Market updates and VA loans

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Hello and welcome to thepodcast.
Let's get moving with Jeff andJayna.
This is Gina Nole, your localmortgage advisor.
And this is, this is JeffCunningham.
I'm your local real estate agenthere in Greensboro, North
Carolina.
Focusing on on the triad againwe are triad North Carolina,
which is Greensboro,Winston-Salem High Point, and we
stretch out a little bit furtherthan that.

(00:21):
So welcome.
Welcome, welcome to a LittleCold and Breezy Oof, crisp
Morning Day.
Had some frost on the car.
Yes, yes.
North Carolina Frost.
There's, there's, I don't knowif there's anything better or
anything worse.
I don't know.
It's It certainly says thatthere is a turn coming for the
season.
So, yeah, I guess it depends ifyou're a winter person or a
summer person.

(00:41):
I'm kind of a, a spring and fallperson.
I don't really.
Yeah.
Winter, and I'm getting awayfrom summer.
You speak a hundred percentsummer, but you know, as you get
older that, you know, yourtolerance changes a little bit.
It sure does.
Absolutely it does.
Yeah.
My, my, yeah, I'm, I'm verysimilar to you.
My favorite season now is fallwhere it it used to be spring

(01:02):
summer, I should say.
But yeah I, I'm okay withsixties to 75, maybe even 80,
but.
Yeah.
I, I, I do miss the eightiesalready, I gotta tell you that.
Yes.
yes.
Yes, I do.
Yeah, absolutely.
Well, as we're moving into the,the changing seasons and the
changing weather we're seeing Ithink some changes maybe for the

(01:23):
positive and the.
You know, on the home fronts andthe inventory.
So yes, we're gonna go over thata little bit today.
And then since we are just outfrom Veterans Day, we're going
mm-hmm.
Move into talking after themarket update.
Move into talking about the VAloan just a little bit.
We're gonna hit some highlightson that for you guys.
So, well, how are we looking inthe market?

(01:45):
How's our, our inventory lookingright now?
Are we, are we gaining someinventory, which.
Be a good thing, right?
For us to gain inventory?
Absolutely, absolutely.
A balanced market nowadays.
Oh, before we even get started,happy Veterans Day to everybody
out there.
wanna make sure we got that outand, and unfortunately we did
not have an opportunity to getget this out at the end of last

(02:06):
week.
But but again, happy VeteransDay.
This is Thursday the 17th of.
So yeah, six days ago wasVeterans Day and the day before
that was the birthday for theUnited States Marine Corps.
For those of you who didn't knowthat.
Yes.
Yeah.
Yep.
So November 10th, 1775.
And that was that wasestablished up there in
Philadelphia, Pennsylvania.

(02:26):
Just to give you guys a littlebit of tributes today.
And that would be in tongues ta.
So if anybody wants to trivia aquestion on that one you can get
our information down below.
If you need to send me that giftcertificate, we're all good to
go But but with that, again,happy Veterans Day to all the
veterans that have served and,and thank you very much.
Absolutely.

(02:47):
And yes, to get back and answeryour question we have our days
of market.
Our, I.
Is actually about 1.6 monthsnow.
Sorry, take that back.
Days on.
Sorry.
Getting all my, getting all mystatistics mixed up here.
So our months supply, which isour inventory for the homes on
the market is just about 1.5, alittle more than 1.5 months.

(03:08):
So a month and a half ofinventory, a balanced market.
Nationwide.
And of course in the tryout aswell is about three months
inventory it's actually three tosix three months will get us to
that.
If you wanna call it tippingpoint of balance for, you know,
again, an even.
Balanced market where we'd haveas many buyers as we do sellers
and and of course that thatstretches out as far as getting

(03:29):
our days on market a little bitbetter than where we have been.
Days on market today are aboutnine, nine days, and our
historic lows were right atabout one.
You know, back in 2021, we were,we were firing houses out as
quick as we could get'em on themarket.
But that again has uh, haschanged a little bit.
So we are balancing out again,days on market, right about
nine, just a little over ninenow, and which helps, which

(03:51):
helps when you talk aboutbalancing a market, that means
it brings us out of thosemultiple offer scenarios and
people.
Not being able to get any sellerconcessions or help with seller
paids close costs, but it alsokeeps people from having,
typically having to pay anadditional amount over and above
the asking price or appraisedvalue to, to get the home.

(04:14):
So it's balanced and, and whatthat means is it's good for both
sellers.
And buyers.
Correct?
Correct.
Yes.
Thanks for clarity on that.
For sure.
Because yes, we are creepingback into, and we, I mean, it's
weird to say that where we stillare, you know, statistically
well into a seller's market, butseeing, you know, again, boots
on the ground, ha being out herein the in the field on a daily

(04:36):
basis, we are seeing, again,concessions coming back in.
Mm-hmm.
we talked last week about thetwo, one.
Reduction there for the Yeah,the two one buy down.
Yeah.
Two, one buy down for the, forthe, for the mortgage.
One of the latest mortgageproducts that are out there.
And again, reminder on that isit's basically that the seller
has a concession to quoteunquote fund the two one buy
down for two years.

(04:58):
First year you'll get 2% lessoff your interest rate.
Second year you'll get one.
And then third year you roll upto the rate that you've actually
qualified.
Right.
Yeah.
So we're seeing a lot morethings coming back that we
didn't have before.
Mm-hmm.
and even though it's stilltechnically, you know, air close
the seller's market, we were insuch an extreme seller's market

(05:21):
mm-hmm.
that any movement towards buyersis a, is a good thing right now.
So we're.
We're moving towards that.
So all good sign.
Yes.
So more, more days on market,more houses on the inventory
than we've had, so moving in theright direction.
Absolutely.
And with that, our, our pricesare still holding steady.
So we are at an average about308, 300$9,000 average home sale

(05:42):
here in in our.
Which is a try it here again inNorth Carolina.
Mm-hmm.
So so yeah, where we're goingwith all that the statistics and
Gina, well, before we go withthat so our interest rates,
again with all the ups and downswe've had here in the last
couple of weeks.
Were a little bit less thanseven today.
Well, so last week we had, youknow, the biggest recorded

(06:05):
single day.
Drop and mortgage bonds or, andyeah.
Mortgage bonds, which thatequals into, you know, a rate
drop, so, mm-hmm.
So for single days, yeah, thatwas the biggest one we had over,
you know, like a 200 basis pointdrop, which sounds like a lot,
but it's, it's really like maybea half a point, percentage
point.
And the rate, so, and the ratesare gonna depend on the average

(06:28):
rate.
It's gonna depend on what typeof loan it is, whether it's a
conventional.
Credit scores and all that, soit's hard to give an, an exact
rate.
Sure.
But, you know, we were goingfrom quoting rates in, you know,
mid sevens to upper sevens, tonow quoting high sixes, low
sevens, depending on mm-hmm.
the loan that we're looking at.
I mean, I've, I've had a coupleloans, like I've blocked one

(06:49):
loan that was, you know, 6.6,6.875.
So we're.
We're moving down.
It's moving in the rightposition.
Sure, sure.
We did have a little bit of abounce back yesterday, maybe
Monday, beginning of the week.
We, we lost a little bit of thatgame, but not, not a lot.
So it's interesting to see, andthat, that happened because the

(07:11):
inflation data came in.
Mm-hmm.
Better than they expected.
Absolutely.
Quite a bit better than theyexpected, so.
The actually mortgage bonds andregular bonds both reacted to
that.
So that's a move in the rightdirection.
I just dunno if it's gonna holdor not.
Hopefully everybody's, everybodyin the mortgage industry is, is
begging for it to please hold sowe can get outta this

(07:34):
environment right now.
But yeah, so we are having signsin the, the right direction.
You know, it's just all gonnadepend on how the, what the Feds
do next.
Mm-hmm.
hopefully it continues to dothat.
Yeah, of course.
And and yeah, more big news.
We had we had the election,midterm elections last week, so
so they're still settling Iguess down.

(07:55):
Mm-hmm.
Figure out who, who won and wholost in a couple of states or a
couple of a couple sectionsstill out there, I think out in
the western part of the UnitedStates.
But again, I think that's youknow, depending on well I'll say
regardless of where it ends up,I think the election, the
anxiety a couple of things thathave you know, led up to our
crazy political, politicalenvironment right now.

(08:17):
Hopefully we'll just tame itselfa little bit and we'll just, you
know, calm down, get back tonormal, get back to normal
business, put the pandemicbehind us, like you said, gain
some consistency in.
In the world of mortgages, let'shope.
But again, a couple things thatwe.
Can do for that.
Again, or at least a couple newproducts.
We mentioned the two one buydown that's out there and
something that's not new.

(08:38):
But something that's been aroundfor quite a while is yeah.
The VA loans.
Yeah.
Again, since we mentionedVeteran Veteran's Day last week
again, the VA loans are, are,are a heck of a.
Good opportunity.
And the, you know, it's abenefit for, for the servicemen
service people service membersof the United States military.
And I, if, if I'm not mistaken,please correct me if I'm wrong,

(08:59):
Gina, but I think the VA canactually, or the VA members VA
loans, can actually use this twoone buy down as well.
Is that, Yeah, some lenders haveit.
It depends.
Some lenders will only allow iton conventional.
I know.
But yes, there are some lendersout there that will allow all
loan types.
I don't think U S D A is gettingsome action on the two one buy
downs, but I do have a productfor, for BA conventional and FHA

(09:22):
for the two one buy downs.
So, yeah.
So, and you know, rate with a VAloan.
VA loans are actually reallygreat price loans as far as rate
goes.
Mm-hmm.
government loans are, but VAloans, you know, have great
rates, so, sure.
The other thing that is reallyimportant right now on a VA
loan, that's going to helpborrowers in this rate
environment and in anyenvironment really, but VA loans

(09:46):
don't have.
Am I requirement or thatmortgage insurance require is
insurance?
Mm-hmm.
but the lender's insurance thatis placed on a mortgage with
less than 20% down.
So VA has that benefit.
That is a huge benefit becauseit's a hundred percent
financing, but have that extrapayment.
Which could be, you know,depending on your loan amount,

(10:08):
you know, a hundred,$200 a monthYeah.
And extra fees on your mortgagepayment.
So that's a huge savings.
It kind of helps make up withthe, you know, the rate
difference right now.
Yes.
Yeah.
Va VA loans are a good option.
They're, they're a hundredpercent financing.
They have great pricing on theirrates.
The other thing that's key withVA that I don't think a lot of

(10:30):
people realize, because not alllenders do it, but VA doesn't
technically doesn't have aminimum credit score.
Oh, that's right.
We, we talked about this beforeand that's correct.
Yeah.
So now the problem is going tobe finding a lender who will do
the lower scores.
Right.
Typically, the, the bottom thatI found is a 500.

(10:52):
Yeah, but that's, that's thebottom, and that's actually
lower than what I don't know.
Currently 90% of the lenders outthere will do a lot of them cut
off at that 5 8600 mark.
Mm-hmm.
But there are lenders that willdo it.
I have, you know, I, I, I'vedone those.
They will also, you know, VAalso allows manual underwrites,

(11:14):
so that's where when we run theautomated system and we don't
get that initial approval, sureit has to be manually looked at
by an underwriter and VA ispretty easy on, on doing those
manual unders.
So VA is really a good optionfor somebody with a lower score.
they, they're not as high ownerguidelines and Okay.

(11:37):
Which makes it easy in a sense,but can also make it harder in a
sense, because there's a lot of,if it makes sense mm-hmm.
for the borrower, does it makesense?
And sometimes you gotta find theright lender and the right
underwriter to utilize thoseguidelines.
Sure.
Because some lenders arestricter than others.
Some.

(11:58):
One, allow it.
They have overlays.
So for instance one of the, ifit makes sense is, is it putting
the borrower in a bettersituation?
So by buying the house or doingthe refi, is it reducing their
monthly payment?
Mm-hmm.
and putting them in a betterfinancial situation.
Maybe we're doing the debtconsolidation.

(12:19):
Okay.
It makes sense.
It makes sense for the.
To do that.
Yes.
Yes.
Same thing with like latepayments and credit history.
Mm-hmm.
you have an isolated incident onyour credit where it was a one
time thing, something happensand you've recovered from it.
Fee is a lot, lot more lenienton that kind of stuff.
Sure.
And other loan tides, they, theylook at the whole picture and,

(12:43):
and, and.
I got you frozen there on thescreen there, Gina.
And, and just to actually echosome of that stuff.
Yes.
I, I really, you cut out on me.
Oh, there you are.
Yeah, we just had, had a littletechnical snap.
I think it's the wifi here.
Whatever it must be.
The cold weather.
We'll blame it on the coldweather.
There you go.
We can edit that out.

(13:03):
Absolutely.
But but yes, as you were going,you froze there on the screen
for a second, Gina, but I thinkwhere you're going there was I
guess leading into, againisolated incidents as far as you
know, credit issues that mayhave.
Dti, if I'm not mistaken, theyes.
VA loans have a, have a littlebit of a different ratio there,
which again, is beneficial for,for the service members, for the
VA recipients.

(13:24):
Yeah.
I think is actually pretty highon va.
So VA doesn't have a max debt.
DTI means debt to income ratio.
Mm-hmm.
how much debt do you have versusyour income?
So when I run it through theautomated system that we use
for.
If I get an approved eligible, Ican.

(13:46):
I can go with it.
I can use that.
Whether it's the debt, you know,the DTI is 43 or 55 or 62, it
doesn't matter, right?
If I get the approved eligible,I can use it.
The one thing with the VA thatyou have to make sure though, is
that you.
What they call residual incomeand residual income is, the

(14:07):
simple answer is just basicallyit's enough income left over
after your payment.
Mm-hmm.
to do basic live stuff,utilities, things like that.
So VA counts that so, As long asyou have that residual income
and I get the approval throughthe automated system, it doesn't
matter what the DT is, as longas there's not a lender overlay

(14:28):
on it, I've had them as high as62%.
Now, just to give everybody areference, FHA is the next in
line to be most to be lenient,and they will go up to.
50 56 and some change, like56.99% dti.
Right.
Conventional has a hard stop.
Mm-hmm.
at 50.

(14:48):
If it's over 50, it's, it's not,it's not going through.
And U S D A is, is a littletougher there.
Not necessarily hard stop, butyou're looking at 42, 40 3%.
So VA is definitely the mostlenient.
That kinda stuff.
Yeah, absolutely.
Great, great.
And, and of course, you know,the the super highlights, I mean
the things that most, or Ishould say, one of the things

(15:10):
that most of the va members orfolks are going with this
product is as you mentioned, ahundred percent financing.
So VA.
In most cases won't require anydown payment.
Of course, I know there's someclosing costs and things that
that, that could be incurred.
And typically as a buyer I'drecommend all of my clients to
go ahead and do theirinspections.

(15:31):
All of the closing costs that,that come along, you know, with
purchasing the house.
And, and, and I, I know you're,you're itching to tell me that.
Yes.
A lot of those.
I would say a lot, some of theclosing costs can actually be
financed with the VA loan.
Mm-hmm.
Very uncommon with any of theother loans that are out there.
So in most cases, we'll we'll,we'll, when we have folks buying
houses now we'll ask them ifthey want to pay for some of

(15:55):
their closing costs andinspections to, I should say,
including the inspections and soforth at closing where some
other lenders will require youto pay for.
At the time of service wherethey won't allow that to happen
at closing.
Appraisals, you know, are, are,are standard nowadays and those
are typically taken care ofahead of the closing table
itself.
But again, I believe, if I'm notmistaken, I, I think the

(16:18):
appraisals can actually rollover into or being paid at
closing versus being paid.
So, yeah, they are actuallytechnically on a ba they're,
they're paid up front cause theystill have to be paid.
But typically what happens isthe lender carries that they pay
until closing where the borrowerpays for it.
So good.
Okay.
It just kind of, that kind ofdepends on the, the lender and

(16:39):
how they're set up to do it.
Yeah.
So there are a lot of reallygood benefits about a VA loan.
Mm-hmm.
now with every loan, there arenegatives.
Sure.
And that to me there is, thereis one negative on this loan,
and we're, we're a positiveshow, Gina.
So be informative.
Absolutely.

(17:00):
You know, you need to know whatyou're getting into.
Yeah.
And I'm the mindset that I wannagive the best loan for the
person in their situation.
What do they need?
Mm-hmm.
even if somebody qualifies for ava, it might not be a va.
It might not be the best stepfor'em.
Absolutely.
It could not be.
It just depends.
And the, the, one of the bigdeciding factors for me on that

(17:22):
is the funding thing.
Mm-hmm.
there is a funding fee.
It's, it's part of the VA loan.
It's standard now.
You know, if you're doing ahundred percent financing, you
probably don't have the money.
You know, you may not have themoney to put down on it.
It's still, it's still a decentloan if, especially if it's your
first time using.
Now, the funding fee can beexempt if somebody has is, is

(17:43):
disabled through.
The va if they have it, if theyare technically disabled and
it's on their certificate ofeligibility, that's the best,
like that is the best VA loan iswhen somebody's exempt from the
funding fee.
Perfect.
I love that loan.
Yes.
But if they're not exempt, thereis is a funding fee and.
It, it gets, it's not asexpensive on the first time they

(18:04):
use it, but if they're usingtheir benefit the second time or
third time, it starts gettingmore expensive.
Mm-hmm.
it, I think on a subsequent use,which means a second use, it's
3.6%.
Oh, okay.
So it, it's a pretty good chunkof money.
Now it is financed Dan, but ifsomebody's using it for the
second time, that's where Iwould come in and say, okay.

(18:27):
Let's look at the cost.
Let's look at what you have,what you wanna do.
Mm-hmm.
and is this the right choice foryou?
Mm-hmm.
So you just need to be aware ofthe funding fee that, that, that
is there.
And is that also I'm guessingthat's also there when you
refinance, is that, is thatcorrect?
Yes.
If a va, if a veteran was torefinance with the same loan
product, then again the fundingfee would also be in place.

(18:48):
Yeah.
And that would be considered asub.
Ah, 87, I believe.
Yeah.
Gotcha.
Gotcha.
Okay.
Well, fantastic.
Well, again you know, benefitsfor, for veterans and, and using
the va loan are certainly there.
You know, so if that is a ifyou're eligible, I should say
for the va loans and, and, andthe benefits, please reach out

(19:09):
to your, your.
If you need to reach GinaMillaway, please, the
information is down below.
But, but again contact yourlenders.
Contact your realtors.
You know, a lot of us haveexperience.
I am a veteran myself.
And I do have a VA loan on thehouse that I own now.
So you know, again, reach outand talk to a professional and
just to make sure that, youknow, again, this might be the

(19:29):
best thing for you and it mightnot.
And a trusted individual willtell you again what the options
are and, you know, and guide youthe best we can.
And again, and the end, theoption and the choice is usually
yours.
Yeah.
Absolut.
So you should always, yeah, youshould always ask and, and, and
know what options are out there.
Don't, don't always assume oneis better than the other.

(19:50):
Mm-hmm.
or you qualify for one, youknow, ask questions.
This is your loan, this is yourprocess.
And good.
You want to make it the, thebest possible choice you can.
Sure.
To build your, start buildingyour wealth with home ownership.
And that's, mm-hmm.
that should be the goal of everylender is to help that borrower.
Move forward and buildingwealth.
Absolutely.

(20:10):
So with that, we're also gonnalean right back into again you
know, getting back and touchingwith our inventory, I should
say, touching back with whereour inventory is.
Reasons for purchasing either anew home brand new construction
or, you know, an existing.
And existing homes are, again,homes that are already in the,
in the ground.
Something that you are nothaving built.

(20:30):
And and again, are therebenefits with either of those?
And again, that that comes downto your personal choice.
We would recommend in allsituations to go ahead and speak
with a lender up front and getsome information on what is
available out there.
I like doing that and I instructmy clients usually to do that
before we go in and speak to youknow, the folks at the model
home in, in the new.

(20:51):
Sure reason, reason being youknow, again, if you have a
veteran or if you have, again,an experienced lender out there
that may have a few differentoptions for you which may be
more beneficial than what thebuilder has to offer.
Builders do have a number ofdifferent.
Products that are out there.
Now, typically they're offeringa discount of some point.
Sometimes a percentage point.

(21:12):
I've seen'em up as high as 2.5%reduction on the purchase price.
If you're using the builder'slender.
And again, it all comes down tomath.
And you know, if, if you save2.5% upfront, but your interest
rate is say three three quartersof percentage point higher, you
know sure you'll have that 25 or2.5% savings for a period of

(21:36):
time.
But again, the higher interestrate will eventually consume
that.
And and then again, you'll be,you'll be dealing with with
higher, you know, highermortgages and higher costs.
But again, that's something thata, a qualified lender will be
able to tell you again up front.
And I, I, I've seen lenders and,and Gina, if it's, if you know,
not to, not to put words in yourmouth, but we have come to Gina

(22:00):
and said, Hey, can you help ushere in this situation?
And again, Gina, with all herexperience and, and her wealth
of knowledge along with the bigbag of products that she has
unfortunately we couldn't getany better than what was being
offered to the individuals inthat one specific instance.
I think that's the only specificinstance, Gina, that we've ever
had that, that you couldn't doany better than that.

(22:20):
But but again those are theoptions and, and those are the
folks that you need to contactagain, your realtor, your
lender, and when you're dealingwith the new homes folks.
Having a realtor with you isadvised.
Okay.
Oh, absolutely.
And they expect that.
They expect you to have somebodycome in with you.
It's not.
It's not.
Yeah.
That's part of it.

(22:41):
And you know, and then comingback to the, choosing the lender
and, you know mm-hmm.
maybe the scenario where Ididn't have the better deal or
mm-hmm.
the borrower.
That is, that is a big thingfor.
I, I'm not going to put somebodyin a worse situation so I can
close the loan.
Absolutely.
It's not the way I work, it'snot the way I do things.

(23:01):
If, if another lender or anotherdeal is a better option, I'll be
the person to tell you like, Ilove to help you.
But you know, that's, that'swhat I would do, you know, so,
yes.
I try to be really upfront andhelp people understand what
they're getting in and whatthey're looking at.
Yeah.
Versus trying to sell them tocome over to me cause I may not
be the best option.
There's, there's a lot ofdifferent products out there.

(23:24):
Absolutely know your options,know what's out there.
Talk to people who know, youknow, know the products and know
how to explain it to you.
Yeah, yeah, absolutely.
And, and, you know, we don'twant to deter folks from, you
know, again, doing doing theirdue diligence by all means.
And You know, at the same timewe we're encouraging even more
of that, especially when itcomes down to the financing.
In today's world, we are, youknow, again we're much higher

(23:47):
than we were two years ago.
By no means are we, you knowsuper high on our interest rates
historically.
But again, recent history wherewe were three, you know, 3% year
and a half ago, two years ago ofcourse we're significantly
higher than that.
So so put your trust in, in, in,in the folks, the professionals.
And you know really findsomebody you trust and, and if
it's not the first person youlook to that you don't, don't,

(24:10):
don't trust or have some sort ofa just a feeling, you know,
again, you're not tied toanybody as far as dealing with
something until, you know, we,we do get under agency deals
and, and, and make sure that wefit with each other.
And again, trust is a huge thingout there.
And, and Gina, you know, I'lltell everybody out.
You know, I trust you with, withall of my folks I bring to you.

(24:31):
And and I have yet to haveanybody dis dissatisfied, knock
on this wood, wooden door backhere.
But but that, that, that shouldnot happen.
No, it should not happen.
I mean, that's with design, youknow, with design, it's, it's on
purpose, so, absolutely.
Absolutely.
So again, you know, theinventory is creeping up a.
And across the nation we aren'tclick, we are not.

(24:54):
Clicking up as quick as youknow, some places are our, our
industry is still moving at arapid pace.
So of course we have slowedsomewhat, but but here in
Greensboro we're still, youknow, again, average days in the
market I think is just, justover nine days is what we just
said.
Which again is, is stillfantastic.
So if you are in need of sellingand or buying and or investing

(25:16):
please reach out to the.
To the trusted professionalsthat you know now and see
whether or not there's somethingthere.
And again, the options that areavailable are existing homes, of
course, and we've got new homes.
There are a couple of newdevelopments that have popped up
in our area.
which are using their owncreative ways of getting folks
into houses Something that folksmay or may not be interested in

(25:38):
or may or may not be aware ofeither.
I have one builder that isactually opening up an opening
up a new phase in theirneighborhood, and they're
actually incorporating a.
With that.
So again, just because of wherewe are in the United States,
again, Piedmont Triad here ofNorth Carolina we are still, you
know short on homes and we'vegot phase, I think this is three

(26:02):
or four, I can't remember whichone it is coming up in this
neighborhood.
But of course we have hundredsof folks that are looking for.
One of the 32 or 34 lots thatare available.
So again, great opportunity toget into another brand new
house.
But again, it, it, as we telleverybody, it may not be the
right thing for you.
Again, you know, it's just alottery and granted, if you're

(26:27):
not in, you can't win.
But at the same time you know,it may not be for the faint of.
No.
It, yes, you know, I mean youknow, if you, if you've been
looking hard and heavy for thelast couple of years, and then,
you know, looking for that lastgolden ticket, which is a
lottery you know, we certainlydon't want folks to get
disappointed to put them out ofthe market.
Which, you know, again, is just,you know, if, if, if buying a

(26:49):
new home and getting a new homeis for you, and we are in the
right position to do so.
We'll do it.
And there are different optionsout there.
Yeah.
The lottery seems really, itjust seems really, how, what's
the word?
Like, dirty.
Like not Okay.
To me.
Like, doesn't feel right.
You know?
Yeah.
Yeah.
Sometimes I wonder if that's away to.

(27:11):
With new build cells kind ofslowing a little bit.
Mm-hmm.
Cause we're starting to see moreof those signs on the side of
the road.
They're offering moreconcessions now.
Yes.
Is it, is that a way to kind ofgin up activity, make it
desirable like you're gonna missout if you don't put your offer

(27:32):
in and then they pick and choosethe offers that they get in?
Yes.
Well, I think it's, I thinkthere's a couple of different
things there and a coupledifferent ways to look at it.
For sure.
Number one the lottery may bebeneficial to others who don't
have all that savings in theirchecking account.

(27:52):
What I mean by that is, youknow, if a homeowner just wanted
to go out there and, and we knowthat home prices have, you know,
accelerated in the last coupleof years, but if a new, new, new
homeowner or buyer wants to goout there and say, Hey, I'm
interested in buying a house.
Well, fantastic.
Fred and Mary next door herehave, you know,$27,000 that

(28:13):
they're willing to put down, youknow, on this lot.
And you have to compete withthat.
So there's, there's a little bitof an unfairness.
That has certainly crept in or afeeling of unfairness, I should
say that has crept in in thelast couple years where again,
folks you know, that may nothave, you know, the 15% down
payment may have just a 3% downpayment that are required.

(28:36):
And most loans, or some of theloan products, three to 5%,
maybe even 10%.
But you know, the.
Builders are, you know aretrying to cooperate.
I, I would say with the marketwhere, you know, folks folks
need to have a fair shake justto get, just to get in the door.
Yeah, I agree, but I'm skepticalthat it's happening that way.

(28:57):
Hat, exactly.
That's the first that comes to,to my mom.
Yes.
You know, just seeing, like,knowing the, the industry and
builders and people, like, Ifeel like it's just a marketing.
Strategy?
Like does, is it reallyhappening?
Like if, if, are they looking atoffers?
Are they really pulling namesout of a hat?

(29:20):
Like how does that work?
Like I want them to do thisonline.
Well, yeah.
Wanna know?
I do have, I, I am gonna bevisiting with this individual or
at least the, the sales rep forthis neighborhood beginning of
next week.
So our next podcast will have anupdate on that as far as, yeah.

(29:40):
Have a name drawing ceremonywhere we can, yes.
Is it gonna be Facebook Live orsomething?
Yeah, I, yeah, there's, there'sno.
But but it's certainly gonna beworth I guess you know, checking
into and, and, and the buyers,my buyers that are interested
here, of course love the areathey grew up in the area 27 4
oh, which is NorthwestGreensboro.
They have kids now and they wantto get the kids in the same

(30:02):
school system that they were in.
And at this point where we havebeen, you know, looking at homes
that just aren't, you know, upto par with what it is, it
doesn't check all the boxes.
These guys are looking into, youknow, again, potentially new
construction.
And being a younger couple,again, not, not, not having the,
you know world at theirfingertips as far as their
savings go, but you know, havinga good down payment, their best

(30:26):
opportunity to get into a newconstruction in the zone or in
the school zone that they'relooking for right now.
This may be one of the bestopportunities they're gonna have
for, say, another six or eightmonths, maybe even another year.
And that's on the newconstruction side of things.
We just have to follow that, seehow it, see how it'd be
interesting to see how it playsout and works.
Yeah.
I I, I'm interested to seemyself.

(30:47):
Yeah, I know.
You know, like, find out thelottery is happening, find out,
you know, tell'em they need to,You know?
Yep.
Make this live.
I wanna see somebody pullingnames out of a hat.
Yes, yes, yes, yes.
Absolutely.
You know, and, and we'll get,we'll get that follow up next.
Right.
Cool.
That's fantastic.
So again you know this has beena great week, or the weekend has

(31:09):
been fantastic with Veterans Daycoming coming to a close.
You know, the elections lastweek again I I hope your folks
won whoever they might be.
And and I know, I guess we gotone runoff, I think is what we
heard this year.
So Georgia again, but regardlessyou know that's gonna be that's
gonna be just how it is.
And, and we'll we'll get theresults like everybody else does
when, when they happen.

(31:29):
So well, all right.
To kinda summarize and wrap up,we're gonna wait next week to
hear what, what the builder hasto say about the lottery.
Make sure you guys areexploring.
All of your, your options whenit comes to lending, stay on top
of your market and talk to alocal expert.
Absolutely.
Absolutely.
And and with that, I think weshould bid our at two and get

(31:50):
the fire going because again,it's only supposed to be like 46
degrees today.
And again, apologize for thoseof you that are dealing with the
twenties and thirties out thereright now, but again stay warm
guys and we'll be talking toyou.
Thanks.
Have a great too.

All Episodes

Episode Transcript

Popular Podcasts

Bookmarked by Reese's Book Club

On Purpose with Jay Shetty

Dateline NBC