Episode Transcript
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Speaker 1 (00:00):
All right, welcome to Bob barn and Soul. Thanks so
much for joining us today. And we've got Brad Smith
not in the studio, but he's on the phone hanging
out with us. What's up, Brad Smith with Cross Country Mortgage.
Good man, glad for you to be on. Thanks for
(00:20):
joining us. Yeah, so, hey, you know, the holiday season
is here, it's upon us, and you know what, people
are still buying houses and selling houses. So it's been yeah,
it's uh so we've been busy here lately, and uh,
I know, I'm excited to hear what we've been what's
(00:42):
been going on in the mortgage market. We're going to
talk about that in our next segment and and we'll
give you a little bit of an idea of what
we're seeing in in the real estate world what I've
seen over the past week. And uh, but you know,
the holiday season is upon us, and a lot of
what we're doing right now is having conversations with people
(01:05):
that are looking at selling in twenty twenty six. And
are you seeing the same thing Brad on the on
the financing side, people getting prepared for next year?
Speaker 2 (01:15):
Yeah, for sure, I mean we're definitely getting more pre
approvals and you know, we're getting one or two that
are you know, we're ready to go now, like you know, hey,
they can get in before the end of the year,
which would be cutting it close, but we could still
get it done. But most of them are prepping up
for kind of what we've been discussing the past few months. Now.
At this point, you know, it's it's coming and people
(01:38):
are ready, been ready to do something, and they're tired
of being on the fence. So people are getting a
plan together.
Speaker 1 (01:44):
Yeah, that's right. I love that. I love that, you know,
I think it's important for everybody to start planning and
and like anything, I mean, you know, the holiday season
it typically brings a bunch of change because you're sitting
at the holiday table with your family and you're talkalking
about what does next year look like? What is your goals,
whether it's job, whether it's housing, whether it's car, whether
(02:07):
it's moving to a different state. I mean, there is
so much that you can talk about in housing just
is a part of that conversation. And so we're already
i mean multiple times this week, we've already been on
listing appointments. We've been in listing appointments in Hoover in
(02:27):
the Chase Lake neighborhood. We've been in listing appointments in Hoover,
in the Graystone area. We've been in listing appointments this
past week in the Silver Lakes neighborhood and Helena slash
Macaullaugh area. So we've had multiple listing appointments and a
lot of this is just people that are getting prepared
(02:49):
for twenty twenty six. And so if that might be something,
if this kind of resonates with you and you're kind of,
you know, looking at your options of what does twenty
twenty six look like from a house standpoint, we'd love
to have a conversation with you. You can always go
to gustygoulisgroup dot com. You can always reach us by
cell phone or text two O five two two oh
(03:10):
five five four to two nineteen ninety six, two O
five five four to two nineteen ninety six. So we
got some open houses this afternoon, We've got some new listings,
and so uh, we're gonna go ahead and play our
guess the mortgage payment game. And it looks like me
and John mounts Or get to go head to head
once again. Brad could you share the rules of the game.
Speaker 2 (03:35):
Of course, So, Gus, he's going to go through some
of the open houses and new listings maybe they've got.
He's gonna give you all kinds of great details about
each property. But then he's gonna give us the most
important number, and that is the purchase price. When he
gives me that, I will give a potential down payment
that the roll may make, and then John and Gussy
will get to guess the thirty year fixed principle and
interest only monthly payment.
Speaker 1 (03:57):
There we go, Gussy, this one's brought to you across
country mortgage.
Speaker 2 (04:01):
Right, sir, Yeah, all right. I feel like one of
those I feel like one of those handicappers calling in there,
like I like the I like the giants today.
Speaker 1 (04:13):
Sorry anyways, I like Gusty in this I like Gusty
in this path today.
Speaker 2 (04:19):
Yeah, gustynus ordered.
Speaker 3 (04:22):
I put all my money on Gusty, and I'm actually participant.
I still put my money onto Gusty.
Speaker 1 (04:27):
John's got us two of the last three weeks, just
so you know. All right, Hey, we've got a open
this afternoon from two to four. This is in the
Lake Wilburn neighborhood. Twenty two thirty six. Black Creek is
built in two thousand and nine. This excuse me, twenty
nineteen five bedrooms, four bass three thousand, five hundred and
(04:51):
fifty five square feet. This is one of the former
model houses in the Lake Wilburn neighborhood. This was built
by Signature Homes and this place is absolutely gorgeous. We
are asking seven hundred and twenty five thousand, seven hundred
and twenty five thousand, So move to Hoover Slash will
Lake Wilburn and this one go and check it out
(05:14):
today from two to four, seven twenty.
Speaker 2 (05:16):
Five, seven hundred and twenty five thousand. Yes, Gusty's going
a little out of order from my list, so to
find it. Ten percent down, ten percent down on seven
hundred and twenty five thousand. Okay, that's all right, and
(05:37):
Gusty you get to go first.
Speaker 1 (05:38):
I like it. I like it, all right. I'm gonna
go with I'm gonna say you said ten percent down, yep.
Let's go with forty three hundred dollars.
Speaker 2 (05:59):
Forty three hundred, all right, John.
Speaker 3 (06:03):
And at this point I'm playing higher or lower because
I this is not in my range that I'm familiar
with working with So I'm gonna go forty one.
Speaker 2 (06:12):
Hundred, forty one hundred and the actual payment was four
thousand and eighteen dollars.
Speaker 1 (06:19):
All right, John Man, look out, congratulations John on the
first one. Okay, our next new listing of the week, Well,
that's not a new listing, but this one is open
this afternoon from one to three. This is in the
Bellevue Heights neighborhood. Fourteen twelve forty second Street, built in
(06:41):
nineteen thirty five, three bedrooms, one and a half bath,
a little bungalow, fourteen hundred and forty eight square feet,
one hundred and twenty five thousand. Go see Tony McDaniels
this afternoon from one.
Speaker 2 (06:52):
To three, one hundred and twenty five thousand. John, We're
gonna put three percent down on the one, three percent
down on one hundred and twenty five thousand.
Speaker 3 (07:04):
Okay, So pretty much you're still financing almost the whole nut.
So you're looking at like one twenty you financing. I'm
gonna say, I.
Speaker 2 (07:13):
Will say we've got five properties total today. We've got
five properties today. Four of them add up to almost
what the first one did. So just to give you
keeping track, going.
Speaker 1 (07:24):
Random bits of knowledge.
Speaker 3 (07:26):
Now, Brad, are you factoring in the twenty five basis
points drop that we just.
Speaker 2 (07:30):
Saw, Yeah, but we didn't see it on my world,
So we'll get that into the segment two.
Speaker 4 (07:36):
Okay, I'm just I'm just trying to figure that out
for the sake of my guess here.
Speaker 2 (07:39):
So, yeah, we haven't seen a lot of change over
week over week.
Speaker 4 (07:43):
I'm all right, I'm gonna say eight sixty eight fifty
sixty eight six zero.
Speaker 2 (07:52):
Eight six zero, got it?
Speaker 1 (07:54):
Okay, Actually, I think that's pretty good, pretty good shots
hi remark, I know right, I'm gonna go with eight
thirty eight thirty.
Speaker 2 (08:07):
The actual payment was seven hundred and forty six dollars.
Gusty gives me two. We're all tied up. One one,
all right?
Speaker 1 (08:16):
Open this afternoon from two to four is one oh
eight Cambrian Way in Hoover. This is a condo in
the Cambrian Wood neighborhood, built in nineteen seventy five. These
places are really cool. Three bedrooms, two and a half baths,
seventeen hundred and forty square feet. We are asking two
hundred and thirty five thousand, two hundred and thirty five thousand,
(08:39):
go see Kyle Bedgood this afternoon from.
Speaker 2 (08:41):
Two to four, two to four, two thirty five. Back
to Gusty five percent down, five percent down to mistic goolas.
Speaker 1 (08:53):
All right, five percent down. I'm gonna go with let's
go with twelve seventy five.
Speaker 2 (09:10):
Twelve seventy five for Gusty, John, what you thinking?
Speaker 3 (09:15):
It's not too far off, But I'm thinking a little
bit well based on that last one, I'm gonna go
a little lower. So I'm gonna say, I'm gonna say
eleven seventy five.
Speaker 2 (09:28):
Man, if you had just gone the other direction, the
actual table with thirteen seventy four. Oh man, Gusty gets
round two, let's go all yeah, we tried to be
all over it were.
Speaker 1 (09:41):
Close close, all right?
Speaker 2 (09:43):
Yeah? All right?
Speaker 1 (09:45):
Could this be? Could this seal the game? Right here?
Speaker 2 (09:48):
Uh?
Speaker 1 (09:49):
New listing of the week for seventy three Jane Reed Road.
This one was built in nineteen fifty six, has recently
gone through renovations, including an X tear your interior remodel.
Twelve hundred and ninety six square feet, three bedrooms, one
and a half bass, and we are asking one hundred
and sixty thousand, one hundred and sixty thousand dollars. This
(10:12):
listing is courtesy of Isaac Marvin. So, Isaac, congratulations on
your new listing.
Speaker 2 (10:17):
All right, one sixty five percent down, John, five percent down.
Speaker 3 (10:22):
Okay, five percent on one sixty souet.
Speaker 4 (10:28):
See sixty eight hundred.
Speaker 2 (10:29):
So to stay alive, stay life.
Speaker 1 (10:33):
It's staying in, stay in.
Speaker 4 (10:37):
I'm going to go I'm going to go.
Speaker 2 (10:43):
Nine hundred, nine hundred. For John, I'm going.
Speaker 1 (10:49):
To go nine fifty nine fifty.
Speaker 2 (10:54):
Nine thirty. The actual payment was nine thirty five. Let's
gets around and then the three to one, well, we'll.
Speaker 1 (11:05):
Go ahead and uh, you know, just for just for giggles,
let's see what we've got on. Our last new listing
of the week is a condo downtown at the New
Ideal Building. This is a studio apartment studio condo, four
hundred and twenty five square feet. These were built in
twenty twenty. If you haven't been to the New Ideal,
(11:25):
it's over there by the uh Pozits building in the
Pozits Food Hall, which is just yummy, yummy, yummy. U.
We are asking two hundred and five thousand, two one
hundred and five thousand. This listing is courtesy of TJ. Cunningham. So, TJ,
congratulations on your new listing.
Speaker 2 (11:43):
Two O five two five in ideal down payment would
be ten percent, ten percent down on the condo and.
Speaker 1 (11:52):
Ideal a new ideal down payment.
Speaker 2 (11:55):
An ideal ideal, an ideal payment. Okay, all right, five
ten percent down, ten percent down. It's on you, Gusty
on me.
Speaker 1 (12:06):
Okay, let's two five ten percent. Damn, I'm gonna go
with how about eleven seventy four?
Speaker 2 (12:22):
Eleven seventy four.
Speaker 4 (12:25):
I want to go a little higher. I think just
a little.
Speaker 3 (12:28):
I'll say twelve hundred even doesn't really matter because I've
lost anyway.
Speaker 2 (12:33):
Good thing too, because it was eleven thirty six actual payment,
So Gusty gets Round five was four to one. John
woke up early and then Gusty sweeps the last.
Speaker 1 (12:44):
Four story of my life. Yeap, yep, yep, yep. Hey,
we've got some buyer n we have one coming soon.
We've got one coming soon in the Central Park area,
two bedrooms, one bath for one hundred and fifteen thousand.
Speaker 3 (12:59):
Uh.
Speaker 1 (13:00):
We've got some buyer needs. So I'm gonna try to
be quick, Hoover. We've got multiple folks up to five
hundred thousand. I've got one that's looking into River Chase.
I've got somebody that's looking in the Hoover High School
area up to six hundred thousand. And I've got folks
looking at all price ranges in the Edgewood School district
(13:21):
of Homewood. I've got somebody looking in the Hiland Park
Crestwood area up to four hundred thousand. I've got somebody
looking near Vulcan Homewood as a plus up to four
hundred thousand. We've got somebody looking for a three bedroom
condo downtown up to six hundred thousand. Let's see, we've
got an investor looking up to one hundred thousand, with
(13:44):
tenants in place to prefer a three bedroom, two bath.
We've got somebody looking in the Pleasant Grove Hueytown area
up to one hundred and forty thousand. We've got somebody
looking near Adamsville a four bedroom, three bath. They didn't
give us a price range, they're just looking near Adamsville.
I'd say up to three hundred. And I've got somebody
looking in the Centerpoint area up to two hundred thousand.
(14:07):
So we have got a bunch of VIP buyer needs.
So if you've got a home that matches one of
those suggestions, go to Gustygelisgroup dot com or reach out
to us at two O five five four to two
nineteen ninety six. Hey, Brad, guess what time it is.
That's right, it's testimonial time.
Speaker 4 (14:31):
On the phone.
Speaker 1 (14:32):
Oh I love it. I love it well. I get
to pat myself on the back sometimes, And this one
was for me, Justin said, Gusty represented me in a
transaction in Birmingham and made the entire process extremely easy.
We were under contract at a fair price very quickly,
and he walked me through the closing process, including inspections
(14:53):
and repairs. I highly recommend him and his team. So Justin,
thank you so much for the opportunity sell your property.
And congratulations to Gusty.
Speaker 4 (15:03):
On another.
Speaker 2 (15:09):
Views the phone. On that situation, I was.
Speaker 4 (15:16):
Going to point out this this would be the issue
with the delay.
Speaker 1 (15:19):
I love it. I think it's great. I think it
was great when we talked about another another another five
five Anyway, I'm just messing with y'all. Hey, thanks so much. Hey, y'all,
stay tuned. We're going to talk about what Brad is
seeing in the mortgage world. What I'm seeing over the
last week in the real estate world right here on
balt Barn and Sold. Y'all stay tuned, Welcome back to
(15:39):
Bob barn and Sold, and thanks so much for joining
us each and every Sunday. And we've got on location
in Homewood, Brent with Cross Country Mortgage. He's not in
the studio today, but he's joining us by phone, so
there's a little bit of a delay when when we've
got him on. But Brad apre you being on today,
(16:01):
and uh, I'll tell you what we had. A Fed
Funds rate got reduced by a quarter point, made a
lot of this. What we wanted to know is how
does that impact mortgage rates?
Speaker 2 (16:16):
Well, you know, we kind of talked about it a
little last week. Kind of I expected because we haven't
really seen much price built into it. So I was
hoping that we would see not necessarily substantial off of
a quarter them announcement twenty five basis point lowering of
the of the Fed Funds rate. But I thought we'd
(16:38):
see a little bit of a trend heading back, you know,
just with mortgage rates keep ticking down, but they stayed
pretty flat this whole past week. And I think a
lot of it is just that the FED members, you know,
some of the interviews and some of the q and a's,
and I was wrong about a couple of predictions they
I think from what I saw, the two dissenters were
(16:59):
both one no no rate, no rate drop this time around,
and and so that kind of got some people in
flux of well, how many more are we are we
going to have or not have coming up in twenty
twenty six. So uh, but one of the one of
the shocking ones was was uh, FED chairman Goolsby who
dissented as he's been rather douvish and been pretty pretty
(17:22):
four rates, pretty good for rates funds that funds to
keep coming down, but uh, he was not on that
camp this time. He thought we needed to wait and
just do something in January, not worry about front loading
it and and try to get and just get through
this year and start looking back in twenty twenty six.
So I think that set st some stuff. And there's
(17:43):
just still some just some kind of talking out of
both sides of their mouths, you know, saying that job,
you know, inflation is still not coming down where they
want it, you know, certain people saying job and employment
is still solid and strong are just not paying attention,
looking at the wrong things, or just or just straight lying.
(18:05):
So uh, you know, and again it goes back to
I talk about you know what, you know, all these
people are individuals. They have a I mean, they all
have a you know, uh, kind of a skewed vision
of maybe what they want to see. So they're going
to say what they want to kind of get people
going in the direction and draft with them. So I
(18:26):
don't know sometimes what exactly what their motivating factors are
for some of this. But when you when you when
when I'm not I'm not a professional economist, and when
I can see the numbers and see others spouting off
the numbers and talking about some of these things, you
can't say that the job market is solid and strong
right now. And so for somebody to be a FED
(18:48):
chairman and say things like that just confuses me of
being like, well, you're you're smarter than that. So is
there is there an agenda with with that statement that
you're making And I'm not putting that in the his mouth,
but it is just kind of one of those head
scratchers that we see when they have these meetings and
release some of their interviews and some of their responses.
Speaker 1 (19:08):
And it's hard to like, I mean most of the time,
like we see when when all the headlines are saying
quarter point reduction, quarter point reduction, quarter point reduction, and
you would think that that would do something with our
interest rates, but it doesn't. And actually, you know, we
follow more closely the ten year Treasury note and we've
actually seen that creak up a little bit, so.
Speaker 2 (19:31):
For sure, And that's another one of those it's it's
just you know, again we talk about the Fed Fund rate.
I mean, you know, you know that that is the
overnight basically the sweep rate swap rates for the banks
on their on their deposits. But but it's just it's
interesting to follow just because you know, I don't know
what the incentive is right now to keep them for
(19:54):
keeping them up. I mean, we're not asking them to
go back to zero like we were in COVID. We're
not asking for stimul us. You know, you know, they're
doing a runoff on the balance sheet, which means they're
going to keep holding mortgage backed securities and not and
not unload them. But they have not stated that they're
going to buy anymore mortgage back securities as a government,
which is what they did in twenty twenty one and
even from the early twenty tens when we were having
(20:17):
a little bit of the housing crisis, and some of
those things would just immediately impact mortgage rates and they
could turn that faucet on at any time if they
just would do it.
Speaker 1 (20:25):
But they did talk about something about putting forty million
are excuse me forty billion into the markets. Yep, So
that wasn't that wasn't mortgage back security, though.
Speaker 2 (20:37):
Well it'll be it'll be split between just different investments,
still be investing back in. But you know, at one
point they were, you know, they were spending you know,
like sixty billion, six sixty sixty five billion a quarter
essentially on buying mortgage backed securities, and so those are
still on the books. So what they've been doing is
they've been unloading and selling bonds for the past few years,
(20:59):
getting them off the So the main thing they're doing
right now is they're at least not selling them off
anymore because that becomes competition as far as what we
want to see out there, So we don't want people
selling them. We'll build buy them, so they are they
have announced that they're going to quit running them off
and selling them off. So that's good for mortgage rates
that they've made that statement as far as keeping it
kind of where we are, but until they get a
(21:21):
better idea or everybody's on the same page of what's
going to happen with the inflation and we can get
some of these BLS numbers finally kind of you know,
we fired the bill a head of BILS because of
wonky numbers, then we had a government shut down for
over over a month. So I do give them a
little bit of a pass on. You know, you're only
(21:41):
as good as the information you're given, and I do
think some of the information is skewed or not as
accurate or up to date as they probably would like
it or trying to still put it together. So I
think January is going to be a big, a big
key one to really see where where we're starting off
the year and kind of what the plan is for
the rest of the year. And they just wanted to
kind of win out of twenty two twenty five and
try to.
Speaker 1 (22:00):
Figure all this out at you and so they've got
another meeting in January then yes, yes, perfect. Well I
can tell y'all from my standpoint on the more on
the real estate side of things, I was in a
multiple offer situation in Hoover this past week and what
we I mean we had went above list price. Actually
(22:23):
this one was priced four hundred and fifteen thousand. I
was representing the buyer on this one. We went above
list price and went a good bit above list price
and still didn't get it. And they had multiple offers
on this property, and so I know we had talked
about we haven't been seeing as many multiple offer properties,
but that also just tells you how important your home is,
(22:45):
your location is, your price point is, and if everything
lines up, it's gonna it's gonna create those multiple offer situations.
So we did get one another one of our listings
in Alabaster under contract that had been on the market
for about it month. Excited about to have that one
under contract. And so you know, again, like I said
(23:06):
earlier in the show, we have people that are getting
their plans for twenty twenty six. So if you're one
of those people that wants to start planning for twenty
twenty six, I'd love to sit down and meet with
you go to gustigouglesgroup dot com or two of five
five four two nineteen ninety six. And to get pre
qualified for our mortgage, go to Bradsmithlans dot com. Brad
thanks so much for joining us and we'll catch you
(23:28):
next week
All right, welcome to Bob barn and Soul. Thanks so
much for joining us today. And we've got Brad Smith
not in the studio, but he's on the phone hanging
out with us. What's up, Brad Smith with Cross Country Mortgage.
Good man, glad for you to be on. Thanks for
(00:20):
joining us. Yeah, so, hey, you know, the holiday season
is here, it's upon us, and you know what, people
are still buying houses and selling houses. So it's been yeah,
it's uh so we've been busy here lately, and uh,
I know, I'm excited to hear what we've been what's
(00:42):
been going on in the mortgage market. We're going to
talk about that in our next segment and and we'll
give you a little bit of an idea of what
we're seeing in in the real estate world what I've
seen over the past week. And uh, but you know,
the holiday season is upon us, and a lot of
what we're doing right now is having conversations with people
(01:05):
that are looking at selling in twenty twenty six. And
are you seeing the same thing Brad on the on
the financing side, people getting prepared for next year?
Speaker 2 (01:15):
Yeah, for sure, I mean we're definitely getting more pre
approvals and you know, we're getting one or two that
are you know, we're ready to go now, like you know, hey,
they can get in before the end of the year,
which would be cutting it close, but we could still
get it done. But most of them are prepping up
for kind of what we've been discussing the past few months. Now.
At this point, you know, it's it's coming and people
(01:38):
are ready, been ready to do something, and they're tired
of being on the fence. So people are getting a
plan together.
Speaker 1 (01:44):
Yeah, that's right. I love that. I love that, you know,
I think it's important for everybody to start planning and
and like anything, I mean, you know, the holiday season
it typically brings a bunch of change because you're sitting
at the holiday table with your family and you're talkalking
about what does next year look like? What is your goals,
whether it's job, whether it's housing, whether it's car, whether
(02:07):
it's moving to a different state. I mean, there is
so much that you can talk about in housing just
is a part of that conversation. And so we're already
i mean multiple times this week, we've already been on
listing appointments. We've been in listing appointments in Hoover in
(02:27):
the Chase Lake neighborhood. We've been in listing appointments in Hoover,
in the Graystone area. We've been in listing appointments this
past week in the Silver Lakes neighborhood and Helena slash
Macaullaugh area. So we've had multiple listing appointments and a
lot of this is just people that are getting prepared
(02:49):
for twenty twenty six. And so if that might be something,
if this kind of resonates with you and you're kind of,
you know, looking at your options of what does twenty
twenty six look like from a house standpoint, we'd love
to have a conversation with you. You can always go
to gustygoulisgroup dot com. You can always reach us by
cell phone or text two O five two two oh
(03:10):
five five four to two nineteen ninety six, two O
five five four to two nineteen ninety six. So we
got some open houses this afternoon, We've got some new listings,
and so uh, we're gonna go ahead and play our
guess the mortgage payment game. And it looks like me
and John mounts Or get to go head to head
once again. Brad could you share the rules of the game.
Speaker 2 (03:35):
Of course, So, Gus, he's going to go through some
of the open houses and new listings maybe they've got.
He's gonna give you all kinds of great details about
each property. But then he's gonna give us the most
important number, and that is the purchase price. When he
gives me that, I will give a potential down payment
that the roll may make, and then John and Gussy
will get to guess the thirty year fixed principle and
interest only monthly payment.
Speaker 1 (03:57):
There we go, Gussy, this one's brought to you across
country mortgage.
Speaker 2 (04:01):
Right, sir, Yeah, all right. I feel like one of
those I feel like one of those handicappers calling in there,
like I like the I like the giants today.
Speaker 1 (04:13):
Sorry anyways, I like Gusty in this I like Gusty
in this path today.
Speaker 2 (04:19):
Yeah, gustynus ordered.
Speaker 3 (04:22):
I put all my money on Gusty, and I'm actually participant.
I still put my money onto Gusty.
Speaker 1 (04:27):
John's got us two of the last three weeks, just
so you know. All right, Hey, we've got a open
this afternoon from two to four. This is in the
Lake Wilburn neighborhood. Twenty two thirty six. Black Creek is
built in two thousand and nine. This excuse me, twenty
nineteen five bedrooms, four bass three thousand, five hundred and
(04:51):
fifty five square feet. This is one of the former
model houses in the Lake Wilburn neighborhood. This was built
by Signature Homes and this place is absolutely gorgeous. We
are asking seven hundred and twenty five thousand, seven hundred
and twenty five thousand, So move to Hoover Slash will
Lake Wilburn and this one go and check it out
(05:14):
today from two to four, seven twenty.
Speaker 2 (05:16):
Five, seven hundred and twenty five thousand. Yes, Gusty's going
a little out of order from my list, so to
find it. Ten percent down, ten percent down on seven
hundred and twenty five thousand. Okay, that's all right, and
(05:37):
Gusty you get to go first.
Speaker 1 (05:38):
I like it. I like it, all right. I'm gonna
go with I'm gonna say you said ten percent down, yep.
Let's go with forty three hundred dollars.
Speaker 2 (05:59):
Forty three hundred, all right, John.
Speaker 3 (06:03):
And at this point I'm playing higher or lower because
I this is not in my range that I'm familiar
with working with So I'm gonna go forty one.
Speaker 2 (06:12):
Hundred, forty one hundred and the actual payment was four
thousand and eighteen dollars.
Speaker 1 (06:19):
All right, John Man, look out, congratulations John on the
first one. Okay, our next new listing of the week, Well,
that's not a new listing, but this one is open
this afternoon from one to three. This is in the
Bellevue Heights neighborhood. Fourteen twelve forty second Street, built in
(06:41):
nineteen thirty five, three bedrooms, one and a half bath,
a little bungalow, fourteen hundred and forty eight square feet,
one hundred and twenty five thousand. Go see Tony McDaniels
this afternoon from one.
Speaker 2 (06:52):
To three, one hundred and twenty five thousand. John, We're
gonna put three percent down on the one, three percent
down on one hundred and twenty five thousand.
Speaker 3 (07:04):
Okay, So pretty much you're still financing almost the whole nut.
So you're looking at like one twenty you financing. I'm
gonna say, I.
Speaker 2 (07:13):
Will say we've got five properties total today. We've got
five properties today. Four of them add up to almost
what the first one did. So just to give you
keeping track, going.
Speaker 1 (07:24):
Random bits of knowledge.
Speaker 3 (07:26):
Now, Brad, are you factoring in the twenty five basis
points drop that we just.
Speaker 2 (07:30):
Saw, Yeah, but we didn't see it on my world,
So we'll get that into the segment two.
Speaker 4 (07:36):
Okay, I'm just I'm just trying to figure that out
for the sake of my guess here.
Speaker 2 (07:39):
So, yeah, we haven't seen a lot of change over
week over week.
Speaker 4 (07:43):
I'm all right, I'm gonna say eight sixty eight fifty
sixty eight six zero.
Speaker 2 (07:52):
Eight six zero, got it?
Speaker 1 (07:54):
Okay, Actually, I think that's pretty good, pretty good shots
hi remark, I know right, I'm gonna go with eight
thirty eight thirty.
Speaker 2 (08:07):
The actual payment was seven hundred and forty six dollars.
Gusty gives me two. We're all tied up. One one,
all right?
Speaker 1 (08:16):
Open this afternoon from two to four is one oh
eight Cambrian Way in Hoover. This is a condo in
the Cambrian Wood neighborhood, built in nineteen seventy five. These
places are really cool. Three bedrooms, two and a half baths,
seventeen hundred and forty square feet. We are asking two
hundred and thirty five thousand, two hundred and thirty five thousand,
(08:39):
go see Kyle Bedgood this afternoon from.
Speaker 2 (08:41):
Two to four, two to four, two thirty five. Back
to Gusty five percent down, five percent down to mistic goolas.
Speaker 1 (08:53):
All right, five percent down. I'm gonna go with let's
go with twelve seventy five.
Speaker 2 (09:10):
Twelve seventy five for Gusty, John, what you thinking?
Speaker 3 (09:15):
It's not too far off, But I'm thinking a little
bit well based on that last one, I'm gonna go
a little lower. So I'm gonna say, I'm gonna say
eleven seventy five.
Speaker 2 (09:28):
Man, if you had just gone the other direction, the
actual table with thirteen seventy four. Oh man, Gusty gets
round two, let's go all yeah, we tried to be
all over it were.
Speaker 1 (09:41):
Close close, all right?
Speaker 2 (09:43):
Yeah? All right?
Speaker 1 (09:45):
Could this be? Could this seal the game? Right here?
Speaker 2 (09:48):
Uh?
Speaker 1 (09:49):
New listing of the week for seventy three Jane Reed Road.
This one was built in nineteen fifty six, has recently
gone through renovations, including an X tear your interior remodel.
Twelve hundred and ninety six square feet, three bedrooms, one
and a half bass, and we are asking one hundred
and sixty thousand, one hundred and sixty thousand dollars. This
(10:12):
listing is courtesy of Isaac Marvin. So, Isaac, congratulations on
your new listing.
Speaker 2 (10:17):
All right, one sixty five percent down, John, five percent down.
Speaker 3 (10:22):
Okay, five percent on one sixty souet.
Speaker 4 (10:28):
See sixty eight hundred.
Speaker 2 (10:29):
So to stay alive, stay life.
Speaker 1 (10:33):
It's staying in, stay in.
Speaker 4 (10:37):
I'm going to go I'm going to go.
Speaker 2 (10:43):
Nine hundred, nine hundred. For John, I'm going.
Speaker 1 (10:49):
To go nine fifty nine fifty.
Speaker 2 (10:54):
Nine thirty. The actual payment was nine thirty five. Let's
gets around and then the three to one, well, we'll.
Speaker 1 (11:05):
Go ahead and uh, you know, just for just for giggles,
let's see what we've got on. Our last new listing
of the week is a condo downtown at the New
Ideal Building. This is a studio apartment studio condo, four
hundred and twenty five square feet. These were built in
twenty twenty. If you haven't been to the New Ideal,
(11:25):
it's over there by the uh Pozits building in the
Pozits Food Hall, which is just yummy, yummy, yummy. U.
We are asking two hundred and five thousand, two one
hundred and five thousand. This listing is courtesy of TJ. Cunningham. So, TJ,
congratulations on your new listing.
Speaker 2 (11:43):
Two O five two five in ideal down payment would
be ten percent, ten percent down on the condo and.
Speaker 1 (11:52):
Ideal a new ideal down payment.
Speaker 2 (11:55):
An ideal ideal, an ideal payment. Okay, all right, five
ten percent down, ten percent down. It's on you, Gusty
on me.
Speaker 1 (12:06):
Okay, let's two five ten percent. Damn, I'm gonna go
with how about eleven seventy four?
Speaker 2 (12:22):
Eleven seventy four.
Speaker 4 (12:25):
I want to go a little higher. I think just
a little.
Speaker 3 (12:28):
I'll say twelve hundred even doesn't really matter because I've
lost anyway.
Speaker 2 (12:33):
Good thing too, because it was eleven thirty six actual payment,
So Gusty gets Round five was four to one. John
woke up early and then Gusty sweeps the last.
Speaker 1 (12:44):
Four story of my life. Yeap, yep, yep, yep. Hey,
we've got some buyer n we have one coming soon.
We've got one coming soon in the Central Park area,
two bedrooms, one bath for one hundred and fifteen thousand.
Speaker 3 (12:59):
Uh.
Speaker 1 (13:00):
We've got some buyer needs. So I'm gonna try to
be quick, Hoover. We've got multiple folks up to five
hundred thousand. I've got one that's looking into River Chase.
I've got somebody that's looking in the Hoover High School
area up to six hundred thousand. And I've got folks
looking at all price ranges in the Edgewood School district
(13:21):
of Homewood. I've got somebody looking in the Hiland Park
Crestwood area up to four hundred thousand. I've got somebody
looking near Vulcan Homewood as a plus up to four
hundred thousand. We've got somebody looking for a three bedroom
condo downtown up to six hundred thousand. Let's see, we've
got an investor looking up to one hundred thousand, with
(13:44):
tenants in place to prefer a three bedroom, two bath.
We've got somebody looking in the Pleasant Grove Hueytown area
up to one hundred and forty thousand. We've got somebody
looking near Adamsville a four bedroom, three bath. They didn't
give us a price range, they're just looking near Adamsville.
I'd say up to three hundred. And I've got somebody
looking in the Centerpoint area up to two hundred thousand.
(14:07):
So we have got a bunch of VIP buyer needs.
So if you've got a home that matches one of
those suggestions, go to Gustygelisgroup dot com or reach out
to us at two O five five four to two
nineteen ninety six. Hey, Brad, guess what time it is.
That's right, it's testimonial time.
Speaker 4 (14:31):
On the phone.
Speaker 1 (14:32):
Oh I love it. I love it well. I get
to pat myself on the back sometimes, And this one
was for me, Justin said, Gusty represented me in a
transaction in Birmingham and made the entire process extremely easy.
We were under contract at a fair price very quickly,
and he walked me through the closing process, including inspections
(14:53):
and repairs. I highly recommend him and his team. So Justin,
thank you so much for the opportunity sell your property.
And congratulations to Gusty.
Speaker 4 (15:03):
On another.
Speaker 2 (15:09):
Views the phone. On that situation, I was.
Speaker 4 (15:16):
Going to point out this this would be the issue
with the delay.
Speaker 1 (15:19):
I love it. I think it's great. I think it
was great when we talked about another another another five
five Anyway, I'm just messing with y'all. Hey, thanks so much. Hey, y'all,
stay tuned. We're going to talk about what Brad is
seeing in the mortgage world. What I'm seeing over the
last week in the real estate world right here on
balt Barn and Sold. Y'all stay tuned, Welcome back to
(15:39):
Bob barn and Sold, and thanks so much for joining
us each and every Sunday. And we've got on location
in Homewood, Brent with Cross Country Mortgage. He's not in
the studio today, but he's joining us by phone, so
there's a little bit of a delay when when we've
got him on. But Brad apre you being on today,
(16:01):
and uh, I'll tell you what we had. A Fed
Funds rate got reduced by a quarter point, made a
lot of this. What we wanted to know is how
does that impact mortgage rates?
Speaker 2 (16:16):
Well, you know, we kind of talked about it a
little last week. Kind of I expected because we haven't
really seen much price built into it. So I was
hoping that we would see not necessarily substantial off of
a quarter them announcement twenty five basis point lowering of
the of the Fed Funds rate. But I thought we'd
(16:38):
see a little bit of a trend heading back, you know,
just with mortgage rates keep ticking down, but they stayed
pretty flat this whole past week. And I think a
lot of it is just that the FED members, you know,
some of the interviews and some of the q and a's,
and I was wrong about a couple of predictions they
I think from what I saw, the two dissenters were
(16:59):
both one no no rate, no rate drop this time around,
and and so that kind of got some people in
flux of well, how many more are we are we
going to have or not have coming up in twenty
twenty six. So uh, but one of the one of
the shocking ones was was uh, FED chairman Goolsby who
dissented as he's been rather douvish and been pretty pretty
(17:22):
four rates, pretty good for rates funds that funds to
keep coming down, but uh, he was not on that
camp this time. He thought we needed to wait and
just do something in January, not worry about front loading
it and and try to get and just get through
this year and start looking back in twenty twenty six.
So I think that set st some stuff. And there's
(17:43):
just still some just some kind of talking out of
both sides of their mouths, you know, saying that job,
you know, inflation is still not coming down where they
want it, you know, certain people saying job and employment
is still solid and strong are just not paying attention,
looking at the wrong things, or just or just straight lying.
(18:05):
So uh, you know, and again it goes back to
I talk about you know what, you know, all these
people are individuals. They have a I mean, they all
have a you know, uh, kind of a skewed vision
of maybe what they want to see. So they're going
to say what they want to kind of get people
going in the direction and draft with them. So I
(18:26):
don't know sometimes what exactly what their motivating factors are
for some of this. But when you when you when
when I'm not I'm not a professional economist, and when
I can see the numbers and see others spouting off
the numbers and talking about some of these things, you
can't say that the job market is solid and strong
right now. And so for somebody to be a FED
(18:48):
chairman and say things like that just confuses me of
being like, well, you're you're smarter than that. So is
there is there an agenda with with that statement that
you're making And I'm not putting that in the his mouth,
but it is just kind of one of those head
scratchers that we see when they have these meetings and
release some of their interviews and some of their responses.
Speaker 1 (19:08):
And it's hard to like, I mean most of the time,
like we see when when all the headlines are saying
quarter point reduction, quarter point reduction, quarter point reduction, and
you would think that that would do something with our
interest rates, but it doesn't. And actually, you know, we
follow more closely the ten year Treasury note and we've
actually seen that creak up a little bit, so.
Speaker 2 (19:31):
For sure, And that's another one of those it's it's
just you know, again we talk about the Fed Fund rate.
I mean, you know, you know that that is the
overnight basically the sweep rate swap rates for the banks
on their on their deposits. But but it's just it's
interesting to follow just because you know, I don't know
what the incentive is right now to keep them for
(19:54):
keeping them up. I mean, we're not asking them to
go back to zero like we were in COVID. We're
not asking for stimul us. You know, you know, they're
doing a runoff on the balance sheet, which means they're
going to keep holding mortgage backed securities and not and
not unload them. But they have not stated that they're
going to buy anymore mortgage back securities as a government,
which is what they did in twenty twenty one and
even from the early twenty tens when we were having
(20:17):
a little bit of the housing crisis, and some of
those things would just immediately impact mortgage rates and they
could turn that faucet on at any time if they
just would do it.
Speaker 1 (20:25):
But they did talk about something about putting forty million
are excuse me forty billion into the markets. Yep, So
that wasn't that wasn't mortgage back security, though.
Speaker 2 (20:37):
Well it'll be it'll be split between just different investments,
still be investing back in. But you know, at one
point they were, you know, they were spending you know,
like sixty billion, six sixty sixty five billion a quarter
essentially on buying mortgage backed securities, and so those are
still on the books. So what they've been doing is
they've been unloading and selling bonds for the past few years,
(20:59):
getting them off the So the main thing they're doing
right now is they're at least not selling them off
anymore because that becomes competition as far as what we
want to see out there, So we don't want people
selling them. We'll build buy them, so they are they
have announced that they're going to quit running them off
and selling them off. So that's good for mortgage rates
that they've made that statement as far as keeping it
kind of where we are, but until they get a
(21:21):
better idea or everybody's on the same page of what's
going to happen with the inflation and we can get
some of these BLS numbers finally kind of you know,
we fired the bill a head of BILS because of
wonky numbers, then we had a government shut down for
over over a month. So I do give them a
little bit of a pass on. You know, you're only
(21:41):
as good as the information you're given, and I do
think some of the information is skewed or not as
accurate or up to date as they probably would like
it or trying to still put it together. So I
think January is going to be a big, a big
key one to really see where where we're starting off
the year and kind of what the plan is for
the rest of the year. And they just wanted to
kind of win out of twenty two twenty five and
try to.
Speaker 1 (22:00):
Figure all this out at you and so they've got
another meeting in January then yes, yes, perfect. Well I
can tell y'all from my standpoint on the more on
the real estate side of things, I was in a
multiple offer situation in Hoover this past week and what
we I mean we had went above list price. Actually
(22:23):
this one was priced four hundred and fifteen thousand. I
was representing the buyer on this one. We went above
list price and went a good bit above list price
and still didn't get it. And they had multiple offers
on this property, and so I know we had talked
about we haven't been seeing as many multiple offer properties,
but that also just tells you how important your home is,
(22:45):
your location is, your price point is, and if everything
lines up, it's gonna it's gonna create those multiple offer situations.
So we did get one another one of our listings
in Alabaster under contract that had been on the market
for about it month. Excited about to have that one
under contract. And so you know, again, like I said
(23:06):
earlier in the show, we have people that are getting
their plans for twenty twenty six. So if you're one
of those people that wants to start planning for twenty
twenty six, I'd love to sit down and meet with
you go to gustigouglesgroup dot com or two of five
five four two nineteen ninety six. And to get pre
qualified for our mortgage, go to Bradsmithlans dot com. Brad
thanks so much for joining us and we'll catch you
(23:28):
next week
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