The Albuquerque Real Estate Talk Radio show for June 20, 2015. All about “The Carlisle”, a luxury condo project coming to Nob Hill and the changing housing demographics.
Albuquerque Real Estate Talk Radio – June 6, 2015
Eddy:Am 1600, KIVA; 95.9 FM. Brand new fox news ABQ here on 95.9 and 1600 and firstname.lastname@example.org and yeah, not just anybody, it’s Tego and Tracy. And this is the weekend Albuquerque Real Estate.
And Tego and Tracy have done plenty of stuff for me, in now both personally and professionally and they’re just great people and they’re doing a lot of things here in this community. I can’t thank them enough and you hear there at all the time and let’s give a warm welcome to Tego and Tracy. Good morning guys!
Tego:Wow! What an introduction there Eddy.
Eddy:Well, you guys are great! We appreciate that.
Tego:Well, we appreciate this platform and you know, real estate affects everybody so much, everything. I mean most people even if they are a renter, real estate is so important. Obviously, one of the basic needs of mankind is shelter and so… I know we’re getting pretty deep here.
Tego:Okay, I am! This Tego Venturi with the Venturi Team and Keller Williams Realty. We’re here every week with myself and Tracy Venturi whose been chiming in here. And, how is it going Tracy?
Tego:It has been busy right?
Tracy:It has been. It’s been a great week for real estate and meeting lots of new people which is always fun…
Tracy:And we love to come together to see Eddy and doer radio show. So we really appreciate the opportunity.
Eddy:I want to ask you one quick question before we get started. Last week one of the things that stood out in my mind was the fact that there had been and if you can restate that fact again because this a hot real estate market. Let’s say that, right?
It’s currently a hot real estate market; hotter than it’s been. It can always get better, right?
Tracy:Hotter than 7 years.
Tracy:In 7 years.
Eddy:Hottest in 7 years.
Tracy:We don’t need that big long description of…
Tego:Okay, come on!
Eddy:Because it totally stood out to me and I said, “There’s more houses that sold this Spring.”
Eddy: Tego as you said than have sold in…
Tego:Since 2007 basically.
Tego:The last time we’ve seen this many units or homes selling. I hate units, it sound so impersonal but that’s what it is. It’s a number of homes sold.
We just finished May. Now, we have the May statistics and we were up 10% in number of home of homes sold, this year May versus last year May.
Tego:Actually I take that back goes 11; it was actually 10% year today versus last year. And so, there’s less homes in the market. There are more buyers in the market. Obviously, there are more homes selling a good 10% bumps.
You know, there’s some increase. There’re some frustrations are too, right Tracy?
Tracy:There are! There are some neighbourhoods and some price points where we’re not seeing quite the activity. So with our hearing the news that things are really good and the market is hot and more homes are selling, however they’re not getting the numbers of showings and things and they’re not getting offers on their house. So it can be frustrating when they see the news.
Tego:Yeah. And speaking of the news; there was a journal article here this week. The headline was this was Richard Medcalf from The Journal, who is a real estate reporter over there and he does a good. He had an article here a couple of weeks ago, week so or ago and I think he does fair reporting because it’s local as oppose to sometimes they’ll pull in those national stories that don’t really to us regarding real estate.
But this one, he had some statistics from a company called Core Logic which is kind of a national real estate trend tracking. They’re saying that 3 1/2% gain in home prices which I just haven’t seen this. I don’t know how they’re coming up with that number versus last April, as the way you read it.
I mean, what I’ve seen in some other statistics or some others stores like FHA or what is it Tracy? The FHFA, who tracks. And they’re saying about 3% but I think if we say 3% gain year over year is kind of what we’re in right now, as it what it looks like.
Tracy:Yeah. Three percent is what’s healthy. If you look back 50 years in our market, 3% a year is sort of where we’ve been at.
Tracy:And it’s a nice healthy steady gain.
Tego:And of course we don’t see that month to month, because it’s a very slow appreciation. And one thing we have seen Tracy is homes are getting listed for sale. The increase in that list prices have gone up dramatically, not necessarily the sale prices.
Tracy:Right. And I think some of that is when you see headlines and you don’t read the fine print sort of. The headlines are the market’s great and people translate that into prices but maybe its home selling versus prices.
Tego:Yeah. I wanted to teach something because we’re going talk about Home Owners Association. I think there some confusions are Home Owners Association’s what they do versus Covenants, Conditions and Restrictions or what we call CC&Rs. And we’ll talk about that a little later.
Back to market data, one thing, one real bright spot is the bank properties also known as foreclosures, also known as real estate owned or REO property. Basically they’re homes that were foreclose in one way or another, came back on the market by the bank. This month or the May stat that 12% was the number of those properties on the market versus we seen as high. You know, we’re up at 30%, but this by far the lowest we seen in many, many, many years.
Tracy:Yeah. It’s great.
Tego:That’s a good sign because that also helps in stabilizing prices.
Tracy:It does and you know what we found when there were a lot of distressed homes on the market, the regular sellers had to compete.
Tego:Yeah. And there’re lots and lots and in just certain extent it’s very regionalize in certain parts of town.
Tracy:Yup. So one other thing we want to talk about besides home owners Associations, Covenants, Conditions and Restrictions or CC&Rs is appraisals. And just to cover it a little bit about what we’re seeing in the appraisal world.
Tego:So let’s go right into that one. I know we didn’t even list off our topics here. We’re just jumping right into them.
Eddy:That’s okay. We’re just following right along.
Tego:Oh, yeah sure.
Eddy:No, really. I wanted to say one thing before we start on the appraisal portion. By the way, this is Tego and Tracy Venturi, the Venturi Team. It’s Keller Williams Realty here in each every week, starting the real estate hour.
There’s a story in the Portland and they’re actually giving away pizzas now in order to try… it was kind of side story, right? And the side story was that there’s only X amount of months of inventory left because of the huge traction they’re getting.
Eddy:Four and a half months they said of all the inventory they have left in Portland, Oregon. And I thought, Portland always been a city that’s compared to Albuquerque in so many ways and I just thought that that I haven’t heard a story like that literally in years. And I’m just glad to hear some worthy country where there’s only that much inventory left in the market.
Tego:Texas manages. It’s booming in Texas. Even Denver is right up in the streets from us. They’re booming. And they just don’t have enough homes to sell. There are more buyers than homes available.
Tracy:And in Miami, those million dollar houses are flying off the shelves. Those 3 to 5 million aren’t but there’s still selling at it. Okay pace but they’re saying if it’s a million, two and under, they’re getting multiple offers.
Eddy:Wow! Looks exciting.
Tego:Yeah. And it’s interesting because I’ve looked at some of the stats, We look at like when we peaked out in Albuquerque, our market peaked out in May of 2007. That’s when we hit the highest prices we’d ever seen.
However the entire country peaked out in May of 2006. So, if you look at it that way, we’re basically a year behind the rest of the country in many ways. And we see that in a lot of things, right Eddy? I mean, not just real estate.
Tego:We see that many other things.
Tego:And nothing’s wrong with that. We’re the land of the Miñata. We’re okay with that, right?
Eddy:Yeah, we’re okay. We make it work here.
Eddy:And we can anticipate the things that are coming here too.
Tracy:We pay attention.
Tego:You know, last year a lot of the country had a lot of… you know, it’s booming like crazy. This year, we seemed to be seeing some of that as well.
Tracy, let’s talk about appraisals. This comes up all the time. Obviously, any each time a piece of property changes ownership, in most case is you’re going to have an appraisal. If there’s a loan on it, you absolutely are going to have an appraisal. If it’s a cash sale, you won’t necessarily have to have an appraisal. But, what is an appraisal? Why do we get it done?
Tracy:An appraisal is for the lender typically. So that somebody’s got the eyes and ears for the lender to say, “Yup, that’s a good loan to make.” Because the lender’s not going to go out and inspect the property themselves.
They might be underwritten in California, even if you’re doing it locally. They’ve got the appraisal process there that’s a third-party independent that goes in and says, “Yup. This house is worth what you’re buying it for.” Well, which brings up another subject.
A lot of people think it’s a shot in the dark that the lender doesn’t know how much the house is being sold for. Well, of course they know. They’re given the contract and all of their doing is saying, “Okay. This house is schedule to close for this amount. Let me look and see if that’s justified and I’ll tell the lender.
Tego:In general, they use the comparable method, correct? So they go back three months, similar homes in that neighbourhood, that area and then they make adjustments up and down based on square footage, amenities and stuff like that.
Tracy:Exactly. And the rebuild cost isn’t usually the method. We know that typically and it probably be more?
Tego:You mean what you paid for isn’t how they come up with that?
Tego:Yeah. And that’s first trade-in thing for home owners; like what you paid for it, unfortunately doesn’t matter. It wouldn’t matters for as what somebody’s willing to pay for it as well as what the appraisal can show that other people have paid for similar type properties, right?
Tracy:Yeah. What’s reasonable and what the lender would feel construable making a loan on.
Tracy:it’s good but the one thing that I wanted to bring up in addition is we have been having some appraisal problems for our home sellers.
Tego:And I put this way. You know, the appraisal generally is looking backwards. And, nothing against appraisals understands. They have a very difficult job to do.
They have very strict guidelines on what they can do. Obviously, with everything imploding in 2008. The appraisal guidelines got very strict and there’s a lot of over sight in that world. And that makes sense, right?
You know, large sums of money being loan. However, they have to look backwards and they only have to look at what things have sold. They can’t necessarily look out. Well, there’re five other homes on the market that are higher than this price but they can’t use it. They can’t use that to justify the price.
Tracy:They can’t! But I have seen sometimes where they’re putting active listings in an appraisal in situations where they aren’t enough houses within a one mile radius or whatever their criteria is. I know they can expand their criteria. They have to.
Tego:So Tracy when we come back we are going to talk about the Home Owners Associations. I know there’s kind of some pluses and minuses to Home Owners Association. We got a home on the week right?
Tego:You want to tease that right now?
Tracy:Oh, we got a great house in Ocotillo. We’re going talk about.
Tego:Ocotillo! And Ocotillo is up off Paseo Del Norte in North Albuquerque acres area.
Tego:Tune-in in here. We’re going to take a break. This is Albuquerque Real Estate Talk. We’ll be right back.
Eddy:Am 1600, KIVA; 95.9 FM. This is Albuquerque Real Estate Talk with Tego and Tracy Venturi, the Venturi Team from Keller Williams Realty.
Tego:Eddy, thank you. This is Tego Venturi with the Venturi Team. And we got right to so many topics; we didn’t talk about how to get hold of us. So if do want to get hold of us, Talk Real Estate, our realtor on duty line is in Albuquerque 505-933-6881. We also have that as a toll free number at 855-933-6881. And our website Tracy is…
Tracy:Our website which is really useful. It has great search tools is welcomehomeabq.com but what we know is most people just Google our names and they find our website.
Tego:Yes, we do. Eddy, you know all about Google Analytics and we’re tracking in all that fun stuff. Yup, yup, yup!
Eddy:Yeah. It’s not just the future. The future has arrived, it’s here.
Tego:It is here, for sure. So, yeah. We really spend a lot of time in the website to make a very useful resource for folks looking for homes, looking for market values, looking for what is the home down the street, the listed for sale for.
Tego:Tracy, we we’re talking about appraisals and valuations and valuation problems. Tell me which you meant by that.
Tracy:Sure. We are seeing some of the houses we were get an accepted offer with the buyers willing to pay and the appraisal is coming in lower than what the agreed upon sales prices.
Tego:Why does that happen?
Tracy:Well, for the reasons you said earlier, where they’re looking at past data and if the home prices are kind of edging up towards a little bit. They’re looking at past sales and that’s what they have to look at to justify the price. So it’s really hard for prices to go up quickly because the past sales are what the appraisers are looking at.
Tego:Right. And so what happens when you’re a seller or your buyer, put them on both sides in the appraisals comes in low. What happens?
Tracy:Yeah. There’re four or five things that can happen as possible outcomes so to speak. So the seller can agree to sell at the appraised price. The buyer can agree to bring money in to pay for the difference to buy at the purchase price that was previously agreed upon. Buyer and seller can meet somewhere in the middle. The deal can fall apart and people can go their own ways.
Tego:And one of the things in our contract that we use here in New Mexico, it does have standard language about that that basically, if the appraisal doesn’t match the contract price there’s basically an out option for the buyer or a new renegotiate option for all the parties involved, correct?
Tracy:Yup. We see it happening variety of ways because as the market is increasing a little bit in prices, buyers are willing to pay that new price and they are willing to pay the different between…
Tego:Right. Because when a buyer is out looking for home, they’re not looking out what stuff sold for, they’re looking out with this are for sale for. And so they are comparing to whatever else’s available for them to purchase, correct?
Tracy:Right. And they’re saying, “Hey, this was the nicest house out there and it’s worth what they’re asking or what we agree upon.” It’s interesting because we had [00:15:13:17] we put on the market in the Northeast, kind of by Trader Joe’s off for sale by the week and a half ago or less and we have three offers that we’re working at this moment on it.
That house we’ve said is hard to find. Four hundred and twenty five thousand, a very nice high-end, executive type home. But, you know right now, we’re going. There’s not a lot of camps…
Tracy:So we have to justify the price.
Tego:Sure. That’s one thing, again, that’s part of what we do as realtors; is we work through all these issues, right?
Tracy:We do. And what we know is that house that can’t find it anywhere else.
Tracy:If there were 20 of them for sale right now, we wouldn’t have three offers.
Tego:Be a different story. So, okay Tracy, let’s segway into this whole Home Owners Association. Questions came up this week. We had a client where they ask, “Hey! Is there a Home Owners Association here?” And we said, “No, there’s no Home Owners Association in this neighbourhood.”
That’s part of the disclosure process when you’re purchasing a home; if it’s a Home Owners Association neighbourhood that must be disclosed. But then, once we got under contract, you know, Tyler Company does the title search, which they normally do and they sent out the CC&Rs. And they’re like, “Well, I thought there’s no Home Owners Association.” It’s like, “Well, there is not. It’s different. CC&Rs are different things.”
The question came up; what is the difference between Covenants, Conditions and Restrictions versus a Home Owners Association?
Tracy:That’s a great question. Almost every house we sell has some sort of Covenants, Conditions and Restrictions. Just by nature of what the city code is.
Tego:Right. And so anytime a subdivision is put together in most cases the developer is going to record these CC&Rs as we call them Covenants, Conditions and Restrictions on that neighbourhood, correct?
Tracy:Right. And some of it is city codes. So it says, “Walls can’t be more than 6ft on the sidewalls or the back walls. Or the height of the two-storey can’t be more than 26ft.” And I don’t know if that’s what it’s still.
Tracy:But what it used to be that.
Tego:Yes. So you’re going to have the city zoning, right?
Tego:That’s going to dictate a lot of stuff and then you’re going to have the CC&Rs, way more specific to a neighbourhood.
Tego:And it can be stuff about chickens in your backyard, right?
Tego:And some other stuff.
Tracy:But, that’s a great example though. Chickens in your backyard versus having that Home Owners Association actually enforce it.
Tracy:Who’s going to enforce it if you have chickens and it’s in the Covenants, Conditions and Restrictions?
Tracy:You can complain to the city or the village or the township or county or wherever you are located.
Tego:What’s a Home Owners Association then? What’s their role?
Tracy:The Home Owners Association is an association to basically enforce the covenants and restrictions of the neighbourhood.
Tego:And then they offer additional amenities such as… let’s say you have a community swimming pool or you have a tennis court or you have some sort of facilities or you share in all the landscaping, the cost of all the landscaping in the neighbourhood or if you have a gate at your neighbourhood. Who is going to manage that? Who’s going to collect the fees to pay all for all those services?
Tracy:Exactly. So they’re the ones that are the body that’s supposed to be representative of the Home Owners and making sure that your neighbourhood stays nice and people are taking care of things.
Tego:Okay. So this is where we get in to the negatives and the positives about Home Owners Association, okay? Some people and we had these clients Tracy. They come to us and say, “I absolutely do not want to live in a neighbourhood with a Home Owners Association,” correct?
Tracy:That happens a lot.
Tego:And why do you think that is?
Tracy:They don’t want somebody telling them their trashcan has to be off the curve by 6 o’clock on trash day.
Tego:Correct. In most cases and correct me if I’m wrong; it’s because they’ve had a bad experience with a Home Owners or an HOA, right?
Tracy:I would like to correct you and say you’re wrong, but no.
Tego:Yeah. Oh, darn it, man!
Tracy:No. That’s exactly it. They had a bad experience with a Home Owners Association just kind of dictating and they feel like it’s their house, their yard, their land. But when you look at neighbourhoods that have Home Owners Associations, I know Eddy has a neighbourhood that’s maintained and beautiful and people keep it up. And if somebody leaves the car on blocks on the side walk or on the driveway, somebody’s going to ask them to take care of that.
Tego:To certain extent it’s more like I call it a police force but its group that going to mandate if you’re not taking care of your property, they’re going to send you a little love letter that says, “Hey! You need to pull those weeds under your front yard.” And that can be frustrating to people. But you know what? It keeps the neighbourhood looking great.
Tracy:It does, yeah.
Eddy:I actually love it until I’m the subject of the course.
Tego:Of course! Exactly! It’s just like anything, right?
Eddy:Absolutely it is, right?
Tego:Yeah. I want to speed until I get caught speeding.
Eddy:I get caught, right.
Tego:Yeah, yeah. Okay, no I don’t speed. No, I didn’t say that.
Tracy:That’s funny. Well, I want to get to our home of the week.
Tego:Yeah. Anyway, that was enough about Home Owners Association. What is our home of the week Tracy?
Tracy:We have a really great house and I said it’s in the Ocotillo subdivision. Ocotillo is a small in film neighbourhood that is by Trader’s Joes, northeast to Albuquerque by the Paseo…
Tego:And these are larger custom homes for the most part, correct?
Tracy:Very much so.
Tracy:Yes. On smaller lots. So you know, in that North Albuquerque acres.
Tracy:Area. And they’re not necessarily single storey, which is kind of I don’t know why I think executive of single storey…
Tracy:[00:20:58:21] Single storey because we have bad knees and backs from all the abuse we’ve taken on our bodies. So, Eddy wouldn’t know about that though, he’s still so young.
Eddy:Yeah. Oh, you guys are nice.
Tracy:So we have one it’s on Sand Verbena Trail and it’s in that gated Ocotillo neighbourhood that’s in Paseo Boulevard and it’s a single storey with four bedrooms, plus an office and it was built by Panorama Homes.
Eddy:If you’ve ever done parades over the last, parade of homes, over the last 10 years, you’ve probably seen a Panorama Home. They do a great job.
Tracy:They’re beautiful constructions; great to work with. If you’re looking to build a house, we can find that great builder like Panorama Homes.
Anyways, it’s 3500 sq. ft. It’s listed for $690,000, beautiful single storey, really great layout with a really plush master, backyard is very manageable. It had a nice little water feature.
Tego:Well, that’s a really good point because you can get the big lot, you can go North Albuquerque Acres and get that almost an acre but then you got to take care of it, right? In many times, it’s like having that nice larger home, executive home, custom details, but yet not having that huge lot that have to take care off, right?
Tracy:Correct. And this is house is in an HOA.
Tracy:And the HOA in this case pays for… you may pay in and its $40 a month which is really cheap, you go to big cities and a $40 HOA is non-existent. But its $40 and it’s gated. So they care of the gate and all the common areas.
Tego:Again, tell us the address and the price again.
Tracy: Sure. It’s 10004 Sand Verbena Trail…
Tracy:Yeah. So Google it. Go to our website and take a look at it. It’s $690,000. We’d love to show it to you.
Tego:Yeah. If you want to call us on that or anything else real estate related, we are at 505-933-6881 and then our website is welcomehomeabq.com. If you go to the homepage, there is a place that shows all our featured homes which are all the homes that we represent.
You know, we have one cool thing on our website I want to mention. We have “Real Time” Just Listed, right on our homepage. And what that means as new homes come on the market, they are displayed there and it’s maybe at most to 15-minute delay from when somebody enters a new MOS…
Tego:Until it ends up in our website. So if you’re one of those people that like to kind of view the latest and greatest, we got it right there, welcomehomeabq.com.
Eddy:Edge there Tego. We can just hangi in your new website at welcomehomeabq
Tego:Yeah. We sit there all day and watch all the new homes come in to the market.
Eddy:Alright Tego. We’ll see you again next week. Thank you both for being here. And this is been ABQ Real Estate Talk, back again with Tego and Tracy next week. Up next, Ward Arnold.
On this weeks show. April 2015 housing market update, first time home buyer question, the in’s and out’s of surveys, and more.
Albuquerque Real Estate Talk Radio – May 9, 2015
Tego Venturi: Welcome to Small Business Saturdays and Albuquerque Real Estate Talk here on KIVA Radio 95.9 FM/AM 1600. I love our new bumper music. That’s pretty sweet there. Our producer and Henry Diaz also the afternoon host here with the Rock of Talk. I kind of like that new bumper music.
Henry Diaz: I like it.
Tego: Help for Real Estate.
Henry: Real estate. And that’s what we do every Saturday here at Fox News Radio 95.9 FM/AM 1600 KIVA.
Tego: Fox News Radio. I got to get used to that. That’s great. You got a great, Eddy put together a great line up here now. Anyway, this is Tego Venturi with the Venturi Team Keller Williams Realty. I’m joined by Tracy Venturi, like always, talking real estate here in the Albuquerque area and what’s going on in our market. We just finished April. So, Tracy what are we’ve got on the list today of things we’re going to hit on?
Tracy Venturi: Well, good morning everybody.
Henry: Good morning.
Tracy: Yeah, hi. We were in San Diego last weekend. It was awesome meeting with other top realtors from actually international. Lot of heavy hitters and a lot of good information on what people are experiencing in their markets and how busy they are and that type of tying. And we’re also going to talk about Kevin O’Leary Shark Tank. Mister Wonderful.
Henry: Hey, Mister Wonderful.
Tracy: Yeah. He is there.
Henry: You guys got to meet him.
Tracy: We did.
Tego: Was he a speaker?
Tracy: He was.
Tego: He was a speaker and then we kind of, you do those and got a quick meet and greet kind of things. So, but that was cool. We had a two second of fame there or something like that.
Henry: There you go.
Tracy: And then we’re going to talk a little bit about surveys. Kind of nuts and bolts and maybe Tego will give us his famous market update.
Henry: Oh, yeah. We have to have that. We missed it last week. We got to get the latest and the greatest.
Tego: Now, we are, April is finished. So we got the latest and greatest numbers for April. And there are some pretty startling numbers coming out of the April statistics.
Okay, I’m a really kind of a real estate numbers deep guy. And something happened in April that we have not seen in a long time. And that was the number of homes that went pending in the month of April. It was up 41% versus the previous the month, the previous year same month.
Henry: Wow, that’s significant. That’s a chunk.
Tracy: It is. And listeners, pending means that it got unaccepted contract. A house that went pending sales. So, yeah, a lot of houses going under contract.
Tego: And the other thing, we talked about this last month, is that market supply has continued to decline slightly and demand is up. So, of course, you know…
Henry: Prices is going to adjust to that.
Tracy: Starting to see it.ee
Tego: It sure looks that way. And you know I think prices are definitely on the rise. You can never tell obviously when you’re in the middle of it. You know, we won’t know until later where we end up. But definitely it feels like prices are on the rise.
Tracy: And one of the things that kind of comes along with that, what we have seen is there are a few appraisal issues coming up where houses aren’t appraising because the market starting to move up a little bit. But the comparable sales aren’t there for an appraiser to say, “Yes this is the right price for that house.”
Tego: I want you to explain that Tracy how does the appraiser do that? Because they are just trying to justify that the purchase price to the bank to make the loan, correct?
Tracy: Right. And one of the things that a lot of people don’t realize is the appraiser isn’t shooting in the dark. They are given a copy of the contract. They know how much the house is selling for any concessions, any help the buyer might be getting from the seller. And all they are doing is justifying the price for the bank and say, “Yes this house is worth that much and it’s a good loan for you to make.” So it’s not shooting and fish in the barrel. It’s good.
But they have to find usually five houses that have sold within about 90-days within about a mile of the home that’s under contract that are similar size, similar features.
Henry: For comparison.
Tracy: Yeah. And so if there really isn’t any, the market 90-days ago is a little bit different than it is right now.
Tracy: So we are having a few low appraisals. We’re seeing them across our industry.
Tego: Yeah, and that’s challenging because the buyer who’s making the purchase, they feel the value is there based on other home they’ve seen. Unfortunately, the appraisers are required to use only homes that have sold to justify that price. And so there’s always going to be this lag between what the sales prices are and what the appraised price is.
Henry: And then you always have a seller who always puts the extra value on their home and their property just because it’s there as well so you had to deal with that.
Tego: Well, there is that. Not everybody’s that way.
Tracy: No, I’m dealing with that right now. And it’s a $150,000 house. It has a beautiful newer pro-panel roof which is one of those metal roofs they upgraded and they put AC in. They have rolled outs in their kitchen drawers and they are going wait the appraiser should be looking at these things. And yeah, it’s nice because most competing homes are refrigerated or they are cooling and things. But it’s still tough.
Tego: So, Tracy we had a question come up with this week and I’m going to hit you with this one was first time home buyer. We talked to a guy the other day where he is the “millennial”, you know about those Henry, right?
Henry: I know a couple of them.
Tego: Yeah. So the millennial which is the kind of under 30 crowd. Is that right? Is that the group or…
Henry: Yeah it’s like under 35. That’s the oldest millennial.
Tego: Yeah. This guy has never bought a house before and he is wanting to know, “What do I do? Where do I start? How do I decide? How do I start the process to start thinking about buying a home?”
Tracy: Well, it’s actually a much broader question because he was going, “How do I know what my credit and how do I establish credit and how do I know if I should be buying a house,” and it was like, yeah, all those questions if you haven’t done this, you don’t know, right?
Henry: Wow, yeah.
Henry: That’s funny.
Tracy: So, really that’s what we do best. We know how to guide people. So what we suggest is let’s get together. Sit down. Go through how we work to buy a home? What are the different steps so the things like I don’t really know the process. And we can go through it in our office and just kind of go through these steps. And then, also we bring a lender in. They might have a great lender that they are already look with.
Tego: I’ll take this one, Tracy. Go, okay.
Henry: I got to clear my throat.
Tego: This spring has been rough, I know. Everybody’s having allergies this year. So, we have a checklist on the process that we go through or we sit down, go through and then we bring that lender. And then the lender is really a partner in the whole thing. I mean, obviously they can’t go and show houses and we can’t make a loan. And so it’s a partnership where we work together and get them in the right loan that works for them.
Henry: So you do like an orientation essentially.
Tego: Basically, a consultation, right, exactly in the course. You know the fun part is going out looking at homes, right? You know, getting on websites and looking at homes, that’s all fun and games. But there is a lot of business that has to be done to make it all work.
Tracy: Totally. Yeah. But we love it. I mean, what joy to help somebody get in their first home.
Henry: Oh, yeah. I bet.
Tracy: And a lot of people think first time home buyers are all the $150,000 to $250,000 prices. But I’ve helped people, all ages and all incomes.
Henry: All brackets in income.
Tego: I remember that couple you helped a couple of years ago, Tracy, where they were probably in their mid-fifties. They’ve been married for quite a long time and they’d never owned a house.
Tracy: Oh my gosh. I cried that.
Tego: Well, they cried, I remember.
Tracy: And they were actually older than that. They were late 60’s, early 70’s.
Tego: Oh, okay. Got it. No, mid-50’s is pretty young, right? That’s real young.
Tracy: Yeah, that’s young. Save me for that. So speaking my language. So, yeah, so we were in the house and he turned around and he had tears streaming down his face and he looked at her and he said, “Honey, we found our house.” And they had the most beautiful hug and kiss. And I was sitting there with tears streaming down my face but it was awesome.
Henry: Those moments, I mean, that’s the American dream. Right there.
Tracy: Totally. What a pleasure to work with people and experience that. I had a woman who moved from Manhattan, too. She was probably 60’s. Had never owned a home and she moved here and got a place in Corrales on the side of the hill, a very affordable home in Corrales actually and had that amazing view of the valley and the mountain. And she did the same thing. She never even thought about owning because she lived in Manhattan where yoo can get a 100 square foot for tons of money.
Henry: Totally different market.
Tracy: Yeah. So anyway. We hold hands, we got people through it and we loved it.
Tracy: It’s part of the joy of what we get to do.
Tego: Yeah. So we hit on this earlier. Let’s go back to here. We just had an event here in Southern California, San Diego. Very nice. Of course, when you go to those event you don’t really get to see the city. You’re in a convention center, in this case it was a hotel. And that was networking with top real estate agents around the country. And our keynote speaker this year was Kevin O’Leary from Short Tank thing.
Tracy: Mr. Wonderful.
Tego: Mr. Wonderful.
Tracy: You’re dead to me.
Tego: You’re dead to me. Yeah, he’s your favorite shark?
Henry: Yes. He’s just a sharp guy. He sets the standard, I think. But he’s not as scary in real life, huh?
Tego: No, hes’ not. He’s very, Tracy was like, “Wow. He’s very like mellow.”
Tracy: He was really gentle and soft-spoken on stage. And when we met with him, he’s just a really warm, amazing person and his wisdom is just amazing.
Henry: Of course.
Tego: He’s very strong in his sense that business is war. Business is war.
Henry: It is.
Tego: And the object is to win.
Tracy: If you don’t, you’re out of business.
Tego: And if you don’t, you’re out of business because there’s somebody else always trying to beat you. And really some good advice and I’ve got a few things here. What we can share at the next segment is he brought up what are the three things that every person who get funded on Shark Tank do?
Tracy: Have in common.
Henry: Hey, insight. I like that.
Tego: Yeah. I’ll show that here after the break. We met Barbra Corcoran last year at the same event.
Henry: I’ve seen you guys on TV for the advertisements.
Tego: We were able to connect with her. Go ahead, Tracy.
Tracy: Actually, Barbara sent a video message to all of us this past weekend and it was awesome.
Henry: Did she? Yeah. She was a realtor.
Tracy: She really knows it. Yeah, she knows it. And she has great real estate advice.
Tego: If you get on YouTube and just search her and just any of her talks and interviews that she does are just amazing. And then we were so lucky to make that connection. And now she endorses us here in Albuquerque as her choice as a real estate team in Albuquerque.
Henry: And you guys are well-deserved, you know that. I mean, one of the top real estate teams here in Albuquerque in the Metro area. So, of course that’ why you guys have Real Estate Talk every Saturday here at the Rock of Talk Fox News Business.
Tego: And if you want to get a hold of us.
Henry: There we are.
Tego: Okay. Our team, our realtor, our duty line is 933-6881. If you listen to ABQ.FM you would be hearing that commercial all the time talking about our Home of the Week in that same number 933-6881. And we’re going to take a break here.
We’ll be back we’re going to talk about Kevin O’Leary’s top three things that get Sharks, people funded on Shark Tank And then we’re going to talk about surveys and some of the issues here. So take a break, we’ll be back shortly.
Welcome back to Small Business Saturday Market Makers and Risk Takers in Albuquerque Real Estate Talk on ABQ.FM Fox News Radio. That’s right. I got to get used to the not calling it Rock of Talk. That’s your show right, Henry Diaz?
Henry: That’s right. Every afternoon.
Tego: Yeah, you guys do the afternoon show. This is Tego Venturi with the Venturi Team Keller Williams Realty and I’m joined by Tracy Venturi. And Tracy, if somebody wants to get a hold of us, reach out to us, couple of different ways, right?
Tracy: Yeah, the best way if you’re really ready to talk is give us a call. 933-6881. Sometimes Tego and I answer that phone and sometimes it’s our realtor on duty because we all take turns but we would love to talk to you.
Henry: They are there 24/7 to answer the call of help.
Tracy: Almost. It feels like it.
Tego: Some days it feels like that. We do have a team structure and network flow because we can all serve our client, take care of our clients and still have a life. Because sometimes in this business there’s people – when you’re doing everything from the paperwork to the marketing to the appointments.
Tego: To radio shows, to inspections.
Tracy: Which is where I’m going next.
Henry: And the Mr. Wonderful.
Tego: And meeting Mr. Wonderful. So yeah. So I kind of tease that here before the break. We were talking about what does Mr. Wonderful from Shark Tank and he had a statistic on what is that gets people funded when they come into Shark Tank. Some guy went through.
Tracy: Yeah, somebody went through and did statistics on all of the shows and everybody that’s been in front of them and what did they have in common that these people are going to be chosen and funded by one of the Sharks. And so he put a slide up and it was three things.
Henry: So listen up folks. This is an inside baseball right here.
Tracy: What do you think it is?
Tego: So here it is. The number one thing is they must be able to articulate the opportunity in 90 seconds or less. So it’s the old elevator pitch.
Henry: Elevator pitch, yeah.
Tego: Yup. It’s you know, you got it, you got to give your message, got to give your value in that 90 seconds.
The second thing was successfully convincing the investors that they with the right team to execute the business plan. So they have to convince that everybody there in the Shark Tank that they are the right person. It can be the great idea. They can articulate it well. But if they’re not the right person they’re not going to get the funding.
Tracy: So, it’s kind of a personality thing, right? If they like you and they believe in you and they feel like you have the right passion for the business.
Tego: Right. Well, it’s just like, we’ve seen Barbra do that where she didn’t particularly care for the business but she liked the person. And she would invest in any way.
And then the last thing was you got to know your numbers. You got to know your data. You got to know what’s going on. You got to know what your competitors are going because if you come in there and fumble with your numbers you know what Kevin O’Leary is going to say, right? He’s going to say, “You’re dead to me.”
Tracy: That’s right.
Tego: Anyway, that was the interesting.
Tracy: You know what’s funny? We never heard him say, “You’re dead to me.” But everyone at the convention was saying it.
Tego: Yeah. I guess that was just the Shark Tank thing. So, anyway, we love that show and we love the new show that they’re doing now where they’re actually…
Tego: After they are going out, it’s kind of like the thing that The Profit on CMBC that show where they’re going out and help in struggling businesses.
Tracy: It’s like the after Shark Tank, what happens to them.
Henry: Six months later, that kind of deal.
Tracy: That’s fun. So Tego I know you’re always up on market stats. And you gave us a quick snap shot at the top of the hour on what the market’s been doing. But what else is interesting in real estate this month?
Tego: Well, I recorded the other day, just a market update video. I put it on our website at welcomehomeabq.com. Also on our YouTube page and Facebook page and just about every other page that I have. And it was a market update I went through it. If you want to catch it you can do that. However I’ll give you a couple different things. As I said earlier the really big highlight number for April is the number of homes that went under contracted in April. That’s a huge jump.
Tracy: Which means that a lot of them are closing in May. And that the home inspectors, the appraisers, all those people that help out in the process, they are all busy.
Tego: Everybody is busy. So what we’re finding is generally we’ll see a 30-day closing time. But you can probably expect that to be pushed out a little bit because there are so many people that are involved in that whole transaction once it gets under contract. From the home inspector, the surveyor, like Tracy said, the appraiser, the pest and termite person, the title people – they are busy.
And then the loan side, the underwriters who actually take all of that crazy documentation that you have to provide and go through it and see it their back log because that takes a long time. So we’re seeing that 30-day close may not always be realistic if there’s a lot of stuff to do because everybody’s busy.
Tracy: Or you do your paperwork quickly and get everything your lender asks you like the day they ask for it.
Tego: I always liked that. And I’m sure when you talked to the guy from Loan Star.
Henry: Oh, yeah.
Tego: A lender told me this once, and said, “If I asked you for something and I don’t get it, there is nothing happening on your file.”
Henry: That’s right.
Tego: So you better, if they ask you for something, keep it coming because it’s going to just delay the process. So that was the big thing. And the other thing is we had a 10% in the number of sold homes in April versus last year and overall for the year…
Tracy: Sold as in closed.
Henry: They closed in April.
Tracy: A lot of people moving.
Tracy: Think about those moving trucks all over.
Henry: That’s true.
Tego: Here I just found the other number here. Through April of this year we are 9% ahead of last year same time, the number of homes sold in the Metro Albuquerque area.
And just to give you an idea of those numbers; that was 3,140 this year versus 2,882 of last year so we have had an increase. Definitely enough to – average price, medium price, not a whole lot of movement. Like I said, it’s always difficult to gauge that when you’re in the middle of it. But I think they’re definitely is in price appreciation going on right now.
Tracy: What we know is it’s very spotty. Some neighborhoods were seeing prices go up and others were not. But the median and average don’t tell us too much because that doesn’t say what a house same house last year would have sold for versus this year same house.
Tego: I’ve got an interesting statistic. This comes up sometime. It’s like, “Okay. From the peak of the market, where are we? Or how much did we lose? Or where are we at from the peak of the market?”
And if you look at from the peak of our market which was sometime in the middle of 2007, we had a pretty substantial drop, maybe 30%. And now, we’re about 15% below those levels of 2007. So if you bought then and you’re waiting for the market to come back, you probably have a few more years.
Henry: Yes. That’s actually good news on the economy side, too. Because we don’t necessarily want to get to the levels of the financial markets that was kind of engrossing what happened during that period.
Tego: Right. Well, and Tracy, let’s tell the story about the people we talked to that are like from Frisco, Texas and Denver, Colorado and the things that are going on those markets and the real estate world right now.
Tracy: Yeah, so, we’re seeing real steady, slow recovery still or growth. They’re up the charts
Tego: Let’s call it steady, let’s not call it slow. No, it’s steady.
Tracy: They’re kind off the charts again where they put a house on the market and it’s getting 20 offers the first day, Denver and Frisco, some areas at Miami.
Henry: Frisco’s outside Dallas.
Tego: Basically Dallas.
Tracy: Yeah, sorry, just happens to be that’s where the realtors are from. But you know it’s interesting and people go all. That’s great, right? And I’m like, “Oh, no.” Think if you’re as a buyer and you want to get a house and you have to compete with 19 other people for every house that comes on the market that meets your needs, then it does when people start offering higher and not contingent on appraisal. And you know, it’s a bummer. It’s nice when you have a healthy market.
Henry: So, it’s definitely trend in seller’s market now.
Tego: In those areas for sure. There are markets, I would say yes at certain parts of towns, certain prices we are in the seller’s market. It’s very limited though. Neighborhood to neighborhood, price point to price point. You know, higher end is still kind of slow. We looked at the numbers earlier. Over a million where we had nine sell this year versus six last year.
Tracy: Year to date.
Tego: Year of the day. So I mean, what is that? That’s a 30% job. But yeah, it’s only three more houses.
Tracy: But that’s great.
Henry: Right. In context, but yeah.
Tego: But it is good. You know, we wanted to hit on just in the last section here, surveys. And we had a training session in our office the other day, Tracy, were we talked about surveys. Kind of interesting, I think people get this in their transactions and that’s like okay, it’s a piece of paper with drawings of my house and a bunch of lions and stuff and what does it all mean. What should people be looking for?
Tracy: Well you know a survey is just part of the process of the sale and making sure you’re buying the right piece of land and that there’s not encroachments so that the property lines are really where the fences are, right?
Henry: Okay. Literally.
Henry: It’s on the paper.
Tracy: Yeah. So they are just verifying that the lines are really where the fences might be and what you think. And they are looking for encroachments like building inside of an easements.
Tego: Yeah, I was going to say, will you explain an encroachment?
Tracy: Yes, let’s say, there’s utility easements on almost all of our land, right? So that they can just dig and put wires in and then if they have a problem…
Henry: Was that like three feet, something like that?
Tracy: It’s usually about 10-15.
Tego: Yeah, it depends. 7, 10, 15. It depends on the property.
Henry: It depends on where it’s at.
Tracy: And sometimes it’s at the front of the property. Sometimes it’s at the back. Sometimes it’s on the side, usually not right across the property.
Tego: Sometimes it’s on all four sides.
Tracy: Yeah, hopeful not. But it basically says don’t build anything permanent there because if the utility companies that have easements there need to access under the dirt.
Henry: They can do that.
Tracy: Yeah. And they’re not going to put it back all pretty. If you have a beautiful shed there or if you have some beautiful plantings there, they’re going to just kind of dig it up.
Henry: Survey is important.
Tego: Yeah it is. And you can have an encroachment into an easement like a utility easement but you can also have an encroachment into the neighborhood’s property which is a different issue as well. And so sometimes you’ll have a driveway that might have been overtime meander off the line into somebody else’s property. It does happen.
Henry: It happens, yeah.
Tracy: It does. But there’s ways to resolve everything and we’ve got great people that work with us to do that.
Tego: Tracy, do you have home of the week that you wanted to highlight or we’re going to record that here in the minute. It’s going to run next week, right? So, I’m putting you on the spot.
Tracy: Yeah. So we’ve got a couple of great new listings. We have one coming in North Albuquerque Acres actually that’s just gorgeous on San Diego. And so we’ll probably be talking about that next week. I still have that awesome one in Bosky Farms, the horse property.
Henry: Oh, yeah.
Tracy: You know any horse trainers or anybody that needs some beautiful grass to grace your horses or your cows in the barn? Everything, it’s gorgeous.
Tego: Yeah, that’s great. It’s time to wrap up. This has been Albuquerque Real Estate Talk with Tego and Tracy Venturi and the Venturi Team.
If you want to reach us, you can call our realtor on duty line at 933-6881. Get some help, right? I love that bumper music. And you can visit our website at welcomehomeabq.com.
Tracy: Have a great Mother’s Day.
The big highlight for this month is a 41% increase in the number of homes that went Pending (received a contract) vs April 2014. To me this shows that the demand for real estate market is healthy in the Albuquerque area and should lead toward some strong appreciation this year. The strongest demand is in the average home prices (around $200,000). Homes that are updated, look good, show well, and are priced “In the market” are selling quickly in the northeast heights in particular.
The number of homes sold so far this year (through April) is 9.1% ahead of last and the number of pending sales is up substantially, 23% more year to date than 2013. The other trend that I am watching is the Supply vs. Demand spread. We are currently at the lowest since 2007 and it appears that this trend will continue.
For buyers… prices are going up. Waiting another year will most likely cost you more not just in home price but also interest rate. For sellers… demand is strong in the median price range and demand is still a little soft in the higher prices. If you are thinking of “moving up” from your current home, the timing of doing that this summer looks perfect.
Albuquerque Real Estate Talk for April 25, 2015. This weeks show… Parade of Homes and Home Building Trends.
Albuquerque Real Estate Talk Apr 25, 2015
Tego: Welcome to Small Business Saturdays and Market Makers and Risk Takers here on 95.9 FM AM 1600, “The Rock of Talk”. This is Albuquerque Real Estate Talk with Tego and Tracy Venturi. We’re here every week talking about real estate and what’s happening in real estate market here in Albuquerque. Tracy good morning!
Tracy: Hey great to be here! Little rainy overcast weekend.
Tego: We’re with Keller Williams Realty and we have the Venturi Team of Realtors, we specialize in residential real estate. And if somebody wants to reach out to us Tracy.
Tracy: The best way is to call our realtor on duty line which is 9336881.
Tego: So this is a kind of an exciting weekend, we have a great show here planned. And Tracy do you want to introduce our guest and talk about what we’ve got planned and why it’s very timely to have them here.
Tracy: Sure! Well, we want to welcome Scott Ashcraft. Hi Scott!
Scott: Hi! How are you this morning?
Tracy: Good! Great! Thanks for being here on a Saturday morning.
Scott: Thanks for having me. It’s great to be here.
Tracy: Sure. So it’s a busy time for you. You are a home builder and Second Vice President of the Home Builders Association?
Scott: Home Builders Association of Central New Mexico. And this weekend the Home Builders Association sponsors th Parade of Homes which is a great event happens twice a year. Once in the spring and once in the fall so here we are for our spring event.
Tego: You know last weekend the Realtors Association, we had our big open house weekend where there was like 500 open houses last weekend. But of course those were existing homes.
Tracy: No, you mean resale.
Tego: Resale. Well however you want to call it. “Existing”,”Resale” Yes. But how long does the Home Builders Association been doing the parade, I mean years!
Scott: The parade has absolutely been going on for years and it’s a great event for home builders. It’s been very successful over the years. The event survived obviously. The slowdowning construction that occured a few years ago and we’re back strong.
Tego: So how many homes about this year for the spring parade?
Scott: The spring parade has 30 homes that are involved in the parade. Everything from a less expensive, two hundred thousand home all the way up to a home that’s over one-point two million dollars.
Tracy: If somebody wants to check out the homes on parade, is there a website or a publication they can go to?
Scott: The best way to look at the homes and find out who you want to see and what type of homes you want to see is to look at Su Casa Magazine. There is a great spread in this issue of Su Casa Magazine. Lists all of the homes with great pictures, descriptions, directions on how to get to the homes. That’s really your best resource.
Tracy: Great! I know that we’ve always enjoyed the parade of homes to see the lates and greatest and what builders are doing and different styles of homes. Are there certain trends we might be seeing this year?
Scott: You know I think that everything is really out there in the market for people to see these days. I can’t pick something that’s absolutely one hundred percent in every one of the homes. There’s a trend towards green building that I think is important for New Mexicans, Important for us here as home builders. Those homes that are green built are something that is more popular with the buyers so it’s something that we are proud and happy to see in Albuquerque.
Aaron: What are some of the features of a green built home exclusively?
Scott: One of the real important features of a green built home is water use. Obviously that’s important to all of us in Albuquerque and New Mexico. So the green built standards are very specific toward how much water you can use in a home, inside the home and outside the home in your landscaping.
Tego: So there’s within the Home Builders Association here, you know I know a few years ago you guys, the Home Builders Association (HBA) kind of put together the Build Green New Mexico standards. Is that correct?
Scott: There is an organization, Build Green New Mexico that puts together those standards for green built homes and then home builders in the Albuquerque, New Mexico area follows those standards for green build.
Tego: And not all green built homes are created equal. Is that fair to say?
Scott: Well there are varying levels, that’s fair to say absolutely. Everything from a bronze-level home all the way up to emerald which is the highest level of a green built home.
Tracy: So a house can be built green and have all the features in it but not necessarily certified by a Build Green?
Scott: Exactly. And what you just said is what’s important. The certification process and a home that is certified is really what’s important and a consumer should look for in home. Something that the builder has taken the extra steps to make sure that they are following the guidelines of a build green program and incorporating what they need to in a home.
Tracy: As I understand, that’s extra checks like seven extra checks to make sure that things are being done or something. It costs a lot more to build certified.
Scott: It does, it costs more to certify. And more importantly the home builder hires a third party inspectors to ensure that all those aspects of the green build are being followed. And at the end of the construction process, the home is then certified as green built.
Tego: If you are just joining us we’re talking with Scott Ashcraft with Los Fintanas home and is also the Vice President of the Home Builders Association of Central New Mexico. Did I get it right?
Scott: That is correct.
Tego: Got it. We’re talking about the parade, we’re talking some of the green buid. Just back to the parade, people can just go out and find a map, I know there is an online thing on the Home Builders Association website you could look up the different homes that re available. But they can just go right? There’s not like invite only, anything like that. You just go, that’s the whole idea. There are open house that are available to anybody to come through and talk to the builders. Correct?
Scott: That’s absolutely right Tego. You just show up,
Tracy: What are the hours? Is it Friday, Saturday, Sunday and well yesterday?
Scott: Friday, Saturday, Sunday it started yesterday. The parade of homes started yesterday and goes from 11:00 AM to 5:00 PM every day. So, today starting at eleven until five and tomorrow eleven to five. And then parade continues again next weekend Friday, Saturday, and Sunday of next weekend same hours.
Tracy: Perfect. And I know a lot of the homes along the way have maps and information. They’ll have extra suit causes sometimes if you don’t know. You stumble into one, you look for the little direction and say, “Hey, there’s one open’ might not be the one for you. But you can kind of get directed from there.
Scott: Every one of the homes does have suit cause of magazine at the home.
Tego: There you go. They’ll probably be gone by this weekend or by next weekend you’ll probably won’t find any. So you’re a home builder. You have been a home builder for how long?
Scott: I have been a home builder my whole life. I am actually the fourth generation of my family to be a home builder here in Albuquerque.
Tego: So you used to have Ashcraft Homes and some people may recognize that name. You’re company now is Los Fontanas Homes.
Scott: That’s correct. Los Fontanas Homes
Tego: Tracy and I are familiar with your product but others may not be. You guys build kind of a semi-custom, would that be fair to say? Little bit higher-end a home and you do a lot of in-fill work. Is that correct?
Scott: We do. We’re focused on trying to use those pieces of land that are still near the core of Albuquerque and build on lots in locations still near the core of Albuquerque. And we do I think semi-custom is really great description of what we do because we let our customers really customize our floor plans or start from scratch completely with the floor plans of their owns. So that’s a great description.
Tego: Let’s let you promote your product. So what neighborhood or neighborhoods you have right now. I know you have the neighborhood in High Desert. Is that sold out?
Scott: We still have homes in High Desert. The name of that neighborhood is the Legend at High Desert which is near academy at Tramway. And we do have one home in that subdivision in that neighborhood that’s on parade of homes this year. We have a second home that’s in La Luz del Sol which is near Coors and Delen on the west side of town. And we have a home in that neighborhood that’s on the parade as well.
Tego: Got it. What’s your price point let’s say on La Luz del Sol?
Scott: At La Luz del Sol we started three hundred thirty nine-nine is our price point. And up in the Legends at High Desert, we started four hundred sixty five thousand.
Tego: Got it. So La Luz del Sol, Tracy you know that are well that kind of built off the original Antoine pre-duct La Luz neighborhood right on Coors. And then just west of Coors is where the La Luz del Sol is, and the original parts were Antoine pre-duct? Is that correct?
Scott: That is correct. About thirty years ago when that neighborhood was originally started, originally developed.
Tracy: I bet it was more than that.
Scott: It may have been. Good point.
Tracy: I was thinking it was like the seventies. But anyway.
Scott: And there’s two parts, La luz which is on the east side of Coors may have been the older area. La Luz del Sol about thirty years ago when it started. And Los Fontanas Homes has been very fortunate to develop the last little bit of land that’s left on La Luz del Sol.
Tego: We’ll talk about in-fill. I mean that’s picking up a nice location you know obviously nowadays a good Central location for Albuquerque which is I know people been here a long time. Thinking about Coors as the central location but it is. It’s a great spot there looking back towards the mountains.
Scott: It is. It’s high atop a hill there just west of Coors Boulevard so it’s a great location. Really is in-fills these days, and amazing views because of the location.
Tracy: So if you’ve been to that area I just can’t recommend it enough to go see those homes. I don’t know what you call them but to me they’re clean contemporary, not really modern but modern just really inspiring. Because the windows and the views and the finishes that you guys use. It’s kind of like storybooks really.
Scott: We really appreciate that and you hit the nail on the head. It’s all about the windows and the views.
Tracy: Yes. Great!
Tego: So we’re going to wrap up this segment. We’ll be back. We’re going to talk about home building in the Albuquerque area. I’ve got a little bit of a market stats I want to cover. We’re talking with Scott Ashcraft with the Home Builders of New Mexico and this is Albuquerque Real Estate Talk with Tego and Tracy Venturi and the Venturi Team. If you want to reach out to us and talk real estate we’re always available. Our website is welcomehomeabq.com and our team line is 9336881. And Scott, what is your Los Fontanas website if somebody wants to just look at your homes and see what you got going on?
Scott: losfontanasnm.com is our website.
Tego: Got it, losfontanasnm.com. We’ll take a break and come back shortly and talk about home building as well as pretty exciting market stat. Things going on in the city and the country.
Tracy: Hi there! Tracy Venturi with Keller Williams Realty, the Venturi Team with these weeks home of the week. It’s a great one. At 1405 Pinnacle View, right next to the mountain in the foothills of Albuquerque. It’s four thousand five hundred forty six square feet, 5 Bedrooms with a huge game room.
Tego: Welcome back to Small Business Saturdays, Market Makers and Risk Takers and Albuquerque Real Estate talk with Tego and Tracy Venturi with the Venturi Team and Keller Williams Realty. We are here every week talking about real estate. We’ve been talking about the parade of home this week Tracy. Of course it’s a big thing going on this weekend and next weekend and if you’re not familiar with the parade of homes it’s something that the Home Builders Association of New Mexico does twice a year.
Couple of years were a little bit thin I got to say. There was not a lot of homes. But of course you know we just went through a little bit market change but things are definitely on a upswing. We’re joined by Scott Ashcraft with the Los Fonatanas Home and also Vice President of Home Builders Association.
And Scott what would you say? I mean we see it in our world in residencial real estate that things seems to be really on the upswing from a home sale standpoint. What do you guys seen in the building world?
Scott: We’re definitely seeing more customers out looking at homes now and choosing to build new homes at this point which is great. That is what we want to see from our standpoint and we’re also seeing those permits you know overall in the city and in the state. The number of permits for new homes is starting to tick up. It’s not shooting up. It’s not something that is rising you know extremely quickly but it is something on a steady upward trend.
Tego: You know something you and I have been talking about before we came on the air was obviously there was a period there when there wasn’t a whole lot of development going on. And when I say development, the land development and that’s a long process. Correct? To get lots ready to go to build homes on. Correct?
Scott: It is. I think a lot of people don’t appreciate the amount of work that goes into taking a raw piece of land. Something that’s any from two acres to a hundred acres and developing that into lots that are ready for a home builder to build homes.
Tego: Yes. And so that could could be a long of process not just the actual build up but all the permitting and the approvals and the zonings and the stuff you’ve got to go through. Right?
Scott: Absolutely. That’s the entitlement process and it can take anywhere from months to years so it is important and it’s something that hasn’t happen for many lots in the Albuquerque metro area for the last few years. So we’re starting to see that again which is a good thing.
Tego: Again we talked about this earlier. Your company lost a ton of. You guys specializes in in-fills smaller projects. Correct?
Aaron: That is correct. We’re not a company that’s going to go out and buy a hundred lots somewhere and do a huge neighborhood. We really try to do something that is closer to the core of the city. Smaller you know nine to thirty lots a time. Something along those lines where we’re comfortable.
Henry: I’m sorry Tracy. Are you seeing younger consumers especially the older Millenials, late 20s, mid 30’s starting to want that product closer to their urban population center?
Scott: Well that’s absolutely what the statistics are telling us at this point. Millenials are choosing and want to live in areas where they can you know go out and walk to dinner or walk to the gym or catch the bus or the train. So that’s definitely something that Los Fontanas Homes wants to focus on and make sure that we’re in those areas where you don’t have to get in your car and drive all the way across the town to go where you want to go.
Tracy: That’s awesome. So the location on the west side is right by Jinja and there is a fitness place right there and I think maybe a karate or something that you know, its west side is very close to the freeway. So getting downtown, the base, lot of people that want to commute those directions plus some areas you can walk to if you want to have a glass of wine and walk home.
Scott: You can absolutely.
Tego: You know something that we have talked last week was the trend is not so much suburban building and it’s more in-fill like what you’re doing. And we talked about the project that Kenny Hiccus is working on at downtown Central at Carlisle last weekend. Again it’s more that kind of stuff that seems to be you know going for the next thirty years. That’s what is going to be more popular and more demand it seems like for building. Would you agree with that Scott?
Scott: Absolutely. And that’s something that our company wants to focus on and we think it is something that is good for the city.
Tracy: So if somebody wants to maybe they have a lot and they want to build just their house. Do you do that?
Scott: Absolutely. That is something that is important to our company. We can take a lot that a customer comes to us and says, “Look, I have a lot in this part of town. Can you start from scratch? Help us design and then build a home on this lot.” We love to do that.
Tracy: And if you haven’t seen their homes I definitely suggest to get into one. You obviously have your parade of homes but you have model homes all the time open don’t you?
Scott: We do. We have model homes, right now we have two model homes in the La Luz del Sol subdivision off of Coors and those are open all year .
Scott: Or off of Coors if you’re from Texas.
Aaron: And Tego looks for me for the Coors.
Tego: By the way, that’s Aaron Henry Diaz, our wonderful producer and obviously afternoon host of the Rock of Talk here. So Aaron Henry thank you for producing for us. Of course we love the afternoon show. You know market stuff, I just want to hit a couple of things because I saw some national numbers that I thought was interesting and we’ve been talking about this. That there was a lot of activity it seems like this spring. Tracy, would you agree?
Tracy: There has been. And I know your statisticians so I’m hoping you brought some stats to share with us.
Tego: You know the one number I’ve been talking about a lot is the March pendings in Albuquerque were up thirty five percent, fourteen versus fifteen. It’s a huge jump in the number of homes that we received in and had a contract on the home. And then I saw some national numbers go back to February. Obviously there is always a little bit of delay but kind of the same thing. It’s almost double the amount of buyer activity nationally from February of fourteen to February of fifteen. So just seems like there is a lot going on out there and I know in our market. When I say our inventory supply is low, it’s been the lowest it’s been since two thousand seven. Meaning the number of homes available to purchase versus the number of buyers available in the market.
Tracy: So if you want to talk about real estate with us give us a call. We have a realtor on duty number it’s 9336881 or welcomehomeabq.com and if you interested in learning more about the neighborhoods Scott builds or finding about building a home. Scott tell us how can we reach you?
Scott: Well we have a website that has a great place to look at photos. We have a great photo gallery there of the homes we’ve built like losfontanasnm.com or my wife sells our real estate as well. So you can contact her.
Tego: Yes. And you can always contact us, The Venturi Team and we can get you in touch with them and help you obviously with your real estate needs. That’s what we do. And Scott, I wanted to ask you as we finish up here we still have time. But trends and new home construction seemed to have changed quite a bit just in the last ten years. Would you agree with that?
Tracy: And before you do that we talked about trends in color and finishes.
Tego: Oh right!
Tracy: You mean kind of construction methods and qualities and things?
Tego: I think so. I don’t want to say building standards, I don’t know if the actual standards have changed but seems like the products, materials, the way homes are being built are quite a bit different than even in just the last five or ten years. Is that?
Scott: I think the trend toward the green building has really helped builders focus on those things that are important to building a good home. So the fact that many people are interested in the green build process has made myself and other builders focus on how we insulate homes, what type of materials we put in the homes to ensure that we have good indoor air quality and the mechanical systems we use in homes as well. And what I mean by the mechanical systems are the heating, the air conditioning, and the water heaters in homes are all things have gotten so much better and so much more efficient over the last few years.
Tego: Yes. It’s amazing how much you know you think about when the housing market is really in that crazy boom time in ’04,’05, ’06. And then nobody can build homes as fast enough at one point there in the course, the switch just got turned off for a little while. But it seems during that period where the market was slowed down the builders just started to uppen their game. I don’t know if that’s true but it just seems that way.
Scott: I think you’re right and that’s definitely good for the consumer. We see builders who are professional builders who are now out building homes and that’s good for the consumer because we have great quality now.
Tego: Well okay let me say then since you are a builder and a professional builder. I’ll be the one to say it, there were a lot of people that were “builders” that had their GB98 contractors licence but they weren’t necessarily home builders but they knew the could go build a house. Make you know fifty thousand dollars and do another one when they have more cash. But they weren’t true professionals home builders.
Scott: That’s right. And the consumer really needs to focus and look for builders that do this all day every day and have done so for years.
Tego: Well we say the same thing about real estate agents and it’s true.
Tracy: And reputation matters. Who’s going to be around afterwards you know to make sure to take care of the products?
Tego: And so if somebody is looking for a home builder obviously HBACNM right?
Scott: That’s correct.
Tego: HBACNM Home Builders Association of Central New Mexico, that’s a good resource right? Then go to the website they can see all of the builders that are part of that association. Correct?
Tracy: I’ve been over that website and it could be overwhelming. I would say go to parade of homes.
Tego: There you go. Okay.
Tracy: Walk through houses, talk to the builders. They’re mostly on site at the properties. You can talk to them about what you like and see if it matches with what they really build.
Tego: That’s a really great tip Tracy, really. And just like anythinh it’s about personality and meshing with that person as well. And there’s a lot of great builders out there but I suspect that not everybody is going to jive with everybody out there. Just like again, just any professional hiring.
Scott: It’s exactly like hiring a realtor so I’m sure it’s something you talked about and you experience all the time. Hiring a builder is just like hiring a great real estate agent so you need to meet that person, you need to make sure that your personalities really work together. And that’s why the parade of homes, Tracy is absolutely right. That is why the parade of homes is a great opportunity if you’re thinking about building a home. This is when you need to get out there look at homes and decide who the right fit for you is.
Tego: So Scott thank you so much for coming in and talking about the parade of homes. If you’re listening and just joined us, we’ve been talking about the parade of homes. Get out there. There are a bunch of homes to see this weekend. You can do that this weekend and next weekend. You’ve been listening to Albuquerque Real Estate talk. And if you want to visit the Venturi Team where at www.welcomehomeabq.com or you could call us at 9336881 to talk about this show or talk or any questions you have about real estate in Albuquerque. Have a Great Weekend!
Welcome to Small Business Saturdays and market
risk-takers on kiva radio
the rock of talk on 95 nine FM a.m. 1600
in this is
tego venturi with the venturi team at
Keller Williams Realty
and I’m joined by Tracy venturi like
residential real estate here in the
area on the production panel back there
behind the glass is Aaron Henry DS
thanks for posting with us to share your
afternoon show to buy thanks man
pleasure to be here venture is yell good
Easter weekend we’re here in yeah
usually a little busy with
well right presidential we are you know
you know a lot of people are of over
which gives them time to look at houses
so we actually get really busy over
these weekends and we love it
we’re ready gives we’re hoping the
little little windy I must be spring in
New Mexico little breezy
allergies are definitely senior yeah its
at that time you’re so I you know we’ve
got a good lineup today we’re going to
talk about some in the market statistics
and there’s a really dramatic things
happening in our market now 10
I want to bring those up regarding on
supply versus demand
and then work with God trees you got a
list that we saw a news story and it was
pretty interesting kind and what’s
trending in real estate right now and
we’re gonna go through that
absolutely no we as Realtors rack we get
a lot of information for that from the
National Association for realtors and we
just were looking this morning at what’s
in real estate and it was like five
topics it will just hit on quickly
better really training for us all relate
to and a
this again is to go venturi with the
venturi team Keller Williams Realty if
you wanna talk
real estate you can call our team line
our realtor on duty line
thats 505 of course and 9
33 sexy 81 in our website is welcome
dot com so you to get these markets test
received pretty pretty interesting stuff
you know we went over this in our team
and it there’s some really the
you know absolutely I love to
to know what the market is doing and
what we know is there’s really
to different markets in Albuquerque rate
we’ve got there more affordable home
market and then are certified luxury
just very distinctly different yet they
the thing that’s this happened is we had
we had a really strong March we had a
lot of home selling marching 100 more
this March versus last year yes you know
6 I had the number you’re fires fires
were out in March taking it and she know
yeah were expected to start rising and
we got news that the
worst staying steady for now enjoy a lot
of people jumped in
India likely will stay steady of course
the jobs report coming out yesterday
Friday lackluster numbers again so the
and the central bankers are definitely
gonna be considering with more patients
went to raise those rates on all things
in the coming sooner than June 18
we would be looking towards yeah you
know it in everybody keeps rates gonna
Rays gonna go up in a corset did bump up
your month or so ago
and day just came right back down a tree
they did they went up significantly over
half a point which in near
monthly mortgage is significant and you
know we appreciate you keeping us up to
you know the nation news because we all
need to know because
things affect yes its it’s great because
when the jobs report comes out how does
that affect interest rates for home
years Albuquerque in New Mexico well as
dozen it’s interesting you know we
you know real estate is local your that
the market is
very much that but somebody’s national
like the interest rate what the Fed is
due in court you guys
you Aaron in any you’re gone in the
afternoon you guys are both kinda
a economist d types
I’m a nerd I read the journal yeah Wall
on anything yeah yen
entered into steep so anyway March
I just found the number here we had 930
in this there there’s prolly gonna be a
few more cuz there’s always a couple
don’t get picked up your were only a few
days into the
a.m. April and verses
9:20 so it’s like a 12 percent gain in
the number of homes sold in March
year-over-year thought pretty Priya I’m
pretty amazing Indians
the bigger number the number get this
the number of homes
when under contract in March was
920 last year at a 35 percent increase
mom number of homes that actually got a
contract went under contract no question
there’s still a net said in Seoul
its it’s pretty dynamic in in what that
clause is actually kind of a supply
issue in certain price ranges
right it’s either exactly n in Seoul
it’s sort of time if you thinking about
selling your house
callers now there’s buyers waiting we
only have less than a three-man
inventory homes on the market in net
more affordable price range
the third first-time homebuyer under a
hundred and fifty thousand there’s
there’s not a lot to supply rendered 200
Virginia yeah and you know Tracy Letts
hit on that you start to say this kinda
to markets explain which
you mean by that well our markets like
maybe four hundred 500,000 in a bad his
and a distinctly different market then a
house that’s price to 250,000
their homes that ur in what we would
consider higher-priced her luxury
are still lagging behind their
recovering we’re not seeing
on a lot as sales I believe last year
over a million maybe
28 houses in our markets old yeah yeah
and it’s it’s getting better
it’s still it still lagging behind
kinda you know let’s say you know
entry-level or kinda
out average price/night turkeys 200,000
so basically it’s a set average price
for market area you know in some parts
of town we still see
a demand for like that 400,000 sorghum
executive levering home maybe it’s a
move up buyers
needed innis ranchers Northeast High
specific areas where yep los Ranchos
doesn’t get too much show it depends
really does your
if somebody wants to sell in there
around 400 450 maybe it’s a single-story
sorted newer 10-15 years old in there in
then far northeast high desert north
passaic hours in the heights or
it’s in demand we have a shortage Fisher
yeah I’m so you the the takeaway couple
things I i
took out at this and I’ve been watching
this now for months that just you know
is interested in December when I saw
this as how supply is down in December
really in it continued now you know
for the last four months in it that
is continuing so you know what I see
obviously eventually appreciations gonna
come along with us
prices are gonna get driven up simple
supplied traditionally this
right happens right how long has it been
since you games yeah I seen the
this price range inventory cut go down
all the way to three months I mean
trees sounding the for late reply
specially the recent market
I went back and tried to find something
I can find I can go back i mean a
you know I I went back three years and
then there is nothing in so I’m sure
it’ll probably been since 08 yeah 07
somewhere near the crisis the yah the
yesterday it actually maybe go back like
here in our boom time you know the other
thing we know is
and we do lag behind the rest of the
country and we
we do expect a strong summer selling
season it doesn’t mean prices are gonna
go up specifically for all of our home
sellers but it does mean that your days
on market may be better
and that there will be more buyers
perhaps looking at your house in
might sell quicker so if you’re looking
to sell right now
it’s the time to do it I would you know
what I I’d even add to that if you’re
looking to sell
and move up yeah if you’re next hundred
thousand dollar house now
to a certain extent you’re in a seller’s
market in the chem
thousand dollar price range in if you’re
by a five hundred thousand dollar house
you’re in a buyer’s market
so it’s and interest rates are still
hymie I know know it’s like it sound so
I know it sounds too good to be true
bubble right doing their jobs job right
you know I mean so that you know some
other national stories is
we there some markets that are just
dying for homes for sale again Haas its
marketing are getting ten offers
right you know Denver San Francisco
you know I’ve heard some others on a
Austin San Antonio Texas definitely yeah
so we we network with Realtors all over
the country and we’re actually going to
an event at the ended April
in San Diego where the top about 200-250
Realtors can get together and share best
known methods and ideas in just
it’s always phenomenal that we keep up
with those folks on a private facebook
doors and your colleagues at your
network right place it keeps us up on
the country in like I I was talking this
morning actually yesterday morning with
broker out in the miami area they do
overseas they get tons of foreign people
slipped to do like a walkthrough video
naturally don’t class it out the because
there’s so many people buying sight
right they do a real Ron walkthrough so
people know this is really what the
house looks like this isn’t those photos
where we only
pic pick and choose the ones who really
wanted to see
because they’re buying it without ever
even come into the state’s
now we don’t have that we don’t have
day you know Santa Fe international
we don’t know Albuquerque we don’t miss
anything is heating up to you I know we
have a partner that we work with and
Santa Fe in
and their market is also heating up but
it’s just great for us to come to keep
our polls on the rest to the country and
we can you know then what’s coming our
way and I think we’re starting to see
some love what the other Realtors have
experienced over the last two years
I just wanna kinda wrap up for our young
next segment for our listeners what you
talk real estate next same I’m we’ve got
this list again what’s trending and
you know we cannot talk about some
trends here locally in in the market
just a national things that are that
apply to us
one thing I want to close out the
segment with is there you know we’re
real estate agents were real tours and
we have a team
the venturi team and we’re looking for
good people join our team
and so we’re hiring and so if you’re if
to talked about that with us just you
know reach out to us on the hotline
which is our 93 360
one number you know whoever picks it up
or mortgages directed to
probably Tracy to talk about that so I
want to put that out there and yeah
and we’re we’re looking for for good
we can always are but good definitely
will this is the team to join if you’re
looking to get into real estate or
getting as a seller buyer as well and
what’s the website again
welcome home BBQ dot com Welcome Home
a DQ dot com dot com will be back
shortly with Small Business Saturday
and market makers and risk-takers here
welcome back to
Small Business Saturday and market
makers and risk takers with Albuquerque
real estate talk this is to go venturi
with the venturi team
Keller Williams Realty and I’m joined by
Tracy entry like always talking about
real estate we just had a great
what’s going on the market in a coarser
producer here in
and medias and he a at a great great im
inside as well so appreciate that Aaron
on Tracy you’ve got this story that came
out no one to go over cuz I thought it
was pretty interesting is like what’s
trending in real estate
absolutely so it’s interesting because a
lot of these topics there’s
123 her five bullet points that realtor
dot com just released in
they’re all topics we’ve been talking
about over the last couple weeks and
you know pretty spot-on Sauron we’re
headed the curve totally
night right here in Albuquerque right
here we like to think so in
I mean this is gonna sound weird but
we pay attention I mean Tracy and I and
in our team
we really watch the market all the time
oh yeah we live and breathe this and you
know we are very much full time Realtor
3,000 real estate agents here in
Albuquerque market believe it or not in
really wanna be the polls and be the the
source for the information regarding
real estate so
so let me check give you that bullet
points and we can talk about whatever
to seems interesting so topic one was
work foreclosures keep slipping now
we’ve talked about that a couple a times
great and I looked at it again for for
march in it in it’s down again and we’re
you know less and less foreclosures on
the market less and less foreclosures
selling of course researchers lots of
them yep buyers want move in ready
properties and we could talk for hours
on this island’s
come back to that they do sellers are
so even in our market we just talked
about that mortgage rates held steady
again and home prices are surging
which were not seen not
yet a little bit yeah I mean your last
year old just
hit this cuz we did talk about earlier
is we had basically we tracked about a3
percent appreciation Albuquerque
which isn’t bad I mean it’s that
considering it it
yet okay I mean it you don’t feel it
obviously dated a month to month even
but home sellers this is good and what
we know is less
less people are upside down in their
home wrecked so
skin so let’s go back to buyers want
move in ready
capitis what is a move in ready property
most buyers that lets let’s go back to
our average sale prices 200,000
most buyers you can use an FHA loan
which is three and a half percent down
so that seven thousand dollars
maybe yeah down payment for the first
first fired by a 2000 are two hundred
thousand dollar house and then maybe
they have a little bit a closing costs
and there’s certainly no other
2000 can I just say something did its
in that three and a half percent down
earn you need to change into three
even it’s not that not just first-time
not no no now yeah sorry I stand
yeah it’s it’s available to anybody
right primary residence
impact this your first time home buyer
there some programs to help
with that decision percent so there’s a
programs which we’ve talked about an FHA
buyers not necessarily a first time
it’s got to be a primary residence now
that’s all on but move in ready a lot of
times when we’re looking at somebody is
buying a two hundred thousand dollar
house they have just enough for their
down payment or they’re getting down
may be the seller’s helping them with
closing costs are they’ve got that saved
they don’t usually have money to go in
and remodeled house
or put a new roof under a new heating
and cooling raining
you know way can operate a couple cord
or even something like new carpet you
yeah you know this year the average home
you know just average carpet may cost
three to five thousand dollars to do a
yeah and in the painting a mural
painting is one thing obviously we can
ourselves it’s not that expensive and
it’s not that excellent just messy
fortunately unfortunately some people
have painted their homes that had no
but that the whole nother discussion you
know when you see those houses you know
later treaty and Nellies yeah see
this for the buyers wanting move in
ready can see a need it freshly painted
they need to curb either shampooed
it’s bad they don’t have the ability
most to them to even go
they’re offering a kirpan allowance to
you picking you do it but most people
they need to be motivated they need to
walk in and be moved in fields
nothing and when you walk in in the
carpets old worn-out
they’re comparing it to the the seller
who updated the house who got it ready
your think about when you go so you use
technology rappers us Kennedy
detailed so when when the seller’s take
the time to detail their house they get
they sell it faster and the buyers
feeling so it’s stuff like
you know getting rid the dirty carpet
putting in a newer carpet
re: even having them take that carpet or
what stuff with the walls I would assume
yet different things
a lot of it honestly is good old fashion
cleaning with the extra elbow grease
and you know net that the yard the house
curved exactly all that stuff in
and cleaning doesn’t cost you anything
no in in in a course decline are we
always talk about the clutter and
you know buyers need to see it through
how they’re gonna live right they don’t
wanna see all your stuff now
they just wanna see the bare-bones you
know furniture just to get the basic
no a blank campus open campus yeah
so move in ready really means I can just
bring my moving boxes
income and maybe I need to wash out a
few cupboards and things but basically
need to paint and Anita we can walk
war unit at the Home Depot for the next
no HD TV show you for some in-house
that’s right okay you know another trend
that they’ve gone into I’m sorry
now Neemrana to wrap that up in and talk
about this guy I think it’s important is
the rents and that rents continue to
increase at a much faster rate is
rate then home prices and in renting
is definitely more expensive than by oh
ish you know okay into yeah it
you need to you need to think about that
if now again if you’re gonna be in a
in a city for you know it righted it
probably doesn’t make sense because
have your eight percent closing costs
you know going out of the home so you
you want to be careful about bad by in
you know but you still get those tax
advantages he got a player does and
into the equation as well so you know
it did to me it seems like the trend
going to continue the trend teen
is going to continue to increase to a
certain extent although
there’s a lotta building going on than
the multi-family world right now
you know we’ve talked about this before
too and I’m just gonna
and that can give topic about that it’s
your monthly payment
on owning is probably less than what
your rent might be right now because ur
interest rates and home prices
I’m not even to take into account the
racked just to close it with that
if you buy today you’re locking in your
monthly housing costs right
for thirty years years I’m sure that
rents aren’t gonna stay stable for
on the next topic I wanna go to this
kind of a trending topic
is the Millennials especially they’re
yes ma’am there we go so
we’re where you know they’re pushing
home builders to really be green which
we know most of our new home builders
on in the trash conservation
and stuff like that something we saw
happen here in let’s say oh nine
10 range when the builders in town were
i mean they were they were changing
they were struggling I mean it was time
enough selling anything in
and a few other the builders i think is
third with a local builders production
they started doing the the bill green
New Mexico certification
and then they kinda paul started doing
it can what happens in the homebuilding
world is right guy does it
like it used to be everybody had a
backward coolers and then builders
started putting in air conditioning is a
standard not all the builders have your
there the same thing with the green like
they’re all doing some certain level of
green green certification solar
water aspects on this green I guess
certification or green
communities that Millennials love
obviously if you’re gonna be paying your
utility bills you want to be able to
keep it comfortable so what about
heating and cooling those things
remaining unite even landscaping so that
use less water
one to plant grass and keep it watered
but if users keep interactions keep it
depends on yeah
artist you’re from how you say it but
down south because you call it sounds
like exercisers Kate yeah I
Europe X-ers game down down in yeppers
yeah we say y’all over well scholarship
get that text things little bit but this
is real estate Oct nine yr
yeah not know how it operates truces I
what what’s interesting about the bill
green New Mexico’s it was a group
who got together and started meeting and
when they were first meeting I was going
to those meetings they’re the ones who
came up with the different levels
green certifications gold silver bronze
levels so they put together charts and
they said okay this is the minimum to be
this level and then we’re gonna add on
all these other green features to be the
next level and green
and each level obviously cost them a lot
more to build that way
it’s like anything you know the the
first things aren’t that expensive in
obviously to get more and more gets more
am a premium Canada crossover right it’s
like it some point how green tea need to
you know it’s like the the extra costs
really in the long run over 30 years
probably isn’t worth it break but the
Millennials really do appreciate this
and I think this year and
in training in the future the house is
that people are buying now littered
are going to be the ones people
gravitate towards in the future as we
continue to see in
increases in utility expenses in course
Millennials getting older and moving
from the basement you know that’s what
they were saying last year there and yes
yes you’re shared roommate situation
this year we’re in the roommate
naturally the you know the length of
time will be
going into the market in a couple years
saying you know what you wanna buy one
of these houses well
in you know we could do a whole show
just on the homeowner maloney
saying in the transition in the fact
that they are larger population
then the baby boomers I don’t know if
people know than others eighty
ending eighty million yields in this
generation and 60 to 65
billion a.m. baby boomers sonya
and most people don’t own a house no we
in this economy here yes there in the
ice is right
well thanks Aaron Henry yes for for
obviously hosting with those producing
pleasure this is Ben Albuquerque real
estate talk here
on k I the a radio 95.9% FM a.m.
1600 in if you want to reach out to us
the venturi team at Keller Williams
were at 933 68 81 or welcome home
BBQ dot com
Albuquerque Real Estate Talk Radio shoe for March 14, 2015. Appraisals and how a homes value is determined.
good morning and welcome back to market
makers and risk takers here on
I near her slaney semantic work along
with Aaron Henry
years and we are here with Tego
with the venturi team Realtors with Keller
Williams good morning
good morning lenient karen thanks yes
thanks again for having me I’m I’ll is
so great you know I did the show for
like a year by myself for with Tracy and
having you guys years just been
its creeks you have some really
interesting conversation so
thank you me enjoy it yeah yeah good
good know it’s it’s a great
great thing you guys do the Saturday
morning course afternoon show
Aaron Henry that you guys are you guys
are awesome you that bet that
News at five o’clock it’s that’s great
that’s my upgrade day
you play okay now I read the round up
the 20/20 call it there it’s the
fastest 20 minutes in news the roundup
and I love you guys all commentary that
you throw in there every once in a while
new just a little color just anyway arm
so I have a special guest today we’re
gonna talk about home values I think
this can be a show
that you can rack is one that you know
if you’re curious about how home values
how to get the most for your home water
you know what is a what is in online
Valuation Tool there’s a thing I’m
deal called estimates were gonna talk
all about that but I have a a special
guest then it’s a bunch of Henry
was an appraiser here in Albuquerque
been an appraiser for
very long time your
I did this in the mid-eighties shot it
you know we all hear about appraisers
and you know they’re they’re rollin
in the the purchase process arm and I
it somewhat misunderstood would you
agree with that months of very much so
your in in what your job is in the let’s
say the purchase process or the
refinance process absolutely were small
cog in the wheel but we become one of
timely painful cards occasionally I can
be one with a broken cogs are one other
the the cog make a move faster I guess
it just depends in
arm yesterday is an important partner
you can about a sight out of mind to a
certain extent cuz you know
in the purchase process which is end up
with report from an appraiser
and then not tell most of the time it is
I mean week we typically call ourselves
aid Weller’s okay so let’s get right to
the spine so if
it do you wanna put your number so we
want to talk to you get get information
get an appraisal
allege survey if they want to know
website called him
I’m not techy enough K but my phone
number is here in Albuquerque 505
292 12:45 and the company is simply
perfect okay in your involved at the
board here as well I know you you and I
serve on a board together there
regarding the MLS and will you know
appreciate that as workers we need
as a as a real estate community people
like you involved
I appreciate that sat on the board now
Southwest MLS Multiple Listing Service
for thirteen years now
while while I just wanna keep your show
I dis is a lame in a regular homeowner
I always was at when it when it comes
time for the appraiser is always a
little bit of a scary sorta
all the appraisers coming get everything
ready it’s it’s an essential part but
you’re saying is just one part of it is
just the natural flow but I think
there’s got to be a little bit a change
the mindset for people because
to get I think the latter little fear
going on new should be
there shouldn’t be any fear about the
appraisal process of course it it is a
bit of a mystery because we just kinda
show up and say
let me look in your cabinets in your
closet yeah look
everywhere and I’m going to determine
the value is stated in your hand
and worthy yes are worthy in
also have quickly I mean there’s here in
New Mexico oil so no
you’ve been doing it for years but in
New Mexico I don’t think you
there you actually have to be license is
that true and actually in all states in
the country you have to be
unlicensed at some level is there is
regulatory arm burden when it deals with
appraisers your new mexico yes so %um
chime in there specially after 2000
a let’s say that change and some other
things change but a licensing has been
in place now since about ninety
1992 when we had the first really big
crash the S&L krakow
yeah and that’s when they first started
certifying appraisers and as I said I
started in the 80s lines here
pre licensing but we are actually
okay week the hot all highly under
et cetera yeah I’m in and I wanna get
know the minutiae love
the rules and stuff but things did
drastically change for you
in your industry in latte 2008-2009
they basically cut off our ability to
communicate in 2008 yeah
yeah it’s been in we don’t want to get
into detail but it’s been interesting
appraiser so let let’s back up here what
let me ask you as an appraiser what
how do you determine the value of a home
in lemme establish one thing you don’t
as the appraiser establish value correct
in in is it fair to say yes we report
thank you so that debt I think a myth
that’s out there that everybody thinks
all the appraisers gonna tell me what my
home is worth
and that’s not necessarily the case
perhaps the way I put in you agree with
me or not
months all is the appraisers job
is to determine if the bank is making a
in essence it’s true yes I mean kids the
banks are going to loan
based on the appraised value not
necessarily what people are willing to
pay for the proper correct and those are
two different things fracture
so how tall
just a real quick snapshot Howard does
an appraiser determine when a home is
well the first thing we learn and what
we call a square foot driven market
so the square footage is gonna come into
play and then your neighborhood and then
of course a condition of your property
that the the Sentul so you always want
to be looking at apt
have in that that thats condition have
the property that you can have because
we do notice at upgrades updates
and then the amenities the garage is a
bath rooms that sort of thing come into
yeah and you know I there something that
I think people get confused about
the appreciation a property isn’t
the building buildings actually
depreciate correct correct
im so it goes back to that old location
location location thing right
that’s a big factor in so obviously
the exact name same house bill let’s say
some were in high desert
is going to be very different value than
in gonna pick on any neighborhood but
let’s just say Ventana ranch just
there you know very much different part
of town yeah
absolute extremes end and that’s totally
and and of course a course a
custom-house versus what we call a
production house your your tract
yep that’ll plays into a DOS of course I
read many appraisal reports and there’s
you know whatever 50 100 different
things that you guys have to document
at least yeah yeah and in what it would
have the big 12 said square footage
arm what other types of things are you
looking at compare to other homes will
talk to compare apples in a moment okay
I mean that the things we really start
to look at it of course is
like I said the square footage the
location the neighborhood comes into
the number of garages: a big factor of
course is the number of bathrooms:
bedrooms play a little bit but mostly
that’s handled within the square footage
arm and their and you landscaping
in this is one that I get in debates
with other Realtors with actually is a
three bedroom house verses a
four-bedroom house if it’s the exact
same square foot in everything is the
I usually just tell people me the same
yeah there’s not a value difference to
yeah that a lot of builders will build
the same square footage with either 345
well it’s still the same square footage
rain and some people want bigger
bedrooms and some people want more
even other smaller so absolutely it’s
kinda it’s kind of a trade-off
arm let’s talk about compare apples
obviously we talk
in our industry we call on comp trade I
mean we all talk about Compton all kinds
of things but
E that is really where you go to to
what the market value of a property is
and how do you do that %uh very
I know yes especially when we talk about
places like the North Valley
or maybe you know that there’s some
certain parts the town it’s pretty tough
absolutely if you’re in in in somewhere
like Ventana ranch that you brought up
tends to be a lot easier because one
other person he appraisers gonna do of
is we’re going to run it close to the
square footage in Ventana ranch you can
try to stay with the same builder
which means you get a similar quality
across all your your
comparable selections we’re gonna try to
stick with a similar age a similar style
if we can stick with 01 stories will do
that and compare one story to one story
if you can’t role will look at two
stories and find if there’s value
armed and sold that’s kind of where we
start but we we have to start with the
in the neighborhood not in in and then
again if you have a situation where it’s
at where you
unique home in a certain area you can
kinda expand from there but you have
rules and regulations regarding what you
can do correct he technically
yet but most almost everything
appraisers deal with his guidelines not
hard fast rules
I mean you can always right around an
you said the North Valley yeah um we’re
supposed to keep our comparable
selection in an urban area
within a half mile in the North Valley
that can’t happen yet since that’s
outsell in let me just say as a Realtor
generally we basically do the same thing
we do what we call the the CMA
for competitive market analysis I for
recall both things and im we do the same
we look at okay would at home down the
street sell for that very compatible
on down the street sell for this very
compatible and then we kinda
you know dig through it and filter out
what may be is a true compare bowler we
might add a little bit %uh valuer take a
little value way depending on
you know condition to the home we talk
about that if the home has landscaping
or not landscaping and in some things
make a big difference
in some things make no difference
whatsoever even though people may
think they do like a swimming pool is
that fair to say oh yes
yeah yeah it’s really get to talk about
all the mess in in legends and what’s
not many more in the next section
just before we and head out here on this
first break what
land must go ahead and give her call
numbers out in website culture
sure if you wanna our talk with us at:
go venturi with the
been to reteam with Keller Williams
Realty in our website is welcome home
a BBQ dot com our team line is
of 933 6881 and that’s our kinda realtor
on duty to
lines 0933 6881 there’s there should be
some in there to
help you out anytime even on Saturday
even on Sunday and even at you know
7 o’clock at night we get those calls so
or attacking real estate here with Tito
then Terry in you are listening to
ninety five point nine FM
and 16 any keeper we’ll be right back to
so much more I need the key data them
with market makers and risk takers I’m
anything hun take work along with Aaron
Henry D is on ninety 5.9
FM in 1618 Kia if you haven’t downloaded
a app here AB ke .fm he should give it a
backpack yeah day Desert Eagle venturi
yeah I know I’m I get it is the yeah
well that nothing’s awesome I think it’s
the future radio
I mean in you guys eternity in and I’m
sorry forget his name
does bats ke yeah burdine
the same oh yeah about yeah um
that things cool it really is it BBQ .fm
arm you guys just headed by two stations
online right here fan of music stations
we have the Bloomberg network Fox News
and of course our listeners can listen
are saturday lineup raat ki .fm ap every
exactly yeah sleazy she’s going down
I’m gonna download HQ to here show
land frontage: so ok is we’ve been
talking about a
appraisals and and market values upon
how that would an appraiser does and how
it’s the term in one thing came up on
the break when we were chatting is
arm you’re hired as an appraiser and I’m
I should say when talking to absolutely
yeah i’m talking about. for henry who
residential appraiser here in
Albuquerque been doing it for quite a
while so thanks again for being here
happen so in one of the things is that
his change sort of since 2000 a or at
least that’s been in force more
is that use an appraiser have to be
from the actual loan officers are
cracked pretty much that’s a case week
we cannot actually interact
week we can talk to the loan officer
technically but we cannot talk
values so basically the lenders feel
that they shouldn’t topped with a dollop
feel that they should never be talking
to the lender either yeah
however you can talk with real estate
agent to greater degree again you can
talk values and I understand that right
if you have a copy of my appraisal
report and and
want to ask questions on it I’ll be
referring you back to your lender
I see understand I know it in in a
course with everything that blew up back
you know in the end the bubble arm you
know that was one of the things you got
cracked down on of course it wasn’t
widespread but it happened in there was
a little bit of stuff going on in
and you know some people went to jail
and you know
thats that some lenders and appraisers
yeah understand I understand so
I wanna just talk about something else
really quickly if you don’t mind it
inventory it because I’ve been
tracking you know i i do Obama the video
I put on our website going on you know
monthly market update
and won the things that really jumped
out at me the last two months is the
the inventory basically the number of
homes for sale
in our market and yet certain price
ranges in particular its it down quite a
there’s less homes available to purchase
in the number buyers pretty much stayed
said is that raised the prices other
homes eventually yes
if it if that trend continues and so we
do this thing called month supply
agreement Teresa basically means how
if the had the same number buyers and
you had no new homes come on the market
how soon would you be out of homes to
sell in Seoul
and in your New Year’s heard the term by
buyers marker solar market right yes
okay so you know
generally six months is kinda the middle
it’s neither nor well if you look in
Albuquerque we’ve dropped down below
right around five months supply for our
I mean there is a point there we were
what 18 months pumps all twenty months I
mean it was
yeah it was tough but in the two hundred
under price range weird at three and a
half months supply
in one thing I found really fascinating
about that is
the average days on market has increased
a little bit which means
to me this summer those homes that were
just sitting there not selling because I
are starting to sell to do so I don’t
know this by
maybe just putting is a seasonal as well
let me know it’s busy season for
the whole industry usually this time
years when you have the most supply
right and you know so I don’t know
something to see a
listen now me just add to that date
if you look at the $400 and above the
jumps up to
its 11 months supply you look at 800,000
27 months supply where you’re gone yes
%uh actually down
which is actually down right and I think
there’s quite a few in that kinda luxury
market people that have just don’t have
their home on the market with they would
sell if they were they could but
they’re just gonna stay for now
considers not that market was still tops
generally we should somebody asked me
you know housing market in Albuquerque
real estate market I say well
which market are you talking about hands
yeah and depends on the neighborhood
right but it all depends on
we’re talking about location so let’s
about estimates moves
standing and customers customers at guys
okay guys cell big national website
okay now extra seating the real estate
saying they’re they’re big national
site there there really a marketing
companies what they are they’re not
what they do is they take our listings
the display I’m on their website and
they sell advertising back to pass as
that’s a market that’s their business
planning at what they do
doing well it they’re doing really well
out yeah arm
yeah I mean they’re whatever 100 billion
dollar couple hundred million dollar
company not billions are million it
its day you know it’s a big ol thing arm
one of the unique things a
they created is a a piece of software
that doesn’t automated home value in so
they’ve got some algorithms that look at
you know went on to star
for sale you know what the assessed
values are in a calm
crunches all these numbers and comes up
with this thing that the year
with their colleagues estimate mean it
automated home valuation system
a problem with that once all the one to
take that one well as were non sales
disclosure state which means that
information that they’re trying to
generate the numbers from ins
well based on third-party data that they
and their little arm estimate somewhat
the neighborhood should be selling for
thirty no sales data that they’re taking
that information yes aware
were willing what we call in on
self-disclosure state there seventeen
oven in the country
which means that sale home sale data
cannot be publicly displayed anywhere
hear that so there’s goin’ she and
in the dark sinead your name and in New
Mexico why is that because that’s just
that’s been on the books for long time
forever pretty much its its New Mexico
they private property rights and they
want to keep it private
is that is that good is a good is a good
law or regulation for prop property I
I think so I mean think about your buyer
for home and you just bought the home in
in you know you don’t really wanna know
everybody did know what you pay for the
brain and I think it’s just a
that the privacy thing of course we
lived in this world a big data now so
there’s not a whole lot that’s private
Butler T can go and see what everybody’s
right human decency their backyard
I’m so that delivers estimate is not
accurate it is not accurate
can Indian in so the reason I put that
out there is
unfortunately people that are buying
homes are selling homes
they go there they see it in all the
sudden they get stuck on that number
in really bright from Zillow’s website
it says they give her a ranking them by
state by state county by county
you know how accurate their quote
estimates are in New Mexico is the very
lowest in this is what it says it says
on able to compute zestimate: accurately
thats for all of New Mexico so in
a hundred thousand whatever mores online
auto estimate systems and there’s gonna
be out there
for Roberts really the way you determine
is a professional a professional they
can find that
much welcome home a DQ dot com right or
and in some people will rate bonds are
up front before they put their home on
the market cracked sometimes
yeah it’s expensive I mean it’s not
something I typically recommend because
we’re gonna charge you in that appraisal
we do is
then good for no other purpose except to
provide you a
number one a day yeah if you’re just
tuning in here listening to ninety five
point nine FM in 1618 key event i cant
TT Coventry friends and terry keenan
Realtors at Keller Williams and so want
to just get into real quick were
we have such a great discussion we’re
going going through our time so quickly
is you know how to get the most for your
home how much
you know how do you get the most value
when you sell your home we talked about
earlier that most value of the property
is in the land
to a certain extent obviously the
improvements have something to do with
it but most appreciation happened
in the location in the land but when you
get a home ready in you ready to sell it
you need to just do that mine shipped in
we’ve talked about this before that it
now it’s a product and now you
need to market that product its
in so you think about this way if you
sell a car and it’s dirty and it’s
you in you got the exact same car next
to it in its
blacks in its beautiful smells good
looks good you know which ones gonna
have more value
sure its it’s pretty simple in Fort Lee
some reason people miss that sometime
from they put their home on the market
right but absolutely
would what are the other big things you
would say bon solve it affect
the home’s value to basically bring the
to bring it up you’re gonna wanna make
sure that you look at things like the
condition make sure your carpets are
make make sure it’s tidied up it doesn’t
have a major impact on the pressure but
but just like anyone else going into the
property what we’re looking at how it
feels when you walk in the door
in you know you can tell it there’s been
some deferred maintenance just by the
condition of the home race
and I’m deferred maintenance does affect
value it does absolutely
N and it’s noticeable in if the the roof
is a perfectly you know if they’re a lot
a shingles are starting to it
to show curling are falling off it
deferred maintenance and it does
impact value yeah yeah as a if there
something happening there’s prior the
areas that have not gone
that see a side issue yeah so I just
want to bring up one less thing we’re
almost at a time but I want to highlight
a home a home for the week here is 28
its in the Tom Allegria neighborhood the
kashmiri where that is its
for it well it’s technically and burn a
Leo but it on the
the west side of the river so you feel
like you’re in Rio Rancho Buena
but it’s a it’s a 55-plus to community
it’s saddam there’s not we don’t have a
lot of those in the clinton Italian
active adult community it’s a Dell web
community I’m we have a home for sale in
there is listed for 276 nine
it’s a it’s a great neighborhood because
you know it’s it’s a beautiful community
and again we’re talking about location
location is wonderful if you want to be
active adult lifestyle this is the place
in its its really well done so you’re
interested in at home a time desert
willow court desert willow court just
give us call
at 933 6881 where at a time already this
was a great show
month of thanks for being here we really
appreciated in look forward to having
little bit more going on here on
Saturday morning AB keygen FM you listen
to any semantic work we’ll be right back
On this weeks show, latest home design trends.
welcome back to this Saturday’s edition
and market makers in risk-takers I’m
your host lanie semantic work along with
years and we are here with Tito and
Tracy venturi other than terry keenan
Realtors at Keller Williams good morning
good morning lanie great to be here
again thank you and you have a special
guest today said this exciting
did well as for me the city go I’ve got
a very special guest cuz
to she happens to be my sister but is
also excellent interior
designer designer in the the Phoenix
and just happen to be in town this
weekend so we thought gosh we’re gonna
drag your in here and talk about
on design I thought to be a great great
topic cell I G
venturi thanks for being here of thanks
for having me this is such a joy can’t
yeah I like a radio voice yeah mention
million terry’s man you cash
30 voice down to a tee it must be in
did in the jeans or something not like
at either I
he’s got the voice is only 180 air
here got came by the way 22 ND and and
congratulations on the the new app the
yeah ABTI to them
I’ve been using it it’s great %um a
dust-up and on my
had mom i am. mobile phone joint that
best recalls grazing of Brett row it is
yeah yeah it’s pretty cool so thank you
so they’ll be listening to you on there
as well down on the app you can hear the
venturi team anywhere and everywhere
mom the so you know Tracy in II there’s
one thing I want to bring up just on
markets that they know they’re not that
a the FHF a witch’s
the federal Housing Finance Authority
they’re the ones that oversees Fannie
and Freddie which do about
ninety-five percent of all the loans in
the country so there it’s pretty
important deal but they track
God metro areas and in prices and they
finally put out their 2014 numbers
and their tracked a 3 percent
appreciation in the Albuquerque market
for all homes so its it’s an interesting
I mean traces looking at me like that
doesn’t sound right well you know when
we look at it we think it’s about 1
percent so it’s interesting that
that stat was a little bit higher we’re
not really feeling it when we’re selling
no know it it seems like Crystal City so
let’s just jump right into home design
and again gee thanks for being here you
you do what type of work do you do in
and Phoenix and Scottsdale both our
residential and commercial design
for seventeen years now so I have a
pretty broad spectrum
nothing at Long I got scary numbers
seems like the couple days ago he
me tonight in your house when he knows
you’re going out what she making
everything really cool
you know it’s interesting I remember
talking about that’s what I’m gonna do
when I grow up like when
when you were really young yeah I
remember paintin my
badge am orange and purple and I thought
that was the coolest thing ever
and a you know with the Peter Max Payne
thinkin in the seventies orange and
purple me now is it
was I’m stylin so actually let’s jump
right into that some for talking Caller
where the hot design trends and in color
right now if somebody’s
either for the home or commercial well
so we’ve been in this
have been in s-phase have kinda old
world Tuscan style and people are tired
of it so they’re moving away from
and brown came back in a big way in the
past spout seven years
and people are just tired of it so
they’re moving away from the Browns is a
new channels and gray and kind graze the
and it really is so grady’s an not just
like a cement grey a real cool kinda
the warm grays and so it’s a range of
pallets from light to dark
so that’s a neutral that I’m scene and
then rather than the red gold green
scheme that what works so well with the
brown they’re moving away from that into
boulder brighter pops of color
which of course work really well with
gray as a background
neutral and %uh so that’s the trend said
I’m seen in terms of color
in are that pops of color warm
grady’s white creams even now we know
how impractical that is Hannah
so far but they’re they are coming back
in you know it’s interesting cuz
we’ve you know wanna the Ranger here
this weekend is
we’re in the process have Bri design in
an office for for ourselves and you’re
going to help us with that so thank you
but you know we’ve been looking at a lot
a design stuff and that’s what I see
when I’m looking on Pinterest and all
these people oppose boards
about you know different different
things in design and that seems to be
where we’re going I was Danny say wanted
the topics that we really wanted to
and things you can do they’re like the
bang for the back so just you know what
can you do to kinda
for it brighten up your house and make
it more what today’s styles are in
probably paint and color is one of the
definitely bang for your back pain by
far is the number one
so what I know here in Albuquerque you
don’t have a lot a casement spec where
you do my recommendation is you go with
or just to barely of light like a
on a Swiss coffee white on all of your
tram and then add your background tent
collar on the wall in if you’re going to
go into the gray
range make sure it’s a warm grey not a
cool grey don’t want it to feel
okay way just define warm versus call
eyes in the color palette so warm towns
have a non
warm colors are yellow or red orange so
it is undertones as the
ret red yellow orange versus cool towns
which have purple green
blue are the cool towns an
and and are great in certain contacts
but you don’t wanna to
and reread in those graze
cell got it that’s that’s what I you
wanna have some warm undertones so
when I say great you know kinda hope has
the long arm that actually has an orange
most that helps your got it God so so
what else just
just to stop the paper had a mean what’s
happening in the design world what’s
really hot when
getting away from discolor overall
I just started I almost choked so just
a moving away from the as I said earlier
had dark heavy car furnishings into
things that are more sleek contemporary
but not the contemporary that from pre
it’s kind of a planned vintage style
with reclaimed wood with
answer industrial Allemands they’re all
coming together to create this sordid
modern new vintage modern luck
and a fresher newer but again it’s not
cultures sleek you now black-and-white
its it’s a warmer luck
would you say done authenticity late
there’s more authenticity in
the furnishings and where’s yeah
medicide word yeah I
I think people they want a connection to
and they want that definitely green
trans R answer
using reclaimed Allemands or elements
from the PEP Pratt past
is both green and also ties you to those
moments but then its reworked in a fresh
way with cleaner line so
the authenticity is a good word our you
the transit your scene Phoenix are apply
here and we’re just neighbors said that
definitely yeah I mean you guys have
your own kind of style
elements that we don’t have I’m but
I think Oh definite bridge between our
and dad so absolutely outdoor living
some morty I mean Phoenix’s similar to
us in this
in the sense that there’s a lot about
your living a course in the
summertime you guys Caleb outdoors right
pretty much well
you because we have your whole areas
I’m reduces you can’t go outside summary
every house in Phoenix has a swimming
pool by the way lawyers that
yes so I’m we do actually live outdoors
you know I am very similar and outdoor
living spaces are
are huge in the Phoenix area’s as they
are I’m sure here
they are in intercourse week we get the
much cooler nights here in the summer
than you guys do you don’t really you
know it gets down to 105 at night or
here have much hope hot
okay are eager to know I’m a timeshare
and I know there on the golf course is 6
a.m. it’s like a hundred in eighteen
I give her a hard time
you stand the rain live there and of
course you know we love
New Mexico I’m shown as a crime in this
is home to me
and arm you know I love I do love our
climate is we do get those cool nights
in a warm summer days arm what do you
see happening with the outdoor design
though in in outdoor
you know living spaces what’s column
well they are just that they’re living
rather than having a table and some
chairs there really are
living spaces so you have CD net creates
a conversation area maybe
anchored with a fire pit or I’m some
sort of water feature then you have
area for dining maybe an extended
and then it connects to the house in
some way so
no in Phoenix I know we have a lot of
glass curtain walls that can be polled
pull back so you have this
indoor outdoor space that’s great for
I am lounging in entered especially for
so add I know that you have worked with
folks from the Albuquerque area who have
hmm in the Scottsdale and Phoenix Syrian
in a and just curious how that’s worked
for you and what you’ve seen it might be
am indifferent or challenging or Hell
how smooth it might work what’s grade I
love working with people from
Albuquerque me. minor things
we have access to design centers that
you guys don’t have so we’re able to
I’m touchy and feel fabrics friend
sheen’s assessor is that you might not
have access to know so it’s just
it gives saddam now extends the range
what we can design and of course in a
isn’t fixed an event we I have products
at my fingertips nationally and and
beyond so it’s
it’s great to work with folks Malba kar
we’re gonna um we’re gonna take a break
here in a minute
if you just joined us we’re we’re the
venturi team with Keller Williams Realty
this is our
our show and Laney I’m taking your your
spot I used to do this all myself so I’m
its did I gotta get use to our
achievement in ninety five point nine FM
yankee yeah if you want to talk real
estate here in Albuquerque market you
can call us at nine
33 sixty 81 and our website is welcome
a BQ dot com we take a break we’re gonna
come back and talk about
arm more about home design but also lost
a gene in
in designing your home to sell it to
make it a marketable product
excellent thank you so much we’ll be
right back any be queued up
when we have on the home other week
thank you all we left the
to showcase what we recently listed for
and we listed to really fun properties
this week once in and collar village
which is a little gated neighborhood
bear Canyon Arroyo and open space there
and it’s a fairly new house for the
northeast heights it’s a single-story
I listed it 260,000 probably will sell
pretty quick little gated neighborhood
nice n updated finishes
which is the topic and today and another
one in seven bar North penetrate a civil
rescue the corner from Intel place to
story with backyard access it’s really
clean and ready to go
at 195 so great price it on our website
and check them out that those houses in
all the others welcome home
BBQ dot com or give us a call obviously
we love to talk about religious
you know so we’ve been talking about you
know design trends and stuff really
interesting about color and where that’s
going on I guess
like we said we’ve seen that big razor
are really hot right now
with fifty shades in them
I just had tea I’ll was 180 lab
hidden somewhere means being inside
you know current yeah yeah married in
any manner see
I me okay okay hey okay so
what other you know things that are that
are real popular right now i i kno
flooring is always you know a big issue
for homes its
it’s actually won the most expensive
remodel projects you can do in your home
cuz you can’t spend anywhere from
three dollars a square for to twenty
dollars a square foot right while
I’m sure you probably you new ones that
are more than twenty dollars square foot
but but what’s really popular and
Florian right now
wood has been popular for I a little
while and it’s because the quality of
the engineered wood floors have
on some many many options and
manufactures out there
and many rangers have I engineered wood
on dates easy to install
super durable a wide range of colors in
and I’m just looks beautiful and it’s
you know not as hard underfoot as say at
or astound so people are really like in
word and then
speaking of Thailand’s down there also a
lot of wood porcelain tiles now
they give you the luck but not
necessarily the maintenance
I love a wood floor and people are
their just the ease the vet and the
local vet and those are
evolving as well were seen longer planks
a mix-up sizes just to give it more
in the look of time you know Mindy they
look great I mean those
the porcelain would oh my gosh I mean so
many new homes are starting to use it
right up front even with custom home
in some track housing so the big-time
are using it and there’s just a wide
range of colors
out there com not every tiles the same
so it doesn’t look like it actually
looks like one
looks like wood but you don’t have to
clean it liquidates easy to clean
that’s right it seems like that’s
something people really want these days
in their homes
really easy to keep clean they don’t
wanna the allergen
in dust and dirt tell me for sure I’m
saving people moving away from carpeting
they are tired at the dow search harder
the allergen on
even and bhajans which is usually the
answer to the last holdout for
carpeting and just using area rugs to
have that land in space next year bad to
your feet don’t you know your bare feet
don’t land on
a hard surface you’re describing my
house right now
leadership course here in New Mexico we
got this cool thing called brick floors
which we personally love cover we have
in our house but burglars are very cool
initially you need New Mexico thing I
would say do you see those in
Phoenix its absolutely unique to your
area I it’s one a
and I love them and I don’t know why we
don’t do them in Phoenix but we just
and absolutely love them on when when
Jason came a Christmas he said why don’t
we have brick floors you they’re so easy
to maintain but it’s just not something
we do there coming from california i
when I came here my first home Henry
he in to be able to walk on those warm
tiles was just
absolutely stunning some channel that
Holmes hear that how those we do
actually ours has that and we love it
and the Petzl and yes
you can tell where the warm spots are
because the the animals gravitate
yeah sacame flooring concrete is also
still very hot I’m not always just in a
contemporary setting so there’s a lot of
finishes pas stain
encodings that you can do to concrete to
give it a lot a textured out
including I’m scribe in its you can
create patterns and designs and colors
and I it gives you you know a lot of
variety for not a lot of costs so
very very popular in the Phoenix area
and I mention it is here as well
especially if you’re a in Flying Star
yeah they have a great artist that does
their stained concrete floors
her yeah the let’s talk about just
you know a product okay because that’s
what happens when someone puts ur
home for sale you know we we know to
home you’ve made memories aired that’s
stop but all the sudden it goes on the
market and now it becomes a product
and in just like any other product you
have to merchandise that correct
absolutely so what I would say is in
this is true for myself in my own home
when you walk to your house day in and
day out you become blind to what’s there
you can’t see it and you don’t realize
how potentially cluttered I’m not saying
always but potentially clutter to be
can be calm and so someone it’s going to
sell their house the first thing they
need to do
is decliner and my recommendation is you
bring someone through with a fresh set
of eyes and you
try and listen to what their other
feedback they’re giving you not from a
personal standpoint but from an
objective standpoint in terms of sign
course your real state agent would be
the perfect person source you same
don’t take it personally that’s what I’m
saying to cancer
don’t take it personally it really isn’t
an here said it’s an opportunity to pack
organized go through stuff and put those
so that you’re ready for your new home
new location and really just take things
and it’s gonna feel
bertie its gonna seems stripped its
gonna seems sterile
you know that you’ve got it right if it
feels that way
you know one thing we notice when we’re
doing um for
photographs of house of course
photographs are huge deal now in
in marketing homes because there would
be no ninety percent people are looking
for homes online
said or I think the numbers higher now
the thing we see is this even if you’re
in this space
in you understand space better than me
it may not feel cluttered
but all of a sudden you put in his two
two-dimensional plane above for top
photograph and it looks everything jumps
out is all on a single plane it becomes
clutter dizzy yaa yeah if you’re just
tuning in to you the VIN Terry team
you’re listening to ninety five point
and 1600 in cuba in you can also
download our app a BQ .fm
thanks lady checks UN in if anybody
wants a college talk real estate again
9336 a 81 in our website is welcome home
BBQ dot com absolutely so it’s weekend
we am we love to talk real estate so
hollis anytime we have a realtor on duty
at that number almost all the time so
feel free to call us
even if its you know Saturday Sunday
because probably where working
now ending back to our its so what other
things when somebody’s getting ready to
you know put their home on the market
other than the decline your mean I think
everybody here said
what other things can they do to really
make it become this
this really the to merchandise this
product that they’re putting on the
fresh paint yeah fresh paint absolutely
on take things off the counter that’s
cuz back to the decline during
I’m haps a professional either stay
jurors in many cases real state agent
arrange the furniture in a way had
that maybe they you haven’t arranged a
have it look more like a somebody coming
into the house could see their French
be so a new range a new space plan
within a their living room you know one
thing that thing we always talk about it
you know where you wanna
have it so that potential buyer coming
in can see themselves living in this
exactly and so you know maybe they’d the
way you have the furniture works
for you and units livable for you but it
it may be let’s say awkward Russian
like 18 is another aspect that’s really
important so you wanna
make sure that you’re getting good the
most on natural light you can get in for
sin for mass but not
glaring natural light so if there’s %ah
sheer curtains you want those drawn on
but maybe not have
the drapes John or the blind John you
want to open it up to the outside as
much as possible adding that natural
and and secondary light om as little
fluorescent light as possible all the
most either incandescent and/or
a halogen light one one thing I want to
it’s more than just for the seller in
obviously getting the most for their
you know making a nice product
for the buyer to because you know the
buyer comes into our crazy cluttered
house with it’s dark
you know they can’t they can’t see it
then in maybe it’s the perfect home for
but they can’t see it through the fog
that’s absolutely true I didn’t realize
because I naturally see things in 3d and
I didn’t know
other people can’t do that so I can walk
into a cluttered space and see the blank
canvas but most people can’t do that so
you need to
stage in such a way that that buyer can
see themselves their
sewed can ever take up on that the whole
lighting thing is one of the things I’ve
noticed is we’ve got all these
energy-efficient bulbs now in our
houses and it really seems like they
don’t get brightener
to really show the house and so it’s
great that they’re all these
energy-efficient bulbs but it’s almost
like you need to change him out to sell
your house maybe
yeah but good light as I said is
me to not have it be dingy and damn hall
where at it and you’re gonna have to
call in I think and feature at a sale
this little ass an awesome yeah it was
really great thank you so much for being
here they’ve been treating has expanded
many are all
eg inlay into an educated so much more
on Albuquerque real estate let’s get one
more around the web sites for
bowl sugar yes yes OR are main real
estate website here in Albuquerque home
search all that good stuff
welcome home a BBQ dot com Anna
in yeah you know of course you’re in
Phoenix but you know maybe there’s
somebody here that has a home over there
or maybe you know from Phoenix is
relocating to anarchy
the yeah absolutely my website is Gia
interiors stock com excellent thank you
so much for being here being on the show
being on market makers in risk-takers
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we’ll be right back the so much more
Topics include WalkScore, 10 Year market trend for Albuquerque, and laws regarding Home Owners Association disclosures.