Episode Transcript
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Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your host,
Frank Debank Coodo, the owner of Lincoln Lending Group, right
here in Tampa Bay for twenty three years, joined by
his incredible co host, Senia Akishana, realtor with Mahara and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year. If you're looking for
local mortgage or real estate advice, the Business Happy Hour
team has been right here on news radio WFLA for
over a decade. Listen right here or fight us on
the Business Happy Hour YouTube channel, or follow us on
Instagram at Frank Debankkodo. Now, sit back, relax, and get
(00:39):
ready for some serious mortgage, real estate and business talk
with two of Tampa's top experts. Here's Frank de Bank
and Senia.
Speaker 3 (00:47):
Hey Tampa Bay, Welcome back to the number one business
and entreprenurial entrepreneurial show in Tampa Bay, the Business Happy Hour,
and I'm your host, Frank Debank Co the owner of
Lincoln Lending Group and Dave won three Mortgage dot Com.
Speaker 4 (01:03):
And if you're looking for a reverse mortgage the new
reverse mortgage. It is reverse Guru dot com. Yes, I
am that's right. Thank you ladies and gentlemen.
Speaker 2 (01:10):
I am your.
Speaker 4 (01:11):
Reverse Guru Frank the Bank and it's great to talk
to you guys. Today. I am joined in studio with
my amazing co host from one of the top real
estate agents agencies in Tampa Bay with over a billion served.
Just like McDonald's, we have Sennia Akeisha from Maharan Associates.
Speaker 5 (01:27):
Welcome, Oh, thank you, Frank, Hello, Hello, Yes, take about,
Take about, So guys, we have a great show for you.
Speaker 4 (01:33):
You know, Senya and I have had a lot of
guests on in the last over the summer. I feel
like we had a decent amount of guests, didn't.
Speaker 5 (01:39):
We It's been busy with Gus, So I'm a little
excited that it's just me and you today.
Speaker 4 (01:43):
And we love kind of doing this because we get
to get back to the basics. Yes, you know, real
estate loones, yeah, hella, so, teleicopters, all kinds of things.
So on the show today, here's your lineup and then
we'll try to get to everything. Good news is it's
just Senny and I, so we have a lot more
time we're going to talk about is it a buyer's market?
All right? I ran into Dana on the way out
(02:04):
of the studio here. Hopefully you guys listen to her
and Ryan on The Ryan Gorman Show, and we're talking
about all kinds of things about buyer's market and offers
on homes and what you should be doing. And we're
going to Senny and I are go to break down
what is a buyer's market today. We're going to talk
about what happens if it's a seller's market. Hopefully you
guys can kind of read between the lines, which one's
(02:26):
better for you depending on where you are in your
real estate transaction right now. And things is what things?
What things can change it from a buyer's market to
a seller's market. So I'm going to quiz Cinia. She's
got I'm sure gonna quiz me back a little bit,
and we're going to tell you guys as consumers what's
good for you and if you're a real estate agent,
get ready some interesting information. We're going to talk about
(02:48):
both the market with statistics from Sinia and the rates.
What else we have. We have an interesting helicopter story
from Northampa last night. We are going to remind you
guys to follow us on Instagram? All right. I just
met with a guy yesterday fifty three thousand followers. He
does a podcast, not even a cool radio show like you,
And I said, and I'm like, so, I'm just curious
(03:09):
where'd you get your followers from? And he's like, oh,
I just ask everybody to follow me when I'm doing
my podcasts and stuff like that on YouTube. I'm like, really, so,
cinya better at asking I know. I mean, you're younger
than me, you're supposed to you're supposed to be You're
You're much.
Speaker 5 (03:22):
Better with Instagram than I am. I'll admit to that.
Speaker 4 (03:26):
I'm not.
Speaker 5 (03:26):
I'm the most active on the socials.
Speaker 4 (03:30):
What's okay, wait a minute, what are you?
Speaker 2 (03:31):
What?
Speaker 4 (03:32):
What am I am? I? What's my generation? I'm born
in seventy nine? What am I?
Speaker 2 (03:35):
I know?
Speaker 4 (03:36):
James knows that answer. What the heck am I? And
what do you?
Speaker 5 (03:38):
I don't know. I think we're similar. I'm like on the.
Speaker 4 (03:41):
Cuss right, I think I am too? Am I am?
I am? I? Jen? Let me see what? Let me
see I'm gen xaday nine and gen X And then
what's the next one is that gen Z I think,
is it. We don't have to we need to look
this up because you know we are too.
Speaker 5 (03:56):
I looked it up recently too, But there's so many
of the terms.
Speaker 4 (04:00):
So millennials started in, Millennials started at eighty what. Oh
that's so, That's all I was going to say.
Speaker 5 (04:06):
But I'm like, I don't feel like I'm a millennial.
Speaker 4 (04:08):
When were you born ninety eighty four eighty? Okay, you're
I'm official today, I am making you gen X today.
You act like gen X. You act like the greatest generation. Guys.
She doesn't even know how to teach me Instagram over here. Yeah,
she's so much younger than me. No, really, not so much.
Speaker 5 (04:25):
At old soul.
Speaker 4 (04:26):
So I'm trying to see it, like I want to
see all these like gen things. Okay, gen z. Oh,
here's a little chart. Oh, I found a gen chart.
So alpha ooh, Alpha is twenty thirteen to twenty five.
Speaker 5 (04:37):
What I haven't heard of that?
Speaker 4 (04:38):
No, it's gen Z ninety seven to twelve, Millennials eighty
one to ninety six, Like you said, X nineteen sixty
five to eighty. Dang, that's kind of a I'm the
same as a dude from sixty five like he's sixty five.
You definitely don't act at no, thank you, thank you.
That's right, kids, I don't act like it. Let's see
boomers forty six to sixty four, and then get this,
(05:03):
do you know what it was before boomers? No, the silent generation. No,
it says the silent generation. It literally says, nineteen twenty
eight to nineteen forty five is the silent generation. My
dad was born in thirty seven. If you knew him,
you know that ain't the silent generation. And so any
idea why they call it that? I have no idea.
She didn't even know.
Speaker 5 (05:22):
I've never heard that or Alpha haven't heard that yet either.
Speaker 4 (05:25):
Well Alpha is like those are like children. So those
guys are like they're like twelve years old right now.
So I guess, dang, that means my son's gen Z
and my daughter's gen Alpha. Well we just like, sorry, guys,
that would have been on the agenda, but we just
figured out all these generational things today. So us jen
us real gen zers and no, no, no wait wait
(05:45):
us real gen xers and my honorary gen exert over here,
Sinny and I we're going to talk real estate statistics.
We're going to tell you how it's going to help you.
We'll talk a little about biodemographics. We are going to
do a fun rate comparison today, So if you've always
wondered the difference and like how brokers get compensated and
what the difference is in interest rates. I did a
really nice comparison for a veteran yesterday and we showed
(06:06):
him the difference between five points seventy five and six
point seventy five. And I'll give you a clue. One
of them is way cheaper in the long run and
the other's way cheaper in the short run. But you
always have that question of what's happening to rates. And
our buddy Ryan was on the show send. What did
he say when he was on the show deck?
Speaker 5 (06:26):
He gave us a near guarantee that we're going to
see a FED rate cut in September?
Speaker 4 (06:31):
Right, I did. Did he bet his car or just
like this?
Speaker 5 (06:35):
That might have been a side bet you guys did,
but I wouldn't doubt it.
Speaker 4 (06:38):
So I believe that he was very confident. He was
very confident that they're going to come down in September,
and if they do, Sendy and I little later in
the show, we're going to discuss what does that mean
if they come down, because it could mean the shift
between one market and the other is beginning. So what
does that mean for you. We're gonna get to that
in a little bit. I want you to follow us
on Instagram if you're listening now. Number one, If you
(07:00):
follow us, you get to tune into US Live every week.
You don't have to listen to us on Sunday mornings
at five am. I know you love getting up early.
Hopefully I'm the voice you wake up to. My wife
is like, I hope I never have to wake up
to that. I have to be gently gentle. By the way,
thanks for joining, honey, I see Nichole's watching us today.
You get to watch US Live, which normally we're on
(07:20):
every Tuesday at eleven am live on Instagram and Facebook.
Today it's Wednesday, we're recording. I don't know studio had something.
I think they had like a shooter drill yesterday. Didn't
that what they did? Yeah, where James? Did they actually
shoot at you or do they just pretend and you
had to run out of the building. They kind of
shot at him? Shot see if they had offered me,
I would have brought my paintball gun. I would have
(07:40):
come in here, and you know, we would have figured
out what people really do in fight or flight. No,
that's terrible, but they did do that. So we're doing
it at different times. We do do Tuesdays at eleven.
You also get to comment during the show. If you
do that, plus you become a follower, you get to
see all of our reels. Sennia puts out posts. I
put out reels all the time, giving you mortgage advice,
maybe a good Frank in morning every once in a while,
(08:02):
a little happy post. I need to get back on
the track on that one. But anyway, we want to
you to follow us, So follow me at Frank the
Bank codo on Instagram. That's Frank the Bank codo on Instagram.
If you're a facebookerger face booger, just look me up
on Facebook. I think it's just Frank Coto. I'm pretty sure,
but it's Frank the Bank Koto on Instagram. And Senya,
what's yours? It's realtor k s e n Realtor k
(08:23):
s e N. Wou'd you say that?
Speaker 5 (08:25):
Because it's like realtor said then they'll probably forget the
K just put s e N.
Speaker 4 (08:29):
No, it's realtor k s e N. Realtor k S
e N. And of course you guys forget the stuff,
you can always ask one of us will help you out,
but follow both of us because remember Sendia does the
real estate. I do the mortgage. So if I have
a real estate question, guess who I'm calling Sendia. That helps, well,
I mean, that's what. Well, sometimes I'll call Ray. You
know what I mean. You raise a great resource, which
(08:49):
we got to get Ray back on this show.
Speaker 5 (08:51):
I know, I tried. I'm gonna I'm gonna see him today. Yeah,
oh good, because you know, well for when he's been
really busy, yeah for two. You know, I know, he's
the radio show, but he.
Speaker 4 (09:02):
Needs to talk to us about the about the you know,
the sellers, because he's got a ton of sellers right now.
And I know he understood. He looks at the market
a little different.
Speaker 5 (09:10):
We are like running low on lock boxes. Oh my god,
that's how much like listing activity has picked up where
we're scrambling for lock boxes right.
Speaker 4 (09:18):
So so it's it's kind of good. And we'll talk
about this too, because when you do stats. We always
talk about we talk about inventory, right, It's a very
important thing. And and if inventory is going up, then
that means when the buyers come there, there might not
be as much of a frenzy, right, But I do
think the buyers are around the corner. But it's funny because
Ray and I we we both have been the business
about the same amount of time, but we we see
(09:40):
things the same but from different lenses. It's very interesting.
So it's great to happen. So we will get him
on the show and mention to him the coffee chats again.
I want to get the coffee chat started, okay next week. Yes,
that's a lot of fun. You guys don't know what
that is because that's private. We're not going to tell
you about private coffee chats. It's private coffee chats. Maybe
if you're a real estate agent and you want to
join an amazing team. I'm not even joking. This is this.
He didn't tell me to say this, but I know
(10:01):
he'll hire you if you're a really good real estate agent,
and then you can find out what the coffee chat is.
But you have to join Mahara and Associates. Sennya how
do they get in touch with you as a real
estate agent.
Speaker 5 (10:10):
They can call me at eight one three seven fifty
five reel and I would love to tell them about
Maharan Associates. I truly think we're we are the best
brokerage in Tampa. I mean there for me everywhere, probably
in the US, because I've just never met a guy
like Ray. He's a very proactive broker that's always available,
and I mean it is the reason why I'm at
(10:31):
Mahara and Associates. We have a great staff and just
you know, a great culture there. But Ray, he's just
the man.
Speaker 4 (10:39):
He is the man and culture is everything and that
that is one of the things that Ray and I
have have laser in common with each other as we
believe in our people and our culture and they're the
reason that we can be on top and do what
we do. So that's it's a it's a great thing.
So Maharran Associates. You know how to get Ahold of
cent and contact Frankdibank dot com. Easiest way to get
in touch with me. You always welcome, will go my cell,
(11:00):
but it's all over the place. If you go on
my Instagram. Frank the bank codo. You see my cell
phone on almost every post. Very easy. Do you put
your cell phone out there on posts?
Speaker 5 (11:08):
You know what? I don't, but I don't do that
many posts either.
Speaker 4 (11:12):
Well, we're gonna fix two problems today. Senny is gonna
put her cell phone on posts, and she's gonna post
so that you can see her cell phone.
Speaker 5 (11:18):
Feeling. You're going to give me a lesson on social
media and try.
Speaker 4 (11:21):
To social media. You're going to come. Did you come
to our social media class? You missed it? The other
I did miss it.
Speaker 5 (11:25):
I had another thing, so I couldn't make up, but
I did want to come to that one.
Speaker 4 (11:29):
We're gonna do another one. We're gonna do another late
this next month. We'll do another realtor event and we'll
tell you guys about it, and we'll do a social
media one on one for the first forty five minutes
to an hour, and then we'll talk the most creative
products in the industry offered by Frank the Bank Codo.
Find me on Instagram, Frank the Bank Codo right now
while you're listening, don't delay. And then, of course, realtor
ksen on Instagram is another great way to get some
real estate information. Guys. We're gonna take a break here.
(11:50):
When we get back, Senya has stats and we're going
to talk about is it a buyer's market and what
does that mean for you? Stay tuned on the Business
Happy Hour. We be back in just a minute.
Speaker 1 (12:00):
All the best mortgage or real estate advice from Tampa
Bay's top experts. It's the Business Happy Hour with Frank
Debankkodo and Sennia.
Speaker 4 (12:10):
Hey, Tampa Bay's it's Frank de Bankkodo. Don't forget Frank
to Bankoto on Instagram. We're gonna get you guys to
follow us and this is the challenge. I'm gonna double
Sennia's followers in the next thirty days. We're gonna find
out how much you guys love us. Who are listening
to us right now. A lot of you have listened
to us for ten years. We still get text message
from you guys from listening five to ten years ago,
(12:32):
so I know you guys are out there checking us out.
Every single one of you. Stop what you're doing and
go to your Instagram right now, Go follow Frank the
bank Coodo. After you do that, I want you to
follow realtor k S E. N for Senia. Now you're
tuned in, you're gonna have all the most important real
estate news, all the advice that you need. You're gonna
find out about the market like we're gonna talk about today,
(12:53):
and you're gonna have some great guests, and I'll even
tell you today who we have on our guest lineup.
But before we do, Sennia, you never disappoint us with statistics.
How is that? How's our market looking? Let's let's do it.
Speaker 5 (13:05):
So we still have our June numbers, but I'm excited
next week hopefully we'll come out with the July numbers.
All right, But no, June numbers were good, and I've
actually got the Florida wide stats, which I thought, let
me go down the line with those and then I'll
let everybody know about you know, Hillsborough, Panilla's Pasco and
our you know hyper local area.
Speaker 4 (13:27):
All right.
Speaker 5 (13:28):
So closed sales for June in Florida were up two
point eight percent. Okay, the median sales price four hundred
and twelve thousand, Medium time to contract forty six days,
and months supply of inventory five point six.
Speaker 4 (13:43):
Whoa June month supply of inventories five point six.
Speaker 5 (13:47):
Well for Florida. So let me go ahead and Florida, Okay,
talk about our local area. So in Hillsboro, closed sales
were up by six point one percent, the median sale
price at four hundred forty thousand, medium time to contract
twenty eight days, and months supply four point two.
Speaker 4 (14:06):
Okay, Okay, how do we break that down? Because you
I learned from you and you always tell me, listen,
six months inventory is a pretty healthy market. And I
feel like every month we've ticked up a little bit
in this inventory. I mean, I know we're you.
Speaker 5 (14:19):
Know what, tad bit because so as you'll notice that
other number was five point six across Florida, right in Hillsboro.
If it's four point two, I mean we're still show
I think it means we're a very popular area.
Speaker 4 (14:32):
To be I agree.
Speaker 5 (14:34):
So even our media and price and you know, our
closed sales, our numbers are a little bit higher than
if you compare it statewide.
Speaker 4 (14:40):
Got it.
Speaker 5 (14:41):
So talking about month's supply of inventory, and you're asking,
you know, is it a buyer's market seller's market? We've
been saying it's a buyer's market simply because of just
the relative climate of things. I think mostly to do
with the higher interest rates. You know, after people were
used to the you know covid R that we're ridiculously
low and you know, now it's even though interest rates
(15:04):
aren't you know, super high. I mean they've been a
lot higher, you know, in the past years historically. But
I think that's really kind of hampered the activity. Right
But after Ryan's show, and I said it even last week,
I'm like, even before all this happens, as soon as
there's talk about a potential rate cut, like we're seeing
(15:25):
even on listings that we've had up for a little bit,
we've seen an increased activity of showings.
Speaker 4 (15:30):
Okay, there's just more demand.
Speaker 5 (15:32):
I mean, it happens so fast. So I think if
rates were to go down and the equilibrium they say
the number is like supposed to be six months, Okay,
the six months is like a truly neutral market six
months supply, we're at four point two, right, So it's
been feeling like a buyer's market because there's not as
many buyers on the market. We're getting more inventory, buyers
(15:55):
have options, they're negotiating, you know, sellers are willing to negotiate.
But you know, as soon as that interest rate cut happens,
all those buyers sitting on the fence line are going
to come out there. Buyers are going to face so
much more competition. Yeah, sellers are going to be busier
with showing is getting more offers, and you know what happens.
Speaker 4 (16:14):
Then prices go up.
Speaker 5 (16:16):
Prices go up because yeah, there's likely going to be
bidding wars.
Speaker 4 (16:20):
So speaking of a bidingo and we're going to get
back to the stats. But I want to mention something
because I was in Orlando last week and I sat
in a one hour conference with one of the top
mortgage economists in the entire world. I'm a butcher's name
of thing was like Nelson or Nolan or something like that.
I'm terrible, But he really pushed some very interesting SATs
(16:42):
number one say. He repeated, almost verbati, what you just said.
And when you and I have been saying on the
radio for a year about statistics on inventory and buyers
and not if but when rates come down, what's going
to happen to the prices of home? So he and
he is the top, like gold Lehman said, he went
to Leman Sacks like fifteen years ago before they went
(17:03):
out of business, gave him his the charts he used
to predict was about to happen. They laughed at him
and said, hit the cam. We have fifty of you
guys sitting back here. He went to Goldman right across
the street, gave them the stats. They hired him, used
his stats. Guess what. Lehman Brothers a year later went
out of business. Goldman is thriving. Very interesting. That's how
cool this guy is. But what he taught me a
(17:23):
couple interesting things. It's anti doom and gloom. And it's
a perfect segue when you just said that, because did
you know that the average credit score over the last
ten years for people for homeowners who do conventional loans
is seven twenty. Okay, seven twenty. The amount of equity
in America is at an all time high. People are
(17:45):
putting down on average on every purchase in the entire country,
on average eighteen percent down payment. The loans that are
on the books now are so good. I have to
mention this because we're talking inventory and sellers market and
byer market. There will not be a foreclosure. Cris absolutely
not is not happening. That's just yeah, that's not gonna happen.
(18:06):
It is not, but there's still people out there. There's
still memes and you're saying how good it is because
real estate is hyper local and you know, we're four
point something percent in Hillsborough County, but there's still people
out there that are like, oh yeah, I'm gonna wait
for the prices to go down. That's guys.
Speaker 5 (18:19):
It's the guys that reading the headlines right That now
why we do click. And the other thing I'll say
is that despite it being I guess a relative buyers market,
just because of the activity level, our prices really haven't sunk.
You know, you've seen those headlines all prices are sinking,
and that hasn't happened. I mean, we've seen minor fluctuations.
Speaker 4 (18:38):
But aren't the home sales up? And that what you
just started telling.
Speaker 5 (18:41):
Us, Well, home sales activity is up, but also the
media and sales price for June in Hillsboro it's four
hundred forty thousand, And is.
Speaker 4 (18:48):
It compared to last year? What are we up on that?
You know? Is it there?
Speaker 5 (18:51):
I mean I have all my numbers from there. Yeah,
so media and sales price year over year, I mean
it's up by point six percent.
Speaker 4 (18:58):
Okay, Now, but I mean it's not down like.
Speaker 5 (19:00):
If it was down, you know, by ten fifteen percent
year over year. I mean, okay, fine, I'll say that
that's kind of you know, a market that's going down.
Speaker 4 (19:09):
But were you notice what you just set You just
said if it was down by ten to fifteen percent,
I'd be saying, hey, guys, things are going down. If
it's down, even even if it was down by two
three percent, we wouldn't say that.
Speaker 5 (19:20):
Yeah, And I mean it's it fluctuates like that. So
I mean two to three percent, I mean that's nothing.
Speaker 4 (19:25):
That's that's like the negotiation mark and.
Speaker 5 (19:27):
There y're you know, it's just the monthly stat. I
mean next next month, it could be you know, depending
on the price of the homes, it.
Speaker 4 (19:34):
Could be weird different. So we're to do more stats
when we come back from the break, because I had
I interrupted her and wanted to talk about that market thing.
But Sandy has more stats for us on the market.
We're going to nail down a little bit more. What
does that mean for you when it's a buyer's market,
because that's where we are right now. So if you're
a buyer or a seller, you better stay tuned to
the next segment. But while we're on break, go to Instagram,
follow Frank the Bank codo on Instagram and real it
(19:57):
or ks n on Instagram. If you don't, we won't
see you when we get back.
Speaker 1 (20:00):
Welcome to the Business Happy Hour radio show with your host,
Frank Debankkodo, the owner of Lincoln Lending Group right here
in Tampa Bay for twenty three years, joined by his
incredible co host, Sennia Akishna, realtor with Mahara and Associates.
Speaker 2 (20:15):
Tampa's top real estate company.
Speaker 1 (20:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade. Listen right here
or fight us on the Business Happy Hour YouTube channel,
or follow us on Instagram at Frank Debankkodo. Now, sit back, relax,
and get ready for some serious mortgage, real estate and
business talk with two of Tampa's top experts.
Speaker 2 (20:44):
Here's Frank de Bank and Senia.
Speaker 4 (20:47):
Okay, guys, welcome back to the Business Happy Hour. We
hope you guys are loving the show, we promise some statistics,
and I cut Sandia off in the last segments and
we're going right back into the statistics. And by the way,
if you've never listened before, what Sennia does as she's
pulling the statistics from last year to this year, is
that generally what you're doing well.
Speaker 5 (21:03):
They list, yeah, a bunch of stuff, but most of
it is year over year for the percent, you know, decrease.
But then we've got the actual values.
Speaker 4 (21:10):
Too, all right, And so we're here to debunk myths
with Cinny I Keisha from Maharan Associates on is the
clickbait real? Is the market going down? Especially in Florida City?
I take it away.
Speaker 5 (21:19):
Okay, so we left off on Hillsboro County, but let
me go ahead and talk about Panelas and pascos So
and Panelas close sales were up year over year in
June by seven point three percent. Their median sale price
four hundred and fifty five thousand, and month supplies four
point nine. Okay, so still not the five point six
(21:40):
that's in Florida, but a little bit higher. And I
do think that that has to do with the hurricanes
and just some of the homes that you know, we're
in trouble, and you know people that are selling them
that aren't fixed up but still are in trouble.
Speaker 4 (21:52):
Is I count condos untunately?
Speaker 5 (21:54):
This is just single family So yes, condo market like
we've discussed, is just it's just different, friend, if we
don't include that, and it is.
Speaker 4 (22:02):
Yeah, And it's taken a little longer for them to
get the condos back in order. You know, it's kind
of funny. I was out the beachless last weekend and
it's I'd say it's seventy thirty. I'd say seventy percent
of them are pretty much completely redone on the bottom.
There's still about thirty percent that I'm seeing the stone
what kindo is?
Speaker 5 (22:17):
It wasn't even it was pre hurricane that. You know,
that market just became different because of the new you know,
legal things and you know all the requirements, Yes, the
new reports they have to do, so a lot of
that kind of started a while back, just because of
the HIWA fees going up.
Speaker 4 (22:34):
But it's still so much cheaper to live on the
beautiful court sand beaches of the west coast of Florida
than it is even south of here, even in the
Miami area. Hell, you go out of Florida, you go
to California, forget it. You could buy three beach condos
on a Dare Beach for the price of one in Malibu.
Speaker 5 (22:51):
If I wanted to live on the beach, I will
tell you I would rather live in a high raise condo,
a newer one. You know, I'll you know, done up
and you know, protected and strong and.
Speaker 4 (23:00):
But yeah, you're right, people are scared of those because
of that surf side thing and everything. But no, that's
actually safer. Nobody got damage from the condos in our building.
All the water below damaged all the common areas, you know,
I mean, I take that back. There was some minor
leakage and things like that, but it's not like your
condo blew through or something.
Speaker 5 (23:19):
No, but single family home there, I mean, especially if
it's an older home and you know, the ones that
really did get decimated.
Speaker 4 (23:25):
Hopefully your single family home can swim if it's not
on stilts, because that's what happened. That's not even funny.
But so what else in stats? What else we got?
Speaker 2 (23:32):
So?
Speaker 5 (23:33):
Pasco County was up by eight percent for closed sales.
Their median sale price three hundred and eighty five thousand
and months supply at.
Speaker 4 (23:41):
Four interesting Pasco. And by the way, guys, you can
get good deals in Pasco, right.
Speaker 5 (23:46):
That's been the trend for a while. So yes, if
you want to get a good deal, you know, more
value for your home, You're going to go to Pasco County.
And they have some beautiful new construction properties, lots of
infrastructure going in.
Speaker 4 (23:57):
So I mean there's yeah, Pasco's not and turkeys anymore. Guys.
All right, Pasco is developed And from what she's telling me,
you basically can save twenty five percent on the purchase
of your house if you want to drive an extra
twenty minutes up the Veterans or two seventy five, right, yeah,
and if you're near.
Speaker 5 (24:12):
The Veterans, like I love the Veterans, So even being
in Pasco County, I'm like, if I'm right there, I
mean that's I'm an Odessa, So yeah, I don't know,
five to seven minutes longer.
Speaker 4 (24:21):
It's nothing. The Veterans is amazing. Yes, I mean I
drove all the way to Citch County the other day.
I didn't even care. I mean it's a great road.
There's no not very much traffic, you know, yeah.
Speaker 5 (24:30):
I'll take the veterans anywhere.
Speaker 4 (24:31):
All day long. So what else is that it?
Speaker 5 (24:34):
Well, I mean, yeah, that's it. But compared to Florida,
our local area is still very popular. People want to
live here, and our inventory is really not a whole lot.
So if you know that buyer frenzy happens, I don't
know if we'll be able to keep up.
Speaker 4 (24:48):
Right and and hopefully you guys are understanding why we're
saying it's a buyer's market right now. But what Sen
just said is the most important thing. The inventory is
still low. So when these rates go down, which we're
going to talk about rates here in a second, you're
going to have an influx of buyers. And the reason
prices go up is supply and demand. It's not because
because Sen and I are our real estate geniuses or
(25:10):
mortgage experts. We're both, yes we are, But it's because
of supply and demand. It's simple. You know, everybody wants
to buy the same car and there's only so many
on the lot. Well, guess what, somebody's paying more than
the sticker price for the car, right, same thing in houses,
So let's talk. Let's talk about how the rates right
(25:31):
now are affecting the market because Cennya correct me if
I'm wrong. You said, in this market you have sellers
working with buyers, most sellers giving more concessions, right, yeah,
so what can that do for a buyer that gives
them some money?
Speaker 2 (25:44):
Right?
Speaker 5 (25:44):
I mean it does. You know, closing costs are expensive,
so you know they're asking, hey, rate down closing costs,
just concessions to cover all the extras. And yeah that
sellers I think are used to it. A lot of
them are amenable to it, and we go on listing appointments,
we kind of prepare them for.
Speaker 4 (26:02):
That, right, right to be ready for somebody to.
Speaker 5 (26:05):
Be ready for that. But again, if we hit that
market where you've got multiple offers to pick from, guess
what you know? To the seller, it's the bottom line number.
You know that number works for them. You know the
higher that is obviously the better. So you know it'll
turn into less concessions. And we don't know how it's
going to be handled with the whole commission thing. I
think we've come up. It's been probably just about a
(26:27):
year since that really went into effect, and we're navigating it. Okay, Yeah,
you know, it's just we have the conversation with the seller.
All the offers that I've seen come across always still
requesting that the seller pay it. Of course, we have
the conversation with the seller to prepare them for that.
And when I put in an offer, you know, that's
just sort of expected still because buyers need, you know,
all the money they can get, you know, for all
(26:49):
the closing costs and a lot of times the extra
two and a half three percent.
Speaker 4 (26:54):
So don't you think be in the buyer's markets, because
that's kind of where we been ever since they came
out with that stupid rule talking about where where the
seller doesn't have to pay the commission to the real
estate agent. They're not forced to, which they never really
were forced to anyway. But if it turns to a
seller's market, though, and you got more buyers than sellers,
I could totally see sellers being like, nope, I'm not
(27:16):
paying the real estate commission. So that's when I think
we might see that change.
Speaker 5 (27:19):
Well, and before it's not like they weren't supposed to,
but to be on the MLS, right, you did have
to offer something. So that is the thing that change.
We no longer offered on the MLS. But commissions have
always always been negotiating. Yeah, that's the big thing. They
just really want in bold print, you know, five times
in a single form. It's always been like that.
Speaker 4 (27:38):
Right, just hasn't been in writing. Yeah yeah, but.
Speaker 5 (27:41):
Now it's not an MLS. So buyers, i mean, seller's
technique don't have to say, hey, submit it what to offer.
But yes, when you've got multiple offers and you know
you've got an agent, you know that's got a buyer
that's got lots of extra cash, Now i'll pay you myself.
We're not even going to ask the seller to do that.
Then that net to seller is going to be higher.
And that's the offware they're going.
Speaker 2 (27:58):
To go with.
Speaker 4 (27:59):
It's the same thing as just paying more for the house.
It's really, you know, no different you're yeah, okay, I'm
gonna pay the commission. But what I want to talk
about real quick is is how the rates affect it. Because,
as Sinya said, the seller's willing to give you concessions,
which means, let's say they're willing to give you money
for closing cost, right, But let's say that the seller
is not willing to give you enough. Let's say your
(28:20):
closing costs are ten thousand dollars and the seller is
only willing to give you five thousand dollars for closing costs.
You've got your down payment saved up, but you don't
have all the closing costs money, and the seller's unwilling
to negotiate. What can you do? I'm gonna tell you
a little secret your rate. Just like Cinnia mentioned, taking
concessions or buying down your interest rate, literally paying points,
(28:43):
paying money to get a lower interest rate. Yes, you
can do that, but did you know you can do
the opposite of that? Did you you know? Probably that.
Let's say somebody qualifies today and I'll give you a
real example. This was the veteran deal from yesterday. Qualified
for a five point seven to be compliant. That's a
five point nine two APR, qualifies for five to seven five.
(29:06):
He gets no credit from the lender. He's not buying
down his interest rate. It's what it called a zero offer, right,
he's not paying us a fee, but he's not getting
any credits or any charges or any discount fees. This
guy was a little short to close for the exact reason.
Seller would not give him any additional concessions, wouldn't give
him anything. Actually, guy was kind of really digging in
bad idea ron market buddy anyway, so he asked me, well, Frank,
(29:28):
how can you help me with that? So I said, aha,
let me show you some math. So just like he
could pay a point and get his rate down to
probably five and a half. Okay. By the way, rates
really are there today, by guys, which I just did
some math, rates are thirty one percent lower today than
they were at the peak. Over the last two and
a half years. We picked out just over eight percent.
(29:50):
We are in the safe fives right now.
Speaker 5 (29:53):
That's dot thirty one percent.
Speaker 4 (29:54):
Lower, thirty one percent lower. So for all of you
guys are on the fence, if I said I'm gonna
give you something thirty one percent lower, you got to
freaking buy it. Yes, So what's wrong with you? Anyway?
Back to the math, So five to seven five, he said,
what can you do? I said, well, let's do some math.
If I give you a rate of six point seventy five,
I can actually give you six thousand dollars towards your
(30:15):
closing cost. It's the opposite. You can ask for a
lower rate and they cost you money, you can get
a higher rate, and if they are an ethical company,
they're going to give you the credit. That's what I did.
I gave this veteran the credit. So we solved the problem.
We gave him the concessions. And all you guys are saying, well,
he's got to take a higher payment. Follow me on this.
I got a minute and twenty seconds to explain this
(30:36):
to you, so you got to listen. So, yes, his
payment goes up by two hundred dollars a month on
a like four hundred thousand dollars loan. Right, two hundred
dollars a month, he goes up. Right, what's the math
on that? Well, that six thousand dollars divided by the
tooth two hundred dollars is thirty months. So it will
take him thirty months two and a half years of
(30:57):
paying the higher payment before he is at the break
even period. Why is that a good deal? Well, maybe
you're gonna sell within two years, then it's a better
deal to do that. Maybe you're short money, you don't
have a choice, then it's a better deal to do that.
It doesn't matter what your payment is, because he can't
buy the house without the money, right, but here's what
him and I spoke about. We got very savvy about this.
I said, just like I do you to Senia, do
you think rates are going down? Yes? Right, So do
(31:18):
you think they're going down in two and a half years. Yes,
Then there's your answer, mister consumer. He was like, wow,
you're right. He goes, I think they're going down after
the FED meets in March. I guarantee they're going down
within a year. I said, good came out of your mouth,
not mine, but I agree with you. So here's what
you're gonna do. You're going to take a higher rate,
less cost because you're going to refinance that year.
Speaker 5 (31:35):
I knew that was coming boom.
Speaker 4 (31:37):
And guess what. He refinances a year and he still
saves let's say, eighteen months of payments basically to two
hundred dollars, and it's amazing. It works out every time.
That's the math. We are going to have to take
a quick break. When we get back. Cinnia can ask
me some questions about it, because I had to do
that really fast. But there are benefits sometimes to raising
the rates, especially now because we think they're going down.
(31:59):
Stay tuned in the business, be are with Senya, let's.
Speaker 1 (32:01):
Bring this happy hour radio show with your host Frank
the Bank Kodo, owner of Lincoln Lending Group, and his
co host Sennia Akishna.
Speaker 2 (32:09):
Realtor with Mahara and associates.
Speaker 4 (32:12):
All right, guys, this is our last segment. This show
goes so fast when it's just Sinny and I talking
about real estate. I guess this stuff we love. We do.
Want to remind you to follow us on Instagram. It's
real Ittor k s e n for the real estate side,
Senya Realtor k s e n and go to Frank
the Bank Kodo, both on Instagram, Frank the Bank Koto.
We want to see your followers. We want to see you, guys.
Check us out so you can tune into the live
(32:33):
show and you can see our faces, not just hear
our voices. I promise you we both have radio faces.
It's amazing. You gotta check it out. What else? Next
week's guest before I Forget is going to be Illy
Story LoVa from X Force. Body Summer is over. The
question is what happened to your body over the summer.
We're gonna go, We're going to all three of us
are getting on a scale next week, Senny is like,
(32:55):
hell no, but all three of us are getting a
get a virtual scale. We're going to pretend and we're
gonna talk about what happened to our summer bodies, because
Ille will surprise you next week and tell you what
you shouldn't feel bad about regarding your summer body, because
summer is time for a break. What else We'll go
back to this interest rate well to finish up.
Speaker 5 (33:14):
I guess where you were talking about, even about your
scenario and our conversation about you know, potential recuts that
are coming and inventory levels. Buy the house now, yes,
sue the REFI later because you know what, sellers might
not be as motivated to give up the concessions right
right now is when you can negotiate the deals right now.
(33:35):
You do have more of that power.
Speaker 4 (33:37):
And don't miss it, No, don't. This is the good.
The whole point in me doing that math illustration for
the guy Cinya answered it before I even did it
is is if you believe rates are gonna drop, which guys,
September is probably going to be the start. And by
the way, I was going to say it earlier when
Syny was talking about our stats, these things don't happen
over weeks of time, they happen overnight. This this will change.
(34:01):
If the rates drop in September, there will be a
small buyer frenzy. People will be like, oh, rates are
coming down, this is a trend. We better jump on
at the early adopters will get in just like you
told them to. If they drop rates in October, November, December,
two in a row, that's going to really start the chain.
Speaker 5 (34:19):
Well, it's still August. And because I think people are
just hearing little tidbits of that, we're seeing an increase
in showing activity. We are, you know, so we are
seeing more buyers getting active already. Yeah, and nothing's really happened,
just some talk.
Speaker 4 (34:34):
I'm already at up double percentage on new submissions this
week than where I was on average for the entire summer.
So there's activity. You don't want to be left out
or caught with the pants down there. You need to
jump on now. I remember we can give you credits
to cover costs for you now, help with the seller
making it ultra cheap to get in. And why do
(34:56):
we do that because when you refinance now you're paying
less cost, You're not paying the same points twice. Now
I'm going to tell you to take that extra money
you're going to pay me for with your equity, with
your equity and buy down your rate. So instead of
buying down from you know, the sixes to the fives,
let's buy from the fives to the fours or maybe
(35:17):
the fours to the threes. But guess what, you can't
do refive if you don't own a house. So realtor
send on Instagram, what's the phone number?
Speaker 5 (35:25):
Eight one three seven five reel or actually online at
Tampa real Estate dot.
Speaker 4 (35:32):
Pro, Tampa real Estate dot dot, Tampa real Estate dot pro,
contact Frank the bank reach out for that. Did you
guys hear the helicopter over your house last night over
near Farmington in North Tampa. Apparently there was a hit
and run and they were using infrared with a helicopter
and cops everywhere and they were searching.
Speaker 5 (35:47):
I hear about this.
Speaker 4 (35:47):
That's crazy. My wife was so scared. The house was
locked up, you know, give a gun to my kid
and I'm kidding, but anyway, it was. It was a
little scary because nobody would tell you what's going on.
But good news is bad news. Good news it was
a hit and run. They ended up catching the people.
Everybody's safe, so it's okay to walk your dogs again, Senya.
What else did I want to hit with you? Oh?
Speaker 5 (36:06):
You know what I wanted to ask you about because
you mentioned Orlando earlier. Yes, didn't something like really great
and fantastic happened in Orlando for you?
Speaker 4 (36:14):
Thank you, sar. Yes, I got awarded Florida Mortgage Broker
of the Year by FAMP Florida Association Mortgage Professionals and
UWM United Wholesale Mortgage.
Speaker 5 (36:24):
I was congratulations. I'm proud of you.
Speaker 4 (36:26):
Thank you. It was a huge surprise. We had a
large portion of our team there, which was awesome. So hey,
I guess you guys are listening to the Florida Mortgage
Broker of the Year. That doesn't mean I did more
deals than anybody. It's a big contest with all kinds
of things. Hell, I didn't even know I was in it,
and I guess those are the best things. So thank you, sin,
thank you so much. Now, you were talking about a
second ago that you looked up. You looked up a
(36:49):
past closing disclosure and you were looking at this. What
happened was during the break.
Speaker 5 (36:53):
Yes, I mentioned to Frank, I just had a closing
recently and typically so I was on the list side,
so we see the you know, list side numbers for
the seller. But when I saw the complete settlement statement
and I saw the buyer charges from their lender, the
jaw dropped. I mean, there were so many line items,
things that I didn't like, third party, something that was
(37:15):
something super it was expensive. And I bring that up
because I know that when we close loans and I see,
you know, your side of the charges, I mean seems
pretty minimal, and I know you always talk, hey, no
junk fees, So that was like, okay, that's what Frank means,
no junk fees, because I mean it was probably the
longest portion on that hid was for the lender fees.
Speaker 4 (37:36):
Oh my gosh. That's box A by the way, top
left corner of page two. If you're in real if
you're a consumer, you don't look at these that often,
so you're not going to put them side beside. We
do that for you, by the way. But if you're
a real estate agent, you understand what Senya just said,
because you guys have this information. Whenever I do courses,
I tell the agents like, go back to your office
and pull out your estimates from your last three closings
(37:58):
from guaranteed raid Away caliber wherever you guys are using,
and then look at one Lincoln Lending estimate. I shouldn't
have to sell myself, but I'm so happy you actually
did that and you looked in you.
Speaker 5 (38:09):
I mean it stood out right. Yeah, I was shocked.
Speaker 4 (38:12):
So we can't go tell that buyer now because we
did work with them. But you know what we do
is we'll help them on the refinance. That's what we do.
And I will say one of the best testaments is
when we go to the title companies and we close
and the title agent sees our fees and our rate,
they will right there in the closing and say, this
is I closed one hundred this last month, and this
is the best I've seen. So kudos to my team
(38:34):
for taking good care of people. But that's because I
don't charge them junk fees. That's really it's and is
I don't put the fees onto the team, therefore they
don't put them onto the consumer.
Speaker 2 (38:42):
No.
Speaker 5 (38:42):
I love that. That's it, and I mean it means
a lot right now, because everybody you know needs all
the extra money. They don't want to pay the junk fees.
They want to keep it in their pocket for you know,
low repairs and whatever else comes up.
Speaker 4 (38:52):
And if you and if you're working with Senny us,
she's going to get the seller to cover the closing
cost and we're going to help you if you need
a little bit of help by messing with that rate.
So if you're working with us, ask the questions, guys,
let's answer them. The most important question your broker banker
should ask you is what's your intention with the home?
Because you tell me you're not going to be there
a long time, I'm going to tell you to take
a higher rate and less costs and Senny'll senyel will
(39:13):
get you closing costs credit. If you decide to keep it, great,
you're still a winner your refinance next year. Marry the house,
date the rate, Senny. It's been a great show.
Speaker 2 (39:21):
It went so fast.
Speaker 5 (39:22):
But yes, this was great. It was nice just to
chatting with you. But I look forward to having Ali
on next week.
Speaker 4 (39:26):
Yeah, it's going to be a lot of fun. Healthy
mindhealthy body. It's x forcebody dot com. That's what's kept
me my weight loss, weight off for six years now.
Might be the longest habit I've ever had besides my marriage.
I think that's a habit. It's a good habit. But
other than that, we love you guys. Check us out
real it or send on Instagram. Frank Thebank Coodo on Instagram.
(39:48):
Our phone numbers are on there. Senny's is going to
be on there today and we'll be happy to help
you guys out again. Maharran Associates and Lincoln Lending Group.
Thanks for listening to us. Follow us on the Instagram.
Speaker 5 (39:58):
Have a great day.
Welcome to the Business Happy Hour radio show with your host,
Frank Debank Coodo, the owner of Lincoln Lending Group, right
here in Tampa Bay for twenty three years, joined by
his incredible co host, Senia Akishana, realtor with Mahara and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year. If you're looking for
local mortgage or real estate advice, the Business Happy Hour
team has been right here on news radio WFLA for
over a decade. Listen right here or fight us on
the Business Happy Hour YouTube channel, or follow us on
Instagram at Frank Debankkodo. Now, sit back, relax, and get
(00:39):
ready for some serious mortgage, real estate and business talk
with two of Tampa's top experts. Here's Frank de Bank
and Senia.
Speaker 3 (00:47):
Hey Tampa Bay, Welcome back to the number one business
and entreprenurial entrepreneurial show in Tampa Bay, the Business Happy Hour,
and I'm your host, Frank Debank Co the owner of
Lincoln Lending Group and Dave won three Mortgage dot Com.
Speaker 4 (01:03):
And if you're looking for a reverse mortgage the new
reverse mortgage. It is reverse Guru dot com. Yes, I
am that's right. Thank you ladies and gentlemen.
Speaker 2 (01:10):
I am your.
Speaker 4 (01:11):
Reverse Guru Frank the Bank and it's great to talk
to you guys. Today. I am joined in studio with
my amazing co host from one of the top real
estate agents agencies in Tampa Bay with over a billion served.
Just like McDonald's, we have Sennia Akeisha from Maharan Associates.
Speaker 5 (01:27):
Welcome, Oh, thank you, Frank, Hello, Hello, Yes, take about,
Take about, So guys, we have a great show for you.
Speaker 4 (01:33):
You know, Senya and I have had a lot of
guests on in the last over the summer. I feel
like we had a decent amount of guests, didn't.
Speaker 5 (01:39):
We It's been busy with Gus, So I'm a little
excited that it's just me and you today.
Speaker 4 (01:43):
And we love kind of doing this because we get
to get back to the basics. Yes, you know, real
estate loones, yeah, hella, so, teleicopters, all kinds of things.
So on the show today, here's your lineup and then
we'll try to get to everything. Good news is it's
just Senny and I, so we have a lot more
time we're going to talk about is it a buyer's market?
All right? I ran into Dana on the way out
(02:04):
of the studio here. Hopefully you guys listen to her
and Ryan on The Ryan Gorman Show, and we're talking
about all kinds of things about buyer's market and offers
on homes and what you should be doing. And we're
going to Senny and I are go to break down
what is a buyer's market today. We're going to talk
about what happens if it's a seller's market. Hopefully you
guys can kind of read between the lines, which one's
(02:26):
better for you depending on where you are in your
real estate transaction right now. And things is what things?
What things can change it from a buyer's market to
a seller's market. So I'm going to quiz Cinia. She's
got I'm sure gonna quiz me back a little bit,
and we're going to tell you guys as consumers what's
good for you and if you're a real estate agent,
get ready some interesting information. We're going to talk about
(02:48):
both the market with statistics from Sinia and the rates.
What else we have. We have an interesting helicopter story
from Northampa last night. We are going to remind you
guys to follow us on Instagram? All right. I just
met with a guy yesterday fifty three thousand followers. He
does a podcast, not even a cool radio show like you,
And I said, and I'm like, so, I'm just curious
(03:09):
where'd you get your followers from? And he's like, oh,
I just ask everybody to follow me when I'm doing
my podcasts and stuff like that on YouTube. I'm like, really, so,
cinya better at asking I know. I mean, you're younger
than me, you're supposed to you're supposed to be You're
You're much.
Speaker 5 (03:22):
Better with Instagram than I am. I'll admit to that.
Speaker 4 (03:26):
I'm not.
Speaker 5 (03:26):
I'm the most active on the socials.
Speaker 4 (03:30):
What's okay, wait a minute, what are you?
Speaker 2 (03:31):
What?
Speaker 4 (03:32):
What am I am? I? What's my generation? I'm born
in seventy nine? What am I?
Speaker 2 (03:35):
I know?
Speaker 4 (03:36):
James knows that answer. What the heck am I? And
what do you?
Speaker 5 (03:38):
I don't know. I think we're similar. I'm like on the.
Speaker 4 (03:41):
Cuss right, I think I am too? Am I am?
I am? I? Jen? Let me see what? Let me
see I'm gen xaday nine and gen X And then
what's the next one is that gen Z I think,
is it. We don't have to we need to look
this up because you know we are too.
Speaker 5 (03:56):
I looked it up recently too, But there's so many
of the terms.
Speaker 4 (04:00):
So millennials started in, Millennials started at eighty what. Oh
that's so, That's all I was going to say.
Speaker 5 (04:06):
But I'm like, I don't feel like I'm a millennial.
Speaker 4 (04:08):
When were you born ninety eighty four eighty? Okay, you're
I'm official today, I am making you gen X today.
You act like gen X. You act like the greatest generation. Guys.
She doesn't even know how to teach me Instagram over here. Yeah,
she's so much younger than me. No, really, not so much.
Speaker 5 (04:25):
At old soul.
Speaker 4 (04:26):
So I'm trying to see it, like I want to
see all these like gen things. Okay, gen z. Oh,
here's a little chart. Oh, I found a gen chart.
So alpha ooh, Alpha is twenty thirteen to twenty five.
Speaker 5 (04:37):
What I haven't heard of that?
Speaker 4 (04:38):
No, it's gen Z ninety seven to twelve, Millennials eighty
one to ninety six, Like you said, X nineteen sixty
five to eighty. Dang, that's kind of a I'm the
same as a dude from sixty five like he's sixty five.
You definitely don't act at no, thank you, thank you.
That's right, kids, I don't act like it. Let's see
boomers forty six to sixty four, and then get this,
(05:03):
do you know what it was before boomers? No, the silent generation. No,
it says the silent generation. It literally says, nineteen twenty
eight to nineteen forty five is the silent generation. My
dad was born in thirty seven. If you knew him,
you know that ain't the silent generation. And so any
idea why they call it that? I have no idea.
She didn't even know.
Speaker 5 (05:22):
I've never heard that or Alpha haven't heard that yet either.
Speaker 4 (05:25):
Well Alpha is like those are like children. So those
guys are like they're like twelve years old right now.
So I guess, dang, that means my son's gen Z
and my daughter's gen Alpha. Well we just like, sorry, guys,
that would have been on the agenda, but we just
figured out all these generational things today. So us jen
us real gen zers and no, no, no wait wait
(05:45):
us real gen xers and my honorary gen exert over here,
Sinny and I we're going to talk real estate statistics.
We're going to tell you how it's going to help you.
We'll talk a little about biodemographics. We are going to
do a fun rate comparison today, So if you've always
wondered the difference and like how brokers get compensated and
what the difference is in interest rates. I did a
really nice comparison for a veteran yesterday and we showed
(06:06):
him the difference between five points seventy five and six
point seventy five. And I'll give you a clue. One
of them is way cheaper in the long run and
the other's way cheaper in the short run. But you
always have that question of what's happening to rates. And
our buddy Ryan was on the show send. What did
he say when he was on the show deck?
Speaker 5 (06:26):
He gave us a near guarantee that we're going to
see a FED rate cut in September?
Speaker 4 (06:31):
Right, I did. Did he bet his car or just
like this?
Speaker 5 (06:35):
That might have been a side bet you guys did,
but I wouldn't doubt it.
Speaker 4 (06:38):
So I believe that he was very confident. He was
very confident that they're going to come down in September,
and if they do, Sendy and I little later in
the show, we're going to discuss what does that mean
if they come down, because it could mean the shift
between one market and the other is beginning. So what
does that mean for you. We're gonna get to that
in a little bit. I want you to follow us
on Instagram if you're listening now. Number one, If you
(07:00):
follow us, you get to tune into US Live every week.
You don't have to listen to us on Sunday mornings
at five am. I know you love getting up early.
Hopefully I'm the voice you wake up to. My wife
is like, I hope I never have to wake up
to that. I have to be gently gentle. By the way,
thanks for joining, honey, I see Nichole's watching us today.
You get to watch US Live, which normally we're on
(07:20):
every Tuesday at eleven am live on Instagram and Facebook.
Today it's Wednesday, we're recording. I don't know studio had something.
I think they had like a shooter drill yesterday. Didn't
that what they did? Yeah, where James? Did they actually
shoot at you or do they just pretend and you
had to run out of the building. They kind of
shot at him? Shot see if they had offered me,
I would have brought my paintball gun. I would have
(07:40):
come in here, and you know, we would have figured
out what people really do in fight or flight. No,
that's terrible, but they did do that. So we're doing
it at different times. We do do Tuesdays at eleven.
You also get to comment during the show. If you
do that, plus you become a follower, you get to
see all of our reels. Sennia puts out posts. I
put out reels all the time, giving you mortgage advice,
maybe a good Frank in morning every once in a while,
(08:02):
a little happy post. I need to get back on
the track on that one. But anyway, we want to
you to follow us, So follow me at Frank the
Bank codo on Instagram. That's Frank the Bank codo on Instagram.
If you're a facebookerger face booger, just look me up
on Facebook. I think it's just Frank Coto. I'm pretty sure,
but it's Frank the Bank Koto on Instagram. And Senya,
what's yours? It's realtor k s e n Realtor k
(08:23):
s e N. Wou'd you say that?
Speaker 5 (08:25):
Because it's like realtor said then they'll probably forget the
K just put s e N.
Speaker 4 (08:29):
No, it's realtor k s e N. Realtor k S
e N. And of course you guys forget the stuff,
you can always ask one of us will help you out,
but follow both of us because remember Sendia does the
real estate. I do the mortgage. So if I have
a real estate question, guess who I'm calling Sendia. That helps, well,
I mean, that's what. Well, sometimes I'll call Ray. You
know what I mean. You raise a great resource, which
(08:49):
we got to get Ray back on this show.
Speaker 5 (08:51):
I know, I tried. I'm gonna I'm gonna see him today. Yeah,
oh good, because you know, well for when he's been
really busy, yeah for two. You know, I know, he's
the radio show, but he.
Speaker 4 (09:02):
Needs to talk to us about the about the you know,
the sellers, because he's got a ton of sellers right now.
And I know he understood. He looks at the market
a little different.
Speaker 5 (09:10):
We are like running low on lock boxes. Oh my god,
that's how much like listing activity has picked up where
we're scrambling for lock boxes right.
Speaker 4 (09:18):
So so it's it's kind of good. And we'll talk
about this too, because when you do stats. We always
talk about we talk about inventory, right, It's a very
important thing. And and if inventory is going up, then
that means when the buyers come there, there might not
be as much of a frenzy, right, But I do
think the buyers are around the corner. But it's funny because
Ray and I we we both have been the business
about the same amount of time, but we we see
(09:40):
things the same but from different lenses. It's very interesting.
So it's great to happen. So we will get him
on the show and mention to him the coffee chats again.
I want to get the coffee chat started, okay next week. Yes,
that's a lot of fun. You guys don't know what
that is because that's private. We're not going to tell
you about private coffee chats. It's private coffee chats. Maybe
if you're a real estate agent and you want to
join an amazing team. I'm not even joking. This is this.
He didn't tell me to say this, but I know
(10:01):
he'll hire you if you're a really good real estate agent,
and then you can find out what the coffee chat is.
But you have to join Mahara and Associates. Sennya how
do they get in touch with you as a real
estate agent.
Speaker 5 (10:10):
They can call me at eight one three seven fifty
five reel and I would love to tell them about
Maharan Associates. I truly think we're we are the best
brokerage in Tampa. I mean there for me everywhere, probably
in the US, because I've just never met a guy
like Ray. He's a very proactive broker that's always available,
and I mean it is the reason why I'm at
(10:31):
Mahara and Associates. We have a great staff and just
you know, a great culture there. But Ray, he's just
the man.
Speaker 4 (10:39):
He is the man and culture is everything and that
that is one of the things that Ray and I
have have laser in common with each other as we
believe in our people and our culture and they're the
reason that we can be on top and do what
we do. So that's it's a it's a great thing.
So Maharran Associates. You know how to get Ahold of
cent and contact Frankdibank dot com. Easiest way to get
in touch with me. You always welcome, will go my cell,
(11:00):
but it's all over the place. If you go on
my Instagram. Frank the bank codo. You see my cell
phone on almost every post. Very easy. Do you put
your cell phone out there on posts?
Speaker 5 (11:08):
You know what? I don't, but I don't do that
many posts either.
Speaker 4 (11:12):
Well, we're gonna fix two problems today. Senny is gonna
put her cell phone on posts, and she's gonna post
so that you can see her cell phone.
Speaker 5 (11:18):
Feeling. You're going to give me a lesson on social
media and try.
Speaker 4 (11:21):
To social media. You're going to come. Did you come
to our social media class? You missed it? The other
I did miss it.
Speaker 5 (11:25):
I had another thing, so I couldn't make up, but
I did want to come to that one.
Speaker 4 (11:29):
We're gonna do another one. We're gonna do another late
this next month. We'll do another realtor event and we'll
tell you guys about it, and we'll do a social
media one on one for the first forty five minutes
to an hour, and then we'll talk the most creative
products in the industry offered by Frank the Bank Codo.
Find me on Instagram, Frank the Bank Codo right now
while you're listening, don't delay. And then, of course, realtor
ksen on Instagram is another great way to get some
real estate information. Guys. We're gonna take a break here.
(11:50):
When we get back, Senya has stats and we're going
to talk about is it a buyer's market and what
does that mean for you? Stay tuned on the Business
Happy Hour. We be back in just a minute.
Speaker 1 (12:00):
All the best mortgage or real estate advice from Tampa
Bay's top experts. It's the Business Happy Hour with Frank
Debankkodo and Sennia.
Speaker 4 (12:10):
Hey, Tampa Bay's it's Frank de Bankkodo. Don't forget Frank
to Bankoto on Instagram. We're gonna get you guys to
follow us and this is the challenge. I'm gonna double
Sennia's followers in the next thirty days. We're gonna find
out how much you guys love us. Who are listening
to us right now. A lot of you have listened
to us for ten years. We still get text message
from you guys from listening five to ten years ago,
(12:32):
so I know you guys are out there checking us out.
Every single one of you. Stop what you're doing and
go to your Instagram right now, Go follow Frank the
bank Coodo. After you do that, I want you to
follow realtor k S E. N for Senia. Now you're
tuned in, you're gonna have all the most important real
estate news, all the advice that you need. You're gonna
find out about the market like we're gonna talk about today,
(12:53):
and you're gonna have some great guests, and I'll even
tell you today who we have on our guest lineup.
But before we do, Sennia, you never disappoint us with statistics.
How is that? How's our market looking? Let's let's do it.
Speaker 5 (13:05):
So we still have our June numbers, but I'm excited
next week hopefully we'll come out with the July numbers.
All right, But no, June numbers were good, and I've
actually got the Florida wide stats, which I thought, let
me go down the line with those and then I'll
let everybody know about you know, Hillsborough, Panilla's Pasco and
our you know hyper local area.
Speaker 4 (13:27):
All right.
Speaker 5 (13:28):
So closed sales for June in Florida were up two
point eight percent. Okay, the median sales price four hundred
and twelve thousand, Medium time to contract forty six days,
and months supply of inventory five point six.
Speaker 4 (13:43):
Whoa June month supply of inventories five point six.
Speaker 5 (13:47):
Well for Florida. So let me go ahead and Florida, Okay,
talk about our local area. So in Hillsboro, closed sales
were up by six point one percent, the median sale
price at four hundred forty thousand, medium time to contract
twenty eight days, and months supply four point two.
Speaker 4 (14:06):
Okay, Okay, how do we break that down? Because you
I learned from you and you always tell me, listen,
six months inventory is a pretty healthy market. And I
feel like every month we've ticked up a little bit
in this inventory. I mean, I know we're you.
Speaker 5 (14:19):
Know what, tad bit because so as you'll notice that
other number was five point six across Florida, right in Hillsboro.
If it's four point two, I mean we're still show
I think it means we're a very popular area.
Speaker 4 (14:32):
To be I agree.
Speaker 5 (14:34):
So even our media and price and you know, our
closed sales, our numbers are a little bit higher than
if you compare it statewide.
Speaker 4 (14:40):
Got it.
Speaker 5 (14:41):
So talking about month's supply of inventory, and you're asking,
you know, is it a buyer's market seller's market? We've
been saying it's a buyer's market simply because of just
the relative climate of things. I think mostly to do
with the higher interest rates. You know, after people were
used to the you know covid R that we're ridiculously
low and you know, now it's even though interest rates
(15:04):
aren't you know, super high. I mean they've been a
lot higher, you know, in the past years historically. But
I think that's really kind of hampered the activity. Right
But after Ryan's show, and I said it even last week,
I'm like, even before all this happens, as soon as
there's talk about a potential rate cut, like we're seeing
(15:25):
even on listings that we've had up for a little bit,
we've seen an increased activity of showings.
Speaker 4 (15:30):
Okay, there's just more demand.
Speaker 5 (15:32):
I mean, it happens so fast. So I think if
rates were to go down and the equilibrium they say
the number is like supposed to be six months, Okay,
the six months is like a truly neutral market six
months supply, we're at four point two, right, So it's
been feeling like a buyer's market because there's not as
many buyers on the market. We're getting more inventory, buyers
(15:55):
have options, they're negotiating, you know, sellers are willing to negotiate.
But you know, as soon as that interest rate cut happens,
all those buyers sitting on the fence line are going
to come out there. Buyers are going to face so
much more competition. Yeah, sellers are going to be busier
with showing is getting more offers, and you know what happens.
Speaker 4 (16:14):
Then prices go up.
Speaker 5 (16:16):
Prices go up because yeah, there's likely going to be
bidding wars.
Speaker 4 (16:20):
So speaking of a bidingo and we're going to get
back to the stats. But I want to mention something
because I was in Orlando last week and I sat
in a one hour conference with one of the top
mortgage economists in the entire world. I'm a butcher's name
of thing was like Nelson or Nolan or something like that.
I'm terrible, But he really pushed some very interesting SATs
(16:42):
number one say. He repeated, almost verbati, what you just said.
And when you and I have been saying on the
radio for a year about statistics on inventory and buyers
and not if but when rates come down, what's going
to happen to the prices of home? So he and
he is the top, like gold Lehman said, he went
to Leman Sacks like fifteen years ago before they went
(17:03):
out of business, gave him his the charts he used
to predict was about to happen. They laughed at him
and said, hit the cam. We have fifty of you
guys sitting back here. He went to Goldman right across
the street, gave them the stats. They hired him, used
his stats. Guess what. Lehman Brothers a year later went
out of business. Goldman is thriving. Very interesting. That's how
cool this guy is. But what he taught me a
(17:23):
couple interesting things. It's anti doom and gloom. And it's
a perfect segue when you just said that, because did
you know that the average credit score over the last
ten years for people for homeowners who do conventional loans
is seven twenty. Okay, seven twenty. The amount of equity
in America is at an all time high. People are
(17:45):
putting down on average on every purchase in the entire country,
on average eighteen percent down payment. The loans that are
on the books now are so good. I have to
mention this because we're talking inventory and sellers market and
byer market. There will not be a foreclosure. Cris absolutely
not is not happening. That's just yeah, that's not gonna happen.
(18:06):
It is not, but there's still people out there. There's
still memes and you're saying how good it is because
real estate is hyper local and you know, we're four
point something percent in Hillsborough County, but there's still people
out there that are like, oh yeah, I'm gonna wait
for the prices to go down. That's guys.
Speaker 5 (18:19):
It's the guys that reading the headlines right That now
why we do click. And the other thing I'll say
is that despite it being I guess a relative buyers market,
just because of the activity level, our prices really haven't sunk.
You know, you've seen those headlines all prices are sinking,
and that hasn't happened. I mean, we've seen minor fluctuations.
Speaker 4 (18:38):
But aren't the home sales up? And that what you
just started telling.
Speaker 5 (18:41):
Us, Well, home sales activity is up, but also the
media and sales price for June in Hillsboro it's four
hundred forty thousand, And is.
Speaker 4 (18:48):
It compared to last year? What are we up on that?
You know? Is it there?
Speaker 5 (18:51):
I mean I have all my numbers from there. Yeah,
so media and sales price year over year, I mean
it's up by point six percent.
Speaker 4 (18:58):
Okay, Now, but I mean it's not down like.
Speaker 5 (19:00):
If it was down, you know, by ten fifteen percent
year over year. I mean, okay, fine, I'll say that
that's kind of you know, a market that's going down.
Speaker 4 (19:09):
But were you notice what you just set You just
said if it was down by ten to fifteen percent,
I'd be saying, hey, guys, things are going down. If
it's down, even even if it was down by two
three percent, we wouldn't say that.
Speaker 5 (19:20):
Yeah, And I mean it's it fluctuates like that. So
I mean two to three percent, I mean that's nothing.
Speaker 4 (19:25):
That's that's like the negotiation mark and.
Speaker 5 (19:27):
There y're you know, it's just the monthly stat. I
mean next next month, it could be you know, depending
on the price of the homes, it.
Speaker 4 (19:34):
Could be weird different. So we're to do more stats
when we come back from the break, because I had
I interrupted her and wanted to talk about that market thing.
But Sandy has more stats for us on the market.
We're going to nail down a little bit more. What
does that mean for you when it's a buyer's market,
because that's where we are right now. So if you're
a buyer or a seller, you better stay tuned to
the next segment. But while we're on break, go to Instagram,
follow Frank the Bank codo on Instagram and real it
(19:57):
or ks n on Instagram. If you don't, we won't
see you when we get back.
Speaker 1 (20:00):
Welcome to the Business Happy Hour radio show with your host,
Frank Debankkodo, the owner of Lincoln Lending Group right here
in Tampa Bay for twenty three years, joined by his
incredible co host, Sennia Akishna, realtor with Mahara and Associates.
Speaker 2 (20:15):
Tampa's top real estate company.
Speaker 1 (20:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade. Listen right here
or fight us on the Business Happy Hour YouTube channel,
or follow us on Instagram at Frank Debankkodo. Now, sit back, relax,
and get ready for some serious mortgage, real estate and
business talk with two of Tampa's top experts.
Speaker 2 (20:44):
Here's Frank de Bank and Senia.
Speaker 4 (20:47):
Okay, guys, welcome back to the Business Happy Hour. We
hope you guys are loving the show, we promise some statistics,
and I cut Sandia off in the last segments and
we're going right back into the statistics. And by the way,
if you've never listened before, what Sennia does as she's
pulling the statistics from last year to this year, is
that generally what you're doing well.
Speaker 5 (21:03):
They list, yeah, a bunch of stuff, but most of
it is year over year for the percent, you know, decrease.
But then we've got the actual values.
Speaker 4 (21:10):
Too, all right, And so we're here to debunk myths
with Cinny I Keisha from Maharan Associates on is the
clickbait real? Is the market going down? Especially in Florida City?
I take it away.
Speaker 5 (21:19):
Okay, so we left off on Hillsboro County, but let
me go ahead and talk about Panelas and pascos So
and Panelas close sales were up year over year in
June by seven point three percent. Their median sale price
four hundred and fifty five thousand, and month supplies four
point nine. Okay, so still not the five point six
(21:40):
that's in Florida, but a little bit higher. And I
do think that that has to do with the hurricanes
and just some of the homes that you know, we're
in trouble, and you know people that are selling them
that aren't fixed up but still are in trouble.
Speaker 4 (21:52):
Is I count condos untunately?
Speaker 5 (21:54):
This is just single family So yes, condo market like
we've discussed, is just it's just different, friend, if we
don't include that, and it is.
Speaker 4 (22:02):
Yeah, And it's taken a little longer for them to
get the condos back in order. You know, it's kind
of funny. I was out the beachless last weekend and
it's I'd say it's seventy thirty. I'd say seventy percent
of them are pretty much completely redone on the bottom.
There's still about thirty percent that I'm seeing the stone
what kindo is?
Speaker 5 (22:17):
It wasn't even it was pre hurricane that. You know,
that market just became different because of the new you know,
legal things and you know all the requirements, Yes, the
new reports they have to do, so a lot of
that kind of started a while back, just because of
the HIWA fees going up.
Speaker 4 (22:34):
But it's still so much cheaper to live on the
beautiful court sand beaches of the west coast of Florida
than it is even south of here, even in the
Miami area. Hell, you go out of Florida, you go
to California, forget it. You could buy three beach condos
on a Dare Beach for the price of one in Malibu.
Speaker 5 (22:51):
If I wanted to live on the beach, I will
tell you I would rather live in a high raise condo,
a newer one. You know, I'll you know, done up
and you know, protected and strong and.
Speaker 4 (23:00):
But yeah, you're right, people are scared of those because
of that surf side thing and everything. But no, that's
actually safer. Nobody got damage from the condos in our building.
All the water below damaged all the common areas, you know,
I mean, I take that back. There was some minor
leakage and things like that, but it's not like your
condo blew through or something.
Speaker 5 (23:19):
No, but single family home there, I mean, especially if
it's an older home and you know, the ones that
really did get decimated.
Speaker 4 (23:25):
Hopefully your single family home can swim if it's not
on stilts, because that's what happened. That's not even funny.
But so what else in stats? What else we got?
Speaker 2 (23:32):
So?
Speaker 5 (23:33):
Pasco County was up by eight percent for closed sales.
Their median sale price three hundred and eighty five thousand
and months supply at.
Speaker 4 (23:41):
Four interesting Pasco. And by the way, guys, you can
get good deals in Pasco, right.
Speaker 5 (23:46):
That's been the trend for a while. So yes, if
you want to get a good deal, you know, more
value for your home, You're going to go to Pasco County.
And they have some beautiful new construction properties, lots of
infrastructure going in.
Speaker 4 (23:57):
So I mean there's yeah, Pasco's not and turkeys anymore. Guys.
All right, Pasco is developed And from what she's telling me,
you basically can save twenty five percent on the purchase
of your house if you want to drive an extra
twenty minutes up the Veterans or two seventy five, right, yeah,
and if you're near.
Speaker 5 (24:12):
The Veterans, like I love the Veterans, So even being
in Pasco County, I'm like, if I'm right there, I
mean that's I'm an Odessa, So yeah, I don't know,
five to seven minutes longer.
Speaker 4 (24:21):
It's nothing. The Veterans is amazing. Yes, I mean I
drove all the way to Citch County the other day.
I didn't even care. I mean it's a great road.
There's no not very much traffic, you know, yeah.
Speaker 5 (24:30):
I'll take the veterans anywhere.
Speaker 4 (24:31):
All day long. So what else is that it?
Speaker 5 (24:34):
Well, I mean, yeah, that's it. But compared to Florida,
our local area is still very popular. People want to
live here, and our inventory is really not a whole lot.
So if you know that buyer frenzy happens, I don't
know if we'll be able to keep up.
Speaker 4 (24:48):
Right and and hopefully you guys are understanding why we're
saying it's a buyer's market right now. But what Sen
just said is the most important thing. The inventory is
still low. So when these rates go down, which we're
going to talk about rates here in a second, you're
going to have an influx of buyers. And the reason
prices go up is supply and demand. It's not because
because Sen and I are our real estate geniuses or
(25:10):
mortgage experts. We're both, yes we are, But it's because
of supply and demand. It's simple. You know, everybody wants
to buy the same car and there's only so many
on the lot. Well, guess what, somebody's paying more than
the sticker price for the car, right, same thing in houses,
So let's talk. Let's talk about how the rates right
(25:31):
now are affecting the market because Cennya correct me if
I'm wrong. You said, in this market you have sellers
working with buyers, most sellers giving more concessions, right, yeah,
so what can that do for a buyer that gives
them some money?
Speaker 2 (25:44):
Right?
Speaker 5 (25:44):
I mean it does. You know, closing costs are expensive,
so you know they're asking, hey, rate down closing costs,
just concessions to cover all the extras. And yeah that
sellers I think are used to it. A lot of
them are amenable to it, and we go on listing appointments,
we kind of prepare them for.
Speaker 4 (26:02):
That, right, right to be ready for somebody to.
Speaker 5 (26:05):
Be ready for that. But again, if we hit that
market where you've got multiple offers to pick from, guess
what you know? To the seller, it's the bottom line number.
You know that number works for them. You know the
higher that is obviously the better. So you know it'll
turn into less concessions. And we don't know how it's
going to be handled with the whole commission thing. I
think we've come up. It's been probably just about a
(26:27):
year since that really went into effect, and we're navigating it. Okay, Yeah,
you know, it's just we have the conversation with the seller.
All the offers that I've seen come across always still
requesting that the seller pay it. Of course, we have
the conversation with the seller to prepare them for that.
And when I put in an offer, you know, that's
just sort of expected still because buyers need, you know,
all the money they can get, you know, for all
(26:49):
the closing costs and a lot of times the extra
two and a half three percent.
Speaker 4 (26:54):
So don't you think be in the buyer's markets, because
that's kind of where we been ever since they came
out with that stupid rule talking about where where the
seller doesn't have to pay the commission to the real
estate agent. They're not forced to, which they never really
were forced to anyway. But if it turns to a
seller's market, though, and you got more buyers than sellers,
I could totally see sellers being like, nope, I'm not
(27:16):
paying the real estate commission. So that's when I think
we might see that change.
Speaker 5 (27:19):
Well, and before it's not like they weren't supposed to,
but to be on the MLS, right, you did have
to offer something. So that is the thing that change.
We no longer offered on the MLS. But commissions have
always always been negotiating. Yeah, that's the big thing. They
just really want in bold print, you know, five times
in a single form. It's always been like that.
Speaker 4 (27:38):
Right, just hasn't been in writing. Yeah yeah, but.
Speaker 5 (27:41):
Now it's not an MLS. So buyers, i mean, seller's
technique don't have to say, hey, submit it what to offer.
But yes, when you've got multiple offers and you know
you've got an agent, you know that's got a buyer
that's got lots of extra cash, Now i'll pay you myself.
We're not even going to ask the seller to do that.
Then that net to seller is going to be higher.
And that's the offware they're going.
Speaker 2 (27:58):
To go with.
Speaker 4 (27:59):
It's the same thing as just paying more for the house.
It's really, you know, no different you're yeah, okay, I'm
gonna pay the commission. But what I want to talk
about real quick is is how the rates affect it. Because,
as Sinya said, the seller's willing to give you concessions,
which means, let's say they're willing to give you money
for closing cost, right, But let's say that the seller
is not willing to give you enough. Let's say your
(28:20):
closing costs are ten thousand dollars and the seller is
only willing to give you five thousand dollars for closing costs.
You've got your down payment saved up, but you don't
have all the closing costs money, and the seller's unwilling
to negotiate. What can you do? I'm gonna tell you
a little secret your rate. Just like Cinnia mentioned, taking
concessions or buying down your interest rate, literally paying points,
(28:43):
paying money to get a lower interest rate. Yes, you
can do that, but did you know you can do
the opposite of that? Did you you know? Probably that.
Let's say somebody qualifies today and I'll give you a
real example. This was the veteran deal from yesterday. Qualified
for a five point seven to be compliant. That's a
five point nine two APR, qualifies for five to seven five.
(29:06):
He gets no credit from the lender. He's not buying
down his interest rate. It's what it called a zero offer, right,
he's not paying us a fee, but he's not getting
any credits or any charges or any discount fees. This
guy was a little short to close for the exact reason.
Seller would not give him any additional concessions, wouldn't give
him anything. Actually, guy was kind of really digging in
bad idea ron market buddy anyway, so he asked me, well, Frank,
(29:28):
how can you help me with that? So I said, aha,
let me show you some math. So just like he
could pay a point and get his rate down to
probably five and a half. Okay. By the way, rates
really are there today, by guys, which I just did
some math, rates are thirty one percent lower today than
they were at the peak. Over the last two and
a half years. We picked out just over eight percent.
(29:50):
We are in the safe fives right now.
Speaker 5 (29:53):
That's dot thirty one percent.
Speaker 4 (29:54):
Lower, thirty one percent lower. So for all of you
guys are on the fence, if I said I'm gonna
give you something thirty one percent lower, you got to
freaking buy it. Yes, So what's wrong with you? Anyway?
Back to the math, So five to seven five, he said,
what can you do? I said, well, let's do some math.
If I give you a rate of six point seventy five,
I can actually give you six thousand dollars towards your
(30:15):
closing cost. It's the opposite. You can ask for a
lower rate and they cost you money, you can get
a higher rate, and if they are an ethical company,
they're going to give you the credit. That's what I did.
I gave this veteran the credit. So we solved the problem.
We gave him the concessions. And all you guys are saying, well,
he's got to take a higher payment. Follow me on this.
I got a minute and twenty seconds to explain this
(30:36):
to you, so you got to listen. So, yes, his
payment goes up by two hundred dollars a month on
a like four hundred thousand dollars loan. Right, two hundred
dollars a month, he goes up. Right, what's the math
on that? Well, that six thousand dollars divided by the
tooth two hundred dollars is thirty months. So it will
take him thirty months two and a half years of
(30:57):
paying the higher payment before he is at the break
even period. Why is that a good deal? Well, maybe
you're gonna sell within two years, then it's a better
deal to do that. Maybe you're short money, you don't
have a choice, then it's a better deal to do that.
It doesn't matter what your payment is, because he can't
buy the house without the money, right, but here's what
him and I spoke about. We got very savvy about this.
I said, just like I do you to Senia, do
you think rates are going down? Yes? Right, So do
(31:18):
you think they're going down in two and a half years. Yes,
Then there's your answer, mister consumer. He was like, wow,
you're right. He goes, I think they're going down after
the FED meets in March. I guarantee they're going down
within a year. I said, good came out of your mouth,
not mine, but I agree with you. So here's what
you're gonna do. You're going to take a higher rate,
less cost because you're going to refinance that year.
Speaker 5 (31:35):
I knew that was coming boom.
Speaker 4 (31:37):
And guess what. He refinances a year and he still
saves let's say, eighteen months of payments basically to two
hundred dollars, and it's amazing. It works out every time.
That's the math. We are going to have to take
a quick break. When we get back. Cinnia can ask
me some questions about it, because I had to do
that really fast. But there are benefits sometimes to raising
the rates, especially now because we think they're going down.
(31:59):
Stay tuned in the business, be are with Senya, let's.
Speaker 1 (32:01):
Bring this happy hour radio show with your host Frank
the Bank Kodo, owner of Lincoln Lending Group, and his
co host Sennia Akishna.
Speaker 2 (32:09):
Realtor with Mahara and associates.
Speaker 4 (32:12):
All right, guys, this is our last segment. This show
goes so fast when it's just Sinny and I talking
about real estate. I guess this stuff we love. We do.
Want to remind you to follow us on Instagram. It's
real Ittor k s e n for the real estate side,
Senya Realtor k s e n and go to Frank
the Bank Kodo, both on Instagram, Frank the Bank Koto.
We want to see your followers. We want to see you, guys.
Check us out so you can tune into the live
(32:33):
show and you can see our faces, not just hear
our voices. I promise you we both have radio faces.
It's amazing. You gotta check it out. What else? Next
week's guest before I Forget is going to be Illy
Story LoVa from X Force. Body Summer is over. The
question is what happened to your body over the summer.
We're gonna go, We're going to all three of us
are getting on a scale next week, Senny is like,
(32:55):
hell no, but all three of us are getting a
get a virtual scale. We're going to pretend and we're
gonna talk about what happened to our summer bodies, because
Ille will surprise you next week and tell you what
you shouldn't feel bad about regarding your summer body, because
summer is time for a break. What else We'll go
back to this interest rate well to finish up.
Speaker 5 (33:14):
I guess where you were talking about, even about your
scenario and our conversation about you know, potential recuts that
are coming and inventory levels. Buy the house now, yes,
sue the REFI later because you know what, sellers might
not be as motivated to give up the concessions right
right now is when you can negotiate the deals right now.
(33:35):
You do have more of that power.
Speaker 4 (33:37):
And don't miss it, No, don't. This is the good.
The whole point in me doing that math illustration for
the guy Cinya answered it before I even did it
is is if you believe rates are gonna drop, which guys,
September is probably going to be the start. And by
the way, I was going to say it earlier when
Syny was talking about our stats, these things don't happen
over weeks of time, they happen overnight. This this will change.
(34:01):
If the rates drop in September, there will be a
small buyer frenzy. People will be like, oh, rates are
coming down, this is a trend. We better jump on
at the early adopters will get in just like you
told them to. If they drop rates in October, November, December,
two in a row, that's going to really start the chain.
Speaker 5 (34:19):
Well, it's still August. And because I think people are
just hearing little tidbits of that, we're seeing an increase
in showing activity. We are, you know, so we are
seeing more buyers getting active already. Yeah, and nothing's really happened,
just some talk.
Speaker 4 (34:34):
I'm already at up double percentage on new submissions this
week than where I was on average for the entire summer.
So there's activity. You don't want to be left out
or caught with the pants down there. You need to
jump on now. I remember we can give you credits
to cover costs for you now, help with the seller
making it ultra cheap to get in. And why do
(34:56):
we do that because when you refinance now you're paying
less cost, You're not paying the same points twice. Now
I'm going to tell you to take that extra money
you're going to pay me for with your equity, with
your equity and buy down your rate. So instead of
buying down from you know, the sixes to the fives,
let's buy from the fives to the fours or maybe
(35:17):
the fours to the threes. But guess what, you can't
do refive if you don't own a house. So realtor
send on Instagram, what's the phone number?
Speaker 5 (35:25):
Eight one three seven five reel or actually online at
Tampa real Estate dot.
Speaker 4 (35:32):
Pro, Tampa real Estate dot dot, Tampa real Estate dot pro,
contact Frank the bank reach out for that. Did you
guys hear the helicopter over your house last night over
near Farmington in North Tampa. Apparently there was a hit
and run and they were using infrared with a helicopter
and cops everywhere and they were searching.
Speaker 5 (35:47):
I hear about this.
Speaker 4 (35:47):
That's crazy. My wife was so scared. The house was
locked up, you know, give a gun to my kid
and I'm kidding, but anyway, it was. It was a
little scary because nobody would tell you what's going on.
But good news is bad news. Good news it was
a hit and run. They ended up catching the people.
Everybody's safe, so it's okay to walk your dogs again, Senya.
What else did I want to hit with you? Oh?
Speaker 5 (36:06):
You know what I wanted to ask you about because
you mentioned Orlando earlier. Yes, didn't something like really great
and fantastic happened in Orlando for you?
Speaker 4 (36:14):
Thank you, sar. Yes, I got awarded Florida Mortgage Broker
of the Year by FAMP Florida Association Mortgage Professionals and
UWM United Wholesale Mortgage.
Speaker 5 (36:24):
I was congratulations. I'm proud of you.
Speaker 4 (36:26):
Thank you. It was a huge surprise. We had a
large portion of our team there, which was awesome. So hey,
I guess you guys are listening to the Florida Mortgage
Broker of the Year. That doesn't mean I did more
deals than anybody. It's a big contest with all kinds
of things. Hell, I didn't even know I was in it,
and I guess those are the best things. So thank you, sin,
thank you so much. Now, you were talking about a
second ago that you looked up. You looked up a
(36:49):
past closing disclosure and you were looking at this. What
happened was during the break.
Speaker 5 (36:53):
Yes, I mentioned to Frank, I just had a closing
recently and typically so I was on the list side,
so we see the you know, list side numbers for
the seller. But when I saw the complete settlement statement
and I saw the buyer charges from their lender, the
jaw dropped. I mean, there were so many line items,
things that I didn't like, third party, something that was
(37:15):
something super it was expensive. And I bring that up
because I know that when we close loans and I see,
you know, your side of the charges, I mean seems
pretty minimal, and I know you always talk, hey, no
junk fees, So that was like, okay, that's what Frank means,
no junk fees, because I mean it was probably the
longest portion on that hid was for the lender fees.
Speaker 4 (37:36):
Oh my gosh. That's box A by the way, top
left corner of page two. If you're in real if
you're a consumer, you don't look at these that often,
so you're not going to put them side beside. We
do that for you, by the way. But if you're
a real estate agent, you understand what Senya just said,
because you guys have this information. Whenever I do courses,
I tell the agents like, go back to your office
and pull out your estimates from your last three closings
(37:58):
from guaranteed raid Away caliber wherever you guys are using,
and then look at one Lincoln Lending estimate. I shouldn't
have to sell myself, but I'm so happy you actually
did that and you looked in you.
Speaker 5 (38:09):
I mean it stood out right. Yeah, I was shocked.
Speaker 4 (38:12):
So we can't go tell that buyer now because we
did work with them. But you know what we do
is we'll help them on the refinance. That's what we do.
And I will say one of the best testaments is
when we go to the title companies and we close
and the title agent sees our fees and our rate,
they will right there in the closing and say, this
is I closed one hundred this last month, and this
is the best I've seen. So kudos to my team
(38:34):
for taking good care of people. But that's because I
don't charge them junk fees. That's really it's and is
I don't put the fees onto the team, therefore they
don't put them onto the consumer.
Speaker 2 (38:42):
No.
Speaker 5 (38:42):
I love that. That's it, and I mean it means
a lot right now, because everybody you know needs all
the extra money. They don't want to pay the junk fees.
They want to keep it in their pocket for you know,
low repairs and whatever else comes up.
Speaker 4 (38:52):
And if you and if you're working with Senny us,
she's going to get the seller to cover the closing
cost and we're going to help you if you need
a little bit of help by messing with that rate.
So if you're working with us, ask the questions, guys,
let's answer them. The most important question your broker banker
should ask you is what's your intention with the home?
Because you tell me you're not going to be there
a long time, I'm going to tell you to take
a higher rate and less costs and Senny'll senyel will
(39:13):
get you closing costs credit. If you decide to keep it, great,
you're still a winner your refinance next year. Marry the house,
date the rate, Senny. It's been a great show.
Speaker 2 (39:21):
It went so fast.
Speaker 5 (39:22):
But yes, this was great. It was nice just to
chatting with you. But I look forward to having Ali
on next week.
Speaker 4 (39:26):
Yeah, it's going to be a lot of fun. Healthy
mindhealthy body. It's x forcebody dot com. That's what's kept
me my weight loss, weight off for six years now.
Might be the longest habit I've ever had besides my marriage.
I think that's a habit. It's a good habit. But
other than that, we love you guys. Check us out
real it or send on Instagram. Frank Thebank Coodo on Instagram.
(39:48):
Our phone numbers are on there. Senny's is going to
be on there today and we'll be happy to help
you guys out again. Maharran Associates and Lincoln Lending Group.
Thanks for listening to us. Follow us on the Instagram.
Speaker 5 (39:58):
Have a great day.
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