WalletHub’s Skewed Market Results
Despite Albuquerque’s booming real estate market, the city was voted by WalletHub as one of the worst real estate markets in the country. Should it surprise you that Albuquerque voted last at something? Probably not. Although in this case, many would ask why the statistic would be true due to our quick rising market.
The Albuquerque real estate market ending on a great note for 2019 and it is expected that 2020 will do the same.
In WalletHub’s new ranking for 2020, Albuquerque was rated in the top 10 worst real estate markets.
WalletHub review several methods to calculate their findings such as the city’s market health, sales per broker, median wages for agents, job opportunity, etc. The annual mean salary of a real estate agent in New Mexico is $52,660, compared to the national median annual salary of $48,690. This is according to the U.S. Bureau of Labor Statistics.
The personal-finance website ranked 179 markets around the country. Albuquerque scored higher than Fort Smith, Arkansas; Fayetteville, North Carolina; Jackson & Gulfport, Mississippi; Corpus Christi, Texas; Detroit, Michigan; Shreveport, Louisiana; and El Paso & Brownsville, Texas. Last year, Albuquerque ranked No. 176 on Wallethub’s list.
BizJournals interviewed several Albuquerque real estate brokers for their stance on the current market trends.
John Lopez, President of the Greater Albuquerque Association of Realtors responded and disagreed with WalletHub’s findings of the city’s trends.
Mr. Lopez responds in an article stating that:
“New Mexico is one of a few nondisclosure states, meaning research companies would need other ways to access reliable metrics for non-disclosure state versus full disclosure state or the data would not be sound. Secondly, if an article is ranking best/worst place to be a real estate agent, one of the biggest factors that should be considered is the people and clients.This business is no longer described as a key and taxi service, the accurate description would be real estate consulting, which consists of building relationships with the clients, and New Mexico has the most amazing people/clients, which makes our job and our place one of the best places in the world to practice real estate. I truly believe adjusting for these two points would completely change the position of New Mexico to one of the best places for a real estate agent.”
Jeannine DiLorenzo, a broker in Albuquerque says,:
“Being an Albuquerque real estate broker is amazing. I can get from one property to another across town in 20 minutes. It is typically nice weather to show homes as well. Yes, our average sales price is lower than the national average. Albuquerque’s market never hit an extreme low as other markets did, we have stayed fairly stable. Right now, Albuquerque’s real estate market is on fire. What a great time to be in this business.”
A strong real estate market is one of many indicators of an economy’s strength. Now let’s continue to grow!