February 13, 2025 • 24 mins
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Pete Heim is back this week!! This episode explores the evolving landscape of real estate as we shift into spring, highlighting seasonality, increasing listings, and changing buyer dynamics, all influenced by interest rates. It addresses concerns about buyer qualifications, market sustainability, and the challenges faced by first-time home buyers, stressing the need for education and proactive strategies.
• The market is experiencing seasonality and increasing activity as winter ends
• Year-over-year comparison shows a rise in listings in January 2025
• Financial quality of buyers is lower, with some needing seller assistance
• Interest rates are currently hovering near 7%, affecting buyer behavior
• Average sale price has increased significantly year-over-year
• Expired listings reflect market conditions, not failures
• First-time buyers express concerns over the home buying process
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Welcome to The Brad Weisman Show, where we dive into the world of real estate, real life, and everything in between with your host, Brad Weisman! 🎙️ Join us for candid conversations, laughter, and a fresh take on the real world. Get ready to explore the ups and downs of life with a side of humor. From property to personality, we've got it all covered. Tune in, laugh along, and let's get real! 🏡🌟 #TheBradWeismanShow #RealEstateRealLife
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Here we go.
From real estate to real lifeand everything in between the
Brad Wiseman Show and now yourhost, brad Wiseman.
All right, we're back.
We are back.
Whether you like it or not,we're like a dirty penny.
You know, we just keep comingback, keep coming back.
(00:22):
Yeah, so we're going to talkreal estate today, something a
little different for us.
We don't always talk realestate, but of course, once a
month you know who's here in thehot seat is Pete Heim, and he's
here to talk some real estatewith us.
Speaker 2 (00:34):
So Pete how you doing buddy, Speaking of dirty
pennies.
Speaker 1 (00:35):
Yeah, speaking of dirty pennies, Just dirty period
.
Speaker 2 (00:38):
Just dirty period.
Good to see you, man.
Speaker 1 (00:40):
Yeah, you too.
It seems like it's been longerthan a month, right, it feels
that way.
Speaker 2 (00:44):
Yeah, it's weird, but it has been.
It's been a month, right.
A month, right, hugo, that'sright.
Speaker 3 (00:49):
Yeah, Hugo knows.
Speaker 1 (00:50):
Yeah.
So what are you seeing going onas overall?
I mean, now 2024 is in the rearview mirror, we're now in
February and weather sucks, yep,but we're in February.
But what are you seeing?
I mean, are you seeing anysigns of spring market?
Are you seeing more listings?
Are you seeing more buyers?
(01:11):
What are you seeing?
Speaker 2 (01:12):
I see seasonality.
Speaker 1 (01:14):
Seasonality.
Speaker 2 (01:15):
Yeah, I think we're coming back.
Speaker 1 (01:17):
And also, do you think that's because of just the
market is doing that, or do youthink it's because we actually
have a winter?
Speaker 2 (01:25):
No, you think it's because we actually have a
winter.
Speaker 3 (01:26):
No, I think it's because we actually have a
winter, yeah, which we haven'thad exactly what?
Speaker 1 (01:29):
four or five years.
It's been a while.
Yeah, it's been a while, sincewe've actually, you know, and
you know how I always like wehave not seen green grass for a
while.
Yeah, and, and, and the lastcouple winters we've actually
had green grass.
We've we've had like a, asustaining of of of fall, yeah,
uh, and, and then it just wentright into spring.
Speaker 2 (01:46):
So this year we're having a winter, we're actually
having appointments set up andthen canceled again.
Speaker 1 (01:50):
Yeah, and, by the way , we're in the Northeast here,
in case anybody's listening anddoesn't know where we are, we're
Northeast, we're inPennsylvania and we're in the
Southeast Central part ofPennsylvania and we have a
winter this year we have awinter winter.
Speaker 2 (02:04):
This year we have a winter.
Yeah so yeah.
But now we're back to actives.
Speaker 1 (02:06):
Again, we're at 360.
Yeah, 359, by the way Justcheck five minutes ago.
Speaker 2 (02:08):
Oh, okay, well, that was your update, we lost one
which?
Tells me about pendings.
Yeah, no 359, 360.
Speaker 1 (02:15):
But it's hovering in that area it is.
We'd like it to get back up tothe 400 range if we could Right,
but I thought for today.
Speaker 2 (02:22):
I thought it'd be nice to compare the two
Januaries.
Oh, good idea.
I had 2024 versus 2025 Januarywhich is interesting.
What do you got?
Do you know why I love justlooking at January?
Because it's easier on me to.
There's been 291 listings sofar this year.
Speaker 1 (02:39):
Oh, got it, so yeah.
So it's just this month, thatmonth, that's it.
Speaker 2 (02:42):
So when I have to do February, it's like, oh, I'm all
messed up.
Speaker 1 (02:45):
Yeah, right, so it's 291 listings, that's it.
Speaker 2 (02:48):
There's 291 listings so far this year, but our total
at that moment was 358.
Now you said there's 359 activeRight yeah.
But that within minutes.
That changes right, of course.
So we're at 291, at 358 is forthe month of january.
(03:11):
January of 24, we had 279listings oh interesting which is
a few less.
Speaker 1 (03:13):
Yeah, a few, yes, which went 333 total.
Okay, well, still a few, that'sless.
Speaker 2 (03:15):
So it is trending upwards very slowly, but it's,
it's trending.
Yeah, it's amazing.
I think that's an indication ofwhat's coming.
Speaker 1 (03:22):
Yeah, I think so too, and we're starting to see I
don't know if we're we'restarting to see some of the
buyers.
For me, the quality of thefinancials of the buyers is
definitely changing.
We've talked about this beforeand then everybody said, like
Hugo asked me before we wentlive why is that?
Why is it changing?
Why are the buyers needing,maybe, a seller assist, or
(03:45):
they're just not as qualified asthey've been in the past three
years, and I don't know if it'sbecause the good buyers have
already bought Part of it, or isit because those buyers are now
out there going look, I'm goingto grab onto something now,
when maybe there's not as muchcompetition out there?
Speaker 2 (04:03):
That's right, and it's a good time to do that
right now.
Speaker 1 (04:05):
Yeah, exactly.
So it's interesting, and Ithink it's both, brad, I think
it's both.
Yeah, I think so too, and I andI still wonder do we have a lot
of buyers in the sidelines thatare waiting for this um, um,
this, this um pot?
You know, like, uh, what theycall?
It's not pot, what the hell?
That didn't sound good, did it?
Well, this show is going to pot, I'll tell you, holy shit.
(04:27):
No, but the, the um, what dothey call it?
Like the gold coins at the endof the rainbow, like I think
people are waiting for the ratesto come down.
Pot of gold, yeah, yeah, that'sit, pot of gold, not just pot.
Holy crap, you can tell wedon't edit this show.
Speaker 2 (04:38):
Oh, my God.
Speaker 1 (04:39):
Just make it TH, get thc instead.
Yeah, exactly.
Yeah, I use it for my backactually.
Um, but the no, but seriously,there's the pot of gold, thank
you.
Yeah, and the pot of gold wouldbe that they're looking for
that, thinking the rates aregoing to come down, yeah, and I
think there's buyers on thesidelines I don't think that I
do so too.
Speaker 2 (04:55):
Yeah, but it's, we're at seven, right?
Speaker 1 (04:57):
or seven percent.
A little bit under sevenpercent, yeah, a little bit
under you know it's.
Speaker 2 (05:01):
it goes back to like we you shouldn't do that.
You shouldn't buy or sell basedon an interest rate.
You do it when you need toSpeaking of that?
Speaker 1 (05:08):
have you heard the rumble?
Yeah, I'm starting to hear thatthey don't think the rates are
going to go down much this yearBecause of the Fed thing, I
think so, even though we try tosay that the Fed rate does not
directly affect it, but itindirectly affects it.
It does directly affect it,right, but it indirectly affects
it, does it's so, yeah, so Ithink they're saying now that
the rates are probably they weresaying before like high fives
(05:29):
by the end of the year, they'resaying pretty much it's going to
be hovering around six and ahalf the whole year, yep, so
don't wait, I'm feeling that.
Speaker 2 (05:36):
Yeah too.
Yeah, I know you are yep um hey.
But going back to januaryversus january absorption, it's
interesting.
Absorption is up 0.1, which itdoesn't sound like a lot, but
last year it was one month.
Speaker 1 (05:48):
Yeah.
Speaker 2 (05:48):
This year it's 1.1 months, so that means they're
hanging on a little bit longer,especially the higher price
stuff.
The higher price stuff isreally taking longer.
Speaker 1 (05:59):
And what's that?
Because of rate, because, ofrate.
What that did?
The rate has taken morehigh-end buyers out of the
market it has yeah and there'sless of them, yeah, so that's
why um pending sales are down.
Speaker 2 (06:12):
Last year was 272, this year it's 267.
Interesting for the month ofjanuary because we, I think,
because we have a winner yeah, Ithink so, I I totally think
that's so sold, you're about thesame.
We're 232 this month and lastyear this time it was 23.
Sold are about the same.
We're 232 this month and lastyear this time it was 236.
That's about the same.
Yeah, it's pretty much Averagesold price.
Speaker 1 (06:32):
What's that?
I'm interested to hear thisnumber.
Speaker 2 (06:33):
Last year it was 278,137.
This year it's 301,345.
Wow, that's 8.3% increase monthover month.
Speaker 1 (06:43):
Wow.
Speaker 2 (06:43):
Well, year over year Year over year, year over year.
The first month year over year.
Speaker 1 (06:46):
Yeah got you.
That's crazy, that's a lot.
Speaker 2 (06:49):
That's January.
That's a lot.
That's a lot.
8% is a lot, because we were at5.85% total last year.
Wow, so that's a lot.
Speaker 1 (06:57):
That's not what.
Whole lot of change, yeah.
Speaker 2 (06:58):
No, but what's interesting about that?
If you look nationally, there'sa lot of change.
Speaker 1 (07:02):
There is a lot of change.
There's a lot of change.
There are people talking aboutexpired listings.
They're talking about, you know, the second agent that gets it.
What's the percentage of the ofof decrease in price, when the
second agent we don't?
We're not having thatconversation yet.
Speaker 2 (07:23):
No, and I don't think we're going to.
I checked the expired listingthing at the at the beginning of
the year.
Speaker 1 (07:27):
Yeah, I thought you know expired listing, by the way
, just so everybody knows whatthat means.
That is basically.
No, we talk about this stuff.
It doesn't mean the house blewup or that it died.
No, you're the house expired.
No, what it means is that theit was listed for a certain
amount of time, that it waslisted for a certain amount of
time typically four to six tomaybe a year long or whatever it
is and that agent wasn't ableto get the job done for whatever
(07:50):
reason, and now they're goingto a different agent, or they
might go to a different agent.
Yeah, depends, yeah.
Speaker 2 (07:56):
So I checked it.
There was out of 111 of themthat were like on January 1,
only 11 of those were actuallylisted with a realtor and they
didn't relist with the samerealtor or they just didn't do
it, so 100 of them either wentwith the same guy or there were
(08:16):
new construction models that hadto be re-upped and stuff like
that, and that plays part of it.
Yeah, so there's really, ineffect, 11 expired listings in a
county that has, yeah, well,right, I mean, 360 listings.
Yeah, but it's just, it'sreally small.
Yeah, it's very small, verysmall, it's really small.
Speaker 1 (08:32):
It's a very small, very small.
I remember that number used tobe oh my God 60, 70, a hundred.
Speaker 2 (08:37):
Yeah, yeah, sometimes yeah absolutely so.
Speaker 1 (08:39):
do you have anything else January?
That's amazing.
So the numbers really are notcrazy.
The only craziest numbers theappreciation number.
Oh, bro.
Speaker 2 (08:49):
And this is where if is it worth 4% appreciation
since 2019 statistic.
Speaker 1 (08:54):
No, is that for nation, nation?
Speaker 2 (08:56):
Wow, we were just under that.
We were at 56.9 or something.
Speaker 1 (08:59):
From 2019 to now.
Speaker 2 (09:02):
Yeah, you've got 56% appreciation Nationally.
What'd you say locally?
56.9 or something.
It's close, holy crap.
And then you ready.
It's amazing.
Since 1991, the year I gotmarried.
Okay, 321.6% appreciation.
So what the stock?
Speaker 1 (09:22):
market do since then?
Should I wait?
I don't know.
You should check into that.
That's a really good question.
We should look to see thatright.
Yeah, that's right.
You would think Hugo would havethose numbers, hugo, do you
know that?
Speaker 3 (09:31):
No, no, I don't think it's that high, though I don't
think it is either.
Speaker 1 (09:35):
No, I don't think it is.
I mean, like we could ask Matt,I'll look at that Like.
Speaker 2 (09:37):
Matt might know and stuff.
But you know, I don't know.
Speaker 1 (09:39):
That's a really good thing to know, let's look into
that, maybe we'll do that nextmonth.
Next month, that's a good oneto know, because it'd be
interesting to see 1991.
1991.
Wow, that's incredible.
Speaker 2 (09:53):
I'll look that up.
Yeah, yeah, but I mean time inthe market beats timing the
market.
For that reason, say it againso your time in the market, so
once you get started in themarket, beats timing the market.
You're never going to time themarket, you're not going to do
it.
It goes back to just getstarted.
Yeah, you got to jump in.
(10:14):
2024 was 5.85% appreciation.
They're saying it's going to be3.78 this year.
Following year is 3.6.
The following year is 3.7.
The following year is four.
The following year is a littleover four.
So if you bought a $400,000house in in, you know five, in
2024, your house is going to beworth 483,000 six years later.
(10:37):
Wow, that's amazing.
So that's what that means.
So should you start?
Yeah, I think you should start.
Speaker 1 (10:43):
Well, that's like I keep telling anybody that I come
across with buyers.
I'm like this isn't going tochange, there's not going to be
some cliff.
We're not racing to some cliffright now.
You know, the cliff is so farout in advance, in fact, I don't
even know if it's there.
I mean, it's funny because Ijust think that people feel that
(11:04):
2008 is going to happen again,and why they would want it to
happen again, I don't know.
But you know, that was a huge,huge deal and it was a once in a
lifetime.
I think that happened.
Speaker 2 (11:16):
It won't, it won deal , and it was a once in a
lifetime, I think that happened.
It won't it won't Because itwas a lending crisis.
It was, that's right.
It was not a house crisis.
It's just that the lending partwas attached to houses.
Yep, it was a lending problem.
Yeah, absolutely, and theyfixed it.
Speaker 3 (11:28):
Yeah that's fixed.
Speaker 2 (11:29):
They went back to the higher regulations and stuff
like that on making sure aperson can actually afford it
not not loaning 103 of the price.
Yeah, I mean all that's goneand I'm still hearing.
Speaker 1 (11:39):
Oh my gosh, I just heard a, a podcast.
It was a podcast.
It was a guy that was liketalking on on like a live thing
on on facebook and he wastalking about, um, you know, the
black rock buying up all theseproperties.
I, I just, I just don't.
I don't know where that comesfrom, I don't know.
I, I mean, I, we have you soldone house to black rock, it's,
(11:59):
it's not, it's.
I mean, I don't know if it'shappening in new york city or
philadelphia.
Speaker 2 (12:03):
It's happening, but I don't think it's happening on
the scale they're saying it'shappening.
What was the 87 of theinvestments are mom and pops.
Yeah, the rest of them arecorporate, and corporate doesn't
even mean black rock no, itjust means like, like dana or
not dana, oh my god dana.
Speaker 1 (12:17):
Oh my gosh, dude, you're dating yourself.
Dana has been gone, has out ofthe business.
For how long?
Stop.
And actually hugo thought itwas some chick.
You were dating back before youmet michelle.
It's like dana.
Does michelle know about danathat?
Speaker 2 (12:33):
was an old truck body corporate.
Yeah, anyway, carpenter,carpenter, they, they buy houses
for people transferring in andout.
Yeah, yeah, that includes thatnumber, that's 17 or 13 of
whatever.
So, and then black right lock,and those big ones are like what
point one?
Speaker 1 (12:49):
yeah, one percent.
It's not affecting the market.
Let's put it that way.
Speaker 2 (12:52):
No, it's not affecting the market and you
said it before and we've hadrates forever but it's housing
for people, it's creatinghousing.
Anyway, you're still renting.
Speaker 1 (12:59):
I know it's not like, it's like it's not like it's
taking it off the market, right.
If they, if, if somebody wasbuying the property and just
holding it and not lettinganybody live in it, yeah, it
would cause a problem, right.
But if they even bought 10 ofthe properties, right, and there
was renters in there, what'sthe deal?
What?
Who cares, brad, you still havesomewhere somewhere to live.
Speaker 2 (13:21):
I think back way back when, when Carpenter had their
corporate relocation.
Speaker 1 (13:24):
Oh, yeah, and human resources did.
Speaker 2 (13:26):
They were buying homes.
I know that you know what.
Since then, I have never andmaybe you haven't ever been in
competition with a black rock oranything like that, with people
who are trying to buy a homehere locally.
Never happened now it's my.
Speaker 1 (13:39):
It might be happening somewhere else, but we're all
at some of the big cities.
It might be happening, but it'snot here.
Speaker 2 (13:44):
Yeah, I, I think, I think that uh I have a hard time
believing it's even happeningthere.
Yeah, on a great scale.
Speaker 1 (13:50):
I do too, but I just can't.
Speaker 2 (13:51):
I can't talk to it saying it's definitely not right
, we can't, can't, we know hereit's not happening, right,
exactly.
Yeah, it's amazing, yep.
So what do you got?
So I got.
So we just keep talking untilwe forgot what we're going to
talk about I have a question?
Speaker 3 (14:01):
Oh, that's right, that's right.
Whoa, whoa, whoa, whoa.
Okay, so I checked, like that.
It showed me a graph that Ineeded to reach 20% to get rid
of my PMI.
And now I just checked recently, like a week ago, and now I
(14:23):
moved to 25%.
But I wonder you know if thatwas a law or if it was just
depending on the lender that cando that.
Speaker 1 (14:28):
Well, I think we talked about that.
You definitely want to checkyour paperwork or find out what
that's about.
But I think one of the thingstoo is that they're basically
saying that if you wait anddon't reappraise it or don't
check into the value and youjust wait until by paying your
monthly payment every month,there's principal coming off.
And that number they're talkingabout right there, I believe,
(14:52):
is that if you don't do anythingand you just pay your payment
at a certain point you're goingto come to 20% of equity or
whatever it is, or 25% of equity, at that point it automatically
comes off.
Now, fha, it doesn't PMI forconventional, it comes off.
But if you want to and this iswhat I think most people forget
(15:12):
is that with our market, the wayit's going, or still going, and
your, your numbers prove thatthe numbers are still going up.
If you bought here, value goesup, principle goes down, value
goes up, principle goes down.
When that gap gets to 20% andyou have an appraisal that
proves that you're have that 20%gap, then you should send it
(15:33):
into the bank and they're goingto.
Then they'll remove the PMI.
Now don't go out.
And we were saying, dude, don'tgo out and just pay $500 or
whatever it is, for an appraiser.
Talk to Pete, talk to me, talkto your realtor whoever you use
as a realtor and say, hey, canyou tell me if the values make
sense for me to go spend the$500 for an appraisal?
Speaker 3 (15:53):
Yeah, Is that what people fail?
They just check on Zillow andthey think that their house is
like Don't use Zillow, don't useZillow, zillow is generally 8%
to 12% off.
Speaker 1 (16:03):
High too high, yeah, generally, generally 8% to 12%
too high.
So don't spend the $500 basedon that estimate.
I actually had some low oneslast year, oh really.
Speaker 2 (16:18):
Yeah, but no, that's a good point.
Speaker 1 (16:20):
Don't use those.
Speaker 2 (16:22):
Have the professional come in and look at it.
Speaker 1 (16:23):
Yeah, and a realtor's not going to charge.
I mean, if it's a realtor youworked with.
I mean I can't speak foreverybody, but I know, pete and
I, anytime you need to know thevalue of your house, let us know
and we'll do it.
It's a service we providewithout having for you to pay
for it.
Speaker 2 (16:37):
I always tell people Zillow has never been in your
house.
That's true.
You got to get in to see whattheir house.
Speaker 3 (16:43):
Is that's true?
That's a good point, becausethat's why I pray.
Speaker 2 (16:45):
Just go through homes , yeah, okay.
Speaker 1 (16:47):
That's right.
Yeah, and I'll tell you.
What's interesting about thatcomment is how many times, pete,
have you done the comps aheadof time on a house?
Yeah, and then you get in andthe place is like like a mess
and you're like, oh boy, thosecomps aren't going to work.
Speaker 2 (17:01):
I'm wrong, yeah, I'm wrong.
Speaker 1 (17:02):
So all of a sudden in your head, that number of 250
or 300 is now not even close tothat.
Because they're not tidy, rightthey're not.
Speaker 3 (17:12):
The house doesn't look good.
Speaker 1 (17:13):
Whoops, yeah, whoops.
That's what Zillow is trying todo every time, yeah.
Speaker 2 (17:18):
Does that answer your question?
Yes, it does.
Anyway, think about it.
Your PMI is probably 50, 60bucks a month of your payment,
maybe 70?
I don't know.
Speaker 3 (17:26):
I think like 60-something.
Speaker 2 (17:28):
Okay, so your recovery rate on paying for an
appraisal will be nine months.
Yeah, that's right yeah true,so it's well worth it if you're
going to stay in the house.
Good point, very good point.
Speaker 1 (17:37):
Very good, just got to look at that stuff.
It's interesting.
And remember, with with FHA, itis not removable unless you
refinance, and I maybe that'swhat you were thinking of, Hugo
If you're an FHA and you havethe, you have that monthly fee
which is the uh, like a, like aPMI, right?
It's basically that you thatdoesn't get removed at 20% or
25% or 40%, you have torefinance into a conventional
(18:00):
that's right.
Speaker 2 (18:01):
And FHA?
It's backed by the government.
That's all it is.
Speaker 1 (18:04):
So this was an interesting 2025 is poised to
continue the trend of risinginventory across the country.
We'll probably finish 2025 with15% more homes available than
we have now.
Now, that's a national number.
It's by Altos Research fromKeeping Current Matters.
That could be true.
Yeah, I mean that could be true.
Yeah, I mean that would bereally awesome.
(18:25):
Yeah, I mean, I mean, for us,if we are let's just say we're
at 400 homes 10, 40, so 20,you'd be 60 homes more.
That's not bad, that's aboutright.
I would take that maybe yeah, sowe'd be at 460 475 right, we're
still.
Speaker 2 (18:39):
We're still in that interest rate freeze thing.
Yeah, we really are.
Yep, I mean, I come across italmost every day.
I got my three and a half man.
Speaker 1 (18:48):
I don't want to go to seven.
Eventually, though, they'regoing to move.
Speaker 2 (18:51):
It will, because when you're going to move, yeah, and
that's the thing.
Speaker 1 (18:54):
Unfortunately, as some of those people are saying,
they're not moving because ofthe rate, but if they have
health things that eventuallythey need to be on one floor or
need to move to Florida orArizona to be in better
conditions, then they're goingto have to move.
Speaker 2 (19:09):
And two, when the house starts to go up in value,
right, and you keep paying downon that three and a half percent
mortgage and you get moreprincipal going, you're getting
a bigger gap that if you dump iton another one, that you have
to get a smaller loan at 7%.
Sometimes your payment might beclose to the same yeah.
Speaker 1 (19:25):
Depending on what that Plus when you also, as
you're paying on that mortgage,you're paying less and less
interest.
That's right, so the taxsavings might play as a part
also If you play that in.
Exactly.
You put that into the end ofthe equation 20, 30%, depending
on where you're at.
Yep, yeah, so those Yep, yeah,so you know, those are the
numbers.
You have to look at the wholebig picture.
Speaker 3 (19:42):
The whole big picture Good point.
Speaker 2 (19:44):
Yeah so anything else .
Speaker 1 (19:45):
I'm going to take a see if I have anything else in
here.
No, I'd just like to keeptalking about it until we figure
out what we're going to sayyeah, this is all scripted, All
scripted.
We rehearsed this 16 timestoday.
This was interesting.
What are the most difficultsteps of the home buying process
?
They asked buyers and allbuyers.
And then they asked first-timebuyers and, what was interesting
(20:07):
, first-time buyers said 13% wasgetting a mortgage.
One of the difficult steps ohreally, Wow.
And finding the right house wasthe number one problem for both
first-time buyers and all buyers.
Speaker 2 (20:20):
No kidding.
Speaker 1 (20:20):
It was, yeah, 55% and 53% Paperwork.
First-time buyers were scaredof the paperwork.
Speaker 3 (20:27):
No kidding.
Speaker 1 (20:28):
Yeah, that was a difficult step and understanding
the process and steps.
This is good for realtors tohear this.
Speaker 2 (20:34):
Yeah, yeah.
Speaker 1 (20:35):
Because this just shows you that we really need to
educate yeah.
Speaker 2 (20:38):
They're scared.
Speaker 1 (20:39):
They are.
They're scared about whatthey're getting into.
Speaker 2 (20:42):
Yeah, it's a large purchase.
Speaker 1 (20:43):
Right Appraisal of the property.
6% of first-time buyers wereconcerned All buyers 13%.
You know why all buyers 13%?
Because they probably had aproperty they didn't appraise
before and now they're scaredshitless, oh no, yeah, exactly.
And then saving for the downpayment First-time buyers 32%,
32.
All buyers 12% because theyhave equity.
Speaker 2 (21:04):
Oh, because they have equity.
Speaker 1 (21:05):
Yeah, isn't that funny.
That's a great point.
Yeah, so first-time buyers havea lot more to worry about, or
they're definitely moredifficult steps of the home
buying process with a first-timebuyer.
Speaker 2 (21:15):
Sure, and it's understandable, right, yeah?
Speaker 1 (21:18):
Yeah, I don't really have anything else, I think just
, you know, it's going to beinteresting to see where this
year goes.
I think locally, when ourweather starts to turn, we are
going to see more homes go onthe market.
I have a bunch of listingscoming up that I'm working on,
stuff that's coming up later inthe, you know, this winter and
into spring.
So it'll be interesting to seewhere things go.
(21:39):
But I think it's going to be agood year.
Speaker 3 (21:41):
I think it is I think it's going to be a good year.
It's going to be great.
Where are you going to get yourwife for Thanksgiving?
Speaker 1 (21:45):
Thanksgiving Turkey.
I'm going to get her a turkey.
Yeah, for Thanksgiving heusually gets her a turkey.
Speaker 2 (21:52):
He's really ahead of time.
Speaker 1 (21:53):
Does she really love Paula?
Speaker 2 (21:54):
Deen's sweet potatoes .
Speaker 3 (21:57):
No.
With Valentine's, what are yougoing to do for your girl?
Speaker 1 (21:59):
Well, actually, jess and I are going to be going to
dinner Valentine's the day after.
We're going down to the Toastin the City of Maryland and
we're going to have a nicedinner down there.
Speaker 2 (22:08):
Just the two of us there you go, just the two of us
.
So is your house available fora date if I take my wife home
with me?
Speaker 1 (22:13):
Yeah, if you like, don't mind the kids, we'll bring
treats.
Good, good stuff, good stuff.
Well, thanks so much forlistening.
I mean we always have a goodtime at Pete here.
Hopefully you learned somethingabout the market, both locally
and nationally.
And thanks also to the showEvery Thursday at 7 pm.
We got, don't forget, we havegreat sponsors.
We have First ResponseContracting John Sellers at
(22:35):
484-256-7136.
And Comfort Pro.
They can do all of your HVacneeds and duck cleaning and all
kinds of underwear quality.
610 477-5512.
And I'm gonna have a new spot,a new thing coming up that I'm
gonna be talking about.
It's called pro glow and we'llget into that sometime soon.
(22:55):
They'll be here as a guest.
They were on shark tank andyou'll be seeing them hopefully
in march.
They'll be on the show.
All right, that's about it.
Thanks for being here everythursday, 7 pm.
We'll see you next week.
Here we go.
From real estate to real lifeand everything in between the
Brad Wiseman Show and now yourhost, brad Wiseman.
All right, we're back.
We are back.
Whether you like it or not,we're like a dirty penny.
You know, we just keep comingback, keep coming back.
(00:22):
Yeah, so we're going to talkreal estate today, something a
little different for us.
We don't always talk realestate, but of course, once a
month you know who's here in thehot seat is Pete Heim, and he's
here to talk some real estatewith us.
Speaker 2 (00:34):
So Pete how you doing buddy, Speaking of dirty
pennies.
Speaker 1 (00:35):
Yeah, speaking of dirty pennies, Just dirty period
.
Speaker 2 (00:38):
Just dirty period.
Good to see you, man.
Speaker 1 (00:40):
Yeah, you too.
It seems like it's been longerthan a month, right, it feels
that way.
Speaker 2 (00:44):
Yeah, it's weird, but it has been.
It's been a month, right.
A month, right, hugo, that'sright.
Speaker 3 (00:49):
Yeah, Hugo knows.
Speaker 1 (00:50):
Yeah.
So what are you seeing going onas overall?
I mean, now 2024 is in the rearview mirror, we're now in
February and weather sucks, yep,but we're in February.
But what are you seeing?
I mean, are you seeing anysigns of spring market?
Are you seeing more listings?
Are you seeing more buyers?
(01:11):
What are you seeing?
Speaker 2 (01:12):
I see seasonality.
Speaker 1 (01:14):
Seasonality.
Speaker 2 (01:15):
Yeah, I think we're coming back.
Speaker 1 (01:17):
And also, do you think that's because of just the
market is doing that, or do youthink it's because we actually
have a winter?
Speaker 2 (01:25):
No, you think it's because we actually have a
winter.
Speaker 3 (01:26):
No, I think it's because we actually have a
winter, yeah, which we haven'thad exactly what?
Speaker 1 (01:29):
four or five years.
It's been a while.
Yeah, it's been a while, sincewe've actually, you know, and
you know how I always like wehave not seen green grass for a
while.
Yeah, and, and, and the lastcouple winters we've actually
had green grass.
We've we've had like a, asustaining of of of fall, yeah,
uh, and, and then it just wentright into spring.
Speaker 2 (01:46):
So this year we're having a winter, we're actually
having appointments set up andthen canceled again.
Speaker 1 (01:50):
Yeah, and, by the way , we're in the Northeast here,
in case anybody's listening anddoesn't know where we are, we're
Northeast, we're inPennsylvania and we're in the
Southeast Central part ofPennsylvania and we have a
winter this year we have awinter winter.
Speaker 2 (02:04):
This year we have a winter.
Yeah so yeah.
But now we're back to actives.
Speaker 1 (02:06):
Again, we're at 360.
Yeah, 359, by the way Justcheck five minutes ago.
Speaker 2 (02:08):
Oh, okay, well, that was your update, we lost one
which?
Tells me about pendings.
Yeah, no 359, 360.
Speaker 1 (02:15):
But it's hovering in that area it is.
We'd like it to get back up tothe 400 range if we could Right,
but I thought for today.
Speaker 2 (02:22):
I thought it'd be nice to compare the two
Januaries.
Oh, good idea.
I had 2024 versus 2025 Januarywhich is interesting.
What do you got?
Do you know why I love justlooking at January?
Because it's easier on me to.
There's been 291 listings sofar this year.
Speaker 1 (02:39):
Oh, got it, so yeah.
So it's just this month, thatmonth, that's it.
Speaker 2 (02:42):
So when I have to do February, it's like, oh, I'm all
messed up.
Speaker 1 (02:45):
Yeah, right, so it's 291 listings, that's it.
Speaker 2 (02:48):
There's 291 listings so far this year, but our total
at that moment was 358.
Now you said there's 359 activeRight yeah.
But that within minutes.
That changes right, of course.
So we're at 291, at 358 is forthe month of january.
(03:11):
January of 24, we had 279listings oh interesting which is
a few less.
Speaker 1 (03:13):
Yeah, a few, yes, which went 333 total.
Okay, well, still a few, that'sless.
Speaker 2 (03:15):
So it is trending upwards very slowly, but it's,
it's trending.
Yeah, it's amazing.
I think that's an indication ofwhat's coming.
Speaker 1 (03:22):
Yeah, I think so too, and we're starting to see I
don't know if we're we'restarting to see some of the
buyers.
For me, the quality of thefinancials of the buyers is
definitely changing.
We've talked about this beforeand then everybody said, like
Hugo asked me before we wentlive why is that?
Why is it changing?
Why are the buyers needing,maybe, a seller assist, or
(03:45):
they're just not as qualified asthey've been in the past three
years, and I don't know if it'sbecause the good buyers have
already bought Part of it, or isit because those buyers are now
out there going look, I'm goingto grab onto something now,
when maybe there's not as muchcompetition out there?
Speaker 2 (04:03):
That's right, and it's a good time to do that
right now.
Speaker 1 (04:05):
Yeah, exactly.
So it's interesting, and Ithink it's both, brad, I think
it's both.
Yeah, I think so too, and I andI still wonder do we have a lot
of buyers in the sidelines thatare waiting for this um, um,
this, this um pot?
You know, like, uh, what theycall?
It's not pot, what the hell?
That didn't sound good, did it?
Well, this show is going to pot, I'll tell you, holy shit.
(04:27):
No, but the, the um, what dothey call it?
Like the gold coins at the endof the rainbow, like I think
people are waiting for the ratesto come down.
Pot of gold, yeah, yeah, that'sit, pot of gold, not just pot.
Holy crap, you can tell wedon't edit this show.
Speaker 2 (04:38):
Oh, my God.
Speaker 1 (04:39):
Just make it TH, get thc instead.
Yeah, exactly.
Yeah, I use it for my backactually.
Um, but the no, but seriously,there's the pot of gold, thank
you.
Yeah, and the pot of gold wouldbe that they're looking for
that, thinking the rates aregoing to come down, yeah, and I
think there's buyers on thesidelines I don't think that I
do so too.
Speaker 2 (04:55):
Yeah, but it's, we're at seven, right?
Speaker 1 (04:57):
or seven percent.
A little bit under sevenpercent, yeah, a little bit
under you know it's.
Speaker 2 (05:01):
it goes back to like we you shouldn't do that.
You shouldn't buy or sell basedon an interest rate.
You do it when you need toSpeaking of that?
Speaker 1 (05:08):
have you heard the rumble?
Yeah, I'm starting to hear thatthey don't think the rates are
going to go down much this yearBecause of the Fed thing, I
think so, even though we try tosay that the Fed rate does not
directly affect it, but itindirectly affects it.
It does directly affect it,right, but it indirectly affects
it, does it's so, yeah, so Ithink they're saying now that
the rates are probably they weresaying before like high fives
(05:29):
by the end of the year, they'resaying pretty much it's going to
be hovering around six and ahalf the whole year, yep, so
don't wait, I'm feeling that.
Speaker 2 (05:36):
Yeah too.
Yeah, I know you are yep um hey.
But going back to januaryversus january absorption, it's
interesting.
Absorption is up 0.1, which itdoesn't sound like a lot, but
last year it was one month.
Speaker 1 (05:48):
Yeah.
Speaker 2 (05:48):
This year it's 1.1 months, so that means they're
hanging on a little bit longer,especially the higher price
stuff.
The higher price stuff isreally taking longer.
Speaker 1 (05:59):
And what's that?
Because of rate, because, ofrate.
What that did?
The rate has taken morehigh-end buyers out of the
market it has yeah and there'sless of them, yeah, so that's
why um pending sales are down.
Speaker 2 (06:12):
Last year was 272, this year it's 267.
Interesting for the month ofjanuary because we, I think,
because we have a winner yeah, Ithink so, I I totally think
that's so sold, you're about thesame.
We're 232 this month and lastyear this time it was 23.
Sold are about the same.
We're 232 this month and lastyear this time it was 236.
That's about the same.
Yeah, it's pretty much Averagesold price.
Speaker 1 (06:32):
What's that?
I'm interested to hear thisnumber.
Speaker 2 (06:33):
Last year it was 278,137.
This year it's 301,345.
Wow, that's 8.3% increase monthover month.
Speaker 1 (06:43):
Wow.
Speaker 2 (06:43):
Well, year over year Year over year, year over year.
The first month year over year.
Speaker 1 (06:46):
Yeah got you.
That's crazy, that's a lot.
Speaker 2 (06:49):
That's January.
That's a lot.
That's a lot.
8% is a lot, because we were at5.85% total last year.
Wow, so that's a lot.
Speaker 1 (06:57):
That's not what.
Whole lot of change, yeah.
Speaker 2 (06:58):
No, but what's interesting about that?
If you look nationally, there'sa lot of change.
Speaker 1 (07:02):
There is a lot of change.
There's a lot of change.
There are people talking aboutexpired listings.
They're talking about, you know, the second agent that gets it.
What's the percentage of the ofof decrease in price, when the
second agent we don't?
We're not having thatconversation yet.
Speaker 2 (07:23):
No, and I don't think we're going to.
I checked the expired listingthing at the at the beginning of
the year.
Speaker 1 (07:27):
Yeah, I thought you know expired listing, by the way
, just so everybody knows whatthat means.
That is basically.
No, we talk about this stuff.
It doesn't mean the house blewup or that it died.
No, you're the house expired.
No, what it means is that theit was listed for a certain
amount of time, that it waslisted for a certain amount of
time typically four to six tomaybe a year long or whatever it
is and that agent wasn't ableto get the job done for whatever
(07:50):
reason, and now they're goingto a different agent, or they
might go to a different agent.
Yeah, depends, yeah.
Speaker 2 (07:56):
So I checked it.
There was out of 111 of themthat were like on January 1,
only 11 of those were actuallylisted with a realtor and they
didn't relist with the samerealtor or they just didn't do
it, so 100 of them either wentwith the same guy or there were
(08:16):
new construction models that hadto be re-upped and stuff like
that, and that plays part of it.
Yeah, so there's really, ineffect, 11 expired listings in a
county that has, yeah, well,right, I mean, 360 listings.
Yeah, but it's just, it'sreally small.
Yeah, it's very small, verysmall, it's really small.
Speaker 1 (08:32):
It's a very small, very small.
I remember that number used tobe oh my God 60, 70, a hundred.
Speaker 2 (08:37):
Yeah, yeah, sometimes yeah absolutely so.
Speaker 1 (08:39):
do you have anything else January?
That's amazing.
So the numbers really are notcrazy.
The only craziest numbers theappreciation number.
Oh, bro.
Speaker 2 (08:49):
And this is where if is it worth 4% appreciation
since 2019 statistic.
Speaker 1 (08:54):
No, is that for nation, nation?
Speaker 2 (08:56):
Wow, we were just under that.
We were at 56.9 or something.
Speaker 1 (08:59):
From 2019 to now.
Speaker 2 (09:02):
Yeah, you've got 56% appreciation Nationally.
What'd you say locally?
56.9 or something.
It's close, holy crap.
And then you ready.
It's amazing.
Since 1991, the year I gotmarried.
Okay, 321.6% appreciation.
So what the stock?
Speaker 1 (09:22):
market do since then?
Should I wait?
I don't know.
You should check into that.
That's a really good question.
We should look to see thatright.
Yeah, that's right.
You would think Hugo would havethose numbers, hugo, do you
know that?
Speaker 3 (09:31):
No, no, I don't think it's that high, though I don't
think it is either.
Speaker 1 (09:35):
No, I don't think it is.
I mean, like we could ask Matt,I'll look at that Like.
Speaker 2 (09:37):
Matt might know and stuff.
But you know, I don't know.
Speaker 1 (09:39):
That's a really good thing to know, let's look into
that, maybe we'll do that nextmonth.
Next month, that's a good oneto know, because it'd be
interesting to see 1991.
1991.
Wow, that's incredible.
Speaker 2 (09:53):
I'll look that up.
Yeah, yeah, but I mean time inthe market beats timing the
market.
For that reason, say it againso your time in the market, so
once you get started in themarket, beats timing the market.
You're never going to time themarket, you're not going to do
it.
It goes back to just getstarted.
Yeah, you got to jump in.
(10:14):
2024 was 5.85% appreciation.
They're saying it's going to be3.78 this year.
Following year is 3.6.
The following year is 3.7.
The following year is four.
The following year is a littleover four.
So if you bought a $400,000house in in, you know five, in
2024, your house is going to beworth 483,000 six years later.
(10:37):
Wow, that's amazing.
So that's what that means.
So should you start?
Yeah, I think you should start.
Speaker 1 (10:43):
Well, that's like I keep telling anybody that I come
across with buyers.
I'm like this isn't going tochange, there's not going to be
some cliff.
We're not racing to some cliffright now.
You know, the cliff is so farout in advance, in fact, I don't
even know if it's there.
I mean, it's funny because Ijust think that people feel that
(11:04):
2008 is going to happen again,and why they would want it to
happen again, I don't know.
But you know, that was a huge,huge deal and it was a once in a
lifetime.
I think that happened.
Speaker 2 (11:16):
It won't, it won deal , and it was a once in a
lifetime, I think that happened.
It won't it won't Because itwas a lending crisis.
It was, that's right.
It was not a house crisis.
It's just that the lending partwas attached to houses.
Yep, it was a lending problem.
Yeah, absolutely, and theyfixed it.
Speaker 3 (11:28):
Yeah that's fixed.
Speaker 2 (11:29):
They went back to the higher regulations and stuff
like that on making sure aperson can actually afford it
not not loaning 103 of the price.
Yeah, I mean all that's goneand I'm still hearing.
Speaker 1 (11:39):
Oh my gosh, I just heard a, a podcast.
It was a podcast.
It was a guy that was liketalking on on like a live thing
on on facebook and he wastalking about, um, you know, the
black rock buying up all theseproperties.
I, I just, I just don't.
I don't know where that comesfrom, I don't know.
I, I mean, I, we have you soldone house to black rock, it's,
(11:59):
it's not, it's.
I mean, I don't know if it'shappening in new york city or
philadelphia.
Speaker 2 (12:03):
It's happening, but I don't think it's happening on
the scale they're saying it'shappening.
What was the 87 of theinvestments are mom and pops.
Yeah, the rest of them arecorporate, and corporate doesn't
even mean black rock no, itjust means like, like dana or
not dana, oh my god dana.
Speaker 1 (12:17):
Oh my gosh, dude, you're dating yourself.
Dana has been gone, has out ofthe business.
For how long?
Stop.
And actually hugo thought itwas some chick.
You were dating back before youmet michelle.
It's like dana.
Does michelle know about danathat?
Speaker 2 (12:33):
was an old truck body corporate.
Yeah, anyway, carpenter,carpenter, they, they buy houses
for people transferring in andout.
Yeah, yeah, that includes thatnumber, that's 17 or 13 of
whatever.
So, and then black right lock,and those big ones are like what
point one?
Speaker 1 (12:49):
yeah, one percent.
It's not affecting the market.
Let's put it that way.
Speaker 2 (12:52):
No, it's not affecting the market and you
said it before and we've hadrates forever but it's housing
for people, it's creatinghousing.
Anyway, you're still renting.
Speaker 1 (12:59):
I know it's not like, it's like it's not like it's
taking it off the market, right.
If they, if, if somebody wasbuying the property and just
holding it and not lettinganybody live in it, yeah, it
would cause a problem, right.
But if they even bought 10 ofthe properties, right, and there
was renters in there, what'sthe deal?
What?
Who cares, brad, you still havesomewhere somewhere to live.
Speaker 2 (13:21):
I think back way back when, when Carpenter had their
corporate relocation.
Speaker 1 (13:24):
Oh, yeah, and human resources did.
Speaker 2 (13:26):
They were buying homes.
I know that you know what.
Since then, I have never andmaybe you haven't ever been in
competition with a black rock oranything like that, with people
who are trying to buy a homehere locally.
Never happened now it's my.
Speaker 1 (13:39):
It might be happening somewhere else, but we're all
at some of the big cities.
It might be happening, but it'snot here.
Speaker 2 (13:44):
Yeah, I, I think, I think that uh I have a hard time
believing it's even happeningthere.
Yeah, on a great scale.
Speaker 1 (13:50):
I do too, but I just can't.
Speaker 2 (13:51):
I can't talk to it saying it's definitely not right
, we can't, can't, we know hereit's not happening, right,
exactly.
Yeah, it's amazing, yep.
So what do you got?
So I got.
So we just keep talking untilwe forgot what we're going to
talk about I have a question?
Speaker 3 (14:01):
Oh, that's right, that's right.
Whoa, whoa, whoa, whoa.
Okay, so I checked, like that.
It showed me a graph that Ineeded to reach 20% to get rid
of my PMI.
And now I just checked recently, like a week ago, and now I
(14:23):
moved to 25%.
But I wonder you know if thatwas a law or if it was just
depending on the lender that cando that.
Speaker 1 (14:28):
Well, I think we talked about that.
You definitely want to checkyour paperwork or find out what
that's about.
But I think one of the thingstoo is that they're basically
saying that if you wait anddon't reappraise it or don't
check into the value and youjust wait until by paying your
monthly payment every month,there's principal coming off.
And that number they're talkingabout right there, I believe,
(14:52):
is that if you don't do anythingand you just pay your payment
at a certain point you're goingto come to 20% of equity or
whatever it is, or 25% of equity, at that point it automatically
comes off.
Now, fha, it doesn't PMI forconventional, it comes off.
But if you want to and this iswhat I think most people forget
(15:12):
is that with our market, the wayit's going, or still going, and
your, your numbers prove thatthe numbers are still going up.
If you bought here, value goesup, principle goes down, value
goes up, principle goes down.
When that gap gets to 20% andyou have an appraisal that
proves that you're have that 20%gap, then you should send it
(15:33):
into the bank and they're goingto.
Then they'll remove the PMI.
Now don't go out.
And we were saying, dude, don'tgo out and just pay $500 or
whatever it is, for an appraiser.
Talk to Pete, talk to me, talkto your realtor whoever you use
as a realtor and say, hey, canyou tell me if the values make
sense for me to go spend the$500 for an appraisal?
Speaker 3 (15:53):
Yeah, Is that what people fail?
They just check on Zillow andthey think that their house is
like Don't use Zillow, don't useZillow, zillow is generally 8%
to 12% off.
Speaker 1 (16:03):
High too high, yeah, generally, generally 8% to 12%
too high.
So don't spend the $500 basedon that estimate.
I actually had some low oneslast year, oh really.
Speaker 2 (16:18):
Yeah, but no, that's a good point.
Speaker 1 (16:20):
Don't use those.
Speaker 2 (16:22):
Have the professional come in and look at it.
Speaker 1 (16:23):
Yeah, and a realtor's not going to charge.
I mean, if it's a realtor youworked with.
I mean I can't speak foreverybody, but I know, pete and
I, anytime you need to know thevalue of your house, let us know
and we'll do it.
It's a service we providewithout having for you to pay
for it.
Speaker 2 (16:37):
I always tell people Zillow has never been in your
house.
That's true.
You got to get in to see whattheir house.
Speaker 3 (16:43):
Is that's true?
That's a good point, becausethat's why I pray.
Speaker 2 (16:45):
Just go through homes , yeah, okay.
Speaker 1 (16:47):
That's right.
Yeah, and I'll tell you.
What's interesting about thatcomment is how many times, pete,
have you done the comps aheadof time on a house?
Yeah, and then you get in andthe place is like like a mess
and you're like, oh boy, thosecomps aren't going to work.
Speaker 2 (17:01):
I'm wrong, yeah, I'm wrong.
Speaker 1 (17:02):
So all of a sudden in your head, that number of 250
or 300 is now not even close tothat.
Because they're not tidy, rightthey're not.
Speaker 3 (17:12):
The house doesn't look good.
Speaker 1 (17:13):
Whoops, yeah, whoops.
That's what Zillow is trying todo every time, yeah.
Speaker 2 (17:18):
Does that answer your question?
Yes, it does.
Anyway, think about it.
Your PMI is probably 50, 60bucks a month of your payment,
maybe 70?
I don't know.
Speaker 3 (17:26):
I think like 60-something.
Speaker 2 (17:28):
Okay, so your recovery rate on paying for an
appraisal will be nine months.
Yeah, that's right yeah true,so it's well worth it if you're
going to stay in the house.
Good point, very good point.
Speaker 1 (17:37):
Very good, just got to look at that stuff.
It's interesting.
And remember, with with FHA, itis not removable unless you
refinance, and I maybe that'swhat you were thinking of, Hugo
If you're an FHA and you havethe, you have that monthly fee
which is the uh, like a, like aPMI, right?
It's basically that you thatdoesn't get removed at 20% or
25% or 40%, you have torefinance into a conventional
(18:00):
that's right.
Speaker 2 (18:01):
And FHA?
It's backed by the government.
That's all it is.
Speaker 1 (18:04):
So this was an interesting 2025 is poised to
continue the trend of risinginventory across the country.
We'll probably finish 2025 with15% more homes available than
we have now.
Now, that's a national number.
It's by Altos Research fromKeeping Current Matters.
That could be true.
Yeah, I mean that could be true.
Yeah, I mean that would bereally awesome.
(18:25):
Yeah, I mean, I mean, for us,if we are let's just say we're
at 400 homes 10, 40, so 20,you'd be 60 homes more.
That's not bad, that's aboutright.
I would take that maybe yeah, sowe'd be at 460 475 right, we're
still.
Speaker 2 (18:39):
We're still in that interest rate freeze thing.
Yeah, we really are.
Yep, I mean, I come across italmost every day.
I got my three and a half man.
Speaker 1 (18:48):
I don't want to go to seven.
Eventually, though, they'regoing to move.
Speaker 2 (18:51):
It will, because when you're going to move, yeah, and
that's the thing.
Speaker 1 (18:54):
Unfortunately, as some of those people are saying,
they're not moving because ofthe rate, but if they have
health things that eventuallythey need to be on one floor or
need to move to Florida orArizona to be in better
conditions, then they're goingto have to move.
Speaker 2 (19:09):
And two, when the house starts to go up in value,
right, and you keep paying downon that three and a half percent
mortgage and you get moreprincipal going, you're getting
a bigger gap that if you dump iton another one, that you have
to get a smaller loan at 7%.
Sometimes your payment might beclose to the same yeah.
Speaker 1 (19:25):
Depending on what that Plus when you also, as
you're paying on that mortgage,you're paying less and less
interest.
That's right, so the taxsavings might play as a part
also If you play that in.
Exactly.
You put that into the end ofthe equation 20, 30%, depending
on where you're at.
Yep, yeah, so those Yep, yeah,so you know, those are the
numbers.
You have to look at the wholebig picture.
Speaker 3 (19:42):
The whole big picture Good point.
Speaker 2 (19:44):
Yeah so anything else .
Speaker 1 (19:45):
I'm going to take a see if I have anything else in
here.
No, I'd just like to keeptalking about it until we figure
out what we're going to sayyeah, this is all scripted, All
scripted.
We rehearsed this 16 timestoday.
This was interesting.
What are the most difficultsteps of the home buying process
?
They asked buyers and allbuyers.
And then they asked first-timebuyers and, what was interesting
(20:07):
, first-time buyers said 13% wasgetting a mortgage.
One of the difficult steps ohreally, Wow.
And finding the right house wasthe number one problem for both
first-time buyers and all buyers.
Speaker 2 (20:20):
No kidding.
Speaker 1 (20:20):
It was, yeah, 55% and 53% Paperwork.
First-time buyers were scaredof the paperwork.
Speaker 3 (20:27):
No kidding.
Speaker 1 (20:28):
Yeah, that was a difficult step and understanding
the process and steps.
This is good for realtors tohear this.
Speaker 2 (20:34):
Yeah, yeah.
Speaker 1 (20:35):
Because this just shows you that we really need to
educate yeah.
Speaker 2 (20:38):
They're scared.
Speaker 1 (20:39):
They are.
They're scared about whatthey're getting into.
Speaker 2 (20:42):
Yeah, it's a large purchase.
Speaker 1 (20:43):
Right Appraisal of the property.
6% of first-time buyers wereconcerned All buyers 13%.
You know why all buyers 13%?
Because they probably had aproperty they didn't appraise
before and now they're scaredshitless, oh no, yeah, exactly.
And then saving for the downpayment First-time buyers 32%,
32.
All buyers 12% because theyhave equity.
Speaker 2 (21:04):
Oh, because they have equity.
Speaker 1 (21:05):
Yeah, isn't that funny.
That's a great point.
Yeah, so first-time buyers havea lot more to worry about, or
they're definitely moredifficult steps of the home
buying process with a first-timebuyer.
Speaker 2 (21:15):
Sure, and it's understandable, right, yeah?
Speaker 1 (21:18):
Yeah, I don't really have anything else, I think just
, you know, it's going to beinteresting to see where this
year goes.
I think locally, when ourweather starts to turn, we are
going to see more homes go onthe market.
I have a bunch of listingscoming up that I'm working on,
stuff that's coming up later inthe, you know, this winter and
into spring.
So it'll be interesting to seewhere things go.
(21:39):
But I think it's going to be agood year.
Speaker 3 (21:41):
I think it is I think it's going to be a good year.
It's going to be great.
Where are you going to get yourwife for Thanksgiving?
Speaker 1 (21:45):
Thanksgiving Turkey.
I'm going to get her a turkey.
Yeah, for Thanksgiving heusually gets her a turkey.
Speaker 2 (21:52):
He's really ahead of time.
Speaker 1 (21:53):
Does she really love Paula?
Speaker 2 (21:54):
Deen's sweet potatoes .
Speaker 3 (21:57):
No.
With Valentine's, what are yougoing to do for your girl?
Speaker 1 (21:59):
Well, actually, jess and I are going to be going to
dinner Valentine's the day after.
We're going down to the Toastin the City of Maryland and
we're going to have a nicedinner down there.
Speaker 2 (22:08):
Just the two of us there you go, just the two of us
.
So is your house available fora date if I take my wife home
with me?
Speaker 1 (22:13):
Yeah, if you like, don't mind the kids, we'll bring
treats.
Good, good stuff, good stuff.
Well, thanks so much forlistening.
I mean we always have a goodtime at Pete here.
Hopefully you learned somethingabout the market, both locally
and nationally.
And thanks also to the showEvery Thursday at 7 pm.
We got, don't forget, we havegreat sponsors.
We have First ResponseContracting John Sellers at
(22:35):
484-256-7136.
And Comfort Pro.
They can do all of your HVacneeds and duck cleaning and all
kinds of underwear quality.
610 477-5512.
And I'm gonna have a new spot,a new thing coming up that I'm
gonna be talking about.
It's called pro glow and we'llget into that sometime soon.
(22:55):
They'll be here as a guest.
They were on shark tank andyou'll be seeing them hopefully
in march.
They'll be on the show.
All right, that's about it.
Thanks for being here everythursday, 7 pm.
We'll see you next week.
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