Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
For thirty five years, Cindy Stumpo has been a female
homebuilder with a passion for design, a mastery of detail,
and a commitment to her crack. With daughter Samantha Stumpo
by her side.
Speaker 2 (00:10):
I don't need my whole family on a date with me.
Speaker 3 (00:12):
That's a good note.
Speaker 2 (00:13):
It's goddemn weird. See.
Speaker 1 (00:14):
Stumpo Development is the only second generation female construction company
in the country.
Speaker 4 (00:19):
You're crazy, You're a wacko.
Speaker 5 (00:20):
You're insane.
Speaker 1 (00:23):
I mean, it just doesn't end together. Cindy and Samantha
welcome guests to explore the world of construction, real estate, development,
design and more.
Speaker 5 (00:31):
Unpredictable.
Speaker 6 (00:32):
Every time I think I know what you want, you'd
switch it out.
Speaker 2 (00:34):
But that's what makes sure houses.
Speaker 1 (00:36):
All Udy discuss anything that happens between the roof and
the foundation.
Speaker 2 (00:39):
Nothing is off limits.
Speaker 4 (00:41):
You truly do care about everybody.
Speaker 1 (00:43):
She can yell at, you can scream, but when you
get her alone, she's the best person on the planet.
Cindy Stumpo is tough as nails.
Speaker 3 (00:54):
And welcome to Cindy Stumpho Toughest Nails on WBZ News
Radio ten thirty and I'm here tonight.
Speaker 4 (01:00):
With let's go guys, Shot Ocean.
Speaker 3 (01:03):
What do you do work?
Speaker 4 (01:05):
I'm a loan officer at Rate.
Speaker 3 (01:07):
Okay, so you're in the mortgage business. I have to
help you here.
Speaker 4 (01:11):
Yeah, I got it.
Speaker 2 (01:12):
Okay, you said just say his name.
Speaker 3 (01:17):
Listen your name to day you were born, how many
children you have? Give you buy your real real fast.
Speaker 6 (01:26):
I'm Shotpin Ocean of Rate. I'm a mortgage loan officer
out of Boston. However, I'm licensed in all fifty states.
I'm been the number one mortgage broker in America over
the last seven years.
Speaker 3 (01:36):
That says a lot. Okay, go ahead.
Speaker 7 (01:39):
My name is Nick le Gris. I'm a transactional real
estate lawyer and title agent here in the Comwealth, Massachusetts
and in the city of Boston. This is my twenty
fifth year in the industry. Started as a real estate
agent renting apartments when I was in college. Then I
was a loan officer. I would have been number one
if I stayed in the business, but shot to my
(01:59):
left number one instead.
Speaker 3 (02:01):
And now I'm uh so, twenty five years in business? Searan,
you've been in the business.
Speaker 4 (02:05):
How long I've been in business? Twenty years?
Speaker 3 (02:07):
Okay? And handsome over then what we got going.
Speaker 2 (02:10):
Anthony Lamachia, broker, owner of Lamachia Realty. This is my
twentieth year of.
Speaker 3 (02:14):
The business, right now, all three together, don't beat up
my thirty eight years. Isn't that cool?
Speaker 4 (02:20):
Nope?
Speaker 2 (02:20):
No, well together wee were, Well take heregether or two
of us alone beat you.
Speaker 3 (02:26):
But you know takes two of you to beat up
the one. Okay, So here we go. We're gonna talk
about for us of all will state trends. Okay, So
I'm going to take that up with who.
Speaker 2 (02:36):
Well, now we're in the time of the year that
it's a perfect time for buyers because the inventory of
homes for sale, particularly here in the Northeast, peaks late
September early October. The thing that makes this year even
better than the last two years is rates have come down,
so not only buyers now have more negotiating power because
there is a higher inventory of homes for sale, more choices.
(02:56):
You know, the homes that were listed in the summer
that didn't sell, that hangover hit the homes that are
listed over Labor Day. That's why we're seeing the market
do what it always does this time of year, where
there's more to choose from buyers that aren't taking advantage
of that right now, along with rates being lower, are
making a mistake.
Speaker 3 (03:11):
Okay, I'm going to call you out on a couple
of things. On that one, rates being lower compared to
what frame money in twenty twenty twenty one.
Speaker 2 (03:17):
Well lower than they've been in the last couple of years,
a couple of years, I mean six months ago, rates
were what you seven and a half percent.
Speaker 4 (03:23):
Yeah, you know, early eighties year, you know.
Speaker 6 (03:25):
Yeah, we peaked at seven point three seven five this
year in April in twenty.
Speaker 2 (03:29):
Twenty way right now, right now, we're in.
Speaker 6 (03:31):
The low sixes in some cases. We're actually even in
the fives already.
Speaker 2 (03:34):
Even in the summer it was six point seven five,
six point eight. Yeah, they been a big improvement last year.
Speaker 4 (03:40):
In the fall.
Speaker 3 (03:41):
Let me ask you guys a question. Yeah, you know,
we went from three point five percent free money. That
was free money. Yeah, people waiting for that again. Please,
let's advice. That's never going to happen in our lifetime.
Speaker 6 (03:53):
No, yeah, free money's not happening again. However, you know,
rates went up from three percent a few years ago
in twenty twenty two right to eight percent twenty twenty three.
Right now we're back down pretty much, almost back into
the high fives and low sixes.
Speaker 3 (04:06):
I think we were in twenty nineteen.
Speaker 4 (04:08):
Twenty nineteen was uh low fives high force.
Speaker 3 (04:12):
H Okay, yeah, So in your opinion, if we get
back to the low fives, well, I don't know, high fours. Yeah,
low fives.
Speaker 4 (04:20):
We're going to the low fives.
Speaker 2 (04:22):
I hope to hell that at some point in the
next year a year and a half we get to
high fours, because that will get people to move. You know,
it's a mental block for homeowners, for home sellers that
want to move up. They're thinking, well, I have a
two point eight two point nine percent rate. I'm not
selling my house trading my rate in for an eight
percent rate. They don't want to do it, and that's
what that's.
Speaker 3 (04:39):
Totally which you'll think I can never do that. They
might be kim landlords on those You're.
Speaker 2 (04:42):
Right about that, And in time, you and I both
know from years of doing it that eventually people will
tap out and they'll sell anyway. But they're holding strong
and until we see rates low fives, high fours, I
don't think we're going to see the market really turn
back on again. I mean, look at this year twenty
twenty four, Massachusetts.
Speaker 3 (04:59):
Forget about masks. Give me across the country.
Speaker 2 (05:00):
Across the country. Sure, we're going to end up Texas.
Speaker 3 (05:02):
Let's talk about Florida.
Speaker 2 (05:03):
Well, national statistics annually, if you measure the last thirty years,
about five point three million homes sell per year. Okay,
this year we're on track to maybe hit three point eight.
That's a big, big change. We haven't been below four
million home sales since nineteen ninety three, and there were
seventy five million less people in the United States in
ninety nineteen ninety three. So this slowdown is historic. But
(05:26):
when I say slowdown, obviously I'm talking total amount of sales.
Sometimes when people hear that, they think we're talking prices
going down. That hasn't happened because there's not much for sale.
Speaker 3 (05:34):
Okay, do you think it's the American dream for a home,
for an end user to own a home?
Speaker 2 (05:39):
Absolutely, it's never changed.
Speaker 3 (05:41):
Okay, we feel that way in Massachusetts. We feel a
lot in the Northeast that way. You start talking to
people in other states that I have talked to on
social audio, different apps, it seems like this next generation
coming up. Nah, yeah, well that I.
Speaker 2 (05:55):
Don't believe it. Do you remember eight nine there was
all kinds of talk about, oh, millennials don't want to
buy home holmes, first time buyers, they don't want to
buy homes. People are happy with renting. And as soon
as we got out of eight nine and things started
to get better faha. Remember there was all kinds of changes. Faha.
Loans got easier, first time buyers came storming back in.
By the time we got to twenty fourteen, you're still
in it right now.
Speaker 3 (06:14):
Here's my learning, guys. Obviously, what I deal with I
don't deal with FHA loans. Okay, my client's on buying
with those loans, so I don't keep up on those loans.
Can you tell me where those loans are right now
so I can debate a buddy of mine, Jonathan, Oh,
Jonathan's listening right now. Make sure Jonathan's listening right now.
That there's so many he was saying the other night
(06:36):
it was the heart of this that.
Speaker 6 (06:38):
Yeah, so there's never been a time in my opinion
that loans, whether it's FHA, Fanny Made and Freddie mac
State Housing VA loans like.
Speaker 4 (06:47):
Those are people.
Speaker 3 (06:47):
I think we talk very fast here in.
Speaker 2 (06:49):
Boston, so well we talked the right way.
Speaker 3 (06:51):
Yeah, yeah, exactly, because I can't I go into it.
I can't do this well, you know, I'm like, dope,
slap you in the back of the go ahead.
Speaker 6 (06:59):
So there's Yeah, there's never been a time where those
programs are being utilized more. You know, first time home
buyers make up about thirty percent of the market right now,
you know, nationwide, you know.
Speaker 3 (07:08):
So and they give me, give me a first time
because I always thought that that first time buyers program
was a bit of a gaff for most people.
Speaker 6 (07:16):
So it was for a very very long time and
a lot of times if you wanted like a true
first time home buyer program, you'd have to use like
your local state housing program. Now the government, the federal
government's got involved. They're offering discounts to home buyers on
interest rates when they're buying a primary residence with low
down payments, and if their income is under a certain threshold.
Then that's different in every single county in the country.
Right but the programs have never been more plentiful than
(07:38):
there are right now. You can buy a house of
three percent down five percent down, ten percent down.
Speaker 4 (07:42):
There's more grant money out there than ever before.
Speaker 3 (07:45):
Help a hold on. You can buy a house of
five percent down, fifteen percent down?
Speaker 4 (07:49):
Is that what you just said, five, ten, fifteen, twenty Here.
Speaker 3 (07:52):
Enough, okay, I'm here in two threes, three and a
half zero Yeah.
Speaker 6 (07:56):
Fha, three and a half percent down. VA loans for
our military out there, they can a house at zero percent.
Speaker 3 (08:01):
Well, the VA, that's a whole different animal.
Speaker 4 (08:03):
I mean, it's a it's getting more and more popular
every single year.
Speaker 2 (08:07):
There's also more and more veterans because of the wars
over the last four year, and they're getting great jobs.
Speaker 3 (08:11):
And if they don't have money, they can partner up
with a money guy to be able to buy a
three family, four family, five plex, whatever they want to buy.
Speaker 4 (08:19):
Yeah, I mean, we only do residences as long.
Speaker 3 (08:21):
As they live in one unit. Am I corrected about.
Speaker 6 (08:23):
That, as long as they live in one of the
houses themselves. But I'll say that. You know, Anthony mentioned earlier, like,
I think there's a massive excitement to get into housing.
Speaker 4 (08:31):
You know, it's not just home.
Speaker 6 (08:32):
You know, you hear a lot in the news about
affordabilities getting more challenging and all that kind of stuff.
You know, people still want to buy homes, they still
want to create wealth. They still don't want to pay
rent because rent's going up like crazy too, right.
Speaker 3 (08:43):
And we'll get into that. Let me just go off
to break. Call that thought every hole I thought. I'm
Sinney stumbling and listening to Toughest Nails on WBZ News
Radio and we'll be right.
Speaker 8 (08:50):
Back, sponsored by Floor and Decor, National Lumber and Village Bang.
Speaker 5 (09:01):
Boy came back the World Only Water.
Speaker 3 (09:39):
And welcome back to Toughest Nails on w b Z
News Radios. Tent Thor and I'm City Stump and I'm
here with Come on.
Speaker 7 (09:45):
Boys and Nick Legris, Anthony Lamachia.
Speaker 3 (09:49):
Remember you're coming back from break people. Come on now, boom,
let's go. Okay, we're just talking about because talking about.
Speaker 7 (09:55):
First time buyers.
Speaker 3 (09:56):
Okay, go for it.
Speaker 7 (09:57):
I want to jump in and just say one quick
than the lawyer. You know, America's got some problems, there's
no question, like the whole world does. But the American
dream is still alive and people do want to buy homes. Okay,
you know in our natural markets and because we're in
a similar market obviously, yeah, you know our market goes
with the economy whatnot. But as you get further and
(10:17):
further from the big city, the immigrant population when they
get here, they all want to roof over the heads
because that is owning a home takes them from the
working class to something different in their culture. So we're
seeing people pulling money together outside of the city to
buy a home, to get a place, and they're using
the official.
Speaker 3 (10:37):
Hold on hold on which immigrants we talked about.
Speaker 7 (10:39):
Anybody.
Speaker 3 (10:40):
Okay, so you just crossed over the border Texas and
you're coming in you're going to buy home? I highly
doubt that.
Speaker 7 (10:44):
Well, as they've established themselves.
Speaker 3 (10:46):
They so let's call Massachusetts the truth here. Okay, we
got a big within the last twenty something years, almost
twenty five years, we've got a big inflict of Brazilians. Yep,
hard working, not troublemakers. They're all living a great life.
They're in our business, my business of contracting. They are framers,
(11:07):
they're foundation guys there, you name it. They haven't leveled
up into a lot of HVAC plumbers and electrician but
the rest of it they're killing. They own their own
homes now. Good solid people done, Good solid people. Okay,
they're not here to cause trouble. They're here to work hard, okay,
and we needed it.
Speaker 6 (11:24):
They speed between now in twenty forty, right, seventy percent
of the next generation of first time home buyers are
going to be Hispanics.
Speaker 3 (11:32):
Okay, good for them. But you're still talking to a
person that believes and close your borders down. And I'm
going to make this very clear and come into my
country legally. Okay. I'm going to make that very clear.
So that's my stance on that one. So homeowners, and
what about how about let's talk about Americans to get
the immigrants right? How about the homeowner? How about the
(11:53):
people that live in this country that cannot afford a home?
If my kids right, take my kids, Sammy does very
very well, right cha. I was in a golf career
for a long time. Now he's stepping into the real
business world.
Speaker 4 (12:07):
Yeap.
Speaker 3 (12:08):
How these kids gonna be able to afford houses? Raised?
Got three daughters and a son. Tell me how the
next generation right now in the late twenties, early thirties,
And I'm coming to you on that, okay, because you're
the mortgage broker.
Speaker 2 (12:21):
Our lawmakers need to make it easier to build homes. Okay, this,
and you know this firsthand. You're a builder, one of
the best builders around.
Speaker 3 (12:29):
Those law makers need to make it easy. Lawmakers city
making my job a miserable place.
Speaker 2 (12:33):
That's correct. Listen, I've had a builder's license since I
was twenty two years old. Okay, okay. Every two years
I have to go to continue in education courses, and
I actually I don't mind going to go, So I
go and I listen every single time I go, there's
more red tape. We have to make the windows better,
that our values have to be higher.
Speaker 3 (12:50):
Now there's more fossil fuel here.
Speaker 2 (12:52):
The fossil fuel crusade. So the same people that say, oh,
we don't have enough affordable housing are the people that
continue to make building more expensive. And also the people
have the Nimbi attitude. Not in my backyard. Yeah we need,
we need more homes, but don't do it in my backyard.
Speaker 3 (13:05):
Those same people do it because Kla and Wellesley need
and we by the way. But you're right, But even.
Speaker 2 (13:11):
Look at suburbs, look at Holliston, look at Hope, Deal,
all these towns. They've got rules. You can't build a
home unless it's a one acre lot. Really. So now
you're gonna have a town full of one acre lots
in twenty thirty years. What's going to happen that places?
I will give you this, there's not enough density.
Speaker 3 (13:24):
I can't speak for the states. I know New York
has that. I know. I'm sorry New Jersey has it.
The best law that came through Massachusetts is the A
d U law, which.
Speaker 2 (13:32):
I love rights.
Speaker 3 (13:34):
But here we go. She just passed it three weeks ago,
and already I got plans going up boom boom boom
right to Newton Brook. I'll hold on here. Cindy stops
sending all your clients here because we have to figure
this out. What's it? A figure out she made because
once in the towns and cities said to use They're gonna,
They're gonna.
Speaker 2 (13:52):
Municipalities are going to pad it. It's like a loan
right in your world. If any Freddy says, oh, the
guideline is you have to have one hundred and income
and you have to have this, and then the mortgage
companies end up adding things on overlays. That's the word
I was looking for.
Speaker 3 (14:05):
Okay, So they say one thing and then they make
our lives a living hell. Out here. Okay, Now we
got a tree on its okay, all right, buddy, I
just had to pay Newton for a very small uh
six million dollars. Okay, I'm sorry. I take that back.
Six million dollars a lot of money. But for what
we build, it's not, okay, and for where we build
(14:26):
that's not really an expensive home. It is, but it
really isn't. I know, the rest of the country's going
she talking about right now. Six million dollars, but we
had to take out We had to pay the city
ninety thousand dollars for like ten trees. Okay, that's ridiculous.
Speaker 2 (14:43):
What about all the sidewalks and curbs and all the
extra stuff they make you do that's going on our
last fifty property. Excuse me, your sidewalks look like this
for fifty years. Now, it's my job to fix it. Oh,
it's my job to fix the curb.
Speaker 3 (14:55):
So here's my problem is that as builders, somebody's going
to eat this cost down the road, which is the
end user. Correct, So keep making us spend and we're
going to have to keep charging, right okay, because builders
me is I'm not going off for an exercise.
Speaker 2 (15:13):
We think it's bad here. You talk about the rest
of the country. Look at California. I have friends there
and they talk. They literally say, it costs ninety thousand
dollars between red tape plans and permitting, yes to build
a regular, a regular single family house and go. And
we think we have it bad here. I mean, that's crazy.
Speaker 3 (15:30):
But we are becoming California here. But then you go
to ereas like Texas, Florida.
Speaker 4 (15:35):
Yeah.
Speaker 3 (15:36):
The only time the red tape has been hard on
me in Florida is if I'm in an hoa area. Yes,
then then it's a pain at But Dave County, Roward County,
they're not getting building from itself fast enough to us.
Even our own cities and towns here, they're holding us
up three foot.
Speaker 2 (15:53):
The more densit becomes. I'll even say this, you know,
I'll give credit to further metro West Worcester County, West
of Worcester. Even those municipalities are easier to deal with.
Of course they have to deal with the state red date,
but they want you said it developments. I bought a
building four years ago in Chelmsford. I thought I was dreaming.
I get an email, Hi, I am the town representative
(16:15):
they no, No, listen, listen, You're not gonna believe it.
She was so nice. What can we do to help you?
What do you want to do here in Chelmsford. I'm
a guy that comes from Watertown, grew up working in Newton.
I couldn't believe what I was reading on my screen.
I said, they want to help me, They want to help,
But then you come within the ninety five belt, it
would never happen. No, they treat you poorly. Go into
the town hall, they act like they're doing you a favor,
(16:36):
and it makes it very hard to build, and it
turns people off. And in the eight to twenty eleven recession,
it knocked a lot of builders out because they said,
I'm not dealing with this anymore, because the regulations got
tighter at that time.
Speaker 3 (16:46):
I went, I got discrepted in that one. The reason
why it knocked out builders was because one the ones
that got knocked out were over leveraging on your siding. Okay,
and the subcontract is that we lost is the big one.
The builders losing build this is fine, I agree, Okay,
we'll come up with more builders. It's a subcontract as
we lost because they couldn't get a forty hour, they're
(17:07):
working three four weeks, not working for a month, working
for three months. Finally, otherwise when you need forty hours.
Speaker 2 (17:13):
There are less builders out there than there was twenty
years ago.
Speaker 3 (17:16):
You know what. The builders that we have out there
right now, who needs them? Ninety percent of them suck? Well,
Beppeep just no, no, no, you're not a good builder in
my eyes when you're putting together with spit and glue. Okay,
you want to be a builder out here, you build,
you build professionally, you stand behind your product. The guys
(17:37):
I came up with, they had that mentality. They didn't
give your tail light warranty. When you don't see my
tail light anymore, you don't get a warranty. So there's
a big difference of the money guys. I call money guys.
A guy that's a doctor, a dentist, he's a builder.
Speaker 4 (17:52):
Now.
Speaker 3 (17:53):
The market's always been like that for the last twenty years.
When the market's going good, yeah, they all come in
and then they all go, who we don't like this game? Right, Well,
we broke out either. We invested with Tom Dick and
Harry and we lost money. So I always say a
builder as a builder, a developer is a developer, and
a money guy's a money guy. Just because you have
(18:13):
a little bit of money to go speculate something doesn't
make you a builder. Correct, Okay, because you don't know
a real sight work, you don't know foundation, you don't
know roof, you don't know framing, you don't I'll give
it out a category right out of or out of order.
You don't know plumbing, HVT. You're depending on the subs
to build you a good product. And when it's all
said and done, this mcgeggee builder ends up in a
(18:36):
lawsuit because they're not going to sue the plumber, the electrician.
They're coming after your sorry bud. Period.
Speaker 2 (18:42):
Well but think of this too. Look at the windows,
the minimum requirement, our value for windows today. Those windows today,
the cheapest windows you can buy today, were the best
windows twenty five years ago. But our state says, oh no,
you need even better ones. Why why make it more
expensive on people? Why make it harder. It's ridiculous, And
I hope the lawmakers can hear me. I've talked to
the last three governors.
Speaker 3 (19:02):
We have them in the studio home.
Speaker 7 (19:04):
But it's more than the lawmakers the one thing I
will say that's in the municipalities. It's also our clients
and our peers that aren't getting involved, correct, Because when
you go to any of those crazy meetings and townds
like Newton, I serve in a town committee and need them,
it's the same twenty voices and their opinions never change.
Speaker 3 (19:19):
Correct.
Speaker 7 (19:19):
So at the end of the day, we as people
in the industry, right, every single one of your buyers
needs to become an activist.
Speaker 3 (19:24):
No, every neighbor does, because remember those neighbors. Oh god,
he's sticking the time clock. All right, let me go
off to break. I'm still We'll be right back. Hold
that thought. I don't care what you do. Right now,
I'm Sitdny's company. Listen to have his nails on WBZ
News Radio and we'll be right back.
Speaker 8 (19:38):
Sponsored by Pellow Windows of Boston, Next Day Molding and
Kennedy Karrs.
Speaker 1 (19:49):
Got Squeeze Bucks.
Speaker 4 (19:50):
She wears on the chest when Daddy comes home and
then it gets no rest.
Speaker 5 (19:55):
God's when all night.
Speaker 3 (19:59):
And welcome these results on news radio. And I'm City
Stump and I'm here with.
Speaker 2 (20:06):
Anthony Chia.
Speaker 3 (20:07):
Okay, we're going good guys, this is flowing great, I
love it. Okay, so good.
Speaker 7 (20:11):
Yes, we were just talking about how people need to
get involved. At the end of the day, people have
to get involved in their local government.
Speaker 3 (20:18):
We used to.
Speaker 7 (20:19):
We we grew up as a nation that got involved.
We quit and today's people.
Speaker 3 (20:24):
You know why we quit? Tell me because we're all busy. Okay,
we're all too busy. That's the problem.
Speaker 7 (20:29):
Then we need to take a document.
Speaker 3 (20:32):
Newton is not Alderman anymore. Well, I think I think
we're called so whether we know we can't see city council, Oh,
city council. I'm got that. We got to make sure
we say things properly. Back in those days, they at
least listen. We had. We had great guys back then,
so Vuci McGrath, we had a lot of really good
Now we're totally pro anti development Newton. So basically, you
(20:53):
call any of the Newton lawyers and like, sin, really,
I'm going for ninety units, right, I'm going for ninety.
If I get seventy, it's going to it's gonna be
a witch hunt. But I'm going to pull the trigger
on that deal in Newton.
Speaker 7 (21:03):
Right, how many homes have you built in the City
of Newton hundreds. Then you should be walking in with
one hundred people who swear by you to support you
in every single one of those meetings.
Speaker 3 (21:12):
And that can happen. But the problem is all the
faurs have been changed, have been caused from c stumble development.
Oh she looks like okay, guys. I started eighty nine,
eighty eighty nine. By ninety one I was knocked down.
I was known as a knockdown Queen. I realized, listen,
I can't get land here. This is very simple. I
was maybe young and dumb. Okay, So the guy wants
(21:35):
seven thousand dollars to that house, Well, the land's worth six.
Knock the house down. What am I throwing one hundred
thousand dollars in dumpster? I'll make that up over again.
Back before I started knocking down, they were just adding on,
adding on, adding on. So she had old with new
new master, great new family room, great ceilings. Take it out,
(21:56):
realizing that I'm saving between fifteen one hundred thousand. That's
why houses every say's house have gone up. You'll leand
value that the house sits on has gone up. I
said this on social audio with a gentleman friend of mine,
Grand Cardon. He said, no, that's not true. Yes, it
is true. You'll leand under that home has gone up.
Let's call it what it is. Land values have gone up.
(22:18):
Whoever thought we'd see sealthie at a million dollars a floor?
Sobo Okay, there you go. Sobo is that the new name?
I just love it? Okay, So go ahead, mister lawyer,
not lor you're the lawyer the other. How many Okay,
here's the question of you. How many mortgage? How many
brokers you have underneath you? Not mortgage.
Speaker 2 (22:37):
We have six hundred and seventy five agents at La
Mochiur Realty. We cover five of the six New England
states excluding Vermont, and we also have an office in
South Florida with about twenty five agents. And I'm working
on buildingsing something down there, and we'll have another office
with a lot more people.
Speaker 3 (22:52):
Okay, So tell me what's going to happen to all
your brokers with the new laws that passed. Now, go ahead,
you know what you thought.
Speaker 2 (22:58):
Well, our brokers at Lomchiur Realty in good shape because
we've been training them on parts of this since twenty thirteen,
and then last year when the wrongful verdict came down,
and when the plaintiff's attorney fooled the jury in Western Missouri,
I knew it was going to get real. So we
started training on it twice a month and then since
June every month. So our realtors who have been paying
attention and tuned in are in good shape. They have
(23:19):
the right forms, they have the right scripts and dialogues.
They know how to explain it. But the rest of
the industry it's a challenge. It's a challenge on everyone
for the record, but we have to deal with it.
You know, the Department of Justice.
Speaker 3 (23:31):
Is after ear go again. Government stepped into your.
Speaker 2 (23:34):
Department of Justice. Yeah. OK, they emboldened the lawyers. The
Department of Justice has had it out for the real
estate community for twenty years, but in twenty twenty they
took it to a new level. They undid an agreement
that they had with the National Association. There was a
first time in history the Department of Justice has made
a deal. Eight months later, in the spring of twenty one,
(23:56):
they came in and they changed, They backed out of
the deal, and that changed everything.
Speaker 7 (24:01):
I think it's important that they have an he takes
a step back and just talks about what we're talking
about generally. Yeah, yeah, from a high level, how.
Speaker 3 (24:08):
I tell you want, let's just dumb it down from it.
If you're not a seller's broker and you're a byas broker, now, Samantha,
you know, plays in a different league, right, what's the
average sale price? Average of what your brokers are selling?
Speaker 2 (24:21):
Average sale price in Massachusetts is about is over seven
hundred thousand.
Speaker 3 (24:25):
Okay, And we know Sammy's up in the Google numbers, right, yeah, Okay,
she's at the highest level you can be at single family.
So those brokers have they're like a team out there, right,
they all know what each other has. Is probably fifteen
really good brokers in that game, and they'll probably all
work together and they'll pay the broker. What about your
(24:45):
guy that your client right that says, hey, I'm not
paying a sellers broker. It's a seven hundred thousand dollars home.
You can save two and a half percent. How is
this going to work out for these brokers? I think
you're going to lose thousands of brokers across the country.
Speaker 2 (25:00):
Well, I think we're going to list half. We're going
to lose I don't think it'll be half. We're going
to lose thousands of brokers anyway because of the market.
You know, commissions vary across the board, so I'm not
going to get into numbers, but when an agent is
representing a buyer, agents now have to know how to
negotiate that commission, whatever it is, into their transaction and
either request it from the listing broker or from the seller.
(25:21):
What we're doing is we're taking the position that we're
not participating in broker to broker compensation. We're not asking
for it from the listing broker, We're asking for it
from seller. And then when we represent sellers, we if
the seller wants to offer compensation out, which we generally
recommend because they'll attract more buyers, they offer it out,
not from us the listing brokers. So that's a change
(25:42):
that we've made that goes a little bit further than
the settlement.
Speaker 3 (25:44):
So normally normal here in Massachusetts five percent.
Speaker 2 (25:47):
Right, I'm not going to answer that. I mean it
varies across.
Speaker 3 (25:50):
There, but okay, there is a norm. So let's go
to the Norman. I've been dealing with the third I'll
talk for me thirty eight years. It's been a five
percent for this commission. Okay, now what do you guys
want to charge or six seven eight, That's not up
to me. I've been paying five percent for years, for decades.
That's how I came into the industry. Now let's let's
use meanings as an example. I'm an end user. I
(26:11):
have a home to sell from land Dolls. I hire
your company, and I'd say, well, I'm only going to
pay you two and a half percent.
Speaker 4 (26:16):
Well, just to be just.
Speaker 7 (26:17):
To be clear, not the deject you used to pay
five percent yep to your broker.
Speaker 3 (26:22):
Correct, who then gives up whatever they want.
Speaker 7 (26:25):
Would offer a multiple listing agreement.
Speaker 3 (26:28):
But they at least offered fifty percent. Samuel offer more.
Speaker 7 (26:31):
Some people would offer less, some people would offer more.
It doesn't matter. Now when you call that same broker
who for the past thirty eight years would list your
house for five percent, and you say I want to
sell my house, they're only allowed to charge you what
they're keeping. So they're going to say to you, Cindy,
you're going to pay me two and a half or
two whatever your agreement is. And then Cindy, it's up
(26:54):
to you if you want to offer compensation to buyers agents.
It's no longer that you're contracting correct with them and
they're offering. It's up to you as a seller. So
the crux of this lawsuit was that the industry was colluding.
Speaker 4 (27:09):
And I'm not agreeing with anything.
Speaker 7 (27:11):
The crux of the lawsuit is that the seller should
be given an option as to whether or not they
want to offer compensation out to the street.
Speaker 2 (27:18):
Yeah, because the plaintiff's attorney, Michael Kettmark, who's a very
talented trial lawyer who I don't happen to like very much,
but the guy's good, and his argument was, well, the
MLS system that they have enables them to essentially silently collude,
which is preposterous. I mean, it's insane. But that was
the argument he made, and he convinced a jury of that,
(27:39):
and that's what changed. So what Nick just described is
parts of what he described as the settlement, and then
many brokerages mine included, we've decided we're going further where
we're just disconnecting it. So if you're a home seller
out there listening anywhere in America and you call any
realtors to sell your home, they will probably be telling
you if they know what they're talking about it and
(28:00):
they're up on what's going on right now. They'll be
telling you that, hey, this is what I charge, and
if you'd like to offer compensation out to someone who
brings a buyer, you can do that. Do you want
to do it? Yes or no? On our listing agreement
we have an option now. We do that on purpose
because we don't want to come off like we're forcing
a seller to offer it. But Cindy, you and I
know the sellers that aren't willing to offer it, they're
naturally going to have less buyers interested in their home.
Speaker 3 (28:22):
It's just a fact the house is going to sit.
But when times get tougher.
Speaker 2 (28:27):
You said it, okay, inventory goes back up, that's when
everyone's going to see it. And many people that have
disagreed with me. There's been a few that have disagreed
with me.
Speaker 3 (28:35):
Noah, I won't nationally.
Speaker 2 (28:36):
I know you won't because you get it. But those
that aren't in the industry that don't know what they're
talking about. There's some people that have a lot to say.
They've said, well, Aunt Anthony's saying that to kind of
wink to everybody in the industry to keep doing it.
Speaker 3 (28:48):
That's not what we do, Okay, So it's going to
take for the end users and even builders that get greedy. Right, Look,
I'm a builder that everybody makes money, right, The subs
make money, the vendors make money, the lawyers make money,
that brokers make money.
Speaker 2 (29:02):
Money makes the world go around.
Speaker 3 (29:03):
Correct you start. You know, I loved back in the
day when the builders started hiring their wives to sell
the product. Right, But you were in fear because if
I bought the product from Cochelina, it's my job to
give it back to Angelina. And I've run that company
that way for thirty eight years.
Speaker 2 (29:20):
Or they're not going to call you on the next one.
Speaker 3 (29:21):
Well, they're not going to call you the next one.
But they didn't care builders because there was so much
product back then and there was so much business that
you know, we weren't lacking. But I've stayed with that philosophy.
But that's the that My philosophy is being very loyal.
Loyalty is everything to see Stumbo, right, And it's loyal
loyalty to me too. So that's how I run my company.
But at the end of the day, let the house
(29:43):
sit because mister and Missus Jones, your hou's not gonna sell.
And when mister and Missus blues house sells next door
to you, you're going to know why they out. Yeah,
all that thought were going to break com city stumbling
and wasten to Tough of Nails on WBZ and We'll be.
Speaker 8 (29:56):
Right back, sponsored by new Brook Realty Group, Boston, would
Smaller Insurance World Auto Body and Tosca Drive Auto Body.
Speaker 3 (30:13):
Just with Charles we get around and welcome back to
city stuff Toup his Nails on w b G News
Radio and we're here with who.
Speaker 4 (30:25):
Shopping OCEA in that rate, Gligris.
Speaker 2 (30:28):
Anthony Lamachia.
Speaker 3 (30:30):
Can we had one more vowel in this room? I
think we're missing a vowel. Yeah, okay, Oh we got
a nommdian in the room, so we won't hold him
hostage on that one. Okay, you guys go ahead. You
want to be Andrew Bicko.
Speaker 6 (30:39):
Yeah, you know, Look, here's what here's one of the
things I think that you asked in that one.
Speaker 3 (30:42):
Now you got me all screwed up because you just
moved positions here.
Speaker 2 (30:45):
Okay, it moved us.
Speaker 3 (30:46):
Okay, they moved you.
Speaker 6 (30:47):
So you said, you know, how is the next generation
gonna buy? And like you know, yes, things are getting
more expensive. Yes, that's always going to be the case.
You have to figure it out. You have to get
into housing. If you're a home buyer out there now,
our potential first time home buyer, that's where you have
to figure out way to get in the game.
Speaker 4 (31:04):
You have to get educated.
Speaker 6 (31:05):
You have to understand all the different loan program options
out there, how to save up the money, how to
change your budget, you.
Speaker 4 (31:10):
Know, how to get.
Speaker 3 (31:13):
Conversation that came up. And I'm going to answer truthfully
to is it cheaper to rent than it is to
own right now? Yes? Or no?
Speaker 5 (31:22):
Yes?
Speaker 3 (31:23):
And no yes, thank you. However I have we're going
to have a DIFFERENCEI of opinion here. Yes, it is
cheaper to rent right now.
Speaker 4 (31:31):
Yeah, but it's also costing you a lot of money
to rent.
Speaker 3 (31:33):
Correct.
Speaker 6 (31:34):
Yeah, it's cost you fortune to rent because if you
don't own a house, you don't participate in a home
price appreciation.
Speaker 3 (31:40):
And well, the only question was this, we're going to
go there. I'm going to go there with you guys.
Just before just because you can afford a mortgage payment,
let me remind you that there are other bills you
have to pay to own a home. Correct, Correct, I'm
all about owning your home, right, I'm a builder.
Speaker 4 (31:59):
But facts of facts, Well, here's also the facts.
Speaker 6 (32:02):
The average homeowner in the United States has a forty
times greater net worth than the average renters in the
United States.
Speaker 3 (32:09):
Right, Remember to get into a building here in Massachusetts,
are looking for four exes on you. But the problem
is the stroke, right, the downstroke. So go ahead, I'll
let you guys finish. I saw that question.
Speaker 6 (32:21):
It's yes, it's challenging to get in the game. But
everything that's worth it is challenging, right, Like you have
to figure out a way to start somewhere, Like you
have to buy within your means, and you have to
get in the game, and that's how you continue to
kind of move up into.
Speaker 4 (32:34):
Different price points.
Speaker 6 (32:36):
But if you never get in, if you stay, I
read something the other day, the average renter like pays
something like six hundred thousand dollars in rent over the
course of their lifetime. Right, and that's insane, Like you
have to figure it away. There's so many people that
I remember when I was first getting started, that were
in their twenties and thirties, that were like taking risks
in terms of buying houses three percent down, five percent down,
buying two families, living in one and renting out the
(32:58):
other side, then eventually buying.
Speaker 3 (33:00):
Different Definitely happened today. Yeah, but that's chue.
Speaker 2 (33:03):
It's hardly right now. There's no denying. In the last
two years it's gotten more expensive. Bye, there's no denying
at it all.
Speaker 3 (33:09):
But on the same token, hold off, if you all
had kids eighteen nineteen two, they went to college, they
didn't go to college, they had a few bucks, would
you tell them to buy a single family or a three.
Speaker 2 (33:19):
Pleux right now at that age, at three plex?
Speaker 3 (33:21):
Thank you?
Speaker 2 (33:22):
That's what I did.
Speaker 7 (33:23):
Let's double until I started a second same money. Let's
double click on that for a second. I don't necessarily
agree that it's cheaper to own than it is the
cheaper rent than it is.
Speaker 4 (33:31):
Town.
Speaker 7 (33:31):
Yes, if you want to compare an apple to an apple,
it is because that two million dollar condo in the
seaport you can rent for much less money than it
costs you monthly.
Speaker 3 (33:39):
Come or or the single family home in Newton, West
mass whatever, where do you go.
Speaker 7 (33:44):
But on the flip side, if my kid comes to
me and says, I want to go rent and pay
six thousand dollars a month in rent in the seaport
to live in a fancy, fancy thing. I'm going to
do my best to convince them to go a little
further out the city buy something, because that first last
insecurity on the six thousand dollars thing could be a
down payment on something. It's not as pretty mortgage kid
listening to you.
Speaker 3 (34:06):
Okay, there you go.
Speaker 2 (34:07):
But at the.
Speaker 3 (34:08):
End of the day, in their twenties, mortgage and by
the way, the kid is single in their twenties, and
they don't want to be forty five fifty minutes out
from Boston and they want to be with the actionist
Let's call what it.
Speaker 2 (34:19):
Is, right, but the city of Boston needs to make
it easier to build.
Speaker 6 (34:22):
They make it extremely difficul extremely difficult.
Speaker 3 (34:26):
Again, we're not in Texas. We got lots of land
where Massachusetts and everything's tougher. Here it's tougher, and you've
got a bunch of liberals running the state here. Okay,
it's not making it easier. Let's just call it the
way it is. And it's not going to get easier here.
So It's like if I wasn't at my age, I
would probably shift my business in development.
Speaker 2 (34:46):
Absolutely, say that we just bought a company.
Speaker 3 (34:48):
Then again, I was down south, I pulled out an
seven and boomed six months later. We know what happened downstairs.
Speaker 2 (34:53):
Yeah, so you pulled out just in time.
Speaker 3 (34:55):
Oh my god, I'm I'm out. I'm out.
Speaker 5 (34:59):
He was.
Speaker 2 (35:01):
I just bought a company in southeastern Massachusetts from a
guy who's been a builder for since nineteen seventy one,
and he now spends his time in South Carolina. He's
eighty three years old. He calls me and says, Anthony,
I'll put the money up. My step son will build
you sell him. He's literally begging me to get down
there and open We're opening Florida. I'm like, how many
(35:22):
states can I open it once? But he's telling me.
Down there, they're inviting, They're saying, come on down, come
build here. And it's just the opposite up here. It
was like that here one hundred years ago.
Speaker 3 (35:33):
No, it was like this a whole life. So let's
just call it how it is, guys. Every recession I've
been through eighty nine, hiccup in ninety nine and O
wait market right, see Stumples still here thirty years later.
Didn't tank, didn't go down, didn't go bankrupt, right, didn't
know anybody nothing?
Speaker 2 (35:51):
Why because you adjusted? No, you're tough, has nails.
Speaker 3 (35:56):
Yeah, I'm tough. I know how to maneuver around economies,
for sure. But we are still a sheltered area. Mass
is mass. Mass is mass, whether you want to believe
it or not. We are pretty recession proof.
Speaker 2 (36:10):
We have the hospitals, we have the university, the.
Speaker 3 (36:12):
Universe, we have education. I asked one of my Asian clients.
This was just like a week or two ago. He said, Cindy,
we would never come to Boston if we didn't have
you didn't have the school systems, we'd be in on
the West coast because it's six hours more to fly
back to our countries to see our families. We're only
hearing because of our school systems from K one k
(36:34):
to twelve and then off to colleges. I never knew
that either. Two weeks ago.
Speaker 2 (36:38):
I haven't heard that one.
Speaker 3 (36:39):
Oh yeah, there are not here for the weather, Like
you said, do we skate no to escape California. We're
talking about Asian clients.
Speaker 2 (36:48):
What's that California? Weather blows.
Speaker 3 (36:50):
Of course it does. But I would argue, I think about,
they are here because we've got the best school systems,
the best We are a recession proof. Look at who's
got the highest IQ in the whole country. Who comes
up number one? I don't know, Massachusetts really really most
expensive state to live in Massachusetts, Hawaii is number two. Okay,
(37:11):
I would argue that, So you might decline a bit.
But when we went that crashing eight, Florida went down
to thirty cents on the dollarsicause, sorry, excuse me, BBB.
We didn't drop down seventy percent where I bill, we
dropped down a broker's commission. If we can't eat six
percent on a dropdown took a little longer sell for sure.
(37:32):
But remember in real estate, history will always repeat itself, totally.
Never forget that.
Speaker 6 (37:36):
However, you know, if you look back, and that's super
hyper local. If you look back at real estate nationally,
right you go back eighty years, real estate price has
only gone down nationally six times, and five of those
times was in that two thousand and eight, two thousand
and six.
Speaker 3 (37:51):
Eighty seven. They didn't go down eighty eight, eighty nine,
ninety eight, they went made eighteen ninety one.
Speaker 4 (37:57):
Nineteen ninety one was they went down with the person
national numbers.
Speaker 3 (38:00):
You can have all the national numbers you want. You're
how old again.
Speaker 4 (38:04):
I'm forty four years old, right, So.
Speaker 2 (38:06):
I got those guys eight years old.
Speaker 3 (38:07):
I got years on you. So in nineteen ninety ninety one,
I can't look like this FDIC foreclosures like this, every auction,
buy and buy and buy and buy and buying. And
then a lot of it I turned over later. You know,
prices went from eighteen twenty grand to one hundred. I'm like,
oh my god, I'm I'm gonna be rich, right, I'm
twenty four to twenty five. I should have but I did. Right.
(38:30):
So again, when somebody's telling you, hey, you're going to
be fifty one day and you're twenty seven, you think
I could realize what fifty was going to be at
twenty seven, Ah, that's never coming. Oh they could have
a magic pill. When I get you, you're not thinking.
But what you also have to look at all that
stuff I bought in those days. I kept whatever I kept,
(38:50):
I sold what I sold, But then it gave me
more my more capital to work with.
Speaker 6 (38:54):
Well, what you do is extremely difficult, like developing, buying,
selling for profit, all that stuff really hard. Buying and
holding real estate in general not that super hard.
Speaker 3 (39:03):
No, it's easy. Yeah, so like long term holds easy.
Speaker 4 (39:05):
Yeah, totally.
Speaker 3 (39:06):
You know, if they're having a stroke like I am
every day yelling the contract a contract, I don't yell
if is an idiot and more this so that a clown.
I know, I use terrible words out there all day long.
My pos no, but I always do say give me
a young guy that's responsible, reliable, and dependable, and I
will make a stud out of that kid all day long,
(39:27):
and I have done it. You don't have those three things. Responsible, reliable, dependable,
and loyalty is a big one. You don't have that.
Virgos are very very we love virgos. Any questions out there, Jonathan,
shoot the question out. You should never buy a single
family home, whether it's investment or for primary.
Speaker 4 (39:47):
What it takes on that, what do you want?
Speaker 6 (39:48):
There's been a lot of talk about like the private
equity companies buying like single family homes problem, and I
think that's probably where it's taking out of context, like
selfish of them to take that single family inventory out
of the market in a way from regular use case
residential buyers, right, and so like that's what is. But
buying a single family house is like, that's like the
American droom, right, like.
Speaker 3 (40:08):
To all of us it is.
Speaker 2 (40:10):
And here's the thing I want to point out.
Speaker 3 (40:12):
But you think that an end user needs a reserve
in case they buy a single family that's twenty five,
thirty thirty years old. My losing my voice already here
we go and they don't have a reserve and the water,
heat blows and the roof blows.
Speaker 4 (40:24):
You should never buy an asset and have nothing left
over it.
Speaker 3 (40:27):
So thank you, thank you. That was my argument, you
need a reserve. Okay, I gotta take you guys to
break and be listening to Siddy stubbown Toughest Nails and
we'll be right back.
Speaker 7 (40:42):
Was young ill, so.
Speaker 2 (40:47):
I must have played them all the fling all time.
Speaker 3 (40:55):
And welcome back to Toughest Nails on WB's News Radio
ten thirty. I loved having you here tonight. I want
people to know how to reach you, especially you handsome
over them mister Purple Time.
Speaker 2 (41:06):
Anthony Lomachia, broker, owner of Lomachia Realty, look me up.
On Lomachia realty dot com or on Instagram at A J. Lamachia.
Speaker 4 (41:14):
I'm Seantpanosian at rate.
Speaker 6 (41:15):
You can reach me at Shant at rate, or you
can uh follow me on Instagram at Shant Pinosian.
Speaker 7 (41:21):
I'm gonna spell that out for Shant.
Speaker 3 (41:23):
Because it's s H A n T because it's a
really dumb NAMEH.
Speaker 7 (41:28):
Nameh rate dot com is my neighbor, but I'm Nick Licris.
You can find me at Ligris dot com, l I g.
Speaker 3 (41:35):
R I S dot com, and I'm Sinny Stumple. Have
a great, safe weekend and we'll see you next week.
This is Toughest Nails on WBZ News Radio ten thirty
For thirty five years, Cindy Stumpo has been a female
homebuilder with a passion for design, a mastery of detail,
and a commitment to her crack. With daughter Samantha Stumpo
by her side.
Speaker 2 (00:10):
I don't need my whole family on a date with me.
Speaker 3 (00:12):
That's a good note.
Speaker 2 (00:13):
It's goddemn weird. See.
Speaker 1 (00:14):
Stumpo Development is the only second generation female construction company
in the country.
Speaker 4 (00:19):
You're crazy, You're a wacko.
Speaker 5 (00:20):
You're insane.
Speaker 1 (00:23):
I mean, it just doesn't end together. Cindy and Samantha
welcome guests to explore the world of construction, real estate, development,
design and more.
Speaker 5 (00:31):
Unpredictable.
Speaker 6 (00:32):
Every time I think I know what you want, you'd
switch it out.
Speaker 2 (00:34):
But that's what makes sure houses.
Speaker 1 (00:36):
All Udy discuss anything that happens between the roof and
the foundation.
Speaker 2 (00:39):
Nothing is off limits.
Speaker 4 (00:41):
You truly do care about everybody.
Speaker 1 (00:43):
She can yell at, you can scream, but when you
get her alone, she's the best person on the planet.
Cindy Stumpo is tough as nails.
Speaker 3 (00:54):
And welcome to Cindy Stumpho Toughest Nails on WBZ News
Radio ten thirty and I'm here tonight.
Speaker 4 (01:00):
With let's go guys, Shot Ocean.
Speaker 3 (01:03):
What do you do work?
Speaker 4 (01:05):
I'm a loan officer at Rate.
Speaker 3 (01:07):
Okay, so you're in the mortgage business. I have to
help you here.
Speaker 4 (01:11):
Yeah, I got it.
Speaker 2 (01:12):
Okay, you said just say his name.
Speaker 3 (01:17):
Listen your name to day you were born, how many
children you have? Give you buy your real real fast.
Speaker 6 (01:26):
I'm Shotpin Ocean of Rate. I'm a mortgage loan officer
out of Boston. However, I'm licensed in all fifty states.
I'm been the number one mortgage broker in America over
the last seven years.
Speaker 3 (01:36):
That says a lot. Okay, go ahead.
Speaker 7 (01:39):
My name is Nick le Gris. I'm a transactional real
estate lawyer and title agent here in the Comwealth, Massachusetts
and in the city of Boston. This is my twenty
fifth year in the industry. Started as a real estate
agent renting apartments when I was in college. Then I
was a loan officer. I would have been number one
if I stayed in the business, but shot to my
(01:59):
left number one instead.
Speaker 3 (02:01):
And now I'm uh so, twenty five years in business? Searan,
you've been in the business.
Speaker 4 (02:05):
How long I've been in business? Twenty years?
Speaker 3 (02:07):
Okay? And handsome over then what we got going.
Speaker 2 (02:10):
Anthony Lamachia, broker, owner of Lamachia Realty. This is my
twentieth year of.
Speaker 3 (02:14):
The business, right now, all three together, don't beat up
my thirty eight years. Isn't that cool?
Speaker 4 (02:20):
Nope?
Speaker 2 (02:20):
No, well together wee were, Well take heregether or two
of us alone beat you.
Speaker 3 (02:26):
But you know takes two of you to beat up
the one. Okay, So here we go. We're gonna talk
about for us of all will state trends. Okay, So
I'm going to take that up with who.
Speaker 2 (02:36):
Well, now we're in the time of the year that
it's a perfect time for buyers because the inventory of
homes for sale, particularly here in the Northeast, peaks late
September early October. The thing that makes this year even
better than the last two years is rates have come down,
so not only buyers now have more negotiating power because
there is a higher inventory of homes for sale, more choices.
(02:56):
You know, the homes that were listed in the summer
that didn't sell, that hangover hit the homes that are
listed over Labor Day. That's why we're seeing the market
do what it always does this time of year, where
there's more to choose from buyers that aren't taking advantage
of that right now, along with rates being lower, are
making a mistake.
Speaker 3 (03:11):
Okay, I'm going to call you out on a couple
of things. On that one, rates being lower compared to
what frame money in twenty twenty twenty one.
Speaker 2 (03:17):
Well lower than they've been in the last couple of years,
a couple of years, I mean six months ago, rates
were what you seven and a half percent.
Speaker 4 (03:23):
Yeah, you know, early eighties year, you know.
Speaker 6 (03:25):
Yeah, we peaked at seven point three seven five this
year in April in twenty.
Speaker 2 (03:29):
Twenty way right now, right now, we're in.
Speaker 6 (03:31):
The low sixes in some cases. We're actually even in
the fives already.
Speaker 2 (03:34):
Even in the summer it was six point seven five,
six point eight. Yeah, they been a big improvement last year.
Speaker 4 (03:40):
In the fall.
Speaker 3 (03:41):
Let me ask you guys a question. Yeah, you know,
we went from three point five percent free money. That
was free money. Yeah, people waiting for that again. Please,
let's advice. That's never going to happen in our lifetime.
Speaker 6 (03:53):
No, yeah, free money's not happening again. However, you know,
rates went up from three percent a few years ago
in twenty twenty two right to eight percent twenty twenty three.
Right now we're back down pretty much, almost back into
the high fives and low sixes.
Speaker 3 (04:06):
I think we were in twenty nineteen.
Speaker 4 (04:08):
Twenty nineteen was uh low fives high force.
Speaker 3 (04:12):
H Okay, yeah, So in your opinion, if we get
back to the low fives, well, I don't know, high fours. Yeah,
low fives.
Speaker 4 (04:20):
We're going to the low fives.
Speaker 2 (04:22):
I hope to hell that at some point in the
next year a year and a half we get to
high fours, because that will get people to move. You know,
it's a mental block for homeowners, for home sellers that
want to move up. They're thinking, well, I have a
two point eight two point nine percent rate. I'm not
selling my house trading my rate in for an eight
percent rate. They don't want to do it, and that's
what that's.
Speaker 3 (04:39):
Totally which you'll think I can never do that. They
might be kim landlords on those You're.
Speaker 2 (04:42):
Right about that, And in time, you and I both
know from years of doing it that eventually people will
tap out and they'll sell anyway. But they're holding strong
and until we see rates low fives, high fours, I
don't think we're going to see the market really turn
back on again. I mean, look at this year twenty
twenty four, Massachusetts.
Speaker 3 (04:59):
Forget about masks. Give me across the country.
Speaker 2 (05:00):
Across the country. Sure, we're going to end up Texas.
Speaker 3 (05:02):
Let's talk about Florida.
Speaker 2 (05:03):
Well, national statistics annually, if you measure the last thirty years,
about five point three million homes sell per year. Okay,
this year we're on track to maybe hit three point eight.
That's a big, big change. We haven't been below four
million home sales since nineteen ninety three, and there were
seventy five million less people in the United States in
ninety nineteen ninety three. So this slowdown is historic. But
(05:26):
when I say slowdown, obviously I'm talking total amount of sales.
Sometimes when people hear that, they think we're talking prices
going down. That hasn't happened because there's not much for sale.
Speaker 3 (05:34):
Okay, do you think it's the American dream for a home,
for an end user to own a home?
Speaker 2 (05:39):
Absolutely, it's never changed.
Speaker 3 (05:41):
Okay, we feel that way in Massachusetts. We feel a
lot in the Northeast that way. You start talking to
people in other states that I have talked to on
social audio, different apps, it seems like this next generation
coming up. Nah, yeah, well that I.
Speaker 2 (05:55):
Don't believe it. Do you remember eight nine there was
all kinds of talk about, oh, millennials don't want to
buy home holmes, first time buyers, they don't want to
buy homes. People are happy with renting. And as soon
as we got out of eight nine and things started
to get better faha. Remember there was all kinds of changes. Faha.
Loans got easier, first time buyers came storming back in.
By the time we got to twenty fourteen, you're still
in it right now.
Speaker 3 (06:14):
Here's my learning, guys. Obviously, what I deal with I
don't deal with FHA loans. Okay, my client's on buying
with those loans, so I don't keep up on those loans.
Can you tell me where those loans are right now
so I can debate a buddy of mine, Jonathan, Oh,
Jonathan's listening right now. Make sure Jonathan's listening right now.
That there's so many he was saying the other night
(06:36):
it was the heart of this that.
Speaker 6 (06:38):
Yeah, so there's never been a time in my opinion
that loans, whether it's FHA, Fanny Made and Freddie mac
State Housing VA loans like.
Speaker 4 (06:47):
Those are people.
Speaker 3 (06:47):
I think we talk very fast here in.
Speaker 2 (06:49):
Boston, so well we talked the right way.
Speaker 3 (06:51):
Yeah, yeah, exactly, because I can't I go into it.
I can't do this well, you know, I'm like, dope,
slap you in the back of the go ahead.
Speaker 6 (06:59):
So there's Yeah, there's never been a time where those
programs are being utilized more. You know, first time home
buyers make up about thirty percent of the market right now,
you know, nationwide, you know.
Speaker 3 (07:08):
So and they give me, give me a first time
because I always thought that that first time buyers program
was a bit of a gaff for most people.
Speaker 6 (07:16):
So it was for a very very long time and
a lot of times if you wanted like a true
first time home buyer program, you'd have to use like
your local state housing program. Now the government, the federal
government's got involved. They're offering discounts to home buyers on
interest rates when they're buying a primary residence with low
down payments, and if their income is under a certain threshold.
Then that's different in every single county in the country.
Right but the programs have never been more plentiful than
(07:38):
there are right now. You can buy a house of
three percent down five percent down, ten percent down.
Speaker 4 (07:42):
There's more grant money out there than ever before.
Speaker 3 (07:45):
Help a hold on. You can buy a house of
five percent down, fifteen percent down?
Speaker 4 (07:49):
Is that what you just said, five, ten, fifteen, twenty Here.
Speaker 3 (07:52):
Enough, okay, I'm here in two threes, three and a
half zero Yeah.
Speaker 6 (07:56):
Fha, three and a half percent down. VA loans for
our military out there, they can a house at zero percent.
Speaker 3 (08:01):
Well, the VA, that's a whole different animal.
Speaker 4 (08:03):
I mean, it's a it's getting more and more popular
every single year.
Speaker 2 (08:07):
There's also more and more veterans because of the wars
over the last four year, and they're getting great jobs.
Speaker 3 (08:11):
And if they don't have money, they can partner up
with a money guy to be able to buy a
three family, four family, five plex, whatever they want to buy.
Speaker 4 (08:19):
Yeah, I mean, we only do residences as long.
Speaker 3 (08:21):
As they live in one unit. Am I corrected about.
Speaker 6 (08:23):
That, as long as they live in one of the
houses themselves. But I'll say that. You know, Anthony mentioned earlier, like,
I think there's a massive excitement to get into housing.
Speaker 4 (08:31):
You know, it's not just home.
Speaker 6 (08:32):
You know, you hear a lot in the news about
affordabilities getting more challenging and all that kind of stuff.
You know, people still want to buy homes, they still
want to create wealth. They still don't want to pay
rent because rent's going up like crazy too, right.
Speaker 3 (08:43):
And we'll get into that. Let me just go off
to break. Call that thought every hole I thought. I'm
Sinney stumbling and listening to Toughest Nails on WBZ News
Radio and we'll be right.
Speaker 8 (08:50):
Back, sponsored by Floor and Decor, National Lumber and Village Bang.
Speaker 5 (09:01):
Boy came back the World Only Water.
Speaker 3 (09:39):
And welcome back to Toughest Nails on w b Z
News Radios. Tent Thor and I'm City Stump and I'm
here with Come on.
Speaker 7 (09:45):
Boys and Nick Legris, Anthony Lamachia.
Speaker 3 (09:49):
Remember you're coming back from break people. Come on now, boom,
let's go. Okay, we're just talking about because talking about.
Speaker 7 (09:55):
First time buyers.
Speaker 3 (09:56):
Okay, go for it.
Speaker 7 (09:57):
I want to jump in and just say one quick
than the lawyer. You know, America's got some problems, there's
no question, like the whole world does. But the American
dream is still alive and people do want to buy homes. Okay,
you know in our natural markets and because we're in
a similar market obviously, yeah, you know our market goes
with the economy whatnot. But as you get further and
(10:17):
further from the big city, the immigrant population when they
get here, they all want to roof over the heads
because that is owning a home takes them from the
working class to something different in their culture. So we're
seeing people pulling money together outside of the city to
buy a home, to get a place, and they're using
the official.
Speaker 3 (10:37):
Hold on hold on which immigrants we talked about.
Speaker 7 (10:39):
Anybody.
Speaker 3 (10:40):
Okay, so you just crossed over the border Texas and
you're coming in you're going to buy home? I highly
doubt that.
Speaker 7 (10:44):
Well, as they've established themselves.
Speaker 3 (10:46):
They so let's call Massachusetts the truth here. Okay, we
got a big within the last twenty something years, almost
twenty five years, we've got a big inflict of Brazilians. Yep,
hard working, not troublemakers. They're all living a great life.
They're in our business, my business of contracting. They are framers,
(11:07):
they're foundation guys there, you name it. They haven't leveled
up into a lot of HVAC plumbers and electrician but
the rest of it they're killing. They own their own
homes now. Good solid people done, Good solid people. Okay,
they're not here to cause trouble. They're here to work hard, okay,
and we needed it.
Speaker 6 (11:24):
They speed between now in twenty forty, right, seventy percent
of the next generation of first time home buyers are
going to be Hispanics.
Speaker 3 (11:32):
Okay, good for them. But you're still talking to a
person that believes and close your borders down. And I'm
going to make this very clear and come into my
country legally. Okay. I'm going to make that very clear.
So that's my stance on that one. So homeowners, and
what about how about let's talk about Americans to get
the immigrants right? How about the homeowner? How about the
(11:53):
people that live in this country that cannot afford a home?
If my kids right, take my kids, Sammy does very
very well, right cha. I was in a golf career
for a long time. Now he's stepping into the real
business world.
Speaker 4 (12:07):
Yeap.
Speaker 3 (12:08):
How these kids gonna be able to afford houses? Raised?
Got three daughters and a son. Tell me how the
next generation right now in the late twenties, early thirties,
And I'm coming to you on that, okay, because you're
the mortgage broker.
Speaker 2 (12:21):
Our lawmakers need to make it easier to build homes. Okay, this,
and you know this firsthand. You're a builder, one of
the best builders around.
Speaker 3 (12:29):
Those law makers need to make it easy. Lawmakers city
making my job a miserable place.
Speaker 2 (12:33):
That's correct. Listen, I've had a builder's license since I
was twenty two years old. Okay, okay. Every two years
I have to go to continue in education courses, and
I actually I don't mind going to go, So I
go and I listen every single time I go, there's
more red tape. We have to make the windows better,
that our values have to be higher.
Speaker 3 (12:50):
Now there's more fossil fuel here.
Speaker 2 (12:52):
The fossil fuel crusade. So the same people that say, oh,
we don't have enough affordable housing are the people that
continue to make building more expensive. And also the people
have the Nimbi attitude. Not in my backyard. Yeah we need,
we need more homes, but don't do it in my backyard.
Speaker 3 (13:05):
Those same people do it because Kla and Wellesley need
and we by the way. But you're right, But even.
Speaker 2 (13:11):
Look at suburbs, look at Holliston, look at Hope, Deal,
all these towns. They've got rules. You can't build a
home unless it's a one acre lot. Really. So now
you're gonna have a town full of one acre lots
in twenty thirty years. What's going to happen that places?
I will give you this, there's not enough density.
Speaker 3 (13:24):
I can't speak for the states. I know New York
has that. I know. I'm sorry New Jersey has it.
The best law that came through Massachusetts is the A
d U law, which.
Speaker 2 (13:32):
I love rights.
Speaker 3 (13:34):
But here we go. She just passed it three weeks ago,
and already I got plans going up boom boom boom
right to Newton Brook. I'll hold on here. Cindy stops
sending all your clients here because we have to figure
this out. What's it? A figure out she made because
once in the towns and cities said to use They're gonna,
They're gonna.
Speaker 2 (13:52):
Municipalities are going to pad it. It's like a loan
right in your world. If any Freddy says, oh, the
guideline is you have to have one hundred and income
and you have to have this, and then the mortgage
companies end up adding things on overlays. That's the word
I was looking for.
Speaker 3 (14:05):
Okay, So they say one thing and then they make
our lives a living hell. Out here. Okay, Now we
got a tree on its okay, all right, buddy, I
just had to pay Newton for a very small uh
six million dollars. Okay, I'm sorry. I take that back.
Six million dollars a lot of money. But for what
we build, it's not, okay, and for where we build
(14:26):
that's not really an expensive home. It is, but it
really isn't. I know, the rest of the country's going
she talking about right now. Six million dollars, but we
had to take out We had to pay the city
ninety thousand dollars for like ten trees. Okay, that's ridiculous.
Speaker 2 (14:43):
What about all the sidewalks and curbs and all the
extra stuff they make you do that's going on our
last fifty property. Excuse me, your sidewalks look like this
for fifty years. Now, it's my job to fix it. Oh,
it's my job to fix the curb.
Speaker 3 (14:55):
So here's my problem is that as builders, somebody's going
to eat this cost down the road, which is the
end user. Correct, So keep making us spend and we're
going to have to keep charging, right okay, because builders
me is I'm not going off for an exercise.
Speaker 2 (15:13):
We think it's bad here. You talk about the rest
of the country. Look at California. I have friends there
and they talk. They literally say, it costs ninety thousand
dollars between red tape plans and permitting, yes to build
a regular, a regular single family house and go. And
we think we have it bad here. I mean, that's crazy.
Speaker 3 (15:30):
But we are becoming California here. But then you go
to ereas like Texas, Florida.
Speaker 4 (15:35):
Yeah.
Speaker 3 (15:36):
The only time the red tape has been hard on
me in Florida is if I'm in an hoa area. Yes,
then then it's a pain at But Dave County, Roward County,
they're not getting building from itself fast enough to us.
Even our own cities and towns here, they're holding us
up three foot.
Speaker 2 (15:53):
The more densit becomes. I'll even say this, you know,
I'll give credit to further metro West Worcester County, West
of Worcester. Even those municipalities are easier to deal with.
Of course they have to deal with the state red date,
but they want you said it developments. I bought a
building four years ago in Chelmsford. I thought I was dreaming.
I get an email, Hi, I am the town representative
(16:15):
they no, No, listen, listen, You're not gonna believe it.
She was so nice. What can we do to help you?
What do you want to do here in Chelmsford. I'm
a guy that comes from Watertown, grew up working in Newton.
I couldn't believe what I was reading on my screen.
I said, they want to help me, They want to help,
But then you come within the ninety five belt, it
would never happen. No, they treat you poorly. Go into
the town hall, they act like they're doing you a favor,
(16:36):
and it makes it very hard to build, and it
turns people off. And in the eight to twenty eleven recession,
it knocked a lot of builders out because they said,
I'm not dealing with this anymore, because the regulations got
tighter at that time.
Speaker 3 (16:46):
I went, I got discrepted in that one. The reason
why it knocked out builders was because one the ones
that got knocked out were over leveraging on your siding. Okay,
and the subcontract is that we lost is the big one.
The builders losing build this is fine, I agree, Okay,
we'll come up with more builders. It's a subcontract as
we lost because they couldn't get a forty hour, they're
(17:07):
working three four weeks, not working for a month, working
for three months. Finally, otherwise when you need forty hours.
Speaker 2 (17:13):
There are less builders out there than there was twenty
years ago.
Speaker 3 (17:16):
You know what. The builders that we have out there
right now, who needs them? Ninety percent of them suck? Well,
Beppeep just no, no, no, you're not a good builder in
my eyes when you're putting together with spit and glue. Okay,
you want to be a builder out here, you build,
you build professionally, you stand behind your product. The guys
(17:37):
I came up with, they had that mentality. They didn't
give your tail light warranty. When you don't see my
tail light anymore, you don't get a warranty. So there's
a big difference of the money guys. I call money guys.
A guy that's a doctor, a dentist, he's a builder.
Speaker 4 (17:52):
Now.
Speaker 3 (17:53):
The market's always been like that for the last twenty years.
When the market's going good, yeah, they all come in
and then they all go, who we don't like this game? Right, Well,
we broke out either. We invested with Tom Dick and
Harry and we lost money. So I always say a
builder as a builder, a developer is a developer, and
a money guy's a money guy. Just because you have
(18:13):
a little bit of money to go speculate something doesn't
make you a builder. Correct, Okay, because you don't know
a real sight work, you don't know foundation, you don't
know roof, you don't know framing, you don't I'll give
it out a category right out of or out of order.
You don't know plumbing, HVT. You're depending on the subs
to build you a good product. And when it's all
said and done, this mcgeggee builder ends up in a
(18:36):
lawsuit because they're not going to sue the plumber, the electrician.
They're coming after your sorry bud. Period.
Speaker 2 (18:42):
Well but think of this too. Look at the windows,
the minimum requirement, our value for windows today. Those windows today,
the cheapest windows you can buy today, were the best
windows twenty five years ago. But our state says, oh no,
you need even better ones. Why why make it more
expensive on people? Why make it harder. It's ridiculous, And
I hope the lawmakers can hear me. I've talked to
the last three governors.
Speaker 3 (19:02):
We have them in the studio home.
Speaker 7 (19:04):
But it's more than the lawmakers the one thing I
will say that's in the municipalities. It's also our clients
and our peers that aren't getting involved, correct, Because when
you go to any of those crazy meetings and townds
like Newton, I serve in a town committee and need them,
it's the same twenty voices and their opinions never change.
Speaker 3 (19:19):
Correct.
Speaker 7 (19:19):
So at the end of the day, we as people
in the industry, right, every single one of your buyers
needs to become an activist.
Speaker 3 (19:24):
No, every neighbor does, because remember those neighbors. Oh god,
he's sticking the time clock. All right, let me go
off to break. I'm still We'll be right back. Hold
that thought. I don't care what you do. Right now,
I'm Sitdny's company. Listen to have his nails on WBZ
News Radio and we'll be right back.
Speaker 8 (19:38):
Sponsored by Pellow Windows of Boston, Next Day Molding and
Kennedy Karrs.
Speaker 1 (19:49):
Got Squeeze Bucks.
Speaker 4 (19:50):
She wears on the chest when Daddy comes home and
then it gets no rest.
Speaker 5 (19:55):
God's when all night.
Speaker 3 (19:59):
And welcome these results on news radio. And I'm City
Stump and I'm here with.
Speaker 2 (20:06):
Anthony Chia.
Speaker 3 (20:07):
Okay, we're going good guys, this is flowing great, I
love it. Okay, so good.
Speaker 7 (20:11):
Yes, we were just talking about how people need to
get involved. At the end of the day, people have
to get involved in their local government.
Speaker 3 (20:18):
We used to.
Speaker 7 (20:19):
We we grew up as a nation that got involved.
We quit and today's people.
Speaker 3 (20:24):
You know why we quit? Tell me because we're all busy. Okay,
we're all too busy. That's the problem.
Speaker 7 (20:29):
Then we need to take a document.
Speaker 3 (20:32):
Newton is not Alderman anymore. Well, I think I think
we're called so whether we know we can't see city council, Oh,
city council. I'm got that. We got to make sure
we say things properly. Back in those days, they at
least listen. We had. We had great guys back then,
so Vuci McGrath, we had a lot of really good
Now we're totally pro anti development Newton. So basically, you
(20:53):
call any of the Newton lawyers and like, sin, really,
I'm going for ninety units, right, I'm going for ninety.
If I get seventy, it's going to it's gonna be
a witch hunt. But I'm going to pull the trigger
on that deal in Newton.
Speaker 7 (21:03):
Right, how many homes have you built in the City
of Newton hundreds. Then you should be walking in with
one hundred people who swear by you to support you
in every single one of those meetings.
Speaker 3 (21:12):
And that can happen. But the problem is all the
faurs have been changed, have been caused from c stumble development.
Oh she looks like okay, guys. I started eighty nine,
eighty eighty nine. By ninety one I was knocked down.
I was known as a knockdown Queen. I realized, listen,
I can't get land here. This is very simple. I
was maybe young and dumb. Okay, So the guy wants
(21:35):
seven thousand dollars to that house, Well, the land's worth six.
Knock the house down. What am I throwing one hundred
thousand dollars in dumpster? I'll make that up over again.
Back before I started knocking down, they were just adding on,
adding on, adding on. So she had old with new
new master, great new family room, great ceilings. Take it out,
(21:56):
realizing that I'm saving between fifteen one hundred thousand. That's
why houses every say's house have gone up. You'll leand
value that the house sits on has gone up. I
said this on social audio with a gentleman friend of mine,
Grand Cardon. He said, no, that's not true. Yes, it
is true. You'll leand under that home has gone up.
Let's call it what it is. Land values have gone up.
(22:18):
Whoever thought we'd see sealthie at a million dollars a floor?
Sobo Okay, there you go. Sobo is that the new name?
I just love it? Okay, So go ahead, mister lawyer,
not lor you're the lawyer the other. How many Okay,
here's the question of you. How many mortgage? How many
brokers you have underneath you? Not mortgage.
Speaker 2 (22:37):
We have six hundred and seventy five agents at La
Mochiur Realty. We cover five of the six New England
states excluding Vermont, and we also have an office in
South Florida with about twenty five agents. And I'm working
on buildingsing something down there, and we'll have another office
with a lot more people.
Speaker 3 (22:52):
Okay, So tell me what's going to happen to all
your brokers with the new laws that passed. Now, go ahead,
you know what you thought.
Speaker 2 (22:58):
Well, our brokers at Lomchiur Realty in good shape because
we've been training them on parts of this since twenty thirteen,
and then last year when the wrongful verdict came down,
and when the plaintiff's attorney fooled the jury in Western Missouri,
I knew it was going to get real. So we
started training on it twice a month and then since
June every month. So our realtors who have been paying
attention and tuned in are in good shape. They have
(23:19):
the right forms, they have the right scripts and dialogues.
They know how to explain it. But the rest of
the industry it's a challenge. It's a challenge on everyone
for the record, but we have to deal with it.
You know, the Department of Justice.
Speaker 3 (23:31):
Is after ear go again. Government stepped into your.
Speaker 2 (23:34):
Department of Justice. Yeah. OK, they emboldened the lawyers. The
Department of Justice has had it out for the real
estate community for twenty years, but in twenty twenty they
took it to a new level. They undid an agreement
that they had with the National Association. There was a
first time in history the Department of Justice has made
a deal. Eight months later, in the spring of twenty one,
(23:56):
they came in and they changed, They backed out of
the deal, and that changed everything.
Speaker 7 (24:01):
I think it's important that they have an he takes
a step back and just talks about what we're talking
about generally. Yeah, yeah, from a high level, how.
Speaker 3 (24:08):
I tell you want, let's just dumb it down from it.
If you're not a seller's broker and you're a byas broker, now, Samantha,
you know, plays in a different league, right, what's the
average sale price? Average of what your brokers are selling?
Speaker 2 (24:21):
Average sale price in Massachusetts is about is over seven
hundred thousand.
Speaker 3 (24:25):
Okay, And we know Sammy's up in the Google numbers, right, yeah, Okay,
she's at the highest level you can be at single family.
So those brokers have they're like a team out there, right,
they all know what each other has. Is probably fifteen
really good brokers in that game, and they'll probably all
work together and they'll pay the broker. What about your
(24:45):
guy that your client right that says, hey, I'm not
paying a sellers broker. It's a seven hundred thousand dollars home.
You can save two and a half percent. How is
this going to work out for these brokers? I think
you're going to lose thousands of brokers across the country.
Speaker 2 (25:00):
Well, I think we're going to list half. We're going
to lose I don't think it'll be half. We're going
to lose thousands of brokers anyway because of the market.
You know, commissions vary across the board, so I'm not
going to get into numbers, but when an agent is
representing a buyer, agents now have to know how to
negotiate that commission, whatever it is, into their transaction and
either request it from the listing broker or from the seller.
(25:21):
What we're doing is we're taking the position that we're
not participating in broker to broker compensation. We're not asking
for it from the listing broker, We're asking for it
from seller. And then when we represent sellers, we if
the seller wants to offer compensation out, which we generally
recommend because they'll attract more buyers, they offer it out,
not from us the listing brokers. So that's a change
(25:42):
that we've made that goes a little bit further than
the settlement.
Speaker 3 (25:44):
So normally normal here in Massachusetts five percent.
Speaker 2 (25:47):
Right, I'm not going to answer that. I mean it
varies across.
Speaker 3 (25:50):
There, but okay, there is a norm. So let's go
to the Norman. I've been dealing with the third I'll
talk for me thirty eight years. It's been a five
percent for this commission. Okay, now what do you guys
want to charge or six seven eight, That's not up
to me. I've been paying five percent for years, for decades.
That's how I came into the industry. Now let's let's
use meanings as an example. I'm an end user. I
(26:11):
have a home to sell from land Dolls. I hire
your company, and I'd say, well, I'm only going to
pay you two and a half percent.
Speaker 4 (26:16):
Well, just to be just.
Speaker 7 (26:17):
To be clear, not the deject you used to pay
five percent yep to your broker.
Speaker 3 (26:22):
Correct, who then gives up whatever they want.
Speaker 7 (26:25):
Would offer a multiple listing agreement.
Speaker 3 (26:28):
But they at least offered fifty percent. Samuel offer more.
Speaker 7 (26:31):
Some people would offer less, some people would offer more.
It doesn't matter. Now when you call that same broker
who for the past thirty eight years would list your
house for five percent, and you say I want to
sell my house, they're only allowed to charge you what
they're keeping. So they're going to say to you, Cindy,
you're going to pay me two and a half or
two whatever your agreement is. And then Cindy, it's up
(26:54):
to you if you want to offer compensation to buyers agents.
It's no longer that you're contracting correct with them and
they're offering. It's up to you as a seller. So
the crux of this lawsuit was that the industry was colluding.
Speaker 4 (27:09):
And I'm not agreeing with anything.
Speaker 7 (27:11):
The crux of the lawsuit is that the seller should
be given an option as to whether or not they
want to offer compensation out to the street.
Speaker 2 (27:18):
Yeah, because the plaintiff's attorney, Michael Kettmark, who's a very
talented trial lawyer who I don't happen to like very much,
but the guy's good, and his argument was, well, the
MLS system that they have enables them to essentially silently collude,
which is preposterous. I mean, it's insane. But that was
the argument he made, and he convinced a jury of that,
(27:39):
and that's what changed. So what Nick just described is
parts of what he described as the settlement, and then
many brokerages mine included, we've decided we're going further where
we're just disconnecting it. So if you're a home seller
out there listening anywhere in America and you call any
realtors to sell your home, they will probably be telling
you if they know what they're talking about it and
(28:00):
they're up on what's going on right now. They'll be
telling you that, hey, this is what I charge, and
if you'd like to offer compensation out to someone who
brings a buyer, you can do that. Do you want
to do it? Yes or no? On our listing agreement
we have an option now. We do that on purpose
because we don't want to come off like we're forcing
a seller to offer it. But Cindy, you and I
know the sellers that aren't willing to offer it, they're
naturally going to have less buyers interested in their home.
Speaker 3 (28:22):
It's just a fact the house is going to sit.
But when times get tougher.
Speaker 2 (28:27):
You said it, okay, inventory goes back up, that's when
everyone's going to see it. And many people that have
disagreed with me. There's been a few that have disagreed
with me.
Speaker 3 (28:35):
Noah, I won't nationally.
Speaker 2 (28:36):
I know you won't because you get it. But those
that aren't in the industry that don't know what they're
talking about. There's some people that have a lot to say.
They've said, well, Aunt Anthony's saying that to kind of
wink to everybody in the industry to keep doing it.
Speaker 3 (28:48):
That's not what we do, Okay, So it's going to
take for the end users and even builders that get greedy. Right, Look,
I'm a builder that everybody makes money, right, The subs
make money, the vendors make money, the lawyers make money,
that brokers make money.
Speaker 2 (29:02):
Money makes the world go around.
Speaker 3 (29:03):
Correct you start. You know, I loved back in the
day when the builders started hiring their wives to sell
the product. Right, But you were in fear because if
I bought the product from Cochelina, it's my job to
give it back to Angelina. And I've run that company
that way for thirty eight years.
Speaker 2 (29:20):
Or they're not going to call you on the next one.
Speaker 3 (29:21):
Well, they're not going to call you the next one.
But they didn't care builders because there was so much
product back then and there was so much business that
you know, we weren't lacking. But I've stayed with that philosophy.
But that's the that My philosophy is being very loyal.
Loyalty is everything to see Stumbo, right, And it's loyal
loyalty to me too. So that's how I run my company.
But at the end of the day, let the house
(29:43):
sit because mister and Missus Jones, your hou's not gonna sell.
And when mister and Missus blues house sells next door
to you, you're going to know why they out. Yeah,
all that thought were going to break com city stumbling
and wasten to Tough of Nails on WBZ and We'll be.
Speaker 8 (29:56):
Right back, sponsored by new Brook Realty Group, Boston, would
Smaller Insurance World Auto Body and Tosca Drive Auto Body.
Speaker 3 (30:13):
Just with Charles we get around and welcome back to
city stuff Toup his Nails on w b G News
Radio and we're here with who.
Speaker 4 (30:25):
Shopping OCEA in that rate, Gligris.
Speaker 2 (30:28):
Anthony Lamachia.
Speaker 3 (30:30):
Can we had one more vowel in this room? I
think we're missing a vowel. Yeah, okay, Oh we got
a nommdian in the room, so we won't hold him
hostage on that one. Okay, you guys go ahead. You
want to be Andrew Bicko.
Speaker 6 (30:39):
Yeah, you know, Look, here's what here's one of the
things I think that you asked in that one.
Speaker 3 (30:42):
Now you got me all screwed up because you just
moved positions here.
Speaker 2 (30:45):
Okay, it moved us.
Speaker 3 (30:46):
Okay, they moved you.
Speaker 6 (30:47):
So you said, you know, how is the next generation
gonna buy? And like you know, yes, things are getting
more expensive. Yes, that's always going to be the case.
You have to figure it out. You have to get
into housing. If you're a home buyer out there now,
our potential first time home buyer, that's where you have
to figure out way to get in the game.
Speaker 4 (31:04):
You have to get educated.
Speaker 6 (31:05):
You have to understand all the different loan program options
out there, how to save up the money, how to
change your budget, you.
Speaker 4 (31:10):
Know, how to get.
Speaker 3 (31:13):
Conversation that came up. And I'm going to answer truthfully
to is it cheaper to rent than it is to
own right now? Yes? Or no?
Speaker 5 (31:22):
Yes?
Speaker 3 (31:23):
And no yes, thank you. However I have we're going
to have a DIFFERENCEI of opinion here. Yes, it is
cheaper to rent right now.
Speaker 4 (31:31):
Yeah, but it's also costing you a lot of money
to rent.
Speaker 3 (31:33):
Correct.
Speaker 6 (31:34):
Yeah, it's cost you fortune to rent because if you
don't own a house, you don't participate in a home
price appreciation.
Speaker 3 (31:40):
And well, the only question was this, we're going to
go there. I'm going to go there with you guys.
Just before just because you can afford a mortgage payment,
let me remind you that there are other bills you
have to pay to own a home. Correct, Correct, I'm
all about owning your home, right, I'm a builder.
Speaker 4 (31:59):
But facts of facts, Well, here's also the facts.
Speaker 6 (32:02):
The average homeowner in the United States has a forty
times greater net worth than the average renters in the
United States.
Speaker 3 (32:09):
Right, Remember to get into a building here in Massachusetts,
are looking for four exes on you. But the problem
is the stroke, right, the downstroke. So go ahead, I'll
let you guys finish. I saw that question.
Speaker 6 (32:21):
It's yes, it's challenging to get in the game. But
everything that's worth it is challenging, right, Like you have
to figure out a way to start somewhere, Like you
have to buy within your means, and you have to
get in the game, and that's how you continue to
kind of move up into.
Speaker 4 (32:34):
Different price points.
Speaker 6 (32:36):
But if you never get in, if you stay, I
read something the other day, the average renter like pays
something like six hundred thousand dollars in rent over the
course of their lifetime. Right, and that's insane, Like you
have to figure it away. There's so many people that
I remember when I was first getting started, that were
in their twenties and thirties, that were like taking risks
in terms of buying houses three percent down, five percent down,
buying two families, living in one and renting out the
(32:58):
other side, then eventually buying.
Speaker 3 (33:00):
Different Definitely happened today. Yeah, but that's chue.
Speaker 2 (33:03):
It's hardly right now. There's no denying. In the last
two years it's gotten more expensive. Bye, there's no denying
at it all.
Speaker 3 (33:09):
But on the same token, hold off, if you all
had kids eighteen nineteen two, they went to college, they
didn't go to college, they had a few bucks, would
you tell them to buy a single family or a three.
Speaker 2 (33:19):
Pleux right now at that age, at three plex?
Speaker 3 (33:21):
Thank you?
Speaker 2 (33:22):
That's what I did.
Speaker 7 (33:23):
Let's double until I started a second same money. Let's
double click on that for a second. I don't necessarily
agree that it's cheaper to own than it is the
cheaper rent than it is.
Speaker 4 (33:31):
Town.
Speaker 7 (33:31):
Yes, if you want to compare an apple to an apple,
it is because that two million dollar condo in the
seaport you can rent for much less money than it
costs you monthly.
Speaker 3 (33:39):
Come or or the single family home in Newton, West
mass whatever, where do you go.
Speaker 7 (33:44):
But on the flip side, if my kid comes to
me and says, I want to go rent and pay
six thousand dollars a month in rent in the seaport
to live in a fancy, fancy thing. I'm going to
do my best to convince them to go a little
further out the city buy something, because that first last
insecurity on the six thousand dollars thing could be a
down payment on something. It's not as pretty mortgage kid
listening to you.
Speaker 3 (34:06):
Okay, there you go.
Speaker 2 (34:07):
But at the.
Speaker 3 (34:08):
End of the day, in their twenties, mortgage and by
the way, the kid is single in their twenties, and
they don't want to be forty five fifty minutes out
from Boston and they want to be with the actionist
Let's call what it.
Speaker 2 (34:19):
Is, right, but the city of Boston needs to make
it easier to build.
Speaker 6 (34:22):
They make it extremely difficul extremely difficult.
Speaker 3 (34:26):
Again, we're not in Texas. We got lots of land
where Massachusetts and everything's tougher. Here it's tougher, and you've
got a bunch of liberals running the state here. Okay,
it's not making it easier. Let's just call it the
way it is. And it's not going to get easier here.
So It's like if I wasn't at my age, I
would probably shift my business in development.
Speaker 2 (34:46):
Absolutely, say that we just bought a company.
Speaker 3 (34:48):
Then again, I was down south, I pulled out an
seven and boomed six months later. We know what happened downstairs.
Speaker 2 (34:53):
Yeah, so you pulled out just in time.
Speaker 3 (34:55):
Oh my god, I'm I'm out. I'm out.
Speaker 5 (34:59):
He was.
Speaker 2 (35:01):
I just bought a company in southeastern Massachusetts from a
guy who's been a builder for since nineteen seventy one,
and he now spends his time in South Carolina. He's
eighty three years old. He calls me and says, Anthony,
I'll put the money up. My step son will build
you sell him. He's literally begging me to get down
there and open We're opening Florida. I'm like, how many
(35:22):
states can I open it once? But he's telling me.
Down there, they're inviting, They're saying, come on down, come
build here. And it's just the opposite up here. It
was like that here one hundred years ago.
Speaker 3 (35:33):
No, it was like this a whole life. So let's
just call it how it is, guys. Every recession I've
been through eighty nine, hiccup in ninety nine and O
wait market right, see Stumples still here thirty years later.
Didn't tank, didn't go down, didn't go bankrupt, right, didn't
know anybody nothing?
Speaker 2 (35:51):
Why because you adjusted? No, you're tough, has nails.
Speaker 3 (35:56):
Yeah, I'm tough. I know how to maneuver around economies,
for sure. But we are still a sheltered area. Mass
is mass. Mass is mass, whether you want to believe
it or not. We are pretty recession proof.
Speaker 2 (36:10):
We have the hospitals, we have the university, the.
Speaker 3 (36:12):
Universe, we have education. I asked one of my Asian clients.
This was just like a week or two ago. He said, Cindy,
we would never come to Boston if we didn't have
you didn't have the school systems, we'd be in on
the West coast because it's six hours more to fly
back to our countries to see our families. We're only
hearing because of our school systems from K one k
(36:34):
to twelve and then off to colleges. I never knew
that either. Two weeks ago.
Speaker 2 (36:38):
I haven't heard that one.
Speaker 3 (36:39):
Oh yeah, there are not here for the weather, Like
you said, do we skate no to escape California. We're
talking about Asian clients.
Speaker 2 (36:48):
What's that California? Weather blows.
Speaker 3 (36:50):
Of course it does. But I would argue, I think about,
they are here because we've got the best school systems,
the best We are a recession proof. Look at who's
got the highest IQ in the whole country. Who comes
up number one? I don't know, Massachusetts really really most
expensive state to live in Massachusetts, Hawaii is number two. Okay,
(37:11):
I would argue that, So you might decline a bit.
But when we went that crashing eight, Florida went down
to thirty cents on the dollarsicause, sorry, excuse me, BBB.
We didn't drop down seventy percent where I bill, we
dropped down a broker's commission. If we can't eat six
percent on a dropdown took a little longer sell for sure.
(37:32):
But remember in real estate, history will always repeat itself, totally.
Never forget that.
Speaker 6 (37:36):
However, you know, if you look back, and that's super
hyper local. If you look back at real estate nationally,
right you go back eighty years, real estate price has
only gone down nationally six times, and five of those
times was in that two thousand and eight, two thousand
and six.
Speaker 3 (37:51):
Eighty seven. They didn't go down eighty eight, eighty nine,
ninety eight, they went made eighteen ninety one.
Speaker 4 (37:57):
Nineteen ninety one was they went down with the person
national numbers.
Speaker 3 (38:00):
You can have all the national numbers you want. You're
how old again.
Speaker 4 (38:04):
I'm forty four years old, right, So.
Speaker 2 (38:06):
I got those guys eight years old.
Speaker 3 (38:07):
I got years on you. So in nineteen ninety ninety one,
I can't look like this FDIC foreclosures like this, every auction,
buy and buy and buy and buy and buying. And
then a lot of it I turned over later. You know,
prices went from eighteen twenty grand to one hundred. I'm like,
oh my god, I'm I'm gonna be rich, right, I'm
twenty four to twenty five. I should have but I did. Right.
(38:30):
So again, when somebody's telling you, hey, you're going to
be fifty one day and you're twenty seven, you think
I could realize what fifty was going to be at
twenty seven, Ah, that's never coming. Oh they could have
a magic pill. When I get you, you're not thinking.
But what you also have to look at all that
stuff I bought in those days. I kept whatever I kept,
(38:50):
I sold what I sold, But then it gave me
more my more capital to work with.
Speaker 6 (38:54):
Well, what you do is extremely difficult, like developing, buying,
selling for profit, all that stuff really hard. Buying and
holding real estate in general not that super hard.
Speaker 3 (39:03):
No, it's easy. Yeah, so like long term holds easy.
Speaker 4 (39:05):
Yeah, totally.
Speaker 3 (39:06):
You know, if they're having a stroke like I am
every day yelling the contract a contract, I don't yell
if is an idiot and more this so that a clown.
I know, I use terrible words out there all day long.
My pos no, but I always do say give me
a young guy that's responsible, reliable, and dependable, and I
will make a stud out of that kid all day long,
(39:27):
and I have done it. You don't have those three things. Responsible, reliable, dependable,
and loyalty is a big one. You don't have that.
Virgos are very very we love virgos. Any questions out there, Jonathan,
shoot the question out. You should never buy a single
family home, whether it's investment or for primary.
Speaker 4 (39:47):
What it takes on that, what do you want?
Speaker 6 (39:48):
There's been a lot of talk about like the private
equity companies buying like single family homes problem, and I
think that's probably where it's taking out of context, like
selfish of them to take that single family inventory out
of the market in a way from regular use case
residential buyers, right, and so like that's what is. But
buying a single family house is like, that's like the
American droom, right, like.
Speaker 3 (40:08):
To all of us it is.
Speaker 2 (40:10):
And here's the thing I want to point out.
Speaker 3 (40:12):
But you think that an end user needs a reserve
in case they buy a single family that's twenty five,
thirty thirty years old. My losing my voice already here
we go and they don't have a reserve and the water,
heat blows and the roof blows.
Speaker 4 (40:24):
You should never buy an asset and have nothing left
over it.
Speaker 3 (40:27):
So thank you, thank you. That was my argument, you
need a reserve. Okay, I gotta take you guys to
break and be listening to Siddy stubbown Toughest Nails and
we'll be right back.
Speaker 7 (40:42):
Was young ill, so.
Speaker 2 (40:47):
I must have played them all the fling all time.
Speaker 3 (40:55):
And welcome back to Toughest Nails on WB's News Radio
ten thirty. I loved having you here tonight. I want
people to know how to reach you, especially you handsome
over them mister Purple Time.
Speaker 2 (41:06):
Anthony Lomachia, broker, owner of Lomachia Realty, look me up.
On Lomachia realty dot com or on Instagram at A J. Lamachia.
Speaker 4 (41:14):
I'm Seantpanosian at rate.
Speaker 6 (41:15):
You can reach me at Shant at rate, or you
can uh follow me on Instagram at Shant Pinosian.
Speaker 7 (41:21):
I'm gonna spell that out for Shant.
Speaker 3 (41:23):
Because it's s H A n T because it's a
really dumb NAMEH.
Speaker 7 (41:28):
Nameh rate dot com is my neighbor, but I'm Nick Licris.
You can find me at Ligris dot com, l I g.
Speaker 3 (41:35):
R I S dot com, and I'm Sinny Stumple. Have
a great, safe weekend and we'll see you next week.
This is Toughest Nails on WBZ News Radio ten thirty
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