Real Estate Moves: is the real estate bubble going to burst or grow?

Real estate expert Maja Sly gives us the inside scoop of the Real Estate Bubble.

Host IG:@itstanyatime

Guest IG: @majasly

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Episode Transcript

Speaker 1 (00:00):
Hey money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the kingdom
of financial stability, wealth and abundance. Hey money Movers, Welcome
to another episode of the Money Moves podcast powered by Greenwork.

(00:23):
We are here for another epic episode of Real Estate Moves,
and you're joined by one of the leading women in
real estate, Maya Sly. Hello, Maya ms Tana. If you
guys don't know, Maya's my dear friend and she has
been on the podcast several times before. She is a
very well known real estate iconic. Game you are in

(00:47):
kind and so we're so happy to have you back
sharing some tips and gems about what's going on in
the real estate market, because we want you all to
leave here with the ability and to be encouraged to
really dive in, which is one of the beautiful things.
I love having you on the show today. And today
we want to talk about this bubble, the bubble that
everyone is talking about, and it's the bubble gonna burst,

(01:08):
is it gonna grow, and it's gonna take us to
the next level of heights. So let's talk about this
real estate bubble. Listen, if anybody's watched the news. They're
buying land in metaverse right now, so you think that
this real life real estate bubble is gonna burst anytime soon.
They're buying imaginary land online to live online. So I
would say, let's give this some context here, Okay, um

(01:31):
I am. I don't have a what do they call it?
An hour? What is that? That magic ball? I don't
a magic ball. I don't have a magic ball. But
I've been in this business for a long time, twenty years,
and I've seen the ups and downs of a market,
and I can tell you. Let the data show you
what's gonna happen, because we don't need a magic balla
we need data. So I want them to pull up

(01:51):
the data. I want them to see interest rates in
the nineties, sixties, seventies, eighties, nineties, two thousand, two thousand, ten,
in two thousand, twenties. Let that lead you. So for example,
my first home I purchased was a hundred and fifty
thousand dollars. The rate was seven point something percent, and

(02:11):
I had excellent credit. That was a great deal. I
got a ten thousand dollar grant to purchase that house.
My payment was twelve hundred and some dollars. I have
a neighborhood right now two hundred and fifty thousand dollars
for the same square footage to fifty. But the grants

(02:32):
are sixty thousand dollars. But guess what the payment interested.
But guess what the payment is hundred dollars. So a
hundred paid a hundred thousand dollars less for that house
twenty years ago, but the payment is almost the same.
So when you think about markets going up and down,
you buy based on payment what you can afford. Because

(02:55):
rent never goes down. Have you ever noticed that never
goes down? Anyone ever gone down? No, it doesn't matter
how suppressed the market is. Apartment rent never goes down.
So that being said, if you can afford to live
in your house financially, it doesn't matter if the market
were to get soft at all, because if you stay there,

(03:18):
the market is going to come back up, or even
if it doesn't in two years, three years, like we've
had an oh eight, it took a minute for some
of those areas. I live in an area where we
had zero four closures in my development, zero because our
h o A sent out a letter to each person
and said, if you're having a financial hardship, we're going
to protect the value of the neighborhood. We will buy it.

(03:41):
Oh my god, exactly. But that's what other communities do
because again, if we allow the bank to sell this
house at fifty everybody will have lost the I have
a live by investment bankers, lawyer's attorney's financial planners. I mean,
you know the neighborhood. It is filled with professionals, but

(04:02):
anyone could be hit by hard times. So they had
a fund in place that they said, this is an
opportunity instead of you doing a short sale, we will
buy your house. That's interesting, not actually to me, because
I always wondered with HWA fees and stuff like that's
actually the best No, no, no, let me be clear.
It wasn't the h O company. It was the h

(04:25):
O board who was comprised of us. So everyone on
the board just thought about it. They were like, if
we have because they saw friends that lived in certain
mark in areas that the bank was cutting prices, you know,
fifty cent on the dollar because they just wanted to
get rid of it, and they had mortgage insurance that
was going to protect them. But who's thinking about the
person that lives next door, next door, next door, next door.

(04:47):
So as a collective, we basically voted and said, hey,
we'll do this. So I think also what I love
about this too, and I think for people to listen
to this and to be encouraged to join those boards,
it's in your best interest to have a voice, to
have a say. And no one's getting and no one
gets paid. No one gets paid. So you know, they
have a vested interests in making sure that the neighborhood

(05:10):
in the community is what they bought into. Because the
h O a company, you know, they can they collect
the money. But you on the board, you live there,
so you're able to say we don't want renters in
our neighborhood and people are like, oh, they want renters.
With the reason they don't want renters and less as
a hardship is because oftentimes if you have a renter
in that home, depending on the neighborhood, you have to

(05:33):
get like we have a temperason, you have to get permission.
We have to get permission, or we just prefer for
you to sell. Because this isn't an investor community, you know,
it's you know, at this point, I'm not bought. It
was four You can't build anything close to me now
for less than d less than nine for for less

(05:54):
square footage. But we were soft and flat for four years.
We didn't have a sale. Nobody moved. Why wouldn't they
move because they couldn't get what we had. They couldn't
build what we had anymore in another community and another
it would be more expensive for a smaller house. So
when you buy real estate, you have to think about

(06:15):
it two ways. Are you buying as an investor, are
you buying as a homeowner? Are you speculating in the market.
But this bubble that they think is going to burst,
I would like to know where these homes are going
to come from. They don't exist because the bank's only
sold for pennies on the dollar. Because the economy was
in the tank as a whole. We don't have a
job shortage. We have an employee shortage right now. Yeah,

(06:36):
So as long as people can afford to buy, So let's,
you know, go back to this bubble, because I one
of the things I really like to do here is
dispel the myths that hold us back, right Like this
is one of those ones that people think about, they
talk about and they're worried. A lot of people were
burned in the market collapse in like oh eight of seven.
You know, they talk about those rebound mortgages. So how

(06:59):
should we frame looking at getting into real estate? Now?
We should frame it by making sure they don't leave
parts of the story out. And I can tell you
from my own experience, my own experience as an investor,
as a person who owned land, who lost parcels of
land because I was going to develop those is that
fake of those people who lost their houses didn't lose

(07:21):
their home because they couldn't afford to live in the
house anymore. It was the same thing, fear fear, And
when the home next door to them was sold for
pennies on the dollar, you know what, they said, my
house isn't worth that anymore. I'm walking away. But they
went to pay rent to somebody else. Their house wasn't
worth what they paid for it. Now you're paying their mortgage.

(07:42):
So that is the ignorance that exists because we are
a lot of us, our first generation home owners, and
we don't have context majority communities, other ethnicity ethnicity communities.
Their parents were able to guide them and tell them
what to do. They weren't going to just walk away
from a house, because again, you have something invested here,

(08:03):
You've got to move your family somewhere, and so now
you're gonna go pay someone else's mortgage. And if you
were to pull up the value their home, their home,
your pano mortgage just not yours, and you're not getting
into benefits. And then when the market comes back, guess what,
now you have to pay more. So these are the
lessons that I'm so grateful that we're having the conversations
about that we're able to teach our kids, teach the

(08:25):
next door generation, bring them up so that we have
this better understanding of how these markets can work and
can work for us. Maya, thank you so much for
helping us today with real estate moves here on the
Money Moves podcast. Let's let our audience know where they
can reach you. This is important to you, guys, because
Maya is constantly on the Graham and social media being
able to drop information and wisdom. So make sure you

(08:46):
follow her and check her out. Yes, so make sure
you follow me. And my name is Maya, m A
j A s l Y. That's m A j A
s Is and Sam l Y that's me on Instagram, Twitter, Facebook,
where you'll find me. But um, a lot of the
podcasts that I've been doing lately have all been around
financial literacy. This is my initiatives, my passion. It is.

(09:11):
It made me refall in love with real estate in
a different way, in a way that I can make
an impact and then also help other entrepreneurs like myself
make a lot of money, a lot of money. There's
so much money in real estate. But you can also
do good at the same time. You can help someone
who now doesn't have to go in a bidding war
for a house. We've already agreed what the price is

(09:32):
going to be because we've already done the numbers, collaboration, communication,
I love it alright, money Movers. That is all the
time we have for today. But let's make sure to
follow May on all her social media handles, and also
make sure you follow Bank Greenwood on There's thank you
so much. I am signing out right now. I'm your host,
Tanya Sam And make sure you tune in Monday to

(09:53):
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so that you too can have the keys to financial freedom.
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(10:18):
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