Shout outs. Mortgage rates. Insurance. New construction. Real estate market health

Episode Transcript

Speaker 1 (00:15):
Navigating today's real estate market can be tricky. Wanta buyer,
soela house finance or insure a house, or stuck with
a house.

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

Speaker 1 (00:23):
Florida Talk real Estate has been your local one stop
real estate shop since twenty twelve. Get the advice you
need from your local real estate pros. Here are your hosts,
Jim Depola and Johnny c. You live on real Radio.

Speaker 3 (00:36):
Yeah, good South Florida. Morning to you. Welcome to another
edition of Florida Talk real Estate and thanks for being
out there. It's great to know you're out there. Ninety
two one one o one seven phenomenal. Thanks for making
us a part of your Saturday morning. Maybe you're tuning
in with your free download your iHeartRadio app. We happen
to be worldwide. If that's the case, just fyi. Yeah,

(00:56):
we're kind of that big with the free download of
the iHeartRadio app, and we live stream on a Saturday
as well. At least theoretically things should be working well.
You find out you tell us Florida Talk real Estate
on Facebook live stream and on a Saturday of course
on YouTube as well. Florida Talk real Estate, LLC. Home
of a ton of informational chunk videos and a live

(01:18):
stream theoretically on a Saturday. I think it's working. You
let us know. If you're not there yet, you can
always join in later check things out. When I say things,
I mean, you know, beautiful faces like our producer Et shordinaar.
If you dial in and be part of the program,
you'll get the voice part eight seven seven nine two
seven six nine six nine questions commons concerns in the

(01:39):
world of real estate. You want to be part of
the conversation at hand. If you dial in, jimmythy my
brother from another mother, he'll line you up there. What's up, dude?

Speaker 4 (01:47):
He no end of good morning? Hey you doing it?

Speaker 3 (01:49):
Johnny good Man, good real good awesome, Happy Halloween, Happy Halloween. Yeah,
they'll hear the melodious tones, but they won't see you.
Are you? Are you? You got a camera in there,
and we got to get you on camera.

Speaker 5 (01:58):
Yes, I no, the only camera that was over here.
It also had a microphone, so it would have feedback.

Speaker 3 (02:04):
Oh so well, if anybody's gonna have feedback, it'd be
great from you. Johnny C. That's me, your old buddy,
your old pal. Let's get your starting lineup the very
important people on a Saturday morning, like Ross kamaraonets with
bright wing assurance, Jude, no beads, what's up? Wrongs not
a whole lot, and enduring this cold weather. Come on,
you get to put on a little something you don't
normally wear.

Speaker 2 (02:23):
Makes me feel frisky.

Speaker 3 (02:25):
You get frisky. I wonder what Halloween was like last night? Yeah, babe,
you want a.

Speaker 4 (02:30):
Piece of candy.

Speaker 6 (02:31):
I feel like, you know, like when you when the
weather gets cool, you take the dog out and it's like,
wh Yeah, it gets a little little hyper, it does,
you know?

Speaker 3 (02:38):
I used to I kind of feel weird even bringing
it up. You know when a dog gets that, like
the winds go in, they get that like sheen about
them and even their hair raises up. They're like there's
so much smells coming at them through the through the wind,
you know what I'm saying. Yeah, I used to say
that it was like sexy, and it's such a weird
way of putting it. Almost when I even hear it,

(03:01):
I'm like, that's kind of weird.

Speaker 6 (03:02):
You need to throw your phone in the trash.

Speaker 3 (03:05):
Yeah, too much? You never know what's listening. Did you
have a nice Halloween.

Speaker 2 (03:12):
I did. Yeah, Yeah, it's good to dress up. I did.

Speaker 6 (03:16):
I was Soda Pop Genu from K pop deeven Hunt.

Speaker 3 (03:19):
That's awesome. My daughter would love that. She was some
anime character too. And I've asked, I asked a thousand times.
Tell me the name again, the name again, the name again.
I can't give you the name, but the like mid
school kid aged they were like, oh, it's so and so.
It's like they knew it immediately. I was like, well,
that's kind of cool. That's a great that's a great costume.

(03:41):
When people are like, I know what that is. If
you have to explain what you are, it's not a
great costume. You didn't do it right.

Speaker 6 (03:47):
Some kid in the neighborhood was dressed up to be
really scary as a job application.

Speaker 3 (04:00):
That's clever. We'll great to have you as always on
a Saturday and Happy Halloween. Belated we had a great.

Speaker 6 (04:06):
Yea, yeah, that was bombed, a ship fell, and how
the chow fell in Halloween.

Speaker 3 (04:09):
It's on Halloween.

Speaker 2 (04:09):
Yeah, we could all dress up.

Speaker 3 (04:11):
Gosh, what was a rass Halloween show? I guess you
can do the math right every six years? What it is?
Nineteen the year before COVID. You probably dressed up. Probably, yeah,
you're probably the only one too. We were probably all
sucking if we were, like if I was on the
show that week, well we'll have to go on the

(04:31):
way back machine and see what happens. Always. Nice to
see you, my friend. And let's go ahead and say
good morning to our fearless leader. I believe we did
enough stalling for him on a Saturday morning. Thirteen plus
years now, he's running top producing Kellowilliams Team, the Florida
Home Pros Team, Keller Williams Innovation. You'll find Jimmy D,
jim Pipolo, Jimmy Me, Hey me, Hey, Halloween.

Speaker 7 (04:50):
Hey, thank you, thank you. Can you hear me? Because
my microphone sounds weird on the headphones?

Speaker 4 (04:54):
I know you can hear it.

Speaker 7 (04:56):
O my hellphones good enough for me.

Speaker 3 (04:57):
I can tell Jimmy D dressed up. He didn't get
all the makeup.

Speaker 7 (05:01):
Of Actually I did not dress up for Halloween. Didn't
do anything for Halloween because I had a whole Halloween week. No, no,
it was very scary at stressful. The whole week was
it was like monsters crawling out of the closets and
everything the whole week was like, whoa, We'll get into

(05:21):
it a little bit. I was gonna actually made a
little segment on it.

Speaker 3 (05:24):
Not good Halloween, No, it's.

Speaker 7 (05:25):
Like, what the heck is going on? What's in the
water right now? So anyway, but there were there were
As I was reflecting on this last night, I was like, well,
there were also a bunch of high spots too. So
and then when I started looking at things that my week, yeah, yeah,
so it's kind of crazy. So we got a lot

(05:46):
to talk about this week. We're going to talk about.
We are going to talk about like a couple of
real life examples in our shout outs about how things
can't be in there. Sorry, hold on, it's okay. Thanks,
Oh thank you man. Let me okay, just let you
do your things. A little experiment this week, Hey, Facebook
YouTuber's Jimmy's trying some new things on the videos. So

(06:08):
let us know if you like it, don't like it.
I remember when we were doing too much scrolling on
the bottom and some of our fans like, stop it,
it's making me nauxiously and all the scrolling. The didn't
like the new scrull. I like the new scroll, like
the ticker tape, new scroll. I like that, but they
didn't like it, so I took it up. Well right,
look at that the power of Francis. I did that
for you. See's the regular calls. Haven't seen her while

(06:30):
I hope she's okay, Francis, if you're around, let us know.
Good morning, Elizabeth. Mike's out on Mike's on a very
nice vacation. He's going to Savannah this week. He's going
to meet some family members up there and everything. I
told him about my Savannah trip about fifteen twenty years ago.
And my significant other at the time was really into

(06:54):
Midnight in the Garden of Good and Evil. So she
decided that we were going to go up to Savannah
and check everything out. And we're up there for like
four days, and when we left, we were like, eh,
is it so spectacular? And we found out that we
never made it into Savannah. We were like all around
the skirting of Savanna like later, because people are like,

(07:15):
did you go there? Did you go here? It's like, no,
what the heck is that? And then they brought out
a map and then show us where you went and
where you stayed. They were like, we're on the ring
of Savannah.

Speaker 3 (07:26):
It was so funny, like, next time we should go
to Savannah.

Speaker 7 (07:30):
So I've been in Savannah, but not Savannah so so.
But anyway, mich will be back next week. I'm looking
forward to having him come back because we're going to
talk about some mortgage changes in the mortgage industry. But
the interest rates are still going down. We're going to
talk a little bit about that today. Also, we're also

(07:52):
going to talk about smart homes because I'm selling a
house that is a smart home and it's up in
the Jupiter Beach area ross and it's a productive airbnb
right now the community allows airbnbs. If anybody buys this property,
they could get automatic income of forty thousand dollars. It's

(08:13):
already prepaid for Airbnb bookings, so when you buy the house,
you have forty thousand dollars of income coming in when
you buy it because it's already booked and paid for,
so it just gets transferred over you. Pretty nice.

Speaker 3 (08:27):
Uh yeah, if you're looking to do that, it is yeah. Yeah,
how about that a calendar that's all booked up for you.

Speaker 7 (08:32):
Yeah. And we have a little interesting advertising technique we're
going to do with this property, which we'll tell you
about in just a little bit.

Speaker 3 (08:39):
Thanks.

Speaker 7 (08:41):
Also, yeah you did Ross, I saw that you liked it,
so you thought. And then also, we're also going to
do a little It isn't a shout out, but it's
more like a tip don't get burned by this situation.
There's a lawsuit going on with one of the well
known developers up in Orlando, de Elopers, a national developer,

(09:02):
people saying that they got a bait and switch when
they were buying their houses, and there's a federal lawsuit
out there right now. And when I started listening to
the article and found out what they were complaining about,
I'm like, that's basic one on one real estate right there.
So we're going to talk a little bit about how
not to get burned when you're buying new construction.

Speaker 3 (09:22):
Okay, all right, excellent.

Speaker 7 (09:23):
And yeah, so we got a lot of stuff going on.
The first thing I want to do is do some
shout outs. I wanted to say, it's just a really
nice story. I want to give a shout out to
Linda and Joe, France, Tina, and Kaylen. Right, big big
group of there. France, Tina and Kaylin bought Linda and

(09:44):
Joe's house. They're all relatives together, right, the whole. This
is all one big family, and Linda and Joe, who
have been big fans of the show, thank you so
much for listening to us for years years might be
listening to us right now. There're so awesome. We helped
them buy their first home. I think it was like
twenty twenty, because oh, yeah, it was twenty twenty because
I remember being stuck in my house during COVID weren't

(10:07):
allowed to leave back then and work in the phones
and trying to close his deal because he was having
a problem with the closing. But then they referred us
out to other people and everything, and then they inherited
a house and they'd like to sell it to their relatives.
The problem was is that the relatives that they were
trying to sell it to didn't have mortgage qualifications, so
they couldn't get mortgage approved. And that was a big

(10:30):
thing because when people find out they can't get mortgage approved,
they're usually desperate at that point, and then they'll just
listen to anybody says that they can't get them a mortgage. Yes, yeah,
it's like, oh, this is when I said, yes, if
you got ten no's and you get one yes. That
one yes is probably somebody doesn't know what they're doing.

Speaker 3 (10:50):
Yeah, and the details don't even matter to you at
that point.

Speaker 7 (10:52):
Yeah, yeah, and you're just so desperate. And so when
they were having problems with the mortgage, we asked them
to go to my and Mike was like, no way,
jose right, it wasn't happening.

Speaker 3 (11:03):
Yeah, so you're not feeling great.

Speaker 7 (11:05):
Yeah. So then what happened is we got lucky. Then
one of the people were a school teacher, so we're like,
oh great, let's use them, and then we'll use the
Public Service employee Hometown Heroes program. You know, they'll get
a lot of money back. We can make all this work, right,
But they weren't. They weren't qualified yet either. But we
did find out they needed student loan help, so we

(11:26):
got them over to help with student loans. So they
got it, probably getting a discount on their student loan
payment right now, so that's good. So then they finally
went to another relative who was willing to buy the
house for the two people that couldn't qualify for the loan.
So that's what it ended up happening. And Joe and
Linda were really happy. It was very It was very
up and down the whole thing because Joe and Linda

(11:50):
had to give back a lot of money from the
sale of the house to help pay for the down
payment and closing costs for the new buyer.

Speaker 3 (11:56):
It sounds like a lot of people had to make
this happen.

Speaker 7 (11:58):
Yeah, so it was really nice that they gave so
much money to the family to you know, to help
them get into the home. Everybody was pretty happy. It
took us about it probably took us like seventy days,
and we already had you know, we already had the
buyer in the seller, but it took like seventy days

(12:18):
to close because all the mortgage problems that we had. Wow,
and here's another tip for you. The person that ended
up buying a house, they went to the same mortgage
company that originally said that the other two people could
get alone, and they couldn't get the loan, right. That's
always a bad sign. So this guy wouldn't leave. The

(12:39):
buyer wouldn't leave who they had on the show. I mean,
I'm sorry, I think it's they wouldn't leave. They wouldn't leave.
The mortgage broker that they started with and we really
wanted to get him over to MIC, but they stuck
with the person. And then at the end there were
some extra conditions for the underwriting and I had to
get on the phone with the buyer with the mortgage officer,

(13:02):
who was very polite and professional. I have to say
that his name is Johnny, but I wasn't liking the
answers he was given us because he had extended the
closing twice. And then I said, what exactly does the
underwriting department require to get this deal done? And once
you get that done, is there anything else? Are we

(13:23):
done done? And his answer was, well, once we get
this one step done, we're pretty much there. And I said,
I don't like that pretty much. There is not an answer.
I said, you're equivocating right now, So why don't you
just tell me we're all working together to get this
deal done. I'm not your antagonist. We're all trying to
work together, be honest, because I've got sellers who want

(13:46):
to close and they need to have real answers and
not keep getting pushed off and pushed off. And he
didn't like my conversation too much, but ended up working
out he got the deal done. It took an extra
fourteen days after that, but he got the deal done
and we did close it. So I'm really happy for everybody.

Speaker 3 (14:04):
So he was right, as long as we can get
this that I think.

Speaker 7 (14:08):
There was a lot of I think there was a
lot of I'm glad that one got through, but we
got it through and that was the good thing. And
I'm really happy and everybody got exactly what they were
hoping to get at the time, and I'm really happy,
and thank you Joe and Linda for bringing me out
there to make it happen for you.

Speaker 3 (14:26):
Congratulations.

Speaker 7 (14:27):
And another benefit was they used Trident Title, so they
did not have to leave. They live up in Vero Beach,
they didn't have to come down to Wilton Manors to sign.
All the signing was done up there, taking care of
them at their comfort of their home or the place
that they picked up there perfect, So thank you for
trying to Title for doing that. That's awesome.

Speaker 2 (14:48):
Ross.

Speaker 7 (14:49):
I got him over to you. I don't know if
they used you or not. I brought them over to
you for the insurance, but I don't know if they
used you or not. I'm just trying to do all
the shout outs for that way.

Speaker 3 (14:58):
So yeah, touching all.

Speaker 7 (15:00):
Yeah, I wanted to give a shout out to Troy,
Jerry and Caroline. I finally closed this condo. It was
the condo from hell. It's a beautiful condo on the
inter coastal with intercoastal views and a small doc in
Singer Island. It was a beautiful home. But the owners

(15:23):
had the property on the market for a year before
I was hired, and they really wouldn't redo some price
at all. And I took the listing higher than what
they had it at for a year, right, And they
were very unrealistic and nice people, but very stubborn and

(15:44):
wouldn't listen to my advice and they felt like they
were going to handle it themselves. And we did get
the deal done. But let me tell you, remember we
did that whole condo thing last week, all about condo
buying and condo selling. If you haven't caught that show,
we might end up packaging that show. But if you're
thinking about anything about buying or selling condos, that was
a great segment. We had a bunch of people after,

(16:06):
like during the week, said to me that they really
liked that segment. It was very informative. One person's that
I really liked it, but it was boring, but he goes,
but I learned so much, but it was kind of boring.
But wow, you guys really know your stuff, you know,
you say, but with this condo, listen to this. And
this was a big problem and it was not the
seller's fault. The community broke round on a construction for

(16:30):
a roof for the whole communities, like thirty nine buildings
in this community. And then when they started peeling off
one of the roofs on one of the buildings, they
found out that the tiles had asbestos. So now they
had to do asbestos remediation. So they already had levy
assessments for the original roof work, but now the community

(16:51):
had to put another assessment together for the asbestos remediation,
and the roofer put all that together in community levied
assessments for that work. Ours was twenty three seven hundred
dollars our unit right for all that work, and there
was an open commencement. It's called an open commencement like

(17:11):
an open permit. Well, the developer, the roofer couldn't break
ground on the roof because there's a requirement in the
community that all the roofs have to be the same,
they have to be uniform. So there's only one place
that makes the roof tile that they need, and that
roofing company, the roof manufacturing company, has to shut down

(17:34):
all the other job offers orders just to make this
specialized tile roof. So they're waiting for all that to happen.
So when you sell a house, the condo group is
required to tell the title company that there are no
future assessments, or if there are any current assessments, that
are all paid in full and no extra money will

(17:55):
be needed.

Speaker 3 (17:56):
Right, Well, this is an open situation.

Speaker 7 (18:00):
Well, the roofer, already, you're right on target here. So
the roofer said, look, I'm for the second bid. I'm
expecting that there's gonna be some problems. I built in
problems into that bid, but there could be more once
I opened up the roof. Because it's a flat, flat
roofs for most of the buildings, I don't know what's
going to happen once we open it up, right, which
is a normal part of roofing. Sure, So the title

(18:23):
company requires a special form to be filled out since
there's open assessments that are not finished yet, and it says,
do you have sufficient funds to complete the job. The
property magic company wouldn't sign that because they said, we
don't know. We don't know until what happens. So we
ended up calling the roofing contractor, and the roofing contract
is like, look, we gave our best estimate. We're hoping

(18:44):
we don't have to charge more. Could it happen, Yeah,
but that could happen with any job, and we couldn't
close because of this. It took us like eleven days
to figure out this. It took eleven days. And there
was what saved.

Speaker 3 (18:57):
Us because neither side's gonna budge.

Speaker 7 (18:59):
It was really it was really tough. The title companies like,
I can't ensure this sure, I have an insurance problem,
and the probably imagine like, well, we're not sticking our
neck out and saying that all the money's paid because
we don't know for sure. And I was like, this
is ridiculous because this happens every day. There's condos with
open permits all the time, so you know, so usually

(19:19):
in a condo writer, this is all understanding condo laws.
When you sign an agreement to buy a condo, there's
a condo writer an addendum which is an addition to
the contract, and it states what would happen if there's
levied assessments, and it says the seller shall pay those
assessments in full, but if there's any future assessments that

(19:40):
haven't been levy yet, the buyer will take it over.
So really, to me, that clause in the contract is
good enough, but not for the title company. They wanted
the buyer and sign another document saying that they're holding
the title company harmless if there's any more assessments coming out.

Speaker 3 (19:57):
So I would just assume, I mean, it just makes
the most sense. The seller would be obligated for anything
that would be involved in an assessment that's opened, right
involved while they're still owning, and that one's open, So
if any costs would be added on to that and
they needed an assessment, it just seems logical that it
would go to the cellar.

Speaker 7 (20:14):
No, it's going to the buyer. Well, this hasn't been
levy jet.

Speaker 3 (20:17):
Well and that's but I guess, just to me, that's
the way it feels like it.

Speaker 7 (20:21):
And that's open assessment, and that would make sense. But
if you did that, we would have to say, well,
you got to wait until all the roofs are done,
and when all the roofs are done, then you can
come and close. That might be a year from now, right, Yeah,
that's you know. So I had this is what I
had to do to figure this out. I called three
of the board members. Two of them answered. One of

(20:42):
them was super super helpful. Rob, thank you so much.
And we couldn't have closed it without this condo board member,
to be honest with you, they helped us so much.
They walked us through everything. It took days and days,
and this guy kept calling me back. I didn't have
to chase him. He was coming, Hey what happened? I
just was like four hours later or hey, did you
get any answers yet? He was awesome.

Speaker 3 (21:04):
He has an interest in that doing well.

Speaker 7 (21:07):
Yeah he does, yes, And so Rob was a big help.
But what I had to do I had to call
up all the realtors that had properties in that neighborhood
that just closed or repenting, and like, how are you
dealing with this problem?

Speaker 8 (21:20):
Right?

Speaker 7 (21:21):
And I got found one railtor who also lives in
the community, who's very active selling there and he had
just closed. When he explained that he had encountered the
problem and he told us how he fixed it, which
is what I thought. The buyer just has to sign
an agreement saying I understand that any future assessments are mine, right.
But it took a long time, and then I had

(21:41):
to call the roofing contractor. So there's all this work
behind the scenes that nobody really understood to get the
deal done. But we finally got it done, So congratulations
to them. Well then that's what I wanted to do next,
if you don't mind, is just talk about what a week.
You know, you guys were talking about hollow. My whole
week was Halloween, and I don't mean in a good way.

(22:03):
I met. I had a lot of stress. The sellers
wanted to close that deal so bad, and we had
so many problems, and they were texting me at ten
thirty at night about the title company. Do we have
any answers yet? I'm like, toddle companies don't work at
tenth thirsty ad night when not getting answered a little
tomorrow and getting all that, and then I had another
really rough clothing We're supposed to close with Victor next week.

(22:26):
I'm really excited about that. Victors turned into a really
nice friend now, and I met him because he listened
her show and he helped. I helped his girlfriend sell
his home, sell her home in West Palm and she
moved up to the northeast where she works. Now Victor's
ready to sell his home and move up there and
go with her. I think Angie moved up there like

(22:50):
seven years ago or something or six years ago. So anyway,
now it's Victor's turn to go up there. So we
put his house under contract. By the way, Oh, this
was the three bedroom, two bath that was under four
hundred thousand in West Palm Beach four bedroom, two bath,
four bedroom to bath home brand twenty twenty one roof.
You know, needed some tender love and care. But it

(23:13):
was so cheap for four bedroom cinder block home. And
I was saying, who's going to buy it? An investor
or retail buyer. Well it was a retail buyer. And
we're closing next week. Well we get a we're closing Monday.
We get a call Friday from the title company, either
the lender of the title company. We can't close. Why
The appraiser said that Jim meaning me, said that there

(23:36):
were tenants living in the property and that the type
a loan that the buyer's using wants to know that
there are no tenants living there and they want to
see the house empty before they'll close. Well, the way
the deal normally works is the buyer can stay there
up until the day of closing, but they have to
have all their stuff out by the day of closing.

(23:58):
And that's what their plan was. Now because of that
stupid appraiser that was misunderstood what I told her. Now
we don't know if we're closing on Monday or not.
And it'll be fixed. I know it'll be fixed, but
what a pain in the butt. So now Victor is
pulling furniture out of his house so he could take

(24:18):
photos of an empty house and then put it back
in so that we're hoping that we can close on time. Right,
It's so ridiculous. So this appraiser, she calls us at
eight thirty at night on a Saturday and says, I
want to do the appraisal at eight thirty in the
morning on Sunday, twelve hour notice, right, And so I

(24:38):
had to respond back to her, and I said to her, look,
I really appreciate it, but it's a very I'd love
to work with you and get it done on that time.
But we can't make Sunday work. It's not enough notice.
There are two people that have medical issues there and
we need to give them notice, and they definitely want
to be out of the house right. And she was

(24:59):
very cranky about, well that's the time I have, right,
and I'm saying, well, I'm sorry, we can't accommodate that.
If you'd like me to talk to the mortgage company directly,
I will. She didn't like that at all. So then
we came out Monday, right, just eighteen hours later than
she wanted to me. Right. So I got there. I

(25:19):
made sure I had my happy face on because I wanted,
like just to smooth everything over. She pulled up, I
walked over to her car. I had my hand out
with the big smiles, like hi whatever. Her name was
Mary Syr or whatever. It's like, Hi, hope you're having
a happy Monday. I hope you're having a great Monday.
And she's like, well, we're finally here. That's how she started,
well we're here now, and I'm like, okay, it's going

(25:40):
to be like that. So I kept my mouth shut
and I let her do her thing. And then she's like,
where's the air conditioning? And I go in the utility room. Well,
where's the utility room? I go in the kitchen. I
mean it was right there staring at your face. All
you do is open up the door, right, and you
could tell his utility room sameyway. I was like, she's
going to cream saw on the appraisal. And I was

(26:02):
really worried. And I told Victor, I'm worried about the
appraisalh blah blah blah. I shouldn't be worried about but
this lady, she's just give me bad mojo. Well we
got through the appraisal. I was like, wow, I guess
I was making a big deal about nothing. And now
she says that I said that there were tenants there,
and there are no tenants there. He has he has
his child living there with his signific with their significant other,

(26:23):
and he has a buddy that's been with him forever, right,
that's been living there forever just for free. And there's
no and he signed two documents saying that there were
no tenants on the property. So he's already signed it.
Nowf of David basically in contracts saying nobody's running in here, right,
and everything will be gone when we close.

Speaker 3 (26:43):
Wow.

Speaker 7 (26:43):
So anyway, that's how my week was. I don't even
want to tell you about the one guy who asked
me to go look at his property of Boca and
then the internet wasn't working, so were in my car
so I could use the internet. And then he gets
a call from It's a long story, but he gets
a call from the realtor he's working with at that point,
and then found out that the property he wants to

(27:04):
sell they're gonna rent it. So I'm like, okay, that's awesome.
You need to screwed out of my car so I
could do my other stuff. He kept me in the
car for like ten minutes talking to the other guy,
cursing at them in their language. Right, They're yelling at
each other back and forth at the top of their lungs.
I'm sitting there for ten minutes. My car trapped right
Then when he's done, he's like, okay, Joe, looks like
you got good news. You got your reunner. You know,

(27:25):
I'll see you later. And he's like, no, I want
to go with you. I'm like what, He goes, where
are you driving next? I just want to drive around
with you. And I'm like, no, Joe, You're not driving
around with me. I need to get the heck out
of here. And so that listing, you know, that listing
not a listing, but that preview was like totally screwed up.
I'm like, what is going on this week? What's in
the water. But then when I was reflecting last night,

(27:48):
I was like, wow, I met you know, I also
met really good people this week too, like Mike and
Mike and Joe. Mike and Joe are selling a home
that Johnny's gonna know very intimately. Mike and Joe called me,
Mike's a big fan of the show. Joe's never listened.
They're selling a well, it's a rental property right now,
but it used to be a relatives's where they're selling Johnny.

(28:12):
It's in Fort Pierce and aids. Yeah, they're selling colonades.
I love it. It's like he's like, do you ever
hear of the calonads? I'm like, yeah, I think I
know the colleaides a little bit. So we're going out there.
It's not a waterfront property. They're almost done with all
their concrete restoration. Remember your mom was going through that
with the balconies back then and everything. So really excited.
Their house is very clean and ready to go. We

(28:34):
haven't set a price yet, but it's you know, those
condos are pretty inexpensive. It's a two to two like
yours on the second story, and really look at yours
might have been a two to one. I think this
is a two to one also, but really looking forward,
we're going to shoot the photos on Monday. And it
was so nice to meet Mike and Joe. And Joe
didn't know who the heck I was. I was just

(28:56):
some guy that Mike said to meet with and stuff.
So I asked Joe, I go, are you concerned about
hiring somebody you don't know? And he picked him out
of the radio and She's like, no, no, I trust
Mike and I got a good feeling about you. So
we're good. So thank you so much. Mike and Joe
will be putting their house on the market next week.

Speaker 3 (29:13):
Good luck.

Speaker 7 (29:14):
And then also Jamie, I'm really excited. And that's what
we're going to talk about right now, is the unusual
advertising technique. So Jamie came to me because her her
bow Steve, is a big fan of the show and
she needed to sell a condo in Joder. Yeah, bo boyfriend, right, that's.

Speaker 3 (29:34):
I like it.

Speaker 6 (29:34):
I just hadn't heard that book.

Speaker 7 (29:39):
You know where I got that from? Sixteen Candles. Remember
the one guy that was the super hot guy from
Molly Ringwald and everything that was the parents called him
a bow or something, so I always fell up. So
that's funny. So anyway, Jamie pri So, Jimmy came. Jammy

(30:05):
came to us, I think it was not this week
last week, and she's like, I think it's time for
me to sell my condo. And she lived there for
quite a while and then and she really fixed it
up nice, and she turned into a big you know,
Airbnb daily rental thing that's allowed in this community. It's
a half mile from the beach, and so she was

(30:27):
ready to sell it. Now when we went over pricing,
she didn't like the prices that people were selling their
units for, so that was kind of a bummer to her.
But the fact that she has a very I don't
want to say profitable, because I'm not saying that she's
making a full profit, but the income she's pulling in
is really strong. She's hardly advertising in and it's such

(30:49):
a popular property because the location, and she has all
these nice cool features in the property that I think
for this season and all the and even in Augus.
She has a booking where there's over forty thousand dollars,
some of most of it prepaid already. I think like
almost thirty thousand of it is prepaid, ready to go
money in the bank with vacation rental buy owner. She's

(31:12):
got great reviews on all those sites. She's got thirty five,
like really excellent reviews. And so we decided we're going
to put the house on the market and then advertise
if you buy the house, you have all this income
coming in after you buy it. And it's also a
smart home, so we're going to talk about that a
little bit. But we're going to try something a little different.

(31:34):
I put the vacation rental by owner posts for this
property on my Facebook page. So if you want to
check out the property of rent it for a night
or two before you buy it or decide you are
to make an offer, this is the great opportunity. I've
never had this opportunity before where somebody could come in
and rent the house for a night or two, check
it out, and see if they really like it before
they buy it. Wouldn't that be kind of cool?

Speaker 3 (31:56):
It isniquely cool.

Speaker 7 (31:57):
Yes, So I put it out there. My technical abilities
for Facebook blow chunks. So I have the link, but
there's no photos. But I promise when you click on
the link you'll see stuff. Because it's a very boring post.
I'll fix it on Monday when I get techy people
to help. Not to have nothing. I just have the
little link and say, hey, if you want to, if

(32:20):
you want to do a free test drive on the
property for a night or two, that's awesome. You know,
here's a link. So anyway, really looking for to helping
Jamie with that property. And what we've decided also is
regularly to push hard of marketing more on the VRBO
stuff the Airbnb because my attitude, the more we book it,
the more valuable it'll be. So I'm looking forward to that.

(32:44):
Let me see, why don't we go ahead and take
a break, Jimmy, if you don't mind. And on the
flip side, we're going to get into the buyer. Beware
of new construction. This is not this is something that
should be real estate one on one for people, but
it's one thing that people allays forget and then they
have a condimption fit about it. So now if they
turned it into federal lawsuit, Oh yeah, so check it out.

Speaker 3 (33:06):
Well, we got a lot to get into, plenty of
time remaining on this first day of November. It's insane
already November first. Oh my goodness. Thank you very much
for being with us. Every Saturday. We mentioned the Facebook page.
Florida Talk real Estate has a Facebook page and you
can check out that link that Jim was just talking about.
Of course, you got a YouTube page as well. We

(33:28):
live stream on both on a Saturday. Check them out.
Hit the share button there whenever you can. That's a
beautiful thing. Always remember as well, Florida talkreal Estate is
a dot com. You're one stop real estate shop. You
get a team of pros, pros experts in their field,
and you get them all one click away floridatalkreal estate
dot com. If you like picking up the phone old
school style, there's a hotline you'll find it at floridatalkreal

(33:48):
estate dot com. Eight eight eight nine seven three seven
eight to eight, answered twenty four hours a day, seven
days a week by a live body again there's a
contact page, lots of ways to get in touch when
you're buying a home, selling a home, stuck with a home,
you don't know what to do. If you need a
professional touching the world of the real estate market, we
got just that for you one clickaway Florida Talkrealestate dot com. No,

(34:09):
we use it, love it chare You can change lives,
including your very own, with the prospros of Florida Talkreestate
dot Com. We're back and for minutes. Thanks for being
with us every Saturday right here on Real Radio.

Speaker 1 (34:34):
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 (34:43):
Yeah there it is eight seven seven nine two seven
six nine six nine toll free. If you have question, comment,
concern on the world of real estate. Want to get
involved with the conversation at hand. Dalan, You're more than welcome.
We got about an hour and a half remaining on
this Saturday, November first. Johnny C is me, Jimmythy's are
prettycer short and air. What's up my dude? Ain't Good morning,

(35:06):
Good morning to you as well. Ross coman Nets is
with us on this Saturday. He's with bright Way Insurance. Jude,
no beach, Ross hanging, no one.

Speaker 2 (35:14):
I'm doing well, I'm doing.

Speaker 3 (35:18):
Are we getting it all weekend?

Speaker 2 (35:19):
I don't know.

Speaker 3 (35:20):
I hear we get another cool front coming behind this one,
which is always exciting. But when I hear that, I'm like,
does that mean it's gonna be like ninety in Africa
hot out there between? Or is it gonna be just
like nice and like.

Speaker 7 (35:33):
A I'll take either. I'll take either, because you get
hot again then get cold and gos like ah, oh,
I'll take either one. I'll think either. I'll just take the.

Speaker 3 (35:44):
I like that a little better. Wow, welcome on a Saturday.
What gets you most excited? Ross? For me? Like, I'm
wearing a pseudo like hoodie thing. It's a I mean
it is. I think I've worn it three times. I
don't get ever to get a chance to wear it.

Speaker 7 (36:05):
Yeah, because Halloween right, no, no, no, anywhere weather. Isn't
that pumpkins?

Speaker 3 (36:10):
It is not.

Speaker 7 (36:11):
Oh I thought those are pumpkins.

Speaker 3 (36:12):
Nope. Oh, it's a it's tool the band tools Louder House.
But I never get to wear it.

Speaker 7 (36:20):
Is right, Yeah, I like the other side. Yeah, look
at like that.

Speaker 3 (36:27):
It's really cool. But is it? Is it get to wear? Like, uh,
like you gotta what is that vocal?

Speaker 2 (36:31):
It's not vocal?

Speaker 3 (36:33):
Be rocking just a hoodie though, Like you're not wearing
that when it's ninety.

Speaker 6 (36:36):
Out only on Saturdays when I come in here because
it's freezing, because it's freezing. Yeah, but no, it's nice
to wear it outside outside. Yeah, I look cool. You're
still warm on the inside, right, Colt your hands a
little chills like I'm gonna go left them in the middle.

Speaker 3 (36:49):
Whatever you're gonna do today, and still be rocking the
hoodie like that's cool.

Speaker 5 (36:52):
Yeah, it's nice to open the slider and let the
screen door out and just let some fresh air in
the house.

Speaker 3 (36:56):
Dude. Yeah, I like to see the temp in the
house without the air making it seventy seven. You're like, oh,
how awesome is that?

Speaker 7 (37:03):
I know when I didn't know the coal front was
coming in because I've been so close all week and
I came home, I think it was yesterday, day before,
and I have my temperature set for a certain temperature
and I always have to reduce it, you know, as
soon as I get home, you know, to make it
cooler in the house because I don't have a smart
thing on my thing. And I came home and the
temperature was below what I normally would set it for,

(37:26):
and I'm like, oh, that's interesting, that's awesome, Like I
haven't seen that in a while.

Speaker 3 (37:29):
I love that.

Speaker 7 (37:30):
Yeah, that worked.

Speaker 3 (37:31):
That's that's Jimmy D. Everybody, I feels leader. He runs
a top producing Kellowaiams team, the floida Homebros. Team with
Kellowiams Innovations. Hello Jimmy D.

Speaker 7 (37:38):
Hey, Hey everybody. I felt like there was one more
shout out thing I wanted to say, but I can't remember.
Oh no, I wanted to tell you this. Hey everybody.
If you guys are YouTube listeners or watchers or whatever
you want to call it, now, the system we use
stream Yard is now very phone friendly, so you don't

(38:01):
have to be on a computer or anything. Our faces
won't be cut off all that. You can see it
on a phone and it's the nine by sixteen ratio,
which is what you need for for short ease and
things like that. So anyway, if you want to just
catch it on your phone now, it's a lot, a
lot better experience user experience than before.

Speaker 3 (38:21):
Oh very good.

Speaker 2 (38:22):
Yeah.

Speaker 7 (38:22):
So, um, let's see somebody wrote brain rot and I
don't know what that means.

Speaker 2 (38:29):
So a brain rot.

Speaker 3 (38:30):
Yeah.

Speaker 7 (38:30):
Somebody wrote on the comments commenting chair brain rot. I'm
sure that's what he wants his publicity. But whatever. I
just always wanted so wanted to get into buyer bware.
It's always it's always, you know, it's always important to
letting know people what's going on in the market and understanding.
And there was an article in Orlando from one of

(38:50):
the TV stations saying that D. R. Horton, a pretty
big developer, is being sued in federal court or I'm
calling it bait and switch, so I'm not using the
actual right criminal or civil court terms or whatever, so
don't hold me to it. But basically, I almost want

(39:11):
to say it was like anti trust, but it wasn't.
It was something to do with bait and switch. And
what they were complaining about is that buyers were going
to the developer and then using the buyer financing. And
there's a lot of benefits when you used buyer financing
and new construction. Jimmy, did you use buyer financing at
the end with the developer. Did you end up using

(39:31):
Micmber you ended.

Speaker 5 (39:33):
Up using the bank that yeah, the bank Synergy has right,
so they have a relationship with the bank, and of
course it's because they give you an incentive called ten
thousand dollars.

Speaker 7 (39:43):
So yeah, yeah, and I think they you had a
better interest rate. I think a little better or maybe
at that time they weren't offering that. But a lot
of times now you can get discounts.

Speaker 4 (39:54):
It was as far as interest rate wise, it wasn't really.

Speaker 7 (39:57):
It wasn't that much difference now, but like Jimmy got
ten thousand of help pay for his closing costs directly
from you know, directly from the developer you and then
a lot of times now I was just looking at
some new construction for one of my customers last night,
and the developers are starting like doing the the buy
down rate, but it's not locked in. So the first

(40:20):
year you're only paying two nine nine for interest rate,
second year three ninety nine, the third year I think
is four nine nine, and then the fifth, fourth year
you go to whatever the prevailing rate is. So you
save a lot of money in the first couple of years.
Well that isn't what they were complaining about, not that
what they were complaining about is that the buyers were

(40:41):
shocked after they bought the house that their mortgage payment
was hundreds and hundreds and hundreds of dollars more than
what they were told when they were signing the dotted
line into closing. And this was another complaint that was
very common up in the villages. You know, the villages
up in north central Florida that's the biggest retirement community,

(41:03):
like the whole Brazilian Universe or whatever. Well, a lot
of people up there are complaining and some of them
couldn't afford the houses that they bought and had to
leave pretty quickly. Why because the developers' agents if they
have an agent, or their closer, nor the mortgage company
was transparent enough in educating them enough about what they

(41:25):
were doing. Like me and Mike when we work with
our buyers all the time, what we say is, look,
you're getting approved based on the interest, based on the purchase,
with the property taxes as they are for the current owner.
When you buy the house, the property tax is going
to be set and your mortgage payment is going to change,

(41:45):
probably dramatically compared to what you're approved for right now,
and there's no way as a mortgage company we can
predict for sure what's going to happen in the future,
but you need to know that. Then I step in
and Mike does this too. But then we teach our
buyers to go to the property property appraiser site and
go to the property tax the property tax calculator, and

(42:09):
you can actually type in the address of the property
you're buying, and you can tell them the price that
you're purchasing it for, and then say if you're homesteaded
or not homesteaded, if you're going to own it as
a homestead or not, and it will tell you what
your tax bill will be, and it's going to be
pretty close to the new tax bill.

Speaker 3 (42:26):
It shows you their tax bill, doesn't it.

Speaker 7 (42:28):
I'm pretty sure it shows you what your tax bill
will be when you buy it.

Speaker 3 (42:32):
Oh sure sure. But also, like I think, if you
look up that property, it shows you what their current tax.

Speaker 7 (42:37):
Oh yeah, I mean it shows you what Oh yeah,
but that is that's totally not that's not what your tax.
That's not what your tax.

Speaker 3 (42:45):
If you have anybody that's educated and they're they're teaching
you along the way, there's portability. I mean, there's a
lot of things that's involved with what your future taxes
are going to be.

Speaker 7 (42:53):
Yeah, but this is basic, one on one Johnny. Even
if you don't have portability or anything, somebody should tell
in my opinion, somebody should be telling the buyer, hey,
look this. You know you got in with this loan
based on the current tax rate, but that's not gonna
be yours. DJ. We just did this was GJ. Here's
another shadow. GJ went in a contract on I think

(43:15):
it was Friday. Last Friday. He went into either Friday
or Monday. He went into contract on a small condo
and royal Palm Beach that he's really looking forward to
close on. But what DJ was very very cost conscious.
So what I explained to him. I showed him how
to do the math and showed him what his projected

(43:36):
bill will be. And then we took that number, the
new tax bill number, and put it into Mike's app
and said, this is really what your mortgage, this is
what you're being approved for, and you're going to get
this going to be but nine months from now, this
is what you're really going to be paying. You got
to be prepared for that right. Well, they didn't do
that with D. R. Horton. And the problem is when

(43:57):
you buy new constructions, specifically, the tax bill most of
the time is just for the land, and then after
you buy the house, then they'll turn it into a
property that has assess value for the building that's on
top of the land. So if you're just if you're

(44:18):
just being approved and all the tax bill right now
currently as exist on the property praise right, like you said,
is just the land. Your tax bill is going to
be way higher after the property has been improved improved.
And the same thing happened with the villages. The people
are buying up there and nobody told them, hey, the
tax bill that you're basing this on is not going

(44:39):
to be your tax bill. People are you know a
lot of people up there on fixed income and like,
I can't afford an extra six hundred dollars a month.
Nobody told me, so don't do that. And that way
you don't have to get involved in a lawsuit, right,
All you have to do is ask a couple of
questions avoid a lawsuit. So, look, this is all about
hiring the right people that got your back and not

(45:00):
just trying to get the deal done because that's their thing.
So make sure. This is just another great reason why
buyers should really consider bringing an agent in as part
of the sale. They think that they're saving a lot
of money, especially in today's market, they're not. And one
of the things I'm offering right now is if the

(45:25):
buyers want to work with me and if I get
a real estate I'm not going to get into all
of it on the show, but a lot of these
developers are offering almost double what you would normally get
for a real estate commission. And my buyers that are
coming with me that'll buy a new construction, I'm going
to pass on those things to them by giving them
some of that double commission back, so that'll be more

(45:48):
help with the closing costs and everything. So if you
come to me and then you got somebody that's going
to have your back, making sure you walk through the
process and try to negotiate better deals and knows what's
going on. Hey, you know that isn't really going to
be your mortgage payment, you know, and also teaching them,
like I have a customer that's looking at some resale
properties up in Northport, Saint Lucy properties are in pretty

(46:13):
poor shape, but for the same price, they can buy
brand new construction. They don't want to be in a
nature way. Well, what I explained to them is that
if they buy the new construction, that probably, depending on
the community, the insurance discounts they're going to get for
home insurance is probably going to offset that HOA fee,

(46:33):
if not completely wipe it out, at least cover most
of it, right, depending how big the h away. Now, Jimmy,
when you bought, you didn't move into nature way, so
you didn't have to worry about that.

Speaker 4 (46:43):
That wasn't even that yet.

Speaker 5 (46:44):
Yeah, yeah, but you want to consider it, you know,
if you don't mind, if I can jump onto one
thing too, And I don't know if if you said
it or not, or I just didn't hear it the
right way. But the other thing too, with those taxes
and not knowing the difference between just the property and.

Speaker 4 (46:57):
Then what it'll be with the house.

Speaker 5 (46:59):
You won't know right away because you're not going to
get your tax bill right away.

Speaker 4 (47:03):
You're gonna find out.

Speaker 5 (47:04):
A year too late, and now you're gonna have to
make up that extra money. Plus your mortgage is gonna
have to go up even higher to cover for the
next year's into your ESK grow.

Speaker 7 (47:15):
It's so true up front, Yeah, and it's about nine months,
is what Mike says. I don't know why the nine month,
but it's usually about nine months after you buy the house.
That's when you find out that you're behind on your escrow, right.
And then what happens is, let's say that you were
supposed to be making up numbers here. Let's say that
you're supposed to be paying twelve hundred dollars a year

(47:35):
for your taxes on the when you bought it, but
the tax bill is really thirty six hundred dollars a year,
So that's two hundred dollars a month more than you
were budgeting. So for nine months you've been collecting two
hundred dollars less than what you need at the end
of the year. So then when the bank finally realizes
all this, they call you up or give you a

(47:57):
letter and say, hey, you got to give us X
amount of dollars to catch up your all your delinquent
even though you're not delinquent, but you're undercovered property taxes
up to this point. And then we're resetting your mortgage
payment from now on and extra two hundred dollars a
month to cover it all. Now, two hundred dollars a month,

(48:18):
that's a good day. Some of these people are paying
six seven eight hundred dollars a month more than that.
They were playing.

Speaker 3 (48:24):
Well, if you don't have two hundred dollars in your budget,
it doesn't matter if it's two dollars. If you don't
have it in the budget, you don't have it in
the budget.

Speaker 5 (48:33):
Right, And actually it's four hundred because you've got to
make up the two hundred you already missed.

Speaker 4 (48:37):
Oh and then two hundred more for the next year.

Speaker 7 (48:39):
I forgot that. So then if you say I don't
have the money to give you upfront, then they'll go great, Well,
instead of raising your mortgage payment two hundred dollars a month,
we're gonna raise your payment four hundred dollars a month
until you give us back that extra money that we're behind,
and then we'll drop it back down to that.

Speaker 3 (48:55):
Oh, and you're lucky. If they put it that way,
you're probably gonna have to get in touch.

Speaker 7 (48:59):
With them, and oh yeah, yeah, it's just happen.

Speaker 3 (49:04):
And most people aren't gonna follow through with that. It's
just gonna stay at that elevated level and yeah until
you actually pick up the phone and do the do
the reassessment.

Speaker 7 (49:13):
Yeah, so don't don't do that is the bottom line is,
don't don't do that. Just hire an agent, have somebody
that you trust and that you like and know that
it has your back and wants to walk you through
and get you a win win situation for yourself. Right,
So don't do that.

Speaker 3 (49:29):
And this is real Estate dot Com Florida Talk real
Estate dot Com team of prospros. I'm sorry, Jim, I
know that's yours might have been more important than mine,
but I want to make sure everybody knows Florida Talk
real Estate dot Com is your one stop real estate shop.

Speaker 7 (49:43):
So that's my buyer beware things. So just be careful
when you're buying new construction. Understand everything because the developers
what you got to remember, they're helpful, they're friendly, you know,
the people in the office, and they're showing you all
the upgrades and everything. But their job is to sell
you that home and they don't want you go any
place else. With a regular realtor, they'll show you homes

(50:03):
over here, homes over there, doesn't matter. Which community. They
have no vested interests. They just want to get you
the home that you're gonna love and that you could afford.
But when you go to a developer, they want you
to buy right there, right now. So just be careful
that you don't get sucked into that and make a
big mistake for yourself.

Speaker 3 (50:20):
There you go.

Speaker 7 (50:21):
Okay, let's uh, oh, we only got a couple of
minutes here. Let's just talk a little bit about interest rates,
and we're gonna take the ten o'clock break. Jimmy, come on, sure,
interest rates went down again. We're at six point one
point seven. We were we last week. Guys.

Speaker 3 (50:37):
I don't know about that.

Speaker 7 (50:38):
I know it is. That's why I say it. Six
point one nine. So you're saving maybe three cents on
your mortgage payment right now. Go out and get yeah,
go out, get that REFI. You'll you'll make up the
money in about thirty seven years at the closing cost gat. Yeah,
especially if your mortgage is only thirty you're still paying
off the FI after se mortgage. Yeah, I like my mortgage, pavide.

(51:04):
So anyway, six seventeen Now, this is the lowest I
think of the whole year is six seventeen. Well, I
think it might have six sixteen at one time, but
we're very close to the lowest of the year. But
here's the thing I was thinking. I went back, Actually
the lowest in a very long the lowest since oh wow, yeah,
the lowest since twenty twenty three. The lowest rate we've

(51:28):
been at was actually September twenty twenty four, and that
was six point oh eight. So you have to go
all the way back to September twenty twenty four before
we had six oh eight, and I remember people complaining
that six oh eight was too high. Yeah, right, And
now it's a year and one month later and we're
higher than the six.

Speaker 3 (51:46):
Point oh way And we've had a couple of FED
cuts too, which people always associate with the mortgage weight.

Speaker 7 (51:52):
Oh, I forgot to vetch you.

Speaker 3 (51:53):
Yeah, so that's that's interesting.

Speaker 7 (51:55):
Yeah. So the FED cut rate, if you notice, didn't
really do much to the uh Freddie mac report. That's because,
as Mike has already said, they were baking those cuts in.
The mortgage industry was baking those cuts in as we
were waiting for the cuts to actually materialize. So we're
not going to see any major made.

Speaker 3 (52:18):
Well at this point. At this point they're they're talking about,
you know, more cuts will probably make it worse, actually,
because at that point the mortgage industry is going to
be like, we're having problems with jobs evidently, so you
get a little higher interest right now, it's it's gonna
have the exact opposite effect if we get another cut.
I mean, I think that's the reality.

Speaker 7 (52:38):
Less jobs, more risks for the.

Speaker 3 (52:39):
Bank, Yeah, a lot more. Yeah. And that's what they're
indicating with these cuts is we're having problems in the
in the job market, and it's like, okay, well, you're
not gonna help the mortgage industry, that's for sure.

Speaker 7 (52:50):
Because and it's so true, Johnny, because if it was
just the inflation, you know, because they got to worry
about employment and inflation, right the two things. If it
was just inflation and employment was better than what it
is right now, they wouldn't have been cutting the rates.
According to Powell and the rest of them, they would
have just held type because they didn't want to create
more inflation.

Speaker 3 (53:11):
And I think most people will probably you know, if
you look at your budget, you probably would have preferred
that they didn't because inflation does still feel like a
very real thing. I mean, for I don't know.

Speaker 7 (53:20):
For the most people, I feel like this shoe hasn't
fully dropped on that yet. And I hope I'm wrong,
I really do. I do not want to have the
economy get worse. I don't you know who wants that.
I mean, some people are like, cut your nose despite
your face kind of thing. I'm not like that. Oh,
you know, I just want a good running economy, a
good you know, good country.

Speaker 3 (53:41):
Please.

Speaker 7 (53:41):
But the thing is is, I'm still very wary about
where we are. Is just talking. One of the local
newspapers is thinking about having me write an opinion column
about real estate one of the big papers around here.

Speaker 3 (53:54):
Cool.

Speaker 7 (53:54):
So I was talking to the editor yesterday and he
was like, what would you write about? And I said, well,
if I do one column, what I would write about
is all the misperceptions, misconceptions that people have about what's
really happened in the real estate economy here locally and nationally.
He's like, well, give me some examples, and I'm like

(54:15):
that our market as strong as heck, it isn't really
that strong. In fact, we were selling less homes now
than at the bottom of the crash. After two thousand
and five, right when all that may happen. Twenty twelve
was the lowest ever. We're lower than twenty twenty sales,
twenty I'm sorry, twenty twenty twenty twenty twelve sales. We're

(54:38):
lower than that for two years now and probably three.

Speaker 3 (54:41):
But that does that make perfect sense in your head?
Like to me, that's a file out on the double.

Speaker 7 (54:45):
Well, I didn't expect to be worse than the real
estate market crash of two thousand and five. I didn't
expect it to be worse than that. That was the
surprising part to me. Do I expect it to be weak? Yeah,
but not worse than That's not worse than twenty twelve.

Speaker 3 (54:58):
That's a great time to buy that twelve.

Speaker 7 (55:00):
Fort Saint Lucy had six years of inventory right right, right, So,
and we only got up there, we only got like
eleven right now, right So? But but and prices are
double well, no, quadrup triple, triple what they were.

Speaker 3 (55:13):
You look at St Lucy prices, you're like, this is
Pombage County, right, And you're like, no, that's St Lucy County.

Speaker 7 (55:17):
I know, right, It's like, wow, I think it's Pombach
county now right, yeah, thousand. So what's happening right now
is the interest rates are the lowest they've been. They've
been low. If you look at the Freddy Matt Shark.
If everybody want to pull it up, they just do
thirty year mortgage rates, Freddy mack right, and pull it up,
and they'll give you this really great chart that goes

(55:38):
back to nineteen seventy one. This chart has been going
down consistently since May of this year. We've just been
going down, down, down, down, down, a couple of little ups,
but then it we go down right away again and
we're still this chart is still going down. But the
national economists are saying that we're going to be in

(55:59):
the sixes for the new several years for the interest
rates for mortgages. So who knows what's gonna happen, because
this chart is trending that we're going to go past.
We're gonna we're gonna hit that five.

Speaker 3 (56:11):
Well, we can get to the back to back, and
I mean we need to get back to it, back
to where you know, six percent of people are like
that's a great rate.

Speaker 2 (56:18):
Way, I'm waiting for the three.

Speaker 3 (56:20):
We got to get back to that and maybe that's
what they'll do. We'll just hold here long enough to
where people are like, oh, yeah, it's a good rate.

Speaker 2 (56:26):
The erase that memory of yeah.

Speaker 3 (56:27):
Bumping to ten, and then when you get back to six,
they're like, thank you for the six.

Speaker 7 (56:31):
Speaking to which, I have some stats about who owns
three percent or less mortgages and who doesn't. Maybe we'll
talk about that a little bit when we flip over
who's got those three percent mortgages and how many are
out there? I have those stats. You talk about that
on the flip side.

Speaker 3 (56:46):
All right, we still got a loss to get into.
An hour remaining on this Saturday, November First. You're always
welcome to be a part of the program. Eight seven
seven nine two seven six nine six nine. Should you
dial in right now, quick four minute reset. We'll get
to your phone call. If you'd like to be involved
with the conversation at hand, If you have a question
comments concerned in the world of real estate, we have
some professionals on hand to handle so that all that

(57:07):
and so much more. Of course, if you're not comfortable
on the radio, totally understand you have access to the
entire team at Florida Talkrealestate. Dot com. Consume away on
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to the entire team pros, pros experts in their field.
You get them all at Florida Talkrealestate dot com. We're
back and forur minutes. Thanks for being with us every Saturday.
Right here, it's real Radio.

Speaker 1 (57:42):
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 (57:52):
There it is eight seven seven nine two seven six
nine six nine. If you dial in, I promise Jimyth's
gonna answer. He'll be pleasant. He may actually even put
you on me. Would your question common concern in the
world of real estate? Let's find out. I'm not gonna
assume jimithy, would you? Would you probably put him on
the air.

Speaker 4 (58:08):
Absolutely keep me busy over.

Speaker 3 (58:11):
Here, all right, So I'm never going to assume. It
looks sounds like he's going to cooperate with you if
you say the right things and you put it nicely.
Always great to have you with us. My friend Johnny
sees me your old buddy, your old pal, Rosskamara nets
is with us on this Saturday. He's with Bright Wing
Insurance Juno Beach. How are you wrong?

Speaker 2 (58:30):
I am doing well. I'm doing well.

Speaker 3 (58:32):
You got a pumpkin there in front of you. Trigger treat,
trigger treat.

Speaker 2 (58:35):
I'm saving it for next year.

Speaker 3 (58:36):
Nice as you keep well, yeah, you keep it at
room temperature.

Speaker 2 (58:41):
No, I'd keep it around like eighty four.

Speaker 3 (58:42):
Oh, that's that's optimal.

Speaker 2 (58:44):
Yeah.

Speaker 6 (58:45):
Nice grows a little fuzz, makes it a little creepy.

Speaker 4 (58:48):
I love that part, right, just getting ready for had
meat fuzz.

Speaker 3 (58:54):
That's good. In a couple of weeks, I think it's
gonna be amazing. Will you put it in like some
kind of vessel so you can take it with you
like a tub of wear, a bag of some kind.

Speaker 6 (59:03):
Well, for first like six months, I keep it in
a very dark and moist warm area so all the
gross stuff grows.

Speaker 3 (59:13):
Oh, perfect, perfect, It's gonna be so ready for next year. Yeah,
you win to Jimmy over like every turn here, Uh,
moist fuzzy, come on, wow, Happy Halloween, everybody, any trick
or treat? Uh, Jimmy D's over here. That's Jim Depola.
I've told you he runs a top producer in Caloworiams team.

(59:34):
He has for thirteen plus years now, and I've told
you for that long too. The Florida Home Pros team
Callowaiam's Innovations. Happy Halloween, my friend.

Speaker 7 (59:42):
Hey, Happy Halloween everybody. You know when you were talking
about the pumpkins. I watched a little tiktoking video or whatever,
and they had a lab that they went to a
pumpkin patch and they let the lab pick out their
own pumpkin, and it had a stem, so you know,
it was walking around and it turned into like the

(01:00:02):
dog's pet, and it it didn't eat the pumpkin. It
only kept it from the stem, and it would walk
around all proud with the with the pumpkin all over
the place, and for days and days it was doing it,
and then finally the stem broke, but the pumpkin was
still good. So the family got a basket with the

(01:00:23):
big loop on the top and put the pumpkin in it,
and the dog was walking around with the basket with
the pumpkin in it, and then finally the pumpkin died
and then they got it a stuffed pumpkin, you know,
like a toy pumpkin.

Speaker 3 (01:00:36):
Nah, the same, that's not the same.

Speaker 7 (01:00:41):
It was kind of funny when they I thought it
was very creative that when the stem broke, they put
it in a basket and he was still happy and
he was walking around. He didn't care.

Speaker 2 (01:00:49):
It's just wants to show off his pumpkin.

Speaker 7 (01:00:51):
Yeah. And then another lab video I saw I should
have done this with my Well I couldn't because I
didn't have chocol lab. They had a chocolate lab. You
tell what kind of dog I'm buying. Soon they had
a chocolate lab. And they took some stuffing like you know,
cotton stuffing kind of stuff, and took some cardboard boxes

(01:01:12):
and put them on the side of the dog, you
know it's rectangular, and then put the stuffing on the
inside towards the dog, and then the brown outside of
the cardboard they put little black circles on. Yeah, and
the dog became a s'mores right because you had the
cotton for the marshmallows and the and the cardboard for

(01:01:34):
the thing. I thought that was kind of funnymore dog.
It's like, but you only could do with chocolate. You
only could do chocolate lab back.

Speaker 3 (01:01:40):
Well, it's all I mean, if you want to make
a realmore.

Speaker 7 (01:01:42):
Yeah, exactly. I wanted to talk a little bit about
smart homes. I'm not really very well versus smart homes
because when I used to renovate homes and everything that
technology really like Ring wasn't out, you know, just the
basic smart stuff, none of that was really out. So
I was really never involved in that much right now,

(01:02:04):
but you know, smart homes are becoming more and more,
and I was just reading an article about all the
things that people love about smart homes and how when
you have a smart home, one of the hardest things
to do is to let buyers know how smart your
home is, because a lot of it you don't see
it because it's an app in your phone and you

(01:02:24):
could do all these crazy things, and a lot of
people don't know when they're walking around. So I thought
there would be kind of a couple of excuse I
have hiccups. I thought we'd talked about a couple of
things about smart technology, which will tie us back to
that Airbnb property because she's got a smart home. Jamie's
got a smart home, and I thought it would be
good to talk about. So obviously Rings, you know, like Ring,

(01:02:50):
the Ring system. You know where I'm using brand names here,
but you know the camera system outside that let you
know when people come and go.

Speaker 3 (01:02:57):
The ring system is a markable job of becoming like
synonymous with the actual system, the name the brand has become.
So they've done a great job.

Speaker 7 (01:03:08):
Yeah, and remember they I mean they didn't start this
way because they were already doing it. But they went
on Shark Tank too. Them people didn't Shark Tank turn
them down. Didn't think it was gonna be Nobody bought
it and it was the biggest short tank product ever
that was on that show. That was the biggest one ever. Right,
they just a missed out on it. Yeah, that was.

Speaker 4 (01:03:30):
Yeah, Dave Winfield swing.

Speaker 7 (01:03:33):
Yeah. So you know, rings are really good and that's
really good. Most people know that though because when you
go to the front door, you'll see the ring there
and they kind of know where a ring is. But
you know what the second most desired feature is. I
had no idea like a smart home, anything to do
with smart homes like turn stuff on, turn stuff off,

(01:03:55):
all that kind of stuff. Security, ac Yep, you're right,
smart smart Uh. Now they have and I didn't know this,
did you know they have AI thermostats?

Speaker 8 (01:04:06):
Now?

Speaker 7 (01:04:07):
I didn't know that. I just looked it up because
I read about in this article.

Speaker 3 (01:04:10):
So so, so wait a minute, they've always had programmable thermostats, right,
so where you could like program range. If it gets
to this, you make it here. If it gets to
their right, you could do that. I've never had one.
I've just gone my thermostat where I wanted it. What
makes it smart?

Speaker 7 (01:04:27):
For saying AI? The AI thermostats kind of monitor your
use and know when you're when you're more likely to
be home and change the thermostat because you're home, and
then when you're more likely to be sleep to change
the thermostats.

Speaker 8 (01:04:42):
Uh.

Speaker 7 (01:04:42):
Based on all that, So it's.

Speaker 3 (01:04:43):
Going to pay attention to you physically changing it the
times now you.

Speaker 7 (01:04:48):
Yeah, yes, yeah, you changing over time and after a
while it's like gotcha, I know what you want. Then
they'll just start doing.

Speaker 2 (01:04:54):
It honestly, like this is getting a little.

Speaker 7 (01:04:58):
Mu And then you still push a button, still still
a dial. I still don't know how to use that
stupid thermos. Not the thermost stuff, the humidity thing, you know,
the little extra box thing with the humidity.

Speaker 4 (01:05:14):
You noticed that?

Speaker 7 (01:05:15):
Oh? Is that?

Speaker 8 (01:05:16):
Yeah?

Speaker 7 (01:05:16):
Amid is that? I still know how to use that thing?
I don't have a hum Yeah, a lot of people
don't know. And why do some units have it in
some don't. I don't even think.

Speaker 3 (01:05:25):
I think it's maybe an antiquated thing.

Speaker 7 (01:05:27):
I don't know.

Speaker 6 (01:05:28):
People like, man, it is way too dry in here.
I need a lot more humidity inside my house.

Speaker 5 (01:05:35):
For the rare times that you use your heat, right,
that that's when people would want it. Oh, really, they're
popular up north to put in your actual HVAC system
so that you could add moisture to the you know,
if you have a forced air unit. Now, if you
have you know, a boiler with steam or hot water,
it's different obviously, but with forced air. Yeah, And of

(01:05:58):
course that's what we have down here. You know, it's electric.
So what the three days out of the year do
we we actually turned heat on down here in South Florida?

Speaker 4 (01:06:06):
You might want it seems a bit.

Speaker 8 (01:06:09):
Uh.

Speaker 3 (01:06:09):
Well, I learned when we put our new unity in,
because I'm such a size king that I was like, oh,
the biggest unit you got right, And they're like, oh,
that's not you don't that's not how it work.

Speaker 7 (01:06:19):
Doesn't work that way.

Speaker 3 (01:06:20):
Yeah, you don't want that. You want to slowly bring
the tempt down and that you know, removes the humidity.
If you bring it down way too quick, you still
got all that humidity in the air. So there's a
there is a method.

Speaker 7 (01:06:32):
To the mess. There is. They actually when you install
an AC, if you pull permits, you have to do
what's called an energy calculation, is an extra fee you
have to pay where there's like an engineer kind of
person probably works for the AC company that maps out
how many windows you got, what your square footage is,

(01:06:53):
are your two story one story, do you have vaulted
ceilings or not vaulted ceilings, and determines the tonnage that
you get for the house. Right, But a lot of
you know, if you don't pull the permits, so you
don't know that you could just get a bubble with
a wrench, you know, and come in and just put
it in a C in It's like, oh, I got
an extra one that's three and a half ton and
you only need two, and now your A C isn't

(01:07:14):
operating right.

Speaker 3 (01:07:15):
It's not gonna be it's not going to be as efficient.

Speaker 7 (01:07:17):
Yeah, exactly so. So thermostats are like one of the
biggest UH value at the item ads and they're not
that expensive. It's like, how much is an AI thermostats?
So I looked it up. Thank you chot GPT, so
take it for what it's worth. They tell me, look
stuff at Chuppie GPT. I'll let you know because it
might be completely wrong. But they said it was somewhere

(01:07:41):
between one hundred and three hundred and fifty dollars for
those thermostats. So that's how.

Speaker 2 (01:07:47):
Often are people changing their temperature?

Speaker 5 (01:07:49):
I guess well, if you turn it up during the
day and then you're like, you're good about to leave work.
So what makes it smart? Also is you have an
app on your phone. It controls it, right, Yes, you
could do that your job and you're like, okay, well
let me turn to the AC down so that it's
cool when I get home.

Speaker 4 (01:08:05):
Something like that.

Speaker 5 (01:08:06):
You can operate it remotely. Garage doors is another one.

Speaker 7 (01:08:09):
Yeah, that's one of the things. Garage doores is in here.

Speaker 4 (01:08:12):
I have that on my phone.

Speaker 5 (01:08:13):
I can open and close my door, you know, if
I if I leave home and oh no, did I
forget to you know, I can check on my phone
and see, okay, it's open, and I can close it
from wherever I am. Little things like that, so I
can see where people are liking these smart features more
and more.

Speaker 7 (01:08:28):
Yeah, So I just started writing down some stuff that
I you know, of things that you know can be
smart if you will. These are just the things I
came up with. The thermostats, your security system, the lighting system.
Jamie's house on Bella Vista for the Airbnb. She can
turn on any light or shut off any light anywhere

(01:08:51):
she is in the world. As long as she has
her app. She can set it on timers and all
that and do all that.

Speaker 3 (01:08:57):
So anything that's on a timer, essentially, it could be right,
your pool.

Speaker 7 (01:09:01):
Jacuzzi, pool, window treatments, garage doors, outdoor lighting, right, all
of that. Even smart appliances. People forget. There's a lot
of smart appliances now, So like you can have your
coffee maker hooked up that it's seven o'clock in the morning,
your coffee turns on every morning and stuff like that.

Speaker 2 (01:09:19):
You're going to put the grinds in.

Speaker 3 (01:09:20):
Yeah I get that too, not so smart coffee maker.

Speaker 7 (01:09:23):
But yes, yeah, I know that's true. But there's all
these things that you could do now with the thing.

Speaker 3 (01:09:28):
Yeah. So they have fridges, it'll tell you when you
like need milk and stuff, right, Yeah, Like, hey, you're
little milk on your grocery list.

Speaker 5 (01:09:34):
Yeah, all right, and it'll put it on your grocery
list for you, and we'll put in the order to
whatever X Y store that you.

Speaker 3 (01:09:42):
I mean, it is amazing if you want it, if
you want it right, you can even some of these
smart refrigerators.

Speaker 7 (01:09:51):
You could just say I'm hungry, what can I make
with the stuff that's in the fridge, and it'll start
giving you recipes of the food that you have, with
the food you.

Speaker 2 (01:09:59):
Have that's useful.

Speaker 7 (01:10:00):
Yeah, I'll tell you what. Like you're sitting there, like,
what do I want wet?

Speaker 3 (01:10:08):
You know what? I can make it? Right now? Yeah, exactly,
I got plenty make you a beast of somebody. I mean,
you're gonna have to make it. But I'll tell you this.

Speaker 7 (01:10:18):
Uh air beam, I know I keep talking about. But
the Airbnb property, they got one of those. They have
a deck on the second story of loft deck. It's
so cool, right, it would be if you were living there,
it would be so nice. They have all these lounge
chairs out there and just sipping ah, you know, a
moheto or something and just staring at the sun by
the beach and everything. You have your own little deck

(01:10:39):
out upstairs. No, I just used you know, I wouldn't. Actually, actually,
I'm a pineapple silver petronk guy. I'm a very unusual
So anyway, they have a shut, they have a shutter,
like and I said, oh, is that one of those
sun sutter shutters like it's sing on TV. She goes, well,
it's electric. I go, that's awesome. So she got an
electric shutter up there case it's too hot out. But

(01:11:00):
here's the cool part. If the wind is too strong,
the shutter knows and it automatically shuts itself. Huh so
so it won't blow away and get destroyed. Yeah, so
it protects itself.

Speaker 3 (01:11:10):
Even that smarts a little sensor to where it's like,
that's a little much.

Speaker 7 (01:11:13):
Why is anybody smarter than me?

Speaker 8 (01:11:15):
Now?

Speaker 7 (01:11:15):
Everything's getting smarter than me. Even shutters, right, it's like, hey,
I don't want to be out here. It's too dangerous.
I'm closing up.

Speaker 3 (01:11:21):
I felt I felt that way like fifteen years ago.
So at this point I just assume everything's smarter than me.

Speaker 7 (01:11:28):
So anyway, smart homes, there are a lot of values. Now,
I got a lot of good ideas on how to
advertise smart homes because when I've had smart features, it's
very hard to describe it. So some of the tips
they're giving me, I'm going to try it out with
this home if the owner will let me, because it
is being rented. But you could put like little cards,

(01:11:49):
like a little note next to the thermostat saying what
it could do. Yeah, like have like a little card
to the to have a little card to the windows
shade and say press here and watch the window shade
go up and down and all that stuff. And you
can like have like little features all over the house
where it's like, oh, try this, try that and see

(01:12:10):
how it works.

Speaker 3 (01:12:11):
Yeah.

Speaker 7 (01:12:11):
I think that would add a lot of value if
you have that kind of stuff, because certain people they
just eat that stuff up with the spoon. They want
the smart stuff.

Speaker 3 (01:12:19):
I can't walk down the toy aisle and not hit
every try me button in the eye.

Speaker 7 (01:12:23):
Yeah you got you.

Speaker 3 (01:12:24):
Imagine being in the house like boom boom boom boo.
What's that do? I don't know what that does? Stand
over there, see anything anything. I don't know what it
did out here.

Speaker 7 (01:12:37):
Very very cool.

Speaker 3 (01:12:38):
That would be fun.

Speaker 7 (01:12:39):
Let me see, Oh, Okay, so we're switching gears.

Speaker 3 (01:12:43):
Now, let's try me buttons.

Speaker 7 (01:12:45):
Call me which one am I going to talk about?

Speaker 3 (01:12:47):
Try to know what are you going to talk about?

Speaker 7 (01:12:49):
Okay, talk about to your heart and I can tell you.

Speaker 3 (01:12:51):
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a home. You're stuck with the home, you don't know
what to do. Sometimes you don't need a team. Sometimes
you're like, you know what, I just need to see
if I'm in my best position from a property insurance.
But tell me, would you rather have a team when

(01:13:13):
you need a team? I would regardless. When you're looking
to do something anything in the world of real estate,
you need some of the best of the best. That's
why I said I need to Florida Talk real Estate
dot com. No one used it, love it, share it.
You can change lives with the prospros of Florida Talkrealestate
dot com.

Speaker 7 (01:13:27):
Before we get into the real estate economy, what people
are thinking they're going to happen next. I wanted to
ask Ross because it's so important that we talk about this.
It was one of the perceptions, misperception. I keep saying, misperceptions.
Where am I coming up with that? Misconceptions about the
real estate market. That I was talking to to that

(01:13:48):
editor was insurance. I'm like, everybody's complaining insurance is too high.
It is high compared to the rest of the nation,
but we're seeing huge decreases right now that we haven't
seen for years. And I was telling the editors, like
Ross predicted when when the laws were changed in twenty
twenty two, and we were talking about all the changes

(01:14:10):
back then. Ross was like, give it about eighteen months
or so, and you know, maybe two years, and I
think things will start turning around. And we're kind of
seeing the results of that right now. So that's another misconception.
So I just want to remind everybody this is still
a great time to reach out to us and ask
Ross to give you an insurance quote. You don't have

(01:14:32):
to wait for your insurance policy to be coming up
for expiation and renewed. You could do it at any
time in your insurance policy. And right now, you know,
some not everybody, We're not guaranteeing everybody's going to get
great savings. But some people are really getting really good savings.

Speaker 3 (01:14:47):
Yep.

Speaker 7 (01:14:47):
And you don't know, you don't five grand.

Speaker 4 (01:14:50):
Five grand, five grand, Wow.

Speaker 7 (01:14:52):
That's five that's four hundred dollars a month that they're saving.

Speaker 3 (01:14:56):
I hate to think they may not have reached out
and we got.

Speaker 2 (01:15:02):
It to five wow.

Speaker 7 (01:15:03):
Can you imagine?

Speaker 3 (01:15:05):
So, so they reached out.

Speaker 7 (01:15:07):
It's out there, Ross, Ross, Why do you think it's
such a big drop?

Speaker 8 (01:15:12):
Now?

Speaker 7 (01:15:12):
Why you know? That's the thing.

Speaker 6 (01:15:14):
A lot of people are getting new roofs, okay, right,
a lot okay people are getting new roofs.

Speaker 7 (01:15:19):
So and that's making that much of a difference in
the insurance.

Speaker 6 (01:15:22):
Yeah, because when now you have a new roof, so
it opens up a lot more carry and so all
those carriers want to be all want those new roofs.

Speaker 2 (01:15:31):
So they are really competitive premium.

Speaker 7 (01:15:34):
So that's another. So here's another thing. If you have
an insurance company that's saying you need to put a
new roof on, and you put the new roof on
shop the insurance, you might not stay with that company.

Speaker 6 (01:15:43):
Right, I mean they might just you know, renew you
and you qualify for an extra four hundred, five hundred
dollars discount with them.

Speaker 2 (01:15:50):
But you put on a new roof.

Speaker 7 (01:15:52):
Shop, yeah, shop, that's a really good so shop your roof.
You get a new roof. You got to shop. But
even if you're okay with the insurance company, you have
at that point because you might save huge amount of money.
Imagine saving five thousand dollars a year.

Speaker 3 (01:16:04):
Well, I mean it pays for your roof in a
matter of you know, five years.

Speaker 7 (01:16:08):
Yeah, exactly, And the mortgage payment is dropping so dramatically.
It's the opposite of what we were talking aboutbout that lawsuit, right,
it's the opposite. And you're not paying like money to
get that reduction like with a mortgage and you get
a refi, you're paying thousands of dollars, you know, to
get that refi just to get the mortgage payment reduced.

(01:16:30):
With this, it's just happened.

Speaker 6 (01:16:32):
So you know, maybe two hundred and fifty bucks or
a win mit four point.

Speaker 7 (01:16:36):
Yeah, yeah, if I could say five thousand, it costs
me too, fifty I think that's a that's worth it.
Maybe maybe out of my chair, maybe get out of
my chair. So please, if anybody has any questions, about
homeowner's insurance and car insurance is dropping too, and Ross
has mentioned that why is car insurance dropping.

Speaker 6 (01:16:57):
Because they've were going through the same thing. They were
experiencing the same loss.

Speaker 7 (01:17:00):
Ah, but the same regulations though.

Speaker 2 (01:17:03):
Yeah, yeah, they said, yeah, they said the same.

Speaker 6 (01:17:05):
Like you know, it used to be, there were a
handful of carriers that really only wanted people with high
liability limits. So you've got bodily injury liability on your
auto insurance policy that basically protects you from being sued
by somebody else if you cause an accident, and so

(01:17:27):
there were you know, you go up to two hundred
and fifty thousand per person, five hundred thousand per accident,
and there were a handful of carriers that really just
said we only want that business. And then they got
burned because everybody's you know, if you got into a
minor car accident, they'd look at your insurance and be like,
oh my gosh, look at all that.

Speaker 2 (01:17:43):
Money we can go after.

Speaker 6 (01:17:44):
And so those carriers actually had to really stop actually
offering coverage for a long time because the attorneys were
just going after policy limits. And so with the with
the changes, it affected the auto insurance and so now
those carris are starting to come back. I don't know
if anybody saw anything, but there was a headline where
Progressive actually made a whole lot more more money than

(01:18:07):
they were supposed to. Yeah, so they actually have to
give some of it back.

Speaker 3 (01:18:10):
It's like a billion dollars or something, right, Yeah, Floridians.

Speaker 6 (01:18:13):
Yeah, all the auto carres are like super profitable right now,
and all those rates are coming down, So shop your
auto too.

Speaker 7 (01:18:19):
Yes. So here's just a perfect example of what's happening
in the real world versus what people's perception of the
real world are. Right, everybody's thinking it's just told out
of control, and it was right. They were right for years,
right that, Oh, insurance is going up, it's going up,
it's out of control, blah blah blah, hundred percent right,
But that doesn't mean it's like that forever, and things change.

(01:18:40):
We're in a different cycle right now, So take advantage
of this cycle because we're going to have the other
cycle come back too. You know that's going to come back.
We're going to be complaining about it. Just happens. You
have pendulous swings all the different ways. If you guys
don't mind. I think We're going to take one more
break because I want to run. I want to read
this article before we do the next so I know

(01:19:01):
what I'm talking about.

Speaker 3 (01:19:02):
All right, understandable.

Speaker 7 (01:19:03):
Can you tell I'm a little slacker today, So let
me read this article so that we could talk about
what we're going to talk about. And I think this
is really interesting. There's a bunch of national economists that
were interviewed by The Hill, which is a political newspaper,
talking about what happens on, you know, on Capitol Hill.
And all these people are talking about this in the headline,

(01:19:24):
A real estate boom is coming? Are you ready? I'm
not sure. I already boom. I'd love to happen, but
I'm not seeing it. So let's find out what the
heck is going on here. Yeah, let's find it out.
Boom in real estate. Let's see.

Speaker 3 (01:19:37):
These are quote unquote smart people too.

Speaker 7 (01:19:40):
Quote I'm staying quiet.

Speaker 3 (01:19:42):
Quote. We appreciate you being with us on a Saturday.
Thanks for being a part of what we do. Of course,
you can consume away on Facebook and YouTube Florida Talk
real Estate on both We do a live stream every Saturday.
It's always there for you to consume YouTube's got a
ton of informational, chunk videos to consume, like and share,

(01:20:05):
and always remember Florida Talkrealestate dot Com. Again. When you're
looking to buy a home, sell a home, you're stuck
with your home, you're not quite sure what to do.
You need great guidance understanding of what your options are,
and that's going to people that are great at what
they do. I have a team of professionals that are
fantastic at what they do. They work cohesively together. You
get them all at Florida Talkrealestate dot Com. I like

(01:20:26):
to tell you they know what you. Use it, love it,
share it, because well you can change lives, including your
very own. With the prospros of Florida Talkrealestate dot Com.
We got a half hour remaining for you on a Saturday.
Thanks for being with us every Saturday right here on
Real Radio.

Speaker 1 (01:20:58):
This is Florida Talk real Estate with Jim Depolo and
Johnny c. Got a question for the show. Call us
live at one eight seven seven nine seven sixty nine
sixty nine.

Speaker 3 (01:21:08):
Yeah, about twenty five minutes remaining on a Saturday, November first,
eight seven seven nine two seven six nine six nine.
That's the toll free number. Yep, A little bit of
time remaining if you want to be involved with the
program today, Johnny C is me, Jimmythy's our producer, extraordinary,
what's up I do?

Speaker 4 (01:21:23):
And good morning?

Speaker 3 (01:21:24):
Good morning. He'll line you up there if you make
that phone call. Is that is that somebody ready to
go on one? Or you gotta screen him?

Speaker 5 (01:21:30):
Actually, uh no, I already screened him and Tom he
has a little success story.

Speaker 4 (01:21:34):
Jim helped him out, so he wants to talk about it.

Speaker 3 (01:21:36):
We'll do that in just a second. Then he'll be
saying hi to Roskamernants with bright Wing Insurance, Juno Beach, Hello, Ross, Hello,
that's me there he is, And of course he'll be
saying hello to Jimmy d Jim Depolo with the Florida
Home Pros Team, Keller Williams Innovation, Hello, Jimmy.

Speaker 7 (01:21:49):
De Hey, good happy you sew Florida. Good morning, Johnny.
Before you bring Tom on the phone, I first I
was thinking of Tom, Tom, who could this be? And
I have a feeling it's Tom who's moving to Arizona.
And if it is, I'm really happy because I wanted
to call him all week and I didn't get a chance.
So let's see if it's that guy.

Speaker 4 (01:22:08):
Yeah, let's put on see Tom, welcome to the show.
How are you doing to anybody?

Speaker 8 (01:22:12):
Good y'all doing, Jim, you're closed?

Speaker 7 (01:22:14):
Oh no, it wasn't. It wasn't.

Speaker 8 (01:22:17):
You got the Arizona part right, So.

Speaker 7 (01:22:20):
I don't know then I don't know who it is Tom.

Speaker 3 (01:22:23):
Tom, Liz Yeah, Oh yeah, yeah, w w is starting
the last name?

Speaker 7 (01:22:32):
Oh yes, I do know that? Okay, Tom, Yeah, okay,
see it's confusing Tom when I'm I was thinking the
second Okay, So this is what happened, Tom was So
I'm so glad you called Tom, because I reach out
to you a bunch of times. You always respond to
message back by hardly get to talk to you. And
I'm really glad you called because Tom referred to us
he had a relative that needed to sell a house

(01:22:53):
in Arizona, so we got him out to agents out there,
and it took a while to get it on the
market everything, and they closed it. And then right after
we closed Tom's relative property, another Tom called me and said, Hey,
I'm moving to Tucson, which is exactly where Tom are going. Yeah,
all the Toms must be going there Tom. So Tom
actually isn't moving. There was his relatives house out there.

(01:23:15):
How are you doing?

Speaker 8 (01:23:17):
Are you?

Speaker 7 (01:23:18):
Oh?

Speaker 8 (01:23:18):
Good?

Speaker 7 (01:23:18):
Good? Good? So did everybody have a good experience out
there with the Polstons, that's the relters we refer them to.

Speaker 8 (01:23:24):
It was it was interesting because it's an older house
and they're building new houses there.

Speaker 7 (01:23:29):
Yeah.

Speaker 8 (01:23:29):
So they had to sell it against the new house.

Speaker 3 (01:23:31):
M h.

Speaker 8 (01:23:32):
And you know, they was on the market for a
little over fifty days. And I mentioned to my sister
in law, now it's time to drop the price. You
can't tell that it listens to this show all the time.

Speaker 7 (01:23:46):
It's yeah, it's a very common thing right now where
new construction is outstripping the resale properties right now, it's
hurting a lot of resale properties all over the country.

Speaker 3 (01:23:57):
Yeah.

Speaker 8 (01:23:58):
Yeah. So anyway, so she was just get them ready
to She had talked to Sean about dropping the price.
And then they got an offer and the offer was
a little bit less than what they were going to
drop before, which was still as good, and so they
accepted the offer. And then when they did the walk through,
then of course they wanted another ten thousand dollars and up.

(01:24:19):
You know, our repairs or whatever, but not all of
it was really I mean, they wanted a water system
replaced that worked fine, but they said it was five
years old and they wanted a new one, and you know,
little things like that, and so they counted off it
back with like five thousand and then they turned it down.
But Sean pointed out to him that, Okay, you're going

(01:24:40):
to buy a new home, but here you get an
older home that's about seven hundred square foot larger for
the same price. That you need some work, but you're
gonna have a lot bigger home and talk to people,
you know, presented that to him and boom, they went
ahead and took the house.

Speaker 7 (01:24:59):
That's so great. That just shows that the Postings were
good negotiators, right, And and that's that's what I want
to explain with Tom's situations. So Tom has heard us.
Tom's a big fan of real radio. I mean, he's
been around forever with real radio. We're all we're all
real radio heads.

Speaker 3 (01:25:18):
That's it. Family.

Speaker 7 (01:25:18):
Yeah, we're all part of the family. We're one of us.
But Tom has heard me mention many many times on
the air that I help people all over the country
try to buy or sell properties all over the country,
and so he's like, hey, can you help my relatives
and tucsons. So what we did was is I had
to go out and go interview a whole bunch of

(01:25:39):
agents in that area. And first the first part is, hey,
do you even work the area I need to be
in because I don't know all the ears all over
the country. So then we got to find the agency
know that I know, right blacker. So then I found
out all these people, I start calling them. I go
through the same problem other people go through, which is

(01:26:00):
they don't call back or they say they're going to
call back and don't call back, and then I know
those are the They're not the one they're not making
the cut. So we just interviewed a whole bunch of people,
and I think I gave two groups of people to
your relatives, Tom.

Speaker 3 (01:26:14):
And you're looking at production, you're looking at performance.

Speaker 7 (01:26:17):
Like response times, personality. Some people even have a negative
attitude towards me. And I'm calling up saying, hey, I
have business for you. And if it's like that, it's like,
how are they going to treat the customers? Once they
sign a contract and they're locked in with the listing
it's like no, you know, so I'm really glad that

(01:26:37):
the Polstons were able to close that for you, Tom,
and you know, for your family and everything. And your
family was that an inherited property, Tom.

Speaker 8 (01:26:45):
No, my mother had to go into Memoricare mother in
law to go to Memoricare okay?

Speaker 7 (01:26:49):
Which is something we're going to be talking about after
this segment. We're going to be talking about the real
estate economy and that's one of the things that are
happening right now, big changes in demographics and where people
are living or so well, Tom, thank you so much.

Speaker 8 (01:27:03):
Could you if you remember the Pulses got back right
back to you, like within two hours after you put in. Yeah,
you put out the Fielders and they were like the
first ones to respond to you.

Speaker 7 (01:27:12):
They were and the husband called it. Then, Yeah, the
husband called first, and then he got me over to Stephanie,
the wife, and then I talked to Stephanie most of
the time through it, and I just felt like they
were going to do the right job for them, and
that wasn't actually I can say this now, but that
actually wasn't. Their price point. The price point of the

(01:27:34):
house was significantly lower than what they're used to selling
out there. But I knew that they could do it
and that they had the negotiation skills because when Tom
told me that the house wasn't in perfect condition, I
knew you needed a wheeler dealer to try to make
an habit. It sounds like exactly what happened. Ye, Hey, Tom,

(01:27:55):
could you go ahead? I'm no, go ahead.

Speaker 8 (01:28:00):
I would just say, you know they did what you
know you send them out to do, basically, yeah, And.

Speaker 7 (01:28:04):
I appreciate that. So if anybody else out there has
that kind of issue, you have a relative, or you're
moving out of state or something, I can help you.
I can help you anywhere in the country. In fact,
I'm still looking out there Luigi. There's a guy named
Luigi wants to sell property in Italy, and I'm working
on finding a realter in that specific small town that
they're in and trying to find Keller Williams agent in

(01:28:28):
Italy to go sell the property. Good thing, I'm having
a language barrier.

Speaker 3 (01:28:32):
Good thing. In a lot of countries they learn English
and other languages. I'm not sure how fluent you are
in Italian exactly.

Speaker 7 (01:28:38):
And my and my and my fake Italian does not
work at all. No it does not work.

Speaker 3 (01:28:44):
It's not going to go. It's not going to translate.

Speaker 7 (01:28:46):
Well, Tom, if if you you or Liz could do
me a favor, it would be a really really big thing,
and anybody listening, this would be a really big thing
for us.

Speaker 8 (01:28:54):
If I know where you're going on the Google thing,
Google thing to put.

Speaker 7 (01:28:58):
That out, thank you. It is. It's a good Tom
new exactly where I was going. So all you have
to do is just go into Google on the search
engine and type in Florida talk real Estate. You're going
to see on the right hand side of your screen
the company business thing with the map and the website
and all that, and then it'll say reviews and just

(01:29:18):
click on reviews and then give you a review. And
we'd really really appreciate it.

Speaker 3 (01:29:22):
And if you are like me, you're probably already signed
in and it'll just say continue as Johnny, it may
make you sign in. If you don't have a Google account,
you're going to have to create.

Speaker 8 (01:29:34):
One, but I'm sure did. My wife just said over me,
she goes, I'll figure it out.

Speaker 3 (01:29:38):
We're good.

Speaker 7 (01:29:39):
Yeah, thanks. And that's the lifeblood of our business right now,
is the reviews. Especially after I got that bad review
about a month ago. I was so mad about that review,
and a lot of people responded. But we'd still compare
to the people we've helped and the people listening. We'd
still like a lot of people. So you might give

(01:29:59):
me a small holiday gift by saying thanks Jim, thanks Johnny,
thanks the crew, and come out and give us review
even if you haven't done a deal with us. Just
talk about the show and what you like about the show.

Speaker 8 (01:30:10):
Sure you don't know you guys, You guys have help
more than you know.

Speaker 7 (01:30:14):
Well, thank you so much. I'm so glad you called.
I'm really glad you called, so thank you for much.

Speaker 8 (01:30:19):
The little thing. I know you're talking about interest rates
a couple of statements ago, and I might there, but
just wanted to let Mike do. I bought my first
house in nineteen eighty one and the prime rate was
nineteen percent. Can you imagine I ended up getting in
some first time buyer thing for eleven point nine nine percent,
and I was doing flips.

Speaker 7 (01:30:39):
Yeah, exactly, you were jumping over it down. We won
the lottery eleven point nine percent. We won the lottery a.

Speaker 8 (01:30:44):
Wild six percent, and I die.

Speaker 7 (01:30:48):
Tom remembers stagflation. That's what I'm so because I'm that.

Speaker 8 (01:30:52):
Age too through a couple of times too.

Speaker 3 (01:30:55):
And I and I grew up again in the Barrier, California.
I had a lot of friends, their families had a
lot of memes, they had money, they had really nice homes.
And as I got old enough to kind of inquire
and be like, well, you know, talking about stupid things
like interest rates, I'll never forget them. And one of
my dudess, his dad was the vice president of Prudential
Northern California. Right, dude just had money on top of money,

(01:31:18):
and we're talking business and I'm like, man, I want
to be a baller one day. I'm like, how much
is your interest rate? And he's like it was like
sixteen percent or something like that. And they had great everything.

Speaker 7 (01:31:29):
Yeah, and they were perfect bowers. Right Yeah, it's like crazy. Yeah, Yeah,
I hope we don't go through the stagflation again. Because
what people don't get about stagflation because they haven't lived it.
It's like this, It's like you jump into like a
sand pit that you can't get out of. It's like
quicksand because people aren't buying enough, so the employers aren't

(01:31:51):
hiring enough, so prices are more expensive, but there's less
people employed that can't afford this stuff. It's hard to
fix it because the Fed they have that blunt tool.
It's like either we help on the inflation or we
help on on unemployment, and one side's going to get
banged up.

Speaker 2 (01:32:10):
That's it.

Speaker 7 (01:32:10):
So what happened with that in the nineteen eighties. Eighty
one was right towards the end of it. I think
it was like eighty two eighty three is when it
kind of went away a little bit. And Reagan went
in and he said, rip off the band aid. We're
going to go through the pain. And we had a
lot of layoffs and that brought prices down and then

(01:32:32):
we reset and then he had a pretty strong economy
after that. But he had to go through that pain.

Speaker 3 (01:32:37):
They knew, they knew it was something we had to
go through for sure. Hey, Tom, thank you very much
for all the support over the years. Have a fantastic
rest of your weekend, and thanks for the consideration on
that via.

Speaker 8 (01:32:48):
And thank you all for everything all.

Speaker 3 (01:32:49):
Take care awesome by now eight seven seven nine, seven,
six ninety six, nice short amount of time remaining, but
you're welcome to join us.

Speaker 4 (01:32:56):
Can we go back to Ross real quick?

Speaker 5 (01:32:57):
Because there was a question we got in the comments
thank you that PF was asking Ross, can you mention
how long a win mitigation and four point inspection a
good four so.

Speaker 2 (01:33:07):
Win mitigation report.

Speaker 6 (01:33:09):
I mean, as long as you stay with your existing carrier, right,
your existing insurance company, your win mitigation report is good forever.
The only time you would have to get a new
win mitigation report is if you're switching to a new carrier,
and that's when your win mitigation report is over five
years old.

Speaker 2 (01:33:26):
So win mitigation report are good.

Speaker 7 (01:33:27):
For five years. Wow, I hadn't even for a new
for a new carrier.

Speaker 2 (01:33:32):
Yeah, five years.

Speaker 7 (01:33:33):
I had no idea. Let me ask you a silly question.

Speaker 6 (01:33:36):
I know your four points are typically one year.

Speaker 2 (01:33:38):
Most carriers are one year.

Speaker 7 (01:33:39):
Oh four points one years? My question, Oh that makes sense.
I was confused from the four point and win MITT
because I was like, how can the four How can
the win MITT last five years if your roof's getting
older and older? But that's involved in the four point
The wind mid is about your hurricane protection and all that, right,
so that typically doesn't change, and the four points just
so that people know what four point means and what

(01:34:01):
you use it for.

Speaker 6 (01:34:02):
Uh, the forepoint is an eligibility inspection for the insurance
companies to make sure that, hey, your house is in
good shape and you know, there's no existing damage or anything.
And it looks that the four major systems is going
to be electrical, you're heating and air, you're plumbing in
your roof, so they look at make sure that hey,

(01:34:23):
your electrical is in good shape. There's no exposed wiring,
you know, they look for double taps and things like that.

Speaker 7 (01:34:30):
At wiring and all that right.

Speaker 6 (01:34:31):
And then in the ac they just want to make
sure that like it's not leaking, that there's not blockages
in the drainage, that it is cooling properly. And then
on the plumbing they want to make sure that there's
no like polybudling pipes, the pipes aren't leaking, the sinks
aren't lincoln or leaking. And then on the roof, yeah,
just they look at the roof, how many how old
is it, how many years of useful life? You know,

(01:34:52):
they'd look at you know, are there any lifting shingles
or crack tiles or leaks or things like.

Speaker 7 (01:34:57):
That, yeah, I didn't know that the wind it was
five years. That's that's really good news.

Speaker 3 (01:35:03):
Awesome.

Speaker 7 (01:35:04):
So I learned. Thank you PF. I just learned it.
Every show I learned something. I just learned my thing today.
So thank you PF.

Speaker 6 (01:35:11):
Now, if I'm selling you my house and I had
my win mitigation report done two years ago, you still
have to get one in your name.

Speaker 7 (01:35:18):
Oh it has to be under your name. Yeah, yes, okay,
that's really really important. Thank you, and thank you Jimmy
for reminding me, because I was going to do that
at the beginning. Hey, I wanted to talk about the
national economy. And there was this thing on the Hill,
which is a publication that covers all the politics on
the Hill, and they were saying, a real estate boom
is coming? Are you ready? And I was like, I

(01:35:40):
got to read this article because I don't see that
coming anytime soon, and this is our more projection. But
I thought it would be interesting of what it would
take for us to get back into a boom real
estate economy. Okay. And one of the things they mentioned
is is that rates well well yeah, okay, quit getting up.

(01:36:03):
Quit with the crack high right now, try to on
something else a joke because it is everybody's like pads.
It's like crack, crack crack. The first thing I thought
that was interesting that I learned is that for the
national economy, real estate accounts from fourteen to eighteen percent
of the GDP. So when the when the real estate

(01:36:26):
economy isn't doing good, that's like, you know, that's a
sixth of the economy of our GDP is real.

Speaker 3 (01:36:32):
Estate incorporated in GDP.

Speaker 7 (01:36:35):
Okay, that's a good, okay, because when this is how
they look at it. Okay, you go out and buy
your house. So now you've got a title company and
a mortgage company most probably, and property inspectors and an
appraiser and real estate agents, right, and all those people
are being paid to have that transaction done. Then when
you buy the house, you go to home depot and

(01:36:56):
you start fixing the house up. And then you go
to El Dorado and you start buying furniture, right, and
you do all this stuff. So all of that spills
into the economy, and that's why they say it's fourteen
to eighteen percent. They look at it that way, like
the ripple effect. When you buy a homeless bought or
sold and that's why, like when the economy's super hot

(01:37:17):
for real estate, it seems like everything's hot because it's
such a big chunk of our economy. And also, housing
is like everybody has housing that everybody deals with bitcoin, right,
some people invest in bitcoins, some don't, right, But housing,
everybody's got a place to live, so it's such a
big part of everybody's life. They can send that. So

(01:37:41):
based on that, So when the economy is bad for
real estate, it's bad for the national economy in general.
Now here's the other things I thought were kind of
interesting before we get into what is it going to
take to make a boom real estate economy? Again? So
what they're saying thing is is mortgage rates. These people

(01:38:03):
are predicting that in order to start getting a boom
residential or real estate economy, is that the mortgage rates
would have to fall duh, okay, but how much and
how much is very surprising. So what do you think
they're thinking would take to start a real estate boom again?
How far would the interest rates have to drop from
our six one seven right now? How far would it

(01:38:27):
have to drop to get this boom going? Five?

Speaker 3 (01:38:31):
Seven? Five?

Speaker 7 (01:38:32):
Okay?

Speaker 5 (01:38:32):
Four and a half U in the mid fives. I
would say, oh, I think we did that swim.

Speaker 7 (01:38:38):
Oh oh, it's so good. He's so good. And I
think Johnny knew too. It didn't say anything, it just
said it.

Speaker 4 (01:38:44):
But it changes. That's the only reason it doesn't.

Speaker 7 (01:38:46):
But no, you're one hundred percent right. You two are
very very close five point five percent. And I thought
that most people would say what Ross said, you got
to be in the fours or the threes, which is
very unrealistic. They're saying five point five percent is gonna
turn on the real estate market. Again, we're only we're
less than three quarters of a point away from that now.

Speaker 3 (01:39:08):
Yep.

Speaker 7 (01:39:09):
So you could get buy down interest rate to get
to that rate right now. So I'm not sure I
agree with that. I'm just telling you this is what
they're thinking.

Speaker 3 (01:39:19):
I don't.

Speaker 7 (01:39:20):
I think it's got to be more than five point five,
but that's what they're think.

Speaker 3 (01:39:23):
I think Ross's number is probably the number.

Speaker 7 (01:39:26):
I agree. I think so too, Johnny.

Speaker 5 (01:39:28):
Yeah, well, reality versus a poll or you know, a
questionnaireity goes out to people, right.

Speaker 7 (01:39:34):
This isn't a poll. This is this this group of
economist opinions. So they're not polling people. I think people
would have a different answer than.

Speaker 3 (01:39:41):
I would say. You would say five and a half
percent will be a magic number if the home values
got slashed by say twenty percent.

Speaker 7 (01:39:51):
Well, that's true, that's true, you know.

Speaker 4 (01:39:53):
But the problem is the home values will go up
if it.

Speaker 3 (01:39:57):
You know that, if we get a boom, they're not
going down up right, yeah, right, But five and a
half is probably a sweet number for a lot of
folks if the values kind of fell out.

Speaker 7 (01:40:07):
You know, somebody's calling one of my blank phones. I
don't even know how they have a number for that
phone scam, Like, we're going to find out. So, uh,
the reason why they're saving five point five is they say, yes,

(01:40:27):
there are still many people holding two percent mortgages and
they would probably grimace at the idea of getting a
new mortgage at today's interest rates. But it's not as
many people as you think. So how many people do
you think, percentage wise have a three percent or less.

Speaker 3 (01:40:45):
It's okay, I got it, three.

Speaker 7 (01:40:47):
Percent or less mortgage rate. How many people in the
country have three percent or lower mortgage rate right now?
Percentage wise of homeowners? Three percentage okay, So what percentage
of all the homeowners the United States have mortgage that
have mortgages have mortgages that are less than or three

(01:41:07):
percent or less.

Speaker 3 (01:41:08):
How many homes are owned in Florida.

Speaker 7 (01:41:12):
I think there's something like over one hundred million homes
in the United States or something.

Speaker 3 (01:41:18):
Like that und million. Yeah, so I'll say and that
they say that million people have a three percent.

Speaker 7 (01:41:24):
Oh, I only have percentage wise, I can't tell you
five percent. Eight, So the answer is yes, the answer
is fourteen point three percent. Oh no, no, no, take it back.
To take it back, twenty two percent have mortgages that
are three percent or lower. What right, And then fourteen

(01:41:46):
point three percent have mortgages that are six percent or higher.

Speaker 3 (01:41:51):
Huh.

Speaker 7 (01:41:52):
Right, So that's more than a third either have super
low interest rates or interest rates that are more prevailing today.
And then the other third right, because that's that's a
third of it. The other two thirds they've got interest
rates between three percent and let's say six percent. Right,
So what they're saying is is that that means almost

(01:42:12):
two thirds of the mortgages are between three and six percent.
They are the ones that are poised to come back
on the market when the rates go down. So it's
the people that have mortgage rates from three to five percent,
those are the ones more likely to say, Ah, I'm
tired of my house. I want to move. I know
I'm going to pay probably a higher interest rate, but

(01:42:33):
not that much that it won't make me not move, right.
That's what they're saying has happened. I'm not saying I
agree with any of this. I'm just saying this is.

Speaker 3 (01:42:41):
Not going to be the opposite of that. Like, it
just seems like the prevailing kind of perspective would be
it's the people that have the higher interest rate would
be more interested in selling the fourteen percent because now
they're motivated for their new loan will be lower percentage.

Speaker 7 (01:42:56):
Well that's true, but think about this, Jarney. Imagine if
you've been in a house and let's say you got
like a four percent interest rate. I'm just making it up,
which is really really good. That's awesome.

Speaker 8 (01:43:05):
You got it in.

Speaker 7 (01:43:07):
Yeah, And let's say that you're you've been there and
you're not happy living there anymore, and you really want
to go someplace else. But when you saw that the
interest rates in November twenty twenty three were seven seven nine,
and you're at four. It's like, I'm not gonna do that, right,
I guess I'm just gonna be unhappy. I'm gonna be
happy with my mortgage paper, but unhappy where I live right, Right.

(01:43:28):
But if you're at four percent and you get to
the point where you're kind of on, you know, you're
unhappy enough, and then you can move into a new
house at five and a half percent, you're probably more
likely to do that for your happiness factor. But here's
the other thing that people aren't getting. The reason why
those people might move is the amount of equity they're

(01:43:49):
going to bring to the new deal. So let's say
that they're paid four percent now, but they only put
they only put five percent down on their house. Another
house grew all the value, and now they could put
thirty percent down or twenty five or thirty or even
higher percentage down. That higher mortgage rate will be off
set because you're putting down so much more than you

(01:44:11):
did the first time with the lower interest rate. So
there's like a trade off that way. It becomes this
mathematical thing. So they're thinking that five point five is
going to be the big movement where people are going
to start saying, okay, it's time for me to move.
But I just think that's all kind of very interesting,

(01:44:31):
is how they think this is going to play out,
because I have no idea.

Speaker 3 (01:44:34):
Well, and when do we get to five point five?
Do we ever get back to five point five?

Speaker 7 (01:44:38):
Well, we just said it'd be at the top of
the show that there's a whole bunch of national economists
that says we're going to be in the sixes low
sixes for years. They think for years, But I'm not
sure I agree with that. If you look at that
Freddie Mactrot right now, it would have to go pretty
amazingly in the opposite direction pretty quickly because it's on

(01:44:59):
a down we're track right now, so it's got to
have a floor. But I don't know where that floor is.
And the reason why is that there's so much unknown
with what's going on. Like this article is complaining that
the reason why our real estate market's so slow is
high prices, high interest rates, and underbuilding for developers. Right,
they're keep blaming that that is so bull I'm sorry,

(01:45:22):
I used to believe it. Well, I think the.

Speaker 3 (01:45:24):
Key word the words that are missing are affordable building.
Exactly how to put the affordable part.

Speaker 7 (01:45:31):
Because these builders they can't sell the houses. They can't
sell all the houses going to market. That's why they're
doing these huge discount right right. I just saw one developer.
They're offering the buyer's agent five percent for real estate.
Bring me a buyer five percent? Can you imagine? So
the developers aren't building what the market needs is what's

(01:45:54):
happening here. So this whole under construction thing, I don't
buy into it anymore. I did back in COVID when
we had the COVID boom, right, we did have we
needed more construction then, But now I feel like that
isn't true. And the prices for construction or higher rate.

Speaker 5 (01:46:14):
Is that everywhere or is that a very street by
street scenario as well.

Speaker 7 (01:46:22):
For the construction for the construction construction, No, it's pretty
much everywhere. Most of the developers are slow everywhere, at
least no for Florida, but I hear throughout the country
they're kind of slow. It isn't dead, They're just slow,
not very slow. It's like very blah.

Speaker 3 (01:46:40):
Thank you for being with us on this Saturday. Every
Saturday you choose to be with us here on Real Radio.
We appreciate you very much. Always remember this is a
team that's ready to work for you, your friends, your family,
anybody you know that's looking to buy a home, sell
a home. They're stuck with their home, they don't know
what they do. If they need a professional that touches
the real estate world, we got it for you. One
click away Florida talkreal Estate dot Com on Facebook and YouTube.

(01:47:03):
Lots to consume, share away because you can absolutely change
lives with the professionals. The team of prospros at Florida
Talkrealestate dot Com like Rosca Marionettes with bright Wing Insurance,
Jue Know Beach. Have a great start to your November,
my friend.

Speaker 2 (01:47:18):
Thank you you too. I hope everybody else does too.

Speaker 3 (01:47:20):
And thanks for being with us on a Saturday. Every Saturday,
you're with us. Jimmy d Jim Depolo with the Florida
Home Pros team, Keller Williams Innovations. Enjoy your start.

Speaker 7 (01:47:28):
To November, Happy South Florida, and enjoy this weather. It's awesome.

Speaker 3 (01:47:32):
Yeah, he's into your weekend. I know you can use
a nice a bellow weekend. Yeah for sure. Jameithy, thanks
for everything.

Speaker 4 (01:47:37):
My dude, Thank you to you. Hold on here we go.

Speaker 5 (01:47:41):
Thank you very much, Johnny, and have yourself a great weekend, guys.

Speaker 3 (01:47:44):
Yes, thanks indeed, stick around locker room is gonna squeeze
out some sports knowledge here coming up next, and we'll
be back next Saturday, a couple more hours of infotainment
Florida Talk Real Estate style right here on Real Radio