Albuquerque Area Open Houses – April 5th & 6th

Here is the list of open houses scheduled for this weekend. Here are a few tips and etiquette to keep in mind if you are going to go out “Open House-ing”.

  • Do a little home work before heading out. Make a plan where you want to go and what you want to see on-line first.
  • Be polite and respectful to the host and home. People are letting you in their private space, respect that.  The host (Realtor or Owner) will most likely want to get your contact information, give it to them, If you already have an agent just let them know.
  • If you find a home you like, have YOUR Realtor schedule a follow up showing. This will avoid confusion on who is representing you.
  • DON’T make yourself at home… think of it as visiting a museum. Look but don’t touch. Keep your kids with you. 
  • Hold your criticism. Not every home is for you and thats fine, just wait till you are back in your car to share.

Happy house hunting…

You can also browse out Open Houses Map.  

63
matches found

$850,000
Open House (04/19/2014 - 11:00 am)
# of Bedrooms:4
# of Bathrooms:4
Square Footage:4300
Year Built:2005
Area:103 - West River Valley
Subdivision:02Riv
Description:Beautiful quality single story home built by Renaissance Custom Homes in Ri...
Listing Office:Pargin Realty ERA
Last Updated:April - 16 - 2014
; View Photos (50)  |  Virtual Tours (1)
$574,900
Open House (04/19/2014 - 1:00 pm)
# of Bedrooms:4
# of Bathrooms:3
Square Footage:3525
Year Built:1995
Area:40 - UNM
Subdivision:Las Alturas
Description:Stunningly beautiful, turnkey executive home in gated community with excep...
Listing Office:Full Service Realty LLC
Last Updated:April - 18 - 2014
; View Photos (39)
$535,000
Open House (04/19/2014 - 1:30 pm)
# of Bedrooms:4
# of Bathrooms:3
Square Footage:2726
Year Built:2001
Area:31 - Foothills North
Subdivision:Trillium/High Desert Un 02
Description:Great single story with large great room, with newer hard wood flooring, so...
Listing Office:Keller Williams Realty
Last Updated:April - 18 - 2014
; View Photos (34)
$500,000
Open House (04/20/2014 - 2:00 pm)
# of Bedrooms:3
# of Bathrooms:3
Square Footage:2796
Year Built:1994
Area:20 - North ABQ Acres
Subdivision:North Albuquerque Acres 03 Un
Description:A True Unobstructed View of Both the Mts. & City. Updated Beauty includes n...
Listing Office:Pargin Realty ERA
Last Updated:April - 16 - 2014
; View Photos (55)  |  Virtual Tours (1)
$495,000
Open House (04/19/2014 - 1:00 pm)
# of Bedrooms:3
# of Bathrooms:3
Square Footage:2463
Year Built:1996
Area:20 - North ABQ Acres
Subdivision:Primrose Pointe
Description:This special home is casual yet elegant. Enjoy evenings in the great room v...
Listing Office:Signature Southwest Properties
Last Updated:April - 17 - 2014
; View Photos (28)
$492,500
Open House (04/19/2014 - 10:00 am)
# of Bedrooms:3
# of Bathrooms:3
Square Footage:2396
Year Built:2004
Area:130 - Corrales
Subdivision:Julian Claude Lucero
Description:Come see this charming Corrales horse property! Open floor plan is perfect ...
Listing Office:Pargin Realty ERA
Last Updated:April - 16 - 2014
; View Photos (42)
$469,000
Open House (04/19/2014 - 1:00 pm)
# of Bedrooms:3
# of Bathrooms:2
Square Footage:2634
Year Built:1996
Area:10 - Sandia Heights
Description:Absolutely one of Sandia Heights’ finest offerings- once you enter pre...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 18 - 2014
; View Photos (38)  |  Virtual Tours (1)
$450,000
Open House (04/19/2014 - 2:00 pm)
# of Bedrooms:4
# of Bathrooms:3
Square Footage:3461
Year Built:1990
Area:51 - Foothills South
Subdivision:Ann Lees Place
Description:This 4 Bed/3 bath Foothills gem is perfectly located on quiet, low traffic ...
Listing Office:Keller Williams Realty
Last Updated:April - 18 - 2014
; View Photos (46)  |  Virtual Tours (1)
$429,900
Open House (04/19/2014 - 1:00 pm)
# of Bedrooms:4
# of Bathrooms:2
Square Footage:2595
Area:31 - Foothills North
Subdivision:Glenwood Hills Add 01
Description:Gorgeous Glenwood Hills Beauty! Brazillian Cherrywood floors, New TPO Roof,...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 17 - 2014
; View Photos (35)
$420,000
Open House (04/19/2014 - 1:00 pm)
# of Bedrooms:4
# of Bathrooms:2
Square Footage:2499
Area:31 - Foothills North
Subdivision:Glenwood Hills Un 02
Description:Glenwood Hills beauty located at the base of the majestic Sandia Mountains....
Listing Office:Keller Williams Realty
Last Updated:April - 12 - 2014
; View Photos (22)

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Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

Albuquerque Homes With a Pool… in February?

Albuquerque Homes with a PoolIt’s time to start thinking about summer in Albuquerque and buying that home you always wanted with a swimming pool. Why? Because the numbers tell us it’s time.  Lets look at the data… The average home buyer spends 12 weeks in  home search process. The average escrow time (from contract to final closing) is 40 days.  Add at least another week for move in, that put us smack in the middle of May, perfect season to enjoy that pool!

We have a couple resources on this site to help you find homes for sale with a swimming pool. Visit our Homes with a Pool page to browse by price or area, and learn things to consider when buying a home with a pool.   Swimming pools come in all shapes and sizes (literally) and are definitely not created equal. The most common type we see are in-ground and can be Gunite (cement), Vinyl, or Fiberglass construction and can have many different features.  You will also find above ground (in general lower quality than in-ground), or community pools. 

One last note… it you decide to get a home with a pool be sure to do your due diligence and get appropriate inspections and learn what maintenance and upkeep is needed.

 

 

Great Video – 2013 Balloon Fiesta

In case you missed it… it was a excellent fiesta this year. The weather was good for the most part and we has a couple great mass ascensions as you will see in this video.  I will say our dog is glad it’s over… she is scared to death of the balloons and hides under the bed when they fly over the house.  Enjoy this video… they did a great job!  Tego

Albuquerque Real Estate Talk – November 2, 2013

Why homes don’t sell and prepping your home for sale.

Buying a Home vs. Renting. What’s Better for You?

We often get the question if buying is a better value than renting, the answer is… it depends.  Everyone’s situation is different and many factors must be considered including monthly payment budget, home price, interest rate, and most importantly the length you plan to be in a home.  Trula has created a Rent vs. Buy Calculator that will help you crunch the numbers. Of course there are some intrinsic considerations in deciding to buy vs. rent including the simple Pride of Ownership, and having something that is “yours”.  Also if you want to make changes and upgrades to the home like me, you can only do that in your own place.       

Albuquerque Real Estate Talk – Oct 26 2013

Albuquerque Real Estate Talk Oct 26 2013

Tego:                     Good morning and welcome to 95.9 FM and AM 1600 KIVA the Rock of Talk. This is Albuquerque Real Estate Talk on Small Business Saturday here on KIVA Radio. This is Tego Venturi with Keller Williams Realty and the Venturi team, of course. I’m with Tracy Venturi.

Tracy:                    Good morning, everybody.

Tego:                     Thanks for that bumper music. I decided I wanted to hear some Police today because it brings me back to my high school days. I thought that was the good choice. What do you think?

Tracy:                    Sure. It was great.

Tego:                     This week, couple of things, we’re going to go over some of the market data, just kind of the latest and greatest on what’s going on in residential real estate in Albuquerque. We have a question of the week. We’re going to talk about new versus existing homes and what are the trade-offs and things to consider there. Tip of the week is lowering your heating bill. Guess what? It’s getting cold out there.

Tracy:                    Yeah, it has shifted a little bit. We’re seeing the leaves change. We’re not in the Midwest where you have to really button down your house extensively, but there are some things that are fairly simple that will make a difference.

Tego:                     Tracy, you and I grew up in the Midwest—me in Michigan and you in Minnesota. It’s different because we don’t get the super cold here. The way you prepare for winter there is a little bit different here, but there are definitely some things you can do to make your home more efficient. One thing I wanted to start off with here is the Mariposa community out in northwest Rio Rancho. Most people are familiar with the area. It had been around for a while because they had so many TV advertising.

Tracy:                    Beautiful, beautiful advertising.

Tego:                     And marketing when they were first going.

Tracy:                    Gorgeous scenery there in Rio Rancho.

Tego:                     Of course, it got hit with the housing downturn just like so many other places. They were just getting going when the market turned. They finally have come full circle. There’s an event out there this Sunday we wanted to bring up. It’s going to be a community open house. There’s six, seven houses that are going to be open Sunday afternoon between 1 and 4. Price ranges from 250,000 up to 950,000.

Tracy:                    Right. There’s some nice builders still building there. I know Twilight Homes last time I was out there is building on that more affordable scale. Then, Sivage Homes is building custom and there are some amazing lots there with views to Santa Fe or the Haynes. It really doesn’t take long. If you’re considering Placitas, Mariposa might be a good option for you.

Tego:                     If you don’t know where Mariposa is, if you were to go out to Bernalillo and take Highway 550 – no it’s not 44 anymore.

Tracy:                    550.  It’s been a long time.

Tego:                     It’s been a long time.  Highway 550 out and just go west to Unser, and it’s right there. Beautiful community. If you haven’t been out there, this might be an opportunity to go out, take a look d see some of the homes that are out there. Whole range from 250 up to a million dollar custom homes. It’s a great community

Tracy:                    Yeah. Maybe we’ll see you there.

Tego:                     By the way, they have settles lot of news about their taxes and issues there. All of that has been settled

Tracy:                    Their Public Improvement District was big news for  a while. When the downturn came, developer, at one point, just kind of pulled out. It was difficult. We’re happy that the people that live there can enjoy the beautiful homes that they have and move on from that.

Tego:                     The fear that was there—making an investment out there has gone away now. Good time to take a look. We do have a house for sale out there. Beautiful with a swimming pool. It’s 750,000. It’s up high with beautiful views.

Tracy:                    It’s a phenomenal property. If you have time to go out there, that’s a special one. It was a parade of homes a few years ago. I remember visiting it as a parade and thinking Wow!

Tego:                     Yeah, beautiful, custom home for 750,000. It’s amazing for that kind of price.

                                Market data, Tracy. We’re coming in to the end of October, I guess. Year-to-date, we’re still holding at about 3% average sale price. Average sale price year-to-date is 197,000

Tracy:                    3% average sale price

Tego:                     3%, excuse me, over previous year. Thank you for correcting me. We got about 3% average sale price increase over last year same period. We’re about 197,000 average sale price in Albuquerque market

Tracy:                    Again, our numbers are really fairly stable. We’re not seeing huge price increases yet.

Tego:                     Correct. The place that’s really jumped up is the number of homes sold this year versus last year. About 8,000 homes sold this year versus about 6,700 at the same time last year. So, it’s about 18% increase in the number of residential homes in the Albuquerque area that have sold. The number of homes is up.

Tracy:                    Just to point out, you said Albuquerque area. So, the statistics, when we quote, it is our home metro area so it goes to blend past the news edge with Moriarty, Placitas, Corrales, Rio Rancho. We’re talking about the big picture.

Tego:                     Correct. All the east mountains that you mentioned there. In the other statistics that’s kind of interesting is the average days on market for the homes that have sold is at 87 days from the time it goes on the market until–

Tracy:                    it gets an offer that’s acceptable

Tego:                     Yup. That’s down from last year this time where it was around 100 days. Everything is going in the right direction.

Tracy:                    Long with that, last week we talked about real estate investing with Jason Pyke of Prime Lending. It’s interesting because we actually have another house that we have under contract to purchase as a rental property. The interest rates just in the last month for that have come down a quarter of a point, which over the life of a 30-year loan is fairly significant. We’ve seen similar in lending for residential homes. That combined with our prices fairly stable, it’s still a pretty darn good time to be a buying a home.

Tego:                     Yeah, and I get those once a week, the market interest rate updates and marked rates have actually pulled back just slightly. Interest rates are still crazy good.

Tracy:                    We expect the whole winter selling season to be a great opportunity to buyers and sellers because a lot of sellers wait until spring to put their homes on the market, so there’s less competition when you put those out there. Chances are, it’s going to get noticed. For buyers, the rates are good, and sellers would like to sell.

Tego:                     The myth that homes don’t sell during the winter is just that. It’s a myth unless you live in Minnesota maybe. I’m sure there, homes sell too.

Tracy:                    I think they do.

Tego:                     We have pretty nice winters here so we can’t complain. Another interesting market statistic we look at this week, Tracy, is we were looking at the zip codes in the Albuquerque area, how many homes are selling in what parts of town and what are the average price ranges and so on. I have some interesting stats there.

Tracy:                    Before you tell us the stats, did it shake out like you expected when you started doing the analysis?

Tego:                     It did to a  certain extent. It did. The average home price were kind of what I expected. The most expensive area of town when you look at it from an average price standpoint is the zip code 87122 which is North Albuquerque Acres and Sandia Heights. The foothills by the tram, that’s Sandia Heights and North Albuquerque Acres which is very far northeast part of Albuquerque, those are all larger lots just under an acre most of those. Average home price in that area  over the last year and a half is 449,000.

Tracy:                    That’s average sold price

Tego:                     Average sold price. Yeah. That’s number 1. Number 2 is Corrales from an average sale price standpoint. Corrales is right at 444,000. Number 3 is Placitas at 387,000. I didn’t really have any surprises there the one area I thought would be a little bit higher is 87111 which is kind of the Central Northeast Heights

Tracy:                    Tanoan

Tego:                     Tanoan, High Desert. Average price in that area was 282,000. Of course, our market average in Albuquerque is 197 like I said. Those are the higher areas. What do you think the number 1 zip code for the number of homes sold is? Kind of putting you in a spot here

Tracy:                    in Albuquerque proper?

Tego:                     Well, the whole metro area

Tracy:                    Maybe 87114, the West Side

Tego:                     Close. 87124 actually.

Tracy:                    That’s Rio Rancho. Rio Rancho South

Tego:                     South Rio Rancho. Southern half of Rio Rancho.

Tracy:                    Cabezon

Tego:                     Yup. 1,400 homes sold in this period that we looked at which is about a year and a half. And 87114 which is West Side, Paradise Hills, Taylor Ranch, Ventana Ranch. Not Taylor Ranch, you’re right.

Tracy:                    Cottonwood Mall

Tego:                     Cottonwood Mall area.

Tracy:                    Which is interesting because homes, that’ the trade-off. A lot more home sales activity going on there, but we’ve got intel where it’s right there. We got some major employers in Rio Rancho so we are seeing more homes selling there which is great especially for people who need to sell.

Tego:                     I think if you look at the metro Albuquerque area as a whole, West Side, Northwest Albuquerque is definitely more bang for the buck than the Northeast Heights. Would you agree?

Tracy:                    Yeah, and that will tie in with what we are going to talk about after the break. That is new houses. We are going to talk about benefits of buying new versus buying an older home. Part of that will play into the West Side home sales.

Tego:                     Good tie-in there, Tracy, because after the break here, we are going to talk about new versus existing and some of the trade-offs there d pluses and minuses. We also have little tip for the week on your household heating bill. We’ll get into that.

Tracy:                    You can call us 9336881. If you have a question, you want to talk real estate, we’d be more than happy to hear from you. Our website is www.wlecomehomeabq.com. Let us know how we can help.

Tego:                     Great. We’ll take a break here. We’ll be back in a few minutes and talk about new versus existing homes.

                                Welcome back to Albuquerque Real Estate Talk on Small Business Saturday at 95.9 FM and AM 1600 KIVA, the Rock of Talk. This is Tego Venturi and Tracy Venturi with the Venturi team of Keller Williams Realty. Tracy, if somebody wants to talk to us about real estate, selling a home, buying  a home or just talk about real estate in the Albuquerque area, how do people reach out to us?

Tracy:                    First of all, it’s exciting to hear you say that because we love to talk about real estate. We can be reached from our website, via phone, whatever works best for you. Our phone number is 9336881. You can check us out on the web at www.welcomehomeabq.com . We have a really great website for both buyers and sellers. Buyers really like the ease of doing a home search on it. We try to make it as user-friendly as we can. Check it out.

Tego:                     We’ve just been doing some upgrades there, some great map searches, a lot of different ways to do home searches, find homes for sale in the Albuquerque area.

Tracy:                    And to pinpoint some of the things that are important is you can really customize your search. Obviously, we would love to do that search for you. Love to take you and show houses. I was showing houses yesterday. It rained a little bit on us in the morning, but it was awesome. That’s one of my favorite things is to show houses. We found a great gem for this particular family, so that’s always rewarding.

Tego:                     The question that came up this week, Tracy. Should I buy a new or should I buy an existing home. We put together this list. We actually borrowed it from some people, but we kind of added our own things. Some of the advantages of buying new versus existing – not really versus, but the advantage of new and the advantages of existing. Give us a  rundown. To buy a new home, there’s some great new home neighborhoods in Albuquerque. Great builders. What are some of the advantages of buying a new home?

Tracy:                    First, I want to say yes. Realtors work with home buyers to help them buy new. So, if you see D.R. Horton. Sentex, Paul Tee, Sivage Thomas. Oops, Sivage Homes.

Tego:                     Sivage Homes, yeah.

Tracy:                    Different builders, even custom builders, they work with realtors. Oftentimes, we  bring a lot of value because we know what’s really important. But general, new homes. You get a new home. You get peace of mind knowing it’s neat and clean. Nobody’s been in the shower before. The carpet’s clean.

Tego:                     You get the ‘new home’ smell.

Tracy:                    Yeah. You get the ‘new home’ smell. Other things. Generally, the master suites are a little more lavish these days than older homes. Older homes, you might find a single sink in the master, but in the master of a new home, it’s probably going to have double sinks and the shower, tub.

Tego:                     Yeah, it does seem like the master bathrooms in newer homes tend to be larger than homes 20 or 30 years ago, for sure.

Tracy:                    Yeah. Then the big one. Energy efficiency, of course. The Green Code in Albuquerque changed about 3 years ago. Houses built since then are significantly more energy efficient. That makes it a lot more comfortable. Your utility bills are less. The house will be a little quieter and more sound.

Tego:                     It’s amazing in 5 years, 10 years how much more efficient the homes are.

Tracy:                    Yup, it is. The other thing that’s a little bit different in new home versus an older home is the layout of the home. They tend to be more open these days. You kind of got the great room concept going on a lot more with the kitchen, dining, living are somewhat more integrated or in view shot of each other. I think back to the Princess  Jeanne neighborhood, which is much loved here. I remember when we were at the Smithsonian in Washington, there was a replica of the Princess Jeanne house talking all about how aggressive that was before its day.

Tego:                     1,050 sq. ft. How many of those homes are 1,050 sq. ft?

Tracy:                    A lot of them. But one of the things they were touting was the kitchen was very separate and closed off so that the wife could do her duties in the kitchen. It’s a little bit different from how.

Tego:                     You can’t talk like that these days.

Tracy:                    No, but it’s interesting because that’s an evolution that now, the kitchen is where the people hang out. It used to be kind of off-limits. Obviously, you get the builder’s warranty. Everything is new. Perhaps a lot less maintenance costs your first few years of owning.

Tego:                     Yeah. Some of the builders – you know this – they have their own in-house lenders or lending partners. Sometimes, the new home builders can kind of do some things with financing that you may not be able to do elsewhere. Is that true?

Tracy:                    That is true. It depends on each builder. You realtor can really help walk you thru what the builders have the programs that will work best for you. Some of them, they cover all the loan costs. You still might be able to choose your lender or use their lender. But all you have to come up with is your down payment. If that’s what you need, you got just enough for your 3 ½% down but not the loan fees, we can help with that.

Tego:                     Sure. What parts of town are the new homes being built for the most part right now, Tracy?

Tracy:                    Big picture. They’re still building in Voltera by Kirkland Air Force Base kind of at the south end of Wantabo. It’s a lovely community. Beautiful homes. The west, northwest in West Side Storm Cloud, Boulders, Ventona Ranch. The Montecito area at the end of Montano. Southwest we still have some great communities in Anderson Hills and that area. Then Rio Rancho, still a lot of great building going on in Rio Rancho. There’s a little bit going on in Las Lunas but not a lot.

Tego:                     For the most parts, the new construction is kind of outskirts, to be honest. There’s not much in the Northeast Heights. A few little projects here and there, but not much. Let’s talk about that. The older home and some of the advantages of looking at an older home. What do you get if you want to get an existing or an older home?

Tracy:                    Sure. There’s a lot of great reasons why an older home might be right for you. A lot of it might have to do with neighborhood or location. A lot of the older homes might be closer to work or in a neighborhood where you may already be confortable or maybe you grew up in this area of the Northeast Heights and you already know and love the shops and restaurants and things there. Sometimes, the older neighborhoods and houses have bigger yard or fully landscaped yards, which a lot of times new homes don’t come with. Sometimes, they have more charm. Sometimes, they have different features especially older houses. They can have really great character like the [0:19:28]. I can think of some great wood floors and little nichos and cozy alcoves and things like that,

Tego:                     More personality because with the newer homes especially if we’re talking with production builders, I don’t think it’s unfair to say that they’re somewhat cookie-cutter and you’re not going to get the same kind of character and personality you would get in some of the existing home neighborhoods. Is that fair or am I being unfair?

Tracy:                    I wouldn’t say that. I’d say it depends on the builder. I think there’s some of the new home builders that are doing little touches that are really special. Some of the other things when you looks for an older home, like I said I was showing Northeast Heights Homes yesterday and I saw a couple of awesome renovations where somebody –hopefully, someone lived there and enjoyed it for a while; it wasn’t just to do it for resale. New bathrooms and kitchen and they took advantage of some of the existing charm of the home and then upgraded things. It was really exciting. Some of the yards were really fun. One had a waterfall all the way thru where it had a little stream. It was lovely. Older homes, sometimes the landscaping, location, price.

Tego:                     Price is interesting because you could, if you’re willing to do a little bit of sweat equity, you are going to have an opportunity to do that with an older home that may need some work. Pretty obviously with new, you’re not going to get that.

Tracy:                    Yeah. And if you like to do projects and that feeds your soul, then an older home might be just right.

Tego:                     Thanks, Tracy. It’s interesting. There’s trade-offs obviously on everything. It’s interesting to talk about it and get it on our brains and everybody’s brains. I’ve got a tip of the week.

Tracy:                    Your tip of the week.

Tego:                     Tip of the week is saving money on your heating bill. Of course, we were talking about this earlier. We’re from the Midwest. It’s not quite as big of a concern here as people that grew up as kids and walking to the bus stop–

Tracy:                    Blizzards

Tego:                     uphill both says, all that good stuff. A couple of tips here. Turn down your thermostat. That seems like an obvious thing, but study shows that 3% of your heating bills is saved for every degree you set back your thermostat.

Tracy:                    What about those new high-tech thermostats where they learn your schedule? Those are pretty amazing.

Tego:                     Yeah, and you can set them up to come on lower at night and set time tables for those.

Tracy:                    Or you could use your smartphone to adjust your temperature up and down.

Tego:                     Another one. This one is from the Department of Energy. They did a study and found out that if you have one of your bathroom fans or rain hood

Tracy:                    Exhaust?

Tego:                     exhaust hood, you can basically empty your house of all the hot air within one hour. I thought that was interesting. So, keep those things off unless you really need them. keep them on during your shower though. That’s why they’re there. We’ve seen those houses, right Tracy?

Tracy:                    Yeah.

Tego:                     Keep your fireplace damp or close. Close off those rooms that you don’t use very often. Close the vents. Turn down the water heater. It doesn’t need to be over 120°, in fact it’s dangerous. So, it can’t get any higher than that. Keep your heating vents open if you do need them. you do need to get good air circulation if you do have a forced air house.

Tracy:                    Don’t push your rug over it.

Tego:                     Exactly. Take advantage of our warm southwest sunshine here. Take advantage if that southern exposure that you have in your house. Open it up during the day, close it up at night and get some of that pass of solar gain. It’s something we have here that we can really take advantage of here in the southwest.

That’s our show for today. We appreciate your listening. Again, this is Tego and Tracy Venturi with the Venturi team of Keller Williams Realty. You can contact us at–

Tracy:                    (505) 9336881

Tego:                     and our website is www.welcomehomeabq.com like Welcome Home Albuquerque but Welcome Home ABQ. Do home search. You can contact us there. Have a good weekend.

Albuquerque Real Estate Talk – October 12, 2013

Tego:                     Good morning and welcome to 95.9FM and AM1600 KIVA, the Rock of Talk. This is Small Business Saturday and Albuquerque Real Estate Talk with the Venturi team of Keller Williams Realty. This is Tego Venturi, and I’m joined with Traci Venturi

Traci:                     Good morning everybody.

Tego:                     We do this every week. We talk about residential real estate in the Albuquerque area and what’s been going on with the real estate market. We generally will cover a little market update, the question of the week, tip of the week. What’s out tip of the week this week, Traci?

Traci:                     I think the tip of the week is ‘Is it a good time to buy? Should I be a renter or a buyer?’ We’re going to cover that here this morning.

Tego:                     Got it. We had a question come up – this comes up all the time – should I buy or should I rent? We’re going to go thru that and we’re going to talk about some of the pros and cons and how to balance that out. Right?

Traci:                     Right. But first, a little bit about us. We’re a team of realtors all working together as the Venturi team. We had been very fortunate to work with lots of buyers and sellers in the Albuquerque Rio Rancho, the whole metro area. We would love to help you if you have questions about real estate, you’re thinking of buying or selling. Give us a call. Our number is 93368881. We have a phone and a lot of us could answer, so if you need to talk to Tego or I, just ask for us. We’d be more than happy to help out. Actually, it’s what we love to do. Hopefully, we’ll hear from you.

Tego:                     If you want to do a home search, you can visit our website at welcomehomeabq.com. We have all the listings from the Albuquerque MLS on our website, so you can go there and search by map, by area, basically search any way you want if you want to do a home search and see what’s out there. Let’s get into market data. Every month the greater Albuquerque Association of Realtors releases its monthly market report, and it comes out usually around the 10th.

Traci:                     Tego, that just came out. If you’ve been looking at those numbers–

Tego:                     I have. Last week, I did a preliminary on the radio show. We talked a little bit about some of the stuff. I just crunched some numbers pulling the data myself. I like to look at this every month but I end up looking at it every week because of the radio show because I do want to keep up on what is going on with residential real estate in Albuquerque.

Traci:                     We obviously have our thumb on the pulse of it because we’re in it every day. So, it’s great to see the numbers and see how they correlate to what we are experiencing.

Tego:                     Anyway, September numbers. Let’s just go thru this quickly here. We had an increase in the number of homes sold and the average sale price for September. This is year over year, so September 12-September 13. The number of close sales increased 17% from 650 last year to about 770 this year. Good increase in the number of homes closed in September. The average sale price climbed from 203,000 to 212,000, so about 4 ½% increase in the average sale price. It’s interesting because the medium sale price increased about 3% which is about what we’re trending for the year is about 3%. Of course, that’s down from August numbers, the average price. We’re still kind of – since it increases year over year, month over month – it kind of goes up and down, up and down.

Traci:                     It’s interesting that September was a very large amount. I saw the headline in the Albuquerque Journal this week about the numbers. It kind of just went over where there were just record numbers of homes sold in September, a huge spike up. It’s an interesting month for that spike. It’s obviously kind of the end of summer, and kids are back in school, and people are out there still shopping for houses and making the move.

Tego:                     Yeah. We’re going to talk about first time homebuyers. It’s a good time to buy if you’re looking for a house. I don’t think people need time to market like trying to do it as an investment. That’s whole another discussion. However, if you need to buy a home, it’s a good time.

Traci:                     You should be. One of the things we’re going to talk about is should you be a homebuyer versus a renter. Not everybody should be a homeowner. We’ll get into that.

Tego:                     One of the things I did want to say—a couple of other numbers people who live in Albuquerque just would be interested to know is that the average time on market is right around 60 days, give or take. That’s total average all the homes that have sold in the area. I look at that. It goes up, it goes down. But it’s anywhere from 50-60 days on the market. That gives you an indication of what the time on market should be if it’s the right house in good condition and price to the market conditions.

Traci:                     and marketed really well.

Tego:                     Marketed properly, of course.

Traci:                     That’s an interesting number. I wouldn’t have guessed that it would be so low.

Tego:                     Obviously, there’s homes that would be in the market for much, much longer. A lot of them just sit on the market and don’t sell for whatever reason. However, out of the ones that have sold, the average days in market is 60 days.

Traci:                     That’s what we tell people when we’re working with them and get them ready to sell their house, we talk to them about if your house is priced right and marketed right and we get you poised to sell, it should sell in the right time frame because we’re not pricing it to sell next year; we’re pricing it to sell now. So, we need to look at the market data and price it accordingly. What’s going on with foreclosures these days?

Tego:                     That question always comes up. What’s going on with foreclosures or shadow inventories? Everything I’ve seen indicates that the foreclosure bubble is going down. We’ve gone, we’ve peaked and we’re pulling back now not as many foreclosures.

Traci:                     Tell me what shadow inventory means.

Tego:                     Shadow inventory is the homes that are behind on their payment that are clearly, probably going to get foreclosed but have not actually gone to the judicial process of foreclose on the home yet. So, these are homes that are expected to come on the market as foreclosure, and that number has been shrinking. I’ve got a market report from Core logic which is one of the big national companies that do market data. They ran some numbers on the foreclosure inventory. New Mexico is kind of in the middle of the pack at 2.7% of homes on the market. Our foreclosures, which is actually down about a percent from last year which is good, there is about 4.9% of the homes that are seriously delinquent, and those are the ones that I would call the shadow inventory. Those are the ones that are still most likely going to come into the pipeline as a foreclosure. We’re trending in the right direction. A lot of the markets – Florida is still at 8%. Other markets are much lower. We’re right in the middle of the pack. The good news is month over month; the number of foreclosures coming on the market is decreasing.

Traci:                     I’m going to switch gears into something I was thinking of while you were telling us about the shadow inventory. For a while there, there were a lot of short sales and we’re not seeing a lot of short sales these days. But that shadow inventory, for somebody you might know or if you’re in a position where you’re not able to make your payments anymore, the process has gotten a lot better for short sales, right? You don’t really have to go to foreclosure. If you’re one of those people, give us a call. We can talk to you about what your options might be  that perhaps if you look like you’re about to lose your house, we might be able to at least make it a little less painful and do a short sale.

Tego:                     Why don’t you define the short sale and what that is versus foreclosure? We talk about them together a lot, but they are very different.

Traci:                     They are. A short sale, my quick analogy is somebody is no longer able to afford the house they’re in. So, they’re still the owner but they have to get the bank who owns the mortgage, their lender to agree to take short what they’re owed. That’s where the term short sale came from.

Tego:                     Meaning, the house is worth less than the mortgage pay-out.

Traci:                     Right. Or there’s not enough there to pay all the closing tasks and everything. But the short sale process has gotten really good. I’ve seen a lot of great short sales go right thru the system. Fairly short time. The banks are responding. It’s taken some time, but the process is much better.

Tego:                     Back in 2008 and 2009, they were getting 10,000. I heard a story once that Wells Fargo is getting 10,000 short sale applications a month or a week or something crazy like that.

Traci:                     And they had no staffing.

Tego:                     And they had no staffing… now they’ve staffed up over the last 4 years or 5 years. The processes have improved greatly. As a listing agent, I saw my share of short sales, and I got to say the term short sale definitely does not describe how long it takes to do because it can be a process. It can cause a lot of pain for the sellers. It’s a tough process, but in the long run, it’s much better than the foreclosure.

Traci:                     Right. That was sort of off-topic.

Tego:                     Yeah, we got off there. It’s interesting because all of those things are on a decrease when we talk about our markets. So, the number of foreclosures is down, the number of short sales are down. We think that’s a great trend. The number of homes sold is up. The inventory is steady. We have about a 6-month’s supply of homes, give or take about five homes for every one person in the market right now which is good. It’s not bad. It’s not seller’s market. It’s not buyer’s market. It’s just right in the middle there right now which seems to be good for us. We’re going to talk about the rent versus buy and how that works. Now we’re going to go over some tips for first time home buyers here coming up. We appreciate you listening. This is Albuquerque Real Estate Talk on Small Business Saturday on 95.9FM and AM1600 KIVA, the Rock of Talk. We’ll be back shortly.

Tego:                     Hi. Welcome back to 95.9FM and AM1600 KIVA, the Rock of Talk. This is Albuquerque Real Estate Talk with the Venturi team with Keller Williams Realty with Tego and Traci Venturi here today. We’re talking about market information and what’s going on in the market. Prices obviously are down from the peak. ‘08 was probably when we peaked out — ’07. Interest rates are down. Obviously, there’s a lot of buzz about the real estate market and if it’s a good time to buy. Question of the week for us – this comes up a lot but it came up again this week – was should I rent or should I buy? If you’re consulting with somebody, Traci, what would you ask them? How would you address that when somebody comes up to you and says, “I’ve never bought a home before? I’m renting. I’ve always rented. I’m not sure. I hear about the housing market. Should I be a buyer right now?

Traci:                     Yeah. That’s a good thing. It does come up a lot – the rent versus buy. It was interesting. The Albuquerque Journal this week again

Tego:                     Made me think about

Traci:                     The money section on Sunday’s per had a rent versus buy, and said you should be a buyer. I looked into it a little bit. I got on realtor.com. I got on bankrate.com. I got on yahoo.com. Actually, the Motley Fool has always been one of my favorite investing advice website. What was interesting about it is everybody’s not meant to own a house.

Tego:                     Hold on! You’re a real estate agent, and you just said not everybody should own a house. Is that right? Did I get that right?

Traci:                     Yeah, you got it right.

Tego:                     I agree with you. That’s our job as a real estate agent is get people good advice, not just try to slam them in a home, right?

Traci:                     That’s correct. We don’t want to see anybody get in a house and being stretched financially or needing to sell it 6 months later and they can’t afford to sell it. That’s part of the ‘Let’s do the foundation and make sure you should be a buyer.’ One of the things I just want to clarify, we’re talking first time home buyers. We’re talking people who bought houses before. When we say the word first time home buyer, everybody thinks it’s somebody who’s 24 years old and they’re buying their first house. I’ve helped many people who aren’t in their 20’s, 30’s, and 40’s buy a house first time. Sometimes its people who have been transferred a lot. They know they’re going to need to resell their house. I helped a woman in her – I think she was in her 60’s – living in New York City where homeownership is very not affordable. Amazing what she could get in New Mexico. First time home buyer really is a lot of different people. But should I be a buyer? You want to think about how long are you going to be in that house? Most people when they’re buying, unless they’re with Kirkland Air and Space or they’re in the military or they’re in a company that moves them a lot, plan to be there for 7 years or more.

Tego:                     Sure. And with our price appreciation here in Albuquerque which we average somewhere 2, 3, 4, 5%. Let’s say its 3% or4 % price appreciation, it costs about 8% to sell your home. So, if you’re not going to be in your home for 2 years, it doesn’t make sense. That’s one thing to consider. There’s obviously lot of benefits of owning a home. That’s just straight across looking at the numbers. The home is not going to appreciate enough to cover your closing costs at the time you’re there. It may not make sense.

Traci:                     It may not. Some people, the pride of homeownership and being able to do a paint job on a weekend and enjoy it and prove the value of their property is great. And there’s some tax benefits. Yes, it’s going to cost you some money to sell your house, but there’s also some tax benefits that you get by being a homeowner. All that interest that you pay towards your mortgage is generally a very generous tax benefit that people really appreciate. Length of stay, how long you’re going to be there is important. A few things just to buzz through, the location of the home is extremely important. You want to get a good realtor like us to be your partner because the house might work well for you, but you got to think resell. So many times I’ve worked with a home buyer who says, “I am never moving again. This is it. I am done. This house works perfectly for me. Its 2-bedroom something that’s not normal in our market. The neighborhood is not where most people want to live. I really try to counsel people that location is exceptionally important. Even if 6 months from now you call me and say, “Hey, I got relocated with my job.” Somebody else is going to want to buy that neighborhood.

Tego:                     They need to consider the resell when they’re doing their purchase is what you’re saying.

Traci:                     Always. And then monthly budget. Let’s talk about what your monthly budget is. Owning a home and what percentage of your budget are you comfortable with? That’s where I bring in our great lenders like Sarah [0:17:23] who was on our show last week. We got other great lender partners. Jason Pyke with Prime Lending. Others. We have Bank of Albuquerque.

Tego:                     We have a lot of great lenders.

Traci:                     A lot of great lenders. Depending on your needs, we can direct you to a lender that we think has the most programs that would work with you best. What you can afford and what your budget is and what the loan programs are. We did some quick calculations. Let’s say you wanted to buy a $ 150,000 house. That’s less than $ 6,000 down payment if it’s an FHA loan. Closing costs are maybe another $ 2,000. So, for under $10,000 you can be in a home. Your monthly payment on that is going to be under $ 1,200 a month. So, if you’re paying $1,400 a month in rent right now and you have good credit and you’re going to be here a while, you might look at buying while the market is very favorable to home buyers.

Tego:                     Of course, there’s always the tax benefit of a tax deduction on your home interest which it’s not huge, but it adds up. It’s something to consider. There’s a ton of different types of calculators and different ways to analyze these numbers online. If you just do a Google search for.

Traci:                     Rent versus buy.

Tego:                     Rent versus buy.

Traci:                     That’s what I did.

Tego:                     Truly it’s a great one. There’s some of them that will even calculate that mortgage interest reduction and how much of a difference that will really make based on your tax bracket and your income. Those are some good things to look at as you get out there and crunch the numbers before you go out shopping.

Traci:                     One of the things we find is sometimes first time home buyers re reluctant to become buyers. They don’t really know where to start. They don’t know what their credit needs to be or what it costs to buy a house. Getting with us or a great realtor, we can really help you. I see statistics a lot of times that say how much time people spend researching and buying on a car. Most people don’t just drop in and buy first thing. They’ve already researched it. I know from our home and car-buying experience, so many hours we pour into researching vehicles. Buying a house is a lot more significant in your future wealth-building strategy. Let’s take some time, put together a plan, and see if you should be a home buyer. Give us a call. We’ll help walk you thru those steps. We’ve done it a lot. I know for most home buyers in the first time, it’s pretty daunting.

Tego:                     Do you have some tips for first time home buyers. That was our tip of the week here. I know we had some things we wanted to go thru for first time home buyers. Obviously, first and foremost like we said, should you be a buyer? Are you going to be in the home a length of time to make sense?

Traci:                     Sure. Some of the tips we’ve gone over. What’s your budget? What’s your comfort level? You don’t want to be too stretched. You want to be able to have some reserves out there at the end of every month. Remember to come up with a realistic wish list. That’s part of that buyer consultation that we can do. We can sit down in our office and really go thru the things that are important to you. How do you live in your house? How often do you entertain? Do you really need that guest bedroom and that extra bathroom? A lot of times, once we start talking about how people live, what they really need is different from what their wish list is. Sometimes we need to pare it down.

Tego:                     And address the commute to work commute to school, commute to whatever it is and make sure that that’s going to be recognizable for you as well.

Traci:                     Absolutely. That’s great for sure. One of the other ones is getting pre-approved for a mortgage. You’re like a cash buyer. When you’ve already met with the lender, you’ve already given them your bank statements and your tax records and things. When we go out and we find the right house, we’re ready to go. When we put an offer in, the sellers of the house feel confident that you’re going to be able to follow thru and buy the house.

Tego:                     Most sellers won’t even consider an offer unless it comes with some sort of proof of ability to get the loan.

Traci:                     I would say I agree with that, but I also feel like realtors with great reputations in our market like we have, people will look at an offer but they usually have pretty form deadlines of getting that proof. Then the whole home inspection and your due diligence period. We find the right house. We help you with every step of the way on home inspection, termite inspection, all of those types of things, but making sure there’s a realtor with a good team of vendors supporting you. The other thing is get to know the neighborhood. Your realtor may not know every neighborhood in the whole metro area. If you’re looking for Las Lunas or Placidas or the East Mountains, they may not know where the local school is or the best grocery store. Make sure you take some time and go back to that neighborhood. Go at night. Go in the morning. Go at rush hour. See what it’s like. Go for a walk. Try to meet a neighbor and ask him what’s going on so that you feel like you really know if this is the right place for you and your family.

Tego:                     Yah. Any other great tips for first time home buyers? Some of these are great tips just for anybody that’s in the home buying process. Get pre-qualified. Go thru a thorough needs and wants, work with a good realtor that can really help you thru that process. Let’s just talk about that. We have a team of buyer specialists that all they do are work with people that are buying homes. We have Jane, Aimee, Tori, Martha. That’s what they specialize in. they work with home buyers and get them to find their right house for them.

Traci:                     Exactly. We’ve seen thousands of houses between all of us. We know the market. So, we know if a house is priced right, what neighborhoods are best for certain reasons based on what your needs are. We’d love to go to work for you to find that perfect place for you to call home and lots of other little tips, but those are the big ones that we’ve covered here today.

Tego:                     If we can help you obviously, we love to talk about real estate and be in real estate. You can call us at (505) 933-6881 or visit our website at welcomehomeabq.com. That’s welcomehomeabq.com.

Traci:                     Have a great weekend

Tego:                     Bye.

Fall Home Maintenance Checklist

The balloons are in the air here in Albuquerque and that means it’s time to do some fall maintenance on your home. Here are some of the top things to look at to help keep your home in tip top shape. 

  • Evaporative Cooler Shutdown and service.
  • Heater/Boiler Service. Have a heating professional check your heating system.
  • Replace Furnace filter(s).
  • Inspect Stucco and have it repaired if needed.
  • Inspect Roof and reseal and replace shingles if needed.
  • Clean Gutters and Canales.
  • Weather seal Windows and Doors.
  • Check for Peeling Paint.
  • Clean and Inspect Fireplace.
  • Reverse Ceiling Fan.
  • Insulate Exterior Hose Faucets.
  • Test Smoke Detectors and CO Monitors.
  • Cut back any trees or shrubs that may be touching the roof or exterior of your home.
  • Run power equipment that won’t be used out of fuel. 

Albuquerque Real Estate Talk – October 5, 2013

Radio Show

  • How is the Government shutdown effecting the Real Estate market?
  • Albuquerque Real Estate Market update.[podcast]http://venturiteam.podbean.com/mf/play/8c44yq/AlbuquerqueRealEstateTalkOct52013.mp3[/podcast]

The Albuquerque Real Estate Talk Oct 5 2013

Tego: Good morning and welcome to 95.9 FM and AM 1600 KIVA, the Rock of Talk. This is Tego Venturi with Keller Williams Realty and the Venturi Team. This is Real Estate Talk or The Albuquerque Real Estate Talk, I should say. We’re on small business Saturday here on KIVA. I’m joined by Tracy Venturi.
Tracy: Hi, everyone! Good morning!
Tego: Hi, Tracy! First off, let’s talk about us. We’re we Keller Williams Realty; we’re the Venturi Team of Realtors. We specialized on residential real estate here on Albuquerque. If you need to get a hold of us you can visit our website at www.welcomehomeabq.com or call our team hotline – as what we call it – 505-933-6881.
Today we’re going to kind of go over some market data, I’ve got the latest numbers for September. We’ve on October now and balloons are in the air, it’s that time of the year again. We’re going to talk about some market stats, we’re going to talk about this little silly government shutdown since everybody is talking about the government shutdown I figured we will, too. We have a guest to kind of help us through that and how that’s affecting real estates. Tracy will talk a little bit about balloons.
Tracy: We should get right into lending.
Tego: Yeah.
Tracy: Maybe we can bring Sarah Gmyr Maez on board with us this morning. We want to welcome Sarah. She’s one of our trusted and respected lenders. We were driving here going, “Gosh, we really need to talk to Sara to find out what’s going on.” So we asked her a bunch of questions and it was really fascinating. We appreciate you joining us, Sarah.
Tego: Hi, Sarah!
Sarah: Hi! I’m glad to be here.
Tracy: Welcome aboard!
Tego: Thanks for being here. This whole government shutdown thing, in the real estate world there are some things that are affecting how we do our loans in particular but it’s not very serious. We were talking about that. We want to bring you on and kind of go over that. From your standpoint as a lender you work with a lot of different companies that do the funding, they actually invest in the loans. What are you seeing out there? How is the government shutdown affecting residential loans right?
Sarah: Right now the biggest thing that is being affected is if a borrower is self-employed or own multiple rental properties, they typically have to exercise a 4506T which gets a tax transcript directly from the IRS verifying the tax returns that they supplied to confirm that they are the ones in fact who filed. Those are required on self-employed borrowers or borrowers that own multiple properties.
Right now, because of the government being shut down, they’re not able to get those, get the tax transcript. They’re trying to find ways around it right now and depending on who they go through some of them are allowing third-party confirmations like if a CPA prepared the tax returns for the self-employed borrowers, as long as they sign off on it and confirmed that they are the ones that filed it, they’re taking that. But that’s really the biggest factor that’s affecting us right now. All other avenues are up and running.
Tracy: So some of the clients we have are both home sellers and home buyers have actually been calling us this week a little bit alarmed about it. Most of those are not self-employed or people with multiple properties. Its regular buyers and sellers that are owner-occupier, they’re using FHA loans, VA loans or conventional loans. From what I’m hearing you say, those loans really aren’t being affected by the shut down.
Sarah: They aren’t being affected. If they’re a W2 employee, then they should be able to continue on as normal.
Tracy: Awesome!
Tego: Got it. Looking into the future here a little bit, do you see anything from the VA or FHA side that may be delayed? Or at this point everything is being taken care of?
Sarah: Everything is being taken care of. They’re still able to get case numbers, which are required on those types of loans – they get assigned a number based on that property to obtain certain documentation through VA or FHA. So they’re able to get those, they’re able to get certificates of eligibility for VA loans as well so that way it shows that they are eligible for a VA. All that stuff is good, it up and running. Nothing is shut down in that aspect.
Tego: For most people that have a loan in the pipeline right now, that’s probably not an issue whatsoever. It’s just the new ones coming on probably this week or last week and this coming week. Would you say that’s the case, as this goes one?
Sarah: Yeah. They should be fine, unless like I said, the only hurdle they’re going to have is if they’re self-employed or if they own multiple properties, depending on what the requirements are of the lender, they’re going through as to what they’re going to do in the case of getting that tax transcript back from the IRS.
Tracy: Perfect! So small business Saturdays, we probably do have a good listenership of self-employed people who this could be something that’s potential for them. Let’s move on to interest rates, it’s always great to get a quick update. What are you seeing on interest rates? What’s been happening the last few weeks? Do you have that crystal ball that I don’t seem to have?
Sarah: I don’t have a crystal ball. However, they have gone down over the last couple of weeks, which is nice. Anything can change at the drop of the hat. If the government opens back up, who knows what’s going to happen with figures and unemployment rate and things like that because every little piece of news affects the market. Right now they’re hanging in there, they’ve been pretty level this week and they have gone down if you look at a two-week period they have dropped a little bit.
Tego: I’m sorry; you’re probably going to say this. What are you seeing for rates right now?
Tracy: VA, FHA, conventional, just a typical rate; somebody with decent credit scores, which maybe you could tell us – what is a decent credit score?
Sarah: A decent credit score, I would say, would be on FHA and VA is categorized a little bit differently. If it’s six-forty (640) or above you can do a VA or a FHA and interest rates on that would be between three point seven-five (3.75) unless they throw in a quarter because it really does vary on a bunch of different factors. On conventional, for a primary purchase a good credit score would be seven-twenty (720) or above and you’re looking at a range of four point three-seven-five (4.375) to four and a half range right now.
Tracy: Those are awesome!
Tego: Still smoking, smoking good rates.
Sarah: And those are on thirty year fix, mind you.
Tracy: Right.
Tego: Yeah.
Tracy: Some of the other programs could even be better than that.
Sarah: Exactly.
Tracy: Awesome!
Tego: Sarah, if somebody wants to get a hold of you to talk about financing a home or re-financing a home, how do they get a hold of you?
Sarah: They can reach me on my cell number which is 505-319-0622 or by email which is sarahgmeyer@yahoo.com which is S-A-R-A-H-G-M¬-Y-R (@yahoo.com).
Tego: Awesome, Sarah! Thanks so much for joining us and giving the update and putting to bed some of these myths and rumours that are out there about the government shut down and how it’s affecting real estate. One thing I want to put out there, realtor.org which is the national association of realtors’ website – realtor.org – they’ve been doing updates and giving daily updates. Basically, it mirrors what you said which is most of the programs are up and running and it’s not really affecting things. It’s just the tax thing is the biggest issue and you said that’s very limited so that’s good news.
Tracy: We really appreciate you joining us here this morning. We closed a lot of loans with you, a lot of our clients have and we like to point out we have some great relationships with different vendors and lending is one of the huge partnerships we have when we were working with people who are especially buying a home or re-financing a home. We think of it as a triangle; we got the buyer, we got the realtor and we got a great lender. We appreciate all you do to support our team and everyone else in the community with your awesome service. I hope people will give you a jingle and see how you can help them. Thanks for your time!
Sarah: I appreciate you guys having me on the show. Thank you so much!
Tego: You’re welcome!
Sarah: I enjoyed doing business with you as well.
Tracy: Great! Have a good rest of your day.
Sarah: You, too!
Tego: Thanks, Sarah! Bye!
Sarah: Bye!
Tego: So, where are we going next here, Tracy?
Tracy: Well, we just have a few minutes before we have a little break. If you want to go back to that realtor.org and some of the hot stats that just came out. We have to pick up after the break if we can.
Tego: Sure.
Tracy: September numbers are out and they’re pretty amazing. Obviously, we look at national as well as local. I know you’ve been looking at them and crunching them. Give us the highlights, what do people really want to hear about?
Tego: Yeah. There are a couple of things because some of these national numbers were usually about a month behind so when we look at the national numbers it’s really confusing when you look at the newspapers. You get one that says something and it’s national numbers and you get the local numbers and you’ll be talking August.
Tracy: And the next day they’re all different.
Tego: Then we’re talking September. I’ve got the latest September numbers for our local market. This is just the preliminary, this is not the final. We did see about a twelve per cent increase in the number of homes solved; this is volume, not prices.
Tracy: This is for September?
Tego: For September over last year’s September, so 2012 September to this year September we saw an additional a hundred and fourteen homes sold. It’s a little over twelve per cent increase in the number of homes sold. Let me put those numbers in perspective.
Tracy: Let me just mention something because we might have to catch this up after the break. What does that mean for home sellers? We’ve got a huge month in September of houses that have sold.
Tego: It was eight hundred and ninety-two homes sold in September versus seven hundred and seventy-eight last year September, that’s in the whole Albuquerque metro area. It is a big increase in the number of homes sold. Pricing – that’s a different story, we’ll talk about that here when we come back from the break, and how pricing is affecting things.
Tracy: Right! Sort of a myth of don’t wait to sell your house until next spring when you look at the numbers, it was a pretty big September.
Tego: It was.
Tracy: Good.
Tego: Okay. We’re going to take a break. We’ll be back here shortly. This is Albuquerque Real Estate Talk with the Venturi Team of Keller Williams Realty. You can visit us at welcomehomeabq. We’ll see you back here shortly.
Tego: Welcome back to 95.9 FM AM 1600 KIVA, the Rock of Talk on Small Business Saturday. This is Albuquerque Real Estate Talk. It’s the local show talking about residential real estate in Albuquerque. This is Tego Venturi with The Venturi Team and I’m joined by Tracy Venturi of the Venturi Team. We’re with Keller Williams Realty but we have a team that works together. Tracy, let’s just talk about that. We’re kind of unique in the residential real estate business in that we have a team of people. We have specialists that handle different aspects of real estate because there are a lot of different pieces to the real estate business.
Tracy: There really are. When I think about all the moving pieces that happen whether you’re listing a house for sale or whether you’re working to buy a house, there are a lot of parts and pieces. We have found that we’re not all generalists; we’re not all good at everything. We have some people on our team that are just awesome at showing houses; they know the inventory and the market. You’ve heard from Marta and Jane, who are on our team, they’ve been on the show. They’re out all the time showing houses; they show thousands of houses a year. If there’s something that you’re looking for, they’ve probably seen it in the past and know where to find it again. Then on the ‘getting your house sold’ side we have Meredith and Darlene on our team there that support that, that really know how to market and position your house to sell.
We were just talking about the market, which kind of goes back to where we left off before the break.
Tego: Yeah. The market is kind of funky in Albuquerque. I wish I could really put my finger on it, Tracy. I look at this all the time, probably at least every week. One thing that you and I have been saying now for months is that the number of homes selling in 2013 has increased month over month when we compare it to previous years, we’re on a good pace here. Like I said, we had a twelve per cent increase on September yet prices are flat. Prices really haven’t done much.
Just the other day, CoreLogic, which is one of the big national companies that puts out market stats, they put out a report and they rated the five markets that are showing the largest gains and the five markets that were showing the lowest price gains. Guess who is number one at the market that has lowest price gained year over year?
Tracy: So out of all states, New Mexico had the slowest price appreciation?
Tego: Yeah, in August not even two per cent and that’s kind of what I’ve been seeing when I look at the market.
Tracy: Was that a year-to-date number for the month of August, do you know?
Tego: Year-over-year home price appreciation in August.
Tracy: Year over year; okay.
Tego: Yeah. Some of the other markets – Arizona, sixteen per cent, Nevada twenty-five per cent, California twenty-three per cent – some of those numbers are unhealthy. I’d rather be – honestly, I shouldn’t say this, maybe the two per cent than the twenty-five per cent.
Tracy: It’s great for everybody.
Tego: Yeah. We seem to be lagging behind in that. Once of the other things I looked at was just the local market and average prices just hovering right around two hundred thousand for the Albuquerque area, median price around one seventy in Albuquerque market so we’re just kind of holding steady. The number of homes is – like I said – numbers are up, but the prices are pretty much flat or just a little bit of appreciation.
Tracy: As far as if you’re a home buyer, we see a lot of people not wanting to make the wrong choice, not wanting to make a wrong decision and they’re waiting to buy even still now that we’ve seen all these indications that across the county things have sort of taken off.
Tego: We’re behind.
Tracy: We’re sort of behind on the price appreciation, aren’t we?
Tego: Yeah, we are. Does that mean it’s coming to us next? I think it depends on the national market and the national job market. Everything follows jobs and as long as that stays strong I think we’re going to have appreciation going through the next year.
Tracy: One of the things I just wanted to point out before we move on to our next topic which is fall house maintenance is the median sale price in our market of a hundred and seventy-ish thousand for somebody who wants to buy a house at that price, they always want to know, “What is my monthly cost going to be?”
Tego: What that monthly cost be, Tracy?
Tracy: Yeah. If you do the typical FHA loan, which is only three and a half per cent down so for less than ten thousand dollars total you can be in a new home and your monthly payment is going to be around twelve hundred dollars a month so that means if you’re leasing or renting an apartment or house or whatever and you’re paying twelve hundred or more a month, it might be a good time to think about home ownership and get in while prices are still on a lower side.
Tego: And you get that tax deduction too. There are a bunch of calculator, get online and start looking for home mortgage calculators – there are all types of calculators out there that will help you kind of evaluate what will work and how much tax break you get as well because you get to deduct that interest rate.
Tracy: That’s where someone like Sarah can come in and say, “Look, you want to buy a house that’s two hundred and fifty thousand, how much down payment does it need to be and what would my payment look like?” We can run it, Sarah can run it. She could really know better based on your credit scores because it does affect what your loan could look like.
Tego: And you get the pride of home ownership!
Tracy: Yeah, which a lot of people love. They like to do projects around the house and when you’re a renter then mentality is a little bit less. Which brings me right to doing things around the house.
As a homeowner obviously along with that comes maintenance on your house and just keeping it up. It’s that time of year where a lot of you will be thinking about fall and what should I be doing with my house. Tego, if you want to go through that a little bit, that would be awesome.
Tego: Yeah! I have a checklist and I’ll have this on our website. Obviously if you have an evaporative cooler AKA swamp cooler that needs to be shut down and serviced for the year. The other thing is get your heater serviced; you may want to call in a specialist to look at that. Definitely change the filter on your heater, which should be done multiple times a year. You want to inspect your stucco on the exterior of the house; most of our homes have some stucco. You want to inspect it, look for large cracks or places where it’s peeling away because if you get moisture back there that can cause other problems.
Tracy: There’s a typical rule and this is what I’ve heard from stucco people. If you can fit a quarter in a crack you should probably get it sealed up.
Tego: Yeah, I’ve heard that as well; or a credit card. Yes, exactly. If you can slide that in there in that crack, it probably needs to get dealt with. The other one is concrete like your sidewalk. If you’ve got large cracks on your driveway or your sidewalk, you should get those sealed as well because you get moisture in there and that can cause a problem.
Tracy: We see that come up on home inspections sometimes where there will be kind of a separation and an unlevel area where it’s a tripping hazard so that might be something that you’ll have to fix eventually anyway if you’re thinking of selling so you might as well have it nice for you.
Tego: The next one is your roof. I think we bring up roofs every time because every home inspection that we ever go to, Tracy, there’s always something about the roof. If nothing else, it just needs to be maintained. Get up on the roof if you’re comfortable doing that or have a roofer take a look at it; replace shingles if it’s a shingle roof.
I’m going to go through the rest of the list here.
Tracy: Or popped nails.
Tego: Yeah, popped nails; stuff like that. Clean the gutters, if you have gutters. We don’t have a lot of gutters in New Mexico but we do have a lot of canals so you want to get those canals cleaned out so water can drain out your roof. If you have a lot of leaves up there that can cause a problem.
Check the weather sealing around doors and windows. We don’t get super cold here, we’re not Minnesota, we’re on lovely New Mexico where it’s not super cold but we do want to check those leaky windows and doors and get those sealed up.
Check for peeling paint. There’s usually paint trim around garage doors, other places where you have wood trim, you want to keep that paint looking good and sealed up.
Clean and inspect your fireplace. If you have a fireplace you want to make sure that that’s safe and in a working order.
Reverse the ceiling fan. I thought that was a good point because with ceiling fans you want them to be going one direction in winter and one direction in summer. Of course, at the top of my head I don’t remember which is which. You can find it online, I’m sure.
Insulate the hose, faucets, exterior of your house. Test the smoke detectors and CO2 detectors.
Cut back any trees or bushes that may be touching your home.
Run your power equipment until it has no more fuel in it – except for your lawn mower, you’re not going to run your lawn mower for six months, you want to get all the fuel out of it because it will turn into varnish in the winter then you’ll have to do maintenance on it in the spring.
Those are my quick list of tips and I will get this posted on our website at -
Tracy: www.welcomehomeabq.com. I just want to add one more thing for those of those with septics and wells. If you have an irrigation pump well, if you need to winterize it and turn the water off to it.
Tego: I wonder why you’re bringing that one up!
Tracy: Yeah. How many pumps have we gone through?
Tego: Yeah. I have an irrigation well at our property and it froze last year so I ended up having to crack it. Yeah, that can happen. Swimming pools and stuff like that as well, anything dealing with water outside, some people want to drain their sprinkler systems in the winter as well, especially if you’re in the northern part of the state where it’s quite a bit colder or the East Mountains, for example.
Tracy: We’re wrapping up here on Saturday. I just want to let you know, if you have topics you’d like us to discuss you can always reach us through email. Our website is available, there’s a link to talk to us there. We’d love to hear from you! Of course you can call us on the phone.
We look forward to next week and enjoying the balloons all week!
Tego: Yeah, exactly! I hope the weather holds. This has been Albuquerque Real Estate Talk with Tego and Tracy Venturi of the Venturi Team Realtors with Keller Williams Realty. Again, reach us at www.welcomehomeabq.com. That’s www.welcomehomeabq.com.

Albuquerque Real Estate Talk – September 28, 2013

Albuquerque_Real_Estate_Talk_Sep_28__2013

Tego: Good morning and welcome to 95.9FM and AM1600 KIVA, the Rock of Talk. This is Business Saturday and Albuquerque Real Estate Talk. I’m your host Tego Venturi, and I’m with Traci Venturi
Traci: Yeah. It’s great to be back together again.
Tego: I know. We’ve been gone for a few weeks and haven’t been on the show here, although the team members have been on the show doing the show, which is great. Just a little bit about us again. This is Tego Venturi. We’re with Keller Williams Realty with the Venturi team, and we have a team of people that work with us as well. If you want to get ahold of us, you can do that at welcomehomeabq.com. That’s our website, or you can call us at (505)-9336881. Traci, last week we were off in Austin for one of the big Keller Williams Realty event. Keller Williams, people don’t know they originated out of Austin. We were at an event called Mega Camp, and it’s one of the big events that gets all the top realtors in the country together to talk about what’s going on, and we get a market update.
Traci: Absolutely. It’s always good to get out of dodge and get a perspective on what’s happening nationally. When we go to these conventions, we always hear what’s happening on the coast, what’s happening around North America. We get updates on Canada and the whole world since Keller Williams is international now. It just helps us get out of the day-to-day and recognize absolutely all the things we do right, first of all, because we go there and we hear best known methods and things about real estate and how to be a great realtor and representative to our clients. We always smile because we feel like we’re pretty cutting-edge. There was a couple thousand people there. The kick-off to the event is always great. Gary Keller, one of the founders of the company, got up and did a nice market update. He said it was going to be 15 minutes but it was really about 45, but it was just great information.
Tego: It was. He, of course, looks at it from big picture not local, obviously. To me, the big headline, the big takeaway was e real estate market is recovering. I would not say it’s booming. Would you agree with that, Traci?
Traci: You’re talking locally maybe, but really what he said was we’re on pace for the best years since 2006 in North America or in the States. The July pace is 17.2% higher than last year. That’s huge. When you relate that to Albuquerque or New Mexico, we’re not 17.2%.
Tego: Actually, let me tell you the numbers because I actually ran the numbers before we came in to do the show. The annual pace of home sales was up 17% for the same period last year for the year. That was nationally. I ran Albuquerque, and surprisingly, you probably don’t even know this, it’s 15%. Number of homes sold this year in Albuquerque market is 15% more than the same period again January thru I guess that would have been August. So, the number of homes sold is up. The other thing, of course, he talked about was prices, and we kind of looked at some charts. When the market bottomed out in probably ‘07 nationally, and since then it’s stayed flat even actually in ’11, it was down a little bit, but since then it’s been coming up.
Traci: What he said was nationally, 17 consecutive months of year over year increases in prices. Now, in our market we haven’t seen a lot of increases in prices; we have seen more homes selling at a faster pace. Prices, we really haven’t seen, but maybe you just check that status as well.
Tego: I did kind of look at it. We’re still having a little bit of increase, but it’s still relatively flat from a price and appreciation standpoint in our market. Maybe 2-3% year over year, which is interesting. I think one of the big takeaways for me for the whole thing is that there’s still room to recover nationally and locally from a market standpoint.
Traci: Right. Some of the data that I have that I was hoping we’re going to get to is some people feel is they’ve missed the bottom. It’s like you can’t time the market very well. Yes, we do see the indicators show that we’ve missed the bottom. However, if you look at long term trend lines, we’re still well below the annual 4% trend line if you look at a graph that puts where we should be at if we wouldn’t have had a huge bump up and then a big pull back.
Tego: Yeah like in ’04-’05 — I’m looking at the chart here — ’04, ’05, ’06 the trend it got ahead of itself.
Traci: It did.
Tego: If you look at it, we needed a pull back and we had one and it did pull back. We’re still below that 4% annual appreciation or, if you want to put it, trend line.
Traci: Basically, they said we’re probably 18 months away and we should probably see prices appreciate enough that we’ll be back on the trend line again. These are national numbers. Our market typically follows behind, so if you think about 17%, the pace of home sales across the country is 17% higher than just a year ago. Think about markets like Vegas and Phoenix and California and the East Coast. Other realtors that we were meeting with in Austin talking about how they’re getting like 28 offers on a house. We’re not there yet.
Tego: It’s interesting because we hear those stories about multiple offers way over less price, and I think those are very isolated incidents. I know in some of the markets like Phoenix, they’ve had some inventory problems where they just don’t have as much supply for the number of buyers they have on the market. We’ve seen a little of that here in Albuquerque.
Traci: We had 8 offers on one house we listed recently. It was in downtown Albuquerque kind of the historical neighborhood by Teague Way Park in Old Town where right now we got another house under contract there, and we have buyers waiting at Old Town area right now.
Tego: That particular area.
Traci: Yeah. So, I know if we listed something there—
Tego: But if you live in the historic district in downtown Albuquerque and want to sell your home—
Traci: We have buyers.
Tego: We have buyers. It’s interesting because some neighborhoods are that way and some neighborhoods are not. Then, of course, it’s affected by price range. One of the things they talked about was the number of homes available or the inventory available based on price range. In the lower prices, it’s pretty tight. There’s not a lot to choose from.
Traci: It is a bit competitive, so there have been some very big hedge funds kind of the stock market type companies hedge funds that have been—
Tego: Big money
Traci: in selected markets across the United States buying up houses to have as rentals because they’ve realized that real estate was a huge bargain and it was prices like they just couldn’t not get into it. In Albuquerque and Rio Rancho, our market is one of those where a fund has been buying up houses and converting them to be rental houses. Unfortunately, for the neighborhoods that seem to have been purchased quite a bit by them because it will just increase the number of renters, but really for regular, what they were looking for was under 200,000 and 15 years old, pretty good shape, they’d go in and buy it with cash. Quick closing. So, our kind of first time home buyers are competing against cash, quick-closing, deep pockets. So, it has been a little bit tough. So, we do need more houses for sale in that under 200,000 range.
Tego: The entry-level, what I call entry-level, I guess. The thing is we have a juxtaposition on the higher end. It’s kind of the opposite. It’s still kind of a buyer’s market in that higher end in the Albuquerque area. What would you say? Over 500,000?
Traci: I’d say even over 400 or 450. Yeah, we have seen a bit of a recovery in kind of that luxury or higher end market. There’s still plenty of room for improvement.
Tego: There’s still a lot of supply. Some of those homes are selling at definitely a discount right now.
Traci: Absolutely. We just closed one actually in the East Mountains very close to I-40. It was 18 minutes to the Kirkland gate. I actually mapped it one day because a lot of people who live in the neighborhood work at Kirkland or on base in some capacity. The house that the people had sold that had about a million or two into the house, and they sold it for under 600,000. The house is phenomenal. Huge deal.
Tego: There are a lot of great deals in that higher end and things like that for sure.
Traci: Yeah. So, if you’re thinking of being a move-up buyer, give us a call because it’s a great time to become a move-up. If you’re ready to get a house that better matches your family size or you’re ready to move up, call us and we can help you. A lot of people. I talked to a woman yesterday who has a house in Northeast Albuquerque, and she wants to downsize. She’s in 3,100 sq.ft. and it’s just her and she doesn’t really know ‘How do I move and pack up and buy and sell at the same time?’ I was like ‘We do this all the time.
Tego: Yeah. It’s a process. It’s not simple, but it’s easy if that makes sense.
Traci: We know the ins and outs and how to negotiate the deals so that it works best for her whether it’s a post-occupancy or she buys and sells at the same time and it seems like it always works when this comes up. Some of the things I still hope to get to, perhaps after our break, on this beautiful Saturday, there’s kind of a chill in the air
Tego: Yup. Fall is here.
Traci: Yeah. It kind of blew in yesterday. Some of the things the statistics told us were about underwater homes, people who are in a negative equity position where their house might not be worth what they paid for it. We can talk about that a little bit because those numbers are getting better as well.
Tego: Yeah, and the number of distress sales is coming down, and that’s affecting things as well which is just good for everybody. We’ll get into that here in our next segment. Again, this is Albuquerque Real Estate Talk, and this is Tego and Traci Venturi with the Venturi team of Keller Williams Realty. You can visit us at welcomehomeabq.com is our website. If you want to get ahold of us, you can do it there or you can call us at (505) 9336881. We’ll talk to you shortly.
Tego: Good morning. Welcome back to Small Business Saturday on 95.9FM and AM 1600 KIVA, the Rock of Talk. This is Tego Venturi with Keller Williams Realty and this is Albuquerque Real Estate Talk. I’m joined by Traci Venturi. We’ve been talking a little bit market updates stuff and we wanted to continue that discussion. We got a national market update that looked like things are going in the right direction. That’s the short of it. The market seems to be moving in a positive direction.
Traci: That certainly was the indication of all the numbers that we went over and in talking with other realtors around the country. What were some of your takeaways, Traci?
Traci: I was thinking about the cycle of real estate. One of the things that really struck me was the housing market over time, if you look at kind if historical, there’s a 7-year cycle where things kind of go up and they go up and they go down. That really holds true since 1989 or so, if you look at the chart specifically. It really has done that. The thing is that a lot of homes right now are still underwater, negative value, not necessarily that people don’t have the money to keep paying for their home.
Tego: They’re not in distress, but they’re still t a negative equity position. The house is still worth less than what they got their loan for.
Traci: Right. The thought on that is plan to hold your house for 10 years. The 7-year cycle is covered, and even if you buy at a high, if you’re not planning to sell anytime soon, you should be fine because prices recover. So, prices always come back if you buy in the right location. We’ve really seen that around Albuquerque. If you really think long term when you’re buying a house, make sure you pick an area that’s going to be desirable if you need to sell it in a few years. In addition to working for your family, think re-sale. I work with a lot of folks who say, “I’m never moving again.” Then a year later they call and say, “I’m moving.”
Tego: I know. Life happens. Life does happen and things change for folks. We deal with a lot of people relocating here which is wonderful. I love helping those people. But sometimes they’ll make a relocation and then something happened where they need to make a change.
Traci: The military relocation is one where often they do get moved every 3 or 4 years. We worked with a lot of people coming into Kirkland Air Force Base [0:14:54] in or out of Kirkland for relocation. Generally, we work really hard to find them the right house in the right school district that we know they can resell when and if they need to, although a lot of military personnel keep those houses as a retirement plan.
Tego: Let’s change gears here a little bit. There’s something that came up and there’s been a lot of buzz about lately, and that is this so-called back-to-work program, something FHA is working on to get people back into the housing market. It’s kind of been a little bit underground. I haven’t been hearing a lot about it. The thing that’s fascinating about this is it’s a new program that allows people that had some sort of event, either short sale, foreclosure, bankruptcy, some sort of event that affected their ability to keep their home during the downturn, there’s a new program that may be able to get them back in and get them qualified to purchase a home within as little as a year.
Traci: That’s true. It’s hard to even think that someone who might have lost a home due to a short sale or a foreclosure or some other economic event would want to get back into homeownership, but, in fact, we do see a lot of people because they know the prices are still down. It’s a great time to buy. Interest rates are still really good even though they’ve come up 1% since the 1st of the year, but there are a lot of folks that should be buying and are in the market to buy. This new FHA program gives borrowers their buying power back. The interest rates are good. The credit list type person who had a foreclosure, short sale, bankruptcy or whatever can qualify in as little as a year.
Tego: Yeah, and I kind of got the guidelines here, and it’s saying The folks must prove their income declined by 20% or more during a 6-month period that kind of resulted in this negative event happening to them. second, they must prove and document that it was because of a decline in income
Traci: Not that they just decided not to pay.
Tego: Yeah, right. Exactly. They also have to show that over that 12-month period whatever it is that they did not have any credit events. If they’re paying rent, they’re paying rent regularly. That basically you have good credit. Then they have to go thru counseling, actually housing counseling which is kind of interesting, but I think it makes sense. Again, it’s FHA’s way of helping people get back into the market that were really hurt by this thing. That was a stressful event.
Traci: Very stressful. And not necessarily that it was bad habits with money. It was unforeseen, and a lot of people with a great history of credit and responsibility—
Tego: I think one concern is that I don’t think any of us want to get back to that situation where we had people getting these loans based on no-doc loans or basically they says, “Well, I make this much money and I’ll get a loan.” I get the impression that everybody’s very intimately aware of that. You still have to qualify for the loan. You still have to prove your ability to repay. It’s not this ‘We’re just going to give you a loan because you can fog our mirror.
Traci: Right. They’re not just simple giving loans to people because they say I’m ready. People do have to prove their credit history of late is important. Kind of piggybacking on this program, this back-to-work, affordable loans programs, Fanny Mae who backs these and does the mortgage insurance on them, their numbers are down. So, part of it is just for them. they need more loans. They got money. They need to get money out there and have it being used. But if you’re not in this position, let’s say you got good credit, you got good income, you should be a homebuyer, interest rates are really good. The minimum credit scores have come down. If you tried to get a loan a year ago, credit score minimums ere pretty high. There weren’t many loan programs out there. Now we’re seeing credit scores down to 620 getting loans with good rates. We’re also seeing a real assortment of jumbo loans available where jumbo loans have become much more popular and much more affordable. So, for those move-up buyers who want to buy and get a loan that’s over 417,00, jumbo loans are pretty attractive again. For a while there, that was really hurting the luxury market.
Tego: Something that struck me here was when we had our folks doing short sales and other things come up that made them lose their home, most people were told at that time that it was going to be 3-4,5, 6 or 7 years before they could buy a home again. I think it’s important for people to get the news out there that there are some options for folks if they do want to get back into the housing market and gotten over the stress that they went thru. There’s some great opportunities there.
Traci: So, if you know of anybody who perhaps is in this position, let them know that this has changed and there are programs available so that after one year, they can qualify again. Some of the other things from Austin, the National Convention – I guess it was International Convention
Tego: Let’s talk about the market update
Traci: That underwater homes won’t be underwater for much longer. We’ve seen a big trend line of prices coming back so that those homes that maybe were down 35% in value are maybe now maybe down 12% in value and things like that.
Tego: That was good. Again, we’re seeing that back here in Albuquerque where the average home price has come back up where those people that were underwater are getting close to not being, or as the prices increase, we’re going to have less and less of that and that negative equity kind of just out there in the market.
Traci: Another thing that we’ve noticed as our real estate team, we’ve been blessed to sow a lot of houses lately. We aren’t seeing low appraisals. Things are definitely appraising for purchase price. Actually, in the last couple of weeks, we had at least 3 houses that appraised for over the contract prices. Somebody’s getting instant equity the day they move in.
Tego: There’s opportunity out there. I guess we could share this. You and I are buying a rental house.
Traci: Yup, we close on Monday.
Tego: Another one. We’re in this market day in, day after day after day and we feel like the market is at a place where it makes sense to buy rental properties. Of course, we’re in the business. We’re in it.
Traci: We’ve been talking about this for 3 years though, but we’ve been so busy helping other people buy, we haven’t gotten around to picking up another house for ourselves, and it’s hard to find those great deals for what we’re looking for.
Tego: That’s not for everybody. Back in the boom times, there were a lot of people coming on from other markets, a lot from California buying rental properties in our city. They really didn’t have a business being in it.
Traci: A lot of people didn’t.
Tego: It’s not for everybody, but we feel it’s just part of an investment portfolio is having some real estate. Particularly for us, it’s rental homes.
Traci: We’ll go ahead and put some graphs up in our website. There’s this amazing graph that just shows affordability right now. If you wait 18 months, we’re going to be in a less affordable position with interest rates and home prices.
Tego: Thanks for listening. This has been Albuquerque Real Estate Talk. This is Tego Venturi with Keller Williams Realty. Again, if you want to reach out to us, we appreciate listening but you can visit us at our website. It’s www.welcomehomeabq.com. That’s www.welcomehomeabq.com. our team phone number is 933-6881.
Traci: Have a great Saturday, everyone

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