Welcome Home With Guardian Savings Bank 12-14-24

Episode Transcript

Speaker 1 (00:00):
Can you help me, babe? A man a bad way?

Speaker 2 (00:05):
Good morning, Lexington. You're listening Welcome Home Show by Guardian
Savings Bank. I'm Larry Freanks, Tim Adams with you this Saturday.
Glad to have you tuned into US banks open a
day from nine to one on numbers eight five, nine, eight, nine,
nine one nine three six. That's Hamburg Southland Drive eight
five nine two six three three three three five, So
if you can hear she can call us Rapcherer. Still

(00:26):
hanging where they were last week. We're still six seven
five on a thirty year fixed and bond market's been
pretty crazy this week. Tim's keeping a close eye on it.
We're waiting for some reprieve so we can get a
rate drop. We're thinking it's it's going to come eventually.
It might not be until after the first of the year,
but we'll kind of see what's going on the job
market and everything. They finally got the truth that about
that with the Bureau Labor Statistics. They've only overestimated the

(00:48):
new employees of over a million. But they'll sort of
all that out and we'll figure out what's going on.
Tim and I talked a little bit about that last week,
we weren't too happy about it. We've got some guests
that are going to be with us today from lex
and Bluegrass Association Realtors that what is still called tim
or absolutely the Bluegrass Association of Rilters, and they altered
the names slightly when they took on the area of

(01:08):
Somerset as part of their got Down emissary got down
into south central Kentucky. So we got some guests with
us today. We'll go let them introduce themselves and go
from there, but once again open a day from nine
to one. Phone numbers eight five, nine, eight ninety nine,
one nine three six South and drives eight five nine
two six three three three three five, So if you
can hear, she can call us. But we'll just get

(01:29):
started right away and let everybody introduce themselves. Is with
us this morning. We'll just talk about stuff going on
around Lexton and the economy, what's going on with the
Reilver Community Housing Foundation, and kind of how this year's
wound up for Central Kentucky and todd If you want
to introduce yourself, then you guys just go ahead and
we'll go around the table and then we'll just fire
some questions and see what we can talk.

Speaker 3 (01:49):
About all right, sounds good.

Speaker 4 (01:51):
I'm Todd Hyatt. I'm president elect for twenty twenty five.
Blue Grass Reltors.

Speaker 5 (01:57):
Brandy Newsom, i am the current president for two twenty
four and I have about twenty days left in my
tenure and looking forward to calling Todd president.

Speaker 1 (02:09):
I'm Richard Given, CEO of blue Grass Reltors.

Speaker 6 (02:11):
I just want to point out it it's just blue
Grass Reltors now blue Grass Association and.

Speaker 7 (02:15):
Bluegrass Reltor Yeah, thank you.

Speaker 2 (02:17):
And we've been doing this for we've been over here,
been here for a long time, so it's just changing
names and there's nothing wrong with that. But I know
you guys expanded and want to include people, and so
we appreciate that. But you know, one of the things
that always come up, Tim and I talk about it
a lot, and I try to tell people this when
they're home shopping. And I'm just going to start off
striving right off the jump with home values. So the

(02:38):
values in this area are different than nationwide values. And
we talk about everything in the economy that you see
on the news is painted with a broad brush, But
in central Kentucky, what do you guys, have we done this?
This year and over the last little bit. As far
as values, how are they maintaining? Are they increasing by
what percentages? Which one of you guys can answer that,
And what do you think is gonna happen next year.

Speaker 5 (02:59):
I've got it in front of me and I'll take that.
So home prices have increased, They've been increasing for the
past four years. And David or excuse me, the PBA
here in Fett County posted that, David O'Neill that back
in the summertime, he posted that home prices had doubled
in the past ten years. And when we look at

(03:20):
it and try to zero in what's happened since COVID,
home prices have raised about forty five to forty nine percent.
That's a pretty good increase. And just this year alone,
we're up about eight percent from last year. Year to
date median house price in our thirty eight county areas
two hundred and seventy five thousand dollars. Last year it
was two hundred and fifty five thousand. So a lot

(03:41):
of stuff goes into that plays into the price increases,
and that's but the demand is the biggest thing that
we're having to deal with.

Speaker 8 (03:49):
And even though our.

Speaker 5 (03:52):
Supplies up right now, we're at three point four months
of inventory. A healthy housing market is six to eight
months with the inventory. But that is up thirteen percent
from last year, and we got down around twenty twenty
down to like one point four percent or one point
four months of inventory.

Speaker 8 (04:09):
So that's that's local.

Speaker 5 (04:11):
We always say real estate is local, but it's happening
the same thing over the whole nation right now, right.

Speaker 2 (04:17):
And then so in your capacity, you got twenty days left,
what do you guys do here? I mean, you've got
the numbers, you're obviously you're in tune with all the
real estate stuff going on in the area. But what
is your role? What is the what is the role
of everybody involved here with the with the group.

Speaker 8 (04:34):
So we have over four thousand members.

Speaker 5 (04:36):
I think it's around forty two hundred members in a
thirty eight county area, and that's increased since I've been
on the board in twenty fourteen. And it's mergers and
people joining ours our board because there's power and numbers
for one thing, but we work diligently to preserve and
enhance the rights and privileges of the owners of private property.

(04:56):
And you know there's so much that goes into that.
People think you just go buy a house and you're done.
But there's a lot of people who want to come
after us, a lot of people in Congress, And I
don't want to get political here, but you know, I'm
just going to throw out the flood insurance program. Every
year we have to get that redone because they keep
wanting to add stuffed and increase surprise and it's already expensive.

(05:17):
And you know, we live you don't have it so
much here in Fayette County, but you look at our
thirty eight county area and the geography that we cover.
We have a lot of counties that have a lot
of floodplain areas and you know, the homes are there.
Some of them never flood, but like in two thousand
and ten and twelve when it flooded in these Easterkatucky,
Morehead and different areas around us. I think FEMA came

(05:39):
in after that and put a lot of stuff in
the flood zone. People who have never who've had their
house paid off, who do not know that they are
in a flood zone now that they go to get
a loan or.

Speaker 8 (05:49):
A homemakery loan or something or sell.

Speaker 5 (05:52):
It then they realize that they're in a floodplain, and
then whoever buys it has to have flood insurance.

Speaker 8 (05:57):
That's one of the things.

Speaker 5 (05:58):
There's so many of the things we lobby for, stuff
for home rights, home probaty rights, not just locally but
nationally as well.

Speaker 2 (06:05):
We got one of the things that I can speak
up on the on the flood insurance part of it
was Hartland. Yeah, you know, all of a sudden, after
they did Saint Elizabeth an seak home and run off
from the parking lot over there, they wanted to change
the floods plain for the people that lived there for years.

Speaker 7 (06:18):
And that was one of my first experiences at Guardian
fifteen years ago. Hoever long ago.

Speaker 2 (06:23):
You know, they came in, these people don't want to
do a refinance, all of a sudden, Well you need
flood insurance. It what Yeah, you know, And it was
just that simple. But I mean, yeah, they're all the
time making those changes and you just have to adapt
and overcome and you got to follow along with them,
and you know'll fight for your rights on what's going on.

Speaker 7 (06:38):
But that's consumer protection. Yeah.

Speaker 3 (06:40):
Well, they digitized those maps.

Speaker 4 (06:42):
There were a lot of places because you know, they
were scaling it, yeah, and it was hard to get yep, exactly.
But then when they digitized all those maps, even though
they didn't reshoot anything, yep, but when they digitized it,
they put a lot of people in that flood plant.

Speaker 7 (06:57):
Oh yeah.

Speaker 2 (06:58):
And that's the first thing we do when we get
a loan application is to run that flood yep.

Speaker 8 (07:02):
And that's just one of the very many items Richard.

Speaker 7 (07:05):
Yeah.

Speaker 6 (07:05):
But i mean even beyond you know, flood zones, there's
also you know, ten thirty one exchanges, there's fighting against
transfer taxes, There's all these different things that we fight
against that, like, like Tim said, is consumer protection that
we're making sure that homeowners have the right to do
what they want to do with their properties. That we're
fighting for things like affordable housing and increasing supply, you know.

Speaker 1 (07:25):
So it goes a lot further than just flood zones
for sure.

Speaker 8 (07:27):
Yeah.

Speaker 2 (07:28):
And then you guys are looking out for the best
interest of all parties, not only the people that are realtors,
but the people that are you know, selling the homes.
And you've got two sides to every store. You got
a buyer's agent seller's agent sometimes and everybody's got all that. So, yeah,
you know, there's all kinds of different as on it,
but if you didn't know, Bluegrass is just such a valuable,
you know, commodity in this community and certainly serving the

(07:49):
realtors of this community and the access to continuing education
that they need to be exposed to.

Speaker 7 (07:56):
That's what you all provide correctly.

Speaker 1 (07:58):
Absolutely.

Speaker 8 (07:59):
Yeah.

Speaker 6 (07:59):
One of the tenants of what we do here is
a lot of education, a lot of continuing education.

Speaker 1 (08:03):
Ni R has the Code of Ethics.

Speaker 6 (08:05):
You know, that's what separates a realtor from from just
a licensed real estate agent.

Speaker 1 (08:09):
Is ani R has a code of ethics that's followed.

Speaker 6 (08:12):
That Code of Ethics is nineteen thirteen, and you know
that's what really separates a realtor from it just a
regular real estate agent.

Speaker 8 (08:19):
Yeah, and education is it's key.

Speaker 5 (08:22):
I mean, Kentucky law requires a licensed agent to have
six hours of continuing education as two classes, and we
offer so many classes here from our association and it's
free each our members. We actually have a class being
taught right now here under Jentleen Mitchell and he's been
teaching for us for quite some time.

Speaker 7 (08:39):
Yeah.

Speaker 5 (08:39):
Yeah, but we do. I mean, there's so much that
we do. It's just like when you're selling a house.
Sellers and buyers do not realize all the stuff that
a realtor does in the background to try to get
things moving to the closing date. And the same way
with the board. The board does so much stuff. And
our association, our state association, our national association. I mean,
we're in Frankfort.

Speaker 8 (08:59):
We're in and we are.

Speaker 5 (09:00):
Lobbying hard to protect your homeowner rights because everybody's wanting
to get something from us. Richard mentioned about the transfer
to you know, for the past so many years that
I can remember. You know, that's always come up during
the sessions as somebody's wanting to tax the seale of
real estate. Well, we pay enough taxes the way it is.
But we have we have people and all of the

(09:20):
stuff that we do, it's other than the staff, and
we have an excellent staff. I think we've got about
fourteen members here at the board who keep us running
day to day. And that says a lot because you've
got forty two hundred members, forty two hundred different ideas.
We have different ideologies, different political parties, but when it
comes down to what we do, we don't say we're
Democrat or Republican.

Speaker 8 (09:39):
We are the realtor party.

Speaker 2 (09:41):
It's one question I have is, you know, recently, you've heard,
you know, in a nationwide of the news about commissions
and who's going to pay the commissions to your bar
or buyer and who's going to pay the sellers? You know,
so there's can you provide any insight into if you're
trying to sell a house right right now, are you
going to be expected to pay the commissions for your buyer?

Speaker 5 (10:03):
Well, a lot of stuff that people see are the
are the national headlines and the stuff that the gotcha
captions and headlines and stuff like that that try to
get you in there. And so when this broke, a
lot of it was well there's so much I don't
even know if we have three hours.

Speaker 8 (10:20):
Yeah, but here's the thing.

Speaker 5 (10:22):
You cannot expect someone to work for free, right and
so you know what this has caused. It's caused us
to have more conversations. We should have been having it
all along. I'm not gonna I'm not gonna kid this.
We we should have been having a you know, you
got new agents that come in, they get excited, they sell,
they send a form, they don't go over it. And
so this has brought some more what's sword I'm looking

(10:44):
forward transparency, yes, and I think it's great. But you know,
as a seller, when you listed your house with me,
it was a certain commission. Now we don't talk about
what those commissions are because we don't want to violate
anything Sherman Anti Trust.

Speaker 8 (10:56):
Acts and all that stuff.

Speaker 5 (10:57):
But but say it was commissioned, you agreed to pay
me to sell your house. That I then took that
and offered to pay part of that to someone to
bring the buyer.

Speaker 8 (11:07):
And so that's changed a little bit.

Speaker 5 (11:10):
I now have to tell you that you're going to
be paying this, but you're probably going to be asked
from the buyer's side to pay that side as well.

Speaker 8 (11:18):
But we also have to have.

Speaker 5 (11:19):
That conversation on the buyers with the buyers and say,
you know, here's what I charge, and so we will
ask for that to be paid, but you cannot expect
someone to put the time in that we put into
for free.

Speaker 1 (11:31):
And bottom line is there was a any our home buyers.

Speaker 6 (11:34):
And so always report has shown that eighty nine percent
of people still use a realtor, and that is the
highest the numbers ever been, regardless of the Internet, regardless
of anything that's happened, people still want a professional to
navigate it through the most complicated process of their lives.

Speaker 8 (11:48):
And the most expensive transaction.

Speaker 6 (11:50):
They exactly right and then and so, yeah, things may
be a little more complicated now, but thankfully realtors are
there to help you help it's consumers through it.

Speaker 2 (11:58):
So one way or another, realtors kind of simply put
it's a little It's still a fluid issue.

Speaker 7 (12:03):
As far as I know, because I've.

Speaker 2 (12:04):
Seen contracts and I've gone through purchases here in the
last month and the seller has still paid or But
the bottom line I think you're saying is that there's
more negotiation.

Speaker 5 (12:15):
There is and more explanation, and what matters to the
seller is the net.

Speaker 8 (12:20):
What are the alking away lest.

Speaker 2 (12:21):
Yeah, we're gonna take a break, you know, we're gonna
be right back, and these guys are gonna tell some
more information. Banks open a day from nine to one.
Phone numbers eight five, nine, eight, nine, nine, one nine
three six South and drives eight five nine two six
three three three three five. So if you can hear as,
you can call us six point seven five one to
thirty we're five point seventy five on CAGEC on the
first time home buy our programs. We take advantage of
that if you can. CDs are still paying pretty good.

(12:44):
Pass book savings paying pretty good, folks. You're listening to
Shelby Lord this weekend. On the music side of this.
You can catch him on Spotify and all kinds of
music resources. So listen to him online somewhere.

Speaker 7 (12:54):
We'll be right back. You're listen to Welcome Home so
by Guardian Savings Bank on news Radio six thirty w LAP.
We'll be right back. You're back.

Speaker 2 (13:01):
Listen to the Welcome Home Show by Guardian Savings Bank
today from nine to one. Phone numbers eight five, nine,
eight nine, nine one nine three six South and drives
eight five and nine two six three three three three five,
so if you can hear, you can call us. Got
the Cats later on this afternoon, about five o'clock. I
guess they're going to play hopefully the L's Up, L's
Down game or whatever it is. Hopefully we're l's up

(13:22):
at the pre game come on around three o'clock. I
reckon at that right tim best Craft w l AP
right here, so stay tuned for that and exciting went
out and Gonzagulator earlier this week. That was fun to see.
And then I'll tell you what tim I was. I
like the Bengals and the Dallas Cowboy game was pretty
fun too, so fun game, lot karma in the game,
So yeah, it was fun to say.

Speaker 7 (13:43):
It was a good time. But back to the task
at hand.

Speaker 2 (13:46):
Rates six seven five on a thirty year five and
zero point seventy five on the CAGEC funds and first
time home bar o stuff, and there's gonna be a
lot of down payment assistants coming about the first of
the year, so keep that in mind.

Speaker 7 (13:58):
Give us a calling, see if we can help you
with that.

Speaker 2 (14:00):
F h a v A us DA conventional financing, owner
occupied non owner occupied, construction loans, bridge loans, anything but
car loans, note loans and boat less or you know
that that KC Kentucky Housing Corporation. I mean, they're in
the fives right now. So for first time buyers, be aware,
be aware that there are some you know, low rates

(14:22):
out there.

Speaker 7 (14:23):
If you're one hundred percent, you know, so think about that.

Speaker 2 (14:27):
I know we've talked about inventories and issue, but you can't.
You gotta have to throw your hat in the ring
and hope for the best. You know, we talk about
all the time. He's telling you what property values are
getting up, you know, And I tell people all the
time what I'm understanding, you know. You know, six and
a half seven percent increase in values. You go along
and you're paying down your home, and the lower rates go,
the more competition people having in home buying. If you

(14:48):
could buy something now, get it, marry the home, date
the loan, you know. I mean, you can always refinance later.
But the more time as you spend waiting, you know.
I was telling my daughters, you know, friends, they're waiting
for the rates to go down, and you know, I said, look,
this house is about two fifty sid. When that rate
goes down, that house it'll be about two eighty five.
So where's the relate. The more you pay, you right and.

Speaker 5 (15:06):
At three point four months worth of inventory, you actually
have more to choose from right now than you have
had in the past four years. And that's a great
segue because I gave an example last last week on
an interview I was doing about the rate because everybody's like, well,
we're gonna wait till they come down to five percent
or three percent. Well, I'm here to tell you, I'm
fifty six and I don't think that we'll ever see

(15:27):
three percent again in my lifetime. I will tell you
that hopefully they'll go down. The FED is expected to
cut the rates sometime in the middle of this month,
around the fifteenth. I know the twenty five basis points,
and they've already done two. But that did not hit
our mortgage market like we wanted to because they had
already been pricing some of those cuts into that preemptively.
But hopefully that'll come down. But an example that I

(15:47):
gave was a three hundred thousand dollars house. If you
bought that three hundred thousand dollars house at a seven
percent interstray, your payment's got I think eighteen hundred and
some dollars. If you bought it at five percent, it's
going to be fifteen something. It's about four hundred dollars,
maybe a little bit more than four hundred, but it's
close to four hundred dollars difference in payment. Now, not
everybody can qualify and pay that extra, but if you
can afford to do that on that three hundred thousand

(16:07):
dollars house, you know you're paying four hundred forty eight
hundred dollars more for the year that house. Last year
in Lexington went up eight percent, so that's twenty four
thousand dollars. So you're paying four thousand, forty eight hundred
dollars to gain twenty thousand exactly. So if you can
do that, do it, because that three hundred thousand dollars house,
as you said earlier, is going to be three hundred
and forty when the break comes down to the magical

(16:30):
five percent that you're wanting.

Speaker 2 (16:31):
So get it tax deductible expense with the IRS, depending
on how you file. I mean, it just should be
and it could be, but it's you know, you make
a great point, and we talk about it all the time.
I mean, they're not making any more land. You got
to buy right, and that's part of the process, and
you guys can we'll go over part of the process
as far as getting appraisal, of getting a home inspection,
part of the things that you guys oversee and make

(16:52):
sure the protective buyers. You know, we can't control what's
going on in the economy, but we do know what
inventory's out there. We know that there's some good things
to choose from. The higher the rate, the lower the
buyer qualification. So as soon as it starts dropping, you're
going to have so many more people be fidding for
that very same house you are. And I can't say
it enough. You know, just marry the home and date
the loan. You don't have to keep it. And there's

(17:12):
plenty of people right now that could go from seven
to seven five or eight percent that they got down
to six point seventy five with us if their house
has increased in value depending on you know how long,
and maybe get out of their mortgage insurance right now
and save one percent And what's it cost a nine
hundred and fifty eight bucks or something like that to
refinance with us, But you know, they'll hang on. And
people think that they've got a wait for so long

(17:32):
to you know, do it, but you can do it anytime.

Speaker 7 (17:34):
Well.

Speaker 5 (17:34):
And one of the things we've had to run into
or experience over the past three or four years is
people who have that three percent rate but they need
to move, but they don't want to give up that
three percent rate to pay seven percent. But then they
start coming down to the five to six percent. Our
national economist Lawrence in He says, you know five to
six is normal. I mean, Pepe, think about this, I mean, Gus.
I've been in real estate long enough to remember when

(17:55):
the rates were twelve and fourteen percent.

Speaker 7 (17:57):
And houses world worth seventy six thousand.

Speaker 5 (17:59):
Yes, held up. The inventory demand has built. There is
so much pent up demand right now that I do
think that five and six percent. Once I guess to
there is going to kind of open a flight gate.

Speaker 2 (18:08):
Yes, oh yeah, we're gonna take another break. Your listener,
Welcome Home Show, Oh Banks open to day from nine
to one. Phone numbers eight five, nine, eight nine nine
one nine three six Southland Drives eight five nine two
six three three three three five.

Speaker 7 (18:19):
You can get a hold of Jammie Mortimer.

Speaker 2 (18:20):
Aaron O'Brien, Alex mulaney or Jim McKenzie over there, so
give him a call if you're in the neighborhood. You're
listening to music by Shelby Lord this morning.

Speaker 7 (18:28):
He's an artist out of Ashland, Kentucky.

Speaker 2 (18:30):
Catch him at the Borough or sometime around town.

Speaker 7 (18:32):
We're gonna take another break. We'll be right back. You
are listening to Welcome Home Show by Guardian.

Speaker 2 (18:35):
Savings Bank on news radio six point thirty holding the Wildcats.

Speaker 7 (18:39):
W hell ap, We'll be right back.

Speaker 2 (18:42):
You're back listening to Welcome Home Show by Guardian Savings Bank.

Speaker 7 (18:44):
Open to day from nine to one.

Speaker 2 (18:45):
pH numbers eight five, nine, eight nine nine one nine
three six. Southland Drive is eight five nine two six
three three three three five.

Speaker 7 (18:52):
So if you can hear us, you can call us.

Speaker 2 (18:54):
We're doing a little off site show today and we're
glad to be across town over here in the south
and drive. Tim You want to let everybody know where
we're at and what's going on here. Do these guys again,
we've been talking for a while and I know that
they're given great information, but we can let the listening
audience recognize who it is that we're speaking with. Well,
you know, it's a relationship that Guardian Savings Bank has
had for years. And uh you know, we serve on

(19:16):
the board of the Realtor Community Housing Foundation, which we'll
talk a bit a little bit. You'll hear a PSA
on here every weekend about the wheelchair accessibility program that
we offer as part of their philanthropic effort. And this
is the Bluegrass Realtors and and they're just such a valuable.
It's it's like a realtor hub to me. I mean

(19:37):
when I come up here, there's always realtors coming in out,
lock boxes coming in out.

Speaker 7 (19:41):
You may want to talk about, you know, all the
services that you offer.

Speaker 2 (19:45):
But we've got Todd Hyett, the incoming president of Bluegrass,
and we've got Randy Newsome, the current president of Bluegrass Realtors.

Speaker 7 (19:54):
And we've got Richard Given he's the CEO. He's been
here what's six months?

Speaker 1 (20:00):
Yeah about that six months.

Speaker 2 (20:02):
And so he's become a part of our community and
he'll continue to do that.

Speaker 7 (20:07):
And so I'm excited about, you know, having you know,
we had we had a.

Speaker 2 (20:11):
Little turnover, but we're back in business and some guys
thank you all for coming today, and we're going to
talk more about a topic. Well, I was kind of wondering,
you know, you got we've done over what the numbers
we know of for now, but what are you guys
seeing And you're the income and president. I know your
big deal is and we're teasing it between commercials here
just to maintain pod. But what do you I mean,

(20:34):
what do you see for the future as far as
the real estate business here and in your experience. What's
going to happen in the cyclical market that we fall into.

Speaker 4 (20:43):
Well, I think inventory again is still going to be
the driving force supplying demand. The reason we've seen the
increases in house prices over the past four or five
years has purely been supplying demand. I think everybody recognizes
the fact that there needs to be more development. They're

(21:04):
trying to figure out whether they can work with the
different municipalities to try and do some tax credits or
work on infrastructure and some things that can ease the
pain for the developer because there is such a the
holding cost is so high anymore from what it used
to be, so you know, I think we will see

(21:27):
a continued uptick in inventory. I don't think it'll be substantial.
And on the demand side, there's still so many people
that need homes and the prices have gotten you know,
we're going to have to also, especially in the outlying areas.
It's a little bit better in fayetc. County, but there's
got to be different types of house and a lot

(21:49):
of the rural communities because of the zoning regulations, they
don't have as many opportunities for a developer to come in.

Speaker 3 (21:56):
And do smaller homes and different types things. So I
think that's going to be the key as we moved forward.

Speaker 7 (22:02):
Well, and some of it's just successibility.

Speaker 2 (22:04):
I mean, we're horse farm country and yeah, there's a
lot of touse tax credits out there that prohibit these
green spaces being developed.

Speaker 7 (22:11):
So I know that's a problem just having the space
to build.

Speaker 2 (22:14):
I think David o' neil will tell you what land
has left here to develop according to the plan, and
there's you know, they're about maxed out on what they're
going to build in Fat County and that obviously keeps
prices where they are because they're just not there's only
so much that you're going to be able to do
in Fat County, and everybody's spreading at to Madison Clark.

Speaker 6 (22:31):
And they and they did expand their service boundary recently,
but then you still had infrastructure costs.

Speaker 1 (22:35):
You know, That's kind of what tab was talking about.

Speaker 6 (22:36):
There is and that's where you know, the task force
in the Kentucky legislature had that you know, two hundred thousand.
In the short they're considering a lot of different options
right now. One is like infrastructure funding and infrastructure builds,
things like that.

Speaker 1 (22:48):
Because we really have to solve that problem.

Speaker 6 (22:50):
You know, fifty one percent of people who work in
Lexington live in a county outside of Fayette. You know,
that's a problem. And it's that numbers for twenty nineteen.
I'm sure it's only gotten worse.

Speaker 5 (23:00):
Yeah, And even though they increase the service area, that
is not going to be an immediate fix. I mean
you're talking five to ten years down the road sometimes
for that goes. And then to back up to the
talking about the two hundred thousand units short of Kentucky
prayer that down to Fayette County and we're looking at
about twenty two thousand that we need. So people are
driving because that's where they're going to have to find

(23:21):
the houses because that's where they're going to be built.
And the three of us were at a Commerce Selection
and Regional meeting here a couple of weeks ago, and
some legislators were there and they were talking about some
things in the upcoming session. And I think the way
that they're looking at it and thinking about how to
address it is on the supply side. And I think
that's smart because we got enough demand right now, we

(23:41):
can't fulfill the demand, so we need to do something
to help with maybe cutting back regulation or do some
public private partnerships or something.

Speaker 8 (23:50):
But it's got to be addressed.

Speaker 7 (23:51):
I think.

Speaker 8 (23:52):
On the supply side.

Speaker 2 (23:53):
What do you see in the future for the new
builders that want to come into the market. You know,
you got the people with a lot of money, a
lot of connections, that a lot of lane and they've been
around a long time that a lot of people went
out of business during COVID and stuff, you know, with
like we're talking about.

Speaker 7 (24:05):
Just you know, you can't can't get very far.

Speaker 2 (24:08):
Is it going to be tough for young, young, new
people to get into the market and buy lots and
build homes or are they going to try to promote
that too?

Speaker 7 (24:14):
Did they say or can you even can you go?

Speaker 3 (24:16):
They didn't really say.

Speaker 4 (24:17):
They did talk about how you know, the lack of
supply is affecting everything. But because when they you know,
when they're out trying to bring companies into the region
to employ, you know, they've got to have places for
these people to live, and it's just not there. But
I do think, you know, it's going to be tough

(24:38):
for the younger people coming in. Yeah, you know, because
of the cost I've been fortunate. My father in law
was a developer, and we've developed and we've got land
we're trying to develop. But the cost is is just
so much higher than what it was twenty years ago.
By the time you do the curbs, the sidewalk, the
dut or you know, your drainage, the infrastructure costs has

(25:01):
just driven. Even at home, the lot prices are going
to be more than double. Yeah, what what inventory is
there now? If you put something in there, we.

Speaker 2 (25:11):
See you know, I mean we're all at the table
here and somewhere near the same age group. I think
we've seen a lot of stuff. Back when your yards
were bigger, houses you know, are closer together. You'd have
a driveway that might be a little longer than it
is now. I mean, they've gone so many different ways
of cutting costs in different style of homes. But so
do you think it's going to still continue to be
a single family housing market? You think you're going to

(25:32):
see more townhouse type of stuff. You see dominions coming
back into play to try to meet the demand, or
what do you guys see?

Speaker 5 (25:38):
I personally think that there's going to be have to
be more high density housing, be it town homes bit,
you know, kindos whatever. But because all the stuff Todd said,
just to get a lot, all the different regulations, all
the different things that you have to go to, drives
the cost of that lot app so high that you know,

(25:58):
if you're doing high density housing, you know, you go up.

Speaker 8 (26:01):
And so it's kind of like building a house.

Speaker 5 (26:02):
You build a ranch house, it's more expensive than building
a two story because you have to have more foundation,
you have to have more growth and all that stuff.
I saw reports one day this week. I was looking
saying at the average the average age of first time
home buyers has reached an all time high. I'm thirty
eight years old. That concerns me as much as everything
else that concerns.

Speaker 3 (26:22):
Me, And that they won't buy that second home until
like fifty.

Speaker 2 (26:26):
And seventy three percent of those people don't have anybody
in the home below eighteen years old.

Speaker 7 (26:31):
Yeah, it's right, you know.

Speaker 2 (26:32):
So, I mean, I'm looking the same number as you are,
and we look at we study them all the time.
We used to feel so confident in our finger on
the pulse of the economy and the heartbeat and trying
to help people with rates and so on and so forth.
And we but it's all changed now. Communication is different.
You really you really can't tell. But somebody would call
and say what do you think? And Tim's had one
a load and floating this week. He's been watching that

(26:53):
bond market, you know, like crazy, and you know, and
it's just we can't tell, and it's just you know,
it's just so Bob talk.

Speaker 7 (27:00):
You know.

Speaker 5 (27:00):
Where I think there's an opportunity at right now because
we talked about the pent up demand, We talked about
people who are wanting to sell.

Speaker 8 (27:06):
We talked about aging.

Speaker 5 (27:08):
People are aging, they want a downsize, but they don't
want to give up their mortgage to go to a
higher mortgage, but they need a smaller house. And then
the other thing about that is some of those houses
are not updated. So I think the opportunity there is
if a lender could come up with some system. I
know there's there's homemaderee loans and stuff like that out there,
but if somebody would come up and package something that says, hey,

(27:28):
you buy this house, it's older, it needs updates, we'll
finance it and we'll do this to help you update it.
Just I mean, there's there's just an opportunity there but
a lot of the homes that are going to come
on the market are going to be dated.

Speaker 7 (27:40):
We do we do.

Speaker 2 (27:41):
We have our Bridge loan program and then and the
way it works, I mean there's we put some nice
loans together where people used it's just an advance under
equity to understand how one works. And we talk about
all the time, but I've had several people buy a home,
pix it up. That's money that they with the equity
that they get from our loan, move into it, take
their own home, up grade it with the money that

(28:01):
they get from the bridge loan, and then they maximize
the sales price on that as well.

Speaker 7 (28:05):
It's exactly what you're talking about. And you have to
the equity has to be right.

Speaker 5 (28:08):
That's a great program. And you know, getting people to
want to buy this house.

Speaker 8 (28:13):
They look at it.

Speaker 5 (28:14):
It's got good bones, footprints great, the elevation is great,
but it needs an updated kitchen all that stuff. So
those type of things are going to really be beneficial.

Speaker 8 (28:22):
And I just think that you know, we need to
we need to hone in that a little bit more.

Speaker 7 (28:27):
We need to talk about it.

Speaker 2 (28:28):
Yeah, to expand on the aging population. I think that
would create opportunities for infield on properties that you're talking
about that some of these homeowners, as we see here
at the foundation, they can't afford the upkeep for the
home anymore. Yeah, So what we need is a solution
of where to that person is.

Speaker 7 (28:45):
Going to be.

Speaker 2 (28:45):
You know, let's let's buy that house and move them
to whatever where they can because they're they're aging.

Speaker 5 (28:53):
Taxes went up, insurances went up. Everything's won us.

Speaker 2 (28:55):
And this we infield, I think we have that has
to be part of the strategy.

Speaker 8 (29:00):
When you think yeah, I think so.

Speaker 7 (29:01):
I mean, like you said it, I'll make any more land.
Why don't we Why don't we help?

Speaker 5 (29:05):
I think we've seen a push here in Fayette County
over the past few years to try to do that.
And you can see some of the new houses that
have come on the market and stuff. They're build a
little bit smaller, but they're updated, they've got all the
amenities people are looking for.

Speaker 8 (29:16):
And you know, everybody wanted.

Speaker 7 (29:17):
A big a big yard.

Speaker 5 (29:19):
You know, used to the way society is right now,
you don't have time to keep up that yard.

Speaker 2 (29:24):
So we wanted big yard because I had five brothers
and sisters, you know. But so but and you you know,
you ran around and you did stuff, but now the
families are so condensed with one or two kids, you know,
when you get a neighborhood park that you can walk
to and little facilities like that.

Speaker 7 (29:39):
But yeah, I mean it's the.

Speaker 2 (29:40):
Whole just the whole deal that we've seen as we've
grown older, and the changes that you know, have happened
with the way things are built, the way they proposed
neighborhoods are put together. One of the what they got
going on Richmond right now, out there across from Richmond Center,
you're gonna have shops on the first level and condos
on the second level. You know, we have little markets
and you know whatever, you know, and just have your

(30:01):
own little community and it's just you know, hopefully, you know,
it'll continue to go like it is.

Speaker 5 (30:07):
Well, things have changed a lot the way we do things.
You stip me and you look at some of the restaurants.
You know, there's there's a thing right now about a
lot of these chain restaurants are struggling because from the
millennials on down, those people they don't buy into what
we all at our age brought into and they don't
want to have all this stuff. They want experiences, so

(30:27):
they're not actually going to these restaurants, to the chains
like we all used to with our friends and stuff.
They want to have everybody at their house and they
want to experience and do the cooking and all that stuff.

Speaker 8 (30:36):
And it's it's.

Speaker 5 (30:37):
Driven some of them out of business. And I think,
you know, we have to we have to take that in.
You can't always force people into the way you do
things right.

Speaker 2 (30:45):
And you kind of have to just keep moving with
what you think is going to happen. And it's a
shot in the dark sometimes, but you know the fact
of the matter is they're not making any more land.
You guys are working to make sure that the legislation
all this stuff that's coming in is fair for everybody involved.
And I'd like to see how this some of these
partnerships are going to come aboaut with new builders and
land development and so on and so forth. We're gonna
take another break. You're listening to Welcome Home Show Open

(31:07):
the Day from nine to one. Phone numbers eight five, nine, eight,
ninety nine, one nine three six South and drives eight
five nine two sixty three three three three five, So
if you can hear if you can call him.

Speaker 7 (31:16):
Hope you're listening to Shelby Laurder.

Speaker 2 (31:17):
You can find him on TikTok, Facebook, anywhere music is played.

Speaker 7 (31:21):
We're gonna be right back here.

Speaker 2 (31:22):
Listen Welcome Home Show by Guardian Savings Bank on News
Radio six point thirty eight.

Speaker 7 (31:26):
W LAP be right down.

Speaker 2 (31:28):
You're back listening to the Welcome Home Show sponsored by
Guardian Savings Bank. Our branches are open to day from
nine to one. Phone numbers South One's eighty five, nine
two six three three three three five are out in
the wonderful Hamburg area. It's rarely bustling out there right
now for Christmas. So we're at eight nine to nine
one nine three six and we have our guests today

(31:50):
are the gentlemen from Bluegrass Realtors. And you may ask yourself, well,
who and what is Bluegrass Reltor. Well, they are such
a valuable asset to this community and servicing the realtor
community as well.

Speaker 7 (32:03):
But we have a foundation here that they help support.

Speaker 2 (32:06):
It's a Realtor Community Housing Foundation and it's wheelchair accessibility
and no.

Speaker 7 (32:11):
Charge to qualified homeowners. It's more than just that they do.
They do a lot in the community.

Speaker 6 (32:16):
Yeah, thanks Sam, so yeah, that the Renter Community Housing
Foundation is kind of start with that. That's a foundation
that we have that brings in donations every year. We
have a charity gala that brings in a vast majority
of that, but of course we take donations, you know,
at a kind of a crowdfunding smaller level as well.

Speaker 1 (32:30):
But it does it helps.

Speaker 6 (32:31):
Build ramps for seniors, veterans, amputees, people who have sudden
disabilities that they may had before through accidents. It keeps
them in their home and gives them access to their
home so that they're able to get in. So that's
one of our that's obviously one of our biggest foundations
we have, but we do a lot more than that
as well.

Speaker 1 (32:49):
You know, we have a scholarship program. It's going into
its second year. It offers ten scholarships at two thousand
dollars each. That's you know for high school seniors.

Speaker 6 (32:58):
You know, we give back to the community by high
grants and organizations that do work in a lot of
different ways. Earlier this week, we had realtors out at
the Rescue Mission. I mean just in general, realtors are
constantly involved and anything that makes the communities we're in
better places to live, work and play. You know, realtors
just we do a lot more than just sell homes

(33:19):
and just talk about markets and interest.

Speaker 1 (33:21):
Rates and advocacy. Right, we're out there being the hands
and feet in the community to make a better place.

Speaker 2 (33:27):
Isn't it true that most sellers at higher realtor command
a bigger sales price?

Speaker 7 (33:32):
Is that correct?

Speaker 6 (33:34):
There have been multiple studies on that that have definitely
shown that houses that sell on the multiple Listing service,
which is the system that we run for the realtors
to list properties in the area, do usually sell at
a higher rate than being sold off and it's by.

Speaker 1 (33:48):
Far more than any kind of commission that you would pay.

Speaker 5 (33:51):
So there was a report at one time a couple
of years ago about the national subsection of realtor that
said that if you use a realtor to sell your house,
you get typically twelve to sixteen percent more that more
than off sist our small commission compared to that amount
of money.

Speaker 1 (34:04):
Absolutely, yeah, So.

Speaker 7 (34:05):
All days we'd ring the bell on that one.

Speaker 2 (34:07):
Yeah, well we'd be two hundred and fifty dollars what
we used that for a refinance. That's really what the
cost was for refinance other than a filing fee, and
you're going to ask fro but that covered everything. So
we said we hit the bell and the radio station
every time we knew a loan was closing, and so
it was. It was part of the part of the deal,
but it was you know, it's and working together with

(34:28):
the realtors and and everything that they do in the community.
And now with four thousand strong and reaching out into
southern south central Kentucky and so on and so forth,
it's absolutely now and just keep growing it.

Speaker 6 (34:40):
We have thirty eight counties total now and that's part
of the blue Grays culture. It's basically it's it's Rowney
Counties all the way down at the southern border, so
we're coming a pretty pretty wide swath.

Speaker 5 (34:48):
Usually all the way north of Cythiana west to Anderson County,
Lawrenceburg and east to more Head and around county.

Speaker 2 (34:54):
Yeah, that's awesome, Tim, What else you got that you
wanted to address? Oh, you know, I think they've done
a great job of really telling our listening audience of
what bluegrass reltors is all about and what a great
like you said, a great asset to this community on
many fronts. But certainly serving the needs of our area realtors,
which thirty eight counties rely on the Bluegrass reltors to

(35:18):
provide the opportunity for them to continue their education, and
they must do that. That's a requirement of beer realtor
is to stay up to speed basically on I know
some of the formage has changed the last couple of years.
And Crystal up there with the bar pack is she's
part of the administrative process to help them at the

(35:39):
legislative front.

Speaker 6 (35:41):
I think just one last thing just to make sure
everybody understanding the blue Grass cultures.

Speaker 1 (35:44):
We're not a brokerage.

Speaker 6 (35:45):
You know, we represent the realtors, We support the realtors,
We help educate and provide the services for the realtors.
But you know, we're kind of the neutral onestop shop.
So if you go to our website, which is Bluegrass
Reltuors dot com, that's a good place you can go to.
You can see all the realtors that are that are
operating in our area.

Speaker 1 (36:04):
So that's where you can go to kind of help
pick one. And you know, we do a.

Speaker 6 (36:07):
Lot of things to help consumers and home ownership in
the area as well.

Speaker 1 (36:10):
So we are here for the community.

Speaker 2 (36:13):
So they're passing up Aton today kind of so to speak.
Nearing the end of the year, I was going to
ask Ton Todd, how long have you been to the
real estate business?

Speaker 7 (36:21):
Thirty eight years? Wow?

Speaker 8 (36:22):
How about your stil thirty four years?

Speaker 7 (36:25):
That's crazy.

Speaker 2 (36:25):
And we've been lending for a long time too. Between
two of us, we might add that together. Yeah, but
it's just you know, I mean, you guys have seen it.
We've seen a lot over the years. All I've ever
done is mortgage, landing and tim We've been doing it
long exactly. You always see those cycles, you do. You know,
what goes up must come down. I mean, you're going
to deal with some of that. When the rates were

(36:46):
really low at this time of year, we'd be closing
you know, ten or twelve loans a day. It seemed like,
you know, in the wintertime it kind of slowed down.
Springtime pick you know, in the summertime you get busy,
and it was always that time.

Speaker 7 (36:57):
Now for a while it wasn't like that.

Speaker 3 (36:58):
Yeah, how it's back like that.

Speaker 5 (37:00):
That's one of the biggest changes I've seen in my
tenure as a realtor, is that, you know, used to
you'd have a spring and fall market, and but the
last age ten years it's been steady stream all the
way through because I've sold as many houses in December
January as i've sold in July.

Speaker 2 (37:15):
Yes, exactly, So we appreciate you guys. Let us come
and do the show with you. We'll get you back
out here talk some more about what's going on in
the economy. We'll be back next Saturday. Banks open to
day from nine to one for numbers eight five, nine,
eight nine nine one nine three six South and Drives
eight five nine two six three three three three five.
Got the pregame show coming on around three o'clock and
you Louisville in UK today at five point fifteen, so

(37:38):
hopefully we have another good game with that. I'm excited
for Coach Pope and all the stuff they got going on. Folks,
you're listening to Shelby Lord on Music Today Artists out
of Ashland, Kentucky.

Speaker 7 (37:47):
Enjoy it. Find him online somewhere and listen to his music.
We hope you have a good weekend.

Speaker 2 (37:50):
You've been listen to Welcome Home Show by Guardian Savings
Banking on news radio that's right here on six thirty
w LA.

Speaker 7 (37:56):
We'll be back next weekend. No cats, She waits out
on bavery morning