Episode Transcript
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Speaker 1 (00:00):
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, Senia akishna 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.
Speaker 2 (00:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (00:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (00:30):
Listen right here or fight.
Speaker 1 (00:32):
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 (00:44):
Here's Frank de Bank and Senia.
Speaker 3 (00:47):
All Right, Tampa Bay, welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial.
And today is a special day. This is two weeks
in a row that Senia Akisha from Mahara and Associates
and yours truly, Frank the Bank from Lincoln Lending Group
are going to talk directly to you about mortgages, real estate,
and today we're going to do the home buying process.
(01:10):
That's right. I don't care if you're a first time
home buyer or if you've bought thirty homes. We are
going to take it back to the basics. We're going
to talk about what does it take in today's market
to get qualified for a home? When do you want
to get pre approved? What do the different lenders do,
What does it mean to work with different lenders? What
about real estate agents? What's the difference between real estate agents?
Do you guys think every real estate agent is the same,
(01:31):
You are sadly mistaken. There is a big difference in
real estate agents. There's a big difference in the brokerages
and with real estate it is hyper local. Do you
know what hyper local? That means? That means way more
local than what you think that means. It is literally
your neighborhood. That is how important real estate is, and
it can change from one neighborhood to the other. By
the way, did you know that if you buy a
(01:53):
house in South Florida, it's likely that you, as the buyer,
are going to pay the title insurance and the is
not going to pay because you're going to choose the
title company. So that could end up costing you thousands
of dollars. That little box could be checked on your
contract right now, costing you money and you don't even
know it. That's why you need a good real estate
professional to explain these things, because when I say hyper local,
(02:15):
if you're in the central Florida area, you are not
choosing the title company and you're not paying for a title.
That's right. If you're in Central Florida, that's not happening.
But Senia for Mahara and Associates is going to break
that down. It's going to be a great show. Stay
tuned for that. We've got statistics as well. And Senia
tell me if I'm wrong. Do we have a special
guest next week? We do? Who is it?
Speaker 4 (02:34):
We finally have Ray Mahara on the calendar.
Speaker 3 (02:37):
Yes, Ray Mahara is going to join us next week.
He is the host of the host. I'm the host,
he's the he's the owner of Mahara and Asoties. I
just realize I'm short on battery on the old cell phones,
so I'm gonna talk really fast today. But it's going
to be a great show. Stay tuned. We're gonna do
statistics in just a minute here with Senia, and like
I said, I was gonna do Rush Limball style, but
(02:58):
then Senia decided to run in the studio at the
fort once.
Speaker 4 (03:01):
You're early, I mean.
Speaker 3 (03:03):
No, no, I actually thought I was late, right because
I thought like I had to start at ten today,
and then I'm like running up here and then I
bump into people and James is like, what are you
doing here? And I'm like, well, you told me to
be on time.
Speaker 4 (03:16):
You were actually late.
Speaker 3 (03:19):
I was fifteen minutes late for the ten o'clock showing,
but I was forty five minutes late for the eleven. Anyway,
we are starting earlier today because I have a wonderful
seminar with the Judy Post team over in Newport Richie.
We're gonna be going to see fire Grill today learning
all about the crazy products that Lincoln Lending Group provides
to you guys, and that's gonna be a lot of
fun with her entire team. And we're working on a
new condo development right there in Newport Richie. Gonna be
(03:39):
the nicest luxury condo development. Senia, You're gonna come visit
it and you're going to sell those when when you
get you're gonna love it. Now it's still you know,
still doing foundations and pilings and things, so not anything
really for us to look at yet. We're not even
allowed on the property unless we have a hard hat.
But it's gonna be a lot of fun, so it'd
be a great project we're going to talk about and
I know you've got some goods to sticks for us.
(04:01):
We're gonna talk some interest rates today as well. There's
a lot of chatter about the FED. Did you hear
about what happened with the Fed? No? But a good
show so that FED chairman, right this, this guy that
everybody loves to hate right now, clearly is not friends
with Donald Trump. He had made a comment everybody's been
pressuring him to lower the rates, lower the rates, and
(04:25):
he finally, by the way, his name is Jerome Powell.
We'll only going to hear that name until next March.
But he has been fighting the administration on lowering the rates,
and finally we think enough pressure happened, especially with the
jobless claims reports and whatnot, that he literally came out,
let's see what day did he say this on today
is Tuesday. If you're listening on Sunday, just put it
(04:46):
in perspective. It was last Friday, I believe is when
he came out and basically said that he is going
to lower the rates. I remember Ryan, we basically were
like betting his car on purpose that we think rates
are going down in September. So September second is the
potential FED meeting, and I do think that the rates
(05:07):
are going to go down on September second, which is
really exciting because.
Speaker 4 (05:10):
It is very exciting.
Speaker 3 (05:11):
It's a lot earlier than we thought. So if they
go down now, that means they could continue to go down.
So it puts us on the right trajectory for when
he gets booted out of office at the end of March.
Unless he quits sooner, I don't think he's going to,
and then we're going to have somebody brand new come
in and replace him, and I'm quite sure that that
person is going to follow Trump's monetary policy where he
(05:33):
believes it's important to get these rates lower. I'm talking
a lot. I'm already playing rush limball and you're in
the room. But I did read an interesting article this
morning since we're just chatting about rates for a second
before we get into our stats, and let's see even
pull it up real quick. Trump for the first time
in history a president fired someone who's sitting on the
(05:54):
board for the FED. I can't remember how many guys
are on there. I want to say there's six on there,
and I'm trying to find the dang article so I
can tell you guys. But long story short, this board
votes right on what should happen in the monetary policy?
Should they raise rates lower rates? Obviously Powell has the
ultimate say right as the chairman of the FED, but
(06:14):
it's rare that the that the acting FED chair would
go against the board. If the board votes, you know,
six oz to drop rates, he's going to drop rates
for the most part. If not, he's not going to
look so good. Right if but this recently there's been
dissension in the board. So I think it was two
to four last time to hold rates, right, So you
had two you know, thirty percent of them basically said no,
(06:36):
we are twenty five percent whatever it is said that
they need, you know, to lower them. And one of
the ones that was trying to keep rates the same,
keep them higher, basically got caught doing mortgage fraud. Oh no, yeah,
and it's pretty simple. And I might as well talk
about this mortgage fraud real quick because your clients need
to know. Like yesterday, I got asked by a client
about buying buying a property that she wants to rent out,
(06:57):
which means she's buying an investment property, right and trying
to buy it as a primary residence. And why why
do you think somebody would want to do that, Senia?
What would be the benefit? There's two benefits. If if
you're buying something, I'm sure she.
Speaker 4 (07:09):
Could get a better rate and there you go, better mortgage.
Speaker 3 (07:12):
Lower down payment. So it's down payment and rate. Those
are the two driving factors. Because your your investment is
going to have a higher interest rate than your primary residence. Right,
you get a better deal to somebody if they're living
in the house. So she could put down you know,
three percent, five percent, zero percent if she says she's
living there, she has to put down twenty percent if
she's not really fifteen, But nobody ever does does that
because of the rates. So with that same thought, this
(07:36):
this lady got called for mortgage fraud. And what she
did was I don't remember the states are right, But
she bought a property I want to say, in Georgia
and one in like New York or North Carolina or
New Jersey or something like that, and she marked them
both as primary residents, right. And guys, if you think
that's not public, it's public. You can get that information, right.
And she did this within thirty days of each other.
(07:57):
And mind you, she sits on the board to our
fell or reserve that that basically dictates the rates that
you and I get and all of our clients get.
So you know, I know Trump wanted her out right,
and it's and it's unor orthodox to kick somebody off
the board, especially midterm, but you know, when when you're
looking and they're going to meeting mortgage fraud and they're
in charge of our mortgage rates, I would.
Speaker 4 (08:18):
Think that's a pretty good reason to yeah, somebody out.
Speaker 3 (08:21):
I think he's gonna win that battle pretty pretty sure. Trump,
he's gonna get that one. So she's gonna be out.
And uh, hopefully this is a change in our monetary
policy for the country. I think it's going to be
an amazing thing. So everything you and I have been
telling people what's our favorite phrase that we like to say,
marry the house and date the right. That's right. So hmm,
(08:41):
i'd say, you guys, if we're talking about the house market,
you probably have maybe a few months left to marry
that house because that that rate you're gonna date. What's
gonna happen is you're you're gonna end up marrying both
the house and the rates pretty soon enough. So we're
going to highly encourage you today after we go through
this process. You've got to buy. You got to buy.
And now I'm telling you for a fact the window
(09:02):
is closing. It doesn't take me or sending it to
tell you. Google it Google. I just googled thirty or
fixed mortgage rate news and you can see one hundred
articles about why they go down? What's going on? You know?
Are we going to be in the threes? How load
did they drop?
Speaker 1 (09:15):
You know?
Speaker 3 (09:15):
And that's the billion dollar question. What do you think
rates are going to drop to?
Speaker 4 (09:19):
I mean, I have a hard time believing that they'll
drop to threes. I'm hopeful they'll be, you know, in
the fours at some point, but you know, even you're
getting fives, yeah, you know what five point seven five?
I think you were talking about.
Speaker 3 (09:33):
Five seven five has no points. Five and a half
would have like one point, right, I mean, we're there,
so what are people? You know? I don't I agree
with you. I don't really think we're going to see
the threes. I think you'll be able to buy down
to the threes. So that's why the advice right now
when somebody's buying a home is, don't focus on your rate,
focus on your cost. If you if you've got a
(09:55):
broker telling you, yeah, i'll give you, you know, five
and a quarter, but it'll cost you a three point
you know, that's three percent of what you borrow. Right,
maybe it's your four hundred thousand dollars loan amount, that's
twelve thousand dollars. And then next year the rates drop
a point and you go to refle what happens to
that cost?
Speaker 4 (10:11):
Well, I mean, I know you're not a huge fan
of the buydowns.
Speaker 3 (10:14):
Right right not now? Like you know, you're forking over.
Speaker 4 (10:16):
All that money you know to begin with, and.
Speaker 3 (10:19):
Right because you're gonna pay twelve thousand dollars to buy
down your rate for a half a point, and then
next year if these rates drop, let's say from the
fives to the fours. You're going to refin and that
twelve grand is gone, gone, You're never getting it back.
So my advice, let's take a higher rate today. Let's
lower your costs. Let's have no points, no junk fees,
(10:40):
no lender fees, anything like that. And then when the
rates drop, that's when I want you to refinance and
then pay the points. Think about this, You could apply
those three points. That's a lot, by the way, you
could apply those three points when the rates are four
and a half and get into the threes. So do
I think, do you? And I think rates will actually
(11:00):
be three with no cost? Probably not all right, but
can you get into them? I think you will, I think,
and I are going to see that next year. And
I just say to everybody, buckle up, all right, the
news is happening. The day is coming. Senny and I
have talked about this for two three longer than we
want to do right, three years, two and a half years.
(11:21):
It's been a long time, but get ready, buckle up.
When we get back from the business happy Hour, we're
gonna talk to statistics with sinnya Akisha from Mahara and Associates,
and then we are going to go through the home
buying process as a consumer. I don't care if you
bought a thousand homes or it's your first home. We're
going to tell you from a real estate agent how
it works, what should you do in in what order?
(11:43):
We're going to tell you from a mortgage company, how
does it work? What do you do in what order?
When we get back to the business happ here in
just a minute, we lost Instagram, so we'll be back
in a minute. We'll fix that. We'll see you guys
here in just a minute. On the Business Happy Hour,
all the.
Speaker 1 (11:54):
Best mortgage or real estate advice from Tampa Bay's top experts.
It's the Business Happy Hour with Frank de Bankkoto and senniaha.
Speaker 3 (12:03):
Hey Timpa Bay, Welcome back to the Business Happy Are
your number one show for all things business and entrepreneurial.
I hope you guys are having a great day. We've
got a great show for you. Senia from Maharan Associates
is going to go into real estate statistics in just
a quick minute, and then after that we are going
to take you guys through the home buying process. It
doesn't matter if it's your first home, your millionth home.
(12:24):
We are going to tell you advice from two of
the top real estate agents and mortgage peoples that's us
in the entire country, what you should and shouldn't be doing,
give you some advice and walk you through the entire process.
Stay tuned. I'm gonna get us back up on Instagram
while Senia goes into the real estate stats and send
watch your phone because I'll reinvite you as soon as
I do this. But I'm gonna let you do these stats.
By the way, Senia, maybe people want to talk to
(12:45):
a real estate agent. They need to know how to
get in touch with you before you give statistics.
Speaker 4 (12:49):
Please give me a call at EAT one three seven
five five Real Raw.
Speaker 3 (12:55):
Let's do your stats, okay.
Speaker 4 (12:57):
So I told you last week that we should our
July numbers and we do. Yay, okay. So for closed sales,
actually in Hillsboro County we were down a bit, by
seven point six percent, so this is just closed sales volume.
But Panella's County was up by four point four percent, okay,
(13:20):
and Pasco barely a change, less than a percent down.
Speaker 3 (13:24):
Why do you think Hillsborough was down so much?
Speaker 4 (13:25):
That's that's kind of bling you know what I was
thinking about this, Like I did have like two listings
in June that both wanted at least a sixty day close.
Speaker 3 (13:35):
Okay, So I don't know.
Speaker 4 (13:37):
I wonder if some sellers now are thinking, hey, things
are taking a little bit longer to sell, let me
prepare ahead of time if it takes me a little
bit longer to get that contract. To answer your question,
I don't know in my particular case. That's why you know,
I'm coughing it up to, is that maybe you know
it's not necessarily because things were you know, there's no transactions.
(13:58):
Maybe they're just taking a little bit longer. Like I
have another one now that wanted a three month close.
Speaker 3 (14:03):
So you're actually thinking it has to do with with
people buying in the summer and wanting a longer closing.
Is that that's well?
Speaker 4 (14:09):
I mean this was my sellers, like both of them
just were not ready to do a closing in thirty days,
which typically you get a contract, you know, on a
convention alone, we usually say hey, expect you know, thirty
day close. Ahava say forty five days. But this is,
you know, both my sellers that actually wanted the longer
closing you know, for moving figuring out their next place.
Speaker 3 (14:28):
So it was actually the sellers who are holding things
up just a little bit could be okay, all right,
fair enough, fair enough? What so this is exciting? What
else do we have?
Speaker 4 (14:37):
Well in Hillsborough, actually our year over year median sale
price is at a zero percent change, but it was
four hundred and thirty thousand dollars a year ago. We're
still at four hundred and thirty thousand dollars in Hillsboro
for the median sale price. Average sale price went down
just a tad also less than a percentage point. And
the averages five hundred and forty three thousand.
Speaker 3 (15:01):
What nothing really changed.
Speaker 4 (15:04):
And Hillsboro County not too much. I mean the numbers
do jump around.
Speaker 3 (15:07):
You know.
Speaker 4 (15:08):
Panela's and Pasco Panelas has seen the biggest difference. And
again I attribute that, I think just to the hurricane
damage we had last year and just some of the
homes you know that were affected by that.
Speaker 3 (15:20):
Oh yeah, oh got you on Instagram? I was pointing
to say, and I was like, you're on Instagram, now
check it out. Okay, so this is so far, this
is very good news. Now did it let you on?
What's going on.
Speaker 4 (15:30):
I don't know, I don't see you live on there.
Speaker 3 (15:32):
I'm gonna get you back on here on Instagram. So
so all right, so so so far we okay, there
you go, your inviters back. So so far we are,
we are seeing. This is good. And the reason this
is good is because if you go and watch the clickbait.
We hate clickbait, but if you go watch clickbait, it's
going to tell you that Florida is sinking into the ocean.
Real estate prices are plummeting. Now it is a buyer's market.
(15:55):
But what Sinny and I are trying to tell you,
guys is, oh, it's not letting you join. For some
reason Sinny and I are trying to tell you, guys,
oh there you go, is that this buyer's market is
fading quickly. All right. When they tell you, when they
tell you that rates are going down, more buyers get
in the market, you have more competition. So let's sendy
(16:16):
you keep going on these stats.
Speaker 4 (16:19):
Okay, so we're still in Hillsboro County. Medium time to
contract is it thirty four days months. Supply is up
by twenty three and a half percent since last year,
and that puts us up four point two months of
inventory and the absorption rate is a twenty eight percent,
which we don't always What does this mean? You know,
(16:41):
it's a similar metric to when we talk about month's supply. Okay,
so kind of just measures how quickly you know, homes
are selling.
Speaker 3 (16:49):
So is that is that number? Like, I don't know
what my baseline is on that?
Speaker 4 (16:52):
Is that the baseline? So twenty percent or higher would
be a seller's market.
Speaker 3 (16:59):
Eh, and we're twenty fifteen to.
Speaker 4 (17:01):
Twenty percent balance market. Fifteen percent or less is a
buyer's market.
Speaker 3 (17:06):
So wait, didn't say we're twenty three.
Speaker 4 (17:08):
So twenty eight percent in Hillsborough County?
Speaker 3 (17:11):
Yeah, so sin, does that mean that the needle is
shifting already? And did I hear that?
Speaker 4 (17:16):
Right? I think right now I feel like it's it's
still balanced, like if you're just looking at it, you
know the prior months. But I think in general we
are in a balanced relatively balanced.
Speaker 3 (17:26):
Okay, Well, you know me, I'm optimist prime over here.
So you you give me just a nugget, I'm gonna
push it over into the positive side.
Speaker 4 (17:33):
Well, the other thing I want to say, like you know,
it's we're already at the end of August here.
Speaker 3 (17:36):
Right, so these are from July, okay.
Speaker 4 (17:39):
And I do think that we start feeling things, you know, happening,
like I think there's an increase in showing activity. We
also are you know, still seeing you know, increase in inventory.
Those things happen quickly, and then we get the stats
like you're already feeling like well currently you know today,
I don't know, right, you know that these are you know,
aligning with what's actually going on.
Speaker 3 (18:00):
Well, so let me ask you just you know, I
will keep doing stats obviously, but let me just ask
you just in general, as a real estate your what's
your temperature? What are you feeling? Because I know Ray
and I chat every once in a while, and I'm
not going to spoil it, but I'll let him say
it next week. But a couple of weeks ago he
sent me a video of a whole bunch of files
on his desk and those files are getting dust and
I could see the layer. And then last couple of
(18:20):
days we're talking and it was almost like a buckle up, buddy.
Speaker 4 (18:24):
Yes, So it happens quickly. I feel like ever since
we had Ryote on the show, you know, and there's
shit chatter about you know, interest rates going down like
that has an immediate effect.
Speaker 3 (18:34):
It does on the public.
Speaker 4 (18:35):
You know, they'll see the headlines and then you know,
they start coming out of the woodwork.
Speaker 3 (18:39):
So you know, yeah, I like, I like, Okay, Sinnya
just said something. She said the word immediate effect. It
don't let that just flow by you. What that means
is that it actually happens immediately when the news says
that the rates go down. When the TV says it,
people jump, People get off the fence. It doesn't take
(19:00):
him a week to climb off the fence. So we're
trying to get you guys off the fence before everybody else.
You know, like when you go to Disney and you
see that there's gonna be a really long line for
Space Mountain and the gates open, what do people do?
They rush to Space Mountain right because they want to
be the first guy. What is wrong with you guys,
Rush to your pre approval, rush to get these offers
(19:20):
in because the lie the people are behind you. Just
picture the gates of Disney if you've never done it,
and the lines that will form within the first fifteen
minutes of the park. Opening. Okay, I'll shut up. Now
back just to day okay.
Speaker 4 (19:32):
So I mean yah, so how do you get the stats?
I feel it could just be you know, old news, right,
So yes.
Speaker 3 (19:37):
Out and hold on. James just yelled at us. I
totally burned the end of your segment. When we get
back in the Business Happy How, we're gonna finish our
stats and then we're going through the home buying process.
Don't forget. Next week is going to be the founder
of Maharan Associates, Ray Mahara himself, and we're gonna be
talking about rates and what do you gotta do to
buy a home. Stay tuned on the Business Happy Hour
with Sinya and Frank will be right back.
Speaker 1 (19:56):
Welcome to the Business Happy Hour radio show with your host,
Frank the Bank Coodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senya Akishna, realtor with Mahara
and Associates, Tampa's top real estate company. Together, they have
helped finance and clothes nearly one billion dollars of real
(20:17):
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.
Speaker 2 (20:26):
Listen right here, or.
Speaker 1 (20:27):
Find us on the Business Happy Hour YouTube channel, or
follow us on Instagram at Frank de Bankkodo. 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 (20:40):
Here's Frank the Bank and Senia. Hey, Frank the Bank
and Sendia.
Speaker 3 (20:45):
We're on the radio. That's what we do. We're on
the Business Happy Hour. Next week, we got Ray Mahara,
the founder of Maharran Associates. That's going to be super exciting.
Over billions and billions of dollars served through Maharran Associates
and they have over one hundred people on their team.
That's going to be super exciting. I cut off Senya
in the last segment when she was doing her stats,
which are good news. We've been waiting for these July
over July numbers. So I'm going to shut up and
(21:06):
let Sennia do the stats with us. We're going to
chat about that, and then we're taking you through a
home buyer process for the last segment and a half.
So stay tuned for that Sinnia Aikeshan a Maharan Associates
take it away.
Speaker 4 (21:17):
So, yeah, about the market, and we were talking about
the absorption rate, and I said that it's if it's
twenty percent or higher, that's a seller's market. Like all
the numbers since we started getting the absorption rates calculated
and included in our stats, I mean, they've been higher
than twenty percent. Just like when we talk about months
supply of inventory, say five to six months supply is
(21:40):
about balance. Okay, we really haven't been there.
Speaker 3 (21:44):
Oh so so we're still far from that.
Speaker 4 (21:47):
Yeah, that's why I think when all the buyers do
come out because they're hearing interest rates are going down,
then technically there's really not enough inventory to you know,
keep supporting that balance. That'll you know, get swayed back
into the seller's direction because it's technically inventory wise still
you know, should be more of a seller's market. Just
(22:10):
the buyers have been you know, not as active, right,
but they do get active and.
Speaker 3 (22:17):
A little hectic. It can happen overnight and it can
happen over Did I mean from that that that was
Friday at I think I think there's like on lunchtime
when he made that comment, and we're we've only had
one business day since then, and i'll tell you volume wise,
from applications and everything, it's up tremendously. So this stuff
about being ultra local and immediate, it's real. Yeah, you
(22:39):
got to beat them. What else you got?
Speaker 4 (22:40):
We were like a listing that I had, you know, say,
first couple of weeks, you know, they're like, oh, it's
been quiet, you know, not too many showings, and then
all of a sudden, we really picked up in showing
activity for a listing that's already been there.
Speaker 3 (22:52):
Yeah, yeah, sorry sorry saying I was.
Speaker 4 (22:54):
No, No, that's okay, all right. So in Penella's County, Yeah,
close sales were up by four point four percent. The
median sale price went down a little bit by eight
point four percent, four hundred and thirty.
Speaker 3 (23:06):
Five thousand, including condos or not.
Speaker 4 (23:09):
Not including cones. Yes, so I you know, I always
keep those separate. I just pulled the single family home stats.
Speaker 3 (23:16):
So yeah, more sales, cheaper and slightly cheaper.
Speaker 4 (23:19):
And again because of hurricane you know, just yes, panelas
went up so much like during our COVID market. I
think that they probably saw the biggest increase. Yes, in
our local area.
Speaker 3 (23:32):
So maybe they were just checking back. Yeah, right, there
you go. Positive.
Speaker 4 (23:38):
Pasco County median sale price three hundred and eighty seven thousand,
which is roughly the same as it was a year ago.
The average sale price four and twenty seven thousand. Both
Penelas and Pasca are a little bit higher on median
days to contract, which that just means you list your home,
this is you know, the average time that you're expecting
(23:59):
to be on the market before you get a contract.
Speaker 3 (24:02):
Yeah, yeah, okay, so that this is this is good.
I'm looking at the positive of all this. I think
it's it's absolutely wonderful stuff. What now you're feeling that
these numbers are affecting that people don't know until we
tell them. But are they affecting them coming out or
is it just the rates that they're hearing affecting them
coming I.
Speaker 4 (24:20):
Think it's the rates, I really do. I think you know,
we we've in the industry, we've been talking about the
when are they you know, coming down? I think we
were hoping, you know, last year, there'll be some movement
because it's been a little bit just a little stale
the last couple of years, you know, since the big
boom that we had.
Speaker 3 (24:35):
Yep, yep, I agree. Stale is not a good word.
Not not a good word.
Speaker 4 (24:41):
Well, I don't think anything is going to be stale.
So yeah, as soon as you know, all the activity
starts happening, it's gonna get exciting.
Speaker 3 (24:50):
Uh, well, get exciting. I think is going to be
an understatement because if anybody actually lived through the COVID market,
then that that was exciting, but almost in a bad way. Yeah,
because you didn't have enough inventory, you had too many
buyers and what I don't know, I don't know if
you like this or not, but I hate seeing that
hire some best crap, that crap where there's lines, because
it makes a consumer feel like they're they're just they're
(25:11):
not negotiating and they're getting ripped off.
Speaker 4 (25:13):
Right, Listen, it's not fine. Like I showed one over
the weekend and it was actually it was a higher
price home like eight hundred thousand and two days on
the market. But I could just tell you know by
the presentation, and of course she already had a couple
offers on the table, accepting multiples. And by the time
we're seeing it, already knowing that there's multiple offers on it.
You know, it makes the buyo Okay, I don't really
(25:34):
want to participate in that. We know how it goes.
You really got to, you know, bring up the best
terms probably you know, make some sacrifices, go up on price.
Speaker 3 (25:42):
Well, it makes people, you know. Okay, here's my thing
about it. And I know legally, you guys, you as agents,
can't tell people. But if I'm a buyer and I'm
working with you, and I go make an offer in
a house and the listening agent comes back and tells you,
as sorry, we got multiple offers, you need to bring
your best foot forward, meaning make a higher offer. It's
like it's like you as a buyer, you're in the
you don't really know obviously on.
Speaker 4 (26:02):
The legality perspective, it's actually, I mean the seller we represent.
You know, if you're on the listing, we represent the seller.
If the seller is okay sharing that information, say hey,
sure you can tell them, oh what this offer is,
and if they want to go higher. I mean legally
we do. You know what the seller would like to do. Yeah,
so they're okay with us disclosing it. You know, they
want to disclose to see if somebody will you know,
(26:24):
go higher.
Speaker 3 (26:25):
Yeah, I just you know, as a buyer's like, you
don't see it. So it's kind of like, you know,
going to the store and the guy's like, it is
nine ninety nine and he's like, well, a couple guys
want this, so it's going to be twelve ninety nine.
Speaker 1 (26:34):
Yeah.
Speaker 4 (26:35):
And I mean as a buyer you're also like, oh,
they you know, telling the truth or whatnot.
Speaker 3 (26:39):
That's what I mean.
Speaker 4 (26:40):
The other thing we saw, you know, especially in COVID,
like people put in escalation clauses, right, so even if
you don't see it, Oh, well, you know, put an
escalation clause that I'll pay five thousand more, you know
than the highest offer, and.
Speaker 3 (26:52):
Explain that real quick to people. What the heck is
an escalation clause? Because I think that's that's a really
neat feature that you real estate agents can use during
this upcoming market. How does that work?
Speaker 4 (27:02):
Yeah, I mean you put it into your offer that
you're willing to pay, you know, a certain amount, you know,
you spell out what that number is over the other
highest offer, and typically in that situation, you know, you
do request to see the highest offer if you know
you're trying to get for the escalation, so you know,
you block out certain things, but then you know, share
(27:23):
that page of the offer where it's you know, shows
the selling price.
Speaker 3 (27:27):
Okay, so but now can you do anything you want
on escalation? Could I say, you go up one hundred grand?
Speaker 4 (27:32):
Sure you could want you to.
Speaker 3 (27:34):
So then I have to just trust the listing agent
to keep telling you, as my buyer's agent, that that
I'm not the next guy and that I'm pushing the
escalation higher. And that's where it gets so scary.
Speaker 4 (27:45):
But but when you get a few of those because
even then, I mean a lot of offers, we're including
that right exactly. So ultimately, I mean it comes down
to you when you're in that situation you're on the
list side. I mean, it was a lot of work
despite of being hey, you you know list the house
and you all these offers you have, like you know,
spreadsheet all the terms. My biggest thing was lenders.
Speaker 3 (28:07):
What what do you mean?
Speaker 4 (28:08):
That was my first homework is you know what, I'm
gonna call each and every lender from the pre approval
letter for one see if they answer the phone and
really feel them out. So, I mean it was a
lot writing on the lenders to try to sell that
buyer's offer.
Speaker 3 (28:23):
Yeah, so I like that. You said that you test
out the bank or broker by making a call to
see if they answer.
Speaker 4 (28:30):
I still always do that when we get an offer.
That's how I vet the offers, even if it's just
the one. I want to talk to the lender before
we go into contract, you know, feel out their confidence
in the buyer, their qualifications. And I still do that.
That's a good practice.
Speaker 3 (28:45):
And if they don't answer, guess whose offer doesn't get accepted.
Speaker 4 (28:48):
That's usually that first little yes. So if they don't
answer the phone, I'm like, okay, little ding there, I'm.
Speaker 3 (28:54):
Not gonna be great about this guy. Yeah. Well, because
if they don't answer the phone when you're making an offer,
they can to answer the phone when you're going through
the tough parts of the contract. Right, So what else
with any other good stuff on stats? Because, by the way,
I'm going to say something before she goes on the stats,
all this scary stuff we're talking about highest and best
and can you trust the broker? Of course you can
trust Senny and Ray, but you know you don't know them.
So I'm going to tell you how to avoid all
(29:15):
this I'm going to tell you how to avoid Who
do you trust? What do you do? Are they telling
me the truth? I don't want to be in the
highest and best situation. You know how you do it?
You freaking buy now. You buy now before any of
this crap starts, which, by the way, it already has started,
and then you don't have to worry about it.
Speaker 4 (29:31):
I think that's a definite. If anybody is listening and
they're still sitting on the sidelines, like, don't wait for
my stats for August to come out, Oh god, you know, yes,
you need to get out there. And we were going
to talk about the home buying process, so I think
we should just ull go. I think we should go
because it just runs by so fascinating. Do you think
that's important. I want to start with you as a
real estate agm okay. And then there's a reason because
(29:51):
most consume how much time we got? We got two minutes.
Speaker 3 (29:53):
Most consumers, whether it's right or wrong, I feel like
they go to the real estate agent first, feel like
they shop for the house. They get on Zillo, they
talk to a real estate agent, they start picking out
their dream home, and then they go to us as
the lender and they try to figure out how they
can afford it? Are they qualified?
Speaker 1 (30:10):
Do?
Speaker 3 (30:10):
Would you agree?
Speaker 4 (30:11):
I do agree? But I think you know, if they
go to the good real estate agent, they're going to say, hey,
have you already talked to a lender? So that's first
and foremost. That is first and foremost. You got to
know what you can afford. You got to make sure
you do qualify, right. Nobody wants to, you know, waste time,
and the buyer doesn't want to waste our time if
they can't buy a home. That's heartbreaking, right, So yes,
that is the first advice we give. Okay, I know
(30:32):
you windows shopped, you know, on Zillo. You really like
this home, you know the type of home, it costs
this much. But you need to talk to Frank and
make sure that you can actually buy a home that
you know costs this and that. That is a very
important first step.
Speaker 3 (30:45):
So we'll throw in this other step. When you're talking
to your real estate agent or to your mortgage person.
A lot of times it's not purchase price. That's the
important question. You have to do it backwards. What payment
do you want? All right? Don't get me wrong, If
you send me a bunch of listings right now, said,
I'm going to pick out a bunch of stuff I
love and I'm not I'm not going to love them
(31:05):
so much when I run the payment on certain lines.
Speaker 4 (31:07):
All right, Well, and I'm buyers too. I think they
get a little bit, you know, shall shocks sometimes, we
know that, you know, costs have gone up, so yes,
you got to consider taxes and insurance. Yeah, and ultimately app.
Speaker 3 (31:20):
Right, So what are we got thirty seconds? Maybe we'll
pick this up when we get back. When we get back,
we'll talk about we're gonna stay on stay in line. Okay,
We're going to talk to Senny about what they should
be doing. I'm going to talk about what are her
first conversations with the UH with the buyer, and then
we'll talk about UH staying in line with the mortgage
side and what things can be part of the mortgage
payment because it's not just the mortgage, like you said,
(31:42):
tax insurance, cdd HOA lots of stuff to consider. When
we get back to the Business Happy Hour, Sini is
going to get back to the process for a whome viral.
But stay tuned in just a.
Speaker 1 (31:51):
Minute, let's get back to the business Happy hour radio
show with your host Frank the Bank Kodo, owner of
Lincoln Lending Group, and his co host send Y Akishaa,
realtor with Mahara and associates.
Speaker 3 (32:03):
All Right, Tampa Bay, we are just now getting into
the home buying process. We're having way too much fun.
The stats are good. Basically, Sinny and I figured out
that you better be buying now because if you don't,
you're going to be in that space mountain line like
he got into Disney at eleven am instead of getting
in at eight A and when the door's open. And
if you don't want to be in that line, sweating
your butt off highest and best offers, competing with things
(32:25):
that you don't even know exists, the only way to
mitigate that is to buy now. Sanny and I started
the conversation about what does a home buyer do by
telling you you really need to get your pre approval first,
and you should be telling your banker or broker what
payment you want. All right, Cinia, I'll talk in a
minute about the things that are included in payments. But
from a real estate agent perspective, let's kind of stay
(32:45):
on the on the line here of so they talk.
Speaker 4 (32:47):
To you, hey, tell them to go talk to you.
And you know what my question for you is, because
you know, it used to be able to just get
you know, a prequll. People didn't you know, pay attention,
you know, difference between pre qualification or prep proval. What
is the difference.
Speaker 3 (33:02):
It's really funny you asked that because it's mostly real
estate agents that ask that question, and back in the day,
I just feel like it's the same thing, right, But
people do have a difference set them. They call like
a pre call basically like you can go on Rocket
Mortgage right now. You can type in you make a
million dollars a year and you got eight hundred credit,
and it's going to send you a freaking letter in
ten seconds it says you're qualified for a million dollar purchase.
(33:24):
We in the industry know that it's not worth the
paper it's written on, right, But you have to be
in the industry to know that. A pre approval generally
means that we have reviewed income and asset documents and
we've actually maybe even ran an approval, maybe ran it
through one of the underwriting systems, and we know because
we've seen the documents. Right, So on our letters we
(33:45):
do do pre approval letters. We do make a note
though that says, even though we've reviewed and said it's good,
everything still has to be reviewed by the underwriter. Right,
so it's kind of a cya document, right. But from
a I think from a realtor standpoint, you guys want
to see the pre approval letter.
Speaker 4 (33:59):
Well we yeah, I think you know, the general public
now or at least agents, are educated enough where if
I only get a pre qualification, I do reach out
to that lender and ask them to give me a
pre approval, you know, or at least a more thorough
explanation of exactly you know.
Speaker 3 (34:12):
What they checked.
Speaker 4 (34:14):
You know what documents they did.
Speaker 3 (34:15):
Collect yep, credit, income and assets. That is it. If
they have to have reviewed credit, they have to look
at some income documents. The only time we won't look
at income documents, and I probably shouldn't even say this,
but is if they are a salaried employee with at
least two years on the job and they don't have
any rental properties, no bonuses, no commission. So if you're
(34:36):
a you know, whatever, if you're a teacher, you know,
somebody that works in the government or something like that,
and you're just on a seventy five thousand dollars salary.
You are honestly the easiest person in the world to qualify.
You know, it's funny, you know, the hardest to qualify
people who have assets, people doctors, attorneys, people's with rental properties,
commissions bonuses, people with corporations. That I can preapprove a
(35:01):
salaried teacher on my phone in less than ten minutes
and give you a real letter if it's somebody would
comission all other stuff I got to get all.
Speaker 4 (35:08):
Yeah, So you're saying that for real estate agents, it's
actually a lot harder for us to buy a home,
and that.
Speaker 3 (35:12):
Is the truth. It is. Y'all are a pain in
the ass. I mean, I love this is true, but
so am I you ever done? If you do a
loan for me, watch out. But it's so anyway, the
more you have, the more complicated you are, the harder
your pre approval letter is. So for a real estate perspective,
consumer perspective, just understand that that not every pre approval
is the same. And you're like, you know what, how'd
you get my buddy the teacher preapproved in an hour?
(35:34):
And you're telling me I need tax returns because buddy,
because you had six rental properties and you take the depreciation.
You do this, so you're savvy. So we have to
approve you in a savvy manner, right, So what else
do they do?
Speaker 4 (35:45):
So after they talk to you, you know, they get
their pre approval letter. I'll see the next step is
to start shopping for a home and not just you know,
looking on zillow. You know, it's nice to go see
the home, as many people know. You know, there's beautiful
pictures out there now, virtual staging all that stuff, and
sometimes the pictures are so good you walk into a
house and it's, oh, is this the same house?
Speaker 3 (36:06):
Yeah? So that virtual staging that's tricky. I've gotten caught
in that before when I'm looking at things. I'm like, dude,
this place looks awesome and you go in there and
it's totally vacant. Yeah, and you didn't pay attention to
virtual staging means they literally put like the pictures have furniture.
Speaker 4 (36:20):
Yeah, And I mean, and that is helpful, you know,
to display it online. But what you're not allowed to
do is say, change wall colors or you know, if
the floors are one type, and then you're like virtually
putting in a different floor like that is not allowed.
But obviously, as you know, not everybody follows the rules.
So unless you get caught, you know, which sometimes they do.
(36:41):
You know, if you get a complaint, you know that
is against MLS rules to make changes like that adding furniture.
You know that that's okay, that's become an acceptable practice. Yeah,
But anyway, you go look at houses, right, and how
do they do that?
Speaker 3 (36:54):
They're going to call you. So I'm going to give
you the pre approval letter or whoever their agent is,
I'm going to give it to them. And now they're
going to to talk to you that are you going
to send them like listings or what do you do?
We do?
Speaker 4 (37:03):
So, I mean, yeah, when we have the you know,
initial conversation. Obviously, for me, number one, it's location, right,
You got to know where you want to be. Some
people are you know, sut in a certain neighborhoods. Some
people have a broader range. Well, you know, I work
from home, so for me, you know, I'm flexible, but
you know, you narrow down your location and you set
up a search, and I think it's important to do
those auto alerts, right, And I would do those as
(37:25):
soon as possible. So if it changed, you know, happens,
if there's a new listing, you want to know about
it right away.
Speaker 3 (37:32):
Right. So she's talking about like these these these email alerts.
You know, it'll tell you and maybe we found a
house on one two three Main Street and you really
liked it, but it was a little out of your
price range. But if Sennia hits you put you on
on alert and that thing drops in price, it's automatically
going to send them an email, right yes, as gonna say, hey,
go look at Main Street. It's it's gone down. Of
course Senny is going to see it before that, and
she's going to call you and put you out there.
Speaker 4 (37:53):
And my other advice is that when you do see
one that you like, go see it, like, don't wait,
oh you know what I can do, you know next Friday.
Don't do that, yep, because even in a market like
we have now, it happens, It still happens. I'm gonna
know other people like it too, and then by the
time you go see it, you know, oh shoot it's pending.
We actually can't go see it anymore.
Speaker 3 (38:12):
So if anybody'sought multiple houses, you've experienced the one that
got away, all right, and there is a house for
me and my family. My god, it is the one
that got away. It is a neighborhood, probably the nicest
neighborhood I would ever move into, on a ski lake,
with the right architecture, fully remodeled. But what happened was
it was the week that like the world shut down, right,
(38:34):
and my wife's like, you got to see this, this
is a deal. I'm like, ah, you know, who knows
what's going to happen with this COVID thing. We might
all die, right, And then I didn't go, and literally
exactly what you said. The week later, it was under contract,
and if I had gone, sin, I'd be in that
house right now.
Speaker 4 (38:49):
You still think about it, Yes, those are heartbreaks, you
know what five years ago. If you're serious about buying
a house, you know, take the right steps and don't
wait around and for.
Speaker 3 (38:58):
To that story. Now, my wife has shown any houses
that are twice the price, not even in that neighborhood.
So again we tell you this not because we want
to make a commission, because we want to help you.
You're gonna buy either way. Listen to our advice, all right,
So we have forty seconds left. I think next week
we're gonna do the rest of this with Ray, the
home buying process. What we'll do next week is maybe
do some math. Okay. So at this point they're looking
(39:20):
for houses. That's where we're ending is you're looking for houses, Senia.
She gave you great advice. Go see it, which means
they call you right, Yes, what number they call you?
Speaker 4 (39:28):
They're gonna call me at eight one three seven five
five reel.
Speaker 3 (39:31):
All right, eight one three seven five five reel. That's
seeing you a contact Frankdebank dot com. And yes, Rhino,
your your dreams are coming true. Rates are coming down,
prices are going up, and lending to realtors is a
pain in the ass. She just commented on the thing.
We'll see you guys next week on the Business Happy
Hour with Ray mahar It's gonna be an awesome show.
Sen Thanks for coming. Thank you this one quick. It
(39:51):
sure did.
Speaker 4 (39:52):
Look forward to next week.
Speaker 3 (39:53):
See you guys next week.
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, Senia akishna 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.
Speaker 2 (00:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (00:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (00:30):
Listen right here or fight.
Speaker 1 (00:32):
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 (00:44):
Here's Frank de Bank and Senia.
Speaker 3 (00:47):
All Right, Tampa Bay, welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial.
And today is a special day. This is two weeks
in a row that Senia Akisha from Mahara and Associates
and yours truly, Frank the Bank from Lincoln Lending Group
are going to talk directly to you about mortgages, real estate,
and today we're going to do the home buying process.
(01:10):
That's right. I don't care if you're a first time
home buyer or if you've bought thirty homes. We are
going to take it back to the basics. We're going
to talk about what does it take in today's market
to get qualified for a home? When do you want
to get pre approved? What do the different lenders do,
What does it mean to work with different lenders? What
about real estate agents? What's the difference between real estate agents?
Do you guys think every real estate agent is the same,
(01:31):
You are sadly mistaken. There is a big difference in
real estate agents. There's a big difference in the brokerages
and with real estate it is hyper local. Do you
know what hyper local? That means? That means way more
local than what you think that means. It is literally
your neighborhood. That is how important real estate is, and
it can change from one neighborhood to the other. By
the way, did you know that if you buy a
(01:53):
house in South Florida, it's likely that you, as the buyer,
are going to pay the title insurance and the is
not going to pay because you're going to choose the
title company. So that could end up costing you thousands
of dollars. That little box could be checked on your
contract right now, costing you money and you don't even
know it. That's why you need a good real estate
professional to explain these things, because when I say hyper local,
(02:15):
if you're in the central Florida area, you are not
choosing the title company and you're not paying for a title.
That's right. If you're in Central Florida, that's not happening.
But Senia for Mahara and Associates is going to break
that down. It's going to be a great show. Stay
tuned for that. We've got statistics as well. And Senia
tell me if I'm wrong. Do we have a special
guest next week? We do? Who is it?
Speaker 4 (02:34):
We finally have Ray Mahara on the calendar.
Speaker 3 (02:37):
Yes, Ray Mahara is going to join us next week.
He is the host of the host. I'm the host,
he's the he's the owner of Mahara and Asoties. I
just realize I'm short on battery on the old cell phones,
so I'm gonna talk really fast today. But it's going
to be a great show. Stay tuned. We're gonna do
statistics in just a minute here with Senia, and like
I said, I was gonna do Rush Limball style, but
(02:58):
then Senia decided to run in the studio at the
fort once.
Speaker 4 (03:01):
You're early, I mean.
Speaker 3 (03:03):
No, no, I actually thought I was late, right because
I thought like I had to start at ten today,
and then I'm like running up here and then I
bump into people and James is like, what are you
doing here? And I'm like, well, you told me to
be on time.
Speaker 4 (03:16):
You were actually late.
Speaker 3 (03:19):
I was fifteen minutes late for the ten o'clock showing,
but I was forty five minutes late for the eleven. Anyway,
we are starting earlier today because I have a wonderful
seminar with the Judy Post team over in Newport Richie.
We're gonna be going to see fire Grill today learning
all about the crazy products that Lincoln Lending Group provides
to you guys, and that's gonna be a lot of
fun with her entire team. And we're working on a
new condo development right there in Newport Richie. Gonna be
(03:39):
the nicest luxury condo development. Senia, You're gonna come visit
it and you're going to sell those when when you
get you're gonna love it. Now it's still you know,
still doing foundations and pilings and things, so not anything
really for us to look at yet. We're not even
allowed on the property unless we have a hard hat.
But it's gonna be a lot of fun, so it'd
be a great project we're going to talk about and
I know you've got some goods to sticks for us.
(04:01):
We're gonna talk some interest rates today as well. There's
a lot of chatter about the FED. Did you hear
about what happened with the Fed? No? But a good
show so that FED chairman, right this, this guy that
everybody loves to hate right now, clearly is not friends
with Donald Trump. He had made a comment everybody's been
pressuring him to lower the rates, lower the rates, and
(04:25):
he finally, by the way, his name is Jerome Powell.
We'll only going to hear that name until next March.
But he has been fighting the administration on lowering the rates,
and finally we think enough pressure happened, especially with the
jobless claims reports and whatnot, that he literally came out,
let's see what day did he say this on today
is Tuesday. If you're listening on Sunday, just put it
(04:46):
in perspective. It was last Friday, I believe is when
he came out and basically said that he is going
to lower the rates. I remember Ryan, we basically were
like betting his car on purpose that we think rates
are going down in September. So September second is the
potential FED meeting, and I do think that the rates
(05:07):
are going to go down on September second, which is
really exciting because.
Speaker 4 (05:10):
It is very exciting.
Speaker 3 (05:11):
It's a lot earlier than we thought. So if they
go down now, that means they could continue to go down.
So it puts us on the right trajectory for when
he gets booted out of office at the end of March.
Unless he quits sooner, I don't think he's going to,
and then we're going to have somebody brand new come
in and replace him, and I'm quite sure that that
person is going to follow Trump's monetary policy where he
(05:33):
believes it's important to get these rates lower. I'm talking
a lot. I'm already playing rush limball and you're in
the room. But I did read an interesting article this
morning since we're just chatting about rates for a second
before we get into our stats, and let's see even
pull it up real quick. Trump for the first time
in history a president fired someone who's sitting on the
(05:54):
board for the FED. I can't remember how many guys
are on there. I want to say there's six on there,
and I'm trying to find the dang article so I
can tell you guys. But long story short, this board
votes right on what should happen in the monetary policy?
Should they raise rates lower rates? Obviously Powell has the
ultimate say right as the chairman of the FED, but
(06:14):
it's rare that the that the acting FED chair would
go against the board. If the board votes, you know,
six oz to drop rates, he's going to drop rates
for the most part. If not, he's not going to
look so good. Right if but this recently there's been
dissension in the board. So I think it was two
to four last time to hold rates, right, So you
had two you know, thirty percent of them basically said no,
(06:36):
we are twenty five percent whatever it is said that
they need, you know, to lower them. And one of
the ones that was trying to keep rates the same,
keep them higher, basically got caught doing mortgage fraud. Oh no, yeah,
and it's pretty simple. And I might as well talk
about this mortgage fraud real quick because your clients need
to know. Like yesterday, I got asked by a client
about buying buying a property that she wants to rent out,
(06:57):
which means she's buying an investment property, right and trying
to buy it as a primary residence. And why why
do you think somebody would want to do that, Senia?
What would be the benefit? There's two benefits. If if
you're buying something, I'm sure she.
Speaker 4 (07:09):
Could get a better rate and there you go, better mortgage.
Speaker 3 (07:12):
Lower down payment. So it's down payment and rate. Those
are the two driving factors. Because your your investment is
going to have a higher interest rate than your primary residence. Right,
you get a better deal to somebody if they're living
in the house. So she could put down you know,
three percent, five percent, zero percent if she says she's
living there, she has to put down twenty percent if
she's not really fifteen, But nobody ever does does that
because of the rates. So with that same thought, this
(07:36):
this lady got called for mortgage fraud. And what she
did was I don't remember the states are right, But
she bought a property I want to say, in Georgia
and one in like New York or North Carolina or
New Jersey or something like that, and she marked them
both as primary residents, right. And guys, if you think
that's not public, it's public. You can get that information, right.
And she did this within thirty days of each other.
(07:57):
And mind you, she sits on the board to our
fell or reserve that that basically dictates the rates that
you and I get and all of our clients get.
So you know, I know Trump wanted her out right,
and it's and it's unor orthodox to kick somebody off
the board, especially midterm, but you know, when when you're
looking and they're going to meeting mortgage fraud and they're
in charge of our mortgage rates, I would.
Speaker 4 (08:18):
Think that's a pretty good reason to yeah, somebody out.
Speaker 3 (08:21):
I think he's gonna win that battle pretty pretty sure. Trump,
he's gonna get that one. So she's gonna be out.
And uh, hopefully this is a change in our monetary
policy for the country. I think it's going to be
an amazing thing. So everything you and I have been
telling people what's our favorite phrase that we like to say,
marry the house and date the right. That's right. So hmm,
(08:41):
i'd say, you guys, if we're talking about the house market,
you probably have maybe a few months left to marry
that house because that that rate you're gonna date. What's
gonna happen is you're you're gonna end up marrying both
the house and the rates pretty soon enough. So we're
going to highly encourage you today after we go through
this process. You've got to buy. You got to buy.
And now I'm telling you for a fact the window
(09:02):
is closing. It doesn't take me or sending it to
tell you. Google it Google. I just googled thirty or
fixed mortgage rate news and you can see one hundred
articles about why they go down? What's going on? You know?
Are we going to be in the threes? How load
did they drop?
Speaker 1 (09:15):
You know?
Speaker 3 (09:15):
And that's the billion dollar question. What do you think
rates are going to drop to?
Speaker 4 (09:19):
I mean, I have a hard time believing that they'll
drop to threes. I'm hopeful they'll be, you know, in
the fours at some point, but you know, even you're
getting fives, yeah, you know what five point seven five?
I think you were talking about.
Speaker 3 (09:33):
Five seven five has no points. Five and a half
would have like one point, right, I mean, we're there,
so what are people? You know? I don't I agree
with you. I don't really think we're going to see
the threes. I think you'll be able to buy down
to the threes. So that's why the advice right now
when somebody's buying a home is, don't focus on your rate,
focus on your cost. If you if you've got a
(09:55):
broker telling you, yeah, i'll give you, you know, five
and a quarter, but it'll cost you a three point
you know, that's three percent of what you borrow. Right,
maybe it's your four hundred thousand dollars loan amount, that's
twelve thousand dollars. And then next year the rates drop
a point and you go to refle what happens to
that cost?
Speaker 4 (10:11):
Well, I mean, I know you're not a huge fan
of the buydowns.
Speaker 3 (10:14):
Right right not now? Like you know, you're forking over.
Speaker 4 (10:16):
All that money you know to begin with, and.
Speaker 3 (10:19):
Right because you're gonna pay twelve thousand dollars to buy
down your rate for a half a point, and then
next year if these rates drop, let's say from the
fives to the fours. You're going to refin and that
twelve grand is gone, gone, You're never getting it back.
So my advice, let's take a higher rate today. Let's
lower your costs. Let's have no points, no junk fees,
(10:40):
no lender fees, anything like that. And then when the
rates drop, that's when I want you to refinance and
then pay the points. Think about this, You could apply
those three points. That's a lot, by the way, you
could apply those three points when the rates are four
and a half and get into the threes. So do
I think, do you? And I think rates will actually
(11:00):
be three with no cost? Probably not all right, but
can you get into them? I think you will, I think,
and I are going to see that next year. And
I just say to everybody, buckle up, all right, the
news is happening. The day is coming. Senny and I
have talked about this for two three longer than we
want to do right, three years, two and a half years.
(11:21):
It's been a long time, but get ready, buckle up.
When we get back from the business happy Hour, we're
gonna talk to statistics with sinnya Akisha from Mahara and Associates,
and then we are going to go through the home
buying process as a consumer. I don't care if you
bought a thousand homes or it's your first home. We're
going to tell you from a real estate agent how
it works, what should you do in in what order?
(11:43):
We're going to tell you from a mortgage company, how
does it work? What do you do in what order?
When we get back to the business happ here in
just a minute, we lost Instagram, so we'll be back
in a minute. We'll fix that. We'll see you guys
here in just a minute. On the Business Happy Hour,
all the.
Speaker 1 (11:54):
Best mortgage or real estate advice from Tampa Bay's top experts.
It's the Business Happy Hour with Frank de Bankkoto and senniaha.
Speaker 3 (12:03):
Hey Timpa Bay, Welcome back to the Business Happy Are
your number one show for all things business and entrepreneurial.
I hope you guys are having a great day. We've
got a great show for you. Senia from Maharan Associates
is going to go into real estate statistics in just
a quick minute, and then after that we are going
to take you guys through the home buying process. It
doesn't matter if it's your first home, your millionth home.
(12:24):
We are going to tell you advice from two of
the top real estate agents and mortgage peoples that's us
in the entire country, what you should and shouldn't be doing,
give you some advice and walk you through the entire process.
Stay tuned. I'm gonna get us back up on Instagram
while Senia goes into the real estate stats and send
watch your phone because I'll reinvite you as soon as
I do this. But I'm gonna let you do these stats.
By the way, Senia, maybe people want to talk to
(12:45):
a real estate agent. They need to know how to
get in touch with you before you give statistics.
Speaker 4 (12:49):
Please give me a call at EAT one three seven
five five Real Raw.
Speaker 3 (12:55):
Let's do your stats, okay.
Speaker 4 (12:57):
So I told you last week that we should our
July numbers and we do. Yay, okay. So for closed sales,
actually in Hillsboro County we were down a bit, by
seven point six percent, so this is just closed sales volume.
But Panella's County was up by four point four percent, okay,
(13:20):
and Pasco barely a change, less than a percent down.
Speaker 3 (13:24):
Why do you think Hillsborough was down so much?
Speaker 4 (13:25):
That's that's kind of bling you know what I was
thinking about this, Like I did have like two listings
in June that both wanted at least a sixty day close.
Speaker 3 (13:35):
Okay, So I don't know.
Speaker 4 (13:37):
I wonder if some sellers now are thinking, hey, things
are taking a little bit longer to sell, let me
prepare ahead of time if it takes me a little
bit longer to get that contract. To answer your question,
I don't know in my particular case. That's why you know,
I'm coughing it up to, is that maybe you know
it's not necessarily because things were you know, there's no transactions.
(13:58):
Maybe they're just taking a little bit longer. Like I
have another one now that wanted a three month close.
Speaker 3 (14:03):
So you're actually thinking it has to do with with
people buying in the summer and wanting a longer closing.
Is that that's well?
Speaker 4 (14:09):
I mean this was my sellers, like both of them
just were not ready to do a closing in thirty days,
which typically you get a contract, you know, on a
convention alone, we usually say hey, expect you know, thirty
day close. Ahava say forty five days. But this is,
you know, both my sellers that actually wanted the longer
closing you know, for moving figuring out their next place.
Speaker 3 (14:28):
So it was actually the sellers who are holding things
up just a little bit could be okay, all right,
fair enough, fair enough? What so this is exciting? What
else do we have?
Speaker 4 (14:37):
Well in Hillsborough, actually our year over year median sale
price is at a zero percent change, but it was
four hundred and thirty thousand dollars a year ago. We're
still at four hundred and thirty thousand dollars in Hillsboro
for the median sale price. Average sale price went down
just a tad also less than a percentage point. And
the averages five hundred and forty three thousand.
Speaker 3 (15:01):
What nothing really changed.
Speaker 4 (15:04):
And Hillsboro County not too much. I mean the numbers
do jump around.
Speaker 3 (15:07):
You know.
Speaker 4 (15:08):
Panela's and Pasco Panelas has seen the biggest difference. And
again I attribute that, I think just to the hurricane
damage we had last year and just some of the
homes you know that were affected by that.
Speaker 3 (15:20):
Oh yeah, oh got you on Instagram? I was pointing
to say, and I was like, you're on Instagram, now
check it out. Okay, so this is so far, this
is very good news. Now did it let you on?
What's going on.
Speaker 4 (15:30):
I don't know, I don't see you live on there.
Speaker 3 (15:32):
I'm gonna get you back on here on Instagram. So
so all right, so so so far we okay, there
you go, your inviters back. So so far we are,
we are seeing. This is good. And the reason this
is good is because if you go and watch the clickbait.
We hate clickbait, but if you go watch clickbait, it's
going to tell you that Florida is sinking into the ocean.
Real estate prices are plummeting. Now it is a buyer's market.
(15:55):
But what Sinny and I are trying to tell you,
guys is, oh, it's not letting you join. For some
reason Sinny and I are trying to tell you, guys,
oh there you go, is that this buyer's market is
fading quickly. All right. When they tell you, when they
tell you that rates are going down, more buyers get
in the market, you have more competition. So let's sendy
(16:16):
you keep going on these stats.
Speaker 4 (16:19):
Okay, so we're still in Hillsboro County. Medium time to
contract is it thirty four days months. Supply is up
by twenty three and a half percent since last year,
and that puts us up four point two months of
inventory and the absorption rate is a twenty eight percent,
which we don't always What does this mean? You know,
(16:41):
it's a similar metric to when we talk about month's supply. Okay,
so kind of just measures how quickly you know, homes
are selling.
Speaker 3 (16:49):
So is that is that number? Like, I don't know
what my baseline is on that?
Speaker 4 (16:52):
Is that the baseline? So twenty percent or higher would
be a seller's market.
Speaker 3 (16:59):
Eh, and we're twenty fifteen to.
Speaker 4 (17:01):
Twenty percent balance market. Fifteen percent or less is a
buyer's market.
Speaker 3 (17:06):
So wait, didn't say we're twenty three.
Speaker 4 (17:08):
So twenty eight percent in Hillsborough County?
Speaker 3 (17:11):
Yeah, so sin, does that mean that the needle is
shifting already? And did I hear that?
Speaker 4 (17:16):
Right? I think right now I feel like it's it's
still balanced, like if you're just looking at it, you
know the prior months. But I think in general we
are in a balanced relatively balanced.
Speaker 3 (17:26):
Okay, Well, you know me, I'm optimist prime over here.
So you you give me just a nugget, I'm gonna
push it over into the positive side.
Speaker 4 (17:33):
Well, the other thing I want to say, like you know,
it's we're already at the end of August here.
Speaker 3 (17:36):
Right, so these are from July, okay.
Speaker 4 (17:39):
And I do think that we start feeling things, you know, happening,
like I think there's an increase in showing activity. We
also are you know, still seeing you know, increase in inventory.
Those things happen quickly, and then we get the stats
like you're already feeling like well currently you know today,
I don't know, right, you know that these are you know,
aligning with what's actually going on.
Speaker 3 (18:00):
Well, so let me ask you just you know, I
will keep doing stats obviously, but let me just ask
you just in general, as a real estate your what's
your temperature? What are you feeling? Because I know Ray
and I chat every once in a while, and I'm
not going to spoil it, but I'll let him say
it next week. But a couple of weeks ago he
sent me a video of a whole bunch of files
on his desk and those files are getting dust and
I could see the layer. And then last couple of
(18:20):
days we're talking and it was almost like a buckle up, buddy.
Speaker 4 (18:24):
Yes, So it happens quickly. I feel like ever since
we had Ryote on the show, you know, and there's
shit chatter about you know, interest rates going down like
that has an immediate effect.
Speaker 3 (18:34):
It does on the public.
Speaker 4 (18:35):
You know, they'll see the headlines and then you know,
they start coming out of the woodwork.
Speaker 3 (18:39):
So you know, yeah, I like, I like, Okay, Sinnya
just said something. She said the word immediate effect. It
don't let that just flow by you. What that means
is that it actually happens immediately when the news says
that the rates go down. When the TV says it,
people jump, People get off the fence. It doesn't take
(19:00):
him a week to climb off the fence. So we're
trying to get you guys off the fence before everybody else.
You know, like when you go to Disney and you
see that there's gonna be a really long line for
Space Mountain and the gates open, what do people do?
They rush to Space Mountain right because they want to
be the first guy. What is wrong with you guys,
Rush to your pre approval, rush to get these offers
(19:20):
in because the lie the people are behind you. Just
picture the gates of Disney if you've never done it,
and the lines that will form within the first fifteen
minutes of the park. Opening. Okay, I'll shut up. Now
back just to day okay.
Speaker 4 (19:32):
So I mean yah, so how do you get the stats?
I feel it could just be you know, old news, right,
So yes.
Speaker 3 (19:37):
Out and hold on. James just yelled at us. I
totally burned the end of your segment. When we get
back in the Business Happy How, we're gonna finish our
stats and then we're going through the home buying process.
Don't forget. Next week is going to be the founder
of Maharan Associates, Ray Mahara himself, and we're gonna be
talking about rates and what do you gotta do to
buy a home. Stay tuned on the Business Happy Hour
with Sinya and Frank will be right back.
Speaker 1 (19:56):
Welcome to the Business Happy Hour radio show with your host,
Frank the Bank Coodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senya Akishna, realtor with Mahara
and Associates, Tampa's top real estate company. Together, they have
helped finance and clothes nearly one billion dollars of real
(20:17):
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.
Speaker 2 (20:26):
Listen right here, or.
Speaker 1 (20:27):
Find us on the Business Happy Hour YouTube channel, or
follow us on Instagram at Frank de Bankkodo. 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 (20:40):
Here's Frank the Bank and Senia. Hey, Frank the Bank
and Sendia.
Speaker 3 (20:45):
We're on the radio. That's what we do. We're on
the Business Happy Hour. Next week, we got Ray Mahara,
the founder of Maharran Associates. That's going to be super exciting.
Over billions and billions of dollars served through Maharran Associates
and they have over one hundred people on their team.
That's going to be super exciting. I cut off Senya
in the last segment when she was doing her stats,
which are good news. We've been waiting for these July
over July numbers. So I'm going to shut up and
(21:06):
let Sennia do the stats with us. We're going to
chat about that, and then we're taking you through a
home buyer process for the last segment and a half.
So stay tuned for that Sinnia Aikeshan a Maharan Associates
take it away.
Speaker 4 (21:17):
So, yeah, about the market, and we were talking about
the absorption rate, and I said that it's if it's
twenty percent or higher, that's a seller's market. Like all
the numbers since we started getting the absorption rates calculated
and included in our stats, I mean, they've been higher
than twenty percent. Just like when we talk about months
supply of inventory, say five to six months supply is
(21:40):
about balance. Okay, we really haven't been there.
Speaker 3 (21:44):
Oh so so we're still far from that.
Speaker 4 (21:47):
Yeah, that's why I think when all the buyers do
come out because they're hearing interest rates are going down,
then technically there's really not enough inventory to you know,
keep supporting that balance. That'll you know, get swayed back
into the seller's direction because it's technically inventory wise still
you know, should be more of a seller's market. Just
(22:10):
the buyers have been you know, not as active, right,
but they do get active and.
Speaker 3 (22:17):
A little hectic. It can happen overnight and it can
happen over Did I mean from that that that was
Friday at I think I think there's like on lunchtime
when he made that comment, and we're we've only had
one business day since then, and i'll tell you volume wise,
from applications and everything, it's up tremendously. So this stuff
about being ultra local and immediate, it's real. Yeah, you
(22:39):
got to beat them. What else you got?
Speaker 4 (22:40):
We were like a listing that I had, you know, say,
first couple of weeks, you know, they're like, oh, it's
been quiet, you know, not too many showings, and then
all of a sudden, we really picked up in showing
activity for a listing that's already been there.
Speaker 3 (22:52):
Yeah, yeah, sorry sorry saying I was.
Speaker 4 (22:54):
No, No, that's okay, all right. So in Penella's County, Yeah,
close sales were up by four point four percent. The
median sale price went down a little bit by eight
point four percent, four hundred and thirty.
Speaker 3 (23:06):
Five thousand, including condos or not.
Speaker 4 (23:09):
Not including cones. Yes, so I you know, I always
keep those separate. I just pulled the single family home stats.
Speaker 3 (23:16):
So yeah, more sales, cheaper and slightly cheaper.
Speaker 4 (23:19):
And again because of hurricane you know, just yes, panelas
went up so much like during our COVID market. I
think that they probably saw the biggest increase. Yes, in
our local area.
Speaker 3 (23:32):
So maybe they were just checking back. Yeah, right, there
you go. Positive.
Speaker 4 (23:38):
Pasco County median sale price three hundred and eighty seven thousand,
which is roughly the same as it was a year ago.
The average sale price four and twenty seven thousand. Both
Penelas and Pasca are a little bit higher on median
days to contract, which that just means you list your home,
this is you know, the average time that you're expecting
(23:59):
to be on the market before you get a contract.
Speaker 3 (24:02):
Yeah, yeah, okay, so that this is this is good.
I'm looking at the positive of all this. I think
it's it's absolutely wonderful stuff. What now you're feeling that
these numbers are affecting that people don't know until we
tell them. But are they affecting them coming out or
is it just the rates that they're hearing affecting them
coming I.
Speaker 4 (24:20):
Think it's the rates, I really do. I think you know,
we we've in the industry, we've been talking about the
when are they you know, coming down? I think we
were hoping, you know, last year, there'll be some movement
because it's been a little bit just a little stale
the last couple of years, you know, since the big
boom that we had.
Speaker 3 (24:35):
Yep, yep, I agree. Stale is not a good word.
Not not a good word.
Speaker 4 (24:41):
Well, I don't think anything is going to be stale.
So yeah, as soon as you know, all the activity
starts happening, it's gonna get exciting.
Speaker 3 (24:50):
Uh, well, get exciting. I think is going to be
an understatement because if anybody actually lived through the COVID market,
then that that was exciting, but almost in a bad way. Yeah,
because you didn't have enough inventory, you had too many
buyers and what I don't know, I don't know if
you like this or not, but I hate seeing that
hire some best crap, that crap where there's lines, because
it makes a consumer feel like they're they're just they're
(25:11):
not negotiating and they're getting ripped off.
Speaker 4 (25:13):
Right, Listen, it's not fine. Like I showed one over
the weekend and it was actually it was a higher
price home like eight hundred thousand and two days on
the market. But I could just tell you know by
the presentation, and of course she already had a couple
offers on the table, accepting multiples. And by the time
we're seeing it, already knowing that there's multiple offers on it.
You know, it makes the buyo Okay, I don't really
(25:34):
want to participate in that. We know how it goes.
You really got to, you know, bring up the best
terms probably you know, make some sacrifices, go up on price.
Speaker 3 (25:42):
Well, it makes people, you know. Okay, here's my thing
about it. And I know legally, you guys, you as agents,
can't tell people. But if I'm a buyer and I'm
working with you, and I go make an offer in
a house and the listening agent comes back and tells you,
as sorry, we got multiple offers, you need to bring
your best foot forward, meaning make a higher offer. It's
like it's like you as a buyer, you're in the
you don't really know obviously on.
Speaker 4 (26:02):
The legality perspective, it's actually, I mean the seller we represent.
You know, if you're on the listing, we represent the seller.
If the seller is okay sharing that information, say hey,
sure you can tell them, oh what this offer is,
and if they want to go higher. I mean legally
we do. You know what the seller would like to do. Yeah,
so they're okay with us disclosing it. You know, they
want to disclose to see if somebody will you know,
(26:24):
go higher.
Speaker 3 (26:25):
Yeah, I just you know, as a buyer's like, you
don't see it. So it's kind of like, you know,
going to the store and the guy's like, it is
nine ninety nine and he's like, well, a couple guys
want this, so it's going to be twelve ninety nine.
Speaker 1 (26:34):
Yeah.
Speaker 4 (26:35):
And I mean as a buyer you're also like, oh,
they you know, telling the truth or whatnot.
Speaker 3 (26:39):
That's what I mean.
Speaker 4 (26:40):
The other thing we saw, you know, especially in COVID,
like people put in escalation clauses, right, so even if
you don't see it, Oh, well, you know, put an
escalation clause that I'll pay five thousand more, you know
than the highest offer, and.
Speaker 3 (26:52):
Explain that real quick to people. What the heck is
an escalation clause? Because I think that's that's a really
neat feature that you real estate agents can use during
this upcoming market. How does that work?
Speaker 4 (27:02):
Yeah, I mean you put it into your offer that
you're willing to pay, you know, a certain amount, you know,
you spell out what that number is over the other
highest offer, and typically in that situation, you know, you
do request to see the highest offer if you know
you're trying to get for the escalation, so you know,
you block out certain things, but then you know, share
(27:23):
that page of the offer where it's you know, shows
the selling price.
Speaker 3 (27:27):
Okay, so but now can you do anything you want
on escalation? Could I say, you go up one hundred grand?
Speaker 4 (27:32):
Sure you could want you to.
Speaker 3 (27:34):
So then I have to just trust the listing agent
to keep telling you, as my buyer's agent, that that
I'm not the next guy and that I'm pushing the
escalation higher. And that's where it gets so scary.
Speaker 4 (27:45):
But but when you get a few of those because
even then, I mean a lot of offers, we're including
that right exactly. So ultimately, I mean it comes down
to you when you're in that situation you're on the
list side. I mean, it was a lot of work
despite of being hey, you you know list the house
and you all these offers you have, like you know,
spreadsheet all the terms. My biggest thing was lenders.
Speaker 3 (28:07):
What what do you mean?
Speaker 4 (28:08):
That was my first homework is you know what, I'm
gonna call each and every lender from the pre approval
letter for one see if they answer the phone and
really feel them out. So, I mean it was a
lot writing on the lenders to try to sell that
buyer's offer.
Speaker 3 (28:23):
Yeah, so I like that. You said that you test
out the bank or broker by making a call to
see if they answer.
Speaker 4 (28:30):
I still always do that when we get an offer.
That's how I vet the offers, even if it's just
the one. I want to talk to the lender before
we go into contract, you know, feel out their confidence
in the buyer, their qualifications. And I still do that.
That's a good practice.
Speaker 3 (28:45):
And if they don't answer, guess whose offer doesn't get accepted.
Speaker 4 (28:48):
That's usually that first little yes. So if they don't
answer the phone, I'm like, okay, little ding there, I'm.
Speaker 3 (28:54):
Not gonna be great about this guy. Yeah. Well, because
if they don't answer the phone when you're making an offer,
they can to answer the phone when you're going through
the tough parts of the contract. Right, So what else
with any other good stuff on stats? Because, by the way,
I'm going to say something before she goes on the stats,
all this scary stuff we're talking about highest and best
and can you trust the broker? Of course you can
trust Senny and Ray, but you know you don't know them.
So I'm going to tell you how to avoid all
(29:15):
this I'm going to tell you how to avoid Who
do you trust? What do you do? Are they telling
me the truth? I don't want to be in the
highest and best situation. You know how you do it?
You freaking buy now. You buy now before any of
this crap starts, which, by the way, it already has started,
and then you don't have to worry about it.
Speaker 4 (29:31):
I think that's a definite. If anybody is listening and
they're still sitting on the sidelines, like, don't wait for
my stats for August to come out, Oh god, you know, yes,
you need to get out there. And we were going
to talk about the home buying process, so I think
we should just ull go. I think we should go
because it just runs by so fascinating. Do you think
that's important. I want to start with you as a
real estate agm okay. And then there's a reason because
(29:51):
most consume how much time we got? We got two minutes.
Speaker 3 (29:53):
Most consumers, whether it's right or wrong, I feel like
they go to the real estate agent first, feel like
they shop for the house. They get on Zillo, they
talk to a real estate agent, they start picking out
their dream home, and then they go to us as
the lender and they try to figure out how they
can afford it? Are they qualified?
Speaker 1 (30:10):
Do?
Speaker 3 (30:10):
Would you agree?
Speaker 4 (30:11):
I do agree? But I think you know, if they
go to the good real estate agent, they're going to say, hey,
have you already talked to a lender? So that's first
and foremost. That is first and foremost. You got to
know what you can afford. You got to make sure
you do qualify, right. Nobody wants to, you know, waste time,
and the buyer doesn't want to waste our time if
they can't buy a home. That's heartbreaking, right, So yes,
that is the first advice we give. Okay, I know
(30:32):
you windows shopped, you know, on Zillo. You really like
this home, you know the type of home, it costs
this much. But you need to talk to Frank and
make sure that you can actually buy a home that
you know costs this and that. That is a very
important first step.
Speaker 3 (30:45):
So we'll throw in this other step. When you're talking
to your real estate agent or to your mortgage person.
A lot of times it's not purchase price. That's the
important question. You have to do it backwards. What payment
do you want? All right? Don't get me wrong, If
you send me a bunch of listings right now, said,
I'm going to pick out a bunch of stuff I
love and I'm not I'm not going to love them
(31:05):
so much when I run the payment on certain lines.
Speaker 4 (31:07):
All right, Well, and I'm buyers too. I think they
get a little bit, you know, shall shocks sometimes, we
know that, you know, costs have gone up, so yes,
you got to consider taxes and insurance. Yeah, and ultimately app.
Speaker 3 (31:20):
Right, So what are we got thirty seconds? Maybe we'll
pick this up when we get back. When we get back,
we'll talk about we're gonna stay on stay in line. Okay,
We're going to talk to Senny about what they should
be doing. I'm going to talk about what are her
first conversations with the UH with the buyer, and then
we'll talk about UH staying in line with the mortgage
side and what things can be part of the mortgage
payment because it's not just the mortgage, like you said,
(31:42):
tax insurance, cdd HOA lots of stuff to consider. When
we get back to the Business Happy Hour, Sini is
going to get back to the process for a whome viral.
But stay tuned in just a.
Speaker 1 (31:51):
Minute, let's get back to the business Happy hour radio
show with your host Frank the Bank Kodo, owner of
Lincoln Lending Group, and his co host send Y Akishaa,
realtor with Mahara and associates.
Speaker 3 (32:03):
All Right, Tampa Bay, we are just now getting into
the home buying process. We're having way too much fun.
The stats are good. Basically, Sinny and I figured out
that you better be buying now because if you don't,
you're going to be in that space mountain line like
he got into Disney at eleven am instead of getting
in at eight A and when the door's open. And
if you don't want to be in that line, sweating
your butt off highest and best offers, competing with things
(32:25):
that you don't even know exists, the only way to
mitigate that is to buy now. Sanny and I started
the conversation about what does a home buyer do by
telling you you really need to get your pre approval first,
and you should be telling your banker or broker what
payment you want. All right, Cinia, I'll talk in a
minute about the things that are included in payments. But
from a real estate agent perspective, let's kind of stay
(32:45):
on the on the line here of so they talk.
Speaker 4 (32:47):
To you, hey, tell them to go talk to you.
And you know what my question for you is, because
you know, it used to be able to just get
you know, a prequll. People didn't you know, pay attention,
you know, difference between pre qualification or prep proval. What
is the difference.
Speaker 3 (33:02):
It's really funny you asked that because it's mostly real
estate agents that ask that question, and back in the day,
I just feel like it's the same thing, right, But
people do have a difference set them. They call like
a pre call basically like you can go on Rocket
Mortgage right now. You can type in you make a
million dollars a year and you got eight hundred credit,
and it's going to send you a freaking letter in
ten seconds it says you're qualified for a million dollar purchase.
(33:24):
We in the industry know that it's not worth the
paper it's written on, right, But you have to be
in the industry to know that. A pre approval generally
means that we have reviewed income and asset documents and
we've actually maybe even ran an approval, maybe ran it
through one of the underwriting systems, and we know because
we've seen the documents. Right, So on our letters we
(33:45):
do do pre approval letters. We do make a note
though that says, even though we've reviewed and said it's good,
everything still has to be reviewed by the underwriter. Right,
so it's kind of a cya document, right. But from
a I think from a realtor standpoint, you guys want
to see the pre approval letter.
Speaker 4 (33:59):
Well we yeah, I think you know, the general public
now or at least agents, are educated enough where if
I only get a pre qualification, I do reach out
to that lender and ask them to give me a
pre approval, you know, or at least a more thorough
explanation of exactly you know.
Speaker 3 (34:12):
What they checked.
Speaker 4 (34:14):
You know what documents they did.
Speaker 3 (34:15):
Collect yep, credit, income and assets. That is it. If
they have to have reviewed credit, they have to look
at some income documents. The only time we won't look
at income documents, and I probably shouldn't even say this,
but is if they are a salaried employee with at
least two years on the job and they don't have
any rental properties, no bonuses, no commission. So if you're
(34:36):
a you know, whatever, if you're a teacher, you know,
somebody that works in the government or something like that,
and you're just on a seventy five thousand dollars salary.
You are honestly the easiest person in the world to qualify.
You know, it's funny, you know, the hardest to qualify
people who have assets, people doctors, attorneys, people's with rental properties,
commissions bonuses, people with corporations. That I can preapprove a
(35:01):
salaried teacher on my phone in less than ten minutes
and give you a real letter if it's somebody would
comission all other stuff I got to get all.
Speaker 4 (35:08):
Yeah, So you're saying that for real estate agents, it's
actually a lot harder for us to buy a home,
and that.
Speaker 3 (35:12):
Is the truth. It is. Y'all are a pain in
the ass. I mean, I love this is true, but
so am I you ever done? If you do a
loan for me, watch out. But it's so anyway, the
more you have, the more complicated you are, the harder
your pre approval letter is. So for a real estate perspective,
consumer perspective, just understand that that not every pre approval
is the same. And you're like, you know what, how'd
you get my buddy the teacher preapproved in an hour?
(35:34):
And you're telling me I need tax returns because buddy,
because you had six rental properties and you take the depreciation.
You do this, so you're savvy. So we have to
approve you in a savvy manner, right, So what else
do they do?
Speaker 4 (35:45):
So after they talk to you, you know, they get
their pre approval letter. I'll see the next step is
to start shopping for a home and not just you know,
looking on zillow. You know, it's nice to go see
the home, as many people know. You know, there's beautiful
pictures out there now, virtual staging all that stuff, and
sometimes the pictures are so good you walk into a
house and it's, oh, is this the same house?
Speaker 3 (36:06):
Yeah? So that virtual staging that's tricky. I've gotten caught
in that before when I'm looking at things. I'm like, dude,
this place looks awesome and you go in there and
it's totally vacant. Yeah, and you didn't pay attention to
virtual staging means they literally put like the pictures have furniture.
Speaker 4 (36:20):
Yeah, And I mean, and that is helpful, you know,
to display it online. But what you're not allowed to
do is say, change wall colors or you know, if
the floors are one type, and then you're like virtually
putting in a different floor like that is not allowed.
But obviously, as you know, not everybody follows the rules.
So unless you get caught, you know, which sometimes they do.
(36:41):
You know, if you get a complaint, you know that
is against MLS rules to make changes like that adding furniture.
You know that that's okay, that's become an acceptable practice. Yeah,
But anyway, you go look at houses, right, and how
do they do that?
Speaker 3 (36:54):
They're going to call you. So I'm going to give
you the pre approval letter or whoever their agent is,
I'm going to give it to them. And now they're
going to to talk to you that are you going
to send them like listings or what do you do?
We do?
Speaker 4 (37:03):
So, I mean, yeah, when we have the you know,
initial conversation. Obviously, for me, number one, it's location, right,
You got to know where you want to be. Some
people are you know, sut in a certain neighborhoods. Some
people have a broader range. Well, you know, I work
from home, so for me, you know, I'm flexible, but
you know, you narrow down your location and you set
up a search, and I think it's important to do
those auto alerts, right, And I would do those as
(37:25):
soon as possible. So if it changed, you know, happens,
if there's a new listing, you want to know about
it right away.
Speaker 3 (37:32):
Right. So she's talking about like these these these email alerts.
You know, it'll tell you and maybe we found a
house on one two three Main Street and you really
liked it, but it was a little out of your
price range. But if Sennia hits you put you on
on alert and that thing drops in price, it's automatically
going to send them an email, right yes, as gonna say, hey,
go look at Main Street. It's it's gone down. Of
course Senny is going to see it before that, and
she's going to call you and put you out there.
Speaker 4 (37:53):
And my other advice is that when you do see
one that you like, go see it, like, don't wait,
oh you know what I can do, you know next Friday.
Don't do that, yep, because even in a market like
we have now, it happens, It still happens. I'm gonna
know other people like it too, and then by the
time you go see it, you know, oh shoot it's pending.
We actually can't go see it anymore.
Speaker 3 (38:12):
So if anybody'sought multiple houses, you've experienced the one that
got away, all right, and there is a house for
me and my family. My god, it is the one
that got away. It is a neighborhood, probably the nicest
neighborhood I would ever move into, on a ski lake,
with the right architecture, fully remodeled. But what happened was
it was the week that like the world shut down, right,
(38:34):
and my wife's like, you got to see this, this
is a deal. I'm like, ah, you know, who knows
what's going to happen with this COVID thing. We might
all die, right, And then I didn't go, and literally
exactly what you said. The week later, it was under contract,
and if I had gone, sin, I'd be in that
house right now.
Speaker 4 (38:49):
You still think about it, Yes, those are heartbreaks, you
know what five years ago. If you're serious about buying
a house, you know, take the right steps and don't
wait around and for.
Speaker 3 (38:58):
To that story. Now, my wife has shown any houses
that are twice the price, not even in that neighborhood.
So again we tell you this not because we want
to make a commission, because we want to help you.
You're gonna buy either way. Listen to our advice, all right,
So we have forty seconds left. I think next week
we're gonna do the rest of this with Ray, the
home buying process. What we'll do next week is maybe
do some math. Okay. So at this point they're looking
(39:20):
for houses. That's where we're ending is you're looking for houses, Senia.
She gave you great advice. Go see it, which means
they call you right, Yes, what number they call you?
Speaker 4 (39:28):
They're gonna call me at eight one three seven five
five reel.
Speaker 3 (39:31):
All right, eight one three seven five five reel. That's
seeing you a contact Frankdebank dot com. And yes, Rhino,
your your dreams are coming true. Rates are coming down,
prices are going up, and lending to realtors is a
pain in the ass. She just commented on the thing.
We'll see you guys next week on the Business Happy
Hour with Ray mahar It's gonna be an awesome show.
Sen Thanks for coming. Thank you this one quick. It
(39:51):
sure did.
Speaker 4 (39:52):
Look forward to next week.
Speaker 3 (39:53):
See you guys next week.
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