Episode Transcript
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Speaker 1 (00:00):
Welcome to Barton sold and uh so glad for you
to join us today hanging out in the studio. Brad Smith,
Cross Country Mortgage, j R. King State Farm Insurance. Gentlemen,
how are you good afternoon? Yeah, nice to have you on.
And John, you didn't tell us like, happy belated birthday
(00:22):
to you, man, Oh, thank you. Actually my birthday was
last week, but thank you. Yeah. Yeah, so I said
belated you didn't tell me or I didn't go on
to Facebook early enough, and yeah, you spend more time
on Facebook. Maybe maybe that's where I mean, that is
where I do find out about most people's birthdays. Let
me tell you gusty forty seven fields just like forty six.
Oh yeah, oh yeah, Well that's good news because I've
(00:43):
got that coming up here in just a couple of years.
So well, we'll happy belated John, thank you. Well, hey,
I'm excited to have Jr. On the radio today and
a little bit later on he's going to talk about
what he's in the insurance business and with the hurricanes
(01:04):
that have hit over the last month and how has
that impacted Florida and the mountains. So I think this
is going to be a great time for everybody to
really look over their insurance game plans as far as
they're with with looking at the real estate holdings, I
think it's going to be ever more important because of
(01:26):
everything that's going on. So we're going to touch on
that a little bit later on in the show. We're
going to talk about the real estate market. We're going
to talk about the mortgage market. What we saw last
month and are we seeing anything right now? And so
that's kind of be the gist of the show. And
and so thanks for joining us. So I want to
get all I want to want to start talking about
(01:48):
the interest rates. And that's where Brad, you know, it's
your favorite time of the week. What is going on
in the mortgage world?
Speaker 2 (01:57):
You know, like like every week and every the whole
time in the mortgage world, nothing's the same and that's
changing constantly. So that that's kind of where we're at.
Uh the gust he may want to turn his headphones off.
The the the national average for the mortgage rates has
continued to creep up a little bit and so and so.
But but I think we've got some pretty good inflation
(02:18):
numbers that the hard part right now for us to
kind of predict is you know, the FED needed to
lower the Fed funds rate, which again, like we've talked about,
doesn't really isn't tied directly to the mortgages. There's some
indirect stuff and we see like over time we're going
to get the benefits of that and some more long
term rate help. But but I mean, the thirty year
fixer back up to about six point three five on average,
(02:42):
So that's a little bit up. But the positive is
that is one point right at a little over one
percent rate reduction from a year ago today, and so
we're still one percent lower than we were last October
at this point. So so we've we've we've gotten some
benefit the mark. You know, we're in the right area.
(03:03):
We just need a little bit more push that way,
and of course all we talked about, but to get
that push, to get the rights down a little bit,
you need some kind of bad economic data and not necessarily.
Speaker 1 (03:12):
That we want to pull for that.
Speaker 2 (03:13):
So so it kind of keeps it balanced.
Speaker 3 (03:15):
Are you guys seeing a kind of maybe a slump
with buyers and sellers, probably because of the election.
Speaker 1 (03:23):
Just yeah, I mean we have been getting that conver
We've had a lot of that conversation of how does
the election really impact you? And so I think a
lot of it is just like making projections of how
if Trump gets in office or if Harris gets in office,
how is this going to really impact you? Maybe does
it impact your job? But I think a lot of
(03:44):
people like when we're asking, like how is this going
to impact your decision? Like does it make a difference
if Trump gets in or does Harris get in? Like
does it really make a different difference? But they're like, oh,
wait and see.
Speaker 2 (03:56):
Well, and normally when you're you know, we talked about Ford.
You know, when you're buying a house, it's not only
just for fun, right, There's something going on in your
life that you need to handle. And so we I
think we've gotten a little bit of a bump because
I think a lot of I think people have been
waiting from this rate reduction, so we have We've had
a little bit of a backlog I feel like of
potential buyers and inventory that we've been kind of waiting on.
(04:17):
Some of those things are finally kind of coming out
now the rates have dropped a little bit. We kind
of got that little that kind of bump in the
middle of August, so we kind of missed some of
it what we thought we were going to get maybe
in the summer, and we're starting to see some of
that here, a little bit more in the fall than
probably previous years that I've seen because of that rate. Again,
we're one point one five percent lower and we were
a year ago. That's going to get some people not
worried about the elections much because they may have been
(04:39):
waiting two or three years to buy the house. As
rates said creeped back up. So I think we're seeing
I think we're seeing them maybe even a little a
little more positivity in the real estate world this fourth
quarter than maybe the last previous few years. So but
I mean, it's all you know. But again, things are happening,
and so the election definitely has impact on people's minds
(05:00):
some kind of the all that. But as far as
how does it really change what you need to do
day to day and what's going on in your life,
you know, it's.
Speaker 1 (05:08):
Not a ton I can tell you it is impacting, JR.
It is definitely impacting, because when I tell you these
September numbers, you're going to see some differences. But first
I do want to give some shout outs. We had
eight homes go under contract over the past week, so
two special shout outs Ashley with three of those under contract,
(05:29):
Graham two homes under contract, and then also FRIEDA, John
and Fleoor also had contracts this week. So congratulations to
our team members on contracts. So how does it really
impact JR. Let me talk about September numbers. You sound
like a wizard over here. Oh well, I just I
(05:51):
do like numbers and it's pretty interesting, I think. So.
You know, Brad mentioned a little bit earlier. Rates are
a one percent or a little one point one five
percent less than what they were this time last year.
So when you think about would you actually see more
(06:13):
homes sold, you would most likely say yes. Would you agree, yes? Okay,
wouldn't you agree? I would agree, okay, ish ish, all right?
One percent less in an interest rate. So September numbers,
and I look at Jefferson County, Shelby County, Saint Clair County,
which makes up the majority of our MSA, we actually
(06:36):
saw a decrease in home sold in September of this
year as compared to last year by ten percent. That's
because people don't know the value of one percent well, well, well.
Speaker 2 (06:49):
Can I can I come back with why through the
ish in there, And that's because I'll be interested to
see how October ends up being compared to the last year,
because a lot of this is going to be trailing
one hundred percent. Because what I'm seeing is we're we've
been ever since we've had the kind of rate reduction
like we talked aboufore it. The rates kind of started
dropping in August's and so that there's some lead, there's
(07:10):
some time there of getting because purchase applications were way
up during that and they're still up right now. And
so we were up right now. We're up ten percent
on mortgage applications for the month of October than we
were last year. So we're up ten percent on applications.
So again, the rates get you off off the off
the fence, you make the call, you get pre approved,
(07:31):
you start looking for houses. By the time you get
under contract and you close on that house that you found,
it's another forty five sixty you know, depending on when
you found it and go into contract. So we started
seeing these applications pick up in August and September, and
hopefully that's leading to an increase in October.
Speaker 1 (07:49):
Well, we definitely saw it more contracts one hundred percent.
Speaker 2 (07:53):
There you go, yes, and so so i'm you know,
that's where I go. That's why I said I agree
ish because September really wasn't enough time from the middle
to the end of August to say, hey, rates have dropped,
let me look into this, let me find a house,
let me get a contract, let me close on this house.
Septembers is a pretty quick turnaround those rate reductions. So
we probably didn't see a huge benefit of those rates
(08:14):
impacting the soul. So that's why I'll be interesting how
fourth quarter closes south.
Speaker 1 (08:18):
Yeah, totally with even the one point is that what
you said.
Speaker 2 (08:24):
Yeah, from last a year ago today, the average the
average mortgage thirty year fixed rates half year ago today.
That doesn't mean it was a year ago yesterday. That's
the other thing. I mean, you know, we're watching the
markets and everything constantly moving.
Speaker 3 (08:35):
Are you seeing a steady pace of reefise with those numbers?
Speaker 1 (08:40):
Are so that the ten percent off the scale.
Speaker 2 (08:43):
The increase of applications also about we're purchase applications also
not just up in mortgage applications. Purchase applications were up
ten percent. Overall applications like the refinanced applications are up
one hundred and eleven percent from last year.
Speaker 1 (08:56):
Wow.
Speaker 2 (08:57):
Yeah, so so because a lot of people last year
we're closing, you know, so they were in the sevens,
but they also you know, may have closed a different
month with eighty seven and a half seven. So there's
a lot of benefits to it, and so we'll just
be interested to see kind again, we're we're kind of
anticipating a lot of this. We're seeing this rate one
(09:19):
decrease impact the phone calls and the contracts, the applications.
So when it when we start looking back at home
sold in this fourth quarter compared to the last year,
even two years ago when we started seeing the rates increase,
I'll be real interested to see how that looks.
Speaker 1 (09:34):
So here's some other interesting numbers. The average price was
up from three twenty eight to three sixty let's go
a ten percent increase. Wow, so ten percent less seals,
but ten percent increase in price. Then we also look
at median because I think that's probably a more realistic
(09:55):
way to look at some numbers. Two eighty five a
year ago, as can paired to three hundred this year
a five percent interest or increase, so I think that
is more realistic. So that tells us your you know,
medians three hundred k all right, inventory last year we
had four thy three hundred and sixty one listings. This
(10:19):
year five thousand, two hundred and twenty six, a twenty
percent increase, so pretty crazy.
Speaker 2 (10:30):
Again, we we've talked about here, it feels more balanced. Yeah,
it feels more balanced with that the inventory and some
of those as far as everything being a little more consistent.
Speaker 1 (10:41):
Not so.
Speaker 2 (10:43):
You've talked about this before in the show, and you
know you have those numbers better.
Speaker 1 (10:46):
But I'm going to do the year to go numbers
here in a minute. I'm calculating, I'm feeling it's always
interesting to see about the year to year, all right,
So here's the year to year. We've seen an increase
in one percent in home sales for the year, so
we've seen ten percent, you know, so you know that's
(11:09):
less so we had a good, good, sizable advantage and
that's kind of sneaking away, but still one percent increase
over the year. The average price is up five percent,
the median price is up three percent, and inventory is
up eight percent, so year over year, numbers. So I
think that's super interesting. We need more inventory. I love.
(11:30):
I love where people have the opportunity to have more
choices to pick and I don't have to literally drop everything,
including leaving the radio show to go show a house.
Where are you seeing the most inventory? The most inventory?
So it can be skewed because of new construction, gotcha.
So a lot of times what we'll see an increase
(11:51):
in like Clearra Chelsea because that's where we see a
lot of new construction happening still, so those numbers are
going to be increased a little bit more. But as
far as inventory goes in markets that you would typically
you would know, so Hoover Bluff Park, River Chase up
(12:11):
fourteen percent, North Shelby or Hoover, So I consider that
highway to eighty Hoover twenty five percent increase in inventory. Wow,
Liberty Park, Vestavia ten percent, Homewood five percent, Mountain Brook
four percent, Downtown Southside twenty one percent, Crestwood hilland Park
(12:35):
Forest Park Avendeale twenty four percent. So that kind of
gives you an idea, you know, then we look at
also another plate Leeds and Moody have a lot of
new construction exactly twenty six percent increase. Yeah, and that
I mean that.
Speaker 3 (12:47):
Whole area right there near Bucki's Bass Pro is about
to I mean it's blowing up.
Speaker 1 (12:53):
Here's one that's really interesting. Trustful is down eleven percent. Well,
they out a room to build, no more new construction,
I mean the less less new construction. Really, I think
that's what it boils down to is Stockton has sold out,
so you don't have anybody building there. You still have
some stuff in Carrington Lakes, but you definitely have less
(13:17):
new construction. So that's that's definitely impacting it. It's all
interesting things, you know. So that's that's your that's your
market update for the week from Brad on the mortgage
side and myself on the real estate side. So y'all
stay tuned. We're gonna talk about insurance with j R.
King from State Farm right here on bart and Sold.
(13:38):
Y'all stay tuned, all right, Welcome back to ball bart
and Sold and our local business spotlight is with j R. King,
State Farm Insurance. Welcome man, how are you great, Gusty?
How about yourself? Doing good? Doing good? So we we
we saw each other a few weeks back at a
(14:01):
music festival and those that that the end of era
that they know I love music. And then we got
to see furnace Fest. Actually last year we had Johnny
on about furnace Fest and so that was fun. And
so we got to started talking and I was like,
man like, with everything going on in the insurance world,
(14:24):
these hurricanes and the damages, like, dude, you would be
an amazing guest to have on the show. So mediocre.
But I mean, so, I know your world has been
been interesting the last month with everything going on. But
I know, let's let's talk about like these hurricanes that
have come in. How is this truly impacting you know,
(14:45):
the insurance world.
Speaker 3 (14:46):
So in Alabama, we really haven't you know, we really
haven't seen you know, a lot of a lot of damage.
We're not seeing a whole lot of claims. You know,
as far as North Carolina goes, I just don't think
anybody was anticipating that. And you know, here we are
eighteen years down the road from Katrina and you still
(15:07):
got FEMA go and.
Speaker 1 (15:09):
What do we do again?
Speaker 3 (15:12):
So with North Carolina, you know, they're not Let's take
Alabama for example, when it comes to hurricane insurance in Alabama,
on a standard policy, you're only going to have a
hurricane deductible when you're in a coastal region. So you
(15:32):
take fair Hope mobile, you know, places down near the coast.
Speaker 1 (15:37):
Because I know some of our listeners have condos at
Orange Beach and Gulf stores and houses, so.
Speaker 3 (15:43):
You know they would have on their policy they would
have a hurricane deductible. Now, typically a hurricane deductibles two percent,
so that would be two percent of your coverage. If
you're covering it for one hundred k, then your deductible
is two thousand dollars. So but here north, you know,
of the coast, there's no hurricane deductible. It's but even
(16:07):
if the hurricane moves up here and hits Birmingham, then
it's just going to fall under your wind hail deductible.
Speaker 1 (16:14):
Because we're not in that coastal region.
Speaker 3 (16:16):
We're not in that coastal region. So that's going to
be whatever you have your wind hail deductible set up, okay,
and then what do you typically see those out? You know,
it's personal preference, but you know, I like, I like
kind of doing the math on it. So if you know,
(16:38):
if you take what your premium is going to be,
and then you factor in what your savings are going
to be. If you go with a higher deductible, can
you get those savings back in about seven years? And
if you can't, then go with the lower deductible. So
typically I see people at either a thousand dollars deductible
(17:00):
or a half percent or a one percent deductible. So
you know, you take a five hundred k house the
one percent deductible, it's going to be a five thousand
dollars deductible. Yeah. And then you'll see some insurance companies
they will have split deductibles, so they'll say, hey, look,
(17:20):
you know, if a fire, theft, or anything like that
happens to your house, you've got this one.
Speaker 1 (17:26):
Deductible over here.
Speaker 3 (17:27):
But what happens to houses the most here is going
to be wind or hail damage. So the wind hail damage,
they a lot of companies will set out a different
deductible for that, so you really kind of have to
pay attention. It's like, oh, hey, I just got a
great rate, but do I have a separate wind hail deductible?
(17:49):
And sometimes you'll see a high wind hail deductible to
offset that cost. Now will state farm. They just do
one deductible for everything. But further going into how the
hurricane you know insurance works. When we're talking about up
in the mountains in North Carolina, Ashville and that whole area.
Speaker 1 (18:10):
I would assume none of them have heard out.
Speaker 3 (18:12):
That's not there's no yeah, there's no hurricane insurance there.
But they're all going to be under a wind hail,
so it would be covered if it were caused by
wind or hail. Now, now here's where here's where a
lot of people kind of can spread misinformation about the
(18:34):
insurance companies. So they say, oh, well, the insurance company
is not going to cover my loss in North Carolina
because I had water come into the house. Well, that's
considered if you are not in a designated flood zone,
which is designated by FEMA, you are that that loss
(18:58):
is considered groundwater rising. It's just yeah, it's just ground water.
So it's you know, like every now and then we'll
get a real strong rain and I'll get some water
come in in an old part of the house that
you know, and it's just well, hey man, fix your foundation,
like you know, seal.
Speaker 1 (19:15):
Your seal your walls.
Speaker 3 (19:18):
But you know, a lot of people think, oh, well,
this is going to be covered as flood.
Speaker 1 (19:24):
Well it's not, I mean flood insurance. Yeah.
Speaker 3 (19:27):
And and the only way you're going to get flood
insurance is through FEMA. And but you have to be
in a flood zone in order to acquire that insurance.
Speaker 1 (19:37):
So you can't get flood insurance if you're not.
Speaker 2 (19:40):
A couple of weeks ago. Yeah, you've got to be.
You've got to be eligible for it in a FEMA location.
You can't just tack on flood insurance.
Speaker 3 (19:47):
But also somebody in Ashville, you think they're thinking, God,
I need flood insurance right here in the mountains. Yeah,
you know, it's like living on top of a red
mountain and being like, should I get flood insurance?
Speaker 1 (19:58):
Well, the rest of town would be underwater. Well, they're
probably not saying come hell or high water anymore exact Carolina,
because the high water definitely came.
Speaker 3 (20:07):
Yeah, that's where you see, like, you know, the insurance
companies are saying, hey, look we don't cover groundwater.
Speaker 1 (20:13):
This was this was known.
Speaker 3 (20:15):
But you know, most people that are buying insurance sometimes
aren't fully informed and they think, well, insurance is insurance.
Speaker 1 (20:22):
I can tell you I've I've been burned previously on this.
Speaker 2 (20:26):
So one of the qualifiers I was going to ask
about and does it since you're already kind of touching
on it. So if if if a tree falls on
my roof and creates a gaping hole and rain is
coming in through the roof, correct, and my house floods, Yeah,
that's groundwater that's covered. No, that didn't come from the ground.
That right, That's what I'm making sure. So you know,
(20:48):
if I guess I guess I'm looking at it is
if a hurricane comes through and blows out all my
windows in and the rain is coming in sideways and
I've got water damage all over, I may have groundwater also,
but a lot of the damage was also done through
other parts of it.
Speaker 3 (21:03):
That's gonna come down to if they can actually decipher
between how much water came in through the windows and
how much water came in through the ground.
Speaker 2 (21:10):
So you know, that's it, I know, But I guess
what I'm looking at is like the damage is damaged,
like like at some point it becomes like how much
how more wet can you be?
Speaker 3 (21:19):
Well, you're gonna have people in North Carolina that are saying, hey,
look well, when took my house.
Speaker 1 (21:25):
Away before the water did.
Speaker 3 (21:28):
And you know, I'm assuming that all these insurance companies
have you know, they're sharing satellite footage of like the
house is still here, the house is still here. Oh
look here comes the water and gone. Yeah, so you
mean you'll have access to that kind of stuff. I don't.
Speaker 1 (21:47):
I'm sure those adjusters and the insurance companies do have that.
So so what you're telling me is the majority of
the people that were impacted in North Carolina most likely
don't have coverage total loss for them.
Speaker 3 (22:02):
That is, and FEMA is going to give them I
think seven hundred and fifty dollars, which is like getting
out of the shower and trying to drive with one
square of toilet.
Speaker 1 (22:12):
Paper, right right, pretty much, that is incredible. Like I
hope that, you know, gives you a new perspective of
like how catastrophic the storm was.
Speaker 2 (22:22):
Right and and on most I'm not you know, not
to leap it back to the mortgage world, but that's
that's going to be one of the largest impact is
because a lot of those houses have mortgages on them,
and the mortgages now are just on the dirt.
Speaker 1 (22:33):
Yeah.
Speaker 3 (22:33):
One because you got to think the bank is going
to eat a lot of that too, because they can't
they can't force them to have flood insurance because they're
not in a flood zone.
Speaker 1 (22:44):
Nope. Yeah, and so it's a loss for the bank
as well.
Speaker 2 (22:48):
And if it's let's just let's just say you have
a I'm just going to use this example, but say
you have a million dollar home in Highlands, North Carolina
and you've got a six hundred thousand our mortgage on it. Well,
you're still if that house is blown away and it's
not covered. And that's why we were choir homeowners insurance
on your property because we've got to know that it
can be rebuilt from something catastrophic. So if you've got
a situation where you've got this big house in the
(23:08):
six hundred thousand dollars that you're making monthly payments on
and often that house is gone and you can't rebuild.
Speaker 1 (23:13):
It, and you've still got to make the payments.
Speaker 2 (23:15):
You still got to make the payment because you're liabel
for the debt. So are you gonna keep payalsip fout?
Are you gonna let that go against I'm gonna let
it go all right?
Speaker 1 (23:22):
So who's on the hook for that of the banks.
Speaker 3 (23:25):
But it's credit and you think the banks are on
the hook for anything.
Speaker 2 (23:31):
As much as the insurance company.
Speaker 1 (23:37):
Call Daddy. All right, interesting stuff. I know we're gonna
touch on more of this a little bit later on
in the show, but y'all stay tuned, Ball Barn and Sold,
we will be right back. All right, Welcome back to
the show. And we've got hanging out in the studio
(23:59):
Brad Smith, Cross Country Mortgage j R. King with State
Farm Insurance. And uh, you know one thing I did
not mention a little bit earlier, Brad, was we had
an agent orientation this week and we've got five new
agents that have joined us. And we've got a couple
of brand new agents. We've got a couple of agents
from a real estate team another real estate team in
(24:23):
the market that decided to make a change, and then
we've got somebody from another brokerage that that recently made
a change.
Speaker 2 (24:28):
So I walked in the office the other day and
had to go back out and make sure I was
in the right place.
Speaker 1 (24:36):
So I want to give a special shout out Chance Kraiger,
Brianna Green. Those are brand new agents that have joined
so welcome along. Alita Piadra just joined us from a
competing brokerage. Uh and uh Nicole Holloman and melodykas Man.
(24:59):
It's a Greek name and I have a hard time,
so here you go, uh quick as there we go. Man, No,
it's the way I read it is cokeyosis And then
she pronounced this a different way and I was like, man,
you really messed me up on this one. So but
we'll just call you Melody and uh So, congratulations and
(25:22):
welcome uh to to our new team members. It's fun
to have some like new new new blood in the
office and new excitement, and it brings a different energy.
It does bring a different energy and and so hopefully
it kind of gets people on their toes to yet
you know, so let's get to work. Get yeah, so,
(25:47):
uh so I want to give a special shout out
to them. All right, we're gonna get uh. G R
has been on the show. It's been a while. And
did we play the game the guess the mortgage paint?
We did? We did, but I was terrible at it.
Well then this is for you, okay, Brad, Please do
share the rules for JR and our listeners because it
(26:10):
is a little bit different. Okay, just forewarning, this is
a little bit different than when you played previously. Okay,
oh yeah, So I mean, you know, I've made a
couple of tweaks to it and everything.
Speaker 2 (26:20):
I honestly don't know how it was played before. So
this is how we've gotten to listen to the show before.
I just did somehow. I just never heard the game.
I was always listening, I just never yeah, or didn't
pay attention to the rules anyway. So Gussy's gonna give
the purchase price of some listings. Then when he gives
the purchase price, I will give a scenario that a
potential buyer may make on a down payment, so a
(26:43):
percentage of down payments. So then you've got to figure
out the loan amount in your head, and then guess
what you think the thirty year fixed monthly payment's going
to be. Just the principal interest, no escrow payments, No,
no mortgage insurance escrows. Where I'm good, Okay, Yeah, you've
got you've got the insurance part of the Yeah, you
can tell us what themium would be as a bonus.
Speaker 1 (27:01):
And premium and property. I go, is there a good
rule of I mean completely sideways but is there a
great rule of thumb from an insurance perspective of like,
how much like if I'm if I'm looking at a
house and knowing it's like, is there a certain rule
of thumb of how much insurance will be in this
ballpark based on age, updates all that kind of stuff,
(27:22):
or is it you just in the system and let
it spit it out. There's so many factors it's really hard.
Speaker 3 (27:29):
I think it's more of like a it's like a
magic trick, kind of kind of like how how you
guys got more getting this figure. It's just kind of like, oh,
if you told me it's a nineteen fifty house and
it's this much square footage and it and it's in Homewood,
and you know, then I could ballpark it.
Speaker 1 (27:46):
But new construction will be cheaper. Yeah, always new constructions
always it is Yeah. Yeah, because you have I mean,
you'll probably have like the average life spans of different Yeah.
And then they also provide discounts for like if you
do an electrical upgrade, a plumbing upgrade, and then.
Speaker 3 (28:06):
An h back upgrade. So if you can knock out
those three, then we're not going to talk about the
rest of it.
Speaker 1 (28:11):
Well, I want to talk about our first new listing
of the week. This it's actually the second one I
sent you, by the way, So nine seventy six Sanders
Road in Jasper, Alabama. This listing is is on one
point one acres built in two thousand and seven, three bedrooms,
two baths, twenty four hundred and twenty one square feet
(28:34):
priced at three hundred and twelve thousand dollars jr. Three
hundred and twelve thousand dollars. And it's also got a
two car garage. And this listing is courtesy of Freda Whitley. So, Freda,
congratulations on your new listing. But how about out twenty
four hundred square feet on an acre lot with a garage?
(28:55):
I mean, like, how many places can you find that
for three hundred and twelve thousand. It is difficult, it
is It is difficult.
Speaker 2 (29:02):
It is difficult. Okay, three hundred twelve thousand dollars and
just brown a non movable house.
Speaker 1 (29:06):
Yeah, a non movable house unless there's a hurricane. Yeah,
that's right.
Speaker 3 (29:14):
Tie downy would you see them strapped.
Speaker 2 (29:19):
That The problem was some of them strapping their animals
to stuff.
Speaker 1 (29:23):
Oh Man.
Speaker 2 (29:26):
Three hundred and twelve thousand dollars purchase price? Potential buyer
five percent down on this one, five percent down, Gusty.
You'll get to guess first five percent down. There's no
price of right rules, so you can guess anywhere round Gusty.
You can go high or lower. You get to do
whatever you want to do. Gusty, five percent down, three
hundred twelve thousand dour purchase price. What is the thirty
year fixed principal interest monthly payment?
Speaker 1 (29:48):
Brad, I am going to go with seventeen ninety nine.
Speaker 2 (29:53):
Seventeen ninety nine, all right, they are.
Speaker 1 (30:00):
I'm gonna go with twenty one fifty.
Speaker 2 (30:02):
Twenty one fifty. If rates were one point one percent
higher like they were last year, Jay r would be
all over it.
Speaker 1 (30:10):
But not so.
Speaker 2 (30:11):
Gusty wins eighteen twenty five. Eighteen twenty five, Gusty was
twenty six dollars under.
Speaker 1 (30:19):
Would you look at that? Would you look at that?
All right? We've got uh, we've got a couple of
coming soon homes. Uh So this one is going to
be coming on the market on Tuesday. This one is
in the Mcallaugh area in the Cheshire Park community. Built
in twenty twenty three bedrooms two and a half baths,
fifteen hundred and twenty nine square feet with a two
(30:41):
car garage, and we are asking two hundred and sixty thousand,
two hundred and sixty thousand, and this listing is courtesy
of Fleur Robinson. So Flur, congratulations on your new listing
to sixty two hundred.
Speaker 2 (30:57):
And sixty thousand dollars. We're going to go back to
five percent down on this two hundred and sixty thousand.
Do our property, So five percent down two hundred and
sixty thousand our purchase price.
Speaker 1 (31:06):
Okay, what is it's gonna be on JR. First? It's
on me first.
Speaker 2 (31:11):
JR. You get to go first this time.
Speaker 3 (31:12):
Budden, Okay, I'm gonna go fourteen fifty.
Speaker 1 (31:25):
Brad disgusty, I am thinking sixteen oh seven.
Speaker 2 (31:38):
Sixteen oh seven. You say the actual payment was fifteen
twenty one. Jr.
Speaker 1 (31:45):
Will pull out then two. So this isn't like price,
is right? We're a higher and lower thing. No, you
can't go it.
Speaker 2 (31:51):
Yeah you know you don't have to be under No, no, no, no, yep.
So we're one to one going into property.
Speaker 1 (31:56):
Three ounce oh JR. Redemption on our next new listing
is in the ross Bridge neighborhood in the Shallowby sector
thirty seven twenty two Shallowby Walk in Hoover, six thousand
a month, four bedrooms, two and a half baths to
car garage twenty seven hundred and seventy one square feet,
(32:18):
and we are asking five hundred and fifteen thousand, and
that's going to be coming up this week. Listing his
courtesy of a John Riddle, right right, rights, All.
Speaker 2 (32:28):
Right, Gussy, it's back to you. The fifteen five to
fifteen purchase price. This person is going to put thirty
seven percent down.
Speaker 1 (32:35):
I'm just thirty. I'm just kidding.
Speaker 2 (32:36):
I'm just killing ten ten percent down, ten percent down,
ten percent down. I was just messing with Jay R.
Since he was already guessing a monthly payment. Now ten
percent down, the one, yeah, five hundred and fifteen purchase price,
ten percent down, thirty year fixed principal interest.
Speaker 1 (32:50):
Gusty, what you got? Okay, I'm gonna go.
Speaker 2 (32:55):
This is the rubber match.
Speaker 3 (32:57):
Yeah, twenty eight hundred, Brad, twenty eight hundred, All right, Umm,
I'm gonna say thirty three hundred.
Speaker 2 (33:16):
Thirty three hundred for JR. The actual payment was two
thousand eight hundred and fifty four dollars. Gusty will take
it today.
Speaker 1 (33:25):
Gusty takes her down today, Back baby, back, Well I
was back last week. You were so two weeks in
a row. Next week would be called a window whooped
three weeks. That was at least I didn't go clean house. Yeah, yeah,
you did good. I think last time I was on
the show, I went over. I was definitely way off.
I thought you did good, thought you did good, but
(33:47):
it wasn't ye good enough. Today wasn't good enough? Sorry, JR.
Speaker 3 (33:52):
Wor.
Speaker 1 (33:52):
In my life, we do have a couple of buyer needs.
I do have a couple of investors looking at home
to flip. So if you're considering selling a home, you
need to sell it fast. You need to cash offer.
Let us know two O five five four two nineteen
ninety six. You can call or text on that number.
You can also go to Gustygoulisgroup dot com. And we
(34:15):
do have folks looking in the Edgewood School district. I've
got folks pretty much looking all over town. So literally,
if you're thinking about selling, like I might be able
to match that home with somebody that's off market, and
so we might could sell that before it ever hit
the market, So, uh, you know what to do? And uh, JR,
do you know what time it is? What time is it? Dude?
(34:39):
I love that sound. It's testimonial times, testimistic, commonial time.
What are we uh divulging here? So since ash Ashley
on our team put three homes under contract, I am
going to share with you a couple of reviews for
Ashley because I thought three homes under contract in a
week's pretty darn good. What you think? Yeah?
Speaker 3 (34:59):
Absolutely all right, that's pretty superstar kind of stuff.
Speaker 1 (35:03):
Nishe says, Ashley was all that I could ask for
and more as a first time home buyer. She's very knowledgeable,
super friendly, very responsive and a genuinely helpful guide. She
made the home buying process simple and a lot less daunting.
So glad I chose her as a relter. I'd recommend
her to anyone looking to buy a home. So Nisha, congratulations,
(35:25):
I hope you're enjoying your new home. And Ashley another
five star review, and Jason says, my experience with Ashley
and the Gusty Gougliskirt was nothing short of amazing. Ashley
helped me find my first house. I walked into the
home buying process with literally no experience, and Ashley in
(35:46):
the rest of the group never hesitated to help me
every step of the way. They were genuine and completely
honest with any questions I had from them. Anytime I
needed Ashley, she was always a text or phone call away.
I cannot recommend it Ashley and the rest of the
Gusty Goulis group. Enough. So Jason, congratulations, hope you are
enjoying your new home. And Ashley, congratulations on another five
(36:11):
star reviews. So all right, Ashley, agent of the day,
I guess agent of the Day, three homes of the contract,
two five star reviews. Let's gelling. All right, y'all, stay tuned.
We're going to talk about all, you know, a little
bit more on the insurance world, because I found some
of the stuff like to be completely fascinating right here,
(36:33):
Bob barn and Sold, don't you miss it. Welcome back
to Bob barn and Sold. And I wanted to continue
having the conversation with Jay R. Kane with State Farm
Insurance about you know, what we've seen with hurricanes and
the flooding and all that kind of stuff. And uh,
(36:55):
I meant earlier in the show to find like, if
somebody wanted to reach out to you, how did they
find you? So they can go to ensure with King dot.
Speaker 3 (37:04):
Com or two zero five seven eight three five zero
nine zero.
Speaker 1 (37:10):
Okay, ensure with King dot com. All right, all right,
So recently in my neighborhood the I don't know if
this was win or whatnot, but a tree fell. It
luckily was not as like a neighbor's a couple of
doors down and I'm talking about like I've got some
(37:33):
huge trees, like old treadoaks, like monsters. Anyways, it busted,
it fell over, crushed the dude's fence. Luckily it just
went into the other person's yard and didn't I didn't
see any damage in the other person's yard. But how
does that work? Something like that happens. So when that tree.
Speaker 3 (37:57):
Falls and it's just called is just considered an act
of God. And whatever portion of that tree falls onto
your property. So if it's your neighbor and that tree
falls and you get you know, thirty feet of the
top of the tree that falls in, it crushes your
fence and maybe damages your deck or whatever else. Any
(38:21):
portion of that tree that crossed the property line is
now yours and your problem. So you are responsible for
removing it or not removing it. You do whatever, you can,
make firewood out of it and carve bears out of it,
but you're responsible for that portion of the tree. Your
neighbor is not. It's not against your neighbor's insurance. It's
(38:44):
not something where you can go after their insurance.
Speaker 1 (38:47):
That is super interesting.
Speaker 3 (38:49):
The only way that you would be able to go
after someone's liability on that is Let's say that my
neighbor has a tree that I think is in poor
condition and could come down and could possibly cause damage
(39:09):
to my residence. Then I could hire an arborist, and
there's tons of license arborists around the Birmingham area. You
could hire an arborist to come out. They don't charge
very much and they will examine the tree and then
they'll write a letter to the owner of that house saying, hey, look,
(39:32):
we think the tree is in poor condition.
Speaker 1 (39:35):
You know, request that you have it removed.
Speaker 3 (39:37):
If the neighbor does not have it removed in the
tree falls, then you have given them that formal kind
of notice that just hey, you know, now the liability's
on you because we you know, we reached out to
you to say we think that this is a problem.
That's the only way you're ever going to get something
covered by someone else. Otherwise it's going on your insurance
(40:00):
or you're just left with the problem. Like if the
tree falls and it doesn't damage anything, then you're just
left with the problem. So I mean, it's not gonna
be a claimable thing. Yeah, yeah, Now that's interesting because
I wouldn't think that. I would think, like, what's the
source of the where's the source of the tree, and
if the tree impacts it, that's you know, very interesting.
(40:21):
Now now now you're the rightful owner to whatever section
of tree that is, so I guess.
Speaker 1 (40:28):
I mean, so how does the like when do adjusters
get involved? The adjuster gets involved after the claim has
been filed. So once you file the claim and we say, hey, look,
you know this happened because of this, So hey, I've
got a damaged roof because a tree fell on my roof,
then that's when an adjuster. You know, first you get
(40:49):
assigned a claims representative, somebody that you're gonna work with
throughout the process of the claim, and then that claims
rep is going to assign an adjuster, and that adjuster
is going to come out out and it could be
an adjuster that's hired by the company or that works
directly for the company, but there's a lot of third
party adjusters around Birmingham, and so it could be a
(41:12):
third party adjuster that just goes out and says, yeah,
look here's what I see. We know that it happened
this way.
Speaker 3 (41:19):
Let's go ahead and you know, we're going to start
working up a figure on this. You start getting your quotes,
your you know, your estimates on what the repair cost is,
and then we'll try to find a way to meet
in the middle on those.
Speaker 1 (41:31):
Yeah. Do you like when something like this happens, like
this big hurricane pops up, a lot of people, you know,
with with the flood insurance, things are not covered. Does
that kind of like do you start recommending more, you know,
different policies based on some of the trends or what
you're seeing, not necessarily different policies. I would my biggest
(41:54):
recommendation for people would be.
Speaker 3 (41:58):
Review your wind hail deductible on your house. You know,
when we have storms, I mean, we have thunderstorms and
severe storms and tornadoes and occasionally a hurricane hit Alabama.
So just review wind your wind hail deductible and see
what that looks like.
Speaker 1 (42:19):
And then I guess something else would be to.
Speaker 3 (42:25):
You know, just I mean reach out to your agent,
you know, just just talk to whoever's doing your insurance.
If it's GETICO, I mean, you know, or one of
these one to eight hundred, that could be difficult. But
review that wind hail deductible and see if if you're
getting the right amount of coverage there or if it's
going to cost you an armor leg if something bad happens.
(42:46):
As far as flood insurance goes, I don't think there's
anybody that's going to be missing out on flood insurance because,
if you know, the only people that would be missing
out on flood insurance would potentially be people that paid
just just paid outright or paid cash for their purchase because.
Speaker 1 (43:05):
Or for their home.
Speaker 3 (43:06):
Because if they you know, if they set it up
through a bank or lender then and they have a mortgage,
then I've never seen someone, I've never seen a lender
failed to press the flood insurance on the customer. So
they're going to say, like, you know, hey, look not
only we we are we requiring you to have homeowners insurance.
Speaker 1 (43:30):
We're also going to require you to have the flood insurance. Gotcha, gotcha.
Are you seeing any trends in the insurance business.
Speaker 3 (43:39):
I mean since so COVID. When COVID happened, all the
insurance companies they went down a lot, Like State Farm
in Alabama went down. I want to say, like twenty
two percent on auto, and auto is kind of the
driving force. Most everything else doesn't fluctuate as much as
(44:00):
auto does. But then all these insurance companies they take
a break on everybody and they and you know, they're
taking you know, almost twenty percent off of customers bills. Well,
now we're working our way back up, and we're almost
too we're almost too if not right at the point
(44:21):
we were in, you know, twenty nineteen or early twenty
twenty pre COVID. It's just now everybody's everybody got used
to the low rates and the discounts and.
Speaker 1 (44:34):
Like, oh no, it's so expensive now.
Speaker 3 (44:36):
Well it's actually pretty much the same price it was
right before COVID.
Speaker 1 (44:40):
Interesting, yeah, interesting, has the I know condo world has
changed a little bit. It seemed like after the Miami
condo that like fell like at nightfall. I feel like
a lot of things have changed in the insurance world,
especially for condos. There anything that you can share about.
Speaker 3 (45:02):
That as far as so, condos can be a tricky
one just because you know, you as the unit owner,
what you're ensuring is what's set out in the by
laws of the HOA. Because all these condo buildings have
HOA typically a wall in. So it's like, hey, you know,
you got to do study in, You're gonna have to
(45:23):
do all your tile, You're gonna have to do your toilets,
all that stuff. But the HOA in their by laws,
they set out what they're going to cover.
Speaker 1 (45:33):
And so I think where you might see.
Speaker 3 (45:35):
The most you know, problems or variety of situation is
due to what the HOA has put.
Speaker 1 (45:46):
In their bylaws. Gotcha. Yeah, well I know, just even
I know you're on the residential side, do you mess
with any of the like the big commercial stuff, like
the big condo complexes.
Speaker 3 (45:57):
So yeah, I've done a few, like con and apartment buildings. Yeah,
and uh, you know, I mean it's it's it's really
not difficult, you know.
Speaker 1 (46:08):
I mean, I wouldn't say that it's something.
Speaker 3 (46:11):
That is our bread and butter. But uh, it's definitely
an opportunity there. Yeah, there's opportunity there.
Speaker 1 (46:18):
Yeah. Yeah.
Speaker 3 (46:20):
When so you've got it's tough getting it through the
HOA though, because a lot of hoas they you know,
they don't have anybody sitting there going, hey, you know,
we should really take a look at our insurance. Well,
then when they start taking a look at their insurance
and then somebody provides them with a quote, they're typically
going to have three four, five HOA meetings to discuss
(46:43):
all of this before they even decide to pull the
trigger on it. So it's like, hey, do you really
want to you know, put this on hold for six months?
Like me writing it? Do I really want to deal
with them for six months and going back and forth?
And then you've got now I've got to deal with
every question that got asked in an HOA meeting, So
(47:04):
you know, how much time do you want to spend
on it? All?
Speaker 1 (47:08):
Right? The reward? So one thing that this you might
not know the answer to this, but I feel like
with all of these different storms and different payouts that
the insurance companies are going to have, like at some
point I feel like there might not be money there
to like pay out on all these things. So how
how do the insurance companies make sure that they've got
(47:28):
access to the capital to pay the coverages for reserves? Reserves?
Speaker 3 (47:33):
You look at at most of these major insurance companies
and they're carrying some type of reserve, you know that
they're collecting from premium.
Speaker 1 (47:41):
Somebody told me a few years ago.
Speaker 3 (47:42):
That State Farm could pay out every single policy and
still have money. I don't I don't know. I don't
know if that's I don't know if that's true. But
that's a lot of money. But to what you're saying
about the insurance companies paying this out is like you
take noaid Carolina for example, and we're talking about the
flood aspect of this. Well, if the flood and groundwater
(48:08):
is the law is the loss, you know, are what
caused the loss, then that does that's not a covered loss. Yeah,
so the insurance companies aren't going to have to pay anything.
They only have to pay for covered losses. And you know,
groundwater up there. If you're not in a flood zone
(48:28):
and you don't have flood insurance, then it's not going
to be cool.
Speaker 1 (48:31):
The mud slide's considered.
Speaker 3 (48:34):
You know, I don't know if that's considered flood or
if it's considered moving earth.
Speaker 1 (48:40):
Like or an act of God, because I feel like
that hurricane was an act of God.
Speaker 3 (48:45):
Oh yeah, so apparently there's another one on the way too.
Speaker 1 (48:50):
I mean, what in the world is going on? Anyways,
I've really enjoyed you haven't been on here communicating to
our listeners about you know, the things and insurance and
and probably some information that they didn't want to hear,
you know, knowing that a lot of the we're not
we're not covered, and I hate to hear that, and
our our thoughts and prayers still go out to those
(49:11):
folks in North Carolina and Florida that were impacted and Georgia.
So anyways, ensure with king dot com. That's it. That's
where you can get your quotes for insurance. Ask for Wilma. Oh,
ask for old Wilma. All right, Fred, all right, thanks
for joining us next time. Well, well, thanks for joining us.
We'll see you next time. Thanks Gussie,
Welcome to Barton sold and uh so glad for you
to join us today hanging out in the studio. Brad Smith,
Cross Country Mortgage, j R. King State Farm Insurance. Gentlemen,
how are you good afternoon? Yeah, nice to have you on.
And John, you didn't tell us like, happy belated birthday
(00:22):
to you, man, Oh, thank you. Actually my birthday was
last week, but thank you. Yeah. Yeah, so I said
belated you didn't tell me or I didn't go on
to Facebook early enough, and yeah, you spend more time
on Facebook. Maybe maybe that's where I mean, that is
where I do find out about most people's birthdays. Let
me tell you gusty forty seven fields just like forty six.
Oh yeah, oh yeah, Well that's good news because I've
(00:43):
got that coming up here in just a couple of years.
So well, we'll happy belated John, thank you. Well, hey,
I'm excited to have Jr. On the radio today and
a little bit later on he's going to talk about
what he's in the insurance business and with the hurricanes
(01:04):
that have hit over the last month and how has
that impacted Florida and the mountains. So I think this
is going to be a great time for everybody to
really look over their insurance game plans as far as
they're with with looking at the real estate holdings, I
think it's going to be ever more important because of
(01:26):
everything that's going on. So we're going to touch on
that a little bit later on in the show. We're
going to talk about the real estate market. We're going
to talk about the mortgage market. What we saw last
month and are we seeing anything right now? And so
that's kind of be the gist of the show. And
and so thanks for joining us. So I want to
get all I want to want to start talking about
(01:48):
the interest rates. And that's where Brad, you know, it's
your favorite time of the week. What is going on
in the mortgage world?
Speaker 2 (01:57):
You know, like like every week and every the whole
time in the mortgage world, nothing's the same and that's
changing constantly. So that that's kind of where we're at.
Uh the gust he may want to turn his headphones off.
The the the national average for the mortgage rates has
continued to creep up a little bit and so and so.
But but I think we've got some pretty good inflation
(02:18):
numbers that the hard part right now for us to
kind of predict is you know, the FED needed to
lower the Fed funds rate, which again, like we've talked about,
doesn't really isn't tied directly to the mortgages. There's some
indirect stuff and we see like over time we're going
to get the benefits of that and some more long
term rate help. But but I mean, the thirty year
fixer back up to about six point three five on average,
(02:42):
So that's a little bit up. But the positive is
that is one point right at a little over one
percent rate reduction from a year ago today, and so
we're still one percent lower than we were last October
at this point. So so we've we've we've gotten some
benefit the mark. You know, we're in the right area.
(03:03):
We just need a little bit more push that way,
and of course all we talked about, but to get
that push, to get the rights down a little bit,
you need some kind of bad economic data and not necessarily.
Speaker 1 (03:12):
That we want to pull for that.
Speaker 2 (03:13):
So so it kind of keeps it balanced.
Speaker 3 (03:15):
Are you guys seeing a kind of maybe a slump
with buyers and sellers, probably because of the election.
Speaker 1 (03:23):
Just yeah, I mean we have been getting that conver
We've had a lot of that conversation of how does
the election really impact you? And so I think a
lot of it is just like making projections of how
if Trump gets in office or if Harris gets in office,
how is this going to really impact you? Maybe does
it impact your job? But I think a lot of
(03:44):
people like when we're asking, like how is this going
to impact your decision? Like does it make a difference
if Trump gets in or does Harris get in? Like
does it really make a different difference? But they're like, oh,
wait and see.
Speaker 2 (03:56):
Well, and normally when you're you know, we talked about Ford.
You know, when you're buying a house, it's not only
just for fun, right, There's something going on in your
life that you need to handle. And so we I
think we've gotten a little bit of a bump because
I think a lot of I think people have been
waiting from this rate reduction, so we have We've had
a little bit of a backlog I feel like of
potential buyers and inventory that we've been kind of waiting on.
(04:17):
Some of those things are finally kind of coming out
now the rates have dropped a little bit. We kind
of got that little that kind of bump in the
middle of August, so we kind of missed some of
it what we thought we were going to get maybe
in the summer, and we're starting to see some of
that here, a little bit more in the fall than
probably previous years that I've seen because of that rate. Again,
we're one point one five percent lower and we were
a year ago. That's going to get some people not
worried about the elections much because they may have been
(04:39):
waiting two or three years to buy the house. As
rates said creeped back up. So I think we're seeing
I think we're seeing them maybe even a little a
little more positivity in the real estate world this fourth
quarter than maybe the last previous few years. So but
I mean, it's all you know. But again, things are happening,
and so the election definitely has impact on people's minds
(05:00):
some kind of the all that. But as far as
how does it really change what you need to do
day to day and what's going on in your life,
you know, it's.
Speaker 1 (05:08):
Not a ton I can tell you it is impacting, JR.
It is definitely impacting, because when I tell you these
September numbers, you're going to see some differences. But first
I do want to give some shout outs. We had
eight homes go under contract over the past week, so
two special shout outs Ashley with three of those under contract,
(05:29):
Graham two homes under contract, and then also FRIEDA, John
and Fleoor also had contracts this week. So congratulations to
our team members on contracts. So how does it really
impact JR. Let me talk about September numbers. You sound
like a wizard over here. Oh well, I just I
(05:51):
do like numbers and it's pretty interesting, I think. So.
You know, Brad mentioned a little bit earlier. Rates are
a one percent or a little one point one five
percent less than what they were this time last year.
So when you think about would you actually see more
(06:13):
homes sold, you would most likely say yes. Would you agree, yes? Okay,
wouldn't you agree? I would agree, okay, ish ish, all right?
One percent less in an interest rate. So September numbers,
and I look at Jefferson County, Shelby County, Saint Clair County,
which makes up the majority of our MSA, we actually
(06:36):
saw a decrease in home sold in September of this
year as compared to last year by ten percent. That's
because people don't know the value of one percent well, well, well.
Speaker 2 (06:49):
Can I can I come back with why through the
ish in there, And that's because I'll be interested to
see how October ends up being compared to the last year,
because a lot of this is going to be trailing
one hundred percent. Because what I'm seeing is we're we've
been ever since we've had the kind of rate reduction
like we talked aboufore it. The rates kind of started
dropping in August's and so that there's some lead, there's
(07:10):
some time there of getting because purchase applications were way
up during that and they're still up right now. And
so we were up right now. We're up ten percent
on mortgage applications for the month of October than we
were last year. So we're up ten percent on applications.
So again, the rates get you off off the off
the fence, you make the call, you get pre approved,
(07:31):
you start looking for houses. By the time you get
under contract and you close on that house that you found,
it's another forty five sixty you know, depending on when
you found it and go into contract. So we started
seeing these applications pick up in August and September, and
hopefully that's leading to an increase in October.
Speaker 1 (07:49):
Well, we definitely saw it more contracts one hundred percent.
Speaker 2 (07:53):
There you go, yes, and so so i'm you know,
that's where I go. That's why I said I agree
ish because September really wasn't enough time from the middle
to the end of August to say, hey, rates have dropped,
let me look into this, let me find a house,
let me get a contract, let me close on this house.
Septembers is a pretty quick turnaround those rate reductions. So
we probably didn't see a huge benefit of those rates
(08:14):
impacting the soul. So that's why I'll be interesting how
fourth quarter closes south.
Speaker 1 (08:18):
Yeah, totally with even the one point is that what
you said.
Speaker 2 (08:24):
Yeah, from last a year ago today, the average the
average mortgage thirty year fixed rates half year ago today.
That doesn't mean it was a year ago yesterday. That's
the other thing. I mean, you know, we're watching the
markets and everything constantly moving.
Speaker 3 (08:35):
Are you seeing a steady pace of reefise with those numbers?
Speaker 1 (08:40):
Are so that the ten percent off the scale.
Speaker 2 (08:43):
The increase of applications also about we're purchase applications also
not just up in mortgage applications. Purchase applications were up
ten percent. Overall applications like the refinanced applications are up
one hundred and eleven percent from last year.
Speaker 1 (08:56):
Wow.
Speaker 2 (08:57):
Yeah, so so because a lot of people last year
we're closing, you know, so they were in the sevens,
but they also you know, may have closed a different
month with eighty seven and a half seven. So there's
a lot of benefits to it, and so we'll just
be interested to see kind again, we're we're kind of
anticipating a lot of this. We're seeing this rate one
(09:19):
decrease impact the phone calls and the contracts, the applications.
So when it when we start looking back at home
sold in this fourth quarter compared to the last year,
even two years ago when we started seeing the rates increase,
I'll be real interested to see how that looks.
Speaker 1 (09:34):
So here's some other interesting numbers. The average price was
up from three twenty eight to three sixty let's go
a ten percent increase. Wow, so ten percent less seals,
but ten percent increase in price. Then we also look
at median because I think that's probably a more realistic
(09:55):
way to look at some numbers. Two eighty five a
year ago, as can paired to three hundred this year
a five percent interest or increase, so I think that
is more realistic. So that tells us your you know,
medians three hundred k all right, inventory last year we
had four thy three hundred and sixty one listings. This
(10:19):
year five thousand, two hundred and twenty six, a twenty
percent increase, so pretty crazy.
Speaker 2 (10:30):
Again, we we've talked about here, it feels more balanced. Yeah,
it feels more balanced with that the inventory and some
of those as far as everything being a little more consistent.
Speaker 1 (10:41):
Not so.
Speaker 2 (10:43):
You've talked about this before in the show, and you
know you have those numbers better.
Speaker 1 (10:46):
But I'm going to do the year to go numbers
here in a minute. I'm calculating, I'm feeling it's always
interesting to see about the year to year, all right,
So here's the year to year. We've seen an increase
in one percent in home sales for the year, so
we've seen ten percent, you know, so you know that's
(11:09):
less so we had a good, good, sizable advantage and
that's kind of sneaking away, but still one percent increase
over the year. The average price is up five percent,
the median price is up three percent, and inventory is
up eight percent, so year over year, numbers. So I
think that's super interesting. We need more inventory. I love.
(11:30):
I love where people have the opportunity to have more
choices to pick and I don't have to literally drop everything,
including leaving the radio show to go show a house.
Where are you seeing the most inventory? The most inventory?
So it can be skewed because of new construction, gotcha.
So a lot of times what we'll see an increase
(11:51):
in like Clearra Chelsea because that's where we see a
lot of new construction happening still, so those numbers are
going to be increased a little bit more. But as
far as inventory goes in markets that you would typically
you would know, so Hoover Bluff Park, River Chase up
(12:11):
fourteen percent, North Shelby or Hoover, So I consider that
highway to eighty Hoover twenty five percent increase in inventory. Wow,
Liberty Park, Vestavia ten percent, Homewood five percent, Mountain Brook
four percent, Downtown Southside twenty one percent, Crestwood hilland Park
(12:35):
Forest Park Avendeale twenty four percent. So that kind of
gives you an idea, you know, then we look at
also another plate Leeds and Moody have a lot of
new construction exactly twenty six percent increase. Yeah, and that
I mean that.
Speaker 3 (12:47):
Whole area right there near Bucki's Bass Pro is about
to I mean it's blowing up.
Speaker 1 (12:53):
Here's one that's really interesting. Trustful is down eleven percent. Well,
they out a room to build, no more new construction,
I mean the less less new construction. Really, I think
that's what it boils down to is Stockton has sold out,
so you don't have anybody building there. You still have
some stuff in Carrington Lakes, but you definitely have less
(13:17):
new construction. So that's that's definitely impacting it. It's all
interesting things, you know. So that's that's your that's your
market update for the week from Brad on the mortgage
side and myself on the real estate side. So y'all
stay tuned. We're gonna talk about insurance with j R.
King from State Farm right here on bart and Sold.
(13:38):
Y'all stay tuned, all right, Welcome back to ball bart
and Sold and our local business spotlight is with j R. King,
State Farm Insurance. Welcome man, how are you great, Gusty?
How about yourself? Doing good? Doing good? So we we
we saw each other a few weeks back at a
(14:01):
music festival and those that that the end of era
that they know I love music. And then we got
to see furnace Fest. Actually last year we had Johnny
on about furnace Fest and so that was fun. And
so we got to started talking and I was like,
man like, with everything going on in the insurance world,
(14:24):
these hurricanes and the damages, like, dude, you would be
an amazing guest to have on the show. So mediocre.
But I mean, so, I know your world has been
been interesting the last month with everything going on. But
I know, let's let's talk about like these hurricanes that
have come in. How is this truly impacting you know,
(14:45):
the insurance world.
Speaker 3 (14:46):
So in Alabama, we really haven't you know, we really
haven't seen you know, a lot of a lot of damage.
We're not seeing a whole lot of claims. You know,
as far as North Carolina goes, I just don't think
anybody was anticipating that. And you know, here we are
eighteen years down the road from Katrina and you still
(15:07):
got FEMA go and.
Speaker 1 (15:09):
What do we do again?
Speaker 3 (15:12):
So with North Carolina, you know, they're not Let's take
Alabama for example, when it comes to hurricane insurance in Alabama,
on a standard policy, you're only going to have a
hurricane deductible when you're in a coastal region. So you
(15:32):
take fair Hope mobile, you know, places down near the coast.
Speaker 1 (15:37):
Because I know some of our listeners have condos at
Orange Beach and Gulf stores and houses, so.
Speaker 3 (15:43):
You know they would have on their policy they would
have a hurricane deductible. Now, typically a hurricane deductibles two percent,
so that would be two percent of your coverage. If
you're covering it for one hundred k, then your deductible
is two thousand dollars. So but here north, you know,
of the coast, there's no hurricane deductible. It's but even
(16:07):
if the hurricane moves up here and hits Birmingham, then
it's just going to fall under your wind hail deductible.
Speaker 1 (16:14):
Because we're not in that coastal region.
Speaker 3 (16:16):
We're not in that coastal region. So that's going to
be whatever you have your wind hail deductible set up, okay,
and then what do you typically see those out? You know,
it's personal preference, but you know, I like, I like
kind of doing the math on it. So if you know,
(16:38):
if you take what your premium is going to be,
and then you factor in what your savings are going
to be. If you go with a higher deductible, can
you get those savings back in about seven years? And
if you can't, then go with the lower deductible. So
typically I see people at either a thousand dollars deductible
(17:00):
or a half percent or a one percent deductible. So
you know, you take a five hundred k house the
one percent deductible, it's going to be a five thousand
dollars deductible. Yeah. And then you'll see some insurance companies
they will have split deductibles, so they'll say, hey, look,
(17:20):
you know, if a fire, theft, or anything like that
happens to your house, you've got this one.
Speaker 1 (17:26):
Deductible over here.
Speaker 3 (17:27):
But what happens to houses the most here is going
to be wind or hail damage. So the wind hail damage,
they a lot of companies will set out a different
deductible for that, so you really kind of have to
pay attention. It's like, oh, hey, I just got a
great rate, but do I have a separate wind hail deductible?
(17:49):
And sometimes you'll see a high wind hail deductible to
offset that cost. Now will state farm. They just do
one deductible for everything. But further going into how the
hurricane you know insurance works. When we're talking about up
in the mountains in North Carolina, Ashville and that whole area.
Speaker 1 (18:10):
I would assume none of them have heard out.
Speaker 3 (18:12):
That's not there's no yeah, there's no hurricane insurance there.
But they're all going to be under a wind hail,
so it would be covered if it were caused by
wind or hail. Now, now here's where here's where a
lot of people kind of can spread misinformation about the
(18:34):
insurance companies. So they say, oh, well, the insurance company
is not going to cover my loss in North Carolina
because I had water come into the house. Well, that's
considered if you are not in a designated flood zone,
which is designated by FEMA, you are that that loss
(18:58):
is considered groundwater rising. It's just yeah, it's just ground water.
So it's you know, like every now and then we'll
get a real strong rain and I'll get some water
come in in an old part of the house that
you know, and it's just well, hey man, fix your foundation,
like you know, seal.
Speaker 1 (19:15):
Your seal your walls.
Speaker 3 (19:18):
But you know, a lot of people think, oh, well,
this is going to be covered as flood.
Speaker 1 (19:24):
Well it's not, I mean flood insurance. Yeah.
Speaker 3 (19:27):
And and the only way you're going to get flood
insurance is through FEMA. And but you have to be
in a flood zone in order to acquire that insurance.
Speaker 1 (19:37):
So you can't get flood insurance if you're not.
Speaker 2 (19:40):
A couple of weeks ago. Yeah, you've got to be.
You've got to be eligible for it in a FEMA location.
You can't just tack on flood insurance.
Speaker 3 (19:47):
But also somebody in Ashville, you think they're thinking, God,
I need flood insurance right here in the mountains. Yeah,
you know, it's like living on top of a red
mountain and being like, should I get flood insurance?
Speaker 1 (19:58):
Well, the rest of town would be underwater. Well, they're
probably not saying come hell or high water anymore exact Carolina,
because the high water definitely came.
Speaker 3 (20:07):
Yeah, that's where you see, like, you know, the insurance
companies are saying, hey, look we don't cover groundwater.
Speaker 1 (20:13):
This was this was known.
Speaker 3 (20:15):
But you know, most people that are buying insurance sometimes
aren't fully informed and they think, well, insurance is insurance.
Speaker 1 (20:22):
I can tell you I've I've been burned previously on this.
Speaker 2 (20:26):
So one of the qualifiers I was going to ask
about and does it since you're already kind of touching
on it. So if if if a tree falls on
my roof and creates a gaping hole and rain is
coming in through the roof, correct, and my house floods, Yeah,
that's groundwater that's covered. No, that didn't come from the ground.
That right, That's what I'm making sure. So you know,
(20:48):
if I guess I guess I'm looking at it is
if a hurricane comes through and blows out all my
windows in and the rain is coming in sideways and
I've got water damage all over, I may have groundwater also,
but a lot of the damage was also done through
other parts of it.
Speaker 3 (21:03):
That's gonna come down to if they can actually decipher
between how much water came in through the windows and
how much water came in through the ground.
Speaker 2 (21:10):
So you know, that's it, I know, But I guess
what I'm looking at is like the damage is damaged,
like like at some point it becomes like how much
how more wet can you be?
Speaker 3 (21:19):
Well, you're gonna have people in North Carolina that are saying, hey,
look well, when took my house.
Speaker 1 (21:25):
Away before the water did.
Speaker 3 (21:28):
And you know, I'm assuming that all these insurance companies
have you know, they're sharing satellite footage of like the
house is still here, the house is still here. Oh
look here comes the water and gone. Yeah, so you
mean you'll have access to that kind of stuff. I don't.
Speaker 1 (21:47):
I'm sure those adjusters and the insurance companies do have that.
So so what you're telling me is the majority of
the people that were impacted in North Carolina most likely
don't have coverage total loss for them.
Speaker 3 (22:02):
That is, and FEMA is going to give them I
think seven hundred and fifty dollars, which is like getting
out of the shower and trying to drive with one
square of toilet.
Speaker 1 (22:12):
Paper, right right, pretty much, that is incredible. Like I
hope that, you know, gives you a new perspective of
like how catastrophic the storm was.
Speaker 2 (22:22):
Right and and on most I'm not you know, not
to leap it back to the mortgage world, but that's
that's going to be one of the largest impact is
because a lot of those houses have mortgages on them,
and the mortgages now are just on the dirt.
Speaker 1 (22:33):
Yeah.
Speaker 3 (22:33):
One because you got to think the bank is going
to eat a lot of that too, because they can't
they can't force them to have flood insurance because they're
not in a flood zone.
Speaker 1 (22:44):
Nope. Yeah, and so it's a loss for the bank
as well.
Speaker 2 (22:48):
And if it's let's just let's just say you have
a I'm just going to use this example, but say
you have a million dollar home in Highlands, North Carolina
and you've got a six hundred thousand our mortgage on it. Well,
you're still if that house is blown away and it's
not covered. And that's why we were choir homeowners insurance
on your property because we've got to know that it
can be rebuilt from something catastrophic. So if you've got
a situation where you've got this big house in the
(23:08):
six hundred thousand dollars that you're making monthly payments on
and often that house is gone and you can't rebuild.
Speaker 1 (23:13):
It, and you've still got to make the payments.
Speaker 2 (23:15):
You still got to make the payment because you're liabel
for the debt. So are you gonna keep payalsip fout?
Are you gonna let that go against I'm gonna let
it go all right?
Speaker 1 (23:22):
So who's on the hook for that of the banks.
Speaker 3 (23:25):
But it's credit and you think the banks are on
the hook for anything.
Speaker 2 (23:31):
As much as the insurance company.
Speaker 1 (23:37):
Call Daddy. All right, interesting stuff. I know we're gonna
touch on more of this a little bit later on
in the show, but y'all stay tuned, Ball Barn and Sold,
we will be right back. All right, Welcome back to
the show. And we've got hanging out in the studio
(23:59):
Brad Smith, Cross Country Mortgage j R. King with State
Farm Insurance. And uh, you know one thing I did
not mention a little bit earlier, Brad, was we had
an agent orientation this week and we've got five new
agents that have joined us. And we've got a couple
of brand new agents. We've got a couple of agents
from a real estate team another real estate team in
(24:23):
the market that decided to make a change, and then
we've got somebody from another brokerage that that recently made
a change.
Speaker 2 (24:28):
So I walked in the office the other day and
had to go back out and make sure I was
in the right place.
Speaker 1 (24:36):
So I want to give a special shout out Chance Kraiger,
Brianna Green. Those are brand new agents that have joined
so welcome along. Alita Piadra just joined us from a
competing brokerage. Uh and uh Nicole Holloman and melodykas Man.
(24:59):
It's a Greek name and I have a hard time,
so here you go, uh quick as there we go. Man, No,
it's the way I read it is cokeyosis And then
she pronounced this a different way and I was like, man,
you really messed me up on this one. So but
we'll just call you Melody and uh So, congratulations and
(25:22):
welcome uh to to our new team members. It's fun
to have some like new new new blood in the
office and new excitement, and it brings a different energy.
It does bring a different energy and and so hopefully
it kind of gets people on their toes to yet
you know, so let's get to work. Get yeah, so,
(25:47):
uh so I want to give a special shout out
to them. All right, we're gonna get uh. G R
has been on the show. It's been a while. And
did we play the game the guess the mortgage paint?
We did? We did, but I was terrible at it.
Well then this is for you, okay, Brad, Please do
share the rules for JR and our listeners because it
(26:10):
is a little bit different. Okay, just forewarning, this is
a little bit different than when you played previously. Okay,
oh yeah, So I mean, you know, I've made a
couple of tweaks to it and everything.
Speaker 2 (26:20):
I honestly don't know how it was played before. So
this is how we've gotten to listen to the show before.
I just did somehow. I just never heard the game.
I was always listening, I just never yeah, or didn't
pay attention to the rules anyway. So Gussy's gonna give
the purchase price of some listings. Then when he gives
the purchase price, I will give a scenario that a
potential buyer may make on a down payment, so a
(26:43):
percentage of down payments. So then you've got to figure
out the loan amount in your head, and then guess
what you think the thirty year fixed monthly payment's going
to be. Just the principal interest, no escrow payments, No,
no mortgage insurance escrows. Where I'm good, Okay, Yeah, you've
got you've got the insurance part of the Yeah, you
can tell us what themium would be as a bonus.
Speaker 1 (27:01):
And premium and property. I go, is there a good
rule of I mean completely sideways but is there a
great rule of thumb from an insurance perspective of like,
how much like if I'm if I'm looking at a
house and knowing it's like, is there a certain rule
of thumb of how much insurance will be in this
ballpark based on age, updates all that kind of stuff,
(27:22):
or is it you just in the system and let
it spit it out. There's so many factors it's really hard.
Speaker 3 (27:29):
I think it's more of like a it's like a
magic trick, kind of kind of like how how you
guys got more getting this figure. It's just kind of like, oh,
if you told me it's a nineteen fifty house and
it's this much square footage and it and it's in Homewood,
and you know, then I could ballpark it.
Speaker 1 (27:46):
But new construction will be cheaper. Yeah, always new constructions
always it is Yeah. Yeah, because you have I mean,
you'll probably have like the average life spans of different Yeah.
And then they also provide discounts for like if you
do an electrical upgrade, a plumbing upgrade, and then.
Speaker 3 (28:06):
An h back upgrade. So if you can knock out
those three, then we're not going to talk about the
rest of it.
Speaker 1 (28:11):
Well, I want to talk about our first new listing
of the week. This it's actually the second one I
sent you, by the way, So nine seventy six Sanders
Road in Jasper, Alabama. This listing is is on one
point one acres built in two thousand and seven, three bedrooms,
two baths, twenty four hundred and twenty one square feet
(28:34):
priced at three hundred and twelve thousand dollars jr. Three
hundred and twelve thousand dollars. And it's also got a
two car garage. And this listing is courtesy of Freda Whitley. So, Freda,
congratulations on your new listing. But how about out twenty
four hundred square feet on an acre lot with a garage?
(28:55):
I mean, like, how many places can you find that
for three hundred and twelve thousand. It is difficult, it
is It is difficult.
Speaker 2 (29:02):
It is difficult. Okay, three hundred twelve thousand dollars and
just brown a non movable house.
Speaker 1 (29:06):
Yeah, a non movable house unless there's a hurricane. Yeah,
that's right.
Speaker 3 (29:14):
Tie downy would you see them strapped.
Speaker 2 (29:19):
That The problem was some of them strapping their animals
to stuff.
Speaker 1 (29:23):
Oh Man.
Speaker 2 (29:26):
Three hundred and twelve thousand dollars purchase price? Potential buyer
five percent down on this one, five percent down, Gusty.
You'll get to guess first five percent down. There's no
price of right rules, so you can guess anywhere round Gusty.
You can go high or lower. You get to do
whatever you want to do. Gusty, five percent down, three
hundred twelve thousand dour purchase price. What is the thirty
year fixed principal interest monthly payment?
Speaker 1 (29:48):
Brad, I am going to go with seventeen ninety nine.
Speaker 2 (29:53):
Seventeen ninety nine, all right, they are.
Speaker 1 (30:00):
I'm gonna go with twenty one fifty.
Speaker 2 (30:02):
Twenty one fifty. If rates were one point one percent
higher like they were last year, Jay r would be
all over it.
Speaker 1 (30:10):
But not so.
Speaker 2 (30:11):
Gusty wins eighteen twenty five. Eighteen twenty five, Gusty was
twenty six dollars under.
Speaker 1 (30:19):
Would you look at that? Would you look at that?
All right? We've got uh, we've got a couple of
coming soon homes. Uh So this one is going to
be coming on the market on Tuesday. This one is
in the Mcallaugh area in the Cheshire Park community. Built
in twenty twenty three bedrooms two and a half baths,
fifteen hundred and twenty nine square feet with a two
(30:41):
car garage, and we are asking two hundred and sixty thousand,
two hundred and sixty thousand, and this listing is courtesy
of Fleur Robinson. So Flur, congratulations on your new listing
to sixty two hundred.
Speaker 2 (30:57):
And sixty thousand dollars. We're going to go back to
five percent down on this two hundred and sixty thousand.
Do our property, So five percent down two hundred and
sixty thousand our purchase price.
Speaker 1 (31:06):
Okay, what is it's gonna be on JR. First? It's
on me first.
Speaker 2 (31:11):
JR. You get to go first this time.
Speaker 3 (31:12):
Budden, Okay, I'm gonna go fourteen fifty.
Speaker 1 (31:25):
Brad disgusty, I am thinking sixteen oh seven.
Speaker 2 (31:38):
Sixteen oh seven. You say the actual payment was fifteen
twenty one. Jr.
Speaker 1 (31:45):
Will pull out then two. So this isn't like price,
is right? We're a higher and lower thing. No, you
can't go it.
Speaker 2 (31:51):
Yeah you know you don't have to be under No, no, no, no, yep.
So we're one to one going into property.
Speaker 1 (31:56):
Three ounce oh JR. Redemption on our next new listing
is in the ross Bridge neighborhood in the Shallowby sector
thirty seven twenty two Shallowby Walk in Hoover, six thousand
a month, four bedrooms, two and a half baths to
car garage twenty seven hundred and seventy one square feet,
(32:18):
and we are asking five hundred and fifteen thousand, and
that's going to be coming up this week. Listing his
courtesy of a John Riddle, right right, rights, All.
Speaker 2 (32:28):
Right, Gussy, it's back to you. The fifteen five to
fifteen purchase price. This person is going to put thirty
seven percent down.
Speaker 1 (32:35):
I'm just thirty. I'm just kidding.
Speaker 2 (32:36):
I'm just killing ten ten percent down, ten percent down,
ten percent down. I was just messing with Jay R.
Since he was already guessing a monthly payment. Now ten
percent down, the one, yeah, five hundred and fifteen purchase price,
ten percent down, thirty year fixed principal interest.
Speaker 1 (32:50):
Gusty, what you got? Okay, I'm gonna go.
Speaker 2 (32:55):
This is the rubber match.
Speaker 3 (32:57):
Yeah, twenty eight hundred, Brad, twenty eight hundred, All right, Umm,
I'm gonna say thirty three hundred.
Speaker 2 (33:16):
Thirty three hundred for JR. The actual payment was two
thousand eight hundred and fifty four dollars. Gusty will take
it today.
Speaker 1 (33:25):
Gusty takes her down today, Back baby, back, Well I
was back last week. You were so two weeks in
a row. Next week would be called a window whooped
three weeks. That was at least I didn't go clean house. Yeah, yeah,
you did good. I think last time I was on
the show, I went over. I was definitely way off.
I thought you did good, thought you did good, but
(33:47):
it wasn't ye good enough. Today wasn't good enough? Sorry, JR.
Speaker 3 (33:52):
Wor.
Speaker 1 (33:52):
In my life, we do have a couple of buyer needs.
I do have a couple of investors looking at home
to flip. So if you're considering selling a home, you
need to sell it fast. You need to cash offer.
Let us know two O five five four two nineteen
ninety six. You can call or text on that number.
You can also go to Gustygoulisgroup dot com. And we
(34:15):
do have folks looking in the Edgewood School district. I've
got folks pretty much looking all over town. So literally,
if you're thinking about selling, like I might be able
to match that home with somebody that's off market, and
so we might could sell that before it ever hit
the market, So, uh, you know what to do? And uh, JR,
do you know what time it is? What time is it? Dude?
(34:39):
I love that sound. It's testimonial times, testimistic, commonial time.
What are we uh divulging here? So since ash Ashley
on our team put three homes under contract, I am
going to share with you a couple of reviews for
Ashley because I thought three homes under contract in a
week's pretty darn good. What you think? Yeah?
Speaker 3 (34:59):
Absolutely all right, that's pretty superstar kind of stuff.
Speaker 1 (35:03):
Nishe says, Ashley was all that I could ask for
and more as a first time home buyer. She's very knowledgeable,
super friendly, very responsive and a genuinely helpful guide. She
made the home buying process simple and a lot less daunting.
So glad I chose her as a relter. I'd recommend
her to anyone looking to buy a home. So Nisha, congratulations,
(35:25):
I hope you're enjoying your new home. And Ashley another
five star review, and Jason says, my experience with Ashley
and the Gusty Gougliskirt was nothing short of amazing. Ashley
helped me find my first house. I walked into the
home buying process with literally no experience, and Ashley in
(35:46):
the rest of the group never hesitated to help me
every step of the way. They were genuine and completely
honest with any questions I had from them. Anytime I
needed Ashley, she was always a text or phone call away.
I cannot recommend it Ashley and the rest of the
Gusty Goulis group. Enough. So Jason, congratulations, hope you are
enjoying your new home. And Ashley, congratulations on another five
(36:11):
star reviews. So all right, Ashley, agent of the day,
I guess agent of the Day, three homes of the contract,
two five star reviews. Let's gelling. All right, y'all, stay tuned.
We're going to talk about all, you know, a little
bit more on the insurance world, because I found some
of the stuff like to be completely fascinating right here,
(36:33):
Bob barn and Sold, don't you miss it. Welcome back
to Bob barn and Sold. And I wanted to continue
having the conversation with Jay R. Kane with State Farm
Insurance about you know, what we've seen with hurricanes and
the flooding and all that kind of stuff. And uh,
(36:55):
I meant earlier in the show to find like, if
somebody wanted to reach out to you, how did they
find you? So they can go to ensure with King dot.
Speaker 3 (37:04):
Com or two zero five seven eight three five zero
nine zero.
Speaker 1 (37:10):
Okay, ensure with King dot com. All right, all right,
So recently in my neighborhood the I don't know if
this was win or whatnot, but a tree fell. It
luckily was not as like a neighbor's a couple of
doors down and I'm talking about like I've got some
(37:33):
huge trees, like old treadoaks, like monsters. Anyways, it busted,
it fell over, crushed the dude's fence. Luckily it just
went into the other person's yard and didn't I didn't
see any damage in the other person's yard. But how
does that work? Something like that happens. So when that tree.
Speaker 3 (37:57):
Falls and it's just called is just considered an act
of God. And whatever portion of that tree falls onto
your property. So if it's your neighbor and that tree
falls and you get you know, thirty feet of the
top of the tree that falls in, it crushes your
fence and maybe damages your deck or whatever else. Any
(38:21):
portion of that tree that crossed the property line is
now yours and your problem. So you are responsible for
removing it or not removing it. You do whatever, you can,
make firewood out of it and carve bears out of it,
but you're responsible for that portion of the tree. Your
neighbor is not. It's not against your neighbor's insurance. It's
(38:44):
not something where you can go after their insurance.
Speaker 1 (38:47):
That is super interesting.
Speaker 3 (38:49):
The only way that you would be able to go
after someone's liability on that is Let's say that my
neighbor has a tree that I think is in poor
condition and could come down and could possibly cause damage
(39:09):
to my residence. Then I could hire an arborist, and
there's tons of license arborists around the Birmingham area. You
could hire an arborist to come out. They don't charge
very much and they will examine the tree and then
they'll write a letter to the owner of that house saying, hey, look,
(39:32):
we think the tree is in poor condition.
Speaker 1 (39:35):
You know, request that you have it removed.
Speaker 3 (39:37):
If the neighbor does not have it removed in the
tree falls, then you have given them that formal kind
of notice that just hey, you know, now the liability's
on you because we you know, we reached out to
you to say we think that this is a problem.
That's the only way you're ever going to get something
covered by someone else. Otherwise it's going on your insurance
(40:00):
or you're just left with the problem. Like if the
tree falls and it doesn't damage anything, then you're just
left with the problem. So I mean, it's not gonna
be a claimable thing. Yeah, yeah, Now that's interesting because
I wouldn't think that. I would think, like, what's the
source of the where's the source of the tree, and
if the tree impacts it, that's you know, very interesting.
(40:21):
Now now now you're the rightful owner to whatever section
of tree that is, so I guess.
Speaker 1 (40:28):
I mean, so how does the like when do adjusters
get involved? The adjuster gets involved after the claim has
been filed. So once you file the claim and we say, hey, look,
you know this happened because of this, So hey, I've
got a damaged roof because a tree fell on my roof,
then that's when an adjuster. You know, first you get
(40:49):
assigned a claims representative, somebody that you're gonna work with
throughout the process of the claim, and then that claims
rep is going to assign an adjuster, and that adjuster
is going to come out out and it could be
an adjuster that's hired by the company or that works
directly for the company, but there's a lot of third
party adjusters around Birmingham, and so it could be a
(41:12):
third party adjuster that just goes out and says, yeah,
look here's what I see. We know that it happened
this way.
Speaker 3 (41:19):
Let's go ahead and you know, we're going to start
working up a figure on this. You start getting your quotes,
your you know, your estimates on what the repair cost is,
and then we'll try to find a way to meet
in the middle on those.
Speaker 1 (41:31):
Yeah. Do you like when something like this happens, like
this big hurricane pops up, a lot of people, you know,
with with the flood insurance, things are not covered. Does
that kind of like do you start recommending more, you know,
different policies based on some of the trends or what
you're seeing, not necessarily different policies. I would my biggest
(41:54):
recommendation for people would be.
Speaker 3 (41:58):
Review your wind hail deductible on your house. You know,
when we have storms, I mean, we have thunderstorms and
severe storms and tornadoes and occasionally a hurricane hit Alabama.
So just review wind your wind hail deductible and see
what that looks like.
Speaker 1 (42:19):
And then I guess something else would be to.
Speaker 3 (42:25):
You know, just I mean reach out to your agent,
you know, just just talk to whoever's doing your insurance.
If it's GETICO, I mean, you know, or one of
these one to eight hundred, that could be difficult. But
review that wind hail deductible and see if if you're
getting the right amount of coverage there or if it's
going to cost you an armor leg if something bad happens.
(42:46):
As far as flood insurance goes, I don't think there's
anybody that's going to be missing out on flood insurance because,
if you know, the only people that would be missing
out on flood insurance would potentially be people that paid
just just paid outright or paid cash for their purchase because.
Speaker 1 (43:05):
Or for their home.
Speaker 3 (43:06):
Because if they you know, if they set it up
through a bank or lender then and they have a mortgage,
then I've never seen someone, I've never seen a lender
failed to press the flood insurance on the customer. So
they're going to say, like, you know, hey, look not
only we we are we requiring you to have homeowners insurance.
Speaker 1 (43:30):
We're also going to require you to have the flood insurance. Gotcha, gotcha.
Are you seeing any trends in the insurance business.
Speaker 3 (43:39):
I mean since so COVID. When COVID happened, all the
insurance companies they went down a lot, Like State Farm
in Alabama went down. I want to say, like twenty
two percent on auto, and auto is kind of the
driving force. Most everything else doesn't fluctuate as much as
(44:00):
auto does. But then all these insurance companies they take
a break on everybody and they and you know, they're
taking you know, almost twenty percent off of customers bills. Well,
now we're working our way back up, and we're almost
too we're almost too if not right at the point
(44:21):
we were in, you know, twenty nineteen or early twenty
twenty pre COVID. It's just now everybody's everybody got used
to the low rates and the discounts and.
Speaker 1 (44:34):
Like, oh no, it's so expensive now.
Speaker 3 (44:36):
Well it's actually pretty much the same price it was
right before COVID.
Speaker 1 (44:40):
Interesting, yeah, interesting, has the I know condo world has
changed a little bit. It seemed like after the Miami
condo that like fell like at nightfall. I feel like
a lot of things have changed in the insurance world,
especially for condos. There anything that you can share about.
Speaker 3 (45:02):
That as far as so, condos can be a tricky
one just because you know, you as the unit owner,
what you're ensuring is what's set out in the by
laws of the HOA. Because all these condo buildings have
HOA typically a wall in. So it's like, hey, you know,
you got to do study in, You're gonna have to
(45:23):
do all your tile, You're gonna have to do your toilets,
all that stuff. But the HOA in their by laws,
they set out what they're going to cover.
Speaker 1 (45:33):
And so I think where you might see.
Speaker 3 (45:35):
The most you know, problems or variety of situation is
due to what the HOA has put.
Speaker 1 (45:46):
In their bylaws. Gotcha. Yeah, well I know, just even
I know you're on the residential side, do you mess
with any of the like the big commercial stuff, like
the big condo complexes.
Speaker 3 (45:57):
So yeah, I've done a few, like con and apartment buildings. Yeah,
and uh, you know, I mean it's it's it's really
not difficult, you know.
Speaker 1 (46:08):
I mean, I wouldn't say that it's something.
Speaker 3 (46:11):
That is our bread and butter. But uh, it's definitely
an opportunity there. Yeah, there's opportunity there.
Speaker 1 (46:18):
Yeah. Yeah.
Speaker 3 (46:20):
When so you've got it's tough getting it through the
HOA though, because a lot of hoas they you know,
they don't have anybody sitting there going, hey, you know,
we should really take a look at our insurance. Well,
then when they start taking a look at their insurance
and then somebody provides them with a quote, they're typically
going to have three four, five HOA meetings to discuss
(46:43):
all of this before they even decide to pull the
trigger on it. So it's like, hey, do you really
want to you know, put this on hold for six months?
Like me writing it? Do I really want to deal
with them for six months and going back and forth?
And then you've got now I've got to deal with
every question that got asked in an HOA meeting, So
(47:04):
you know, how much time do you want to spend
on it? All?
Speaker 1 (47:08):
Right? The reward? So one thing that this you might
not know the answer to this, but I feel like
with all of these different storms and different payouts that
the insurance companies are going to have, like at some
point I feel like there might not be money there
to like pay out on all these things. So how
how do the insurance companies make sure that they've got
(47:28):
access to the capital to pay the coverages for reserves? Reserves?
Speaker 3 (47:33):
You look at at most of these major insurance companies
and they're carrying some type of reserve, you know that
they're collecting from premium.
Speaker 1 (47:41):
Somebody told me a few years ago.
Speaker 3 (47:42):
That State Farm could pay out every single policy and
still have money. I don't I don't know. I don't
know if that's I don't know if that's true. But
that's a lot of money. But to what you're saying
about the insurance companies paying this out is like you
take noaid Carolina for example, and we're talking about the
flood aspect of this. Well, if the flood and groundwater
(48:08):
is the law is the loss, you know, are what
caused the loss, then that does that's not a covered loss. Yeah,
so the insurance companies aren't going to have to pay anything.
They only have to pay for covered losses. And you know,
groundwater up there. If you're not in a flood zone
(48:28):
and you don't have flood insurance, then it's not going
to be cool.
Speaker 1 (48:31):
The mud slide's considered.
Speaker 3 (48:34):
You know, I don't know if that's considered flood or
if it's considered moving earth.
Speaker 1 (48:40):
Like or an act of God, because I feel like
that hurricane was an act of God.
Speaker 3 (48:45):
Oh yeah, so apparently there's another one on the way too.
Speaker 1 (48:50):
I mean, what in the world is going on? Anyways,
I've really enjoyed you haven't been on here communicating to
our listeners about you know, the things and insurance and
and probably some information that they didn't want to hear,
you know, knowing that a lot of the we're not
we're not covered, and I hate to hear that, and
our our thoughts and prayers still go out to those
(49:11):
folks in North Carolina and Florida that were impacted and Georgia.
So anyways, ensure with king dot com. That's it. That's
where you can get your quotes for insurance. Ask for Wilma. Oh,
ask for old Wilma. All right, Fred, all right, thanks
for joining us next time. Well, well, thanks for joining us.
We'll see you next time. Thanks Gussie,
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