Episode Transcript
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Speaker 1 (00:00):
All right, welcome to Ball Bar and Soul. Thanks so
much for joining us today. We've got hanging out in
the studio Brad Smith from Cross Country Mortgage.
Speaker 2 (00:09):
What's up, Brad? How are you? I'm great? How are you?
I'm doing good? I am doing good. It's official. It's yeah,
it's it's it's it's a wild I just can't believe it.
Like start getting ready for Thanksgiving? Yeah, no, no Halloween.
Speaker 1 (00:27):
For give me, give me like two more months, like,
let me start thinking about let me let's let's think
about that a little bit more.
Speaker 2 (00:34):
Now, fast these next next fore youw go.
Speaker 1 (00:37):
They will go fast and and and so will the
real estate market for sure fast too.
Speaker 2 (00:42):
And it's still man.
Speaker 1 (00:44):
We had last Sunday, so we talked about this is
what I was waiting to hear about.
Speaker 2 (00:48):
Last Sunday.
Speaker 1 (00:49):
We had like six open houses, but let me, I'll
talk about one. Our I guess our biggest success success
story was the Cottswaltz. And we talked about this phenomenal
house priced at five one hundred and fifty thousand, had
all one level living, personal pool. And you know, we're
getting a lot of requests for one level living, right,
and so we had sixteen groups come through the open house.
Speaker 2 (01:11):
Wow.
Speaker 1 (01:12):
I think it might have been more because, like, I mean,
there were just so many people.
Speaker 2 (01:16):
It was wild. I did count.
Speaker 1 (01:18):
We had There was three minutes that there was not
somebody there during the two to four twenty that we
had it open, and it lasted through four to twenty
because people just still kept coming.
Speaker 2 (01:29):
In and you're not shutting the door on that.
Speaker 1 (01:31):
No, No, I'm like, hey, come on. So anyways, we
had we had a great group. We ended up getting
multiple offers. Ended up I actually sent out another offer.
The guy never signed the offer, but I mean, we
would have had three offers, but we got it locked
down contingent on inspection. But man, it's just a lot
of folks. I had people that were coming to look
(01:53):
for friends in the neighborhood that maybe had not moved
in yet. I had people that were looking to they
were looking to make the change of a two story
house to a one story house. I had people that
were looking to buy their first house. I had really
all walks of life. That's awesome that that came through,
so some great conversation. I had somebody that was like
(02:15):
just relocated here from out of out of town that
came through. So I mean there was a good amount
of folks that that walked through the door. So you know,
it just tells you that there are plenty of buyers
that are out there. But it is dependent on the
house for sure. It's dependent on the price. It's dependent
(02:35):
on the the condition of the property. And i'd say
you price and condition are huge, huge.
Speaker 2 (02:41):
So anyways, the location location, yeah, it's got to be
the old location location location, so for sure that's been
That's cool. It was.
Speaker 1 (02:52):
It was nice to see, like I mean, I like
I was on my toes, like actually I had the
owner at the property and he was explaining a lot
of the up grades and you know, he's like, hey,
do you mind if I stay here for the open house.
I was like, yeah, totally fine, Like we have a
good relationship. And I'll tell you what, I'm glad he
was there because I needed him right, just because I
(03:13):
wasn't expecting so many folks and like.
Speaker 2 (03:15):
You can't have and nobody knows it better than him,
especially when he did a lot of that like all
the upgrade you talked about that he did after hair,
after the hairst Oyle that shelt it and so it was.
Speaker 1 (03:25):
It was good, that great activity, and that just tells you, like, hey,
there's there's people out there. I even met some folks
that are like, they're they're looking at a year in advance,
you know, so they're they're starting really their planning stages
of getting their houses, you know, packing, moving things, gifting things,
(03:45):
selling things so that they can get their house in order.
But I mean a year in advance. It is a process.
So I thought that was pretty interesting. But that just
kind of gives you an idea of what's what's happening
in the in the real estate world. And well, we'll
talk a little bit more about it in our next segment.
We'll dig interest rates and stuff. But I do want
to get some shout outs.
Speaker 2 (04:05):
So we had let's see how many houses did we
put under contract this past week. Let me get let's
see ten houses under contract. So I want to get
some shout outs Tim Lance four homes under contract with
Tim we had so interesting. We got a phone call
from an investor out of Florida and he found us
(04:27):
through chat GPT and so he was looking at best
real estate agent that works with investors in the Greater
Birmingham area. And we came up as one of the
top three options, so I thought that was really cool it.
So he put four homes under contract this past week.
Thank you. Riley put two homes under contract. Riley Wood.
Speaker 1 (04:47):
Congrats Riley, Tony McDaniels, Breonna Green, and Walker Gant each
had one home under contract. So congratulations all of you
on your contracts to the team. So yeah, you know,
and I think like, obviously if we can continue, you know,
I would say eighty five to ninety percent of contracts
(05:08):
move forward to closing. So having ten homes go in
our contract typically means like nine homes are actually going
to close. So I feel like that's that's a very
good indicator for me of like how healthy a market is. Yeah,
and that's a that's a one, that's a one week point. Yeah,
I mean yeah, so we like, we like having that.
(05:30):
So yeah, so it kind of gives us a little
bit of an update.
Speaker 2 (05:32):
Hey, let's talk. Let's let's do our mortgage game. Let's
do it.
Speaker 1 (05:35):
Do a mortgage game like it's it's it's known statewide
about this mortgage game. Now.
Speaker 2 (05:40):
I was getting text about it. I was getting text
about it last Sunday. I really was. I had somebody
ask me and they did not even layer it over
listening and hear us. They did not know that it
was podcasted afterwards, and so I said, how you go
back and get caught up on anything else if you're
missing the saund So there you go, there you go,
all right, I'll give the Heart Radio app Heart Radio App. Yeah,
I will go over the rule real quick while gust
(06:00):
he gets the properties ready to go, and then we'll
get going. So Gus He's going to give us properties
they going that they have open or new listings. He's
going to give us the description of the properties. At
the very end he's going to give us the most
important part in that is how much the house is
for sale for what the list price is. I will
then give a potential down payment that a borrow may make,
and then Gusty and John will guess a thirty year
(06:21):
fixed monthly payment principal enterest only thirty year fixed. That's
your monthly payment.
Speaker 1 (06:25):
I'm going to talk about one house yep, that we're
not going to play as the mortgage game, and then
I'm going to kick it off. So our first listing
that is going to be opened this afternoon from one
to three is in crust Wood five one three fifty
ninth Streets South. This one is three bedrooms, two bass,
fourteen hundred and sixty square feet.
Speaker 2 (06:43):
Uh.
Speaker 1 (06:43):
There has been a good many updates that have been
done to this property. So yeah, go see Ashley Stags
from one to three on Sunday. And that was priced
at nine six hundred, six hundred, so four hundred dollars
less than three two thousand. It's always fun kind of
getting some random numbers like that.
Speaker 2 (07:05):
I would be I would be rand if I did that.
I would be coming up with random stuff. Touch yeah,
catches the eye there you go.
Speaker 1 (07:12):
All right, Hey, let's go with our first listing of
the week. It's going to be open this afternoon from
two to four. Fifty twenty seven Roslin Road. Actually we'll
say Roseland Road because it actually does have the E
in there. Fifty twenty seven Roseland Road. This is investment.
It's actually right beside Greenwood Elementary School. It's a updated
(07:32):
three bedroom, two bath bungalow that was built in nineteen
thirty five, fourteen hundred and five square feet and it
sits on three point three five acres, so like literally
next door to the elementary school. How convenient is that
we're priced at two ninety nine to nine, So excellent
price for a renovated home that has a new HVAC,
(07:55):
a new roof, new flooring, fresh paint, new electrical, new plumbing.
And they even out of a primary bathroom in a bedroom.
Uh so there you go, three bedrooms and two baths
and a detached two car garage.
Speaker 2 (08:08):
Would you look at that? So?
Speaker 1 (08:10):
All right, three and a half acres three point three five.
Speaker 2 (08:16):
That's great. Uh two nights, you said, two nine nine. Yeah,
it's gonna put five percent down, five percent down, five
percent down. Gusty used to go first, all.
Speaker 1 (08:26):
Right, five percent down, let's go with hmmm, let's go
with nineteen hundred dollars.
Speaker 3 (08:43):
I feel like it's a little high. But what do
I know. I'm gonna say sixteen fifty?
Speaker 2 (08:51):
Uh he teased me, and he says is a little high. Yeah,
he's gonna go a little lower.
Speaker 3 (08:59):
Well, I don't I want to give you some space.
I don't like to just like no one dollar.
Speaker 2 (09:03):
I want you to try to win this like you
beat me a couple of weeks ago.
Speaker 3 (09:06):
I don't think you haven't let me forget about it.
Speaker 2 (09:08):
I don't think the actual payment. You should not let
me forget about it was a little lower at eighteen
thirty seven. Okay, so Gusty gets round one. Yeah, so
you should be reminded me that you won.
Speaker 3 (09:23):
I will do no such thing. I would prefer not
to stay on. I don't want to be on the radar.
Speaker 2 (09:27):
I was gonna say on the show. Yeah, he's like,
I'm done with this thing. I don't want to play
this game.
Speaker 3 (09:33):
Everybody, Sunday morning.
Speaker 1 (09:35):
Hey, and that one was listed, by the way, go
see Kyle Bedgood on our team at fifty twenty seven
roseland Road investmer. So, congrats Kyle on your new listing.
We've also got one that's coming up in the market,
fifteen thirty two Graymont Avenue. This is over there by
the old Birmingham Southern College, right by bush Hill's neighborhood.
(09:55):
Three bedrooms and one bath, nineteen hundred and thirteen square
feet and no't we're only asked in ninety five thousand,
only ask in ninety five thousand. That seems like a
pretty darn good deal, whether it's your first house, whether
it's for an investment, and it looks like it just celebrated.
It's one hundredth anniversary built nineteen twenty four.
Speaker 2 (10:13):
That's sort over there by the old gray Lady in
legion Field area kind of have the own grade money,
all right, cool, all right, ninety five thousand, ninety five.
Let's just say this one is going to go to investors.
So let's put twenty five percent down. Okay, twenty five
percent down on ninety five.
Speaker 3 (10:29):
So that's your financing somewhere in the neighborhood of like, say,
seventy thousand dollars in less than that, I suppose I'm first, right, Yeah, yeah, okay,
So financing seventy thousand dollars thirty, you're fixed five hundred
fifty dollars.
Speaker 2 (10:47):
I don't know, I'm gonna go with four fifty. The
actual payment was four hundred and sixty one dollars. Gusty
gets round two. Yeah, oh y'all.
Speaker 1 (11:03):
That listing was courtesy of Carla Diliberto Carla, congratulations on
your new listing. And then also in the Pelham area
Pelham Schools to twelve, gray Oaks Drive to twelve and
gray Oaks Drive. It's onero point six of an acre,
so just over half an acre built in twenty nineteen.
This is five bedrooms, three and a half baths, twenty
(11:25):
seven hundred and sixty four square feet on the main
two levels, another six hundred and ninety two square feet
finished in the basement. A beautiful looking home, five bedrooms,
three and a half baths, and uh a three car garage.
Speaker 2 (11:40):
How about that? How about it?
Speaker 1 (11:42):
This listing is courtesy of Kyle Bedgood and we are
asking five sixty five, five hundred and sixty five thousand
dollars dollars.
Speaker 2 (11:53):
All right, let's put it in price to a little
bit below market. Yeah, okay, ready to move us FA.
Let's go get it, five sixty five. We're gonna put
ten percent down, ten percent down to Gusty. Okay, ten
(12:14):
percent down, ten percent down. H What do I want
to go with?
Speaker 1 (12:19):
M h.
Speaker 2 (12:21):
M hm hmmm. I'm gonna go with thirty three ninety seven.
Speaker 3 (12:32):
I was gonna go lower than that, but my instincts
have been really wrong today. So thirty one.
Speaker 2 (12:38):
Hundred, thirty one hundred. The actual penant was three thousand,
two hundred and ninety dollars. So Gusty gets the clean
slate today, John.
Speaker 3 (12:51):
Close, but not close enough?
Speaker 1 (12:54):
All right, Hey, We've got a coming soon in the
Bluff Park area, four bedrooms, two and a half pass
with thirty six hundred square feet for five ninety nine.
Speaker 2 (13:03):
That's going to be coming up soon. Courtesy of TJ.
Speaker 1 (13:06):
Cunningham. We have a couple of buyer needs. We've got
somebody looking in Bluff Park also, but they want something
that needs a bit of work.
Speaker 2 (13:12):
They want to kind of put.
Speaker 1 (13:13):
Their own touches to, so they would prefer say up
to four hundred maybe four point fifty, and then they're
willing to do some repairs renovations. They would like a
nice yard. So we've also got folks that are looking
in looking for a condo that can be used as Airbnb,
(13:34):
and they would prefer in the three hundred thousand or
less range, so downtown Birmingham or maybe in the Medical district.
We've got somebody that is looking in Edgewood still, so
in the Edgewood School district. We pretty much have folks
in all price ranges Edgewood School District.
Speaker 2 (13:52):
And I've got somebody.
Speaker 1 (13:52):
Looking for a one level home and mainly wants to
be in the Crestwood area, and it could be Avondell
as well, and they prefer to be under really about
three twenty five ISHMA is that price range. So if
you've got a home that meets those you know, kind
of those needs, go to gustygoulisgroup dot com or go
(14:15):
call two oh five five four to two nineteen ninety six. Hey,
guess what time it is. That's right, it's testimonial time.
Speaker 2 (14:25):
All right.
Speaker 1 (14:26):
We got a couple of reviews and they're both for Garrett.
Garrett just got on the board. Uh, I'm telling you,
Garrett from the Gustygoulist Group is absolutely fantastic. He helped
my husband and I buy our first home and he
made himself constantly available to us for all our questions.
He even answered the phone as he was about to
(14:46):
head into a medical procedure. Could not recommend him enough.
So congratulations on your first home and Garrett, congratulations on.
Speaker 3 (14:55):
Another five star review.
Speaker 1 (14:59):
And I we had an amazing experience with Garrett Messer
from the Gusty Goulis Group. He was very attentative to
our request and needs. He listed and sold our home
in four days at asking price. I will definitely use
him for all my future home buying and selling needs.
So thank you for the opportunity to sell your home. Glad,
(15:20):
it was a great experience. And congratulations to Garrett on.
Speaker 2 (15:24):
Another five star review. All right, a couple of reviews.
I'm duggos. Go Garrett, get it, Garrett Man.
Speaker 1 (15:33):
All right, Hey, y'all, stay tuned. We are going to
be right back with Brad. He's going to talk a
little bit more about what's going on in the mortgage world.
We're going to see a little bit more about what
we're seeing in the real estate market. Stay tuned right
here on Bart and Sold. All right, Welcome back to Bob,
barn and Soul. Thank you again for joining us each
and every Sunday morning. And as Brad mentioned in our
(15:54):
last segment, you can always go back to the iHeartRadio
app and check out our previous shows and interviews.
Speaker 2 (16:01):
And all that fun stuff.
Speaker 1 (16:02):
So, you know, I think we've Brad's with Cross Country
Mortgage and we like to talk about what we're seeing
in the real estate mortgage market. And has there been
really any kind of like movement over the past week.
Speaker 2 (16:19):
Would you say, Brah, there there hasn't been any significant movement.
If we would say anything, it's been where mortgage rates
have ticked up a little. Oh really, but we're talking
about a very manuscule amount in the markets. Yeah, kind
as far as the average is. Because the markets it's
slowed a little bit on our increase. We're kind of
sitting at a pretty good kind of ceiling floor right
(16:42):
now that it's just been bouncing over for about a
week and a half, two weeks now?
Speaker 1 (16:46):
Is it because the unexpected FED rate change? Like it's like,
you know, last week we talked about, Hey, a lot
of this really depends on the FED funds rate change
in September, and it was already built in, and it
was kind of already built in. So now if its
rates are going up a little bit, that's kind of
telling me they might not change.
Speaker 2 (17:07):
They might not change. And so that's what the market's
reacting to. The Fed minutes from July thirtieth meeting were
released this week, okay, and so now there's been able
to drill down some of the nuts and bolts of
what some of the FED members are thinking and their
thoughts on stuff and so. And then even one of
one of the FED governors came out this past week
(17:27):
and said he was not in favor for a cut.
So the market reacted to that did he give any
reasoning why. Yeah, that, so again it's very they looked
at one level of it and not multiple levels. By
his quote, not us picking him apart, and this is
what he said. And so basically they're still worried about
(17:51):
the inflation number being skewed by tariffs, even though the
tariff numbers are already starting to come into it, and
didn't address some of the other out liars in there
that on the housing that we talked about, some of
the survey stuff and everything else that was done wrong,
and some of the employment numbers that have been changed
since the meeting, and so those things kind of all
(18:12):
wash out each other to where it should keep us
pretty much the same economy. So, like some of the people,
they're pointing more to inflation than jobs being an issue.
I'm still not sure that they think the inflation is
going to bump up, but the inflation has already been
kind of bumped up because of some of the skewed
numbers on other reporting, and so the inflation's kind of
(18:34):
washing itself out because it's wrong either way. And so
for them to now be pointing backwards to inflation even
though inflations in a in a spot where we need
another rate cut. It seems that they're kind of looking
at it very short sighted and even mentioning that, well,
we're not we think that the job market's good. It's
weren't a good job market, which which everything is showing
a decline in the unemployment market and job market across
(18:56):
the board, and so the confidence level.
Speaker 1 (18:59):
So I guess a decline and confidence. But like typically
that I feel like that means like, if unemployment is
going up.
Speaker 2 (19:06):
Rates are coming down because the economy's struggling. Okay, interesting,
and so like again, are we seeing unemployment go up.
We're seeing unemployment go up, We're seeing less job creations.
The housing market is I mean, the employment the employment
world is okay, but it's showing decline over the last
(19:28):
three months consistently, and so that should be making mortgage
rates come down, in the bond market going up, which
again makes the rates go down, and we're not seeing it.
But going back to that September seventeen cut, last week
when we were talking about this, the confidence that there's
gonna be at least a quarter percent reduction was ninety
(19:48):
two percent. It was kind of the odds, you know,
t Tome about football. Yeah, if you look at any
of all that, you know, you just start looking at
the different like percentages of the way it's going to go.
So that was ninety two percent. On Tuesday, Wednesday of
last week, the confidence was at eighty two percent. We
ended the week right at seventy percent. So we've gone
(20:09):
from ninety two percent to seventy percent on the likelihood
of a rate cut in September seventeenth. So when we
were talking about this last Sunday, it was like it was,
you know, again, nine out of ten people are saying
that that we were going to get a cut. Now
we're seven out of ten. May not. I mean, it's
still over fifty, so they're still confidence. When you start
seeing the conference decline significantly across the board like that,
(20:30):
the markets are going to react. So back to your
point what we started with this is we've decreased a
little bit because the confidence of that rate cut that
we had already been factoring in happening in September is
now dwindling again because we're on real time. We're not
waiting to see what the Fed does. We're going off
with the tone of what the Fed's doing in between
now and then to react. And so again the market
(20:53):
is shifting based off of a cut that is or
isn't going to happen on September seventeenth, And that's what
we're reacting to right now. So get your calendar circle it. So,
I mean, that's it's it's again. I mean, I wouldn't.
I wouldn't say that. You know, most of the times
when we quote mortgage, right we're talking, we quote him
in an eighth. I mean, we can go, we can
do more than that, but we'll normally we're we're working
in eighths, and so like from last week, we're not
(21:16):
an eighth difference. I mean, there's not a there's not
a significant again where I'm said, I'm jumping you up
from a six and a half to six point six
two five or seven to seven point one two five. Yeah,
it's more just margin at this point. But the fact
that it's teetering on making a movie or direction. And
again it's all based off of the tone and the
sentiment of what the Fed's going to do on September seventeenth.
(21:36):
So again, whatever happens on September seventeenth is not necessarily
going to impact anything. We'll have a better idea of
what they're going to do the closer we get to it,
and we'll be reacting accordingly. Gotcha. So sorry that took
a lot of time.
Speaker 1 (21:50):
No, it's I think it's important for for our listeners. Yeah, well,
I think it's important for our listeners to understand, like, hey,
what you know, if people are are planning to buy
and sell houses at any given time, there's always reasons
why people are buying and selling. Now, there might be
because they're in a two and a half percent rate,
there's just got to be probably a little bit bigger
(22:11):
reason that they're willing to sell or they're going to
keep that mortgage. Yeah, so you know, they need to
understand like where the puck is moving. So if we're
planning on rates coming down, then they're going to either
qualify for more money or they're just gonna have a
little bit lower payment for whatever they're expecting. But just know,
like when we're getting into like if we get back
to the five percent interest rates, and what I mean five,
(22:34):
I mean something with a five in front, we are
going to see more people get into the market. And
then what's going to happen is when more people are
in the market, we're going to see more multiple offer situations.
And typically when we see more multiple offer situations, then
we're going to see price appreciation. So you know, it's
probably a pretty good time to get in while things
(22:57):
are still priced where they're at us competition, you know,
if you're if you are dealing with a multiple for situation,
maybe it's only one or two other offers instead of
the five, seven, ten offers that we saw a couple
of years ago.
Speaker 2 (23:13):
Right, Well, you're you're you're what you're trying to worry
about saving on interest? You may be paying back in
double or triple by what the houses appreciate by waiting
for this magic rate. Yeah, so I mean, don't don't
worry about just the interest. That's right.
Speaker 1 (23:25):
Anyways, Thanks so much for joining us, Brad, Thanks as
always for giving us your your thoughts and and what's
going on in the mortgage world. And hey, if we
can ever be of service to you, go to Bradsmith
Loans dot com, Go to Gustygoulisgroup dot com. We would
love uh the opportunity to chat with you and build
a plan of action and see if we'd be a
great fit to.
Speaker 2 (23:43):
Work with you. Yea man, great great day.
Speaker 1 (23:45):
Yes, sir, thank you so much, thanks for joining us.
We'll catch you next time.
All right, welcome to Ball Bar and Soul. Thanks so
much for joining us today. We've got hanging out in
the studio Brad Smith from Cross Country Mortgage.
Speaker 2 (00:09):
What's up, Brad? How are you? I'm great? How are you?
I'm doing good? I am doing good. It's official. It's yeah,
it's it's it's it's a wild I just can't believe it.
Like start getting ready for Thanksgiving? Yeah, no, no Halloween.
Speaker 1 (00:27):
For give me, give me like two more months, like,
let me start thinking about let me let's let's think
about that a little bit more.
Speaker 2 (00:34):
Now, fast these next next fore youw go.
Speaker 1 (00:37):
They will go fast and and and so will the
real estate market for sure fast too.
Speaker 2 (00:42):
And it's still man.
Speaker 1 (00:44):
We had last Sunday, so we talked about this is
what I was waiting to hear about.
Speaker 2 (00:48):
Last Sunday.
Speaker 1 (00:49):
We had like six open houses, but let me, I'll
talk about one. Our I guess our biggest success success
story was the Cottswaltz. And we talked about this phenomenal
house priced at five one hundred and fifty thousand, had
all one level living, personal pool. And you know, we're
getting a lot of requests for one level living, right,
and so we had sixteen groups come through the open house.
Speaker 2 (01:11):
Wow.
Speaker 1 (01:12):
I think it might have been more because, like, I mean,
there were just so many people.
Speaker 2 (01:16):
It was wild. I did count.
Speaker 1 (01:18):
We had There was three minutes that there was not
somebody there during the two to four twenty that we
had it open, and it lasted through four to twenty
because people just still kept coming.
Speaker 2 (01:29):
In and you're not shutting the door on that.
Speaker 1 (01:31):
No, No, I'm like, hey, come on. So anyways, we
had we had a great group. We ended up getting
multiple offers. Ended up I actually sent out another offer.
The guy never signed the offer, but I mean, we
would have had three offers, but we got it locked
down contingent on inspection. But man, it's just a lot
of folks. I had people that were coming to look
(01:53):
for friends in the neighborhood that maybe had not moved
in yet. I had people that were looking to they
were looking to make the change of a two story
house to a one story house. I had people that
were looking to buy their first house. I had really
all walks of life. That's awesome that that came through,
so some great conversation. I had somebody that was like
(02:15):
just relocated here from out of out of town that
came through. So I mean there was a good amount
of folks that that walked through the door. So you know,
it just tells you that there are plenty of buyers
that are out there. But it is dependent on the
house for sure. It's dependent on the price. It's dependent
(02:35):
on the the condition of the property. And i'd say
you price and condition are huge, huge.
Speaker 2 (02:41):
So anyways, the location location, yeah, it's got to be
the old location location location, so for sure that's been
That's cool. It was.
Speaker 1 (02:52):
It was nice to see, like I mean, I like
I was on my toes, like actually I had the
owner at the property and he was explaining a lot
of the up grades and you know, he's like, hey,
do you mind if I stay here for the open house.
I was like, yeah, totally fine, Like we have a
good relationship. And I'll tell you what, I'm glad he
was there because I needed him right, just because I
(03:13):
wasn't expecting so many folks and like.
Speaker 2 (03:15):
You can't have and nobody knows it better than him,
especially when he did a lot of that like all
the upgrade you talked about that he did after hair,
after the hairst Oyle that shelt it and so it was.
Speaker 1 (03:25):
It was good, that great activity, and that just tells you, like, hey,
there's there's people out there. I even met some folks
that are like, they're they're looking at a year in advance,
you know, so they're they're starting really their planning stages
of getting their houses, you know, packing, moving things, gifting things,
(03:45):
selling things so that they can get their house in order.
But I mean a year in advance. It is a process.
So I thought that was pretty interesting. But that just
kind of gives you an idea of what's what's happening
in the in the real estate world. And well, we'll
talk a little bit more about it in our next segment.
We'll dig interest rates and stuff. But I do want
to get some shout outs.
Speaker 2 (04:05):
So we had let's see how many houses did we
put under contract this past week. Let me get let's
see ten houses under contract. So I want to get
some shout outs Tim Lance four homes under contract with
Tim we had so interesting. We got a phone call
from an investor out of Florida and he found us
(04:27):
through chat GPT and so he was looking at best
real estate agent that works with investors in the Greater
Birmingham area. And we came up as one of the
top three options, so I thought that was really cool it.
So he put four homes under contract this past week.
Thank you. Riley put two homes under contract. Riley Wood.
Speaker 1 (04:47):
Congrats Riley, Tony McDaniels, Breonna Green, and Walker Gant each
had one home under contract. So congratulations all of you
on your contracts to the team. So yeah, you know,
and I think like, obviously if we can continue, you know,
I would say eighty five to ninety percent of contracts
(05:08):
move forward to closing. So having ten homes go in
our contract typically means like nine homes are actually going
to close. So I feel like that's that's a very
good indicator for me of like how healthy a market is. Yeah,
and that's a that's a one, that's a one week point. Yeah,
I mean yeah, so we like, we like having that.
(05:30):
So yeah, so it kind of gives us a little
bit of an update.
Speaker 2 (05:32):
Hey, let's talk. Let's let's do our mortgage game. Let's
do it.
Speaker 1 (05:35):
Do a mortgage game like it's it's it's known statewide
about this mortgage game. Now.
Speaker 2 (05:40):
I was getting text about it. I was getting text
about it last Sunday. I really was. I had somebody
ask me and they did not even layer it over
listening and hear us. They did not know that it
was podcasted afterwards, and so I said, how you go
back and get caught up on anything else if you're
missing the saund So there you go, there you go,
all right, I'll give the Heart Radio app Heart Radio App. Yeah,
I will go over the rule real quick while gust
(06:00):
he gets the properties ready to go, and then we'll
get going. So Gus He's going to give us properties
they going that they have open or new listings. He's
going to give us the description of the properties. At
the very end he's going to give us the most
important part in that is how much the house is
for sale for what the list price is. I will
then give a potential down payment that a borrow may make,
and then Gusty and John will guess a thirty year
(06:21):
fixed monthly payment principal enterest only thirty year fixed. That's
your monthly payment.
Speaker 1 (06:25):
I'm going to talk about one house yep, that we're
not going to play as the mortgage game, and then
I'm going to kick it off. So our first listing
that is going to be opened this afternoon from one
to three is in crust Wood five one three fifty
ninth Streets South. This one is three bedrooms, two bass,
fourteen hundred and sixty square feet.
Speaker 2 (06:43):
Uh.
Speaker 1 (06:43):
There has been a good many updates that have been
done to this property. So yeah, go see Ashley Stags
from one to three on Sunday. And that was priced
at nine six hundred, six hundred, so four hundred dollars
less than three two thousand. It's always fun kind of
getting some random numbers like that.
Speaker 2 (07:05):
I would be I would be rand if I did that.
I would be coming up with random stuff. Touch yeah,
catches the eye there you go.
Speaker 1 (07:12):
All right, Hey, let's go with our first listing of
the week. It's going to be open this afternoon from
two to four. Fifty twenty seven Roslin Road. Actually we'll
say Roseland Road because it actually does have the E
in there. Fifty twenty seven Roseland Road. This is investment.
It's actually right beside Greenwood Elementary School. It's a updated
(07:32):
three bedroom, two bath bungalow that was built in nineteen
thirty five, fourteen hundred and five square feet and it
sits on three point three five acres, so like literally
next door to the elementary school. How convenient is that
we're priced at two ninety nine to nine, So excellent
price for a renovated home that has a new HVAC,
(07:55):
a new roof, new flooring, fresh paint, new electrical, new plumbing.
And they even out of a primary bathroom in a bedroom.
Uh so there you go, three bedrooms and two baths
and a detached two car garage.
Speaker 2 (08:08):
Would you look at that? So?
Speaker 1 (08:10):
All right, three and a half acres three point three five.
Speaker 2 (08:16):
That's great. Uh two nights, you said, two nine nine. Yeah,
it's gonna put five percent down, five percent down, five
percent down. Gusty used to go first, all.
Speaker 1 (08:26):
Right, five percent down, let's go with hmmm, let's go
with nineteen hundred dollars.
Speaker 3 (08:43):
I feel like it's a little high. But what do
I know. I'm gonna say sixteen fifty?
Speaker 2 (08:51):
Uh he teased me, and he says is a little high. Yeah,
he's gonna go a little lower.
Speaker 3 (08:59):
Well, I don't I want to give you some space.
I don't like to just like no one dollar.
Speaker 2 (09:03):
I want you to try to win this like you
beat me a couple of weeks ago.
Speaker 3 (09:06):
I don't think you haven't let me forget about it.
Speaker 2 (09:08):
I don't think the actual payment. You should not let
me forget about it was a little lower at eighteen
thirty seven. Okay, so Gusty gets round one. Yeah, so
you should be reminded me that you won.
Speaker 3 (09:23):
I will do no such thing. I would prefer not
to stay on. I don't want to be on the radar.
Speaker 2 (09:27):
I was gonna say on the show. Yeah, he's like,
I'm done with this thing. I don't want to play
this game.
Speaker 3 (09:33):
Everybody, Sunday morning.
Speaker 1 (09:35):
Hey, and that one was listed, by the way, go
see Kyle Bedgood on our team at fifty twenty seven
roseland Road investmer. So, congrats Kyle on your new listing.
We've also got one that's coming up in the market,
fifteen thirty two Graymont Avenue. This is over there by
the old Birmingham Southern College, right by bush Hill's neighborhood.
(09:55):
Three bedrooms and one bath, nineteen hundred and thirteen square
feet and no't we're only asked in ninety five thousand,
only ask in ninety five thousand. That seems like a
pretty darn good deal, whether it's your first house, whether
it's for an investment, and it looks like it just celebrated.
It's one hundredth anniversary built nineteen twenty four.
Speaker 2 (10:13):
That's sort over there by the old gray Lady in
legion Field area kind of have the own grade money,
all right, cool, all right, ninety five thousand, ninety five.
Let's just say this one is going to go to investors.
So let's put twenty five percent down. Okay, twenty five
percent down on ninety five.
Speaker 3 (10:29):
So that's your financing somewhere in the neighborhood of like, say,
seventy thousand dollars in less than that, I suppose I'm first, right, Yeah, yeah, okay,
So financing seventy thousand dollars thirty, you're fixed five hundred
fifty dollars.
Speaker 2 (10:47):
I don't know, I'm gonna go with four fifty. The
actual payment was four hundred and sixty one dollars. Gusty
gets round two. Yeah, oh y'all.
Speaker 1 (11:03):
That listing was courtesy of Carla Diliberto Carla, congratulations on
your new listing. And then also in the Pelham area
Pelham Schools to twelve, gray Oaks Drive to twelve and
gray Oaks Drive. It's onero point six of an acre,
so just over half an acre built in twenty nineteen.
This is five bedrooms, three and a half baths, twenty
(11:25):
seven hundred and sixty four square feet on the main
two levels, another six hundred and ninety two square feet
finished in the basement. A beautiful looking home, five bedrooms,
three and a half baths, and uh a three car garage.
Speaker 2 (11:40):
How about that? How about it?
Speaker 1 (11:42):
This listing is courtesy of Kyle Bedgood and we are
asking five sixty five, five hundred and sixty five thousand
dollars dollars.
Speaker 2 (11:53):
All right, let's put it in price to a little
bit below market. Yeah, okay, ready to move us FA.
Let's go get it, five sixty five. We're gonna put
ten percent down, ten percent down to Gusty. Okay, ten
(12:14):
percent down, ten percent down. H What do I want
to go with?
Speaker 1 (12:19):
M h.
Speaker 2 (12:21):
M hm hmmm. I'm gonna go with thirty three ninety seven.
Speaker 3 (12:32):
I was gonna go lower than that, but my instincts
have been really wrong today. So thirty one.
Speaker 2 (12:38):
Hundred, thirty one hundred. The actual penant was three thousand,
two hundred and ninety dollars. So Gusty gets the clean
slate today, John.
Speaker 3 (12:51):
Close, but not close enough?
Speaker 1 (12:54):
All right, Hey, We've got a coming soon in the
Bluff Park area, four bedrooms, two and a half pass
with thirty six hundred square feet for five ninety nine.
Speaker 2 (13:03):
That's going to be coming up soon. Courtesy of TJ.
Speaker 1 (13:06):
Cunningham. We have a couple of buyer needs. We've got
somebody looking in Bluff Park also, but they want something
that needs a bit of work.
Speaker 2 (13:12):
They want to kind of put.
Speaker 1 (13:13):
Their own touches to, so they would prefer say up
to four hundred maybe four point fifty, and then they're
willing to do some repairs renovations. They would like a
nice yard. So we've also got folks that are looking
in looking for a condo that can be used as Airbnb,
(13:34):
and they would prefer in the three hundred thousand or
less range, so downtown Birmingham or maybe in the Medical district.
We've got somebody that is looking in Edgewood still, so
in the Edgewood School district. We pretty much have folks
in all price ranges Edgewood School District.
Speaker 2 (13:52):
And I've got somebody.
Speaker 1 (13:52):
Looking for a one level home and mainly wants to
be in the Crestwood area, and it could be Avondell
as well, and they prefer to be under really about
three twenty five ISHMA is that price range. So if
you've got a home that meets those you know, kind
of those needs, go to gustygoulisgroup dot com or go
(14:15):
call two oh five five four to two nineteen ninety six. Hey,
guess what time it is. That's right, it's testimonial time.
Speaker 2 (14:25):
All right.
Speaker 1 (14:26):
We got a couple of reviews and they're both for Garrett.
Garrett just got on the board. Uh, I'm telling you,
Garrett from the Gustygoulist Group is absolutely fantastic. He helped
my husband and I buy our first home and he
made himself constantly available to us for all our questions.
He even answered the phone as he was about to
(14:46):
head into a medical procedure. Could not recommend him enough.
So congratulations on your first home and Garrett, congratulations on.
Speaker 3 (14:55):
Another five star review.
Speaker 1 (14:59):
And I we had an amazing experience with Garrett Messer
from the Gusty Goulis Group. He was very attentative to
our request and needs. He listed and sold our home
in four days at asking price. I will definitely use
him for all my future home buying and selling needs.
So thank you for the opportunity to sell your home. Glad,
(15:20):
it was a great experience. And congratulations to Garrett on.
Speaker 2 (15:24):
Another five star review. All right, a couple of reviews.
I'm duggos. Go Garrett, get it, Garrett Man.
Speaker 1 (15:33):
All right, Hey, y'all, stay tuned. We are going to
be right back with Brad. He's going to talk a
little bit more about what's going on in the mortgage world.
We're going to see a little bit more about what
we're seeing in the real estate market. Stay tuned right
here on Bart and Sold. All right, Welcome back to Bob,
barn and Soul. Thank you again for joining us each
and every Sunday morning. And as Brad mentioned in our
(15:54):
last segment, you can always go back to the iHeartRadio
app and check out our previous shows and interviews.
Speaker 2 (16:01):
And all that fun stuff.
Speaker 1 (16:02):
So, you know, I think we've Brad's with Cross Country
Mortgage and we like to talk about what we're seeing
in the real estate mortgage market. And has there been
really any kind of like movement over the past week.
Speaker 2 (16:19):
Would you say, Brah, there there hasn't been any significant movement.
If we would say anything, it's been where mortgage rates
have ticked up a little. Oh really, but we're talking
about a very manuscule amount in the markets. Yeah, kind
as far as the average is. Because the markets it's
slowed a little bit on our increase. We're kind of
sitting at a pretty good kind of ceiling floor right
(16:42):
now that it's just been bouncing over for about a
week and a half, two weeks now?
Speaker 1 (16:46):
Is it because the unexpected FED rate change? Like it's like,
you know, last week we talked about, Hey, a lot
of this really depends on the FED funds rate change
in September, and it was already built in, and it
was kind of already built in. So now if its
rates are going up a little bit, that's kind of
telling me they might not change.
Speaker 2 (17:07):
They might not change. And so that's what the market's
reacting to. The Fed minutes from July thirtieth meeting were
released this week, okay, and so now there's been able
to drill down some of the nuts and bolts of
what some of the FED members are thinking and their
thoughts on stuff and so. And then even one of
one of the FED governors came out this past week
(17:27):
and said he was not in favor for a cut.
So the market reacted to that did he give any
reasoning why. Yeah, that, so again it's very they looked
at one level of it and not multiple levels. By
his quote, not us picking him apart, and this is
what he said. And so basically they're still worried about
(17:51):
the inflation number being skewed by tariffs, even though the
tariff numbers are already starting to come into it, and
didn't address some of the other out liars in there
that on the housing that we talked about, some of
the survey stuff and everything else that was done wrong,
and some of the employment numbers that have been changed
since the meeting, and so those things kind of all
(18:12):
wash out each other to where it should keep us
pretty much the same economy. So, like some of the people,
they're pointing more to inflation than jobs being an issue.
I'm still not sure that they think the inflation is
going to bump up, but the inflation has already been
kind of bumped up because of some of the skewed
numbers on other reporting, and so the inflation's kind of
(18:34):
washing itself out because it's wrong either way. And so
for them to now be pointing backwards to inflation even
though inflations in a in a spot where we need
another rate cut. It seems that they're kind of looking
at it very short sighted and even mentioning that, well,
we're not we think that the job market's good. It's
weren't a good job market, which which everything is showing
a decline in the unemployment market and job market across
(18:56):
the board, and so the confidence level.
Speaker 1 (18:59):
So I guess a decline and confidence. But like typically
that I feel like that means like, if unemployment is
going up.
Speaker 2 (19:06):
Rates are coming down because the economy's struggling. Okay, interesting,
and so like again, are we seeing unemployment go up.
We're seeing unemployment go up, We're seeing less job creations.
The housing market is I mean, the employment the employment
world is okay, but it's showing decline over the last
(19:28):
three months consistently, and so that should be making mortgage
rates come down, in the bond market going up, which
again makes the rates go down, and we're not seeing it.
But going back to that September seventeen cut, last week
when we were talking about this, the confidence that there's
gonna be at least a quarter percent reduction was ninety
(19:48):
two percent. It was kind of the odds, you know,
t Tome about football. Yeah, if you look at any
of all that, you know, you just start looking at
the different like percentages of the way it's going to go.
So that was ninety two percent. On Tuesday, Wednesday of
last week, the confidence was at eighty two percent. We
ended the week right at seventy percent. So we've gone
(20:09):
from ninety two percent to seventy percent on the likelihood
of a rate cut in September seventeenth. So when we
were talking about this last Sunday, it was like it was,
you know, again, nine out of ten people are saying
that that we were going to get a cut. Now
we're seven out of ten. May not. I mean, it's
still over fifty, so they're still confidence. When you start
seeing the conference decline significantly across the board like that,
(20:30):
the markets are going to react. So back to your
point what we started with this is we've decreased a
little bit because the confidence of that rate cut that
we had already been factoring in happening in September is
now dwindling again because we're on real time. We're not
waiting to see what the Fed does. We're going off
with the tone of what the Fed's doing in between
now and then to react. And so again the market
(20:53):
is shifting based off of a cut that is or
isn't going to happen on September seventeenth, And that's what
we're reacting to right now. So get your calendar circle it. So,
I mean, that's it's it's again. I mean, I wouldn't.
I wouldn't say that. You know, most of the times
when we quote mortgage, right we're talking, we quote him
in an eighth. I mean, we can go, we can
do more than that, but we'll normally we're we're working
in eighths, and so like from last week, we're not
(21:16):
an eighth difference. I mean, there's not a there's not
a significant again where I'm said, I'm jumping you up
from a six and a half to six point six
two five or seven to seven point one two five. Yeah,
it's more just margin at this point. But the fact
that it's teetering on making a movie or direction. And
again it's all based off of the tone and the
sentiment of what the Fed's going to do on September seventeenth.
(21:36):
So again, whatever happens on September seventeenth is not necessarily
going to impact anything. We'll have a better idea of
what they're going to do the closer we get to it,
and we'll be reacting accordingly. Gotcha. So sorry that took
a lot of time.
Speaker 1 (21:50):
No, it's I think it's important for for our listeners. Yeah, well,
I think it's important for our listeners to understand, like, hey,
what you know, if people are are planning to buy
and sell houses at any given time, there's always reasons
why people are buying and selling. Now, there might be
because they're in a two and a half percent rate,
there's just got to be probably a little bit bigger
(22:11):
reason that they're willing to sell or they're going to
keep that mortgage. Yeah, so you know, they need to
understand like where the puck is moving. So if we're
planning on rates coming down, then they're going to either
qualify for more money or they're just gonna have a
little bit lower payment for whatever they're expecting. But just know,
like when we're getting into like if we get back
to the five percent interest rates, and what I mean five,
(22:34):
I mean something with a five in front, we are
going to see more people get into the market. And
then what's going to happen is when more people are
in the market, we're going to see more multiple offer situations.
And typically when we see more multiple offer situations, then
we're going to see price appreciation. So you know, it's
probably a pretty good time to get in while things
(22:57):
are still priced where they're at us competition, you know,
if you're if you are dealing with a multiple for situation,
maybe it's only one or two other offers instead of
the five, seven, ten offers that we saw a couple
of years ago.
Speaker 2 (23:13):
Right, Well, you're you're you're what you're trying to worry
about saving on interest? You may be paying back in
double or triple by what the houses appreciate by waiting
for this magic rate. Yeah, so I mean, don't don't
worry about just the interest. That's right.
Speaker 1 (23:25):
Anyways, Thanks so much for joining us, Brad, Thanks as
always for giving us your your thoughts and and what's
going on in the mortgage world. And hey, if we
can ever be of service to you, go to Bradsmith
Loans dot com, Go to Gustygoulisgroup dot com. We would
love uh the opportunity to chat with you and build
a plan of action and see if we'd be a
great fit to.
Speaker 2 (23:43):
Work with you. Yea man, great great day.
Speaker 1 (23:45):
Yes, sir, thank you so much, thanks for joining us.
We'll catch you next time.
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