Exploring Albuquerque Real Estate: Market Stability, New Construction Homes, and Popular Communities

Introduction:

Welcome to the Venturi Group’s Reado Show and Poscast, where we delve into the exciting world of real estate. In this episode of Albuquerque Real Estate Talk, Tracy and Tego Venturi discuss the current state of the housing market in Albuquerque, highlighting its stability compared to other hot markets like Phoenix and Austin. We’ll also touch upon the affordability of homes, the advantages of new construction homes, and popular communities in the area. Let’s dive in!

1. Albuquerque’s Stable Housing Market:

Amid a rapidly changing real estate landscape, Albuquerque stands as a beacon of stability. While other hot markets experience soaring prices and intense competition, Albuquerque’s housing market remains comparatively stable. This stability provides a unique opportunity for buyers looking for a more balanced and sustainable real estate market.

2. The Affordability Factor:

The affordability of homes in Albuquerque has become a critical consideration for many buyers. Though the city’s affordability has declined in the past 20 years, it still fares favorably compared to other cities. For instance, when comparing Albuquerque to Los Angeles, one finds a higher payment-to-income ratio in the latter, making homeownership in Albuquerque a more feasible and attractive option.

3. Unlocking Potential with Accessory Dwelling Units (ADUs):

Albuquerque distinguishes itself by allowing the construction of Accessory Dwelling Units (ADUs), such as granny flats or casitas, on properties. This opens up exciting possibilities for homeowners, as ADUs can serve as rental units or additional living spaces for family members. Moreover, Freddie Mac offers financing options specifically tailored to properties with ADUs, further facilitating homeownership and investment opportunities.

4. Building ADUs in Albuquerque:

While ADUs present an attractive opportunity, it’s essential to adhere to guidelines and rules laid out by the city. Albuquerque has regulations based on zoning and homeowner association rules that dictate the construction and usage of ADUs. Therefore, it’s crucial to consult with professionals familiar with local regulations to navigate the ADU construction process successfully.

5. Benefits of New Construction Homes:

New construction homes offer many advantages that entice buyers looking for modern amenities and peace of mind. These homes often have strict restrictions on allergens, ensuring a clean and healthy living environment. Additionally, newer homes boast lower monthly utility expenses thanks to improved energy efficiency mandated by building codes. Integrating cutting-edge home technology allows seamless automation and connectivity, enhancing the overall living experience. Furthermore, new-construction homes generally require less maintenance, saving homeowners time and money in the long run.

6. Navigating New Construction Options with Realtors:

For those interested in exploring new construction homes, working with experienced and knowledgeable real estate agents can make a world of difference. They can guide buyers through available options, explain builder warranties, and negotiate. Trust the The Venturi Group. As your real estate professionals, we are ready to assist buyers in finding their dream new construction homes in Albuquerque.

7. The Buzz on Balloon Fiesta and Other Happenings:

As the hosts discuss the conclusion of the iconic Balloon Fiesta and the pleasant weather it brought, conversation leads to the quieter restaurant scene. However, Tracy’s visit to Little Anita’s restaurant reveals that some popular spots are still bustling, catering to both local residents and visitors. Furthermore, Tracy mentions the exciting Parade of Homes taking place this weekend, providing a unique opportunity to witness the latest design trends and discover skilled builders.

8. Exploring Popular Communities:

Albuquerque and its surrounding areas offer a range of fascinating neighborhoods to suit various lifestyles and preferences. Among these, Mariposa in northwest Rio Rancho stands out as a sought-after community, attracting those interested in properties in Placitas. Homebuyers have the option to choose between reputable builders such as Richmond American Homes, known for its “Ultra Garage” concept, catering to storage enthusiasts, and Sun Mountain Homes, renowned for their exceptional craftsmanship and custom designs.

9. Upcoming Home Show at Expo New Mexico:

For those seeking inspiration and knowledge on home improvement and renovation projects, the Home Show at Expo New Mexico is an event not to be missed.

The Albuquerque Real Estate Market: Low Supply, High Demand, and Hidden Gems

In this episode, Tracy and Tego Venturi dive deep into the current state of the Albuquerque real estate market, revealing some surprising trends and hidden gems you won’t want to miss. Here are three key takeaways from the episode:

1. Low Supply, High Demand: Despite national news suggesting a decline, Albuquerque’s home prices remain steady, with home sales even surpassing last year’s numbers. The market is hot, but with a very low supply of homes, buyers need to act fast.

2. Townhomes vs. Condos: Have you ever wondered about the difference between a townhome and a condo? Tracy and Tego discuss the nuances and potential pitfalls of each, covering financing options, HOA fees, and the importance of assessing the financial health of a homeowners association.

3. Beware of Scammers: The Venturi Group uncovers common real estate scams circulating Albuquerque, including rental scams where scammers pose as property owners, collect rent payments, and disappear. Stay vigilant and protect yourself!

Tune in to our episode to gain valuable insights into the Albuquerque real estate market. You won’t want to make any real estate decisions without these takeaways!

Listen now on our YouTube channel: https://youtu.be/XWIZ5OI6nTE

A Closer Look at the Albuquerque Housing Market for July 2023: Key Findings and Trends

Introduction:

Welcome back to another Albuquerque Housing Market Update! In this episode, I take you through the latest data from July. Buckle up, and let’s dive into what I found.

Fast-Paced Albuquerque Housing Market (Still)

The Albuquerque housing market continues to be a hotbed of activity, with an impressive statistic – half of the homes sold within just six days of hitting the market! This trend is especially prevalent in the lower price points. However, it’s important to remember that not every home sells instantly. But there are strategies that sellers like me can use to ensure a quick sale. Homes that are priced correctly, in desirable condition, and located in sought-after areas tend to fly off the shelves.

Mortgage Rates and Reluctance to Move

Let’s talk mortgage rates. A staggering 70% of homes with mortgages in the US have an interest rate of 4% or less, and 26% have rates of 3% or less. Conversely, only 3.7% of homes have rates above 6%. The low mortgage rates can be seen as a double-edged sword. While they make homeowners like me reluctant to sell and lose those low rates, they’ve affected the number of new listings in the market, leading to a decline over the past year.

Supply and Demand for Albuquerque Homes

In the more affordable price points ($400,000 and under), there’s a limited supply of homes, with about a one-month supply available. But in the higher price points, there’s a bit more breathing room, creating more of a seller’s market. The average number of days a home stays on the market has risen by 66%, but it’s still relatively short compared to historical standards. Looking at the median days on the market offers a clearer picture, and it’s clear that lower-priced homes tend to sell 2 times faster than their pricier counterparts.

Market Recovery in 2023

Albuquerque’s housing market, like many across the US, is on a recovery trend. After a minor setback, the market is showing renewed vigor. The housing market dipped during the colder months but has since seen an uptick in activity. Last year, sales took a bit of a hit, but now they’re racing to match last year’s figures. Premium sales are up, while sales at lower price points are down 30% compared to the previous year.

Limited Inventory of Homes For Sale in the Albuquerque Area

A major reason for the reduction in listings is the sheer number of homeowners enjoying low mortgage rates, making them hesitant to sell. There’s been a significant drop in the number of new homes listed, and when paired with the limited inventory, it impacts the total number of homes available in the market. Demand has slightly tapered off this year in comparison to the last, but there remains a tight supply of homes on offer.

Home Price Appreciation in Albuquerque

The cost per square foot has hit a new all-time high of $202 across the board, and home prices have seen an uptick of around 6% from last year. It’s crucial to note that there was a considerable price reduction last year, probably around 4-5% from the zenith in January. Sales took a hit from the rising interest rates in 2020, resulting in a market deceleration. This year, sales have decreased by 17%, with only 861 homes changing hands in the entire metro area.

Conclusion for Mid-Summer 2023

The Albuquerque housing market remains lively and in constant flux. Regardless of the shifts, a consistent upward trend in prices over the years can be observed. The remnants of the great recession still haunt some memories, with prices topping out in 2007, retreating until 2012, and seeing year-over-year increases from that point onwards.

Thank you for reading this months Albuquerque Housing Market Update! Remember, all the graphs and market information discussed can be viewed on our website on the Albuquerque Housing Market page. If you have any queries or are considering buying or selling a home in Albuquerque, please get in touch with us at Venturi Realty Group. Keep an eye out for more updates and insights on our Albuquerque Real Estate YouTube page.

Title: Navigating Frustrations and Opportunities in the Albuquerque Real Estate Market
Introduction:
The Albuquerque real estate market has proven to be a source of both frustration and opportunity for home buyers and sellers. In this Podcast, Tracy and Tego Venturi share insights on the current market trends and offer valuable advice on navigating the challenges presented. We will delve into the key points discussed and shed light on the strategies you can employ to make the most of the Albuquerque real estate market.

1. Adapt to Changing Market Dynamics:
The frustration of paying a high price for outdated houses is a common sentiment in today’s market. The Venturi’s acknowledge that finding affordable homes in good condition has become increasingly difficult. In fact, the Tego’s prediction from two years ago that $200,000 houses would disappear has undeniably materialized. Thus, it is essential to adapt and explore alternative options.

2. Consider Remodeling:
With limited affordable options, many homeowners are choosing to remodel their existing houses rather than selling. Kitchens and bathrooms are highlighted as the areas that provide the most value and joy when remodeled. In addition to increasing equity and value, remodeling can enhance your enjoyment of your home while creating a space personalized to your taste and needs.

3. Buying a Home During the Pandemic:
The speaker congratulates those who took the plunge and bought a house during the constraints of the COVID-19 pandemic. Despite the challenges, it turned out to be a smart move due to the potential wealth-building opportunities. Although some had to make purchases without physically visiting the houses, the subsequent increase in home prices has proven advantageous for those who seized the opportunity.

4. Current Market Prices:
As of June, the average home price in Albuquerque was $414,000, with the median price hovering around $360,000. While local home prices peaked in June and July, the Venturi Group predicts a continued rise when compared to the previous year. If you’re considering selling, this may be an opportune time to benefit from the upward trend.

5. Kitchen Remodeling Considerations:
Tracy and Tego share a story about the biggest rip-offs in kitchen remodeling and highlight the importance of choosing upgrades that hold value for resale. They discuss their own experience with stove shopping, pointing out the affordability of their selection compared to other high-end brands. When remodeling, it’s crucial to strike a balance between personal preferences and lasting appeal to potential buyers.

6. Accessing Home Equity:
Homeowners in Albuquerque possess substantial equity in their homes, as reported in the Attom Research home equity report. However, accessing this equity through a home equity line of credit (HELOC) presents challenges due to high interest rates. Seek financial advice to explore alternative options that can unlock the equity without burdening you with exorbitant interest payments.

7. Stay Informed:
Keeping up with the latest market indices, such as the Case Shiller home price index and the FHFA home price index, can provide valuable insights into market trends. Additionally, attending events like the multifamily summit hosted by Todd Clark can equip you with expert knowledge and perspectives on emerging opportunities within the Albuquerque real estate market.

The current Albuquerque real estate market presents challenges, but it also offers opportunities for those willing to adapt and strategize. As highlighted by Tego and Tracy, remodeling can be a wise investment, as it enhances both your home’s value and your personal enjoyment. For sellers, timing is crucial as current prices continue to trend upward. Lastly, staying informed and seeking professional advice are vital steps to navigating the ever-evolving real estate landscape in Albuquerque.

– Lack of reliable single source for searching rental properties in Albuquerque.
– Issues with Craigslist and Facebook Marketplace for rental listings.
– Introduction of nmhomerentals.com as a new website for rental property listings.
– Increase in availability of rental homes in Albuquerque through the website.
– Scammers using public information to advertise fake rental properties.
– Excitement about the launch of Nm Home Rentals website.
– Collaboration with the Multiple Listing Service in Albuquerque.
– Features and functionality of the NM Home Rentals website.
– Value of green building and its benefits.
– Use of automated value feature for rental property valuation.
– Homebuyers actively looking for homes and market demand.
– Pricing and condition of houses affecting buyer interest and offers.
– Seller’s market and median home price in Albuquerque.
– Cost of building a home and factors affecting pricing.
– Importance of considering the time of year for evaluating pool value.
– Tips for showcasing a pool when selling a property.
– Importance of new carpet in creating a positive impression.
– Limitations on seller contributions to buyer’s closing costs.
– Functionality and features of the home search website.
– Coverage of the entire Metro area for rental properties.

Albuquerque! It’s no secret that scouring the internet for trustworthy rental properties in our beloved city can feel like an uphill battle. Between dodging scam ads on Craigslist and trying to navigate the crowded Facebook Marketplace, it’s been a real headache for our landlords and tenants alike. But guess what? Your worries might soon be a thing of the past. Let’s give a warm Albuquerque welcome to Nm Home Rentals, a new website set to shake things up in our local rental market.

The Long-Awaited Revolution in Albuquerque’s Rental Scene:
For what feels like forever, our local landlords and property managers have had a tough time finding a reliable platform to list their rentals. But times are changing, thanks to the bright minds behind Nm Home Rentals. This new website, connected to the reputable Multiple Listing Service and directly to property managers, now showcases around 2500 homes available for rent. Talk about a breath of fresh air for tenants yearning for a wider selection of rental properties!

The Fight Against Scammers is ON:
One of the biggest pains of online rental searches? Scammers. These online tricksters use stolen photos and false ownership information to advertise non-existent properties. They bait innocent tenants with attractively low rents and sob stories, urging them to ignore any real estate signs at the property. However, Nm Home Rentals is stepping into the ring to face these scammers head-on. Their platform uses verified information from the Multiple Listing Service, offering a safe haven for tenants and landlords alike.

Going “Green” – The Future of Building:
In the latest episode of Albuquerque Real Estate Talk, our hosts also delve into the significance of eco-friendly building in the real estate market. Lower utility bills, cleaner air, noise reduction, safety enhancements – the benefits of green building are pretty amazing! While appraisers used to give these homes higher values, these features are now becoming more common in new buildings, ticking the right boxes for tenants seeking sustainable living.

Track Property Value with a Click:
Another hot topic is the growing trend of automated value features, which let you keep track of your property’s value over time. While they may not always be spot-on accurate, they provide a good ballpark estimate. They’re a handy tool for homeowners to measure their property’s worth and make sound decisions.

The Albuquerque Housing Market – Where We Stand:
Navigating our current housing market can be tricky. While the market looks pretty sweet for sellers, buyers are getting more discerning. Homes with the right price tag are flying off the market, while overpriced properties are sticking around a little longer. The key for sellers? Price your homes right, considering factors like condition and location, to reel in the perfect buyers.

Wrapping Up:
In a nutshell, the July 22, 2023 episode of Abq Real Estate Talk brought to light the hurdles and hopeful developments in Albuquerque’s rental property scene. Nm Home Rentals is stepping up to the plate with its robust, reliable database of rental properties. While the market leans towards sellers, smart pricing is essential to reel in buyers. Green building, automated value tracking, and new carpet value were also hot topics. With these advancements in sight, Albuquerque’s real estate market is gearing up for some exciting changes and opportunities. Get ready, Albuquerque – the future is here!