Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Well come to by Balt Bart and Soul. Thanks so
much for joining us. And uh yeah, man, hey, Brad
Smith hanging out with us in the studio from Cross
Country Mortgage. What's that, Brad?
Speaker 2 (00:13):
That's me. I mean, I'm good. How are you?
Speaker 1 (00:15):
I'm good. I'm I'm just dandy. I am just dandy.
Speaker 2 (00:21):
Uh.
Speaker 1 (00:21):
Been a busy world in the real estate market, the
mortgage market. We've been having some fun. Huh, We've been
having some fun. It's been a busy, busy, all kinds
of stuff going on. So yeah, the markets picked up.
Speaker 2 (00:33):
I buy my phone and emails and and with rates
that we can kind of get into later in the
next segment. But I mean, it's it's been uh, it's
been popping good.
Speaker 1 (00:42):
Well, I want to get some shout outs. Uh. We've
put let's see, six homes under contract over the past week.
Carla Diliberto with three of those under contract, killing it,
my goodness, John Michael Brannon, Graham Reesburg, and Isaac Marvin,
congratulations on your contracts as well. So one of those
(01:04):
was our flipping bluff part nice. So I'm pretty excited
about that. I'm about to deal with the inspection contingency
which I'm not necessarily concerned about because I've already said, hey,
look I did a prelisting inspection and disclosed that and
and oh, by the way, my contractor will be there
to work on whatever needs to be worked on, so
(01:27):
hopefully that will still be okay to these buyers. So
you know, it's one part just getting it under contract.
The next part's like, how do you get this sucker
to closing? How do you get you know, to the
finish line. And man, I'll tell you, we've we've been
losing a bunch of deals, just like random things, random
(01:48):
mortgage financing things. Random We had one where the HVAC
got stolen in Birmingham, oh this past week, and that
just scared the buyer off. We had where just you know,
sometimes like in during an inspection contingency, we'll get where
(02:08):
people just have like a change of heart and they'll
they'll get the inspection and really the inspection is not
that bad, but they're just like, we might just want
something else.
Speaker 2 (02:18):
They had some buyers remorse before the inspection and kind
of use the inspection sometimes.
Speaker 1 (02:22):
I think it's definitely possible, Yeah, for sure.
Speaker 2 (02:24):
Yeah, kind of get into it, kind of get get
wrapped up in it, get in the contract, and then
they're kind of like sitting at home and going like,
is this really the one to do?
Speaker 1 (02:32):
That's why, like I don't like you know, going under
contract day one on a on a listing, right, just
mainly because of buyer remorse.
Speaker 2 (02:39):
Yeah, So AnyWho who All right, all the fun stuff,
all the fun things.
Speaker 1 (02:47):
Well, we're gonna we're going to talk about in our
next segment. We're going to talk about what we're seeing
in the market, what we're seeing with rates. And it
sounds like we've were getting some positive news and uh,
but you know, I think it's now is the time
that we go ahead and do the mortgage game.
Speaker 2 (03:03):
Let's do it, all right.
Speaker 1 (03:05):
We have we've got some we've got some open houses today,
we've got some new listings. And Brad tell us the rules.
Speaker 2 (03:10):
Yeah, the rules of the game. Gussy's gonna give us
some properties they've got either open houses, new listings coming soons.
He's gonna give us the details of those properties and
at the end, he's gonna give us what the list
price is for that property. At that time, I will
give a potential down payment that a bar may make
on that house and John Mounts and Gusty will guess
their best at the thirty year fixed monthly payment principal
(03:32):
interest only.
Speaker 3 (03:33):
And it really is my best. I know, it doesn't
seem like it and the best I can do?
Speaker 1 (03:37):
Can John get two weeks in a row?
Speaker 2 (03:40):
Oh?
Speaker 1 (03:40):
I forgot?
Speaker 4 (03:40):
Did I win last week?
Speaker 2 (03:41):
Did a in a with a three man race?
Speaker 1 (03:44):
Now?
Speaker 2 (03:44):
John Michael is here, So you took down two real tris.
Speaker 4 (03:47):
That's not gonna happen again.
Speaker 1 (03:49):
Well. Our first new listing of the week is in
the Birmingham Minor area. This is thirty fifty six Highland Drive.
This one is a three bedroom, one and a half
bath home with eleven hundred and ten square feet. We're
asking ninety seven thousand, five hundred ninety seven thousand, five hundred,
so this could be a perfect first house, could be
(04:10):
a great investment. It's all single level, so it could
be a great last house. Uh, thirty fifty six Higland Drive,
ninety seven five. And this listing is courtesy of John
Michael Brandon. So, John Michael, congratulations on your new listing.
Speaker 2 (04:24):
Yeah, great job. All right, ninety seven five. We're gonna
say this first time home by We're gonna put three
percent down. Okay, we're gonna put three percent down on
ninety seven five. Gusty, you get the honors.
Speaker 1 (04:39):
Okay, ninety seven five. Let's go with. Let's go with
six hundred and nine dollars.
Speaker 2 (04:55):
I like it.
Speaker 3 (04:57):
I was actually thinking six sixty. I don't know what
that face means. Is that what you're saying, I'm gonna
go with six sixty.
Speaker 2 (05:05):
He's gonna go with six sixty. But the actual payment
was five seventy five.
Speaker 1 (05:09):
Whoa to seventy? I like these rates. Coming on down, baby,
coming on down?
Speaker 2 (05:18):
All right.
Speaker 1 (05:18):
Our next new listing of the week is in Jamison. Hey,
and just so y'all know, we cover really pretty much
a forty five mile radius of downtown Birmingham, so brillly
as north of you know, as Coleman, as south as Clinton,
as east as pel City. We've even done some stuff
in Lincoln and as west as like mccollin, and really
(05:40):
Vance is probably pushing it, yeah on the west side. So,
but this one is in Jemison to seventy Ridgeview Circle.
This is in the Ridge subdivision built in twenty twenty two.
It's four bedrooms, two baths with a two car garage
eighteen hundred and seventy nine square feet and they are
asking two hundred and forty thousand, two hundred and forty thousand.
(06:01):
And this listening is courtesy of Walker Gant. Go see
Walker this afternoon from.
Speaker 2 (06:06):
Two to four, two to four, and it's to forty
ten percent down. John ten percent down on two forty.
Speaker 3 (06:16):
Ten percent down says twenty four thousand dollars. Get doing
the math in my head here. Uh, I'm gonna say
twelve hundred dollars.
Speaker 1 (06:30):
Mmm, I'm gonna go with. Uh, I'm gonna go with
eleven hundred and sixty seven dollars.
Speaker 2 (06:46):
They're low, but they're not that low. Payments thirteen twelve.
Speaker 3 (06:50):
John gets around, Man, I I miscalculated with the with
the down payment.
Speaker 4 (06:59):
That's what throw off that. And I don't know what
I'm doing.
Speaker 2 (07:01):
Oh yeah, that tends to do you have something to
do with it?
Speaker 1 (07:04):
It happens. Do any of us really just trying.
Speaker 2 (07:07):
To figure it out exactly. We're all in this together.
Speaker 1 (07:10):
All right. Next new listing is and also open this
afternoon from two to four in Homewood, sixteen oh four
forest Ridge Roads, sixteen oh four forest Ridge Road. This
one is three bedrooms, two baths, two car garage. It's
got fifteen hundred and thirty five square feet on the
main another three hundred and twenty six square feet finished
(07:32):
with a bonus room and the basement. Hey, this one's
got a pool, dude, cannon Ball, Uh, sixteen oh four
forest Ridge Road. Go see TJ. Cunningham this afternoon from
two to four. Four hundred and thirty five thousand dollars
four thirty five. How about that? I mean a home
(07:52):
and homewood with a pool for four hundred and thirty
five thousand bucks.
Speaker 4 (07:57):
Can I visit after they've moved in?
Speaker 2 (07:59):
Maybe?
Speaker 4 (07:59):
Use that?
Speaker 1 (07:59):
Probably not unless unless she brings some friends to that
buy that place, I bring snacks. Yeah, yep, yep, yep.
Speaker 2 (08:09):
Well that's a great that's a great price in a
great area. All right, four thirty five, five percent down,
five percent down. We're back to gusty. It's the last
one of the day. So this is for all the marbles.
Speaker 1 (08:22):
All the marbles, all the marbles.
Speaker 4 (08:24):
Wait, we've been we should have been getting marbles all along.
Speaker 2 (08:27):
No, I maybe I've lost my marbles.
Speaker 1 (08:31):
Well speak for yourself now, okay, Uh, did you say
five percent or ten percent.
Speaker 2 (08:36):
Now, mister Marble's over there. Five.
Speaker 1 (08:39):
Okay, what do I want to do with this? Twenty
four hundred bucks?
Speaker 4 (08:52):
Okay?
Speaker 3 (08:53):
I was gonna say twenty seven, but I might be off. Okay,
I'll go twenty. I'll go twenty six.
Speaker 2 (09:02):
Those fine adjustments that make John what he is. The
actual payment was two thousand, five hundred and eleven dollars.
Speaker 4 (09:11):
John, John.
Speaker 2 (09:14):
Today, two weeks in a row.
Speaker 4 (09:18):
I'm retired. Retiring. Wow, that's it. We're good. I'm going
out on top.
Speaker 2 (09:23):
It has happened before. I was going back to Major
League like next week, you do it. It's called a
winning streak. Wow, that's happened before.
Speaker 1 (09:34):
I would say two weeks in rows of winning.
Speaker 2 (09:36):
It is a winning streak in.
Speaker 1 (09:39):
Good Well, congratulations John, thank you doing a great job.
Speaker 4 (09:42):
Now I heard mention of marbles.
Speaker 2 (09:44):
Yep, marbles there, they'll be delivered.
Speaker 1 (09:46):
We're going to get cross Country Mortgage branded marbles.
Speaker 2 (09:49):
I gave him to j T.
Speaker 4 (09:53):
And he propably lost all of them.
Speaker 1 (09:56):
Hey, we've got we've got some other open houses this afternoon.
We've got five to one three fifty ninth Street and Cresswood,
a three bedroom, two bath with fourteen hundred and sixty
square feet, updated for two eighty nine. It's going to
be open this afternoon from two to four. Go see
Ashley Stags. And then in Bluff Park fourteen twenty four
Chester Street. This was built in nineteen fifty seven. Two bedrooms,
(10:19):
two baths, seventeen hundred and twenty three square feet for
three seventy five. This one was the the industrial chic.
Speaker 2 (10:27):
Oh yeah, I meant to look that one up. I'm
interested in that one.
Speaker 1 (10:30):
Yeah, Bluff Park, go see Kyle Bedgood And hey, we've
got also we've got one that's coming up in the
Center Point area. This one is actually on almost five acres,
which is pretty cool. Uh, three bedrooms, one bath, fourteen
and ten square feet for one nine off of poly
Reid Road. I mean it's kind of hard to find
(10:50):
five acres these days, so that's pretty cool. Hey, we
got some buyer needs. So we've got somebody that's looking
for a home in the Bluff Park area that is
needing some love, need some renovations, and up to four
hundred and twenty five thousand. If it's on the Bluff great,
If not, no big deal. They just like the Bluff
(11:13):
Park area. I've also got somebody looking for a single
story home in the Shelby County area with a pool
up to four hundred and fifty thousand dollars. I've got
some folks that are moving into town looking in the
Hoover area. They are looking up to seven hundred thousand.
(11:35):
I've got some folks that are looking in the Edgewood
of Homewood School district and they are looking up to
I've got multiple folks looking and I've got some folks
that are looking up to a million. I've got some
folks looking up to one point five million, and I've
got some folks looking up to one point seven five
million dollars in Edgewood school districts. So, if you've got
(11:55):
any homes that match one of those one of those
buyers needs, feel free to go to gustygilsgroup dot com
or go call or text two five five four to
nineteen ninety six. Hey, guess what time it is. That's right,
it's testimonial time. Well, we've got one review this week,
(12:21):
and sometimes you get to patch your own self on
the back, and so this is from Annie. Gusty was
fantastic to work with and very available when we had
questions as first time home buyers. It was great to
have someone so knowledgeable and helpful to walk us through
the whole process from touring homes to closing day. Would
(12:43):
recommend Gusty to anyone in the Birmingham area. So Annie,
thank you so much for the opportunity. Congratulations on your
new home.
Speaker 2 (12:51):
And Gusty, Congratulations on another five star review. I broke
my I got a litt lot the cadence was off,
but I think I got it in.
Speaker 1 (13:02):
How about how about we do this Congratulations on another
five star review.
Speaker 2 (13:08):
You just went in on another and I didn't try
to throw Gusty in that. I just got it all.
I felt it all.
Speaker 1 (13:17):
See, I gotta queue it up.
Speaker 2 (13:18):
Dad got multitasking things, you know, man.
Speaker 1 (13:20):
You know what. I appreciate you trying. But it's nice
to get it's nice to get reviews. I'm not gonna lie.
It is all right. Well, y'all stay tuned. We're gonna
go to break. We're gonna talk about what we're seeing
with the mortgage world going. I like it. I like
what I'm hearing and what we're seeing in the real
estate world right here on Bard and Sold. Welcome back
(13:44):
to Bob bart and sold. And I'll tell you what,
and it has been a great week for mortgage rates.
Making progress. I mean, you know, unfortunately, bad news and
and kind of the jobs world and the economy is
usually good news for interest rates. But those of you
that can take advantage of you know, the interst rates,
(14:07):
my goodness, we're making progress. Let's talk about that. Yeah,
we see in Brad Brad Smith Cross Country Mortgage by.
Speaker 2 (14:13):
The way, Brad Smith Loans dot com. Oh yeah, the
little plug there. Yeah. So rates have kept coming down.
There's actually been a little bit of a tug of
war this week just because the inflation data was a
little higher than expected. The jobs report right now is
still winning the day as far as the kind of
that tugle war. But rates are still I would still
(14:35):
say there. We're still in the low sixes. They've continued
to come down. We've actually had some good movement in
the bond market for those purposes. The tenure treasure that
we've talked about is continue to come down. It even
got below four for a little bit this week. I'm
not sure if it's gonna sustain there, but it was
at three ninety nine on Thursday when I saw it
and then it kind of jumped back up into the
(14:57):
low fours for a one to four O two. Yeah,
so it's been move around a little bit. But just
just to kind of give you an update as far as.
Speaker 1 (15:05):
Like, I just wanted to say, hey.
Speaker 2 (15:07):
Yeah, test those levels. You know, we talk about my
favorite word, Febonacci levels, and you know, and then you know,
and then the fifty day, the twenty five day, fifty day,
one hundred day, twenty day moving averages are also ceilings
and floors that get in there. So it'll go down
there and test and see how the market reacts. The
one thing I know, and it's so hard, it's so
(15:27):
hard to like also like make it make any kind
of sense through radio. It's easier with slides and numbers
because you know, you're sitting there spout all stuff and
it's like how do you retain it? But with that
being said, the one thing I did want to kind
of drill down what's keeping us from being even lower
than we are. So again, it's all been positive so far.
The only little bit of negatives that inflation data. And
(15:48):
that inflation data is something we talked about probably about
a month ago on some of the on the CPI
and the Consumer Price indecks, how how oddly weighted some
of the onions are for the actual hard numbers, and
so one of the things that's really throwing the inflation
at a whack is still the shelter cost and the
(16:08):
shelter cost. So shelter cost makes up right at forty
five percent of all the CPI data of the core data,
So that's shelter.
Speaker 1 (16:18):
Home sold and for rent.
Speaker 2 (16:20):
Right So apartment this is how much people are paying
on a mortgage and all their expenses for that. This
is for people paying rent. This is for lodging away
from home. So if you're getting a hotel and you're traveling,
that that goes into this hotel cost. So of all
those numbers for shelter thirty three percent of it is
the owner expected rent number.
Speaker 1 (16:44):
Okay, so but not the market value.
Speaker 2 (16:46):
But not the market value. It is literally quizzing homeowners,
what do you think you could rent your house for
if you decide to.
Speaker 1 (16:54):
Rent it, Well, I'd like to rent it for a
million dollars.
Speaker 2 (16:56):
Okay, so exactly, So of that shelter cost, thirty three
percent of it. A third of that shelter cost that's
Jack and ethon are the inflation numbers, and the core
reading is what people think they might could be able
to rent their home if they exited their home.
Speaker 1 (17:13):
Well, that's that's a subjective.
Speaker 2 (17:15):
It's so subjective. Here's the crazy thing, actual rents that
they're getting from landlords and can document, yes, ten percent of.
Speaker 1 (17:24):
The number, it should be backwards, just.
Speaker 2 (17:27):
Flip them like, we get it. You need to have
a little bit there on what rents would do and stuff.
But we're in this and then they're doing it month
over month. They're getting month over month readings. Could you
tell me how much you could rent your house for
month over month? And we're in this business like and
tell me what exactly what you think you could rent
it for and then we'll be able to keep up
and track that.
Speaker 1 (17:45):
I can tell you that we marketed a rental house
that I had recently in the City of Birmingham, Section eight,
and we market it for one thousand and ninety and
we've got it rented for eight hundred and eighty bucks.
Speaker 2 (18:00):
There you go, and we do this. All point is
I couldn't I mean, I could give you a ballpark
and be probably pretty close on my house but think
about everybody in the country that's on this survey. So
the whole point is that that weighted factor there, like,
let's use the real hard data and let's make it
thirty three percent of the number, and let's take this
opinion and kind of you know, I mean plus when
(18:22):
you list houses and you ask people how much you
can sell your house for, they always think they're I
mean not always, but they think their house is worth
more than it is.
Speaker 4 (18:30):
They're gonna do the.
Speaker 2 (18:30):
Same thing with the rents totally, and so flip those
numbers and all of a sudden, the inflation data looks
about where it should be, and so you've got to
drill that stuff down. But that's the kind of stuff that,
like the new BLS director's going to have to fix
also in the Bureau labor statistics and stuff like the
same one that's kind of fixed some of this employment
data that's helped us. We're going to have to do it.
I mean again, we're not saying to do away with it,
(18:51):
but those factors should be flipped. There's no way. And
it's the same thing with employment thing. It's that birth
death model again, where it's just a made up number
of how many businesses should have gone out of business then,
I mean it should have been replaced.
Speaker 1 (19:01):
By that stuff is wild man, Like they're going to
have to like they're gonna have to get so figure out.
Speaker 2 (19:06):
I mean so so again, it's literally again you can
if you can skew numbers in your factors that much,
you can literally make it say whatever you want to say.
And we know that that happens, and numbers are always
manipulated some somewhat, but for it to be that large
of a number and to really dictate like how our
economy is going to react, Uh, it makes it difficult
(19:28):
to guess on what's going to happen. But the only
I know we're gonna get a little short time and
so I'll get it back to you. The only thing
I will tell people to be a little cautious of
next week. Yeah, well we might see there's been it's
not expected, but there's like a ten percent chance they
do a fifty bp cut. I do think our rates
(19:49):
are reflecting some reaction to that. It could be a
fifty percent cut really not a lot, but I'm saying
that the reason I think it's holding strong as far
as over this inflame data is the perception that fifty
could happen. I could easily see us to get the
twenty five we've been wanting for and mortgage rates tick
up a little, not even a full eighth, but I
(20:11):
could easily see it just kind of pulling back down
a little bit, or pulling the rates up a little bit,
and then I think we'll get some more data out
of that that could over influence that and still be
where we're trending and trying to get into those high fives,
mid fives by the end of the year. But but
just be cautious of you know, we had an alert
to lock this past week, and I immediately went to
(20:31):
Facebook and said, if you were a mortgager's nature, you've
probably got an alert to lock. Ignore that, don't don't this.
This is a silly thing. It's gonna it's gonna come
right back. And sure enough, it's one of the few
times I've been right, and it went thirty points back
in the good. It was like, this is not a
time to lock on what. I don't know why they
sent that out that I can see enough to tell
that's that's silly. So anyways, but but it's all good.
(20:53):
I mean I think I think it's all gonna work out,
but just just a little bit cautious there.
Speaker 1 (20:57):
Sorry, Well, no, no, I think that what's going to
be interesting is, you know, the projections are rates are
going to get into the fives as of right now.
And what that's going to do is that is going
to get more people into the market. Now, what we
have seen, I was talking to our team this past week.
We've seen basically on average, a twelve percent increase in inventory,
(21:19):
and we've seen where we're down and at least in
August we were down ten percent and home sold as
compared to this time last year.
Speaker 2 (21:30):
Yeah.
Speaker 1 (21:30):
Interesting. Now year to date we're about the same. Now,
what's interesting about our team is we're up ten percent
this year both on units and volume. So we're trending
better than the market by a minimum of ten percent, yes,
which is great. So I do believe that these rates
are going to get people off the fence. They're going
to get people back in the swing of things, and
(21:54):
we're seeing homes sit on the market a little bit longer.
We're seeing more price changes, and I think if I'm
sitting here and I can tell you, I mean, like
I flipped a couple of houses, put a couple of
houses on the market. I have been very aggressive in
my pricing of my homes that I've been flipping, and
I think you have got to be aggressive in pricing
(22:15):
your homes based on your condition. If you have tip
top condition, I think you can get tip top pricing.
But I would still try to be a hair under
the market. Great, but if not, yeah, I would not
bet on having multiple offers right now. If you can
get multiple offers, that is fan fantastic, but I would
(22:37):
not plan on having multiple.
Speaker 2 (22:40):
Let the market dictate it be right under.
Speaker 1 (22:42):
And the market is dictating things right now. We're seeing
price changes galore. People are trying to chase the market,
and I think, ultimately I've had to learn this too.
And like I had an appraisal on a property that
came in a lot higher than I expected, but I
ended up selling a property for where I thought it
was going to sell for, right, But I just change
(23:05):
the price very quickly to make sure I was going
to hit that market.
Speaker 2 (23:10):
Yep, no doubt.
Speaker 1 (23:11):
So I didn't want to get caught in chasing whatever.
So manyways, ultimately, like if you've been thinking about buying
or selling a house, I think reach out to our
team gustigoulisgrip dot com, Google Gustygoulists, Gustygoulist Group. We would
love to sit down with you, build a plan of action,
figure out is right now a good time to buy
(23:34):
or sell for you? Or are we planning for three
six months down the road and in twenty twenty six
we take action? Right And that's where I really want
to sit. It really depends on your scenario, for sure,
and that's why you reach out to your friends at
the Gustygolis griupt for sure. And then if you want
to get pre qualified, goo to Bradsmith Loans dot com
(23:54):
with a cross country mortgage.
Speaker 2 (23:55):
Yeah, that's the way to do it. We'll get them
back to you.
Speaker 1 (23:58):
All right. Thank y'all so much for joining us. We'll
catch you next time.
Speaker 3 (24:01):
He is
Well come to by Balt Bart and Soul. Thanks so
much for joining us. And uh yeah, man, hey, Brad
Smith hanging out with us in the studio from Cross
Country Mortgage. What's that, Brad?
Speaker 2 (00:13):
That's me. I mean, I'm good. How are you?
Speaker 1 (00:15):
I'm good. I'm I'm just dandy. I am just dandy.
Speaker 2 (00:21):
Uh.
Speaker 1 (00:21):
Been a busy world in the real estate market, the
mortgage market. We've been having some fun. Huh, We've been
having some fun. It's been a busy, busy, all kinds
of stuff going on. So yeah, the markets picked up.
Speaker 2 (00:33):
I buy my phone and emails and and with rates
that we can kind of get into later in the
next segment. But I mean, it's it's been uh, it's
been popping good.
Speaker 1 (00:42):
Well, I want to get some shout outs. Uh. We've
put let's see, six homes under contract over the past week.
Carla Diliberto with three of those under contract, killing it,
my goodness, John Michael Brannon, Graham Reesburg, and Isaac Marvin,
congratulations on your contracts as well. So one of those
(01:04):
was our flipping bluff part nice. So I'm pretty excited
about that. I'm about to deal with the inspection contingency
which I'm not necessarily concerned about because I've already said, hey,
look I did a prelisting inspection and disclosed that and
and oh, by the way, my contractor will be there
to work on whatever needs to be worked on, so
(01:27):
hopefully that will still be okay to these buyers. So
you know, it's one part just getting it under contract.
The next part's like, how do you get this sucker
to closing? How do you get you know, to the
finish line. And man, I'll tell you, we've we've been
losing a bunch of deals, just like random things, random
(01:48):
mortgage financing things. Random We had one where the HVAC
got stolen in Birmingham, oh this past week, and that
just scared the buyer off. We had where just you know,
sometimes like in during an inspection contingency, we'll get where
(02:08):
people just have like a change of heart and they'll
they'll get the inspection and really the inspection is not
that bad, but they're just like, we might just want
something else.
Speaker 2 (02:18):
They had some buyers remorse before the inspection and kind
of use the inspection sometimes.
Speaker 1 (02:22):
I think it's definitely possible, Yeah, for sure.
Speaker 2 (02:24):
Yeah, kind of get into it, kind of get get
wrapped up in it, get in the contract, and then
they're kind of like sitting at home and going like,
is this really the one to do?
Speaker 1 (02:32):
That's why, like I don't like you know, going under
contract day one on a on a listing, right, just
mainly because of buyer remorse.
Speaker 2 (02:39):
Yeah, So AnyWho who All right, all the fun stuff,
all the fun things.
Speaker 1 (02:47):
Well, we're gonna we're going to talk about in our
next segment. We're going to talk about what we're seeing
in the market, what we're seeing with rates. And it
sounds like we've were getting some positive news and uh,
but you know, I think it's now is the time
that we go ahead and do the mortgage game.
Speaker 2 (03:03):
Let's do it, all right.
Speaker 1 (03:05):
We have we've got some we've got some open houses today,
we've got some new listings. And Brad tell us the rules.
Speaker 2 (03:10):
Yeah, the rules of the game. Gussy's gonna give us
some properties they've got either open houses, new listings coming soons.
He's gonna give us the details of those properties and
at the end, he's gonna give us what the list
price is for that property. At that time, I will
give a potential down payment that a bar may make
on that house and John Mounts and Gusty will guess
their best at the thirty year fixed monthly payment principal
(03:32):
interest only.
Speaker 3 (03:33):
And it really is my best. I know, it doesn't
seem like it and the best I can do?
Speaker 1 (03:37):
Can John get two weeks in a row?
Speaker 2 (03:40):
Oh?
Speaker 1 (03:40):
I forgot?
Speaker 4 (03:40):
Did I win last week?
Speaker 2 (03:41):
Did a in a with a three man race?
Speaker 1 (03:44):
Now?
Speaker 2 (03:44):
John Michael is here, So you took down two real tris.
Speaker 4 (03:47):
That's not gonna happen again.
Speaker 1 (03:49):
Well. Our first new listing of the week is in
the Birmingham Minor area. This is thirty fifty six Highland Drive.
This one is a three bedroom, one and a half
bath home with eleven hundred and ten square feet. We're
asking ninety seven thousand, five hundred ninety seven thousand, five hundred,
so this could be a perfect first house, could be
(04:10):
a great investment. It's all single level, so it could
be a great last house. Uh, thirty fifty six Higland Drive,
ninety seven five. And this listing is courtesy of John
Michael Brandon. So, John Michael, congratulations on your new listing.
Speaker 2 (04:24):
Yeah, great job. All right, ninety seven five. We're gonna
say this first time home by We're gonna put three
percent down. Okay, we're gonna put three percent down on
ninety seven five. Gusty, you get the honors.
Speaker 1 (04:39):
Okay, ninety seven five. Let's go with. Let's go with
six hundred and nine dollars.
Speaker 2 (04:55):
I like it.
Speaker 3 (04:57):
I was actually thinking six sixty. I don't know what
that face means. Is that what you're saying, I'm gonna
go with six sixty.
Speaker 2 (05:05):
He's gonna go with six sixty. But the actual payment
was five seventy five.
Speaker 1 (05:09):
Whoa to seventy? I like these rates. Coming on down, baby,
coming on down?
Speaker 2 (05:18):
All right.
Speaker 1 (05:18):
Our next new listing of the week is in Jamison. Hey,
and just so y'all know, we cover really pretty much
a forty five mile radius of downtown Birmingham, so brillly
as north of you know, as Coleman, as south as Clinton,
as east as pel City. We've even done some stuff
in Lincoln and as west as like mccollin, and really
(05:40):
Vance is probably pushing it, yeah on the west side. So,
but this one is in Jemison to seventy Ridgeview Circle.
This is in the Ridge subdivision built in twenty twenty two.
It's four bedrooms, two baths with a two car garage
eighteen hundred and seventy nine square feet and they are
asking two hundred and forty thousand, two hundred and forty thousand.
(06:01):
And this listening is courtesy of Walker Gant. Go see
Walker this afternoon from.
Speaker 2 (06:06):
Two to four, two to four, and it's to forty
ten percent down. John ten percent down on two forty.
Speaker 3 (06:16):
Ten percent down says twenty four thousand dollars. Get doing
the math in my head here. Uh, I'm gonna say
twelve hundred dollars.
Speaker 1 (06:30):
Mmm, I'm gonna go with. Uh, I'm gonna go with
eleven hundred and sixty seven dollars.
Speaker 2 (06:46):
They're low, but they're not that low. Payments thirteen twelve.
Speaker 3 (06:50):
John gets around, Man, I I miscalculated with the with
the down payment.
Speaker 4 (06:59):
That's what throw off that. And I don't know what
I'm doing.
Speaker 2 (07:01):
Oh yeah, that tends to do you have something to
do with it?
Speaker 1 (07:04):
It happens. Do any of us really just trying.
Speaker 2 (07:07):
To figure it out exactly. We're all in this together.
Speaker 1 (07:10):
All right. Next new listing is and also open this
afternoon from two to four in Homewood, sixteen oh four
forest Ridge Roads, sixteen oh four forest Ridge Road. This
one is three bedrooms, two baths, two car garage. It's
got fifteen hundred and thirty five square feet on the
main another three hundred and twenty six square feet finished
(07:32):
with a bonus room and the basement. Hey, this one's
got a pool, dude, cannon Ball, Uh, sixteen oh four
forest Ridge Road. Go see TJ. Cunningham this afternoon from
two to four. Four hundred and thirty five thousand dollars
four thirty five. How about that? I mean a home
(07:52):
and homewood with a pool for four hundred and thirty
five thousand bucks.
Speaker 4 (07:57):
Can I visit after they've moved in?
Speaker 2 (07:59):
Maybe?
Speaker 4 (07:59):
Use that?
Speaker 1 (07:59):
Probably not unless unless she brings some friends to that
buy that place, I bring snacks. Yeah, yep, yep, yep.
Speaker 2 (08:09):
Well that's a great that's a great price in a
great area. All right, four thirty five, five percent down,
five percent down. We're back to gusty. It's the last
one of the day. So this is for all the marbles.
Speaker 1 (08:22):
All the marbles, all the marbles.
Speaker 4 (08:24):
Wait, we've been we should have been getting marbles all along.
Speaker 2 (08:27):
No, I maybe I've lost my marbles.
Speaker 1 (08:31):
Well speak for yourself now, okay, Uh, did you say
five percent or ten percent.
Speaker 2 (08:36):
Now, mister Marble's over there. Five.
Speaker 1 (08:39):
Okay, what do I want to do with this? Twenty
four hundred bucks?
Speaker 4 (08:52):
Okay?
Speaker 3 (08:53):
I was gonna say twenty seven, but I might be off. Okay,
I'll go twenty. I'll go twenty six.
Speaker 2 (09:02):
Those fine adjustments that make John what he is. The
actual payment was two thousand, five hundred and eleven dollars.
Speaker 4 (09:11):
John, John.
Speaker 2 (09:14):
Today, two weeks in a row.
Speaker 4 (09:18):
I'm retired. Retiring. Wow, that's it. We're good. I'm going
out on top.
Speaker 2 (09:23):
It has happened before. I was going back to Major
League like next week, you do it. It's called a
winning streak. Wow, that's happened before.
Speaker 1 (09:34):
I would say two weeks in rows of winning.
Speaker 2 (09:36):
It is a winning streak in.
Speaker 1 (09:39):
Good Well, congratulations John, thank you doing a great job.
Speaker 4 (09:42):
Now I heard mention of marbles.
Speaker 2 (09:44):
Yep, marbles there, they'll be delivered.
Speaker 1 (09:46):
We're going to get cross Country Mortgage branded marbles.
Speaker 2 (09:49):
I gave him to j T.
Speaker 4 (09:53):
And he propably lost all of them.
Speaker 1 (09:56):
Hey, we've got we've got some other open houses this afternoon.
We've got five to one three fifty ninth Street and Cresswood,
a three bedroom, two bath with fourteen hundred and sixty
square feet, updated for two eighty nine. It's going to
be open this afternoon from two to four. Go see
Ashley Stags. And then in Bluff Park fourteen twenty four
Chester Street. This was built in nineteen fifty seven. Two bedrooms,
(10:19):
two baths, seventeen hundred and twenty three square feet for
three seventy five. This one was the the industrial chic.
Speaker 2 (10:27):
Oh yeah, I meant to look that one up. I'm
interested in that one.
Speaker 1 (10:30):
Yeah, Bluff Park, go see Kyle Bedgood And hey, we've
got also we've got one that's coming up in the
Center Point area. This one is actually on almost five acres,
which is pretty cool. Uh, three bedrooms, one bath, fourteen
and ten square feet for one nine off of poly
Reid Road. I mean it's kind of hard to find
(10:50):
five acres these days, so that's pretty cool. Hey, we
got some buyer needs. So we've got somebody that's looking
for a home in the Bluff Park area that is
needing some love, need some renovations, and up to four
hundred and twenty five thousand. If it's on the Bluff great,
If not, no big deal. They just like the Bluff
(11:13):
Park area. I've also got somebody looking for a single
story home in the Shelby County area with a pool
up to four hundred and fifty thousand dollars. I've got
some folks that are moving into town looking in the
Hoover area. They are looking up to seven hundred thousand.
(11:35):
I've got some folks that are looking in the Edgewood
of Homewood School district and they are looking up to
I've got multiple folks looking and I've got some folks
that are looking up to a million. I've got some
folks looking up to one point five million, and I've
got some folks looking up to one point seven five
million dollars in Edgewood school districts. So, if you've got
(11:55):
any homes that match one of those one of those
buyers needs, feel free to go to gustygilsgroup dot com
or go call or text two five five four to
nineteen ninety six. Hey, guess what time it is. That's right,
it's testimonial time. Well, we've got one review this week,
(12:21):
and sometimes you get to patch your own self on
the back, and so this is from Annie. Gusty was
fantastic to work with and very available when we had
questions as first time home buyers. It was great to
have someone so knowledgeable and helpful to walk us through
the whole process from touring homes to closing day. Would
(12:43):
recommend Gusty to anyone in the Birmingham area. So Annie,
thank you so much for the opportunity. Congratulations on your
new home.
Speaker 2 (12:51):
And Gusty, Congratulations on another five star review. I broke
my I got a litt lot the cadence was off,
but I think I got it in.
Speaker 1 (13:02):
How about how about we do this Congratulations on another
five star review.
Speaker 2 (13:08):
You just went in on another and I didn't try
to throw Gusty in that. I just got it all.
I felt it all.
Speaker 1 (13:17):
See, I gotta queue it up.
Speaker 2 (13:18):
Dad got multitasking things, you know, man.
Speaker 1 (13:20):
You know what. I appreciate you trying. But it's nice
to get it's nice to get reviews. I'm not gonna lie.
It is all right. Well, y'all stay tuned. We're gonna
go to break. We're gonna talk about what we're seeing
with the mortgage world going. I like it. I like
what I'm hearing and what we're seeing in the real
estate world right here on Bard and Sold. Welcome back
(13:44):
to Bob bart and sold. And I'll tell you what,
and it has been a great week for mortgage rates.
Making progress. I mean, you know, unfortunately, bad news and
and kind of the jobs world and the economy is
usually good news for interest rates. But those of you
that can take advantage of you know, the interst rates,
(14:07):
my goodness, we're making progress. Let's talk about that. Yeah,
we see in Brad Brad Smith Cross Country Mortgage by.
Speaker 2 (14:13):
The way, Brad Smith Loans dot com. Oh yeah, the
little plug there. Yeah. So rates have kept coming down.
There's actually been a little bit of a tug of
war this week just because the inflation data was a
little higher than expected. The jobs report right now is
still winning the day as far as the kind of
that tugle war. But rates are still I would still
(14:35):
say there. We're still in the low sixes. They've continued
to come down. We've actually had some good movement in
the bond market for those purposes. The tenure treasure that
we've talked about is continue to come down. It even
got below four for a little bit this week. I'm
not sure if it's gonna sustain there, but it was
at three ninety nine on Thursday when I saw it
and then it kind of jumped back up into the
(14:57):
low fours for a one to four O two. Yeah,
so it's been move around a little bit. But just
just to kind of give you an update as far as.
Speaker 1 (15:05):
Like, I just wanted to say, hey.
Speaker 2 (15:07):
Yeah, test those levels. You know, we talk about my
favorite word, Febonacci levels, and you know, and then you know,
and then the fifty day, the twenty five day, fifty day,
one hundred day, twenty day moving averages are also ceilings
and floors that get in there. So it'll go down
there and test and see how the market reacts. The
one thing I know, and it's so hard, it's so
(15:27):
hard to like also like make it make any kind
of sense through radio. It's easier with slides and numbers
because you know, you're sitting there spout all stuff and
it's like how do you retain it? But with that
being said, the one thing I did want to kind
of drill down what's keeping us from being even lower
than we are. So again, it's all been positive so far.
The only little bit of negatives that inflation data. And
(15:48):
that inflation data is something we talked about probably about
a month ago on some of the on the CPI
and the Consumer Price indecks, how how oddly weighted some
of the onions are for the actual hard numbers, and
so one of the things that's really throwing the inflation
at a whack is still the shelter cost and the
(16:08):
shelter cost. So shelter cost makes up right at forty
five percent of all the CPI data of the core data,
So that's shelter.
Speaker 1 (16:18):
Home sold and for rent.
Speaker 2 (16:20):
Right So apartment this is how much people are paying
on a mortgage and all their expenses for that. This
is for people paying rent. This is for lodging away
from home. So if you're getting a hotel and you're traveling,
that that goes into this hotel cost. So of all
those numbers for shelter thirty three percent of it is
the owner expected rent number.
Speaker 1 (16:44):
Okay, so but not the market value.
Speaker 2 (16:46):
But not the market value. It is literally quizzing homeowners,
what do you think you could rent your house for
if you decide to.
Speaker 1 (16:54):
Rent it, Well, I'd like to rent it for a
million dollars.
Speaker 2 (16:56):
Okay, so exactly, So of that shelter cost, thirty three
percent of it. A third of that shelter cost that's
Jack and ethon are the inflation numbers, and the core
reading is what people think they might could be able
to rent their home if they exited their home.
Speaker 1 (17:13):
Well, that's that's a subjective.
Speaker 2 (17:15):
It's so subjective. Here's the crazy thing, actual rents that
they're getting from landlords and can document, yes, ten percent of.
Speaker 1 (17:24):
The number, it should be backwards, just.
Speaker 2 (17:27):
Flip them like, we get it. You need to have
a little bit there on what rents would do and stuff.
But we're in this and then they're doing it month
over month. They're getting month over month readings. Could you
tell me how much you could rent your house for
month over month? And we're in this business like and
tell me what exactly what you think you could rent
it for and then we'll be able to keep up
and track that.
Speaker 1 (17:45):
I can tell you that we marketed a rental house
that I had recently in the City of Birmingham, Section eight,
and we market it for one thousand and ninety and
we've got it rented for eight hundred and eighty bucks.
Speaker 2 (18:00):
There you go, and we do this. All point is
I couldn't I mean, I could give you a ballpark
and be probably pretty close on my house but think
about everybody in the country that's on this survey. So
the whole point is that that weighted factor there, like,
let's use the real hard data and let's make it
thirty three percent of the number, and let's take this
opinion and kind of you know, I mean plus when
(18:22):
you list houses and you ask people how much you
can sell your house for, they always think they're I
mean not always, but they think their house is worth
more than it is.
Speaker 4 (18:30):
They're gonna do the.
Speaker 2 (18:30):
Same thing with the rents totally, and so flip those
numbers and all of a sudden, the inflation data looks
about where it should be, and so you've got to
drill that stuff down. But that's the kind of stuff that,
like the new BLS director's going to have to fix
also in the Bureau labor statistics and stuff like the
same one that's kind of fixed some of this employment
data that's helped us. We're going to have to do it.
I mean again, we're not saying to do away with it,
(18:51):
but those factors should be flipped. There's no way. And
it's the same thing with employment thing. It's that birth
death model again, where it's just a made up number
of how many businesses should have gone out of business then,
I mean it should have been replaced.
Speaker 1 (19:01):
By that stuff is wild man, Like they're going to
have to like they're gonna have to get so figure out.
Speaker 2 (19:06):
I mean so so again, it's literally again you can
if you can skew numbers in your factors that much,
you can literally make it say whatever you want to say.
And we know that that happens, and numbers are always
manipulated some somewhat, but for it to be that large
of a number and to really dictate like how our
economy is going to react, Uh, it makes it difficult
(19:28):
to guess on what's going to happen. But the only
I know we're gonna get a little short time and
so I'll get it back to you. The only thing
I will tell people to be a little cautious of
next week. Yeah, well we might see there's been it's
not expected, but there's like a ten percent chance they
do a fifty bp cut. I do think our rates
(19:49):
are reflecting some reaction to that. It could be a
fifty percent cut really not a lot, but I'm saying
that the reason I think it's holding strong as far
as over this inflame data is the perception that fifty
could happen. I could easily see us to get the
twenty five we've been wanting for and mortgage rates tick
up a little, not even a full eighth, but I
(20:11):
could easily see it just kind of pulling back down
a little bit, or pulling the rates up a little bit,
and then I think we'll get some more data out
of that that could over influence that and still be
where we're trending and trying to get into those high fives,
mid fives by the end of the year. But but
just be cautious of you know, we had an alert
to lock this past week, and I immediately went to
(20:31):
Facebook and said, if you were a mortgager's nature, you've
probably got an alert to lock. Ignore that, don't don't this.
This is a silly thing. It's gonna it's gonna come
right back. And sure enough, it's one of the few
times I've been right, and it went thirty points back
in the good. It was like, this is not a
time to lock on what. I don't know why they
sent that out that I can see enough to tell
that's that's silly. So anyways, but but it's all good.
(20:53):
I mean I think I think it's all gonna work out,
but just just a little bit cautious there.
Speaker 1 (20:57):
Sorry, Well, no, no, I think that what's going to
be interesting is, you know, the projections are rates are
going to get into the fives as of right now.
And what that's going to do is that is going
to get more people into the market. Now, what we
have seen, I was talking to our team this past week.
We've seen basically on average, a twelve percent increase in inventory,
(21:19):
and we've seen where we're down and at least in
August we were down ten percent and home sold as
compared to this time last year.
Speaker 2 (21:30):
Yeah.
Speaker 1 (21:30):
Interesting. Now year to date we're about the same. Now,
what's interesting about our team is we're up ten percent
this year both on units and volume. So we're trending
better than the market by a minimum of ten percent, yes,
which is great. So I do believe that these rates
are going to get people off the fence. They're going
to get people back in the swing of things, and
(21:54):
we're seeing homes sit on the market a little bit longer.
We're seeing more price changes, and I think if I'm
sitting here and I can tell you, I mean, like
I flipped a couple of houses, put a couple of
houses on the market. I have been very aggressive in
my pricing of my homes that I've been flipping, and
I think you have got to be aggressive in pricing
(22:15):
your homes based on your condition. If you have tip
top condition, I think you can get tip top pricing.
But I would still try to be a hair under
the market. Great, but if not, yeah, I would not
bet on having multiple offers right now. If you can
get multiple offers, that is fan fantastic, but I would
(22:37):
not plan on having multiple.
Speaker 2 (22:40):
Let the market dictate it be right under.
Speaker 1 (22:42):
And the market is dictating things right now. We're seeing
price changes galore. People are trying to chase the market,
and I think, ultimately I've had to learn this too.
And like I had an appraisal on a property that
came in a lot higher than I expected, but I
ended up selling a property for where I thought it
was going to sell for, right, But I just change
(23:05):
the price very quickly to make sure I was going
to hit that market.
Speaker 2 (23:10):
Yep, no doubt.
Speaker 1 (23:11):
So I didn't want to get caught in chasing whatever.
So manyways, ultimately, like if you've been thinking about buying
or selling a house, I think reach out to our
team gustigoulisgrip dot com, Google Gustygoulists, Gustygoulist Group. We would
love to sit down with you, build a plan of action,
figure out is right now a good time to buy
(23:34):
or sell for you? Or are we planning for three
six months down the road and in twenty twenty six
we take action? Right And that's where I really want
to sit. It really depends on your scenario, for sure,
and that's why you reach out to your friends at
the Gustygolis griupt for sure. And then if you want
to get pre qualified, goo to Bradsmith Loans dot com
(23:54):
with a cross country mortgage.
Speaker 2 (23:55):
Yeah, that's the way to do it. We'll get them
back to you.
Speaker 1 (23:58):
All right. Thank y'all so much for joining us. We'll
catch you next time.
Speaker 3 (24:01):
He is
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