Episode Transcript
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Speaker 1 (00:14):
Navigating today's real estate market can be tricky.
Speaker 2 (00:17):
Want to buy our Sola house finance or insure a house,
or stuck with a house and don't know what to do.
Florida Talk real Estate has been your local one stop
real estate shop since twenty twelve.
Speaker 1 (00:28):
Get the advice you need from your local real estate pros.
Speaker 2 (00:31):
Here are your hosts, Jim Depola and Johnny c You
live on real Radio.
Speaker 3 (00:36):
Good Saturday morning. Welcome to another edition of Florida Talk
Real Estate. We have you for the next two hours
of infotainment on this Saturday, the nineteenth of July. Had
to cheat a little bit there, but thanks for being
with us. You're welcome to be a part of the program.
Always I see out there. You know who I'm talking about.
(00:57):
You right there on ninety two one one on one seven.
Thanks for being there. You're welcome to be a part
of the program. You who's live streaming with us out
the gates Florida Talk real Estate on Facebook on YouTube
Florida Talk real Estate, LLC. Home of a ton of
informational chunk videos plus our live stream. Thanks for being
with us right up the gates. You as well can
be a part of the program toll free at eight
(01:18):
seven seven nine two seven six nine six nine, and
that won't work as well if you're using the free
download the iHeartRadio app word worldwide. That's right, get you
some hell over your face on a Saturday. Great to
have you with us if you dial that number up. Questions, comments,
concerns in the world of real estate. The first voice
you'll hear the melodious tones of our producer A Shorten Air.
There he is my brother from another mother, Jimothy. What's up, dude? Hello, Hello,
(01:39):
and good morning.
Speaker 4 (01:40):
Johnny c cheating right out of the gate like you
had a Cold Play concert.
Speaker 3 (01:43):
Absolutely might as well. You're welcome, boy. Coleplay is like,
that's not exactly what we wanted, but we'll take it.
I guess talk about free pub guess we'll take it.
How many guys have been caught on kiss cams before?
Speaker 4 (01:56):
And it was never at a Knicks game, at a
Devil's game, at something like that. It's you know, but
they've gotten so much pub out it.
Speaker 3 (02:04):
Well, if there's a lesson to be learned, don't react, y'all.
Don't react. If you react, everybody goes why you're reacting
like that? If you don't react. There's nothing to see here,
exactly a lesson learned. Good to see you, my friend,
Johnny C. That's me, your old buddy, your old pal,
your air traffic control. Let's get your starting lineup on
a Saturday morning. The very important people like Ross and
Marionettes with bright wing insurance, Jue, no beach Ross.
Speaker 5 (02:26):
What's up, dude, not a lot man. Good to see
it's been a while.
Speaker 3 (02:29):
It has been a minute. It's good to see you
as well. You cold today.
Speaker 5 (02:32):
It is always freezing in here.
Speaker 3 (02:34):
It's gonna say it's a little ice boxy in here.
Speaker 5 (02:35):
Always become prepared.
Speaker 3 (02:37):
It's dramatic, uh, specifically in this studio in July, to
go from end out. Yeah.
Speaker 5 (02:44):
I mean when I'm walking around like it, like on
my way here, I look ridiculous, like I know it's freezing.
I'm prepared.
Speaker 4 (02:53):
There's a heater right there for you can turn it on,
and it was running when I walked in this morning.
Speaker 3 (02:58):
Somebody else it's chilly.
Speaker 5 (03:00):
Yeah, your church about that right?
Speaker 6 (03:04):
Insurance?
Speaker 3 (03:07):
Have you seen this building? Wish you do a little
tour around you'll be like okay.
Speaker 5 (03:13):
Uh.
Speaker 3 (03:14):
And of course, our fearless leader here is for thirteen
plus years now. I've told you running a top producing
Keller Williams team, the Florida Homepro's Team, Keller Williams Innovations.
There's Jimmy d jim Depolo.
Speaker 6 (03:24):
How you be doing, great, guys, Happy stuff Florida everybody.
It is a beautiful day out today. It's gonna be
great week Yeah, it's gonna be a good weekend.
Speaker 3 (03:32):
You hear this a lot though. Man, it's hot. Huh yeah,
would you shut.
Speaker 6 (03:35):
It's like I know right, It's like, hey, there's air,
you could breathe. It's the same thing.
Speaker 4 (03:40):
I've talked of my brother up in New Jersey the
other day and he said, boys, is hot up here
as it is down there.
Speaker 3 (03:44):
I said, yeah, it's July probably exactly. Give it a
couple more weeks a little hotter too. Oh good, it's
gonna be a good one. Yeah.
Speaker 6 (03:58):
We we have a lot to talk about today. I
want to go over some shout outs in just a
little bit. We've got some good news on the insurance front,
so we're going to talk about that, and I think
there's some positive trends happening there. We also have a
very new trend that's happening in the South Florida real
estate market. We haven't seen I've never seen anything like
(04:21):
this before, so it's kind of fun to see a new,
like little trend happening. But it is happening across the country,
so it isn't just us. This is a nationwide thing.
Speaker 3 (04:29):
But it's happening enough to where you can call it
a trend.
Speaker 6 (04:32):
Yeah, it actually is. And it's something that we started
a few months ago and started looking at and the
numbers have changed so dramatically so fast, and it is
going to make an effect on the market for buyers
and sellers down here. So that's kind of interesting. I
think we really need to talk because we haven't. Even
(04:52):
though Mike isn't here this week. Mike has his daughter
who's at FSU down for the weekend. Yes, I'm not
sure if it it's her birthday this week. I'm not
sure if it's her birthday this weekend or not. But
if it is her birthday, happy birthday Isabelle. If not,
have a good time at the beach, because that's it
they're doing, and they're hanging out of the beach day
(05:13):
They're good for Mike and his family.
Speaker 3 (05:15):
Yeah, no, doubt.
Speaker 6 (05:18):
Yeah, I want, but I think we should talk a
little bit about what's happened in the economy today, because
we really haven't for a few weeks. We haven't even
mentioned the interest rates on what's happened over the last
several weeks. And then on top of it, we just
had a new inflation report come out and a jobs
report come out. So we're gonna look at all that
a little bit. But let me start off with some
(05:39):
shout outs. And this is shown a little bit of
a trend that we've seen recently. Now I think this
is like I don't I hear that it is a
trend with other agents. But this is just anecdotally, it's
not statistically. But just check these things just to give
you an idea. Congratulations to Troy and Caroline and Jerry.
(06:00):
We put their unit under contract. This is the property
on Singer Island, the two two that was completely fixed
up that how to Dock. I had that house on
the market. The house has been on the market accumulatively
four hundred and twenty seven days now. I had it
for one hundred and eighty three days before we put
(06:21):
it under contract. But to do it went under contract
last week, we've done the inspection. We're hoping that one's
going to close. But one hundred and eighty something days
for me is like unheard art of right, But it's
happening in this part, you know. It's more of a
function of the market than anything else. But the property
(06:42):
did go under contract. Really happy about that. Also, Roberto
Anddidra they had a property up in pomp Beach Gardens
town home. We put it under contract. It was thirty
eight days. That one's kind of interesting because I was
a court appointed did realtor for that one. The two
(07:02):
sides were not in agreeance on selling the property, so
they had to go to court. It's called a petition partition,
not a petition but a partition, and the judge ruled
that the unit must be sold and gave instructions that
had to be sold, and then I was hired as
the agent to go in there and make it happen.
Speaker 3 (07:24):
So real quick, are you like on a list of
preferred or like options for the judges? Is that?
Speaker 6 (07:30):
It's so funny you ask that because Paul and I
talked about that off air last week. While we were
off air. Yeah, I really want to be on that
kind of list. But what I found out is, and
I've asked a couple of attorneys now because I've done
this for like three attorneys now being in the court
aport and attorney the judges have. Each judge has their
own people that they deal with, So there's no official
(07:52):
list at the Clerk of the courts or something. I
was hoping the Clerk of the courts would have the reason.
Speaker 3 (07:56):
The reason I asked. My wife works in the criminal
difference world, right, and I know you know her attorneys
they are on like a federal list right where there's
appointed for federal they're on that list, and you know
they get them periodic.
Speaker 6 (08:08):
Yeah, And I would love to be on a list
like that. And I've tried a few times. I get
a wild hair. It's like, hey, I'm going to try
that again, and then I get shot down and I
can't figure out how to do it.
Speaker 5 (08:18):
But in that world, don't you not want to be
on that list because then you have to like kind
of work for free.
Speaker 3 (08:24):
Oh no, you get paid, okay, but you're regular, right.
Speaker 6 (08:27):
I know they have it set the federal government.
Speaker 3 (08:29):
It's it's not you don't get killed though, I mean the.
Speaker 6 (08:32):
Right get paid healthily, but they do control it, right, It's.
Speaker 3 (08:37):
Not like full public defender type stuff.
Speaker 6 (08:39):
Yeah, But so that one was kind of weird. So
we're at a contract, we've done the inspection. Every time
we had to go through an inspection, even the showings
had to be lawyered up, so you had to let
both lawyers know on both sides what was going on
the whole time, right, and you know, one party wants
to do something, the other party doesn't wanted to do
(09:01):
the thing that's been court ordered. So it's very difficult.
So the the emails were actually kind of comical. I
would pull stuff out there, and it got very snarky
on the other end towards me, and I would just
totally ignore it and just be happy happy Chip and
Chipper like I'm on lithium or something, and just meaning
(09:21):
they got the happier I got. It got so bad, though,
I got so bad that the one of the parties
in the deal. Every time I call him up, like
I called him up this week and I picked up.
He's like hello, and I'm like, are you okay? You
sound very stressed out. He goes, I'm sorry, I'm sorry.
(09:42):
Just every time I see your name come up on
my phone. I get stressed out and I'm like, really,
I'm the grim Reaper. I'm the one with the black
cape and the sith walking around. I go, I'm here.
I've been helping you the whole way. It's like, I'm
not the bad guy. I'm just the bear of bad names.
Speaker 3 (09:58):
He just knows that.
Speaker 6 (09:59):
This is so anyway, that's a real fun situation to
be in.
Speaker 3 (10:02):
You know.
Speaker 6 (10:03):
Usually you have people that are pretty happy with you,
and I'm doing great, but at the same time they're like,
oh no, Jim called, I don't want to take that call. Also,
I'm really happy for Brian. Brian was another property. He
was on the market. This is the Madison Green property.
We were the lowest priced Madison Green property for like
(10:24):
nine months and nobody would come in and buy the house.
It just wasn't happening. And we had a decent amount
of showings. I had the house on the market and
I don't even think this is accurate. Okay, So he
had been on the market for one hundred and fifty
five days with somebody else, and then I came in
(10:45):
and I was on the market for two hundred and
two days. And then we took it off the market,
and then I went back on the market with him
and we were on the market for another one hundred
and forty nine days. So for me, that was three
hundred and fifty one days. I haven't had a three
hundred and fifty one day listing since short sales right
back in twenty twelve, twenty thirteen, and even then it
(11:08):
was very unusual to be at that number.
Speaker 5 (11:10):
At least he can say still have not had a
listing for more than one year.
Speaker 6 (11:14):
Yeah, that's true. Don't jinx it off of me, Ron,
because these are a club three point fifty one. I'm like,
oh my god. So what the good news is is
Brian he has his household. We know it's closing. It's done.
We're just waiting for the date, inspection apprais all. Everything's done.
Speaker 3 (11:31):
Great.
Speaker 6 (11:32):
So what's going to happen is is we're going to
drive up to central Florida Cala area and we're going
to help him buy a new construction home up there
first week in August. So congratulations to Brian. We're going
to get you on the new chapter of your life.
And he's a retired firefighter slash police officer, very rare.
(11:52):
He served a full twenty as a firefighter in Fort
Lauderdale and another twenty at PbSO wow, and he's only
in his sixties. I don't know how the math works,
but anyway, I think he's like a vampire or something.
So but anyway, so thank you for your service, and
really happy that we're getting him on his way. We
(12:12):
had another property that we're done with. We're going to
close next Thursday. Congratulations to Carla and you go.
Speaker 3 (12:21):
You go.
Speaker 6 (12:21):
Came to me because his ex wife wanted to sell
a house and she was on the market with another
agent for three hundred and sixty six days. They couldn't
sell the house. So he came to me. He says,
you got to sell my ex wife's house. I need
to sell it fast, Gym. I can't wait anymore. House
has to be sold. But he also is a very
(12:42):
tough negotiator.
Speaker 5 (12:43):
You go.
Speaker 6 (12:43):
I've done a lot of deals with him, so he
isn't just going to roll over and take any price right,
And I don't want to do that either. Sure, So
I went and did what I call a community X
ray of the community, where I must have talked to
six or seven agents over there pending, closed and active,
and really had like ten to fifteen minute conversations with
(13:05):
each of the agents, asking him their experience of why
they've been on the market so long, or are they
getting enough showings? What is the feedback the pending? Why
do you think your unit went over the other units
that are in the community the close? Why do you
think you closed over these other people? Because everybody's on
the market for triple digits, right, everything's triple digits over there, right,
(13:26):
one hundred days plus. So I gave them a number
and we put on the market, and in five days
we got it under contract. And it's so funny he
couldn't sell that a house. I have so many people
calling up. Can I come in for a backup offer?
Can I come in for a backup offer? The house
on the market for four hundred days? Nobody wanted it.
Right now everybody wants it and wants to be in
(13:47):
backup offer on it?
Speaker 3 (13:48):
What like what percentage? How close was that listing versus
when you got it?
Speaker 6 (13:53):
Oh, it was a big drop. I they started out
I don't want to say real numbers because we haven't yet,
but they started out at one hundred thousand dollars more
when they started listening with the other people, they started
one hundred thousand dollars more, one hundred thousand more than
what we listened for. Substantial, Yeah, but they had dropped
their price over that year they had it on the market,
(14:15):
so we were still fifty thousand dollars more than their
lowest price. But we had to do it. Yeah, but
we had to do it because that's what it was
going to take to sell it. And let me tell you,
everybody else in that neighborhood I called that was still active.
They were very bummed out there, like, how did you
do it so fast?
Speaker 3 (14:32):
You said, had to do it. So it was fifty
thousand lower than their lowest.
Speaker 6 (14:36):
Than that what they had it with the other agent, right, yeah,
so no, but we got but we got ninety eight
percent of the list price we went on the market for,
and the county average right now up there is about
ninety four percent ninety five percent.
Speaker 3 (14:53):
Right, they were just in the they were in a
totally wrong zone for too long.
Speaker 6 (14:56):
Yeah, they needed And here's the interesting part about that,
because there's so many people going throughout this in South
Florida and Central Florida too. The big problem is this
community was a gated community where it was non mandatory golf,
but it had a great golf situation if you were
a golfer, but you didn't have to mandatory join the
(15:17):
golf membership, so you could do it or not do it.
And they had all these other amenities that you would
expect in a golf community, and the HA was super
low and everybody loved that community for a very long time.
But now with the new construction all surrounding it, they
don't have all the amenities, but they got a brand
new house. And as we know talking about this forever,
(15:39):
your insurance is like one third the cost of what
regular insurance is for a regular house. Maybe exaggerated a
little bit, but a third might not be that different,
right for versus no new construction versus resale, Right, it
could be different. Yeah, So a lot of people just saying, yeah,
(16:00):
I don't need all that stuff, so I'll just buy
the new construction to save a lot of money. So
it really decimated this neighborhood. And this neighborhood was so
established that everybody's like this neighborhood. Everybody loves this neighborhood,
So they couldn't get it through their head that times
are changing. So I had to rip off the band aid.
It's through a reality check. But we got it done
in five days. So from the time we put it
(16:21):
on the market to the time we close. The day
we put it on the market was six point twenty
eight and we're closed in July twenty fourth, so less
than a month and the whole thing was done. So
thank you for trusting me. And here's another one. I'm
really excited about this one. This property up in Copper Creek,
(16:43):
imports Saint Lucy. Great community with great schools, great walking community,
gated low Ha Michelle and Cisco. Thank you for hiring
me through their father, Mike, who referred me over to
them Mike just I told Mike that the house was
sold this week. He was like, Jim, you did an
awesome job for me. Thank you. But I was a
(17:05):
little frustrated because that house was on the market one
hundred and thirty five days, right, one hundred and thirty
five days. I can't even believe these numbers I'm talking about, guys,
But that's just the way the market is. But now
all of these houses that have been on the market forever,
boom boom boom. They're all like clicking and started to
come into place. And from what I'm hearing is, I'm
not bragging about me, guys. I'm trying to talk about
(17:27):
what's happening in the market. This isn't about oh, Jim
did this, Jim did that. It's about what's happening in
the market. I'm in production, you know what's happening out there,
and what's happening out there. For whatever reason, it just
seems that buyers have been coming back a little stronger
right now. It isn't that they're ready to plunk down
money on any deal they see, but they're out there
(17:50):
hunting and if they see something, they'll turn in an
offer and see if the seller bites. So it's been
a little better than the last couple of months. And
my coach Dan DeMott, you know, he trains people all
across the country. He's saying he's seeing this in other
parts of the country too. So what I think is
happening right now is we've been talking about buyers with
so much pent up desire and demand to buy something,
(18:15):
but they just quote didn't think it was the right time.
It was either the interest rates were too high, or
the prices were too high, or they didn't like the
general economy and didn't know what was going to happen
in the future. It get to the point where I
think a certain amount of those buyers are just like, Hey,
my kid's going to be born, or I can't live
(18:35):
in a two bedroom place anymore. I got to have
three bedrooms or whatever, and they're finally, hey, we're just
going to go ahead and bite the bullet and do
it now, which actually is the smart thing to do,
because when the interest rates do drop, it's better to
buy now and then REFI than to fight with everybody
else when the interest rates drop for sure, and then
try to compete with everybody else. So thank everybody for.
Speaker 3 (18:58):
And that may be a part of it, too, may
be a realization settling in gym where they're like, all right,
so the interest rates are probably going to be around here,
and you know, the idea of oh they're going to
be half this or a four percent, it's probably not
the case anytime soon. So I think that realization might
be saddling.
Speaker 5 (19:14):
And so you're saying there's a chance.
Speaker 3 (19:16):
I think there's a chance, but I wouldn't bank on it,
right exactly so, and I think if the numbers are right,
because that's what it always boils down to, how does
this work out for you and your family? The numbers
are right, they're like, all right, let's just let's go.
Speaker 6 (19:27):
I had a shout out last week for Michael and
Colleen and they're big YouTube fans from our show. And
I don't know how they get through it because we
look like the Japanese TV show with the lips not
matching the video.
Speaker 3 (19:41):
Nice.
Speaker 6 (19:41):
But he's a big YouTube though, I know, but it's
because the delay from the stupid radio station. The station
won't help me with it. Oh so, but the bottom
line is is, uh, they've been watching for a couple
of years now. Mike, and he was. I actually got
him an agent up there and Scotia, New York to
look at his property to see if he wanted to
(20:02):
sell it or not. And he was real happy with
that agent, and then he decided to buy. So we
got him a place in Orlando and he just closed
forly eleventh. But listen to the deal he got. I'm
going to use fake numbers, Well, let me do it
this way. I'm going to use percentages. The house was
listed just say it x amount of dollars. He got
that house for nine percent less than the list price.
(20:25):
Then he got fifteen thousand or close to fifteen thousand
and closing costs from the builder to help pay his
closing costs. And he got an interest rate in the
fives because they reduced his interest rate at the same time. Beautiful,
And that's on a new construction home. So the developers
and wheeling and dealing right now too, sure, So there's
(20:45):
a lot of opportunity out there.
Speaker 3 (20:47):
For bar That's a great story.
Speaker 6 (20:48):
Yeah, congratulations, And I just want to do an other
couple of shout outs Chuck and Kathy. Chuck and Kathy
Chuck's been a big fan of the show. They're finally
going to sell their home and then move to a
different part of Florida. I'm going to be talking to
them today. I met with them last week and showed
a couple of properties to them last week just to
get a feel of what the new lifestyle would look like.
(21:10):
They said they're ready to move forward. So we're going
to be meeting very soon, maybe even today, but we'll
be talking today and we're going to help them sell
their house and buy a house they're not my traditional
seller buyer because I think they're going to be qualified
to buy the new home while they're waiting to sell
their old home. Some people can't do that, so they
(21:30):
have the abilities that gives them a lot of freedom
and a lot of opportunity there. So I'm really looking
forward to helping them. We're going to be helping Denise
up in Vero Beach. We helped Denise buy a new
construction home five years ago. She doesn't like the neighborhood anymore.
He's also very far commute for her work. She's a senior,
she's near retirement. She's in a reverse mortgage that Mike
(21:54):
put her in. So now we've got to sell that
home and then help her buy a new home or
help her buy a rental property. We're not exactly sure.
It's gonna be complicated, but Denise is coming back to us,
so thank you so much. And we have a bunch
of other people that are calling that I'll talk about
later on as things progress. But it looks like there's
(22:16):
a lot of demand out there that people want to
do something now, because for a few months there, three
months or so, everybody's just sitting on the sidelines, and
so that's all kind of interesting.
Speaker 3 (22:27):
Well, if that sounds like you or somebody you know
or remember, floridatokreal estate dot com on Facebook and YouTube
Florida Talk real Estate gives you lots of resource, but
that dot com is access to the entire team. These
are prospros experts in their field, and when you got
a team working for you, you can really pull some
things off. Buying a home, selling a home. Stuck with
a home and don't know what to do. Remember floridatokreal
(22:49):
estate dot com. Know what, use it, love it, share it.
You can change lives, including your very own, with floridatokrealestate
dot com.
Speaker 6 (22:55):
So you know I love my creepy critters stories, right,
Florida critics stories. Well it's back. Rare flesheating bacteria has
already killed four beach goers in Florida this year. Have
you heard about that?
Speaker 3 (23:09):
Yeah, but it's not rare.
Speaker 6 (23:10):
I agree with you.
Speaker 3 (23:11):
We give this like every summer, don't.
Speaker 6 (23:13):
That's what I wanted to say. Well, I mean the
chances I get it is rare in the fact that
apparently seven people a year die from this in Florida, Right,
every year?
Speaker 3 (23:23):
Well, the deaths is the rare part. You have to
be like super so I guess most people that encounter
it just get like skin irritation and a little bit
like maybe some nausea and diarrhea, which is always a
funny word. But those that are like super immune, compromised
or if you have cuts and it gets in you,
(23:44):
then there's a chance you can die. I think that
the death part is the rare part, at least from
what I consider.
Speaker 6 (23:50):
Yeah, and that's true. And they said, but they say
that like seven people you're in Florida die right from
most people just getia. So most people just get sick, right,
they they don't die that much. And this is supposedly
from storm surges. Last year was really bad last year
because of the storm surges from the hurricane. And this
(24:10):
bacteria is called Fibrio blah blah blah, fabria is something
or other. I can't I'm not Vibrio vulnificus.
Speaker 3 (24:21):
That's one of them dying.
Speaker 6 (24:26):
Yeah, exactly right. So so apparently this, uh, this bacteria
especially is potent in brackish waters. So so all those
people running around in the hurricane, you know, after the
hurricanes and playing around and all that storm surge and everything.
(24:47):
If you're if you've got cuts and stuff, that might
not be.
Speaker 3 (24:49):
A good Yeah. Yeah, don't do that.
Speaker 6 (24:51):
Yeah, don't do that. But anyway, I just thought that
was another word. This one was over on the west
the sea. Where was it? Okay, so that we've had
eleven affections throughout the state of Florida, and the fatal
cases were in Bay County, Broward County, Hillsboro County, Saint
(25:14):
John's County, so a little bit of everywhere.
Speaker 3 (25:16):
I was going to say, we had one around us.
It was Broward.
Speaker 6 (25:18):
Yeah, yeah, So just tho that was kind of weird,
not weird, but you know, it's just something that you know,
only in Florida, kind of hanging away. Where's the other thing?
The other thought I thought was interesting? And this is
another thing. Remember I was just telling you about about
(25:39):
the great deal that Mike and Colleen got c NBC headline.
Home builders are slashing prices at the highest rate in
three years. Right, So this happened all over the country.
Right now. Builder confidence has been in a negative territory
now for fifteen straight months. Right. Confidence rose slightly in July.
(26:00):
The only problem I have with that confidence survey of
the builders and this kind of this kind of reinforces it.
Are they ever happy? They're always negative. They always have
a negative, you know, confidence report. You know, when the
interest rates were too when the interest rates were low
and people had like these great opportunities to buy, they
(26:23):
were complaining that the supply chain was bad and that
the cost to build the things was too expensive. Right
then when the interest rates went up, it's like, oh,
there aren't as many buyers because the interest rates went up.
It's like, when are you happy?
Speaker 3 (26:35):
Guys?
Speaker 6 (26:35):
You know, the builders they're always worried about everything because
you know, yeah, I know it's true, but still, you know,
if they would just build, if they could just figure
out a way to be profitable on middle income housing,
they would they they'd make more money than they would
just sticking with the luxury more volume. Yeah, yeah, because
(26:56):
if they do more volume, but there'd be such a
huge demand, right, But they don't do that. And I
know it's the numbers thing, and you can't blame them.
They've got to make a money. It's all about profit.
But anyway, I just thought it was kind of interesting
that the builders they're hurting really bad. Most people don't
know this. When I talk to them on the phone,
people like really like, they really don't know that. The
(27:20):
builders are offering great incentives and you know, they really
want buyers to come in right now. And the buyers
have a really good hand right now. They have good
hand right now compared to the builders, they're in better control.
So if you take advantage of that, you can get
a really good deal.
Speaker 3 (27:38):
Yep. It's all about striking one of the irons hot,
as they say, right yep.
Speaker 6 (27:42):
And we've I've been reading a lot of articles lately
where they're trying to do analysis of what happened since
the real estate commission rules were changed. Remember it's almost
a year and now August sixteenth is the year since
the changes have happened. And they were all expecting that
the changes in the real estate commissions which basically stated
(28:04):
to make it very clear to everybody that commissions are
always negotiable, right, That's the first thing, and the second
thing to explain in explicit details to the seller that
you're not responsible if you don't want to be to
pay for the buyer's agent commission. You could not pay
a buyer's agent commission. And ask your buyer to pay
(28:27):
their own agent, and you're allowed to do that. So
they thought this was going to drop their rates dramatically.
They thought it would go from you know, like a
five to six percent gross commission down to a four
percent or less gross commission. Is what all these Feds
were thinking was going to happen. Yeah, well it didn't happen.
Speaker 3 (28:47):
Yeah.
Speaker 6 (28:48):
Actually, there's some states like Colorado where the real estate
commissions are showing an actual increase above what it was
before the rule changed, because now agents are more hyper
about negotia their commissions. And I just had a deal
last week that fell apart, well actually two weeks ago,
where my customer was buying a house in another state
(29:12):
with another agent I placed them with, and the customer
was negotiating the deal out in the other state with
the other agent, and they couldn't get to the right
number between the buyer and the seller. So the customer
naturally said, well, then great, then you guys take it
out of your commission since you couldn't negotiate the number
(29:32):
I wanted, then take it out of your commissions. And
the agent I placed them with said, I'm not doing that.
I signed an agreement with you of what I wanted
for the commission. You agreed to it. It's a contract.
I'm not dropping my price, right And the other side
didn't want to drop either, So the whole deal fell apart,
and then the house was sold three days later, so
(29:53):
they couldn't even go back and change their mind. It
went that fast because Denver's still certain parts of Denver
is still a very strong market. Mess around with it.
I can tell you that my commissions have dropped a
little bit since the changes. They have dropped a little bit,
not by much, but significant. I mean, it's gonna affect
(30:14):
me my bottom line, so I have to do a
couple extra deals in order to make up the money.
Speaker 3 (30:18):
Sure, but and you are one that is like, man,
if I take a little haircut here, or get with
another agent to say like, hey, if we take a
little bit of haircut here, we're going to get this
deal done. Like that's you're about getting over the finish line.
Sounds like those agents they are like maybe like it.
Speaker 6 (30:32):
And there's nothing, there's nothing wrong with that. You know,
I'm my broker at my office. She's been doing this
thirty years now, she's she said in a class, I
took just recently and it kind of reinforced in my mind.
She goes, I never dropped my commission. She goes, that's
my money that I put food on my table for
my kids and my family and you we talk about
(30:55):
it before we go into the contract, and that's what
I expect as long as I do a good job
for you to get paid.
Speaker 3 (31:00):
Well, she's not earning it, right.
Speaker 6 (31:02):
So I am a little more flexible because I want
to get the deal done and I'm all about volume, right,
So I want to move properties, not move them low,
but I want to get them moved right at the
fair market value. And if the hold up is just
you just take a little bit of hair a little
bit of a haircut. And there's so certain times so
I can't. There's certain times if the price points super
super low, I'm like, look, I got to make this
(31:25):
amount of money whereby doesn't make sense. And I have
one of those cases right now, and the buyer, i'mkno
going on would we're not done yet, but the buyer's
in contract is really happy. He's totally okay with everything.
The other side wanted to have. They they offered a
(31:45):
commission that was half of what I asked for. So
I just ignored that. The seller said, Hey, I'm willing
to pay this commission. So I turned in my offer
for my buyer, and I explained this to my buyer
before I did it, and I said, but I'm still
going to ask for the mission that you and I
agree to. Are you okay with that? He's like, yeah,
as long as the seller pays for it, I'm okay.
So the seller caved in and gave me my full
(32:07):
commission because they needed me, right, I brought a buyer
they really really needed. It was a house in very
poor condition, and with the skills we have about construction
and contractors and everything, we're really pushing everything along. And
you need an agent that has those kind of I
don't know, add ons or whatever built ins that are
(32:29):
part of my whole team. So anyway, it's kind of interesting.
So what's happening in Vegas? Is there seeing that real
estate commissions are actually up zero point one two percent
compared to twenty twenty four, So commissions are actually going
up in Vegas right now, and for.
Speaker 3 (32:47):
All commissions or like the pool of commissions? Is it
because there's more sales? Why the commissions? No?
Speaker 6 (32:52):
Per deal per deal is up point one two percent,
so it's actually costing more. Now, welcome to the government.
We're here to help you. They just don't understand and
the reason why this happened. This could have been completely different, guys,
if I'll just wrap up with this and then we'll
take the break, Jimney. Could have been completely different if
(33:15):
we were in like a COVID time when they changed
the rules. Because during COVID, people were getting fifteen twenty
offers at a time, right, and you would find somebody
that was willing either to kick their agent to the curb,
the buyer's agent to the curb, or the buyer's agent
would be paid by the buyer. Right because the competition
(33:37):
was so stiff, you would find one person out of
fifteen that probably would do that.
Speaker 3 (33:41):
Right.
Speaker 6 (33:42):
So, if we were in a market like that when
the law kicked in, the buyer's agents would have just
been creamed, right, They just would have been out of business.
A lot of them just would have went out of business.
And then when the market got to a seller's buyer's
market again, there wouldn't hardly be any buyer's agent's left it.
It would be a very weird thing. If it happened
(34:02):
like that. What happened this time, though, is we were
in a buyer's market when the laws were changed or
the regulations were changed. So because we're in a buyer's market,
the sellers needed the buyers because the buyers weren't coming
out of the woodwork. In fact, you could have your house.
I just told you about all my days on market
with my houses. So the sellers wanted the buyers to come,
(34:24):
so they were happy to pay a buyer's agent fee
to get their household. So that's the market we're in
right now. When we go into a stronger seller's market,
the buyer's agents are going to get greened and the
sellers are going to do a little better. But to
think it was just going to be a blanket, we're
changing these rules when it's always going to be lower
commissions forever it's laissez fair. You know, it's a buyer
(34:49):
and seller demand is what's going to set the the
commission rates for the market. So that's what's kind of
going on. Let's go ahead and take a break right
now when we flip. I want to talk about some
good news and I can't believe I'm saying this. I'm
so happy. Then we're gonna talk about good news, and
it's about home insurance. Beautiful good news home insurance. Never
(35:11):
heard that for what a year and a half, two years?
Speaker 5 (35:13):
Five years?
Speaker 6 (35:13):
Five years? Okay, we haven't heard that for five years.
We're here to talk about it now.
Speaker 3 (35:17):
Very good. We got a lot to get into, plenty
of time remaining. You're always welcome to join us whole
free at eight seven seven nine two seven six nine
six nine. If you want to dial in right now,
it's a quick for minute break. We'll get to your
phone call. Of course, if you're not comfortable on the radio,
believe me, I understand. Always remember Florida talkre Estate dot com.
That's your access to the entire team. These are prospros.
(35:38):
You get them all Florida Talkrealestate dot com. Find them
on Facebook and YouTube. But remember the dot com share
that write it down, remember it. Whatever it takes, 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, it's Florida Talk
real Estate right here, it's.
Speaker 1 (35:56):
Real Radio seven seven nine seven sixty nine sixty nine.
Speaker 3 (35:59):
Yeah, that's toll free eight seven seven nine two seven
six nine six nine live on this nineteenth of July.
Those phone lines working over their dyneys. Everything good, check
this sound, make sure we give the number out. Oh
yeah that was good. Cool?
Speaker 5 (36:18):
Three dial town Yeah, yeah, dial Ton nice, isn't it? Yeah?
Speaker 3 (36:24):
The sweet sounds. Yeah.
Speaker 5 (36:27):
I want to go back to getting a landline.
Speaker 3 (36:30):
What were we watching anyway? Just the other night, I
was like, look at the phone. They walked in the kitchen,
picked up the little the phone off the walls like that.
It wasn't that wasn't the spin rotary when it still
had buttons going like so far back, but long cord
didn't have the long cord. I was like, not so cool.
They obviously don't have kids. Oh it totally took me
(36:53):
back to the phone.
Speaker 5 (36:56):
Did I still take like an old cord?
Speaker 3 (36:58):
List my mom in the moment we were talking about it,
she goes, when I was a kid, we shared a
phone line with the neighbor.
Speaker 6 (37:10):
Yeah, I had that in Oregon. Wow, you must be
really that was so weird, so you would pick up
the phone. They called it a party.
Speaker 5 (37:18):
Party. I never knew what that was but I had
heard of them.
Speaker 6 (37:21):
So you would pick up the phone and if and
there would be a conversation on the phone and you
could listen to it. So I was in the fifth grade,
I guess I was in the fifth grade. I was
just moved to Oregon. Never heard of this before. And
I picked up the phone and it was actually some
kid that I knew from the bus talking to a
(37:42):
girl from our school. And I was staying on the
phone in the fifth grade, of course, right, So I'm
staying on the phone like razing them and stuff. And
they knew exactly who I was, and I knew exactly
who they were. But it was just weird. And if
people were on the phone a lot, they would say, Hey,
I need to use the phone. You got to hang
up on your conversation.
Speaker 3 (38:04):
Yeah, that's what my mom says. She said, you'd be
on the phone and you hear somebody pick up the line,
like you knew your neighbor wanted to use the phone,
so you kind of like hurry it up. So I
never asked it, just right whatever, Right, It just dawned
on me right now in the conversation. So there's one
phone number, does you just everybody answer it, Hey, I
want to talk to so and so, be like, oh, sorry,
(38:25):
your wrong house, call right back.
Speaker 6 (38:27):
No, I think, no, I don't think. I don't know.
I think that when you dial your phone, when you
dial on your phone to Ross, let's say it just
Ross picks up. So the only way that you know
somebody else is using the phone is when you pick up.
You don't get the dial tone. You hear them talking,
you hear two people talking, but you're.
Speaker 3 (38:48):
On the same phone line.
Speaker 5 (38:49):
Though I know the whole you know, like when I
was when I was in high school, you could have
like two different numbers for your house and one would
ring different.
Speaker 6 (39:01):
Oh yeah, that's right, yep.
Speaker 5 (39:03):
I don't know if you remember that. Well, we had
two I could remember, like both phone numbers I had
in high school.
Speaker 3 (39:09):
I had two different lines. But if you called my line,
my mom's line wouldn't ring.
Speaker 5 (39:14):
Oh no, Like I just remember we had two different ring.
Speaker 3 (39:18):
It would ring differently, ring differently, And that's kind of cool.
Speaker 5 (39:21):
Yeah huh.
Speaker 3 (39:22):
And a party line to me was where you just
like patched in different people, like you could have three,
four people.
Speaker 5 (39:28):
It was like a phone number you called.
Speaker 6 (39:29):
Well, there was just a fact then they had those infomercials,
remember Jimmy, where they'd had the infomercials where you would
join a party line and you would pay per minute,
and it was just so I guess for lonely people
who wanted to talk to other strangers, and you would
all get on the party line together and have a
phone party.
Speaker 3 (39:50):
I guess. Before we get too far away to the
voices you're hearing, you remember emergency breakthrough soon?
Speaker 6 (39:55):
Yeah, emergency breakthroughs.
Speaker 3 (39:57):
Yeah, like if I kept calling you, it was busy, busy,
busy before. Yeah, I could call the operator and be
like I want to do emergency, and they would jump
into your conversation be like, hey, Johnny's trying to talk
to you.
Speaker 6 (40:08):
Yeah.
Speaker 3 (40:09):
Those are awesome. Yeah yeah, and they were always pointless too.
It's like I just wasn't never an emergency. Johnny C.
That's been good morning. He verified the phone lines are
good eight seven seven nine two seven six nine six.
No emergency breakthroughs.
Speaker 4 (40:24):
I got a party line over here, Yeah.
Speaker 3 (40:27):
Party going onto my pants. There's Ross command that's with
bright Waying Insurance. Did you know Beach?
Speaker 5 (40:38):
You know that's right man, my.
Speaker 3 (40:39):
Man right there, And this is Jimmy d jim to
pulla running the Florida Home Pros team with Keller Williams Innovations.
That's a top producing Keller Williams team. By the way,
Jimmy D, I.
Speaker 6 (40:47):
Be hey, I'm doing good. I can't believe that mcgali
from our Facebook page is asking you a question about
exactly what I'm about ready to talk about right now.
I was gonna say a party, which is home insurance.
Uh so we're gonna answer that. Just want to do
a couple shout outs to everybody because I didn't at
the beginning of the show. Hey Mom, thanks for coming
on again. I love you. I hope you're film better. Betty,
(41:11):
thanks for checking in. Nate, thank you so much for
checking in. Francis, Elaine, Paul, all of you guys are
longtime fans. Thank you. And mcgali, thank you so much.
She has some questions about insurance, which we're going to
answer about that. And Nathan was asking if I have
heard any news about what's going on with nor Nasal
Association of Realtors. All I can tell you is there's
(41:33):
another class action lawsuit on behalf of buyers that has
not been settled yet, so that August sixteenth ruling from
last year was a class action lawsuit on behalf of sellers.
So who knows what's going to happen next Everything could
change next week. Who knows now? With insurance, Actually, I'm
hearing like bits and pieces of good news, which is
(41:55):
what Ross Is predicted would happen. And it seems like
to be coming in to focus, clear focus that we're
getting some good news on the insurance front. So, just
to kind of wrap up, Florida has the highest insurance
home insurance rates in the country. I think also car
(42:15):
insurance rates is like really high too, but we have
some like our average insurance rate over here is something
like six thousand a year and across the country's like
twenty three hundred or something like that. So we've seen
really high insurance rates. And what the State of Florida
realized it wasn't because of our hurricanes and the damage
(42:37):
that we got from storms and insurable events, but it
was because of straight up fraud. Welcome to Florida, right,
insurance fraud. And so what they did is they changed
a bunch of rules and regulations so that if sellers
want to sue their insurance company, they've got to have
(42:58):
some skin in the game. For it used to be
that you could hire an attorney to sue your insurance company,
and you really didn't. Everything was done on contingency and
as long as that your attorney got one dollar in
the court case, then all their attorney fees would be
paid by the insurance company. That led to a lot
(43:19):
of abuse and fraud. It's just one of the many
things that was abuse and fraud, and they cut that out,
and so now the buyer of the buyer, the homeowner
has to pay for their own attorney fees throughout the
whole process. And some other things that happened is they
(43:39):
reduced the amount of time that you could file a
claim for damage from storms right ross. That was another
thing they did. Did they do anything about trying to
stop those people knocking on your door and saying, hey,
you're almost run out of time. There was a hurricane
four years ago. Do you want to file claim for
a new roof?
Speaker 5 (43:58):
Well, I mean, I mean, okay, right, no.
Speaker 6 (44:02):
They change any of those regulations is what I'm wondering.
Speaker 5 (44:05):
But okay, file the claim. Okay, now it's going to
be denied, you know, yep, And what are you going
to sue the insurance company.
Speaker 6 (44:15):
No, no, no, no. What I'm saying is before that, you
had a certain amount of time to file a claim, right,
and a lot of people didn't know it. And then
you'd have like roofers or whatever knocking on your door saying, hey,
you know you're almost your claim time is almost up?
Do you want to go ahead and follow a claim?
And the person had no inclination to file claim until
(44:38):
they were told they might be able to get a
new roof.
Speaker 5 (44:40):
Well that's exactly what happened over the last five years, right,
which is what the legislation did. That's what led to
You'd have the roofer go, hey, you got damage, I'll
file the claim for you. Don't worry about it. File
the claim denied, Ruffer goes to his attorney, Hey, they
need an new roof. You need to sue the insurance company.
Speaker 6 (45:03):
So now the roofer can't be the one that handles
the claim, right.
Speaker 5 (45:07):
Well, I mean they did away with what's called assignment
of benefits.
Speaker 6 (45:09):
That's that's what I'm trying to remember.
Speaker 5 (45:11):
Yeah, it has been done away with. But I mean
as far as like a riffer coming on your you know,
like hey, you can file the claim and then if
it gets denied, that's when you would typically sue the
insurance company.
Speaker 6 (45:23):
Right, but you can't just turn it over the roofer.
Let them handle it now, right right right, That's the
way it used to be. It's like, hey, let us
handle everything. You just sign here and then we'll take
care of everything. And then they would go ahead and
use their attorneys to sue the insurance company.
Speaker 5 (45:37):
People don't even know that they even had had a claim.
They thought they would just getting like a new roof
or something.
Speaker 6 (45:42):
Yeah, yeah, I know. It was crazy.
Speaker 3 (45:45):
So that is wow.
Speaker 6 (45:46):
So when they changed the rules and regulations, which was
I think twenty twenty two when they changed it, rosters
predicting that overtiming, not just Ross, I mean all the
legislators have passed on and thing. They all predicted that
over time the fraud would start going away, that stuff
would start being cleared out, and there would be a
(46:07):
lot of money left over that was being paid. And
the statistics were crazy Ross right, they said something like
seventy eight percent of all the money paid out for
claims was like in Florida something like that was it?
What was that number?
Speaker 5 (46:22):
So this is back in like twenty twenty or twenty
one or something like that, Florida accounted for in the
United States. Florida accounted for eight percent of all property
damage claims filed, pretty regular number.
Speaker 6 (46:39):
Right.
Speaker 5 (46:42):
Of the property damage claim.
Speaker 6 (46:45):
Across the United States.
Speaker 5 (46:46):
Across the United States that resulted in a lawsuit, Florida
counted for like eighty percent of.
Speaker 6 (46:53):
That, right, like seventy eight percent something like that. So
it just showed you how much there were a lot
of that they could take. Yes, right, So now all
that's stamped out, so we're starting to see stuff. I
got a call this week or I was talking to
somebody this week, and I can't remember who it was
or I do a shout out, but I was talking
(47:15):
to them and they said they had just gotten a
quote from Ross and they were really happy because they
saved some money. So I was thinking maybe they saved
like one hundred bucks a year or something. They saved
like six hundred dollars a year, and I was like, wow,
you know, that's you know, almost two dollars a day
you're saving on your insurance plan. So that's pretty good, right, Yeah,
six hundred dollars, that's fifty dollars a month, saving some
(47:37):
on your monthly mortgage payment, you know, for the ESCRO
payment on the on the amount difference. So that was
an anecdotal evidence. And then there were a couple of
articles that have come out. There's a panelas county politician
was saying that they he's also the of Oh, I'm sorry,
(48:04):
this guy used to be a politician and now he
used the chair of one of the insurance companies, and
he's saying that that he's seeing a lot less costs
to handle insurance claims, but he's also seeing less insurance claims,
and he's also seeing more profit for insurance companies. And
he's saying this is a great thing because we're going
(48:25):
to have more companies coming into Florida because they're seeing
that there's profit to be made again. So they're starting
all come back. And since twenty twenty two, there's been
thirteen companies that are formed that are working in Florida supposedly,
and so that that's another trend. And then there's just
(48:48):
one more thing I wanted to mention here on this.
Speaker 3 (48:51):
Eight seven seven nine seven six nine six nine. If
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Speaker 6 (49:10):
Thanks Johnny. Channel five WPTV. They had an article coming
out where they talked to one of the Florida insurance
executives saying that we've rooted out a lot of the
fraud and that it's putting back money in the consumer's
pocket and also the pocket of the insurance companies because
now they're making more profit, which actually is a good
thing because that means more people want to come here
(49:33):
to ensure, which will hopefully reduce and reduce costs overall
for everybody. And then they're saying specifically the Southeast is
looking pretty good now that being said, have you ever
heard of Ovation Ross? Yeah, okay, have you.
Speaker 3 (49:52):
Ever got a standing one?
Speaker 6 (49:56):
Mcgolly, who's a big fan of ours, is asking about
Ovation and if you know anything about it? And there's
an article here about Ovation, which is a new company
and is starting to write policies here in Florida specifically
was formed because of the changes after the twenty twenty
two regulations. So do you what can you tell us
(50:19):
about Ovation? Is there anything special? Why would mcgully being
asking that because she's saying it's a tremendous amount of reduction.
She's saying she would save fourteen hundred dollars she says
a month. I can't believe it's fourteen hundred dollars a month.
I don't think so unless she's got a thirty million
dollar property.
Speaker 5 (50:38):
Yeah, and Ovation eight right in that one.
Speaker 6 (50:40):
Yeah.
Speaker 3 (50:40):
So but.
Speaker 6 (50:43):
Is that a company that you would feels legitimate and
it like, if you can save money, you might as
well go there.
Speaker 5 (50:49):
Yeah, he's them all the time. They're actually a sister
company of Dicine Edison Florida Peninsula and Ovation or under
this company called Windward Risk Advisors, And so they're just
they're they've kind of all have the all three companies
have kind of the same rules and regulations and underwriting guidelines.
(51:10):
But Ovation is what's called a reciprocal insurance company, which
is how kind of you expect insurance to work, Like,
hey me, we're going to get together us three, and
we're going to put a pot of money of our
own money in and if anything happens to any of
our three houses, we got money to pay for it.
(51:32):
Right kind of how it should work, right, all right,
So that's what ovation is. There what's called a reciprocal exchange.
So you have to when you get a policy from them,
you become a member. You're not really like a policy
or a member, and built into your overall premium is
what's called a surplus contribution, and that money goes into
(51:55):
the pot for your house. You put money into the
pot for your you know, blah blah blah. And then
you're gonna have to sign what's called a subscribers agreement,
which means, hey, I'm a member of this and we're
all members of this, but I don't want to run
this thing that we're doing. So we appoint you know, this,
what what they call an attorney in fact, and the
(52:17):
attorney off fact is going to handle the company for us.
And that's that's it. And Tower Hill, I'm sure people
heard of Tower Hill. They switched to that probably four
years ago. They switch to becoming a reciprocal company too.
Speaker 6 (52:30):
Well, what I'm still losing about the benefits.
Speaker 5 (52:33):
How is it just a different operation, just a different operation.
Speaker 6 (52:36):
There has to be a benefit or they wouldn't be
doing it. Yeah, I mean, I know you're not an expert.
Speaker 5 (52:41):
Yeah, I think just the way that the surplus contributions
work and where that money goes and and how it works,
I guess it's that just operates a little better.
Speaker 3 (52:51):
It probably keeps costs it available. I mean, there's there's.
Speaker 5 (52:54):
Probably you know, I remember when you know, when we
learned about it, you know, when Tower Hills like the
first one to do it, so you know, we learned
all about it a few years ago.
Speaker 3 (53:07):
But in that community kind of setting, though, it feels like,
you know, everybody reaps the benefits. But then you know,
kind of like I feel like, you know, you hear
the citizens asking for forty percent increase on renewal or
I'm just using an example. If things get tough, then
everybody kind of takes the same kind of risk assessment
and they break that amongst the members. It just feels
(53:29):
like the natural way that would work, and it feels
like the most beneficial for all of the policy holders.
Speaker 5 (53:33):
Yeah, and I mean, like like citizens, that's the search
art whatever the search arts thing in the event of
a storm. Right, that's if you want to renew the policy, right,
And if so, if you have a rate increase, you
don't have to renew it, right. You know, you can
be like, well, this reciprocal exchange thing is bogus, man,
my rate went up. I'm going back to the old
(53:55):
school company or you know, or whatever company members exchange, right, Yeah,
and what's kind of cool with that? I think if
my memory serves me correctly, with like a reciprocal like,
it's almost if underwriting does better. So like let's say
they have a stellar year and they really managed everything great,
(54:16):
Like you can get a little bit of a refund
back into your surplus account, which kind of reduces your PREMI.
Speaker 6 (54:22):
Right, this isn't a time. This is the time. I
think that the beginning of the time. It isn't the
full force of the time. But I'm going to say
it I haven't said in it so long. I'm happy if
you'd like to do a backdoor way to get your
mortgage payment reduced, right without having to pay for closing
(54:42):
costs and all that, like refine your house. Let's just
go ahead and check your insurance policy. You see, if
we could save some money out there, you could save
six hundred dollars a year. That's fifty dollars a month
off your mortgage payment. And it doesn't cost you anything
other than sending us your address and giving it a Ross.
Speaker 5 (54:59):
Well, were you have condo? Call me because tell me
why one of the the like the most competitive condo
company for the last probably four years hasn't written like
a new condo policy. They just opened up back on Friday.
So I mean it'll cut everybody in half.
Speaker 6 (55:19):
Really, Okay, you heard it here. Guys, if you've got
a condo, you got to give us a call, so
would give you a quote. Ross. Let's talk about how
this works, right, So all you have to do right now,
if you're hearing us right now and you have to
be near your phone or your computer or something, you
just go to Florida talkreestate dot com. You fill out
the you know, any form you can do, a text, email,
(55:41):
anything you want to do, and just say, hey, I
want to ensure this quote from Ross. Here's my address.
I need your phone number and you know, obviously we'll
have your email hopefully, but we have to have your
phone number. So that Ross can call you in case
he needs to talk to you if there's any questions
about your unique situation. But if not, what's gonna happen
(56:02):
is I'm going to send that information to Ross and
then Ross usually the next day or same day, gives
you the quotes back and figures out if you can
save any money. And then it comes down to usually,
if you're stupid like me, you want to compare the policies.
You understand what's going on, so you Carl Ross back
and go, Okay, what does this God Believe book mean?
(56:24):
And is this a good thing for me a bad
thing for me?
Speaker 3 (56:26):
Right? And then he might send them your declaration page
of exactly what he's dealing with, exactly sample staples.
Speaker 6 (56:34):
So it's free, it's an expensive it's painless, and it's
a way that you could save money. We've helped a
lot of people over the years when we were in
this cycle where the rates started going down because we
you know it is it is like an algorithm. It
goes up and down, up and down, so we might
be going into a down phase. Take advantage of it.
(56:54):
Take advantage of it. If you could say fifty bucks
a month, do it. We've had people where we've actually
saved them like four thousand a year on insurance way
back in the day, and uh, those are awesome. So
can you imagine, Hey, I just saved three hundred dollars
a month of my mortgage. Came by Colin Ross, Right,
(57:15):
So all you got to do is pick up the
phone and do that. And here's another thing I want
to talk about, if we're going to talk about little
public service, here is I just talked to somebody who
wanted to buy a house. They got four student loans,
complete masks. They're in total mess about not paying in
four barons out of four barons, because there's four of them.
(57:36):
Now that the new regulations have come out with the
new administration about the way student loans are being handled,
their credit is going to be destroyed because of the
new regulations because now she's got to pay back everything
right now and it's going to go on her credit report.
It's going to be really bad. It's gonna be very
(57:56):
hard to fix. And all she has to do is
go over the law office of paul A Krasker because
she's a public school teacher, right, and she can get
out of all this student loan debt. In ten years,
if she just would apply for that program that still exists.
Do you think she's going to apply for the program?
Speaker 3 (58:13):
Sure?
Speaker 6 (58:14):
No, right, she just eyes glazed over, didn't want to
hear it. So I'm like, well, I guess she don't
want to buy a house. I don't know what to
tell you. So student loan is going to start squeezing
people really, really bad because the regulations have changed and
now they're demanding all those people that have been in
forbearans for a very very long time where they weren't
(58:37):
making payments and it wasn't affecting their credit. That's all
gone away. So if you have, if you're getting squeezed
by your student loan people, call us and we're going
to show you the government programs that are still out
there that you can use right now. And it's the
same programs that Paul's been using since what two thousand
and nine or two thousand and ten, I mean a
(58:58):
long time. These programs exist, they're government back, they're real,
and all you got to do is pick up the
phone and we're going to find out how to help you.
So for either of those things, So I got to do.
Speaker 3 (59:09):
Is floridatalkreal Estate dot com. It is simple. You should
write it down. You can find us on Facebook and YouTube,
and hopefully you do. Thanks for being with us if
you're streaming with us on this Saturday. But floridatalkrealestate dot
com is your one stop real estate shop. You should
know it, you should use it, and you should share
it as well because you get a team of prospros.
The one stop real estate shop has a professional and
(59:30):
pretty much every aspect that touches the world of real estate.
So if you're buying a home, selling a home, stuck
with a home, you don't know what to do. If
you have anything that touches the world of real estate,
we do have a prospro for you at Florida Talkrealestate
dot com. Florida Talkrealestate dot com.
Speaker 6 (59:46):
Want to do a reset, Yes, I'd love to do reset.
On the flip side, we're going to talk about interest
rates and the new trend that's happening and we'll see
how long this trend is. But it's been going on
for a little bit right now, not too long. We're
at the nation stages of it, but it's going to
be interesting to see what.
Speaker 3 (01:00:01):
Happens eight seven seven nine two seven six nine six nine,
toll free if you'd like to join us and got
about an hour remaining for you on a beautiful Saturday
in South Florida. Thanks for being with us Florida Talk
real Estate right here on Real Radio.
Speaker 2 (01:00:27):
This is Florida Talk real Estate with Jim Depola and
Johnny C. Got a question for the show, Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.
Speaker 3 (01:00:36):
It is got about fifty minutes remaining on this Saturday,
the nineteenth of July. Thanks for being with us on
the old terrestrial radio, maybe on the free download your
iHeartRadio app or live streaming with us today. Thanks for
being there on Facebook and YouTube. That's Florida Talk real
Estate on both Johnny C. That's me, Jimythan's our producer extraordinator.
Hello a no, good morning. That's what I'm talking about. Well,
(01:01:00):
he will line you up if you dial in at
eight seven seven nine two seven six nine six nine
with your questions, comments, concerns in the world of real estate.
Even if you just want to get involved in the
conversation at hand, You're more than welcome to join us.
US as me Jimothy Rosca Marionettes with Bright Williams sharing
as Juno Beach. Hello, Ross, Hello, that's me. There he is.
And Jimmy D's here too. That's Jim Depolo with the
(01:01:22):
Florida Home Pros team at Kellowilliam's Innovations thirteen plus years
now running a top producing Kelowiams team. There's Jimmy D.
Jim Deipol, how you be?
Speaker 6 (01:01:30):
Hey, I'm doing okay, Happy you South Florida, everybody. I
wanted to talk a little bit about with you guys
about what's happening in the economic market, including real estate,
but just like what's happening in general in the economy
because it does affect how buyers and sellers react to
the market. Are they going to buy or sell? And
what's going to happen with that market. So the first
(01:01:52):
thing I wanted to do was remember back in the day, Johnny,
we had that advertising campaign What's your Secret Number?
Speaker 3 (01:01:58):
Right?
Speaker 6 (01:01:58):
Remember? So that that was more for sellers where we
were selling people. You were calling up a lot of
people saying, Hey, I'm just wondering are you ready to
sell your house? And they go no, And then you
would say, well, what would be your secret number that
if you could you know what would be the number
that if you got that number, no matter what you
were just like, here's my keys, now to my house.
Speaker 3 (01:02:19):
That's I'm out of here.
Speaker 6 (01:02:20):
And a lot of times you got like and nothing
wrong with this. People love their homes, so they would
say a crazy number, like they'd have a four hundred
thousand dollars condos, like well, if you give me a
million dollars, I'll move because they loved their home and
they wanted to stay there. But once in a while
we found a couple of people that their secret number
was way low of what they could really get, and
then we ended up helping those people sell and then
(01:02:42):
buy something else.
Speaker 3 (01:02:43):
Right, be like what great is right?
Speaker 6 (01:02:45):
Well, now there's a new secret number that are people
talking about? What would the interest rate have to get
to for the buyers to get off the sidelines and
get into the real estate market and start buying some homes? Right?
Speaker 3 (01:02:59):
And hopefully the people that give this number know exactly
what they can afford based on the interest rate. I'd
like to think, oh, yeah, you're established a base point
right that they know what their effect is for their
their monthly obligation currently based on the.
Speaker 6 (01:03:16):
Certain Oh yeah, sure, well there's I guess you could
hope and you could thinks up faster. So it's funny
because back a couple of years ago, if we were
talking about this, let's say we were talking about this
three years ago, right or three years ago, the secret
number probably was going to be in the fourth right, Hey,
(01:03:40):
it have to be under five percent, right, anything under
five percent, I'm buying right now. And I always used
to laugh because I'm like, other than during COVID, when
was the last time we were under four percent? Never?
Never in the history of thirty year mortgages where we
under you know, four percent? And then but people got spoiled.
(01:04:03):
I called the crack interest rate, right, we got the
interest rates so locus it got to two point sixty
five on January seventh, twenty twenty one. That was the
low two point sixty five for Freddy Mack, right, So
everybody that was like a crack number. Once that number hit,
it was like the mouse learning how to you know,
(01:04:24):
learning that they could use crack to get through the
mazes and stuff, and they just wanted that crack all
the time.
Speaker 5 (01:04:29):
That's all right, I remember, Yeah, six five six.
Speaker 3 (01:04:33):
Scientistically, that's my number.
Speaker 6 (01:04:35):
Right well now, when I was reading this article, it
came in who wrote this orcle real term magazine media,
whatever that is, But they were trying to figure out
what the secret number is today to get the buyers,
because we know there's a lot of buyers out there
that are just not ready to do something, when really,
in life cycle terms, they should have already done something.
(01:04:58):
People starting family, isn't getting married, but they're still running
and they're not getting into that buyer's market. Is the
first time home buyer yet all of that stuff going on.
So I was really surprised to see this number. What
do you think the number is that they're thinking of
that we have to get to to start getting some
buyers back at a decent so right now to where
(01:05:22):
we are right now, where at six seven to two
According to Freddie Mack. We haven't talked about this in
about a month now. Six seven to two is not
the lowest that we've had this year, but it's on
the lower end of this year, the low for the
year up. I just can you believe this? I just
nooped my article. Hold on here, that can't help me? Yeah, yeah,
(01:05:44):
you can believe that. Thanks guys, I'm you're selling it
definitely believable. So I was wrong. It was six seven
five for this week. Last week we were six seven
to two. Now, the high for the year was in January,
which we hit seven oh four January sixteenth, and then
(01:06:06):
we basically it took us from January sixteenth until March
to get us to six six three, and basically six
six three has been the low from March until today.
But six six three and six seven five you're talking
like a dollar fifty on your mortgage month, right, So,
I mean we've been pretty flat since March, right, So
(01:06:29):
everybody waiting for these interest rates to drop, they really
haven't seen anything of worth talking about since March. So
think about that. March, April, May, June, most of July
five months of pretty copasetic, no challenges in the interest rate.
Buyers don't realize how lucky they are to have stable
(01:06:51):
interest rates when they go out buying, because remember when
the interest rates were going up and down, up and
down like crazy about eighteen months ago. And they go
up a quarter point and then they go down an
eighth of a point, then they go up, you know,
five eighths of a point, then they go down three
quarters of a point. It was like you were getting whiplash.
Well when you were a buyer and you're out there
(01:07:13):
shopping and the rates are changing day to day to day.
It drives Mike crazy, right, I mean, it's part of
our business, but it also drives us crazy because if
you're at the upper limits of your budget, you know,
a quarter point change in the interest rate might make
you not a buyer at that price point, right, and
you'd have to be really worried about getting in on
(01:07:35):
time and locking everything in, and it was just extra pressure.
Since March, you really haven't had that issue. Everything's been
within like a point one point five range, you know,
six point six to six point eight is kind of
where we've been, and some kind of variance of that
somewhere in there. So usually for most people, a point
(01:07:58):
one five difference isn't going to make or break't necessarily,
So it's been a really nice time for that to happen.
So the interest rates right now are at six seven five.
So what do you think the getting back to the article,
what do you think they think the magic number is
that buyers say, ah, if the interest rates get to this,
(01:08:19):
I'm back into the buyer's market. What do you think, Jimmy,
I'm going to say anything under five, under five? What
do you think, Ross, I'm gonna say like five and
a half, five and a half.
Speaker 3 (01:08:28):
Yeah, I like a little bit higher than that. I'll
say like five seven five.
Speaker 6 (01:08:31):
Well, this article made me laugh because I think the
buyers finally got it beat into their head that the
interest rates are never going to be where they want
to be. Because I was really surprised about this number.
The survey said six percent. Well not, it doesn't even
have to have a five and it's just six point zero. Right.
(01:08:52):
If they could just get to six point zero, they'll
get back into it, which is three quarters of a
point lower than we are right now at six seven five.
So I think that's kind of interesting. Now, every time
that the interest rate goes up a quarter point, buyers
lose two point five percent of their of their purchasing power.
(01:09:16):
So if you're three quarters of a point difference, you're
talking about seven and a half percent difference in your
purchasing power. What does that mean if you were buying
the What doesn't mean? I'm having a hard time describing it.
If you were trying to buy a house at six
point at six percent and the interest rate goes up
(01:09:40):
to six point seven five percent, you lose seven and
a half percent of your purchase power. So if you
were buying a house at six percent at one hundred,
in order to have the same mortgage payment at six
point seventy five, you'd have to buy it at ninety
two five, right, and you have the same interest rate.
So here's the interesting part. The average list price to
(01:10:04):
sol price right now is about ninety five percent. So
if you're paying seven point five percent more on your
purchasing power because the interest rates were six point seventy
five right now instead of six, you probably could get
that seven and a half percent from the seller pretty
easily to make up the difference.
Speaker 3 (01:10:23):
Yeah, and buy down your rate possibly too.
Speaker 6 (01:10:25):
But people aren't thinking about that. What they're thinking about
is I just want to see that six percent before
I even get my car and look, and I'm like,
you guys are missing out.
Speaker 3 (01:10:33):
Well, I would like to think that people listen to
our joll regularly would at least be pondering that a
little bit, because we discussed this potential enough.
Speaker 6 (01:10:42):
I know, and I know it sounds like I'm being
a dead horse, but you've got to keep saying it
because the buyers aren't here yet. If the buyers are here,
I wouldn't even talking about this because I'm like, oh,
the buyers get it. There's so many right now. I
call the guy named Peter this week. He owns baldy
Go Moving. I'm going to do a big, you know,
a little shout out to him. Peter has worked with
(01:11:03):
several of our customers. Now, you know, it's hardway's hard
to find a good mover, reputable mover. So I've been
making sure that all our of our customers know about
Pete and Baldigle Moving, and I've had a couple of
customers now work with him. I got Kathy Bruce. He's
going to be moving up to Myrtle Beach, South Carolina,
where they're going to use Pete to move from West
(01:11:25):
Palm to Myrtle Beach. And we've had a couple other
deals already. And I called Pete because we met like
four months ago to buy a house. But he wasn't
sure if he was ready yet. He wasn't sure if
he's going to buy a little small place just for
him or like a larger compound that had an acre
plus where he could put his moving trucks there and
things like that, and he wasn't sure what to do,
(01:11:47):
and so I backed off on him a little bit. Well,
I picked up the phone to call him this week
and I just said, you know, hey, Pete, here's the situation.
We are in a buyer's market right now, but there's
a new trend going on, and if that trend continues,
it is not going to be a buyer's market for
much longer. So if you want the great discounts some
(01:12:09):
sellers are willing to offer you, this might be the
end of this cycle. Not that the cycle won't come
back again, but we don't know when it will come
back again. So if you really want the best deal
from the seller, you might want to start now. So
he's like, Okay, turn my quick wal app on for
Mike because we haven't shut down for a while, and
he goes, let's let's get it going. So we're going
(01:12:30):
to be talking next week now. The thing that is,
here's the new trend. It isn't the interest rates. The
interest rates have been pretty copasetic. They've been pretty flat
and not much to talk about but what is worthy
talking about, in my opinion, is that the inventory of
properties is really shrinking dramatically. So we talked about this
(01:12:55):
a little last week. So I'm going to pull up
on the MLS right.
Speaker 3 (01:12:59):
Now, pulling listings off.
Speaker 6 (01:13:01):
Yeah really, yeah, I dramatically, Johnny, Wait till you see
what I'm going to show you. It was pretty surprising.
So I went on vacation like it was four Saturdays ago.
Well four Saturdays was my last show before we went
on vacation for two weeks, which was not a vacation.
But what ended up happening was is we've been checking
(01:13:26):
on properties that are active on the MLS residential properties
on the MLS now since October. And when we started
in October, we were in the high mid to high forties,
like forty five to forty eight thousand homes, and then
it just started growing. I remember when we hit fifty
I was like, wow, we hit fifty thousand homes right
because we were watching it grow live week by week
(01:13:49):
on the show. And then it got up to almost
sixty five thousand homes when I left. When I left
four weeks ago, I did it the Saturday before we
went on the hiatus, and we were at only sixty
two thousand, and I was like, wow, we just lost
you know, twenty five hundred homes are gone, right, And
(01:14:12):
I was a little surprised, but I didn't think about it,
went away, came back, turned on the computer. Sixty thousand.
We had sixty two hundred and fifty homes last week.
That's five thousand homes less than we had three four
weeks ago. That's a lot. That's almost ten percent, right,
that's like eight percent.
Speaker 5 (01:14:31):
Where do they go.
Speaker 6 (01:14:32):
Canceled, expired, with drawn? They're not selling. The sellers are
just like, if I can't get the price I want,
it's been on the market too long, I'm gone. So
now what's happening is we're seeing that inventory is shrinking
for the first time we've seen it grow and grow
and grow. Just to give you an example, Port Saint
Lucy where Jimmy lives, inventory got down toero point nine
(01:14:55):
months of inventory. That means if no other houses went
on the market based on current sales, it would only
take point nine months, not nine months. Point nine months
to sell everything. So basically what three and a half
weeks yep, and everything would be gone. And now a.
Speaker 3 (01:15:11):
Couple of years ago.
Speaker 6 (01:15:12):
That was about eighteen months ago to two years ago. Now,
Port Saint Lucy has the highest inventory rate of all
six counties that we got right now, and it's over
six percent. It was at six point one six point
two months of inventory, which actually is leaning towards more
of a buyer's market at that point. And so the
(01:15:34):
inventory this week it's increased just a little bit. So
we were at six sixty two fifty last week. We're
at sixty thousand, six hundred and thirty one, So it
increased a little bit, right.
Speaker 3 (01:15:46):
But I'll tell you one thing that stands out to
me for the Saint Lucie because I get a drip
from you know, the counties because we've been looking for
a home for some time now. I'm surprised from the
list price of many of the homes in Saint Lucy County.
I'm like, man, do you think you're in Palvers County? Oh?
Speaker 6 (01:16:05):
Yeah, they're too high way too and that.
Speaker 4 (01:16:09):
Yeah, a lot of that tradition area that they've been
about them, really proud of them. Really price plus you
got to pay extra taxes out there too.
Speaker 3 (01:16:17):
In that area of tradition.
Speaker 4 (01:16:19):
They have their own city, and I'm not exactly sure
how it works, but it's it's above and beyond your
property tax.
Speaker 3 (01:16:27):
But it's a very affluent.
Speaker 6 (01:16:29):
Area it is. And they also put there's a couple
of pockets a tradition where they're actually having crime problems.
I was watching that on the news, Yeah, where there
actually had some I don't know if the media was
like going nuts on and maybe making a big deal
out of a couple of bad days or something, but
I saw that there was one pocket, not not all
a tradition, just this older pocket where they were having
(01:16:53):
some crime issues over there. I was a little surprised.
Me too, Yeah, yeah, I was surprising. But so what
does this mean that the inventory shrinking? The inventory shrink
is shrinking almost eight percent over like four weeks. We're
talking about that's shouldn't.
Speaker 5 (01:17:08):
That When the inventory shrinks like that, that should be
a seller's market.
Speaker 6 (01:17:12):
Right, That's what I'm trying. That's why I picked up
the phone to call Peter. It's like, if the inventory
continues to shrink, you're going to have less choices. The
sellers that are going to stay on the market are
going to be very serious. They want to sell, right,
But if there's less choices, they're going to be stronger
as to, you know, the ability to negotiate with the
(01:17:34):
buyer to get better terms than if it was a
straight up buyer's market. So we might be sliding into
a little bit of a seller's market. When I mean
seller's market, what what I mean by that? Not a
strong seller's market. But the sellers might because of fewer homes,
they might be less willing to negotiate super deep discounts
(01:17:57):
ever to give you concessions exactly exactly. So this is
the time if you're thinking about it. And with all
the issues that we have with the interest rates remaining flat,
they're not going down right now. Even if they do
go down, the buyers are gonna most buyers are going
to get screwed if the interest rates get to go down.
(01:18:20):
And the reason why is they're going to get that
lower interest rate, but they're going to pay a higher
price for the house, which is going to offset the
lower interest rate. You're much better if you can afford it,
and you could buy the house you want. Buy the
house now. I know it sounds like a broken record.
Buy the house now, wait for the interest rates to drop.
Make fun of everybody that's running around trying to buy
(01:18:42):
a house at that point, because you've already done it,
watch your property value go up. Right, Well, you're sitting
on the sidelines, cracking open your beer watching football games
while everybody else is running around. Oh, these prices are
too high. I can't get a good deal. And you
just watch the prices go up and up and up,
and then at a certain point you Okay, the interest
rates are at the point that I feel good, I'm
(01:19:03):
going to go refi again. And then you get the
interest rates all those buyers are getting, but you bought
at the lower price and now you have more equity
in your home than they do.
Speaker 3 (01:19:12):
Aha.
Speaker 6 (01:19:13):
That's the way it works. So if you're thinking about buying,
it is a good time to buy. It is a
very weird market, though. A lot of the things that
we relied on for a while are disappearing. The Hometown
Heroes program relied on what did you think? I said?
Relied on the Hometown Heroes program. We did a whole
(01:19:37):
Summer Buyer's guide. A couple of weeks ago. We did
a two part series about the Summers Buyer Guide about
how to buy in today's market. For this summer, and
a big part of that where down payment assistance programs
for first time home buyers. The Hometown Heroes program used
to give out one hundred million a year and it
was basically, if you worked for a Florida employer, the
(01:20:00):
down payment assistance as long as you could qualify for
conforming won't. They scaled back that one hundred million to
fifty million this year, and then they scaled back to
professions that are allowed to use that program. Now it's
back to the way the original intent was, which is
more government workers, medical workers, first line responders. But not
(01:20:23):
just I work in Florida. I'm employed buying Florida employer.
That can really affect your purchasing power. I'm in the
process of trying to buy a home this summer. In fact,
I turned an offer last weekend. I got creamed. I
negotiated the agent on the other side creamy. So I
didn't buy the house, no big deal. But I was
(01:20:46):
going to use the Hometown Heroes program. If I were
to buy that unit. With the Hometown Heroes program, I
was going to get like sixteen thousand dollars from the
state of Florida. But because now they changed the professions.
I'm no longer qualified for that, so now I'm going
to use if I decided to use it, I'm going
to use the Florida Bond program, and that one will
(01:21:07):
only give me ten thousand dollars. So I'm losing six
thousand dollars in down payment and closing cost benefits that
I could have got under the old program. A lot
of people, that's a big deal and not having that
you have to be prepared and get ready. So what
does that mean. That means you're going to use the
(01:21:27):
Florida Bond program and we're going to try to get
the extra money from the seller, right right. That means
they're going to try to beat up the seller a
little bit and get the extra money there. So if
you're thinking about buying, it's better to do it now
than to wait. If you're waiting, you probably don't know
what you're waiting for. You're just saying you're waiting because
you don't know what to do and you're confused, because
(01:21:48):
that's the way most people are, right yeah, Because if
you don't know what to do, you're going to say, ah,
that's not for me right now, because that's the easier way,
not to think about it right. But if you're serious
and deep down in your heart you really know so
that you do want to buy, you got to pick
up the phone and say, hey, I want to get
this process started.
Speaker 3 (01:22:04):
Yeah, it all starts with understanding that, yeah, that water
looks really deep. But when you take that first step out,
you're like, oh, it's only like angle d this isn't bad.
And you take a few more steps and it just
doesn't get much deeper than that. You're safe out here
in the water. But you got to get with pros
pros people to help you understand your unique situation. Every
situation is like a snowflake. Let's figure out your snowflake
(01:22:25):
and figure out what your path is to home ownership.
If you're looking to sell a home or you're stuck
with home, you don't know what to do with it.
You got to get all the pertinent information so that
you can make the best decision for you and your family.
Don't fill in the gaps on your own. You may
be very smart, you're not as smart as the prospros
at floridatalkrealestate dot com. They are prospros. They are experts
in their field. For a reason. It's because they've been
(01:22:47):
through it time and time again. Let them help you
get done what you're trying to get done. It all
starts with a phone call or click at Florida talkreal
Estate dot Com. Know it, use it, love it, share it.
You can change lives, including your very own, with the
pros at Florida Talkrealestate dot Com.
Speaker 6 (01:23:03):
And just to show you that what I'm telling you
is real trends that are happening right now in today's market,
here's an article from July twelfth from Housing Wire, which
is a pretty legitimate new news organization, about what's going on.
In the headline is housing. This is nationwide housing inventory
actually fell last week. What is going on? That's what
(01:23:26):
they wrote, and they said new listings also took a
major dive.
Speaker 5 (01:23:30):
Right.
Speaker 3 (01:23:30):
So you remember when when we were in my in
my living room, we were looking over some things, right,
going over some numbers and whatnot. Not long ago, I
pulled up a few listings that I had. We were like,
let's take a peek at something that you were interested in,
and one, like the day before, came off, right. They
pulled it off like the day before, and you were like, well,
we can always call them and see if they're still interested.
(01:23:53):
I mean, that doesn't mean.
Speaker 6 (01:23:54):
And I did that mean they're done. And I did
that with where I want to live in a specific community.
So it's very hard. The properties don't always come on
the market. So when that one came on the market,
I had to act fast. But I was only willing
to go to my Maui Wowie. And when I hit
my Maui Wowie a maximum lower ball offer, I stopped. Yeah,
(01:24:15):
I stopped. I thought, you're making some big decisions. I
know it, right, Yeah, so what gold? So what happened
was when I hit that limit, it's like, hey, I
don't want it anymore if I can't get it for that,
and I felt comfortable, you know that, I walked away.
But there's nothing else over there. So what I did
(01:24:35):
is I went back to one of the ones I
liked that had been withdrawn before I started looking, tracked
down the person's phone number, called them, and then left
them a text message saying, Hey, I'm a real buyer.
I'm not trying to fake you out or anything. If
you still want to sell your house, I'd love to
talk to you. She hasn't responded back yet, so That's
(01:24:56):
another way to get properties that are off market, though,
is that you look at the expired and canceled and
find out if any of those are motivated enough to
buy sell because a lot of the sellers they get
very upset when their house just sits there for a
long time. Sure, understandably so, but they also start thinking,
what's wrong with my house? They start getting into the
(01:25:18):
whole in thing, right, I do think the in thing.
It's like, oh, maybe it's my house or maybe you know,
maybe it's me or my house or whatever. I'm like, no,
it's it's price in all ice, you'd have your household yet.
But there are some certain people that took it off
the market, not because they're not really motivated to sell,
(01:25:38):
they just didn't like the idea of being on the
market so long and having no action at all. And
so now what's going to happen is the sellers that
stay on the market, they're going to have less competition
and there's going to be more people coming to their house.
Just like I said at the beginning of our show
with the shout outs, all of these properties have had
(01:25:59):
on the market for very long time. They all got
picked up in the last week, right, they are under contract,
under contract, under contract. And the reason why is is
the buyers are biding now. There's more buyers out there
than before. And this article from Housing Wire said there
was a twenty five percent increase and applications last week
(01:26:20):
for buyers compared to a year ago nationally. Yeah, nationally,
so twenty five percent more applications for home buying than
one year ago last week. So that's kind of interesting.
So that's what's happening with the trends right now. And
take advantage of these, you know, take advantage of these trends.
(01:26:41):
Good time to be a buyer. It's also a good
time to be a seller, as long as you're realistic
about the price. It's a good time to check your
insurance rate because rates are going down. Okay, not a
good time to refin right now. Probably you're not going
to want to REFI that's not a trend yet. But
you just keep you know, you just keep working on it.
(01:27:03):
And the other thing I wanted to say about insurance,
and I forgot to mention this when I was talking
about it. It's a little stat they actually have seen
already a one percent decrease across Florida for homeowners insurance
policies overall decry.
Speaker 5 (01:27:18):
And I had a company like I think I mentioned
it on the air a couple of months ago where
it was in maybe in June. I think they just
sent out an email said, hey, we're just learning a
race by ten percent. Quotes that I had done like
the day before just went down ten percent.
Speaker 3 (01:27:34):
Wow, it's huge.
Speaker 6 (01:27:35):
Yeah, it's pretty cool, isn't it.
Speaker 3 (01:27:36):
That's very cool.
Speaker 6 (01:27:37):
So we're starting to see some stuff. It was funny
when I was talking about the decrease and insurance policies
premiums in front of my sister. Oh, my sister wanted
to rip my head off. She was like, that's not true,
and she's like that's I'm like, it is true. It's happening,
you know. I know it's painful what you've been going
through because the insurance has gone up so much, But
(01:27:59):
it is actually it is. It does go up and down.
It's like a wave, it goes up and down. Right
now we're in a down down troughs, So take advantage
of that.
Speaker 5 (01:28:10):
Yeah, I've seen renewals come down.
Speaker 4 (01:28:12):
Have you mentioned ross about how many new companies or
companies that have come back into Florida to start writing
policies again.
Speaker 5 (01:28:21):
I mean come back like I mean, you know, so
most of the companies, unless they went bankrupt during that time,
have started writing, you know, on a limited basis, you know,
but I don't, you know, but there are still a
couple companies, you know, I can, I can kind of
(01:28:43):
really only think of maybe like three companies that were
writing that that haven't said, Okay, hey we're wide open
for new business. But like I mentioned earlier, that competitive
condo company they had written, really know, they were very
they were open in some areas of Florida, but they
(01:29:04):
they're now kind of wide open and they're super competitive.
You could say Ovation was a new company. They're one
of the one of the new few new companies that
have come on that are actively writing new business. You know,
there are a lot of companies that have quote unquote
entered the Florida market, but most of them are just
(01:29:26):
participating in the citizens depopulation and takeout programs.
Speaker 4 (01:29:30):
So right, but that's still coming back in at least
two enough to where it's the competition is opened a
little bit.
Speaker 5 (01:29:37):
Yeah. Yeah, I mean, the companies realize that if they
want to write a new policy. They can't. They've got
to you know, they've got to be rate conscious, you know,
and they want to be competit. You know, you know,
obviously they're in business to make money, and so you know,
if they don't write any new policies because their rates
are too high, then you know, they go out of business.
So you know, you know, it gets down to, you know,
(01:30:00):
more competition, especially now that those regulations have changed, where
you you know that would but I.
Speaker 4 (01:30:07):
Mean, I remember a time when you said that there
were companies that didn't want they were trying to stop
writing policies. Oh yeah, I mean yeah, that was It's
such an oxymoron to a business model, you know, that's.
Speaker 3 (01:30:20):
Yeah, that was my joke.
Speaker 5 (01:30:21):
You know, Florida homeowners insurance industry was the only industry
that did not want new clients and was actually trying
to get rid of the ones they had exactly right
one time, because every single one of those policies, you know,
they only got twenty eight hundred you know, we'll call
it twenty eight hundred dollars in premium, but they may
have had to pay out seventy thousand dollars, you know,
(01:30:43):
so that's a huge liability to them, so they you
know that there was a period of time where yeah, they.
Speaker 3 (01:30:48):
Did not want any business.
Speaker 6 (01:30:51):
Just one more thing about the trends. I've been reading
this constantly for the last several months where everybody's trying
to predict if we're going to have a national house
in crash. And what they keep doing is they keep
pointing to Cape Coral and go up. Cape Coral was
ground zero for the market crash in two thousand and
eight for the real estate market crash. They're going through
(01:31:13):
a really bad time again. Is this the beginning of
a new trend? And just to give you an idea,
in from twenty twenty to twenty twenty two, now this
is during COVID, the average home in Cape Coral went
from two thirty nine to four thirty six. Can you imagine, right,
to see that kind of increase in two years doubled.
(01:31:34):
But now we're at now we're at in May of
this year, we're at three hundred and sixty one, which
is a seven point seven percent lower than the year before. Right,
And for the last since twenty twenty three, we've seen
year over year price declines and that's because of the
(01:31:55):
hurricanes over there, right, we had major hurricane damage and
that's what really affects did that community more than anything else.
The last time Cape Coral had was ground zero for
the market crash. I call it six, they call it eight.
But in two thousand and six, the reason why Cape Coral,
that whole area out there, that was all because of
(01:32:15):
dirty mortgages, right, that was all because people were fogging
a mirror and getting a mortgage for a house they
couldn't afford that they weren't planning on living in or
planning on flipping before they even bought it, and that's
why that happened. This cycle is more because of physical
damage to the area from natural storms. To me, that's
(01:32:37):
a completely different reason for the collapse. But they're kind
of ignoring why the collapse happened. They're just saying, hey,
are we seeing this again? So my answer to that
is no. But if you're in Cape Coral and you
need to sell, it is a problem because prices are
not stable. They're going down. They're in a downwards spiral
(01:32:58):
right now, and we'll see any end to where it's
going to end. But even so, we're at three sixty
one right now, and in twenty twenty. We are at
two thirty nine, right, so what is that? What does
that come out to? So let's just say two forty
versus three sixty, So one twenty divided by two forty
(01:33:20):
Wait bye yeah, fifty percent increase in five years. Right,
So if you divide that by five, you're talking about
like it grew by ten percent every single year for
five years.
Speaker 3 (01:33:33):
It's phenomenal.
Speaker 6 (01:33:34):
Right, that's awesome appreciation. So everybody's like, oh, man, you
know Cape Coral's going through a crisis. Yeah, they only
got ten percent appreciation the year over a year after,
and that's includes the depreciation that they already had.
Speaker 3 (01:33:48):
The crisis is for everybody that has bought at four
thirty at four forty.
Speaker 6 (01:33:52):
Yeah, yeah, seventy, that's true.
Speaker 3 (01:33:55):
It's not crisis time unless you're trying to sell your home.
Yeah yeah.
Speaker 6 (01:33:58):
Now here's the other thing. I wanted to talk about trends,
and I'm telling you this is going to be a very,
very very big trend with all the changes going on
with the condo market. Because of the regulations that they
have to make sure everything structurally sound, they have to
make sure that they have the right reserves for future improvements.
(01:34:20):
That need to be made, and also the training that
the condo board people are supposed to be getting to
make sure that they do the right things when they're
their condo board, making sure that they're financially sound, and
that they're keeping up with the deferred maintenance on the properties.
All of those things are going to make these condos
(01:34:42):
comply with the federal government for conforming loans. Now, why
is that a big deal? That means people are going
to be able to buy condos with three and a
half percent or five percent down Right now, condos are
usually between twenty five and thirty five percent down. So
all of these first time home buyers that don't know
(01:35:03):
what's going on, they come and you sit down with
them and go, so, what kind of house are you
looking for? And then they start showing your properties for
one hundred and fifty two hundred thousand, two hundred and
twenty thousand, and they're condos. And the reason why they're
picking them is because the lifestyle matches what they want.
The houses are the condos are fixed up enough where
(01:35:24):
they feel it's worth it, and at the price point,
there's really good value there. And then you tell the
first time home owner Hey, Johnny, that's great that you
want to buy this two hundred thousand dollars condo. You
need to put twenty five percent down. Do you have
fifty grand?
Speaker 3 (01:35:41):
No?
Speaker 6 (01:35:41):
I don't have fifty grand, right, I barely have three
and a half percent down. I'm sorry. Well, there's only
like six condos in the whole county you could go to,
and then a lot of them you don't want to
live there, right, the neighborhood's not great or the buildings
aren't that great, and so they really feel frustrated and caught.
(01:36:02):
Once we go through all these regulation changes, the federal
government is going to say, hey, they meet all the
financial reserves. They're doing everything to make sure these communities
are right, and then all of a sudden, people are
going to be able to pay three and a half
percent down for these condos, which is going to make
these condos shoot up in value, even these older condos.
Once they get the stuff fixed, these condos are going
(01:36:25):
to shoot up in value because there's so much demand
for first time home buyers. And I know a lot
of first time home buyers don't want to move into
a condo. But if you can get a condo for
two hundred thousand, and you only have to put seven
thousand dollars down as opposed to fifty thousand dollars down.
Speaker 3 (01:36:43):
Well, but you just said they're going to shoot up,
so only at.
Speaker 6 (01:36:45):
The beginning, No, but at the beginning. So the smart
ones are going to get it early, right, They're going
to do it early. So and also there's a great
opportunity for investors. This is a great opportunity for investors
to buy. I know this is intuitive to a lot
of people are totally But if you can find the
right communities that are getting there, you know what, together,
(01:37:08):
and they're taking care of all the financials, and they're
taking care of that construction, and it looks like they're
serious and they're gonna get it all done, those would
be great condos to buy at a really really low price.
Speaker 3 (01:37:20):
Yeah, well, it'll be awesome if it's investors that are
singularly like smaller landlord operations, you know, that's awesome. It's
when the big conglomerates come in and buy up. We're
just they're trying to turn it into like a rental world,
you know.
Speaker 6 (01:37:34):
At that point.
Speaker 3 (01:37:35):
And you see a lot of that happening across the nation.
Hopefully that's not going to be the impact.
Speaker 6 (01:37:39):
Actually, that's funny you're talking about that, Johnny, because one
of the articles I saved, I was going to use
it later. But it's actually about Blackstone. It's just one
of the biggest companies that buy residential homes and tournament, yeah,
turn them into rentolds, and it really hurts regular homeowners
that just want to buy something because now competing with
(01:38:00):
these investors and there's less inventory. So what Blackstone. What's
happening with Blackstone right now is they control and they're
making it sound like this isn't a big deal. Blackstone
controls two hundred and seventy four thousand, eight hundred and
fifty nine housing units across the country. Imagine over a
(01:38:27):
quarter million rental units. They got. They're about one percent
of the whole rental market in the country. Right, that's
a pretty big deal one company, and oh little they
Blackstone says they own a little bit less than one percent, right,
But two hundred and seventy four thousand homes they own,
(01:38:48):
and this is all These are all homes that regular
homeowners can't buy and they're turning into rentals now. They
were selling them for a while because of the insurance costs,
and they were pulling out to Florida a little bit
because it's too expensive in Florida. So so now that they
were looking at the Midwest and going there, but I
guess they're coming back to Florida a little bit stronger
(01:39:09):
now because they see the trends. And I'm wondering, I
don't it doesn't saying here that they're going to start
buying condos, but I'm wondering if condos are going to
be in there, Baileywick now, because I really feel like
this is going to be a little trend for investors
well because and for first time home buyers.
Speaker 3 (01:39:26):
Look, you're highlighting it for potential first time home buyers
that when this kicks in where you can buy a
condo for three and a half to five percent down,
that is a world changer for many people that are
first time buyers. And you got to get in early.
And all the investors see this too, especially the big
pocketed ones, and they see it and it's it's going
to be a race. And we know who wins those races.
Speaker 6 (01:39:48):
Well, you know a lot of times the first time
home buyer can win, they can't. And the reason Why
is they're willing to pay more than the investor because
the investor has to make a profit, right, So if
we do if they if you have an investor that
wants to pay two hundred, but you have a first
time home buyer that's wanting to pay two fifteen, I'm
(01:40:09):
making it up sure, and two fifteen is affordable to
the first time home buyer. The investor might say, I
don't want to pay two to fifteen, don't. I don't
like that number. And the first time home buyer wins.
Speaker 3 (01:40:19):
Sure, as long as the appraisals come together and their
money works out, and that can be very advantageous for them. Absolutely,
it really is.
Speaker 6 (01:40:26):
But it's interesting that you mentioned about those companies. So
there's still around. They exist. There's a couple other one
IHP and New Haven I think it's called but those companies,
and let me tell you, I hear not good things
about them being landlords too. I've had people call me
up with these companies. I'm not saying which ones, but
(01:40:48):
these big time rental companies and the problems that they
have with them, and they treat you just like a number.
They don't care that you live there two years and
have paid on time and everything. If you don't meet
their terms at that moment, see you later. Right, it's
not a personal connection. Yeah, yeah, it isn't really like that.
Let me see here.
Speaker 3 (01:41:09):
Hold on floridatokreal estate dot com. No use it, love
and share to remember on Facebook and YouTube as well.
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Speaker 6 (01:41:24):
They're another creepy critic story. I'm looking at some of
the stuff I save while I was on out of town,
and I keeps wanting to say vacation, but it just
didn't feel like a vacation, so I keep saying it out.
I'm not using the V word because I wasn't a vword.
If anybody was wondering, I went on vacation and then
that week I got I almost got pneumonia and I
(01:41:47):
was out for fourteen days. It was terrible. That is
terrible in Lee County. In Lee County, the green iguanas,
you know, there's so many different iguanas out there now, right,
but the agreeing iguanas are starting to take over. Everything
out in Lee County right now. And uh, it's really
becoming a problem in the parks and the preserves and
(01:42:08):
they're seeing more and more of these and they don't
know what to do in order to get rid of them.
Speaker 3 (01:42:14):
Yeah, exactly taking all the jobs job.
Speaker 6 (01:42:21):
But these things are like destroy the natural habitat and
there's you know, they destroy the equals ecosystems for the
other critters that are natural to the area and everything.
And Lee County is really going through it with the iguanas.
It just seems like I'm seeing more and more, not
necessarily iguanas, but just lizards of different different sizes of stuff,
(01:42:44):
not just the big ones We've always been talking about
the fallout of the tree. Have you seen the really
colorful one, like the yellow with the black and they're
only like this big. They're like a foot long and
they're super fast. That's a new that's an Africa. Yeah,
it's a new one. We talked about a couple of
weeks ago. They were new.
Speaker 5 (01:43:04):
I saw I saw one on I've seen it like
four times. When you get off ninety five on Donald
Ross when you're heading south, there's like a palm tree.
And I've seen that thing on there like four times
with like another lizard in its mouth.
Speaker 6 (01:43:16):
Oh yeah, so we're really starting to read somewhere that
they were aggressive. Yeah, we're really starting to see a
lot more of these iguanas. And hey, it's keeping the
hunters happy, right, They're going out there and killed them
all the time.
Speaker 3 (01:43:34):
Of course, I'm in a weird place with iguanas because
I love iguanas, but I understand they can be destructive,
and I understand they're not really supposed to be here.
I get that, but I love them. I think they're awesome.
Speaker 6 (01:43:44):
I think they're kind of cool to look out too,
you know. To me, it just feels like you're in
the tropics when you see all these sol lizards running around.
But I guess if they're eating your sea wall, that's
not a good thing, right.
Speaker 3 (01:43:57):
We just just the other day we saw a pretty
young one over by our house. We have we have
never seen one in my neighborhood, lots of lizards, never
seen iguanas, and we have all the canals like you
think we would see them. Never We've been there since
twenty fourteen. I saw a little one by our house
and he ran like under the rock area and our front.
(01:44:17):
So clearly they have a little home built in there.
So they're starting to make their way into our hood.
We'll find out it's a good thing or not. But yeah,
it's kind of excited. It was right, maybe not? Yeah,
And now I know what's been showing down on you know,
the mangoes for so long. I always thought it was
like rats, it's the iguana evidently.
Speaker 6 (01:44:37):
Oh really, yeah, I thought it was. I thought it
would be lots of critters like.
Speaker 3 (01:44:42):
Well, yeah, I just thought it was rats. Yeah, tell
you the truth.
Speaker 6 (01:44:45):
Yeah.
Speaker 3 (01:44:46):
So, because you know we live in filth and squalor,
don't ever move into my neighborhood. Yeah, I'm talking to you,
especially you. You're the one that throws your trash out
of the stops. Huh you feel that? I hate feel
so much. Just pitch your trash out of the stuff.
Speaker 6 (01:45:07):
I have a silly question for you, Ross, and I
should know this, but I always forget what parts of
Florida do not have to have hurricane protection? And you're okay, none?
What do you mean? I mean no, like central Florida.
Like the builders are not required like parts of central Florida. Right,
(01:45:29):
the builders are not required to put shutters on the windows.
Speaker 5 (01:45:33):
Huh oh, I don't know, but I don't know. I
don't know.
Speaker 6 (01:45:36):
Yeah, because the reason why I'm asking somebody was looking
to buy in central central Florida area, the Orlando ish area,
and I was talking to one of the builders up
there for one of the customers that I'm like, do
you put on steel panels, impack windows or accordion shutters
because we don't put on anything. I go, how can
(01:45:59):
you do that? Daycode? He goes, we're not part of
mimy daycode because of the region that they're in a Florida.
I guess hurricanes aren't as bad up there, is that.
Speaker 5 (01:46:08):
Yeah, I mean, even if you were to get that discount,
it's not like that significant in that area, in that
area because it's not a huge significant risk.
Speaker 6 (01:46:16):
So you're not you're not required to have them or
anything 'or and is you don't get a huge benefit
of protecting your home for that the way you do
down here.
Speaker 5 (01:46:25):
Right, yeah, down here, that's going to be, you know,
because the risk is so great, right and also the
pre you know, so let's say it's a ten you
know whatever, just a ten percent discount if your premium
is seven thousand dollars, you're ten percent discounts seven hundred bucks.
Speaker 6 (01:46:42):
That's yeah, that's a big nic.
Speaker 5 (01:46:43):
Right, But if your premium's already eleven hundred dollars.
Speaker 6 (01:46:48):
Right, you're saving one hundred bucks.
Speaker 5 (01:46:49):
Yeah, right, right, because the and that and then also
I don't think you're going to save that same ten
percent just because that risk reward isn't as great.
Speaker 3 (01:47:01):
If that makes sense. It does make sense.
Speaker 5 (01:47:02):
Yeah, But I mean as far as like laws and regulations,
as far as building codes and things like that, I
can barely tell you this.
Speaker 6 (01:47:12):
I couldn't. I couldn't find this article, so that I know,
we've only got like three minutes, four minutes. I just
want to go into this real quick about the inflation,
the inflation stuff. Oh, this is the wrong article, so
I guess I'm going to do it off the top
of my head. So the inflation report came out earlier
this week.
Speaker 3 (01:47:33):
For June and to two point seven.
Speaker 6 (01:47:38):
It went to two point seven. It's not the end
of the world. We were zero point three higher than
the month before, though. That's a little troublings going.
Speaker 3 (01:47:48):
It's ticking up a little bit.
Speaker 6 (01:47:49):
It's ticking up a little bit, but we have seen this,
like in the previous administration before the one we have now,
we have seen that go up the same amount that
we've seen now and then seen it go down again. Sure,
so we don't know if we're at the beginning of
a trend or if it's just a little blip that
we see once in a while, because it moves up
and down. Of course, it's an algorithm.
Speaker 3 (01:48:08):
I don't think anybody should be overreacting to it.
Speaker 6 (01:48:10):
I don't think so yet either. But there's a lot
of people now that are predicting that this is the
beginning of the inflation that they were expecting from the tariffs.
Oh so yeah, so they're still saying that. But I'm
still holding tight saying that. I'm not saying that the
sky is falling, because really we've had these stats are
not that much different than what we've had over eighteen
(01:48:33):
months right over both administrations, six months for this administration,
in the year before with the last administration. We're really
not seeing that big of a change in the economy. Unemployment.
The jobs report came out good again.
Speaker 3 (01:48:47):
Yeah.
Speaker 6 (01:48:48):
No.
Speaker 3 (01:48:48):
What it showed me was is for anybody that wants
to get on board with going after Powell about losing
lower in the rate. If you want to get behind
that train, you're probably not on the right train. Then
everything in that report is indicating that we should hold
true to what we're at right now. And there's nothing
in that report that indicates that power should be making
(01:49:09):
any decision to be lowering rates anytime soon.
Speaker 6 (01:49:11):
Right, And I kind of lean that way also, And
because the problem is is that if we do drop
the rates significantly, right, we're talking about the FED rates
and we're wrong, and it was wrong, and it did
create inflation, we can go into stagflation, not just inflation.
(01:49:34):
This could be the cycle where we start losing jobs
and seeing prices go up at the same time. We
haven't seen that since the late nineteen seventies, early nineteen eighties.
And let me tell you, I live through it. You
don't want to live in that. It's very sticky, it's
very hard to get out of. Yeah, And basically you
had to go through a lot of pain in order
(01:49:56):
to write the economy correct, you know, to correct the economy.
Speaker 3 (01:50:00):
Yeah. So if the if it wanted to be very
self serving, that could do that because it would make
their cost cheaper. Right, But it's not a self serving situation.
It's about you know, it's really a world kind of situation.
Speaker 6 (01:50:12):
It is.
Speaker 3 (01:50:13):
But it looks like he should be holding strong. It
looks like he's doing the right thing.
Speaker 6 (01:50:17):
Yeah, and we're just gonna have to see how that,
you know, how all that works out, to.
Speaker 5 (01:50:21):
See about that fraud.
Speaker 3 (01:50:23):
Fraud. We thank you very much for being with us
every Saturday, and always remember that you have access to
this entire team. I'm talking pros, pros experts in their field.
You can get them all at the one stop real
estate shop that is floridatalkreal Estate dot com. Find them
on Facebook and YouTube. Know what, use it, love it shared.
If you're buying a home, selling a home, stuck with
a home, you don't know what to do, it's floridatalkre
(01:50:44):
Estate dot Com. Vet the team. It could possibly help
change your life, like ross comer Net's right Wing insurance.
You know, Beach have a great weekend.
Speaker 5 (01:50:50):
Thank you too.
Speaker 3 (01:50:51):
There's Jimmy d Jim Topolo with the Florida Home Pros team.
Kellowinis Innovations have a great weekend as well.
Speaker 6 (01:50:56):
Thank you, Johnny Appy South Florida, Everybody.
Speaker 3 (01:50:59):
Jimmithy you have an awesome weekend. You as well. I
have a great weekend and we'll see you nex Saturday
of Florida Talk real estate right here, Real Radio
Navigating today's real estate market can be tricky.
Speaker 2 (00:17):
Want to buy our Sola house finance or insure a house,
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Speaker 1 (00:28):
Get the advice you need from your local real estate pros.
Speaker 2 (00:31):
Here are your hosts, Jim Depola and Johnny c You
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Speaker 3 (00:36):
Good Saturday morning. Welcome to another edition of Florida Talk
Real Estate. We have you for the next two hours
of infotainment on this Saturday, the nineteenth of July. Had
to cheat a little bit there, but thanks for being
with us. You're welcome to be a part of the program.
Always I see out there. You know who I'm talking about.
(00:57):
You right there on ninety two one one on one seven.
Thanks for being there. You're welcome to be a part
of the program. You who's live streaming with us out
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be a part of the program toll free at eight
(01:18):
seven seven nine two seven six nine six nine, and
that won't work as well if you're using the free
download the iHeartRadio app word worldwide. That's right, get you
some hell over your face on a Saturday. Great to
have you with us if you dial that number up. Questions, comments,
concerns in the world of real estate. The first voice
you'll hear the melodious tones of our producer A Shorten Air.
There he is my brother from another mother, Jimothy. What's up, dude? Hello, Hello,
(01:39):
and good morning.
Speaker 4 (01:40):
Johnny c cheating right out of the gate like you
had a Cold Play concert.
Speaker 3 (01:43):
Absolutely might as well. You're welcome, boy. Coleplay is like,
that's not exactly what we wanted, but we'll take it.
I guess talk about free pub guess we'll take it.
How many guys have been caught on kiss cams before?
Speaker 4 (01:56):
And it was never at a Knicks game, at a
Devil's game, at something like that. It's you know, but
they've gotten so much pub out it.
Speaker 3 (02:04):
Well, if there's a lesson to be learned, don't react, y'all.
Don't react. If you react, everybody goes why you're reacting
like that? If you don't react. There's nothing to see here,
exactly a lesson learned. Good to see you, my friend,
Johnny C. That's me, your old buddy, your old pal,
your air traffic control. Let's get your starting lineup on
a Saturday morning. The very important people like Ross and
Marionettes with bright wing insurance, Jue, no beach Ross.
Speaker 5 (02:26):
What's up, dude, not a lot man. Good to see
it's been a while.
Speaker 3 (02:29):
It has been a minute. It's good to see you
as well. You cold today.
Speaker 5 (02:32):
It is always freezing in here.
Speaker 3 (02:34):
It's gonna say it's a little ice boxy in here.
Speaker 5 (02:35):
Always become prepared.
Speaker 3 (02:37):
It's dramatic, uh, specifically in this studio in July, to
go from end out. Yeah.
Speaker 5 (02:44):
I mean when I'm walking around like it, like on
my way here, I look ridiculous, like I know it's freezing.
I'm prepared.
Speaker 4 (02:53):
There's a heater right there for you can turn it on,
and it was running when I walked in this morning.
Speaker 3 (02:58):
Somebody else it's chilly.
Speaker 5 (03:00):
Yeah, your church about that right?
Speaker 6 (03:04):
Insurance?
Speaker 3 (03:07):
Have you seen this building? Wish you do a little
tour around you'll be like okay.
Speaker 5 (03:13):
Uh.
Speaker 3 (03:14):
And of course, our fearless leader here is for thirteen
plus years now. I've told you running a top producing
Keller Williams team, the Florida Homepro's Team, Keller Williams Innovations.
There's Jimmy d jim Depolo.
Speaker 6 (03:24):
How you be doing, great, guys, Happy stuff Florida everybody.
It is a beautiful day out today. It's gonna be
great week Yeah, it's gonna be a good weekend.
Speaker 3 (03:32):
You hear this a lot though. Man, it's hot. Huh yeah,
would you shut.
Speaker 6 (03:35):
It's like I know right, It's like, hey, there's air,
you could breathe. It's the same thing.
Speaker 4 (03:40):
I've talked of my brother up in New Jersey the
other day and he said, boys, is hot up here
as it is down there.
Speaker 3 (03:44):
I said, yeah, it's July probably exactly. Give it a
couple more weeks a little hotter too. Oh good, it's
gonna be a good one. Yeah.
Speaker 6 (03:58):
We we have a lot to talk about today. I
want to go over some shout outs in just a
little bit. We've got some good news on the insurance front,
so we're going to talk about that, and I think
there's some positive trends happening there. We also have a
very new trend that's happening in the South Florida real
estate market. We haven't seen I've never seen anything like
(04:21):
this before, so it's kind of fun to see a new,
like little trend happening. But it is happening across the country,
so it isn't just us. This is a nationwide thing.
Speaker 3 (04:29):
But it's happening enough to where you can call it
a trend.
Speaker 6 (04:32):
Yeah, it actually is. And it's something that we started
a few months ago and started looking at and the
numbers have changed so dramatically so fast, and it is
going to make an effect on the market for buyers
and sellers down here. So that's kind of interesting. I
think we really need to talk because we haven't. Even
(04:52):
though Mike isn't here this week. Mike has his daughter
who's at FSU down for the weekend. Yes, I'm not
sure if it it's her birthday this week. I'm not
sure if it's her birthday this weekend or not. But
if it is her birthday, happy birthday Isabelle. If not,
have a good time at the beach, because that's it
they're doing, and they're hanging out of the beach day
(05:13):
They're good for Mike and his family.
Speaker 3 (05:15):
Yeah, no, doubt.
Speaker 6 (05:18):
Yeah, I want, but I think we should talk a
little bit about what's happened in the economy today, because
we really haven't for a few weeks. We haven't even
mentioned the interest rates on what's happened over the last
several weeks. And then on top of it, we just
had a new inflation report come out and a jobs
report come out. So we're gonna look at all that
a little bit. But let me start off with some
(05:39):
shout outs. And this is shown a little bit of
a trend that we've seen recently. Now I think this
is like I don't I hear that it is a
trend with other agents. But this is just anecdotally, it's
not statistically. But just check these things just to give
you an idea. Congratulations to Troy and Caroline and Jerry.
(06:00):
We put their unit under contract. This is the property
on Singer Island, the two two that was completely fixed
up that how to Dock. I had that house on
the market. The house has been on the market accumulatively
four hundred and twenty seven days now. I had it
for one hundred and eighty three days before we put
(06:21):
it under contract. But to do it went under contract
last week, we've done the inspection. We're hoping that one's
going to close. But one hundred and eighty something days
for me is like unheard art of right, But it's
happening in this part, you know. It's more of a
function of the market than anything else. But the property
(06:42):
did go under contract. Really happy about that. Also, Roberto
Anddidra they had a property up in pomp Beach Gardens
town home. We put it under contract. It was thirty
eight days. That one's kind of interesting because I was
a court appointed did realtor for that one. The two
(07:02):
sides were not in agreeance on selling the property, so
they had to go to court. It's called a petition partition,
not a petition but a partition, and the judge ruled
that the unit must be sold and gave instructions that
had to be sold, and then I was hired as
the agent to go in there and make it happen.
Speaker 3 (07:24):
So real quick, are you like on a list of
preferred or like options for the judges? Is that?
Speaker 6 (07:30):
It's so funny you ask that because Paul and I
talked about that off air last week. While we were
off air. Yeah, I really want to be on that
kind of list. But what I found out is, and
I've asked a couple of attorneys now because I've done
this for like three attorneys now being in the court
aport and attorney the judges have. Each judge has their
own people that they deal with, So there's no official
(07:52):
list at the Clerk of the courts or something. I
was hoping the Clerk of the courts would have the reason.
Speaker 3 (07:56):
The reason I asked. My wife works in the criminal
difference world, right, and I know you know her attorneys
they are on like a federal list right where there's
appointed for federal they're on that list, and you know
they get them periodic.
Speaker 6 (08:08):
Yeah, And I would love to be on a list
like that. And I've tried a few times. I get
a wild hair. It's like, hey, I'm going to try
that again, and then I get shot down and I
can't figure out how to do it.
Speaker 5 (08:18):
But in that world, don't you not want to be
on that list because then you have to like kind
of work for free.
Speaker 3 (08:24):
Oh no, you get paid, okay, but you're regular, right.
Speaker 6 (08:27):
I know they have it set the federal government.
Speaker 3 (08:29):
It's it's not you don't get killed though, I mean the.
Speaker 6 (08:32):
Right get paid healthily, but they do control it, right, It's.
Speaker 3 (08:37):
Not like full public defender type stuff.
Speaker 6 (08:39):
Yeah, But so that one was kind of weird. So
we're at a contract, we've done the inspection. Every time
we had to go through an inspection, even the showings
had to be lawyered up, so you had to let
both lawyers know on both sides what was going on
the whole time, right, and you know, one party wants
to do something, the other party doesn't wanted to do
(09:01):
the thing that's been court ordered. So it's very difficult.
So the the emails were actually kind of comical. I
would pull stuff out there, and it got very snarky
on the other end towards me, and I would just
totally ignore it and just be happy happy Chip and
Chipper like I'm on lithium or something, and just meaning
(09:21):
they got the happier I got. It got so bad, though,
I got so bad that the one of the parties
in the deal. Every time I call him up, like
I called him up this week and I picked up.
He's like hello, and I'm like, are you okay? You
sound very stressed out. He goes, I'm sorry, I'm sorry.
(09:42):
Just every time I see your name come up on
my phone. I get stressed out and I'm like, really,
I'm the grim Reaper. I'm the one with the black
cape and the sith walking around. I go, I'm here.
I've been helping you the whole way. It's like, I'm
not the bad guy. I'm just the bear of bad names.
Speaker 3 (09:58):
He just knows that.
Speaker 6 (09:59):
This is so anyway, that's a real fun situation to
be in.
Speaker 3 (10:02):
You know.
Speaker 6 (10:03):
Usually you have people that are pretty happy with you,
and I'm doing great, but at the same time they're like,
oh no, Jim called, I don't want to take that call. Also,
I'm really happy for Brian. Brian was another property. He
was on the market. This is the Madison Green property.
We were the lowest priced Madison Green property for like
(10:24):
nine months and nobody would come in and buy the house.
It just wasn't happening. And we had a decent amount
of showings. I had the house on the market and
I don't even think this is accurate. Okay, So he
had been on the market for one hundred and fifty
five days with somebody else, and then I came in
(10:45):
and I was on the market for two hundred and
two days. And then we took it off the market,
and then I went back on the market with him
and we were on the market for another one hundred
and forty nine days. So for me, that was three
hundred and fifty one days. I haven't had a three
hundred and fifty one day listing since short sales right
back in twenty twelve, twenty thirteen, and even then it
(11:08):
was very unusual to be at that number.
Speaker 5 (11:10):
At least he can say still have not had a
listing for more than one year.
Speaker 6 (11:14):
Yeah, that's true. Don't jinx it off of me, Ron,
because these are a club three point fifty one. I'm like,
oh my god. So what the good news is is
Brian he has his household. We know it's closing. It's done.
We're just waiting for the date, inspection apprais all. Everything's done.
Speaker 3 (11:31):
Great.
Speaker 6 (11:32):
So what's going to happen is is we're going to
drive up to central Florida Cala area and we're going
to help him buy a new construction home up there
first week in August. So congratulations to Brian. We're going
to get you on the new chapter of your life.
And he's a retired firefighter slash police officer, very rare.
(11:52):
He served a full twenty as a firefighter in Fort
Lauderdale and another twenty at PbSO wow, and he's only
in his sixties. I don't know how the math works,
but anyway, I think he's like a vampire or something.
So but anyway, so thank you for your service, and
really happy that we're getting him on his way. We
(12:12):
had another property that we're done with. We're going to
close next Thursday. Congratulations to Carla and you go.
Speaker 3 (12:21):
You go.
Speaker 6 (12:21):
Came to me because his ex wife wanted to sell
a house and she was on the market with another
agent for three hundred and sixty six days. They couldn't
sell the house. So he came to me. He says,
you got to sell my ex wife's house. I need
to sell it fast, Gym. I can't wait anymore. House
has to be sold. But he also is a very
(12:42):
tough negotiator.
Speaker 5 (12:43):
You go.
Speaker 6 (12:43):
I've done a lot of deals with him, so he
isn't just going to roll over and take any price right,
And I don't want to do that either. Sure, So
I went and did what I call a community X
ray of the community, where I must have talked to
six or seven agents over there pending, closed and active,
and really had like ten to fifteen minute conversations with
(13:05):
each of the agents, asking him their experience of why
they've been on the market so long, or are they
getting enough showings? What is the feedback the pending? Why
do you think your unit went over the other units
that are in the community the close? Why do you
think you closed over these other people? Because everybody's on
the market for triple digits, right, everything's triple digits over there, right,
(13:26):
one hundred days plus. So I gave them a number
and we put on the market, and in five days
we got it under contract. And it's so funny he
couldn't sell that a house. I have so many people
calling up. Can I come in for a backup offer?
Can I come in for a backup offer? The house
on the market for four hundred days? Nobody wanted it.
Right now everybody wants it and wants to be in
(13:47):
backup offer on it?
Speaker 3 (13:48):
What like what percentage? How close was that listing versus
when you got it?
Speaker 6 (13:53):
Oh, it was a big drop. I they started out
I don't want to say real numbers because we haven't yet,
but they started out at one hundred thousand dollars more
when they started listening with the other people, they started
one hundred thousand dollars more, one hundred thousand more than
what we listened for. Substantial, Yeah, but they had dropped
their price over that year they had it on the market,
(14:15):
so we were still fifty thousand dollars more than their
lowest price. But we had to do it. Yeah, but
we had to do it because that's what it was
going to take to sell it. And let me tell you,
everybody else in that neighborhood I called that was still active.
They were very bummed out there, like, how did you
do it so fast?
Speaker 3 (14:32):
You said, had to do it. So it was fifty
thousand lower than their lowest.
Speaker 6 (14:36):
Than that what they had it with the other agent, right, yeah,
so no, but we got but we got ninety eight
percent of the list price we went on the market for,
and the county average right now up there is about
ninety four percent ninety five percent.
Speaker 3 (14:53):
Right, they were just in the they were in a
totally wrong zone for too long.
Speaker 6 (14:56):
Yeah, they needed And here's the interesting part about that,
because there's so many people going throughout this in South
Florida and Central Florida too. The big problem is this
community was a gated community where it was non mandatory golf,
but it had a great golf situation if you were
a golfer, but you didn't have to mandatory join the
(15:17):
golf membership, so you could do it or not do it.
And they had all these other amenities that you would
expect in a golf community, and the HA was super
low and everybody loved that community for a very long time.
But now with the new construction all surrounding it, they
don't have all the amenities, but they got a brand
new house. And as we know talking about this forever,
(15:39):
your insurance is like one third the cost of what
regular insurance is for a regular house. Maybe exaggerated a
little bit, but a third might not be that different,
right for versus no new construction versus resale, Right, it
could be different. Yeah, So a lot of people just saying, yeah,
(16:00):
I don't need all that stuff, so I'll just buy
the new construction to save a lot of money. So
it really decimated this neighborhood. And this neighborhood was so
established that everybody's like this neighborhood. Everybody loves this neighborhood,
So they couldn't get it through their head that times
are changing. So I had to rip off the band aid.
It's through a reality check. But we got it done
in five days. So from the time we put it
(16:21):
on the market to the time we close. The day
we put it on the market was six point twenty
eight and we're closed in July twenty fourth, so less
than a month and the whole thing was done. So
thank you for trusting me. And here's another one. I'm
really excited about this one. This property up in Copper Creek,
(16:43):
imports Saint Lucy. Great community with great schools, great walking community,
gated low Ha Michelle and Cisco. Thank you for hiring
me through their father, Mike, who referred me over to
them Mike just I told Mike that the house was
sold this week. He was like, Jim, you did an
awesome job for me. Thank you. But I was a
(17:05):
little frustrated because that house was on the market one
hundred and thirty five days, right, one hundred and thirty
five days. I can't even believe these numbers I'm talking about, guys,
But that's just the way the market is. But now
all of these houses that have been on the market forever,
boom boom boom. They're all like clicking and started to
come into place. And from what I'm hearing is, I'm
not bragging about me, guys. I'm trying to talk about
(17:27):
what's happening in the market. This isn't about oh, Jim
did this, Jim did that. It's about what's happening in
the market. I'm in production, you know what's happening out there,
and what's happening out there. For whatever reason, it just
seems that buyers have been coming back a little stronger
right now. It isn't that they're ready to plunk down
money on any deal they see, but they're out there
(17:50):
hunting and if they see something, they'll turn in an
offer and see if the seller bites. So it's been
a little better than the last couple of months. And
my coach Dan DeMott, you know, he trains people all
across the country. He's saying he's seeing this in other
parts of the country too. So what I think is
happening right now is we've been talking about buyers with
so much pent up desire and demand to buy something,
(18:15):
but they just quote didn't think it was the right time.
It was either the interest rates were too high, or
the prices were too high, or they didn't like the
general economy and didn't know what was going to happen
in the future. It get to the point where I
think a certain amount of those buyers are just like, Hey,
my kid's going to be born, or I can't live
(18:35):
in a two bedroom place anymore. I got to have
three bedrooms or whatever, and they're finally, hey, we're just
going to go ahead and bite the bullet and do
it now, which actually is the smart thing to do,
because when the interest rates do drop, it's better to
buy now and then REFI than to fight with everybody
else when the interest rates drop for sure, and then
try to compete with everybody else. So thank everybody for.
Speaker 3 (18:58):
And that may be a part of it, too, may
be a realization settling in gym where they're like, all right,
so the interest rates are probably going to be around here,
and you know, the idea of oh they're going to
be half this or a four percent, it's probably not
the case anytime soon. So I think that realization might
be saddling.
Speaker 5 (19:14):
And so you're saying there's a chance.
Speaker 3 (19:16):
I think there's a chance, but I wouldn't bank on it,
right exactly so, and I think if the numbers are right,
because that's what it always boils down to, how does
this work out for you and your family? The numbers
are right, they're like, all right, let's just let's go.
Speaker 6 (19:27):
I had a shout out last week for Michael and
Colleen and they're big YouTube fans from our show. And
I don't know how they get through it because we
look like the Japanese TV show with the lips not
matching the video.
Speaker 3 (19:41):
Nice.
Speaker 6 (19:41):
But he's a big YouTube though, I know, but it's
because the delay from the stupid radio station. The station
won't help me with it. Oh so, but the bottom
line is is, uh, they've been watching for a couple
of years now. Mike, and he was. I actually got
him an agent up there and Scotia, New York to
look at his property to see if he wanted to
(20:02):
sell it or not. And he was real happy with
that agent, and then he decided to buy. So we
got him a place in Orlando and he just closed
forly eleventh. But listen to the deal he got. I'm
going to use fake numbers, Well, let me do it
this way. I'm going to use percentages. The house was
listed just say it x amount of dollars. He got
that house for nine percent less than the list price.
(20:25):
Then he got fifteen thousand or close to fifteen thousand
and closing costs from the builder to help pay his
closing costs. And he got an interest rate in the
fives because they reduced his interest rate at the same time. Beautiful,
And that's on a new construction home. So the developers
and wheeling and dealing right now too, sure, So there's
(20:45):
a lot of opportunity out there.
Speaker 3 (20:47):
For bar That's a great story.
Speaker 6 (20:48):
Yeah, congratulations, And I just want to do an other
couple of shout outs Chuck and Kathy. Chuck and Kathy
Chuck's been a big fan of the show. They're finally
going to sell their home and then move to a
different part of Florida. I'm going to be talking to
them today. I met with them last week and showed
a couple of properties to them last week just to
get a feel of what the new lifestyle would look like.
(21:10):
They said they're ready to move forward. So we're going
to be meeting very soon, maybe even today, but we'll
be talking today and we're going to help them sell
their house and buy a house they're not my traditional
seller buyer because I think they're going to be qualified
to buy the new home while they're waiting to sell
their old home. Some people can't do that, so they
(21:30):
have the abilities that gives them a lot of freedom
and a lot of opportunity there. So I'm really looking
forward to helping them. We're going to be helping Denise
up in Vero Beach. We helped Denise buy a new
construction home five years ago. She doesn't like the neighborhood anymore.
He's also very far commute for her work. She's a senior,
she's near retirement. She's in a reverse mortgage that Mike
(21:54):
put her in. So now we've got to sell that
home and then help her buy a new home or
help her buy a rental property. We're not exactly sure.
It's gonna be complicated, but Denise is coming back to us,
so thank you so much. And we have a bunch
of other people that are calling that I'll talk about
later on as things progress. But it looks like there's
(22:16):
a lot of demand out there that people want to
do something now, because for a few months there, three
months or so, everybody's just sitting on the sidelines, and
so that's all kind of interesting.
Speaker 3 (22:27):
Well, if that sounds like you or somebody you know
or remember, floridatokreal estate dot com on Facebook and YouTube
Florida Talk real Estate gives you lots of resource, but
that dot com is access to the entire team. These
are prospros experts in their field, and when you got
a team working for you, you can really pull some
things off. Buying a home, selling a home. Stuck with
a home and don't know what to do. Remember floridatokreal
(22:49):
estate dot com. Know what, use it, love it, share it.
You can change lives, including your very own, with floridatokrealestate
dot com.
Speaker 6 (22:55):
So you know I love my creepy critters stories, right,
Florida critics stories. Well it's back. Rare flesheating bacteria has
already killed four beach goers in Florida this year. Have
you heard about that?
Speaker 3 (23:09):
Yeah, but it's not rare.
Speaker 6 (23:10):
I agree with you.
Speaker 3 (23:11):
We give this like every summer, don't.
Speaker 6 (23:13):
That's what I wanted to say. Well, I mean the
chances I get it is rare in the fact that
apparently seven people a year die from this in Florida, Right,
every year?
Speaker 3 (23:23):
Well, the deaths is the rare part. You have to
be like super so I guess most people that encounter
it just get like skin irritation and a little bit
like maybe some nausea and diarrhea, which is always a
funny word. But those that are like super immune, compromised
or if you have cuts and it gets in you,
(23:44):
then there's a chance you can die. I think that
the death part is the rare part, at least from
what I consider.
Speaker 6 (23:50):
Yeah, and that's true. And they said, but they say
that like seven people you're in Florida die right from
most people just getia. So most people just get sick, right,
they they don't die that much. And this is supposedly
from storm surges. Last year was really bad last year
because of the storm surges from the hurricane. And this
(24:10):
bacteria is called Fibrio blah blah blah, fabria is something
or other. I can't I'm not Vibrio vulnificus.
Speaker 3 (24:21):
That's one of them dying.
Speaker 6 (24:26):
Yeah, exactly right. So so apparently this, uh, this bacteria
especially is potent in brackish waters. So so all those
people running around in the hurricane, you know, after the
hurricanes and playing around and all that storm surge and everything.
(24:47):
If you're if you've got cuts and stuff, that might
not be.
Speaker 3 (24:49):
A good Yeah. Yeah, don't do that.
Speaker 6 (24:51):
Yeah, don't do that. But anyway, I just thought that
was another word. This one was over on the west
the sea. Where was it? Okay, so that we've had
eleven affections throughout the state of Florida, and the fatal
cases were in Bay County, Broward County, Hillsboro County, Saint
(25:14):
John's County, so a little bit of everywhere.
Speaker 3 (25:16):
I was going to say, we had one around us.
It was Broward.
Speaker 6 (25:18):
Yeah, yeah, So just tho that was kind of weird,
not weird, but you know, it's just something that you know,
only in Florida, kind of hanging away. Where's the other thing?
The other thought I thought was interesting? And this is
another thing. Remember I was just telling you about about
(25:39):
the great deal that Mike and Colleen got c NBC headline.
Home builders are slashing prices at the highest rate in
three years. Right, So this happened all over the country.
Right now. Builder confidence has been in a negative territory
now for fifteen straight months. Right. Confidence rose slightly in July.
(26:00):
The only problem I have with that confidence survey of
the builders and this kind of this kind of reinforces it.
Are they ever happy? They're always negative. They always have
a negative, you know, confidence report. You know, when the
interest rates were too when the interest rates were low
and people had like these great opportunities to buy, they
(26:23):
were complaining that the supply chain was bad and that
the cost to build the things was too expensive. Right
then when the interest rates went up, it's like, oh,
there aren't as many buyers because the interest rates went up.
It's like, when are you happy?
Speaker 3 (26:35):
Guys?
Speaker 6 (26:35):
You know, the builders they're always worried about everything because
you know, yeah, I know it's true, but still, you know,
if they would just build, if they could just figure
out a way to be profitable on middle income housing,
they would they they'd make more money than they would
just sticking with the luxury more volume. Yeah, yeah, because
(26:56):
if they do more volume, but there'd be such a
huge demand, right, But they don't do that. And I
know it's the numbers thing, and you can't blame them.
They've got to make a money. It's all about profit.
But anyway, I just thought it was kind of interesting
that the builders they're hurting really bad. Most people don't
know this. When I talk to them on the phone,
people like really like, they really don't know that. The
(27:20):
builders are offering great incentives and you know, they really
want buyers to come in right now. And the buyers
have a really good hand right now. They have good
hand right now compared to the builders, they're in better control.
So if you take advantage of that, you can get
a really good deal.
Speaker 3 (27:38):
Yep. It's all about striking one of the irons hot,
as they say, right yep.
Speaker 6 (27:42):
And we've I've been reading a lot of articles lately
where they're trying to do analysis of what happened since
the real estate commission rules were changed. Remember it's almost
a year and now August sixteenth is the year since
the changes have happened. And they were all expecting that
the changes in the real estate commissions which basically stated
(28:04):
to make it very clear to everybody that commissions are
always negotiable, right, That's the first thing, and the second
thing to explain in explicit details to the seller that
you're not responsible if you don't want to be to
pay for the buyer's agent commission. You could not pay
a buyer's agent commission. And ask your buyer to pay
(28:27):
their own agent, and you're allowed to do that. So
they thought this was going to drop their rates dramatically.
They thought it would go from you know, like a
five to six percent gross commission down to a four
percent or less gross commission. Is what all these Feds
were thinking was going to happen. Yeah, well it didn't happen.
Speaker 3 (28:47):
Yeah.
Speaker 6 (28:48):
Actually, there's some states like Colorado where the real estate
commissions are showing an actual increase above what it was
before the rule changed, because now agents are more hyper
about negotia their commissions. And I just had a deal
last week that fell apart, well actually two weeks ago,
where my customer was buying a house in another state
(29:12):
with another agent I placed them with, and the customer
was negotiating the deal out in the other state with
the other agent, and they couldn't get to the right
number between the buyer and the seller. So the customer
naturally said, well, then great, then you guys take it
out of your commission since you couldn't negotiate the number
(29:32):
I wanted, then take it out of your commissions. And
the agent I placed them with said, I'm not doing that.
I signed an agreement with you of what I wanted
for the commission. You agreed to it. It's a contract.
I'm not dropping my price, right And the other side
didn't want to drop either, So the whole deal fell apart,
and then the house was sold three days later, so
(29:53):
they couldn't even go back and change their mind. It
went that fast because Denver's still certain parts of Denver
is still a very strong market. Mess around with it.
I can tell you that my commissions have dropped a
little bit since the changes. They have dropped a little bit,
not by much, but significant. I mean, it's gonna affect
(30:14):
me my bottom line, so I have to do a
couple extra deals in order to make up the money.
Speaker 3 (30:18):
Sure, but and you are one that is like, man,
if I take a little haircut here, or get with
another agent to say like, hey, if we take a
little bit of haircut here, we're going to get this
deal done. Like that's you're about getting over the finish line.
Sounds like those agents they are like maybe like it.
Speaker 6 (30:32):
And there's nothing, there's nothing wrong with that. You know,
I'm my broker at my office. She's been doing this
thirty years now, she's she said in a class, I
took just recently and it kind of reinforced in my mind.
She goes, I never dropped my commission. She goes, that's
my money that I put food on my table for
my kids and my family and you we talk about
(30:55):
it before we go into the contract, and that's what
I expect as long as I do a good job
for you to get paid.
Speaker 3 (31:00):
Well, she's not earning it, right.
Speaker 6 (31:02):
So I am a little more flexible because I want
to get the deal done and I'm all about volume, right,
So I want to move properties, not move them low,
but I want to get them moved right at the
fair market value. And if the hold up is just
you just take a little bit of hair a little
bit of a haircut. And there's so certain times so
I can't. There's certain times if the price points super
super low, I'm like, look, I got to make this
(31:25):
amount of money whereby doesn't make sense. And I have
one of those cases right now, and the buyer, i'mkno
going on would we're not done yet, but the buyer's
in contract is really happy. He's totally okay with everything.
The other side wanted to have. They they offered a
(31:45):
commission that was half of what I asked for. So
I just ignored that. The seller said, Hey, I'm willing
to pay this commission. So I turned in my offer
for my buyer, and I explained this to my buyer
before I did it, and I said, but I'm still
going to ask for the mission that you and I
agree to. Are you okay with that? He's like, yeah,
as long as the seller pays for it, I'm okay.
So the seller caved in and gave me my full
(32:07):
commission because they needed me, right, I brought a buyer
they really really needed. It was a house in very
poor condition, and with the skills we have about construction
and contractors and everything, we're really pushing everything along. And
you need an agent that has those kind of I
don't know, add ons or whatever built ins that are
(32:29):
part of my whole team. So anyway, it's kind of interesting.
So what's happening in Vegas? Is there seeing that real
estate commissions are actually up zero point one two percent
compared to twenty twenty four, So commissions are actually going
up in Vegas right now, and for.
Speaker 3 (32:47):
All commissions or like the pool of commissions? Is it
because there's more sales? Why the commissions? No?
Speaker 6 (32:52):
Per deal per deal is up point one two percent,
so it's actually costing more. Now, welcome to the government.
We're here to help you. They just don't understand and
the reason why this happened. This could have been completely different, guys,
if I'll just wrap up with this and then we'll
take the break, Jimney. Could have been completely different if
(33:15):
we were in like a COVID time when they changed
the rules. Because during COVID, people were getting fifteen twenty
offers at a time, right, and you would find somebody
that was willing either to kick their agent to the curb,
the buyer's agent to the curb, or the buyer's agent
would be paid by the buyer. Right because the competition
(33:37):
was so stiff, you would find one person out of
fifteen that probably would do that.
Speaker 3 (33:41):
Right.
Speaker 6 (33:42):
So, if we were in a market like that when
the law kicked in, the buyer's agents would have just
been creamed, right, They just would have been out of business.
A lot of them just would have went out of business.
And then when the market got to a seller's buyer's
market again, there wouldn't hardly be any buyer's agent's left it.
It would be a very weird thing. If it happened
(34:02):
like that. What happened this time, though, is we were
in a buyer's market when the laws were changed or
the regulations were changed. So because we're in a buyer's market,
the sellers needed the buyers because the buyers weren't coming
out of the woodwork. In fact, you could have your house.
I just told you about all my days on market
with my houses. So the sellers wanted the buyers to come,
(34:24):
so they were happy to pay a buyer's agent fee
to get their household. So that's the market we're in
right now. When we go into a stronger seller's market,
the buyer's agents are going to get greened and the
sellers are going to do a little better. But to
think it was just going to be a blanket, we're
changing these rules when it's always going to be lower
commissions forever it's laissez fair. You know, it's a buyer
(34:49):
and seller demand is what's going to set the the
commission rates for the market. So that's what's kind of
going on. Let's go ahead and take a break right
now when we flip. I want to talk about some
good news and I can't believe I'm saying this. I'm
so happy. Then we're gonna talk about good news, and
it's about home insurance. Beautiful good news home insurance. Never
(35:11):
heard that for what a year and a half, two years?
Speaker 5 (35:13):
Five years?
Speaker 6 (35:13):
Five years? Okay, we haven't heard that for five years.
We're here to talk about it now.
Speaker 3 (35:17):
Very good. We got a lot to get into, plenty
of time remaining. You're always welcome to join us whole
free at eight seven seven nine two seven six nine
six nine. If you want to dial in right now,
it's a quick for minute break. We'll get to your
phone call. Of course, if you're not comfortable on the radio,
believe me, I understand. Always remember Florida talkre Estate dot com.
That's your access to the entire team. These are prospros.
(35:38):
You get them all Florida Talkrealestate dot com. Find them
on Facebook and YouTube. But remember the dot com share
that write it down, remember it. Whatever it takes, 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, it's Florida Talk
real Estate right here, it's.
Speaker 1 (35:56):
Real Radio seven seven nine seven sixty nine sixty nine.
Speaker 3 (35:59):
Yeah, that's toll free eight seven seven nine two seven
six nine six nine live on this nineteenth of July.
Those phone lines working over their dyneys. Everything good, check
this sound, make sure we give the number out. Oh
yeah that was good. Cool?
Speaker 5 (36:18):
Three dial town Yeah, yeah, dial Ton nice, isn't it? Yeah?
Speaker 3 (36:24):
The sweet sounds. Yeah.
Speaker 5 (36:27):
I want to go back to getting a landline.
Speaker 3 (36:30):
What were we watching anyway? Just the other night, I
was like, look at the phone. They walked in the kitchen,
picked up the little the phone off the walls like that.
It wasn't that wasn't the spin rotary when it still
had buttons going like so far back, but long cord
didn't have the long cord. I was like, not so cool.
They obviously don't have kids. Oh it totally took me
(36:53):
back to the phone.
Speaker 5 (36:56):
Did I still take like an old cord?
Speaker 3 (36:58):
List my mom in the moment we were talking about it,
she goes, when I was a kid, we shared a
phone line with the neighbor.
Speaker 6 (37:10):
Yeah, I had that in Oregon. Wow, you must be
really that was so weird, so you would pick up
the phone. They called it a party.
Speaker 5 (37:18):
Party. I never knew what that was but I had
heard of them.
Speaker 6 (37:21):
So you would pick up the phone and if and
there would be a conversation on the phone and you
could listen to it. So I was in the fifth grade,
I guess I was in the fifth grade. I was
just moved to Oregon. Never heard of this before. And
I picked up the phone and it was actually some
kid that I knew from the bus talking to a
(37:42):
girl from our school. And I was staying on the
phone in the fifth grade, of course, right, So I'm
staying on the phone like razing them and stuff. And
they knew exactly who I was, and I knew exactly
who they were. But it was just weird. And if
people were on the phone a lot, they would say, Hey,
I need to use the phone. You got to hang
up on your conversation.
Speaker 3 (38:04):
Yeah, that's what my mom says. She said, you'd be
on the phone and you hear somebody pick up the line,
like you knew your neighbor wanted to use the phone,
so you kind of like hurry it up. So I
never asked it, just right whatever, Right, It just dawned
on me right now in the conversation. So there's one
phone number, does you just everybody answer it, Hey, I
want to talk to so and so, be like, oh, sorry,
(38:25):
your wrong house, call right back.
Speaker 6 (38:27):
No, I think, no, I don't think. I don't know.
I think that when you dial your phone, when you
dial on your phone to Ross, let's say it just
Ross picks up. So the only way that you know
somebody else is using the phone is when you pick up.
You don't get the dial tone. You hear them talking,
you hear two people talking, but you're.
Speaker 3 (38:48):
On the same phone line.
Speaker 5 (38:49):
Though I know the whole you know, like when I
was when I was in high school, you could have
like two different numbers for your house and one would
ring different.
Speaker 6 (39:01):
Oh yeah, that's right, yep.
Speaker 5 (39:03):
I don't know if you remember that. Well, we had
two I could remember, like both phone numbers I had
in high school.
Speaker 3 (39:09):
I had two different lines. But if you called my line,
my mom's line wouldn't ring.
Speaker 5 (39:14):
Oh no, Like I just remember we had two different ring.
Speaker 3 (39:18):
It would ring differently, ring differently, And that's kind of cool.
Speaker 5 (39:21):
Yeah huh.
Speaker 3 (39:22):
And a party line to me was where you just
like patched in different people, like you could have three,
four people.
Speaker 5 (39:28):
It was like a phone number you called.
Speaker 6 (39:29):
Well, there was just a fact then they had those infomercials,
remember Jimmy, where they'd had the infomercials where you would
join a party line and you would pay per minute,
and it was just so I guess for lonely people
who wanted to talk to other strangers, and you would
all get on the party line together and have a
phone party.
Speaker 3 (39:50):
I guess. Before we get too far away to the
voices you're hearing, you remember emergency breakthrough soon?
Speaker 6 (39:55):
Yeah, emergency breakthroughs.
Speaker 3 (39:57):
Yeah, like if I kept calling you, it was busy, busy,
busy before. Yeah, I could call the operator and be
like I want to do emergency, and they would jump
into your conversation be like, hey, Johnny's trying to talk
to you.
Speaker 6 (40:08):
Yeah.
Speaker 3 (40:09):
Those are awesome. Yeah yeah, and they were always pointless too.
It's like I just wasn't never an emergency. Johnny C.
That's been good morning. He verified the phone lines are
good eight seven seven nine two seven six nine six.
No emergency breakthroughs.
Speaker 4 (40:24):
I got a party line over here, Yeah.
Speaker 3 (40:27):
Party going onto my pants. There's Ross command that's with
bright Waying Insurance. Did you know Beach?
Speaker 5 (40:38):
You know that's right man, my.
Speaker 3 (40:39):
Man right there, And this is Jimmy d jim to
pulla running the Florida Home Pros team with Keller Williams Innovations.
That's a top producing Keller Williams team. By the way,
Jimmy D, I.
Speaker 6 (40:47):
Be hey, I'm doing good. I can't believe that mcgali
from our Facebook page is asking you a question about
exactly what I'm about ready to talk about right now.
I was gonna say a party, which is home insurance.
Uh so we're gonna answer that. Just want to do
a couple shout outs to everybody because I didn't at
the beginning of the show. Hey Mom, thanks for coming
on again. I love you. I hope you're film better. Betty,
(41:11):
thanks for checking in. Nate, thank you so much for
checking in. Francis, Elaine, Paul, all of you guys are
longtime fans. Thank you. And mcgali, thank you so much.
She has some questions about insurance, which we're going to
answer about that. And Nathan was asking if I have
heard any news about what's going on with nor Nasal
Association of Realtors. All I can tell you is there's
(41:33):
another class action lawsuit on behalf of buyers that has
not been settled yet, so that August sixteenth ruling from
last year was a class action lawsuit on behalf of sellers.
So who knows what's going to happen next Everything could
change next week. Who knows now? With insurance, Actually, I'm
hearing like bits and pieces of good news, which is
(41:55):
what Ross Is predicted would happen. And it seems like
to be coming in to focus, clear focus that we're
getting some good news on the insurance front. So, just
to kind of wrap up, Florida has the highest insurance
home insurance rates in the country. I think also car
(42:15):
insurance rates is like really high too, but we have
some like our average insurance rate over here is something
like six thousand a year and across the country's like
twenty three hundred or something like that. So we've seen
really high insurance rates. And what the State of Florida
realized it wasn't because of our hurricanes and the damage
(42:37):
that we got from storms and insurable events, but it
was because of straight up fraud. Welcome to Florida, right,
insurance fraud. And so what they did is they changed
a bunch of rules and regulations so that if sellers
want to sue their insurance company, they've got to have
(42:58):
some skin in the game. For it used to be
that you could hire an attorney to sue your insurance company,
and you really didn't. Everything was done on contingency and
as long as that your attorney got one dollar in
the court case, then all their attorney fees would be
paid by the insurance company. That led to a lot
(43:19):
of abuse and fraud. It's just one of the many
things that was abuse and fraud, and they cut that out,
and so now the buyer of the buyer, the homeowner
has to pay for their own attorney fees throughout the
whole process. And some other things that happened is they
(43:39):
reduced the amount of time that you could file a
claim for damage from storms right ross. That was another
thing they did. Did they do anything about trying to
stop those people knocking on your door and saying, hey,
you're almost run out of time. There was a hurricane
four years ago. Do you want to file claim for
a new roof?
Speaker 5 (43:58):
Well, I mean, I mean, okay, right, no.
Speaker 6 (44:02):
They change any of those regulations is what I'm wondering.
Speaker 5 (44:05):
But okay, file the claim. Okay, now it's going to
be denied, you know, yep, And what are you going
to sue the insurance company.
Speaker 6 (44:15):
No, no, no, no. What I'm saying is before that, you
had a certain amount of time to file a claim, right,
and a lot of people didn't know it. And then
you'd have like roofers or whatever knocking on your door saying, hey,
you know you're almost your claim time is almost up?
Do you want to go ahead and follow a claim?
And the person had no inclination to file claim until
(44:38):
they were told they might be able to get a
new roof.
Speaker 5 (44:40):
Well that's exactly what happened over the last five years, right,
which is what the legislation did. That's what led to
You'd have the roofer go, hey, you got damage, I'll
file the claim for you. Don't worry about it. File
the claim denied, Ruffer goes to his attorney, Hey, they
need an new roof. You need to sue the insurance company.
Speaker 6 (45:03):
So now the roofer can't be the one that handles
the claim, right.
Speaker 5 (45:07):
Well, I mean they did away with what's called assignment
of benefits.
Speaker 6 (45:09):
That's that's what I'm trying to remember.
Speaker 5 (45:11):
Yeah, it has been done away with. But I mean
as far as like a riffer coming on your you know,
like hey, you can file the claim and then if
it gets denied, that's when you would typically sue the
insurance company.
Speaker 6 (45:23):
Right, but you can't just turn it over the roofer.
Let them handle it now, right right right, That's the
way it used to be. It's like, hey, let us
handle everything. You just sign here and then we'll take
care of everything. And then they would go ahead and
use their attorneys to sue the insurance company.
Speaker 5 (45:37):
People don't even know that they even had had a claim.
They thought they would just getting like a new roof
or something.
Speaker 6 (45:42):
Yeah, yeah, I know. It was crazy.
Speaker 3 (45:45):
So that is wow.
Speaker 6 (45:46):
So when they changed the rules and regulations, which was
I think twenty twenty two when they changed it, rosters
predicting that overtiming, not just Ross, I mean all the
legislators have passed on and thing. They all predicted that
over time the fraud would start going away, that stuff
would start being cleared out, and there would be a
(46:07):
lot of money left over that was being paid. And
the statistics were crazy Ross right, they said something like
seventy eight percent of all the money paid out for
claims was like in Florida something like that was it?
What was that number?
Speaker 5 (46:22):
So this is back in like twenty twenty or twenty
one or something like that, Florida accounted for in the
United States. Florida accounted for eight percent of all property
damage claims filed, pretty regular number.
Speaker 6 (46:39):
Right.
Speaker 5 (46:42):
Of the property damage claim.
Speaker 6 (46:45):
Across the United States.
Speaker 5 (46:46):
Across the United States that resulted in a lawsuit, Florida
counted for like eighty percent of.
Speaker 6 (46:53):
That, right, like seventy eight percent something like that. So
it just showed you how much there were a lot
of that they could take. Yes, right, So now all
that's stamped out, so we're starting to see stuff. I
got a call this week or I was talking to
somebody this week, and I can't remember who it was
or I do a shout out, but I was talking
(47:15):
to them and they said they had just gotten a
quote from Ross and they were really happy because they
saved some money. So I was thinking maybe they saved
like one hundred bucks a year or something. They saved
like six hundred dollars a year, and I was like, wow,
you know, that's you know, almost two dollars a day
you're saving on your insurance plan. So that's pretty good, right, Yeah,
six hundred dollars, that's fifty dollars a month, saving some
(47:37):
on your monthly mortgage payment, you know, for the ESCRO
payment on the on the amount difference. So that was
an anecdotal evidence. And then there were a couple of
articles that have come out. There's a panelas county politician
was saying that they he's also the of Oh, I'm sorry,
(48:04):
this guy used to be a politician and now he
used the chair of one of the insurance companies, and
he's saying that that he's seeing a lot less costs
to handle insurance claims, but he's also seeing less insurance claims,
and he's also seeing more profit for insurance companies. And
he's saying this is a great thing because we're going
(48:25):
to have more companies coming into Florida because they're seeing
that there's profit to be made again. So they're starting
all come back. And since twenty twenty two, there's been
thirteen companies that are formed that are working in Florida supposedly,
and so that that's another trend. And then there's just
(48:48):
one more thing I wanted to mention here on this.
Speaker 3 (48:51):
Eight seven seven nine seven six nine six nine. If
you'd like to get involved with the conversation at hand,
you're more of the welcome. Of course, if you have questions, comments,
concerns in the world real estate, we got some pros
pros to handle all that and more. Of course, if
you're not comfortable on the radio or remember Florida talkre
Estate dot com. You're one stop real estate shop Florida
Talk real Estate dot com.
Speaker 6 (49:10):
Thanks Johnny. Channel five WPTV. They had an article coming
out where they talked to one of the Florida insurance
executives saying that we've rooted out a lot of the
fraud and that it's putting back money in the consumer's
pocket and also the pocket of the insurance companies because
now they're making more profit, which actually is a good
thing because that means more people want to come here
(49:33):
to ensure, which will hopefully reduce and reduce costs overall
for everybody. And then they're saying specifically the Southeast is
looking pretty good now that being said, have you ever
heard of Ovation Ross? Yeah, okay, have you.
Speaker 3 (49:52):
Ever got a standing one?
Speaker 6 (49:56):
Mcgolly, who's a big fan of ours, is asking about
Ovation and if you know anything about it? And there's
an article here about Ovation, which is a new company
and is starting to write policies here in Florida specifically
was formed because of the changes after the twenty twenty
two regulations. So do you what can you tell us
(50:19):
about Ovation? Is there anything special? Why would mcgully being
asking that because she's saying it's a tremendous amount of reduction.
She's saying she would save fourteen hundred dollars she says
a month. I can't believe it's fourteen hundred dollars a month.
I don't think so unless she's got a thirty million
dollar property.
Speaker 5 (50:38):
Yeah, and Ovation eight right in that one.
Speaker 6 (50:40):
Yeah.
Speaker 3 (50:40):
So but.
Speaker 6 (50:43):
Is that a company that you would feels legitimate and
it like, if you can save money, you might as
well go there.
Speaker 5 (50:49):
Yeah, he's them all the time. They're actually a sister
company of Dicine Edison Florida Peninsula and Ovation or under
this company called Windward Risk Advisors, And so they're just
they're they've kind of all have the all three companies
have kind of the same rules and regulations and underwriting guidelines.
(51:10):
But Ovation is what's called a reciprocal insurance company, which
is how kind of you expect insurance to work, Like,
hey me, we're going to get together us three, and
we're going to put a pot of money of our
own money in and if anything happens to any of
our three houses, we got money to pay for it.
(51:32):
Right kind of how it should work, right, all right,
So that's what ovation is. There what's called a reciprocal exchange.
So you have to when you get a policy from them,
you become a member. You're not really like a policy
or a member, and built into your overall premium is
what's called a surplus contribution, and that money goes into
(51:55):
the pot for your house. You put money into the
pot for your you know, blah blah blah. And then
you're gonna have to sign what's called a subscribers agreement,
which means, hey, I'm a member of this and we're
all members of this, but I don't want to run
this thing that we're doing. So we appoint you know, this,
what what they call an attorney in fact, and the
(52:17):
attorney off fact is going to handle the company for us.
And that's that's it. And Tower Hill, I'm sure people
heard of Tower Hill. They switched to that probably four
years ago. They switch to becoming a reciprocal company too.
Speaker 6 (52:30):
Well, what I'm still losing about the benefits.
Speaker 5 (52:33):
How is it just a different operation, just a different operation.
Speaker 6 (52:36):
There has to be a benefit or they wouldn't be
doing it. Yeah, I mean, I know you're not an expert.
Speaker 5 (52:41):
Yeah, I think just the way that the surplus contributions
work and where that money goes and and how it works,
I guess it's that just operates a little better.
Speaker 3 (52:51):
It probably keeps costs it available. I mean, there's there's.
Speaker 5 (52:54):
Probably you know, I remember when you know, when we
learned about it, you know, when Tower Hills like the
first one to do it, so you know, we learned
all about it a few years ago.
Speaker 3 (53:07):
But in that community kind of setting, though, it feels like,
you know, everybody reaps the benefits. But then you know,
kind of like I feel like, you know, you hear
the citizens asking for forty percent increase on renewal or
I'm just using an example. If things get tough, then
everybody kind of takes the same kind of risk assessment
and they break that amongst the members. It just feels
(53:29):
like the natural way that would work, and it feels
like the most beneficial for all of the policy holders.
Speaker 5 (53:33):
Yeah, and I mean, like like citizens, that's the search
art whatever the search arts thing in the event of
a storm. Right, that's if you want to renew the policy, right,
And if so, if you have a rate increase, you
don't have to renew it, right. You know, you can
be like, well, this reciprocal exchange thing is bogus, man,
my rate went up. I'm going back to the old
(53:55):
school company or you know, or whatever company members exchange, right, Yeah,
and what's kind of cool with that? I think if
my memory serves me correctly, with like a reciprocal like,
it's almost if underwriting does better. So like let's say
they have a stellar year and they really managed everything great,
(54:16):
Like you can get a little bit of a refund
back into your surplus account, which kind of reduces your PREMI.
Speaker 6 (54:22):
Right, this isn't a time. This is the time. I
think that the beginning of the time. It isn't the
full force of the time. But I'm going to say
it I haven't said in it so long. I'm happy if
you'd like to do a backdoor way to get your
mortgage payment reduced, right without having to pay for closing
(54:42):
costs and all that, like refine your house. Let's just
go ahead and check your insurance policy. You see, if
we could save some money out there, you could save
six hundred dollars a year. That's fifty dollars a month
off your mortgage payment. And it doesn't cost you anything
other than sending us your address and giving it a Ross.
Speaker 5 (54:59):
Well, were you have condo? Call me because tell me
why one of the the like the most competitive condo
company for the last probably four years hasn't written like
a new condo policy. They just opened up back on Friday.
So I mean it'll cut everybody in half.
Speaker 6 (55:19):
Really, Okay, you heard it here. Guys, if you've got
a condo, you got to give us a call, so
would give you a quote. Ross. Let's talk about how
this works, right, So all you have to do right now,
if you're hearing us right now and you have to
be near your phone or your computer or something, you
just go to Florida talkreestate dot com. You fill out
the you know, any form you can do, a text, email,
(55:41):
anything you want to do, and just say, hey, I
want to ensure this quote from Ross. Here's my address.
I need your phone number and you know, obviously we'll
have your email hopefully, but we have to have your
phone number. So that Ross can call you in case
he needs to talk to you if there's any questions
about your unique situation. But if not, what's gonna happen
(56:02):
is I'm going to send that information to Ross and
then Ross usually the next day or same day, gives
you the quotes back and figures out if you can
save any money. And then it comes down to usually,
if you're stupid like me, you want to compare the policies.
You understand what's going on, so you Carl Ross back
and go, Okay, what does this God Believe book mean?
(56:24):
And is this a good thing for me a bad
thing for me?
Speaker 3 (56:26):
Right? And then he might send them your declaration page
of exactly what he's dealing with, exactly sample staples.
Speaker 6 (56:34):
So it's free, it's an expensive it's painless, and it's
a way that you could save money. We've helped a
lot of people over the years when we were in
this cycle where the rates started going down because we
you know it is it is like an algorithm. It
goes up and down, up and down, so we might
be going into a down phase. Take advantage of it.
(56:54):
Take advantage of it. If you could say fifty bucks
a month, do it. We've had people where we've actually
saved them like four thousand a year on insurance way
back in the day, and uh, those are awesome. So
can you imagine, Hey, I just saved three hundred dollars
a month of my mortgage. Came by Colin Ross, Right,
(57:15):
So all you got to do is pick up the
phone and do that. And here's another thing I want
to talk about, if we're going to talk about little
public service, here is I just talked to somebody who
wanted to buy a house. They got four student loans,
complete masks. They're in total mess about not paying in
four barons out of four barons, because there's four of them.
(57:36):
Now that the new regulations have come out with the
new administration about the way student loans are being handled,
their credit is going to be destroyed because of the
new regulations because now she's got to pay back everything
right now and it's going to go on her credit report.
It's going to be really bad. It's gonna be very
(57:56):
hard to fix. And all she has to do is
go over the law office of paul A Krasker because
she's a public school teacher, right, and she can get
out of all this student loan debt. In ten years,
if she just would apply for that program that still exists.
Do you think she's going to apply for the program?
Speaker 3 (58:13):
Sure?
Speaker 6 (58:14):
No, right, she just eyes glazed over, didn't want to
hear it. So I'm like, well, I guess she don't
want to buy a house. I don't know what to
tell you. So student loan is going to start squeezing
people really, really bad because the regulations have changed and
now they're demanding all those people that have been in
forbearans for a very very long time where they weren't
(58:37):
making payments and it wasn't affecting their credit. That's all
gone away. So if you have, if you're getting squeezed
by your student loan people, call us and we're going
to show you the government programs that are still out
there that you can use right now. And it's the
same programs that Paul's been using since what two thousand
and nine or two thousand and ten, I mean a
(58:58):
long time. These programs exist, they're government back, they're real,
and all you got to do is pick up the
phone and we're going to find out how to help you.
So for either of those things, So I got to do.
Speaker 3 (59:09):
Is floridatalkreal Estate dot com. It is simple. You should
write it down. You can find us on Facebook and YouTube,
and hopefully you do. Thanks for being with us if
you're streaming with us on this Saturday. But floridatalkrealestate dot
com is your one stop real estate shop. You should
know it, you should use it, and you should share
it as well because you get a team of prospros.
The one stop real estate shop has a professional and
(59:30):
pretty much every aspect that touches the world of real estate.
So if you're buying a home, selling a home, stuck
with a home, you don't know what to do. If
you have anything that touches the world of real estate,
we do have a prospro for you at Florida Talkrealestate
dot com. Florida Talkrealestate dot com.
Speaker 6 (59:46):
Want to do a reset, Yes, I'd love to do reset.
On the flip side, we're going to talk about interest
rates and the new trend that's happening and we'll see
how long this trend is. But it's been going on
for a little bit right now, not too long. We're
at the nation stages of it, but it's going to
be interesting to see what.
Speaker 3 (01:00:01):
Happens eight seven seven nine two seven six nine six nine,
toll free if you'd like to join us and got
about an hour remaining for you on a beautiful Saturday
in South Florida. Thanks for being with us Florida Talk
real Estate right here on Real Radio.
Speaker 2 (01:00:27):
This is Florida Talk real Estate with Jim Depola and
Johnny C. Got a question for the show, Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.
Speaker 3 (01:00:36):
It is got about fifty minutes remaining on this Saturday,
the nineteenth of July. Thanks for being with us on
the old terrestrial radio, maybe on the free download your
iHeartRadio app or live streaming with us today. Thanks for
being there on Facebook and YouTube. That's Florida Talk real
Estate on both Johnny C. That's me, Jimythan's our producer extraordinator.
Hello a no, good morning. That's what I'm talking about. Well,
(01:01:00):
he will line you up if you dial in at
eight seven seven nine two seven six nine six nine
with your questions, comments, concerns in the world of real estate.
Even if you just want to get involved in the
conversation at hand, You're more than welcome to join us.
US as me Jimothy Rosca Marionettes with Bright Williams sharing
as Juno Beach. Hello, Ross, Hello, that's me. There he is.
And Jimmy D's here too. That's Jim Depolo with the
(01:01:22):
Florida Home Pros team at Kellowilliam's Innovations thirteen plus years
now running a top producing Kelowiams team. There's Jimmy D.
Jim Deipol, how you be?
Speaker 6 (01:01:30):
Hey, I'm doing okay, Happy you South Florida, everybody. I
wanted to talk a little bit about with you guys
about what's happening in the economic market, including real estate,
but just like what's happening in general in the economy
because it does affect how buyers and sellers react to
the market. Are they going to buy or sell? And
what's going to happen with that market. So the first
(01:01:52):
thing I wanted to do was remember back in the day, Johnny,
we had that advertising campaign What's your Secret Number?
Speaker 3 (01:01:58):
Right?
Speaker 6 (01:01:58):
Remember? So that that was more for sellers where we
were selling people. You were calling up a lot of
people saying, Hey, I'm just wondering are you ready to
sell your house? And they go no, And then you
would say, well, what would be your secret number that
if you could you know what would be the number
that if you got that number, no matter what you
were just like, here's my keys, now to my house.
Speaker 3 (01:02:19):
That's I'm out of here.
Speaker 6 (01:02:20):
And a lot of times you got like and nothing
wrong with this. People love their homes, so they would
say a crazy number, like they'd have a four hundred
thousand dollars condos, like well, if you give me a
million dollars, I'll move because they loved their home and
they wanted to stay there. But once in a while
we found a couple of people that their secret number
was way low of what they could really get, and
then we ended up helping those people sell and then
(01:02:42):
buy something else.
Speaker 3 (01:02:43):
Right, be like what great is right?
Speaker 6 (01:02:45):
Well, now there's a new secret number that are people
talking about? What would the interest rate have to get
to for the buyers to get off the sidelines and
get into the real estate market and start buying some homes? Right?
Speaker 3 (01:02:59):
And hopefully the people that give this number know exactly
what they can afford based on the interest rate. I'd
like to think, oh, yeah, you're established a base point
right that they know what their effect is for their
their monthly obligation currently based on the.
Speaker 6 (01:03:16):
Certain Oh yeah, sure, well there's I guess you could
hope and you could thinks up faster. So it's funny
because back a couple of years ago, if we were
talking about this, let's say we were talking about this
three years ago, right or three years ago, the secret
number probably was going to be in the fourth right, Hey,
(01:03:40):
it have to be under five percent, right, anything under
five percent, I'm buying right now. And I always used
to laugh because I'm like, other than during COVID, when
was the last time we were under four percent? Never?
Never in the history of thirty year mortgages where we
under you know, four percent? And then but people got spoiled.
(01:04:03):
I called the crack interest rate, right, we got the
interest rates so locus it got to two point sixty
five on January seventh, twenty twenty one. That was the
low two point sixty five for Freddy Mack, right, So
everybody that was like a crack number. Once that number hit,
it was like the mouse learning how to you know,
(01:04:24):
learning that they could use crack to get through the
mazes and stuff, and they just wanted that crack all
the time.
Speaker 5 (01:04:29):
That's all right, I remember, Yeah, six five six.
Speaker 3 (01:04:33):
Scientistically, that's my number.
Speaker 6 (01:04:35):
Right well now, when I was reading this article, it
came in who wrote this orcle real term magazine media,
whatever that is, But they were trying to figure out
what the secret number is today to get the buyers,
because we know there's a lot of buyers out there
that are just not ready to do something, when really,
in life cycle terms, they should have already done something.
(01:04:58):
People starting family, isn't getting married, but they're still running
and they're not getting into that buyer's market. Is the
first time home buyer yet all of that stuff going on.
So I was really surprised to see this number. What
do you think the number is that they're thinking of
that we have to get to to start getting some
buyers back at a decent so right now to where
(01:05:22):
we are right now, where at six seven to two
According to Freddie Mack. We haven't talked about this in
about a month now. Six seven to two is not
the lowest that we've had this year, but it's on
the lower end of this year, the low for the
year up. I just can you believe this? I just
nooped my article. Hold on here, that can't help me? Yeah, yeah,
(01:05:44):
you can believe that. Thanks guys, I'm you're selling it
definitely believable. So I was wrong. It was six seven
five for this week. Last week we were six seven
to two. Now, the high for the year was in January,
which we hit seven oh four January sixteenth, and then
(01:06:06):
we basically it took us from January sixteenth until March
to get us to six six three, and basically six
six three has been the low from March until today.
But six six three and six seven five you're talking
like a dollar fifty on your mortgage month, right, So,
I mean we've been pretty flat since March, right, So
(01:06:29):
everybody waiting for these interest rates to drop, they really
haven't seen anything of worth talking about since March. So
think about that. March, April, May, June, most of July
five months of pretty copasetic, no challenges in the interest rate.
Buyers don't realize how lucky they are to have stable
(01:06:51):
interest rates when they go out buying, because remember when
the interest rates were going up and down, up and
down like crazy about eighteen months ago. And they go
up a quarter point and then they go down an
eighth of a point, then they go up, you know,
five eighths of a point, then they go down three
quarters of a point. It was like you were getting whiplash.
Well when you were a buyer and you're out there
(01:07:13):
shopping and the rates are changing day to day to day.
It drives Mike crazy, right, I mean, it's part of
our business, but it also drives us crazy because if
you're at the upper limits of your budget, you know,
a quarter point change in the interest rate might make
you not a buyer at that price point, right, and
you'd have to be really worried about getting in on
(01:07:35):
time and locking everything in, and it was just extra pressure.
Since March, you really haven't had that issue. Everything's been
within like a point one point five range, you know,
six point six to six point eight is kind of
where we've been, and some kind of variance of that
somewhere in there. So usually for most people, a point
(01:07:58):
one five difference isn't going to make or break't necessarily,
So it's been a really nice time for that to happen.
So the interest rates right now are at six seven five.
So what do you think the getting back to the article,
what do you think they think the magic number is
that buyers say, ah, if the interest rates get to this,
(01:08:19):
I'm back into the buyer's market. What do you think, Jimmy,
I'm going to say anything under five, under five? What
do you think, Ross, I'm gonna say like five and
a half, five and a half.
Speaker 3 (01:08:28):
Yeah, I like a little bit higher than that. I'll
say like five seven five.
Speaker 6 (01:08:31):
Well, this article made me laugh because I think the
buyers finally got it beat into their head that the
interest rates are never going to be where they want
to be. Because I was really surprised about this number.
The survey said six percent. Well not, it doesn't even
have to have a five and it's just six point zero. Right.
(01:08:52):
If they could just get to six point zero, they'll
get back into it, which is three quarters of a
point lower than we are right now at six seven five.
So I think that's kind of interesting. Now, every time
that the interest rate goes up a quarter point, buyers
lose two point five percent of their of their purchasing power.
(01:09:16):
So if you're three quarters of a point difference, you're
talking about seven and a half percent difference in your
purchasing power. What does that mean if you were buying
the What doesn't mean? I'm having a hard time describing it.
If you were trying to buy a house at six
point at six percent and the interest rate goes up
(01:09:40):
to six point seven five percent, you lose seven and
a half percent of your purchase power. So if you
were buying a house at six percent at one hundred,
in order to have the same mortgage payment at six
point seventy five, you'd have to buy it at ninety
two five, right, and you have the same interest rate.
So here's the interesting part. The average list price to
(01:10:04):
sol price right now is about ninety five percent. So
if you're paying seven point five percent more on your
purchasing power because the interest rates were six point seventy
five right now instead of six, you probably could get
that seven and a half percent from the seller pretty
easily to make up the difference.
Speaker 3 (01:10:23):
Yeah, and buy down your rate possibly too.
Speaker 6 (01:10:25):
But people aren't thinking about that. What they're thinking about
is I just want to see that six percent before
I even get my car and look, and I'm like,
you guys are missing out.
Speaker 3 (01:10:33):
Well, I would like to think that people listen to
our joll regularly would at least be pondering that a
little bit, because we discussed this potential enough.
Speaker 6 (01:10:42):
I know, and I know it sounds like I'm being
a dead horse, but you've got to keep saying it
because the buyers aren't here yet. If the buyers are here,
I wouldn't even talking about this because I'm like, oh,
the buyers get it. There's so many right now. I
call the guy named Peter this week. He owns baldy
Go Moving. I'm going to do a big, you know,
a little shout out to him. Peter has worked with
(01:11:03):
several of our customers. Now, you know, it's hardway's hard
to find a good mover, reputable mover. So I've been
making sure that all our of our customers know about
Pete and Baldigle Moving, and I've had a couple of
customers now work with him. I got Kathy Bruce. He's
going to be moving up to Myrtle Beach, South Carolina,
where they're going to use Pete to move from West
(01:11:25):
Palm to Myrtle Beach. And we've had a couple other
deals already. And I called Pete because we met like
four months ago to buy a house. But he wasn't
sure if he was ready yet. He wasn't sure if
he's going to buy a little small place just for
him or like a larger compound that had an acre
plus where he could put his moving trucks there and
things like that, and he wasn't sure what to do,
(01:11:47):
and so I backed off on him a little bit. Well,
I picked up the phone to call him this week
and I just said, you know, hey, Pete, here's the situation.
We are in a buyer's market right now, but there's
a new trend going on, and if that trend continues,
it is not going to be a buyer's market for
much longer. So if you want the great discounts some
(01:12:09):
sellers are willing to offer you, this might be the
end of this cycle. Not that the cycle won't come
back again, but we don't know when it will come
back again. So if you really want the best deal
from the seller, you might want to start now. So
he's like, Okay, turn my quick wal app on for
Mike because we haven't shut down for a while, and
he goes, let's let's get it going. So we're going
(01:12:30):
to be talking next week now. The thing that is,
here's the new trend. It isn't the interest rates. The
interest rates have been pretty copasetic. They've been pretty flat
and not much to talk about but what is worthy
talking about, in my opinion, is that the inventory of
properties is really shrinking dramatically. So we talked about this
(01:12:55):
a little last week. So I'm going to pull up
on the MLS right.
Speaker 3 (01:12:59):
Now, pulling listings off.
Speaker 6 (01:13:01):
Yeah really, yeah, I dramatically, Johnny, Wait till you see
what I'm going to show you. It was pretty surprising.
So I went on vacation like it was four Saturdays ago.
Well four Saturdays was my last show before we went
on vacation for two weeks, which was not a vacation.
But what ended up happening was is we've been checking
(01:13:26):
on properties that are active on the MLS residential properties
on the MLS now since October. And when we started
in October, we were in the high mid to high forties,
like forty five to forty eight thousand homes, and then
it just started growing. I remember when we hit fifty
I was like, wow, we hit fifty thousand homes right
because we were watching it grow live week by week
(01:13:49):
on the show. And then it got up to almost
sixty five thousand homes when I left. When I left
four weeks ago, I did it the Saturday before we
went on the hiatus, and we were at only sixty
two thousand, and I was like, wow, we just lost
you know, twenty five hundred homes are gone, right, And
(01:14:12):
I was a little surprised, but I didn't think about it,
went away, came back, turned on the computer. Sixty thousand.
We had sixty two hundred and fifty homes last week.
That's five thousand homes less than we had three four
weeks ago. That's a lot. That's almost ten percent, right,
that's like eight percent.
Speaker 5 (01:14:31):
Where do they go.
Speaker 6 (01:14:32):
Canceled, expired, with drawn? They're not selling. The sellers are
just like, if I can't get the price I want,
it's been on the market too long, I'm gone. So
now what's happening is we're seeing that inventory is shrinking
for the first time we've seen it grow and grow
and grow. Just to give you an example, Port Saint
Lucy where Jimmy lives, inventory got down toero point nine
(01:14:55):
months of inventory. That means if no other houses went
on the market based on current sales, it would only
take point nine months, not nine months. Point nine months
to sell everything. So basically what three and a half
weeks yep, and everything would be gone. And now a.
Speaker 3 (01:15:11):
Couple of years ago.
Speaker 6 (01:15:12):
That was about eighteen months ago to two years ago. Now,
Port Saint Lucy has the highest inventory rate of all
six counties that we got right now, and it's over
six percent. It was at six point one six point
two months of inventory, which actually is leaning towards more
of a buyer's market at that point. And so the
(01:15:34):
inventory this week it's increased just a little bit. So
we were at six sixty two fifty last week. We're
at sixty thousand, six hundred and thirty one, So it
increased a little bit, right.
Speaker 3 (01:15:46):
But I'll tell you one thing that stands out to
me for the Saint Lucie because I get a drip
from you know, the counties because we've been looking for
a home for some time now. I'm surprised from the
list price of many of the homes in Saint Lucy County.
I'm like, man, do you think you're in Palvers County? Oh?
Speaker 6 (01:16:05):
Yeah, they're too high way too and that.
Speaker 4 (01:16:09):
Yeah, a lot of that tradition area that they've been
about them, really proud of them. Really price plus you
got to pay extra taxes out there too.
Speaker 3 (01:16:17):
In that area of tradition.
Speaker 4 (01:16:19):
They have their own city, and I'm not exactly sure
how it works, but it's it's above and beyond your
property tax.
Speaker 3 (01:16:27):
But it's a very affluent.
Speaker 6 (01:16:29):
Area it is. And they also put there's a couple
of pockets a tradition where they're actually having crime problems.
I was watching that on the news, Yeah, where there
actually had some I don't know if the media was
like going nuts on and maybe making a big deal
out of a couple of bad days or something, but
I saw that there was one pocket, not not all
a tradition, just this older pocket where they were having
(01:16:53):
some crime issues over there. I was a little surprised.
Me too, Yeah, yeah, I was surprising. But so what
does this mean that the inventory shrinking? The inventory shrink
is shrinking almost eight percent over like four weeks. We're
talking about that's shouldn't.
Speaker 5 (01:17:08):
That When the inventory shrinks like that, that should be
a seller's market.
Speaker 6 (01:17:12):
Right, That's what I'm trying. That's why I picked up
the phone to call Peter. It's like, if the inventory
continues to shrink, you're going to have less choices. The
sellers that are going to stay on the market are
going to be very serious. They want to sell, right,
But if there's less choices, they're going to be stronger
as to, you know, the ability to negotiate with the
(01:17:34):
buyer to get better terms than if it was a
straight up buyer's market. So we might be sliding into
a little bit of a seller's market. When I mean
seller's market, what what I mean by that? Not a
strong seller's market. But the sellers might because of fewer homes,
they might be less willing to negotiate super deep discounts
(01:17:57):
ever to give you concessions exactly exactly. So this is
the time if you're thinking about it. And with all
the issues that we have with the interest rates remaining flat,
they're not going down right now. Even if they do
go down, the buyers are gonna most buyers are going
to get screwed if the interest rates get to go down.
(01:18:20):
And the reason why is they're going to get that
lower interest rate, but they're going to pay a higher
price for the house, which is going to offset the
lower interest rate. You're much better if you can afford it,
and you could buy the house you want. Buy the
house now. I know it sounds like a broken record.
Buy the house now, wait for the interest rates to drop.
Make fun of everybody that's running around trying to buy
(01:18:42):
a house at that point, because you've already done it,
watch your property value go up. Right, Well, you're sitting
on the sidelines, cracking open your beer watching football games
while everybody else is running around. Oh, these prices are
too high. I can't get a good deal. And you
just watch the prices go up and up and up,
and then at a certain point you Okay, the interest
rates are at the point that I feel good, I'm
(01:19:03):
going to go refi again. And then you get the
interest rates all those buyers are getting, but you bought
at the lower price and now you have more equity
in your home than they do.
Speaker 3 (01:19:12):
Aha.
Speaker 6 (01:19:13):
That's the way it works. So if you're thinking about buying,
it is a good time to buy. It is a
very weird market, though. A lot of the things that
we relied on for a while are disappearing. The Hometown
Heroes program relied on what did you think? I said?
Relied on the Hometown Heroes program. We did a whole
(01:19:37):
Summer Buyer's guide. A couple of weeks ago. We did
a two part series about the Summers Buyer Guide about
how to buy in today's market. For this summer, and
a big part of that where down payment assistance programs
for first time home buyers. The Hometown Heroes program used
to give out one hundred million a year and it
was basically, if you worked for a Florida employer, the
(01:20:00):
down payment assistance as long as you could qualify for
conforming won't. They scaled back that one hundred million to
fifty million this year, and then they scaled back to
professions that are allowed to use that program. Now it's
back to the way the original intent was, which is
more government workers, medical workers, first line responders. But not
(01:20:23):
just I work in Florida. I'm employed buying Florida employer.
That can really affect your purchasing power. I'm in the
process of trying to buy a home this summer. In fact,
I turned an offer last weekend. I got creamed. I
negotiated the agent on the other side creamy. So I
didn't buy the house, no big deal. But I was
(01:20:46):
going to use the Hometown Heroes program. If I were
to buy that unit. With the Hometown Heroes program, I
was going to get like sixteen thousand dollars from the
state of Florida. But because now they changed the professions.
I'm no longer qualified for that, so now I'm going
to use if I decided to use it, I'm going
to use the Florida Bond program, and that one will
(01:21:07):
only give me ten thousand dollars. So I'm losing six
thousand dollars in down payment and closing cost benefits that
I could have got under the old program. A lot
of people, that's a big deal and not having that
you have to be prepared and get ready. So what
does that mean. That means you're going to use the
(01:21:27):
Florida Bond program and we're going to try to get
the extra money from the seller, right right. That means
they're going to try to beat up the seller a
little bit and get the extra money there. So if
you're thinking about buying, it's better to do it now
than to wait. If you're waiting, you probably don't know
what you're waiting for. You're just saying you're waiting because
you don't know what to do and you're confused, because
(01:21:48):
that's the way most people are, right yeah, Because if
you don't know what to do, you're going to say, ah,
that's not for me right now, because that's the easier way,
not to think about it right. But if you're serious
and deep down in your heart you really know so
that you do want to buy, you got to pick
up the phone and say, hey, I want to get
this process started.
Speaker 3 (01:22:04):
Yeah, it all starts with understanding that, yeah, that water
looks really deep. But when you take that first step out,
you're like, oh, it's only like angle d this isn't bad.
And you take a few more steps and it just
doesn't get much deeper than that. You're safe out here
in the water. But you got to get with pros
pros people to help you understand your unique situation. Every
situation is like a snowflake. Let's figure out your snowflake
(01:22:25):
and figure out what your path is to home ownership.
If you're looking to sell a home or you're stuck
with home, you don't know what to do with it.
You got to get all the pertinent information so that
you can make the best decision for you and your family.
Don't fill in the gaps on your own. You may
be very smart, you're not as smart as the prospros
at floridatalkrealestate dot com. They are prospros. They are experts
in their field. For a reason. It's because they've been
(01:22:47):
through it time and time again. Let them help you
get done what you're trying to get done. It all
starts with a phone call or click at Florida talkreal
Estate dot Com. Know it, use it, love it, share it.
You can change lives, including your very own, with the
pros at Florida Talkrealestate dot Com.
Speaker 6 (01:23:03):
And just to show you that what I'm telling you
is real trends that are happening right now in today's market,
here's an article from July twelfth from Housing Wire, which
is a pretty legitimate new news organization, about what's going on.
In the headline is housing. This is nationwide housing inventory
actually fell last week. What is going on? That's what
(01:23:26):
they wrote, and they said new listings also took a
major dive.
Speaker 5 (01:23:30):
Right.
Speaker 3 (01:23:30):
So you remember when when we were in my in
my living room, we were looking over some things, right,
going over some numbers and whatnot. Not long ago, I
pulled up a few listings that I had. We were like,
let's take a peek at something that you were interested in,
and one, like the day before, came off, right. They
pulled it off like the day before, and you were like, well,
we can always call them and see if they're still interested.
(01:23:53):
I mean, that doesn't mean.
Speaker 6 (01:23:54):
And I did that mean they're done. And I did
that with where I want to live in a specific community.
So it's very hard. The properties don't always come on
the market. So when that one came on the market,
I had to act fast. But I was only willing
to go to my Maui Wowie. And when I hit
my Maui Wowie a maximum lower ball offer, I stopped. Yeah,
(01:24:15):
I stopped. I thought, you're making some big decisions. I
know it, right, Yeah, so what gold? So what happened
was when I hit that limit, it's like, hey, I
don't want it anymore if I can't get it for that,
and I felt comfortable, you know that, I walked away.
But there's nothing else over there. So what I did
(01:24:35):
is I went back to one of the ones I
liked that had been withdrawn before I started looking, tracked
down the person's phone number, called them, and then left
them a text message saying, Hey, I'm a real buyer.
I'm not trying to fake you out or anything. If
you still want to sell your house, I'd love to
talk to you. She hasn't responded back yet, so That's
(01:24:56):
another way to get properties that are off market, though,
is that you look at the expired and canceled and
find out if any of those are motivated enough to
buy sell because a lot of the sellers they get
very upset when their house just sits there for a
long time. Sure, understandably so, but they also start thinking,
what's wrong with my house? They start getting into the
(01:25:18):
whole in thing, right, I do think the in thing.
It's like, oh, maybe it's my house or maybe you know,
maybe it's me or my house or whatever. I'm like, no,
it's it's price in all ice, you'd have your household yet.
But there are some certain people that took it off
the market, not because they're not really motivated to sell,
(01:25:38):
they just didn't like the idea of being on the
market so long and having no action at all. And
so now what's going to happen is the sellers that
stay on the market, they're going to have less competition
and there's going to be more people coming to their house.
Just like I said at the beginning of our show
with the shout outs, all of these properties have had
(01:25:59):
on the market for very long time. They all got
picked up in the last week, right, they are under contract,
under contract, under contract. And the reason why is is
the buyers are biding now. There's more buyers out there
than before. And this article from Housing Wire said there
was a twenty five percent increase and applications last week
(01:26:20):
for buyers compared to a year ago nationally. Yeah, nationally,
so twenty five percent more applications for home buying than
one year ago last week. So that's kind of interesting.
So that's what's happening with the trends right now. And
take advantage of these, you know, take advantage of these trends.
(01:26:41):
Good time to be a buyer. It's also a good
time to be a seller, as long as you're realistic
about the price. It's a good time to check your
insurance rate because rates are going down. Okay, not a
good time to refin right now. Probably you're not going
to want to REFI that's not a trend yet. But
you just keep you know, you just keep working on it.
(01:27:03):
And the other thing I wanted to say about insurance,
and I forgot to mention this when I was talking
about it. It's a little stat they actually have seen
already a one percent decrease across Florida for homeowners insurance
policies overall decry.
Speaker 5 (01:27:18):
And I had a company like I think I mentioned
it on the air a couple of months ago where
it was in maybe in June. I think they just
sent out an email said, hey, we're just learning a
race by ten percent. Quotes that I had done like
the day before just went down ten percent.
Speaker 3 (01:27:34):
Wow, it's huge.
Speaker 6 (01:27:35):
Yeah, it's pretty cool, isn't it.
Speaker 3 (01:27:36):
That's very cool.
Speaker 6 (01:27:37):
So we're starting to see some stuff. It was funny
when I was talking about the decrease and insurance policies
premiums in front of my sister. Oh, my sister wanted
to rip my head off. She was like, that's not true,
and she's like that's I'm like, it is true. It's happening,
you know. I know it's painful what you've been going
through because the insurance has gone up so much, But
(01:27:59):
it is actually it is. It does go up and down.
It's like a wave, it goes up and down. Right
now we're in a down down troughs, So take advantage
of that.
Speaker 5 (01:28:10):
Yeah, I've seen renewals come down.
Speaker 4 (01:28:12):
Have you mentioned ross about how many new companies or
companies that have come back into Florida to start writing
policies again.
Speaker 5 (01:28:21):
I mean come back like I mean, you know, so
most of the companies, unless they went bankrupt during that time,
have started writing, you know, on a limited basis, you know,
but I don't, you know, but there are still a
couple companies, you know, I can, I can kind of
(01:28:43):
really only think of maybe like three companies that were
writing that that haven't said, Okay, hey we're wide open
for new business. But like I mentioned earlier, that competitive
condo company they had written, really know, they were very
they were open in some areas of Florida, but they
(01:29:04):
they're now kind of wide open and they're super competitive.
You could say Ovation was a new company. They're one
of the one of the new few new companies that
have come on that are actively writing new business. You know,
there are a lot of companies that have quote unquote
entered the Florida market, but most of them are just
(01:29:26):
participating in the citizens depopulation and takeout programs.
Speaker 4 (01:29:30):
So right, but that's still coming back in at least
two enough to where it's the competition is opened a
little bit.
Speaker 5 (01:29:37):
Yeah. Yeah, I mean, the companies realize that if they
want to write a new policy. They can't. They've got
to you know, they've got to be rate conscious, you know,
and they want to be competit. You know, you know,
obviously they're in business to make money, and so you know,
if they don't write any new policies because their rates
are too high, then you know, they go out of business.
So you know, you know, it gets down to, you know,
(01:30:00):
more competition, especially now that those regulations have changed, where
you you know that would but I.
Speaker 4 (01:30:07):
Mean, I remember a time when you said that there
were companies that didn't want they were trying to stop
writing policies. Oh yeah, I mean yeah, that was It's
such an oxymoron to a business model, you know, that's.
Speaker 3 (01:30:20):
Yeah, that was my joke.
Speaker 5 (01:30:21):
You know, Florida homeowners insurance industry was the only industry
that did not want new clients and was actually trying
to get rid of the ones they had exactly right
one time, because every single one of those policies, you know,
they only got twenty eight hundred you know, we'll call
it twenty eight hundred dollars in premium, but they may
have had to pay out seventy thousand dollars, you know,
(01:30:43):
so that's a huge liability to them, so they you
know that there was a period of time where yeah, they.
Speaker 3 (01:30:48):
Did not want any business.
Speaker 6 (01:30:51):
Just one more thing about the trends. I've been reading
this constantly for the last several months where everybody's trying
to predict if we're going to have a national house
in crash. And what they keep doing is they keep
pointing to Cape Coral and go up. Cape Coral was
ground zero for the market crash in two thousand and
eight for the real estate market crash. They're going through
(01:31:13):
a really bad time again. Is this the beginning of
a new trend? And just to give you an idea,
in from twenty twenty to twenty twenty two, now this
is during COVID, the average home in Cape Coral went
from two thirty nine to four thirty six. Can you imagine, right,
to see that kind of increase in two years doubled.
(01:31:34):
But now we're at now we're at in May of
this year, we're at three hundred and sixty one, which
is a seven point seven percent lower than the year before. Right,
And for the last since twenty twenty three, we've seen
year over year price declines and that's because of the
(01:31:55):
hurricanes over there, right, we had major hurricane damage and
that's what really affects did that community more than anything else.
The last time Cape Coral had was ground zero for
the market crash. I call it six, they call it eight.
But in two thousand and six, the reason why Cape Coral,
that whole area out there, that was all because of
(01:32:15):
dirty mortgages, right, that was all because people were fogging
a mirror and getting a mortgage for a house they
couldn't afford that they weren't planning on living in or
planning on flipping before they even bought it, and that's
why that happened. This cycle is more because of physical
damage to the area from natural storms. To me, that's
(01:32:37):
a completely different reason for the collapse. But they're kind
of ignoring why the collapse happened. They're just saying, hey,
are we seeing this again? So my answer to that
is no. But if you're in Cape Coral and you
need to sell, it is a problem because prices are
not stable. They're going down. They're in a downwards spiral
(01:32:58):
right now, and we'll see any end to where it's
going to end. But even so, we're at three sixty
one right now, and in twenty twenty. We are at
two thirty nine, right, so what is that? What does
that come out to? So let's just say two forty
versus three sixty, So one twenty divided by two forty
(01:33:20):
Wait bye yeah, fifty percent increase in five years. Right,
So if you divide that by five, you're talking about
like it grew by ten percent every single year for
five years.
Speaker 3 (01:33:33):
It's phenomenal.
Speaker 6 (01:33:34):
Right, that's awesome appreciation. So everybody's like, oh, man, you
know Cape Coral's going through a crisis. Yeah, they only
got ten percent appreciation the year over a year after,
and that's includes the depreciation that they already had.
Speaker 3 (01:33:48):
The crisis is for everybody that has bought at four
thirty at four forty.
Speaker 6 (01:33:52):
Yeah, yeah, seventy, that's true.
Speaker 3 (01:33:55):
It's not crisis time unless you're trying to sell your home.
Yeah yeah.
Speaker 6 (01:33:58):
Now here's the other thing. I wanted to talk about trends,
and I'm telling you this is going to be a very,
very very big trend with all the changes going on
with the condo market. Because of the regulations that they
have to make sure everything structurally sound, they have to
make sure that they have the right reserves for future improvements.
(01:34:20):
That need to be made, and also the training that
the condo board people are supposed to be getting to
make sure that they do the right things when they're
their condo board, making sure that they're financially sound, and
that they're keeping up with the deferred maintenance on the properties.
All of those things are going to make these condos
(01:34:42):
comply with the federal government for conforming loans. Now, why
is that a big deal? That means people are going
to be able to buy condos with three and a
half percent or five percent down Right now, condos are
usually between twenty five and thirty five percent down. So
all of these first time home buyers that don't know
(01:35:03):
what's going on, they come and you sit down with
them and go, so, what kind of house are you
looking for? And then they start showing your properties for
one hundred and fifty two hundred thousand, two hundred and
twenty thousand, and they're condos. And the reason why they're
picking them is because the lifestyle matches what they want.
The houses are the condos are fixed up enough where
(01:35:24):
they feel it's worth it, and at the price point,
there's really good value there. And then you tell the
first time home owner Hey, Johnny, that's great that you
want to buy this two hundred thousand dollars condo. You
need to put twenty five percent down. Do you have
fifty grand?
Speaker 3 (01:35:41):
No?
Speaker 6 (01:35:41):
I don't have fifty grand, right, I barely have three
and a half percent down. I'm sorry. Well, there's only
like six condos in the whole county you could go to,
and then a lot of them you don't want to
live there, right, the neighborhood's not great or the buildings
aren't that great, and so they really feel frustrated and caught.
(01:36:02):
Once we go through all these regulation changes, the federal
government is going to say, hey, they meet all the
financial reserves. They're doing everything to make sure these communities
are right, and then all of a sudden, people are
going to be able to pay three and a half
percent down for these condos, which is going to make
these condos shoot up in value, even these older condos.
Once they get the stuff fixed, these condos are going
(01:36:25):
to shoot up in value because there's so much demand
for first time home buyers. And I know a lot
of first time home buyers don't want to move into
a condo. But if you can get a condo for
two hundred thousand, and you only have to put seven
thousand dollars down as opposed to fifty thousand dollars down.
Speaker 3 (01:36:43):
Well, but you just said they're going to shoot up,
so only at.
Speaker 6 (01:36:45):
The beginning, No, but at the beginning. So the smart
ones are going to get it early, right, They're going
to do it early. So and also there's a great
opportunity for investors. This is a great opportunity for investors
to buy. I know this is intuitive to a lot
of people are totally But if you can find the
right communities that are getting there, you know what, together,
(01:37:08):
and they're taking care of all the financials, and they're
taking care of that construction, and it looks like they're
serious and they're gonna get it all done, those would
be great condos to buy at a really really low price.
Speaker 3 (01:37:20):
Yeah, well, it'll be awesome if it's investors that are
singularly like smaller landlord operations, you know, that's awesome. It's
when the big conglomerates come in and buy up. We're
just they're trying to turn it into like a rental world,
you know.
Speaker 6 (01:37:34):
At that point.
Speaker 3 (01:37:35):
And you see a lot of that happening across the nation.
Hopefully that's not going to be the impact.
Speaker 6 (01:37:39):
Actually, that's funny you're talking about that, Johnny, because one
of the articles I saved, I was going to use
it later. But it's actually about Blackstone. It's just one
of the biggest companies that buy residential homes and tournament, yeah,
turn them into rentolds, and it really hurts regular homeowners
that just want to buy something because now competing with
(01:38:00):
these investors and there's less inventory. So what Blackstone. What's
happening with Blackstone right now is they control and they're
making it sound like this isn't a big deal. Blackstone
controls two hundred and seventy four thousand, eight hundred and
fifty nine housing units across the country. Imagine over a
(01:38:27):
quarter million rental units. They got. They're about one percent
of the whole rental market in the country. Right, that's
a pretty big deal one company, and oh little they
Blackstone says they own a little bit less than one percent, right,
But two hundred and seventy four thousand homes they own,
(01:38:48):
and this is all These are all homes that regular
homeowners can't buy and they're turning into rentals now. They
were selling them for a while because of the insurance costs,
and they were pulling out to Florida a little bit
because it's too expensive in Florida. So so now that they
were looking at the Midwest and going there, but I
guess they're coming back to Florida a little bit stronger
(01:39:09):
now because they see the trends. And I'm wondering, I
don't it doesn't saying here that they're going to start
buying condos, but I'm wondering if condos are going to
be in there, Baileywick now, because I really feel like
this is going to be a little trend for investors
well because and for first time home buyers.
Speaker 3 (01:39:26):
Look, you're highlighting it for potential first time home buyers
that when this kicks in where you can buy a
condo for three and a half to five percent down,
that is a world changer for many people that are
first time buyers. And you got to get in early.
And all the investors see this too, especially the big
pocketed ones, and they see it and it's it's going
to be a race. And we know who wins those races.
Speaker 6 (01:39:48):
Well, you know a lot of times the first time
home buyer can win, they can't. And the reason Why
is they're willing to pay more than the investor because
the investor has to make a profit, right, So if
we do if they if you have an investor that
wants to pay two hundred, but you have a first
time home buyer that's wanting to pay two fifteen, I'm
(01:40:09):
making it up sure, and two fifteen is affordable to
the first time home buyer. The investor might say, I
don't want to pay two to fifteen, don't. I don't
like that number. And the first time home buyer wins.
Speaker 3 (01:40:19):
Sure, as long as the appraisals come together and their
money works out, and that can be very advantageous for them. Absolutely,
it really is.
Speaker 6 (01:40:26):
But it's interesting that you mentioned about those companies. So
there's still around. They exist. There's a couple other one
IHP and New Haven I think it's called but those companies,
and let me tell you, I hear not good things
about them being landlords too. I've had people call me
up with these companies. I'm not saying which ones, but
(01:40:48):
these big time rental companies and the problems that they
have with them, and they treat you just like a number.
They don't care that you live there two years and
have paid on time and everything. If you don't meet
their terms at that moment, see you later. Right, it's
not a personal connection. Yeah, yeah, it isn't really like that.
Let me see here.
Speaker 3 (01:41:09):
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Speaker 6 (01:41:24):
They're another creepy critic story. I'm looking at some of
the stuff I save while I was on out of town,
and I keeps wanting to say vacation, but it just
didn't feel like a vacation, so I keep saying it out.
I'm not using the V word because I wasn't a vword.
If anybody was wondering, I went on vacation and then
that week I got I almost got pneumonia and I
(01:41:47):
was out for fourteen days. It was terrible. That is
terrible in Lee County. In Lee County, the green iguanas,
you know, there's so many different iguanas out there now, right,
but the agreeing iguanas are starting to take over. Everything
out in Lee County right now. And uh, it's really
becoming a problem in the parks and the preserves and
(01:42:08):
they're seeing more and more of these and they don't
know what to do in order to get rid of them.
Speaker 3 (01:42:14):
Yeah, exactly taking all the jobs job.
Speaker 6 (01:42:21):
But these things are like destroy the natural habitat and
there's you know, they destroy the equals ecosystems for the
other critters that are natural to the area and everything.
And Lee County is really going through it with the iguanas.
It just seems like I'm seeing more and more, not
necessarily iguanas, but just lizards of different different sizes of stuff,
(01:42:44):
not just the big ones We've always been talking about
the fallout of the tree. Have you seen the really
colorful one, like the yellow with the black and they're
only like this big. They're like a foot long and
they're super fast. That's a new that's an Africa. Yeah,
it's a new one. We talked about a couple of
weeks ago. They were new.
Speaker 5 (01:43:04):
I saw I saw one on I've seen it like
four times. When you get off ninety five on Donald
Ross when you're heading south, there's like a palm tree.
And I've seen that thing on there like four times
with like another lizard in its mouth.
Speaker 6 (01:43:16):
Oh yeah, so we're really starting to read somewhere that
they were aggressive. Yeah, we're really starting to see a
lot more of these iguanas. And hey, it's keeping the
hunters happy, right, They're going out there and killed them
all the time.
Speaker 3 (01:43:34):
Of course, I'm in a weird place with iguanas because
I love iguanas, but I understand they can be destructive,
and I understand they're not really supposed to be here.
I get that, but I love them. I think they're awesome.
Speaker 6 (01:43:44):
I think they're kind of cool to look out too,
you know. To me, it just feels like you're in
the tropics when you see all these sol lizards running around.
But I guess if they're eating your sea wall, that's
not a good thing, right.
Speaker 3 (01:43:57):
We just just the other day we saw a pretty
young one over by our house. We have we have
never seen one in my neighborhood, lots of lizards, never
seen iguanas, and we have all the canals like you
think we would see them. Never We've been there since
twenty fourteen. I saw a little one by our house
and he ran like under the rock area and our front.
(01:44:17):
So clearly they have a little home built in there.
So they're starting to make their way into our hood.
We'll find out it's a good thing or not. But yeah,
it's kind of excited. It was right, maybe not? Yeah,
And now I know what's been showing down on you know,
the mangoes for so long. I always thought it was
like rats, it's the iguana evidently.
Speaker 6 (01:44:37):
Oh really, yeah, I thought it was. I thought it
would be lots of critters like.
Speaker 3 (01:44:42):
Well, yeah, I just thought it was rats. Yeah, tell
you the truth.
Speaker 6 (01:44:45):
Yeah.
Speaker 3 (01:44:46):
So, because you know we live in filth and squalor,
don't ever move into my neighborhood. Yeah, I'm talking to you,
especially you. You're the one that throws your trash out
of the stops. Huh you feel that? I hate feel
so much. Just pitch your trash out of the stuff.
Speaker 6 (01:45:07):
I have a silly question for you, Ross, and I
should know this, but I always forget what parts of
Florida do not have to have hurricane protection? And you're okay, none?
What do you mean? I mean no, like central Florida.
Like the builders are not required like parts of central Florida. Right,
(01:45:29):
the builders are not required to put shutters on the windows.
Speaker 5 (01:45:33):
Huh oh, I don't know, but I don't know. I
don't know.
Speaker 6 (01:45:36):
Yeah, because the reason why I'm asking somebody was looking
to buy in central central Florida area, the Orlando ish area,
and I was talking to one of the builders up
there for one of the customers that I'm like, do
you put on steel panels, impack windows or accordion shutters
because we don't put on anything. I go, how can
(01:45:59):
you do that? Daycode? He goes, we're not part of
mimy daycode because of the region that they're in a Florida.
I guess hurricanes aren't as bad up there, is that.
Speaker 5 (01:46:08):
Yeah, I mean, even if you were to get that discount,
it's not like that significant in that area, in that
area because it's not a huge significant risk.
Speaker 6 (01:46:16):
So you're not you're not required to have them or
anything 'or and is you don't get a huge benefit
of protecting your home for that the way you do
down here.
Speaker 5 (01:46:25):
Right, yeah, down here, that's going to be, you know,
because the risk is so great, right and also the
pre you know, so let's say it's a ten you
know whatever, just a ten percent discount if your premium
is seven thousand dollars, you're ten percent discounts seven hundred bucks.
Speaker 6 (01:46:42):
That's yeah, that's a big nic.
Speaker 5 (01:46:43):
Right, But if your premium's already eleven hundred dollars.
Speaker 6 (01:46:48):
Right, you're saving one hundred bucks.
Speaker 5 (01:46:49):
Yeah, right, right, because the and that and then also
I don't think you're going to save that same ten
percent just because that risk reward isn't as great.
Speaker 3 (01:47:01):
If that makes sense. It does make sense.
Speaker 5 (01:47:02):
Yeah, But I mean as far as like laws and regulations,
as far as building codes and things like that, I
can barely tell you this.
Speaker 6 (01:47:12):
I couldn't. I couldn't find this article, so that I know,
we've only got like three minutes, four minutes. I just
want to go into this real quick about the inflation,
the inflation stuff. Oh, this is the wrong article, so
I guess I'm going to do it off the top
of my head. So the inflation report came out earlier
this week.
Speaker 3 (01:47:33):
For June and to two point seven.
Speaker 6 (01:47:38):
It went to two point seven. It's not the end
of the world. We were zero point three higher than
the month before, though. That's a little troublings going.
Speaker 3 (01:47:48):
It's ticking up a little bit.
Speaker 6 (01:47:49):
It's ticking up a little bit, but we have seen this,
like in the previous administration before the one we have now,
we have seen that go up the same amount that
we've seen now and then seen it go down again. Sure,
so we don't know if we're at the beginning of
a trend or if it's just a little blip that
we see once in a while, because it moves up
and down. Of course, it's an algorithm.
Speaker 3 (01:48:08):
I don't think anybody should be overreacting to it.
Speaker 6 (01:48:10):
I don't think so yet either. But there's a lot
of people now that are predicting that this is the
beginning of the inflation that they were expecting from the tariffs.
Oh so yeah, so they're still saying that. But I'm
still holding tight saying that. I'm not saying that the
sky is falling, because really we've had these stats are
not that much different than what we've had over eighteen
(01:48:33):
months right over both administrations, six months for this administration,
in the year before with the last administration. We're really
not seeing that big of a change in the economy. Unemployment.
The jobs report came out good again.
Speaker 3 (01:48:47):
Yeah.
Speaker 6 (01:48:48):
No.
Speaker 3 (01:48:48):
What it showed me was is for anybody that wants
to get on board with going after Powell about losing
lower in the rate. If you want to get behind
that train, you're probably not on the right train. Then
everything in that report is indicating that we should hold
true to what we're at right now. And there's nothing
in that report that indicates that power should be making
(01:49:09):
any decision to be lowering rates anytime soon.
Speaker 6 (01:49:11):
Right, And I kind of lean that way also, And
because the problem is is that if we do drop
the rates significantly, right, we're talking about the FED rates
and we're wrong, and it was wrong, and it did
create inflation, we can go into stagflation, not just inflation.
(01:49:34):
This could be the cycle where we start losing jobs
and seeing prices go up at the same time. We
haven't seen that since the late nineteen seventies, early nineteen eighties.
And let me tell you, I live through it. You
don't want to live in that. It's very sticky, it's
very hard to get out of. Yeah, And basically you
had to go through a lot of pain in order
(01:49:56):
to write the economy correct, you know, to correct the economy.
Speaker 3 (01:50:00):
Yeah. So if the if it wanted to be very
self serving, that could do that because it would make
their cost cheaper. Right, But it's not a self serving situation.
It's about you know, it's really a world kind of situation.
Speaker 6 (01:50:12):
It is.
Speaker 3 (01:50:13):
But it looks like he should be holding strong. It
looks like he's doing the right thing.
Speaker 6 (01:50:17):
Yeah, and we're just gonna have to see how that,
you know, how all that works out, to.
Speaker 5 (01:50:21):
See about that fraud.
Speaker 3 (01:50:23):
Fraud. We thank you very much for being with us
every Saturday, and always remember that you have access to
this entire team. I'm talking pros, pros experts in their field.
You can get them all at the one stop real
estate shop that is floridatalkreal Estate dot com. Find them
on Facebook and YouTube. Know what, use it, love it shared.
If you're buying a home, selling a home, stuck with
a home, you don't know what to do, it's floridatalkre
(01:50:44):
Estate dot Com. Vet the team. It could possibly help
change your life, like ross comer Net's right Wing insurance.
You know, Beach have a great weekend.
Speaker 5 (01:50:50):
Thank you too.
Speaker 3 (01:50:51):
There's Jimmy d Jim Topolo with the Florida Home Pros team.
Kellowinis Innovations have a great weekend as well.
Speaker 6 (01:50:56):
Thank you, Johnny Appy South Florida, Everybody.
Speaker 3 (01:50:59):
Jimmithy you have an awesome weekend. You as well. I
have a great weekend and we'll see you nex Saturday
of Florida Talk real estate right here, Real Radio
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