Market conditions. Shout outs. Insurance. Mortgage rates

Episode Transcript

Speaker 1 (00:18):
They're cella house, finance, or insure a house, or stuck
with a house.

Speaker 2 (00:22):
And don't know what to do.

Speaker 1 (00:23):
Florida Talk real Estate has been your local one stop
real estate shop since twenty twelve.

Speaker 2 (00:28):
Get the advice you need from.

Speaker 3 (00:29):
Your local real estate pros.

Speaker 1 (00:31):
Here are your hosts, Jim Depola and Johnny c Live
on Real Radio.

Speaker 4 (00:36):
That's right, that's right.

Speaker 5 (00:37):
Welcome to the Florida Talk Real Estate Show, the number
one news and information provider about all things real estate
in Florida, going on for thirteen years now, that's right,
thirteen years we've been telling you what's going on in
the market, and today we've got a lot to talk about.
You want to get some good news in the real
estate market, We're going to talk to Ross Kamarinets from

(00:58):
Bright Wing Insurance Juno Beach today because, believe it or not,
there's some bright spots in the insurance market.

Speaker 4 (01:03):
We're going to talk about that today.

Speaker 5 (01:05):
We're also going to be talking about the up and
down rocky road of the mortgage industry right now as
far as interest rates and talk about where we are there.
And we got a bunch of creepy critter stories. You
know how I love those creepy critter stories from Florida.
So we're going to talk about a couple of those today.
But right now I want to say hello to my

(01:25):
co host today is Ross Comarinetts.

Speaker 4 (01:27):
How you doing today?

Speaker 3 (01:28):
Doing well? I don't know about co hosts.

Speaker 4 (01:30):
Come on, co host, Okay, you're hosting.

Speaker 5 (01:33):
And then we have co co host Jimmithy, the producer.
How you doing we do today? Yeah, we're Saturday, Happy Saturday,
Happy Starady. Johnny isn't feeling well today. I hope he
feels better. Mike, Mike. I knew Mike was going to
be gone this week, but I saw some Instagram photos
of mountains and water, so I think he's out of

(01:55):
the country right now.

Speaker 4 (01:56):
So I'm hoping he's having fun.

Speaker 6 (01:58):
Play girl photo shoot, right, Yeah.

Speaker 4 (02:00):
Exactly right. I'd have to tell you that's funny.

Speaker 5 (02:04):
In my first wedding and when I got married in
Key West, on my first wedding, we had to playboy
photo shoot in the as part of the wedding.

Speaker 6 (02:16):
I don't all dressed up in bunny outfits.

Speaker 7 (02:18):
No.

Speaker 5 (02:19):
What happened is we hired a profession That wedding was
so crazy, we hired a professional photographer to come down
that we knew, and we rented out I guess the
room for him for two days or something. We were
staying like five days, right, We rented out a whole
compound down there for five days, had a twenty four
hour bar for five days. It was crazy, right because
we had the whole compound. It was like eighteen rooms

(02:42):
or something, right, So we just had a big party
for five days straight. So this guy, this photographer, said, hey,
you got the compound you're at? Is is gorgeous that
it was really greatly landscaped and everything. It was right
off Devall Street. He said, can I bring some models down?

Speaker 4 (03:00):
Uh?

Speaker 5 (03:00):
So, when I'm not shooting the wedding, can I do
some side shoots? And I'm sure, sure, I go sure.
I didn't even think about It's like sure, we were
so busy, boy to warrying think about it. So we
get down to the compound, I mean we get down
to the place. It was called the Red Rooster, right
of course of us, the red and it was it
was kind of funny, the red rooster. You can't buy that, right,
the red Rooster. It it was a I think it

(03:24):
still is. It's a predominantly gay hotel and it's more
for males than females.

Speaker 4 (03:31):
Right, red Rooster. Right.

Speaker 5 (03:32):
But because we rented the whole thing out, the owner
was so happy with us. But the manager hated that
heateros were getting married in there, and then he was
so mean to us. He was this German guy, and
the owner was so nice because we read it out
eighteen rooms for five nights or whatever.

Speaker 4 (03:51):
Right.

Speaker 5 (03:51):
But anyway, so the photographer comes and while we're getting
ready for the wedding or whatever, you know, the day before,
he has these beautiful models there and they're doing all
these nude shots all over the gardens on the compound.
And the guys that were here for the party and
the wedding, they were so happy.

Speaker 2 (04:09):
They were so happy.

Speaker 3 (04:10):
How the how how the wives and girlfriends fail?

Speaker 4 (04:15):
I don't really know. I didn't ask.

Speaker 5 (04:16):
I didn't ask that the guys were very, very happy,
and so is my father in law during that weekend,
he was very happy at that time.

Speaker 4 (04:24):
It was so funny.

Speaker 5 (04:25):
But uh, anyway, I'm sorry we got a.

Speaker 4 (04:28):
Little off track there.

Speaker 5 (04:30):
But to buy house house, Yeah, so I wanted to
start off with a couple of creepy critters stories because
you know, I love those guys. So we're going to
talk about a couple of things. I read an article
on one of the Fox News stations around here, local station,

(04:51):
and it's a station out of Cape Coral. And what
they're saying is the Florida Fish and Wildlife Group, the
government agency, they're proposing a regulation to the iguana hunting rules.
And Ross, I don't think you were here when we've
talked about iguana hunting, but we've talked about it a lot,
like there's all these rules and regulations you can kill

(05:14):
them and write and what you can do with the
iguanas and all that right and how you can't kill
them in a certain way you could be charged with
the crime. But they're changing the iguana hunting rules. Will
they will allow the will they'll allow hunters to sell.
What what is it they're going to say, they're gonna

(05:37):
allow them to sell and let me let's see. Okay,
I'm sorry, hold on here, I want to say it
the right way, Gies.

Speaker 4 (05:49):
Okay, hold on.

Speaker 5 (05:51):
The main change would be allowing anyone that traps these
iguanas to sell them out of state. So they're going
to create a regulation where you can sell these iguanas
out of state.

Speaker 6 (06:03):
Once they've been trapped ethanizer.

Speaker 4 (06:06):
Or well it says trappers, right, it says once. Uh.

Speaker 5 (06:11):
This main change would allow anyone to trap these iguanas
and then sell them out of state.

Speaker 6 (06:17):
So it can cross a line.

Speaker 4 (06:20):
How crazy is that?

Speaker 7 (06:21):
You know, maybe somebody in Wiscon I remember back in
the nineties, like people.

Speaker 4 (06:25):
That's how we got the iguanas in the first place.

Speaker 7 (06:28):
You know, maybe somebody in Wisconsin wants an iguana, and.

Speaker 5 (06:31):
So let's let's just put our faces species to somebody
else's place to make it a faces species there, just
trapping them lot.

Speaker 7 (06:39):
Probably wouldn't survive in it's old Wisconsin.

Speaker 5 (06:42):
Winner No, probably, Well they'll fall out of the tree,
they'll be like, they'll be fake dead.

Speaker 8 (06:47):
But this is trapping them live, it says trapped for Yeah,
so for the purpose of what pet a pet?

Speaker 5 (06:54):
The article that's funny port is the article doesn't say
they talked about this one trapper that's special lies.

Speaker 4 (07:00):
And doing this. He actually takes excursions.

Speaker 5 (07:03):
He takes people out to go iguana hunting, right, and
that's what he does. He has like a tour, like
an eco tour.

Speaker 7 (07:10):
Hey, I've got the same tour. We're just gonna go
down Congress. Yeah, I'm actually at the in the corner and.

Speaker 4 (07:18):
We're going over there.

Speaker 6 (07:20):
Good though, seven bucks and a couple of coffee exactly.

Speaker 5 (07:23):
But anyway, he has a tour where you can go
out there and go kill and trap the iguanas.

Speaker 4 (07:28):
I guess.

Speaker 5 (07:28):
So they interviewed him saying and the guy was like, yeah,
we really think this is a good thing. Anything we
could do to get rid of these species is a
good thing. And I'm like, yeah, so you're gonna take
these animals that you don't want here and then you say, hey,
why don't you give Why don't we give them to
Georgia or North Carolina or South Carolina.

Speaker 4 (07:44):
It's so ridiculous.

Speaker 7 (07:46):
I guess still buying them, you know, like people are buying.

Speaker 3 (07:50):
Them for pets. Yeah, and so hey, I got one.

Speaker 6 (07:55):
Well call for pat or. I mean, isn't there a
market for the meat?

Speaker 3 (08:00):
Well?

Speaker 5 (08:01):
I thinking like I might be wrong about this, but
I thought, like in Peru and Uhuruguay and Paraguay, I
think that they eat they eat these things.

Speaker 7 (08:13):
Well, I'm sure they don't have a shortage of iguandas,
and they're trying to import.

Speaker 5 (08:17):
No, no, I'm not saying that. Yeah, but uh but
I just thought it was weird. I was like, well,
what the hell are they going to do with these
things when they're you know, when they move them out
of state, and who's going to want them other than
like you said, like h like people for pet stuff
like that.

Speaker 6 (08:32):
Yeah, either pets or to meat. It's the only thing
I can think of.

Speaker 8 (08:37):
And the fact that this can happen close to a
state boarder so now it can cross into Georgia or
Alabama or something like that if you're very close to that,
or even shipping it outside of that area, like you say,
you know, maybe there is somebody in Wisconsin it wants it.

Speaker 5 (08:51):
Yeah, so it's kind of interesting. So uh and remember
we were talking, I think it was a couple of
weeks ago. We were talking about how the guy was
making omelets out of the out of the eggs.

Speaker 4 (09:03):
Remember that or something.

Speaker 3 (09:07):
I'm crazy like, yeah, just I.

Speaker 5 (09:10):
Think that The thing that freaked me out is like
their shells aren't like hard, like like chicken eggs. They're
like soft and rubbery. So you got to poke a
hole name and then squish out the yolk to make
the omelet.

Speaker 4 (09:23):
I'm like, I don't know if I could do it.
I mean, I could do it, but I don't know
if i'd want to. M that's good eating. Here's another thing.
Who knew?

Speaker 5 (09:34):
I did not know this. I've been living in Florida
for fifty years and I did not know this. Coyotes
in Florida. Did you know there was coyotes in Florida?
I had no idea. Yeah, did you know that?

Speaker 3 (09:44):
I can hear them at that?

Speaker 4 (09:46):
Really?

Speaker 3 (09:46):
Yeah?

Speaker 4 (09:47):
That is so wild this lady. It was kind of interesting.

Speaker 5 (09:50):
Some Channel five reporter was doing man and Woman on
the Street interviews and ask somebody out of park, you know,
what's your biggest complaint about whatever living in Port Saint
Lucent And she goes to the coyotes and the reporter's
like what, and she's like, Yeah, there's such a bad
coyote situation in my neighborhood that I can't walk my dog.

(10:12):
And they She's been taking the dog and driving it
to another area of the city so she could walk
her dog every morning because she's afraid the coyotes are
going to come out and attack her lap.

Speaker 4 (10:24):
She has a chocolate lab it looks like.

Speaker 5 (10:26):
And this is the funny part. So she has photos
and videos of coyotes in her area. Guess where they are, Jimmy.

Speaker 7 (10:35):
I I'm a guess in your backyard.

Speaker 5 (10:38):
Rosso on a Rosso, right off of a Rosso, and
they're all Crosstown.

Speaker 4 (10:44):
There's Crosstown.

Speaker 8 (10:45):
There's a section of land that's I don't know, maybe
three acres four acres big. It's just down the road
from our current house where we are now, and there's
coyotes a.

Speaker 4 (10:55):
Living ere that's so wild. I didn't know.

Speaker 8 (10:57):
And then I mean could That's why when you ask them,
I don't know, it could be anywhere in the city,
because I mean, poor Saint Lucy developed so fast that
all the wildlife that was there, I mean they didn't
even have a chance to migrate.

Speaker 4 (11:09):
Anywhere, right exactly.

Speaker 8 (11:10):
I'm sure a lot of it just found whatever little
pockets were left of land that they could stay in. Well,
and that's why you'll see them, I'm sure, all over
the place.

Speaker 3 (11:20):
Yeah.

Speaker 5 (11:20):
So in this report, in this news report, they called
up the Florida Fish and Wildlife Group and they were like, yeah,
coyotes were in all sixty seven counties. They're part of
our ecosystem. And they said an important part of our
ecosystem and they're here to stay. And they were like, hey, sorry,
if you got coyotes, and you got coyotes in the neighborhood,

(11:42):
that's like saying, you have a lizard in your neighborhood,
right or something, Right, what are you gonna do about it?
So anyway, I just thought that was really interesting. Then
the reporter said when they got home that night, they
spotted a coyot in there they read, and they had
never seen one before. I was like, coyote is everywhere,
what you learned, But I had no idea if Florida
had cooties. I really didn't know that. I know, I
knew about the panthers and stuff, but and bobcats, but

(12:04):
not coyotes.

Speaker 7 (12:05):
And sometimes at night because Juno has a big patch
of land, yeah, kind of on Donald Ross and that kind.

Speaker 5 (12:12):
Of scrub park this scrub Yeah, presentation night here, I
have to listen more carefully because I live not too
far from there.

Speaker 4 (12:22):
Yeah.

Speaker 7 (12:22):
And I'm sure you know your boys probably has them,
you know, sitting in the wood.

Speaker 8 (12:26):
Somewhere, especially, I mean to further inland you go where
there's still more open area, you know, I'm sure there's
a lot more wild board that's out there. You wouldn't
necessarily think of that with Florida because a lot of
us think the coastline, right.

Speaker 6 (12:38):
I mean, you know most people is a.

Speaker 7 (12:42):
Lot of times, Yeah, go four miles inland, That's that's
what Florida is.

Speaker 8 (12:45):
Yeah, really a lot more than that that. Then there
is the coast, but it's the Bob Miami Miami, you know.
I mean, television shows are made about it and that
type of thing, and really when you go inland, it's
it did now that citrus has really been reduced in this.

Speaker 6 (13:03):
State because of the canker problem that we had in
the past.

Speaker 8 (13:06):
Really what cattle, beef, equestrian has really taken over a
lot of the main.

Speaker 6 (13:12):
Part of what Florida is inland, right.

Speaker 5 (13:14):
I saw that there was supposed to be a big
development project in del Rey out in the agricultural reserve area,
and they turned it down. I was like, wow, you know,
I was surprised because it seems like the County Commission
has been very pro growth. And it was funny. When
I was a newspaper reporter in the eighties and nineties,

(13:36):
there were a lot.

Speaker 4 (13:36):
Of politicians there.

Speaker 5 (13:37):
We were fighting with a lot of growth at that time,
and the politicians at the time, the county commissioners had
made basically promises that they were going to keep huge
swaths of western Pompeach County as farmland and they're going
to keep it that way because they felt it was
important for the long term security of economics and other things.

(13:59):
And and then you know, they make all these regulations,
and then over time everybody forgets what happens, and then
new people come in and they don't know why the
old laws were done, and then they complain that, you know,
they're too restrictive now, right, And they were designed to
be restrictive because they were trying to protect the farmland, right.

(14:19):
And then they say, I was just going to go
ahead and let you put in, you know, the five
hundred homes there, right. And that's just what kind of
is going on. So kind of interesting to see all
the changes down here. And speaking of changes, I got
a call. I'm getting calls recently from I'm getting calls

(14:42):
recently from banking banking institutions that want to know if
I want to become a foreclosure agent.

Speaker 4 (14:51):
Right.

Speaker 5 (14:51):
I think that's kind of interesting right right now, I've
had these a couple of years ago when there were
no foreclosures on the horizon, and I used to laugh,
It's like, Wow, I guess you've got a audience of
one that you're talking to with this pitch. But I'm
getting more and more calls on them now. So we're
gonna take a look right now, just for the heck

(15:11):
of it. We're gonna take a look and see how
many foreclosures and short sales we have on the market now,
so to see if we've gone up, well, our inventory
has gone up. The last time we looked at total
inventory in South Florida region for residential properties for sale,
we were at like sixty two five sixty two thousand,

(15:32):
five hundred. We're now at sixty three thousand, six hundred.
Not a giant, gigantic thing, but when we started talking
about this in November, we were at forty something thousand,
like forty.

Speaker 4 (15:44):
Two thousand properties.

Speaker 5 (15:45):
So yeah, so we've we've increased fifty percent since we
started doing these kind of weekly reports.

Speaker 4 (15:51):
So added sixty three thousand properties for sale. There are
drum roll, please, let's see. There are.

Speaker 5 (16:00):
Two hundred and seventy foreclosures for sale and there are
out of sixty three thousand and there are one hundred
and sixty six short sales for sale. So what's two
seventy and one sixty four to thirty six?

Speaker 4 (16:16):
Right?

Speaker 5 (16:16):
Four hundred and thirty six properties out of sixty two
thousand and four sale that are short sales are foreclosures.
So did I My question is did I respond to
those bankers that asked me if I wanted to start
becoming a foreclosure agent?

Speaker 4 (16:30):
I mean, did I wear the phone call?

Speaker 3 (16:32):
Four hundred and thirty six transactions?

Speaker 5 (16:35):
And this whole area, I mean, this area is gigantic, right,
I'm just laughing. So, and the funny part is when
you work the foreclosure cases, what the banks do is
they give you a greatly reduced commission. Right, oh wonderful, Yeah,
let me sign right up for all you've got to carry.
You've got to carry the house if it's vacant, so

(16:56):
if it has a pool, you have to pay to
get it covered and protect it or keep it clean,
right to pay for the pool service and the lawn
service and make sure the house is secured.

Speaker 4 (17:06):
And you got to do all of that stuff for them,
no wonder they want it.

Speaker 5 (17:09):
And then you have to do all that stuff and
then save the bills for it, and then they'll pay
you after you close. But a lot of times, at
least back in the day, they didn't pay you when
you closed, like you might got your real estate commission,
but they didn't give your money back, and then you
have to sit there and fight for your money. And
I knew a lot of foreclosure agents during the height

(17:30):
of the foreclosure market that went bust because they had
so much monthly bills and the banks weren't paying them,
oh man, that they couldn't carry the costs.

Speaker 4 (17:38):
And they went bussed. So now I'll pass on the foreclosures,
thank you.

Speaker 6 (17:42):
When so when they ask you that.

Speaker 8 (17:44):
Do you have to become exclusively just for foreclosures?

Speaker 4 (17:48):
No, yeah, you can both.

Speaker 5 (17:50):
Yeah, And what happens is you get vetted through the
bank and then you become one of their preferred realtors.

Speaker 4 (17:58):
And then they just assign you properties.

Speaker 5 (18:00):
Right, Okay, hey, work this property, work that property, work
this property. Hope we never get back to that market again.
That was not a fun market when we started out
that well.

Speaker 8 (18:09):
One of the key things that happened back in six
seven eight. You know, wherever you want to start that
timeframe when the housing market crash was the value of
the homes went way down, right, and that's what made
people so far behind and get so you know where
they can't even if you sell it your you know,
obviously down upside down, right, So and that's where you

(18:31):
started and really found your way into this. That hasn't
happened yet, has it. I mean, we the prices have
come down a little bit, the values have come down
maybe slightly, maybe maybe slightly, So that's probably part of
the reason why we haven't gone back into that type
of a market correctly.

Speaker 4 (18:47):
Right.

Speaker 5 (18:48):
If this is what I'm predicting, is that whatever it
means for guys, right, it may sound so officious, this
is what gym is predicting, but what I'm thinking is
right exactly. So what I'm thinking is is that if
our unemployment rate gets into the high sixes or low
seven we're going to have a big problem because there's

(19:10):
a lot of people out there that are just a
couple of paychecks away from not being able to carry.

Speaker 4 (19:15):
All their bills.

Speaker 5 (19:15):
Because everybody is highly leveraged right now, but everybody's paying
their bills. We don't have a high delinquency rate on cars.
We don't have a high delinquency rate on credit cards.
Johnny and I, Johnny C and I, who isn't here today.
We've talked about this a lot. Johnny thinks it's a
lot worse than what the reports are showing, and that
there's a lot more weakness there. I wouldn't disagree with

(19:37):
him on that, but we won't know until people really
start getting unemployed and in a large amount that the
market can't absorb. So, for example, we're losing a lot
of federal government and deployment people right now. I think
we've lost at least fifty thousand federal employees right now
to unemployment. Some of them are still on unemployment benefits

(20:01):
and everything, so they're not really fully unemployed yet.

Speaker 4 (20:04):
But if those people, those people.

Speaker 5 (20:06):
Seem right now to be somewhat being absorbed back into
the system getting other jobs. But if it starts turning
out where people just aren't hiring and more and more
people are getting laid off, that's when we're going to
have an economic problem in the real estate market. And
at first it'll be okay for the first wave of
people that are in trouble, if they can't make their payment,

(20:29):
and they miss one payment that's thirty days later, longer
they won't be able to tap into that equity of
the house to help them out in their financial problem.
So the first wave of people, they're going to have
a lot of equity in their house. If we get
into a crisis, and the first wave that sell their
house is to get the equity, they're going to do

(20:51):
the best out of everybody because they're gonna be able
to save a lot of the equity that they built
up over time, because it's going to take some time
for the prices to start with the bad economy. But
the ones that kind of struggle and really stay in
their house and fight to keep the house but there's
no real economic way for that to happen, those are

(21:11):
the people. Then the prices are going to start dropping,
then their equity goes down, and then if they do sell,
they lost a lot of their potential equity by trying
to save the house that they weren't going to be
able to save. It's a very sad situation when you
see that because a lot of people houses are their house,

(21:32):
and you know that's their home and it wasn't just
a piece of stock they bought. For most people, it's
like where they lived and they raise families there and everything.
So the idea of having to sell the house when
you don't want to, it's a terrible situation to be in.
But you don't want a terrible situation to make things
worse by making poor decisions for you. None of that's

(21:54):
happening now. Okay, So none of that's happening right now.
There might be a few people out there in trouble,
and if you are, we can help you.

Speaker 4 (22:00):
Please give us a call.

Speaker 5 (22:01):
We're not going to just try to figure out how
to sell your home. We're going to figure out your
best options. We have a whole group of people that
can help you. We have Microw from the mortgage firm
to see if there's any way to do refives or
get you out of the jam with your loan. We
have the law office of Polycrasker who does loan mods, foreclosure, defense,

(22:22):
bankruptcy consultations. And we have short Sale Innovations, which is
part of the law Office Polycrasker in case you needed
to negotiate a sale with the house for the bank
if you are upside down. We have all that stuff
for you, and we have it for free. We're not
gonna charge you to figure out what this is. You're
gonna call us, We're gonna figure out what your problems are.

(22:42):
We're gonna figure out the different ways to solve it,
and then you decide how you want to handle it
looking at all your different options, and you don't get
charged to dime unless you hire somebody to do something.
And if you choose not to, that's okay too.

Speaker 8 (22:56):
Eight eight eight nine seven eight two eight if you
find yourself in that type of a situation, or you
just want some free consultation and finding the right realtor
eight eight eight nine seven three seven eight two eight. Hey,
you need some mono Mourners insurance.

Speaker 6 (23:09):
There's not a number.

Speaker 8 (23:10):
You can call that number two and you can get
a hold of Rosskamaronets from bright Way, Right Way Insurance,
Juno Beach.

Speaker 4 (23:16):
Thank you, Thank you, Jimmy.

Speaker 5 (23:18):
I just want to do a shout out and then
we'll run out the half hour and then we're going
to jump into some good news about the mortgage. Right,
we're gonna go from dooming gloom that hasn't even happened yet. Right,
we're talking about dooming gloom that doesn't even exist right now,
and we'll switch to some real, real news that's actually
happening about good stuff that's happened to the insurance market.
But I want to do a shout out to Joanna

(23:40):
and John. John called me. Well, actually, John was referred
to me. John and Joanna referred to me through an
agent from Keller Williams who said that they needed somebody
to sell a house in Aberdeen and Boyton Beach. We
John met with me and hired me to sell his
mom's home. I took the listing in November and we

(24:02):
didn't close it until last week, which was about one
hundred days or so, and well more than one hundred
days right November, Yeah, like one hundred and eighty days.

Speaker 4 (24:16):
Now.

Speaker 5 (24:17):
The reason why that happened was is this This neighborhood
is a membership equity neighborhood. So this was a two bedroom,
two bath, really nice attached villa which is like a
single family home, but they do have one common wall
and it's in a great gated community. But it's sixty

(24:37):
three thousand dollars membership equity on top of the purchase
of the house, and then you've got to pay another
fifteen to thirty five thousand a year every single year
after that for either social membership equity or golf golf
membership on top of your monthly fee, which is six
hundred and seventy dollars a month for your homeowners association fee.

Speaker 6 (25:00):
So that that's separate.

Speaker 4 (25:02):
It's separate, ok.

Speaker 5 (25:04):
Yeah, So the six seventies to take care of the
community like cutting the lawn and making sure the community
is okay, and then the other thirty five thousand dollars
membership a year is like I want to go golfing,
and I want to eat at the restaurants and and
that kind of stuff.

Speaker 4 (25:19):
So that's where that's coming from.

Speaker 5 (25:22):
So anyway, they came to me, John is a It
was kind of interesting because John is a banker from
New York and he works for one of those big,
big you know, Manhattan Wall Street kind of things, and
he's really deep into banking, like.

Speaker 4 (25:37):
Into like the bonds and stuff like that.

Speaker 5 (25:39):
So he's like a division chief and for one of
those banks. So it was really interested to talk to
John as we were going through this because I said
to John, this is what's going to happen.

Speaker 4 (25:50):
Now.

Speaker 5 (25:50):
This was November, right, so this is at the season
for this is a fifty five and plus community Aberdeen,
so and it's also membership equity, so there's a lot
less people that want to buy there because of all
the high costs. But also it's fifty five and over,
so you have a season. So if you don't get
the house sold by Easter, right, you might be waiting

(26:14):
until next season before the house is sold. So we
put the house on the market for a higher price
and I said to John, if we don't get it
in January, we've got to drop the price dramatically in
order to find our buyer before the season ends.

Speaker 4 (26:33):
We didn't really get much action on the house.

Speaker 5 (26:34):
We had a few hits at the first few months
of the year. Then we dropped the price as we
planned and we started getting action, but it was still slow.
John was getting a little nervous that we weren't going
to get it done this season, so he started saying,
let's maybe put it up as a rental at the
same time that we're doing as the sale, and if

(26:55):
I have to rent it, I'll rent it. And I said, well,
hopefully we'll get somebody right before the end of the season.

Speaker 4 (27:02):
And when you know it. That's exactly what happened.

Speaker 5 (27:04):
So we went under contract and we want to earn
to contract March eleventh, So that was November twenty first
to March eleventh is how long it took us.

Speaker 4 (27:14):
To get our buyer.

Speaker 5 (27:16):
But we were expecting that we were expecting the triple
digit days in this neighborhood that would be normal, but
we were very cognizant. The reason why our house old
was there were a lot of units that were for
sale that didn't sell this season and now they're going
to be stuck trying to sell during the summer, which
is going to be very difficult. So we were very
cognizant of the season and pricing it correctly to make

(27:37):
sure that our unit got sold over other people. So
congratulations to John and Joanna. Thank you so much for
trusting us. John is still keeping in touch with me.
I think we built a little bit of a professional
friendship there and Joanna. John's mom was moving into a
I don't think it's an assisted living facility. It's it's

(28:01):
like the the grade below assisted living facility where you
can still operate on your own everything, but you're yeah, yeah, yeah,
senior living for her, Yeah, something like that. So she's
up in Vira. She's loving it. She says, she's already
made a whole bunch of friends and she's having a
blast up there. So I'm really happy. So Joanna, John,

(28:23):
thank you for trusting us. And we got the job
done and it happened. When I went to the closing table,
was like, John, I know you're a little nervous, but
it happened exactly the way that we expected the day
we met. He goes, yep, he goes, you nailed it.
So we were really happy. So congratulations. We're gonna go
ahead and take a break right now if you don't mind.
On the flip side, we're going to talk to Ross
because we've always kind of stayed ahead of trends that

(28:47):
have been happening in the in the insurance market thanks
to Ross. He gives it such great perspective, and we've
saved so many people money over the years through Ross's advice,
and we were usually way ahead of the curve of
when the news or in the news started picking up
what was happening in the insurance market. Ross has some
really good perspectives about the insurance market uh to share

(29:08):
with us today and it's not bad news. Uh So,
if you want to not be depressed, then you got
to stay for the next the next segment.

Speaker 8 (29:18):
All right, but you got a question for Ross, this
is a great time to give us a call. Eight
seven seven nine two seven six nine six'. Nine let
me give you that number. Again eight seven seven nine
two seven six nine. Six Now i'm just standing. Here
i'm waiting for that phone to ring SO i can
answer that call that you. Have maybe you got a
question For ross about homeowners. Insurance maybe you got a

(29:39):
question about real estate, selling buying a, house. Mortgagees we
can do that. Too eight seven seven nine two seven
six nine six nine right here On Real. Radio and,
no we're gonna be back and talking To ross here
just after a three minute break On Real radio ninety two.

Speaker 1 (29:52):
One this Is Florida Talk Real estate With Jim dopola
And johnny. C got a question for the. Show call

(30:12):
us live at one eight seven seven ninety seven sixty
nine sixty.

Speaker 4 (30:17):
Nine, hey, everybody Happy South.

Speaker 5 (30:19):
Florida this is another Beautiful saturday in Sunny South, florida
and this is The Florida Talker Real Estate. SHOW i
am your host, Today jimmy d also known As Jim
dopola From Keller Williams. Innovations and we've Got Ross camarinets
here from Bright Wing Insurance Juno.

Speaker 4 (30:37):
Beach how are you, Doing?

Speaker 3 (30:38):
Ross i'm doing. WELL i want a radio name Like
Rossi Ka Rossi.

Speaker 4 (30:41):
Kross we could do, that.

Speaker 5 (30:45):
Sure, Yeah and of course we've got producer Extraordinaire. Jimithy
how are you doing? Today Jimothy, okay doing money?

Speaker 6 (30:51):
Fine, jim how are you? Today nobody has never asked
you how are?

Speaker 4 (30:55):
You i'm doing myke t.

Speaker 5 (30:57):
Fine didn't get to say hello to everybody that was
On facebook and, YouTube So i'm going to do that.
Now Because johnny isn't here. Today he's a feeling a
little under the. WEATHER i hope he feels. Better, Hey,
nate thanks for reaching out to Us. CINEBAR i think you're,
new and thank you sharing like our page and if
you have any questions on real, estate let me. Know Hey,

(31:18):
Mom good, Morning. Susan great to see you. Again hope
the puppy's doing. Great, francis good, morning And, Elizabeth, betty
how are you. Doing Happy easter to all of, you
and Happy easter to everyone out. There hope you enjoy the.
Weekend it's beautiful out there, too. Guys is it's pretty
nice out there? Today to, me it looked pretty, good.

Speaker 3 (31:39):
Gorgeous, Yeah witnes's. Wind you, know it's not terribly hot this.
Morning last night was a look.

Speaker 4 (31:44):
Cool, yeah yeah it. Was it was kind of.

Speaker 5 (31:46):
NICE i had the windows, opening but ALL i heard
was the constant bee bee. Bee because what they're doing
on my end of the street is beach, renourishment WHICH
i always laugh, about, right because all they're doing is
sucking sand that got sucked away and then putting it,
back and it's so. Expensive, remember we learned that sometimes

(32:07):
they have to truck the sand in from other, areas
but they need the sand to match the sand that's
in the area that they're putting it. BACK i was,
LIKE i didn't know they did. That that's pretty. Crazy
but our beach was so bad that there was basically no.
Place it was almost impossible to walk the. Dunes the
water was almost hitting the small dunes that we, have

(32:29):
and the water had been the sand had put and
pulled away so much that the coral bed that's what
you were. Seeing you're, like you're walking basically on coral out.
There and they've been sucking out the sand and dredging
it and you, know putting it back. Right AND i
didn't realize. This it makes sense though they once they start,

(32:51):
that you can't. Stop you've got to do it twenty
four to seven until you're, done because if you, stop
it sucks all the sand that you can do. It
so it's in twenty four to. Seven so at night
ALL i hear.

Speaker 3 (33:02):
Is bee bee beep.

Speaker 5 (33:04):
From the bulldozers moving the sand around and back it, up?
Gotcha and, yeah so all you hear all night long is, beep, beep.
Beep but now it's farther down the. BEATS i don't
hear the noises. Bad but it's been like that for
a couple of months. Now it's so much money to do,
that And i'm, like, wow you just have to keep
doing this over and over. Again and the other thing
that's really amazing to watch is how close that water

(33:28):
is to the dunes and how close the dunes are
to the. Buildings, right it's just a matter of time
that these buildings are going to be.

Speaker 4 (33:37):
USELESS i, MEAN.

Speaker 3 (33:38):
I feel like they've been saying that. Forever, yeah well
maybe not in our.

Speaker 4 (33:42):
Lifetime at least not my.

Speaker 5 (33:43):
Lifetime i'm, older, right you, guys you, ross you're the
young whipper snupper in the.

Speaker 4 (33:48):
Room you have to worry about it more than.

Speaker 7 (33:49):
Me, Yeah BUT i, mean you, know you see pictures
of like a you, know a overhead, view AND i don't,
know it looks like the waterline hasn't.

Speaker 3 (33:59):
Changed, yeah pretty much what.

Speaker 6 (34:01):
We learned to, adapt you, know that's what humans.

Speaker 7 (34:04):
Do but if you look like an old aerial photo
of like the coast and like the, buildings it doesn't
look like they're that much.

Speaker 5 (34:10):
Closer WHAT i keep the REASON i have a funny
face on right. NOW i keep thinking WHEN i think
it Was Saint. Augustine, yeah it Was Saint augustine where
they did The founder Of youth. Thing that that place
where they do The founder Of youth up In Saint.
Augustine they have these maps of What florida used to
look like like in prehistoric times and all, that And

(34:33):
florida was, gigantic like the bottom part Of florida was gigantically.
Wide it was like this, BIG i mean probably one
and a half times with it is. Now and then
they show you over the centuries how we ended up
getting to where we.

Speaker 4 (34:52):
Are when you.

Speaker 5 (34:53):
Look at that, big long time, Period florida is not
going to be, around you know at some point where
gonna be Like i'm, joking But, Atlantis we're going to
be underwater whatever If atlantis, Exists i'm just, saying BUT
i bet but you know for, us you, know but
then you read like what the scientists say is say
the water's increased like a quarter, inch you, know over

(35:16):
the last fifty, years so you never, know But i'm
telling you that water's getting. Close so, Anyway hey m mcgolly's,
here good, Morning hope everything's going great with. You now
let me see so you, Know, ross we've talked about
insurance now on this show for over twelve. Years just

(35:40):
some of the highlights of the years of trying to
help people wind their way through the whole insurance. STUFF
i remember back in the day when we were talking
about gap. Insurance remember gap. Insurance that was the type
of insurance where you could pay a lower policy for
your hurricane.

Speaker 4 (35:58):
Insurance this is my.

Speaker 7 (36:01):
You could ensure you're, deductible, right you could have insure
deductible is like twenty thousand. Dollars you, could you, know
buy a policy that would cover that twenty thousand dollars.

Speaker 5 (36:13):
And a lot of people did that at the time
and it saved them. Money it saved them a lot of.
Money and then there was a period even before that
now That i'm just going back memory now it's popping
in my head even before gap, insurance where we helped
out a lot of. People you were telling us when
the insurance premiums were going down pretty dramatically and nobody
was really talking about it but. That but you were, like,

(36:34):
Man i'm writing these policies for, people rewriting policies completely
or saving a lot of. Money and then you, know
so we went through that cycle and you helped out
so many people calls and, say, HEY i want to free,
quote see IF i can save some.

Speaker 4 (36:47):
Money that was.

Speaker 5 (36:48):
Awesome then we had the situation where the insurance started
getting more.

Speaker 3 (36:55):
Expensive we did Third now. Too we were kind of.

Speaker 5 (36:58):
Thank you and we saved so much many people Out
it popped in my. MIND i couldn't, say there were
so many people that we help with The Third nail,
Company so can you Explain Third nail on how that?
Works BECAUSE i just had that situation with another.

Speaker 7 (37:11):
House you know, it it's not as amazing as it
used to. Be the, ratings the discounts and things like
that have changed a little. Bit but, basically in your,
roof the way the roof is actually attached to the
house is by a metal. Connector most people think of
that as a hurricane, strap but a lot of the

(37:31):
times on older homes there are no straps that there's
no metal connector attaching the roof to the to the actual.

Speaker 3 (37:39):
Home so on the wind mitigation, report that used to be.

Speaker 7 (37:43):
A very significant discount whether or not there was a metal,
connector or if there was a metal, connector maybe it
didn't have the required amount of nails in the metal
connector just because roofers get lazy it requires. Three maybe
the only hit it with, Two so again that would
be discount in that. Section so we became aware of

(38:05):
a company that would go up in the attic and
put those extra either put the extra nails in if
they're if that was the, case or they'd actually install metal.
Connectors right that would then qualify them for that. Discount
and you, know back when we were we were doing
that a lot the work might cost twelve hundred to
fifteen hundred bucks or something like. That but you'd immediately

(38:27):
save twenty five hundred three thousand. Dollars so you, know
that was one thing that we, were you, know trying
to push to get people to, hey look at your
win mitigation. Report you might not be getting this. Discount
we can help you get it and save money on your.

Speaker 5 (38:39):
Insurance and it really it really helped that we still
have people use that.

Speaker 4 (38:42):
Service Third nail a great.

Speaker 5 (38:45):
Company if you, said, Hey i'm interested that that's happening to,
me give us a. Call we, loved we love to
turn you Onto Third. Nail but they're always really great
and very very professional and really have saved a lot
of people money a, lot you know through this. THING
i remember one, guy his insurance rate was he was
on the. Show he was going up six thousand a.

(39:06):
Year and this was like a fifteen hundred square, foot three,
bedroom two bath. House it was some taj mahal and
the premium was going up six grand a. Year and
then we got in The Third nail and then you
rewrote the policy and he saved thousands and thousands of.

Speaker 3 (39:21):
Dollars, yeah like iut it in more than.

Speaker 5 (39:22):
Half, Yeah so there's that those programs out, there so you,
Know we've always tried to show you how to get.

Speaker 4 (39:29):
The best deals no matter what the market.

Speaker 5 (39:32):
Is and when the market was, bad when the insurance
got really really bad a couple of years, ago when
it started getting really really, bad we were the ones
that are out there saying. Hey we were not the only,
ones but we were also out there, saying, hey some
of these insurance companies are starting to pull. Out we
haven't seen that in a long. Time ross, like, wow

(39:52):
we had more insurance companies pull out of the state
Of florida Than i've, seen you, know Since i've been doing.

Speaker 4 (39:57):
This at one, point.

Speaker 7 (39:58):
It was the rate increases THAT i really. Noticed it,
was you, know FROM i saw them going up In
december of. Nineteen but, then you, know it was just
coincidental that it WAS. Covid it had nothing to do WITH.
Covid but then in that spring of twenty twenty is
when we started we started talking about it on the
show because you, KNOW i was just talking about how

(40:19):
man things are so expensive and you, know nobody's doing,
anything and, yeah and then you, know a year year
and a half, later then the news started talking about.

Speaker 5 (40:28):
It, Right and then what happened was is everybody started
waking up to the fact that the reason why our
policies were higher wasn't necessarily the hurricanes and natural disasters
that other states, experience you, know in different, ways like
wildfires or flooding or something like. That we have the
hurricanes and some wildfares once in a, while but the

(40:49):
big problem for us was. Fraud, Right so we had
a lot of. People the way our laws were, written
it gave it gave the homeowners a lot of leeway
to be able to sue the insurance companies for. Free,
basically so the attorney'd, say the attorney for you would, say, Hey,
jim come over And i'll sue your insurance company for.

(41:11):
You and don't, Worry you're not gonna have to pay
me a. Dime i'm gonna get all the money from
the insurance. Company just let me handle. It and then
they just go through heck with the insurance. Company NOW i,
REMEMBER i.

Speaker 8 (41:23):
Remember to radio commercials because obviously that's WHAT i did
for a living for all those, years.

Speaker 3 (41:27):
And that was.

Speaker 8 (41:28):
It the opening line IS i want to sue your insurance.
Company that was the opening line for a particular. Attorney
that was what that's what they wanted to. Do they'd
go and they sell.

Speaker 6 (41:38):
And there was no. Repercussions there was no skin in
the game for the person to.

Speaker 4 (41:43):
Sue, right you mentioned what we changed.

Speaker 7 (41:45):
Fraud you, know go back fifteen, ten, ten fifteen years
ago and there was water damage fraud that was a
whole assignment of benefits and all.

Speaker 3 (41:55):
That now you, know you got.

Speaker 7 (41:57):
Your homes kind of older than twenty thirty, Years you're
only going to get limited water damage, now, Right no
matter because.

Speaker 4 (42:03):
Of all that fraud that. Happened, hey you.

Speaker 7 (42:07):
Know my dishwasher had a, leak but you, know NOW
i need all new cabinets AND i need all new
floor in my entire bottom.

Speaker 3 (42:14):
Floor and so that went.

Speaker 7 (42:16):
Crazy so now you, know now a policy only comes
with ten grand of water damage unless it's.

Speaker 4 (42:20):
New, yeah a lot of the times, right.

Speaker 5 (42:22):
Right and so in the, frauds the statistics were something like.
Crazy it was, like even though we were only something
like twenty percent of all the claims.

Speaker 7 (42:32):
Eighty percent in The United states of claims that result
in a, lawsuit.

Speaker 4 (42:39):
And we're only something like twelve, percent eight, percent.

Speaker 3 (42:43):
Eight or nine percent of actual claims.

Speaker 5 (42:44):
Filed, Right so we're we're eight percent of the claims.
File but we're eighty percent where there's a lawsuit involved, fraud, right, well,
no just.

Speaker 3 (42:52):
A lawsuit, involved oh, right just like, Yeah.

Speaker 5 (42:55):
And because our laws were more lax than other states
about how you sue insurance. Companies so even Though i'm
not a big insurance company, fan So ross knows, THIS
i really have not liked insurance companies for a very
very long.

Speaker 4 (43:11):
Time even in.

Speaker 5 (43:12):
COLLEGE i actually got in a fight with my professor
about insurance policies at one. Point but the thing is
there was a lot of, abuse so they corrected. It
and then just like you, Predicted ross that you, said
we think that the prices are going to start premiums
are going to start flattening out over time as these

(43:35):
lawsuits go, Away we're going to see it get a
little better and. Better we did see after those laws were.
Passed we did see insurance companies come back into the.
Market NOT i think as many as. Left If i'm
not mistaken or close to.

Speaker 3 (43:50):
It, no those companies are not.

Speaker 7 (43:53):
Back though we've had new insurance companies become approved and,
hey we're gonna we're going to where we're going to
get into The florida. Market but right now they're just
kind of most of those companies are just participating in
The citizens takeout. Program so it's not like you can
go get a new quote from.

Speaker 5 (44:13):
Oh, Okay so they're just picking up their plucking and
picking and choosing the one they want From, citizens, right, okay,
okay but that still. Helps, yeah they're still coming back
in the market and taking some of that burden off Of.
Citizens that's another good thing that's. Happening so in about
so a year and a half after those loss, passed
those regulations, Passed ross started seeing some some relief in

(44:37):
the huge price increases we were. Getting it was really
kind of crazy there. Too, Ross, right there were times
where you were seeing twenty thirty premium increases from one
year to the next.

Speaker 3 (44:47):
Year OH i mean, really, yeah, dude we saw eighty you, KNOW.

Speaker 7 (44:51):
I would say probably the average was probably forty wow forty, Yeah,
yeah but yeah we saw. Eighty we saw policies double you,
know an older maybe an older home with an older.
Roof during that, time you, know it was it was.
Crazy you, KNOW i always say it was, like you,
know every day we'd walk into work and it was
just like being kicked in the. Stomach you, know because

(45:12):
everybody's yelling at you and sure invested finding something.

Speaker 3 (45:15):
Better.

Speaker 5 (45:16):
Man one of the THINGS i would like to see
IF i wish there was a category when you go
in and you fully renovate a.

Speaker 4 (45:22):
House let's say you, GOING i got?

Speaker 3 (45:24):
It?

Speaker 7 (45:24):
Yeah, really, yeah you fully, renovate you one hundred percent rewire,
it one hundred percent replumb. It you, know brand NEW ac,
system all new, windows all new. ROOF i can get
you that twenty twenty five year.

Speaker 4 (45:36):
Belt oh you.

Speaker 5 (45:37):
Can so if you do a full rehab on the,
house you can get almost like a new construction, insurance
even though it might be in nineteen fifty five houses
BUT cbs and it doesn't have a weird roof even.

Speaker 7 (45:48):
Frame, yeah, really as long as one hundred percent, rewired
one hundred percent, replumbed brand NEW ac, system all new,
windows all new.

Speaker 4 (45:57):
Roof very.

Speaker 5 (45:59):
Interesting i'm glad to hear that because, YEAH i always
thought that you couldn't get, That And i'm, like, wow
that's a, bummer because, like when somebody fully renovates, it
they should give a discount for that because it creates
an incentive for people to do the full renovation instead
of having this house that almost. Unensurable nobody wants to touch.

Speaker 3 (46:20):
It you.

Speaker 5 (46:21):
Know it kind of gives a set Of, hey renovate
the house and we'll give you a much more reasonable insurance.

Speaker 4 (46:27):
Policy it'll be protected for a long.

Speaker 7 (46:28):
Time, YEAH i, mean with that being, said it's like
one company that does, that but only one company will.
Super it's very competitive because it becomes a twenty twenty
five oh, yeah, right and that particular company is competitive
in you, know brand new construction. Anyway so, yeah if
you fully renovated your, house all that call.

Speaker 4 (46:50):
Me so so that people do that a. Lot what renovate?

Speaker 8 (46:54):
COMPLETELY i mean, Completely, well like you're, SAYING i mean
the biggest thing to me is the plumbing, aspects and
so much of a plumbing is running a slab.

Speaker 7 (47:03):
Underneath, well, SO i mean the slab part of, it
that's not a big that that plumbing. Is it's more
everything all the plumbing inside the, house, right because the,
waistlines that's not a big. Deal it's more they're more
concerned about the you, know the plumbing that's in the.
Walls you, know they want that to be brands banking,
new and it's not gonna, pop you know it hasn't
been sitting there corroding since nineteen fifty. Five it's a
twenty twenty five. Pipe, okay, yeah.

Speaker 8 (47:26):
The so everything above ground above, ground, right, yeah you
don't have to dig.

Speaker 3 (47:30):
IT i didn't replace that part of just the above.

Speaker 5 (47:32):
Ground that's a good point, though BECAUSE i had that,
happen it will sell. Me ONCE i was flipping a,
house it was completely. Done it was our very first.

Speaker 3 (47:39):
Home.

Speaker 5 (47:40):
RIGHT i worked so hard in this. House it was
a YEAR i was working another. JOB i was doing
this part. Time every minute THAT i wasn't working the other,
JOB i was working this. Job and we were ready
to put the house on the, market and we were
getting ready for the open. House and my wife calls
me at the time and she, Says, jim we got
a big. Problem they got a jackhammer. Out the plumber's
got a jackhammer. Out we had just brand new everything. Else,

(48:04):
RIGHT i, go what do you mean they got a jackhammer?
Out she, goes there's a leak in the supply line
somewhere and they think it's in the. Floor, now we
just retiled the whole. House and the way that they
found the supply, line it was going through walls and
underneath the kitchen. Cabinets they were planning on jackhammer and
this thing pulling out all their counter cabinets and countertopic,

(48:24):
right AND i was, like don't do. Anything let. ME
i was down In Fort. Lardal i'm, Like i'll drive
back up To dell, right tell him not to do.
Anything SO i go there AND i go show me
where the leak. Is and it was in this, closet
AND i go pull off that base board and cut
out the because the drywall was, wet but the floor
you could see that the floor there was some type

(48:46):
of leak because the grout lines were, dark, Right so
the grout lines were dark because it was filled with.
Water SO i go pull off that base. Board now
the guy's got the jackhammer out, right like he's ready
to start cracking up the. Floor as he, wrote you,
know he kind of mapped out where he was going
to channel through the floor in order to do. THIS
i go pull off that base, bar cut off the,

(49:07):
drywall you, know give me a two foot by two
Foot and as soon as he pulled the baseboard, off
it started gushing like a. Craziness one of the finish
nails from the from the baseboard hit the supply, line
and the guy thought the leak was underneath the, ground
so he was ready to start cracking up my, floor,

(49:28):
Right and all he had to do is pull the
baseboard off and we found where the leak. Was it was,
like it was like one hundred and twenty five dollar, repair.
Right so every TIME i hear about THE i didn't
know the supply lines were in the floor, Though And i'm,
like why you're cracking up the. Floor he, goes, well
that's where part of the supply lines, are, Right.

Speaker 4 (49:47):
But, anyway we didn't have to do.

Speaker 5 (49:48):
It every TIME i think of supply lines in the,
FLOOR i think of that story about they they were
ready to crack off the.

Speaker 4 (49:53):
Thing it was my very first. Flip we didn't have
to do, It So i'm very very.

Speaker 5 (49:57):
Happy but that that in today's, market, though ross, like right,
now what's happening right now when people are coming, In,
uh let's talk houses first and other types of. Insurance
are you still seeing people come in with like the
total during the headlights sticker. Shock can't believe this is,
happening hands on their heads or they actually getting some

(50:19):
relief now from from the way it was three years.

Speaker 7 (50:23):
AGO i, mean, yeah it's definitely better than it was
three years. AGO i, mean obviously rates are still, high
right because we went through a significant rate you, know
period of rate. Increases but we're starting to see that.
Soften you, know we're not seeing rate increases so. Much you,

(50:45):
know things are staying kind of. Flat or if we
are seeing an, increase it's you, know very and you
know it is it's probably in the ten to fifteen
percent range as opposed to. Forty we're seeing. Rates you,
know some of the ruin renewals come down a little.
Bit SOMETHING i quoted last, MONTH i quoted for an

(51:07):
effective date of next month that rates a little bit.

Speaker 3 (51:09):
Cheaper so as we're.

Speaker 7 (51:11):
Kind of moving and you know a lot of people,
think oh, man when we get to hurricane, season you
can't get insurance and.

Speaker 3 (51:16):
They jack it. Up you, know it's always.

Speaker 7 (51:18):
More expensive during hurricane, season and THAT'S i, mean that's
not the, case you, know but, normally you, know especially
over the last five, years as we kind of progress
through the, year rates kind of just we're going.

Speaker 3 (51:32):
Up you, know just from twenty, twenty we just keep
going up and open.

Speaker 7 (51:35):
Up so you, know it would be, yeah IF i
quoted this in the beginning of the year and then
quoted at the end of the. Year the end of
the year would be, higher but it wasn't, like, oh
because we're going through hurricane. Season but Now i'm seeing
as we're going through the, Year i'm seeing rates start
to come down a little.

Speaker 3 (51:49):
Bit so that's that's good.

Speaker 5 (51:50):
News we're not at the point, though where we're, saying,
hey if you want to try to save a significant
amount of money on your mortgage, payment go ahead and
get check your.

Speaker 3 (51:59):
MORTGAGE i MEAN i would check, it you, KNOW i
would always check. It it's it's worth. It you. Know
it doesn't cost you. Anything okay to go, hey, No
i've got.

Speaker 7 (52:08):
It doesn't cost you anything to, say, Hey i've got
the best, rate or HEY i can save five hundred.

Speaker 5 (52:13):
Bucks, okay so you heard. IT ross, says give, them
give them your, business call them, up ask, them you,
know through. Us just call eight eight eight nine seven
three seven eight two, eight or go To florida talkerollestate
dot com and, say, HEY i want an insurance. Quote
all you have to do is give us your. Address
it's YOUR ross is one of the most simple ways
to get help from our, team because like with, me you,

(52:35):
know you got to talk to me a, lot figure
out what's.

Speaker 4 (52:37):
Going, on cell, house buy a, house invested, house.

Speaker 5 (52:39):
Whatever right With, mike he's got to figure out all your,
financing whether you want to refile or buy a house
or down payment. Assistance With, ross it's so. Simple, Hey,
Jim i'd like to know the insurance quote for, one
two Three Main, street, right and THEN i, go, okay thank.
You THEN i send that information To. Ross ross usually same,
day no, later the next, day gives you bet a

(53:00):
bunch of quotes to see if it's worthwhile for you
to change up or. Not and if you don't see
a better, opportunity then don't take. It but at least
you know you're getting the best steal out. There And
i'm not gonna bug and is the least hyper out
of all of our. GROUPS i, Know i'm not.

Speaker 6 (53:17):
Going to, Go, yeah that's the Way ross is. Here you,
know this is what we were able to.

Speaker 8 (53:22):
Find here's our premium type of, policy here's your low ball.
Policy and and he even goes that far for, you
and then there you, go that's.

Speaker 6 (53:30):
It the phone doesn't start, ringing the emails.

Speaker 7 (53:35):
Get, like, hey you get that QUOTE i. Sent what
do you think you don't get an email five days
later like, hey just following.

Speaker 3 (53:40):
Up you won't hear from me again unless you.

Speaker 6 (53:43):
Unless there's a question you know might.

Speaker 3 (53:46):
HAVE i will call you back if you have.

Speaker 7 (53:48):
Questions but if you don't reach back out to, Me
i'm not gonna bug.

Speaker 4 (53:51):
You, yeah you're. Not you're not going to get.

Speaker 5 (53:53):
That you're just gonna get real information and real help
in real, time and then you decide how you're going
to use that.

Speaker 4 (53:59):
Information you know. That it's that.

Speaker 5 (54:01):
Simple so if you're trying to save some, money we
have no problem trying to check it out see if
we can save money that way for. You so please
give us a. Call we'd love to help you and
get you the answers that you.

Speaker 7 (54:11):
Need, yeah we're never you, know we're never trying to
sell you. Anything we're just trying to give you enough
information for you to make an informed.

Speaker 5 (54:17):
Decision exactly, right exactly because none of us want you
to try to do something that isn't in your best
interest on any. Level so we just try to get
you the answers for you and go forward that.

Speaker 3 (54:31):
Way like we tell, people, no, no, no, no, no, no, no.

Speaker 7 (54:33):
Don't we don't want the policy that we can get
you versus what you have isn't as.

Speaker 3 (54:38):
Good keep what you. Have do you? Know you KNOW
i don't. WANT i don't want to write you a new.

Speaker 4 (54:43):
Policy, yeah.

Speaker 5 (54:44):
Exactly we're going to continue talking about this after the.
Break we're going to talk about auto insurance and see
if auto insurance is having any similar, changes positive changes
for the. Consumer we're gonna talk a little bit about,
that and then we're gonna talk about something interesting that
kind of popped up recently to. ME i don't want
to go into great detail on that particular, situation BUT

(55:07):
i want to talk about something that we've talked about
in the past that people don't know, about which is
a lot of people don't know, about which is what
happens when you're selling a house or buying a house
and there had been previous insurance claims on it in the.
Past will that affect you as the new homeowner or

(55:27):
affect you as the seller selling it to somebody else
after a claim had been filed on the. House you'll
might be, surprised as some of these. Answers so we're
going to get back to that in two minutes and two, seconds.

Speaker 6 (55:37):
Two minutes and two, seconds a little bit more than.

Speaker 4 (55:39):
That yeah, Yeah Florida.

Speaker 6 (55:41):
Talk realestate Dot.

Speaker 8 (55:42):
Com write it Down Florida Talk realestate Dot com or
eight eight eight nine seven three seven eight too. Eight
it's a great way to get a hold of the.
Team homeowners, insurance. Mortgage we got attorneys that can help you,
out and of Course jim wants to buy sell your.

Speaker 6 (56:00):
Home if you're.

Speaker 8 (56:00):
Stuck well with a home that's upside, down he can
help you out with. That to eight eight eight nine
seven three seven eight two. Eight we're gonna have more
of a homeowners insurance talk on the other side of the,
break and we'll do that right here on Real.

Speaker 2 (56:11):
Radio this Is Florida talk.

Speaker 1 (56:27):
Real estate With Jim dopola And JOHNNY. C got a
question for the. Show call us live at one eight
seven seven nine two seven sixty nine sixty.

Speaker 4 (56:36):
Nine, hey happy Stop florida.

Speaker 5 (56:38):
Everybody It's Jim, dopola also known As JIMMY d my alter.
Ego When JOHNNY c is not? Here who is not here?
Today JOHNNY? C get well, soon and Happy easter two
and your, family and Happy easter To, Joyce johnny's. Mom
she stopped by the show even Though johnny didn't and
stopped by the.

Speaker 4 (56:54):
SHOW i just, Said Happy, Easter so Happy, Easter.

Speaker 5 (56:57):
Joyce, Uh i'm so glad you stopped by to say
hello and everybody Happy easter out. There AND i guess?
Passed do happy? Passover was it? Passover? WAS i think
it was? Passover was just a couple of days?

Speaker 4 (57:12):
Ago it was? Passover, RIGHT i got the right, holiday thank.

Speaker 3 (57:17):
SO i think think it's the same time As.

Speaker 5 (57:18):
Easter, Yeah so, anyway happy holidays to, everybody is What
i'm trying to. Say so we were just talking about
how insurance, policies home insurance policies have been basically flattening
out and actually seeing some people are actually seeing, decreases
which has been out of the norm over the last several.

(57:40):
Years but it's all because of rules and regulations that
were changed about two years ago and maybe even three years.
Ago maybe it was twenty twenty, Two december of, Two,
yeah well that's almost twenty twenty. Three so because of
these new, regulations we were starting to see home insurance flatten,

(58:00):
out which is a much needed relief here In. Florida
and what's going on with like auto insurance and everything
ross because we were seeing that auto insurance was getting
super expensive In florida, too like we're one of the
top states for a premium.

Speaker 7 (58:16):
Prices, YEAH i mean because they went through the same
similar kind of situation as the.

Speaker 3 (58:20):
Homeowners, say was.

Speaker 6 (58:21):
It fraud based as?

Speaker 3 (58:22):
WELL i, MEAN i wouldn't say.

Speaker 7 (58:25):
Excessive, litigation, Right and we saw a lot of the
companies that only wanted, uh you, know people with higher,
limits like very high. Limits those companies that you, know
thought they were getting a better you, know. Clientele you,
KNOW i wouldn't say, clientele but a better underwriting situation.

Speaker 3 (58:49):
Because people with higher limits and you know, whatever.

Speaker 5 (58:52):
They're supposed to be less risk financially and, everything, right, Right.

Speaker 7 (58:57):
But what happens is as soon as an attorney sees
that the other party has those higher, limits then they
want to get all of, that, yeah you. Know and
so we saw a lot of those companies that had
that only exclusively wanted those.

Speaker 4 (59:13):
Type of drivers are now pushing them. AWAY i mean
over the last three.

Speaker 7 (59:17):
YEARS i mean it's come back since but you, know
probably about maybe a year six six six months to
a year. Now but we saw all those companies, say,
hey we're not we're not even writing any new business.
Anymore like they stopped even offering coverage because they were
getting killed on their higher limits so.

Speaker 4 (59:35):
Bad that's.

Speaker 5 (59:36):
Funny so the insurance companies put out advertising if you've
got bad, credit if you've got a shaky, job, right
if you're not sure what you could, do we got
a really low policy for.

Speaker 4 (59:45):
You we want you right.

Speaker 3 (59:46):
Now, yeah because they only want that that smaller.

Speaker 4 (59:49):
Limit, yeah that's sound pretty pretty.

Speaker 7 (59:51):
Cool, yeah we're starting to see they went through the
same thing where they were just getting you, know you
know hit with you, know litigation and you, know a
small little rear end fender. Bender you, know they're suing
for two hundred and fifty thousand. Dollars so they kind
of went through the same. Thing but with those changes
that were made on how you can you, know the

(01:00:12):
insurance companies pay the attorneys and things like, that they've
started to see their rates come they you, know they're
experiencing better underwriting, losses so they've started to lower their.
Rates and we're seeing kind of the rates across the
board with homeowner or auto insurance come, down but we're
not seeing like a huge difference in their. Premiums, Right

(01:00:34):
like if you're paying one hundred bucks a month with
whoever you're you, know whoever you, have and we shop,
it you, know maybe it's.

Speaker 3 (01:00:41):
Ninety nine or one oh. One, right they're all kind
of in the same, area.

Speaker 4 (01:00:45):
But it's not one twenty, right, right it's not one.

Speaker 7 (01:00:48):
Twenty you may have your renewal come from one ten
to one, hundred. Right you, know we're starting to see
those those rates come. Down so it's you, know right
now in the insurance, environment even though we are higher
than we were five years ago as far as rates,
go because everybody, remembers hey, man we had low rates
five years. Ago we're it's not as bad as it it.
Was everything's getting, better you, know we're not seeing huge rate.

(01:01:10):
Increases rate increases are coming. Down everything's getting better.

Speaker 6 (01:01:13):
Now part of.

Speaker 8 (01:01:14):
IT i do have a if you don't please mind
no policy a question with that, too or one of
the thoughts THAT i, had and you have mentioned something
similar to this as the fact of cars are a
lot more expensive, now body shop parts more, expensive labor
costs for repairs more.

Speaker 6 (01:01:32):
Expensive this all kind of adds into, it.

Speaker 3 (01:01:35):
Or, no, yeah it, does AND i mean on the
flip side of.

Speaker 7 (01:01:41):
That, yeah all that's become more, expensive and that's one
of the reasons that you, know things have gone.

Speaker 3 (01:01:46):
Up that's definitely one of the. Reasons but.

Speaker 7 (01:01:51):
That's the property damage part of, it, right your comp and,
collision that's the comp and collision part of your.

Speaker 3 (01:01:57):
Premium but what was really a acting.

Speaker 7 (01:02:00):
It was the, limits like the personal, right like your
liability limits because if you that's what the attorneys are going,
after is your liability. Limits, Right so if you hurt
somebody or cause property, damage.

Speaker 5 (01:02:16):
And, yeah that makes it kind of makes. Sense the
car parts and fixing the, car that's kind of like
a it could only go so, high, right but the
liability for getting into crash that could be astronomical if
an attorney makes the case the right. Way yeah, Right
but if you have a fifty thousand dollars car and
it gets, wrecked it's not worth eighty, thousand.

Speaker 3 (01:02:38):
Right, right you know WHAT i.

Speaker 7 (01:02:39):
Mean i've seen two scenarios within the past. Year one
they paid like ten grand for you, know at twenty
seventeen car it got, whatever you, know got into an.
Accident wasn't their. Fault the insurance company totaled it out

(01:03:00):
him fifteen GRAND md five.

Speaker 4 (01:03:03):
Grand.

Speaker 7 (01:03:03):
YEAH i had another, scenario is possible where they totaled
the car, right gave him it might have been around
the same fifteen sixteen thousand dollars and gave him the
car back and the car is completely fine and like
he's able to put it like he's a car. Dude
so he wanted the, car he wanted to put it back,
together just completely. Fine but, YEAH i mean just gave

(01:03:27):
him seventeen grand and it was like a two thousand
and nine.

Speaker 4 (01:03:30):
Car. Wow, wow that's pretty.

Speaker 5 (01:03:32):
Wild so if you're looking for auto insurance quotes to
see if you get a cheaper deal or, Something ross
is your guy.

Speaker 4 (01:03:39):
Too And ross what other types OF i never really
talked to you about, this but.

Speaker 5 (01:03:42):
What other insurance to his Bright way insurance tune will
be stupid sides auto and.

Speaker 3 (01:03:47):
CAR i, mean we do everything but health.

Speaker 7 (01:03:48):
Insurance so, auto, home, boat, life, insurance, jewelry personal, articles,
business you got a.

Speaker 3 (01:03:58):
Business, YEAH i guess it's.

Speaker 4 (01:04:02):
So anything but. Help, Okay so think Of ross when
you're thinking of insurance.

Speaker 3 (01:04:06):
Insurance.

Speaker 4 (01:04:07):
Yeah, yeah that's pretty.

Speaker 3 (01:04:09):
Cool SO.

Speaker 5 (01:04:12):
I wanted to talk to you. NOW i want to
switch gears on this and ask you a question about
previous claims on a house when you're in the process
of selling it from a buyer's perspective and a seller's.
Perspective and the house had previous insurance claims on it
at some, point and let's say sometimes those insurance claims

(01:04:33):
weren't even done by the current, owner that there was
an insurance claim that happened before the owner even owned.
It can that actually affect the insurance policy when you're
trying to sell the house to create the new policy
for the new.

Speaker 7 (01:04:47):
Buyer it Could there's a there's some carriers out there
that look Back see one company go back six, years
but they look back at you, know normally at least
five five years is going to be kind of the.
Average they look back, at, hey has the house had any?
Claims and has the person that's you, know the named

(01:05:10):
insured the person that's buying the house the, owner has
that person or the new person had any Claims when
they're factoring in the.

Speaker 4 (01:05:17):
Rates, oh, whoa, whoa.

Speaker 5 (01:05:18):
Whoa so you're telling me that the, buyer if they
had claims on the previous property owned and they're buying
the new, property that will be considered as to for
the insurance for the new.

Speaker 7 (01:05:27):
Property so the, claim so a claim, followed just like
a driving just like an auto insurance. Claim the claim
will follow the person person for five, years even if
it's in another.

Speaker 3 (01:05:39):
State, wow.

Speaker 4 (01:05:42):
Did you know?

Speaker 7 (01:05:43):
That to?

Speaker 3 (01:05:43):
Me no. Idea that's WHY i talk about it all the.

Speaker 7 (01:05:47):
Time even if zero dollars were paid out, right zero
zero dollars were paid out that but it was you filed.

Speaker 3 (01:05:55):
The claim for water, damage that's going to show. Up
that's going to follow you for five of.

Speaker 7 (01:06:00):
Yours that's WHY i wass tell, Everybody, hey don't don't
before you call you, know if you're my, client or
even if you're, not before you call the insurance company
and file the, claim talk to your agent Calls, Yeah
i'll help you, Too but you want to do that,
first because as soon as you pick up the phone
and call your insurance company and, say, hey this is
policy number blah blah, BLAH i got water coming out

(01:06:21):
of my, sink and then you could tighten the screw
and you, go, hey don't worry about, it it's.

Speaker 3 (01:06:25):
Fixed don't worry about, it and you hang up the.
Phone claim.

Speaker 4 (01:06:27):
Claim, wow YEAH i, KNEW i did know about that. Part,
YEAH i knew about that.

Speaker 5 (01:06:34):
Part even so you never just want to call up
you don't for want to panic and just call up
your insurance company. Directly you'd, SAY i got a. Problem
you call your agent first and let me tell. You
after this, WEEK i learned, that not not THAT i
didn't already know, this but not all insurance agents are the.

Speaker 4 (01:06:49):
Same i'm going to leave it at. That Call. Ross
just just Call.

Speaker 5 (01:06:53):
Ross believe after WHAT i went through this, week just Call. Ross,
Okay he'll help. You he'll give you the right information you.
Need he's always going to have your back for. Real
AND i know that sounds like a little, commercial but it.
Isn't it is and it's.

Speaker 4 (01:07:06):
Real and there are a.

Speaker 8 (01:07:07):
Lot of people out there to listen to us each,
week and they've heard a lot of, this but there
are new listeners out there each week as. Well, So,
ross what area Of florida in this you? Know because
we're southeast right what you? Covered you cover From miami To.

Speaker 6 (01:07:20):
FLORIDA i don't know anywhere In, Florida.

Speaker 3 (01:07:22):
Florida And, Georgia. Georgia license In, GEORGIA i.

Speaker 5 (01:07:27):
Didn't, Excellent yeah told me that because when we Have georgia.
Customers it's fairly, recent probably within the last six. Months, Awesome,
well congrats on that's you got a guy that.

Speaker 3 (01:07:37):
My auto guy. Is he's From georgia and he's he's.
Awesome he's, awesome and so.

Speaker 7 (01:07:45):
He's got a lot of connections still and he grew
up In, georgia but he's been here for, forever but
he still has a lot of connections up.

Speaker 6 (01:07:50):
There and oh, goody CAN i say his first?

Speaker 7 (01:07:53):
Name is?

Speaker 2 (01:07:53):
That all?

Speaker 1 (01:07:54):
Right?

Speaker 4 (01:07:54):
Yeah you know.

Speaker 8 (01:07:56):
That, Well i've dealt WITH i Asked aaron to shop you,
know my to. Insurance as a matter of, fact he.
Did he hooked up myself and my Wife. Carlo we
combined our policies, together so we got a great discount
Through aaron and Bright Way Insurance Junior. Beach BUT i
also did the same with my mom because her insurance
being you, know she's, elderly so obviously that goes its

(01:08:18):
way up and it's because of, That i'm assuming it's
because of, that so we tried to.

Speaker 6 (01:08:23):
Shop hers as.

Speaker 8 (01:08:24):
Well, Unfortunately aaron couldn't do anything with, it you, KNOW
i mean his actually his quote was higher than what
they already. Have so there's a perfect example of where
sometimes it just doesn't work, out but it is okay to.

Speaker 3 (01:08:36):
Ask to make an informed.

Speaker 4 (01:08:39):
Decisions exactly.

Speaker 1 (01:08:42):
Great.

Speaker 8 (01:08:42):
High i've talked to him several times on the. PHONE i,
mean you want to talk about a friendly you, know
just what a great outgoing.

Speaker 6 (01:08:48):
Personality.

Speaker 4 (01:08:50):
Aaron It's, Aaron.

Speaker 3 (01:08:54):
Like you can call it his. Name he goes BY.
G his last name IS g E, e so so.

Speaker 6 (01:09:04):
Awesome, man that's My jersey.

Speaker 5 (01:09:06):
Accent so one of the things that is surprising is,
LIKE i didn't know that if you file a claim
on another house and then you're buying a new, home
that that could be a strike against you and getting
the insurance claim on the current.

Speaker 3 (01:09:21):
HOUSE a.

Speaker 5 (01:09:22):
Couple another tip that and this isn't related to the
subject we're talking, to BUT i want to bring this.
Up another tip is your credit score affects your insurance.
Premiums so the better credit score you, have the better
insurance premium you're going to. Get people forget about. THAT
i didn't know about it Until ross told us several years.

Speaker 3 (01:09:41):
Ago loosely based on.

Speaker 5 (01:09:42):
Credit but, yeah but it does it can't affect, it, yes,
right it. Can so having a better credit score will
get you better. Premium so that's another reason why to
boost your credit. Score but getting back to having the,
claims let's say, that so let's say that there were
past claims on the house, itself and let's say that

(01:10:04):
the homeowner didn't even know, that you, know like it
was done one or two homeowners before, them and it's
within let's say that five or secure. Period how could
it affect the? Sale, like how how is it going
to affect the insurance POLICY i guess for that particular.

Speaker 3 (01:10:21):
HOUSE i, mean it may make it ineligible with you,
know some, carriers.

Speaker 4 (01:10:29):
But it.

Speaker 3 (01:10:32):
You can get, insurance you, know you.

Speaker 7 (01:10:34):
Can you, know there are carriers that don't, care you,
know about the previous owner's, claims.

Speaker 3 (01:10:42):
But maybe the most competitive ones to.

Speaker 7 (01:10:44):
Do so that could affect the premium or the policy
for that particular. Carrier And, okay maybe it's not eligible
and now we have a higher premium because of that
because we have to go to a different.

Speaker 3 (01:10:55):
Carrier but at the end of the, day you, know
you can still get.

Speaker 7 (01:11:00):
Insurance, now what happens if there's an open, claim you,
know because some people may have an open claim and
they're still trying to sell their, house maybe they've done
all the. Repair like this happened to one of my.
Clients he was selling his house and he had had
claims from like her past. Hurricanes but he fixed, it you,
know he Fixed he's fortunate enough to be able to

(01:11:20):
fix it. All but he didn't like the amount of money,
that you, know versus what he spent versus what they
wanted to give.

Speaker 3 (01:11:26):
Him so he was suing the insurance.

Speaker 7 (01:11:27):
Company and so the claim was still showing, open but
he was trying to sell his, house, right and so
he couldn't even even though all the repairs had been,
made nobody would insure it because of the actual open. Claim,
Wow so we had to get the company to close the.
Claims he had to get with his attorney because he
was suing. Him he had to get with his, attorney

(01:11:49):
get you, know contact their, attorneys.

Speaker 3 (01:11:50):
Say, hey let's just close this and get this.

Speaker 7 (01:11:52):
Done and then finally able to get the claim, closed
provide proof that the claims, closed and then he was
able to sell his house and you, know move forward
to the, transaction, right because the other party couldn't get.
INSURANCE i, mean we could have gotten we could have
gotten them, insurance BUT i THINK i think they were
trying to get.

Speaker 3 (01:12:08):
Out of the deal maybe at the last minute two
and things like. That but he ended up selling this
house and and moving forward with. It but, yeah it affected.

Speaker 4 (01:12:16):
Him you don't EVEN i am going to to start
starting real.

Speaker 7 (01:12:22):
Quick, sure if you have a hurricane claim or of
an act of god, claim that's not going to affect.

Speaker 3 (01:12:28):
You that's. Separate that's.

Speaker 4 (01:12:30):
Different it would be like a water, claim fire claim like,
that things like.

Speaker 7 (01:12:35):
That if you have a hurricane claim that there is
no you, know the carriers don't they don't a.

Speaker 3 (01:12:42):
Ding, okay that's not a ding because that's an act Of.

Speaker 7 (01:12:45):
God so when we're talking about these prior, claims the
wind claims are are are not going to be like
a water damage.

Speaker 5 (01:12:53):
Claim so it's really important if you are selling your
house to talk to your real state agent about whether
or not you had a claim in the past that
you know, of just to be proactive to find out
what could happen so you're not surprised like that poor.
Guy they went to sell his, house fixed his, house
had the claim, open and then he couldn't sell the. House,

(01:13:14):
Right so it's really important that you talk to your
agent about that so they can figure out what you
need to explore to figure out to make sure what
your options. Are and the other thing that's really important
is is if you're a, buyer you should probably ask
the owner if they have ever filed a. Claim buyer's
agents should probably ask. That now it is in the seller.

(01:13:37):
Disclosures In, florida you don't have to sign a seller
disclosure as part of the sale of the, house but
we always recommend that sellers do that to protect themselves
because the number one reason for a residential lawsuit in
The United states for a residential, sale the lawsuit is

(01:13:58):
based on non disclosure of something and in the house
that should have been. Disclosed SO i always use the
LONGER i think it's a four page or five page
form of a cellar disclosure where they really ask you
a bunch of different. Questions and then there is the
WHAT i call the lazy cellar disclosure form that's like
one page long and ask you certain. Questions BUT i

(01:14:20):
always try to use the bigger one because it's better
to just. This it's better to disclose more than. Less
and usually if somebody has a question when they sit
there at the table and they're filling up the disclosure form.

Speaker 4 (01:14:34):
And they, say you, KNOW i had.

Speaker 5 (01:14:37):
THIS i had a toilet valve stem leak AND i
had to replace the baseboard in some drywall and it
happened four years. Ago SHOULD i put that in there or?
Not and first THING i asked is what did you
file a? Claim and if they say, NO i didn't file.
CLAIM i just fixed. It my thing IS i always

(01:14:59):
use What Paul krasker from The Loss Paul krasker tells
you if you're asking whether you should do it or
not when it comes to, disclosure just disclose it because
if you're, asking that means you probably don't want to
tell somebody because you think it might affect the value
of your. Property and if the buyers find out about it, later,
right and they're, like you should have told me, THAT

(01:15:20):
i wish you, know that's important information for me to.
Know so if you're wondering if you should have disclosed
something or not disclose, it then you should just disclose.

Speaker 4 (01:15:30):
It that's my advice to stay out of.

Speaker 5 (01:15:32):
Trouble my favorite disclosure one was a house On Palm
way In Lake, worth, right really great neighborhood in Downtown Lake.

Speaker 4 (01:15:39):
Worth they had a really old. House the sellers were
kind of.

Speaker 5 (01:15:43):
Wacky SO i was a listing, agent SO i DECIDED
i was going to go to the inspection for the,
house even THOUGH i was a listing. Agent usually the
buyer's agent is the only one that goes to the.
Inspection BUT i was there AND i was waiting for
the inspectors to show, up and then YOU Ln environmental pulls.
Up one of the guys FROM ulip pulls up and

(01:16:03):
he's talking on the, phone and he's talking pretty, loud
and he's talking to his. Buddy he, goes, well, WELL
i gotta go now Because i'm just about to start a,
job and he, goes, oh not this house, again and
like what It's after he hung, UP i walked in and, go,
Hey i'm the listening. AGENT i kind of overheard your.
Conversation what did you mean by not this house? Thing
and this is what he said to. ME i couldn't believe. It,

(01:16:25):
oh this house is filled with foremost or, termites and
by the, way for most of termites of the kind
that eat your. Concrete, Right and he's, like this house
is filled with it for most of. Termites let me show,
you and he was so excited about, it and he was,
like let me show, you and he acted like he
already owned the place now that he's been there so many,

(01:16:46):
times he knew every. Crevice and he goes and he
starts walking the. House there's for most of termites, here
and there's for most the, turmitier and there's foremost a termites,
here and he's pointing all over the place And i'm,
like oh my. God now in the cellar, disclosure the
sellers said they had no evidence of termites, right and
never had a treat for termites or anything.

Speaker 4 (01:17:06):
Else they put in, no, no, no no no on the.

Speaker 5 (01:17:08):
Termites, now if that buyer bought the, house and let's
say they brought In eulet after the house was, bought
And eulett, goes, oh, yeah we've been here many many
times and you got problems, here and you've got problems.
Here that buyer could sue the seller for not disclosing
things that are not readily observable that could materially affect

(01:17:29):
the value of the.

Speaker 4 (01:17:30):
Home and that's the.

Speaker 5 (01:17:31):
Language sellers are supposed to disclose things that are not
readily observable that could materially affect the value of the.
Home so just be careful on. That that's the number
one reason for lawsuits and don't be like. That one,
Family now they didn't get in trouble because the termites
were found out and then we had to negotiate fixing the.

(01:17:54):
Termites but we got it. Done but the claims, thing
is there any other advice for claims previous?

Speaker 4 (01:18:02):
Claims?

Speaker 5 (01:18:03):
Ross besides just asking, People, hey did you ever have
a claim on the property that you know? About is
there anything else to ask about?

Speaker 7 (01:18:08):
THAT i, MEAN i if somebody does say, they you,
know had a claim or you, know maybe just find
out exact you just you, know get the. Details that,
way if somebody needs to know the, information you have
all those details, already like, hey what? Happened, okay how?
Much how much did you? Roughly how much did you?
Get what'd you do to repair?

Speaker 4 (01:18:30):
It but, okay, excellent. Excellent so that's really.

Speaker 5 (01:18:35):
Important if you guys have any, insurance questions to save,
money questions about, policies anything like, that give us a
call right. Now we Got ross here live on the
Show this Is Live. Today we're almost always, live and
give us a call eight seven seven nine two seven
six nine six nine outs's. Forgotten i's forgot there eight
seven seven nineteen seven six, nine sixth.

Speaker 4 (01:18:56):
Nine if you want to have some, fun call eight
eight eight the other. ONE i always think of the
rocket side as that got mad at me about.

Speaker 5 (01:19:10):
That so, anyway if you're if you have any insurance,
questions please give us a. Call and if you have
any kind of questions about real estate right, now please
give us a. Call we'd love to take your questions
on the. Air on the flip, side we're going to
take a little, break and on the flip, side we're
going to be talking about mortgage rates and where we

(01:19:31):
are right now in the mortgage. Rates last week we
had a very, wow it's so. Crazy last week was
a very topsy turvy mortgage rate. Thing we were bouncing
around all over the. Place nobody knew what was. Happening
it was kind of. Crazy now it's kind of it's
kind of calmed down and the smoke is kind of

(01:19:51):
cleared for at least a little. While so we're going
to talk about where we, are what happened last, week
where we are, now what's probably going to happen in the,
future but more, courtly AND i think this will be.
Fun we're going to talk about mortgage rates historically from
the nineteen seventies per, decade from the nineteen seventies until,
now and there was some really interesting historical stuff in

(01:20:13):
this ARTICLE i read about.

Speaker 8 (01:20:14):
That stay tuned for. That that'll be on the other
side of this short quick. Break here On Reel, radio.

Speaker 1 (01:20:34):
This Is Florida Talk Real estate With Jim dopola And JOHNNY.
C got a question for the, show call Us live
and one eight seven seven nine two seven sixty nine sixty.

Speaker 4 (01:20:43):
Nine happy Bel. MOORE i know it's a Crazy, hey
this Is Jenda. Pola it is.

Speaker 5 (01:20:49):
Crazy it's a Crazy saturday talking about My poka travails
back in a long time With Ross Happy South, florida.
Everybody this is The Florida Talk Real Estate, show the
number one information provider about all things real estate In
South florida And florida in general for thirteen.

Speaker 4 (01:21:07):
Years, now that's.

Speaker 5 (01:21:08):
Right we Started january, seventh twenty, twelve and we're still.

Speaker 4 (01:21:11):
GOING i don't, know are we still? Going?

Speaker 5 (01:21:14):
Strong, Okay we're, strong, strong, stronger better hormone.

Speaker 3 (01:21:18):
Replacement, Man we're used and ready to.

Speaker 6 (01:21:21):
Go, yes, yeah so as.

Speaker 5 (01:21:25):
Exactly so if you have any. Questions we got about
thirty minutes left for you to take your questions live on.
Air everybody On facebook and. YouTube thank you so much
for checking us out, today And Happy easter to everybody
for this. WEEKEND i hope you have a really Enjoyable easter.
Weekend and let's get into a couple more things. Today
the mortgage, Rates oh my, gosh last week was, very

(01:21:48):
very pretty crazy roller coaster ride of interest. Rates so
what happened was at the beginning of the week we
were at roughly six point five percent six point six
percent for The Freddie mack, rate and we've been at
that rate now for pretty much like eighteen.

Speaker 4 (01:22:09):
Months there were a couple of.

Speaker 5 (01:22:11):
Points where we went maybe a half point, higher and
one short period of time we're a half point lower
than six and a, half but overall we've been staying
at about six and a half now for eighteen, months
and it's been pretty stable market and the interest rates
have been pretty boring to talk about until last.

Speaker 4 (01:22:29):
Week last.

Speaker 5 (01:22:31):
Week once what happened is after they started talking about
messing around with the tariffs even further for the first time.

Speaker 4 (01:22:40):
THAT i know, about and you, Know i've been on
The earth for a.

Speaker 5 (01:22:44):
While is that for the first time when the stock
markets started going, down what normally people do around the,
world including The United, states but world, overall will come
back to THE us bonds and start buying bonds because
there were safe place to put your money when the market's,
crashing and you're not going to get really dramatic increases

(01:23:05):
in your placing of putting things in your, bond but
at least you're protecting it from going down lower while
you're waiting for the market to get. Stronger and that's
where everybody climes to go is to the bond market
The United states because we're the, safe, safe secure, money
stable money. Market, well that didn't happen last. Week what

(01:23:27):
happened last week is when the, economy when the stock
market started going, down people did not race to THE
Us treasury. Bonds they went to other bonds in other.
COUNTRIES i Read this isn't perfect, reporting BUT i read
that they were going to japan, Bonds japanese bonds And german,
bonds and they weren't BUYING us bonds as much and

(01:23:48):
that and when because of, that the interest rates started
spiking very. Fast we went up like a half a
point in twelve hours or.

Speaker 4 (01:23:57):
Something it was.

Speaker 5 (01:23:58):
Crazy so then we got into the seven's in the interest,
rate and it looked like it wasn't necessarily going to.
Stop it looked like it was going to start continue
to go.

Speaker 4 (01:24:08):
Up and.

Speaker 5 (01:24:11):
By thursday of last week things started calming down, again
and then the flight the rates kind of the daily
mortgage rate went down to about six point six, again
and we've been pretty Stable, Thursday, Friday Thursday friday of last.
Week i'm, Sorry i've got this, Wrong Thursday friday of last,

(01:24:34):
week the week before, last and Then Monday tuesday this
week it kind of stayed within the six and a half. Percent,
Now Freddy, mac that isn't What Freddy mack is. Showing
What Freddy, mack which is our weekly report now we've
been using for over twelve, years the thirty year Of
Freddy mack, rate that did go, up and it went

(01:24:55):
up pretty. Dramatically WHEN i pulled it up last, NIGHT
i was pretty. Surprised so the week before last we
were at six point six to two and we jumped
up to six point eight, three so we had almost
a quarter point a quarter point increase in one. Week

(01:25:15):
BUT i think that This Freddy mack report is a
little behind the daily rates because the rates went up
and down so much during the. Week this is a weekly,
report so it's only a snapshot of a moment in that.
Week so this IS i think a little behind the.
Time AND i think Of Mike rout from The Mortgage farmers,
here he, say, yeah that isn't really reflecting what's happening.

(01:25:36):
Now it's what reflected of all the craziness that happened
when it was going up and, down up and. Down
so right now the interest rates On Freddy mack are
a little higher than where we've, been but it's not
even close to our highest in the last couple of.
Years the highest we've had For Freddy, mack, well last
year we only got to seven to two to. Two

(01:25:56):
that was the high for the. Year it was seven
to two In, May. Okay the low for the year
Was september and it was six point oh. Eight And
i'm not even looking at the, chart And i'm telling
you this it's BECAUSE i haven't. Memorized but in twenty
twenty three In, november that was the high rate for
like nine, years and that was seven seven. Nine so

(01:26:18):
we're still way below we're almost a point lower than
That november twenty twenty, three but we're still a little
higher than where we have been for the last ten
weeks or. So so interest rates are kind of bouncing
around all. Over this is WHY i was telling buyers
it's really important to get And mike is saying this,

(01:26:38):
too to get your financing lined up, now because if
we're going through this topsy turvy, market and we did
go through this in twenty twenty two and twenty twenty,
three where the interest rates were going up at half
a point down to half a point, up a quarter point,
down three quarters of a point like all over the.
Place and if you're not locked in and ready to
go with your housing by having you qualified through the

(01:27:02):
mortgage company so that when you find their house you're
ready to go, in if the interest rates are climbing
up as you're trying to get your, loan that can
create a problem for. You so please get, prepared get your,
numbers know your, numbers get, prepared and get. Ready even
if you're not ready to pull the trigger right this,

(01:27:22):
second if you know that it's happening in the next
six months or, so you got to give us a call,
now let us get you set up to get, ready
to get, ready to get, ready and then when you're,
ready then we'll be ready to pull the. Trigger and
you're not going to have to go through a lot of.

Speaker 7 (01:27:35):
STUFF i, know there's no reason to be walking around
thinking about how much house you can.

Speaker 4 (01:27:40):
Buy i'm in the.

Speaker 5 (01:27:41):
Process i'm going to be probably buying a house later this.
Year that's what my plan. Is i've been slimming around
on the beach for a little, while but as a.
Renter So i'm going to be buying this. Year But
i've already talked To microut from the mortgage firm to find,
out based on the type of HOUSE i want to,
buy how much INCOME i need to report to make
sure THAT i could afford the HOUSE i could. Buy

(01:28:02):
i've also talked to my account And Jerry perry from
The PERRY'S cpa.

Speaker 4 (01:28:05):
Group he'll be on the show of.

Speaker 3 (01:28:08):
Income that you need to report to buy a house
would differ if.

Speaker 4 (01:28:15):
You're gonna throw me under the bus.

Speaker 5 (01:28:16):
There SO i am self, EMPLOYED i have a little,
flexibility let's just put it that.

Speaker 4 (01:28:21):
Way but, yeah uh.

Speaker 8 (01:28:23):
There when you are self, employed and if you're self,
employed that's obviously much different than.

Speaker 5 (01:28:30):
Very very very different when you're self. Employed so when
you're self, employed sometimes you're only using one tax, return
sometimes you're using two tax. Returns sometimes you're using no tax.
Returns and you got to figure all this stuff. Out and,
Look i'm a, pro BUT i still have to go
To mike AND i still got to go to my,
accountant you, Know Jerry perry and find out what's going

(01:28:50):
on and how to do this. Right because what the
ADVICE i give people on the air Is i'm not
just giving you the advice because you should do. It
i'm saying that everybody should do it this way because
you get the best. Results so why AM i not
going to do WHAT i tell other people to do
to get the best. Results so When i'm telling you this,
stuff WHEN i say tell, you When i'm explaining HOW

(01:29:12):
i do this, stuff or i explain how maybe you
should do, it it isn't Because i'm trying to be you,
know you, know. Overbearing i'm trying to give you the
best way to get the best. Results Because i've gone
through over a thousand transactions on the show now with my,
team and over a thousand. Transactions do you think you
learned a little bit of stuff of how to work

(01:29:34):
with buyers and sellers and what they go. Through, right
of course you do so take that institutional knowledge and
use it to your benefit as opposing to learn as
you go. Along you, know why would you ever want
to do? That so the interest rates are bouncing, around
SO i thought we would have some. Fun there was an.
Article this is one of the best. ARTICLES i got
so excited about this. Article it's from uh, OH i

(01:29:58):
THOUGHT i lost it THAT i was giving pulled. Up
IT'S i don't even. Know, oh it's coming From yahoo.
Finance but it was a very good, article SO i
thought it was important to talk about. It what they
did was is they, Said, okay the interest rates have
been bouncing around all crazy last, week but where do
we stand historically in interest rates over the decades Since
Freddie max started tracking interest rates back in nineteen seventy.

Speaker 4 (01:30:21):
One and you know?

Speaker 5 (01:30:23):
Why they, Remember i've always said that the The Freddie
mack chart is always nineteen seventy. ONE i never knew
why until reading this. Article, Right Freddie mac wasn't created
until nineteen seventy and then In april of nineteen seventy.
One that's when they started doing the weekly. Survey so

(01:30:44):
they were a brand new agency at that. Time AND
i shouldn't couldn't call an agency Because Freddy mack And
Fanny may they're not government. Agencies they're government over they're
overseen by government, agencies and they're a quasi governmental non
government mental. ENERGY i think they're CALLED ENNGNGO ngo non governmental.

(01:31:05):
Organization but so they have some of the benefits of
being part of the, government but they also have some
of the benefits of being for profit corporations that can make.
Money So Freddy mack And Fanny may are not nonprofit.
Organizations they're there to make, money, okay but they have
special benefits given to them for the government to hope

(01:31:28):
oversee to make sure that the economics of loans are running.
Well so that's why the report only started in nineteen seventy,
one The Freddie Mac, report Because Freddy mack only started
in nineteen.

Speaker 4 (01:31:42):
Seventies so that was kind of. Interesting SO.

Speaker 5 (01:31:45):
I wanted to go through a historical trend of what
was happening from the nineteen seventies until, today AND i
thought it was kind of. Interesting so in the nineteen.
Seventies from nineteen seventy to nineteen seventy, nine the lowest
annual average mortgage rate was seven point three eight. Percent
this is in nineteen seventy seven point three eight. Percent nineteen, seventies,

(01:32:10):
okay the highest annual average mortgage, rate the high for
the decade was eleven point two and What and then
the report says rates rose steadily from the mid seven
percent range to roughly nine percent in the nineteen. Seventies
buyers saw a significant jump to over eleven percent by

(01:32:31):
the decades. End The Great inflation caused the. Incline that's
what they.

Speaker 4 (01:32:36):
CALLED i never heard of this.

Speaker 5 (01:32:37):
Before i've heard of The Great depression and all, That
but they called the nineteen, seventies when we got up
to the sixteen percent interest, rates they called it The Great.
INFLATION i thought that was kind of. INTERESTING i never
heard of that. Before The Great inflation caused the, incline
a period marked by record high. Inflation it spanned from
the mid nineteen sixties to the early nineteen eighties and

(01:33:00):
was triggered by The fed's monetary expansion policies implemented during this.
Period we're going to get back to that because this
is gonna sound similar to what we're in. Today, Okay
then the nineteen, eighties what happened in the nineteen. Eighties
the lowest interest rate in the nineteen seventies was seven
point three. Eight the lowest in the nineteen eighties was

(01:33:22):
ten point one, nine almost three percent. Higher that was
the lowest interest rate in the nineteen seventies ten point one.
Nine highest annual average interest rate sixteen point sixty four.

Speaker 9 (01:33:34):
Percent, well keep your, music you can take your. Rates,
yeah exactly. Right, yeah the music was. Good back to
the movies in the. Music, yeah, yeah you're, right agree with.

Speaker 5 (01:33:45):
That so it says the upward trend continued in the
nineteen eighties of interest rates, inclining and the average mortgage
rate reached an all time high of sixteen point sixty
four percent in nineteen eighty. One that's Why i've always
said THAT stagfla Was Carter. Reagan and everybody gets upset
WHEN i Say reagan because they're making it sound Like

(01:34:06):
i'm casting dispersions on that. President but, yeah, sorry but
that's what was. Happening it was happening during it started In.
Carter ACTUALLY i found out. Here it was a late nineteen,
sixties so we were going through this even Before. Carter
BUT i Remember carter's period got really bad financially with,

(01:34:27):
inflation and then it spilled over into The reagan.

Speaker 3 (01:34:30):
Area gas line was it gas lines and things like?

Speaker 6 (01:34:33):
That, yes yesis about seventy.

Speaker 3 (01:34:38):
Seven it was.

Speaker 5 (01:34:38):
Opek, yeah it was a little earlier than seventy, seven
but then it got really. Bad and it started earlier than,
that but it got the height was like seventy.

Speaker 6 (01:34:47):
SEVEN i remember.

Speaker 5 (01:34:49):
That, yeah you remember being in the gas lines and
the odd even plates and if you had an odd
plate you can go on certain, days and if you
had an even plate you can go on other. Days
and if you had an odd play on an even
day and you need, gas too bad for, you you're
not getting gas that, day, right unless you were siphoning.

Speaker 6 (01:35:06):
It and even you were, limited you can only get
like five, gallons that's.

Speaker 4 (01:35:10):
TRUE i forgot about.

Speaker 6 (01:35:11):
That, yeah it was actually a limit because the lines were.

Speaker 5 (01:35:14):
So, long and and do you remember back then they
used to they used to be able to go to
like at the auto place and buy locks for your gas, cap,
right because everybody was stealing your.

Speaker 3 (01:35:25):
GAS i remember locking gas.

Speaker 4 (01:35:27):
Caps, YEAH i remember that now they don't happen. Anymore
we don't need it used to go.

Speaker 5 (01:35:30):
To but, anyway that that was all happening in the.
Eighties so we got up to sixteen point six. Percent
now think about, this, guys people are going six point six.

Speaker 4 (01:35:41):
Percent this sucks, right.

Speaker 6 (01:35:43):
Right or even even seven or eight, right even if
you want to use those higher. Numbers and that's where
some of us.

Speaker 4 (01:35:49):
Were, like, really, yeah exactly now nine nineteen.

Speaker 5 (01:35:53):
Nineties, okay the low interest rate did go down significantly
and went to six nine four in the nineteen, nineties
but the high for the high for that decade was.

Speaker 4 (01:36:05):
Ten point one.

Speaker 5 (01:36:06):
Three the ten point one three was at the beginning
of the, decade and then it started slowly going down
to the six point nine to four six point nine.
Four where are we, today six point eight three pretty?

Speaker 7 (01:36:18):
High huh, Today i'm really HO i, Mean i'm not getting.
In i'm not buying anything until it's back down to. Three,
Yeah i've established.

Speaker 5 (01:36:25):
That, actually we'll talk about that a. Second so this
is what happened in the. Nineties home buyer's got a
bit of. Relief in the nineteen, nineties mortgage rates cooled
to just below seven percent in nineteen ninety, eight and
then rose slightly to an average of seven point four
to four in nineteen ninety. Nine borrows could thank the
dot com bubble and the rise of The internet for

(01:36:47):
the dipping. Rates more, specifically investors moved away from tech
stocks and towards bonds and other fixed income, investments pushing
mortgage rates. Down that's WHAT i wanted to talk. About
that's what happened last, week, Right so what happened was
when the economy gets, bad in this, case in the nineteen,

(01:37:08):
nineties it was the dot com. Bubble people probably don't remember,
this but in the dot com, bubble people were buying
stocks just because they were tech. Stocks it didn't matter
whether the stocks the companies behind them were actually making
money or.

Speaker 4 (01:37:20):
Not you were just.

Speaker 5 (01:37:22):
Buying it's almost like. Crypto you were just buying the
stock for because it was a technology. Stock you didn't
care if it was making money or.

Speaker 8 (01:37:29):
Not and some of them really. DID i MEAN aol.
Stock if you had that when it came out in
the eighties and held on to it for five years or,
something you made up oh, money real. Money there were
some of them that it really did. Pay SO i,
mean of course that was, like oh, really all, right
BUY abc.

Speaker 4 (01:37:48):
Stocker but what happened was it was kind of a.

Speaker 5 (01:37:51):
Bubble that why they call it dot com, bubble because
then everybody woke up after a few years and, go
wait a, second.

Speaker 4 (01:37:56):
Why is this company stock so? High they're not doing.

Speaker 5 (01:37:59):
Anything they're they're not making, anything they're not making any.
Profit the only reason why they're making money is because
more and more people people wanted to buy the stock
is the tech, stock and everybody's, like let's take a
look at these stocks and figure out what's working what's.
Not and then that's how we had that bubble. Crash
and because the stock market was going, down people were
putting their money in the bonds and then the interest

(01:38:21):
rates started. Dropping Right so last, week when the stock
market started going down, dramatically normally people would rush into
the bond market and that would drop the interest. Rates
but that isn't what. Happened they didn't go to our,
bonds so our interest rates started going. Up and that's
the scary thing that could happen to us at any

(01:38:41):
moment in this, market where we could have this major
jolt because of that. Issue so we're gonna have to
keep an eye on.

Speaker 8 (01:38:48):
That is there a fairly easy answer to or is
it very complicated where by buying by a lot of
investors buying more, bonds why that lower interest?

Speaker 6 (01:39:00):
RATE i, mean, what what's the? Core what's the?

Speaker 5 (01:39:02):
Reasoning AS i understand, It i'm Not i'm not perfect
on this is the more people that want the more
the more. People it's almost like you know how when
you go to the auction at the courthouse to buy a,
house to buy the tax, deed and they start off
at a higher interest rate and then the people bit it.

(01:39:25):
Down so like it'll start, off, Hey i'll Buy jimmy's
tax bill because he didn't pay the taxes this year
on his property, taxes and the county will, say who
wants to Pay jimmy's tax?

Speaker 4 (01:39:36):
Bill will give you eight percent interest on the tax.

Speaker 5 (01:39:39):
Bill and then somebody, Said i'll pay eight, percent and
then ross, Goes i'll pay. Seven i'll take seven and a,
half and THEN i Say i'll take seven, percent, right
and the and the rates actually going, down and then
it goes down to there's a certain floor that the
county says you have to, make and then usually it
comes down to that level on some saying, Hey i'll

(01:40:00):
take four, percent, right same thing with the. Bonds so
the more people that want the, bonds the lower the
interest rate they have to offer for people to buy.
It but when people don't want the, bonds they got
to raise the rate to make it desirable.

Speaker 6 (01:40:17):
To buy that. BOND i understand.

Speaker 4 (01:40:19):
That so when nobody's buying the, bond they got to
raise the, rates and the bond.

Speaker 5 (01:40:23):
Rate the ten Year treasury bills the most direct correlation
to mortgage, rates tied to mortgage.

Speaker 8 (01:40:29):
Rates so it's a basic supply and demand a situation
where there's more people that want it so THAT i
don't have to, rate.

Speaker 4 (01:40:37):
RIGHT i don't have to give you as much. Interest
in order to.

Speaker 6 (01:40:41):
Attract people to buy the, bond they keep the rates, Higher, okay.

Speaker 5 (01:40:45):
Exactly they raise the interest rates to make it more
desirable to people want to buy that.

Speaker 4 (01:40:50):
Bond so that's why that.

Speaker 5 (01:40:52):
Happens so in nineteen ninety was a very good thing
of what to show what could happen if things don't go.
Well and, hey, guys the interest rates got to ten
point one to three is What i'm trying to tell you, here,
right these, rates these aren't some mythical rates that never. Happened,
ever we just went through the nineteen seventies through the nineteen.

(01:41:14):
Nineties we're up to two thousand, now and most of
the years we're at eight or nine percent during those
years for interest. Rates, okay we did get up into the, sixteens,
eighteens but normally eight nine percent was the. Average and
we're at six point eight right, now and, everybody's you,
know thinking that the earth is.

Speaker 6 (01:41:32):
FALLING i paid eight in two thousand WHEN i bought my,
home my original hones.

Speaker 4 (01:41:36):
And, yep exactly, now mortgage rates in two. Thousand what happened?
There this was actually pretty good for interest.

Speaker 5 (01:41:44):
Rates the lowest interest rate in the two thousands five
point oh four, percent the high interest rate for the
two thousands only eight point oh five. Percent that's actually
low compared to the other. Decades why we had The
Great recession and the reason why the interest rates are
so low that decade is because of the five, crisis
or some people called THE o nine, crisis BUT i

(01:42:06):
called the oh five.

Speaker 3 (01:42:07):
Crisis but when were those rates the?

Speaker 4 (01:42:08):
Lowest let me, SEE i feel like it was two
thousand and.

Speaker 3 (01:42:13):
Nine, oh, okay two thousand and.

Speaker 5 (01:42:15):
Nine they started out and they said mortgage rates peaked
at eight point oh five percent in the early two
thousands before dropping to five point oh four by.

Speaker 4 (01:42:25):
Two thousand and.

Speaker 5 (01:42:26):
Nine so the reason why the interest rates dropped that,
year that's the Year, Layman Layman brothers and everybody.

Speaker 4 (01:42:32):
Crashed so what what people.

Speaker 5 (01:42:35):
Don't get when you're asking for these super low interest?
Rates you said three percent a few minutes. Ago you, did,
Right so WHAT i would say to you, is, oh
you WANT covid, Back and then you'll look at me
Like i'm, crazy And i'm going to, say that's why
we had three percent interest rates WAS. Covid so you're
asking for a national pandemic to get a lower interest,

(01:42:55):
rate that's what you're.

Speaker 7 (01:42:56):
DOING i, mean every those WERE i, think you, know
DESPITE covid and you, know having you, know that whole
scenario like that. WAS i think the stock market went,
bananas the real estate market went, bananas AND i think
there was a lot of people that did.

Speaker 3 (01:43:12):
Very well during that.

Speaker 4 (01:43:13):
Time of course they did no And i'm Not i'm not,
saying but the reason why is like we had to
have economic riles to, Happen but there was a drop.

Speaker 8 (01:43:22):
TOO i mean the market dropped, too you, know big
time obviously right WHEN covid, happened, Right so there was,
that you, know the early to twenty. Twenty but with us,
said as far as the three, percent what was? It
can we go one more decade to twenty ye because
IF i remember, right they were really. LOW i don't
know if they were down to three, percent but weren't they, really,

(01:43:44):
really really super low UNDER i don't want to give
a president the credit or, blame but you Know, obama you,
KNOW i mean from twenty nine where he, was you,
know doing all the where they were kind of combating,
that AND i weren't interest rates really low in the
early twenty.

Speaker 4 (01:44:02):
Tens, yes you have a really good.

Speaker 5 (01:44:04):
Memory but let me just wrap up twenty twenty because
it's REALLY i mean two, thousand because it's really important
for people to understand that economics really. Matter the culprits
for the economic crash and Subsequent Great depression both stem
from astronomical growth in the housing, market mainly due to
an influx of subprime. Borrowers the mortgage payments became too

(01:44:27):
much for the borrowers to, handle and many many people
found themselves. Underwater so with that market the. Crash the
market before that was the dot com bubble in the two,
thousands it was the subprime mortgage. Bubble right, now twenty,
Ten getting To jimmy because he has a really good,
memory lowest average mortgage rate in the twenty tens was

(01:44:49):
only three point sixty five. PERCENT i didn't remember.

Speaker 6 (01:44:52):
THAT i thought it was in the threes during that time.

Speaker 8 (01:44:54):
Frame and again that was to combat that you, know
the bridge GREAT pesti twenty seven or, whatever you, know
average out that time.

Speaker 5 (01:45:03):
Frame, Man so the high for the year was only
four six nine and the low was three six, five
and it said mortgage rates remained low this, decade the
temporarily Reverse they temporarily reverse course in twenty fourteen and
again in twenty eighteen with the average rates at four
point one seven and four point five, four still four

(01:45:25):
times lower than the all time, high, right and it
says the decade ended with an average.

Speaker 4 (01:45:31):
Slightly below four. Percent so we're in the. Threes.

Speaker 5 (01:45:35):
Now what's really important to remember about that twenty fourteen
and twenty. Eighteen so what happened those years that changed
the interest? RATES i know exactly, right twenty eighteen was
when THE fed started raising the rates for the first.

Speaker 4 (01:45:48):
Time, Right so THE fed started.

Speaker 5 (01:45:50):
Raising the rates in twenty, eighteen and it Was Jerome,
palell the same guy that's here, Now and what he
was afraid was is that we were going to have
really bad, inflation so in order to cut it, off
started raising the. Rates and then by twenty nineteen he,
SAYS i think we made a, mistake and then he
started backing, off and then we HAD, covid and then you,
know we went through. There so twenty, tens now the twenty.

(01:46:12):
Twenties i'm just gonna wrap it up really really. Quick
twenty twenties two point nine to six percent and for
the low for the year and six point eight one
for the high for the year six point eight one
for all of twenty twenties right, right or where we
are right, now six eight one is the, high as.

Speaker 3 (01:46:29):
The ha's six eight one the high if we got.

Speaker 5 (01:46:32):
To, well he, says the highest annual average mortgage right,
now it's the, average, right it's to six eight, one
even though we're it's six eight.

Speaker 3 (01:46:39):
Three now, yeah, Right and also we got to eight.

Speaker 5 (01:46:42):
Yeah SO i just thought that was a really interesting.
Perspective so every time that you're asking for the lower interest,
rate remember you're asking for a really bad, economy because
that's what you're asking.

Speaker 4 (01:46:52):
For i'm just telling. You i'm just telling you That
i'm not saying that that's good or, bad but just
know what you're asking for.

Speaker 5 (01:47:00):
ANYWAY i hope you guys have an, awesome awesome. Weekend
is The greek coming?

Speaker 8 (01:47:03):
On actually coming up right after, this we have a
Little Florida Panthers talk Insider Panthers Insider show for an.
Hour The panthers made the playoffs, again SO i think
the twenty second is their first, Game game one against
The Tampa Bay, Lightning so we'll get a Little panthers
talk and then the Locker room will be coming on
from twelve to two today here On Real.

Speaker 2 (01:47:24):
Radio.

Speaker 4 (01:47:25):
AWESOME i hope everybody has a, happy happy. Weekend, Helped
Happy South, florida and Happy.

Speaker 8 (01:47:30):
Easter thanks for coming on, Today, ross good to see
you have a great weekend week right, now you, Too,
jim have a good.

Speaker 4 (01:47:35):
Weekend thank, You thank you.

Speaker 6 (01:47:37):
Have a great, weekend, guys and thanks for listening To Real.
Radio