understanding the Full Cost of Homeownership

Since Townhomes and Condos can seem like a great value when looking at a price only, we emphasize the importance of considering all costs associated with purchasing a home, including interest rates and HOA fees, in particular since a $300/mo HOA fee is equal to $40-$45k home price.

Rental Trends and Co-living

A trend we have seen recently in Albuquerque is the shifting rental prices, with rent price decreases for smaller apartments and increases for larger ones, leading to more people co-living based on what we hear from property managers. We also introduce CoBuy, a company offering solutions for co-buying property, addressing the affordability challenge.

Land Development and Regional Comparisons

Discussing land development, we note that a ready-to-build lot in Albuquerque costs around $100,000; with land development times of 2-3 years, building new affordable homes is challenging.

Legislative Efforts and the Affordability Struggle

I like that New Mexico’s legislative is making efforts to improve housing affordability. Still, there is a need for comprehensive solutions beyond financial aid, including builder incentives and infrastructural support.

We Are Here to Help with Your Albuquerque Real Estate Needs

Despite the challenges discussed, the Venturi Realty Group remains dedicated to assisting clients through the buying or selling process. For those considering entering the Albuquerque real estate market, we invite you to reach out for expert guidance.

Albuquerque New Mexico Real Estate Insights: Beyond Bedrooms and Price, Most Expensive Neighborhoods, and New Construction vs Resale Prices

Jan 27, 2024 | Albuquerque Real Estate News, Albuquerque Real Estate Talk

Real Estate Insights: Highlights from Albuquerque Real Estate Talk #477

Welcome. Here are some insights with you from the latest episode of Albuquerque Real Estate Talk. I am Tego Venturi, and together with Tracy Venturi, we discuss the continuously evolving Albuquerque real estate scene. In today’s episode, we aim to explore beyond the fundamental aspects of home searching and uncover what’s really popular in the Albuquerque area. We hope to provide you with a comprehensive understanding of the latest developments in the real estate market. So, please join us to discover the trends that are shaping the Albuquerque real estate landscape.

Most Expensive Homes in Albuquerque

Albuquerque’s real estate market is vibrant and diverse, with each ZIP code offering its unique appeal. We’ll look into which areas are sellers’ markets and if there are any buyers’ markets in Albuquerque. Understanding these trends is crucial whether you’re looking to buy your dream home or sell your property in this dynamic market. This page has the chart with Albuquerque Area Homes Prices Ranked by zip code.

New Construction vs. Resale Home Prices

One of the hot topics we discussed is the price difference between new construction and resale homes in Albuquerque. With new builders offering various incentives, the comparison isn’t always apples-to-apples. We delve into historical data and recent trends to give you a clear picture of what to expect in both segments. I found that since 2003, New Construction homes sold for 11% more per square foot than resale homes, and since 2012, they sold for 15% more per square foot.

Neighborhood Research: More Than Just Numbers

Choosing a neighborhood goes beyond just the physical attributes of a house. We’ll share tips on researching neighborhoods, including schools, crime rates, and community vibes. This section is especially useful for those relocating to Albuquerque and looking to find a neighborhood that feels like home. Albuquerque Neighborhoods Map.

The Boomer Factor in Albuquerque Real Estate

Are baby boomers shaking up the Albuquerque real estate market? We explore whether boomers plan to sell their homes or age in place, and how this decision impacts the local housing market. This is a crucial insight for both buyers and sellers, as it shapes the availability and demand for homes in Albuquerque. More on this survey.

Tools and Resources for Home Buyers and Sellers

We discuss various online tools and resources that can aid in your home search or sale process. From school rankings to crime maps, these tools can help you make informed decisions about your next real estate move in Albuquerque.

Guaranteed Sale Program and Custom Solutions

The Venturi Group offers unique programs like the Guaranteed Sale Program, providing peace of mind and flexibility to home sellers. We’ll explain how this program works and how it can benefit you if you’re looking to buy and sell simultaneously in Albuquerque.

Listener Q&A?

We love engaging with our audience! This section is dedicated to addressing questions from listeners and viewers, offering personalized advice and insights on Albuquerque’s real estate market.

Conclusion and Contact Information

As we wrap up, we invite you to stay connected with us for more Albuquerque real estate insights. Whether you’re buying, selling, or just exploring, we’re here to guide you through every step of the process.

Stay tuned to Albuquerque Realty Estate Talk for more updates, and don’t hesitate to reach out to us at 505-448-8888 for your real estate needs. Remember, your perfect Albuquerque home is out there, and we’re here to help you find it!

Albuquerque Real Estate Forecast 2024: Home Prices, Sales Trends, and Expert Predictions

Jan 6, 2024 | Albuquerque Home Values, Albuquerque Real Estate News, Albuquerque Real Estate Talk

Albuquerque’s Real Estate Trends in 2023 and Our Predictions for 2024

Insights from Albuquerque Real Estate Talk 474

As we start 2024 in Albuquerque, we dive into the current trends and future projections around Albuquerque Real Estate. Let’s explore the key points we covered this week.

Albuquerque’s Housing Market Seasonality: Navigating the Peaks and Valleys

The seasonal home price fluctuations in the real estate market may not be known to many but can significantly impact the price you pay or what you sell for. We found that the peak of home prices in Albuquerque typically occurs in July and August. Because of that, we recommend that potential home sellers start preparing their homes well in advance to take advantage of the peak season. As a buyer, purchasing a home before the peak season could be advantageous, as prices normally steadily rise between now (January) and early summer. By buying a property sooner (as in the next 30-45 days), you may avoid competing with more buyers and potentially save on costs.

Seasonal home price trends for our Albuquerque Housing Market. We used price per square foot to eliminate some seasonal home size variations.

The highest and lowest monthly prices for each year are color-coded, Dark green low and Dark Orange High.

Takeaways:
👉Jul-Aug are the peak Closed price.
👉If selling. The best months to go under contract (57 day avg escrow period) are Apr-May.
👉Jan is typically the low point of the year.
👉The average annual variation between low and high is 7.4%.
👉 2004, 2005, 2020, & 2021 had no seasonal price declines.

New Down Payment Assistance Program: Opening Doors to Homeownership

We highlighted the launch of the FirstDown Plus program by the New Mexico Mortgage Finance Authority (NMMFA). This program aims to assist individuals in achieving homeownership by providing much-needed support for down payments. Eligibility criteria include income limits and other requirements, and homebuyers on the program can potentially benefit from loan forgiveness after 10 years (be sure to read the fine print on that). If you’re interested in this program, we recommend working with local, knowledgeable lenders that are familiar with the NM Mortgage Finance Authority to navigate the process effectively. Funds are limited so be sure to check on it soon. Call us if you need a Lender recommendation, 505-448-8888.

Selling Your Home: Timing and Preparation Are Key

When selling your home, careful planning and preparation are indispensable for maximizing the home’s appeal to buyers and maximizing the sale price. We find that sellers often underestimate the time required to prepare their home for sale, don’t start working on it soon enough, and end up rushed and stressed. We recommend sellers start the preparation process months in advance, it involves the visible aspects like staging the home, but also maintenance and cleaning tasks, as well as preparing great digital marketing content for the house. Understanding the typical duration for closing (30-60 days) and the time the property spends on the market (57 days on average in 2023), will help sellers make great selling decisions.

Albuquerque Housing Projections for 2024: What To Expect?

Taking a look ahead, we talked about the industry’s collective take on the housing market in 2024 which had projections all over the board, but the consensus is that the US will see slight home price appreciation of 2.5% in 2024. For Albuquerque, the only national entity that projects locally, Zillow, forecasts price appreciation in Albuquerque of 1.7% in 2024 which is actually higher than thier US estimate of 0%.

Forecasting home prices is difficult, to say the least, as there are so many variables, but we believe that locally, the Albuquerque area will likely see an increase in home sales 2024 (grated 2023 had the fewest sales since 2014) and moderate and steady home price appreciation. The supply of homes for sale starts the year equal to the start of 2022 and is still at a very low level and there is no indication that that is going to change dramatically and time soon.

We’re committed to helping New Mexico buyers and sellers have the knowledge to make informed real estate decisions and are thrilled to be the go-to source for Market data and Real Estate news in Albuquerquqe. Whether you’re a buyer or seller, or just have questions about Real Estate in Albuquerque, feel free to reach out to us at 505-448-8888 or visit our website, www.welcomehomeabq.com. You can connect with us on the social media platforms for the latest updates and real estate news.

The Albuquerque real estate market continues to evolve, and we are here to help you navigate these changes with confidence.

Transcript

Tego Venturi:
Welcome to Albuquerque Realty Estate Talk for January 2024, 1st week of January. Glad to be here talking about real estate, episode 474, Tracy.

Tracy Venturi:
Yeah. Here we are. Starting out 2024 with a good recap of 2023. Right?

Tego Venturi:
Yeah. Well, we did we did some of that last year, and then

Tracy Venturi:
Last week.

Tego Venturi:
Yeah. Last well, it was last year, though.

Tracy Venturi:
That’s true.

Tego Venturi:
Oh, yeah. See, I made a mistake, but it was Realty last year.

Tracy Venturi:
Yeah.

Tego Venturi:
But, anyway, it’s, it’s Tego and Tracy Venturi, the Venturi Group of Real Broker. We come here every week talking about real estate in the Albuquerque market, bringing you news, stats, data, tips, tricks, you name it, on, the real estate market. So love doing it. And, Tracy, what do we have, have this week?

Tracy Venturi:
Sure. So I know that you’re going to do a little bit of a roundup, right, of 2023. Because last week, we just had some preliminary information. I know we’re gonna talk about some tips to getting your home ready to be on the market, Some of the top three things that are important there. Talk about the best month to sell a home, but is, statistically, the highest sale price is every month, during a year. Right?

Tego Venturi:
I I went down the rabbit hole on that one trying to figure out what is the best month to sell your home in the Albuquerque Realty. So we’ll get into that. Yep.

Tracy Venturi:
Yep. And I’m sure we’ll have some other off topic stories. Right?

Tego Venturi:
Of course.

Tracy Venturi:
Yeah.

Tego Venturi:
Of course. Tracy, let’s lead off. And and, if you wanna get a hold of us, again, we’re the Venturi Group of Real Broker, and we’re at 505 448-8888. Happy to help any way we can with your real estate needs. Tracy, MFA, Mortgage Finance Authority, New Mexico Mortgage Finance Authority, just announced a new program. And if you’re if you’re not familiar with the MFA, they are a, entity here in the state that helps people with down payment assistance, different type of housing assistance. But they just launched a new program, and it looks extraordinary.

Tracy Venturi:
They did. And, you know, so they typically the mortgage finance Authority has a down payment assistance program to help with the closing costs and a little bit of down payment, right now, typically, but they’ve added an enhanced One. It’s like a a 3rd lien on the property where they’ll give you more money towards down payment. And Len there’s only certain lenders in the state.

Tego Venturi:
I’m I’m grinning because it used to be called 1st down. Now it’s called 1st down plus.

Tracy Venturi:
Yeah. 1st down plus.

Tego Venturi:
It has a plus.

Tracy Venturi:
So this is a new program. They just put the parameters out this week to how to qualify for it. Only certain lenders in the state Actually do offer the loan program through the mortgage finance authority. So let me know if you’re interested in knowing more, let us know. We Make sure we get you with a lender that actually does these programs. But the, the plus now is extra money to help with down payment, to get more people, into homes that might not otherwise have the money or qualify. So you have to have a minimum credit score. And, this is Money that can only be used for down payment.

Tracy Venturi:
It cannot be used for the closing costs. However, it’s like another loan. So you’ve got the 1st loan, a 2nd loan. This is a third one, and there is some repayment on it. But if you go 10 years and meet certain criteria, they may forgive That money that they’re giving you to get into a home. So it’s a great program. Lenders cannot start, claiming those Funds and putting them aside because there’s limited amounts of funds. The lenders can start, Certain amounts of those funds for a certain person on the 12th of the month.

Tracy Venturi:
So if this is something you’re interested in, get with us right away, and we can see if you qualify And what you might qualify for and help you find that home.

Tego Venturi:
And and and along with that, we will direct you to a lender that’s local, that knows these programs, that understands these programs and can work you through it because it’s not not every single lender is gonna be able to they might offer it, but you really need somebody that understands the ins and outs of working with the mortgage finance authority.

Tracy Venturi:
Right. And a lot of lenders don’t offer it, especially out of state lenders. It’s mostly just local lenders that that work with these down payment assistance programs. So it’s a great one.

Tego Venturi:
Yeah. Yeah. MFA program, give us a shout if, you or you know anybody that’s looking for these kind of down down payment payment assistance programs.

Tracy Venturi:
Just one last thing. On that 1st time home buyer is somebody who hasn’t hasn’t owned a home in 3 years.

Tego Venturi:
Good point.

Tracy Venturi:
You could have owned a home before and still be a first time home buyer. So give us a call.

Tego Venturi:
Yeah. The the yeah. That’s

Tracy Venturi:
Tiga, let’s move on.

Tego Venturi:
Yes.

Tracy Venturi:
2023.

Tego Venturi:
Yes.

Tracy Venturi:
We finished The year. We’re happy to be in 2024. We’re getting some moisture this week, which is great for most parts of the state. We love it. We can use it. So give us a quick roundup of what you know about 2023.

Tego Venturi:
I think the takeaway for 2023 was a housing slowdown. And when I say that, I’m talking about the number of homes sold. Obviously, Tracy, we’ve been talking about it, seeing it all year long in 23, but we’ve got the final numbers that came in. In the Albuquerque area, there were roughly 9,000 homes that sold, 9,000 Realty properties. I take that back. I’m sorry. It’s 8,762.

Tracy Venturi:
So not even.

Tego Venturi:
Yeah. I I had to get I I knew 9 in my head. I had to actually look at the exact data. But, yeah, the but the the thing to take away from that is, if we go back to, the end of last year, it was 11,200, so 22% less from 22. 22 was, 14,000 homes. I said 11,000 less. So, yeah, it was about 14,021, 11,022 and just shy of 9,023. Yep.

Tego Venturi:
So we’ve definitely seen a step down about 20% per year in the number of homes selling. People are just not moving as often is really what it comes down to. So that’s that’s one of the big the big takes.

Tracy Venturi:
And that’s for a lot of reasons that we don’t have to go into today. Our listeners, they know. Yeah. We’ve been talking about it all year. So, do you wanna talk about 2024?

Tego Venturi:
Well, let me let me just give a a couple more, data points here on just on pricing. Because when peep some people, when I say there was a market slowdown, they hear prices dropped.

Tracy Venturi:
Right.

Tego Venturi:
We’re talking about 2 different things here. We’re talking about the number of sales are down. In the United States, countrywide, the number of sales are down, right, lowest we’ve seen in a very long time. However, prices, prices have have been kind of holding steady. So give you give you an idea here. Median price for December came in at, Where’s we at here? For a single family detached home, $330,000. That’s the median price.

Tracy Venturi:
Three thirty. And that’s pretty much just the Albuquerque metro close in area.

Tego Venturi:
Yeah. That’s Albuquerque metro single family detached resale homes. Right? I gotta put all these caveats to it because

Tracy Venturi:
Not new construction.

Tego Venturi:
Not new construction. I I I wanna strip out new because most people are more concerned about

Tracy Venturi:
Their home.

Tego Venturi:
What’s happening with my home that I am living in. Exactly. Thing is, not and and that’s only about 3 a half percent higher. Single family detached, excuse me. So these are, you know, condos, townhomes, closer to 10% appreciation. Those came in at $269,000. But the one thing that I always go back to is price per square foot. How did price per square foot change in our market in the last year? And, across the board, it’s about 6% higher for all property types.

Tego Venturi:
It’s somewhere in that 6%, 7% basically is where it ends up being. There was a report that just came out I posted Sit down my Facebook earlier this week, and that was the data from, Freddie Mac. So they just came out with their their year over year number. And for the Albuquerque market, they say home prices went up six point 4% in the last year.

Tracy Venturi:
Which is right in the range you were just saying based on your analysis.

Tego Venturi:
Yeah. Exactly. Exactly. Good job. The other thing they they did is they did a analysis saying from the from, March of 2020, which is kinda like, you know,

Tracy Venturi:
interesting date.

Tego Venturi:
It’s an interesting time. Yeah. I mean, that’s kind of

Tracy Venturi:
March 2020.

Tego Venturi:
March 2020. You know? Some some big things happened right then. Home prices in the Albuquerque area since then have gone up 49%. And

Tracy Venturi:
Wow.

Tego Venturi:
You know, I’ve been saying 50%. But, yeah, I mean, That’s what it is. You know? And and so I I just every indicator is the home prices went up in 23. There there’s no no other way to take it.

Tracy Venturi:
Less home selling, home prices went up. Yep. And, You know, our listeners say they’ve been hearing us say that. And like you said, we have to be have the distinguished, You know, we have to distinguish between sales volume and sales prices. Right? Prices are still going up. Yeah. And we believe in 2024, they’re going to continue to rise, not like they did in 2021, 2022, but more like 2023.

Tego Venturi:
And and, honestly, I hope not. We don’t need 14, 17% appreciation in 1 year. That is not sustainable. We talked about it back when that was happening. We’re like, oh, man. This is not good. I hope it slowed down.

Tracy Venturi:
The good news, though, is home Affordability has gotten better in the last 2 months because interest rates have come down.

Tego Venturi:
Yes.

Tracy Venturi:
So Yeah. So it’s really helped. We have a few people that are now Looking for homes because the market has shifted a bit, and they’re out there going, okay. Now I can afford that payment.

Tego Venturi:
I was at a realtor event. Okay. This is gonna sound bad because don’t wanna pick on people. But I was at a realtor event the other day, and somebody said, what are interest rates today? I’m like, you’re a realtor. How could you not know? Anyway but, yeah, I mean, you know, mortgage rates are now in the, you know, you can get into the mid sixes, high sixes, you know, percent, which is about a percent and a half lower than it was not that long ago, a couple couple few months ago. So, yeah, I mean, mortgage rates and, you know, It’s interesting because there’s this whole conversation about mortgage rates are gonna keep going down. That’s the big projection because the fed came out and said they’re gonna drop their rates, which everybody’s saying, okay. Well, that’ll trickle into mortgage rates, which will you know? And and now there’s a lot of people going, well, I’m gonna wait

Tracy Venturi:
until mortgage rates. Come down again. Yeah.

Tego Venturi:
They’re gonna come down again. But You know what? You know how many times people have been wrong about mortgage rates, predicting mortgage rates after doing this for 15 years, Tracy? I just It the timing is never right on what people think mortgage rates are gonna do. So, you know, I think people need to make decision’s more based on what their situation is, if they can afford the payment that works for them, it’s the house that works for them. You know, and and, yeah, you wanna you wanna get it the best rate you can, but sometimes it’s hard to chase that.

Tracy Venturi:
Tego, remember back when we first started being on the radio with Eddie Aragon and KIVA? Mhmm. And he had a Studio on, I think it was San Pedro, and we would drive there and podcasting wasn’t a thing. Nobody had a podcast studio set up. Right? We’d go there, and we’d record the radio show, and we talked about interest rates. And it was like we were predicting things. Things and most of the time we were right, but it was it was interesting to think back how long we’ve been talking about real estate and topics on the radio and on the internet and, How, how it rolls, you know? Yeah.

Tego Venturi:
Yeah.

Tracy Venturi:
So let’s, Let’s go on. So we’ve got spring coming. Right? We know that a lot of people hold off on selling their homes over the winter, over holidays. And they’re thinking about this coming spring when the kids get out of school or whatever. You know, some people are PCS ing. They’re moving from From Kirtland Air Force Base to some other base around the world. And they’re starting to think about getting their house sold and timing and what they should be thinking about. So you’ve put some research into that.

Tego Venturi:
We had a question. Well, this question comes up all the time is, what is the best month to sell my home.

Tracy Venturi:
And best month for what?

Tego Venturi:
Yeah. Well, that’s that’s a good question. I looked at it from a standpoint of what is the the what is the peak month for prices in the Albuquerque market?

Tracy Venturi:
Because our listeners know prices kind of start right now going well. They’re flat a little bit. And then

Tego Venturi:
is usually, Oh, go go ahead. Yeah. Yeah. This time of year is the lower the lowest usually point of the year.

Tracy Venturi:
We know that there’s a peak, and then it it flattens out again for the rest of the year. Traditionally, when we look at those charts, we see them rise up and then slowly go back To a different level the rest of the year. So what’s the research?

Tego Venturi:
Yeah. It’s it it’s actually you know, you think about if you drew a line and you just did it did it like an up and down, like a a wave curve right up and down, up and down, up and down. People thinks that’s what happens every year. Well, actually, what happens, it goes up, comes back a little bit, goes up more, comes back a little bit. So it’s not a a straight up and up up and down every year. Every year, it goes up a little bit more, comes back a little bit, goes up a little bit more, comes back. And that’s what’s been happening year over year for many, many years.

Tracy Venturi:
Pulls back through the fall winter.

Tego Venturi:
You know what I

Tracy Venturi:
if it doesn’t go back, The prices don’t go back usually as low as the year before.

Tego Venturi:
Get this so. So I did a deep I mean, like, a deep dive on this and and and pulled out couple different data points. I looked at price per square foot for our market, for all single family detail I I tried to narrow it down so I could, you know, have a good data set here. Single family homes, price per square foot and how much it changed per year. On average, home prices can change 7%, the price per

Tracy Venturi:
square foot.

Tego Venturi:
Inter year. And so usually, January is the low month and July is the high month.

Tracy Venturi:
June, July?

Tego Venturi:
July. It’s actually end up more being closer to, July, August.

Tracy Venturi:
And And that’s based on sold prices.

Tego Venturi:
Exactly. Okay. And that’s what I wanna get at, Tracy, is if somebody is thinking of selling their home this year and they’re saying, okay, the peak month to get the most or when when home prices, know, when homes close, what month is it the highest? It’s usually July. But what does that mean? That means that home, you gotta back it up. You gotta back up for the escrow period from, you know, contract to close and all the due diligence period. And let’s say that’s 50 days, which is very common. It’s actually 57 days on average in 2023. And you also gotta back it up for the time on the market, right, days on market.

Tego Venturi:
You know, how much marketing time is it gonna be? Let’s say that’s another 2, 3 weeks. I mean, it depends on the home. Right? And that’s that can vary a lot. But on average right now, it’s running 21 days.

Tracy Venturi:
Right. So we’re now at, Let’s just say 45 plus 21. So that’s 66

Tego Venturi:
60 days, 2 months.

Tracy Venturi:
Days, 2 months, two and a half months.

Tego Venturi:
And then you also have to do, which we think is you know, if you really wanna maximize how much you get for your home when you sell it is preparing it.

Tracy Venturi:
Right. So, basically, there’s 3 steps here.

Tego Venturi:
Yeah.

Tracy Venturi:
We’ve got the prepare your home for the market time. And what we know from talking to home sellers for 21 years Is they underestimate how long it’s going to take them to have their house ready to be on the market. They say, oh, that’s alright. I’ll get it all ready to go this weekend. And then this weekend, the Kid has the flu, or they get to 1 third of what they thought they would.

Tego Venturi:
You know, I’ve, you know, I’ve never noticed on home projects that they take longer than I expected.

Tracy Venturi:
Yeah. Always. So so what we know is people underestimate the time it’s gonna take to get their house sale ready. And Yeah. Obviously, the to net the most for your home, putting in that elbow grease and that time up front to fix some things, to Clean things up to maybe refresh.

Tego Venturi:
For the baseboards.

Tracy Venturi:
Yeah. Well, you know, one of the things that you talk about a lot when we walk through someone’s house is replace all those outlet Covers that have yellowed or that are missing little pieces or

Tego Venturi:
They’re dirty or

Tracy Venturi:
Little cracked or whatever.

Tego Venturi:
I mean yeah. I mean, you know, an outlet wall plate is a buck and a half. Right? It’s

Tracy Venturi:
Yeah. I don’t know.

Tego Venturi:
Super simple to do. Yeah. They’re they’re cheap. And, or, you know, at least at least clean them up because of the Clean

Tracy Venturi:
out the the light the globes on your lights and things where bugs have crawled in. Anyway, everything takes time. Deorganize or Decluttering. Right? Putting away stuff that you’re used to having out. You wanna make your house as much as a of a show model as you can, as clean and scent free as possible, And that can take some time. So now we’re at two and a half months from July. And and how long does it take to get the house ready. Right?

Tego Venturi:
Right.

Tracy Venturi:
Some people need a few weeks. Yeah. You know, a few weekends, some extra help. They might need to get a storage unit and move some things or Pack up a lot of boxes and put them in the garage. My tip is most people have already decided if they wanna buy the house or not by the time they get to the garage. So while it’s Great to see a beautiful, organized, clean garage. It’s okay to pack boxes and put them out there because people have already decided if they love the house. I know.

Tego Venturi:
I was gonna say one thing about, you know, when it’s a, a a man and woman couple and who makes the decision in the end. Garage is I’ll just say the garage isn’t quite as important depending on who your decision maker is.

Tracy Venturi:
Right.

Tego Venturi:
Just been you know?

Tracy Venturi:
So that’s one stage.

Tego Venturi:
Yeah.

Tracy Venturi:
So the first stage is hub house prep. Right?

Tego Venturi:
Yeah. And and part of that, though, is consulting with a professional that can help you understand what you need to do because I we’ve so many times, we’ve seen people do stuff that was either either unnecessary or maybe even hurt the value of the property, as as they thought maybe it was gonna enhance the value, or was it cost them more than actually, the the game you got out of

Tracy Venturi:
Yeah. Yeah. And that’s so true. We’d love to get in with you as early as possible to give you that help on what’s your punch list, how do we get your house staged To the best possible way to present it. And and you’re right. A lot of people, choose things that bother them that might not be what we would suggest they do. So that’s the first thing.

Tego Venturi:
So let let me let me back this up. So best month to list your home. And this I wrote this on my Facebook yesterday after, you know, doing this deep dive in or 2 days ago and deep dive on this. And and so so let’s say that peak month is, July, June. Some let’s say June. Okay? And we we need time to close. Okay. That’s a month and a half.

Tego Venturi:
Alright? We need time for it to be on the market.

Tracy Venturi:
Month and a half takes you back to April? Yeah.

Tego Venturi:
It takes you back to April. And then maybe depending on time on market, like, how long is that home gonna be on the market. Some homes just take longer. And and part

Tracy Venturi:
of that average is 21 days, you said?

Tego Venturi:
Average is 21 days. So if it is a $300,000 house in great condition in a in an in an area that, you know, is in desirable, it’s gonna sell fast. Right?

Tracy Venturi:
Right.

Tego Venturi:
If it’s a $1,000,000, kinda unique, has a few kinda quirks to it that maybe not for everybody, you have to take that into an account when you’re thinking about, okay, how long is it gonna take to find the right buyer for this property?

Tracy Venturi:
Right. So now we’re sorted to the beginning of April, End of March.

Tego Venturi:
People were going, you guys are just talking in circles, aren’t you? I know. It but it’s like there’s so many things to consider. That’s just it. Right?

Tracy Venturi:
Right. So so, really, We’re looking at March. March. If you wanna sell your house this summer, we should be getting your house on the market.

Tego Venturi:
Be talking right now. I know it’s January, but we really need to be talking right now. You need to you know, if if you are gonna be selling this year, you need to be thinking about it right now, starting to put a plan together, you know, thinking about doing your punch list in in February, and so you can, you know, hit the market ready to go. I I just on a side note on this, Zillow did a survey earlier this early early, you know, in 23 end of 23. I mean, I know I got a key, and it’s like that whole thing. You know? Every time we go through this, every year, we gotta, like, think about, okay, what year are we in?

Tracy Venturi:
I did write 2024 on a document Today, I was really proud that

Tego Venturi:
I a check yesterday, and I had to stop and think about it. I know I don’t write

Tracy Venturi:
a paper call.

Tego Venturi:
A paper check. Yes. I know. I know. So 19 nineties. Yeah. But, what was I saying? Anyway, no. No.

Tego Venturi:
No.

Tracy Venturi:
The The Zillow study.

Tego Venturi:
The Zillow survey, and they were just, you know, regrets of home sellers. Right? And and we always talk about the one that people, you know, regret they didn’t take enough time to get the home ready, get it spit shined and polished and ready. One that came up this this last year was not just the curb appeal, but the digital curb appeal. Right? Getting doing everything right and making sure you get the really good marketing, collateral, if you will, for the home, you know, and merchandise important. Digitally. Right? Yeah. Which leads us to Zillow showcase listing.

Tracy Venturi:
We have a special program. We’re one of the few in the whole state That has been offered this program, and we have opted to buy it. And we are now offering this for, some of our home sellers, Showcase Plus with Zillow. Yeah. So if you Premium marketing.

Tego Venturi:
You know, what what’s every year, there’s just more and more progression in, you know, how properties are displayed online, and now we have interactive floor plans on the digital, right me, on Zillow, right on the the website. As people are looking at the home, they can click on a room and know exactly what room they’re in. Because if anybody’s ever looked at properties online, they’re clicking through photos going, okay. How does that room connect to that room? And, wait, what am I looking at here? Well, now it all comes together because you have the floor plan and the photos interactive.

Tracy Venturi:
You on the floor plan where you’re at when you’re looking at the photo. Yeah. Although when you’re on Zillow looking at these properties, don’t click Ask for a realtor on Zillow. Call us directly. Don’t click for there. You’ll get some random person that’s gonna try to help you with that house. So Call us, 448-8888, and we’d be happy to help you. But if you’re thinking of selling, let’s talk about the Show case plus and see if it’s the right fit for your property to get you premium online marketing.

Tego Venturi:
Alright. It’s the 1st week of 2024 here in Albuquerque talking about real estate. We gotta do a little bit of, crystal ball forecasting here, Tracy.

Tracy Venturi:
Okay. I know you’ve been doing a lot of research and looking at a lot of people that have prognosticated.

Tego Venturi:
Prognostic.

Tracy Venturi:
A lot of prognosticators and what they’re all thinking and saying.

Tego Venturi:
Prognosticate in public.

Tracy Venturi:
Yeah. Well, so here we are prognosticating now.

Tego Venturi:
So we are gonna

Tracy Venturi:
progress. I

Tego Venturi:
can I can say

Tracy Venturi:
that? We, we have our own feet on the street beliefs. Right?

Tego Venturi:
So Well, and that’s what I wanna hear what you’re thinking because I’ve got data, but I wanna hear what you’re like, just like the feel, like the gut instinct of of what 2024 is gonna be like in real estate.

Tracy Venturi:
Okay. You done talking? Okay. Cut me off.

Tego Venturi:
Welcome to our dinner conversation.

Tracy Venturi:
Yeah. For sure. So, Yeah. I I see all these different people from all over the country or world or wherever they’re at telling us what we’re gonna expect in Albuquerque, but we’re here with feet on the street, You know, 30 people working together on Venturi Realty Group to help home buyers and sellers and investors with their real estate needs. And what my belief is for 2024 is that almost 8,000 some houses that were sold this past year, I think we’re gonna be Up. I think we’re gonna sell more homes this year in our market. I don’t know if we’ll be to the 11,000, but that’s not my deal. That’s more you numbers.

Tracy Venturi:
But I I feel like we’re already seeing an uptick. There are people who were kind of on the fence waiting to buy, People waiting to sell and some waiting till the holidays were over. And I feel a bit of energy around the market Picking up. I I believe based on everything I’ve seen, our home prices are gonna continue to go up in 2024. Again, A nice steady pace, maybe a little bit above what’s healthy of 3 to 4%. Maybe it’s more 5 to 6%. I know. I’m not the numbers girl, but I I I believe that’s kinda what we’re gonna see for the year.

Tego Venturi:
I heard somebody say it feels like it’s a rubber band that’s been stretched didn’t stretch, like our our housing market, as in you’ve got all this pent up energy around wanting to sell or wanting to buy, And there’s just a lot of, like, okay. I just, you know, wanna get that get this going. Right? And so I feel like there is something gonna happen in in that sense. There’s a lot of energy, I think, around that. And and that, you know, we just don’t know, But that’s the feeling that we have based on lots of conversations with lots of people. You know?

Tracy Venturi:
I think too, We have a lot of really great loan programs available for a lot of different circumstances right now. There was a time where There was just not if you did not fit in this tiny little box with your credit score and your employment or your net worth or whatever, You didn’t you couldn’t get a loan. I think we’re to a point now where it’s very solid lending. It’s not like risky. Ski?

Tego Venturi:
It’s not like like 2005 loans.

Tracy Venturi:
No. Not like that. You still have to qualify. You have to have decent credit, but there are loans for let’s say you need To sell to buy. Right? And you’re going, how do I do that? I don’t wanna sell and have to move somewhere just to be able to buy. There’s plenty of lenders locally now who can do bridge loans, or they can do home equity lines of credit against the value of your current home to get you money. Yeah. So lots of really good lending programs.

Tego Venturi:
Let me give you some just, kind of across the board some some

Tracy Venturi:
Data.

Tego Venturi:
Data.

Tracy Venturi:
Yeah. What what some of the data

Tego Venturi:
changes are. So there there’s, 1, survey that happens every quarter where they, this this Group goes out and surveys a 100 different economists and experts in the housing world, and it’s the the pulse the Fannie Mae, pulse Pulsenomics, I think, is how you say it. And And I I like to look at it, and there’s a few people I kind of, you know, follow that are on this survey that jump out at me. You know, Auction.com, the the chief economist there, I like because that that group specializes in distressed properties in particular.

Tracy Venturi:
This meaning foreclosure to properties.

Tego Venturi:
Yeah. Foreclosure. You know, Zillow, we know they got a lot of great data. Anyway, just on and on. CoreLogic, which has probably the most the largest database on housing in the country. No doubt about it. But across the board. The thing that’s interesting, though, is, Zillow’s projection for the United States is 0, in their most recent read.

Tego Venturi:
Now on this this survey of all these, you know, different, economists, the average is 2 a half percent price appreciation next year into well, this year, 2024. But Zillow saying 1.7% national excuse me. 0 nationally. The thing I like about the Zillow survey or the Zillow projection, is they break out every market, and they put Albuquerque at 1.7%. So they’re actually projecting Albuquerque higher than nationally. They’re saying 0. I think they’re wrong. I I think it’s not gonna be 0.

Tego Venturi:
I think there’s gonna be more appreciation in that business.

Tracy Venturi:
Interesting because as you scroll through all those different places that have put out what believe it’s gonna happen in 2024. I saw some that were in the 7% range. Right. Some minus almost 4% range.

Tego Venturi:
There’s 1 person that’s a minus 10, but I think this person specializes in commercial, so that could happen. Right? You know? So when you hear things about real estate and that there’s a real estate crash coming, well, okay, Commercial real estate’s a whole different world, and, yes, there are some there are some concerns there because of the way the mortgages are structured in commercial, but that’s a whole different conversation.

Tracy Venturi:
We don’t see any sort of crash coming, though. Just to say those words scares me because people heard you say crash, real estate crash, and that’s not at all what’s What we’re expecting in the residential real estate field.

Tego Venturi:
Not at all. I I I would say into 2024, I expect home prices to appreciate in 2024 for the Albuquerque area. I expect the number of sales happening is gonna increase. I think 2023 was our low year, and and we’re just gonna see more people, you know, moving in moving up, moving down, moving across, whatever it is. We’re gonna see mortgage rates, I think stay relatively flat, probably be in this 6 low 6, mid 6 range all year. Some people are saying we might get into the fives, but I’m a little

Tracy Venturi:
I think the Fed policy is too tight for that.

Tego Venturi:
Yeah. In yeah.

Tracy Venturi:
So One of the takeaways from all that you just said to me is for home buyers. Don’t wait till April, May, June To buy if you’re thinking of buying because that is the peak of home prices for the year. So we’re gonna see it steadily go up between now And early summer?

Tego Venturi:
Yeah. Well, I think Yeah. Probably

Tracy Venturi:
Typically? Yeah. Yeah. Yeah.

Tego Venturi:
Mid mid summer.

Tracy Venturi:
And then it’ll flatten out again Through the year, but not come down to where we’re at today if we follow 30 years of history. Correct. So Correct. You might wanna buy now while there aren’t as many buyers out They’re vying for those properties, and, and before, they go up a little bit, home prices.

Tego Venturi:
Beautiful color coded chart. It’s on our, my Facebook. It’s also on YouTube where I break down the seasonal pricing patterns here in the Albuquerque area. So you can look it up on YouTube. It’s Aventuri Realty Group, or on my own personal, Facebook. It’s, Tego Venturi, and we are the Venturi Group with Real Broker. That’s right. Albuquerque.

Tracy Venturi:
Always always happy to talk real estate. So we’re at 448-8888. You know how to reach us. We’re also on the web. Welcomehomeabq.Com. We’re on YouTube. We’re on Twitter. We’re on Instagram.

Tracy Venturi:
We’re on the Kiva. So thanks for listening, and, we’ll catch you next week.

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