Albuquerque Real Estate News: 3 Things to Keep in mind
(Transcript Snippet): “Tracy: So switching gears along the same vein, right? You were sharing with me a CNBC story saying Google is reporting that the hottest trends, some of the hottest trending searches right now regarding homes is when is the housing market going to crash?
Tego: So get this Tracy that search has spiked 2450% in the past month. And it it’s interesting right
Tracy: Along with other phrases that are similar, like why is the market so hot and how much over asking price should I offer on my home in 2021? So it’s interesting. Those are the spikes on Google searches, which you know, I completely understand. Yeah,
Tego: Yeah. You know, it there, one of the things that, that happens and I know listeners to Kiva get this is that NEWS media will take something. It’s a very none, well, no, no. Yeah. The non, but, but it’s, it can be a trigger for people, a very emotional, you know, the housing thing, a lot of kids that are not kids now lived through the crash of 2008. Right. And so now they’re millennials right now, they’re getting into that, you know, maybe buying a home or maybe, you know, thinking about buying a home, they lived through that. They watched their parents go through that in 2008. So, you know, I understand that the angst that is out there, but what I was saying is, is Kiva listeners understand that news media will take something and, and try to create a story where maybe there isn’t a story, but obviously there’s a story there because people are curious.
Tego: It’s like, how, how can this market be so hot? And when is it going to stop? We know it’s going to stop the question is, is it going to be just a slow coast to a stop or is it going to be a screeching halt? And, and my feeling right now is it’s, it’s going to continue at this pace for a while. Cause there’s no signs of anything, anything changing Tracy and, and a couple things just to talk about. So there’s three things that we want to keep in mind. And if you don’t see these in the stories that are talking about how there’s a, a home bubble building and it thought market’s going to crash, then they’re not telling you the whole story. And there’s one other thing too, that I’ll throw in here. But, but the first one is home price appreciation leading up to 2007, Tracy, it was like 10% average over the four years leading up to 2007, eight in the last four years now, today it’s been closer to 6%. So we haven’t had quite the acceleration in home price appreciation that did back then. The other one, Tracy, you could speak to this. I know, you know, this really well is, is the way lending standards have been now in the last, well, literally 10, 12 years versus the way they were back
Tracy & Tego Venturi
Venturi Realty Group
1119 Alameda Blvd NW
Albuquerque, NM 87114