Forbearance ends: Will Albuquerque homes come out distressed?

(Transcript Snippet): ” Tracy: We look at a lot of indicators. Right. And the thing came up yesterday. Someone asked the question about all of the homes in forbearance and that one. Yeah, there’s that one too. That whole question of all of a sudden a forbearance. And are we going to have a ton of houses come on. The market distressed? And our answer is
Tego: No. In fact, the latest stats that came out this week on the whole forbearance and forbearance plans at down below 2 million, it was almost 7 million. At one point. Now it’s down to 2 million, probably going to have a lot more drop-off because there’s a bunch of them that expiration that expire in the next few months. And so either those people will you know, go into loss mitigation, meaning they’ll go into some sort of you know, foreclosure, or maybe you do some sort of workout with, with the bank or they’ll just pick up and start making their payments or they’ll refinance or they’ll sell. It just looks like most of those people that got into those forbearance plans are going to be able to come out of them without much difficulty, if
Tracy: You’re a listener and you’re in a forbearance plan, you know, and you have questions about it, give us a ring Tego, or I would be happy to talk to you, you know, call the four, four eight, eight, eight, eight eight number. And just say, you want to talk to us about it because most people that are in forbearance, their house value has gone up over the last two years, year and a half.
Tracy: You know, if, if you’re not going to be able to pay for your mortgage, you know, you probably have equity that
Tego: We could help you with. And, you know,
Tracy: There’s a lot of options to one of them and just real quickly as it might be that investor could buy your house and you could rent from them and not even move and have some cash in your pocket from selling your house. And we’re seeing that happen
Tego: In New Mexico in the last year on average homeowners gained $26,000 in equity. Tracy: Where else can you get that? Right? You don’t get it by putting it in the bank.
Tego: And, and so anyway, that’s that, that was just, you know, one thing to bring up.

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

The skyrocketing cost of building a home in Albuquerque

(Transcript Snippet): “Tracy: Right. But what we do know too, is there are a lot of new neighborhoods. We have a lot of new homes available right now and coming and a lot of new neighborhoods that they have now got ready, that they’re ready to start building. And it’s in all areas of town. Right. We know that they’re still building by the base you know, at the end of one to bow by the Kirtland air force space and [inaudible]. Yep.
Tego: Yeah, no, there’s a lot in the pipeline and there’s definitely new construction. I, I will say. And I, I mean, this isn’t anything about the builders. It’s just, people are going to have sticker shock on what things are, because I just saw a study the other day, where they looked at a building costs in the last year, about 22% increase in just the cost of materials to build a new right.
Tracy: And you know, we’ve talked about it on the show, the cost of materials that jumped way up, especially lumber, stucco, concrete, whatever.
Tego: Well, everybody talks about lumber. Cause that’s, that’s the
Tracy: Commodity that goes on the commodities exchange that they can really track. What really well,
Tego: Here we go. Tracy. Here’s okay. So you have a chart. I’ve got a step for that. I didn’t even know that. No. So, okay. So we were talking about lumber, right? Lumber, 115%. Everybody kind of knows that story, but everything steel aluminum up 27% windows doors up 13% flooring up 8% appliances up 8% concrete up 10% brick stucco up 11% drywall up 14%. I’ve heard that one drywall
Tracy: Framing block up 36%,
Tego: 36%. So, you know, anything that’s concrete stucco that stuff’s gone up quite a bit. Of course, anything that’s wood-based has gone up a bit.
Tracy: This is a year over year, raw material and labor cost. So we know labor has also gone
Tego: Up. Yeah. So just to bring that back to the, the positive is there are a lot of new home construction options out there for folks right now. And you know, there, it’s just, the, the prices are higher. That’s just the way,

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

Albuquerque’s Real Estate Market: It’s still frantic out there!

(Transcript Snippet): “Tego: It’s still pretty frantic out there in the real estate market. Is that a fair word?
Tracy: You know, Tego? I didn’t think we were going to talk about this, but let me tell you about Wednesday this week. Right? So we had, well, Wednesday and Thursday, we had four open houses, midweek for homes that had just gone on the market with us. I’m on two, three of them were in the Northeast Heights. And one was in far Northwest. We Rio Rancho on Thursday from four to six. Okay. And the Wednesday three open houses. I was at one of them and other agents from the team were at others. The house I was at had over a hundred visitors now, individual groups. Sometimes it was one person, three people formed with their realtors. Some without some have realtors, but were on their own, whatever, just coming to see the open house. Well, and it was
Tego: The first time in and we’ve been doing this, right? Yeah.
Tracy: It was the grand open house. First time anybody could see it. Yeah. I’m sure we had over 60 individual, not individual, 60 groups of people through. I mean, it was well over a hundred people at the house that I was at. The house Jane was at same thing over a, well, over a hundred people through that open house. Corey held a house open on Saint. She’s the one who started this conversation among our team. And she was like, we had over a hundred people there. I’m sure of it. So her seller went to the ring doorbell and literally counted all of the people. And the seller says they had 500 people through their house that day. Corey said it was crazy. And luckily one of our title reps stopped by to give her some bottles of water to hand out and he stayed. So she wasn’t there alone. But even though one in Northern Meadows, which is far Northwest Rio Rancho, you have to want to go there. You don’t run into those signs. Right. The reason
Tego: That one was in such high demand is it was, it was a lower price point. And definitely below the median, you know, our median is now up over $250,000. So,
Tracy: So in any event she was exceptionally well attended as well. So what, what does that mean? We still have a lot of buyers in the market. A lot of people looking for the right house. Yep. And you know, it’s interest rates are low. There’s a lot of reasons we talked about them last week,
Tego: As demand has not dropped off,
Tracy: I would say in our market, based on this week and the number of showings we’re having on houses, we’ve listed, demand is not dropping.

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

Cash Home Buyers & Equity: What the stats are saying

(Transcript Snippet): “Tracy: Speaking of cash offers, Tego. I was saying, we talked about this on the show, but I want to bring it up again because it keeps coming up. People keep saying, oh, there’s so many cash buyers and they’re just beating us out. And oh my gosh, all the cash buyers narrative. And, you know, we’ve, we were hearing that. And of course, you know what I did, Tracy, I know you went and did the stats, but you know, we, we, as a team have closed over 250 houses this year already. Right. And we’re going well, let’s look at it. And, and really, yeah, there are some cash buyers out there, but that is not different. Right. Do you have a stat for it?
Tego: Yes, I do. And so what I looked at was I looked at the first half of this year versus, well, actually it was the first I say the first half, it was actually the first five months of 20 17, 20 18, 20 19 and 2020. And then of course, 2021, because I just went, it went through through may. Yeah. So it was five years back. And I was trying to say, okay, of all the homes that sold in each one of those years during that specific period, how many of them closed where cash, how many were conventional loans? How many were FHA loans? How many were real estate contracts, which is, you know, seller financing. And then how many of them were VA loans? And that’s, you know, those are the kind of the big, the five big buckets. And the thing that was shocking was it in 2021, that the number of cash buyers was actually less than 20 17, 18 and 19. Now last year, 2021, it was actually even lower. But this year it’s bumped up a little bit, but it’s, but it’s interesting because we hear these narratives out there where, oh, well, all these cash buyers are just coming in and they’re from California and they’re buying all our homes and they’re displacing us. It’s like, no, no, no. It’s, yes. There’s some of that. And we’ve always seen that. Right, Tracy. It, it, it didn’t just happen since last year that people from other states are coming here and buy
Tracy: It. Right. And when we had our team meeting, we asked our team, there was about 20 some on, on the meeting, right. Where are people coming from? Are you seeing them coming from California? Is that the overwhelming? And it was like, everybody’s like, that’s just what people are saying. There’s no, there’s no facts behind that. And now it’s like, no, people are move up. They’re from here, they’re coming back here. They’re from all over there. They’re moving from one house to another, within the city. They’re, up-sizing, they’re downsizing.
Tego: A lot of, you know, household formation is what we call it where we’re, you know, people that have maybe never been homeowners or, you know, maybe two, two people coming together to, to start a home and, and, and be the first-time purchaser. We are seeing a lot of first-time purchases, but most of those first-time purchases are people from, I mean, they’re from here, they’re not from elsewhere. So that was anyway. That’s a little myth busting there. 
https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Lease to Purchase: How Albuquerque Renters can become Owners

(Transcript Snippet): “Tracy: Speaking of renting. So we really wanted to talk about a program for people who are renting or want to be renters that want a path to home ownership. Basically. Now there’s lots of ways that we can use this program, but we have a program to help people who are maybe not ready to buy. For some reason, they need to get their credit score up above bed, or they need to be in a career for a little bit longer than what they have been before they can get the loan that they want. Lots of reasons why they might need to rent a little bit before they buy. So this program is very much like a lease purchase.
Tego: Yeah. Let’s talk, lease purchase or lease purchase is something that’s been around forever where it’s okay, I’m going to lease it for this amount of time. And then at a future date, I’m going to purchase
Tracy: It. Right? Yeah. Then typically that purchase price is pre-determined. At the time you put the lease together, sometimes the amount of what you’re paying monthly, the person who owns the home will give you like a hundred dollars credit for each month you’ve been a tenant there and kind of hold that and help you build your down payment. There’s lots of ways they’re done, but this is a little bit different than that.
Tego: It’s a program that’s available to really anybody that maybe they’re not in a position to purchase right now for, for whatever reason could be credit, could be just not sure if they want to commit long-term they, they want to rent. Maybe they want to try out the house for a little
Tracy: Bit out the neighborhood or quiet the mountain. Exactly. And so what this
Tego: Program is, this is a group that we, we have partnered with that allows the, the person to go pick out a home
Tracy: That’s for sale.
https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

It’s tough out there! Frustration for Albuquerque home buyers

(Transcript Snippet): “Tego: This kind of the, the, the underlying conversation that we’re having in the real estate market right now, right now, which is frustration for home buyers. You know, there it’s, it’s really, it’s, it’s tough out there for, for home buyers right now. There’s very limited choices. There’s, you know, people are really wanting to get, get a home. They want to lock in these low interest rates. And so there’s a lot of frustration. And so w w we’re going to keep coming back to the, this right now, because this is really the, you know, top of mind for everybody right now.
Tracy: Yeah. We talked about this a lot on last week show and what we want to say this week, again, is just hanging in there. There’s a lot of reasons to hang in there and just work towards getting that home, right? The interest rates won’t be this low, forever, and locking in that rate. Even if the price for the house seems a little higher, you’re still locking in a really good monthly payment. Right. Which isn’t going to happen if you’re a renter long-term benefits certainly outweigh the short-term wouldn’t you say?
Tego: Yeah, I, I think you look at it’s tough. It’s frustrating. You’re, you know, maybe have, have had to make multiple offers. Maybe you’ve had to make some concessions that you really weren’t comfortable with making and being able to get a house you paid more than you think you wanted to, or whatever it is. Look at the long game, look at the long game and, and don’t give up, yeah. Lock, locking in the, those, again, the low interest rate and locking in you’re more than just a low interest rate. It’s locking in your cost of housing. You’ve now locked it in. If you’re making, you know, paying a mortgage, you’ve locked it in for a really long time. Versus if you’re renting, you know, it’s going to escalate every year, every year, every year, every year. Right. And so th th this is, you know, th there’s just so much going on there. And of course, that’s not even dimension the whole quality of life issues of, of owning a home versus,
Tracy: Right, right, right. Which we’ve talked about all the quality of life. It seems
Tego: Like we’ve beat this to death, but I know there’s a lot of fear out there around the market. And, oh, my gosh, home prices are up 25% in the last two years. And are we going to have a bubble? And, you know, am I doing the right thing? And, and I, I get all that. Those are all fair questions in this current market condition, because it is so frantic, right.

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

Kitchen rends and lumber futures: The lowdown in Albuquerque’s Real Estate market 
(Transcript Snippet): “Tego: Let’s talk about kitchen to real quick. Oh, I, I brought up the wrong wrong chart. What did I do with it here? Did it go here? It went. Okay. So I love this the headline on this story, it was kitchens you know, stirring the pot COVID customer desires reveal, and then the S the sub-headline was something like spoiler alert, kitchen offices are out, which is interesting. And I, I know some people like them, but for the most part, kitchen offices are out. Cause now everybody just wants their home office.
Tracy: Well, and they want space. They’re tired of being in the kitchen altogether. Right. We need to move around. Plus, you know, kitchen office kind of leaves a mess. Usually, at least for me, it would, I leave my papers all over the table and everything. Yeah. Unlike you who have a nice, neat clean desk. So, Tracy, what
Tego: Do you see in kitchens that, that has been a big trend for this year and what people like and what people want.
Tracy: Yeah. I noticed there’s been more of that darker stainless. I don’t remember what it’s called. It’s like a black stainless appliances. Yup. I’ve seen a lot of those. I’ve seen a lot more refrigerators that have computer door, you know, like a screen in the door where you can program it and you can have your Alexa or whatever, your whole house, your whole house automation through your fridge. I know, I know I said it and I thought, oh, ours is going to be saying, what can I help you with right now? But the screen where there’s like, you automate your home off your fridge and me personally, I’ve seen our friends have that. And I’m like, yeah, I don’t think I want to do that from my refrigerator door, but you know, whatever. What have you seen
Tego: Big open kitchens, definitely the trend. You look at what the builders are building right now. You know, the production builders, you know, open, airy, open to a great room, open to a den, open to a dining room is definitely the thing. The
Tracy: Other thing I’ve seen is bigger islands, bigger islands, more seating around islands, a little less, maybe even in live in dining space, like for dining tables, definitely not formal dining rooms, but more of a dining note in addition to a big island. 
https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Buyer fatigue: Why you should still own an Albuquerque home
(Transcript Snippet): “Tego: What’s what’s going on with home buyers right now.
Tracy: Sure. So buyers in general are getting fatigued, right? They’re out looking at houses. They fall in love with the house. They can’t sleep all night. They’ve got an offer in on it, but then there’s 10 other offers in on it. And they get the call that they didn’t get their offers selected. And so they go back out and look at houses again, fall in love with another house. They put another offer in there’s a bunch of offers on it. They don’t get the house, right? So this is happening. We had at our team meeting this week, you know, one client got their house under contract as a buyer that was their fifth offer that they had made right on the house on a house. And it was finally, they are, we’re the ones selected, but we’re seeing buyers say, I’m just going to wait it out. Tracy: I’m going to wait for the market to slow down. I’m gonna take a break and not, not look at houses and just give up. And we were like, don’t have buyer fatigue. I know it’s hard and it’s frustrating, but we need to remember what about having a home and owning a home is important to go. We know there’s lots of financial reasons why home ownership is important. Right? I get to go through the list. Yeah, not right now, but there we’ll go through them, but let’s talk about the other reasons, right? What are the other reasons besides the financial benefits of home ownership, right? You have pride in your community. When you own a home, you can make the house what you want. You can paint your bedroom purple. If you want. You can invest in, in an outdoor living area that you’ve always wanted or a big garden, and know it’s yours. You can do all these things and have that pride of ownership. You can be making memories in that home. You know that, you know, your family’s going to have memories there and you’re not going to be having to find a different place to rent, whether it’s an apartment or a house go through this list real quick. Oh, sure. I’m just going off my own
Tego: You’re just going to off the top of your head. But these are just, just some things to think about a reason for home ownership, I guess the best way to put it. And, and you know, when you think about, I know a lot of people out there understand this, this whole conversation around the big why, right. You know, the big, why is the thing that motivates us, right. Th the big, why is a thing that gets us up in the morning? And, you know, there’s a book by a really great book by Simon Sinek talking about, you know, discovering your, I think it’s called discovering your why. And it’s the thing that motivates us, but we can bring it down to the whole idea of, Hey, there’s a reason why you want to own a home. Right. It could be as basic as I need a roof over my head and I don’t want to run out. Right. I don’t
Tracy: Want people banging on the other side of the wall when I’m trying to sleep or something.
Tego: I don’t want to pay, you know, the landlord’s mortgage instead of my own mortgage. Right. Could, could be as simple as that. Obviously there’s great reasons to be a renter too. And we’re not saying there’s anything wrong with it. We’re just saying that, you know, there, there are some big advantages to own home ownership. So, you know, one of them, Tracy is just accomplishment that it, you know, it kind of shows it reflects your success, right? 
https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Stats: What’s going on in the Real Estate Market in Albuquerque

(Transcript Snippet): “Tego: Tracy, I wanted to start off with just, just the pulse on what’s going on in real estate market here in Albuquerque. If, if you’ve been listening, you know, we’ve been talking about how kind of, I know that the, the, the term everybody’s using is how crazy the real estate market is in Albuquerque and it’s, and it’s everywhere. It’s not just Albuquerque is an entire country. And just to kind of give a feel and, and then we’re going to talk about this whole buyer fatigue kind of thing. Tracy, you did a video that, that we’re, we’re sending out just talking to buyers about, okay, it’s hard, it’s difficult. However, it’s worth it. It’s worth it. And let’s, and we’re going to go through the reason why it’s worth it and, and, and really helping buyers discover their why on home ownership. So, but first off, just some stats. Tracy: I know Stat-O-Matic, you know, some of the things you’ve been teaching us in our team and posting for the public has been pretty eye-opening and stats. You don’t see in the headlines anywhere. Right? Well,
Tego: And I, I, it’s easy to come up with average sale price. Number of homes sold all of that. That’s fine. And that’s great. And it shows us some, some good information, but it doesn’t get to kind of the core of, of what a buyer should be thinking about when they’re putting together an offer, what a sellers should be thinking about when they’re getting ready to put their home on the market and price it. And all of that, a couple, but I’ll start with just some big, big stats. Just what I did is went back and looked at the last 30 days, of course, in comparing it to last year, same period, which was a weird time Tracy: We were shut down last year, we did not do anything. We didn’t even go to the store, correct stores. We had limited hours and limited availability. So we were figuring out how to show houses last June, but this is may. Yeah.
Tego: What happened? You know, this, this time, last year, this is last half of may. First half of June is what I’m comparing. Right? the number of homes for sale is down, even from that period. And that’s when it just fell off the cliff. Right? Right. But the number of homes on the market, so we’re down 28% of homes on the market versus last year, same time list, excuse me, not list price. Average sale price. Average is up 25% versus last year average sale price. At least this, this little less 30 days, snapshot is now $323,000 per Albuquerque
https://welcomehomeabq.com
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888
info@welcomehomeabq.com

Monsoon Season is back in Albuquerque: Is your roof ready?

(Transcript Snippet): “Tego: We can talk about how high the river is this weekend and why is it high this weekend? Because monsoon is back.
Tracy: Oh, let’s talk about rain. Yeah. Hail and rain that we had in the Albuquerque Metro area. I know we had it all along the Rio Grande valley and Santa Fe. Well, and then the other day,
Tego: The other day, it, you know, there was another cell that rolled through Albuquerque was that Thursday night, that was, it was pretty intense. It didn’t hit where we live, but I know some parts of town got. So deluge as they say,
Tracy: We had some loud thunder and lightning, like 9:30, 10 that our dogs were not happy about.
Tego: Well, it’s great to get the moisture, but let’s talk about the home ownership part of this ownership.
Tracy: Right? So roofs, we’ve talked about this a lot lately, like time to get the roofer out and I hope you already did it because what we know is this week, the roofers are very busy, right? We had huge amounts of rain on
Tracy: Memorial day. Well, we had Tracy’s. We had a long
Tego: Time with no rain, no moisture. And then all of a sudden we get all of this all at once and roofs over time, they dry out, they crack there’s, you know, seams that crack and open up and we don’t know it until it rains. So
Tego: Get up on your roof,
Tracy: Get up on your roof.
Tego: Oh wait, let me rephrase that. Getting on your roof could be very dangerous. So disclaimer, please have a professional. Do it. If you’re uncomfortable, I’m not recommending that you get on your roof. 

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