Albuquerque’s Real Estate Market – How does it really feel out there?

Albuquerque’s Real Estate Market – How does it really feel out there?

(Transcript Snippet):

“Tego:

I want to transition to another subject here. The market. I want to ask you guys, I mean, you guys know, I look at this all the time, but you guys are the feet on the street. So, so Corey, I mean, how has it feel out there? I mean, is it frantic? Is it, is it like boots on the ground?

Corey:

It’s amazing when you drive up to the house and see six realtor cars with all these kids coming out and everybody’s going in and out in and out in and out, it’s a lot, a lot of business cards.

Tego:

Don’t tell the governor, but no, I mean, it is, it’s kind of a frenzy sometime when that first day on market

Corey:

And we are wearing masks, just so

Tego:

We know, we know. So what do you think, Melissa? I mean, what are, you know, again, from out on the street, what are you hearing, seeing feeling?

Melissa:

I think Chase on our team said it the other day. It’s not days on market, it’s minutes on market. And when I call another realtor to say, Hey, before it was like, do you have any offers? And now it’s how many offers every time. And so that’s yeah.

Tego:

Yeah. I was hoping that we would see some more homes come on the market this week. And actually I’m looking at the numbers here right now. We’re actually at a net loss. So we’ve had more go off the market than come on the market in the last seven days. And I, you know, I don’t see any let up on this. Are you guys hearing people being concerned that we’re building a bubbles building up in the real estate market or you hear people say that

Melissa:

I have heard that, and then I have a lot of people asking about foreclosures. Are those going to start coming? Because the bubble is getting so high and

Tego:

Yeah, I mean, we’ve had what, 15% appreciation over the last two years, maybe even higher than that, just depending. It depends on whose numbers you look at. I mean, some of them say about 10% in the last year. Some of them say 13% in the last year. So home prices have risen dramatically in the last the last couple last year, for sure. And, you know, there’s this whole forbearance slash foreclosure overhang out there. And, and, and people are saying, well, there’s all these people that are still in forbearance plans. And all of a sudden they’re going to go out of those four Barron’s plan and those homes are going to flood the market. One thing first off, that’s interesting about that. Even if every one of those homes that are still on forbearance plans came on the market immediately nationwide, we’d still only be up at five months supply of inventory, which is still considered a quote balanced market, or maybe even still a sellers market.

Tego:

The, the, the, the lack of homes on the market is so low, right now that, you know, we could use any of those homes if they start coming on things interesting about the forbearance plans is they’re kind of tiered, right? So people, you know, a lot of them, you know, are expiring in March, obviously were your, were your through this. Now, a lot of them are now this month in April, may, June, so it’s kind of tiered out. And so those people either come off the forbearance plan meaning they’ll just start making, you know, making their payments again, they’ll do some sort of workout with their, their bank or potentially they sell their home, which most people have enough equity to just sell their home if they need to. And again, that’s not going to be this flood of homes, fire sale, you know, drastically reducing prices.

Tego:

No, these are people that will sell that are equity sales, where they’re selling it for enough to pay off, you know, their, their, their debt and, you know, move on to the next, the next property. And that brings up a good question that or point I want to make is that if, if you’re out there and you’re listening and you, you know, somebody that might be in that situation, you should reach out to us and let’s talk about, you know, have a private conversation about the different options that you may have, right, Melissa, cause you can sit down with them. Go ahead, go ahead and say some, say what you’re going to say.

Melissa:

No, there’s we can make it very easy with our instant offer programs. We can put it on the market and then just do the, have it sold by a Sunday potentially. So it really could be just painless as possible.