How’s the market? The first look at Albuquerque’s March data
(Transcript Snippet):
“Tego:
Tracy, first off we got to talk about March,
Tracy:
Of course, this data medic here. How could we not talk about March? So March is typically the kickoff to our biggest selling season, right? We start getting some warm weather. We had some snow. We also had some warm weather in March. So the warm days really get people thinking about housing. And what happens
Tego:
Traditionally is the homes as home start to come on the market, usually seasonally, we see most people start listing them in March. April is usually a huge month, month for homes coming on. The market may is usually a very strong month for new listings or people, you know, saying, okay, it’s time to put the home on the market. And of course last, you know, April, halfway through March and of course, April and may last year
Tracy:
It was a bust. We were, we were shut down pretty much. I mean, it was a big, we were all home trying to figure out what was next. Yeah.
Tego:
And so what happened was there was that big pause in a number of homes coming on the market and just statistically, we’ve just never caught up. And so now we’re down to this just ridiculously low number of homes available and anybody that’s in the market or, you know, paying attention to it at all. Especially if you’re a buyer, you know, it’s, it’s, it’s tough out there cause good homes are going. I mean, literally we’re not even talking days on market, right. We’re talking hours on market. And in many cases, especially those really great homes that are ready to go. Right. Exactly. Why are you laughing at me?
Tracy:
I’m laughing because we’ve been trying to buy a house ourselves. Oh. And you know, experiencing it from a buyer side. Right. You’re laughing, you’re laughing because every time we work, you know, I think every time we are buyers or sellers of properties, which we do we experienced the same things, our clients experience, and it’s hard, it’s hard to be a buyer. It’s hard to be a seller. And I really appreciate that we do buy and sell houses. And even if it’s a house that we’re going to keep as a rental, or if it’s one that we’re going to have as a second home or something, it’s still, it’s, it’s a tough process to
Tego:
No, it is in, yeah. Yeah, for sure. And it, it’s interesting that you get, you get to put yourself in the shoes of our clients and what they’re dealing with every time. So so a couple things that really, I just want to hit on it. We’re just like I was joking. I don’t know if you saw my Facebook live. Of course you watched my first of course you did.
Tracy :
I liked it. I don’t think I know I watched it. I’m just teasing.
Tego:
You knew what it said. Yeah.
Tracy:
I know every day after coffee, everything that’s going on in the real estate world.
Tego:
Yeah. The, the thing I was joking about, I said, I, I said, well, I’m not going to do that. I looked at it on the first and I said, well, I’m not going to do this on the first cause everybody just think I’m joking. Right. April fool’s joke. But then the one that really resonated or jumped out at me was percent of list price, Tracy. So this
Tracy:
Last list price.
Tego:
Yeah. So that’s a stat that, you know, you and I, and, and anybody that’s, you know, experienced in the real estate market pays attention to and what it is is, and it gives you an idea on an average, how much homes are being discounted off of the list price when they closed, when they
Tracy:
Go into closed status
Tego:
To final sale price. Right. Right. And it has, it’s an all time high. It’s not only an all time high it’s over a hundred percent. Oh boy. For the first time ever, even, even if we go back to, you know, Oh five when things were kind of insane it’s over a hundred percent. So, so on average homes are selling over list price across the board.
Tracy:
Right. An important thing for home buyers to know. Right. If they think that they can go in and make an offer on house and get something below list price accepted, it’s probably not going to happen. Well, let’s be
Tego:
Just fair about that because there are homes that go on the market and they’re just priced too high. Right. Right. And so, yeah. I mean maybe, you know, but, but,
Tracy:
But the average is that they’re selling for above what they’re being listed for. So important thing for buyers to know. So as they’re planning their strategies with their realtor, they know what, what the market’s like,