Episode Transcript
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Speaker 1 (00:00):
All right, welcome to Bob burn and Sold. Good morning,
Thank you so much for joining us. It has been
a fun and exciting week in the real estate world.
There's been a lot of talk about federal funds rate
what does that mean for the mortgage rates? And uh,
you know today we're gonna be talking them a little
bit about that with with our main mortgage man over here,
(00:20):
Brad Smith with Cross Country Mortgage.
Speaker 2 (00:23):
Was that, Brad Man, it's been a pretty cool week. Man.
Speaker 1 (00:26):
I saw you were on TV too.
Speaker 2 (00:27):
Oh well, yeah, I think I saw you there too. Yeah.
Speaker 1 (00:32):
You know, it's nice when some of the local TV
stations reach out and ask for our opinions on things,
and uh, yeah, you know I should just say, why
don't you go every Sunday morning at eight am to
one oh five point five and check out barn and
Sold and you can you can find out what's going
on each and every week.
Speaker 2 (00:51):
Yeah, and in a longer form and actually gets some
actually more details behind it. But it was fun and
it was it was kind of cool.
Speaker 1 (00:58):
You know.
Speaker 2 (00:58):
They talked to both of us and actually was that
at the pig and one of the guys that works
there said that I needed to replace Pible when he
comes off because he saw me on the seatbown yesterday,
so that was kind of funny. I was like, wait, what.
Speaker 1 (01:12):
I've gotten the I've gotten a few messages of like, hey,
I saw you on TV and I thought you did
a great job, and uh so that's always nice, Yeah,
because I.
Speaker 2 (01:20):
Honestly, I mean not to be disparaging, because I think
it's great they have it. But I don't watch much
news any like, I don't go and watch a lot
of local news, so you know, I didn't know how
many people would see it or reach out or whatever.
So it's kind of funny for first person with somebody
from the from the grocery store.
Speaker 1 (01:36):
Yeah, that's right, that's right. Well, we're so we're gonna
talk about what we what we're going to see in
the market with rates h in our next segment. But
but that's definitely had an impact at least with with
news stories and different things, and so we're gonna let
you know what that really means from a mortgage rate standpoint.
(01:58):
Uh here in a little bit, I do want to
get some shout outs. Dude, Kyle Bedgood has been like, uh,
he's been on fire.
Speaker 2 (02:06):
He's a hammer Uh, he's been on fire.
Speaker 1 (02:08):
He's going to put three homes under contract this past week.
So I want to give a special shout out to
Kyle Bedgood. I also want to give a special shout
out to Chasin Heberling. And Chasing put her first home
under contract with our team Congratts, and she was working
with another real estate brokerage in this market, was kind
of you know, with them for almost a couple of years,
(02:29):
really could not get any train, any traction. And we
brought her on board like thirty five days ago, and
I was I made a post on my social media.
If you don't, feel free to follow me or I'd
appreciate it if you follow me on Instagram or Facebook.
But I made a post and given a shout out
(02:49):
to Chase, and over the last month, we've given her
over thirty opportunities. Ten of those folks she's been showing
houses to almost on a weekly basis, and one has
already converted into an under contract.
Speaker 2 (03:02):
So that's awesome.
Speaker 1 (03:03):
Love that. So if you're an agent in listening to
this and you're looking for more business, I would love
to have a conversation with you. You can always go
to our website gustigoglesgroup dot com. You can shoot me
a message on Instagram or Facebook, or you can shoot
our shoot a message to our office number two oh
five five four to nineteen ninety six, because I am
(03:26):
looking to add a couple of agents and we have
business that I'd like to hook them up with for sure.
Speaker 2 (03:33):
You know, I've got a good model and a lot
of leads and a lot of a lot of opportunities
to help help somebody get growing and kind of get
some traction. So yeah, and then there's tons of help
with the alls groups. So that's awesome.
Speaker 1 (03:43):
Well, thank you.
Speaker 2 (03:44):
I appreciate you saying.
Speaker 1 (03:46):
We've got today on the docket. We've got a couple
of open houses. We've got a new listing. We've got
another new listing. I can't tell price yet because we're
we're mister, so I guess it's more of a coming scene.
Speaker 2 (04:02):
It's not.
Speaker 1 (04:03):
It's not live yet.
Speaker 2 (04:05):
You have to add it to the cart to see
the price.
Speaker 1 (04:07):
Yeah, pretty much. We'll waiting on square footage to make
sure it's accurately priced. You know that's important these days.
Speaker 2 (04:14):
You know they care, people care.
Speaker 1 (04:16):
All right, So let's uh, let's go ahead and get
into our mortgage games, Brad, do you want to give
us the rules?
Speaker 2 (04:21):
Yeah, Gus, he's gonna go through the properties that they've
got coming or have already. He's gonna go through the
details and kind of give you all the updates and
kind of all the things going on with that property.
At the end, he's gonna give us the purchase price.
Then I will give a potential down payment that a
bar may make, and Gusty and John will then guess
the thirty year fixed principal interest only monthly payment. All right,
all right, let's jump right in.
Speaker 1 (04:43):
Our new listing of the week. This one is not
open this afternoon, but I want to tell you about it.
It's on almost five acres in the Center Point area
near spring Lake Estates. Actually it's a lot number five
of Spring Lake Estates. It's a three bedroom, one bath
home fourteen and ten square feet on four point nine
(05:04):
six acres priced at one ninety nine nine. I mean,
how many times can you find a five acre parcel
a but b for with a house and for two
hundred thousand or less. So that's a pretty cool opportunity.
And this one is at five point fifty three. Polly
Reid Road, Polly Reid Road, and Center Point. I wonder
(05:26):
who old Polly Reid is.
Speaker 2 (05:28):
We need to do a.
Speaker 1 (05:29):
Little history session, John, Yeah, maybe we can get the
history session going. You have to figure that out by
the end of the show.
Speaker 2 (05:35):
Who It sounded like an anti Oakley type name or
something like that when I heard it when you said it.
Speaker 1 (05:42):
Founding father mother's state of Alabama. Yeah, and this listening
is courtesy of Jonathan Weaver. So Jonathan, congratulations on your
new listing.
Speaker 2 (05:49):
Congratulations.
Speaker 1 (05:50):
Yeah, yeah, buddy, Yeah, all right on nine.
Speaker 2 (05:53):
Nine, that's part of Okay, that's part of the game.
Got you one nine. I don't know, wild things. You're
going to the other property. Now that's the one nine, right, Yeah?
Three percent down, three percent down to gusty.
Speaker 1 (06:07):
Okay, all right, can I get the music cued up? Yeah,
now we're talking. Now we're in the game. Now we're
in the zone.
Speaker 2 (06:14):
John, he went out of order. I was confused.
Speaker 1 (06:17):
I know I did give all order. I'm messed with. Yeah,
three percent down, thank you? You know are these were
the new rates for the old rates.
Speaker 2 (06:32):
There's not a lot of change in the rates from
the mortgage side, which is that I'm a.
Speaker 1 (06:37):
Little nervous because I think John's been keeping his notes
over there, so that might put me at a disadvantage.
I actually haven't.
Speaker 2 (06:45):
He actually hasn't moved the sheet that I gave him
last week, So yeah, JT hasn't stolen it. Yeah, it
does prove that nobody else uses this chair.
Speaker 1 (06:54):
That's funny. You know I usually use that chair when
I come in, you know, on the random fridays I
come in. Yeah, and on you should make JT move
so you could have your chair. Yah, yeah, yeah, I
don't think that works like that. I mean, I feel
like maybe we should be more like your chair now.
I mean I feel like you're spending more time. Yeah, yeah, poor,
(07:20):
all right listening like man, I hear John melts all
the time. Anyway, two hundred thousand dollars down, three percent down.
I'm gonna go with twelve hundred and seventeen dollars.
Speaker 2 (07:39):
Twelve seventeen for gusty. It's just I just hope JT
doesn't listen Sunday morning.
Speaker 1 (07:44):
Probably probably snoozing.
Speaker 2 (07:46):
Yah, I'm sure he is.
Speaker 3 (07:48):
I'm gonna I'm gonna say it's uh, guess he's got
it pretty dialed in. But I'm gonna say I don't
want to price is right, so we'll go twelve fifty.
Speaker 2 (07:58):
Ooh, the actual payment will eleven ninety three, very close
for both days. But Gusty gets the win just a
little the wrong direction.
Speaker 1 (08:07):
There, I got the win.
Speaker 2 (08:08):
I got the win.
Speaker 1 (08:09):
Boom, eleven ninety three. Well, there you go. By the way.
Speaker 3 (08:13):
Polly Reed is a beloved former resident of I Center Point.
Speaker 1 (08:17):
Okay, well loved former resident. Shout out to Polly Reid.
Speaker 2 (08:21):
You can find that on Google, you sure can.
Speaker 1 (08:23):
You can find all sorts of things, probably under like
Bham Wiki. You know. Yeah, it's actually on the city's website.
So local wicked property.
Speaker 2 (08:32):
You got, Gusty, okay, all right?
Speaker 1 (08:35):
Five on, alright, alright, this is open today from eleven
to one. Uh got see Ashley Stags and chris Wood
five to one, three fifty ninth Street South, five one
three fifty ninth Street South. This is a three bedrooms,
two baths. We've got a new price on this. One
of two hundred and eighty nine thousand to eighty nine
(08:56):
moved to chris Wood for a three two two eighty
nine five three fifty ninth Street. There you go, right,
and a good many updates have been made to this
property too.
Speaker 2 (09:05):
Great to eighty nine to eighty nine. We're gonna put
five percent down John, five and it's on me and
it's on you. Twenty nine, So I'm gonna say one,
I'm sorry. Fourteen I'm gonna move to decimate place. Uh,
fourteen fifty fourteen fifty for John.
Speaker 1 (09:34):
I feel like this is like seventeen hundred bucks. I'm
gonna give with seventeen hundred bucks.
Speaker 2 (09:41):
Well, the actual payment was sixteen ninety, so seventeen hundred
and hey, this streak is dead. Oh yes, finally I'm done.
Speaker 1 (09:49):
Finally in September, I win one. I'm moving down in
the College A people.
Speaker 2 (09:56):
Not if you're Notre Dame.
Speaker 1 (09:59):
Well there we go. Hey, next new listening is open
this afternoon from two to four and go see Ashley
Stags again at three oh one Norman d Lane, three
oh one Normandy Lane in Chelsea in the courtyard, Manor Neighborhood.
We've got a new price on this one of five
ninety nine, five ninety nine. This was built in twenty twelve,
(10:21):
four bedrooms, four baths, three thousand, one and eighty seven
square feet. It's got a two car garage and uh hey,
great price of five ninety nine. Pelham School five ninety nine,
says Chelsea. But it's Pelham Schools.
Speaker 2 (10:36):
Says Chelsea. But it's pelm right, five ninety nine. Twenty
percent down, okay, twenty percent down to Gusty twenty percent down,
twenty percent down.
Speaker 1 (10:52):
I'm gonna go with thirty one oh one.
Speaker 2 (11:03):
Thirty one oh one for Gusty.
Speaker 3 (11:06):
I would just like to point out that I am night.
I'm not prices writing him. What What did I have
written right there in the bottom of that sheet? I
have thirty fifty. That's what I That's what I think.
I think it's thirty one fifty. And by the way,
when you said the Courtyard Manor, I thought you're gonna
say court Yard by Marriotte.
Speaker 1 (11:21):
Is that the one that you get a free cookie?
Speaker 2 (11:23):
I think so it's been a while. Yeah maybe so, yeah,
sounds right, Okay, free cookies.
Speaker 1 (11:30):
I don't know if it is or not.
Speaker 2 (11:31):
I don't think it is. No, I'm thinking I think
it's the Hilton Garden or something. No, I don't know what.
Speaker 1 (11:35):
What do we got?
Speaker 2 (11:36):
The actual payment was two thousand and nine fifty five.
You both were high, but Gusty gets the clean sweep.
He's back. There will be no let's get sweep September.
No sweep September.
Speaker 1 (11:48):
Hey, we've got one in Alabaster, one fifty five Victoria
Station in Alabaster in the sterling Gate neighborhood, four bedrooms,
two and a half bass and uh, we're going to
be in the uh mid to low three hundreds. So
we are finishing up and finalizing our price on that.
But one Victoria Station in Alabaster, Alabaster Schools, So yeah,
(12:13):
we got that coming up. And uh, we've got one
coming up in Hoover at two eighty nine Laredo Drive.
This is actually one of my flip properties, which is
four bedrooms and three and a half baths and it's
got a full basement, two car garage, and we're I
think we're going to be up in the high fives,
(12:35):
low sixes on that one. We're determining price, but that's
gonna be coming up this week. I'm excited about that one.
Been working hard to get that one on the market.
And so yeah, I know we've got a couple of
properties coming down the pipeline. So that's nice. That's cool,
good stuff. Hey, we got a couple of buyer needs.
We've got somebody that's looking for a house in Bluff Park.
(12:56):
They're looking up to four to twenty five something that
ideally needs a little bit of work and has a
good lot. We've got also somebody looking for a single
story home in Shelby County with a pool. We've been
looking for a minute with this person. They're looking really
up to about four hundred and twenty five thousand dollars
as well. So if you've got a home that matches
(13:16):
those criteria, please reach out to our team at Gustygoulisgroup
dot com or you can go to h You can
call two five four to two nineteen ninety sixteen, color
text that number. Hey, guess what time it is. That's right,
it's testimonial time.
Speaker 2 (13:37):
All right.
Speaker 1 (13:37):
I got a couple of five star reviews to talk
about today. The first one comes from Sarah. TJ was
fantastic and went on the bumpy journey with us while
we purchased our home. He handled it with grace and
was a ray of sunshine during the tough times. Well, Sarah,
congratulations on your new home. And TJ, congratulations on another
(14:03):
five star review. I like how we had, you know,
every I'd love to say that every transaction is perfect,
but quite frankly.
Speaker 2 (14:10):
Well yeah, can I just say I know this would
be terrible and there's not many that's a good thing. Yes,
you know they do main tweets, yes, yes, like like
the ones that are just like this, like.
Speaker 1 (14:26):
Can we give reviews of our clients?
Speaker 2 (14:30):
All right?
Speaker 1 (14:30):
This next one comes from Kim. We had a seamless
experience with Carla Dilaberto. We are a military family and
we're connected to her by an affiliated company in North Carolina.
She worked with us while she was on vacation, always
making us feel heard and took Tom to listen to
our needs. A blessing came with an off market home,
and Carla was a strong advocate for our needs. Thank you, Carla. Well, Kim,
(14:57):
congratulations on your new home in Birmingham. And Carla, congratulations on.
Speaker 2 (15:02):
Another five star review.
Speaker 1 (15:05):
All right, that's our five star review segment. Ladies and gentlemen,
it was. If you want to be the next five
star review, go to Gustygilisgroup dot com and say I
want to buy or sell a house. That's as easy
as it takes. You can also get a free home
evaluation on there. Yeah, yeah, within minutes, pretty quick, that's easy, seamless.
(15:27):
Gustygeilisgroup dot com is where you can go. Hey, y'all,
stay tuned. We are going to talk about what we
with a Fed Funds rate coming down a quarter point
this week, how does that impact you? How does that
import impact mortgage rates? Stay tuned. Bob Bournous will be
right back. All right, welcome back to bot Bardons Sold.
(16:01):
And you've probably been watching the news, watching all the
different stories on the internet. The Federal Funds rate reduced
the rate by a quarter percent, and you know a
lot of people think that is directly related to the
mortgage interest rates. And you know, luckily we've got Brad
(16:23):
Smith with a cross country mortgage in here to tell
us the real deal.
Speaker 2 (16:28):
The real deal. Yes, I mean, if anything, rates have
probably gone up a little bit since the announcement yesterday,
and I mean very little, but mortgage rates have probably
gone up a little bit. Again with what we talked about,
it's in real time. So the twenty five basis point
reduction to the Fed rate was already built into our pricing.
(16:48):
So everything that really came from yesterday was going to
be what was said afterwards in FED Chair Powell's press
conference after the meeting, from his comments and from the
Q and A session, and that's what I mean. Yesterday
was the first time I've gone and made sure to
watch the press conference live, and just because I feel
(17:10):
like we've gotten so many so many things are being
dissected from it, I wanted to see it, hear it,
and be able to make kind of my own own
decisions on what we're gonna do going forward. And he
was just very non committal across the whole board and
honestly admitted as much that they were as a group,
were confused on what to do. And so I think
(17:31):
that got everybody a little hesitant because they've, you know,
they've been the main focus has been inflation and not
as worried about labor market. Have now we're like, oh,
crap market, labor market and it's and it's not strong.
I mean, it's it's still the unemployment rate is still
in a pretty good number historically speaking, but it's going
(17:53):
the wrong direction. It's getting there quicker and quicker. He
made some weird comments on some of the what what
may be causing some of the unemployment I mean the
unemployment kind of increasing, employment slowing down a little bit,
which I thought just really more muddy the water on that.
But the biggest thing, that the biggest takeaway is, and
you know you've heard me talk about it on here
(18:13):
a couple of times. You know, our economic history is
pretty pretty short lived if you really look at it
over you know, the last one hundred hundred and twenty years.
I mean, things move quick. So for things that happened
for the first time ever, to me is not that surprising,
and I'm not saying it's a full first time ever.
But for this FED group having inflation still kind of
creeping up a little bit at a little higher pace
(18:35):
than they want it, but employment to be kind of
being a little concern about what where employment's going. Those
two are kind of in conflict. So usually when you
start seeing the labor slow down, inflation would be coming
down because there's not as much dollars being spent. And
so with inflation is still ticking up and unemployment going up,
(18:56):
they're kind of not working together. So the Fed's not
making a long term commitment on what they're going to
do with the rates going forward, and you know, it
goes back to some of the stuff we've talked about too,
like just crazy reporting, Like I'm getting text saying like
it's so so, you know so so Pywell said that
it's likely to have two more cuts this year. I'm like,
he never said that as a matter of fact. If anything,
(19:17):
he said, hey, it's going to be meeting by meeting
because we don't know. We got to keep which I
was fine with. You know, it was kind of on
those things like he was he was making sure they
could stay fluid. Yeah, and so and so and so.
He was very noncommittal with a lot of his answers
because they don't know what to do with it with
inflation kind of still creeping up and unemployment also creeping up.
So when you show a weaker labor market but inflation
(19:37):
is still there, they didn't. They can't. It's hard for
them to say. You know, if inflation was showing the
reduction they thought, and they were getting these warning signals
from the labor market, we probably would have seen a
fifty bit cut yesterday in a commitment to at least
fifty more this year.
Speaker 1 (19:50):
And maybe I notice one person voted for that.
Speaker 2 (19:53):
So one person did, and it's his first meeting. It
was Miron's first meeting as an etress, so so I
think he was going in there making sure he knew
everybody knew which side he was on, Like he knew
that wasn't going to be what happened. Inter fact, he
descended he didn't. He did. He was the only FED
member that did not vote yesterday or go along with
it because he was, uh, he wanted the fifty bip
cut and so but but majority they agreed on it.
(20:17):
But it's but to know what they're going to do
throughout the remainder of the year is where they really
were noncommittal on any of that. So the market for
markets responded, you know, if we if he would have
come out and said, hey, we're definitely doing two more
cuts this year. We've all agreed on that at least
twenty five BIPs. We're going to keep an eye on
the labor and then and the tariff impact on the
on the inflation, and then we can you know, and
(20:39):
then if we need to do more or less, we will.
But he didn't say that he was you know, it
was and as a matter of fact, the dock plot
that we've talked about before kind of showed that. So
of the nineteen FED members that doc plot after they
think the rates should be by the end of the year.
I just want to I have the screenshot real quick,
just to give you quick numbers, and then I'll kind
of get over it. But basically one voting member so
(21:01):
we should have a hike in the rate by the
end of the year. So we like we wash out
this quarter. We just did six want no more cuts.
Now you've got seven saying seven of the nineteen saying
either go up or nothing. Two of them want twenty
five BIPs and cuts, nine want fifty BIPs, and one
wants one hundred and twenty five basis points and cuts,
which we're assuming is the same FED member that voted
(21:22):
for fifty yesterday, thinking we're very restrictive, we need to
make a move. But so if you look at that
and you've got you've got ten that think we should
be keep bringing it down throughout the rest of the year,
and we've got nine saying do nothing or raise it
by the end of the year. So I mean, you
see they're split as a group. So so the markets
are not building in now in twenty.
Speaker 1 (21:41):
This is a group that's not typically split.
Speaker 2 (21:44):
Not split. This not completely where it's like we should
be doing any moves or no moves. Maybe like somebody
says fifty, somebody says seventy five. But I do think
it's healthy and it does show we're kind of in
a weird balancing act of not sure what the best
route to go is. And I think I think some
are still heavily weighted on inflation, and some of them
are deeply now more concerned about the labor market. And
(22:06):
you know, when when you start showing the labor market stuff,
it is, it is a concern. I mean, it's something
we're going to have to figure out because I don't know,
it's the first time in a while we've had less
job creations and job losses, so there's not a one
to one ratio. So if you lose your job, there's
not a job necessarily for you available. And that's the
first time in a while that's been the case. So
(22:27):
that that causes for some concern.
Speaker 1 (22:30):
How do they factor in like small businesses and stuff
like that.
Speaker 2 (22:34):
That's that And he even referenced that yesterday about being
completely you know, being very hard to predict, because that's
that birth death model. So it's it's these these amount
of businesses went out of business that should have meant
this many more new businesses started. Is how many jobs
that should have come from it. And it's pretty heavy weight,
but it I mean, it's a guestimate. And he did
say like the one of the things they need and
(22:55):
that that continues to decline. They need better response rates
on their serchase to get the accurate numbers. They said
their sponse rates are as bad as they've ever been
from small businesses and businesses across on actually getting the numbers.
So there are a lot of you know, inferences in there,
and it's because they're not getting the data back from
the from the companies.
Speaker 1 (23:14):
Well the companies probably don't want to give them the data. Yeah,
I mean, you know, let's be real. Yeah, so I.
Speaker 2 (23:22):
Know, it's definitely interesting going on this too because yeah,
he made a weird comment about the immigration and employment
too that just kind of was like, I don't know
about that. So anyway, just muddy the waters a little bit.
So we're kind of flat.
Speaker 1 (23:34):
But yeah, well anyways, well rates are right around you know,
the low sixes, sixes and then some government products in
the midfield five.
Speaker 2 (23:43):
So it's still he still great. I mean, I mean
we're two years ago we were at eight percent correct,
So there we go. Hey.
Speaker 1 (23:49):
For any real estate needs, go to Gustygilsgroup dot com.
For any mortgage needs, go to brad Smith Loans dot com.
Thank you as always for and listening to running Sold
and we will see you next time.
Speaker 2 (24:02):
Appreciate y'all, Thank you, Thanks Brev
All right, welcome to Bob burn and Sold. Good morning,
Thank you so much for joining us. It has been
a fun and exciting week in the real estate world.
There's been a lot of talk about federal funds rate
what does that mean for the mortgage rates? And uh,
you know today we're gonna be talking them a little
bit about that with with our main mortgage man over here,
(00:20):
Brad Smith with Cross Country Mortgage.
Speaker 2 (00:23):
Was that, Brad Man, it's been a pretty cool week. Man.
Speaker 1 (00:26):
I saw you were on TV too.
Speaker 2 (00:27):
Oh well, yeah, I think I saw you there too. Yeah.
Speaker 1 (00:32):
You know, it's nice when some of the local TV
stations reach out and ask for our opinions on things,
and uh, yeah, you know I should just say, why
don't you go every Sunday morning at eight am to
one oh five point five and check out barn and
Sold and you can you can find out what's going
on each and every week.
Speaker 2 (00:51):
Yeah, and in a longer form and actually gets some
actually more details behind it. But it was fun and
it was it was kind of cool.
Speaker 1 (00:58):
You know.
Speaker 2 (00:58):
They talked to both of us and actually was that
at the pig and one of the guys that works
there said that I needed to replace Pible when he
comes off because he saw me on the seatbown yesterday,
so that was kind of funny. I was like, wait, what.
Speaker 1 (01:12):
I've gotten the I've gotten a few messages of like, hey,
I saw you on TV and I thought you did
a great job, and uh so that's always nice, Yeah,
because I.
Speaker 2 (01:20):
Honestly, I mean not to be disparaging, because I think
it's great they have it. But I don't watch much
news any like, I don't go and watch a lot
of local news, so you know, I didn't know how
many people would see it or reach out or whatever.
So it's kind of funny for first person with somebody
from the from the grocery store.
Speaker 1 (01:36):
Yeah, that's right, that's right. Well, we're so we're gonna
talk about what we what we're going to see in
the market with rates h in our next segment. But
but that's definitely had an impact at least with with
news stories and different things, and so we're gonna let
you know what that really means from a mortgage rate standpoint.
(01:58):
Uh here in a little bit, I do want to
get some shout outs. Dude, Kyle Bedgood has been like, uh,
he's been on fire.
Speaker 2 (02:06):
He's a hammer Uh, he's been on fire.
Speaker 1 (02:08):
He's going to put three homes under contract this past week.
So I want to give a special shout out to
Kyle Bedgood. I also want to give a special shout
out to Chasin Heberling. And Chasing put her first home
under contract with our team Congratts, and she was working
with another real estate brokerage in this market, was kind
of you know, with them for almost a couple of years,
(02:29):
really could not get any train, any traction. And we
brought her on board like thirty five days ago, and
I was I made a post on my social media.
If you don't, feel free to follow me or I'd
appreciate it if you follow me on Instagram or Facebook.
But I made a post and given a shout out
(02:49):
to Chase, and over the last month, we've given her
over thirty opportunities. Ten of those folks she's been showing
houses to almost on a weekly basis, and one has
already converted into an under contract.
Speaker 2 (03:02):
So that's awesome.
Speaker 1 (03:03):
Love that. So if you're an agent in listening to
this and you're looking for more business, I would love
to have a conversation with you. You can always go
to our website gustigoglesgroup dot com. You can shoot me
a message on Instagram or Facebook, or you can shoot
our shoot a message to our office number two oh
five five four to nineteen ninety six, because I am
(03:26):
looking to add a couple of agents and we have
business that I'd like to hook them up with for sure.
Speaker 2 (03:33):
You know, I've got a good model and a lot
of leads and a lot of a lot of opportunities
to help help somebody get growing and kind of get
some traction. So yeah, and then there's tons of help
with the alls groups. So that's awesome.
Speaker 1 (03:43):
Well, thank you.
Speaker 2 (03:44):
I appreciate you saying.
Speaker 1 (03:46):
We've got today on the docket. We've got a couple
of open houses. We've got a new listing. We've got
another new listing. I can't tell price yet because we're
we're mister, so I guess it's more of a coming scene.
Speaker 2 (04:02):
It's not.
Speaker 1 (04:03):
It's not live yet.
Speaker 2 (04:05):
You have to add it to the cart to see
the price.
Speaker 1 (04:07):
Yeah, pretty much. We'll waiting on square footage to make
sure it's accurately priced. You know that's important these days.
Speaker 2 (04:14):
You know they care, people care.
Speaker 1 (04:16):
All right, So let's uh, let's go ahead and get
into our mortgage games, Brad, do you want to give
us the rules?
Speaker 2 (04:21):
Yeah, Gus, he's gonna go through the properties that they've
got coming or have already. He's gonna go through the
details and kind of give you all the updates and
kind of all the things going on with that property.
At the end, he's gonna give us the purchase price.
Then I will give a potential down payment that a
bar may make, and Gusty and John will then guess
the thirty year fixed principal interest only monthly payment. All right,
all right, let's jump right in.
Speaker 1 (04:43):
Our new listing of the week. This one is not
open this afternoon, but I want to tell you about it.
It's on almost five acres in the Center Point area
near spring Lake Estates. Actually it's a lot number five
of Spring Lake Estates. It's a three bedroom, one bath
home fourteen and ten square feet on four point nine
(05:04):
six acres priced at one ninety nine nine. I mean,
how many times can you find a five acre parcel
a but b for with a house and for two
hundred thousand or less. So that's a pretty cool opportunity.
And this one is at five point fifty three. Polly
Reid Road, Polly Reid Road, and Center Point. I wonder
(05:26):
who old Polly Reid is.
Speaker 2 (05:28):
We need to do a.
Speaker 1 (05:29):
Little history session, John, Yeah, maybe we can get the
history session going. You have to figure that out by
the end of the show.
Speaker 2 (05:35):
Who It sounded like an anti Oakley type name or
something like that when I heard it when you said it.
Speaker 1 (05:42):
Founding father mother's state of Alabama. Yeah, and this listening
is courtesy of Jonathan Weaver. So Jonathan, congratulations on your
new listing.
Speaker 2 (05:49):
Congratulations.
Speaker 1 (05:50):
Yeah, yeah, buddy, Yeah, all right on nine.
Speaker 2 (05:53):
Nine, that's part of Okay, that's part of the game.
Got you one nine. I don't know, wild things. You're
going to the other property. Now that's the one nine, right, Yeah?
Three percent down, three percent down to gusty.
Speaker 1 (06:07):
Okay, all right, can I get the music cued up? Yeah,
now we're talking. Now we're in the game. Now we're
in the zone.
Speaker 2 (06:14):
John, he went out of order. I was confused.
Speaker 1 (06:17):
I know I did give all order. I'm messed with. Yeah,
three percent down, thank you? You know are these were
the new rates for the old rates.
Speaker 2 (06:32):
There's not a lot of change in the rates from
the mortgage side, which is that I'm a.
Speaker 1 (06:37):
Little nervous because I think John's been keeping his notes
over there, so that might put me at a disadvantage.
I actually haven't.
Speaker 2 (06:45):
He actually hasn't moved the sheet that I gave him
last week, So yeah, JT hasn't stolen it. Yeah, it
does prove that nobody else uses this chair.
Speaker 1 (06:54):
That's funny. You know I usually use that chair when
I come in, you know, on the random fridays I
come in. Yeah, and on you should make JT move
so you could have your chair. Yah, yeah, yeah, I
don't think that works like that. I mean, I feel
like maybe we should be more like your chair now.
I mean I feel like you're spending more time. Yeah, yeah, poor,
(07:20):
all right listening like man, I hear John melts all
the time. Anyway, two hundred thousand dollars down, three percent down.
I'm gonna go with twelve hundred and seventeen dollars.
Speaker 2 (07:39):
Twelve seventeen for gusty. It's just I just hope JT
doesn't listen Sunday morning.
Speaker 1 (07:44):
Probably probably snoozing.
Speaker 2 (07:46):
Yah, I'm sure he is.
Speaker 3 (07:48):
I'm gonna I'm gonna say it's uh, guess he's got
it pretty dialed in. But I'm gonna say I don't
want to price is right, so we'll go twelve fifty.
Speaker 2 (07:58):
Ooh, the actual payment will eleven ninety three, very close
for both days. But Gusty gets the win just a
little the wrong direction.
Speaker 1 (08:07):
There, I got the win.
Speaker 2 (08:08):
I got the win.
Speaker 1 (08:09):
Boom, eleven ninety three. Well, there you go. By the way.
Speaker 3 (08:13):
Polly Reed is a beloved former resident of I Center Point.
Speaker 1 (08:17):
Okay, well loved former resident. Shout out to Polly Reid.
Speaker 2 (08:21):
You can find that on Google, you sure can.
Speaker 1 (08:23):
You can find all sorts of things, probably under like
Bham Wiki. You know. Yeah, it's actually on the city's website.
So local wicked property.
Speaker 2 (08:32):
You got, Gusty, okay, all right?
Speaker 1 (08:35):
Five on, alright, alright, this is open today from eleven
to one. Uh got see Ashley Stags and chris Wood
five to one, three fifty ninth Street South, five one
three fifty ninth Street South. This is a three bedrooms,
two baths. We've got a new price on this. One
of two hundred and eighty nine thousand to eighty nine
(08:56):
moved to chris Wood for a three two two eighty
nine five three fifty ninth Street. There you go, right,
and a good many updates have been made to this
property too.
Speaker 2 (09:05):
Great to eighty nine to eighty nine. We're gonna put
five percent down John, five and it's on me and
it's on you. Twenty nine, So I'm gonna say one,
I'm sorry. Fourteen I'm gonna move to decimate place. Uh,
fourteen fifty fourteen fifty for John.
Speaker 1 (09:34):
I feel like this is like seventeen hundred bucks. I'm
gonna give with seventeen hundred bucks.
Speaker 2 (09:41):
Well, the actual payment was sixteen ninety, so seventeen hundred
and hey, this streak is dead. Oh yes, finally I'm done.
Speaker 1 (09:49):
Finally in September, I win one. I'm moving down in
the College A people.
Speaker 2 (09:56):
Not if you're Notre Dame.
Speaker 1 (09:59):
Well there we go. Hey, next new listening is open
this afternoon from two to four and go see Ashley
Stags again at three oh one Norman d Lane, three
oh one Normandy Lane in Chelsea in the courtyard, Manor Neighborhood.
We've got a new price on this one of five
ninety nine, five ninety nine. This was built in twenty twelve,
(10:21):
four bedrooms, four baths, three thousand, one and eighty seven
square feet. It's got a two car garage and uh hey,
great price of five ninety nine. Pelham School five ninety nine,
says Chelsea. But it's Pelham Schools.
Speaker 2 (10:36):
Says Chelsea. But it's pelm right, five ninety nine. Twenty
percent down, okay, twenty percent down to Gusty twenty percent down,
twenty percent down.
Speaker 1 (10:52):
I'm gonna go with thirty one oh one.
Speaker 2 (11:03):
Thirty one oh one for Gusty.
Speaker 3 (11:06):
I would just like to point out that I am night.
I'm not prices writing him. What What did I have
written right there in the bottom of that sheet? I
have thirty fifty. That's what I That's what I think.
I think it's thirty one fifty. And by the way,
when you said the Courtyard Manor, I thought you're gonna
say court Yard by Marriotte.
Speaker 1 (11:21):
Is that the one that you get a free cookie?
Speaker 2 (11:23):
I think so it's been a while. Yeah maybe so, yeah,
sounds right, Okay, free cookies.
Speaker 1 (11:30):
I don't know if it is or not.
Speaker 2 (11:31):
I don't think it is. No, I'm thinking I think
it's the Hilton Garden or something. No, I don't know what.
Speaker 1 (11:35):
What do we got?
Speaker 2 (11:36):
The actual payment was two thousand and nine fifty five.
You both were high, but Gusty gets the clean sweep.
He's back. There will be no let's get sweep September.
No sweep September.
Speaker 1 (11:48):
Hey, we've got one in Alabaster, one fifty five Victoria
Station in Alabaster in the sterling Gate neighborhood, four bedrooms,
two and a half bass and uh, we're going to
be in the uh mid to low three hundreds. So
we are finishing up and finalizing our price on that.
But one Victoria Station in Alabaster, Alabaster Schools, So yeah,
(12:13):
we got that coming up. And uh, we've got one
coming up in Hoover at two eighty nine Laredo Drive.
This is actually one of my flip properties, which is
four bedrooms and three and a half baths and it's
got a full basement, two car garage, and we're I
think we're going to be up in the high fives,
(12:35):
low sixes on that one. We're determining price, but that's
gonna be coming up this week. I'm excited about that one.
Been working hard to get that one on the market.
And so yeah, I know we've got a couple of
properties coming down the pipeline. So that's nice. That's cool,
good stuff. Hey, we got a couple of buyer needs.
We've got somebody that's looking for a house in Bluff Park.
(12:56):
They're looking up to four to twenty five something that
ideally needs a little bit of work and has a
good lot. We've got also somebody looking for a single
story home in Shelby County with a pool. We've been
looking for a minute with this person. They're looking really
up to about four hundred and twenty five thousand dollars
as well. So if you've got a home that matches
(13:16):
those criteria, please reach out to our team at Gustygoulisgroup
dot com or you can go to h You can
call two five four to two nineteen ninety sixteen, color
text that number. Hey, guess what time it is. That's right,
it's testimonial time.
Speaker 2 (13:37):
All right.
Speaker 1 (13:37):
I got a couple of five star reviews to talk
about today. The first one comes from Sarah. TJ was
fantastic and went on the bumpy journey with us while
we purchased our home. He handled it with grace and
was a ray of sunshine during the tough times. Well, Sarah,
congratulations on your new home. And TJ, congratulations on another
(14:03):
five star review. I like how we had, you know,
every I'd love to say that every transaction is perfect,
but quite frankly.
Speaker 2 (14:10):
Well yeah, can I just say I know this would
be terrible and there's not many that's a good thing. Yes,
you know they do main tweets, yes, yes, like like
the ones that are just like this, like.
Speaker 1 (14:26):
Can we give reviews of our clients?
Speaker 2 (14:30):
All right?
Speaker 1 (14:30):
This next one comes from Kim. We had a seamless
experience with Carla Dilaberto. We are a military family and
we're connected to her by an affiliated company in North Carolina.
She worked with us while she was on vacation, always
making us feel heard and took Tom to listen to
our needs. A blessing came with an off market home,
and Carla was a strong advocate for our needs. Thank you, Carla. Well, Kim,
(14:57):
congratulations on your new home in Birmingham. And Carla, congratulations on.
Speaker 2 (15:02):
Another five star review.
Speaker 1 (15:05):
All right, that's our five star review segment. Ladies and gentlemen,
it was. If you want to be the next five
star review, go to Gustygilisgroup dot com and say I
want to buy or sell a house. That's as easy
as it takes. You can also get a free home
evaluation on there. Yeah, yeah, within minutes, pretty quick, that's easy, seamless.
(15:27):
Gustygeilisgroup dot com is where you can go. Hey, y'all,
stay tuned. We are going to talk about what we
with a Fed Funds rate coming down a quarter point
this week, how does that impact you? How does that
import impact mortgage rates? Stay tuned. Bob Bournous will be
right back. All right, welcome back to bot Bardons Sold.
(16:01):
And you've probably been watching the news, watching all the
different stories on the internet. The Federal Funds rate reduced
the rate by a quarter percent, and you know a
lot of people think that is directly related to the
mortgage interest rates. And you know, luckily we've got Brad
(16:23):
Smith with a cross country mortgage in here to tell
us the real deal.
Speaker 2 (16:28):
The real deal. Yes, I mean, if anything, rates have
probably gone up a little bit since the announcement yesterday,
and I mean very little, but mortgage rates have probably
gone up a little bit. Again with what we talked about,
it's in real time. So the twenty five basis point
reduction to the Fed rate was already built into our pricing.
(16:48):
So everything that really came from yesterday was going to
be what was said afterwards in FED Chair Powell's press
conference after the meeting, from his comments and from the
Q and A session, and that's what I mean. Yesterday
was the first time I've gone and made sure to
watch the press conference live, and just because I feel
(17:10):
like we've gotten so many so many things are being
dissected from it, I wanted to see it, hear it,
and be able to make kind of my own own
decisions on what we're gonna do going forward. And he
was just very non committal across the whole board and
honestly admitted as much that they were as a group,
were confused on what to do. And so I think
(17:31):
that got everybody a little hesitant because they've, you know,
they've been the main focus has been inflation and not
as worried about labor market. Have now we're like, oh,
crap market, labor market and it's and it's not strong.
I mean, it's it's still the unemployment rate is still
in a pretty good number historically speaking, but it's going
(17:53):
the wrong direction. It's getting there quicker and quicker. He
made some weird comments on some of the what what
may be causing some of the unemployment I mean the
unemployment kind of increasing, employment slowing down a little bit,
which I thought just really more muddy the water on that.
But the biggest thing, that the biggest takeaway is, and
you know you've heard me talk about it on here
(18:13):
a couple of times. You know, our economic history is
pretty pretty short lived if you really look at it
over you know, the last one hundred hundred and twenty years.
I mean, things move quick. So for things that happened
for the first time ever, to me is not that surprising,
and I'm not saying it's a full first time ever.
But for this FED group having inflation still kind of
creeping up a little bit at a little higher pace
(18:35):
than they want it, but employment to be kind of
being a little concern about what where employment's going. Those
two are kind of in conflict. So usually when you
start seeing the labor slow down, inflation would be coming
down because there's not as much dollars being spent. And
so with inflation is still ticking up and unemployment going up,
(18:56):
they're kind of not working together. So the Fed's not
making a long term commitment on what they're going to
do with the rates going forward, and you know, it
goes back to some of the stuff we've talked about too,
like just crazy reporting, Like I'm getting text saying like
it's so so, you know so so Pywell said that
it's likely to have two more cuts this year. I'm like,
he never said that as a matter of fact. If anything,
(19:17):
he said, hey, it's going to be meeting by meeting
because we don't know. We got to keep which I
was fine with. You know, it was kind of on
those things like he was he was making sure they
could stay fluid. Yeah, and so and so and so.
He was very noncommittal with a lot of his answers
because they don't know what to do with it with
inflation kind of still creeping up and unemployment also creeping up.
So when you show a weaker labor market but inflation
(19:37):
is still there, they didn't. They can't. It's hard for
them to say. You know, if inflation was showing the
reduction they thought, and they were getting these warning signals
from the labor market, we probably would have seen a
fifty bit cut yesterday in a commitment to at least
fifty more this year.
Speaker 1 (19:50):
And maybe I notice one person voted for that.
Speaker 2 (19:53):
So one person did, and it's his first meeting. It
was Miron's first meeting as an etress, so so I
think he was going in there making sure he knew
everybody knew which side he was on, Like he knew
that wasn't going to be what happened. Inter fact, he
descended he didn't. He did. He was the only FED
member that did not vote yesterday or go along with
it because he was, uh, he wanted the fifty bip
cut and so but but majority they agreed on it.
(20:17):
But it's but to know what they're going to do
throughout the remainder of the year is where they really
were noncommittal on any of that. So the market for
markets responded, you know, if we if he would have
come out and said, hey, we're definitely doing two more
cuts this year. We've all agreed on that at least
twenty five BIPs. We're going to keep an eye on
the labor and then and the tariff impact on the
on the inflation, and then we can you know, and
(20:39):
then if we need to do more or less, we will.
But he didn't say that he was you know, it
was and as a matter of fact, the dock plot
that we've talked about before kind of showed that. So
of the nineteen FED members that doc plot after they
think the rates should be by the end of the year.
I just want to I have the screenshot real quick,
just to give you quick numbers, and then I'll kind
of get over it. But basically one voting member so
(21:01):
we should have a hike in the rate by the
end of the year. So we like we wash out
this quarter. We just did six want no more cuts.
Now you've got seven saying seven of the nineteen saying
either go up or nothing. Two of them want twenty
five BIPs and cuts, nine want fifty BIPs, and one
wants one hundred and twenty five basis points and cuts,
which we're assuming is the same FED member that voted
(21:22):
for fifty yesterday, thinking we're very restrictive, we need to
make a move. But so if you look at that
and you've got you've got ten that think we should
be keep bringing it down throughout the rest of the year,
and we've got nine saying do nothing or raise it
by the end of the year. So I mean, you
see they're split as a group. So so the markets
are not building in now in twenty.
Speaker 1 (21:41):
This is a group that's not typically split.
Speaker 2 (21:44):
Not split. This not completely where it's like we should
be doing any moves or no moves. Maybe like somebody
says fifty, somebody says seventy five. But I do think
it's healthy and it does show we're kind of in
a weird balancing act of not sure what the best
route to go is. And I think I think some
are still heavily weighted on inflation, and some of them
are deeply now more concerned about the labor market. And
(22:06):
you know, when when you start showing the labor market stuff,
it is, it is a concern. I mean, it's something
we're going to have to figure out because I don't know,
it's the first time in a while we've had less
job creations and job losses, so there's not a one
to one ratio. So if you lose your job, there's
not a job necessarily for you available. And that's the
first time in a while that's been the case. So
(22:27):
that that causes for some concern.
Speaker 1 (22:30):
How do they factor in like small businesses and stuff
like that.
Speaker 2 (22:34):
That's that And he even referenced that yesterday about being
completely you know, being very hard to predict, because that's
that birth death model. So it's it's these these amount
of businesses went out of business that should have meant
this many more new businesses started. Is how many jobs
that should have come from it. And it's pretty heavy weight,
but it I mean, it's a guestimate. And he did
say like the one of the things they need and
(22:55):
that that continues to decline. They need better response rates
on their serchase to get the accurate numbers. They said
their sponse rates are as bad as they've ever been
from small businesses and businesses across on actually getting the numbers.
So there are a lot of you know, inferences in there,
and it's because they're not getting the data back from
the from the companies.
Speaker 1 (23:14):
Well the companies probably don't want to give them the data. Yeah,
I mean, you know, let's be real. Yeah, so I.
Speaker 2 (23:22):
Know, it's definitely interesting going on this too because yeah,
he made a weird comment about the immigration and employment
too that just kind of was like, I don't know
about that. So anyway, just muddy the waters a little bit.
So we're kind of flat.
Speaker 1 (23:34):
But yeah, well anyways, well rates are right around you know,
the low sixes, sixes and then some government products in
the midfield five.
Speaker 2 (23:43):
So it's still he still great. I mean, I mean
we're two years ago we were at eight percent correct,
So there we go. Hey.
Speaker 1 (23:49):
For any real estate needs, go to Gustygilsgroup dot com.
For any mortgage needs, go to brad Smith Loans dot com.
Thank you as always for and listening to running Sold
and we will see you next time.
Speaker 2 (24:02):
Appreciate y'all, Thank you, Thanks Brev
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