Florida market. Interest rates. Distressed sales. Inflation.

Episode Transcript

Speaker 1 (00:15):
Navigating today's real estate market can be tricky. Wanta buyer
sella house, finance or insure a house, or stuck with
a house and don't know what to do. Florida Talk
real Estate has been your local one stop real estate
shop since twenty twelve. Get the advice you need from
your local real estate pros. Here are your hosts, Jim
Depola and Johnny c You live on real Radio.

Speaker 2 (00:36):
Yeah, good Saturday morning. Welcome to another edition. It's Florida
Talk real Estate live on a Saturday Fathersday weekend. And
all you mother fathers, thanks for being with us. I
see you out there. Ninety two one one o one
seven the old terrestrial radio.

Speaker 3 (00:50):
Thank you very much.

Speaker 2 (00:51):
Of course, if you have your free to download your
iHeartRadio app, we are worldwide, come on, get you some
from whatever corner of the earth you're on. And of
course we live stream as well. I believe we are
live streaming today. Find us on Facebook and on YouTube.
That's Florida Talk real Estate on Facebook, Florida Talk real

(01:11):
Estate LLC on YouTube. Home a ton of informational chunk
videos to consume, plus our live stream on a Saturday morning.
Great to have you with us right out the gates,
and you're welcome to be a part of the program.
If you got a question, comment, concern in the world
of real estate, don't be shy. Dive on in eight
seven seven nine two seven six nine six nine.

Speaker 3 (01:32):
If you dial.

Speaker 2 (01:32):
In the first voice, you'll hear the melodious tones of
my brother from another mother. There's our producer ex shordinair, Jimmithy.
What's up my dude?

Speaker 4 (01:39):
Hello, Hello, and a good morning, Jonathan. I didn't get
to see at the door. Usually I'll let you in,
but the Jim beat me to it. So how you
doing today, buddy?

Speaker 2 (01:46):
I'm doing well man. Always good to see you, my friend.
Good to see you as well. Good to be seen
and happy Dad's Day weekend, t Y, Well, thank you
and happy Father's Day to you as well.

Speaker 3 (01:54):
Thank you, my friend.

Speaker 5 (01:55):
How old is that little munchkin?

Speaker 2 (01:56):
Now, well, munchkin is twelve gee yeah ah yeah, she's
gonna be a teenager. Yeah she's like thirty as what
she is? Yeah yeah, yeah, yeah, yeah, yeah, she's awesome.
Though it's a it's it's it's good to celebrate Dad's
Day when you got an awesome.

Speaker 3 (02:15):
Little bugger to make you make your dad.

Speaker 2 (02:17):
Sure? Yeah, And now let's say hello to our fearless
leader thirteen plus years now. I've told you he runs
a top producing Keller Williams team. It's the Florida home
Proskellerwlliams Innovations. There's Jimmy d Jim Toola, Happy Father's Day, weekend,
my friend.

Speaker 6 (02:31):
Hey, Happy father stay Johnny, Happy father, stay Jimmy, and
happy Holidays.

Speaker 7 (02:36):
Everybody in Happy South Florida. I'm really glad. I have
you heard so you're playing?

Speaker 6 (02:40):
I'm I was trying to remember who were famous sunglasses
people other than the Blues Brothers.

Speaker 3 (02:45):
So it's funny. I just I'm like, why is it
so dark in here?

Speaker 6 (02:50):
Anybody not on Facebook or YouTube? Johnny has his shades
on right now and he's changing to regular glasses.

Speaker 2 (02:56):
Now.

Speaker 6 (02:57):
I was thinking of Ray Charles, he was doing that,
Rachel and the Brothers. Yeah, I like the wayfair of those.
Those are my favorites. Are those like Wayfarers? Uh ish yeah,
wayfair Ish?

Speaker 8 (03:09):
Yes?

Speaker 7 (03:10):
I like that style?

Speaker 2 (03:10):
Yeah ish my first pair of prescription sunglasses.

Speaker 7 (03:14):
Oh really, I've never done that before.

Speaker 3 (03:16):
It's worthy, is it? Yeah?

Speaker 7 (03:17):
I'm gonna have to do it. You know what I do.
I just put the glasses over the sunglass, right. It
works out great.

Speaker 2 (03:24):
So I uh, this is the first year that I
was like, I think I gotta do it finally because
my vision's pretty good. I need to assist for reading.
And it's starting to, like, you know, it just deteriorates
every year. It's starting to get a little fuzzy, a
little you know, it's not not the distance distance, but
that like mid range. So I was like, all right,
let me let me rock it. Let me see what happens.

(03:45):
What a difference though, Wow, Yeah, I mean a big
difference for daytime driving with real sunglasses. It's it's a
worthy investment if if if you get down that path.

Speaker 7 (03:54):
I'll have to check it out.

Speaker 6 (03:55):
I finally had a cave in and kick glasses a
couple of years ago, and I went to one of
those like crafter stores or whatever like that, and.

Speaker 3 (04:03):
Uh, is it gonna bother you if I wear my glasses?

Speaker 7 (04:06):
No, not at all. I thought it was funny.

Speaker 3 (04:07):
That's like, yeah, it is a bit bright.

Speaker 6 (04:10):
So uh, yeah, I had. I went in there and
you know, they changed the lens things to figure out
what you need and everything, and I bought like six
hundred dollars of glasses, like two pairs, three hundred dollars
apiece or something or something like that. It was expensive
and they did not work. I was so disappointed. I
was like, I didn't get the right the right magnification

(04:32):
or whatever. So I just go to the I just
go to Costco or whatever and just get these little yeah,
and I get like five packs and I throw them everywhere.

Speaker 5 (04:43):
That's what I did forever.

Speaker 4 (04:44):
Yeah, to the point where because I only really have
one bad eye, so my my left eye would always
over you know, compensate for the right one being bad
for all these years. And eventually just got to the
point where I could and I had to get corrective
because even my left one was starting to go a
little bit.

Speaker 5 (04:59):
But same type thing.

Speaker 4 (05:02):
How long it took me to get used to the
progressive you know, and now like as they get worse
and worse over time, like Johnny saying, I find myself
doing this where I'm constantly looking down at the bottom,
you know, to the bottom of the glass. It's funny,
so your head's always tilted up now, you know. It's
like I used to make fun of people they did.

Speaker 2 (05:20):
That that is that is some probably a good week
of getting used to you though, your first time, first
time with glasses in general, any kind of prescription, you're
way off. But then you go progressive. You gotta find
that sweet spot. It puts you in a weird headspace
for like a week.

Speaker 5 (05:37):
And dependent obviously the distance. Now I need it for
up close.

Speaker 4 (05:40):
So like, I don't wear them driving because I hate
I hate having them on when I drive because then
like I have two different visions. I have my peripheral
which doesn't have corrected you know, so it messes me
up when I'm driving.

Speaker 2 (05:51):
So I don't. I don't wear them. Then get you
some sunglasses and only do the distance, and then you
don't have that.

Speaker 5 (06:00):
Well, I don't need distance. I'm good.

Speaker 4 (06:03):
I'm the far sighted, right, is what they would say. So,
I mean I can read street signs from you know,
you know, just fine, safe wise, you know.

Speaker 5 (06:12):
I mean, it's nothing like that, So I just don't bother.

Speaker 2 (06:15):
He just put on regular old o G sunglasses, regular
you know or something. It's a beautiful thing.

Speaker 3 (06:25):
Getting old.

Speaker 6 (06:27):
For the week, that's for sure. Hey. The reason why, uh,
the reason why Ross hasn't been around is he's doing.
He's gallivounding around and right now he's in Idaho hiking
out there. He called me when he just flew into Idaho.
He's on some kind of hiking trip to learn how
to mountain climb or something hot. Ross, right, and he said,

(06:51):
at the airport he saw Gary Breca, which do you
know who Gary Breka is?

Speaker 3 (06:55):
Rings it rings a bell.

Speaker 6 (06:56):
He's like, he's like a health health code basically, and
Ross is really into that stuff. And yeah, and he's
kind of connected to Dana White, is like one of
his bigger clients. Maybe, yeah, maybe, because that's what made
him famous was the dainty right thing. It was kind
of funny. So he was a human biologist or something.

(07:18):
He's not a doctor or anything, this guy Breca, but
he does these kind of testing on your body to
figure out what nutrients you're missing. And uh, he got
backed by Grant cardone down in Miami and then and
then Grant you know, started promoting him, and then he
got to Dana and then Dana blew him up.

Speaker 2 (07:40):
Is he like all over social media?

Speaker 7 (07:42):
Yes, he's all over like that guy. Yeah.

Speaker 6 (07:45):
So anyway, Ross is a big fan and he's already
taken some of the testing that that guy offers, like
online testing and stuff, and he saw him at the airport,
so he was all excited about that.

Speaker 7 (07:54):
And then he called.

Speaker 6 (07:55):
He had just flown into Idaho and he was right
at the base of the mountain getting ready to do
the camp thing. And he's like, yeah, I'm going to
be sleeping in a tent for three days. There's no electricity,
no water, so he's really camping it out.

Speaker 3 (08:09):
Yeah, we call that primitive camp.

Speaker 7 (08:12):
Yeah, Grizzly Adams water.

Speaker 2 (08:15):
Yeah, I know, right, weather imagine it's pretty nice.

Speaker 7 (08:18):
I didn't even ask him that. I didn't ask him,
but I'm sure. I hope. I hope for him it
was awesome.

Speaker 6 (08:23):
So I think he'll be coming back tomorrow or something,
so he'll be on the show supposedly next week. Mike
just called in. He didn't tell me why. He just said, Hey,
you didn't mind if I'm not on the show this week.
I'm like, yeah, me and Johnny and Jimmy, I'll handle it.
Will will handle everything.

Speaker 3 (08:38):
I'll pretend to be a mortgage guy today.

Speaker 6 (08:40):
Yeah, there you go. Yeah, let's make stuff up. Let's
today be like the April Fools. What it would just
make stuff up, so call in and we're going to
give you fake answers.

Speaker 7 (08:48):
I'm teasing you.

Speaker 4 (08:49):
You get a mortgage, and you get a mortgage, and
get a mortgage.

Speaker 3 (08:52):
How about you can you this marriage?

Speaker 2 (08:54):
Yeah, exactly what you want, all right.

Speaker 5 (08:57):
I didn't get in trouble.

Speaker 2 (08:58):
No, No, that ended well actually, well yeah.

Speaker 6 (09:03):
Speaking of that, speaking of about getting in trouble, I
saw a little news blurb yesterday. There was a contestant
on Big Brother at one point and she kind of
got famous for being the bad the evil person in
the group or whatever. And then she I don't know
if she was a realtor, but she became a reltary,

(09:25):
and of course where does she land here? And she
starts this company that says, basically, hey will give you
money if you allowed us to sell your house whenever
you sell it in the next ten years, fifteen years.
You don't have to sell it now. We'll give you
money right now. But you're signing a contract with me
that I'm going to sell your house. Whenever you sell it,

(09:48):
I'm going to sell it. So people were like signing
up with this company and getting like there was one
lady in the news article that was got paid like
six hundred and eighty six dollars, and she signed in
an agreement. Older lady and she signed an agreement that
she would sell her house through this company.

Speaker 3 (10:05):
But it's it's just that cut and dry.

Speaker 2 (10:06):
Here's seven hundred bucks, and if you list your house ever,
you list it with us.

Speaker 3 (10:11):
There's nothing else.

Speaker 6 (10:12):
There, no, no, there's all these extra things you don't know.
So there's pages of right, you know, that's yeah, let's
just do it, right. So all these people were doing
I remember the trend. It was probably probably like twenty nineteen,
twenty twenty, I'm guessing is when I remember seeing this,
or maybe twenty twenty one. I was like, this is
such a scam in my opinion, right, I was like,

(10:32):
this is total Why would anybody do that?

Speaker 2 (10:35):
Well, well, yeah, if you need seven hundred bucks like.

Speaker 6 (10:38):
That, right, and some people got thousands. It depends on
the price of your home and everything. So what these
people signed though, wasn't just hey, I'll let you be
my realtor. It's like, if the house ever's transferred, so
if you give it to your kids, you got to
pay a real estate commission to this company. If you
rEFInd the house and don't sell it you got to

(11:00):
pay this real estate company their commission. So anything that
happens with that house for like ten years or something,
it was like a really long time you had an obligation. Well,
she was doing it in a Florida a lot and
then for some reason she moved to Texas and then
really she was doing it nationwide, but she ended up

(11:20):
moving to Texas and really focused on there, and now
all the Texas authorities out there are investigating and saying
it's fraudulent and you can't sign agreements like that for
that long period of time. Real estate agents can only
sign agreements for one year, right, Like I can't take
a two year listing.

Speaker 7 (11:41):
I'm not allowed to.

Speaker 3 (11:42):
Sure that makes it makes sense.

Speaker 6 (11:43):
So this thing is like you have a ten year
listing in a way, So I guess. So they're going
through all that right now and she's in big trouble.
And supposedly there was something like twenty one thousand people
signed these agreements across the United States. So you know,
if it sounds too good to be true, it's too
good to be true. It's just another example of Florida

(12:06):
because it started here, and uh, just just really try
to avoid you know, try to avoid things like that.
And the thing I was arguing back then, why would
you hire our company when you don't know their track record?
You don't know if they're good at what they do
or not. So even if you're making a commandment now
they're paying you to be their listing agent, because that's
basically what you're doing. How do you know they're good?

(12:27):
You don't, right, It's so crazy, and obviously they weren't.

Speaker 3 (12:31):
No, I think that.

Speaker 2 (12:32):
That is a there's an element of predatory aspect there,
like you're really I know, they're going to cast out
a big net and they're gonna get the ones that
are desperate, the ones that I need that money.

Speaker 3 (12:43):
I'll take that money.

Speaker 2 (12:44):
You know. I'm willing to say whatever, but evidently not
willing to read the contract. And evidently and I hate
the lack of personal responsibility that yeah, that's true, absolutely
saturated this nation.

Speaker 3 (12:57):
It's just, oh, I didn't know what I signed. Well,
you're an.

Speaker 6 (13:00):
Idiot, Yes, exactly. You have a responsibility for what you've done. Sorry,
I tell you agree with that in this one case though,
And I'm sure that they were like most news reporters,
They're going to find the most heart wrenching case that
they could find out all the complainants. This one case,
the lady that made a few hundred dollars. She was elderly,

(13:21):
she was already deemed not capable of making decisions for herself,
so she had a guardian, you know, her son, and
the son was supposed to sign everything. But apparently this
lady signed this document and got the money with ever
talk talking to the sun, and then the lady passed. Right,
So the son is the one that found out when
he went to sell the house if she was like,

(13:44):
uh uh uh, you know you owe me You're so
he and another couple in Texas they signed one of
those documents. Then they went and resold the house a
couple of years later. Right, they resold the documents to
buy the house, right, or they signed the documents when

(14:04):
they owned the house to get the extra money. Then
years later they decided to sell the house, which they did,
and then the company said, hey, you owe us X
amount of dollars for the real estate commission on selling
that house, and so the family had to sell pay
the listing agent that actually sold the house. I assumed

(14:26):
that they paid the buyer's agent because I don't know
when the transaction was, and then they had to pay
that company on top of it the same commission, so
they lost like tens of thousands of dollars to make
a couple in your pocket up front. So don't fall
for the scams. Just don't fall for it. The other thing,
I just want to talk a little bit about trends today.

(14:49):
I got a buddy out in another state that is
selling a house. And I always joked about this guy
because I said, if I ever wanted just to have
a full time real estate career with one customer, all
I had to do was work with this one family
because they had to get a mortgage license due it
seemed like they refed and they refined and bought new

(15:09):
houses like twice a year. It seemed like, right, I'm exaggerating,
but I could have made a whole career out of
the transactions I've known over the ten years with them. Right, Well,
they had to sell their house. I don't want to
go into why it wasn't a distressed situation, but they
normally used this one realter. They never asked me. Even
though this guy's my best friend, he's never asked me. Hey, Jim,

(15:31):
find me a top agent in Denver, because this guy's
in Denver, right, and I would have got him top
top agents out there, right. And he's got a nice home.
You know, it's a very desirable neighborhood in Denver. But
he kept using the same agent over and over again
for his transactions, and to be honest with it, it sounded
like she was very good. So I didn't blame him
from sticking with the person because he's got a known quantity.

Speaker 2 (15:52):
Well.

Speaker 6 (15:52):
On this one deal, of course, probably their most important deal,
they decided that they were going to go with my
friend's brother's mother's cousin's sister's friend.

Speaker 2 (16:03):
Instead of the one that's been consistently delivering results for him.

Speaker 6 (16:07):
Yes, oh no, they put it on the market. They
asked me for a lot of advice on like you know,
he kept saying, I go, hey, Denver's really slowed down
a lot. You have to make sure you price your
right house, right. I know you did so many upgrades,
so it's going to be very desirable house. But even
in desirable neighborhoods slow. And he kept saying, no, I'm checking,
and he's pretty good on research, and he was like

(16:29):
the house that you know, two weeks ago, house went
on the market a little bit smaller than ours, about
the same condition, and it went on a contract in
three days of full listing price. And then he talked
about another one goes our neighborhood's hot. I'm like, okay,
trust him. Puts it on the market, gets offers right away,
right three to four days. He's getting offers right which

(16:50):
is great. They picked an offer the well first happened.
The first offer they got. They're only off by twenty
thousand on a small seventh figure house, like barely seven figures,
so we're talking about a fraction of percent, not even
a percent, And the listing agent couldn't bridge the gap.

(17:13):
They were both at the buyer and the seller were
at terms. They just couldn't do it. The whole thing
fell apart and he was very bummed out. They put
it back on the market, got a buyer right away.
But now this person wanted less than the other people wanted.
Right then the other people were going to give them.
So I started coaching them and they went back the
realtor went back and forth, and they weren't getting anywhere,

(17:35):
and I said, look, this is how you do this.
Is how you negotiate that. Right, So let's say they
were twenty thousand dollars apart or ten thousand. Let's say
ten thousand dollars apart. Because they were pretty close to that,
the seller already came down on the list price to
agree to even get to that ten thousand dollars gap.

(17:55):
The buyers came up from their original offer more than
one time. Right, we're still short. So what I said was,
and I actually wrote the email that he tweaked and
gave to his agent and basically has said, hey, you know,
to the buyer's agent, Hey, mister buyer's agent, I know
we're only ten thousand dollars apart from this thing, and

(18:17):
it's going to be a deal breaker.

Speaker 7 (18:18):
And I don't know about you, but my sellers would
really like to sell.

Speaker 6 (18:22):
If your buyers really like the house we want to buy,
we should be able to bridge this gap. Look, the
buyers came up in price, and the sellers came down
in price, and we're ten thousand off. And if you
would contribute X amount of commission on your side, I'll
contribute an X amount of commission on my side, so
that everybody takes a little haircut here and we get

(18:42):
the deal done.

Speaker 7 (18:43):
Let's make this happen. Blah blah blah blah blah.

Speaker 3 (18:45):
Yep.

Speaker 6 (18:46):
So he takes that, he tweaks it a little bit,
you know, because he knows all the facts, and then
he sends it to the agent agent didn't want to
present it. Their agent didn't want to present it to
the buyer's agent.

Speaker 3 (18:58):
Was it willing to no take a shave on the commission.

Speaker 6 (19:02):
No, she didn't have a problem with her side. She
didn't want to ask about doing it. On the other side,
she didn't want to ask the other commission, the other
agent to reduce her commission. So it was a weak negotiator, right.
It was a very and this guy's an attorney, right.
And the wife is very sophisticated. You used to be
an investigated journalist, right, So these people know how to

(19:23):
talk to people, negotiate in tough situations, all of that stuff.
This one wouldn't even pick up the phone to call.
So she sends the email. Then the agent says before
like immediately says, I'm not reducing my commission. So then
they call me back up and they said, I don't
think that agent turned the offer into the sellers, I

(19:46):
mean to the buyers. I think she just shut it
down because she wasn't going to deal with her commission
and go. They're not allowed to do that, right, they
have to present the offer to the sellers. And they
were like, well, how do we know? How do we
know it was presented? And I go, well, you can
give a formal written counter offer and ask that the

(20:06):
counter be even if it's rejected being signed by the
buyers that they rejected your counter and I would go
back and ask for that. The buyers never got the
offer right. The agent was trying to block it to
keep their commission full, to get their full commission, right,
So we were able to bridge that gap, right, So

(20:30):
they are able to get through that, and then they
went into negotiations on the inspection, and as of two
days ago, there's still a negotiation on the inspection. And
I'm just coaching, yeah, and I'm telling them, look, don't
use any of myself. I'm not a licensed realtor in Colorado.
He's asked me a lot of contractual questions in Colorado.
It's like, I don't know. I go, I know how
it works in Florida. Really well, you need to talk

(20:52):
to people out there. I can get you to top
agents out there that'll know the answer like that, But
I can't tell you that because I don't want to
be wrong, right So, but anyway, what he learned was
is that you don't hire your mother's brothers, sisters, cousin's friend.
And this person happened to be a neighbor next door
now or across the street. Now, the families aren't talking

(21:13):
to each other any so it's bad. So just make
sure when you hire people, you're hiring people because of
their production and that you like them. You have to
like the people, but you have to make sure that
they're in production. You know what I just read. Remember
I told you last year, guys, Remember I said, in
twenty twenty four, that's something like seventy six percent of
the agents or some It was some kind of crazy. Now,

(21:34):
anyone want to say the percentage, but it was a
crazy huge number had done one transaction or less all
year long.

Speaker 7 (21:40):
Remember that.

Speaker 6 (21:42):
Supposedly, I just read an article today. Now it could
be totally wrong, but I don't think the statistic might
be wrong, but the idea is right. They said something
like seventy something percent of all the agents in the country.
You haven't done one deal and we're almost halfway through
the year.

Speaker 2 (21:58):
Wow.

Speaker 6 (21:59):
Right now, in Florida, the average agent used to do
between eight and twelve deals a year. Now it's six
and eight deals a year. So they're only doing a
deal like every other month.

Speaker 2 (22:09):
So the numbers are indicating a little bit of slowdown,
but big percentage of reilters in the nation where in
June haven't even done a deal yet.

Speaker 6 (22:18):
This year and that, and it really matters. It really
does matter to people that are hiring the agent not
having the experience. Everybody had to start out. I had
to start out brand new too, So I'm not ragging
on people that just start out, but if you don't
take the time to be highly trained when you start out.
Remember when we started the show with Rob, and when

(22:41):
we started the show, Rob had done no transaction as
a realtor. In fact, he got his license as we
were starting the show. Okay, and then I had done
like four transactions as a single agent to all buyers, right,
and then I had done some investing stuff in the back,
but I wasn't a realtor at that time, right, So

(23:02):
I had done four deals when I came on the
show as a licensed realtor.

Speaker 7 (23:06):
Rob had done none right.

Speaker 6 (23:08):
But we were in training every single day. If we
weren't working with our customers, we were in training all
the time. We just eight lived in sleep, training, training, training, training,
so we knew everything. And we were in that bad
market where you had to understand foreclosure and foreclosure defense
and bankruptcy and short sales and low mods and blah
blah blah blah blah. You had to go through all

(23:28):
of that, right, And so we just trained and trained
and trained, and I think that's what made our team
grow faster and also get the results that we were
getting for our customers, which were always higher than the
national averages. When we were doing short sales. The average
short sale that was accepted by banks was in the
sixty percent tile. We were in the ninety percent tile.

(23:50):
If you came to us to do a short sale
where you asked the bank to take less than what
is owed as payment and full so you could walk
away debt free, we were in the ninety percent tile. Now,
wasn't us, It was the team, sure, It was the
law office of Polykrasker and Short Innovations, right, and all
of that and tried to title, and we had that
whole great team that were very repelled. They knew what

(24:12):
they were doing, and we got the deal done. But
there were so many scam artists back then that were
ripping you off left and right, and other people that
said they could do short sales that had no idea
what they were doing negotiating with the bank, and that
agents were acting as the negotiators to the bank themselves.
We were smart enough to know let the lawyers do it. Yeah,
we'll let Paul Krasker deal with that, right. But what

(24:35):
we were there, and the reason why Paul like working
with this so much, is we really knew how to
price the house right. If we were getting a very
low price, it was usually because the house was in
very poor condition at that point. So we would give
them these reports to the bank so he can go
to the bank his team shorts innovations and say, hey, look,
the reason why we're taking this price is you know

(24:57):
you could see the sky from the living room. Justify
it right, and you say all these things wrong, And
basically we say you don't want this house back. You know,
if you get this house back, you're going to take
less than what we're giving you right now, right, So
just make sure that when you're hiring somebody. The point
I'm trying to make, I know, got really off base
there is just make sure that when you're hiring somebody,

(25:18):
you actually really check their background and make sure that
they have the production that they say they have, because
relters are famous for saying I'm a top producing agent
or I'm the top this, or I'm the top that,
and it's very really hard. It's really really hard to determine.
I remember a million dollar listing once. The New York guys,

(25:38):
the two New York guys, Oh, the Ryan Surhant, who's
down here now, Sir Hant real Estate agency. It is
a pretty big agency right now, it's growing big. And
then this other guy that has done like a billion
dollars a year in sales. And they were both saying
that they were top New York agents, and they were
having drinks together and they were competitors. And on TV
they like they're feuding, but I think behind the scenes

(25:58):
all TV's scripted, but they were trying to decide who
I'm the top realtor in the area. No, you're I'm
the top realtor in the area. They're arguing with each other,
and then they were like, well, what is top mean?
Does that mean you did more listings or more money,
or you got more money, or maybe you've got more
buyers than the listing people, or maybe you've got to
hire a list price to sole price than other people.

(26:20):
There's so many numbers, there's so many ways you could
be top. Right, what does top mean? You're in real
production all the time. You've been through the block. You know,
you've been through the gamut a couple of times, so
you've had bad appraisals that don't come in. You've had
bad inspections where things pop up and you just didn't
expect it to happen. Right, You're dealing with people on

(26:42):
very tight budgets, so that you have to be really
careful when you're trying to place them in their homes.
You have to go through all that stuff in order
to know what you don't know that's right, And then
we create systems around it. Oh, we just learned about,
you know, a new thing that didn't go our way.
How can we avoid this in the future. So one
of the things we created for our systems, just to

(27:02):
give you an example, is to make sure that. I
had a meeting with a guy named Mike, one of
our shoutouts, right, So congratulations Mike. Mike got approved for
a new loan. We're going to help him buy a
home hopefully. But he's on a very very very tight budget.
And one of the things buyers, when they're on a
type budget, one of the things you have to really

(27:23):
worry about is when you buy a new home, the
tax rate for that house is going to change dramatically
after you buy it. Sure, So like when Jimmy bought
his new home, it was only tax at the land
value when he first bought it because they didn't have
the house on the property yet. Now he got qualified
for the loan based on that tax bill where his

(27:45):
land only and.

Speaker 7 (27:48):
His tax bill.

Speaker 6 (27:49):
I'm sure it went up differently once you actually got
your tax bill because they've claimed the house on it
now and it's assessed.

Speaker 5 (27:57):
But we were able to anticipate what it would.

Speaker 6 (27:59):
Be, right. And the thing is, but there's a lot
of people if you're not doing new construction, the agents
and the mortgage brokers don't tell them. So we were
looking at a house a couple of days ago, and
the tax rate for Mike, the tax rate on this
one house, the property tax bill was seven hundred and
fifty six dollars, so he could qualify for the loan

(28:21):
under seven hundred and seventy six dollars. And I said, well,
what we have to do is we have to go
to the Pompeage County Property Appraiser and you go to
the property tax calculator and you type in the address
of the property you want to buy, and then you
put in the price you're going to buy it for.
And then you say, oh, you're home studying it or not,
and you click the button that you're home studying it
if you are, and it will project what the new

(28:43):
tax bill would be.

Speaker 2 (28:44):
Give you an understanding.

Speaker 6 (28:46):
It went up to like thirty four hundred dollars a
month a year, right from seven hundred and fifty six.
So that was five times the amount yep, right, well
close to five times the amount. So when we calculated that,
he couldn't afford the loan in anymore, but he could
have got the loan, right, That's the important thing. And
we do once in a while get calls from from

(29:08):
this station, right, we get callers to say, my tax
build you know, my mortgage payment just went up four
hundred dollars a month and I only bought the house
last year, right, And I goes, yep, and you're a
mortgage broker, right, So what happens is you're short on
your es go and then you got to make it up,
and then you've got to create a new escrow level

(29:29):
to keep up at that, you know, at that new
tax rate. So you get double double wham meat on that.

Speaker 4 (29:34):
And almost triple wharemy because you got to make up
for the shortage, and then you've got to make up
for the new the.

Speaker 6 (29:42):
New amount for the new year, right for the new year,
And that could break people. Sometimes they say they don't
have it if they're on a tight budget.

Speaker 3 (29:48):
Oh yeah, they're pressed right up to the max.

Speaker 6 (29:50):
If you're not, if you don't have a season realtor
to sit down and tell you that, you would have
no idea, no idea, right and luckily you know we
have my can. Mike of course, will always tell everybody
that we talk to them. Michael say, hey, you can
qualify for the loan right now. He goes, but let
me tell you how it's going to be once you're
into the loan. Now, sometimes people are okay that if

(30:11):
they're on a tight budget, Oh, I'm gonna have to
pay an extra two and fifty dollars a month. Well,
I'd rather do that than go into the rentals. So
let's just get into the house. And I and then
I said, well, then what you should do is from
the day you get the house, you should start putting
two hundred and fifty dollars a month extra into a
savings account or something. So when you get that call
nine months from now from the bank saying, hey we miscalculated,

(30:36):
you're under calculated your your ESCRO payments, you already have it.
And then all they got to do is adjust the
future ESCRO payment, right, and you're not making up the
money that way, and that'll save you a lot on
your mortgage payments. But not having people that are surrounding
you to give you that kind of information, you know,
it's really super important.

Speaker 2 (30:57):
Oh that's the truth. You have to have a team
approach pros. And that's the beautiful thing about Florida Talk
real Estate is you get a team of pros. Pros.
He mentioned Mike. That's Mike Row, the mortgage guy from
the mortgage firm. We mentioned Ross earlier. Of course, Ross
com Marionettes with bright Winishner's Juno Beach.

Speaker 3 (31:12):
You mentioned the law firm of Paula Krasker.

Speaker 2 (31:14):
Yep. Part of the team try entitle. Of course. The
Florida Talk Real Estate team at the very top is
Jimmy d and the Florida Home Pros team. Anything that
touches the world of real estate, we have a professional
to handle your needs.

Speaker 3 (31:28):
You just had Do you have Jared on last week?

Speaker 7 (31:31):
We did. We had Jarrett from Perry Group CPA.

Speaker 6 (31:34):
Yeah, yep, absolutely. We were talking about self employed buyers.
So if you're a self employed buyer. We had really
good conversation between Mike the mortgage guy and jareded the CPA,
trying to show how self employed people can get along
because it's very difficult for self employed sometimes to get
the loans.

Speaker 2 (31:54):
So we have a whole system for another example of
how you have to have professional guidance when you're trying
to get buying a home, selling a home, Stuck with
a home, we don't know what to do, get yourself
on the right path.

Speaker 3 (32:05):
The guidance starts at.

Speaker 2 (32:06):
Florida Talkrealestate dot com, the one stop real estate shop
Florida talkreal Estate dot Com.

Speaker 3 (32:11):
We're gonna do a little reset.

Speaker 6 (32:12):
Get Yeah, let's do a little reset. We'd love to
take your questions live on air. When we flip on
the other side, we're gonna be talking about is the
Florida real estate market really crashing? Because that's all I
read about. So we're going to talk about that and
find out what it's like on boots on the ground.

Speaker 7 (32:28):
Is it really happening or not happening?

Speaker 2 (32:30):
Excellent? You're always welcome to join us. Eight seven seven
nine two seven six nine six nine. We are live
on the fifteenth.

Speaker 7 (32:39):
No, fourteenth. Yesterday was the thirteenth, Friday, the thirteenth?

Speaker 2 (32:43):
Yes, did you leave malkin cookies with Jason with the
near full moon?

Speaker 8 (32:47):
Yeah?

Speaker 3 (32:48):
Because Thursday was the strawberry moon. Yep. Did you get
a glimpse of it?

Speaker 6 (32:51):
It was awesome and it was strawberry too, Yeah, so beautiful,
nice low huge.

Speaker 2 (32:55):
Yeah. Yes, did you leave Milka cookies out for Jason
on Thursday night?

Speaker 7 (33:00):
I know, I know, not.

Speaker 3 (33:03):
Your bad.

Speaker 6 (33:03):
I don't get it chaste thirteenth? Oh no, I oh,
I forgot about that.

Speaker 7 (33:09):
I didn't get it. Chase.

Speaker 5 (33:10):
He brought me a new machine.

Speaker 2 (33:13):
Every time. We got uh plenty of time remaining. You're
always welcome eight seven seven nine two seven six nine
six nine. If you're not comfortable on the radio, believe me,
I understand. Always remember Florida Talk real Estate dot Com.

Speaker 3 (33:29):
You can call the hotline too.

Speaker 2 (33:30):
You'll find it at Florida Talkrealestate dot com eight eight
eight nine seven three seven eight to eight. Again posted
at Florida Talk real Estate dot com.

Speaker 3 (33:39):
On Facebook and YouTube.

Speaker 2 (33:41):
Point is you got plenty of access to a wonderful team,
no excuses, no what use it, love it shared. It's
Florida talkre Estate dot com. You can change lives, including
your very own. We're back in four minutes. Thanks for
being with us every Saturday, Florida Talk real Estate right
here through a radio.

Speaker 1 (34:09):
This is Florida Talk real Estate with Jim Depola and
Johnny c. Got a question for the show, Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 2 (34:19):
It's in eight seven seven nine two seven six nine
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Speaker 3 (34:22):
How those phone lines.

Speaker 2 (34:23):
Working over there today, Jimithy, Everything good over there today?

Speaker 5 (34:26):
Eric, Oh, hold on, check the phone lines.

Speaker 3 (34:29):
No one works? All right, We've got several looks like
they're all working. All five albums, al right, good, ready
to light them up?

Speaker 2 (34:39):
Excellent, ample opportunity to join the program. If you want
to dive into the conversation at hand, you're welcome. If
you have a question, you are welcome to do just that.
Of course, you're also welcome to just enjoy the rest
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Speaker 3 (34:54):
No one use it, love it, share it.

Speaker 2 (34:56):
Of course if you want to be a part of
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Speaker 5 (35:03):
Absolutely, Good morning Johnny, jim and you.

Speaker 2 (35:07):
Good morning to you as well, Johnny C. That's me,
or old buddy ear Opal. Of course, Jimmy D's here.
That's Jim Depola. He runs a top producing Calonio's Team,
the Florida Homebro's Team, Caloworoniams Innovations.

Speaker 3 (35:17):
Jimmy D.

Speaker 6 (35:18):
How you be, hey, I'm doing good, Happy South Florida, everybody.
I wanted to talk about this segment about the Florida
real estate market, especially our market down here on Southeast Florida.

Speaker 7 (35:30):
Is it really crashing?

Speaker 6 (35:31):
Because we're hearing in the headlines everywhere, I mean everywhere now,
at least in my news feeds about uh, it's a
slow down across the nation. But Florida's ground zero for
it again, as we always are, and we're ground zero
for this decline that we're supposedly having and that they're
expecting it to spread throughout the country. So they're focusing

(35:53):
on Florida as an example of what other parts of
the country are going to already experience. And this is
my perspective on that overall is and I'm going to
give some stats and talk about this with you guys
and see what your opinion is. But my opinion overall
is that we have gone through a slow down throughout
the whole country.

Speaker 7 (36:12):
It's already happened.

Speaker 6 (36:13):
We've been talking about it for months, months and months,
and that while it's disappointing because I always like to
see growth and affordability of homes and people getting out there,
it's it's disappointing because there's a lot of unaffordability out
there right now, and but the sales aren't as bad

(36:38):
as people are saying. And let me let me get
into that first. Jimmy do we have a caller?

Speaker 2 (36:42):
Well, we do.

Speaker 4 (36:43):
Patrick was calling in about homeowners insurance. Now we don't
have Ross commaronets with bright Way Insurance Juno Beach with us,
but I'm sure we can maybe lead Patrick in the
right direction. Patrick, Welcome to Florida Talk Real Estate.

Speaker 8 (36:57):
Good morning. How are you doing? Hey?

Speaker 7 (36:58):
What Patrick? How are you doing today? Thanks for calling?

Speaker 8 (37:02):
Okay, Yeah, I received a letter from my underwriter m
that they're not It's confusing because it says we're not
going to be in your I guess the market area
to cover, but then he said we could do a
partial coverage. So it's a little strange letter. I have

(37:24):
my underwriter looking into it and they were confused about it.
So I'm just looking maybe I need another.

Speaker 6 (37:31):
Oh you know what I think insurance? Yeah, you know
what I think, Patrick, And I'm guessing here. Okay, I'm
just totally guessing. We're going to get you the real
answers on Monday, for sure.

Speaker 7 (37:40):
Okay.

Speaker 6 (37:40):
But I think I've heard you know, Ross has been
doing this lately with us when he gives us our
quotes for people that want an insurance quote. Sometimes he
gives us insurance quote where let's say like citizens is
doing all of it like windstorm, and you know, your
normal stuff, what do you call that?

Speaker 7 (38:00):
What do you call fire theft?

Speaker 2 (38:02):
Yeah?

Speaker 6 (38:03):
The other stuff you can tell him an expert insurance agent. Yeah,
there's a name for them.

Speaker 7 (38:10):
I can't remember.

Speaker 6 (38:11):
But sometimes what he does is he offers windstorm coverage
with one company and then everything else with another company.
And maybe that's what's happening with you. Maybe your company
is willing to do your perishables, like your items, but
not do windstorm, and maybe that's why they're saying. I'm
just guessing here, Patrick, But I can guarantee you that

(38:33):
if you want Ross to check it out, he will,
and he doesn't care that you have another agent you're
working with. You should go for whatever you get the
best deal with, and he's more than happy to give
you information on it, whether you use him or not.
So don't feel like you're obligated. But if you give
Jimmy the information off air, I'll make sure I reach
out to you on Monday personally Patrick and get you

(38:56):
going on that because I'm going to need your address
and a couple other things.

Speaker 7 (39:00):
Is that okay? Okay, thank you very much, Okay, thanks welcome.

Speaker 3 (39:03):
Hold on there, my friend, and happy Father's Day.

Speaker 2 (39:05):
If you happen to be a dad, remember to take
care of the dad's in your life this weekend. H
kid Rock or kid Rock Chris Rock said it best.
Dad just gets the big piece of chicken. So make
sure you take care of your dad and any dad
in your life this weekend.

Speaker 7 (39:19):
Give him at Yes, that's true, that's true.

Speaker 6 (39:22):
We're gonna be having a Father's Day dinner tomorrow Memorial Yeah,
so God.

Speaker 7 (39:30):
Bless your dad.

Speaker 6 (39:32):
Okay, so, uh so getting back to uh what, Okay,
We're gonna get another call in a second, I think,
But getting back to was that another call or is
that the same person that?

Speaker 7 (39:44):
Okay? Great?

Speaker 5 (39:45):
Yeah, I thought we it was a different person Patrick's.
I thought we had his number already, but I just
got his number, so.

Speaker 6 (39:51):
Well, yeah, his voice sounds like somebody else sayesn't it.
I thought it might have been that person. Yeah, so
that's funny. Hey, So you know, we were we were
just talking about you know, where we are in the market,
and the rest of the country is saying Florida's ground zero.
It's already happened, you know, good things not coming. So

(40:11):
I wanted to look at the Oh you know what,
I can't believe this what happened. I don't have the
main report. Here was the main report, So.

Speaker 2 (40:22):
The uh And I know everybody kind of has their
own algorithm, their own news feeds.

Speaker 3 (40:26):
Hopefully you have your reliable sources you go to.

Speaker 2 (40:29):
I'm seeing a lot of Florida, Texas, Arizona. It's kind
of all the usual suspects, right, the ones that guy
hit the hardest and the big downfalls, the ones that
kind of got the biggest comeback. They're the ones that
are driving the focus because they they built up so much.
When the slowdown comes into play, for everybody, it feels

(40:52):
they feels like that's the ground zero, right. I mean,
I think just seems inherently that's the way it's gonna be.

Speaker 7 (40:57):
It is it is.

Speaker 6 (40:59):
But here's that's the thing that like, I don't get
why the national media is saying what it's saying.

Speaker 2 (41:04):
And if I agree, they got to get clicks, They
got to get you to watch. You know, the teases
I love. I love the teases that never pay off too.
Oh yeah, those are the best. I waited around for
five minutes for you to say nothing. Thank you.

Speaker 6 (41:16):
You know who my favorite of that is is Jamie Diamond.
I've never heard Jamie. He's the owner of I mean
not the owner, but he's the CEO of City Bank, right,
the largest He's He's in charge of large bank in
the country. Right, So everybody turns to Jamie Diamond to
see what Jamie Diamond says, like E. F. Hutton Remember
those commercials E Futon? What is EF Hutton have to say?

Speaker 7 (41:38):
Right, I'm really.

Speaker 2 (41:39):
Old when he talks people listen, Yeah, exactly.

Speaker 6 (41:42):
I can't believe you. Remember, yeah I drove yeah, so
so yeah, what was I What was I saying? Before
I got off of.

Speaker 7 (41:53):
That, I started laugh and I forgot Jamie Diamond.

Speaker 6 (41:56):
Oh yeah, he always he's been predicting since twenty eighteen
or twenty nineteen that we were going to go into
this major recession. It's like six years later, just stick
to it. And he's saying, but he just came out
a couple of weeks ago, I mean a week ago
or something, is like, but this time it's gonna happen.
This time. I'm like, well, you know broken clock is right,

(42:17):
you know, two times a day, right, stick to it?
So keep going, don't love. Yeah. So but here's the thing.

Speaker 7 (42:24):
This is why.

Speaker 6 (42:28):
The amount of closed sales and this is similar for
all the counties, the six counties to cover Indian River
down to date. Right, but last month we had thirteen
hundred and when I say last month, I mean April
because May's report hasn't come out yet. So the April,
the most recent report for the Realtors Association, we had

(42:48):
thirteen hundred and twenty eight single family homes sold in
Pompeach County. The year before that we had fourteen oh two. Right,
so not a big difference. It says five percent, but
we're talking about, you know, seventy homes. Okay, Now, how
does that compare you know, historically of how many houses

(43:09):
we sell? And what I've what I've been telling everybody
is during COVID right new listenings, sir.

Speaker 7 (43:18):
I'm just trying to get here.

Speaker 2 (43:20):
I feel like we just need to eliminate the COVID
times from any variables because it's so nonsense.

Speaker 6 (43:28):
Well, the only thing I totally get where you're coming from,
except for one glaring problem. The price home values have
increased so much during that time that that's real.

Speaker 7 (43:40):
Do you know what I mean?

Speaker 6 (43:41):
It's like all the other stuff, the frenzy of people
buying and selling with no inspection, no appraise, old cash
only blah blah blah, got to buy the house. All
that went away. The only thing that left was the
high price house, the high prices, and yeah, that's what
drove it, but that didn't show away. All the other
stuff went away. You don't have the crazy bidding wars.

(44:03):
We don't have like, just give you the house, I
don't care if I have an inspection.

Speaker 3 (44:07):
All that away.

Speaker 2 (44:07):
So it's kind of like it's kind of like the
weight on your body. You can put it on really fast,
m hm, it comes off a lot slower, right, So
we put on all that value as everybody was overspending,
overspending cash, no inspections, I'll give you, I'll give you
way more than you want, this bitting wars for everything,

(44:31):
cash over the top.

Speaker 3 (44:33):
So we just drove up the value.

Speaker 2 (44:36):
And now we're slowly you're seeing the little whittling away
on them as the market is slowing down. So yeah,
well we're inching back down to reality, is what's.

Speaker 6 (44:46):
Happening exactly, And and we're gonna lose some of that
appreciation that we've had that frothy appreciation. Wee we're probably
gonna lose some of that. I don't think we're gonna
lose a tremendous amount.

Speaker 2 (44:59):
The so normal appreciation is what Florida.

Speaker 6 (45:04):
I would say. For in Florida, I would say, I
hate I'm not basing it on real stats. I used
to say Florida was usually three to four percent appreciation
and that the rest of the country was two to
three percent. Usually usually got a point higher.

Speaker 3 (45:20):
So we'll go we'll say two to four with normal appreciation.

Speaker 6 (45:23):
Yeah, but now I want to say it's closer to
five percent appreciation, to be honest with you, Florda.

Speaker 3 (45:29):
So we'll say five. We'll say five.

Speaker 2 (45:30):
We were having thirteen, fourteen percent eighteen. That's insanity, Yes, insanity.

Speaker 6 (45:37):
Yeah. How does your how does your home increase in value?
Not doing anything to it and increase almost twenty percent
in one year.

Speaker 3 (45:45):
Just because someone's willing to overpay for it. That's the
exact principle.

Speaker 6 (45:49):
But getting back to the closed sales, right, We're supposed
to be in this really bad market and everything, and
I'm not saying it's a great market, but it's not
the worst market.

Speaker 3 (45:57):
Well, it's much more of a buyer's market.

Speaker 6 (46:00):
Yes, exactly. But what they're saying is is that the
buyers aren't there and the sales are really slow. But
here's the thing. In the last year, I'm going to
read off the monthly sales in Palm Beach County, right
thirteen twenty eight for April of this year, right the
month before that twelve to fifty five. The month before
that one thousand and nine, The month before that eight

(46:21):
fifty that was really bad. One thousand and thirty two,
eight forty one, another really bad month. I remember that month.
I went, wow, I remember that month because there was
like crazy eight hundred and forty that's like about half
of what we normally do, right, So our normal market
here is around fifteen hundred homes a month.

Speaker 7 (46:42):
That's a healthy market.

Speaker 3 (46:43):
Right right around there at.

Speaker 7 (46:44):
Thirteen twenty eight.

Speaker 6 (46:45):
So where's this whole thing that the whole thing's comploding.

Speaker 2 (46:49):
You can't get anybody to click an article that says, hey,
everything's kind of normal.

Speaker 7 (46:54):
I guess nobody's going to listen to the show well
that have we?

Speaker 6 (46:58):
You know, the headline does say is the floor real
estate market crashing? Right? But I had an X. I
had a question mark, not a not a statement. I'm saying,
is the Florida real estate market crashing? Is it really crashing?
I'm sorry, Jimmy, what you say?

Speaker 4 (47:12):
No, just have we rewritten what is quote unquote normal
as well? I mean we've seen that in a couple
different aspects with real estate, as in what is the
interest rate?

Speaker 5 (47:22):
What's a normal interest rate?

Speaker 2 (47:24):
Right?

Speaker 4 (47:24):
So normal interest rates are what six to eight percent
historically if you look over the course of.

Speaker 7 (47:30):
You know, forty years.

Speaker 4 (47:31):
Yet when we look at six and a half percent, people,
oh my god, it's so high because we got so
used to three percent in such a short period of time.
Johnny's pointed that out several times and Mike as well.
Same thing with days on market, right, what was days
on market or or what you know, how many days
would it take to sell every home that's in the market.

Speaker 5 (47:52):
Like that number right now is at a neutral right
from what you have mentioned, five.

Speaker 7 (47:58):
Point nine months in Palm Beach count six months neutral.

Speaker 5 (48:01):
Yet now we're instead of it being neutral, this.

Speaker 4 (48:03):
Is considered a buyer's market because the norms have changed.

Speaker 6 (48:08):
Yes, you're you're one hundred percent right, Mike said, several
months ago when we were below that six month inventory,
which normally is a seller's market. If you have six
months inventory, or if you have less than six months inventory,
it's usually a seller's market. More than six months inventory
is more leaned towards a buyer's market. We've never really

(48:29):
hit the six month yet in Palm Beach County. We
did in Saint Lucy County. It's the only county that
we actually hit the six months right now out of
the six counties. And even though we've been flitting around
that six months. Mike came out a couple months ago
and staid, it feels like it feels like a buyer's market. Sure,
and it is a buyer's market. I just had somebody

(48:52):
remember the couple from Orlando that bought the house in
Orlando through US a couple months A couple of weeks
ago Memorial Day weekend, they went out, Michael and Colleen.
They listened to us from New York on YouTube, and
then they called up because they were thinking of moving
to Florida. We talked for like a year and a half.
I placed him with an agent in Orlando, a great agent.
We're going to have him on the air to talk

(49:13):
about the experience. They bought a new construction home on
Memorial Day weekend, forty thousand dollars off a list price. Now,
this is brand new construction home forty thousand dollars off
the list price that was advertised in the newspaper. And
they got money for closing costs and down payment from
the developer and a discounted interest rate through the developer.

Speaker 3 (49:34):
Yeah, that skeels like a buyer's market.

Speaker 6 (49:37):
Hey, I know, it's like, try to find that two
years ago or in the last three years since you know,
not if you go three years backwards from today, try
to find that during any of the three years that
wasn't happening.

Speaker 2 (49:50):
Sure, well, hell you could probably go five years.

Speaker 7 (49:53):
Yeah, yeah, you're right.

Speaker 6 (49:54):
So there it is really kind of more of a
buyer's market. But the sales aren't that slow, so where
the seller should be going. I can't sell my house
now if we're at the eight fifty, eight hundred and
fifty sales a home of single family homes in Pombach
County or nine hundred homes in Pombach County, and we
hit that month after month after month in a row.

Speaker 7 (50:15):
Yes, then the sellers could be in.

Speaker 6 (50:17):
Complete panic at that point and say the market is crashing, right,
But we're not. We're at We're at it. We're at
the point where the ball. Remember we used to talk
about throwing the ball in the air, and it goes
up really fast and there's a certain point where it
just holds and then it starts going back down again.
We're at that holding point, or we already started going

(50:39):
down a little bit. And I don't know how far
it's going to come out. I don't know if we're
going to catch it in our hands. It it will go
back up again before before it gets to our hands.
But right now the market is not as bad as
you're reading in the paper, but it's not super awesome
for sellers either. And that's the other thing. Sellers. They've
got to price their house directly. If you don't price

(51:01):
the house correctly and you miss it just by a
little bit, it just sits there. I actually had to
go through three price changes last week on our houses.

Speaker 2 (51:11):
But I will tell you, Jim, and I hate to
INTERRUPTRT at this moment, but in the thirteen years we've
done this show except for Pocket of Nonsense, right and
Collapse so there's a few little chunks where we're in
like really really like abnormal times. I think not listing
your house appropriately has always been a vague negative for you.

(51:33):
I mean, you're gonna sit if you're not in the
zone that you need to be in. So like welcome
to the norm.

Speaker 6 (51:39):
Yeah, yeah, because people got people got the interest rates.
I call that crack. Everybody you know, I was always
told was a crime reporter. If you smoke crack once,
you just become a crack addict on the first.

Speaker 7 (51:52):
Hit, right, That's that's what they used to say, right, So.

Speaker 6 (51:57):
That those three percent or below interest rates, it was
like crack. It was there for a little period of time,
and everybody still wants it, like the rat that's addicted
to the drug in the in the thing in the
in the maze, right, and they just want.

Speaker 7 (52:10):
To get the high again.

Speaker 6 (52:12):
Sure they want that three three percent, you know, that
three percent mortgage and they're out there. I have two
houses right now that have assumable mortgages that three ones
at three point twenty five and once at three point six.

Speaker 3 (52:24):
Wow.

Speaker 6 (52:24):
Right, now here's the problem with those their FAH mortgages.
As long as you qualify FAH mortgage, you can qualify
for that three point twenty five or three point six
interest rate and just take over the amount owed on
that property and get that super low interest rate. But
if the house, let's say the person has two hundred

(52:45):
thousand dollars mortgage and you're buying the house for four
hundred thousand, you got to come up with that extra
two hundred thousand. And a lot of people don't have
like two hundred thousand dollars to put down so they
can get the low interest rate. Yeah, so then it says, okay,
I'll buy to do the seven percent loan, right, and
that's the way. But if you have like a lot

(53:05):
of money to put down, you can get these assumable
mortgages and save even more money. FHA when they changed
around things that made it they made they took something
away from FHA. That was, Oh, they took away PMI.
PMI used to be able to go away once you
had twenty percent equity with FHA, and they took that away.

Speaker 2 (53:29):
Really.

Speaker 6 (53:29):
Yeah, so even if you only owe one dollar and
you have an FHA mortgage today, you can't get out
of that PMI.

Speaker 7 (53:36):
You'd have to refile.

Speaker 6 (53:37):
You got to refile, so before it would go away,
now it won't. So in order to give a little
bone to the buyers, they say, we're not going to
give you that benefit, but what we will give you
is the assumability of the mortgage where you can sell
the mortgage when you sell the house. If you have
a lot of money as far as the down payment,

(53:57):
there could be really good opportunities there for you. But
I agree with you is like pricing the house correctly
has always been an important part, except for like a
couple of weird periods, that three through five period, it
didn't matter you shoved the sign in the yard, somebody
was buying it right and COVID was the same way.
But those are really the only two times, and they

(54:19):
were very unusual times. So what the sellers have to
understand is as long as you price the house correctly.
So getting back to what I was saying, I did
three price reductions on properties over last week and the
week before that. Like this time last week, we only
had three showings scheduled for I've got ten properties for sound.

(54:41):
We only had three showings for the whole weekend scheduled
and one of them canceled. Right since I did the
price reductions on like Monday, Tuesday. We've had thirteen showings
on all the different properties, and I think almost every
single property got at least one showing and most of
them got multiple. Right, So the buyers are out there

(55:04):
right now, and if they feel that you're priced right,
they're going to come out. But we weren't priced correctly unfortunately,
and you could see the difference. It was like a
light switch being turned on. So if you're sitting there,
if you're sitting there for ninety one hundred, one hundred
and twenty one hundred and fifty days, you're priced wrong.

(55:25):
I don't you know. People say, well, I don't think
that that's you know, I don't think that's unusual. It's
a very slow market. This is what you have to understand.
If you're a seller, if you're not getting people to
come to your house, you're way overpriced. If you have
them come into your house and they're not turning in
an offer, and not just one person, I'm talking about

(55:46):
multiple multiple people and they're not turning in an offer,
you're overpriced because they're not even they'll come out. And
the sellers always say this to me. I had this
conversation this week. Well, if I'm price wrong, they'll just
come in at a lower price, and you know, the
will negotiate it. Maybe I'll know I'll work with them.
I go it doesn't work that way. They won't even
turn in the offer to start that negotiation. Because what

(56:09):
people with sellers always forget, who's what it's like to
be a buyer. And buyers feel more vulnerable than the sellers,
usually because the seller has what the buyer wants. So
the buyer's looking to find out which is my home right,
which is the one I could afford, which is the
one I really want, and try to go through that,
And they're not going to fill out thirty pages of
stuff and try to figure out can they afford the

(56:31):
mortgage and talk to the mortgage brokers like are the
taxes okay? Am I going to be okay with this offer?
And you go through all that stuff and you turn
in the offer and then the seller goes no, right,
and then you waste it and your heart just collapses
a lot of times for people, and so they don't
want to go through that rejection. So their attitude is
I'm not going to turn the offer. I'll go find

(56:52):
somebody who's more reasonable on the price. Even though that
the price they would have been willing to offer that
seller might have been a price that the seller would accept,
it never happens because because of the pricing is stopping
the actual offer and it actually could hurt you. So
just be really careful of all that when you're when

(57:15):
you're putting your house on the market and really understanding
all that, and don't do this to yourself. I'm going
to just leave off on this tip. Don't do this.
My house is better because blah blah blah blah blah
blah blah blah blah, and all that will really matter, right,
but you don't know what the condition of the other

(57:35):
like when you're comparing other houses in the neighbor and
go out, my house is better than the other person's
house because I got a new kitchen. They don't have
a new kitchen. Well, there's this a twenty two hundred
square foot house, so you're a fifteen hundred square foot house.
That new kitchen is going to make a difference, but
it's not going to make a difference from fifteen hundred
square foot to twenty two hundred square foot. You're pricing
your house in the wrong bracket because your house is

(57:57):
seven hundred square feet smaller than than the house, which
is basically fifty percent you're buying fifty percent more house
than that other house, right, And people don't get that.
They just see it's in their neighborhood, on their street.

Speaker 7 (58:10):
It's sold.

Speaker 6 (58:10):
You know, the house down the street just sold for this, right.
So you've really got to understand your house and how
it compares well.

Speaker 2 (58:17):
I think you have to have proper guidance too, from
your professional I mean, if I guess if you're hiring
an agent that is just desperate for listings and they're
just willing to put anything on the market at whatever price,
then you're you know, you get what you get. I
would imagine if somebody wants to maximize price, you're gonna
have the conversation with them and be like, look, we'll

(58:37):
press the limits, but understand this is where we're going
to end up. We you know, we can go here
now or I'm willing to press the limits if you want,
but know that we're probably gonna end up in price reductions.
You're gonna have those tough conversations.

Speaker 3 (58:50):
If you're not having.

Speaker 2 (58:51):
Those conversations with your agent.

Speaker 3 (58:53):
You may not have the best agent.

Speaker 7 (58:55):
Yeah, exactly.

Speaker 6 (58:57):
Hey, Johnny and Jimmy, do you mind if we take
to break the ten o'clock break. And on the flip side,
what we're going to talk about is interest rates. Right,
we talked about sales and what's going on with that.
Are their buyers here or sellers selling? The answer is yeah,
is it on fire?

Speaker 8 (59:12):
No?

Speaker 7 (59:13):
Is it the worst ever? Not? Not by a logshop?

Speaker 3 (59:16):
Yeah.

Speaker 2 (59:16):
Really.

Speaker 6 (59:17):
But the next thing we're gonna talk about a little
bit is about interest rates because that's always a big
thing for the buyers, and we're gonna talk a little
bit about that on the flips excellent.

Speaker 2 (59:24):
Still lost to get into on this Saturday. You're welcome
to join us toll free eight seven seven nine two
seven six nine six nine. About an hour remaining on
this Saturday. Of course, if you're not comfortable on the radio,
always remember Florida Talkrealestate dot com. Find us on YouTube
and Facebook with live stream every Saturday. If you're with us,
thank you for being there. Of course, Florida talkreal Estate

(59:45):
dot Com is your one stop real estate shop.

Speaker 3 (59:47):
Access to the entire team pros. Pros.

Speaker 2 (59:49):
These are experts in their field and you get them
all one click away floridatalkreal Estate dot com. No what
use it, love it, share it. You can change lives,
including your very own, with the prospros at Florida Talk
real Estate dot Com. Forming a break, We're back at it.
Thanks for being with us Florida Talk real Estate. Right
here Real Radio.

Speaker 1 (01:00:19):
This is Florida Talk Real Estate with Jim Depola and
Johnny c Got a question for the show, Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 2 (01:00:29):
Our number two with a toll free number eight seven
seven nine two seven six nine six nine. Dial it
up if you'd like to take part of the conversation
at hand, or if you have a question common concern
in the world of real estate Jimothy our producer at
shortinairor he'll line you up. What's up, my dude, ain't
a good mourning good morning? Johnny Cee, Well that's me.
You're old buddy, you're old poun Of course, we got

(01:00:51):
Jimmy Dee over here. He's our fearless leader, top producing
Keller Williams team. He runs for thirteen plus year now
Florida Home Pros Team with Keller Williams Innovations, Jim Topola, Jim.

Speaker 6 (01:01:01):
A top producing team. I didn't what the what is
top producing me?

Speaker 8 (01:01:06):
That?

Speaker 7 (01:01:07):
What does that mean? Right?

Speaker 6 (01:01:09):
Hey, guys, Happy South Florida. Everybody we were just talking about,
is the Florida real estate market crashing? All we hear
about in the headlines, at least in my news feed,
is about how bad Florida's real estate market is and
doom and gloom headlines and uh, you know, things haven't
been I wouldn't say, Rosie, I wouldn't say that we're
in one of the best Florida real estate markets. But

(01:01:31):
I can't say that this is anything near the worst
markets that we've been in, even in the time I've
been a realtor since you know, twenty ten.

Speaker 7 (01:01:40):
This is not the worst market ever.

Speaker 6 (01:01:44):
So one of the things that we were talking about
was amount of sales, and we just went over early
on the show that you know, in South Florida, the
sales are at the almost at the average, right, We're
not like super super low. We're selling about thirteen fourteen
homes a month. Fifteen sixteen hundred homes a month is

(01:02:05):
normal in Palm Beach County. We're seeing similar statistics, similar
statistics in the other counties. We're not seeing a big
difference between the six counties we cover that much. The
other thing is is that the interest rates. You know,

(01:02:26):
you know, everybody's going to have a different opinion about
whether interest rates are high or not. But I like
to deal in facts. It's so not opinions when it
comes to this stuff, because I don't want to get
over dramatic about it. So this week we're at six
point eight four, which is a point zero one change
from last week down. So we were at six eight
five the week before that. So let me just read

(01:02:48):
the last four or five weeks of Freddie Mack reports.
So we're at six eight four today. Last week we're
at six eight five. The week before that we were
at six eight nine. The week before that we were
at six eight six. The week before that we are
at six eight one, and the week before that we
are six point seven to six.

Speaker 3 (01:03:08):
So we haven't moved at all.

Speaker 6 (01:03:09):
We haven't moved. It's almost a straight line. It's almost
as straight line as you can get on one of
these charts. Now, where was the high the high for
the year, and we're halfway through the year. Is still January, right,
So the January was our peak, so we've been going
down and then staying flat right since January and January

(01:03:31):
we're at seven point oh four, so six point eight
six or six point eight four to seven to oh four.
We're only point two from the high, which is less
than a quarter point less than the high. But we
also haven't seen anything go down lower. The low for
the year was six sixty three. Oh wait, yes, six

(01:03:52):
six two was the low for the year. So basically
we're point four variants right now from the low to
the high. That is not a big variance, and we're
pretty stable when it's been coming to the interest rates
so far. So the fact that you're seeing this and
you know, Jimmy was talking earlier on the last segment

(01:04:13):
about what are normal interest rates over the forty year period,
and you know, have things changed, and he mentioned six
to eight and over the forty years we've been at
seven to nine percent as the variants, right, seven percent
to nine percent average over those forty years, six point
eight four. We're right there, right, So everybody complaining about

(01:04:34):
these interest rates, really it's in your head more than
anything else. Right, interest rates are important, but They aren't
the reason decide to buy a house or sell a
house or anything like that. It has to be based
on your personal situation. What you need is at that moment.
But these interest rates shouldn't be making your decision yes

(01:04:56):
or no. Unless you've got that super low three percent
that mortgage rate, you're not willing to divorce, so you're
gonna stay with the with the spouse you don't like.
That's that if you had a Druthers, you would trade
up for a new one, but you're not because you're
worried about the divorce settlement. So I'm just gonna live

(01:05:20):
with it. I like my house, right, So, you know,
interest rates are you know, despite what you're reading in
the in the mortgage news market, in the financial markets
on TV, and they talk about the rates going up
or down, a lot of it's drama because we're only
like I said, we've only seen really a point two

(01:05:41):
because we're at six's eight four. Seven oh four was
the highest, so right now we're only point two below
the highest. But that wasn't the highest ever November uh
in the last seven years or so, the highest ever
was November twenty twenty three at seven seven nine now
that's all a whole point higher than where we are now.
That is significant, and the fact that it's ten percent

(01:06:04):
of your purchase power.

Speaker 7 (01:06:05):
Right, So.

Speaker 6 (01:06:08):
Interest rates really aren't the crash. We're not seeing a
crash because the interest rates, we're seeing sales that are
kind of average, you know, not great, but not Oh
my god, I can't believe that these numbers are coming through.
So we're not seeing any of those two things. So
why is everybody complaining? I mean, I really don't. I

(01:06:29):
know that everything seems to be unaffordable in Florida. I
don't think that's ever going to get better. And the
reason why is I think we're going through a transition.
Did you just see where they're building a two hundred
and eighty five million dollar spec home in Manalopan, Oh,
two hundred and eighty five million dollars spec hom Speckholm Speholm, Right.
Can you imagine in Manalopan the party's over. This is

(01:06:53):
becoming Martha's vineyard, you know, Cape Cod Martha's vineyard. It's
going to be like that where the super wealthier here.
I was talking to my coach last week and he
was talking about Stephen Ross and I didn't know this.
Stephen Ross has already made a commitment to put three
hundred million dollars in a city place, and he's already
building all that stuff out.

Speaker 3 (01:07:13):
There's been going on for a few years now.

Speaker 6 (01:07:15):
Yeah, it's been going a couple of years. But what
I didn't know was the bigger plan. And apparently the
bigger plan is and I'm clueless. I guess I missed
all this stuff. He decided, I guess during the COVID
time that West Palm, specifically West Palm was not treated
the way that he felt it should be treated nationally

(01:07:35):
recognized as a good place to be a business center.
So what he did was is that he built this
big high office tower building that he was putting in,
but he wasn't getting enough people moving from Wall Street
to come down to live in West Palm, to move
their whole companies here. And the reason why is they
felt that the housing stock for these executives, you know,

(01:07:57):
these Wall streeters that they're just isn't good enough housing
down here for them. So what he decided to do
is build He's building two new upscale alert luxury condo
stuff in downtown West Palm just to house the people
that will be coming down for the businesses that are coming.
So he's doing both. He's he's, you know, build it,

(01:08:19):
you will come. So he's building the business thing and
you will come. And then he's building the housing for
the people that are going to come here. And he's
thinking that he wants West Palm to be San Francisco,
New York, you know, like that. He wants us to
be a hub of economic activity in West Palm.

Speaker 7 (01:08:37):
Right.

Speaker 6 (01:08:39):
All that's just going to make things If you think
things are going to become more affordable, the only way
that that's going to happen is we're going to have
to go through a major, major crash again. And I
hope we never go through that. I hope that was
a once in a lifetime thing. You know, it was
ten years ago enough, right.

Speaker 2 (01:08:56):
Right, but its manufactured though, sadly, I'm sorry it was
kind of manufact.

Speaker 7 (01:09:00):
Oh yeah, yeah, it was all.

Speaker 6 (01:09:01):
And now they're talking about releasing Freddie Mack and Fanny
May from the obligations they originally had because they're trying
to privatize it again. Fanny May and Freddie Mack were
privatized until the crash because they weren't doing things right,
So they punished them by you know, having more government oversight,
and now they're trying to release them again. It's just

(01:09:22):
how many times are you going? You know, people don't
get that when it comes to business. In my opinion,
it's like pigs at the trough. They're going to eat
until the food is gone and they're not going to
worry about tomorrow. And if somebody isn't there to be
a check and.

Speaker 7 (01:09:35):
Balance to that.

Speaker 6 (01:09:36):
That's how we had that big crisis that we had
back then.

Speaker 2 (01:09:39):
Pigs get fat, hogs get slaughtered.

Speaker 6 (01:09:42):
And I hope that we don't go through that again.
So interest rates are not crazy. They're not great. I'm
not telling you it's like, oh, yeah, you got to
run out and buy a house because of the interest
rates right now, We're not saying that, but they're not.
They should not be deal breakers for most people, right.

Speaker 7 (01:10:00):
They shouldn't.

Speaker 6 (01:10:00):
They just shouldn't be. And if you're waiting to buy
a house because you're all of a sudden now you
think you're a genius of what's going to happen with
interest rates. If you're a regular home buyer, you're buying
a house because you want to live there, You want
to raise your family there or whatever. You want a
nice place to live, you want to build up equity,
you want the tax benefits from it, and then that
appreciation will be tax free to you, you know, at

(01:10:21):
least up to two hundred and fifty thousand dollars if
it's homesteaded. And it's like, you know, it's a it's
a way to save money without really saving money. It's
not like putting your four one K or making an
extra effort of buying a stock or something. It's just
owning a piece of America and watching it grow over time.
And you get a benefit from that much better than

(01:10:43):
being helping the landlord do that.

Speaker 3 (01:10:46):
Yeah.

Speaker 6 (01:10:46):
Right, So the interest rates shouldn't be stopping people right now.
The sales are are pretty good, and so now let's go.
Let's go. What I'm going to do right now is
we're going to do our thing on the MLS and
we're going to see how many distressed sales there are. Now, Johnny,
I think you weren't here this one week and when

(01:11:06):
we did this, and I did find out something kind
of interesting on it. So we're going to see the
trend holds. So right now I'm alive on the mls.
There's sixty two thousand, three hundred and seventy five residential
properties for sale on the Beach's MLS, which is multiple
county mls. Okay, now, how many short sales are for sale?

(01:11:30):
We have one hundred and sixty three short sales out
of sixty two thousand properties. And how many foreclosures?

Speaker 2 (01:11:38):
We have.

Speaker 6 (01:11:41):
Four hundred and eighty seven, right, so let's see four
ninety one. What's four ninety and one sixty five ninety nights,
six hundred and fifty, So we have six hundred and
fifty short sales and foreclosures out of the sixty two thousand, right,
which means that's.

Speaker 7 (01:11:59):
Point six percent.

Speaker 2 (01:12:02):
Yeah, it feels right.

Speaker 7 (01:12:03):
Sixty two sixty two thousand.

Speaker 6 (01:12:08):
Divide, Bye, what I say, six fifty fifty?

Speaker 7 (01:12:14):
I got? Did that wrong?

Speaker 2 (01:12:17):
By? Oh?

Speaker 3 (01:12:20):
Did that wrong? Sorry?

Speaker 6 (01:12:23):
Point zero one percent? Oh right, point zero one, Yes,
six fifty divide by sixty two thousand, point zero one
percent normal normal uh, foreclosure rate foreclosure short cell rate
on the mls one.

Speaker 7 (01:12:39):
To three percent.

Speaker 2 (01:12:39):
Yes, it's not worth mentioning.

Speaker 6 (01:12:41):
Right, We're not there except one thing. Here's the thing.
I thought that was a little interesting trend. When we
first started this about six or seven months ago, we
were averaging about two hundred and fifty short sales and foreclosures.
So we've more than doubled. It's still a fraction of
a percentage, but we have more than doubled over the
time that we've been doing this exercise. Do I think

(01:13:02):
that is a trend that we're going to see this
avalanche of foreclosures coming. No, So even if we quadruple
the amount of foreclosures and short sales that are out
there right now, we still be in the normal range.
We're in the below normal range. We're abnormal right now.
We're abnormal, yes, right, so we're the abnormal range right now.

(01:13:23):
So don't think that you know, everybody's waiting for this
like big boom and everything's going to fall apart. It's
not here, guys. I'm not saying it can't come, but
we don't have people going out and buying crazy mortgages
and fogg and mirrors and getting a mortgage or just saying, well, Johnny,
how much do you how much do you make a year?
Forty two thousand? Well, how much do you want to

(01:13:45):
say you made a year? A million dollars? Year. Okay,
let's put that down a million dollars a year. Hey,
you got the loan, congratulations, and buying your third house
right for a million bucks? Right, all that's gone. Now
you have to give DNA and your left you know
what before you can get the mortgage.

Speaker 2 (01:14:02):
Right.

Speaker 4 (01:14:02):
And and one other factor that you've mentioned many times, Jim,
is the unemployment rate. It hasn't you know, here's a
really skyrocketed, which would you know obviously aid in foreclosures,
people losing their job.

Speaker 6 (01:14:15):
We're at four point two percent.

Speaker 7 (01:14:16):
We've been at four percent now for like a year.

Speaker 6 (01:14:19):
Right. Four percent is the sweet spot, guys. I remember
when Clinton was president and we got below four percent
and all the businesses leaders were losing their religion and
complaining that Clinton had a bad economy because the unemployment
was too low. If you have too low of unemployment,
there isn't enough There isn't enough movement between jobs from
employ for employees, and employers have to pay an arm

(01:14:43):
and a leg when that's happening to get the employee.
So four percent is the sweet spot. We've been in
the sweet spot for a very long time. It hasn't increased. Really,
I know, the jobs report last week came out or earlier.
This week came out a little week. But we've seen
that before, months after months after months, and they readjust later.
Sometimes they readjust way higher, sometimes they readjust way lower.

(01:15:06):
But right now that number isn't anything to panic about this.

Speaker 2 (01:15:10):
No, I feel like that's all just uncertainty in the
corporate world about what how's going to shake out with
tariffs and things.

Speaker 3 (01:15:16):
I think they're just I think they're in a bit
of a hold.

Speaker 6 (01:15:19):
Yeah, I agree with you. And then CPI the inflation
report came out this week and they're saying that we're
at two point one right, two point one to two
point five. Now, we've been in the high twos now
for a very long time, both administrations, not just this
new administration Trump, but Biden. Biden was at two seven

(01:15:42):
to five for several several months before he left office.
So we're not seeing this increase in inflation yet that
everybody's predicting. Now. This report was April's report, sure, so
this is right at the beginning of the tariff, so
everybody's expecting that. You know. It's funny though, because I
I don't know if what everybody's projecting is going to happen,

(01:16:03):
which is going to be super high inflation. We're not
going to have stuff. We're going to have empty shelves
and everything. That's what everybody was predicting in April, and
they said we're going to see the results in June July.
Now they're saying July August.

Speaker 2 (01:16:18):
So come on, keep moving the goalpus.

Speaker 6 (01:16:19):
Yeah, they're moving the golf pulse. So my attitude is,
how about we deal in reality. Reality is, unemployment's good,
Inflation is not bad, and people forget that. You don't
want zero percent inflation. If you have zero percent inflation,
there is no growth. You want inflation that keeps the
economy humming, but you don't want it getting too high.

(01:16:41):
And their magic number is two percent, so you don't
want zero percent inflation. In fact, if you go below
two percent, then you're going to hear the Fed saying, hey,
we got to do something to spark the economy. Economy
is too slow, right, So this we're right in the
sweet spots everybody, and everybody feels like they're eating a
turd sandwich.

Speaker 7 (01:17:00):
When you talk to.

Speaker 6 (01:17:00):
People about the economy, they all feel like they're eating
a turred sandwich and I'm like, you know, this might
not be filet min yond you know, but it might
be chicken, salad, salwe it is something that you can eat,
something you can eat. So I just don't understand where
people and if anybody disagrees with us, we'd love to

(01:17:21):
hear you on the.

Speaker 7 (01:17:21):
Air, just talk.

Speaker 6 (01:17:22):
We don't want to get into politics though. I'm not
a This is not a red blue show deciding who
who's better, who's worse. So all we're doing is talking
about what's happening in the market today and what you
know and how it's going for you and me, the
regular people out there trying to just run their way
through the world. I don't want to start pontificating about

(01:17:42):
how the world should be or how our country should be.

Speaker 7 (01:17:44):
That leave that to other people. I don't want to
deal with That's right, Yeah, that's not us.

Speaker 6 (01:17:49):
But if you want to talk about what's happening in
the real estate market and how it's affecting you, I'd
love to talk to you about that.

Speaker 2 (01:17:54):
Eight seven seven nine two seven six nine six nine.
Of course, if you're not comfortable on the radio, always
remember Florida Talk Reals, Florida Talk Real Estate, Dot.

Speaker 6 (01:18:02):
Com There's been a lot of talk Johnny, I'm switching
gears here. There's been a lot of talk about do
you really need a realtor if you're buying a home,
and you know, there's a lot of talk about that
because of the way that real estate commissions have changed.
Last August, there was a settlement with the Department of

(01:18:23):
Justice on a class action lawsuit on behalf of sellers
where the sellers sued the National Association Realtors, some brokerages,
and the MLS systems across the country saying, you are
forcing me to use a buyer's agent to help sell
my property that I'm going to pay for and I
don't think that's right. Why should I pay a buyer's

(01:18:44):
agent fee and be forced to pay that? And so
DOJ ruled in favor of that, and there was a
settlement by our National Association Realtors to say, Okay, we're
going to change our rules. And the way the rules
are now is basically the way that I've been operating
since I started realtor with realty stuff, which is to

(01:19:04):
explain to you how real estate commissions work. Because people
just assume that commissions were non negotiable once you signed
an agreement, they were non negotiable, and they felt that
realtors were making it that way, like not telling them
all their rights, the sellers the rights. And what I've

(01:19:26):
always explained is Florida's like the wild wild West. If Johnny,
you're selling a house and you convinced me to sell
the house for zero dollars, okay, good for you. You won
the negotiation. I wouldn't hire me because I suck at negotiating.
But if I you know, if I'm willing to do
your deal for zero percent, that's totally legal. And if
I convince you, Johnny that I'm the best agent in

(01:19:47):
the whole world, and i want ten percent real estate commission,
that's legal too. As long as you and I agree
to that commission. You know, that's the way it is.
They were hoping that this, these new regulations would reduce
real estate commissions, but they didn't. They reduced it zero
point thirty five percent on average. They've done some national
studies and the economists and the DOJ people is like,

(01:20:10):
that's not right, that's not right. But you know why
the interest of the real estate commissions only dropped a
little bit because people need realtors.

Speaker 3 (01:20:20):
Of course.

Speaker 6 (01:20:21):
It's almost like if you're going to court and you're
you know, you're getting sued or you're getting criminally charged,
and you don't want to hire an attorney.

Speaker 7 (01:20:27):
Right, I'll just let the prosecutor do my side.

Speaker 3 (01:20:30):
Yeah, full full represents the sid.

Speaker 6 (01:20:32):
Yeah, I'll let the prosecuted represent my side too, because
that's what you're doing with the buyer. If you're a
buyer and not working with a buyer's agent, then you're
relying on the listing agent to uh do all the
services for you. Now, there's nothing wrong with that, and
we have ethical guidelines that we have to be fair
and transparent with everybody that we work with. But we

(01:20:56):
are in Florida, and not everybody follows the rules. And
I don't know if I would want to go if
if I'm not a seasoned buyer who's buying a lot
of properties, I don't know if like I haven't bought
a property in five or ten years, that I'm just
going to go to the listing agent and go, hey, hey,
I want to work with you. In that way, I
can save you know, some of the commission, and we

(01:21:17):
could reduce the price because the seller isn't paying as
much commission and therefore let me work with you, and
that can work. But what do you think the listing
agent did in order to get that listing to the seller?

Speaker 2 (01:21:31):
What do you mean?

Speaker 3 (01:21:32):
What do you think they did as far.

Speaker 7 (01:21:34):
As promises made or what their goals are for the seller?

Speaker 3 (01:21:38):
Yeah? I mean you lay it all out for him, right, right?

Speaker 6 (01:21:40):
And wouldn't I say, I'm going to try to get
you the most money possible for your house?

Speaker 2 (01:21:44):
Right?

Speaker 6 (01:21:46):
And we know each other now because we signed an agreement,
You met with me, we shot the photos you know,
might have shown properties and everything while the house is
on the market. Now we have a little bit of
a relationship usually right, sure, And now you have a
buyer coming in. I don't let's say i'm the listening agent.
I don't know that buyer. You don't know that buyer.
They're coming in trying to get the deal. Now are

(01:22:07):
you going to trust the listing agent who's already said
that they're trying to get the most already made a
promise in a commitment to make the most money they
can for the seller, And now you're working with that
person to represent your interests. It can be Okay. I'm
not saying it's like, don't ever do that, but you
have to really understand what you're walking into when you're

(01:22:27):
doing it. That way, it would be much better for
most people to have a very seasoned buyer's agent who
can walk them through the process and make sure it's like, hey,
you know this house has been on the market one
hundred and twenty days. Hey, did you know that they
dropped the price three times already? You know, and they're
trying to get you. You know, they're saying they want
to only want to take FULLD list price. Right, Hey,

(01:22:51):
do you know that the tax bill is going to
change dramatically when you buy the house because the house
has been homesteaded for twelve years? Are you you're aware
of that? You know all of these things that are
really important for a buyer to understand. I don't think
you're going to get the same results where a listing
agent is going to sell down and sit down with
you and say, Okay, if you buy this house, Johnny,

(01:23:14):
the tax bill is seven hundred and fifty six dollars
a month right now. But let's go to the prom
Beach County Property Appraiser and let's use that tax calculator
to find out that the new tax bill is thirty
five hundred. Do you think a listing agent's going to
sit down with buyer's agent and go through that unless
the buyer's agent or the buyer asks them. They're not
going to do that because I might end up killing
the deal for the seller. Right, So just be really

(01:23:36):
careful about going unrepresented into a deal, and just remember
that because I'm reading these articles where a lot of
people are thinking that they're going to go unrepresented in
a way where they don't want their own representation. And
I'm actually working a deal right now where the buyer

(01:23:59):
came in that's an agent. In order to work the deal,
that agent said, because I'm the buyer, I don't want
a real estate commission, but the price was lower, so
I waived the buyer's fee, so I'm only taking the
listening side. And then I sent a document to the

(01:24:19):
other side that said no brokerage relationship, which means it's saying,
I'm not your relter. Right, I'm going to do this transaction.
I'll work on all the contracts with you and everything,
but I'm not your advisor. I'm not your realter. You're
your own thing.

Speaker 2 (01:24:35):
Right, I'm your transaction coordinator. Right.

Speaker 6 (01:24:37):
Yeah, that's a good way to turn Johnny. You're better
than be at this transaction coordinator, right, so that always
you know, Now, this person's an investor, they're sophisticated, so
no big deal, right, they're used to it. But just
be really careful of that. A lot of buyers out
there are going to You're going to start hearing some
horror stories about this.

Speaker 2 (01:24:58):
I have no sympathy for anybody that goes through those
horror stories either, because if you make that decision on
one of the biggest transactions of your life, you might
deserve what you get. It's kind of like just you know,
you're facing a situation where you need a lawyer, and
you're like, eh, you have to have a pro in

(01:25:18):
certain situations in life, and if you decide to circumvent
that and the name of saving a few bucks, you
get what you get.

Speaker 3 (01:25:26):
And I don't feel bad for you.

Speaker 2 (01:25:27):
I don't. I never will. I could try, and I
know I'm not gonna find it. I'm not gonna find
any sympathy avoid.

Speaker 3 (01:25:33):
I'm just not.

Speaker 6 (01:25:35):
You know now that I'm thinking about this, I had
a deal a few months ago. Remember that house they
sold with the warehouse with the metal building on it there.
You know, we talked about a lot on the show.
Sure well, buyers came from that that saw our like
outside advertising, so they were unrepresented. They were first time
home buyers. They went there to look at the house,

(01:25:56):
and they were trying to save money because they were
going to do a construction alone with Mike. So they
didn't want to pay for a septic tank inspection because
it was almost the same amount as the regular inspection
for the whole house. And I begged them and I said,
you really need to do this inspection. I didn't know
if any and I was the listing agent. I didn't
know if anything was wrong with the tank. But because

(01:26:17):
they were my buyer, right, I had to say to them,
in my opinion, hey, you really got to do this inspection.
They said no, So I said, okay, I'm going to
give you a form explaining that I recommended you did
an inspection and you don't want to do it, and
that's fine, but I need to cover myself because this
is a big deal because if there's a problem with
the tank, you got a big problem. Did the inspection

(01:26:40):
found out the septic tank was cracked in like ten places.
That guy would have probably spent about twelve thousand dollars
trying to save five hundred. Right, I was the listing agent.
I didn't have to tell him if you didn't. I
didn't know the septic tank was cracked, by the way,
I had no idea, sure, but I would, right, But
I told the buyer, you got to do this. Even

(01:27:02):
though I was listing agent, I was representing both sides,
and I had to be fair to both sides, like
you really need to do this, and thank god we did,
and he ended up not buying the house. He ended
up buying another house from us another way, and then
we sold that house to somebody else. Right that the
warehouse house. But not all people would do that. Some
of them would just say because they want the sale
done for their seller. Okay, you don't want to do inspection,

(01:27:25):
fine with me, right, that's not what you're looking for.

Speaker 7 (01:27:29):
Now.

Speaker 6 (01:27:29):
The last thing I want to talk about about what's
happening in the market right now is what Fannie May
is expecting about interest rates this year. And I did
find this kind of be interesting. So Fannie May is
saying that by the end of the year, they believe
that our interest rates will be six point one percent,
and they think at the beginning of next by the

(01:27:50):
end of twenty twenty six will be at five point eight.
So at the end, so a year and a half
from now will be a five point eight. Now think
about that. That's a point drop. If they're right, in
eighteen months from now, we'll have a one point drop
from where we are exactly right now right, because we're
at six point eight.

Speaker 3 (01:28:10):
Did they give any reason for their uh proposal?

Speaker 2 (01:28:15):
Here there there? Let's see hold on their prediction if
you will, because I I I just don't see how
we get there.

Speaker 6 (01:28:26):
Yeah, they're thinking that we're gonna see they they they
didn't this report Fantom made, didn't say why they're predicting it.
They're just saying that what at least in this article.
I'm not saying fan May didn't say it. In this article.
All they did is focus on what should change, not
why it's changing.

Speaker 3 (01:28:46):
So that's a worthless article.

Speaker 6 (01:28:48):
Yeah, in my mind is is a little bit too.
But I did read this in a couple other articles
where the numbers are right. They're predicting like six percent
by the end of the year. They think we're going
to drop eight point eight in the next six months.

Speaker 7 (01:29:02):
I don't think so.

Speaker 3 (01:29:03):
Whether you're just pitching a dart, and that's what it
laid it on me.

Speaker 6 (01:29:06):
You know what they're thinking. Instance, they're thinking that the
tariffs are going to cause a slower economy, which is
going to slow down everything, which means the Feds are
gonna have to stimulate the economy. So they're going to
start cutting the FED rate, and that the FED rate
will spill in this time to the regular interest rates.
That's that's the theory behind us.

Speaker 2 (01:29:26):
So but based on that theory, they're also assuming that
inflation doesn't crank up, right, So right, because the Fed
only has two.

Speaker 3 (01:29:34):
Tools, they have two tools.

Speaker 2 (01:29:36):
Slow inflation or spur the economy. Those are the two tools.
They don't have any other tools in the toolbox.

Speaker 3 (01:29:43):
That's it.

Speaker 2 (01:29:44):
It's one or the other. And right now the focus
is on inflation. And I don't know the tear. The
tear when they use the tariffs as a reason, and
it's like, okay, but they could go both ways.

Speaker 6 (01:29:57):
Well, the thing I'm most worried about with terriffs if
it even materializes, because it hasn't happened yet.

Speaker 3 (01:30:04):
Yeah, I don't think you should be worrying about the terrorists, truthfully.

Speaker 6 (01:30:06):
But if it was an issue, what I'm more concerned about.
And I'm still focusing on this from day one. I
don't really care what the inflation rate is. I mean,
it matters. I don't care about what I care mostly
unemployment is unemployment to me drives everything, sure, because once
we start getting weak unemployment, everything starts chromling because people

(01:30:29):
are spending less, they can't afford to do stuff and
all of that. I feel like that's the big thing
and right now, and I've been laser focused on that
for so long to make sure that the unemployment, you know,
because I feel like once we start seeing that, like
if you start hearing me, huh, we're up to four
point six percent, you know, and then the next month,
huh we just hit five percent, you know, then I'm

(01:30:51):
going to be saying on the show, Hey, is this
the beginning? Right?

Speaker 7 (01:30:55):
Is this beginning to try? If you're going to sell,
got to sell now? Right?

Speaker 6 (01:31:00):
If you're going to buy, maybe you wait a little
bit at that point because you're going to see stuff
go now. If somebody's listening to the show right now
and goes, well, I'll just wait till December to get
that six percent interest rate at six point eight. If
you're on a super tight budget, you know that probably
is a good idea and kind of keep an eye
on it. But if the interest rates aren't going to

(01:31:22):
make or break your deal. By the time that everybody
realizes and you that the interest rates have dropped, it's
going to be too late because everybody's waiting just like you.
It's much better if you can to buy now, get
the lower rate, get the motivated seller, give you extra bennies,
get the developer to drop their price forty thousand dollars,

(01:31:43):
give you a lower interest rate, give you closing costs,
and do all that now and then when the interest
rates go down, then REFI then to buy during that
time where the rates are down, because you're going to
be fighting everybody else and those developers are going to
raise the price is forty grand.

Speaker 3 (01:32:00):
Savings, it will all wash out.

Speaker 2 (01:32:01):
I mean it's it's I think you'll probably end up
in a similar world and maybe even paying more if
we if we lose.

Speaker 3 (01:32:08):
A full point on interest rate.

Speaker 2 (01:32:10):
I suspect you'll consider you'll pay considerably more, because again,
the buyer pool is gonna jump up, it's gonna fill in.
That's gonna be a magic number for a lot of people.
A five in the first number there, it's gonna be
a magic number. And I, uh, yeah, the number the
numbers in your scenario is what should dictate it. Not well,
I'm gonna wait for that. Well, you're gonna wait for

(01:32:31):
Fanny's prediction to come true. And they're not even getting
you any substances to wives their prediction. Right that.

Speaker 3 (01:32:38):
Let's people, let's use logic in your decision making.

Speaker 6 (01:32:41):
And I wanted to mention that that's true, because what
you're doing is you're waiting for a hope and a prayer. Yeah,
it isn't guaranteed to happen. It's not guaranteed. This is
their forecast. And let me tell you he may has
changed their forecast like five times since November of course, right,
And because.

Speaker 2 (01:32:56):
Again you're gonna this is this is your your You're
falling into the click trap. Every article you read, the
motivation is to get you to click it, every single
one of them. Whether there's something there or not, the
motivation is that gotta get people to click it. And
just the headline might be enough. You gotta find the

(01:33:19):
real substance. And the real substances right now is it's
a good time to buy if you can financially afford it.
It's a great time to be a buyer if if
your finances come together, because man, do you have options
out there right now, and you don't have to say
I gotta get this house right now. You can go
see a few other houses and then circle back around
with your seasoned agent, hopefully Jimmy d Jimmypola, and say, hey,

(01:33:43):
which one do you think we get the best deal?
On slow play? It throw some offers out. It's a
great position as a buyer versus the opposite where you're like,
holy crap, I just got out bid by ten other people.
Now I don't get that house. Oh and I don't
get that house or that house or what scenario do
you want to be? I like the first one better.

Speaker 6 (01:34:02):
I remember during that time, Johnny, I just thought about
this when you were talking about that. How many buyers
I met during the frenzy where that's what they were
waiting for, those super low interest rates, and then they
realized they got beat out so many times It's like
I put tent offers in on houses and they all
got rejected. You know what they say?

Speaker 3 (01:34:21):
You know what happened?

Speaker 6 (01:34:22):
Do you know what they say? This is the funny part.
This economy sucks, this real estate market sucks.

Speaker 2 (01:34:28):
I'm out.

Speaker 7 (01:34:28):
I'm gonna wait until all the craziness goes away.

Speaker 3 (01:34:31):
It's a one example.

Speaker 2 (01:34:32):
It's a great example underwords like I hate people. You
are so stupid, you can't get out of your own
damn way.

Speaker 6 (01:34:43):
You don't get it right. It's like people sometimes they
just don't get it no, And I know there's a
lot of people out there that's frustrating. Member. We had
that person Kelly call a bunch of times. She really
wants to buy a house, but she's just not there yet.
It's so frustrating when you when you see people that
that because you feel really bad and you want to
help them.

Speaker 2 (01:35:02):
Well, I just hope that, you know, if that desire
is in play, I hope that the desire is being
put in motion every day, whether it be I'm saving
ten dollars a day, I'm putting it, I'm working on
my credit, you know what I mean. If you have
that desire, you should be like like, I have a
desire to be a better husband, father, friend, employee, and

(01:35:26):
I strive for one percent improvement every day and if I.

Speaker 3 (01:35:30):
Can nail it, man, that's awesome. If I get a
point twenty.

Speaker 2 (01:35:33):
Five, cool, you know what I mean.

Speaker 3 (01:35:35):
Sometimes I'm flat, you know what I mean.

Speaker 2 (01:35:37):
But I try to get that little step forward every
day because I'm motivated.

Speaker 3 (01:35:42):
It's what I want.

Speaker 2 (01:35:43):
If you want to be a buyer, every day should
be hopefully getting that little step closer, little step closer,
because if you're not, you don't really want it.

Speaker 7 (01:35:52):
You think you want it, you say you want it,
it's what you don't want it.

Speaker 3 (01:35:55):
It's like difference between doing and.

Speaker 6 (01:35:57):
You know what it's like, Johnny, because I was like
that too. When I my first home right I need,
I was a hot mess. I had horrible credit. I
nearly defaulted on my student loans by that point. I
was like over one hundred and eighty days late on
some of this stuff. I was a hot mess, yep,
but I had the team surround me. I was very blessed.
It wasn't like I was in real estate at that point.

Speaker 3 (01:36:16):
Oh I was.

Speaker 6 (01:36:18):
Yeah, And you you know what it was like to
go through the gauntlet because you wanted it right. So
all the other times when I was screwing around with
my credit and not giving a darn or anything like that,
once I decided I want to be a homeowner, then
I manned up and I was like, I got to
fix all this stuff that I created for myself, and
I'm just gonna man up and go through the pain
and make it happen. And it was a really great

(01:36:39):
result at the end, and it was worth it. I
can only honestly say it was worth going through that
and doing it. I feel like you feel the same way.

Speaker 3 (01:36:46):
Oh for sure. But you need help.

Speaker 2 (01:36:48):
Everybody needs some help, and you can get help in
amazing places like floridatokreal estate dot com. That says in
a cell, but you can get a tremendous amount of
help with the pros. Pros is power, And even if
it's just knowledge you're obtaining from this team to understand
where you're at, you're in a way better position versus
sitting there creating all the scenarios in your head. Like

(01:37:11):
oh well, Fanny says that let's get in the reality
the real world. Your real is your numbers, your debt,
your income, like get an understanding of it and see, like,
maybe maybe you can't afford a home until there's a
five in the first number.

Speaker 6 (01:37:31):
That might be, Yeah, it might be, it might be
that's the way it is. But you need to find
out and then plan for it. Because if you know
that the five that the number has to be start
with a five for the interest rate, well then you
have to do all the stuff behind the scenes to
make sure that your credit score goes up, that you're

(01:37:53):
paying down your debt and getting lined up. So when
that five percent hits, you're already prepared and ready to go.

Speaker 3 (01:38:00):
You go right.

Speaker 6 (01:38:01):
But if you don't do that, you know, you go
through a lot of pain. You make a lot of mistakes.
I kind of wanted to round up.

Speaker 2 (01:38:10):
If there is one message that we really.

Speaker 7 (01:38:13):
Know your numbers numbers now.

Speaker 6 (01:38:16):
I wanted to talk about two of my properties right now,
two specific properties. I have one that's in pre foreclosure
right now. It's a very rare situation lately.

Speaker 7 (01:38:26):
It's a.

Speaker 6 (01:38:28):
It's the Port Saint Lucy home. It's a three bedroom,
two bath home. It's wood frame. I think the frame
seems to be in good condition. It's got a pull
with the screen enclosure, and it basically needs everything. It
needs a new roof, new kitchen, new bathrooms, new flooring,
new paint, probably new ac probably I don't know if

(01:38:49):
you're going to be able to clean the ducks, So
the ducks are going to have to duck work is
going to have to be replaced. The only reason yeah
it is it could be livable if you put an
The pool's green, right, so if you fix the pool
and the roof, the rest of the the rest of
the house is livable. But it really needs a full
cosmetic Rehabit isn't other than the roof and resurfacing the pool.

(01:39:13):
There's nothing that I believe to be structural with the house.
We'll find out during the inspection. But here's the thing.
We the investors that have been coming in to look
at the house, most of them are saying they can't
make enough money at the price that we're at. But
if we dry it's it's a three bedroom, two bath
pool home, and we have it listed at two hundred
and fifty thousand dollars.

Speaker 2 (01:39:32):
Oh, there's not enough meat on that boat.

Speaker 6 (01:39:34):
As of last Friday, we were the lowest pool home
in the city of Ports Saint Lucy, not the county
in the city. Right, we were the lowest pool home
property at two fifty. Now that house needs about seventy
thousand dollars of repairs, and it would be almost brand
new everything, brand new roof, brand new ac pull resurface

(01:39:58):
with new mechanicals. You'd probably be able to do the
kitchen and the flooring, and then you do the honey
dues like the painting, and then maybe the two bathrooms
are functional, and you do the two bathrooms later, and
you'd have effectively a pretty brand new home that would
be very well for the insurance because you'd have the
new roof and everything at about three hundred and twenty

(01:40:20):
five thousand, because you could use a two h three
K construction loan and get seventy five thousand dollars as
part of the purchase of the house to build rebuild
the house as you're buying it right right, So if
you rebuild that house and you buy for two fifteen,
you take out that seventy five thousand dollars construction loan
with it, you'd have three twenty five into it and

(01:40:42):
the unit would be worth all day long three eighty.

Speaker 7 (01:40:45):
Five to four h five.

Speaker 6 (01:40:47):
So instead of doing an FHA deal where you're buying
a house, I'm making it up for four hundred thousand
dollars and you put you know, fifteen thousand dollars down,
and that's the equity you have in the house. Is
the fifteen thousand you put down on the payment. This
you're gonna have the down payment on the two fifty plus,
you're gonna have all that extra equity from fixing up

(01:41:08):
the house and making it new.

Speaker 7 (01:41:09):
Right, Yes, so.

Speaker 6 (01:41:11):
At three twenty five, you'd have a three bedroom, two
bath home with a pool, really nice home in a
nice neighborhood. Uh no, h your way fenced in yard
on a corner lot for three hundred and twenty five
thousand dollars pull home and Port Saint Lucy. These are
opportunities we haven't seen in years and years. So like
first time home buyers that feel like they're priced out,

(01:41:33):
priced out for single family home, priced out, priced out,
priced out, Well, here's an opportunity where you can buy
a house and fix it up to make it your colors. Right,
you pick the floora, you pick the kitchen, you know,
you do all that. You pick the surface for the pool, right,
you do all that stuff and you're in for three
twenty five. We haven't seen this in a very long

(01:41:54):
time where you could do these kind of deals. And
if you're looking for that kind of deal, it's like,
I love HGTV and I would love to do something
like that, just like make the house myself and have
the money to do it as part of the loan.
You got to give us a call because we need
to talk to you to get this house sold, to
get it going. Now we have another one in we

(01:42:16):
have another one in West Palm. Now, this one's off
market because the seller wants it off market right now.
And he has a four bedroom, two bath home in
West Palm off a Haverhill Road. And with that house,
you could buy that house for three hundred and fifty
thousand dollars and you probably put fifty into it, and

(01:42:40):
the house is going to be worth at least four fifty.
And the already house already has a twenty twenty one roof,
metal roof. The ac probably needs to be replaced, but
it's blown cold now. It's probably gonna eventually be replaced
because it's older and just normal cosmetic upgrading on the
inside of the house. So fifty is plenty, you know,

(01:43:00):
and you'd have fifty thousand, you'd have over ten percent
extra equity besides the down payment you put in by
doing a deal like that, and you can get the
construction loan again and with that house if you do
it right and you had enough money. It's an assumable
loan at three point twenty five so you can get
you can get about half of your purchase price of

(01:43:21):
that home at a three point twenty five percent if
you can come up with the.

Speaker 7 (01:43:26):
Extra money, right, that's remarkable.

Speaker 6 (01:43:28):
So there's all these opportunities out there for buyers that
are willing to do the fixer upper. There's all these
programs out there to get these homes that aren't in
marketable condition, you know, to get top dollar and then
buy those when nobody else wants to buy them. Use
the construction money that you're getting. You don't have to
pull it out of your pocket and get the deal done.

Speaker 7 (01:43:48):
Okay.

Speaker 6 (01:43:48):
Mike is an expert. Micro out from the mortgage firm
is an expert on these construction loans. So if you're
interested in these kind of construction loans, you got to
give us a call. Hey, somebody just went on YouTube
and subscribe to our channel. They must be listening to
us right now. Thank you so much for doing that.

Speaker 3 (01:44:06):
And if you're on there, hit the subscribe button. Do that?

Speaker 6 (01:44:09):
Yes, yes, please, I don't I don't ask that enough,
So please hit subscribe and follow us, and we'd love
to talk to you off air. You know, we don't bite.
You can call us on air, you can call us
off air. We're the same off air as on air.
We don't put on a show here. My favorite thing
that people say to me all the time, you're just
like the radio show. And I'm like, so that could

(01:44:30):
be a good thing, it could be a bad thing,
but it is what it is.

Speaker 7 (01:44:35):
What I am, right, I am what I am.

Speaker 6 (01:44:37):
So it's really important. It's really important to us that
you interact with us because we love the real radio audience.

Speaker 7 (01:44:46):
They've been very, very good to us throughout all these years.
I wanted to.

Speaker 6 (01:44:50):
Talk about a creepy credit before we land up, before
we do it, if you don't mind this kind of
it's kind of a oh, this is even better. It's
a creepy It's two creepy critters that have now genetically
bonded with each other and have created a new super
creepy credit.

Speaker 7 (01:45:09):
Isn't this a new Johnnywood like this?

Speaker 2 (01:45:11):
Okay? I haven't read this?

Speaker 7 (01:45:13):
Yeah, oh I oh, here it is.

Speaker 6 (01:45:16):
Okay, here's the article. We're gonna get one of the
pest site companies that has worked with us in the
past to come on and talk about a whole bunch
of different things. I'm going to ask them about this.
So the headline is on Channel six South Florida. New
hybrid termites found in Florida. Why the esperts are sounding
the alarm? So it says research just say the fusion

(01:45:37):
of these two termites is not only unexpected, but potentially
dangerous for homeowners in the across the country. The University
of Florida has confirmed that a new hybrid of termites
exists from Asian subterranean termites that have genetically bonded with
the Formosa termites. So for most of termites, but a

(01:45:57):
lot of people don't know about the foremost and termites
they eat concrete, right, So regular termites they eat the
wood and stuff, right. But the formost and termites they'll
eat your concrete foundation, in your cinderblock. They just love
you know, they just eat everything like the Asian snail.
So they these two things have combined, they started mating

(01:46:18):
with each other and it's working, right, And they're saying
that this could be this could be really bad for
the rest of the country. Right now. They think that
in Fort Lauderdale alone, there's twenty to twenty five million
of these termites out there in Fort Lauderdale alone.

Speaker 3 (01:46:38):
Where do they live in the ground?

Speaker 6 (01:46:40):
So the subterranean either live in the ground or they
make these mud tunnels like almost like in the wood,
and then they use these tunnels and then they eat
all the wood around it, right, or these formos and termites,
I think they live in the ground too, Johnny.

Speaker 2 (01:46:59):
So they get into like they get into the trees
that are dime and in the ground, and then obviously
if they infiltrate any wood structures, they're going to call
that home until that's deteriorated completely.

Speaker 3 (01:47:12):
Huh.

Speaker 6 (01:47:12):
And so these new hybrids are forming their own colonies.
So they've created like a whole new ecosystem for themselves.
Like these melded ones, are they here legally.

Speaker 7 (01:47:24):
Yeah, exactly exactly.

Speaker 6 (01:47:26):
I think they came over on the boat that might might.

Speaker 2 (01:47:29):
Be timed around these clowns up, huh.

Speaker 6 (01:47:31):
Oh, here's something interesting. I didn't know this. I actually
didn't know this, So I'll put this on Facebook page
if you want to click on it. They IPHIS, which
is the International Florida Agricultural Services Division of the University
of Florida IPHIS. They have a termite distribution map showing

(01:47:51):
where all the termites are hold on distribution. Yeah, termite
dis Oh my gosh, Southeast Florida. Forget it, that's where
they all are in Southeast Florida.

Speaker 3 (01:48:01):
A couple of weeks ago.

Speaker 2 (01:48:02):
It happens every year we get a big explosion. I'm
in Royal Palm, but out west we get a big
explosion of all these like flying what looked like little termites.
And my pool I had like four or five days
in a row where they're just like thick, disgustingly thick.
They all for some reason hit in the pool and

(01:48:24):
there's just swarms of them every.

Speaker 3 (01:48:25):
Wow, and and then it goes away.

Speaker 2 (01:48:29):
I if anybody's we're running so short on time, But
I think those are termites, and I we get an
explosion of it every year.

Speaker 3 (01:48:38):
I just don't know exactly why.

Speaker 6 (01:48:41):
How to it's so hard about termites. When I had
a wood frame home. I would see these ants crawling
all over my house, and then I would see wings
in my house. The wings of the tell yeah. And
I had a couple of companies come over and they
said I had to tempt my house. And then I
had this one guy come and he goes, you don't
have termite. He goes, you might have termites at one point,

(01:49:04):
but you don't anymore.

Speaker 7 (01:49:06):
And I go why and he.

Speaker 6 (01:49:07):
Goes, Your shell of your house is just consumed by
bully ants and these type of ants eat the termites.
He goes, you have the best protection in your house.
Because I was complaining about all these ants crawling all
over my house, they weren't on the inside of the house.
Oh will they He didn't mention anything about that, but
he said, you don't have to worry about anything about termites.

(01:49:27):
These ants have destroyed your termites. And the reason why
the bullyants were there, I had passion vines in my
house on my fence, and they love the passion vines.
And then they got to the house. I guess they
were eating the termites. So he goes, you don't have
to do anything. And I never did, and it was fine.
That's nice. Yeah, so you guys should check out the

(01:49:48):
University of Florida termite distribution map for termites in Florida, because,
oh my gosh, the whole southeast, the whole southeast from
basically Saint Lucy down where screwed?

Speaker 2 (01:50:00):
Well.

Speaker 3 (01:50:00):
I've always wondering.

Speaker 2 (01:50:01):
Remember I worked, or to say, uh, maybe about a
year with Hewlett Great Company. I enjoyed my time there,
just wasn't the time.

Speaker 3 (01:50:09):
He wasn't part for me.

Speaker 2 (01:50:10):
I actually ended up with COVID and long story show.
There was a lot of termite control, like they put
the stakes in the grounds and it was really prevalent,
And I always wondered, is that kind of scammy?

Speaker 3 (01:50:23):
No, we have a lot of them in Southeast Florida.

Speaker 6 (01:50:26):
How about I always wondered, by sticking the deadwood in
your yard, if you're attracting them, That's what always bother me.
It's like, you know, I know they're supposed to keep
it away from the house. Yeah, but I'm like, you're
basically asking him to come to your house by putting
that thing in there.

Speaker 7 (01:50:39):
I never understood it.

Speaker 2 (01:50:41):
Happy Father's Day and all the dads out there, remember
to take care of your dad's and uh, and if
your dad's not around, I'm sorry, but I know like
in Jim's world, they will definitely be reminiscing all the
good times of pops in the years past. Take care
of the dads. Remember Florida Talk real Estate dot Com.
You're once stop real estate shop. Know what, use it,
love it, share it. You can change lives, including your

(01:51:01):
very own with the prospros at Florida talkreal Estate dot Com.
Thanks for being with us on social today, Jimith, you
have a great weekend. Happy Father's Day, dude.

Speaker 5 (01:51:09):
You as well, Johnny, Happy Father's Day.

Speaker 2 (01:51:11):
Thank you my friend and Jimmy d jim to pull
a Happy Father's Day to you.

Speaker 6 (01:51:14):
Happy Father's Day and I hope you feel better.

Speaker 2 (01:51:16):
John thank you very much. Thanks for being with us
on this Saturday. We'll be back at it next Saturday
right

Speaker 3 (01:51:20):
Here on Real Radio.