Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Royal. Neil is back with us this morning and I
saw this yesterday as well. Roy Prices on houses are
coming down. Good news for buyers anyway.
Speaker 2 (00:08):
Yeah, in fourteen of the fifty biggest markets in the
US where seeing home prices come down. Places like Oakland, California,
top the list with the about a seven percent dropped
in prices. To Florida cities West Palm Beach and Jacksonville
we're next on the list, followed by two cities from Texas,
Austin and Houston. You know, the Florida cities are in
(00:28):
trouble because of insurance premiums really, and then in Texas
it's because they've had such a building boom. There's a
lot more supply there and that's putting pressure on prices.
But there are some markets where things are getting higher.
Just think in Cleveland, home prices are up fifteen percent
year over year.
Speaker 1 (00:44):
Wow. Any word on Birmingham. I got to check this out.
We're trying to sell a home in the family right now.
Speaker 2 (00:50):
No, I haven't seen Birmingham listed in particular, but it
speaks to the bigger issue across the board that it's
taking longer for houses to be sold. They sit on
the market longer. A lot of would be buyers are
still on the sidelines hoping for those rate cuts that
bring mortgages down closer to six percent, And that's also
keeping a lot of people from selling the home they've got.
Maybe they've got ten years left on their mortgage, but
(01:12):
it's a three percent rate and they don't want to
give it up. When that starts to come down, then
they start to move into a better house, bigger house.
Then that frees up the market, and that's why we're
stuck right now.
Speaker 1 (01:24):
You know, a lot of people's homes have certainly appreciated
over the last five, ten, fifteen, twenty years, And to
sell a home now that maybe have been bought, you know,
twenty years ago for let's say one hundred and fifty
thousand dollars is probably worth at least double that now.
So the problem is, Okay, great, we're going to make
(01:44):
all this great money on it, but okay, where are
we going after that? So a lot I think people
are sitting in diying more now, too. Do you see that?
Speaker 2 (01:51):
Yeah, that has been something we've build us. But then
that's been the problem with the labor supply and getting
enough qualified contractors out there, that's been a real struggle
as they try to go through this. And then even
the cost of say you want to add on a room,
the cost of the lumber, the cost of the new appliances,
all those costs have gone up much higher. The cost
of the labor to make that addition to the home
(02:13):
has also gone way up. So even putting those additions
on our extra expensive these days.
Speaker 1 (02:18):
I know those stats are over a period of time,
but as we see in spring, you know, that's when
the cycle really kind of ramps up. Families are getting
out of school. Let's make the move during the summer,
and now it's back to school time, and it's like, okay,
let's just chill out. Let's see what happens with the
FED and the interest rates, like you mentioned towards the
end of the year and then the holidays, you know,
screeching halt as far as that's concerned with a lot
(02:41):
of movement, do you think we're sitting in kind of
a you know, plateau right now for the remainder of
the year.
Speaker 2 (02:47):
That could be. I think a lot of people are
on the sidelines when it comes to those mortgage rates.
If they're going to drop if the FED takes some
action later this year. But we are seeing pending sales
or dropping significantly in places like Tampa and Miami and Orlando.
What you're seeing is real pockets here. Places like Florida
and Texas are seeing big fall offs. But you know
I mentioned Cleveland. They were a real bargain town. You
(03:09):
could get a nice house today for one hundred and
seventy five thousand dollars. That's why they're seeing price spikes
up there because that was a market that was really undervalued.
Speaker 1 (03:18):
Who wants to move to Cleveland?
Speaker 2 (03:19):
Then that's the other problem exactly. It rocks Rock.
Speaker 1 (03:24):
Yeah, nice football team, all right, Roy? Years ago? Did
you have to do the Presidential Fitness Test and climb
the right and run the tracks and get moving?
Speaker 2 (03:33):
The pull ups? Oh the pull up? Yeah? Trauma of
the pull ups? Yeah no. But they're bringing it back.
The President calling on about thirty different professional athletes and
Bryson de Shambo, the golfer, is going to lead the
charge to bring back the Presidential Physical Fitness Test. We
don't know exactly what's going to be on the test
(03:53):
yet or when, but the President wants to get kids
healthier again. As we mark the two hundred and fiftieth
birthday of America.
Speaker 1 (04:00):
You know, I was asking some people recently that you know,
have kids in school, and I'm like, what, so, what's
going on with PEE classes? Some schools don't even happen anymore.
Those that do turn it into a study hall and
kids send in the bleachers and yeah, there's four or
five basketballs over there. You guys want to shoot, go ahead,
but I'm just going to be over here on TikTok
and the teacher just kind of goes and does something else.
(04:20):
Their grades, papers, or I don't know what they do
if they don't have PE classes, but they're not doing
it like we used to. So in all you used
to walk their school uphill both ways.
Speaker 2 (04:29):
The snow in Alabama, I don't know, right, All.
Speaker 1 (04:32):
Right, right, have a good weekend. I appreciate you.
Royal. Neil is back with us this morning and I
saw this yesterday as well. Roy Prices on houses are
coming down. Good news for buyers anyway.
Speaker 2 (00:08):
Yeah, in fourteen of the fifty biggest markets in the
US where seeing home prices come down. Places like Oakland, California,
top the list with the about a seven percent dropped
in prices. To Florida cities West Palm Beach and Jacksonville
we're next on the list, followed by two cities from Texas,
Austin and Houston. You know, the Florida cities are in
(00:28):
trouble because of insurance premiums really, and then in Texas
it's because they've had such a building boom. There's a
lot more supply there and that's putting pressure on prices.
But there are some markets where things are getting higher.
Just think in Cleveland, home prices are up fifteen percent
year over year.
Speaker 1 (00:44):
Wow. Any word on Birmingham. I got to check this out.
We're trying to sell a home in the family right now.
Speaker 2 (00:50):
No, I haven't seen Birmingham listed in particular, but it
speaks to the bigger issue across the board that it's
taking longer for houses to be sold. They sit on
the market longer. A lot of would be buyers are
still on the sidelines hoping for those rate cuts that
bring mortgages down closer to six percent, And that's also
keeping a lot of people from selling the home they've got.
Maybe they've got ten years left on their mortgage, but
(01:12):
it's a three percent rate and they don't want to
give it up. When that starts to come down, then
they start to move into a better house, bigger house.
Then that frees up the market, and that's why we're
stuck right now.
Speaker 1 (01:24):
You know, a lot of people's homes have certainly appreciated
over the last five, ten, fifteen, twenty years, And to
sell a home now that maybe have been bought, you know,
twenty years ago for let's say one hundred and fifty
thousand dollars is probably worth at least double that now.
So the problem is, Okay, great, we're going to make
(01:44):
all this great money on it, but okay, where are
we going after that? So a lot I think people
are sitting in diying more now, too. Do you see that?
Speaker 2 (01:51):
Yeah, that has been something we've build us. But then
that's been the problem with the labor supply and getting
enough qualified contractors out there, that's been a real struggle
as they try to go through this. And then even
the cost of say you want to add on a room,
the cost of the lumber, the cost of the new appliances,
all those costs have gone up much higher. The cost
of the labor to make that addition to the home
(02:13):
has also gone way up. So even putting those additions
on our extra expensive these days.
Speaker 1 (02:18):
I know those stats are over a period of time,
but as we see in spring, you know, that's when
the cycle really kind of ramps up. Families are getting
out of school. Let's make the move during the summer,
and now it's back to school time, and it's like, okay,
let's just chill out. Let's see what happens with the
FED and the interest rates, like you mentioned towards the
end of the year and then the holidays, you know,
screeching halt as far as that's concerned with a lot
(02:41):
of movement, do you think we're sitting in kind of
a you know, plateau right now for the remainder of
the year.
Speaker 2 (02:47):
That could be. I think a lot of people are
on the sidelines when it comes to those mortgage rates.
If they're going to drop if the FED takes some
action later this year. But we are seeing pending sales
or dropping significantly in places like Tampa and Miami and Orlando.
What you're seeing is real pockets here. Places like Florida
and Texas are seeing big fall offs. But you know
I mentioned Cleveland. They were a real bargain town. You
(03:09):
could get a nice house today for one hundred and
seventy five thousand dollars. That's why they're seeing price spikes
up there because that was a market that was really undervalued.
Speaker 1 (03:18):
Who wants to move to Cleveland?
Speaker 2 (03:19):
Then that's the other problem exactly. It rocks Rock.
Speaker 1 (03:24):
Yeah, nice football team, all right, Roy? Years ago? Did
you have to do the Presidential Fitness Test and climb
the right and run the tracks and get moving?
Speaker 2 (03:33):
The pull ups? Oh the pull up? Yeah? Trauma of
the pull ups? Yeah no. But they're bringing it back.
The President calling on about thirty different professional athletes and
Bryson de Shambo, the golfer, is going to lead the
charge to bring back the Presidential Physical Fitness Test. We
don't know exactly what's going to be on the test
(03:53):
yet or when, but the President wants to get kids
healthier again. As we mark the two hundred and fiftieth
birthday of America.
Speaker 1 (04:00):
You know, I was asking some people recently that you know,
have kids in school, and I'm like, what, so, what's
going on with PEE classes? Some schools don't even happen anymore.
Those that do turn it into a study hall and
kids send in the bleachers and yeah, there's four or
five basketballs over there. You guys want to shoot, go ahead,
but I'm just going to be over here on TikTok
and the teacher just kind of goes and does something else.
(04:20):
Their grades, papers, or I don't know what they do
if they don't have PE classes, but they're not doing
it like we used to. So in all you used
to walk their school uphill both ways.
Speaker 2 (04:29):
The snow in Alabama, I don't know, right, All.
Speaker 1 (04:32):
Right, right, have a good weekend. I appreciate you.
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