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Are Small Homes A Bad Buy? · Making Cents

• 0:02
  Hey,
• 0:02
  team,
• 0:02
  it's
• 0:03
  Frances.
• 0:04
  Well,
• 0:04
  there
• 0:04
  was
• 0:04
  a
• 0:05
  very
• 0:05
  interesting
• 0:05
  article
• 0:06
  recently
• 0:06
  on
• 0:07
  RNZ
• 0:08
  that
• 0:08
  showed
• 0:09
  some
• 0:09
  changes
• 0:10
  in
• 0:10
  our
• 0:11
  housing
• 0:11
  market.
• 0:12
  We
• 0:12
  all
• 0:12
  know
• 0:13
  that
• 0:13
  things
• 0:13
  have
• 0:13
  been
• 0:14
  slowing
• 0:14
  down
• 0:15
  a
• 0:15
  little
• 0:15
  bit
• 0:15
  in
• 0:15
  property
• 0:16
  recently,
• 0:16
  and
• 0:17
  values
• 0:17
  have
• 0:17
  been
• 0:17
  a
• 0:18
  bit
• 0:18
  lower.
• 0:18
  What
• 0:19
  you
• 0:19
  might
• 0:19
  not
• 0:19
  realize
• 0:20
  is
• 0:20
  that
• 0:21
  those
• 0:21
  values
• 0:22
  aren't
• 0:22
  hitting
• 0:23
  evenly.
• 0:24
  When
• 0:24
  you
• 0:24
  look
• 0:25
  at
• 0:25
  the
• 0:25
  types
• 0:25
  of
• 0:25
  properties
• 0:26
  that
• 0:26
  are
• 0:27
  going
• 0:27
  down
• 0:27
  in
• 0:27
  value,
• 0:28
  it's
• 0:28
  41%
• 0:29
  of
• 0:30
  apartments,
• 0:30
  so
• 0:30
  selling
• 0:31
  for
• 0:31
  less
• 0:31
  than
• 0:31
  their
• 0:31
  owners
• 0:32
  paid
• 0:32
  for
• 0:32
  them.
• 0:33
  Now,
• 0:33
  18%
• 0:34
  of
• 0:34
  townhouses
• 0:36
  and
• 0:36
  11%
• 0:37
  of
• 0:37
  houses
• 0:38
  selling
• 0:39
  for
• 0:39
  less
• 0:39
  than
• 0:39
  their
• 0:40
  owners
• 0:40
  paid
• 0:40
  for
• 0:40
  them.
• 0:41
  So
• 0:41
  that's
• 0:42
  a
• 0:42
  pretty
• 0:42
  big
• 0:43
  difference.
• 0:43
  And
• 0:44
  yet
• 0:44
  the
• 0:45
  devil
• 0:45
  is
• 0:45
  in
• 0:45
  the
• 0:45
  detail.
• 0:46
  Do
• 0:46
  I
• 0:46
  think
• 0:47
  this
• 0:47
  tells
• 0:47
  us
• 0:47
  something
• 0:48
  about
• 0:48
  what
• 0:48
  types
• 0:48
  of
• 0:49
  properties
• 0:49
  people
• 0:49
  want
• 0:49
  to
• 0:50
  buy
• 0:50
  and
• 0:50
  sell?
• 0:51
  Yes,
• 0:52
  definitely.
• 0:53
  But
• 0:53
  it's
• 0:53
  a
• 0:54
  little
• 0:54
  deeper
• 0:54
  than
• 0:55
  what
• 0:55
  you
• 0:55
  might
• 0:55
  think
• 0:56
  at
• 0:56
  first
• 0:56
  glance.
• 0:57
  Balance
• 0:57
  of
• 0:57
  those
• 0:57
  numbers.
• 0:58
  So
• 0:59
  what
• 0:59
  do
• 0:59
  you
• 0:59
  need
• 0:59
  to
• 0:59
  know
• 1:00
  and
• 1:00
  what
• 1:00
  can
• 1:00
  you
• 1:01
  do
• 1:01
  if
• 1:01
  you
• 1:01
  are
• 1:01
  in
• 1:02
  one
• 1:02
  of
• 1:02
  those
• 1:03
  houses?
• 1:03
  Well,
• 1:04
  RNZ
• 1:05
  Nights
• 1:05
  with
• 1:05
  Emil
• 1:06
  Donovan
• 1:06
  asked
• 1:06
  me
• 1:07
  to
• 1:07
  come
• 1:07
  on
• 1:07
  and
• 1:07
  talk
• 1:08
  about
• 1:08
  it.
• 1:08
  They
• 1:08
  very
• 1:09
  kindly
• 1:09
  said
• 1:09
  that
• 1:09
  I
• 1:10
  could
• 1:10
  share
• 1:10
  that
• 1:10
  again
• 1:10
  with
• 1:10
  you
• 1:11
  here.
• 1:11
  So
• 1:11
  enjoy.
• 1:17
  For
• 1:18
  a
• 1:18
  lot
• 1:18
  of
• 1:18
  people
• 1:18
  around
• 1:18
  the
• 1:18
  country,
• 1:19
  buying
• 1:19
  a
• 1:19
  house
• 1:19
  may
• 1:20
  have
• 1:20
  seemed
• 1:20
  like
• 1:20
  an
• 1:20
  ironclad
• 1:21
  investment,
• 1:22
  but
• 1:23
  new
• 1:23
  data
• 1:23
  is
• 1:23
  showing
• 1:24
  that
• 1:24
  may
• 1:24
  not
• 1:24
  be
• 1:25
  the
• 1:25
  case
• 1:25
  anymore.
• 1:26
  Since
• 1:26
  the
• 1:27
  property
• 1:27
  market
• 1:27
  peaked
• 1:27
  in
• 1:28
  2021,
• 1:28
  house
• 1:29
  prices
• 1:29
  across
• 1:30
  the
• 1:30
  country
• 1:30
  have
• 1:30
  generally
• 1:31
  been
• 1:31
  trending
• 1:31
  downward,
• 1:32
  leaving
• 1:33
  many
• 1:33
  homeowners
• 1:33
  in
• 1:33
  quite
• 1:34
  a
• 1:34
  tough
• 1:34
  position,
• 1:34
  actually.
• 1:35
  And
• 1:35
  now
• 1:35
  some
• 1:36
  new
• 1:36
  figures
• 1:36
  show
• 1:37
  nearly
• 1:37
  a
• 1:38
  fifth
• 1:38
  of
• 1:39
  townhouses,
• 1:39
  nearly
• 1:40
  20%,
• 1:41
  are
• 1:41
  being
• 1:41
  sold
• 1:42
  for
• 1:42
  a
• 1:42
  lower
• 1:42
  price
• 1:43
  than
• 1:43
  what
• 1:44
  their
• 1:44
  owners
• 1:44
  paid
• 1:45
  for
• 1:45
  them,
• 1:45
  in
• 1:45
  some
• 1:45
  cases
• 1:46
  facing
• 1:46
  devastating
• 1:47
  losses
• 1:47
  in
• 1:48
  the
• 1:48
  six
• 1:48
  figures
• 1:49
  and
• 1:50
  above.
• 1:51
  So
• 1:51
  how
• 1:51
  concerned
• 1:51
  should
• 1:52
  homeowners
• 1:52
  and
• 1:52
  especially
• 1:53
  townhouse
• 1:53
  owners
• 1:54
  be
• 1:54
  right
• 1:54
  now?
• 1:54
  And
• 1:55
  is
• 1:55
  this
• 1:55
  an
• 1:55
  opportunity
• 1:56
  for
• 1:56
  buyers?
• 1:57
  Well,
• 1:58
  finance
• 1:58
  journalist
• 1:59
  Francis
• 1:59
  Cook
• 1:59
  joins
• 2:00
  me
• 2:00
  now
• 2:00
  to
• 2:00
  break
• 2:00
  it
• 2:00
  all
• 2:00
  down
• 2:01
  in
• 2:01
  a
• 2:01
  bit
• 2:01
  of
• 2:01
  detail.
• 2:01
  Lovely
• 2:02
  to
• 2:02
  have
• 2:02
  you
• 2:02
  back,
• 2:02
  Francis.
• 2:03
  Lovely
• 2:03
  to
• 2:03
  be
• 2:03
  here.
• 2:04
  So,
• 2:04
  I
• 2:05
  mean,
• 2:05
  how
• 2:05
  bad
• 2:05
  is
• 2:05
  this
• 2:05
  from
• 2:06
  your
• 2:06
  point
• 2:06
  of
• 2:06
  view?
• 2:07
  I
• 2:07
  mean,
• 2:07
  I
• 2:07
  think
• 2:08
  it's
• 2:08
  somewhat
• 2:09
  expected.
• 2:10
  We
• 2:10
  did
• 2:11
  have
• 2:11
  the
• 2:12
  flood
• 2:12
  of
• 2:13
  developments
• 2:13
  which
• 2:14
  were
• 2:14
  very
• 2:14
  needed,
• 2:15
  but
• 2:15
  it
• 2:16
  all
• 2:16
  sort
• 2:17
  of
• 2:17
  followed
• 2:18
  one
• 2:18
  general
• 2:19
  type
• 2:19
  of
• 2:19
  house.
• 2:20
  You
• 2:20
  know,
• 2:20
  there
• 2:20
  was
• 2:20
  a
• 2:21
  real
• 2:21
  flood
• 2:21
  of
• 2:21
  townhouses
• 2:22
  specifically.
• 2:23
  And
• 2:24
  I
• 2:24
  think
• 2:24
  when
• 2:24
  you
• 2:24
  dive
• 2:25
  into
• 2:26
  the
• 2:26
  details
• 2:27
  of
• 2:28
  what's
• 2:28
  happening
• 2:28
  here
• 2:28
  with
• 2:28
  the
• 2:29
  house,
• 2:29
  price
• 2:29
  falls.
• 2:29
  I
• 2:29
  mean,
• 2:30
  property
• 2:30
  is
• 2:31
  down
• 2:31
  across
• 2:32
  the
• 2:32
  board.
• 2:32
  But
• 2:33
  what
• 2:33
  we're
• 2:33
  really
• 2:34
  seeing
• 2:34
  here
• 2:34
  is
• 2:35
  when
• 2:35
  we
• 2:35
  have
• 2:35
  the
• 2:36
  much
• 2:36
  smaller
• 2:37
  townhouses,
• 2:39
  maybe
• 2:39
  the
• 2:39
  two
• 2:39
  bedrooms,
• 2:41
  the
• 2:41
  ones
• 2:41
  that
• 2:41
  don't
• 2:41
  have
• 2:42
  parking
• 2:42
  spaces,
• 2:44
  those
• 2:44
  are
• 2:44
  the
• 2:44
  ones
• 2:45
  that
• 2:45
  are
• 2:45
  being
• 2:46
  particularly
• 2:47
  hit
• 2:47
  hard
• 2:47
  here.
• 2:48
  It's
• 2:48
  not
• 2:48
  necessarily
• 2:49
  all
• 2:49
  townhouses
• 2:50
  are
• 2:50
  down.
• 2:51
  When
• 2:52
  you
• 2:52
  see
• 2:52
  things
• 2:52
  like
• 2:52
  the
• 2:53
  three
• 2:53
  bedrooms,
• 2:53
  they've
• 2:54
  got
• 2:54
  a
• 2:54
  decent
• 2:54
  backyard
• 2:55
  and
• 2:55
  they've
• 2:55
  got
• 2:55
  car
• 2:56
  parking.
• 2:57
  They're
• 2:57
  hitting
• 2:58
  sort
• 2:58
  of
• 2:58
  around
• 2:58
  about
• 2:58
  the
• 2:59
  same
• 2:59
  as
• 2:59
  the
• 2:59
  rest
• 2:59
  of
• 2:59
  the
• 3:00
  property
• 3:00
  market.
• 3:00
  It
• 3:01
  is
• 3:01
  those
• 3:02
  much
• 3:03
  smaller
• 3:04
  townhouses,
• 3:05
  the
• 3:06
  cheaper
• 3:06
  builds
• 3:07
  that
• 3:07
  were
• 3:07
  being
• 3:07
  targeted
• 3:08
  by
• 3:08
  investors
• 3:09
  or
• 3:10
  very
• 3:10
  sort
• 3:10
  of
• 3:10
  marginal
• 3:11
  first
• 3:11
  home
• 3:12
  buyers,
• 3:13
  those
• 3:13
  have
• 3:13
  really
• 3:13
  been
• 3:14
  hit
• 3:14
  and
• 3:14
  that
• 3:14
  is
• 3:14
  really
• 3:14
  hard
• 3:15
  for
• 3:15
  people.
• 3:15
  So
• 3:16
  is
• 3:16
  this
• 3:16
  a
• 3:16
  situation
• 3:16
  where
• 3:16
  we
• 3:17
  have
• 3:17
  this
• 3:17
  housing
• 3:17
  crisis?
• 3:18
  I
• 3:19
  mean,
• 3:19
  in
• 3:19
  some
• 3:19
  people's
• 3:19
  minds,
• 3:20
  the
• 3:20
  housing
• 3:20
  crisis
• 3:20
  continues.
• 3:21
  And
• 3:22
  so
• 3:22
  we
• 3:22
  built
• 3:23
  a
• 3:23
  whole
• 3:23
  lot
• 3:23
  of
• 3:23
  housing,
• 3:24
  a
• 3:24
  whole
• 3:24
  lot
• 3:24
  of
• 3:24
  housing
• 3:25
  in
• 3:25
  a
• 3:25
  relatively
• 3:25
  short
• 3:25
  period
• 3:26
  of
• 3:26
  time.
• 3:26
  But
• 3:26
  it's
• 3:27
  turned
• 3:27
  out
• 3:27
  that
• 3:27
  the
• 3:27
  kind
• 3:28
  of
• 3:28
  housing
• 3:28
  that
• 3:28
  we
• 3:28
  build,
• 3:29
  no
• 3:29
  one
• 3:29
  really
• 3:29
  wants
• 3:29
  to
• 3:30
  buy
• 3:30
  or
• 3:30
  live
• 3:30
  in.
• 3:31
  Yeah,
• 3:31
  I
• 3:32
  think
• 3:32
  it's
• 3:32
  a
• 3:32
  really
• 3:32
  good
• 3:32
  reminder
• 3:33
  that
• 3:34
  property
• 3:35
  is
• 3:35
  supposed
• 3:35
  to
• 3:35
  be
• 3:36
  a
• 3:36
  very
• 3:36
  long
• 3:36
  term
• 3:37
  bet
• 3:38
  financially,
• 3:39
  whether
• 3:39
  you're
• 3:39
  thinking
• 3:39
  of
• 3:40
  it
• 3:40
  as
• 3:40
  an
• 3:40
  investment
• 3:40
  or
• 3:40
  a
• 3:41
  home.
• 3:41
  And
• 3:41
  you
• 3:41
  know,
• 3:42
  those
• 3:42
  two
• 3:42
  things
• 3:42
  can
• 3:42
  be
• 3:43
  very
• 3:43
  different,
• 3:44
  but
• 3:45
  either
• 3:45
  way
• 3:45
  it
• 3:45
  is
• 3:45
  supposed
• 3:46
  to
• 3:46
  be
• 3:46
  quite
• 3:46
  long
• 3:47
  term.
• 3:47
  And
• 3:47
  I
• 3:47
  think
• 3:48
  when
• 3:48
  we're
• 3:48
  doing
• 3:48
  things
• 3:49
  like
• 3:49
  skipping
• 3:50
  the
• 3:50
  car
• 3:50
  parks
• 3:51
  or
• 3:51
  making
• 3:51
  it
• 3:51
  a
• 3:52
  very
• 3:52
  small
• 3:52
  floor
• 3:53
  plan,
• 3:53
  one
• 3:54
  of
• 3:54
  the
• 3:54
  other
• 3:54
  things
• 3:54
  that
• 3:54
  often
• 3:55
  impacts,
• 3:55
  you
• 3:55
  know,
• 3:55
  they're
• 3:56
  seeing,
• 3:56
  it's
• 3:57
  quite
• 3:57
  interesting,
• 3:57
  the
• 3:58
  devil
• 3:58
  in
• 3:58
  the
• 3:58
  detail
• 3:58
  here,
• 3:59
  where
• 4:00
  the
• 4:00
  townhouses
• 4:01
  sort
• 4:01
  of
• 4:01
  on
• 4:01
  the
• 4:01
  ends
• 4:02
  of
• 4:02
  a
• 4:02
  row
• 4:03
  are
• 4:03
  often
• 4:04
  holding
• 4:05
  more
• 4:05
  value
• 4:05
  because
• 4:06
  they
• 4:06
  get
• 4:06
  more
• 4:06
  sunlight.
• 4:07
  And
• 4:07
  so
• 4:07
  I
• 4:08
  think
• 4:08
  it
• 4:08
  really
• 4:08
  comes
• 4:08
  back
• 4:09
  to
• 4:09
  the
• 4:09
  fundamentals
• 4:10
  of
• 4:10
  people.
• 4:10
  People
• 4:11
  don't
• 4:11
  just
• 4:11
  want
• 4:12
  to
• 4:12
  live
• 4:12
  anywhere,
• 4:12
  they
• 4:13
  do
• 4:13
  still
• 4:13
  want
• 4:13
  good
• 4:14
  quality
• 4:14
  housing.
• 4:15
  And
• 4:15
  when
• 4:15
  you
• 4:15
  have
• 4:15
  a
• 4:16
  big
• 4:16
  bubbly
• 4:17
  boom
• 4:18
  like
• 4:18
  what
• 4:18
  happened
• 4:18
  in
• 4:19
  2021,
• 4:20
  things
• 4:20
  went
• 4:21
  a
• 4:21
  bit
• 4:21
  mad
• 4:22
  and
• 4:22
  all
• 4:22
  of
• 4:22
  those
• 4:23
  fundamentals
• 4:23
  were
• 4:23
  thrown
• 4:24
  out
• 4:24
  the
• 4:24
  window
• 4:24
  and
• 4:24
  people
• 4:24
  just
• 4:25
  trying
• 4:25
  to
• 4:26
  buy
• 4:26
  property,
• 4:26
  any
• 4:27
  property.
• 4:27
  And
• 4:27
  so
• 4:28
  some
• 4:28
  things
• 4:28
  sold
• 4:28
  for
• 4:29
  prices
• 4:29
  that
• 4:30
  you
• 4:30
  look
• 4:30
  back
• 4:30
  now
• 4:31
  with
• 4:31
  clear
• 4:31
  eyes.
• 4:32
  It's
• 4:32
  so
• 4:32
  obvious
• 4:33
  what
• 4:33
  happened.
• 4:33
  It
• 4:33
  didn't
• 4:34
  feel
• 4:34
  that
• 4:34
  way
• 4:34
  in
• 4:34
  the
• 4:34
  moment.
• 4:35
  So
• 4:36
  I
• 4:36
  do
• 4:36
  feel
• 4:36
  sorry
• 4:37
  for
• 4:37
  people.
• 4:37
  I
• 4:37
  think
• 4:37
  it's
• 4:37
  worth
• 4:38
  worth
• 4:38
  remembering
• 4:38
  though,
• 4:39
  the
• 4:39
  median
• 4:39
  loss
• 4:40
  here
• 4:40
  is
• 4:41
  more
• 4:41
  around
• 4:41
  the
• 4:42
  sort
• 4:42
  of
• 4:42
  the
• 4:42
  $50,000
• 4:43
  mark.
• 4:44
  And
• 4:44
  that
• 4:44
  is
• 4:44
  comforting.
• 4:45
  Where
• 4:45
  there
• 4:45
  are
• 4:46
  some
• 4:46
  big
• 4:47
  outliers
• 4:48
  here
• 4:48
  with
• 4:48
  some
• 4:48
  people
• 4:48
  that
• 4:49
  have
• 4:49
  taken
• 4:50
  really
• 4:50
  big
• 4:51
  falls
• 4:51
  in
• 4:51
  value
• 4:51
  of
• 4:52
  property.
• 4:52
  But
• 4:52
  there
• 4:53
  are
• 4:53
  sort
• 4:53
  of
• 4:54
  more
• 4:54
  manageable
• 4:55
  average
• 4:55
  figures.
• 4:56
  So
• 4:56
  hopefully
• 4:57
  people
• 4:57
  don't
• 4:57
  panic
• 4:58
  too
• 4:58
  much
• 4:58
  when
• 4:58
  they
• 4:58
  look
• 4:58
  back
• 4:59
  at
• 4:59
  those
• 4:59
  average
• 4:59
  figures.
• 5:00
  I
• 5:00
  mean,
• 5:00
  some
• 5:00
  of
• 5:00
  those
• 5:01
  outliers
• 5:01
  are
• 5:01
  pretty
• 5:02
  amazing
• 5:02
  though,
• 5:02
  aren't
• 5:02
  they?
• 5:03
  There's
• 5:03
  one
• 5:03
  example.
• 5:04
  Yeah,
• 5:05
  in
• 5:05
  Ringwera,
• 5:06
  the
• 5:06
  person
• 5:07
  bought
• 5:07
  it
• 5:07
  four
• 5:07
  years
• 5:08
  ago,
• 5:10
  they've
• 5:10
  sold
• 5:10
  it,
• 5:10
  they
• 5:10
  lost
• 5:10
  800.
• 5:11
  They
• 5:11
  nearly
• 5:11
  lost
• 5:11
  a
• 5:12
  million
• 5:12
  dollars.
• 5:12
  890,000
• 5:13
  bucks.
• 5:14
  Gee,
• 5:14
  that
• 5:14
  is
• 5:14
  just.
• 5:14
  That's
• 5:15
  an
• 5:15
  eye
• 5:15
  opener,
• 5:15
  Francis?
• 5:16
  It
• 5:16
  is,
• 5:16
  it
• 5:17
  is.
• 5:17
  And
• 5:17
  I
• 5:18
  would
• 5:18
  say
• 5:18
  like
• 5:18
  those
• 5:18
  are
• 5:19
  coming
• 5:19
  from
• 5:19
  places
• 5:20
  that
• 5:20
  are
• 5:21
  really
• 5:22
  hot
• 5:22
  property
• 5:23
  markets.
• 5:23
  You
• 5:23
  know,
• 5:23
  if
• 5:24
  you're
• 5:24
  looking
• 5:24
  at
• 5:24
  someone
• 5:24
  like
• 5:24
  Remy
• 5:25
  Ray,
• 5:26
  that
• 5:26
  is
• 5:27
  extremely
• 5:29
  high
• 5:29
  property
• 5:30
  values
• 5:30
  in
• 5:30
  the
• 5:31
  first
• 5:31
  place.
• 5:32
  So
• 5:32
  I'd
• 5:32
  love
• 5:33
  to
• 5:33
  know.
• 5:33
  I
• 5:34
  don't
• 5:34
  have
• 5:34
  the
• 5:34
  figures
• 5:34
  there
• 5:35
  on
• 5:35
  what
• 5:35
  percentage
• 5:36
  that
• 5:36
  is,
• 5:36
  but
• 5:39
  eye
• 5:39
  watering.
• 5:40
  No
• 5:40
  matter
• 5:40
  what
• 5:41
  do
• 5:41
  you
• 5:41
  think?
• 5:41
  I
• 5:42
  mean
• 5:42
  you
• 5:42
  mentioned
• 5:42
  earlier
• 5:43
  on
• 5:43
  that
• 5:43
  the
• 5:43
  kinds
• 5:44
  of
• 5:44
  houses
• 5:44
  that
• 5:44
  are
• 5:45
  losing
• 5:46
  value,
• 5:46
  as
• 5:47
  it
• 5:47
  were,
• 5:47
  or
• 5:47
  that
• 5:48
  are
• 5:48
  being
• 5:48
  sold
• 5:48
  for
• 5:48
  a
• 5:48
  loss
• 5:49
  tend
• 5:49
  to
• 5:49
  be
• 5:49
  in
• 5:49
  the
• 5:49
  sort
• 5:50
  of
• 5:50
  property
• 5:50
  speculator,
• 5:51
  marginal
• 5:52
  buyer
• 5:52
  kind
• 5:52
  of
• 5:53
  demographic.
• 5:53
  So
• 5:54
  you
• 5:54
  think
• 5:54
  the
• 5:55
  speculators
• 5:55
  who
• 5:55
  would
• 5:56
  have
• 5:56
  bought
• 5:56
  up
• 5:56
  townhouses
• 5:57
  looking
• 5:57
  to
• 5:57
  make
• 5:57
  a
• 5:57
  quick
• 5:58
  profit,
• 5:58
  you
• 5:58
  think
• 5:58
  that
• 5:58
  that's
• 5:59
  the
• 5:59
  demographic
• 5:59
  that
• 5:59
  will
• 6:00
  be
• 6:00
  most
• 6:00
  affected
• 6:00
  by
• 6:00
  this?
• 6:01
  Yeah,
• 6:01
  I
• 6:01
  think
• 6:02
  there'll
• 6:02
  be
• 6:02
  a
• 6:02
  lot
• 6:02
  of
• 6:03
  investors
• 6:03
  hit
• 6:04
  by
• 6:04
  this
• 6:04
  and
• 6:06
  that's
• 6:07
  sort
• 6:07
  of
• 6:08
  nobody
• 6:08
  ever
• 6:08
  wants
• 6:09
  to
• 6:09
  lose
• 6:09
  money,
• 6:09
  but
• 6:09
  that's
• 6:10
  sort
• 6:10
  of
• 6:10
  part
• 6:10
  of
• 6:11
  the
• 6:11
  risk
• 6:12
  when
• 6:12
  you
• 6:12
  invest.
• 6:13
  Right.
• 6:13
  So
• 6:13
  I'm
• 6:14
  somewhat
• 6:15
  less
• 6:15
  concerned
• 6:16
  for
• 6:16
  the
• 6:16
  investors
• 6:17
  who
• 6:17
  might
• 6:18
  be
• 6:18
  choosing
• 6:19
  to
• 6:19
  sell.
• 6:20
  I'm
• 6:20
  more
• 6:21
  concerned
• 6:21
  for
• 6:22
  if
• 6:22
  it
• 6:22
  was
• 6:22
  a
• 6:23
  first
• 6:23
  home
• 6:23
  buyer
• 6:24
  who
• 6:24
  maybe
• 6:25
  was
• 6:26
  quite
• 6:27
  a
• 6:27
  low
• 6:27
  deposit
• 6:28
  mortgage,
• 6:29
  they
• 6:29
  will
• 6:30
  be
• 6:30
  hit
• 6:30
  really
• 6:30
  hard
• 6:30
  by
• 6:31
  this
• 6:31
  and
• 6:31
  they
• 6:31
  could
• 6:31
  be
• 6:32
  very
• 6:32
  worried
• 6:33
  and
• 6:34
  they
• 6:34
  won't
• 6:34
  have
• 6:35
  much
• 6:35
  margin
• 6:35
  for
• 6:36
  error.
• 6:36
  So
• 6:37
  that's
• 6:38
  more
• 6:38
  the
• 6:38
  cohort
• 6:38
  that
• 6:39
  I
• 6:39
  worry
• 6:39
  in
• 6:39
  a
• 6:39
  moment
• 6:39
  like
• 6:40
  this.
• 6:40
  Do
• 6:40
  you
• 6:41
  think
• 6:41
  there's
• 6:41
  maybe
• 6:41
  an
• 6:41
  element
• 6:42
  too
• 6:42
  that
• 6:43
  of
• 6:44
  New
• 6:44
  Zealanders
• 6:45
  having
• 6:45
  to
• 6:45
  get
• 6:46
  used
• 6:46
  to
• 6:46
  the
• 6:47
  idea
• 6:47
  that
• 6:47
  this
• 6:48
  is
• 6:49
  the
• 6:49
  type
• 6:49
  of
• 6:49
  house
• 6:50
  that
• 6:50
  many
• 6:51
  of
• 6:51
  us
• 6:51
  will
• 6:51
  be
• 6:51
  living
• 6:52
  in
• 6:52
  into
• 6:52
  the
• 6:52
  future.
• 6:53
  And
• 6:53
  it's
• 6:53
  not
• 6:53
  a
• 6:53
  quarter
• 6:54
  acre
• 6:54
  block
• 6:54
  with
• 6:54
  a
• 6:54
  backyard
• 6:55
  and
• 6:55
  a
• 6:55
  white
• 6:55
  picket
• 6:56
  fence
• 6:56
  and
• 6:56
  a
• 6:56
  great
• 6:56
  big
• 6:57
  double
• 6:57
  garage.
• 6:57
  It
• 6:58
  is
• 6:58
  a
• 6:58
  townhouse.
• 6:58
  These
• 6:59
  are
• 6:59
  more
• 6:59
  space,
• 6:59
  economical.
• 7:00
  But
• 7:00
  maybe
• 7:01
  that's
• 7:01
  not,
• 7:02
  maybe
• 7:02
  that's
• 7:02
  a
• 7:02
  cultural
• 7:03
  change
• 7:03
  that
• 7:03
  doesn't
• 7:04
  necessarily
• 7:04
  get
• 7:04
  accepted
• 7:05
  or
• 7:05
  embraced
• 7:05
  overnight.
• 7:06
  Well,
• 7:07
  yeah,
• 7:07
  it's
• 7:07
  quite
• 7:08
  interesting
• 7:08
  because
• 7:08
  there
• 7:08
  was
• 7:09
  also
• 7:09
  some
• 7:09
  research
• 7:10
  that
• 7:10
  came
• 7:10
  out
• 7:11
  earlier
• 7:11
  this
• 7:12
  week
• 7:12
  as
• 7:12
  well
• 7:13
  talking
• 7:13
  about
• 7:14
  older
• 7:15
  generation
• 7:15
  who
• 7:16
  usually
• 7:16
  look
• 7:16
  to
• 7:17
  downsize
• 7:17
  but
• 7:18
  also
• 7:18
  are
• 7:18
  not
• 7:18
  that
• 7:19
  interested
• 7:19
  in
• 7:20
  townhouses.
• 7:21
  And
• 7:22
  so
• 7:22
  I
• 7:22
  do
• 7:23
  think
• 7:23
  there's
• 7:23
  a
• 7:24
  bit
• 7:24
  of
• 7:24
  a
• 7:24
  crunch
• 7:24
  point
• 7:25
  and
• 7:25
  we're
• 7:25
  seeing
• 7:26
  that
• 7:26
  now
• 7:27
  in
• 7:27
  terms
• 7:27
  of
• 7:27
  how
• 7:28
  we
• 7:29
  envision
• 7:30
  where
• 7:30
  we
• 7:30
  want
• 7:30
  to
• 7:31
  live
• 7:31
  and
• 7:31
  what
• 7:31
  people
• 7:32
  can
• 7:32
  afford.
• 7:34
  What
• 7:34
  is
• 7:34
  interesting
• 7:35
  to
• 7:35
  me
• 7:35
  is
• 7:36
  we
• 7:36
  are
• 7:36
  now
• 7:36
  seeing
• 7:37
  properties
• 7:38
  come
• 7:38
  back
• 7:38
  on
• 7:38
  the
• 7:39
  market
• 7:39
  and
• 7:39
  they're
• 7:39
  selling
• 7:40
  a
• 7:41
  little
• 7:41
  bit
• 7:41
  quicker
• 7:42
  than
• 7:43
  they
• 7:43
  were.
• 7:44
  We've
• 7:45
  got
• 7:45
  figures
• 7:45
  from
• 7:46
  Realestate
• 7:46
  Co
• 7:46
  NZ
• 7:47
  showing
• 7:48
  townhouses
• 7:49
  are
• 7:49
  selling
• 7:49
  average
• 7:50
  of
• 7:50
  120
• 7:51
  days
• 7:51
  at
• 7:51
  the
• 7:51
  moment.
• 7:52
  Standalone
• 7:53
  houses,
• 7:53
  it's
• 7:54
  around
• 7:54
  96
• 7:55
  days
• 7:55
  on
• 7:56
  average
• 7:57
  and
• 7:57
  that
• 7:57
  is
• 7:58
  marginally
• 7:59
  better
• 7:59
  than
• 8:00
  things
• 8:00
  were
• 8:01
  before.
• 8:02
  So
• 8:02
  we're
• 8:02
  getting
• 8:02
  a
• 8:03
  little
• 8:03
  bit
• 8:03
  of
• 8:03
  those
• 8:04
  signs
• 8:04
  of
• 8:05
  buyers
• 8:06
  and
• 8:06
  sellers
• 8:07
  coming
• 8:07
  into
• 8:07
  a
• 8:08
  bit
• 8:08
  more
• 8:08
  reality
• 8:09
  with
• 8:09
  each
• 8:09
  other.
• 8:09
  I
• 8:09
  mean,
• 8:09
  let's
• 8:10
  not,
• 8:11
  let's
• 8:11
  not
• 8:11
  sugarcoat
• 8:11
  it.
• 8:12
  That
• 8:12
  is
• 8:12
  still
• 8:12
  longer
• 8:13
  days
• 8:13
  to
• 8:13
  sell
• 8:14
  than
• 8:14
  things
• 8:14
  were
• 8:14
  before,
• 8:14
  but
• 8:15
  it's
• 8:15
  less
• 8:16
  bad
• 8:16
  than
• 8:16
  it
• 8:17
  was.
• 8:17
  So
• 8:18
  I
• 8:18
  think
• 8:18
  what
• 8:18
  we're
• 8:19
  hitting
• 8:19
  now
• 8:19
  is
• 8:19
  a
• 8:19
  bit
• 8:19
  of
• 8:20
  a
• 8:20
  crunch
• 8:20
  point
• 8:21
  where
• 8:21
  things
• 8:21
  have
• 8:22
  become
• 8:22
  so
• 8:23
  expensive
• 8:23
  for
• 8:24
  so
• 8:24
  long,
• 8:24
  people
• 8:25
  have
• 8:25
  held
• 8:25
  off
• 8:26
  trying
• 8:26
  to
• 8:27
  make
• 8:27
  decisions
• 8:27
  either
• 8:28
  way,
• 8:28
  buying
• 8:28
  or
• 8:29
  selling,
• 8:29
  and
• 8:30
  now
• 8:30
  we're
• 8:30
  hitting
• 8:30
  that
• 8:31
  crunchy
• 8:31
  point
• 8:32
  where
• 8:32
  people
• 8:32
  just
• 8:32
  have
• 8:33
  to
• 8:33
  live
• 8:33
  their
• 8:33
  lives
• 8:33
  and
• 8:34
  they
• 8:34
  have
• 8:34
  to
• 8:34
  make
• 8:34
  a
• 8:34
  decision.
• 8:35
  And
• 8:35
  people
• 8:35
  are
• 8:36
  now
• 8:36
  having
• 8:36
  to
• 8:36
  make
• 8:36
  some
• 8:37
  quite
• 8:37
  tough
• 8:37
  decisions.
• 8:38
  I
• 8:38
  asked
• 8:39
  in
• 8:39
  the
• 8:39
  intro
• 8:39
  to
• 8:39
  the
• 8:39
  program,
• 8:41
  somewhat
• 8:41
  tongue
• 8:41
  in
• 8:41
  cheek,
• 8:42
  is
• 8:42
  this
• 8:42
  a
• 8:42
  sign
• 8:43
  of
• 8:43
  the
• 8:43
  model
• 8:43
  shifting
• 8:44
  to
• 8:44
  a
• 8:44
  sort
• 8:44
  of
• 8:45
  buy
• 8:45
  land,
• 8:45
  not
• 8:46
  houses
• 8:46
  kind
• 8:46
  of
• 8:48
  calculus?
• 8:48
  I
• 8:49
  guess.
• 8:50
  And
• 8:50
  I
• 8:50
  do
• 8:50
  wonder
• 8:50
  about
• 8:51
  your
• 8:51
  thoughts
• 8:51
  on
• 8:51
  this.
• 8:53
  Even
• 8:53
  at
• 8:54
  the
• 8:54
  peak
• 8:54
  of
• 8:54
  the
• 8:54
  property
• 8:55
  explosion
• 8:56
  in
• 8:56
  New
• 8:56
  Zealand,
• 8:58
  when
• 8:58
  you're
• 8:58
  buying
• 8:58
  a
• 8:59
  house
• 8:59
  for
• 8:59
  lots
• 8:59
  and
• 8:59
  lots
• 9:00
  of
• 9:00
  money,
• 9:00
  are
• 9:01
  you
• 9:01
  really
• 9:01
  buying
• 9:01
  the
• 9:01
  house
• 9:02
  or
• 9:02
  are
• 9:02
  you
• 9:02
  perhaps
• 9:03
  sort
• 9:03
  of
• 9:03
  buying
• 9:03
  the
• 9:04
  potential
• 9:04
  of
• 9:04
  what
• 9:04
  you
• 9:05
  could
• 9:05
  do
• 9:05
  with
• 9:05
  that
• 9:06
  area
• 9:06
  of
• 9:06
  land
• 9:07
  that
• 9:07
  you're
• 9:07
  buying?
• 9:07
  Are
• 9:08
  you
• 9:08
  paying
• 9:09
  that
• 9:09
  much
• 9:09
  money
• 9:09
  for
• 9:09
  the
• 9:10
  150
• 9:10
  square
• 9:11
  meters
• 9:11
  of
• 9:11
  house
• 9:12
  that
• 9:12
  you're
• 9:12
  actually
• 9:12
  living
• 9:13
  in
• 9:13
  or
• 9:13
  the
• 9:14
  600
• 9:14
  square
• 9:14
  meters
• 9:15
  of
• 9:15
  property
• 9:15
  that
• 9:16
  maybe
• 9:16
  someone
• 9:16
  will
• 9:16
  come
• 9:17
  along
• 9:17
  in
• 9:17
  10
• 9:17
  or
• 9:18
  20
• 9:18
  years
• 9:19
  and
• 9:19
  buy
• 9:19
  off
• 9:19
  you
• 9:19
  for
• 9:20
  loads
• 9:20
  and
• 9:20
  loads
• 9:20
  of
• 9:20
  cash
• 9:20
  so
• 9:20
  that
• 9:21
  they
• 9:21
  can
• 9:21
  develop
• 9:21
  it?
• 9:22
  Oh
• 9:22
  yeah,
• 9:22
  exactly.
• 9:23
  I
• 9:23
  mean,
• 9:23
  you
• 9:24
  may
• 9:24
  have
• 9:24
  been
• 9:24
  being
• 9:24
  tongue
• 9:25
  in
• 9:25
  cheek,
• 9:25
  but
• 9:25
  you're
• 9:25
  actually
• 9:26
  spot
• 9:26
  on
• 9:28
  what
• 9:28
  you're
• 9:28
  doing.
• 9:29
  I
• 9:29
  mean,
• 9:29
  most
• 9:29
  of
• 9:30
  the
• 9:30
  value
• 9:31
  in
• 9:31
  any
• 9:31
  property
• 9:32
  you
• 9:32
  buy
• 9:32
  is
• 9:33
  in
• 9:33
  the
• 9:33
  land.
• 9:33
  That's
• 9:34
  why
• 9:34
  apartments
• 9:35
  are
• 9:35
  cheaper,
• 9:35
  that's
• 9:36
  why
• 9:36
  townhouses
• 9:37
  are
• 9:38
  cheaper,
• 9:38
  and
• 9:38
  that's
• 9:39
  why
• 9:39
  a
• 9:39
  standalone
• 9:40
  home
• 9:40
  is
• 9:40
  more
• 9:40
  expensive.
• 9:42
  So
• 9:42
  much
• 9:42
  of
• 9:43
  it
• 9:43
  comes
• 9:43
  down
• 9:43
  to
• 9:44
  the
• 9:45
  square
• 9:45
  footage
• 9:46
  of
• 9:46
  land
• 9:47
  under
• 9:48
  the
• 9:48
  house.
• 9:48
  And
• 9:49
  then
• 9:49
  the
• 9:49
  property
• 9:50
  that
• 9:50
  you've
• 9:50
  got
• 9:50
  on
• 9:50
  top
• 9:51
  of
• 9:51
  that
• 9:51
  is
• 9:52
  quite
• 9:53
  minor
• 9:54
  in
• 9:54
  terms
• 9:54
  of
• 9:55
  what
• 9:55
  it
• 9:55
  adds
• 9:55
  to
• 9:55
  it.
• 9:55
  That's
• 9:56
  why
• 9:56
  location
• 9:56
  is
• 9:57
  so
• 9:57
  important.
• 9:58
  That's
• 9:58
  why
• 9:58
  the
• 9:58
  type
• 9:59
  of
• 9:59
  property
• 9:59
  you
• 9:59
  get
• 9:59
  is
• 9:59
  so
• 10:00
  important.
• 10:00
  It
• 10:00
  basically
• 10:01
  comes
• 10:01
  down
• 10:01
  to
• 10:02
  the
• 10:02
  value
• 10:02
  of
• 10:02
  the
• 10:03
  land
• 10:03
  and
• 10:03
  then
• 10:03
  a
• 10:04
  little
• 10:04
  bit
• 10:04
  extra
• 10:04
  on
• 10:05
  top
• 10:05
  for
• 10:05
  the
• 10:06
  house.
• 10:06
  And
• 10:07
  so
• 10:07
  there
• 10:07
  are
• 10:07
  absolutely
• 10:09
  people
• 10:09
  who
• 10:09
  buy
• 10:10
  houses
• 10:11
  thinking,
• 10:12
  in
• 10:12
  the
• 10:12
  future,
• 10:13
  when
• 10:13
  I
• 10:13
  go
• 10:13
  to
• 10:13
  retire,
• 10:14
  I
• 10:14
  could
• 10:14
  sell
• 10:15
  this
• 10:15
  to
• 10:15
  a
• 10:15
  developer
• 10:16
  and
• 10:16
  you
• 10:16
  could
• 10:16
  fit
• 10:16
  three
• 10:17
  townhouses
• 10:18
  on
• 10:18
  here.
• 10:19
  That's
• 10:19
  absolutely
• 10:19
  a
• 10:20
  strategy
• 10:20
  for
• 10:20
  some
• 10:20
  people.
• 10:21
  Is
• 10:22
  this
• 10:22
  a
• 10:22
  market
• 10:22
  opportunity
• 10:23
  if
• 10:23
  you're
• 10:23
  a
• 10:23
  first
• 10:23
  time
• 10:23
  buyer,
• 10:24
  do
• 10:24
  you
• 10:24
  think?
• 10:25
  Oh,
• 10:25
  100%.
• 10:26
  If
• 10:26
  you
• 10:26
  are
• 10:26
  a
• 10:27
  first
• 10:27
  home
• 10:27
  buyer
• 10:27
  right
• 10:27
  now
• 10:28
  and
• 10:28
  you're
• 10:28
  feeling
• 10:28
  secure
• 10:29
  in
• 10:29
  your
• 10:29
  job
• 10:29
  and
• 10:29
  you've
• 10:30
  been
• 10:30
  saving
• 10:30
  diligently
• 10:31
  and
• 10:31
  you've
• 10:31
  got
• 10:31
  that
• 10:31
  house
• 10:32
  deposit.
• 10:33
  The
• 10:33
  silver
• 10:33
  lining
• 10:34
  here
• 10:34
  is
• 10:34
  that
• 10:34
  if
• 10:34
  someone
• 10:34
  is
• 10:35
  trying
• 10:35
  to
• 10:35
  buy
• 10:35
  now,
• 10:36
  they're
• 10:36
  actually
• 10:37
  doing
• 10:37
  quite
• 10:37
  well.
• 10:38
  It
• 10:38
  is
• 10:38
  absolutely
• 10:39
  a
• 10:39
  buyer's
• 10:40
  market.
• 10:40
  They
• 10:41
  have
• 10:41
  a
• 10:41
  lot
• 10:41
  more
• 10:41
  time
• 10:42
  with
• 10:42
  these
• 10:42
  longer
• 10:43
  average
• 10:44
  days
• 10:44
  to
• 10:44
  sell.
• 10:46
  So
• 10:46
  that
• 10:46
  is
• 10:46
  giving
• 10:47
  them
• 10:47
  a
• 10:47
  bit
• 10:47
  more
• 10:47
  time
• 10:48
  to
• 10:48
  do
• 10:48
  their
• 10:48
  research,
• 10:49
  to
• 10:49
  really
• 10:50
  look
• 10:50
  into
• 10:50
  things,
• 10:51
  to
• 10:51
  give
• 10:51
  it
• 10:51
  a
• 10:51
  try.
• 10:53
  And
• 10:53
  there
• 10:53
  are
• 10:54
  more
• 10:54
  sellers
• 10:55
  at
• 10:55
  the
• 10:56
  moment
• 10:56
  now
• 10:57
  who
• 10:57
  have
• 10:57
  watched
• 10:58
  the
• 10:58
  prices
• 10:58
  go
• 10:59
  down
• 10:59
  since
• 10:59
  2021,
• 11:01
  have
• 11:01
  often
• 11:01
  been
• 11:01
  holding
• 11:02
  on.
• 11:03
  We
• 11:03
  had
• 11:03
  predictions
• 11:04
  that
• 11:05
  this
• 11:05
  was
• 11:05
  going
• 11:05
  to
• 11:05
  be
• 11:06
  the
• 11:06
  year
• 11:06
  that
• 11:06
  we
• 11:06
  hit
• 11:07
  the
• 11:07
  bottom
• 11:07
  of
• 11:08
  the
• 11:08
  curve
• 11:08
  and
• 11:08
  things
• 11:08
  started
• 11:09
  going
• 11:09
  back
• 11:09
  up
• 11:10
  and
• 11:10
  then
• 11:10
  Iran
• 11:11
  happened
• 11:11
  and
• 11:12
  now
• 11:12
  interest
• 11:13
  rates
• 11:13
  might
• 11:13
  be
• 11:13
  going
• 11:14
  up
• 11:14
  and
• 11:15
  all
• 11:15
  of
• 11:15
  that
• 11:15
  makes
• 11:16
  it
• 11:16
  far
• 11:17
  more
• 11:17
  difficult
• 11:18
  for
• 11:19
  property
• 11:19
  prices,
• 11:19
  which
• 11:20
  is
• 11:20
  great
• 11:20
  news
• 11:20
  for
• 11:21
  the
• 11:21
  first
• 11:21
  home
• 11:21
  buyers.
• 11:22
  It's
• 11:22
  always
• 11:22
  a
• 11:22
  winner
• 11:22
  and
• 11:23
  a
• 11:23
  loser
• 11:23
  in
• 11:23
  these
• 11:23
  things.
• 11:23
  So,
• 11:24
  you
• 11:24
  know,
• 11:24
  first
• 11:24
  home
• 11:25
  buyers
• 11:25
  rejoice
• 11:25
  for
• 11:25
  once.
• 11:26
  So
• 11:26
  I
• 11:27
  mean
• 11:27
  that's,
• 11:27
  that's
• 11:28
  for
• 11:28
  the
• 11:28
  first
• 11:28
  time
• 11:28
  buyers.
• 11:29
  If
• 11:29
  there's
• 11:29
  someone
• 11:29
  listening
• 11:30
  to
• 11:30
  this
• 11:30
  Francis,
• 11:30
  who
• 11:31
  bought
• 11:31
  a
• 11:31
  townhouse
• 11:32
  three
• 11:32
  years
• 11:32
  ago
• 11:32
  and
• 11:33
  are
• 11:33
  staring
• 11:33
  down
• 11:33
  the
• 11:33
  barrel
• 11:34
  of
• 11:34
  negative
• 11:34
  equity,
• 11:35
  I
• 11:35
  mean,
• 11:35
  what
• 11:35
  would
• 11:35
  your
• 11:35
  advice
• 11:36
  be
• 11:36
  to
• 11:36
  them?
• 11:36
  Obviously
• 11:37
  everyone's
• 11:37
  situation
• 11:37
  is
• 11:38
  going
• 11:38
  to
• 11:38
  be
• 11:38
  different,
• 11:39
  but
• 11:39
  is
• 11:40
  it
• 11:40
  kind
• 11:40
  of
• 11:40
  the,
• 11:41
  you
• 11:41
  know,
• 11:41
  this
• 11:41
  is
• 11:41
  a
• 11:41
  long
• 11:42
  term
• 11:42
  thing
• 11:42
  that
• 11:42
  you're
• 11:43
  doing,
• 11:43
  buying
• 11:43
  a
• 11:43
  house
• 11:44
  and
• 11:44
  you
• 11:45
  know,
• 11:45
  don't
• 11:45
  do
• 11:45
  anything
• 11:45
  rash?
• 11:46
  Exactly.
• 11:47
  I
• 11:47
  mean,
• 11:47
  the
• 11:48
  first
• 11:48
  thing
• 11:49
  is
• 11:50
  a
• 11:50
  lot
• 11:50
  of
• 11:50
  the
• 11:50
  impact
• 11:51
  of
• 11:51
  negative
• 11:51
  equity
• 11:53
  will
• 11:53
  be
• 11:53
  emotional.
• 11:54
  If
• 11:54
  you
• 11:55
  know
• 11:55
  that
• 11:55
  you
• 11:55
  owe
• 11:55
  more
• 11:56
  to
• 11:56
  the
• 11:56
  bank
• 11:56
  than,
• 11:57
  than
• 11:57
  you
• 11:57
  could
• 11:57
  sell
• 11:57
  it
• 11:57
  for,
• 11:58
  then
• 11:59
  it
• 11:59
  is
• 11:59
  a
• 12:00
  totally
• 12:00
  normal
• 12:00
  and
• 12:01
  rational
• 12:01
  response
• 12:01
  to
• 12:02
  feel
• 12:02
  a
• 12:02
  bit
• 12:02
  panicky
• 12:02
  and
• 12:03
  to
• 12:03
  worry
• 12:03
  about
• 12:03
  what
• 12:04
  the
• 12:04
  bank
• 12:04
  would
• 12:05
  do.
• 12:05
  But
• 12:05
  first
• 12:05
  of
• 12:05
  all,
• 12:06
  know
• 12:06
  that
• 12:07
  the
• 12:07
  bank
• 12:07
  doesn't
• 12:08
  actually
• 12:08
  want
• 12:09
  to
• 12:09
  sell
• 12:09
  your
• 12:09
  house
• 12:10
  from
• 12:10
  under
• 12:10
  you.
• 12:10
  I
• 12:10
  get
• 12:10
  that
• 12:11
  question
• 12:11
  all
• 12:11
  the
• 12:11
  time.
• 12:12
  You
• 12:12
  know,
• 12:12
  is
• 12:12
  the
• 12:12
  bank
• 12:12
  going
• 12:13
  to
• 12:13
  get
• 12:13
  me
• 12:13
  in
• 12:13
  trouble?
• 12:14
  If
• 12:14
  you
• 12:14
  just
• 12:14
  keep
• 12:15
  paying
• 12:15
  your
• 12:15
  mortgage,
• 12:16
  the
• 12:16
  bank
• 12:16
  will
• 12:16
  leave
• 12:17
  you
• 12:17
  alone
• 12:17
  for
• 12:18
  the
• 12:18
  vast
• 12:18
  majority
• 12:19
  of
• 12:19
  situations.
• 12:19
  I
• 12:20
  can't
• 12:20
  even
• 12:20
  think
• 12:20
  of
• 12:20
  a
• 12:20
  situation
• 12:21
  where
• 12:21
  that
• 12:21
  wouldn't
• 12:21
  be
• 12:22
  happening.
• 12:23
  So
• 12:23
  first
• 12:23
  of
• 12:23
  all,
• 12:23
  don't
• 12:24
  panic.
• 12:24
  You're
• 12:24
  not
• 12:24
  going
• 12:24
  to
• 12:24
  be
• 12:24
  in
• 12:25
  trouble
• 12:25
  with
• 12:25
  the
• 12:25
  bank.
• 12:25
  Just
• 12:25
  keep
• 12:26
  paying
• 12:26
  the
• 12:26
  mortgage.
• 12:27
  And
• 12:27
  if
• 12:27
  you
• 12:27
  run
• 12:27
  into
• 12:28
  a
• 12:28
  situation
• 12:28
  where
• 12:29
  you
• 12:29
  do
• 12:29
  need
• 12:29
  to
• 12:30
  sell
• 12:30
  for
• 12:31
  whatever
• 12:31
  reason,
• 12:32
  the
• 12:32
  first
• 12:33
  thing
• 12:33
  to
• 12:33
  do
• 12:33
  is
• 12:34
  talk
• 12:34
  to
• 12:34
  the
• 12:34
  bank.
• 12:34
  Because
• 12:35
  the
• 12:35
  bank
• 12:36
  also
• 12:36
  doesn't
• 12:37
  want
• 12:37
  a
• 12:38
  mortgagee
• 12:38
  sale
• 12:39
  or
• 12:39
  a
• 12:39
  rushed
• 12:40
  sale
• 12:40
  or
• 12:41
  for
• 12:41
  you
• 12:41
  to
• 12:41
  sell
• 12:42
  and
• 12:42
  still
• 12:42
  owe
• 12:42
  them
• 12:42
  money.
• 12:43
  They
• 12:43
  want
• 12:43
  that
• 12:43
  sweet,
• 12:43
  sweet
• 12:44
  interest.
• 12:44
  They
• 12:44
  figure
• 12:45
  something
• 12:45
  out.
• 12:45
  They
• 12:45
  want
• 12:45
  that
• 12:45
  sweet,
• 12:46
  sweet
• 12:46
  interest.
• 12:47
  It's
• 12:47
  a
• 12:47
  pain
• 12:48
  in
• 12:48
  the
• 12:48
  butt
• 12:48
  for
• 12:48
  them
• 12:48
  as
• 12:49
  well
• 12:49
  to
• 12:49
  sell
• 12:49
  it.
• 12:50
  So
• 12:50
  talk
• 12:50
  to
• 12:50
  them.
• 12:50
  And
• 12:51
  if
• 12:51
  you're
• 12:51
  scared
• 12:51
  to
• 12:51
  talk
• 12:52
  to
• 12:52
  them,
• 12:52
  talk
• 12:53
  to
• 12:53
  a
• 12:53
  mortgage
• 12:53
  advisor,
• 12:54
  because
• 12:54
  there's
• 12:55
  many
• 12:55
  options
• 12:56
  to
• 12:56
  help
• 12:56
  you
• 12:56
  with
• 12:56
  negative
• 12:57
  equity.
• 12:58
  All
• 12:58
  right.
• 12:58
  Interesting
• 12:58
  stuff,
• 12:59
  Francisco.
• 12:59
  Thanks
• 12:59
  very
• 13:00
  much
• 13:00
  as
• 13:00
  always.
• 13:00
  Cheer
• 13:00
  to
• 13:00
  you,
• 13:00
  Ginseng.
• 13:01
  Thank
• 13:01
  you
• 13:01
  so
• 13:02
  much.
• 13:02
  This
• 13:03
  podcast
• 13:03
  can
• 13:03
  only
• 13:03
  give
• 13:04
  you
• 13:04
  general
• 13:04
  information
• 13:05
  about
• 13:05
  how
• 13:05
  things
• 13:06
  work
• 13:06
  in
• 13:06
  most
• 13:07
  situations.
• 13:08
  It's
• 13:08
  not
• 13:08
  individual
• 13:09
  financial
• 13:09
  advice.
• 13:10
  If
• 13:10
  you're
• 13:10
  after
• 13:11
  that,
• 13:11
  a
• 13:11
  financial
• 13:12
  advisor
• 13:12
  is
• 13:12
  always
• 13:13
  the
• 13:13
  best
• 13:13
  bet.