Latest / Bought Borrowed and Sold / Rates are down, when will that hit the markets?

Transcript

Rates are down, when will that hit the markets? · Bought Borrowed and Sold

• 0:00
  Speaker 1: All right, welcome to Bob barn and Soul. Thanks so
• 0:02
  Speaker 1: much for joining us today. And we've got Brad Smith
• 0:07
  Speaker 1: not in the studio, but he's on the phone hanging
• 0:11
  Speaker 1: out with us. What's up, Brad Smith with Cross Country Mortgage.
• 0:17
  Speaker 1: Good man, glad for you to be on. Thanks for
• 0:20
  Speaker 1: joining us. Yeah, so, hey, you know, the holiday season
• 0:27
  Speaker 1: is here, it's upon us, and you know what, people
• 0:30
  Speaker 1: are still buying houses and selling houses. So it's been yeah,
• 0:36
  Speaker 1: it's uh so we've been busy here lately, and uh,
• 0:40
  Speaker 1: I know, I'm excited to hear what we've been what's
• 0:42
  Speaker 1: been going on in the mortgage market. We're going to
• 0:45
  Speaker 1: talk about that in our next segment and and we'll
• 0:49
  Speaker 1: give you a little bit of an idea of what
• 0:51
  Speaker 1: we're seeing in in the real estate world what I've
• 0:54
  Speaker 1: seen over the past week. And uh, but you know,
• 0:57
  Speaker 1: the holiday season is upon us, and a lot of
• 1:01
  Speaker 1: what we're doing right now is having conversations with people
• 1:05
  Speaker 1: that are looking at selling in twenty twenty six. And
• 1:09
  Speaker 1: are you seeing the same thing Brad on the on
• 1:11
  Speaker 1: the financing side, people getting prepared for next year?
• 1:15
  Speaker 2: Yeah, for sure, I mean we're definitely getting more pre
• 1:18
  Speaker 2: approvals and you know, we're getting one or two that
• 1:20
  Speaker 2: are you know, we're ready to go now, like you know, hey,
• 1:23
  Speaker 2: they can get in before the end of the year,
• 1:24
  Speaker 2: which would be cutting it close, but we could still
• 1:26
  Speaker 2: get it done. But most of them are prepping up
• 1:29
  Speaker 2: for kind of what we've been discussing the past few months. Now.
• 1:33
  Speaker 2: At this point, you know, it's it's coming and people
• 1:38
  Speaker 2: are ready, been ready to do something, and they're tired
• 1:41
  Speaker 2: of being on the fence. So people are getting a
• 1:43
  Speaker 2: plan together.
• 1:44
  Speaker 1: Yeah, that's right. I love that. I love that, you know,
• 1:47
  Speaker 1: I think it's important for everybody to start planning and
• 1:50
  Speaker 1: and like anything, I mean, you know, the holiday season
• 1:54
  Speaker 1: it typically brings a bunch of change because you're sitting
• 1:57
  Speaker 1: at the holiday table with your family and you're talkalking
• 2:00
  Speaker 1: about what does next year look like? What is your goals,
• 2:03
  Speaker 1: whether it's job, whether it's housing, whether it's car, whether
• 2:07
  Speaker 1: it's moving to a different state. I mean, there is
• 2:10
  Speaker 1: so much that you can talk about in housing just
• 2:15
  Speaker 1: is a part of that conversation. And so we're already
• 2:18
  Speaker 1: i mean multiple times this week, we've already been on
• 2:23
  Speaker 1: listing appointments. We've been in listing appointments in Hoover in
• 2:27
  Speaker 1: the Chase Lake neighborhood. We've been in listing appointments in Hoover,
• 2:31
  Speaker 1: in the Graystone area. We've been in listing appointments this
• 2:34
  Speaker 1: past week in the Silver Lakes neighborhood and Helena slash
• 2:42
  Speaker 1: Macaullaugh area. So we've had multiple listing appointments and a
• 2:46
  Speaker 1: lot of this is just people that are getting prepared
• 2:49
  Speaker 1: for twenty twenty six. And so if that might be something,
• 2:53
  Speaker 1: if this kind of resonates with you and you're kind of,
• 2:56
  Speaker 1: you know, looking at your options of what does twenty
• 2:58
  Speaker 1: twenty six look like from a house standpoint, we'd love
• 3:01
  Speaker 1: to have a conversation with you. You can always go
• 3:03
  Speaker 1: to gustygoulisgroup dot com. You can always reach us by
• 3:07
  Speaker 1: cell phone or text two O five two two oh
• 3:10
  Speaker 1: five five four to two nineteen ninety six, two O
• 3:13
  Speaker 1: five five four to two nineteen ninety six. So we
• 3:17
  Speaker 1: got some open houses this afternoon, We've got some new listings,
• 3:20
  Speaker 1: and so uh, we're gonna go ahead and play our
• 3:24
  Speaker 1: guess the mortgage payment game. And it looks like me
• 3:27
  Speaker 1: and John mounts Or get to go head to head
• 3:30
  Speaker 1: once again. Brad could you share the rules of the game.
• 3:35
  Speaker 2: Of course, So, Gus, he's going to go through some
• 3:38
  Speaker 2: of the open houses and new listings maybe they've got.
• 3:41
  Speaker 2: He's gonna give you all kinds of great details about
• 3:43
  Speaker 2: each property. But then he's gonna give us the most
• 3:44
  Speaker 2: important number, and that is the purchase price. When he
• 3:48
  Speaker 2: gives me that, I will give a potential down payment
• 3:50
  Speaker 2: that the roll may make, and then John and Gussy
• 3:52
  Speaker 2: will get to guess the thirty year fixed principle and
• 3:55
  Speaker 2: interest only monthly payment.
• 3:57
  Speaker 1: There we go, Gussy, this one's brought to you across
• 4:00
  Speaker 1: country mortgage.
• 4:01
  Speaker 2: Right, sir, Yeah, all right. I feel like one of
• 4:06
  Speaker 2: those I feel like one of those handicappers calling in there,
• 4:10
  Speaker 2: like I like the I like the giants today.
• 4:13
  Speaker 1: Sorry anyways, I like Gusty in this I like Gusty
• 4:17
  Speaker 1: in this path today.
• 4:19
  Speaker 2: Yeah, gustynus ordered.
• 4:22
  Speaker 3: I put all my money on Gusty, and I'm actually participant.
• 4:25
  Speaker 3: I still put my money onto Gusty.
• 4:27
  Speaker 1: John's got us two of the last three weeks, just
• 4:29
  Speaker 1: so you know. All right, Hey, we've got a open
• 4:33
  Speaker 1: this afternoon from two to four. This is in the
• 4:36
  Speaker 1: Lake Wilburn neighborhood. Twenty two thirty six. Black Creek is
• 4:42
  Speaker 1: built in two thousand and nine. This excuse me, twenty
• 4:45
  Speaker 1: nineteen five bedrooms, four bass three thousand, five hundred and
• 4:51
  Speaker 1: fifty five square feet. This is one of the former
• 4:54
  Speaker 1: model houses in the Lake Wilburn neighborhood. This was built
• 4:57
  Speaker 1: by Signature Homes and this place is absolutely gorgeous. We
• 5:03
  Speaker 1: are asking seven hundred and twenty five thousand, seven hundred
• 5:07
  Speaker 1: and twenty five thousand, So move to Hoover Slash will
• 5:11
  Speaker 1: Lake Wilburn and this one go and check it out
• 5:14
  Speaker 1: today from two to four, seven twenty.
• 5:16
  Speaker 2: Five, seven hundred and twenty five thousand. Yes, Gusty's going
• 5:23
  Speaker 2: a little out of order from my list, so to
• 5:25
  Speaker 2: find it. Ten percent down, ten percent down on seven
• 5:30
  Speaker 2: hundred and twenty five thousand. Okay, that's all right, and
• 5:37
  Speaker 2: Gusty you get to go first.
• 5:38
  Speaker 1: I like it. I like it, all right. I'm gonna
• 5:45
  Speaker 1: go with I'm gonna say you said ten percent down, yep.
• 5:54
  Speaker 1: Let's go with forty three hundred dollars.
• 5:59
  Speaker 2: Forty three hundred, all right, John.
• 6:03
  Speaker 3: And at this point I'm playing higher or lower because
• 6:05
  Speaker 3: I this is not in my range that I'm familiar
• 6:08
  Speaker 3: with working with So I'm gonna go forty one.
• 6:12
  Speaker 2: Hundred, forty one hundred and the actual payment was four
• 6:17
  Speaker 2: thousand and eighteen dollars.
• 6:19
  Speaker 1: All right, John Man, look out, congratulations John on the
• 6:25
  Speaker 1: first one. Okay, our next new listing of the week, Well,
• 6:32
  Speaker 1: that's not a new listing, but this one is open
• 6:34
  Speaker 1: this afternoon from one to three. This is in the
• 6:36
  Speaker 1: Bellevue Heights neighborhood. Fourteen twelve forty second Street, built in
• 6:41
  Speaker 1: nineteen thirty five, three bedrooms, one and a half bath,
• 6:44
  Speaker 1: a little bungalow, fourteen hundred and forty eight square feet,
• 6:47
  Speaker 1: one hundred and twenty five thousand. Go see Tony McDaniels
• 6:51
  Speaker 1: this afternoon from one.
• 6:52
  Speaker 2: To three, one hundred and twenty five thousand. John, We're
• 6:58
  Speaker 2: gonna put three percent down on the one, three percent
• 7:01
  Speaker 2: down on one hundred and twenty five thousand.
• 7:04
  Speaker 3: Okay, So pretty much you're still financing almost the whole nut.
• 7:07
  Speaker 3: So you're looking at like one twenty you financing. I'm
• 7:12
  Speaker 3: gonna say, I.
• 7:13
  Speaker 2: Will say we've got five properties total today. We've got
• 7:15
  Speaker 2: five properties today. Four of them add up to almost
• 7:19
  Speaker 2: what the first one did. So just to give you
• 7:23
  Speaker 2: keeping track, going.
• 7:24
  Speaker 1: Random bits of knowledge.
• 7:26
  Speaker 3: Now, Brad, are you factoring in the twenty five basis
• 7:28
  Speaker 3: points drop that we just.
• 7:30
  Speaker 2: Saw, Yeah, but we didn't see it on my world,
• 7:34
  Speaker 2: So we'll get that into the segment two.
• 7:36
  Speaker 4: Okay, I'm just I'm just trying to figure that out
• 7:38
  Speaker 4: for the sake of my guess here.
• 7:39
  Speaker 2: So, yeah, we haven't seen a lot of change over
• 7:42
  Speaker 2: week over week.
• 7:43
  Speaker 4: I'm all right, I'm gonna say eight sixty eight fifty
• 7:50
  Speaker 4: sixty eight six zero.
• 7:52
  Speaker 2: Eight six zero, got it?
• 7:54
  Speaker 1: Okay, Actually, I think that's pretty good, pretty good shots
• 7:59
  Speaker 1: hi remark, I know right, I'm gonna go with eight
• 8:04
  Speaker 1: thirty eight thirty.
• 8:07
  Speaker 2: The actual payment was seven hundred and forty six dollars.
• 8:11
  Speaker 2: Gusty gives me two. We're all tied up. One one,
• 8:15
  Speaker 2: all right?
• 8:16
  Speaker 1: Open this afternoon from two to four is one oh
• 8:20
  Speaker 1: eight Cambrian Way in Hoover. This is a condo in
• 8:26
  Speaker 1: the Cambrian Wood neighborhood, built in nineteen seventy five. These
• 8:29
  Speaker 1: places are really cool. Three bedrooms, two and a half baths,
• 8:32
  Speaker 1: seventeen hundred and forty square feet. We are asking two
• 8:35
  Speaker 1: hundred and thirty five thousand, two hundred and thirty five thousand,
• 8:39
  Speaker 1: go see Kyle Bedgood this afternoon from.
• 8:41
  Speaker 2: Two to four, two to four, two thirty five. Back
• 8:47
  Speaker 2: to Gusty five percent down, five percent down to mistic goolas.
• 8:53
  Speaker 1: All right, five percent down. I'm gonna go with let's
• 9:06
  Speaker 1: go with twelve seventy five.
• 9:10
  Speaker 2: Twelve seventy five for Gusty, John, what you thinking?
• 9:15
  Speaker 3: It's not too far off, But I'm thinking a little
• 9:17
  Speaker 3: bit well based on that last one, I'm gonna go
• 9:20
  Speaker 3: a little lower. So I'm gonna say, I'm gonna say
• 9:25
  Speaker 3: eleven seventy five.
• 9:28
  Speaker 2: Man, if you had just gone the other direction, the
• 9:30
  Speaker 2: actual table with thirteen seventy four. Oh man, Gusty gets
• 9:37
  Speaker 2: round two, let's go all yeah, we tried to be
• 9:40
  Speaker 2: all over it were.
• 9:41
  Speaker 1: Close close, all right?
• 9:43
  Speaker 2: Yeah? All right?
• 9:45
  Speaker 1: Could this be? Could this seal the game? Right here?
• 9:48
  Speaker 2: Uh?
• 9:49
  Speaker 1: New listing of the week for seventy three Jane Reed Road.
• 9:53
  Speaker 1: This one was built in nineteen fifty six, has recently
• 9:57
  Speaker 1: gone through renovations, including an X tear your interior remodel.
• 10:02
  Speaker 1: Twelve hundred and ninety six square feet, three bedrooms, one
• 10:05
  Speaker 1: and a half bass, and we are asking one hundred
• 10:08
  Speaker 1: and sixty thousand, one hundred and sixty thousand dollars. This
• 10:12
  Speaker 1: listing is courtesy of Isaac Marvin. So, Isaac, congratulations on
• 10:15
  Speaker 1: your new listing.
• 10:17
  Speaker 2: All right, one sixty five percent down, John, five percent down.
• 10:22
  Speaker 3: Okay, five percent on one sixty souet.
• 10:28
  Speaker 4: See sixty eight hundred.
• 10:29
  Speaker 2: So to stay alive, stay life.
• 10:33
  Speaker 1: It's staying in, stay in.
• 10:37
  Speaker 4: I'm going to go I'm going to go.
• 10:43
  Speaker 2: Nine hundred, nine hundred. For John, I'm going.
• 10:49
  Speaker 1: To go nine fifty nine fifty.
• 10:54
  Speaker 2: Nine thirty. The actual payment was nine thirty five. Let's
• 10:59
  Speaker 2: gets around and then the three to one, well, we'll.
• 11:05
  Speaker 1: Go ahead and uh, you know, just for just for giggles,
• 11:09
  Speaker 1: let's see what we've got on. Our last new listing
• 11:12
  Speaker 1: of the week is a condo downtown at the New
• 11:16
  Speaker 1: Ideal Building. This is a studio apartment studio condo, four
• 11:21
  Speaker 1: hundred and twenty five square feet. These were built in
• 11:23
  Speaker 1: twenty twenty. If you haven't been to the New Ideal,
• 11:25
  Speaker 1: it's over there by the uh Pozits building in the
• 11:29
  Speaker 1: Pozits Food Hall, which is just yummy, yummy, yummy. U.
• 11:33
  Speaker 1: We are asking two hundred and five thousand, two one
• 11:36
  Speaker 1: hundred and five thousand. This listing is courtesy of TJ. Cunningham. So, TJ,
• 11:40
  Speaker 1: congratulations on your new listing.
• 11:43
  Speaker 2: Two O five two five in ideal down payment would
• 11:48
  Speaker 2: be ten percent, ten percent down on the condo and.
• 11:52
  Speaker 1: Ideal a new ideal down payment.
• 11:55
  Speaker 2: An ideal ideal, an ideal payment. Okay, all right, five
• 12:01
  Speaker 2: ten percent down, ten percent down. It's on you, Gusty
• 12:05
  Speaker 2: on me.
• 12:06
  Speaker 1: Okay, let's two five ten percent. Damn, I'm gonna go
• 12:14
  Speaker 1: with how about eleven seventy four?
• 12:22
  Speaker 2: Eleven seventy four.
• 12:25
  Speaker 4: I want to go a little higher. I think just
• 12:27
  Speaker 4: a little.
• 12:28
  Speaker 3: I'll say twelve hundred even doesn't really matter because I've
• 12:30
  Speaker 3: lost anyway.
• 12:33
  Speaker 2: Good thing too, because it was eleven thirty six actual payment,
• 12:36
  Speaker 2: So Gusty gets Round five was four to one. John
• 12:41
  Speaker 2: woke up early and then Gusty sweeps the last.
• 12:44
  Speaker 1: Four story of my life. Yeap, yep, yep, yep. Hey,
• 12:50
  Speaker 1: we've got some buyer n we have one coming soon.
• 12:52
  Speaker 1: We've got one coming soon in the Central Park area,
• 12:55
  Speaker 1: two bedrooms, one bath for one hundred and fifteen thousand.
• 12:59
  Speaker 3: Uh.
• 13:00
  Speaker 1: We've got some buyer needs. So I'm gonna try to
• 13:02
  Speaker 1: be quick, Hoover. We've got multiple folks up to five
• 13:07
  Speaker 1: hundred thousand. I've got one that's looking into River Chase.
• 13:10
  Speaker 1: I've got somebody that's looking in the Hoover High School
• 13:15
  Speaker 1: area up to six hundred thousand. And I've got folks
• 13:18
  Speaker 1: looking at all price ranges in the Edgewood School district
• 13:21
  Speaker 1: of Homewood. I've got somebody looking in the Hiland Park
• 13:24
  Speaker 1: Crestwood area up to four hundred thousand. I've got somebody
• 13:28
  Speaker 1: looking near Vulcan Homewood as a plus up to four
• 13:31
  Speaker 1: hundred thousand. We've got somebody looking for a three bedroom
• 13:35
  Speaker 1: condo downtown up to six hundred thousand. Let's see, we've
• 13:40
  Speaker 1: got an investor looking up to one hundred thousand, with
• 13:44
  Speaker 1: tenants in place to prefer a three bedroom, two bath.
• 13:49
  Speaker 1: We've got somebody looking in the Pleasant Grove Hueytown area
• 13:51
  Speaker 1: up to one hundred and forty thousand. We've got somebody
• 13:54
  Speaker 1: looking near Adamsville a four bedroom, three bath. They didn't
• 13:59
  Speaker 1: give us a price range, they're just looking near Adamsville.
• 14:01
  Speaker 1: I'd say up to three hundred. And I've got somebody
• 14:04
  Speaker 1: looking in the Centerpoint area up to two hundred thousand.
• 14:07
  Speaker 1: So we have got a bunch of VIP buyer needs.
• 14:11
  Speaker 1: So if you've got a home that matches one of
• 14:13
  Speaker 1: those suggestions, go to Gustygelisgroup dot com or reach out
• 14:18
  Speaker 1: to us at two O five five four to two
• 14:20
  Speaker 1: nineteen ninety six. Hey, Brad, guess what time it is.
• 14:26
  Speaker 1: That's right, it's testimonial time.
• 14:31
  Speaker 4: On the phone.
• 14:32
  Speaker 1: Oh I love it. I love it well. I get
• 14:34
  Speaker 1: to pat myself on the back sometimes, And this one
• 14:37
  Speaker 1: was for me, Justin said, Gusty represented me in a
• 14:42
  Speaker 1: transaction in Birmingham and made the entire process extremely easy.
• 14:47
  Speaker 1: We were under contract at a fair price very quickly,
• 14:50
  Speaker 1: and he walked me through the closing process, including inspections
• 14:53
  Speaker 1: and repairs. I highly recommend him and his team. So Justin,
• 14:58
  Speaker 1: thank you so much for the opportunity sell your property.
• 15:01
  Speaker 1: And congratulations to Gusty.
• 15:03
  Speaker 4: On another.
• 15:09
  Speaker 2: Views the phone. On that situation, I was.
• 15:16
  Speaker 4: Going to point out this this would be the issue
• 15:18
  Speaker 4: with the delay.
• 15:19
  Speaker 1: I love it. I think it's great. I think it
• 15:21
  Speaker 1: was great when we talked about another another another five
• 15:25
  Speaker 1: five Anyway, I'm just messing with y'all. Hey, thanks so much. Hey, y'all,
• 15:29
  Speaker 1: stay tuned. We're going to talk about what Brad is
• 15:31
  Speaker 1: seeing in the mortgage world. What I'm seeing over the
• 15:33
  Speaker 1: last week in the real estate world right here on
• 15:36
  Speaker 1: balt Barn and Sold. Y'all stay tuned, Welcome back to
• 15:39
  Speaker 1: Bob barn and Sold, and thanks so much for joining
• 15:42
  Speaker 1: us each and every Sunday. And we've got on location
• 15:46
  Speaker 1: in Homewood, Brent with Cross Country Mortgage. He's not in
• 15:50
  Speaker 1: the studio today, but he's joining us by phone, so
• 15:54
  Speaker 1: there's a little bit of a delay when when we've
• 15:57
  Speaker 1: got him on. But Brad apre you being on today,
• 16:01
  Speaker 1: and uh, I'll tell you what we had. A Fed
• 16:04
  Speaker 1: Funds rate got reduced by a quarter point, made a
• 16:09
  Speaker 1: lot of this. What we wanted to know is how
• 16:13
  Speaker 1: does that impact mortgage rates?
• 16:16
  Speaker 2: Well, you know, we kind of talked about it a
• 16:18
  Speaker 2: little last week. Kind of I expected because we haven't
• 16:23
  Speaker 2: really seen much price built into it. So I was
• 16:26
  Speaker 2: hoping that we would see not necessarily substantial off of
• 16:30
  Speaker 2: a quarter them announcement twenty five basis point lowering of
• 16:35
  Speaker 2: the of the Fed Funds rate. But I thought we'd
• 16:38
  Speaker 2: see a little bit of a trend heading back, you know,
• 16:40
  Speaker 2: just with mortgage rates keep ticking down, but they stayed
• 16:43
  Speaker 2: pretty flat this whole past week. And I think a
• 16:47
  Speaker 2: lot of it is just that the FED members, you know,
• 16:50
  Speaker 2: some of the interviews and some of the q and a's,
• 16:54
  Speaker 2: and I was wrong about a couple of predictions they
• 16:56
  Speaker 2: I think from what I saw, the two dissenters were
• 16:59
  Speaker 2: both one no no rate, no rate drop this time around,
• 17:04
  Speaker 2: and and so that kind of got some people in
• 17:06
  Speaker 2: flux of well, how many more are we are we
• 17:08
  Speaker 2: going to have or not have coming up in twenty
• 17:11
  Speaker 2: twenty six. So uh, but one of the one of
• 17:15
  Speaker 2: the shocking ones was was uh, FED chairman Goolsby who
• 17:18
  Speaker 2: dissented as he's been rather douvish and been pretty pretty
• 17:22
  Speaker 2: four rates, pretty good for rates funds that funds to
• 17:26
  Speaker 2: keep coming down, but uh, he was not on that
• 17:28
  Speaker 2: camp this time. He thought we needed to wait and
• 17:30
  Speaker 2: just do something in January, not worry about front loading
• 17:33
  Speaker 2: it and and try to get and just get through
• 17:37
  Speaker 2: this year and start looking back in twenty twenty six.
• 17:39
  Speaker 2: So I think that set st some stuff. And there's
• 17:43
  Speaker 2: just still some just some kind of talking out of
• 17:46
  Speaker 2: both sides of their mouths, you know, saying that job,
• 17:50
  Speaker 2: you know, inflation is still not coming down where they
• 17:52
  Speaker 2: want it, you know, certain people saying job and employment
• 17:55
  Speaker 2: is still solid and strong are just not paying attention,
• 18:01
  Speaker 2: looking at the wrong things, or just or just straight lying.
• 18:05
  Speaker 2: So uh, you know, and again it goes back to
• 18:07
  Speaker 2: I talk about you know what, you know, all these
• 18:11
  Speaker 2: people are individuals. They have a I mean, they all
• 18:16
  Speaker 2: have a you know, uh, kind of a skewed vision
• 18:19
  Speaker 2: of maybe what they want to see. So they're going
• 18:21
  Speaker 2: to say what they want to kind of get people
• 18:24
  Speaker 2: going in the direction and draft with them. So I
• 18:26
  Speaker 2: don't know sometimes what exactly what their motivating factors are
• 18:30
  Speaker 2: for some of this. But when you when you when
• 18:33
  Speaker 2: when I'm not I'm not a professional economist, and when
• 18:36
  Speaker 2: I can see the numbers and see others spouting off
• 18:39
  Speaker 2: the numbers and talking about some of these things, you
• 18:43
  Speaker 2: can't say that the job market is solid and strong
• 18:46
  Speaker 2: right now. And so for somebody to be a FED
• 18:48
  Speaker 2: chairman and say things like that just confuses me of
• 18:51
  Speaker 2: being like, well, you're you're smarter than that. So is
• 18:54
  Speaker 2: there is there an agenda with with that statement that
• 18:57
  Speaker 2: you're making And I'm not putting that in the his mouth,
• 19:00
  Speaker 2: but it is just kind of one of those head
• 19:02
  Speaker 2: scratchers that we see when they have these meetings and
• 19:04
  Speaker 2: release some of their interviews and some of their responses.
• 19:08
  Speaker 1: And it's hard to like, I mean most of the time,
• 19:10
  Speaker 1: like we see when when all the headlines are saying
• 19:14
  Speaker 1: quarter point reduction, quarter point reduction, quarter point reduction, and
• 19:17
  Speaker 1: you would think that that would do something with our
• 19:19
  Speaker 1: interest rates, but it doesn't. And actually, you know, we
• 19:23
  Speaker 1: follow more closely the ten year Treasury note and we've
• 19:27
  Speaker 1: actually seen that creak up a little bit, so.
• 19:31
  Speaker 2: For sure, And that's another one of those it's it's
• 19:33
  Speaker 2: just you know, again we talk about the Fed Fund rate.
• 19:36
  Speaker 2: I mean, you know, you know that that is the
• 19:38
  Speaker 2: overnight basically the sweep rate swap rates for the banks
• 19:42
  Speaker 2: on their on their deposits. But but it's just it's
• 19:46
  Speaker 2: interesting to follow just because you know, I don't know
• 19:49
  Speaker 2: what the incentive is right now to keep them for
• 19:54
  Speaker 2: keeping them up. I mean, we're not asking them to
• 19:56
  Speaker 2: go back to zero like we were in COVID. We're
• 19:59
  Speaker 2: not asking for stimul us. You know, you know, they're
• 20:01
  Speaker 2: doing a runoff on the balance sheet, which means they're
• 20:03
  Speaker 2: going to keep holding mortgage backed securities and not and
• 20:06
  Speaker 2: not unload them. But they have not stated that they're
• 20:09
  Speaker 2: going to buy anymore mortgage back securities as a government,
• 20:12
  Speaker 2: which is what they did in twenty twenty one and
• 20:13
  Speaker 2: even from the early twenty tens when we were having
• 20:17
  Speaker 2: a little bit of the housing crisis, and some of
• 20:19
  Speaker 2: those things would just immediately impact mortgage rates and they
• 20:22
  Speaker 2: could turn that faucet on at any time if they
• 20:24
  Speaker 2: just would do it.
• 20:25
  Speaker 1: But they did talk about something about putting forty million
• 20:29
  Speaker 1: are excuse me forty billion into the markets. Yep, So
• 20:33
  Speaker 1: that wasn't that wasn't mortgage back security, though.
• 20:37
  Speaker 2: Well it'll be it'll be split between just different investments,
• 20:40
  Speaker 2: still be investing back in. But you know, at one
• 20:41
  Speaker 2: point they were, you know, they were spending you know,
• 20:44
  Speaker 2: like sixty billion, six sixty sixty five billion a quarter
• 20:49
  Speaker 2: essentially on buying mortgage backed securities, and so those are
• 20:53
  Speaker 2: still on the books. So what they've been doing is
• 20:56
  Speaker 2: they've been unloading and selling bonds for the past few years,
• 20:59
  Speaker 2: getting them off the So the main thing they're doing
• 21:01
  Speaker 2: right now is they're at least not selling them off
• 21:03
  Speaker 2: anymore because that becomes competition as far as what we
• 21:06
  Speaker 2: want to see out there, So we don't want people
• 21:08
  Speaker 2: selling them. We'll build buy them, so they are they
• 21:11
  Speaker 2: have announced that they're going to quit running them off
• 21:13
  Speaker 2: and selling them off. So that's good for mortgage rates
• 21:16
  Speaker 2: that they've made that statement as far as keeping it
• 21:18
  Speaker 2: kind of where we are, but until they get a
• 21:21
  Speaker 2: better idea or everybody's on the same page of what's
• 21:24
  Speaker 2: going to happen with the inflation and we can get
• 21:28
  Speaker 2: some of these BLS numbers finally kind of you know,
• 21:30
  Speaker 2: we fired the bill a head of BILS because of
• 21:32
  Speaker 2: wonky numbers, then we had a government shut down for
• 21:34
  Speaker 2: over over a month. So I do give them a
• 21:37
  Speaker 2: little bit of a pass on. You know, you're only
• 21:41
  Speaker 2: as good as the information you're given, and I do
• 21:43
  Speaker 2: think some of the information is skewed or not as
• 21:45
  Speaker 2: accurate or up to date as they probably would like
• 21:47
  Speaker 2: it or trying to still put it together. So I
• 21:50
  Speaker 2: think January is going to be a big, a big
• 21:52
  Speaker 2: key one to really see where where we're starting off
• 21:55
  Speaker 2: the year and kind of what the plan is for
• 21:56
  Speaker 2: the rest of the year. And they just wanted to
• 21:58
  Speaker 2: kind of win out of twenty two twenty five and
• 22:00
  Speaker 2: try to.
• 22:00
  Speaker 1: Figure all this out at you and so they've got
• 22:02
  Speaker 1: another meeting in January then yes, yes, perfect. Well I
• 22:07
  Speaker 1: can tell y'all from my standpoint on the more on
• 22:10
  Speaker 1: the real estate side of things, I was in a
• 22:13
  Speaker 1: multiple offer situation in Hoover this past week and what
• 22:17
  Speaker 1: we I mean we had went above list price. Actually
• 22:23
  Speaker 1: this one was priced four hundred and fifteen thousand. I
• 22:26
  Speaker 1: was representing the buyer on this one. We went above
• 22:29
  Speaker 1: list price and went a good bit above list price
• 22:32
  Speaker 1: and still didn't get it. And they had multiple offers
• 22:35
  Speaker 1: on this property, and so I know we had talked
• 22:37
  Speaker 1: about we haven't been seeing as many multiple offer properties,
• 22:40
  Speaker 1: but that also just tells you how important your home is,
• 22:45
  Speaker 1: your location is, your price point is, and if everything
• 22:49
  Speaker 1: lines up, it's gonna it's gonna create those multiple offer situations.
• 22:53
  Speaker 1: So we did get one another one of our listings
• 22:56
  Speaker 1: in Alabaster under contract that had been on the market
• 22:59
  Speaker 1: for about it month. Excited about to have that one
• 23:02
  Speaker 1: under contract. And so you know, again, like I said
• 23:06
  Speaker 1: earlier in the show, we have people that are getting
• 23:09
  Speaker 1: their plans for twenty twenty six. So if you're one
• 23:12
  Speaker 1: of those people that wants to start planning for twenty
• 23:14
  Speaker 1: twenty six, I'd love to sit down and meet with
• 23:17
  Speaker 1: you go to gustigouglesgroup dot com or two of five
• 23:19
  Speaker 1: five four two nineteen ninety six. And to get pre
• 23:22
  Speaker 1: qualified for our mortgage, go to Bradsmithlans dot com. Brad
• 23:26
  Speaker 1: thanks so much for joining us and we'll catch you
• 23:28
  Speaker 1: next week