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Northern Nevada Real Estate: Is The Market Finally Finding Its Balance? · The Jon Sanchez Show

• Jon G. Sanchez: Tuesday afternoon to you. Welcome to the John Sanchez show on Newstock Seven Eighty K, which it's a pleasure to be with you and the original. The OGs are joining me in house. Mr. Corey Edge of Edge Reality. Wait, we got a different backdrop, Corey. What's what's going on? You in a different room? Cory: First, OG makes the sound hold. So I don't know if I like that. Jon G. Sanchez: Wait, so that again you broke up w what was that? Cory: I said, OG makes us sound old. Jon G. Sanchez: Well, we are. Well, at least two of us. Two out of the three are. Cory: I'm at my office. Came to the office. Jon G. Sanchez: Okay, got it, got it, got it. Hey, Corey, I'm gonna have you jump out again and and come back in. We're getting some interference one more time. So if I can have you do that, thank you. That was Cory Edge of Edge Reality. He'll be rejoining us in a second. Mr. Dwight Millard of on Q Home Loans. How are you, my friend? Dwight Millard: I'm doing good, John. How are you today? Jon G. Sanchez: Well, just anxiously awaiting some inflationary data tomorrow, Dwight, to determine to Dwight Millard: Yes. Jon G. Sanchez: determine both of our markets' fate. It is never a dull moment. Never a dull moment. Dwight Millard: Yep, I know. It's just always something, right? Always something never a dull moment. Jon G. Sanchez: That's for sure. All righty, folks. Let me tell you what we do have lined up for you here. We're going to, of course, give you your stock market recap. Not not an extremely exciting day, but we're going to bring you up to date on how the markets did and commodities, interest rates, mortgage rates, you name it. We're to cover it. And then we're gonna get into our topic. One of my favorite shows of the month that we get to do each and every month. The Northern Nevada Real Estate Report. Corey, is the market fin finally finding balance? That is our topic today. Are we finding balance, my friend? This is an interesting report. Cory: I don't know if I'd call it balance, but it I I think it's going to be seasonality. I'll explain it better when we Jon G. Sanchez: Yeah. Cory: get into it. Jon G. Sanchez: Yeah. Okay. Very good. Of course, when we if you've never heard us cover one of these reports, we go through great detail. We're gonna talk about the medium price, which is what everybody's interested in, how long it's taking to sell a home, price per square foot, our months of inventory, you name it, we have it. But really the best part of when we get to do this show each and every month is the insight that these two gentlemen provide, right? They are in the trenches each and every day. Data shows you one thing, their experience being, like I said, out in the field each and every day. That's really where the value comes in. So I always love to hear their perspective of what's going on because that's that's how we make our decisions. Not not so much data, but what the boys are saying. All right, Mr. Millard, how are you first of all? How how you surviving? All right. Dwight Millard: Yes, sir. I'm doing fantastic. you know, I mean, it's been a rough four years, John. You know, I I mean, I I you know, I yeah, yeah. You know, Jon G. Sanchez: No no no longer a rough month, but four years. Yeah. Dwight Millard: it's it's interesting. I mean, you get a little activity, a little wave, then it goes down. Your little wave goes back. So Jon G. Sanchez: Yep. Yep. Yep. Dwight Millard: it that's just been probably the name of the game for the last mm 12 months, you know. I mean, you just Jon G. Sanchez: Right. Right. Dwight Millard: it it's off little windows, we call them. You know, you get a little window here, a little window Jon G. Sanchez: Exactly. Dwight Millard: there. It's amazing though. I I I was thinking the other day, John, I go back to the early nineties, late eighties. You didn't have this kind of information when people thought they were gonna buy, they were just gonna buy the market didn't move. It was such an easier time to just I I mean, you know, now Jon G. Sanchez: gosh, no. No way. Yeah. That's for sure. Dwight Millard: unfortunately somebody will lose you off y you'll lose them off twenty-five dollars on their, you know, on their closing costs. I it's just Jon G. Sanchez: Yep. Yeah, yep. Dwight Millard: there's a lot of information out there and the problem is is you don't know what to trust. Jon G. Sanchez: Right, right. Dwight Millard: And some of these people are reading and and so that's why this sh show is so important for people in northern Nevada and Jon G. Sanchez: Yep. Yep. Dwight Millard: around the area. Jon G. Sanchez: Absolutely. Gotta gotta gotta trust us, that's for sure. Cause it's like I said, it's real life experience. All three of us are in the trenches each and every day. Dwight, you had asked me about a week or so ago and we kind of forgot, but I since we're kinda kinda light, we're not real pressed for time today for which is a nice change, do you do you wanna make the the the big announcement that we talked about a while back or you wanna hold off? All right. Dwight Millard: Sure. no, no, I I'm okay. I appreciate it. But you know, I've kind of been playing in two sandboxes, one in Texas and one in Nevada. So I mean, I I grew up in Carson City, you know, born and raised in Reno, grew up in Carson. But anyhow, I had an opportunity to you know, take care of some family business, but my wife got a job offer and she's now currently the president of Minogue High School. So Jon G. Sanchez: Amazing. What an accomplishment. What an accomplishment. Dwight Millard: First couple days back. So yeah, it's so Jon G. Sanchez: Mm. Dwight Millard: yeah, so it's I get to bring her out of their little Texas little bubble and bring her to Jon G. Sanchez: Yeah. Dwight Millard: Nevada. She hasn't experienced snow yet, so I may be dialing Jon G. Sanchez: There you go. Dwight Millard: in from Texas in the winter, so I don't know. We'll see how it goes. But yeah, looking forward to it. Yeah, lots of lots of good people. That's that's Corey's alum. So, you know, yeah, yeah, so Jon G. Sanchez: Yep. Yep. I love it. I love it. Yeah. She she Yep, it sure is. It sure is. She Melissa is an incredible woman. You are so blessed to have her as all all of us are blessed to have our wives. but she she's amazing and she's gonna be an incredible asset to Minogue. brings a wealth of experience and so on and so forth. But Yeah, I'm so excited to see what how how she does, how she likes it in Monog and such a great institution. I Dwight Millard: Yeah, yeah. Jon G. Sanchez: know my my nephews d graduated from there and it's just it's an incredible institution, like I said. I know they've had some of their challenges recently, but I think with her her running so what what just real quickly, so what does a president of a private school like that do? Dwight Millard: Make makes basically all that makes all the decisions, financial and everything everything falls Jon G. Sanchez: Everything falls on her lap. Okay. Okay. Dwight Millard: on her decision making. And as of January, John, she will be the superintendent as well of all the Jon G. Sanchez: Wow. Dwight Millard: the diocese of the re you know, the Reno, which includes Carson City and Little Flower and other list goes on. But you Jon G. Sanchez: She was Dwight Millard: know, we had a little meet and greet about it, I don't know, a month or so ago and You know, there were some, you know, donors or high level players in inside the Jon G. Sanchez: Mm-hmm, mm-hmm. Dwight Millard: system. And I I kind of said it and I didn't really realize that I said I don't think they know what they're getting. They have no idea what they're getting. I mean, she you know, when you run Jon G. Sanchez: Yeah. No, I agree. That's that's why I wanted to bring it up. Yeah. Dwight Millard: when you run the you know, the Fort Worth diocese, you know, you she had 17 schools, you know, and at the same time Jon G. Sanchez: Gee was Dwight Millard: she was actually a principal of one and they were getting ready to close the school, you know, because they just didn't r so she took it over, became the the principal, and then was the and then that school now has a waiting list. Jon G. Sanchez: She was unreal. Dwight Millard: The one that was gonna close has a waiting list to get on it. So I think, you know, Jon G. Sanchez: Mm-hmm. Dwight Millard: there's some you know, she sees some but hopefully what she'll bring to Minogue and is some experience and some things maybe that can be d done a different way, you know. And and so yeah, yeah. So she's excited. Yeah, yeah. Yep. So doctor. Jon G. Sanchez: Yeah, yeah, absolutely. That's why you bring in new people. And she she holds a PhD. Yep. Dwight Millard: Yeah, I I told him to stop calling her doctor 'cause Cory: Mm-hmm. Dwight Millard: I'll have to start calling her doctor. I don't Jon G. Sanchez: Ha ha. Dwight Millard: want to call her doctor, you know. No, yeah. Call me doctor, but not her, yeah. Jon G. Sanchez: Hey Corey, hey Corey, who'da who'd have thought this little Carson boy would be married to a doctor and and and and and Cory: I know. Dwight Millard: Yeah. Jon G. Sanchez: someone running Minogue of you know w of all great institutions, right? I mean, he's done good. The boy's done good. How about that? Yeah, there you go. Cory: It's a step up. Yeah, you could have got a reduction on tuition if you would have done this a few years earlier, but that's okay. Dwight Millard: Mm-hmm, mm-hmm. Yeah, yeah. Well, we'll see. Maybe they'll get me back into the soccer program, Corey. I don't know. Well, we'll see. We'll see. Yeah. Jon G. Sanchez: I was waiting for that one. I w Let's hope Cory: Yeah, you and I could do that. We had a good record. Jon G. Sanchez: not. Let's let's hope that she isn't persuaded by her Yeah Dwight Millard: She's not looking for a yeah, yeah. I'm trying to stay away from that. But no, thank you guys. I I'm excited. Cory: Hey, when Dwight and I were when Dwight Millard: And you know, it's my kids went through there, so it's just, you know, I'm excited to see what she can do. Jon G. Sanchez: Yep. That's so great. That's so great. But Tekori? Cory: I just wanna say when Dwight and I were coaching soccer three years, we had winning records all three years. So Dwight Millard: We did. Yeah. Jon G. Sanchez: There you go. There you go. All right. Perfect. Dwight Millard: Yeah. Yeah. Yeah. We taught him life lessons. I go, here we're gonna teach you life and by the we're gonna play some soccer. So Cory Cory and I were a good team. Corey was the calm one. I was you know, we were a good we were a good dynamic duo. Jon G. Sanchez: Yeah. I remember that. Surprising. The hyper one. Yeah. Getting getting getting the red card all the time. Yeah. Cory: These were five year old kids. Yeah, I had to hold Dwight back. He was about ready to attack people. Dwight Millard: Yeah, it c yeah, yeah. C Cory have to hold me back, let me add him, let me add him. You know, he's about Jon G. Sanchez: Yeah. Dwight Millard: six, eight. Let me have him, I'll still get him. You know, so but yeah. Jon G. Sanchez: Yeah, exactly. Well, again, I love her to death. She's an incredible woman and you are a blessed man and and we wish her nothing but success in her new position and Dwight Millard: Yeah, yeah. Jon G. Sanchez: and it's gonna be exciting to see see how things how she does it, you know. Dwight Millard: Thank you, John. And I know she would express her gratitude to you guys as well. So thank you for letting me share that. It's good news, big news. Yeah. Mm-hmm. Jon G. Sanchez: Yeah, yeah, absolutely. You betcha. Yep, big news. Big news. No doubt about it. Been dying to trying to dying to get you to to mention that. Alrighty, Dwight Millard: Yeah. Jon G. Sanchez: boys. Well, again, we're gonna go through our Northern Nevada real estate report when we come back from the break. In the meantime, let's get down to the stock market side of things. So as Dwight and I were saying before the or right at the the intro of the show, market's kinda on a holding pattern right now. Why we have two major reports coming our way in the next 48 hours. Tomorrow we're gonna have the CPI report. As I indicated on the show yesterday, we're only looking for about a one-tenth of a percent increase. But if memory serves my critical, I have the data in front of me. I I told you yesterday we lost four-tenths of a percent from June to July. So or I'm sorry, from May to June. So from June to July, they're looking for about a one-tenth of a percent increase. Okay, big deal, right? But if you look back again to the previous month, that would be a pretty significant increase, even though one-tenth is, you know, not major. and so that's tomorrow, the CPI report. Then of course on Thursday, we're gonna have the PPI report. About the same type of thing. We're unchanged the the previous month and they're looking for a slight increase there, couple, a couple basis points. So we will see. But the market again kind of acting like, yeah, you know what, we're we're a little bit nervous about this and let's, you know, kind of kind of sit on our hands. So we like I said, didn't have a major day today. We lost 184 on the Dow, point three four percent loss, closed at fifty-three, seven ninety-one. Now as they give up 160, 0.60% decline in the SP down twenty-five. to a point three two percent to a close of seven thousand seven hundred and twenty eight. When we come back, we'll hit the oil side of things, the commodities, the interest rates, and of course the mortgage rates. Then we'll get into our topic. We've got a lot to talk to you about on the North Nevada Real Estate Report with Corey Dwight. Let us turn it over to the Sacksman. He's in the right now traffic center. Dwight Millard: Lori, you were still breaking up there. Cory: I know, I don't know what to do. I'm I switched and I got two different Wi Fi's, I've used them both. It's charter, I've never had an issue. Dwight Millard: It's it's st it's st crackling. Cory: I d I don't know what to do. I mean Dwight Millard: Yeah. Cory: what I don't know what options I have. I can't hear you, John. Are are you talking there? Dwight Millard: You're John, you're muted. Yeah, there you go. Jon G. Sanchez: Sorry. Corey, you said you're in your office, not in your house. Cory: now I'm in my office. Jon G. Sanchez: Okay. Huh. Dwight Millard: Yeah, something's Cory: Yeah, and I have it's it's charter hardline in, like it's a normal Jon G. Sanchez: No kidding. Cory: I can try my phone. I don't know if that's Dwight Millard: Yeah, try the hot spot there. If you got full service there, maybe going through that hot spot might be better. Cory: Or do Riverside just on my phone? I mean I wouldn't have the microphone. I don't know if that's gonna work or not. Dwight Millard: you could. Yeah, you could do I j yeah, I don't know. I you you you could you could go to your hotspot if you want. Do you have full bars on your phone? Cory: No, that's why I use the internet. I got full I'm full internet stuff. I Dwight Millard: Yeah, but it but it's crackling. I I just don't know if you try maybe try hot spot. Cory: No, I I understand that. Jon G. Sanchez: Let's Cory: I just don't know how to what you want me to do with it. Dwight Millard: I don't know. Jon G. Sanchez: Let me let me ask Jack if he's hearing it. Dwight Millard: You know how to do hotspot, right? Cory: yeah, but it's not the hotspot won't work. Jon G. Sanchez: Hey Jack, are you hearing crackling from Corey and Dwight or myself? Dwight Millard: I don't hear from you, John. Do you hear it from me? Jon G. Sanchez: Yeah. Yeah, the correct line. Yeah. Yeah, he's hearing it on both of you. yeah, yeah, 'cause I'm hearing it on too. That's what was saying. Yeah. Dwight Millard: On me too? I don't you are? Well then that 'cause I got five I remember I upgraded, I got complete Wi Fi in here now. I've never had a problem since I Jon G. Sanchez: Yeah, I know it. I know it. So I wonder if it's say jet say the inject. Dwight Millard: Think it's Jon G. Sanchez: Dwight's not as bad. Okay. Yeah. Hey, Dwight why do I why don't you jump out real quick? Let's kind of try to isolate this real quick. Cory: I can try it on my phone, John. I you'd have to send me the link again though. Jon G. Sanchez: I don't know where the hell to get to the link. Let's see. Cory: You emailed it to me. I was trying to I was looking forward to my emails. Jon G. Sanchez: Let's see here. invite link Cory: What was that? What was that? Jon G. Sanchez: via email. Okay, let's see. Cory: Yeah, I have the app but I don't it won't. Jon G. Sanchez: I think I can send it to you here. Let's see. Cory: Tell me to try the cell phone? D do I sound fine now? Jon G. Sanchez: Let's try this first. Yeah, you're yeah, cracking. Cory: it is cracking? Jon G. Sanchez: Yeah. Coriate Yeah, hold on, I think you're right. Coriot Edge Reality, right? Dream? Cory: Yeah, Hiralti team. Jon G. Sanchez: Reality team, that's right. Cory: Or even if you text it to me. Jon G. Sanchez: Okay, just just send it to you. Cory: Okay. Jon G. Sanchez: Okay, do I go ahead and talk? Dwight Millard: See, I even see him be I see Corey even being delayed, you know, on my side. I see his Jon G. Sanchez: Yeah. Dwight Millard: when he starts to talk the mouth it I I don't Jon G. Sanchez: Yeah. Yeah, it's yeah, you sound so Cory: Alright, I'm gonna try to just Jon G. Sanchez: far you're okay. Okay, Corey, go ahead. Cory: I'm gonna try to just put on my phone and set it up. Jon G. Sanchez: Sounds good. Yeah, it's weird how both of you. I wonder if it I wonder if it's gotta be something Dwight Millard: Yeah, I I mean I've not had any problem. Jon G. Sanchez: something in Reno. Dwight Millard: You gotta turn one of off, Corey. There Jon G. Sanchez: Got ooh. There we go. Cory Edge: Hello. Dwight Millard: you go. There you go. Cory Edge: Is that a better connection? Jon G. Sanchez: Okay. Cory Edge: No. Jon G. Sanchez: Yeah. Yeah, I think so. Count Cory Edge: It is. Jon G. Sanchez: to count to five. Cory Edge: One, two, three, four, five. Jon G. Sanchez: You're delayed a little bit. Cory Edge: It's the same Wi-Fi. Yeah. It's all working all off the same Wi-Fi. Jon G. Sanchez: Damn it. Cory Edge: You can't call, right? You can't do both. Jon G. Sanchez: Hey Jack. Can Corey call in at get off the Riverside and call in and Dwight and I stay on Riverside? And Dwight would be here. Yeah, that's true. Yeah. Cory Edge: Well that's right. Dwight Millard: I I think it I like it the other way, but it he is crackling. He's not crackling now, but it's blurry. Jon G. Sanchez: Yeah, yeah. Cory Edge: that's my phone. Jon G. Sanchez: Yeah, t Cory, try turning your camera off. See if the Dwight Millard: And just go phone like I did. Cory Edge: like that? Dwight Millard: There you go. Jon G. Sanchez: Okay, cameras up. Yeah. Alright, music's playing. All right. Let's see if we can Cory Edge: Do I sound okay? Jon G. Sanchez: make our way through this segment at least. Yeah, you sound great, no. Dwight Millard: Yeah. Jon G. Sanchez: Welcome back to the John Sanchez show on News Talk 780 KOH with Corey Dividority Dol White Millard of OnQ Home Loans. All right. Once again, finished a little bit on the downside today, nothing major. 184 decline on the Dow, 0.34%. Now is that give up 160.60% in the SP lower by 25%, a 0.32% pullback. All right, we're gonna get to our local real estate data here in a moment, but first let's hit the commodity side of things today. Dwight, I'm gonna go ahead and and start with you. What let's Dwight Millard: Yeah. Jon G. Sanchez: talk a little bit on the interest rate side of things ahead of tomorrow's ever Dwight Millard: Yeah, yeah. Jon G. Sanchez: so important. CPI report. Dwight Millard: So, John, when you go right in the trenches of the mortgage backed securities, they were pretty nice today. Nothing crazy, but you know, up thirteen basis points at the end of the day. you'll see if that transfers over, you'll get a little bit. But the the problem is is the stubborn mortgage rates. You know, you go to mortgage news daily, the 30-year fix dropped from six point eight zero, John, to six point seven nine today. So I'm hoping some for some big relief. maybe no I'm I say big relief, you know what I mean. At least going the right way to at least going the right way. Jon G. Sanchez: Yeah yeah. Give me some relief. Yeah. Dwight Millard: You know, tomorrow. But yeah, it's I I don't even know what else word to use anymore unless I get exp you know, bad words, but you know, it's just stubborn, just stubborn, just absolutely Jon G. Sanchez: Right, right. Dwight Millard: these rates are just i it's surprising enough, John. There's still some movement out there, which surprises me. You know, I've had a couple of refines for but for life reasons, not for anything else, you know. But I think people are just finally Jon G. Sanchez: Yep. Yeah. Dwight Millard: throwing in the white towel going, hey. I'm not gonna see that, you know, threes again or you Jon G. Sanchez: Yeah. Dwight Millard: know, people are even questioning whether they're gonna see fours again. You know? So yeah. Jon G. Sanchez: Right, right, exactly. Corey, real real quick before we get into the report, I always love to g ask you this question. What what's it feeling like in the trenches right now? Any frustration among buyers with these stubborn interest rates, a slow creep higher? Any impact at this point? Cory Edge: Think there's I don't want to say massive frustration, but I know that there is frustration in the market, obviously, from buyers because you're not getting that relief. I'll talk about it when we get into the report, but I'm probably getting, I would say, no joke, 30 to 50 flyers a day on email of price reduction, price this, price that. Jon G. Sanchez: Really? Cory Edge: Which means there's frustration on the seller side, obviously, because they're not getting their inflated prices that they think they would. So, Jon G. Sanchez: Right. Cory Edge: you know, here it is. And then It's so interesting. I Dwight, I don't know if you caught this or not, but the story today I watched it twice was about United wholesale mortgage and that chaos they're going through and hedging their book and these interest rates. I mean, they basically blew up that company. it probably needed to be blown up anyway, but it it just even the brightest minds on Wall Street are getting stumped by these rates and you're seeing a lot of damage in the in the mortgage business because of it. Jon G. Sanchez: What the Dwight Millard: Yeah, John, to go to go on to Corey's U UWM is a large wholesaler out there that services a ton of brokers. And Rocket and UWM got into pissing match. You they were offering, you know, to pay attorney fees if you left early. I mean, and so to Corey's point, you know, they it it it was, I don't know if it was ego pride, it'd be the biggest, baddest, but you know, these high rates are now starting to creep in that we've talked about it for months, are you know, settling into your your books now. You know, I mean you're not getting the volume that you were getting. Jon G. Sanchez: So so what would obviously that's not a household name and you guys know it you know, like you said, they're a wholesale lender, but real briefly, what would happen with a company? Could we see Ripple effects to other lenders? You know, there's always the cockroach theory. Dwight Millard: I didn't read it, Corey. do you can you I I can go on a break and look at it, but I I you know, I just suspect that what they did is they, you know, got real aggressive, John, in the in the mortgage arena and rates never did come down, you know. And so you you go out there, you hire people, you want to be the biggest, baddest bear and you know, hoping that things will turn and they don't turn and now all of a sudden you're stuck with higher, you know. That's my opinion. You know, you can't buy the you know, they're trying to buy the market. You can only buy the market so so long. Jon G. Sanchez: Yeah. Yeah. That's I was gonna say it sounds like they're yeah, trying to trying to buy it. Corey, anything Dwight Millard: Yeah. Yeah. Yeah. Jon G. Sanchez: you wanna follow up on that and and then Dwight up back to you after Corey's comments. Could we see a ripple effect to other companies? 'Cause you know, again Cory Edge: It Yeah, and this one it might be there might be some specifics to United Wholesale just because of the guy running it and some insider stuff, but they went out to buy a company, he kind of hedged their book before they bought it. The whole thing blew up. And today Oak Tree Capital had to come in and save them. There's a six hundred million dollar hole in their balance sheet. and so if they don't perform correctly, then Oak Tree, it'll basically be this either Oak Tree was gonna come in or this place was gonna go bankrupt. And as Dwight mentioned, they were the largest. Lender in the country, I believe, as far as wholesaling mortgages, bigger than Rocket. so there Jon G. Sanchez: Really? Wow. Dwight Millard: Mm-hmm. Cory Edge: may have been some negligence as far as running the company. You'll have to read all Jon G. Sanchez: Yeah. Cory Edge: the details of the story. but either way, they said they hedged this book because of the interest rates. The interest rates didn't go down, the hedge went backwards. I think it was a multi-billion dollar hedge, and yeah, it blew up in their face, and they almost went bankrupt because of it. Jon G. Sanchez: Wow. So priv private cap private equity, venture capital, et cetera, comes them to the rescue once again. Cory Edge: Yes. Yep. Dwight Millard: John, and there's a there's a lot of so I work for an IMB, which is an independent mortgage banker, right? Then you have banks out there, but then you have brokers. And brokers, a big part of a broker's business goes to UWM. So it will have ripple effects all over. But John, what's the first thing? If you get into trouble or you need to shore up, you need to stabilize, what's the what's the thing you go after? You go after your you stabilize your rates, you raise your rates. So all these, you know, and and and I will just be honest with you. Jon G. Sanchez: Wh which counter if counter impacts because like you were saying earlier, we're in such a competitive Dwight Millard: Yeah. Yeah. Jon G. Sanchez: market, people closing deals for a twenty five dollar difference. And now you y they're not gonna go to you know, you got two black marks. You raised your rates, you're not competitive at number two, you you almost went bankrupt. So Dwight Millard: Yeah, well, yeah, and John, you know, I go up against UWM in certain Jon G. Sanchez: Really? Dwight Millard: areas. Yeah, you go up against them from a broker standpoint. And you know, I can proudly say we get really competitive. Some most sometimes I beat you know. And so they've lost that little, you know, Willie they had. It's Jon G. Sanchez: The ledge. Dwight Millard: it's you know, it now Rocket's probably just smiling like crazy 'cause Jon G. Sanchez: about it. Dwight Millard: it really was a you know, it was a it was it was it is still probably going on between Rocket and UWM. So it'll be interesting. You know some you know some players around town. that will be affected by it. Yeah. Jon G. Sanchez: I was gonna ask you that. Dwight, Cory Edge: Okay. Jon G. Sanchez: when when you get a major player, as you're describing this, I'm having these flashbacks of when countrywide went belly upright. Kind of kind of the beginning of of the end. Dwight Millard: Yes, yeah, yeah. Yep, yep. Jon G. Sanchez: is there is there enough absorption in the marketplace from other lenders to to pick up the slack? Because the other side, okay, Dwight Millard: No, no. Jon G. Sanchez: there's not. Yeah, because I was gonna say the other side that we've seen, it can have a negative impact on borrowers because you have fewer players, less competitive. They go, Hey, we're going to use this time to raise rates. Everybody, let's raise rates and boom. That even hurts the consumer further. Okay. Wow. Interesting. Dwight Millard: Yes, yes, yeah. Yeah, yeah. So and Cory Edge: Right. Dwight Millard: you know, and John, you you're right, it gives flashbacks to cause you take the powerhouse of a countrywide and and Jon G. Sanchez: Yes, right. Dwight Millard: even take world savings, you know, Jon G. Sanchez: Right, in world savings, yeah. Dwight Millard: and and and you take even you know, it it there was so many big companies that just got caught in kind of what Jon G. Sanchez: Yes. Dwight Millard: Corey's describing. I mean, maybe they were playing, you know, they're they're like like you said, you go out and you hedge and you you know, I just I don't know. This is not the market to be thinking you've been talking if they would just listen to the show, they wouldn't have been hedging like that because you've been very clear for the last three years. Rates are not coming down. Jon G. Sanchez: Yeah. It's you you c you can't I don't care who you are, how smart, how much capital you have behind you, you cannot hedge without a significant amount of risk right now. I mean, hedging is done every day, all day, of course, portfolios of all different sizes, but real quickly, you know, we we just had a an AI, you know, pretty boy just about blow Cory Edge: Yeah. Jon G. Sanchez: up, right, Corey? his name escapes me right now, I can see his picture like it was yesterday. starts with an A. But you know, he he was a an AI basically momentum type of of manager. Guy never managed any money. Next thing he knows, he, you know, he's got billions and billions of dollars from hedge funds around the country, private equity around the fund around the country. He's managing billions of dollars, never has done this before. He's just a young kid. And same thing. He went out and he hedged and he he called it wrong and he blew up. And I mean, overnight, that you know, there was like forty-five billion dollars worth of losses and Cory Edge: Yeah, yeah. Jon G. Sanchez: Right. And now all of a sudden, you know, they a few of the big players on Wall Street came in, bailed him out. And I was just reading this morning, they're they're begging to give him money again. I'm like, you know again, Wall Street never learns, right? Because it's not their money. And and that's the point I want to get across is folks be very careful. I've said this over and over to Dwight's point. Be very, very careful. I don't care if you're Nvidia, right? Nvidia gets into bed yesterday with six of major or this morning, six major Wall Street banks to give them money. To start basically investing specifically in data centers and all this other stuff. There there's if you if you smell the air close enough, there's lack of capital out there. They're having to go to Wall Street. Wall Street does not care about you. They're gonna take your money and they're gonna lend it to Jensen Wong. They're gonna lend it to whomever because they have the full upside, but no downside. If they lose the money in any of these AI related investments, well. That's the risk. You, Mr. Client, you signed off on it when you, you know, invested into this investment. But if they hit it right, guess what? You make a little bit of money, they make a whole bunch Dwight Millard: No. Jon G. Sanchez: of money. That's the way Wall Street operates. We did not learn our lesson in 08, 09 or any of these other time periods. But I'm just telling you, I've been doing this a long time. Something just does not smell right right now because why are all these kinds of you had right, Corey? You had Intel yesterday. We wake up to Intel going, hey, we're doing a $15 billion stock offering for quote. General corporate purposes. What happens today? We wake up. there's such a demand. We're going to do $20 billion. This is Dwight Millard: Yeah. Jon G. Sanchez: the same company the government went into bed with and partnered with just a you know less than a year ago. This is the same company whose stock took off. You know, now everybody loves Intel. But you don't have 15 or 20 billion. You have to go to the secondary market and raise that? Something's not right. It all is about the Dwight Millard: Yeah, yeah. Jon G. Sanchez: capital. So I'll get off my soapbox, but You know, Dwight, I know you feel the same way on the mortgage side. You gotta be careful. You just you gotta Dwight Millard: Yeah, yeah. Jon G. Sanchez: watch. And right, Corey, you gotta look at the signs. It's in again, I'm gonna use that theory, the cockroach theory. When there's one problem, there's always more. So Cory Edge: Absolutely. Yep. Always leverage. Jon G. Sanchez: always leverage. Always, always, always. Alrighty, boys. Excellent job bringing that to our attention. I appreciate that so much. We'll get to our local real estate report in a moment. Let's turn it over to Jack Saban. He's got news traffic and weather. Hello, Jack. Dwight Millard: I like segments like that, John. Those are impromptu. Those are just all of a sudden. Corey brought in that Jon G. Sanchez: I do too. I do too. Yep. Yep. Dwight Millard: article. It shifts over there. Do you see that building that Musk is building in Texas, that little town in Texas? Like some crazy, it's the biggest building in the world. Corey, Jon G. Sanchez: Are you serious? Dwight Millard: do you see it? Cory Edge: No, Dwight Millard: Yeah, it's it's it I I don't know. I'll I'll go look at Google. yeah, it was announced. I forgot even what town it is. Let me see if I can find it. Musk announces what No, no it wasn't. Mm mm. Jon G. Sanchez: Probably the town where SpaceX is, right? No? Really? Cory Edge: Is my is my voice sound coming through okay? So so I'm just gonna leave it alone then. Jon G. Sanchez: Yeah, yeah, it's great. It's great. Yeah, perfect. Cory Edge: So that United wholesale more, you should read the story, John. I'm sure there'll be people Jon G. Sanchez: Yeah, I'm going to. Cory Edge: talking about it. Dwight Millard: That's exactly what what eight looked like, Corey. Jon G. Sanchez: I know. Cory Edge: Well, no, this guy was he's the one that bought the Phoenix Suns. And he's a young guy, super young guy. And he owned ninety percent of the company. So he was doing all the dividends and stuff. And this Jon G. Sanchez: shit. Cory Edge: reporter today was like, Well, how did this happen with his board? You know who his board was? His board was his brother, his dad, and his childhood hero Isaiah Thomas. Jon G. Sanchez: you're shitting me. Cory Edge: They're like, they're gonna do whatever he wants. So yeah, they he totally like he's got billions and billions. The company's not gonna make it. Crazy. Jon G. Sanchez: No, no. They'll get bought by somebody. Cory Edge: But they were the biggest to what I'm pretty sure they were the biggest. Dwight Millard: If UWM goes if U WM goes out, John, this is this is a countrywide. yeah. yeah. Well you know who's in you Jon G. Sanchez: Is it really? They're that that that big and powerful? What? Cory Edge: They're the biggest. Dwight Millard: know you know who's in this is why might what what's her name? Corey? Why am I thinking Sue Sue Barry? Sue Barry. No, that's who Sue Cory Edge: You mean investor wise? gotcha. Dwight Millard: Barry. Remember she went to Barrett Financial, which all they do is broker to UWM. Everything she has is UWM. Everything. Jon G. Sanchez: So do I what do you do if you're her right now? How how do you how do you Okay. Dwight Millard: Well, you're just gonna have to find another investor, but your rates aren't gonna be as good. So now what you promised. I can you imagine telling Jon G. Sanchez: So your whole business models change. Dwight Millard: somebody you get this, this, and this, and all of a sudden you got this problem. Now the rates went up a quarter point or whatever. Hey, hey, so he so Jon G. Sanchez: Is there any liability there? Dwight Millard: here it is. Terrafab, Texas is what they're calling for Terrafab, Texas. It's in Grimes County, Texas, 70 miles northwest of Houston, 100 million square foot building. 100 million square Cory Edge: Wow. Dwight Millard: foot. Terrafab, Texas. It's a massive Jon G. Sanchez: What's gonna go in there? Dwight Millard: joint. It's Tesla and SpaceX semiconductor mega factory in Grimes County, Jon G. Sanchez: somebody can. Dwight Millard: Texas. 100 million. Corey, what are those big massive ones out there in Stead? Those those Jon G. Sanchez: Million. Dwight Millard: can't be more, huh? Jon G. Sanchez: Like Amazons are like a million. Screw. Cory Edge: That's a million, yeah. Dwight Millard: So a hundred of those. Hundred Jon G. Sanchez: Sorry. Dwight Millard: of those. God. That guy's Cory Edge: It's crazy. Dwight Millard: got that guy's got an inferior complex. Jon G. Sanchez: Yeah. Dwight Millard: Although I still am impressed Jon G. Sanchez: All right. Dwight Millard: how he brings a rocket back to the launch pad. God. Jon G. Sanchez: Yeah. Cory Edge: When we were when we were in San Diego, we were walking on the beach on a like a Saturday night, and all of a sudden you could see this big explosion in the distance, and then this we thought it was a missile come shooting out over the ocean and it was a SpaceX rocket. And then you saw it kind of pull apart and the vapor trails, and then all these little drones were up there. I guess they're drones because they were sitting Jon G. Sanchez: What? Cory Edge: there filming it. And then in the distance we saw it starting to go down, but I we couldn't see if it landed or not. But yeah, it was right. I got pictures of it. It was amazing. Jon G. Sanchez: So so you watch it take off or just try to land? Cory Edge: We were in San Diego on the beach and in the distance over the hillside you could see it where it had taken off. It must have been Jon G. Sanchez: Interesting. Cory Edge: it was at four one of the military bases down there. Well, I'm on my phone so I can't look it up. Jon G. Sanchez: Yeah. 'Cause they usually like when I was down at the boat, they we'd see them a lot they fire off at you know, at Vanderburgh Air Force Base, which is over there by Santa Cory Edge: Yeah. Jon G. Sanchez: Maria, and they go right down the coast. Go right down the coast. So Cory Edge: Well I think Vanderburg, how far is that from San Diego? it's right there. Jon G. Sanchez: No, it's I mean it's almost to San Jose. It it's Santa Cory Edge: No tip. Jon G. Sanchez: Maria, so yeah, it's I'd say it's about two hours south of San Jose. Cory Edge: We were one of the guys I was with as a military guy's like, I think they're firing that from Vanderb I'm pretty sure he said Vandenberg. And again, it looks like it's right there, but it's way down over the mountain. You know what I mean? Jon G. Sanchez: Yeah. That's usually where they do. Right, right, right. Yeah, 'cause man, I I can't imagine that they could fire anywhere from any base down around San Diego or something, you know. But Cory Edge: No, and it was it looked like it was flying right next to us. It could have been a hundred miles away. Like I have no idea, but it was it was cool. Dwight Millard: Okay. Jon G. Sanchez: Yeah, yeah, they do. Yeah, they do. Yeah, they're they're amazing. And Dwight Millard: Yeah. Jon G. Sanchez: there there's some websites that'll tell you when they're gonna when they're gonna launch. Dwight Millard: Yeah. Jon G. Sanchez: And man, everybody at the marina used to gather around and 'cause it's always it's always in the evening time for some reason. Yep, right at dusk. Yep. Exactly. Cory Edge: I bet. Yeah, yeah, yeah. That's what this was like dusk, like seven thirty, eight, right at the Jon G. Sanchez: Yeah, they're yeah, it's amazing. Cory Edge: man. Hey Dwight, so how much time do we have? Jon G. Sanchez: music's or I mean commercial's still running. Cory Edge: w Arch was at practice. We got back from San Diego first practice Wednesday. He's Dwight Millard: huh. Cory Edge: scrimmage he's scrimmaging against a 2011, so two years older than him. Dwight Millard: Wow. Cory Edge: He's down fighting for the ball. He gets the ball. The kid hip checks him. So he goes down on his back and he doesn't get up right away. And I'm in the stands. So I'm like, shit, he got the air knocked out of him. So the coach goes over to him and then the coach looks at me over in the stands and tells me to come over. So I start walking over. Coach walks up to me and he goes, I never thought I'd see that kid cry, so there must be something wrong. He's Jon G. Sanchez: boy. Cory Edge: he broke both his wrists. Jon G. Sanchez: NOOOO Dwight Millard: no. Cory Edge: He he came down, he tried to get it with his hands and he broke both his wrists. Dwight Millard: Wow man does it and how long's he out Cory Edge: So Jon G. Sanchez: so so Dwight Millard: then, Corn? Cory Edge: that was just last week. We're at the emergency room till one AM. Dwight Millard: The stu I mean he's out the he's out the season? Cory Edge: No, he should get casts off and hopefully three to four weeks and then he can play embraces if he feels okay. Jon G. Sanchez: Wow, so sorry. All right, music's playing. Cory Edge: Both yes. Jon G. Sanchez: So so no trips to San Jose Dwight Millard: man. Jon G. Sanchez: right now, huh? Cory Edge: No, no, and he was looking forward to that too. Jon G. Sanchez: Yeah. man. So sorry. Dwight Millard: Man, and he was doing so good too. Jon G. Sanchez: Yeah, exactly. All right, here we go. Welcome back to the John Sancho Show on News Talk 780 KO. It's a Corey's Vidge related to White Millard of On GU Home Loans. Great story, guys, on that big mortgage company failure. That's gr incredible news. again, watch the Ripple effect there. All right, once again, here's how we finished relatively quiet day. 184 loss on the Dow, NASDAQ down 160, the SP lower by 25. All right, you wondering how much your house is worth, how long it's taken to buy, sell, so on forth. Well, we got all the data for you. We're gonna get to local report thanks to Corey and Dwight. Okay, Mr. Edge, we always start with the most important question, which is the median sales price. Talk to us. Cory Edge: 629,000 bucks. Dwight Millard: Yeah. Cory Edge: That's not too bad. It is down two and a half percent from June, up almost 5% from July last year. this is so just a reminder to everybody: Reno Sparks, stick-built homes for the month of July. That's all this data looks at. so not too bad, but and we'll see what happens over the next couple months. But as I mentioned, 4th of July, end of June is usually kind of the peak. And then it kind of tails off. So if that holds true, then we're just at the beginning of that. Nothing nothing too crazy, but six twenty nine. Jon G. Sanchez: All right, let's let's put this all in perspective, folks, so you have an idea of what we're talking about here, why why we're why I whistled and why this is so imperative. Let's go back to January of twenty sixteen. Mr. Redge, where was the median price just ten ten years ago? Cory Edge: somewhere between two fifty and three hundred. I'll say let's call it two seventy-five. Yep. Jon G. Sanchez: Yep. That's about what I was gonna say. Yeah. And here we are, six hundred and twenty nine thousand. Just sitting back Dwight Millard: Well Jon G. Sanchez: and not doing anything. Just sitting back and not doing anything. And you're yeah, medium price. Unreal. Unreal. Dwight Millard: Do we need moving? Yeah. Jon G. Sanchez: Corey, are we gonna have a hard time? I'm looking at the chart. You know, here comes the technical analysis side of my brain. Are we gonna have a hard time breaking above this this six fifty mark? I mean, we've never we've we've never been there before. We're at six twenty nine, as you said. Could could we break above that? What will it take to break above? I guess is a better question. Cory Edge: So it it would I don't think we're gonna do it this year, right? Like this should be the top when we come down. I could be wrong. but the thing that would push us above is fewer sales, but more of them concentrated at the highest level. The two, three, four, five million dollar sales. Jon G. Sanchez: Right. Cory Edge: I was listening to an interview with Ivy Zellman this morning, and she was saying on a national level, and she's been around forever, That she they're seeing the same thing. The high-end market, she referred to it as a million plus, Jon G. Sanchez: Is this? Cory Edge: is on fire, and everything below that is struggling. And so that's what they're seeing nationally. That's what we're seeing here locally. we'll get into some specifics, but what should happen from here on out is you're going to see the number of closed sales go down. The price might stay the same or could go up because you're you could have higher dollar fewer sales. Jon G. Sanchez: Mm-hmm. Higher earned homes. Mm-hmm. That's what I was gonna say. Yep. Cory Edge: and there are some big houses, John. I mean, I drive around these like southwest Reno neighborhoods and I see these houses and it is mind blowing the size of some of these homes. So Jon G. Sanchez: No kidding. Cory Edge: yeah, crazy. Jon G. Sanchez: Well, and Dwight is that those are I think you you one of you, I can't remember, shared with us a few like a month or so ago that what was it, twenty three, twenty four percent of those homes are now cash deals? Thirty, thirty, thirty. Gee, it was amazing. So Cory Edge: Thirty. Yep. Dwight Millard: That was court. Yeah. wow. Goes to show you the wealth, probably, John, coming out of New York and California and stuff, right? They're gonna pay cash. Yeah. Jon G. Sanchez: Well, I was gonna say it's it's it's you know, not to side with Democrats, because the Lord knows I'll never do that, but that's that's a democratic theory, right? It's it's a it's a it's a concentrated group that's driving the economy higher, driving home prices higher, et cetera. Everyone else is struggling due to higher inflation, wage growth very stagnant. But again, if you're cashing in stock options, if you're doing things, you know, out of the norm or you're making a you heck of a living. And then you go, hey, you what? I'm moving this great state called Nevada for all these various reasons. yeah, 629, Corey, right? They sneeze at that and go, that's what I used to have to put is the down payment. Now you're telling me I can get a you know entire house for a million bucks and not pay Cory Edge: That's Jon G. Sanchez: any state income tax. I'll I'll make it up. I'll what you know, I I can make it up just by not paying, you know, two or three hundred thousand dollars in in state income in state income tax, you know, from California by buying bigger homes here. So yeah, it's it it's it's interesting. Corey, historically with your years of experience. Dwight Millard: It Jon G. Sanchez: And I don't know if we've ever I been through this here locally in in years past, but here's my question. What typically could happen, both positive and negative, if this concentration of wealth continues to drive the median price higher? Meaning, I'll just I hate using the term, but average people, you know, they go to work, they're making, you know, their hundred grand a year, whatever it is. They they get priced out, as Dwight's always said. What typically can Cory Edge: Yeah. Jon G. Sanchez: happen in a market like that? Cory Edge: Well, I think I mean it's a tough question because to me, when I was looking at it this morning, it's kind of a fool's report, right? Like if if you Jon G. Sanchez: Right. That's my point. Cory Edge: and I are gonna put our house on the market and we say, Well, man, I thought my house was worth five hundred. Now the average house is worth six twenty nine. I should get more than that. Well, that's not really true, right? For some people with the in the super high end, yes, they're going to get super high end prices, but in the lower end, it's pretty stagnant. so we may look at this report and say, Yes, our house is worth 30% more because of this report. But if we have a starter home and so like I don't want to pinpoint anybody, but if we're on the bottom half of the K, then our house probably didn't go up as much, right? Because Jon G. Sanchez: Mm-hmm. Cory Edge: what's driving it is the higher end of it. So it it may not I I don't know that it affects those house prices as much. I guess let me qualify that with sellers are gonna come out of the gate thinking it helps them and then they get reality, you know, struck and they bring the price down and then it sells. Where it does hurt people though, I think, is the inflation, the cost of everything, the insurance, all that other stuff. And they say, well, crap, everything's going up. I can afford the house, but I can't afford all the other things in my life. So now I can't even buy the house. Jon G. Sanchez: Sure. Right, right, right, exactly. You know what would be fascinating. I don't know if this data's even available, but knowing you, I'm sure you'll you could create it somehow, some way. Dwight Millard: Okay. Jon G. Sanchez: If we could get like a price band saying, you know, what's what's the median price for, I don't know, let's say four hundred to five hundred, five hundred to six, six, you know what I'm saying? And and see how how that band is breaking down. Cory Edge: Well, and I you what I could do, I'll try to do it is break it down by neighborhood. Jon G. Sanchez: Okay. Cory Edge: because there's certain areas, you know, the North Valleys are typically starter homes. Old Sparks is gonna be a little bit cheaper. You get into Southwest Suburban Reno, it's gonna be super high expensive. So if you just take that one out, maybe this changes all of it. So then you can kind of get a real feel for, you know. Jon G. Sanchez: Yeah. For the true medium price. Yeah. Dwight Millard: Explain Cory Edge: I know we have some wealthy listener listeners, but by and far, I don't think they're all billionaires, right? So we we have a lot of blue collar people that listen to the show for advice and they're living in the market that isn't, you know, two million dollars. Jon G. Sanchez: Right. That's my point. That's that's that's Dwight Millard: Mm-hmm. Jon G. Sanchez: those are the ones we care about. All right. We wanna I wanna give them I and I love your your comment. We need to give them the real life, you know, example. So if they do call Corey Edge or or Aaron and go, okay, I want to list my house. Well, wait minute, y y y you you're saying it's worth, you know, five eighty. You said on the show the median price is six twenty nine. Well, again, numbers can lie, and that's that's why we're dissecting beautiful, beautiful. We'll Dwight Millard: Mm-hmm. Cory Edge: Yeah. Gotcha. Jon G. Sanchez: continue through the report. Let's wrap it up with the Saxman on the right now traffic. Dwight Millard: Hey Corey, where Jon G. Sanchez: Beautiful. Dwight Millard: was that UWM article? Wall Street Journal? Cory Edge: It was all over it was all over the place. I'm I probably picked it up in the Wall Street Journal, but it they even had a guy on C N B C talking about it today, so you should find it anywhere. Dwight Millard: That's big, big news, replied. Jon G. Sanchez: And that just happened today. Cory Edge: I think it was yesterday that Oak Jon G. Sanchez: Yes, sir. Cory Edge: Tree came in. Dwight Millard: But John, the prop the problem with that is now the the market with high rates cannot absorb these these brokers. I mean, again, if you did business, that's okay, but now you're gonna come in, you don't have UWM, now you're competing against me. Good luck. Cory Edge: Yeah, but UWM's still around. That's why Oak Tree firmed up their balance. It may just Oak Tree, if they don't play it right, then Oak Tree's gonna take over. And yeah. Jon G. Sanchez: Well, you know that's what they're gonna do. Yeah. Y I mean that's that's what they always do. Pri Private Cap Capital came in, probably said, Yeah, well Dwight Millard: Well, the John, they were pay they were paying bonuses that were insane to go to UWM Jon G. Sanchez: Really? Dwight Millard: versus Rocket. And then if you left Rocket, they were gonna pay your legal fees. And it it was just it was insane. Jon G. Sanchez: Yeah, the article's in Wall Street Journal. Yeah, I see it here. You want me to copy it? Do have Wall Street Journal subscription? Yeah. Dwight Millard: Can you send it I don't. Can you send me the article? Jon G. Sanchez: Yeah. Dwight Millard: You wanna say hey, you wanna say hi to the boys? Hi boys! Well, there they are. Hi, I'm Winston! I'm Winston! That's my dad. Welcome Doreen. I took Cory Edge: my god. Jon G. Sanchez: So precious. Welcome welcome to welcome to Nevada, the good state. Cory Edge: my god. Dwight Millard: so what I did is I took him up to those fields, Corey. I figured I want to wear him out. Cory Edge: Yeah. Dwight Millard: And I ran just down and back and he's done. It was done. He's got little tiny Jon G. Sanchez: Yeah. Cory Edge: really? Dwight Millard: likes. Yeah, my battery's dying for some reason. Give me just a second. Okay. Cory Edge: You'll have to bring him over to the house. We can let him run around the pasture with maple. Dwight Millard: Right. I'd like to. Let's see what I'm here. Okay, now I'm just good. Okay. What what kind of dog is Maple? Cory Edge: Labrodoodle. Dwight Millard: okay, yeah. This is just a mini kind of a smaller version. That's a she poo, so it's a shihzu poodle. You heard my joke, right? I said, I want a giraffe poo. You know, something that Cory Edge: Yeah. Dwight Millard: doesn't seem like possible, but you get one. You know. Cory Edge: man. Dwight Millard: Hey, buddy. Hey, buddy. yeah. Jon G. Sanchez: Thirty seconds. Dwight Millard: Good show. Jon G. Sanchez: Okay, it's coming from my my my yeah, it is. It's coming from my Mac address to it. Dwight Millard: Okay. Jon G. Sanchez: We've only got through one part of the report, boys. We better we we gotta start flying. I love Dwight Millard: I know. I'll shut up. Cory Edge: Important. Jon G. Sanchez: like Doysa. I I love though when we go off on these tangents. I think that's that's good radio. Cory Edge: Closed sales will be the the most important next thing, so Jon G. Sanchez: Okay, sounds good. All right, music's playing? Welcome back to the John Sanchez Show on New Stock Seven Eighty K, which will continue our discussion. Northern Nevada's real estate report is the market finally finding its balance. But first, let's get some phone numbers going. Mr. Edge. Cory Edge: six seven three six seven zero zero. Jon G. Sanchez: Thank you, sir. Mr. Millard. Dwight Millard: two four zero two zero two two. Jon G. Sanchez: Beautiful. All right. Let's get back to to the data, Corey. All right. So we again have concluded we've got we've got a pretty good pretty good medium price now, six twenty nine, but like you said, back down a little bit from June's six forty five. Now let's get to let's see. Where do you want to go, Corey? closed sales, okay, four hundred and sixty three. Cory Edge: Let's look at the closed sales. Just to yeah, just to explain. So 463 closed sales in July, that's down 7% from June, up 13.5% year over year. if you look, and I know the audience can't see it, but what's interesting to me on that, if the if everything holds the way it has the last four or five years, we should see closed sales steadily go down all the way through January. January is usually the bottom of that. Jon G. Sanchez: Mm-hmm. Cory Edge: And you can see it in the graph, all those low points Jon G. Sanchez: Yes. Cory Edge: on that Dwight Millard: Mm-hmm. Cory Edge: thing. That's all those are all Januaries. the interesting thing with that is they'll go down and they'll get cut almost in half. We'll be at roughly 225 to 250 in the closed sales for those months. Jon G. Sanchez: Hmm. Okay. Cory Edge: A medium price could stay the same or go up because you have fewer sales. I think the high-end market is going to keep going good, you know, probably through the winter months because those people don't care. And so it it's not inconceivable to think you could decrease the number of sales by fifty percent and increase your median price, which again to me is like a fool's report to read, like, hey, it doesn't matter. My my house value's going up like Jon G. Sanchez: Right. Cory Edge: unless you live in a mansion, it's not going up, unfortunately. Jon G. Sanchez: Right, right. And it Dwight Millard: Yeah, but Corey, that that that has an effect too on the high on the high end too, meaning the the falseness of it, because if you have two sales and one's a million, one's five hundred, the median home price to be seven fifty, right? So the guy that's got the million, right? I mean, that's right, the five the right the I mean that's how Cory Edge: Right. Dwight Millard: you would y you know, so this lower the sales, it really g then becomes distorted. Yeah. Cory Edge: Yes, the lower the lower the input, depending on the amount that the houses are selling for. Like this year, probably a little bit of last year and then really so far this year, that high-end market has really done incredibly well. So if that holds true for the next six months, then you could theoretically have a lot more less sales like we normally do at a lot higher price point and kind of crowd out. And you know, that that six fifty number, you could blow right through it, but it wouldn't be a real indicator to me. Because it wouldn't be the the normal home selling. Does that make sense? Like Jon G. Sanchez: Yeah. Cory Edge: you Jon G. Sanchez: Well, an an another key component as we're getting close to running out of time here, guys, our our active inventory, Corey. Nine hundred and twenty seven, up four and a half percent month over month, but down twenty three point eight percent year over year. So once again, fewer homes, higher prices, fewer sales, higher prices, right? It's the supply and demand basics. Cory Edge: It's a supply and demand. So again, we had four hundred and sixty three sales. If all of a sudden next month we closed a thousand sales, I guarantee the median sales price would not be six twenty nine. It would be down. No question. Jon G. Sanchez: come to that's right. That's right. Yep. That's right. That's right. When when you're when you're pricing a home, Corey, for a client, how how do you what percent do you put in your in your analysis of you know creating the sales price for the client, the listing price, how much emphasis do you put on median sales price? Okay, that's what I thought. Cory Edge: Zero. Because I go I go to the specific neighborhood and try to find model matches and figure out what's happening around there. The meet this this medium price means nothing to me other than you know, it's something to kind of take the whole market as a whole and we can talk Jon G. Sanchez: Mm-hmm. Cory Edge: about it. But it doesn't mean anything. The other thing we don't do, at least not my clients, because they wouldn't be my client, is say, well, that's what happened last month. So I want to raise the price ten percent because that's a trajectory. Like, no, that's not that's Jon G. Sanchez: Right. Cory Edge: not how it works. And there are a lot of people, John, right now, doing that in the market, or they've been on the market for four months and they're just holding tight at their price. And you're gonna be sitting there for the next six to twelve months. because more the the the high ends of the market, at least for this year, have passed you by. The peak was, you know, a few weeks ago. Jon G. Sanchez: Right, exactly. All right, music's playing, guys. We're gonna wrap it up with months supply of inventory, two months, up twelve point six percent month over month, down thirty two point eight percent year over year. Ten seconds, Corey. Cory Edge: Yeah, and and it's not average yet, but that is working in the buyer's favor. Jon G. Sanchez: the buyer's favor. Okay. Okay. Cory Edge: Buyer flavor. Yep. Jon G. Sanchez: All right. Makes sense. Whew. A lot of data, boys. Great job Dwight Millard: Mm-hmm. Yeah. Jon G. Sanchez: as always. And thanks for the the insight and especially about that that that mortgage lender. That's fascinating. We gotta watch that closely. Alrighty, fellas. Great job. We'll see everybody tomorrow. God bless. Have a great afternoon. Stop this. There we go.