Episode Transcript
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Speaker 1 (00:00):
Welcome to Bob Bard and Sold. Happy Sunday morning. What's
going on y'all? Got Brad Smith in the studio from
Cross Country Mortgage. Brad, Hello, school is back in session.
Speaker 2 (00:15):
It is back in Is that why I'm smiling so
big and just like just got so much extra energy
pumped up.
Speaker 3 (00:21):
Man, I love it.
Speaker 1 (00:22):
I'll love some normalcy back. I think, Uh, I'm excited
about this week really in particular because I think I
think we're gonna get busy this week. You know, people
are back in. You know, they're not on VAK as much,
and you know they're they're back in the swing of things.
So like, I'm really pumped. I think it's gonna be
a great week. I think this this coming weekend is
(00:42):
going to be a great weekend for open.
Speaker 3 (00:46):
Houses for sure.
Speaker 1 (00:47):
So I think we're about to I think we're about
to rock it. And rates have kind of snug down to.
Speaker 2 (00:54):
Rates have snug down a little bit, and you know
we're where you know, they've taken up about quarter percent,
well over we were when we were here last week,
and so definitely go in the right direction to hear that.
Maybe I think we should be able to we should
be able to maintain this. I hope knock on wood
and then maybe even keep dipping down a little more's
more information comes out.
Speaker 3 (01:14):
Man, it'd be awesome.
Speaker 2 (01:15):
I mean, like we've talked about, we just just that
little jolt of something new and fresh as far as
just like feeling like it's it's getting down there. And
then like you said, man, everybody back in town. You
can see with the traffic and everything, like I can
see it a lot, there's gonna be a lot more
activity concentrated with folks back in town. So it's gonna
be exciting.
Speaker 1 (01:34):
Yeah, I mean, we had a we had a busy week.
We had eight homes go under contracts. I want to
give some shout outs to some of our team members,
John Riddle, Kyle Bedgood, Breonna Green, Tony McDaniels, Isaac Marvin,
Carla Dilaberto, and I know I'm missing Ashley Stags and
I'm missing one more. Who is it?
Speaker 3 (01:59):
Well me.
Speaker 1 (02:02):
Put a couple of under contract too, So it's been
it's been a good week.
Speaker 3 (02:07):
We had.
Speaker 1 (02:08):
We had some folks coming in town from Georgia that
we helped buy house, put one under contract, and then
we had a we had one of the listings this
past week go under contract earlier this week. So been
making some moves, making some moves. All right, Well, uh,
(02:32):
we're gonna talk about We've got one open house a
little bit later on this afternoon, so we're gonna talk
about that. And we've got it looks like a couple
of new listings and or at least one new listing,
and then we've got a couple of coming soon. So
let's let's get the game going, Brad. Let's give our
listeners the rules of the game, and maybe they can
(02:55):
play along themselves. Play along.
Speaker 2 (02:57):
Guess your mortgage payments. All right, we're gonna guess the
mortgage payment.
Speaker 1 (02:59):
Gus.
Speaker 2 (02:59):
You's gon to go through some properties they've got, whether
it's coming soons or new listings or open houses today
and give us the great rundown of these properties. He's
going to give us. The most important part of that
is what is the list price. I will then give
a potential down payment that a bar may make, and
John Mounts and Gusty will guess are thirty year fixed
principal interest only monthly payment.
Speaker 1 (03:17):
Now, these are the new rates that that have come.
Speaker 3 (03:19):
Down to the rates have come down a little bit.
Look at this, John, how much is a little bit?
Speaker 2 (03:24):
Well, so this is where I think sometimes sometimes mister
mounts over here will make too large of an adjustment
into his guesses where it needs to be.
Speaker 3 (03:32):
A little bit. Were you a little low mostly last week?
I think I was.
Speaker 2 (03:36):
I think you were ahead of rates. I think you
were predicting. I think you had some premonition last week.
So now you stick to the same whatever numbers game
you're using last week?
Speaker 3 (03:44):
Maybe right on. I don't know why I was using
last week. So you did a lot of.
Speaker 2 (03:47):
Even numbers last week. There was a lot of just
eight hundred, nine hundred.
Speaker 1 (03:51):
That probably helped you on doing math.
Speaker 3 (03:53):
Yeah, but I don't think it's as fun.
Speaker 1 (03:55):
Okay, all right, we throw some really random numbers.
Speaker 2 (03:58):
I like to have the silence from time to do
the adding. Well, hold on the two, carry the two.
Speaker 1 (04:03):
I'll throw some weird numbers out at you today. All right,
Our we've got open this afternoon in chris Wood, five
one three fifty ninth Street, five one three fifty ninth Street.
This is three bedrooms, two baths, fourteen hundred and sixty
square feet. We are asking two ninety nine seven two
ninety nine seven and go see Ashley Stags this afternoon
(04:28):
between one to three five one three fifty ninth Street.
Speaker 2 (04:33):
Two ninety nine seven, two ninety nine seven. We're gonna
start off putting ten percent down, ten percent down on
two ninety nine seven.
Speaker 1 (04:42):
Ten percent down on two ninety nine seven to Gus, Kay, well,
I'm gonna go with sixteen three thirty three told you random.
Speaker 3 (05:05):
I like it, the randomness of it, that is.
Speaker 4 (05:08):
I feel like that's too low based on your your recommendation,
and also you hinted maybe I should go round numbers.
I'm gonna I'm gonna say eighteen.
Speaker 2 (05:15):
Hundred, eighteen hundred, Man, John, I thought you were talking
your way right into.
Speaker 3 (05:21):
It, right yet I didn't.
Speaker 2 (05:22):
It's seventeen oh seven. Gusty gets around.
Speaker 4 (05:26):
See, I was thinking seventeen, but I didn't want to
come off as I'm just copying.
Speaker 1 (05:30):
Him put in your guests.
Speaker 4 (05:33):
You know, I'm gonna I'm gonna start writing down my
number on a sheet of paper before you say yours,
just to hold it up so you can you can
prove that I'm not.
Speaker 3 (05:39):
I like that.
Speaker 1 (05:40):
I'm not trying to That would have been a big difference.
So I don't wouldn't think that your price is right
in me? No, sixty seven dollars difference isn't that big
of a joke. No, I think, hey, you look, I
think you just put in what you put in and.
Speaker 3 (05:54):
Then we'll see who's on the next one. I have
a chance to definitely do because I go first.
Speaker 2 (05:57):
So yeah, for sure, the next one you got.
Speaker 1 (06:00):
We've got one coming up in center point four hundred
sixteenth Court, Northwest. This is a three bedroom, one and
a half bath, full brick home built in nineteen fifty nine,
and we're asking one hundred and forty five thousand, one
forty five. That's on point thirty seven of an acre,
so that's a little over a third of an acre.
(06:20):
And this listing is courtesy of Brionna Green. So, Brianna,
congratulations on your new listing.
Speaker 3 (06:26):
One forty five, one forty five.
Speaker 2 (06:28):
Okay, let's put five percent down, five percent down on.
Speaker 4 (06:34):
One forty five, Okay, just principal an interest, no taxes
or any of that other stuff, just you know, trying
to you know, work it all through in my head.
Speaker 3 (06:43):
Yeah, I'm gonna say eight hundred, eight hundred and fifty,
eight hundred and fifty.
Speaker 1 (06:55):
Eight ninety seven, eight ninety so I'm going different today.
Speaker 2 (07:00):
Now I got to do the math though it's in
the middle of that. The actual payment was eight seventy one.
John Mounts gets round two every every once in a while,
I think that's right?
Speaker 3 (07:11):
Is that right?
Speaker 1 (07:12):
It was right?
Speaker 3 (07:12):
Don't check it again, it's right. He's twenty one off.
Speaker 2 (07:16):
That was twenty seven off, twenty six off, eight seventy one.
Speaker 1 (07:19):
Look at Lucky got on the board. Lucky, Lucky, you.
Speaker 3 (07:23):
Got to go first.
Speaker 1 (07:25):
All right, all right, I'm all we've got this one's
coming soon. This is over in the Cotswaltz. You ever
go over the Cottswalds area right behind Libary Park, Yeah,
over there by Uh they've got they've got some soccer fields. Yeah,
different sporting fields over there. But this one was built
by Harris Doolholmes back in twenty fourteen, ten seventy Stanton Court.
(07:49):
This one, let me tell you, three bedrooms, two baths,
all one level. It's got a personal pool and I'm
telling you this pool is fantastic. It's got one of
the largest lots of the Hairstyl homes that were built
over there, on almost a half acre. So Wow, you know,
I mean typically those are like.
Speaker 3 (08:07):
Zero point one five point.
Speaker 1 (08:08):
Two of an acre. This is a almost half acre.
It's got its personal pool nineteen hundred and ninety seven
square feet, and we're asking five forty nine to nine.
Speaker 3 (08:17):
So you know, you could be.
Speaker 1 (08:19):
If you got kids living in Liberty Park and you
or or and maybe kids and grandkids living in a
Liberty Park and you like, I don't want to deal
with the Vestavia taxes, and you want to be in
county but want to be close the Cotswalds might be
a perfect opportunity for you. Five forty nine to nine.
And I'm excited about this one. It's even got like
(08:40):
an EV charging station. They're gonna leave some of the furniture.
It's got a screen porch, it's got a two car garage,
it's got like this little it's got this little fireplace
and the screen porch. Like this guy did it all.
Speaker 3 (08:56):
Hairstile does a really good job too.
Speaker 1 (08:58):
They do a good job, and then on top of it,
this guy took it to another level. So awesome, five
forty nine, five.
Speaker 3 (09:06):
Forty nine nine.
Speaker 2 (09:07):
Okay, we're going to back to five percent down to
gusty five percent.
Speaker 1 (09:11):
Down five percent down.
Speaker 3 (09:16):
My pen ready?
Speaker 1 (09:17):
Mm hmm.
Speaker 3 (09:21):
Okay, mm hmmm.
Speaker 1 (09:31):
Thirty five hundred, thirty five hundred, it's going with the
round number thing. Oh sorry, thirty five oh one. I
told you I was gonna be.
Speaker 2 (09:41):
Weird today thirty four to thirty four. The actual payment
was three thousand, three hundred and two dollars.
Speaker 1 (09:54):
Wednesday today, Oh Man, might be his lucky day here.
Speaker 3 (10:02):
I'm afraid you're gonna beat me out back.
Speaker 1 (10:09):
I'm actually I'm in a pretty good mood today. Usually
usually i'm pretty competitive, but I'm like kind of happy
John one day.
Speaker 3 (10:15):
I don't know why.
Speaker 2 (10:16):
So hey, the rights came down right into his wheelhouse.
Speaker 1 (10:20):
I know that's right into whouse. Hey, we've got also
a coming soon. I want to talk about in the
Bestmer area. This was pretty unique. It sits on three
point three five acres and the land is flat, which
is you know, it's kind of hard to find like acreage,
flat acreage, and it's already been like majority of it's
been cleared off, so it's like nice, pretty grass area.
(10:41):
And it's right beside Greenwood Elementary School, so you know,
right over there by the Bessemer Airport Exit six, you
got Greenwood Elementary. So this is a three bedroom, two
bath updated. They just updated the house twelve hundred and
eighty five square feet, so it kind of looks like
an old arts and crafts bungalow stylish house and three
(11:04):
point three acres. I mean, like really really good. And
this listening is gonna be the courtesy of Kyle Bedgood.
So I'm excited about that listing. And I know we've
got also one coming up in Bluff Park, So I'm
excited about it because it's one of my flips. Nice
three bedrooms, two baths. We haven't we haven't determined the
(11:26):
price yet, but I think it's going to be in
the low four hundreds. Waiting for the appraisal to come
back today, So low four hundreds, three bedrooms, two baths,
all on the main level. It's on almost a half
acre lot, so a huge lot in Bluff Part renovated
and I'm talking about like we did not everything, but
it sure felt like it. It's got a two car garage.
(11:50):
I mean, it's got quartz counters. They're gorgeous. We've got
excuse me, it's got granite counters. But it's a beautiful granted,
like like Katie went in handpicked this grant. This granted
it's I mean it's gorgeous and uh so I'm excited
about it.
Speaker 3 (12:07):
Yeah, that's really cool. Yeah, Bluff Park, Helement area.
Speaker 1 (12:10):
Yeah. So, uh so that one's coming up, and I
know we've got a couple. I think we've got some
stuff coming up in Alabaster. I think we've got some
stuff coming up in the in the county, in Jefferson County.
So we've got some good stuff that's coming down the pipeline.
So hey, we do have a couple of buyer needs,
all right, So we've got some a grand on our team.
(12:30):
He's got a client that's looking for a two bedroom,
one and a half bath. It can be a condo,
town home or a single family home. Ideally it's going
to be in say the south side near near Uab area.
Uh they're really looking up to about two hundred, two
hundred and five thousand. So and then we've got Kyle
(12:51):
on our team is looking for a single level home
with a pool up to four twenty five. I wish
they were up to five fifty because that would have been.
Speaker 2 (12:59):
At holding them for that point, but up to.
Speaker 1 (13:02):
Four twenty five, So if you've got a home that
matches either one of our VIP buyer needs. Oh, let
me tell you about one more. I've got somebody that's
looking in either Hoover Bluff Park area. They're looking at
Oxmoor Valley. They're also looking at Southside Cresswood Avendelle, and
they're about up to about three seventy five one level.
(13:23):
So I've got their home under contract, or I've got
her home under contract and I need to get her
to a single level house. All right, Hey, guess what
time it does. That's right, it's testimonial time. All right,
here's what we got. I like short and sweet ones sometimes,
(13:48):
and this one's for Tony response. Awesome, Tony sold our
house quickly. Highly recommend short and sweet. Well. Can congratulations
to these home sellers they got they got their house
sold quick and congratulations to Tony on another five star review.
Speaker 3 (14:12):
And can I pat myself on the back? I would
love you.
Speaker 1 (14:15):
We cannot say enough about Gusty. From the second we
got his contact, he immediately started getting to know the
houses we were interested in, and more importantly, us as people.
He and Isaac worked diligently to make sure we saw
houses that matched our preferences and also pushed us to
consider so many factors we never would have thought about.
For first time home buyers, we could not have asked
(14:36):
for a better experience. So thankful for them. So thank
you so much for the opportunity. We wish you an
amazing time in your brand new house. And congratulations on
yeah wait wait, maybe let's let Brad do it. You want?
Speaker 3 (14:54):
Do you want since it's my review?
Speaker 2 (14:56):
Yeah, so we just say congratulations to Gusty.
Speaker 1 (15:00):
On another five star review's I like that one, you know,
since it since it was mine, I was waiting for
to congratulate myself.
Speaker 2 (15:09):
Congratulations to me. Yeah, I'm fantastic.
Speaker 1 (15:12):
I'd like to think myself. It's kind of like you know,
Snoop Dogg did that. I think one one awards show.
I'd like to thank myself for winning this award. So anyways, uh,
I like our five star reviews and would you like
to be one of our next five star reviews?
Speaker 3 (15:28):
You can go to Gusty gulisgroup.
Speaker 1 (15:29):
Dot com and uh, you know, pick out a house,
send us some information, get a free get a free
value on your house, and and who knows, we might
be packing your bags. So all right, we're gonna go
to break y'all, stay tuned. We're gonna give you a
little insight on uh this mortgage rate reduction and what's
going on in the housing market right here on bald
(15:50):
Bart and Sold. Stay tuned. All right, Welcome back to
bald Bart and Sold. Thanks again for joining us today. Hey,
we've seen a lot of movements in the mortgage world
and in the last week, and we've got Brad Smith
with Cross Country Mortgage to talk about it.
Speaker 3 (16:09):
Yeah.
Speaker 1 (16:10):
So all right, we've seen what a quarter point change yep,
well this past week.
Speaker 2 (16:15):
And technically we'll even go a little farther we'll call
it three eighths just for fun, even maybe close to half,
because here's what happened. Really, So here's what happened, and
I'm going to give you the nuts and bolts. So
from once we taught last week, it's about a quarter down,
but the jobs report that came out, the numbers jumped
the wrong way and rates went up about an eighth
(16:37):
to a quarter okay, and then immediately, not immediately, but
later in the day, the BLS Bureau of Labors and
Statistics chief was fired and let go because of the inaccurate, consistent,
inaccurate numbers, and so then the market responded to that. Again,
(16:58):
like you've heard me say many times on this show,
we talk about they're releasing the job numbers and that's
the headline the market to react to those employment numbers,
and then thirty forty five days later there's revisions to
it and they're on average thirty five forty percent lower
than what they reported of job gains. And then the
(17:18):
markets don't respond the same way. So they responded as Okay,
we're tired of get you know, we're going to get
it right now. Was firing them necessarily the right move,
probably because they just wouldn't fix some of the this
is are kind of get into deeper parts of it,
but basically it's been a systemic problem before that. This
(17:41):
person's only been in there eighteen was only there for
eighteen months, and it's been a problem going back to
twenty four to twenty three, twenty two.
Speaker 3 (17:47):
Excuse me.
Speaker 2 (17:48):
And so so there's there's more of the model situation,
and it's not just jobs. So that that had also
dictates the inflation numbers and CPS that we've talked about.
And so the two biggest numbers, and the reason it's
hard to predict is there's a there's a couple of
(18:09):
factors on each one of them. So we'll start with employment.
We've talked about the birth death model. So some of
it is they're getting real numbers, real time feedback, real
information from different sources that's actually computing it. But then
they're also taking data as in, okay, what would be
the average rate of businesses going out of business and
businesses starting, which is a big assumption on those numbers,
(18:30):
and it is heavenly heavily.
Speaker 1 (18:31):
Why have they really talked about that previously? No, So,
I man, I feel like they just come up I
have stuff. Yeah, but I feel like they come up
with stuff out of their you know.
Speaker 3 (18:39):
What, right right now?
Speaker 2 (18:41):
They do and so, and they don't release how much
that's weighted, but it's it's expected that like maybe thirty
thirty five percent of the total employment number that the
BLS releases is based on a very very you know,
arbitrary number based off of a birth death model that's archaic,
so like, you know, an easy fix of that, and
(19:03):
I'll get into how that affects CPI inflation also is
just change the waiting of it in the model, like
if it's that money, if that many assumptions are being used,
make it instead of it being thirty percent weighted, make
it ten percent or five percent weighted in the numbers
and use the actual real data for the rest of it.
And so you know, that's an easy fix for them
to make it that level, and they haven't done it.
(19:25):
The same thing with the CPI number. You know, one
of the huge numbers in CPI for the Consumer Pricing
Index is your is your cost of housing?
Speaker 3 (19:33):
Right?
Speaker 2 (19:34):
Well, thirty three percent of the number is based off
of homeowners responses of how much they would rent their
house for if they moved out of an empty house.
So it's literally they they get for this, for this,
for these numbers. They will say you, for example, they'll
(19:54):
send you an email and says, Gusty, if your house
was empty and you rented it tomorrow, how much would
you rent it for? And whatever you put in the number,
they use it. Well you, I mean, you know how
hard that is to figure out, like what your rent
would be. I mean, it's hard enough for people to
understand what their house is worth a sell it without
a professional and even then it's not an easy task.
So that thirty three percent of the housing model in
(20:16):
the CPI for housing expense to be showing increase for
the inflation number is based off of people saying I
get twenty five hundred dollars rent from my house when
it's maybe thirteen hundred the whole time.
Speaker 3 (20:27):
Oh my god.
Speaker 2 (20:28):
And that's so again, it has a purpose, it's got
some logistics, I mean, some some some valid points to it,
but that it's thirty three percent of the housing number
they use for inflation is based off of that survey.
So those are two easy fixes just to get us
more reliable employment and inflation data. And so the markets
(20:49):
are saying, okay, maybe we're going to start seeing some
more of that, and they've already and they've reacted as
but they didn't need new numbers. It's just the fact
they see that it's been been a problem and they're
reacting positively to it in the bond treasure market, and
it impacts mortgage rates coming down. Yeah, so you know,
now now when we start getting real numbers, will we
see something different when we see the rates continue to
(21:12):
come down? I think so, you know, maybe they're already
jumping to it, but I think we've kind of now,
we'd kind of leveled off before. I think this net
quarter percent decrease is significant, I mean, and starts getting
in the right path. You know, there's you know, there's
all kinds of you know, folks talking about and I'm sorry,
I'm going real deep into this, but like you know,
(21:33):
you know, they're talking about, you know, if you bought
a house four or five months ago, did you buy
did you pay a quarter to three eighths higher of
a rate than you should have based on what the
market was because of faulty data that you were getting.
So you're talking you know, on a five hundred thousand
or long one hundred and eight dars a month money
for thirty years, yeah, across the board. Yeah, So that
(21:56):
starts adding up real quick.
Speaker 1 (21:57):
Yeah.
Speaker 2 (21:58):
And then there was some new what we can this
isn't going to be two hoards shotting. There's gonna be
a lot. There's gonna be some shake up in the
FED chairs. We had a governor say she's gonna shorten
her term by a month. That is an appointment that
will be replaced, and that's a constant voting chair, so
that will be appointed. So there's words of whoever gets
that appointment could be the.
Speaker 3 (22:18):
Front nun er.
Speaker 2 (22:18):
Also, because you've got to be one of those governors
are on the FED to then be the FED chair.
So whoever gets placed in that could quickly become the
FED chair and may so it'll be curious to follow. Sorry,
I used a lot of that that segment. Well it
was a lot though, I mean, I mean it was
hard to cut something out.
Speaker 1 (22:37):
No, No, I think it's important to understand kind of
why the market moves the way it moves, you know,
I tell you you know this is you know, here's
a stock tip, but you know, don't necessarily take I'm
not a financial advisor or anything, but what I've seen
through the years is when interest rates start going lower,
guess what values of stuff tend to rise, Like, like
(23:02):
what stocks tend to rise in value? Real estate companies, Right,
So don't be surprised at like our company exp realty.
Don't be surprised if that one gets a little bumped
with interest rates coming down. That means more homes will sell,
all that kind of fun stuff. So anyways, well we're
towards the end of the show. I can give you
a real quick update of the market is. We're really
(23:24):
excited that that kids are back in school and we
do believe that more people will be back in the market.
So with rates coming down people back in schools, I'm
excited for August, September, October.
Speaker 3 (23:35):
I think we're going to have a dynamic end of
the year. Let's go on the back half of third quarter.
Speaker 1 (23:41):
That's right, hey, go to gustygulscriup dot com, go to
Bradsmithlans dot com. We're here to help. However we can
do it. Build a plan of action together, we'll make
it happen. Thank you so much for joining us. We'll
catch you next time.
Welcome to Bob Bard and Sold. Happy Sunday morning. What's
going on y'all? Got Brad Smith in the studio from
Cross Country Mortgage. Brad, Hello, school is back in session.
Speaker 2 (00:15):
It is back in Is that why I'm smiling so
big and just like just got so much extra energy
pumped up.
Speaker 3 (00:21):
Man, I love it.
Speaker 1 (00:22):
I'll love some normalcy back. I think, Uh, I'm excited
about this week really in particular because I think I
think we're gonna get busy this week. You know, people
are back in. You know, they're not on VAK as much,
and you know they're they're back in the swing of things.
So like, I'm really pumped. I think it's gonna be
a great week. I think this this coming weekend is
(00:42):
going to be a great weekend for open.
Speaker 3 (00:46):
Houses for sure.
Speaker 1 (00:47):
So I think we're about to I think we're about
to rock it. And rates have kind of snug down to.
Speaker 2 (00:54):
Rates have snug down a little bit, and you know
we're where you know, they've taken up about quarter percent,
well over we were when we were here last week,
and so definitely go in the right direction to hear that.
Maybe I think we should be able to we should
be able to maintain this. I hope knock on wood
and then maybe even keep dipping down a little more's
more information comes out.
Speaker 3 (01:14):
Man, it'd be awesome.
Speaker 2 (01:15):
I mean, like we've talked about, we just just that
little jolt of something new and fresh as far as
just like feeling like it's it's getting down there. And
then like you said, man, everybody back in town. You
can see with the traffic and everything, like I can
see it a lot, there's gonna be a lot more
activity concentrated with folks back in town. So it's gonna
be exciting.
Speaker 1 (01:34):
Yeah, I mean, we had a we had a busy week.
We had eight homes go under contracts. I want to
give some shout outs to some of our team members,
John Riddle, Kyle Bedgood, Breonna Green, Tony McDaniels, Isaac Marvin,
Carla Dilaberto, and I know I'm missing Ashley Stags and
I'm missing one more. Who is it?
Speaker 3 (01:59):
Well me.
Speaker 1 (02:02):
Put a couple of under contract too, So it's been
it's been a good week.
Speaker 3 (02:07):
We had.
Speaker 1 (02:08):
We had some folks coming in town from Georgia that
we helped buy house, put one under contract, and then
we had a we had one of the listings this
past week go under contract earlier this week. So been
making some moves, making some moves. All right, Well, uh,
(02:32):
we're gonna talk about We've got one open house a
little bit later on this afternoon, so we're gonna talk
about that. And we've got it looks like a couple
of new listings and or at least one new listing,
and then we've got a couple of coming soon. So
let's let's get the game going, Brad. Let's give our
listeners the rules of the game, and maybe they can
(02:55):
play along themselves. Play along.
Speaker 2 (02:57):
Guess your mortgage payments. All right, we're gonna guess the
mortgage payment.
Speaker 1 (02:59):
Gus.
Speaker 2 (02:59):
You's gon to go through some properties they've got, whether
it's coming soons or new listings or open houses today
and give us the great rundown of these properties. He's
going to give us. The most important part of that
is what is the list price. I will then give
a potential down payment that a bar may make, and
John Mounts and Gusty will guess are thirty year fixed
principal interest only monthly payment.
Speaker 1 (03:17):
Now, these are the new rates that that have come.
Speaker 3 (03:19):
Down to the rates have come down a little bit.
Look at this, John, how much is a little bit?
Speaker 2 (03:24):
Well, so this is where I think sometimes sometimes mister
mounts over here will make too large of an adjustment
into his guesses where it needs to be.
Speaker 3 (03:32):
A little bit. Were you a little low mostly last week?
I think I was.
Speaker 2 (03:36):
I think you were ahead of rates. I think you
were predicting. I think you had some premonition last week.
So now you stick to the same whatever numbers game
you're using last week?
Speaker 3 (03:44):
Maybe right on. I don't know why I was using
last week. So you did a lot of.
Speaker 2 (03:47):
Even numbers last week. There was a lot of just
eight hundred, nine hundred.
Speaker 1 (03:51):
That probably helped you on doing math.
Speaker 3 (03:53):
Yeah, but I don't think it's as fun.
Speaker 1 (03:55):
Okay, all right, we throw some really random numbers.
Speaker 2 (03:58):
I like to have the silence from time to do
the adding. Well, hold on the two, carry the two.
Speaker 1 (04:03):
I'll throw some weird numbers out at you today. All right,
Our we've got open this afternoon in chris Wood, five
one three fifty ninth Street, five one three fifty ninth Street.
This is three bedrooms, two baths, fourteen hundred and sixty
square feet. We are asking two ninety nine seven two
ninety nine seven and go see Ashley Stags this afternoon
(04:28):
between one to three five one three fifty ninth Street.
Speaker 2 (04:33):
Two ninety nine seven, two ninety nine seven. We're gonna
start off putting ten percent down, ten percent down on
two ninety nine seven.
Speaker 1 (04:42):
Ten percent down on two ninety nine seven to Gus, Kay, well,
I'm gonna go with sixteen three thirty three told you random.
Speaker 3 (05:05):
I like it, the randomness of it, that is.
Speaker 4 (05:08):
I feel like that's too low based on your your recommendation,
and also you hinted maybe I should go round numbers.
I'm gonna I'm gonna say eighteen.
Speaker 2 (05:15):
Hundred, eighteen hundred, Man, John, I thought you were talking
your way right into.
Speaker 3 (05:21):
It, right yet I didn't.
Speaker 2 (05:22):
It's seventeen oh seven. Gusty gets around.
Speaker 4 (05:26):
See, I was thinking seventeen, but I didn't want to
come off as I'm just copying.
Speaker 1 (05:30):
Him put in your guests.
Speaker 4 (05:33):
You know, I'm gonna I'm gonna start writing down my
number on a sheet of paper before you say yours,
just to hold it up so you can you can
prove that I'm not.
Speaker 3 (05:39):
I like that.
Speaker 1 (05:40):
I'm not trying to That would have been a big difference.
So I don't wouldn't think that your price is right
in me? No, sixty seven dollars difference isn't that big
of a joke. No, I think, hey, you look, I
think you just put in what you put in and.
Speaker 3 (05:54):
Then we'll see who's on the next one. I have
a chance to definitely do because I go first.
Speaker 2 (05:57):
So yeah, for sure, the next one you got.
Speaker 1 (06:00):
We've got one coming up in center point four hundred
sixteenth Court, Northwest. This is a three bedroom, one and
a half bath, full brick home built in nineteen fifty nine,
and we're asking one hundred and forty five thousand, one
forty five. That's on point thirty seven of an acre,
so that's a little over a third of an acre.
(06:20):
And this listing is courtesy of Brionna Green. So, Brianna,
congratulations on your new listing.
Speaker 3 (06:26):
One forty five, one forty five.
Speaker 2 (06:28):
Okay, let's put five percent down, five percent down on.
Speaker 4 (06:34):
One forty five, Okay, just principal an interest, no taxes
or any of that other stuff, just you know, trying
to you know, work it all through in my head.
Speaker 3 (06:43):
Yeah, I'm gonna say eight hundred, eight hundred and fifty,
eight hundred and fifty.
Speaker 1 (06:55):
Eight ninety seven, eight ninety so I'm going different today.
Speaker 2 (07:00):
Now I got to do the math though it's in
the middle of that. The actual payment was eight seventy one.
John Mounts gets round two every every once in a while,
I think that's right?
Speaker 3 (07:11):
Is that right?
Speaker 1 (07:12):
It was right?
Speaker 3 (07:12):
Don't check it again, it's right. He's twenty one off.
Speaker 2 (07:16):
That was twenty seven off, twenty six off, eight seventy one.
Speaker 1 (07:19):
Look at Lucky got on the board. Lucky, Lucky, you.
Speaker 3 (07:23):
Got to go first.
Speaker 1 (07:25):
All right, all right, I'm all we've got this one's
coming soon. This is over in the Cotswaltz. You ever
go over the Cottswalds area right behind Libary Park, Yeah,
over there by Uh they've got they've got some soccer fields. Yeah,
different sporting fields over there. But this one was built
by Harris Doolholmes back in twenty fourteen, ten seventy Stanton Court.
(07:49):
This one, let me tell you, three bedrooms, two baths,
all one level. It's got a personal pool and I'm
telling you this pool is fantastic. It's got one of
the largest lots of the Hairstyl homes that were built
over there, on almost a half acre. So Wow, you know,
I mean typically those are like.
Speaker 3 (08:07):
Zero point one five point.
Speaker 1 (08:08):
Two of an acre. This is a almost half acre.
It's got its personal pool nineteen hundred and ninety seven
square feet, and we're asking five forty nine to nine.
Speaker 3 (08:17):
So you know, you could be.
Speaker 1 (08:19):
If you got kids living in Liberty Park and you
or or and maybe kids and grandkids living in a
Liberty Park and you like, I don't want to deal
with the Vestavia taxes, and you want to be in
county but want to be close the Cotswalds might be
a perfect opportunity for you. Five forty nine to nine.
And I'm excited about this one. It's even got like
(08:40):
an EV charging station. They're gonna leave some of the furniture.
It's got a screen porch, it's got a two car garage,
it's got like this little it's got this little fireplace
and the screen porch. Like this guy did it all.
Speaker 3 (08:56):
Hairstile does a really good job too.
Speaker 1 (08:58):
They do a good job, and then on top of it,
this guy took it to another level. So awesome, five
forty nine, five.
Speaker 3 (09:06):
Forty nine nine.
Speaker 2 (09:07):
Okay, we're going to back to five percent down to
gusty five percent.
Speaker 1 (09:11):
Down five percent down.
Speaker 3 (09:16):
My pen ready?
Speaker 1 (09:17):
Mm hmm.
Speaker 3 (09:21):
Okay, mm hmmm.
Speaker 1 (09:31):
Thirty five hundred, thirty five hundred, it's going with the
round number thing. Oh sorry, thirty five oh one. I
told you I was gonna be.
Speaker 2 (09:41):
Weird today thirty four to thirty four. The actual payment
was three thousand, three hundred and two dollars.
Speaker 1 (09:54):
Wednesday today, Oh Man, might be his lucky day here.
Speaker 3 (10:02):
I'm afraid you're gonna beat me out back.
Speaker 1 (10:09):
I'm actually I'm in a pretty good mood today. Usually
usually i'm pretty competitive, but I'm like kind of happy
John one day.
Speaker 3 (10:15):
I don't know why.
Speaker 2 (10:16):
So hey, the rights came down right into his wheelhouse.
Speaker 1 (10:20):
I know that's right into whouse. Hey, we've got also
a coming soon. I want to talk about in the
Bestmer area. This was pretty unique. It sits on three
point three five acres and the land is flat, which
is you know, it's kind of hard to find like acreage,
flat acreage, and it's already been like majority of it's
been cleared off, so it's like nice, pretty grass area.
(10:41):
And it's right beside Greenwood Elementary School, so you know,
right over there by the Bessemer Airport Exit six, you
got Greenwood Elementary. So this is a three bedroom, two
bath updated. They just updated the house twelve hundred and
eighty five square feet, so it kind of looks like
an old arts and crafts bungalow stylish house and three
(11:04):
point three acres. I mean, like really really good. And
this listening is gonna be the courtesy of Kyle Bedgood.
So I'm excited about that listing. And I know we've
got also one coming up in Bluff Park, So I'm
excited about it because it's one of my flips. Nice
three bedrooms, two baths. We haven't we haven't determined the
(11:26):
price yet, but I think it's going to be in
the low four hundreds. Waiting for the appraisal to come
back today, So low four hundreds, three bedrooms, two baths,
all on the main level. It's on almost a half
acre lot, so a huge lot in Bluff Part renovated
and I'm talking about like we did not everything, but
it sure felt like it. It's got a two car garage.
(11:50):
I mean, it's got quartz counters. They're gorgeous. We've got
excuse me, it's got granite counters. But it's a beautiful granted,
like like Katie went in handpicked this grant. This granted
it's I mean it's gorgeous and uh so I'm excited
about it.
Speaker 3 (12:07):
Yeah, that's really cool. Yeah, Bluff Park, Helement area.
Speaker 1 (12:10):
Yeah. So, uh so that one's coming up, and I
know we've got a couple. I think we've got some
stuff coming up in Alabaster. I think we've got some
stuff coming up in the in the county, in Jefferson County.
So we've got some good stuff that's coming down the pipeline.
So hey, we do have a couple of buyer needs,
all right, So we've got some a grand on our team.
(12:30):
He's got a client that's looking for a two bedroom,
one and a half bath. It can be a condo,
town home or a single family home. Ideally it's going
to be in say the south side near near Uab area.
Uh they're really looking up to about two hundred, two
hundred and five thousand. So and then we've got Kyle
(12:51):
on our team is looking for a single level home
with a pool up to four twenty five. I wish
they were up to five fifty because that would have been.
Speaker 2 (12:59):
At holding them for that point, but up to.
Speaker 1 (13:02):
Four twenty five, So if you've got a home that
matches either one of our VIP buyer needs. Oh, let
me tell you about one more. I've got somebody that's
looking in either Hoover Bluff Park area. They're looking at
Oxmoor Valley. They're also looking at Southside Cresswood Avendelle, and
they're about up to about three seventy five one level.
(13:23):
So I've got their home under contract, or I've got
her home under contract and I need to get her
to a single level house. All right, Hey, guess what
time it does. That's right, it's testimonial time. All right,
here's what we got. I like short and sweet ones sometimes,
(13:48):
and this one's for Tony response. Awesome, Tony sold our
house quickly. Highly recommend short and sweet. Well. Can congratulations
to these home sellers they got they got their house
sold quick and congratulations to Tony on another five star review.
Speaker 3 (14:12):
And can I pat myself on the back? I would
love you.
Speaker 1 (14:15):
We cannot say enough about Gusty. From the second we
got his contact, he immediately started getting to know the
houses we were interested in, and more importantly, us as people.
He and Isaac worked diligently to make sure we saw
houses that matched our preferences and also pushed us to
consider so many factors we never would have thought about.
For first time home buyers, we could not have asked
(14:36):
for a better experience. So thankful for them. So thank
you so much for the opportunity. We wish you an
amazing time in your brand new house. And congratulations on
yeah wait wait, maybe let's let Brad do it. You want?
Speaker 3 (14:54):
Do you want since it's my review?
Speaker 2 (14:56):
Yeah, so we just say congratulations to Gusty.
Speaker 1 (15:00):
On another five star review's I like that one, you know,
since it since it was mine, I was waiting for
to congratulate myself.
Speaker 2 (15:09):
Congratulations to me. Yeah, I'm fantastic.
Speaker 1 (15:12):
I'd like to think myself. It's kind of like you know,
Snoop Dogg did that. I think one one awards show.
I'd like to thank myself for winning this award. So anyways, uh,
I like our five star reviews and would you like
to be one of our next five star reviews?
Speaker 3 (15:28):
You can go to Gusty gulisgroup.
Speaker 1 (15:29):
Dot com and uh, you know, pick out a house,
send us some information, get a free get a free
value on your house, and and who knows, we might
be packing your bags. So all right, we're gonna go
to break y'all, stay tuned. We're gonna give you a
little insight on uh this mortgage rate reduction and what's
going on in the housing market right here on bald
(15:50):
Bart and Sold. Stay tuned. All right, Welcome back to
bald Bart and Sold. Thanks again for joining us today. Hey,
we've seen a lot of movements in the mortgage world
and in the last week, and we've got Brad Smith
with Cross Country Mortgage to talk about it.
Speaker 3 (16:09):
Yeah.
Speaker 1 (16:10):
So all right, we've seen what a quarter point change yep,
well this past week.
Speaker 2 (16:15):
And technically we'll even go a little farther we'll call
it three eighths just for fun, even maybe close to half,
because here's what happened. Really, So here's what happened, and
I'm going to give you the nuts and bolts. So
from once we taught last week, it's about a quarter down,
but the jobs report that came out, the numbers jumped
the wrong way and rates went up about an eighth
(16:37):
to a quarter okay, and then immediately, not immediately, but
later in the day, the BLS Bureau of Labors and
Statistics chief was fired and let go because of the inaccurate, consistent,
inaccurate numbers, and so then the market responded to that. Again,
(16:58):
like you've heard me say many times on this show,
we talk about they're releasing the job numbers and that's
the headline the market to react to those employment numbers,
and then thirty forty five days later there's revisions to
it and they're on average thirty five forty percent lower
than what they reported of job gains. And then the
(17:18):
markets don't respond the same way. So they responded as Okay,
we're tired of get you know, we're going to get
it right now. Was firing them necessarily the right move,
probably because they just wouldn't fix some of the this
is are kind of get into deeper parts of it,
but basically it's been a systemic problem before that. This
(17:41):
person's only been in there eighteen was only there for
eighteen months, and it's been a problem going back to
twenty four to twenty three, twenty two.
Speaker 3 (17:47):
Excuse me.
Speaker 2 (17:48):
And so so there's there's more of the model situation,
and it's not just jobs. So that that had also
dictates the inflation numbers and CPS that we've talked about.
And so the two biggest numbers, and the reason it's
hard to predict is there's a there's a couple of
(18:09):
factors on each one of them. So we'll start with employment.
We've talked about the birth death model. So some of
it is they're getting real numbers, real time feedback, real
information from different sources that's actually computing it. But then
they're also taking data as in, okay, what would be
the average rate of businesses going out of business and
businesses starting, which is a big assumption on those numbers,
(18:30):
and it is heavenly heavily.
Speaker 1 (18:31):
Why have they really talked about that previously? No, So,
I man, I feel like they just come up I
have stuff. Yeah, but I feel like they come up
with stuff out of their you know.
Speaker 3 (18:39):
What, right right now?
Speaker 2 (18:41):
They do and so, and they don't release how much
that's weighted, but it's it's expected that like maybe thirty
thirty five percent of the total employment number that the
BLS releases is based on a very very you know,
arbitrary number based off of a birth death model that's archaic,
so like, you know, an easy fix of that, and
(19:03):
I'll get into how that affects CPI inflation also is
just change the waiting of it in the model, like
if it's that money, if that many assumptions are being used,
make it instead of it being thirty percent weighted, make
it ten percent or five percent weighted in the numbers
and use the actual real data for the rest of it.
And so you know, that's an easy fix for them
to make it that level, and they haven't done it.
(19:25):
The same thing with the CPI number. You know, one
of the huge numbers in CPI for the Consumer Pricing
Index is your is your cost of housing?
Speaker 3 (19:33):
Right?
Speaker 2 (19:34):
Well, thirty three percent of the number is based off
of homeowners responses of how much they would rent their
house for if they moved out of an empty house.
So it's literally they they get for this, for this,
for these numbers. They will say you, for example, they'll
(19:54):
send you an email and says, Gusty, if your house
was empty and you rented it tomorrow, how much would
you rent it for? And whatever you put in the number,
they use it. Well you, I mean, you know how
hard that is to figure out, like what your rent
would be. I mean, it's hard enough for people to
understand what their house is worth a sell it without
a professional and even then it's not an easy task.
So that thirty three percent of the housing model in
(20:16):
the CPI for housing expense to be showing increase for
the inflation number is based off of people saying I
get twenty five hundred dollars rent from my house when
it's maybe thirteen hundred the whole time.
Speaker 3 (20:27):
Oh my god.
Speaker 2 (20:28):
And that's so again, it has a purpose, it's got
some logistics, I mean, some some some valid points to it,
but that it's thirty three percent of the housing number
they use for inflation is based off of that survey.
So those are two easy fixes just to get us
more reliable employment and inflation data. And so the markets
(20:49):
are saying, okay, maybe we're going to start seeing some
more of that, and they've already and they've reacted as
but they didn't need new numbers. It's just the fact
they see that it's been been a problem and they're
reacting positively to it in the bond treasure market, and
it impacts mortgage rates coming down. Yeah, so you know,
now now when we start getting real numbers, will we
see something different when we see the rates continue to
(21:12):
come down? I think so, you know, maybe they're already
jumping to it, but I think we've kind of now,
we'd kind of leveled off before. I think this net
quarter percent decrease is significant, I mean, and starts getting
in the right path. You know, there's you know, there's
all kinds of you know, folks talking about and I'm sorry,
I'm going real deep into this, but like you know,
(21:33):
you know, they're talking about, you know, if you bought
a house four or five months ago, did you buy
did you pay a quarter to three eighths higher of
a rate than you should have based on what the
market was because of faulty data that you were getting.
So you're talking you know, on a five hundred thousand
or long one hundred and eight dars a month money
for thirty years, yeah, across the board. Yeah, So that
(21:56):
starts adding up real quick.
Speaker 1 (21:57):
Yeah.
Speaker 2 (21:58):
And then there was some new what we can this
isn't going to be two hoards shotting. There's gonna be
a lot. There's gonna be some shake up in the
FED chairs. We had a governor say she's gonna shorten
her term by a month. That is an appointment that
will be replaced, and that's a constant voting chair, so
that will be appointed. So there's words of whoever gets
that appointment could be the.
Speaker 3 (22:18):
Front nun er.
Speaker 2 (22:18):
Also, because you've got to be one of those governors
are on the FED to then be the FED chair.
So whoever gets placed in that could quickly become the
FED chair and may so it'll be curious to follow. Sorry,
I used a lot of that that segment. Well it
was a lot though, I mean, I mean it was
hard to cut something out.
Speaker 1 (22:37):
No, No, I think it's important to understand kind of
why the market moves the way it moves, you know,
I tell you you know this is you know, here's
a stock tip, but you know, don't necessarily take I'm
not a financial advisor or anything, but what I've seen
through the years is when interest rates start going lower,
guess what values of stuff tend to rise, Like, like
(23:02):
what stocks tend to rise in value? Real estate companies, Right,
So don't be surprised at like our company exp realty.
Don't be surprised if that one gets a little bumped
with interest rates coming down. That means more homes will sell,
all that kind of fun stuff. So anyways, well we're
towards the end of the show. I can give you
a real quick update of the market is. We're really
(23:24):
excited that that kids are back in school and we
do believe that more people will be back in the market.
So with rates coming down people back in schools, I'm
excited for August, September, October.
Speaker 3 (23:35):
I think we're going to have a dynamic end of
the year. Let's go on the back half of third quarter.
Speaker 1 (23:41):
That's right, hey, go to gustygulscriup dot com, go to
Bradsmithlans dot com. We're here to help. However we can
do it. Build a plan of action together, we'll make
it happen. Thank you so much for joining us. We'll
catch you next time.
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