Shout outs. Economy. Jobs. Interest rates. Refinance costs

Episode Transcript

Speaker 1 (00:14):
Navigating today's real estate market can be tricky. Wanna buyer,
sola house finance, or insure a house, or stuck with
a house.

Speaker 2 (00:21):
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. Get the advice you
need from your local real estate pros.

Speaker 2 (00:31):
Here are your.

Speaker 1 (00:32):
Hosts, Jim Depola and Johnny c you live on real Radio.

Speaker 3 (00:36):
Good South Florida Morning to you. Welcome to another edition
of Florida Talk real Estate and we got you for
the next two hours of info TAM and great to
have you out there on this Today's the sixth of
September and again two hours offering you up. Whether you're
on ninety two one one on one seven the old
terrestrial radio, thanks for being there. Maybe you're using your

(00:56):
free download your iHeartRadio app we are World Wow if
that's the case. And of course you can join a
live stream on a Saturday morning Florida Talk real Estate
on Facebook. There's a live stream for you if you're
on YouTube, Florida Talk real Estate LLC on YouTube. That's
home of a ton of informational chunk videos, plus a
live stream on a Saturday morning. Thanks for being there

(01:17):
out the gates. If you're not there now, you can
join later. Check out some beautiful faces in the studio,
and maybe one or two not so Let you decide
what you like. Everybody has a different flavor. I'm of
Vanella kind of guy personally. You're welcome to join us
toll free at eight seven seven nine two seven six
nine six nine. If you have questions, comments, concerns in
the world of real estate. You want to take part

(01:37):
in the conversation at hand. Dive on in first voice,
you hear the melodious tones of our producer at shortinay,
there's Jimythy, my brother from another mother.

Speaker 4 (01:44):
What up do?

Speaker 2 (01:45):
Hello, Hello, and a good morning gentlemen. How are we
doing today?

Speaker 3 (01:48):
Awesome? Always good to see you, my dude. Good to
see you. Touoe. Johnny, that's me Johnny C. Your old buddy,
your old pal, your air traffic control. On a Saturday morning,
here's your starting lineup. Always great to say good morning
to the mortgage guy from the mortgage from them, there's
Mike grow Good morning.

Speaker 2 (02:01):
There he is. Good morning, all right, great, excellent? Yes
you ready for some football?

Speaker 3 (02:09):
I got a concert tonight. Yeah, so I'm a little
bit concert intensive right now, but I'm always ready.

Speaker 2 (02:13):
If you were watching Thursday, I assume.

Speaker 3 (02:16):
I watched a fair amount, okay, yeah, didn't stay up
to the end. I did. Oh yeah, that's probably the
most disappointing. Yeah, thanks for bringing that right at the gate.

Speaker 2 (02:25):
Well, it just you know, it's the opening day.

Speaker 4 (02:26):
Yeah, I appreciate you.

Speaker 3 (02:27):
It was a game last night, a reference last.

Speaker 2 (02:29):
Night, Yeah, I mean yeah, but Thursday was the first one, true.
You know, it's important. It was a division Yeah.

Speaker 3 (02:35):
Last night was a division game too there and in
another country too. I mean, talk about right out of
the gate, we're going across the into a different land.

Speaker 4 (02:45):
Yeah.

Speaker 3 (02:45):
They were in the same time zone though, right.

Speaker 4 (02:48):
If not closed, at least within the United States.

Speaker 3 (02:51):
Yeah, I think they just kind of went straight down
last night. But I don't know, maybe not the same
time zone, but similar. There's a Roskameron nets with bright
Wing Insurance.

Speaker 4 (02:59):
You know.

Speaker 3 (03:00):
Oh, Beach, what's up Ross?

Speaker 4 (03:01):
Good morning, Good morning.

Speaker 3 (03:02):
Always pleasure to see you as well, my friend.

Speaker 2 (03:04):
Good to be here, Good to be here.

Speaker 3 (03:06):
You look ready to rock and roll.

Speaker 2 (03:07):
I am ready to rock.

Speaker 3 (03:09):
If there is a look you are holding it right now?
And speaking, ready to go. There's our fearless leader. I've
told you for a thirteen plus years now. He runs
a top producing Callowilliams team, the Florida Home Pros Callowilliams Innovations.
It's Jimmy d Jindapola. How you be?

Speaker 4 (03:23):
Hey? Everybody happy you saw Florida got a full moon tomorrow?
I think tomorrow it's the day for the full moon,
the pretty bright last night when I was driving home,
it was some weird moon, right, they called the harvest
moon or something like that.

Speaker 2 (03:34):
Okay, Strawberry.

Speaker 4 (03:36):
I think it's a lifetime. They actually have two names
for this one. It's harvest and something else.

Speaker 3 (03:41):
The harvest moon. I think we just the last one
was the strawberry, wasn't it.

Speaker 4 (03:45):
I don't know.

Speaker 3 (03:45):
I don't either.

Speaker 4 (03:46):
It's why I'm googling.

Speaker 3 (03:47):
I'm gonna be yeah, google it.

Speaker 4 (03:49):
I don't remember. I'm pretty sure it was. I'm pretty
sure it was harvest moon this time. But the harvest
I feel like there was.

Speaker 2 (03:57):
I say, the harvest moon in twenty twenty five occurs
on Monday, October sixth.

Speaker 4 (04:01):
Oh, okay, so then September seventh is the full moon.
Corn I wonder if there's gonna be tariffs on it.
We're gonna be getting I know that's a snarky comment,
but we're going to get into the economy a little
bit later.

Speaker 3 (04:20):
Today it marks the time when corn is traditionally harvested
in North America. I know the soy is not doing
great right now.

Speaker 4 (04:28):
Oh I just read Rice too.

Speaker 3 (04:29):
I wonder if corn is more prosperous.

Speaker 4 (04:33):
Yeah, it kind of crazy.

Speaker 2 (04:34):
Hey, there's a good one coming up November fifth. What's
that one that's going to be the beaver moon? The
beaver Moon?

Speaker 3 (04:41):
Thanks, I just had stuff.

Speaker 4 (04:42):
Hey, I want to take a little break here, naked
gun call back? Nice, I'm sorry. I'm talking to our
Facebook YouTube audience right now. Can somebody that's watching from
YouTube or Facebook just put something in the comment. I'm
I'm going to try to do something on the the
videos part of this, and I need somebody's help. So somebody,

(05:09):
if you hear this, uh, just say I'm here, and
then I want to change something on the video and
then see if there's still audio or not. I need
to have somebody from the outside do it so I
can't do it experiment.

Speaker 2 (05:21):
Yeah, So we need some volunteer. Yeah, we need listening,
but also has to stick around for the.

Speaker 4 (05:26):
Second well listening on Facebook or.

Speaker 3 (05:28):
YouTube and be trustworthy.

Speaker 4 (05:30):
To Okay, well, well Francis is here, and Francis has
been with us for very long, I would say trust
I trust Francis. Francis, good morning. Could you uh respawn
back a morning because I'm going to do something on
the video right now and I want your help. That's
this is pretty crazy. You know, I've never I've never
I bet you never seen this on radio before.

Speaker 3 (05:51):
I wish I was watching this, want to what happens.

Speaker 4 (05:54):
She hasn't seen this on radio radio.

Speaker 3 (05:58):
I've never seen this on radio.

Speaker 4 (06:00):
Well, she hasn't responded yet. Come on to Francis, So
somebody else if I'm going to keep bugging about this
because I want to try something because it'll make the videos.

Speaker 3 (06:07):
Hopefully there's a there's a thing that might make it
more better.

Speaker 4 (06:11):
Yeah, way better. Yeah. So I'm hoping that we can
get that done today. Anyway, I'm sorry, Johnny, I totally
interrupted you and Mike, so I apologize for that.

Speaker 3 (06:19):
No, No, we're talking moons. It's okay.

Speaker 4 (06:24):
So we got coming up. We have some pretty we
have a lot of stuff to talk about. I guess
the economy is something that we should be talking about.
With real estate today, there's like it's like a tale
two cities. Right now. We have, you know, some good
news and not so great news, and some like questionable news.

(06:45):
We don't know what's going to happen in the future,
but it all be kind of interesting. Well, Francis is saying,
good morning. Now, so let's go ahead and try this. Okay, guys, break,
I'm gonna go ahead and take you out, Jimmy right now.
And I want to see so Francis took me out.
Oh yeah, there you go.

Speaker 3 (07:01):
Yeah.

Speaker 4 (07:01):
Well wait a second, now, now it's not letting me
take that out. That's interesting, right, I'll take myself out.
Wait no, no, don't, don't. Don't take yourself out. It's
supposed to be removed from state. Let's see that's removed
from studio. Okay, we'll deal with this later. I'm sorry.
I thought I thought it would be really easy click

(07:22):
to button to be done. Never does that for me. Yeah, anyway,
a for efforts. Thank you Francis for trying out for me.
I gotta mess around with this during the break. Okay,
So we got a lot to talk about. The economy's
really big news right now. I think, you know, we
could be at a pivot point, a very big pivot
point right now. Something I've been concerned about is starting

(07:45):
to raise. I've been talking for years and years what's
the number that we're supposed to be focused And I
don't say it, but what's the number in my opinion,
we should be focused on to see the strength of
the economy in the future. And we're starting to see
some stuff that's concerning. Not freaking out, not trying to
say the whole world's falling apart, but it's stuff to
look at for sure. But before we get into all that,

(08:08):
I thought it would be funny just to do, Oh well,
we're gonna do a shout out, a couple of shout outs,
and then we're going to go into something I thought
was kind of funny that I've been following. Cool. First
shout out goes to Mike. I'm sorry, I forgot Mike.

Speaker 2 (08:23):
Mike.

Speaker 4 (08:23):
Oh, Mike d I should say Mike, yeah, yeah, right.
For a second, Mike just bought his home on Thursday
through US. And then Mike raw from the mortgage firm
was the mortgage guy for Mike. Duh. The funny part
is when me and Nancy were sending emails or text
back and forth about Mike's house. Every time we said,

(08:46):
call Mike, call Mike about this, call Mike about that,
Like just before the closing, Nancy says, you got to
call Mike. He has questions about something to do with
the septic tank or something. And I'm like, Mike Alreday
knows this, and he told me it's okay. Why is
he called me about this? I go, oh, maybe there's
an appraisal problem. So I reached out to you. You didn't
pick up right away, which is okay. And then I

(09:08):
found out Nancy meant to say that the owner, the
buyer had a question that Mike buyer, Mike not.

Speaker 3 (09:15):
Cross.

Speaker 4 (09:16):
So a lot of Mike's a lot of big We
had to start saying Mike d or Mike Rouch, you know,
and then they keep going to Mike row and try
to decide which way we're going to go. I wanted to,
uh so give a shout out to Mike. Mike was
a very interesting case in the fact that he's been
a renter for a very very long time and his

(09:36):
landlord kept raising his rents a little bit, but then
they said that they wanted him out because they needed
to do some type of construction and they needed them
out of the unit. He didn't want to be a
renter anymore. But he was on a very tight budget, right, Mike,
he was on a pretty tight budget.

Speaker 2 (09:52):
Yeah, I think in like a price zone that was
difficult to find homes right price point right.

Speaker 4 (10:00):
And he didn't have a big down payment, so condos
were out most yes, right, because he didn't have the
twenty five percent down for that kind of stuff. So
we ended up and he didn't want a condo. He
was like, I'm not moving into a condo, and he
had he had certain reasons for it that made sense
because sometimes people say they don't want it, but it's
the best thing for him. But with Mike, because of

(10:21):
what his future needs were. So we couldn't find anything
in Palmbage County, so we ended up closing in Okachobee County.
We bought a place in okachobe Form nice. He got
a two bedroom, one bath home for around one hundred
and fifty thousand dollars.

Speaker 3 (10:37):
Wow.

Speaker 4 (10:38):
He had extra equity in it because the House of
Praise higher than what we contracted it for and Mike
he got back well. As part of the deal, they
put on a brand new roof. They ripped out the
whole septic system, the tank, and the whole drain field,
redid that termined the house.

Speaker 2 (11:01):
That's that's getting rid of termites.

Speaker 4 (11:03):
Yeah, oh yeah, yeah, yeah, yeah, it's.

Speaker 3 (11:08):
Right here there.

Speaker 4 (11:11):
Well, actually on Monday, I'm going to a place like that.
I think they have to. Yeah, and they gave him
they gave him three percent back to help pay for
closing costs and down payment, I think, right, and we
got that. We did give him full asking price, right,
but we got three percent back. But they did all
that extra work on the house.

Speaker 3 (11:31):
Well, that's a motivated seller, right, They're they're understanding. There's
some things they got to do. Good negotiating on your behalf. Huh.

Speaker 4 (11:37):
Yeah, I think it worked out okay, even with all
that work. The house still needs work, but he's in
a single family home. He doesn't have to heat, and
Mike was look pretty happy. On Thursday. Wednesday, we actually closed,
went signed Wednesday, but didn't close till Thursday, which was
kind of scary. Did you hear why we didn't close?

Speaker 2 (11:58):
I got a text from you that scared me.

Speaker 4 (12:00):
Yeah.

Speaker 2 (12:01):
Yeah.

Speaker 4 (12:02):
He went to the bank and you're supposed to give
your wiring and routing information. So when he went to
his bank, the title company gave him the wiring and
routing information for where it was supposed to be sent to,
and he added four extra digits. Oh no, and it
went somewhere.

Speaker 3 (12:16):
Oh that is scary.

Speaker 4 (12:18):
Yeah. And when I was at the table on Wednesday,
the title company says this, like three o'clock in the afternoon.
They said, did you wire the money? And Mike was like, yeah,
I wired at eleven o'clock this morning. And she goes, well,
we don't see it. And then she checked in and
she goes, she walked back in and she goes, you
sent it to the wrong account. My first instinct was, oh.

Speaker 3 (12:39):
My god.

Speaker 4 (12:40):
Yeah, because I didn't know where the money was. I
was thinking, poof, poof, it's gone.

Speaker 2 (12:44):
That's the story when we're talking about the wire fraud. Yes,
in the mortgage industry, this is what happened to you.

Speaker 4 (12:51):
That's what happens.

Speaker 2 (12:52):
Yeah, approaching your closed date, you get an email with
wiring instructions. Wiring instructions a fancy way of saying you know,
routing number and accountant, send me the money right. So
when I want to send you money, Johnny be a wire.
You give me your bank's routing number and your account
number and boom, I send it right. So you'll get
something to the mail. It's got wiring instructions that looks
like it's from from your closing agent. It's related to

(13:16):
your deal, and it's actually some you know, I say,
some dude in Africa. I say that just to like
you the visual picture. Right, you're sending your money scam
off into somebody else's account. You have no idea, and
once it's gone, it's gone, like you can't recover those
very difficult to recover those funds. And so when Jim
sends me a text, it's like, oh, yeah, Mike sent

(13:37):
his money to the wrong account. Don't worry. I'm I.

Speaker 4 (13:43):
Don't worry.

Speaker 2 (13:45):
His money's gone.

Speaker 4 (13:46):
The funny part was is while that was all happening,
I was texting Mike to respond to him, and it
was saying not delivered, not delivered, not delivered, which is
very unusual. So I couldn't so he I kind of
left him hanging, I think, to what's going on? And
but anyway, thank god. What happened was the money did
go to the right bank, but the wrong account or.

Speaker 2 (14:09):
Just non existing, non existing.

Speaker 4 (14:12):
They said it went into an account. I don't know
how that happened, because he added four ditches to the
account number, right, I don't know what he did. I
know exactly what he did, but he added for it.

Speaker 2 (14:21):
Goes to like a clearing account for the.

Speaker 4 (14:23):
Banks specific account, that would make sense. So anyway, but anyway,
thank god the money was there and and then he
was able to close Thursdays. So congrats Mike com being
the first time home buyer. Congratulations and really happy for you.
I hope you have many many years out there.

Speaker 2 (14:42):
Now he's got to cut grass.

Speaker 4 (14:43):
Yep, he has to cut grass. He has stuff to do.

Speaker 3 (14:46):
Uh.

Speaker 4 (14:46):
The interesting part about that is when I mentioned Okovie
to him, because I'm the one that brought it up,
because I was scouring and scaring to find out how
the heck am I going to get him a single
family home. When I mentioned will be a lot of
people will say no because they feel like it's too far,
and very few people go to Okachovy. I hate to
say this, so a lot of people don't even know

(15:07):
where Okachobe is. Like, if you ask people on the
East coast here, you know, tell me about Okachovie. They
don't know much about it. But Mike used to be
an Elvis impersonator and it was an Elvis personator ban
He used to do that ring around the whole lake
and go to all the bars and do the.

Speaker 3 (15:23):
Elvis gigs around the lake.

Speaker 4 (15:27):
Yeah, yeah, exactly I couldn't, so uh, let me polish
up my resume. Yeah, so congratulations, Mike. I'm going to
be calling you right after the show, like I promised.
The other shot I wanted to do was to Brian.
Brian's almost done with the closing on his home up
in Dunnellen, which is outside of Okalla. We helped him

(15:50):
sell his house and then buy a new home. He
was going to buy new construction. The new construction builder
didn't really play with us nice. And you remember I
told you last week. I think we talked about this
last week. We have more deals not closing than ever before,
people walking away. Yep, this is a real life example.
The buyer went to turn in an offer with this

(16:13):
with this developer on a single lot, not in a
community or anything, just like one house on a lot right,
and the house been on the market for a year.
So we turned in an offer and we asked for
money back to help pay for closing costs and down
payment and a little bit of a price reduction, and
they were like, no way, we're not giving you that.
And then we found out that the way and this

(16:35):
is kind of weird Mike the mortgage broker that was
working on that case, because Brian knew this lady for
twenty years and she did a good job. Carrie's doing
a good job. But what she said was because we
were closing in October, no, because we were closing in September,
that the tax bill they were going to use the

(16:55):
tax bill from the previous the old tax bill, not
the current tax bill, and that was land only. And
what they were afraid is they were going to calculate
the pro rations for the sale on the house for
the property taxes based on the land and then the
next month he gets a bill for the developed property

(17:15):
and the difference was like four thousand dollars, right, So
she said, we need to deal with this. I never
heard of that before, but I don't remember if I
were at closing where we had to worry about this.
So I went back to the developer's agent and I said, hey,
the proations might not really be fair to my buyer.
We'd like just to put in additional comments that you're

(17:38):
agreeing to give prorations based on the developed property of
the the most recent tax bill. And they said, no,
we're not doing that until that's something to deal with
the closing department, like the title company, and we'll deal
with that when we get there. And I told the agent,
who was super green, I was like, no, because then

(18:00):
you're just because the way it's supposed to work is,
according to this mortgage broker, we're only going to get
the proations for the land and not the developed property.
And so we took the offer anyway. And then Brian
decided that he saw a couple other houses. We went
and figured out how to show those couple of houses

(18:22):
to him, and he goes, I like this other house better,
and it wasn't a new construction. That's why I asked
Ross a couple of weeks ago, is there a difference
between a twenty twenty and twenty twenty five? Because I
was wonder if there's going to be an assurance increase
there wasn't right. There wasn't much of a difference, and
he ended up buying the other house, and he walked
away from the other one, and he walked away just

(18:43):
because he didn't like the way the negotiations went. And
that's what happens in today's marketinga. He would never see
that during the COVID craziness, right, you know, you would
just eat whatever the seller said to do or whatever.
But now the buyer's like, hey, I don't like it.
There's plenty other effishiency, you know, so that I thought
that was a kind of interesting one. But shout out
to Brian. Got through the inspection everything. I'm not too

(19:05):
worried about the appraisal. We still got an appraisal to go through.
But everything's looking great for him. Think he's going to
close early, Super happy, awesome, especially because it took us
so long to sell us house. This is like, uh,
you know, speed lightning right now compared to when we
sold his OUs. Thank good God for Brian. He deserved
a break. Yeah.

Speaker 3 (19:23):
I was gonna say that's well earned.

Speaker 4 (19:25):
Yeah, definitely. Well what a great guy too, and thank
you for your service. Retired firefighter full run as a
fort Laardale firefighter and then he did a full run
as PbSO i'll the Sheriff's office that guy was a
double dipper.

Speaker 3 (19:39):
Retiring, well, you definitely earned your retirement, and again, thank
you for your commitment to the community.

Speaker 4 (19:45):
Another little thing, remember I loved talking about that seaweed
pandemic we were having all the time where there was one
hundreds of millions of past sarcasso. See, well, some Caribbean
island is figured out a way to take that seaweed
because they had the same problem we have in Florida,
and I think it was in the Bahamas, and they

(20:07):
were complaining that you know that rotten egg smell, and
that people couldn't get to the beach because there was
so much seaweed between on the sand that they don't
have to walk through all the seaweed to get to
the sand. It was hurting tourism everything. So you know
what they did figure Nope, they figured out how to
use it for different products. So now they're taking that
stuff and they're making like biodegradable packaging goods with it.

(20:31):
So they're taking all this like stuff that we consider
a nuisance and now they're turning into stuff and I
thought that was pretty cool, right, Sure, So they're doing
biodegradable packaging and the other thing that they're doing. I'm sorry,
hold on, it's a video, so I don't want to
turn off, so I'm trying to.

Speaker 3 (20:47):
Is that So we're talking like there's a couple of
local breweries and there's one in particular. I wish I
could give a name shout too, and is it screaming reels?
Maybe they're six pack containers actually are the same. And
I think it breaks down to like fish food, it's
actually food for the fish.

Speaker 4 (21:04):
Yeah, instead of like choking them out.

Speaker 3 (21:06):
Right, exactly. Yeah, it sounds sounds like it's almost like that. Right.

Speaker 4 (21:11):
So they said, I can't remember packaging and high performance composites.
So they say that they could use this stuff and
make it as good as like some of the plastic
stuff that you would use like for plastics, like high
performance plastics.

Speaker 3 (21:24):
Right, but doesn't destroy the planet.

Speaker 4 (21:26):
Right, Yeah, And I don't think that if you who knows,
I mean, but I don't think that if you were
had water in a bottle of seaweed container that you're
not going to get that what do they call it?
All that plastic stuff that you drink all the hyperplastics
plastic or just the leaching of the chemoplastic from the
plastic into the drink, maybe you wouldn't have that. The

(21:49):
other thing they're trying to think about using this for
is bricks, building bricks, biogas. I guess they're thinking about
actually using it as a fuel and taking the fumes
for the decomposition. I'm guessing because it's already smelly. Anyway,
I'm suing that's how it's going. But anyway, I just

(22:09):
thought it was kind of interesting some countries figuring out. Uh,
they took the American spirit, Yeah, and they came up with, uh,
you know, you take lemons and you make lemonade with this.
You take seaweed and you make and you make stuff
with it. It's like, hey, thank you for all this
fraw material for it.

Speaker 3 (22:26):
I hope that goes really well. And uh, and then
they can most importantly, I hope they can profit from
it in a way, because yeah, without profitability, it's it's.

Speaker 4 (22:34):
Not gonna work, not gonna work.

Speaker 3 (22:36):
Yeah, nobody's gonna be driven enough to convert.

Speaker 4 (22:38):
But that would be cool. Imagine imagine if then we
run out of seaweed.

Speaker 3 (22:43):
Because yeah, it starts going like gold.

Speaker 4 (22:49):
Yeah, five thousand dollars a pound.

Speaker 3 (22:53):
That would be remarkable of what happens. I've been reading
a lot in the last like two months, a lot
of articles about oysters in particular, So you know, they
they I think it's how many gallons do they siphon
through themselves in a twenty four hour span? It's a
silly yeah, silly amount of water that they filter through
themselves in a twenty four hour span, and so many
like it's almost across the board. All of them have

(23:15):
plastic in them. Now. It's just they've consumed, they've pushed
through so much water that plastics just a part of
their existence now.

Speaker 4 (23:23):
Woa yeah wow, So we're just.

Speaker 3 (23:25):
Now we're just consuming plastic like everything we eat now.

Speaker 5 (23:29):
Right, it's like taking your ever put a little garlic
on your plastic.

Speaker 3 (23:32):
I prefer mind a little garlic. I thought it was
just me.

Speaker 4 (23:36):
Yeah, I like my plastic saw tape.

Speaker 2 (23:38):
I mean, how long have you been chewing gum forever?

Speaker 3 (23:42):
Yeah? Silk cone?

Speaker 2 (23:43):
Yeah, yeah, or something?

Speaker 4 (23:44):
But you're not.

Speaker 2 (23:46):
You don't swallow your gun.

Speaker 3 (23:47):
I don't.

Speaker 2 (23:49):
I mean it stays in your stomach for seven years.
If you're getting microplastics from drinking bottled water. Yeah, you're
definitely getting microplastics from your chewing.

Speaker 3 (23:59):
I guess there's a chance, right, I don't know how
long it takes to seep out, you.

Speaker 4 (24:02):
Know, Yeah, I know, I don't know. I'm not really well.

Speaker 3 (24:04):
I'm not much of a bottled water guy, much more
of a tap kind of dude, which might not be
great either. I don't know. I know, right, depends on
where you live, exactly. Eight seven seven nine two seven
six nine six nine. That's told for you can always
be a part of the program, of course, if you'd
like to get involved in the conversation, and you're more
than welcome if you do have a question, a comment,

(24:26):
concern in the world of real estate, we got the
pros pros for you eight seven seven nine two seven
six nine six nine. Of course, if you're not comfortable
in the radio, always remember your resources Florida Talkreestate dot com.
You're once not real estate shop Florida Talkrealestate dot Com.

Speaker 4 (24:41):
I just wanted to mention I don't want to We're
going to talk a little bit about insurance a little
bit later, but California is going through what we're going
through right now is insurance companies either dumping or raising
the rates crazy high compared to where it was before.
Of course, their's is mostly related to natural disasters, not fraud,

(25:02):
although I don't know why California. I figure, like, if
you had fraud, it would be Florida, California, and New York. Right,
you figure those are the three states because to me,
it's like probably the states with the fires. Lorida always
come out to be number one.

Speaker 6 (25:20):
Figure California, New York once once the UH, once the
contractors figure out how to walk a neighborhood three years
after a fire and be like, oh, your home actually
was affected by this fire, That's that's when they that's
when they'll really give us the double whammy of insurance
UH fraud, which is natural disasters and fraud.

Speaker 2 (25:42):
Right, you get you get both.

Speaker 3 (25:44):
Right, the best of both words.

Speaker 2 (25:45):
Yeah, when you can combine those two together winning, Yeah, I.

Speaker 4 (25:50):
Know, it's crazy. I remember I was talking to somebody
one time and we didn't know each other. We were
just like standing in the line or something, and he goes, uh,
where are you from? And he said he was California. Right,
he goes, where are you from? I go Florida. And
this was at a time, it was a long time ago,
and this is when we're having all the hurricanes like
bundled together, like where we get two or three at

(26:10):
a time. And the guy looks at me and he goes, wow,
must be really scary to live in that state. And
I go, you have landslides, wildfires, and earthquakes, and at
least we have like a weak notice usually that the
storm's coming. You just wake up and the whole house
starts shaking. You were worried about living in my stake.

Speaker 3 (26:30):
So I know I know the feeling because I obviously
half my life in California and my other half here.
I know that hurricanes feel like such a daunting thing,
and they absolutely are. But when you're not used to it,
it feels like, man, I don't know how you guys
do that. Once you live here, you're like, oh, this
is how you do it, you know, And Floridians the

(26:50):
same with earthquakes and landslides.

Speaker 4 (26:53):
Well, how do you deal with earthquake other than like
it's just there's nothing you could do right, And it's
not something.

Speaker 2 (26:58):
Stands a little exactly.

Speaker 3 (27:02):
You grow up with it, and it's it's just the
way it is. It's not I don't know, it's nothing
you ever worry about. It's just literally nothing you ever worried.

Speaker 4 (27:09):
Even as your house is shaking, his stuff's falling off
the shelves.

Speaker 3 (27:12):
No, even when it's over, you're like, oh okay, that.

Speaker 4 (27:14):
Was quick, put everything back.

Speaker 3 (27:16):
Yeah. I was there for the Lower Creative, which was
the the Lower Creative earthquake, which was in what eighty nine?
That was It was over a seven. That's the one
that took out the Bay Bridge. It took out the Cyprus.
The World Series stopped because the that was the against
the Giants and they got cracks in the stadium as
they were warming up like that was I was leaving

(27:39):
football practice and I can't exaggerate this enough. We were
walking on like waves of concrete, like waves of it was.
It was the most unbelievable experience. But when it was over,
it was like it's over, you know, And then you
start to accumulate all the chaos.

Speaker 4 (27:57):
I mean, it was.

Speaker 3 (27:58):
It was tragic. Yeah, lot of destruction. But if it
doesn't hit you like that kind of like a hurricane, right,
it doesn't hit you like that, You're like, that's not
and that's the one you compare them all to, right, just.

Speaker 4 (28:09):
Like everything, and yeah.

Speaker 3 (28:13):
I think that might be forever. Yeah, yeah, because Andrew changed.

Speaker 4 (28:17):
And you know me, to me, a lot of people
forgot about Andrew. They always think about. To me, Katrina
is the big one now, you know what I mean,
more people know about Katrina than Andrew. I mean nationwide,
not Florida, like nationwide Katrina. Everybody kind of knows Katrina. True,
but Andrew, Man, I just watched it.

Speaker 3 (28:34):
We don't remember Katrina.

Speaker 4 (28:35):
I watched a documentary on that just recently, a twenty
thirty minute documentary on Andrew. Yeah, and I kind of
covered it a little bit back in the day. I
was in keys I was in Key West twelve hours
before Andrew hit. And it was supposed to be going
south and then you know, it went it went to

(28:55):
I'm sorry, it was supposed to going to West Palm.
I was in the keys Key West and then it
went to Homestead. But when I was looking at that,
that was like the perfect storm of the perfect eye.
You know, there were just so many things about it.
Luckily that was a fast storm though, that didn't stay
over us and hang over like some of these last
really bad storms that have been happening, like the ones

(29:17):
on the west coast of Florida where they were just
really slow and powerful. At least Andrew they got in
and got out right. It's pretty crazy. Let's go ahead
and take a break on the flip side. I'm going
to ask a question. Are we in a labor recession?
And we're going to start off with that and what
that might mean for buying and selling down here, because

(29:39):
that's what we're trying to talk about, not trying to
get into politics. We're just talking about the economy and
what that means for people when they're buying or selling.

Speaker 3 (29:45):
Yeah, because it absolutely affects the real estate market.

Speaker 4 (29:48):
It definitely affects it.

Speaker 3 (29:49):
Yeah, they are connected, no doubt about it. We got
lots of time. Of course, you're always welcome to join
us toll free at eight seven seven nine two seven
six nine six. Now we are alive on the Saturday,
the sixth of September. It's a four minute reset And
of course, if you're not comfortable on the radio, always
remember Florida Talkrealestate dot com. If you're looking to buy
a home, sell your home, if you're stuck with a home,

(30:09):
you don't know what to do. If you need a professional,
some real good guidance and understanding and anything that touches
the world of real estate, we got you one Florida
Talkrealestate dot Com. These are prospros. They're experts in their
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(30:30):
on Facebook and YouTube. Lots to consume. You can change lives,
including your very own, with the prospros at Florida Talkrealestate
dot Com. We're back in four minutes. Thanks for being
with us every Saturday right here on Real Radio.

Speaker 1 (30:56):
This is Florida Talk real Estate with Jim Dapola and
Johnny c. Got a quite for the show. Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 4 (31:06):
I don't think it all. We're gonna try it again.

Speaker 2 (31:08):
All right, We're gonna try it again because we're right
back from our break.

Speaker 3 (31:11):
Hi, Johnny, what's going on? What's up? Dude? And welcome backs.
Saturdays are carved out for Florida Talk real Estate and
thank you for being with us, Johnny c. That's me.
That's Jim Athy, our producer, A shorter man and good morning,
Good morning, Mike Crow.

Speaker 2 (31:25):
He's the mortgage guy from the mortgage from Yes, sir,
good morning.

Speaker 3 (31:27):
There's Ross Camara Netts with brid Win Insurance? Did you
no beach?

Speaker 4 (31:31):
Do you know? That's right?

Speaker 3 (31:32):
Man? And Jimmy D's over here. He's our fearless leader.
I've told you for a thirteen plus years now. He
runs a top producing Keller Williams team, the Florida Home
Pros Team with Keller Williams Innovations, jim Depola, Jimmy D.

Speaker 4 (31:43):
How you be Hey, good, good, Hey, Jimmy. We're gonna
go ahead and try Okay, we're gonna go ahead and
try this thing right now, right everybody listening or watching
on YouTuber, Facebook. We're gonna try something a little different here.
And I just want to see if the audio is
still comes out. Okay, I want to hear if the
audio comes out, and let me know right now, hold on,

(32:07):
can you still hear us? Everybody? Can uh? Somebody? Yeah,
can you hear me? Mike, Johnny, can you hear me?
Hold on?

Speaker 3 (32:15):
Yes?

Speaker 4 (32:16):
Ross? So somebody please post a comment right now? Can
you hear us or I should say, can do you
understand the words coming out of my mouth? Do you
understand the words coming out of my mouth? YouTube?

Speaker 3 (32:35):
Both?

Speaker 4 (32:36):
Yeah? Facebook and YouTube? Come on, I know there's a
whole bunch of people watch it. Just tell me can
you hear us or not? There is a little bit
of a delay, so that's part of it. We have
to wait.

Speaker 3 (32:46):
Hold on, come on, come on, it's in your other pocket.

Speaker 4 (32:52):
This is a bad week to what is this a
bad week to stop sniffing glue? Remember that from the airplane. No,
this sounds out. Okay, thanks mom. So you know who
got your back right always? Okay, let's go back. Is
the soundback? Is the sound back? Now?

Speaker 3 (33:10):
You put it back the way? Well?

Speaker 4 (33:12):
Is the soundback? Can somebody tell me what about now? Hello? Hello? Hello?

Speaker 2 (33:19):
Sometimes you just got to live on a way to
do it.

Speaker 3 (33:23):
Hey, when you own the time, you own the time.

Speaker 4 (33:25):
We'll do it.

Speaker 3 (33:26):
Please, you know what I'm saying.

Speaker 4 (33:27):
Yeah, yeah, it's our show. Okay, we're back. I can't
do it the other way, Jimmy, I tried. Okay, Hey,
we gave a shot. Thanks everybody. Okay, now we're back
to radio. Appreciate we're back to radio, not video. Okay,
So I wanted to talk about a little bit. First.
I've been saying for years and years, everybody's been saying, oh,

(33:49):
can't you know, the real estate market is going to crush,
the real estate mark is going to crush. How long
have we been hearing that, Johnny? You know, a long
long time, I think.

Speaker 3 (33:56):
But if you say it long enough, you'll be right.

Speaker 4 (33:59):
Yeah, you'll be right one day. But what I kept
saying is, thank you, Francis. What I kept saying is
that mcgaly is. I said, if you really want to
know when the economy is really going to get soft,
is we got to keep an eye on employment. Because
every what everybody forgets is that when we had that
bad crash in five to six, right where everybody had

(34:20):
dirty mortgages, everybody's writing those crazy mortgages and everything right.

Speaker 3 (34:24):
Very different environment for the real estate market.

Speaker 4 (34:26):
But the thing was is that people were employed and
they had the extra money to go out and get
that second house that you know with these crazy fake
mortgages and everything right, because they felt they could afford
it to extent that they could at least go into
the contract. Maybe they weren't planning on keeping it. It was
a total investment, but they were like, hey, I can
throw some money at this and turn it into something sure,

(34:49):
and that when the economy crashed and people couldn't make
their mortgage payments, and then employers and then the economy,
then the number one cause in the world, which is
American citizens weren't buying stuff anymore. And then the employers
had to lay people off, and then people couldn't afford
the mortgage payment, and then more layoffs, right, and less consumerism,

(35:13):
more layoffs, and became a vicious cycle, and we just
went down. And I feel like that is what props
up our economy more than mortgage rates. Everybody so always
drank interested in the mortgage rate and the FED raid
and the bond yield and all that, and they're all important,
don't get me wrong, they're all the facet But to me,
the the generator behind all this is that we're the

(35:35):
number one consumer in the world. Always, That's the thing.
Seventy percent of our GDP comes just from us buying stuff.

Speaker 3 (35:43):
Yeah, don't stop buyings, right, don't buy it.

Speaker 4 (35:44):
Don't stop buying stuff. Johnny's always very wary. He's been
saying that for so long.

Speaker 3 (35:49):
Oh yeah, be a good consumer, that's it your part,
Yeah right, money, you're not an enough debt. A little
more debt would be prudent.

Speaker 4 (35:59):
It's all the time you have.

Speaker 3 (36:02):
The rest of us are way more dead than that.

Speaker 4 (36:03):
So it's so true. So the thing is what I
said is keep an eye out on unemployment because if
people start getting laid off, that's when we're going to
see weakness in the economy. Because we know that well,
at least I think I know that people are pretty
highly leveraged. The reason why I'm saying I think I know.
I remember during right after COVID, where people had more

(36:25):
money in their bank accounts according to the you know, prognosticators, economists, whatever,
than ever than ever before. Right, and now more people
have equity in their homes than ever before.

Speaker 3 (36:37):
Oh yeah, And you know what I'm saying a lot lately,
it's not REFI right, because that's a hard talk. Right, Hey,
you should you should get into a stiffer interest rate
you tap into your your equity. It's he lock. I'm
seeing a lot of you want to you want to
get the equity without refine, get a he lock. I'm
seeing it a lot now, and that's always telling when

(36:59):
they're I can't use the money you got these the money,
you're saying yeah.

Speaker 4 (37:02):
Now, they're using their houses a piggybank. And that's where
it gets scary and part of the reason why those
dirty mortgages were written. People were taking money out of
the equity of the home that they had and then
using that money basically leveraging their house on a new
second property with a new mortgage.

Speaker 3 (37:19):
The way I'm seeing is the way I'm seeing it
spun the most is pay off your high interest debt
with it like around and nine percent he lock consolidate
your debt with the equity in your home. That's what
That's the way I'm seeing it delivered the most lately
in the last probably.

Speaker 4 (37:35):
To be honest with you, there can be right there
can be benefits to that, right, Mike, Sure, because what
you have to do is you have to make sure
that you're not overextended. You're not robbing Peter to pay Paul.
If you're really doing it is like, Man, I've had
this credit card debt forever. I'm not paying it down.
I'm paying you know, twenty nine percent interest. And I
could do this for nine percent. Yeah, And if you're disciplined, right,

(37:59):
and you take the money from your house right or
he locked. Basically that's what you're doing, which is a
home equity line of credit, and then you take that
money to pay off the credit cards, and then you
don't use the credit cards anymore, you don't build up
any more balance, and that's a smart financial decision, right Mike.

Speaker 2 (38:15):
In general, yeah, I think debt consolidation is generally a
good idea.

Speaker 4 (38:20):
Right.

Speaker 2 (38:21):
You basically are combining everything into one manageable payment as
opposed to you know, several payments that are hard to
like get chip away at the balance. But if you're
not disciplined with it, you're going to end up digging.
You just filled in your hole. Now you're going to
start digging.

Speaker 4 (38:38):
A role right, right, right.

Speaker 2 (38:40):
And it's very easy to do that because when you
do these things, you're not like forced to close these cards, right,
You're basically just paying it to zero. And if you
do that, then you know, how disciplined can you be?
Maybe a month goes by, two months, three months, and
now that one thing, you know, the emergency pops up,
or that thing that you had had to get or

(39:00):
whatever it was and then so I mean, I like
the idea in general of consolidating high interest revolving credit
into home equity or you know, second refinance, cash out
refinance people will be doing that. Doing it with installment

(39:20):
loans I think is not a wise decision typically. So
you'd say your car payment, for example, so you owed, like,
you know, seventeen thousand on your car. I don't care
what you're paying twelve percent, thirteen percent with you know,
something above what you would get with your helock. But
that's an installment loan and has a finish line, right,

(39:41):
So you'll be paying that seventeen thousand over the next
three and a half years or whatever it is. Well,
then you convert that to some sort of longer term
like a twenty year or thirty year amortization, and you're
stretching out your car payment that would have been done
in three years at thirteen percent. Now you're going to
pay it you know, who knows ten, twelve years, twenty years,
thirty year, whatever it is at nine percent. Well, guess what,

(40:04):
that's a very expensive car at that point. If you
walked into the car lot and they're like, hey, would
you like the three year four year, five year or
the thirty year financing. Okta, if you want that low
low payment, take the thirty year thirty year.

Speaker 4 (40:18):
Yeah, yeah, right exactly.

Speaker 2 (40:20):
So I don't know how many cars these days are
going to expect it to last thirty yeah, thirty years.

Speaker 3 (40:26):
I don't know if they make them like that.

Speaker 4 (40:27):
Yeah, they don't make it like that anymore. So, you know,
so with this, so worrying about unemployment to me is
a really big thing. Now, we started this year at
four point one. I've been saying forever. The four point
one is a very very good unemployment, right, it's always
you know, it's a very doable, uh, mortgage unemployment. I

(40:50):
remember when is.

Speaker 2 (40:51):
That better or worse than like a flat four percent?

Speaker 3 (40:54):
No?

Speaker 4 (40:55):
Seriously, well you mean for or versus four point one?

Speaker 2 (40:58):
Yeah, like you said, you like four point one as a.

Speaker 4 (41:01):
In the force. And what I'm saying is this like
because when Clinton, Because when Clinton was president, we got
below the force for unemployment at one point, and people
were complaining. The corporations and business owners were complaining that
there weren't enough people for all the jobs that they
needed to fill. So everybody's like, there's not enough. Uh,

(41:23):
there's not enough fluidity in the market. There's two little
people unemployed right now. Right. The other thing I figured
out was, and this was, like I think last year,
I went down a walky hall and I figured out
roughly what one percent is an unemployment, like how many
jobs that is or how many people unemployed? And I
figured out about one point five one point six million

(41:45):
for every percent. Right, So if you're only zero point
two higher because we went from four point one to
four point three in this last report, not a big
deal in the long run.

Speaker 3 (41:57):
Well, I thought I went from four to two to
four to three.

Speaker 4 (41:59):
Well, actually, yeah, but that's true. I'm talking about from
the beginning year. We started beginning of four point one.
I think, like June we hit four point two and
now we're at four point three. But you're right, Johnny,
so we went up point two from the beginning of
the year.

Speaker 3 (42:11):
Yeah, And they actually readjust it as they always do,
the job's numbers. And I think for June it was negative.

Speaker 4 (42:16):
Job first time since twenty twenty one.

Speaker 3 (42:18):
Yeah, which is fascinating. You're like, so you mean we
don't call it negative job creation, we call that loss
of jobs.

Speaker 4 (42:25):
Well, because that's a different report. That report you're talking
about was called the job elimination, no job labor transfer,
job opportunity, labor transfer. Remember here called a jolt. I didn't.
I never heard a jolt before. It's like, what's jolt?
Why are they call it that? Colon job opportunity? Yeah, yeah,
jolke cooler, Right, job opportunity, labor transition or something is

(42:48):
what it's called. Right, So it's basically saying how many
opportunities are out there and how many jobs are you know,
how many people want a job and how many jobs
are out there? Right, And that's the first time you've
ever seen negative that other report, You're right, that was
a different report. The unemployment report was readjust it was revised,
just like it got revised the last time I always do,
which they always do, and supposedly I read in the

(43:10):
Wall Street Journal yesterday September ninth. Is a big deal
because they're doing a readjustment for the whole year, and
they're expecting to get even more gloomier numbers once they readjust.

Speaker 3 (43:21):
Boy, there are some people that are like, I'm totally
getting fired when they adjust these numbers, totally getting fired numbers.

Speaker 2 (43:28):
They're not gonna like they're not going to like the numbers.

Speaker 4 (43:31):
Like the federal government you're talking about, right, Statistic Bureau
over statistics people.

Speaker 3 (43:35):
Right, the BLS.

Speaker 4 (43:37):
They get bad news and they're like, oh my god,
I'm getting killed by you know, I'm the messenger and
I'm going to.

Speaker 3 (43:42):
Be killed the BLS lost.

Speaker 4 (43:45):
The only thing I read was and that and that
did suck. But there's two thousand statisticians in that, So
they'd have to go through a lot of people in
order to get this stuff wrong.

Speaker 2 (43:55):
You know what I mean, how do they get it right?
Is what the path that they're searching? You lean over
and go what number do you want? Right, Jim, I
don't like these numbers? How can we get correct numbers?
What do you mean like that premise?

Speaker 4 (44:09):
Well?

Speaker 2 (44:09):
Right, I don't like these numbers. How can we get
correct numbers?

Speaker 3 (44:12):
Well?

Speaker 4 (44:12):
Ross, you're you know, you own a business. So did
you ever get a call from like Tallahassee asking me
how many employees, like every month, how many employees you
have and how many you're employing or how many they
think you might be laying off?

Speaker 5 (44:26):
I mean every I think we used to get something
in the mail, okay that we had to do.

Speaker 4 (44:30):
I used to get a call every month, right from
somebody in Tallahassee that was trying to you know, and
they were just doing surveys. And my attitude was, hey,
any more information is better. I'll try to help out
my little tiny business.

Speaker 3 (44:42):
Like it makes a difference, right, take part of the sense, right.

Speaker 4 (44:44):
But I took part, you know, and I did it
over and over again, and then after a while I
got a little mad about what was going on about
in general everything. I'm like, I don't know, more free
no more free info. But they were to hire, but
that's right. They would say how many employees you have?
Are you? And they say in the next certain time period,
are you planning on adding employees and how many? Or

(45:06):
you are you planning on decreasing the employees and how many?
And they would ask you, did you hire anybody last month?
Or did you let anybody go last month. That's how
these and that's how these reports are put together. You
have people calling all over the country, right, and they're
two business owners trying to figure out what's going on.
And they it's just a matter whether I'm there to

(45:27):
pick the phone up or not. Right now you get it.

Speaker 2 (45:29):
So actually, now you get an email.

Speaker 5 (45:32):
So I was going through, like I randomly checked my
Gmail account and going through and I had it from
like survey from this is like last week survey from
I think it was just and they were asking me
about like eight like specific a two week period, right,
like a specific two week period, like we're your receipts up,

(45:53):
we're your receipts down. Did you did you add more employees,
same amount of employee, same amount of pay? Like it
was I think I got sidetracked with something else and
had to go do something and then it.

Speaker 4 (46:03):
Locked me out. It locked me out, and then guys,
I got it. And that's why you see the revisions
because when they're coming out with the monthly report, they're
calling like me and Ross Up and all these corporations
all over the country, right, and they're trying to figure
out what's going on. And then somehow behind the scenes
later they'll see what really happened for real, you know,

(46:26):
not in live time. So it's like a whole bunch
of stuff going on. And that's why people it is
pretty amazing when the stuff has been revised. We've talked
a lot about that on the show over the years. Right,
Remember we were getting two hundred and fifty thousand jobs
created per month, and then then like a month later
it's like, oh, that two fifty was really like one
ninety five or whatever. Right, yep, Or it was the

(46:48):
opposite way a couple of times. Right, Hey, we did
one fifty. Oh they revised it to one seventy five
or whatever. Right, So here's a couple of the little
other factories about unemployment and employment. For the first time
since twenty twenty one, we have more job seekers than
jobs available. Now it's only twenty thousand difference. We have

(47:08):
seven point one eight million people looking for jobs and
we have seven point two million jobs, so there's only
twenty thousand dollars gap. But that's the first time we've
had more people than jobs looking than jobs available in
a very long time. It's such a small amount, but
it is kind of like that. Remember when the charts

(47:31):
inverted on the bond yields, and that's pretty wonky, but
the ten year and the two year inverted or something
like that, that's kind of like what this is where
cats and dogs are playing together, you know, and all
that kind of stuff, Like, it's kind of weird. So
that's a little sign of weakness. The unemployment has ticked
up twice. Now, okay, now four point one to four

(47:52):
point three. We're talking about thirty two thousand jobs right roughly.

Speaker 3 (47:57):
And we're still right in the range where the FED
likes it.

Speaker 4 (48:00):
Four percent is awesome, guys, I mean.

Speaker 3 (48:02):
But there as far as the as far as health
of employment conditions, you would like for employees to be
able to have some options to leave their job, right,
are there other options for me? And if you don't,
that feeling stuck in your position is part of that
kind of downslide for an economy.

Speaker 4 (48:20):
People get nervous and then they start they start strapped
and spending. Yeah, they start again.

Speaker 3 (48:25):
We have to spend, y'all.

Speaker 4 (48:26):
I know, we need to spend, right, We're spending economy.
That's what you know. They talk about all the stuff
that we're good at. We're best at great spend. We
can spend all day long.

Speaker 3 (48:36):
Yeah, and we're good at smashing stuff.

Speaker 4 (48:39):
So that's some real stuff to think about. So we're
seeing unemployment tick up, right, Not the end of the world,
but it's something to really keep an eye on because
I'm telling you, I think that once we get into
the sixes, we're gonna have problems. Oh yes, in the sixes,
which would be like three million more people laid off,
is what I'm saying. If we have three million people

(49:01):
more people laid off, it's really gonna now is it
gonna be fives?

Speaker 3 (49:05):
I think we were having major issues.

Speaker 4 (49:08):
I think you are. That's my question. I'm wondering. Are
we the frog and the pot of water and they
just turned it on?

Speaker 2 (49:14):
Oh?

Speaker 4 (49:15):
You know, maybe that's what we're experiencing right now. Because
we've seen that creep up a little bit. We've seen
it go up and down, but we haven't seen it
gone up twice, even though it's a small amount. We
haven't seen that. We've also seen the job create job
offerings versus job seekers invert, right, That's another thing. And
inflation is going up again and nobody's talking about it

(49:39):
that way, doesn't it.

Speaker 3 (49:41):
Don't you feel like the slow down in job creation
more than anything, because again, our last the last quarter revisions,
the numbers show, you know, our GDP was up and
it's really it's really supported and a good exports are down.
It's it's a lot of smoking mirrors in the number.
If that number is accurate, the FED should be doing nothing.
It looks like it looks like it is almost one

(50:01):
hundred percent chance though, oh they're doing it right, So
that tells you those GDP numbers are not real. But
when you when you extrapolate the reason for the GDP
number again, it's seventy percent of its supported by our spending,
and that's kind of it's how our economy's built. So
it's expected. But exports are down. But I think a
lot of the slowdown is uncertainty over effects, future effects

(50:23):
for tariffs. I think the uncertainty in that world is
what caused so much of the the business minds to
ease off. And I don't know if that uncertainty doesn't
go away even if you give them access to freak
cheaper money. So if the FED lowers the rate, give
companies access to cheaper money, I don't know if that

(50:45):
uncertainty is still in play that they're like, well, let's spend,
let's open up some positions. Because I think the uncertainty,
more than anything is what's keeping it's the hesitation still
very much in play.

Speaker 4 (50:58):
I agree with that. Ifine, do you agree with that
and look at what's happening with the terrorifts in general,
I mean, the legality of the terrorists is what I mean.

Speaker 3 (51:06):
Now now they're kind of there are some legality aspects
that are really coming into right, well that you can't do.

Speaker 4 (51:11):
That, right. So, of the one hundred and seventy million,
one hundred and seventy billion that we've gotten in tariff
so far, that's the statistics I'm reading, and so far
this year we got one hundred and seventy billion. Two
thirds of that is in jeopardy right now because by
the federal judges, they had that eleven Bank judge group

(51:32):
seven to four ruled against two thirds of those type
of tariffs, saying that that's a function of Congress, not
the president. Now, one third is the function of the president.
They can keep that right, but two thirds, let's just
say it's evenly distributed. That's one hundred and twenty million,
one hundred and ten, one hundred and twenty million dollars,
a billion dollars that's got to be given back.

Speaker 2 (51:55):
Yeah, giving back to who?

Speaker 4 (51:56):
That's the interesting thing. I don't know the answer to that.
But this is really going to show who's paying the tariffs.
Where does it go back? Where does the money go
back to?

Speaker 2 (52:04):
I want to know it'll Actually I would be curious
play that out.

Speaker 4 (52:09):
Right.

Speaker 2 (52:09):
Let's say there's some sort of ruling and basically these
tariffs that have been paid by the importers to the
federal government, that money has to go back. There's only
one place that can go back to. It's got to
go back to whoever paid it, right, right, right? But
what do those importers do? Do they reimburse like was

(52:29):
it the paraff was it passed on? Was it the
people that they bought the products from? So these importers
who actually paid the tariff, it'll be interesting to see
what if they get a refund check they'll get it.
What is going to happen to that money? I would
get and yeah, right yeah, and then are their prices

(52:50):
going to go down? No? Not enough? Not to what
not to the pre twenty twenty five levels.

Speaker 3 (52:58):
I think you need to. I think you need to
get used to it these numbers because this is our.

Speaker 2 (53:05):
Like, uh, competition. Do I have to accept that as
the reality, Johnny?

Speaker 3 (53:09):
I think we do.

Speaker 2 (53:10):
I think we seriously.

Speaker 3 (53:11):
I think we do.

Speaker 2 (53:12):
That's the reality. We have to accept the tariffs. It
costs us money, and they're here to stay even if
they go away.

Speaker 3 (53:19):
Because we're consuming at almost the same rate. So we've
accepted the higher prices, right once. It's part of the acceptance.

Speaker 5 (53:27):
Yeah, but didn't I don't think most of those costs
were passed on to the consumer. From what I was reading,
the companies were it's absorbing the cost right, So I mean,
I don't think those it's some I have a we
haven't gotten used to paying higher prices yet.

Speaker 4 (53:45):
I have a friend that business, yeah, imports a lot
of like chotsky stuff, like little tiny like expensive jewelry
and stuff. And then Nick, yeah, Nick knacky thinks right,
and but he gets it all from India, China, stuff
like that. And I asked him, I said, that's where
the kids are the costs, Yeah, exactly are the costs

(54:08):
going up? And he goes yeah, And I go, are
you passing on? Are you passing it on to the consumer?
And he goes some of it, some of it were absorbing.
But you know they're not going to be able to
handle that. You can't just absorb it. It means you're
taking a loss of what you were making before the
tariffs were in effect now absorbing At.

Speaker 2 (54:27):
What happens if companies make less money. Do they add jobs?

Speaker 4 (54:30):
Yeah, right right?

Speaker 2 (54:31):
Do they like what do they spend? More like what
do they do?

Speaker 3 (54:35):
I found it. I found an interesting aspect there. And
I don't remember the term, but there's a there's like
a eight nine dollars limit. Anything under that like avoids.

Speaker 4 (54:45):
Oh that minimist thing, the Minimus thing, the Minimus eight
hundred dollars, it's eight hundred.

Speaker 3 (54:50):
But that's kind of being wiped away right now.

Speaker 4 (54:53):
So so they won't send stuff.

Speaker 3 (54:54):
A lot of the consumption from stuff like Etsy, these
these like these more boo tiki type things that they
come from overseas, and the the action that's being put
in place is actually requiring usps the deliverer, to then
be the tax collector to collect the tariff as this

(55:15):
stuff's coming in. And they're like, no, we're not, that's
not our job. We don't do that. So what they're
doing instead is just being like, cancel the order, cancel
the order, cancel the order, cancel the order. They're just like,
we're not going to deliver that. Find another way. We're
not gonna be there. We're not taking the tariff money,
we're not doing that. We deliver the product. But if

(55:37):
you're going to incorporate us. As far as the collection,
we're not doing so. Now there's just all kinds of stuff.
We'll see it's September. We'll see how Christmas gets up.

Speaker 4 (55:46):
It gonna be crazy. A couple other things I learned
about all this unemployment stuff and all this stuff that's
happening right now the jobs reports. Here's something interesting. In
order to have a net like that, say, if you
wanted to stay a four point three percent and not
go up in unemployment, you got to create fifty thousand
jobs a month, right, fifty thousand jobs a month is

(56:09):
what you need to create to have like a flat, yeah,
zero percent increase or decrease on your unemployment rate. I
thought that's interesting to know. So when you read those
monthly job reports, now we can at least have a
measurement where we need to be.

Speaker 2 (56:23):
Right, you're saying you have to have a fifty thousand.

Speaker 4 (56:26):
You have to have fifty thousand new jobs people hired.

Speaker 2 (56:30):
Because you're going to be fifty thousand go away.

Speaker 4 (56:32):
They're just saying that's the break even point.

Speaker 3 (56:35):
So what if fifty thousand breaks.

Speaker 4 (56:36):
Either, So if you had thirty like for example, in June,
in June, we had negative thirteen thousand people employed, negative creation, Right,
so that sixty three that would mean we're sixty three
thousand behind from being flat the fifty you need that
month plus the thirteen you lost, And.

Speaker 3 (56:55):
That doesn't totally equate to the unemployment number because that
only accounts for that are collecting unemployment, yes, right.

Speaker 4 (57:02):
Right, and there's something like nine million people that aren't
collecting or something, right, aren't.

Speaker 2 (57:07):
Yeah, but that number is always out of it, you
know what I mean?

Speaker 4 (57:10):
Like that, Well, here's here's another little factory that I
thought was interesting. So fifty thousand a month is what
we need for job creation on the unemployment side. Ten
thousand a month since January has been the federal government. Yeah,
so ten thousand a month is what we're losing from
the federal government. I think they felt like we lost

(57:31):
one hundred and seventy thousand total already, which I know
is more than ten thousand a month, is only in
the ninth month, but I feel.

Speaker 2 (57:38):
Like they've lost one hundred isn't the right word either. Yeah,
Like those jobs were taken eliminated, yeah, eliminated.

Speaker 4 (57:45):
Yeah, No, they were learned, right, they were layoffs. It
was as firing, layoffs, firings, whatever you want to call them. Right,
some of them were firings, right, but they were overall
layof a lot of those are still and they're still coming, right,
They're still coming now. You know during Clinton, we laid
off three hundred thousand people during Clinton president. So it
isn't like it isn't like, you know, it's evil dof

(58:06):
Darth Vader thing. It's just what happens. I don't necessarily
necessarily agree with the way it's happening. But they have
the right to do that and all that, and we've
done it before and Clinton had the strongest economy of everybody.
Hate to you know, some people hate to hear that,
but it's true.

Speaker 3 (58:22):
I only hate to hear it if you pick sides.
If you have like an.

Speaker 4 (58:25):
Interest in yeah, if you have a certain.

Speaker 3 (58:26):
If you actually care about the country, you're like great.

Speaker 2 (58:28):
Yeah, exactly, and you leave out the name and you
just say.

Speaker 6 (58:32):
Yeah, balanced budget, you know, and I or something like that.

Speaker 4 (58:39):
Yeah. And I'm not like that. I don't. I don't
treat politics like I don't have a jersey. Yeah, I don't.
I'm not wearing a hat on either side or anything.
You don't see me if you described it that way.

Speaker 2 (58:48):
And you're like, so, basically, you got a balance budget
and one of the big pieces was laying off a
big chunk of the you know, federal government workforce. And
you're like, which president did that?

Speaker 4 (58:58):
Like? Who?

Speaker 2 (58:59):
Who would know the answer to that question? Right, there's
one in recent memory. And then of course Clinton.

Speaker 4 (59:08):
And you know when Clinton had a very strong economy
and he did a lot of things that pissed off Democrats, Right,
he did some a lot of things that he didn't
didn't the Democrats did not like.

Speaker 3 (59:18):
Him and knew Gingridge worked very well together.

Speaker 4 (59:20):
And they hated each other, and they hated each other.
But it's kind of like O'Neill and Reagan. But they
got it. And that's what I want my country back
to again, you know, I just that's all I want,
is like, no, no side has all the answers. You
gotta collaborate, And it seems like the strongest you haven't
asked both sides. Then well, let's go ahead and take

(59:45):
a break. And on the flip side, we're going to
talk about something positive about the economy, right, mortgage rates.
Who would have thought that that's a positive side. But
we got some really good stuff to talk about that,
and I'm going to ask Mike a really good question.
Let me just leave off on this. I had somebody
call up. They were in trouble. They thought they were
in trouble the mortgage because they needed a new roof.

(01:00:06):
They couldn't get a helock, so they ended up getting
in a two oh three k loan, right. And the
person that did it, I called them after they had
already figured all this out because I thought they needed
to sell the house. Is They said, oh, yeah, I'm
not paying anything for that loan. I'm not paying any
costs for that loan. So we're going to talk about
that in a second, okay, Because I told them, oh,

(01:00:27):
yes you are, and they didn't know me very well,
and they were like, they know, they were very quiet.
I'm like, if you're a mortgage broker, told you you're
not paying anything for this mortgage. You need a new boy, right,
So we're going to talk about that.

Speaker 3 (01:00:42):
On the flip side, we got loss to get into.
Plenty of time remain and remember we get you for
two hours of infotainment Jimmy the Locker Room Live at eleven. Yes,
sure is yep.

Speaker 2 (01:00:51):
Two hours and then right in the Gator.

Speaker 3 (01:00:53):
Football taking on USF. Yes, USF looked really good against
Boise getting thing started. Should be a slobber knocker today.
Who's Florida State playing Ross?

Speaker 4 (01:01:05):
I don't know?

Speaker 3 (01:01:06):
All right, break they smashed I thought about.

Speaker 4 (01:01:11):
We had one guy who smashed Alabama. Florida State Castellanos.
Let's go.

Speaker 2 (01:01:15):
Have you ever heard of East Texas?

Speaker 4 (01:01:17):
A and M.

Speaker 2 (01:01:19):
No, that's who they're playing? Interesting, East Texas.

Speaker 3 (01:01:24):
You're making that up right, that's weird. I thought I've
heard of every school. It's a it's a girls school,
right Florida? Just a black shield?

Speaker 4 (01:01:40):
Huh huh? Yeah?

Speaker 3 (01:01:41):
What is? You got to look at their mascot?

Speaker 2 (01:01:43):
Please have to it's East Texas.

Speaker 4 (01:01:46):
Why would Texas have a shield?

Speaker 2 (01:01:48):
Us officially? Maybe you know this one? A and M
University commerce tam tam No. Wow, I learned something new
every day. Check its love right now? Yes, well, I
got a lot to look into here during this break.

Speaker 3 (01:02:07):
Remember Florida talkreal estate dot com you're once not real
estate shop No, we use it, love it, share it.
If you're buying a home, selling a home, stuck with
a home, you don't know what to do. If you
need a professional in the world of real estate, Florida
Talkrealestate dot Com is for you. Write it down. I'm
telling you can change labs. Your very own can be
changed with the pros pros. What you got you Lucky
the Lion, Lucky the Lion, the lion. You got to

(01:02:28):
hope he ate Lucky? Today, Rosy, we're back and forth
and it's Florida Talk real Estate right here Nreal Radio.

Speaker 1 (01:02:50):
This is Florida Talk Real Estate with Jim Depola and
Johnny c. Got a question for the show. Call us
live at one eight seven seven nine seven sixty nine.

Speaker 4 (01:03:00):
Yeah, that's it.

Speaker 3 (01:03:01):
Eighty seven seven nine two seven six nine six nine.
That's toll free. I'll put dial in right now and
see if that thing rings. All right, I'm just gonna
give it the old are let's try here. Yeah, yeah,
because I'm staring right at it so I can see
if it has.

Speaker 2 (01:03:15):
Like, why isn't the phone ring? It must the lines
are down.

Speaker 3 (01:03:18):
Well, I can only assume because I mean, there's been
plenty of entry for conversation. Oh and maybe they just
like to sit back and be entertained. And that's always possible.

Speaker 2 (01:03:26):
We've got a very discerning audience. They like to hold listen.
Oh yeah, I hear something.

Speaker 3 (01:03:33):
Hello, all right, put your on air.

Speaker 4 (01:03:39):
Thanks, thanks dude, even screen me.

Speaker 3 (01:03:41):
No, what do you want to talk about? Nothing? Just
straight on the air. Let it rip. Jimithy is our
producer extortin air. I'm Johnny C your old buddy, your
old pal, Mike Rouse. Here he's the mortgage guy from
the mortgage firm. Friend.

Speaker 2 (01:03:53):
Hello, good morning.

Speaker 3 (01:03:54):
Ross Comer nets is right across the room from him. There,
it's uh Ross Commerane's with bright Way Insurance. Jude.

Speaker 2 (01:03:59):
No, I can't even see him through all of our stuff.
I know, we're so much setup and that's why we
have to being blinded by this light. Usually I'm blinded
by Ross's light. You know, he's got that glow that
comes off of him. Set down in general and right, Yeah, Hi, Ross,
Hey over there? How's it going there? He is to
see half.

Speaker 3 (01:04:18):
Of you mostly at least. Well. You can see each
other on the stream and you can check out too
Florida Talk Real Estate on Facebook on YouTube live stream
every Saturday. You can see him. Yes, they are having
some tough sight lines on each other and here in
the studio though. Yeah, but we can all see Jimmy Dee.
He's right there. It's our fairlest leader. Thirteen plus years now.
I've told you he runs a top producing Keller Williams team,

(01:04:40):
the Florida Home Pros Team, Keller Williams innovationpol It Jim
d How you.

Speaker 4 (01:04:44):
Be, Hey, guys, Happy South Florida, Happy Saturday. It was
nice drive down here today.

Speaker 2 (01:04:50):
And weatherwise you good morning and.

Speaker 4 (01:04:54):
A really beautiful morning. I love the clouds and everything
went down here. I wanted to get into some good
news after last segment talking about higher higher unemployment and
people and yeah and all that kind of stuff. Let's
talk about some of the good things. We just hit
our low for the year for interest rates six point

(01:05:16):
five mortgage rates, Mike.

Speaker 2 (01:05:19):
Now here's a headline, mortgage rates tumble.

Speaker 4 (01:05:24):
And you know what do you think? We were out
it in January? Mike. Mike might know this, but what
do you think I didn't even know.

Speaker 2 (01:05:30):
Which January this year?

Speaker 4 (01:05:31):
Yeah, January this year, January nineteen sixty three. Seventh. Huh,
Nick seven seven? What do you think? What do you think? Ross?
Six eight? We think six ye six nine one? Yeah,
so six nine one we're six point five. So Mike,
if if if you were buying a six nine to
one or six point five, and let's say that was

(01:05:54):
your true rate, not not with you know, with private
mortgage insurance and things like that, same loan, point yeah,
same exact everything, just point four to one difference for
most people that you work with, could the majority of them,
not the ones that are like skin of their teeth
trying to get through. But unless most of the people

(01:06:15):
are skinned of their teeth get through, is there that
much of a difference in your mortgage payment with a
point for to one different increase?

Speaker 2 (01:06:25):
Probably not enough to uh like you could figure out
a way to make it work on the same house,
but it definitely you know, so, I mean, I'd love
to bring up some numbers, just like, what's a half
a point difference on the same loan.

Speaker 4 (01:06:38):
They will do it next week or something. I can
do it, but if you can, but yeah.

Speaker 2 (01:06:42):
Yeah, I mean something would have to give, right, So
all things being equal, let's just say same house, same price,
same loan amount, seven percent versus six and a half percent.
Obviously six and a half is lower. And if you're
at your very limit and you got the higher rate,
Like something has to give, So maybe probably insurance is
like that. You'd have to get injury your insurance, you know,
forty dollars lower a month or something like that to

(01:07:04):
make it work. So yeah, it could make a difference,
and it definitely is important. Is it critical? Is it
like deal killing that half a point? But who's really
in that scenario.

Speaker 4 (01:07:14):
Forty dollars a month? Tell me if I'm wrong? Is not?
It's like it's like five thous for most people, it's
like five thousand or seven thousand on the price, right, Yeah. Yeah,
so if you got five thousand off, you make your forty.
If you go to the cellar and you knock off
five thousand on the price, you're back to the same.

Speaker 2 (01:07:33):
Yeah, it's not world changing.

Speaker 4 (01:07:34):
Right hey, And that's the point I'm trying to make
the difference between.

Speaker 3 (01:07:38):
Five percent of your buying power though, is it?

Speaker 4 (01:07:39):
It is? It's that part? Is that's true, Johnny?

Speaker 2 (01:07:42):
It depends on how you want to to look at it, right, So, yeah,
you could buy your home you have in order to
get the exact same payment, you got to buy it
at five percent less right to your loan amounts, like
five percent less than apples to apples, But it's kind
of a it's interesting to talk about, but who is
in the zone where rates moved half a percent during

(01:08:07):
the time that you're able to you know, close where
you're shopping by getting into contract and having it.

Speaker 4 (01:08:12):
There have been two times so I remember in our
career that we had I had movement, and we had
that kind of movement. Yeah, where you're working with one buyer,
you got to buy them the house and the mortgage
rates going up, up, up up as we're looking. We've
had a couple of times where that's pretty Harry's stuff
when you're the buyer.

Speaker 2 (01:08:30):
But this is one of those, like Johnny's is a
good example of uh, he is has done what we
recommend someone do, which is you're a potential buyer. You
don't have to do it any particular time, but you
want to keep your finger on the pulse of the
market and one of the tools so you're you know,
he's looking at homes that ping for him based on

(01:08:50):
search criteria, but he's also able to analyze numbers and
he's doing it over a length of time where we
really kind of have to adjust his numbers from time
to time to make sure, he's looking at a correct
interest rate, right, So I don't have like the system
set up where it's like tracking Freddy's report. Maybe I
could do something like that, right, but everyone's situation is
a little bit unique. How much downpayment, what's the credit score?

(01:09:14):
You know, those things like a snowflake. Yeah, but you
have to you know, so yet you Johnny is over
a length of time looking at things where you have
to keep that adjusted because he wants accurate numbers, because
accurate information is part of his decision making process.

Speaker 4 (01:09:27):
Right.

Speaker 2 (01:09:27):
So that's the person who kind of like this movement
from January of this year to now, well, he's been
looking since January of this year, he's been looking longer
than that, right, And some people are like that. But
if you're the person who's actively shopping, like i'll call
it like boots on the ground house hunting, we're not
seeing half a point increase right now? You know, in

(01:09:50):
a week like this was big news and we went down.

Speaker 4 (01:09:55):
Nine months, it took us nine months to get down
point four.

Speaker 2 (01:09:58):
No, but it was point zero six downward movement, oh right,
this week this week and we went from you know,
six point seven two mid July let's just say this,
so end of July six point seven, six point seven two,
and now we're at six point five.

Speaker 4 (01:10:17):
So that's like a quarter point quarter point in.

Speaker 2 (01:10:20):
A month and a half, which we haven't seen this
year really, right, right, we haven't seen it. But so
it's something you got to keep it in track of
or keep keeping track of, especially if you're actively shopping,
if you're pushing your limit on what you qualify for
and you're out there shopping with the generic preapproval letter
that doesn't take into account this type of small rate

(01:10:42):
movement doesn't take into account. That's usually not the big problem.
The big problem is you know, you're not approved for
five hundred thousand. You're approved for some payment, but then
you're estimating up to a purchase price of five hundred thousand.
But you could buy how home A at fi point
fifteen and home B you can only buy a four
to seventy five, right, Like the that's so it's and.

Speaker 3 (01:11:03):
People are like, why, well, the taxes are different on
that one, the insurance is different on that one.

Speaker 4 (01:11:07):
Like there's other variables, right, yeah. Yeah. One of the
things I also want to talk about the mortage rate.
So the six point five, the six point I want
to talk about this if I want to wrap with
this part. The six point five is the lowest part
of the year. If you were thinking about buying this
year and you're waiting for the interest rates to drop, okay,
or you're waiting for the FED to cut the rate,
driving me crazy, it's already cut guys. When the FED

(01:11:30):
comes out on September seventeenth or whatever, they cut the rate,
does anybody here believe that it's going to drop the
interest rate? I don't so.

Speaker 2 (01:11:39):
I mean, just look at this.

Speaker 4 (01:11:40):
I think it's been baked in.

Speaker 2 (01:11:42):
I think like this is the perfect example where the
mortgage rates are not tied to the FED rate, although
they're in this case predictive of what the Fed's going
to do. The jobs report comes out, it's got some issues,
issues like in the wrong way, right. It's not like
overly optimistic, No, it's opposite of that.

Speaker 4 (01:12:04):
Yep.

Speaker 2 (01:12:05):
The bond yield goes down because of that, and mortgage
rates follow the bond. That's what happened this week, guys.
Bond the ten year treasury yield goes down. Mortgage rates
are pretty much pegged to that, and they go down.

Speaker 4 (01:12:21):
And we saw that last year.

Speaker 3 (01:12:24):
That's axterior mechanism though, right, Yeah, that's.

Speaker 4 (01:12:26):
A direct it's almost direct. It's almost direct, right, I
I read that. It isn't exactly direct, but it's close.
It's it's the closest.

Speaker 2 (01:12:33):
It's pretty much is Yeah, I mean, I don't know
what else is the motile driver of the yield on Remember,
like it's kind of you get into the minutia here,
but mortgages are an instrument that pays a fixed percent.
Like that's why they're really attractive, Like you're going to
get on this investment, this will pay this tranche of
mortgages will pay this much money, four and a half

(01:12:57):
percent whatever the note you know, whatever it is for
the next thirty years if you hold the paper that long, right, right,
So it's pegged to like the daily rate whatever they're
offering for the mortgages that are packaged up or basically
just tied pretty much directly to that ten year Treasury
and that determines the yield on those because it's similar

(01:13:21):
to the Treasury's ten year guarantee.

Speaker 4 (01:13:24):
Right, So all the people waiting for the interest rates
to drop, they've already dropped, guys. Okay, we've already seen it.
You're so behind the times if that's what you're waiting
for for the FED, and you're going to read all
these headlines about how the FED is going to cut
the rate and how it's going to affect the mortgage rates,
and the mortgage rates are being infected right now in
a positive manner for boyers, and you're not well. You

(01:13:46):
are seeing all time record lows, not all time, but
it's only a record low for this year. Guys.

Speaker 2 (01:13:52):
Right, we've had all time twenty twenty five record lows.

Speaker 4 (01:13:55):
Yeah, all time twenty twenty five, but twenty twenty four
we're at six point oh two, okay, or six point
oh eight, right, we were at one point.

Speaker 2 (01:14:03):
And also just leading up to this, the low prior
to that was six point six to two right in April. Right,
I forget what happened in April where it jumped up
from that. This was another one hoping for the FED
to lower rates, and then the Fed didn't didn't and
then basically they're like, well, okay, that's that's not good,

(01:14:28):
So mortgage rates bounce back up.

Speaker 3 (01:14:30):
So I don't have a little bit. I know you
don't like to play a ton of the speculation game.
But let's say the FED gets a little bit over
aggressive here in a couple of weeks and they do
a half percent, right, they get they get pretty aggressive.
Do you think there's a chance could bless you? Do
you think it's a chance the mortgage industry reacts reacts negatively?

Speaker 4 (01:14:52):
That's what happened last year.

Speaker 3 (01:14:53):
Yeah, and now now you're six point five turns into
six point seven five or six point eight because they.

Speaker 4 (01:14:59):
Didn't like more like three cours of a point that's
said last time, right.

Speaker 3 (01:15:04):
Because they like the aggressive nature of what the FED
is doing. Maybe they're baking in assuming a quarter point change.
There's some This is pure speculation. Yeah.

Speaker 2 (01:15:13):
I don't think the mortgage industry drives that decision making.
But what they can do is they can react to
how much mortgage business is written, and they can turn
that faucet down a little bit, meaning you want volume

(01:15:33):
to go down for whatever reason, you know, whatever's driving that.
You can say, okay, we need to write less mortgages
as an industry in general. And so they can kind
of i'll say collude, but everyone gets together and they're like, listen,
rates have to be at these artificially higher levels because
we need to keep our volume in check, or certain
lenders can just price themselves out of active business.

Speaker 4 (01:15:53):
I almost feel like what they want to do is
they want the best qualified buyers and rather write loans
for them and not taken anything that might be considered
a little more risky because they don't feel the future
the economy is going to be that strong. Yeah, they
only want like the best spot. Am I wrong about that?
Like they're looking for the.

Speaker 2 (01:16:10):
Best spot certainly, especially people who are servicing loans, but
they have you know a lot of the national banks
will have a servicing platform or they actually retain the
loans and they service the loans long term. They want
performing loans right, Like they don't want to be dealing
with with foreclosure type stuff defaults, defaults on mortgage rates.

(01:16:30):
So I mean it's possible that if the Fed gets
a little bit, like if they start making the global
economists nervous, you'll see I think you'll see some sort
of tightening up on little shrinks. What's happening, Yeah, what's
happenings like this? It's they're trying to drive mortgage business

(01:16:54):
and I could have the opposite effect.

Speaker 4 (01:16:57):
So so for this year, guys, this is the gravy days,
for the salad days for US buyers for the whole yeah,
gravy but yeah, so so yeah, so this really, this

(01:17:17):
is really the best. This is really the best time
for buyers and the whole year, for the whole year,
we have the lowest interest rate recorded for this year. Right,
Our sales are slow. It isn't like you're you know,
you're competing with five other people for the same house usually, right.
Insurance has gotten under control a little bit better, right,

(01:17:38):
and the future for that looks better, right. It doesn't
look like it's we're solving things on that level. So
there's a lot of really positive stuff going on, and
I just don't feel like there the amount of buyers
out there is not reflective of how good the market
is and how good on unemployment is. Our unemployment is
so good right now, and we don't have people out

(01:17:59):
there saying it's time for me to, you know, to
buy my home.

Speaker 2 (01:18:02):
There's some if I'm thinking about, like if I were
in the market, if I were a buyer right now.
The one thing like it's it's nice to have some
relief on interest rates, but that's not really where your
belief has coming now and for the certainly through the
end of the year, it's gonna be like inventory is
where it's at. Inventory is.

Speaker 4 (01:18:22):
It's motivating.

Speaker 2 (01:18:24):
Yeah, that you got motive. I like that too, motivated sellers.
But basically it's just sellers who are on the market
and their homes are sitting for longer, and as a buyer,
you have more opportunity to get a deal that you want,
Like if you're into negotiating, like, now's the time where
you're gonna be able to negotiate and come out of
it feeling good, right, Like feeling like you got a
lot of what you needed. Mike, Mike d we talked

(01:18:45):
about earlier, is a very good example of the mid five, right, Yeah,
I see it a lot across the board where people
are able to get whatever it is that you need.
You're able to get some of it from the seller.

Speaker 4 (01:18:59):
You got from the set of roof termites, septic system
discounts to buy down as mortgage rate to like mid fives.
I mean, the seller was so motivated and you can't
do that, and you know when the buyers all start
coming back and you're trying to elbow them out you're
never going to get deals like that.

Speaker 3 (01:19:17):
Well, you know, you're a negotiator, but you got to
have a lot of give on the other side to
be able to succeed like that.

Speaker 4 (01:19:22):
You know, yeah, you do. And sometimes you get turned down.
Sometimes you turn in the offer. It happened to me
a couple of times recently. But I got my buyers something.

Speaker 2 (01:19:31):
When you get turned down is because the seller's got
something better, or they're like they're willing to wait for
something better and they're hopeful that something better comes along.
So sellers who have been like actively on the market,
they're not getting the eyeballs on the home that they want.
People aren't making offers. They start to say, okay, well
what's it going to take to get my home sold?

(01:19:51):
And then if you come in with the attractive offer,
you can still get stuff. So when I say you
get what you need directly of themselves, it's not always cash.
Sometimes it's just it's a price right. Sometimes it's repair promises,
you know, things things are repaired. Sometimes it's just cash available.
So you just you're able to put it together in

(01:20:12):
a way where even rates aren't ideal, Like the rate
question can be pushed down the road.

Speaker 4 (01:20:20):
Right.

Speaker 2 (01:20:20):
The ownership question is kind of like the first and foremost,
like can you get into owning a home and then
you can take advantage of whatever rate you know, and
I talk about refinances. You know, I'm not saying guaranteed
refinance rates in the future. There may be reasons you
can't refinance.

Speaker 4 (01:20:35):
Everybody's saying that the magic number, all the economists or
the surveys and all the news they're saying the magic
number now is six percent. Right, so we're half of
supposedly six percent. Is when buyers in surveys are saying,
I'll get back in the market at six percent. Right, Well,
if we get to six percent and all those buyers,
let's just say that what they say is actually going

(01:20:56):
to happen. Right, You're going to be competing as a
bar with all those other people that want to buy
it at the same time. And right now, almost everybody I
deal with, they can get one point off their mortgage
rate just by going to the cellar and saying, give
me two points or three points off the you know,

(01:21:16):
a three percent drop on the purchase price and give
me that money so I could buy down my rate.
And you're in the mid fives, yep, and mid fives
is awesome, right, And that's a thirty year fix. That
isn't some kind of crazy loan. It's just like your
regular loan. But you're getting buying down the interest rate.
And I'm telling you when when everybody wakes up and
the interest rates do start coming down, you're not going

(01:21:37):
to get those deals anymore. The cubs are like, I
got five other buyers, Why am I going to give
you that? Yeah? Right, So don't don't fall into that trap.

Speaker 2 (01:21:44):
Well, there may be a you might be able to
be on the leading edge of that dynamic. Right if
you're like what Johnny has done, like what we have
many shoppers who have done this set themselves up, you
could be on the leading edge of when the rates
come down a little bit and the pressure is still
on sellers like you might be in that front pack.

Speaker 4 (01:22:06):
Yeah, you could write.

Speaker 2 (01:22:07):
But if you haven't, even if all you're doing is
talking about waiting for rates to come down, you haven't
had anybody look at your credit. You haven't had any
mortgage professional really give you an in depth analysis to
see where you stand. By the time you get started
with that, you're gonna have missed that little leading Edge,
leading pack group and whatever. That's not the end of
the world either for me. I'm just like pointing out,

(01:22:29):
if your mentality is I got to wait for rates
to come down, it's the wrong mentality. And we talk
about it a lot of the.

Speaker 4 (01:22:34):
Time, right because it's true. It isn't that we're selling.
We're not hard selling. It's true. It's just this is
we're giving you real stuff, not sales stuff. We're telling
you what's happening in the market. Here's what I wanted
to I talked about this briefly last week, Mike, but
I wanted to have you here to talk about in
more detail. I read like four articles last week where

(01:22:55):
people were complaining that the articles were about people. Remember
when they said, you marry the house, but you date
the rate. Yeah, right right, so by the house and
then refile later. There were like four or five articles,
four articles I think I read different news groups, all
saying that all the people that did that are complaining

(01:23:18):
that the interest rates haven't dropped chet yea and they
can't REFI yeah, and they're really struggling. And I was like,
that isn't what we meant by marry the house, date
the rate date, the date, the rate right. So what
I mean by that is there were a lot of

(01:23:38):
relters and mortgage brokers saying that, and they didn't really
care if you could afford the long term mortgage that
you were getting. They were saying, oh, just do this
and you'll refile later. And they all made it sound
like the REFI was going to be around the corner, right.

Speaker 2 (01:23:50):
Like pushing the you know the three two, the three
two one, and the two to one by downs. With
that very kind of like mindset.

Speaker 4 (01:23:58):
It still would have been okay right now though, right,
I think those wouldn't have been bad at this point.

Speaker 2 (01:24:03):
Well, I'm for my anytime I've done the analysis taking
the money that is available to do that three two
one by, that has always been you're much better off
doing a permanent buydown. So you see that, Yeah, without
going into the minutia that like if you if that
money's on the table for me, it's like, just take
your points, buy down the rate permanently, thirty year buy down,

(01:24:24):
not a three you know, first year, second year, third
year thing. But the pitch at the time was, yeah,
do this two to one by down and then later
this year or next year when the when the rates
come down, you refinance. It's like, well, wait a second,
are you saying next year the year after that rates
are coming down.

Speaker 4 (01:24:43):
Yeah, it's just guaranteed.

Speaker 2 (01:24:44):
Or look at rates can't hold like this for and
you would get that as the pitch, which and you
get that same thing like marry the home or what
does it marry the house state? Sometimes that means coming
out of the wrong, you know, the whoever saying it,
they mean, don't wait, let's say your loan now, Like
why wait, there's no reason to wait, which is the

(01:25:06):
opposite if I say something like that, I'm saying, if
you could get your configuration to work right now, there
may be an opportunity for you to switch it up
in the future, maybe right maybe when the timing is right.
Don't count on it, but if it's there and when
you reach a certain preshold.

Speaker 4 (01:25:27):
But our message was even deeper than that. We were saying,
you don't marry the house, date the rate. But what
we were also saying, you have to afford the mortgage
that you're getting right now. And that's the one thing
that we did.

Speaker 2 (01:25:40):
Well.

Speaker 4 (01:25:40):
I know you say, of course, Mike, but that wasn't
like you just said that wasn't the message out there.
They gave you half the message. We were giving you
the whole message. And the whole message is, yeah, the
interest rates are higher right now than they then then
in the past couple of years. If they do go down,
you could always refi. But don't not buy the house.

(01:26:01):
You don't as long as you could afford the house now.
Don't not buy the house you want to buy because
you're waiting for the interest rate to go down. If
you really want to buy a house, but make sure
you could afford that mortgage payment. And then when interest
rates get better, then yes, go ahead and read find
make the deal even better for you.

Speaker 2 (01:26:18):
Are you going to be able to pay this for
the next couple of years, just knowing you're going to
get some relief in the future, right, And it's like, well.

Speaker 4 (01:26:24):
No, don't know, don't do that, right. We were never
like that. We're like, you have to afford the mortgage payment.
You have to afford the mortgage payment now, and you
got to be able to continue that mortgage payment, not
just get into the.

Speaker 2 (01:26:35):
Mortgage thinking about things like property taxes next year.

Speaker 4 (01:26:39):
Well after and look at what we did Johnny recently
looked at the house, and he really was looking at
it hard. And what killed him was the insurance. It
was astronomical compared to what his budget was, and that
just killed his mortgage payment.

Speaker 2 (01:26:54):
And with no long term's going to get it better.

Speaker 4 (01:26:59):
Wait, it wasn't going to get a lot better. Yeah.
So the thing is is he's looking at everything in
order to make the decisions he needs for his family,
and he's looking at all of it, and it just
really bums me out when I read that stuff. And
the first thing I thought was, these people are complaining
about nothing, because why would they really think that, you know,

(01:27:20):
why would they really think that it was guaranteed that
the interest rates would be going down by now?

Speaker 2 (01:27:25):
It sounds good, I guess.

Speaker 4 (01:27:27):
And then I start thinking, because they listen to all
these professionals that were telling them that, But how can
you how could you say that it's guaranteed the rates
are going to go.

Speaker 2 (01:27:36):
Down when it comes time to right when it comes time.
And I'm talking to people who bought end of twenty
twenty three, like when we were approaching eight percent, like
people are worth seven and a half, and this is
now the moment where they're saying, well, hey said, we
got like a hundred a percent or percent and a
half better, you know on the interest rates from one

(01:28:00):
we bought. Is are we now a refinance candidate? And
it's probably the time to start looking at that. But
there's a couple of things that need to have aligned.
Equity position in your home is one thing that.

Speaker 3 (01:28:15):
You give me a time sign was letting you know
I got a question.

Speaker 2 (01:28:18):
He was like one too. I'm like, wait a second,
is that four minutes?

Speaker 4 (01:28:21):
You don't worry about that?

Speaker 2 (01:28:24):
So, you know, equity position in your home is something
you have to consider when it comes to refinance. So
if you did like an FHA low down payment, maybe
you did down payment assistance, like these things need to
be considered, and it has your home increased in value
sufficiently so that one of the big benefits of refinances
traditionally is, hey, let me get rid of mortgage insurance. Well,

(01:28:46):
if you started, you know, a year and a half ago,
how much have home values increased in that year and
a half the.

Speaker 4 (01:28:52):
Last year and a half, Yeah, maybe one percent, maybe
a little bit, and maybe even it's flat. It could
be a little little bit negative or a little bit positive. Yeh.

Speaker 2 (01:29:01):
So if you started out first time home buyer, low
down payment, maybe even down payment. Assistant's like, yeah, your
rate's a little bit better, but you don't have the
equity position built up to be able to absorb the
costs of the refinance. And maybe this goes into the
question you ask me the guy doing the streamline with
the no cost or whatever, But refinances do cost money.

(01:29:23):
Usually you're not coming out of pocket for it, right,
You're able to roll that into new loan. But you're like,
your loan is going from three hundred thousand to three
hundred and eight thousand, right, Like you're increasing the amount
of principle on your loan. You have to take that
into account as it relates to the equity position, Like
you can only do a loan in a certain percentage
of the value of your home.

Speaker 4 (01:29:43):
So let's let's get into that. That's a quick question.
So I'm sorry, two variables.

Speaker 3 (01:29:48):
Right, it's a certain threshold and correct me if I'm wrong,
a certain threshold to your equity position to just change
your rate, and then it's a different threshold for equity
to take cash. Right, Yes, I'm accurate. Okay, let's let's
play this game where there's equity position looks good, they
can at least do the rate change. And you talked

(01:30:09):
about you're doing this without money out of pocket, right,
so this is all all your costs are going to
be rolled into your loan. Can you buy down? Can
you refine and then buy down your rate use an
equity difference in your home?

Speaker 4 (01:30:25):
Yes?

Speaker 3 (01:30:27):
So when you're doing that, does that put you on
your the equity positioning that you need to do a
cash out?

Speaker 2 (01:30:38):
So if you're increasing your costs right, So this is
all about like when you do a cash out refinance,
you have to be no more than eighty percent eight
loan value right right, So the value of your home
is not going to change in this scenario, but your
loan amount is changing. So if you roll in, let's say,
whatever you want to buy down a full interest point,

(01:31:00):
you want to go from six to five, right or if.

Speaker 3 (01:31:02):
You're refined right now, you refight a six five from
wherever you're at, and if you buy a full point
you're going five five right right right?

Speaker 2 (01:31:09):
So from like a payment perspective, it's good, but it
costs whatever it costs to do that, you're going to
roll that in. So what is the l in the
loan to value configuration, you need you need to be
below eighty So within that constraint, you can go up
to eighty percent of the value of your home.

Speaker 3 (01:31:26):
But it's doable.

Speaker 2 (01:31:27):
It is the question, and it's like, should you do that? Well, yeah,
can I get a lower interest rate?

Speaker 3 (01:31:32):
Yes, well there's a break even, right.

Speaker 2 (01:31:33):
It costs money. It's very simple to do this basic analysis,
which is, hey, Johnny, give me ten thousand dollars today,
I'm going to pay you back one hundred dollars a month. Well,
that's one hundred months, right, So as long as you
have this loan for one hundred months or longer, that
was a good call because for the first hundred months

(01:31:56):
you're in the red on that decision. Then you break even,
then you go into the black. So yeah, one hundred
month past twenty four months, right, that's twenty four month
break even sixty Johnny, give me ten thousand dollars today,
and I'm gonna pay you back five hundred dollars a
month for the life of the loan.

Speaker 3 (01:32:16):
Right.

Speaker 2 (01:32:16):
So to do the math on that, maybe I should
have done twelve thousand, right, sixty months. You know, you
want like something like a I would like a two
to three year break. Even if I'm considering paying money
simply to lower my payment right by buying down the
interest rate, it's it's a full thirty year commit you
know you're buying it now for the full thirty years.
It does cost money.

Speaker 4 (01:32:35):
I just want to reinforce what Mike's saying about this.
The reason why he's saying two to three years is
you don't know what happens, because life happens. So if
you have a five year like Johnny says, five years,
in my opinion, unless you like bought the house last year,
you know you're going to live there. Unless not the
really bad appics he'll live there forever, five years would
be relatively safe.

Speaker 3 (01:32:55):
I think is on average most people stay in their
home seven to eight years. I think if you tacked
up to like ten or eleven, maybe twelve now.

Speaker 4 (01:33:01):
Yeah, it used to be five to seven, and now
it's more like somewhere between seven and eleven. It's it's
changed a little bit.

Speaker 2 (01:33:08):
At some point it was fifty years, right, Like, how
far back do you have to go?

Speaker 4 (01:33:12):
Where people bought the home on the home for the
rest of their life.

Speaker 3 (01:33:15):
Their kids grew up in it and then their grand
kids grow up.

Speaker 4 (01:33:17):
Yeah yeah, yeah. But so the reason why Mike is
saying two to three years is because of that thing
I just mentioned. You don't know what's going to bring
in life, and you don't want to be caught. Like
if you have a five year thing and you REFI
and eighteen months later or two years later, you're selling
and you kind of knew you were going to do that,
you didn't love the house, or you were trying to

(01:33:38):
get a new job eventually in Tennessee or something, You're
probably not going to want to do that REFI.

Speaker 2 (01:33:43):
But if you, like, if you're really secure and you're like,
you know, like I'm not going anywhere. I'm staying at
my home and not going anywhere. So ear break even,
I love it because at the remaining twenty seven years,
I'm in the black on that decision, right.

Speaker 3 (01:33:56):
I mean, this is an analysis that you're going to
do regardless of your REFI play, and Mike's always going
to ask, what are you trying to do? You're trying
to get a lower payment, You're trying to pay like,
there's different reasons people do this, and Mike's going to
give you the analysis and give you his opinion and
give you that break even number, and it's always going
to be a math game. But I find it interesting
that we can REFI and use the equity positioning.

Speaker 2 (01:34:19):
To buy down the rate.

Speaker 3 (01:34:21):
That's very fascinating a pro.

Speaker 4 (01:34:23):
You know, Johnny, there is a lot of people out
there that have a ton of equity in their house
and they can get a huge interest rate drop on
their mortgage if they want to keep the house and
relatively low cost compared to the equity. Something like when.

Speaker 3 (01:34:36):
I start to wonder, you know why I started thinking
about it. I started to think about the sellers that
are just they're motivated, but not like super motivated, but
they were like, but if they could look into a
REFI where they're lowering their rate, would that keep them
in their home? Would they not be on the market?

Speaker 4 (01:34:54):
Right?

Speaker 3 (01:34:54):
You know maybe I don't.

Speaker 2 (01:34:55):
I don't know, so let me I don't know about
that either. How many sellers are selling because they.

Speaker 4 (01:35:00):
Have to and then just get the interest rate, like yeah,
keep it in there?

Speaker 2 (01:35:05):
Selling because it is just monthly too expensive? So they
like one solution, like with Johnny saying, well, could you
get a lower rate that gets you into monthly payment
that is more acceptable. I don't know how many people
are actually I.

Speaker 3 (01:35:20):
Don't know either.

Speaker 4 (01:35:21):
I want to talk about the woman that the streamlined,
I mean two of three K. So what happened was
is they went to put a roof on their house
and they had a problem with the contractor or something
something like that happened. I can't remember the whole story.
And then what it ended up happening was is she
wanted to do a REFI and for whatever reason she

(01:35:44):
couldn't do that.

Speaker 2 (01:35:45):
She wanted to he lock to do the to do
the roof, which is you know, it's a good thing.

Speaker 4 (01:35:49):
Would be a smart way to do. The home equity
line of credit.

Speaker 2 (01:35:52):
Probably home equity loan for me would be better there
because it's probably a fixed rate, you know, and you're
taking all the money at once. Line of credit is
involve cuick.

Speaker 4 (01:36:02):
So when I was having the conversation with her, she goes,
I'm going to do it two A three K and
we're going to put the roof on. I already got
the roofer and know the costs everything, yep. And I
said okay. And so then she said to me, and
the best part about it is I'm not paying anything,
And I said, well, you're not paying anything out of
your pocket. And then she said to me, no, I'm not.

(01:36:24):
My mortgage broker says I'm not paying anything. And I go,
I really don't think your mortgage broker, if they're ethical,
actually said that to you. You might have heard it
that way. But what he's going to do is he's
going to roll the costs into your loan so that
you don't have to pull any money out of your pocket.
It's still costing you. Basically, what you're doing is you're
financing the closing costs because it's going to be rolled

(01:36:45):
into the loan. Yep, am I right? So far about everything?
I said, you are okay? So then she said she
got real quiet, right because she I blew her mind right.
And I wasn't trying to. I'm just saying, hey, look,
I'm not trying to sway you. You have them mortgage broker,
You're not gonna.

Speaker 5 (01:37:02):
He's just like a really good dude and he's doing
it for free.

Speaker 2 (01:37:05):
Well, I'm going to pay the doc stamps out.

Speaker 4 (01:37:07):
Of his Well, actually, I said to her, there is.

Speaker 2 (01:37:12):
We had a there was a sponsor on this radio
station for years who talked about a zero cost.

Speaker 4 (01:37:20):
Right, that it didn't cost you any And you know,
a couple of those customers, I've had some of them
be my clients later after you had refed and then
sold and they went with that company. They swear they
didn't pay any money.

Speaker 2 (01:37:33):
Okay, yeah, I mean I've seen loan estimates where there
was no origination costs and maybe a credit a lender
credit to cover the other costs.

Speaker 4 (01:37:46):
They move the money around like they know.

Speaker 2 (01:37:48):
You just you have a higher interest rate than you should, right,
you pay as simple as that. Right, the same way
you could pay points to buy down an interest rate.
You can receive money Johnny, maybe this is a tech
think we should talk about. You can receive money back
by taking a higher interest rate.

Speaker 3 (01:38:05):
Right.

Speaker 2 (01:38:06):
So let's say you were super super tight on cash,
no other way you need an extra three grand to close. Okay,
We'll take a rate that's you know, eighth of a
point higher than it should be, and that's got money
coming back to you.

Speaker 3 (01:38:19):
I'll spend sixty bucks more a month on my obligation.

Speaker 4 (01:38:22):
Right, I just don't got my thyeat.

Speaker 2 (01:38:27):
And this was like, I don't. I would rarely ever
do that, and I'll probably try to talk to somebody
out of doing that.

Speaker 4 (01:38:34):
I would think you would.

Speaker 2 (01:38:34):
But when rates were in the threes and fours like that,
wasn't a terrible right like thing you know to consider, Right, Hey,
I'm three grand short, Well I'll just take four point
two five instead of four point one two five and
maybe that's my three grand right?

Speaker 4 (01:38:50):
Well?

Speaker 3 (01:38:50):
Doing that? So I know, uh, not all abount payment
assistance is created equally. Not everybody that uses it is
created equally. And sometimes you're putting yourself in a really
precarious situation because you you're taking too big of.

Speaker 4 (01:39:02):
An a buy to the apple. You know.

Speaker 3 (01:39:04):
Uh, that feels to me like an absolute lash resort
type situation. Yeah, there's reeks of desperation.

Speaker 2 (01:39:11):
Yeah, but when the when the rates were lower, wasn't
that that bad? You know, it wasn't It was more palatable,
I would say. But here's the thing, so I can't
like police, and nobody police has how how these things
are presented to potential consumer, you know, potential refight candidates,
Like how are they pitched? How are they sold? If

(01:39:31):
you're getting called, if you're getting a mailer, if you're
getting some sort of advertisement and you pick up that
phone to make that call. You're almost guaranteed to get
into a situation they're going to push you really hard
to do the deal right, like, oh, sign the app,
no commitment, get the application, pull credit, like they're really
not going to consult you about is this really going

(01:39:54):
to make sense. It's just kind of like, Oh, we
have this to offer, let's go ahead and do it now.
The fact that somebody has talk to her about a
way of solving her problem that you can't solve otherwise. Right,
So she's she needs a roof, she's not able to do,
can't get qualified for whatever reason for home equity. Okay,
well here's a loan that might work for you. It's faha, right,

(01:40:17):
that's an interesting one to refinance into FHA. You have
mortgage insurance, there's upfront Morgan insurance, and so there may
be some maybe that's the only game in town for her,
the only thing she can do. But then you kind
of tie that in with well, I'm not paying anything,
like it doesn't cost any there's no costs, Like, I

(01:40:39):
don't know how to deal with that. There's costs. It
is a reality check. There are costs to do a refinance.
Number one there's a title company that is doing work.
They're going to get paid on their work. There is
the county that charges taxes, let's just call it taxes.

Speaker 4 (01:40:56):
For selling or refine the house for doing it's real estate.

Speaker 2 (01:41:00):
With mortgage, there's costs, right, So those two cost centers.
I don't care which lender you're dealing with, those two
cost centers exist. Who is paying for these costs?

Speaker 3 (01:41:10):
Now?

Speaker 2 (01:41:10):
And you also usually have a loan, you know, a
lender who has cost built in. So the other guy
used to advertise on this radio sotion like all those
costs exists. He just makes sure he had enough fat
in the rate to cover those costs.

Speaker 4 (01:41:27):
The other thing I heard was he was servicing the
company was servicing the loans, so they made extra money.
Is the service of the loan?

Speaker 2 (01:41:35):
Listen, It's possible that the lender basically says how much money, like,
what's the minimum amount of money you need to make
on this transaction in order for me to do the loan,
because there's not a single lender who will lose money
on multiple transactions and continue to exist, right right? That,

(01:41:56):
just right, you got people who have to get paid
on These people do work. They got to get paid
and companies are in business to make money, not lose money.
So if somebody is saying, hey, we're doing your loan
and it's costing us money, which is essentially what they're saying,
that is not sustainable, right. So just logically, of course
it's not no cost, there's costs. Who's paying for those costs? Generally,

(01:42:20):
I would say it's you and the buyer or the
refinance the consumer.

Speaker 4 (01:42:25):
And the thing I want to bring up is that
there's nothing wrong with rolling in the money. There's nothing
wrong with that if that's what you want to do,
and that's okay, sure, but you need to be your analysis, right,
but you need to be aware of what's happening. Right,
So anybody walking around saying, oh, this isn't cost me
anything or they're not charging me anything, you know, yeah,
they need to they need to be better educated. Now,

(01:42:45):
if that's what you know, that's you need that from
your professional.

Speaker 2 (01:42:49):
And when it comes to like like we're going to
get into a refinance world here at some point, like
it's coming up, I think those rates are going to
get down enough where people are hopefully not like desperate
to refinance, but like Jimothy might be a good example, like, hey,
he's at a certain rate, can you get down what
threshold you need to get so that conversation is going
to be happening, and it's okay to shop, like compare

(01:43:12):
lender to lender on that stuff, because ultimately you want
the lowest interest rate possible with the least amount of costs. Right,
so you're increasing and you're gonna roll it in. So
instead of my loan going from three hundred to three
hundred and eight thousand, if I could get the exact
same rate and it only goes to three hundred and
four thousand, boom, that's a good deal. I can get
the job that they can perform. Right, So you can
do that type of analysis. When the time comes, you

(01:43:35):
can shop lenders and maybe refinances is a good time
to do that. There also may be cases where you
just you have to do something you need, like this streamline.
I'm not streamline, but the two of three K maybe
that maybe it was the only fit.

Speaker 4 (01:43:50):
It kind of was. And the other thing is that
I'm not I'm not making fun of that person or anything.
I just felt bad that she didn't know. Yeah, but
you know, she's a very sharp person. And she's self deployed,
and that was part of the issue, was like the
whole self employment thing interesting, so that became, you know,
became a thing. But anyway, I just wanted to let
people know that, you know, if you're doing a refine,

(01:44:11):
you're not pulling any money out of your pocket. It's
not because it doesn't cost you anything. It's because they're
rowing in the money. And if you don't know that,
you better start looking more carefully at what they're charging you,
because normally my experience is if they don't explain all
that stuff to you, there's other fees that they're padding
in there too, Yeah, just to see if they can
get away like a CNF fee.

Speaker 3 (01:44:33):
I definitely need to go to trusted professionals, and just
because there's somebody your family member knows, they're probably amazing.
People just might not be the most trustworthy as far
as business ethics go. Florida Talk real Estate is a
team of pros, pros, super ethical. It's why we've been
able to do this for so long on this radio station.
It's why they work together so well because they're very

(01:44:53):
like minded. It's about getting it done right by you,
and it's a you know. It's about it's about information,
it's about understanding, it's about really really getting clarity about
what it's gonna take for you to get done what
you're trying to get done, buying a home, selling a home,
stuck with a home. You don't know what to do
when you need a pros pro in the mortgage world.
Remember Florida Talk real Estate dot Com. You can always
call us on a Saturday like who's online? One there,

(01:45:15):
Jamie Well, speaking of super Ethical business Man, we have
Greg Rice on the line with this. Greg, Welcome to
the show Super Ethical.

Speaker 7 (01:45:23):
Heyda, how's it gun?

Speaker 4 (01:45:25):
Oh good? Good? Hey Greg?

Speaker 7 (01:45:28):
Yeah, my sister's married at luxury of real estate broker. Hey, Johnny,
you gotta see you gotta see the extensive engagement ring
he sold her, Thank you, Greg.

Speaker 2 (01:45:43):
Hey, you gotta see what the expect an engagement ring
that he sold her. Yeah, because he's an agent. Yeah, okay, nice.

Speaker 4 (01:45:52):
Hey, So marry the rate?

Speaker 2 (01:45:57):
What is it date the.

Speaker 4 (01:46:00):
Actually?

Speaker 2 (01:46:00):
I think with this, Jim, it's actually it should be
marry the house and marry the rate because technically you're
in a long term commitment with that rate also, and
then you divorce the rate.

Speaker 4 (01:46:11):
Yeah, divorce, marry the house, divorce the rate.

Speaker 3 (01:46:13):
Yeah, but always get a prenup.

Speaker 4 (01:46:15):
Yeah, yeah, exactly. Hey, I just wanted we only got
a couple of minutes here, like two three minutes, but
I just wanted to go over something for sellers because
we focus so much on buyers today. The sellers out
there are thinking, holy moly, I got us on my house,
and this guy Jim is like, it's the worst market ever. Right.
I wanted to let let those people know that our

(01:46:36):
average sales right now, you know, are still, you know,
are still within the low medium level. Right, We're not
like like Palm Beach Brower day. They're selling somewhere between
one thousand and thirteen one hundred single family homes a month.

Speaker 3 (01:46:54):
One percent, and we get in like collectively on uh
list price.

Speaker 4 (01:46:58):
Oh some of them, we're down to seven percent, meaning
ninety three percent of list price of sole price.

Speaker 3 (01:47:04):
What's your stat holding.

Speaker 4 (01:47:06):
I don't know, to be honest with you, I have
to look at it. It's been a crazy tim and
I haven't looked. I'm telling you. Last year I got creamed.

Speaker 2 (01:47:14):
Yeah, outs that were like long.

Speaker 4 (01:47:18):
Like Brian's case, I had his house for nine months, right,
I mean that just blows all the average.

Speaker 2 (01:47:25):
You guys time.

Speaker 4 (01:47:28):
But for the sellers. But for the sellers, what I
want to tell you is if you price the house
correctly based on condition, even if the house isn't fixed up,
but you base it on the condition and what other
people in that neighborhood are selling based on your condition
and size, and you price it correctly, meaning that you're
not low, but you're with everybody else in that pack,

(01:47:51):
you have a very good chance of getting what you
want out of the deal. The people that get disappointed
to pull the house off the market in today's market
are because they were unrealistic as to what they wanted
versus what the community was going for, and there was
a big gap. Now, the other thing is for sellers,
besides pricing it right, that isn't enough. You have to

(01:48:13):
make sure that you're treating your house like you would
your car when you sell it. When's the second cleanest
day the car has ever been the day you're selling it.
The first day is when you buy it right. The
second day is when you sell it right, and you
do all that right it's supposed to be right, and
you're doing all that because you want to make the
most money. We'll do the same thing with your house, right,
And here are just a couple of tips, just real

(01:48:34):
quick to go through it. Make sure that family photos
are gone if you can, right. Try to take all
the family photos.

Speaker 3 (01:48:44):
Especially for family super ugly.

Speaker 2 (01:48:46):
Yeah, what if you have it, get about it.

Speaker 4 (01:48:49):
Yeah, there's almost no what if you have a certain
unless you have so many things on the wall. When
you take all the pictures off, it looks like somebody
who's a Tommy gun on the wall or something. Maybe
you leave the pictures up, okay, But other than that, no,
there's no answer. Family photos. They come down why the
buyer wants to come in and think how the house
is going to be for them. They don't want to

(01:49:10):
know the people that are living there that much. They
just want to know how does this house worked for me?
And you wanted to keep focused on that while they're
in your house, not start looking at your family photos.
Other thing is pet items. It's okay to have pet
I love pets, right, but make sure that your hat
your house is pet odor free if you can. Right.
You don't want kittie litter smell or rangy dog smell, right,

(01:49:34):
and you want to make sure that you kind of
take those items away, because even if you keep a
super clean house, some people just don't like pets and
they it'll shut them down. But if your house is
super super clean and everything you might.

Speaker 2 (01:49:45):
Be able to melt instantly smells them.

Speaker 4 (01:49:48):
I talk about smells all the time, that that's really
really important.

Speaker 3 (01:49:52):
And you should bring in like an outsider to let
you know how that smells.

Speaker 4 (01:49:55):
Because yeah, we because we had one family where I
did that, where we had to have one of their
best friends come over and tell them that their dogs
smell too bad. They needed to do something. Bulking excess furniture,
get rid of it, especially because you're moving, get rid
of it before you sell, so that you have a
bigger room so it looks bigger. Really do that, and

(01:50:16):
I'll lave off on this controversial distracting decor. I had
one house where the family, the person selling it and
the couple they were kind of like nudice and they
have nudist parties and stuff. So they had all this
like nudice stuff in the house, like about like clothing
optional and stuff like that. Take all that stuff out.

Speaker 2 (01:50:33):
That's controversial.

Speaker 3 (01:50:35):
Yeah, people don't like that pineapple stuff.

Speaker 4 (01:50:36):
Everywhere it did.

Speaker 3 (01:50:40):
Search purposes address. Always great to have you with us
on a Saturday. We flat Nune around out of time.
We'll be back at it next Saturday. Two hours of
infertainment that we offer up every Saturday. Locker Room's coming
up next. Always remember when you need a pros pro
expert in their field, if you're buying a home, you're
selling a home, you're stuck with a home you don't
know what to do, or if you just need a

(01:51:01):
pro in the expertise that you're looking for in the
world of the real estate market. Remember Florida talkre Estate
dot com, the one stop real estate shop, Florida Talk
real Estate dot Com. Mike Grow have a great weekend,
you too, my friend. He's the mortgage guy from the
Mortgage Room. There's Rosy Mary Nets with bright Win Insurance
Juno Beach. Have a great weekend, my friend.

Speaker 5 (01:51:18):
Thank you too, Jimithy, I'll see you at that house.
It's Carl's house, but I wasn't sure.

Speaker 2 (01:51:24):
Jim D.

Speaker 3 (01:51:25):
Gindepolo with the Florida Home Bros. Team, have a great weekend,
my friend.

Speaker 4 (01:51:28):
Thanks guys, have a great weekend.

Speaker 3 (01:51:29):
Thank you for being with us. Florida Talk real estates
back at it next Saturday and two hours of entertainment
stick around the locker room is next. And remember Florida
talkreal estate dot com When you need it, use it.
Have a great weekend, y'all,