Albuquerque Real Estate: February 2025 Market Insights

Albuquerque Real Estate: February 2025 Market Insights

Albuquerque Real Estate: February 2025 Market Insights

Welcome to the latest update on Albuquerque real estate! As we kick off February 2025, let’s dive into the current housing market trends, explore crucial statistics, and forecast what to expect in the coming months.

Introduction to February 2025 Market Overview

As we step into February 2025, the Albuquerque real estate market continues to reveal intriguing trends. The data indicates a shift in dynamics that could shape the market for months to come. By analyzing recent statistics, we gain insight into sales, inventory, and pricing, painting a clearer picture of what buyers and sellers can expect moving forward.

Methodology: Rolling Three-Month Analysis

This month, we’re taking a different approach by utilizing a rolling three-month analysis. Instead of comparing January to January of the previous year, we’re examining the combined data from November, December, and January. This broader time frame allows us to capture fluctuations and trends that might otherwise go unnoticed, providing a more comprehensive understanding of the Albuquerque housing landscape.

Closed Sales: A Positive Trend

In the Albuquerque area, the closed sales have shown promising growth. Over the last three months, we recorded 2,190 closed sales, marking an 11% increase compared to the same period last year. This upswing suggests a resurgence in buyer activity, which is particularly noteworthy given that 2023 was one of the lowest years for unit sales in recent history and 2024 was not far behind.

Closed sales chart for Albuquerque real estate

Understanding Home Supply Levels

Home supply levels serve as one of the simplest indicators of market health. Currently, we see a 25% increase in the number of homes for sale compared to last year, yet we remain below pre-pandemic levels. This persistent constraint in supply indicates that while more homes are entering the market, we are still not at a point where supply puts us in a technical buyers’ market as demand stays steady.

Home supply levels over the years

Pending Sales: An Upward Movement

Pending sales have also seen a slight upward movement, with an increase of approximately 10%. A total of 2,204 homes were put under contract in the last three months, which, although an improvement from last year, still reflects a subdued activity level compared to more “typical” years. This increase in pending sales is a positive sign, suggesting that buyers are actively engaging with the market.

Pending sales trend in Albuquerque

Pricing Stats: Analyzing Average and Median Prices

When we dive into pricing statistics, we find that the average price of homes sold over the last three months stands at $407,661. This represents a 7.8% increase from the same period last year. However, it’s crucial to remember that this average does not necessarily reflect a uniform appreciation across all homes in the market.

Average home prices in Albuquerque

The median price, which indicates the middle ground of home sales, is currently $355,000. This figure is down slightly for the all-time high of June 2024 of $415,000, showcasing the ongoing appreciation in home values. Notably, the median price per square foot has risen to $211, reflecting a 4.5% increase from the previous year, aligning with the overall trends of moderate price appreciation in the Albuquerque real estate market.

Median home price trends

Analyzing these statistics reveals steady market growth compared to 2023 and 2024. Buyers now have more options, benefiting home buyers, while sellers face more competition. Understanding these dynamics is crucial for navigating the Albuquerque real estate market.

Market dynamics overview

For those interested in exploring further, we invite you to visit our website for more detailed Albuquerque housing market statistics and insights. The Albuquerque real estate market is evolving, and staying informed is key to making the best decisions whether you’re buying or selling.

Home Price Per Square Foot: A Deeper Look

When analyzing the Albuquerque real estate market, the price per square foot offers valuable insights into the overall health and trends of home values. Currently, the median price per square foot stands at $211, reflecting a 4.5% increase from the previous year. This figure is significant as it indicates a consistent appreciation in value, aligning with the broader market trends.

Price per square foot trend in Albuquerque

Days on Market: Returning to Normalcy

The average days on market for homes in Albuquerque are returning to a more normalized pace. Currently, homes are averaging around 42 days to go under contact, and the median days on market is 24, a stark contrast to the frenzied environment of 2021 when some properties sold in just hours. This shift signifies stabilization in the market, allowing buyers more time to make informed decisions without the pressure of immediate competition.

While this may seem slower, it actually reflects a healthier market dynamic. Sellers are adjusting their expectations, and buyers can negotiate better terms. As we look ahead, it’s crucial for all parties involved to understand that a more stable market can lead to sustainable growth over time.

Average days on market trend

Real-Time Pending Status: Current Contracts and Future Sales

In the current market, pending status homes are a vital indicator of future sales trends. As of now, there are 939 homes in pending status, a notable increase from 831 homes this time last year. This uptick is a positive sign, indicating that buyer interest remains strong despite the fluctuations in supply and demand.

These pending homes are critical for predicting future sales prices. For instance, the median price of homes currently under contract is $212 per square foot, reinforcing the ongoing trend of moderate price appreciation in the Albuquerque market. This data suggests that buyers are willing to pay for homes that match their needs, which bodes well for future market stability.

Pending status homes in Albuquerque

Conclusion: What Lies Ahead for Albuquerque Real Estate

Looking ahead, the Albuquerque real estate market appears to be on a stable path. With a healthy increase in both supply and buyer interest, we expect continued moderate price appreciation. The overall economic indicators suggest that the market will maintain its momentum, with potential for growth as we move further into 2025.

Buyers should take advantage of the increased inventory, while sellers can feel confident knowing that demand remains steady. As always, staying informed and adaptable will be key to navigating this evolving landscape.

Future outlook for Albuquerque real estate

FAQ: Common Questions about the Albuquerque Housing Market

What is the current average home price in Albuquerque?

The average home price in Albuquerque is currently around $407,661, reflecting a 7.8% increase from the same period last year.

How long do homes typically stay on the market?

Homes in Albuquerque are currently averaging around 42 days on the market, indicating a return to a more normalized pace compared to previous years.

Is it a good time to buy in Albuquerque?

With increased inventory and moderate price appreciation, now can be a favorable time for buyers looking to take advantage of more options in the market.

What factors influence home prices in Albuquerque?

Key factors include supply and demand dynamics, interest rates, economic conditions, and the overall desirability of the Albuquerque area.

Where can I find more information about Albuquerque real estate?

For more detailed statistics and insights, visit our real-time Albuquerque Housing market tracker page.

 

Albuquerque Housing Market: September 2024 Insights and Trends

Albuquerque Housing Market: September 2024 Insights and Trends

As the Albuquerque Housing Market continues to evolve, September 2024 brought changes in sales, mortgage rates, and pricing trends. This blog summarizes the video market update and provides an overview of what buyers and sellers can expect in the current market.

Overview of the Real Estate Landscape

The Albuquerque Housing Market has been undergoing notable shifts in recent months. As of September 2024, closed sales for single-family homes in the Albuquerque metropolitan area totaled 766, reflecting an 8.5% decrease compared to September of 2023. The decline indicates a slowdown in transactions, a sentiment experienced by local realtors and market observers.

Despite the drop in closed sales, there is a contrasting trend in pending sales. The number of homes going under contract surged to 910, marking a remarkable 25.5% increase from the same month last year. This spike suggests that while closed sales have decreased, interest in purchasing homes increased for the month.

Pending sales chart showing significant increase

Pending Sales Surge

The surge in pending sales is noteworthy for the Albuquerque Housing Market. The jump to 910 pending sales in September, from 823 in August, is unusual for September, traditionally a month where pending sales begin to decline. This increase may signal a shift in buyer sentiment, potentially spurred by favorable mortgage rates that have recently been trending downward.

The contrast between closed sales and pending sales raises questions about the dynamics at play in the market. If more buyers are entering contracts, it could indicate a future rebound in closed sales as these transactions complete in the coming months.

Graph showing pending sales trends

Seasonal Patterns in Sales

Understanding the seasonal patterns in the Albuquerque Housing Market is crucial. Historically, the market experiences peaks in sales during the spring and summer months, with a gradual decline as the year progresses. However, the data from September 2024 suggests a deviation from this trend, with pending sales increasing rather than decreasing.

This anomaly may prompt a reevaluation of the typical seasonal expectations. Buyers may be adjusting their strategies, taking advantage of current mortgage rates and the availability of homes on the market.

Monthly Pending Sales – September (Highlighted in Red)

Impact of Mortgage Rates

Mortgage rates have played a pivotal role in shaping the current landscape of the Albuquerque Housing Market. As of early October 2024, mortgage rates have risen to around 6.5%. This increase follows a period of decline from higher rates experienced earlier in the year.

Lower rates often appear to have stimulated demand, while rising rates can dampen enthusiasm. The recent drop to the low six percent range sparked interest, however, the rise in rates may pose challenges for potential buyers moving forward. Time will tell.

Chart showing recent mortgage rate trends

Current Pricing Trends

When examining home prices in the Albuquerque Housing Market, the median home price in September 2024 was recorded at $341,500. This figure represents a slight decrease of 1.6% compared to the previous year. However, when looking at the median price per square foot, there was a 3% increase, suggesting that overall home values may still be appreciating, albeit at a slower pace than in previous years.

This mixed data on pricing indicates that while some segments may be experiencing downward pressure, others are holding steady or even appreciating. The current market dynamics reflect a complex interplay of supply, demand, and economic factors that buyers and sellers must navigate.

Graph illustrating median home prices

Inventory Levels and Market Dynamics

The month’s supply of homes for sale is another critical metric when assessing the Albuquerque Housing Market. Currently, it is 2.4 months’ supply across all price ranges, which indicates a seller’s market, as anything below five months is typically categorized as such. However, inventory levels vary significantly across different price ranges.

For homes priced between $250,000 and $400,000, the supply is tighter at just 1.8 months, while homes above $600,000 see a more balanced supply of 4.4 months. This underscores the importance of understanding specific market segments when evaluating real estate opportunities.

Inventory levels chart by price range

 

Inventory levels by price range

Market Dynamics by Price Range

  • Under $250,000: Extremely limited inventory with only 1.4 months of supply, indicating strong demand.
  • $250,000 to $400,000: Tighter supply at 1.8 months, making it a competitive segment for buyers.
  • $400,000 to $600,000: Moderate supply, allowing for more options but still favoring sellers.
  • Over $600,000: Balanced market with 4.4 months of supply, indicating longer selling times and increased competition among sellers.

This segmentation underscores the importance of understanding market dynamics at various price points. Buyers in lower price ranges face a more competitive environment, while those looking at luxury properties may find more opportunities.

Resources for Further Insights

For those seeking deeper insights into the Albuquerque Housing Market, numerous resources are available. The Venturi Group provides comprehensive market statistics on their website, including:

Accessing these resources can offer buyers and sellers a competitive edge, ensuring they are equipped with the latest data to make informed decisions.

Website resources for market insights

Conclusion and Contact Information

As we assess the Albuquerque Housing Market in September 2024, several key themes emerge. While closed sales have decreased, the surge in pending sales indicates a resilient demand. Pricing dynamics show mixed trends, with overall prices slightly down but the price per square foot appreciating.

With a seller’s market prevailing, particularly in lower price ranges, it’s crucial for potential buyers and sellers to stay informed. Understanding these market nuances can greatly influence decision-making in this competitive environment.

If you have any questions or need help navigating the Albuquerque housing market, feel free to reach out to us at (505) 448-8888 for personalized insights and guidance.

 

Albuquerque Real Estate Market Report: May 2024 Update

Albuquerque Real Estate Market Report: May 2024 Update

Unveiling the Albuquerque Housing Market Trends - May 2024 Update

Are you curious about the current state of the housing market in Albuquerque, New Mexico? In this video, I provide you with the latest data and trends as of May 2024. My goal is to bring you an insightful market update to keep you informed about what’s happening in the real estate sector.

Introduction

In May 2024, the Albuquerque housing market is active. I analyze the latest sales data, prices, and trends. Let’s examine the details to give you a comprehensive overview.

30-Year Fixed Rate Mortgage Trends

The market has seen fluctuations in mortgage rates, with a one-year trend showing ups and downs. From a peak of over 8 percent in November to just over 7 percent currently, predicting mortgage rates remains a challenging feat.

April Market Data Overview

Analyzing the monthly data for home sales in Albuquerque, the numbers reveal a 14 percent increase in homes sold compared to last year. While the lower price range has witnessed a decrease in available homes, the luxury market (priced at $600,000 and above) has experienced a notable uptick. In the video, I shed light on the market dynamics across different price segments.

Long-Term Trends in Home Inventory

Delving into the historical data, there has been a gradual increase in the number of homes available for sale over the years. However, comparing the current inventory to 2019 levels, Albuquerque still lags behind other markets in terms of housing supply. I draw parallels to national trends to provide a broader context for understanding the local market dynamics.

Pending Sales and New Listings

With a significant 18 percent increase in pending sales from the previous year, Albuquerque is witnessing a surge in buyer activity. However, the challenge lies in the limited new listings entering the market, especially in the lower price points. I explain the complexities of the market dynamics impacting new listings and pending sales.

Supply-Demand Dynamics and Price Trends

The supply-demand ratio indicates a seller’s market, with varying months of supply across different price ranges. Homes under $400,000 continue to attract buyers swiftly, showcasing sustained demand in that segment. I discuss the average days on the market and showings per listing to gauge buyer interest levels and market activity.

Median Sale Prices and Price Per Square Foot

The median sale price for homes sold in April is $345,000, reflecting a steady rise in property values. The price per square foot has also seen a notable overall uptick of 8.9% vs April 2023, especially in the lower price points, underlining the robust demand in those segments. I provide insights into the price trends and their implications for buyers and sellers.

Zillow Home Value Index and Future Outlook

The Zillow Home Value Index indicates an all-time high in average home prices for Albuquerque, signaling a strong market performance. I hint at a potential shift in price dynamics moving forward, with projections of a more stabilized market in the coming months. As the market evolves, staying informed about the latest trends is crucial for making informed real estate decisions.

Conclusion

As we wrap up the Albuquerque Housing Market Update for May 2024, I offer a comprehensive analysis of the current trends and data shaping the real estate landscape. Whether you’re a buyer, seller, or simply curious about the market dynamics, staying abreast of the latest information is key to navigating the Albuquerque housing market effectively. For more insights and personalized real estate assistance, reach out to the Venturi Group with Real

Broker in Albuquerque, New Mexico.

Thank you for joining me on this insightful journey through the Albuquerque housing market. Stay tuned for more updates and analyses to help you make informed decisions in the dynamic real estate landscape.

Albuquerque Housing Market 2024: Where Are Prices Now?

Albuquerque Housing Market 2024: Where Are Prices Now?

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

Albuquerque Home Values Over 25 Years

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

Housing Affordability Issues in Albuquerque

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.