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West Michigan Real Estate in 2025: What Buyers and Sellers Need to Know · Repcolite Home Improvement Show

• 0:01
  Speaker 1: Well, the housing market's been anything but predictable these last
• 0:04
  Speaker 1: few years. We've seen interest rates climb from historic lows.
• 0:08
  Speaker 1: We've seen buying frenzies going on with you know, multiple
• 0:11
  Speaker 1: multiple offers, prices of homes rising, and then we've seen
• 0:15
  Speaker 1: things level off a little bit. We've seen offers you know,
• 0:19
  Speaker 1: not come in as quickly. Just a lot going on,
• 0:21
  Speaker 1: a lot of people wondering a lot of things. Is
• 0:23
  Speaker 1: now the time to jump in or do we wait?
• 0:26
  Speaker 1: You know a lot of confusion, a lot of questions
• 0:29
  Speaker 1: out there. Well, today we're taking a closer look at
• 0:31
  Speaker 1: what all of that means right here in West Michigan.
• 0:34
  Speaker 1: You know, what's really happening in our local market, who's buying,
• 0:38
  Speaker 1: who's selling, and who's staying put because of what's being
• 0:40
  Speaker 1: called the lock in effect. I'm Dan Hansen and this
• 0:43
  Speaker 1: is Home in Progress, brought to you by Repcolite Paints
• 0:45
  Speaker 1: and Benjamin Moore. And joining me today are West Michigan
• 0:49
  Speaker 1: realtors Suprins and Ginger Hermann from Suprins Group, five star
• 0:52
  Speaker 1: real estate Leaders. We're going to talk about what's shifting,
• 0:55
  Speaker 1: what's staying the same, and what it all means for
• 0:57
  Speaker 1: anybody out there thinking about buying or selling a home.
• 1:00
  Speaker 1: I'm in twenty twenty five or twenty twenty six. As
• 1:02
  Speaker 1: we move into that, Sue and Ginger, thanks for being.
• 1:05
  Speaker 2: Here, Yeah, thanks for having us.
• 1:07
  Speaker 3: Yeah, we do this periodically.
• 1:09
  Speaker 2: And well, Dan, the last time you've had a sound
• 1:11
  Speaker 2: was April.
• 1:12
  Speaker 4: So really out six months periodically there's no defined date. Okay,
• 1:20
  Speaker 4: periodically means once in a period or so, and that
• 1:23
  Speaker 4: period of time was six month.
• 1:25
  Speaker 3: Well, you kind of get on my nerves after a while.
• 1:27
  Speaker 5: I think the last time I called you look like Sanners.
• 1:30
  Speaker 1: You've called me a lot of names, Sue, And in
• 1:33
  Speaker 1: fact it was kind of funny. Sue. You wanted to
• 1:35
  Speaker 1: take a social media picture or something, you know, so
• 1:38
  Speaker 1: you could throw it on social media, just take a
• 1:40
  Speaker 1: regular picture, and so you tried to do it, but
• 1:43
  Speaker 1: your arms weren't long enough to get the camera far
• 1:45
  Speaker 1: enough way to see us all.
• 1:46
  Speaker 3: So Ginger, you took it.
• 1:47
  Speaker 1: You got a better angle, and they take this picture
• 1:50
  Speaker 1: and Ginger looks at it and says, Dan, you look
• 1:53
  Speaker 1: absolutely furious.
• 1:54
  Speaker 2: I'm sitting there with my arms crossed and just some
• 1:57
  Speaker 2: mean mug look on you. I don't know.
• 1:59
  Speaker 1: I was in between smiles. That was not indicative of
• 2:03
  Speaker 1: my feelings. You, guys, we're at fault two. I haven't
• 2:06
  Speaker 1: reached out to you in six months either, So.
• 2:08
  Speaker 3: I'm not.
• 2:10
  Speaker 1: You want to take blame and say you're at fault.
• 2:12
  Speaker 1: Don't add two to that because I'm not responsible. No,
• 2:16
  Speaker 1: I guess I am, because Sue, you reached out and
• 2:18
  Speaker 1: I just never had time to get.
• 2:19
  Speaker 3: Back with me anyway.
• 2:21
  Speaker 1: Periodically means once in a while. So we're here again,
• 2:25
  Speaker 1: and I want to talk about the state of the market,
• 2:27
  Speaker 1: where things are at, what things look like, and I
• 2:30
  Speaker 1: don't know. I want to start with this. If you
• 2:31
  Speaker 1: guys had to pick three words to describe the market
• 2:35
  Speaker 1: right now, what we're in, what would you pick? What
• 2:38
  Speaker 1: would you say?
• 2:39
  Speaker 2: Now? I would have liked to end an email before
• 2:41
  Speaker 2: I sat down in the seat.
• 2:42
  Speaker 1: That's why I did this this way. This puts me
• 2:45
  Speaker 1: in the position of power.
• 2:47
  Speaker 5: Still looking good?
• 2:48
  Speaker 1: Okay, so three words like that, you'd string them sentenced together?
• 2:52
  Speaker 3: Still looking good?
• 2:54
  Speaker 5: I mean rewards? What do you mean string it together?
• 2:56
  Speaker 1: No? No, I well I think character upbeat. But I
• 3:01
  Speaker 1: like what you did, so you get you get a
• 3:03
  Speaker 1: good grade.
• 3:03
  Speaker 5: Why are sellers still.
• 3:05
  Speaker 3: Still looking good?
• 3:06
  Speaker 2: That's true because no matter which side you're on.
• 3:09
  Speaker 1: Yeah, so that's you're in agreement with that joke.
• 3:12
  Speaker 2: Yeah, I was going to probably go a little bit
• 3:14
  Speaker 2: more to we're slowly increasing to a seller's market. Again.
• 3:20
  Speaker 2: Summer was kind of neutral. I don't want to say
• 3:24
  Speaker 2: one hundred percent neutral, but we we were pretty slow.
• 3:28
  Speaker 2: We didn't have that much inventory and are they there?
• 3:30
  Speaker 2: Just weren't that many buyers looking, which is typical. It's
• 3:33
  Speaker 2: seasonal last summer. Yeah, and buyers got really picky over
• 3:38
  Speaker 2: the summer, probably interest rates. Yeah, just you know, they
• 3:42
  Speaker 2: got really picky. So now that we were you know,
• 3:45
  Speaker 2: schools already in session, people are back to a routine.
• 3:48
  Speaker 2: We are slowly increasing back to there's more on the market,
• 3:52
  Speaker 2: not a ton, there's more on the market, and there's
• 3:54
  Speaker 2: a lot more buyers out there searching. So we're seeing
• 3:57
  Speaker 2: more multiple offers, slowly creeping.
• 3:59
  Speaker 1: Okay, so it's learning to yeah, okay, okay. So when
• 4:03
  Speaker 1: you say people were picky, buyers were picky, what does
• 4:05
  Speaker 1: that literally mean? They were They would walk you're saying,
• 4:08
  Speaker 1: oh no, no, no.
• 4:09
  Speaker 2: They'd walk in a house and be like, this house
• 4:10
  Speaker 2: is messy, I don't want it, and we'd be like,
• 4:12
  Speaker 2: well wait, yeah, wait a minute.
• 4:14
  Speaker 1: With a with a with a smaller inventory. Though, what
• 4:18
  Speaker 1: what made that happen? Do you think it seems weird?
• 4:21
  Speaker 5: Don't you feel like it's just like they settled into,
• 4:24
  Speaker 5: you know, just for so long it was just so
• 4:26
  Speaker 5: stressful for buyers in these multiple offer situations, and I
• 4:30
  Speaker 5: feel like there was this more settling into that, more
• 4:35
  Speaker 5: patience on the part of the buyer.
• 4:37
  Speaker 2: Yeah, not a huge urgency to jump into a house.
• 4:39
  Speaker 2: They were like, you know what, the rates are pretty
• 4:42
  Speaker 2: much staying where they are the last year, so we'll
• 4:45
  Speaker 2: just we're going to wait to find the actual perfect tone, yes,
• 4:49
  Speaker 2: yet to make a decision. Yeah.
• 4:51
  Speaker 1: Well, I've been reading about something I think that's kind
• 4:53
  Speaker 1: of what you're talking about, the lock in effect. Yeah,
• 4:56
  Speaker 1: you know, basically just for everybody out there, you guys,
• 4:59
  Speaker 1: correct me if I've got this, But basically it means
• 5:01
  Speaker 1: homeowners are locked in. They're locked into their current little
• 5:04
  Speaker 1: mortgage rate. They'd move if they could, a lot of
• 5:07
  Speaker 1: them would, but replacing a three percent mortgage with one
• 5:10
  Speaker 1: that's closer to seven, you know, seven, it just makes
• 5:13
  Speaker 1: it too expensive to trade up or downsize whatever. So
• 5:17
  Speaker 1: you're seeing that here or we okay, so that's something
• 5:20
  Speaker 1: that we see here.
• 5:21
  Speaker 2: I also think we had a lot of talk this
• 5:23
  Speaker 2: summer of you know, inflation, tariffs. People were nervous, they
• 5:28
  Speaker 2: were it's normal. It's kind of a bummer because I
• 5:34
  Speaker 2: don't know if.
• 5:35
  Speaker 1: Some are normally really busy or some are normally is.
• 5:40
  Speaker 5: This in the spring. That's our busiest market, and that
• 5:43
  Speaker 5: kind of kicks in when the first warming trend of
• 5:46
  Speaker 5: you know, days a few days at least in a
• 5:48
  Speaker 5: row where the owner's warm, and then people just sort
• 5:51
  Speaker 5: of you know, come out of the woodwork and get
• 5:54
  Speaker 5: excited about buyings. Definitely still our hottest market, and it's
• 5:58
  Speaker 5: a short market because and when summer hits, remember people
• 6:02
  Speaker 5: want to be settled in by mid August into the home,
• 6:07
  Speaker 5: so that means it takes thirty days to get to
• 6:09
  Speaker 5: a closing. So you know, people with families and kids
• 6:12
  Speaker 5: thinking about school, sports, whatever, they want to have their
• 6:16
  Speaker 5: decision made by middle of July so that they're settled
• 6:19
  Speaker 5: in at least middle till late August. So you can
• 6:23
  Speaker 5: see how short our market is because if fire spring
• 6:25
  Speaker 5: market doesn't kick in until like say April, that's not
• 6:29
  Speaker 5: an a ton of time April, May, June, by July.
• 6:32
  Speaker 5: I gotta have a decision, got to be in my
• 6:34
  Speaker 5: house in August. And then it slowly starts to typically
• 6:38
  Speaker 5: we're talking, starts to you know, the desirability of the
• 6:43
  Speaker 5: buyers wanting to get in a home starts to be like,
• 6:46
  Speaker 5: maybe kind of step back, wait a little bit, have
• 6:49
  Speaker 5: more patients for the right one, Maybe get a better
• 6:52
  Speaker 5: buy in the winter when you know, houses aren't moving
• 6:55
  Speaker 5: as quickly. I'm not in a multiple offices, not.
• 6:58
  Speaker 1: Quite yet, but it's starting to build up now.
• 7:00
  Speaker 2: Is what you would say, would they were there though. Yea.
• 7:03
  Speaker 1: So I just want to pause for a second because
• 7:05
  Speaker 1: I want to go back to the very beginning of
• 7:07
  Speaker 1: the show. So early spring is when it's busiest. So
• 7:10
  Speaker 1: let's say April. Yes, radio might have had you on
• 7:14
  Speaker 1: the show in April, And in summer it's kind of slow,
• 7:17
  Speaker 1: it's kind of not a whole lot going on, and
• 7:19
  Speaker 1: probably not a big.
• 7:20
  Speaker 3: Reason to have you on the radio.
• 7:22
  Speaker 1: But then when it gets to October again, now it
• 7:25
  Speaker 1: seems like a really smart time again, doesn't.
• 7:28
  Speaker 5: It know what?
• 7:28
  Speaker 2: Years so smart?
• 7:29
  Speaker 1: It makes me feel really good, really good to watch
• 7:33
  Speaker 1: you guys.
• 7:33
  Speaker 3: Finally connect the dots to where I was going.
• 7:35
  Speaker 2: It took me a while.
• 7:36
  Speaker 1: Yeah, you saw it. You didn't expect that, sneaky jab
• 7:40
  Speaker 1: all right.
• 7:41
  Speaker 5: So yeah, we're in that period of time right now
• 7:44
  Speaker 5: where yes, it's starting to slow down a little bit.
• 7:46
  Speaker 5: And but I look at this.
• 7:47
  Speaker 2: Now, we're in the period of time of being busy.
• 7:53
  Speaker 5: You're busy.
• 7:54
  Speaker 2: I'm busy right now.
• 7:55
  Speaker 3: Well, I like the way this is gone.
• 7:57
  Speaker 2: Oh now we're having a team from now, we're going
• 7:59
  Speaker 2: to have a beat year.
• 8:00
  Speaker 1: And was in the studio with Sue Prince of Ginger
• 8:03
  Speaker 1: Herman and we're.
• 8:05
  Speaker 3: Gonna beef about this.
• 8:06
  Speaker 1: Yeah, you're not busy, Ginger, You're just it's flying off
• 8:10
  Speaker 1: the shelves.
• 8:10
  Speaker 2: Yeah, yeah, what's going on? Sounds like I need to
• 8:12
  Speaker 2: refer business to our sue.
• 8:14
  Speaker 5: So, Ginger, you're working with a lot of buyers right
• 8:16
  Speaker 5: now who are probably in that lower price range.
• 8:21
  Speaker 2: You're saying under four hundred, Okay, under four hundred though.
• 8:25
  Speaker 1: That's a lower price range, Yes it is.
• 8:27
  Speaker 2: Average sales price in Kent County is about three seventy
• 8:30
  Speaker 2: five three somewhere between three seventy five.
• 8:32
  Speaker 1: Where I'm at.
• 8:33
  Speaker 3: Yeah, not moving, can't move.
• 8:37
  Speaker 2: By the end of the show, we'll have you locked
• 8:38
  Speaker 2: into a new home.
• 8:39
  Speaker 3: I can't imagine that. So you're working with like more.
• 8:44
  Speaker 5: Expensive, yeah, a little higher end, and that's sellers, yeah
• 8:48
  Speaker 5: a little.
• 8:48
  Speaker 2: You have some unique properties out there. But think about it.
• 8:51
  Speaker 2: In the last two weeks, you and I were both like,
• 8:53
  Speaker 2: we're so busy, we're losing our marble. Do you remember that?
• 8:56
  Speaker 3: Yeah, lost your marble so much?
• 8:58
  Speaker 2: So remember so quickly she forgets Well, it's it's kind
• 9:02
  Speaker 2: of weird. I feel like school now starts earlier than
• 9:05
  Speaker 2: what it was when I was going to school, so
• 9:07
  Speaker 2: we almost like, don't you feel like that summer market
• 9:11
  Speaker 2: dragged down a little bit longer than normal, which was
• 9:13
  Speaker 2: a little odd, and then all of a sudden, we
• 9:16
  Speaker 2: just got slammed. It's like, oh, everyone was now ready
• 9:19
  Speaker 2: to sell. Everyone was ready to go out and buy.
• 9:21
  Speaker 5: It's true this year has been a little weird, though.
• 9:23
  Speaker 2: It was really weird how we just all of a sudden.
• 9:26
  Speaker 2: You even talked to some other agents at five Star
• 9:28
  Speaker 2: real Estate and it was like the same thing. We
• 9:30
  Speaker 2: all kind of got hit at that, like, I don't know,
• 9:33
  Speaker 2: second week of September, it was like boom, here we are.
• 9:36
  Speaker 5: Yeah, it was really weird. Yeah, it's like people took
• 9:38
  Speaker 5: a little bit you but yeah, and I so crazy
• 9:42
  Speaker 5: thing is I'm listing more properties now than I did
• 9:46
  Speaker 5: in the spring, which is, oh, you get excited as
• 9:49
  Speaker 5: a listing agent, you know about that. But now they're
• 9:52
  Speaker 5: sitting longer.
• 9:53
  Speaker 2: We have more data on the market now.
• 9:55
  Speaker 5: That doesn't feel so good, but the stats are there too, Like.
• 9:59
  Speaker 1: So sitting longer does that bring the pricing down or not? Yet?
• 10:03
  Speaker 5: It can, Yeah, it can if you're not you know,
• 10:06
  Speaker 5: if it's sitting there and you're not getting activity, well
• 10:09
  Speaker 5: we know what we need to do. As you know,
• 10:10
  Speaker 5: if we're in that position as a listing agent.
• 10:13
  Speaker 2: You also have some unique properties for sale right now
• 10:16
  Speaker 2: because she's got some property.
• 10:18
  Speaker 5: Yeah, yeah, I'm majority.
• 10:20
  Speaker 2: I like all sport lakes and our lake properties.
• 10:22
  Speaker 5: So then you know that market is also different.
• 10:26
  Speaker 2: Because also people are now like, well, I'm going to
• 10:29
  Speaker 2: buy this house and immediately winter eze right like everything outside,
• 10:33
  Speaker 2: I don't get to necessarily enjoy the lake where Yeah,
• 10:36
  Speaker 2: whereas it makes.
• 10:38
  Speaker 1: Them less likely to want to buy those right now.
• 10:40
  Speaker 2: Lakefront Yeah, we see slower on the lake front end now,
• 10:44
  Speaker 2: which is it's so funny too, because if you're a
• 10:46
  Speaker 2: buyer looking for a lakefront, like, we want to scream
• 10:48
  Speaker 2: at them, buy it now, right, you have less competition
• 10:51
  Speaker 2: to do it.
• 10:51
  Speaker 5: Right.
• 10:52
  Speaker 2: But you're right, we're heading into a slower season just
• 10:55
  Speaker 2: because she's referring to the closer that we get to
• 10:57
  Speaker 2: the holidays. So the closer that we get to Thanksgiving Christmas,
• 11:00
  Speaker 2: we really slow down. Oh yeah, not a lot of
• 11:03
  Speaker 2: people want to buy in the winter at.
• 11:04
  Speaker 3: Home to do.
• 11:07
  Speaker 1: The guests coming through, we see the same thing.
• 11:09
  Speaker 2: So that's the same thing that we want to scream
• 11:11
  Speaker 2: at buyers right now. Like, if you're thinking about buying,
• 11:15
  Speaker 2: do it during the winter. I know, it's not all
• 11:18
  Speaker 2: that it's cracked up to be. The house might look
• 11:19
  Speaker 2: really ugly in the winter and you have to move
• 11:21
  Speaker 2: in the snow and in the crazy weather, but you're
• 11:24
  Speaker 2: probably going to get a pretty good deal in your house.
• 11:27
  Speaker 5: Yeah, you don't know what that pool looks like.
• 11:29
  Speaker 3: You don't know.
• 11:30
  Speaker 5: True, we take the cover off and.
• 11:32
  Speaker 2: It's just but' you're not competing against fifteen other people
• 11:36
  Speaker 2: that also really.
• 11:37
  Speaker 1: Want to do that right now.
• 11:38
  Speaker 2: You're still we're in multiple offer, Yeah, we're still yeah.
• 11:42
  Speaker 5: Well, and again depends on the price range depends on
• 11:45
  Speaker 5: you know, the location all that. Yeah, I am that
• 11:48
  Speaker 5: definitely in that I call it lower price range, but
• 11:52
  Speaker 5: let's just say average or less price range. Still seeing
• 11:55
  Speaker 5: multiple offers if it's priced right, yeah, I mean really
• 12:00
  Speaker 5: that's the key.
• 12:01
  Speaker 2: I know well, and it's you know, the marketing strategy
• 12:05
  Speaker 2: is going to be different for every seller and listing
• 12:07
  Speaker 2: agent because the seller might come to you and just say,
• 12:09
  Speaker 2: you know what, here's about what I want. Don't I
• 12:12
  Speaker 2: don't want to do this whole strategy of keeping it
• 12:15
  Speaker 2: on the market long and pricing it low. Some people
• 12:18
  Speaker 2: are like, you know what, this is what I want
• 12:19
  Speaker 2: out of it. I'm just going to list it there now.
• 12:22
  Speaker 2: You just need to get the buyers to understand though,
• 12:24
  Speaker 2: for that home. Don't view that home as like, oh,
• 12:26
  Speaker 2: it's going to go another thirty thousand over that, right,
• 12:29
  Speaker 2: it's priced accordingly, but I don't know. I will say,
• 12:32
  Speaker 2: I see a lot more properties now listed without offer deadlines,
• 12:36
  Speaker 2: and they're just they're they're listing it at a price,
• 12:39
  Speaker 2: and whether that's low or dead on us as buyers
• 12:43
  Speaker 2: agents for each home are having to do kind of
• 12:45
  Speaker 2: our own little price analysis for the buyer, which is
• 12:48
  Speaker 2: what we do.
• 12:48
  Speaker 1: So the people worried about what got us started on
• 12:51
  Speaker 1: this is that, you know, the interest rates.
• 12:53
  Speaker 3: I'm at a low interest rate.
• 12:54
  Speaker 1: You know a lot of us have houses at you know,
• 12:56
  Speaker 1: if we have a house and we bought it a
• 12:59
  Speaker 1: couple of years ago, three four, five, six, seven, eight years.
• 13:01
  Speaker 3: Ago, you've got a pretty good rate.
• 13:03
  Speaker 1: And it's tough to make that switch when you get
• 13:06
  Speaker 1: somebody who's in that boat. I mean, is it Does
• 13:08
  Speaker 1: it ever make sense for somebody to make the switch now?
• 13:11
  Speaker 2: It can? I think it? I think what drives ITAs.
• 13:14
  Speaker 2: I think what drives it is why do you want
• 13:17
  Speaker 2: to move?
• 13:17
  Speaker 4: So?
• 13:18
  Speaker 2: Are you having to upgrade your home? Downsize your home?
• 13:22
  Speaker 1: What?
• 13:22
  Speaker 2: What is the goal? Are you having to move to
• 13:24
  Speaker 2: a different area to you need a different school district?
• 13:27
  Speaker 2: Then it makes sense to move. But there are there
• 13:29
  Speaker 2: are people that I'll meet with them and they're just
• 13:31
  Speaker 2: kind of throwing out the deal, like I don't know,
• 13:33
  Speaker 2: I might want to move or are you going to
• 13:34
  Speaker 2: move a lateral move? Maybe it doesn't make sense for
• 13:37
  Speaker 2: you to do that. Here's what your house, here's what
• 13:39
  Speaker 2: you bought it for, Here's what you can pull out
• 13:41
  Speaker 2: of it. If they have a ton to pull out
• 13:44
  Speaker 2: of it. They might be like, oh, yeah, let's do it.
• 13:45
  Speaker 2: Ton of equity, A ton of equity. Yes, But some
• 13:49
  Speaker 2: of the people that we meet with, we might I
• 13:52
  Speaker 2: don't want to say steer them, but we're just you know, like,
• 13:55
  Speaker 2: here are the facts. Does it make sense for you
• 13:57
  Speaker 2: or not. That's up to them to decide yes or no.
• 13:59
  Speaker 2: But there are some people that it might not make sense.
• 14:02
  Speaker 1: No, I'm in the boat where it's it's I'm not
• 14:04
  Speaker 1: ready to move, but if I were, it would be
• 14:06
  Speaker 1: more of a downsized thing. Okay, you know, I've got
• 14:08
  Speaker 1: a lot of area to clean and I'm sick of it.
• 14:10
  Speaker 5: You would, of course know who to call to help you.
• 14:13
  Speaker 1: With that, Yeah, me, Yeah, there's some Yeah, she well,
• 14:16
  Speaker 1: Sue's not very busy, but Sue deals with expensive properties.
• 14:20
  Speaker 3: So I've got to go to Ginger. But so I would.
• 14:24
  Speaker 1: I would be looking at downsizing, but I think I'm
• 14:26
  Speaker 1: in that that boat where I don't think it'd be
• 14:29
  Speaker 1: worth what I'd end up paying in the in the
• 14:32
  Speaker 1: interest rate that I would gain.
• 14:34
  Speaker 2: Here's what I'll do for you, Dan, I'll come over
• 14:35
  Speaker 2: and do a free analysis.
• 14:37
  Speaker 1: Okay, here did a free analysis, and she hated my countertops.
• 14:41
  Speaker 2: Oh yeah, still the countertops. He still wants a ring.
• 14:45
  Speaker 1: Talked about it seven times. Okay, got to change these.
• 14:48
  Speaker 2: Hey what color are those countertops?
• 14:50
  Speaker 3: There may be coming back in style.
• 14:52
  Speaker 2: See this is the thing. Let's talk about the countertops.
• 14:54
  Speaker 3: I don't know what geller.
• 14:55
  Speaker 5: I think they were a yellower.
• 14:57
  Speaker 1: They were like an offer right in some areas. I
• 14:59
  Speaker 1: don't know what color they originally were. Most of that
• 15:02
  Speaker 1: is worn off.
• 15:03
  Speaker 3: It's bad. It's bad. I just I don't think about it.
• 15:06
  Speaker 2: You could be coming back in style.
• 15:11
  Speaker 1: But it was very clean, dirt beige.
• 15:14
  Speaker 2: Hey beige is coming back?
• 15:15
  Speaker 3: Yeah? Oh I know.
• 15:16
  Speaker 1: Well, and let's talk about it. I got two ways
• 15:19
  Speaker 1: I want to go, but let's go to that because
• 15:20
  Speaker 1: that's more convenient to where we're at now. When you
• 15:23
  Speaker 1: came in, the first thing you said, Ginger was that
• 15:26
  Speaker 1: you got a horrible headaches. You're not getting enough coffee.
• 15:28
  Speaker 1: He used to drink coffee. Then he started drinking coffee
• 15:31
  Speaker 1: at night. You can't stop.
• 15:32
  Speaker 2: No, I can't stop.
• 15:33
  Speaker 1: But second thing, right after the headache thing, which I
• 15:36
  Speaker 1: just discarded.
• 15:37
  Speaker 2: You know, yeah, it doesn't matter bad.
• 15:39
  Speaker 1: You talked about the colors that you're seeing, and I
• 15:41
  Speaker 1: thought that was really interesting because some of the well
• 15:44
  Speaker 1: you just run with it.
• 15:45
  Speaker 3: Stark whites.
• 15:46
  Speaker 2: Yeah, we're not yet, And I say, I'm kind of
• 15:50
  Speaker 2: more focusing on new builds. So when I'm going into
• 15:53
  Speaker 2: new builds, they are not using that stark white anymore.
• 15:57
  Speaker 2: Everything is off white, beige's, tans, topes, even like soft yellows.
• 16:04
  Speaker 2: We're seeing a lot of that.
• 16:05
  Speaker 5: We're still dark accent walls.
• 16:07
  Speaker 2: Yes, yeah, they are. And when when when we talk
• 16:10
  Speaker 2: about a darker accent wall or maybe a whole room
• 16:13
  Speaker 2: or whatever it may be, it's still often earth tones.
• 16:16
  Speaker 2: So it's still browns, greens, and blues, which I think
• 16:20
  Speaker 2: is pretty common. We're not seeing anything like.
• 16:22
  Speaker 3: Wood cabinets, right, like real wood cabinets.
• 16:24
  Speaker 2: Against either real wood or yeah, faux wood, okay, but
• 16:28
  Speaker 2: not as much white cabinets. Yeah, you're right. It's it's
• 16:31
  Speaker 2: a lot of faux wood, a lot of natural elements
• 16:34
  Speaker 2: to a house.
• 16:35
  Speaker 5: Now, we were in that white cabinets for a long
• 16:38
  Speaker 5: time when you're very low a it when we first
• 16:41
  Speaker 5: started seeing white over wood. Yeah, how long ago was that?
• 16:45
  Speaker 5: I mean that was I don't know, it feels two
• 16:48
  Speaker 5: thousands at least.
• 16:49
  Speaker 2: Yeah, I was gonna say close to like the twenty
• 16:52
  Speaker 2: eight twenty ten is I think kind of maybe earlier
• 16:55
  Speaker 2: for you. I know she's older than me.
• 16:56
  Speaker 1: Damn.
• 16:57
  Speaker 5: Actually no, I think you're right. I think you're right
• 17:00
  Speaker 5: because when dad started his building company, that was like,
• 17:03
  Speaker 5: what two thousand and three is sure early?
• 17:07
  Speaker 3: Sue and Ginger, Sue your Ginger's mom.
• 17:09
  Speaker 4: Yes, just to clarify, yes, as Ginger, we don't always fight.
• 17:14
  Speaker 1: When hate stuff around and Sue's talking about dad, that's
• 17:18
  Speaker 1: that family dynamic.
• 17:20
  Speaker 5: Yeah. But so yeah, in the early two thousands, we
• 17:22
  Speaker 5: were like, oh, white cabinets, it's so cool, so cool.
• 17:27
  Speaker 5: So we've been in that a long time.
• 17:28
  Speaker 4: It's time and you're seeing it's fading out.
• 17:31
  Speaker 2: Yeah.
• 17:32
  Speaker 5: And now that my cabinets are painted.
• 17:35
  Speaker 2: Well, Dan, my entire house is painted stark white, literally,
• 17:39
  Speaker 2: the entire house.
• 17:41
  Speaker 1: Procrastination wins again. I did not paint my cabinets. They're
• 17:45
  Speaker 1: back in.
• 17:46
  Speaker 2: He didn't change his counter.
• 17:47
  Speaker 3: See, it's all coming back year again. I won't have to.
• 17:53
  Speaker 5: And what do we call it dirt?
• 17:54
  Speaker 3: You called it dirt beige, but it's a very clean
• 17:56
  Speaker 3: dirt page.
• 17:58
  Speaker 5: It's a good beage.
• 18:00
  Speaker 1: No. Benjamin Moore's color of the year. It comes out
• 18:03
  Speaker 1: as we record this, we record the show. It's airing
• 18:05
  Speaker 1: on Saturday, and the color has been released right now.
• 18:09
  Speaker 3: I don't know, you don't know.
• 18:11
  Speaker 1: I have no idea, but every prediction, every you know,
• 18:14
  Speaker 1: indication out there is that it's going to be a warm,
• 18:17
  Speaker 1: earthy tone.
• 18:18
  Speaker 2: I just had I'm guess in a brown like kind
• 18:20
  Speaker 2: of kind of dark brown, but.
• 18:22
  Speaker 3: Not dark, all right, So that's your guest.
• 18:24
  Speaker 1: I just was in the studio last weekend with Andy
• 18:27
  Speaker 1: Yates from Andy Yates Design, and he went through all
• 18:29
  Speaker 1: his predictions and was saying the same things you're saying.
• 18:32
  Speaker 3: Gray people don't want that.
• 18:35
  Speaker 1: White.
• 18:35
  Speaker 3: Dark whites are out.
• 18:37
  Speaker 1: Warmer whites are in where they've got some of that
• 18:39
  Speaker 1: warmth to them, but a lot of warm tones.
• 18:42
  Speaker 3: So we'll see what Benjamin.
• 18:43
  Speaker 1: You know, we don't know that right now, so that'll
• 18:45
  Speaker 1: be kind of strange as airs. It's already been released, but.
• 18:49
  Speaker 5: There's a new color coming out. Dirt page.
• 18:56
  Speaker 3: Very well, if not with that name.
• 18:57
  Speaker 5: It's very earthy. It's not why.
• 19:00
  Speaker 3: It's a little grimy.
• 19:02
  Speaker 2: You could call it like SU's beige maybe or something,
• 19:04
  Speaker 2: but dirt beige, dirt bage well and if you're a
• 19:07
  Speaker 2: homeowner or a seller and you're like, oh my gosh,
• 19:09
  Speaker 2: my entire house is gray and start no, it's gray
• 19:13
  Speaker 2: and stark white and I have white cabinets.
• 19:15
  Speaker 5: What do I do?
• 19:16
  Speaker 4: What?
• 19:16
  Speaker 2: You're fine?
• 19:18
  Speaker 1: Exactly if you like it? All this is all. This
• 19:22
  Speaker 1: is is how the trends are going and where people
• 19:24
  Speaker 1: are at. Yes, but yeah, if you love it, yeah,
• 19:27
  Speaker 1: by all means we're not going to require you. We're
• 19:29
  Speaker 1: not going to send people around.
• 19:30
  Speaker 3: No, not yet.
• 19:31
  Speaker 4: No.
• 19:32
  Speaker 2: And if you're thinking about selling, have us walk through,
• 19:34
  Speaker 2: because if it is a big enough deal, we might
• 19:37
  Speaker 2: give you pointers on what to do before you sell
• 19:39
  Speaker 2: the house.
• 19:40
  Speaker 1: Oh, you're thinking even further down the line. You're thinking
• 19:42
  Speaker 1: people who are thinking about selling who.
• 19:44
  Speaker 2: And they're like, oh my gosh, every wall in my
• 19:47
  Speaker 2: house is gray and everything is white. It's not necessarily
• 19:51
  Speaker 2: bad because I think if you depending on what gray
• 19:54
  Speaker 2: color that you painted the walls, and then how you
• 19:56
  Speaker 2: have your furniture and artwork in the home, it can
• 19:59
  Speaker 2: look very It's not like it's going to be terrible.
• 20:03
  Speaker 2: But I will say, have us walk through, because we
• 20:06
  Speaker 2: just talked about buyers are pickier now, right, So have
• 20:09
  Speaker 2: us walk through. To let you know if it is
• 20:11
  Speaker 2: something that you are going to have to change in
• 20:13
  Speaker 2: order to get more money. You don't have to change anything.
• 20:15
  Speaker 2: But if you're trying to pull as much money out
• 20:17
  Speaker 2: of the house that you want, we'll tell you if
• 20:19
  Speaker 2: you need to paint your walls dirty page or if
• 20:21
  Speaker 2: you can leave them great.
• 20:22
  Speaker 3: It's dirt beige.
• 20:24
  Speaker 2: Oh okay, okay, a dirt base.
• 20:26
  Speaker 1: So let's talk about that a little bit. About you
• 20:28
  Speaker 1: just talked about the buyers being picky. You mentioned that
• 20:30
  Speaker 1: in the beginning. You know, I want to talk about
• 20:32
  Speaker 1: the psychology of you know, how things have shifted buyers
• 20:35
  Speaker 1: are more picky. Is there are there other differences that
• 20:38
  Speaker 1: you're seeing with buyers where they've kind of shifted over
• 20:41
  Speaker 1: the last little bit, And of course I want to
• 20:43
  Speaker 1: know sellers. What are they thinking and doing a little
• 20:45
  Speaker 1: differently now?
• 20:46
  Speaker 5: Well, I think buyers are still watching the rates because
• 20:50
  Speaker 5: they're hearing as we are hearing that potentially the rates
• 20:55
  Speaker 5: are going to keep dropping a little bit. Even we
• 20:57
  Speaker 5: just had we listened to two different economists and they
• 21:01
  Speaker 5: talked about that too, where I think we're still going
• 21:04
  Speaker 5: to see the rates drap a little bit, not like
• 21:06
  Speaker 5: you know, the four's and the threes and the two
• 21:08
  Speaker 5: and a half's or whatever, you know, but they're supposed
• 21:10
  Speaker 5: to keep there.
• 21:13
  Speaker 1: Let's say they drop and people start you know, there's
• 21:16
  Speaker 1: of course there's always this tipping point, you know, where
• 21:20
  Speaker 1: a bunch of people then it just feels right and
• 21:22
  Speaker 1: they move, and we've got all these people who are
• 21:24
  Speaker 1: kind of waiting, you know, to do that. Does that
• 21:28
  Speaker 1: how does that impact things?
• 21:29
  Speaker 3: If all of a sudden there's now a bunch of buyers.
• 21:31
  Speaker 1: In now prices let's go up, and you might end up?
• 21:35
  Speaker 1: I mean, is it possible that you lose out on
• 21:38
  Speaker 1: the savings that you thought you were making by the
• 21:40
  Speaker 1: interest rate dropping, by now paying more?
• 21:42
  Speaker 5: And that that is true? Point while taken because it's
• 21:46
  Speaker 5: funny because the economists talked about that too in that
• 21:49
  Speaker 5: waiting Yep.
• 21:50
  Speaker 1: It makes me pretty smart.
• 21:52
  Speaker 2: I was just going to say, you can talk to
• 21:53
  Speaker 2: our company next time.
• 21:55
  Speaker 5: You don't need us, No, you get it. No, But yeah,
• 21:59
  Speaker 5: they remind us that, as you know, people are waiting,
• 22:02
  Speaker 5: the prices are going up, and you can always refinance, right. So,
• 22:06
  Speaker 5: and there's there's lenders that are offering some really good
• 22:12
  Speaker 5: deals or whatever you want to call it on those yeah,
• 22:15
  Speaker 5: programs on doing the refinance. If you're going to you know,
• 22:19
  Speaker 5: take out a loan with them, then they'll have some
• 22:21
  Speaker 5: specials on that. I know Northern Mortgage offers that there's
• 22:25
  Speaker 5: probably several that do.
• 22:27
  Speaker 1: But yeah, yeah, so we're thinking that rates might continue
• 22:31
  Speaker 1: down a little bit, but not not a steep drop.
• 22:35
  Speaker 1: But people need to be aware that that could by waiting,
• 22:38
  Speaker 1: you might lose.
• 22:39
  Speaker 2: Now you just have an increase of competition right that
• 22:42
  Speaker 2: you are up against, which increases the price and the
• 22:45
  Speaker 2: stress and that stress.
• 22:47
  Speaker 5: Yeah, and that's why, you know, Ginger was saying earlier,
• 22:50
  Speaker 5: we're telling our buyers and here's your moment is coming.
• 22:54
  Speaker 5: You know. It's like I said, we're on that. We're
• 22:57
  Speaker 5: on that verge right now. We know, even though we
• 23:00
  Speaker 5: don't want it to at least I don't. Snow is coming,
• 23:03
  Speaker 5: winter is coming. Cold weather's coming. You know. People are
• 23:07
  Speaker 5: react different in the winter months, buyers do they, you know.
• 23:12
  Speaker 5: And and so for those buyers that are serious about buying,
• 23:19
  Speaker 5: you know, I I just told a buyer yesterday that
• 23:22
  Speaker 5: they're they're feeling very anxious, like, oh, we got we
• 23:24
  Speaker 5: got to find something, we got to find something. But
• 23:27
  Speaker 5: we're not finding it. And I said, your time is
• 23:29
  Speaker 5: coming because we'll start to see more inventory building up.
• 23:33
  Speaker 3: That was a positive, That was a positive threat to them.
• 23:35
  Speaker 5: Your time is your time is coming, like buy one. Yeah,
• 23:40
  Speaker 5: be patient because I believe more based on our history. Right,
• 23:45
  Speaker 5: more inventory is coming. We just heard are going to
• 23:49
  Speaker 5: start coming down a little bit. But don't wait too
• 23:52
  Speaker 5: long because the reason we set. But you know, be
• 23:56
  Speaker 5: patient and be diligent to be watching for what's coming up.
• 23:59
  Speaker 5: And that's our job to to help them do that.
• 24:01
  Speaker 1: So I'm curious because Ginger, you said, you know, winter,
• 24:05
  Speaker 1: it's good time to buy because they're the competition's last.
• 24:08
  Speaker 1: That's what I'm picking up from. Sue. Sue, you made
• 24:10
  Speaker 1: a joke about I can't see the pool, and that
• 24:12
  Speaker 1: was a joke, but that's a reality. Yeah, I mean,
• 24:15
  Speaker 1: there's help me think that through because that does bring
• 24:20
  Speaker 1: up concerns in my mind. You know, I do feel
• 24:22
  Speaker 1: like I'm buying something where I'm not. I don't know
• 24:24
  Speaker 1: what the yard looks like or whatever. Even the roof perhaps,
• 24:29
  Speaker 1: you know, if there's no on the roof, how do
• 24:30
  Speaker 1: people navigate all of that?
• 24:32
  Speaker 2: Well, there are things like home warranties that we can
• 24:34
  Speaker 2: get attached to the home, so that would cover items.
• 24:37
  Speaker 2: And there's even a pool wave around there, so that
• 24:39
  Speaker 2: you can have the pool also covered for the next year.
• 24:42
  Speaker 5: But what what I as grow too.
• 24:44
  Speaker 2: Yeah, you can ask grow funds.
• 24:46
  Speaker 5: Sellers ask grow funds for those things. Even like we
• 24:49
  Speaker 5: didn't talk about what say what that means? So where
• 24:52
  Speaker 5: we asked the seller to put money into an ask.
• 24:54
  Speaker 2: Girl that at the title company, with.
• 24:56
  Speaker 5: The title company, where if when the time came, where
• 25:01
  Speaker 5: that we were able to run the air conditioner or
• 25:04
  Speaker 5: see the pool or you know whatever the roof sure
• 25:07
  Speaker 5: that that money could go towards it if it's not
• 25:10
  Speaker 5: in the condition that the buyer's expenses.
• 25:13
  Speaker 2: So you open the pool, you open the pool, the
• 25:15
  Speaker 2: pump doesn't work, then you go back to those ESCRO
• 25:18
  Speaker 2: funds and say, well, it's you one hundred and fifty
• 25:19
  Speaker 2: dollars to get the pump running again, and that one
• 25:21
  Speaker 2: hundred money set aside.
• 25:23
  Speaker 3: Yeah, and that's pretty common.
• 25:25
  Speaker 2: I can't. I mean, so if you're up against competition,
• 25:28
  Speaker 2: you're probably not going to get a seller to cover that.
• 25:30
  Speaker 2: But I would almost rather throw the question back at
• 25:33
  Speaker 2: the buyer. In spring you might pay fifteen to twenty
• 25:37
  Speaker 2: thousand dollars more for this house, can you can you
• 25:40
  Speaker 2: reallocate that fifteen to twenty thousand dollars to putting it
• 25:44
  Speaker 2: away to possibly fix some items on the house that
• 25:46
  Speaker 2: probably aren't going to reach fifteen to twenty thousand. Now
• 25:49
  Speaker 2: a roof, yeap, might be right, But in the spring.
• 25:53
  Speaker 1: In the disclosure, right, I mean you do know something
• 25:56
  Speaker 1: in the paperwork and.
• 25:57
  Speaker 2: All, And if there's no snow accumulated on top of
• 26:00
  Speaker 2: the reof and it's relatively dry, the inspector will still
• 26:02
  Speaker 2: go up on the roof and check the roof idea
• 26:04
  Speaker 2: or in the attic, right, they're going to check to
• 26:06
  Speaker 2: see if there are any current That would be good.
• 26:08
  Speaker 5: Yes, you could also ask the seller to cover your
• 26:11
  Speaker 5: home warranty, you know, because they're they're making claims on
• 26:15
  Speaker 5: the seller's disclosure that the roof is this age, or
• 26:19
  Speaker 5: the air conditioner is working or whatever. So, as Ginger mentioned,
• 26:24
  Speaker 5: get a home warranty. But you can also ask the
• 26:26
  Speaker 5: seller to pay for that home warranty too.
• 26:28
  Speaker 2: And it's like five hundred and sixth hundred dollars, so
• 26:31
  Speaker 2: it's not like breaking the bank. Yeah, to have a homework.
• 26:34
  Speaker 5: Sellers will typically rather do that than, of course ask
• 26:37
  Speaker 5: row a bunch of money.
• 26:38
  Speaker 2: You know, yeah, safer for them.
• 26:40
  Speaker 5: I mean, there's just we're just saying there's options. And
• 26:43
  Speaker 5: as Ginger said it, it depends on the competition. Were
• 26:46
  Speaker 5: you in a multiple offer situation, you know, how how
• 26:50
  Speaker 5: did that offer presentation go? You know?
• 26:54
  Speaker 1: Right, well, let's get practical in the last little bit
• 26:57
  Speaker 1: here for anybody who's listening, who's thinking about in and
• 27:01
  Speaker 1: you know, given where we're at right now, you know
• 27:04
  Speaker 1: what mistakes would you tell a buyer to avoid that
• 27:07
  Speaker 1: Maybe you could have skated by with in the past,
• 27:10
  Speaker 1: but what mistakes right now are? Oh man, don't do that.
• 27:14
  Speaker 2: I think you already mentioned it. I think it's waiting
• 27:16
  Speaker 2: too long to get in. So even if someone comes
• 27:19
  Speaker 2: to me right now and says, we're starting an early conversation,
• 27:22
  Speaker 2: we're going to start looking. Our lease is up in June,
• 27:25
  Speaker 2: I might say, how much is it to break that lease?
• 27:28
  Speaker 2: Why don't we just get you preapproved now and start
• 27:31
  Speaker 2: a search up so you can start seeing what's on
• 27:33
  Speaker 2: the market. Something might hit and it might be beneficial
• 27:36
  Speaker 2: financially for you to buy out of that lease. Just
• 27:39
  Speaker 2: to get that house during these winter months, So I think, yeah,
• 27:43
  Speaker 2: I would say, don't wait, that's.
• 27:45
  Speaker 1: My agree su or I didn't have a throwdown.
• 27:48
  Speaker 5: No, I did that and I won.
• 27:52
  Speaker 2: Oh, okay, go.
• 27:53
  Speaker 3: Back to the tape and one.
• 27:55
  Speaker 5: No, I agree with that. And in addition to that,
• 27:58
  Speaker 5: I would say that preapproved if you're even thinking about it,
• 28:02
  Speaker 5: because I just had it the other day where someone's like,
• 28:05
  Speaker 5: I want to write an offer on that house. Well,
• 28:08
  Speaker 5: remember we talked about pre approval. Did you do that?
• 28:11
  Speaker 5: They're like, no, how long is do tomorrow? Last? Usually
• 28:16
  Speaker 5: usually about six months, but I mean you can update it.
• 28:19
  Speaker 3: Is there a cost? I'm a complete idiot.
• 28:21
  Speaker 2: Here is no no cost for a preapproval. And they
• 28:23
  Speaker 2: don't do hard pulls, so it's not affecting your credit score.
• 28:27
  Speaker 2: A lot of people, a lot of people think, oh,
• 28:29
  Speaker 2: if I do a pre approval, they're going to do
• 28:31
  Speaker 2: a hard pull on my credit and that lowers my
• 28:33
  Speaker 2: credit score. They'll do a soft pull. And I'm speaking
• 28:37
  Speaker 2: generally right, because the lenders that we work with do
• 28:40
  Speaker 2: soft polls. Okay, but she's right, do the preproval now.
• 28:43
  Speaker 2: On the pre approval letter, it usually says an expiration
• 28:46
  Speaker 2: of three months, but if nothing has changed with like
• 28:49
  Speaker 2: your employment, savings credit things like that, it really can
• 28:52
  Speaker 2: extend out further.
• 28:53
  Speaker 1: And then you can have it extended.
• 28:55
  Speaker 2: I mean, yes, yes, you can extend it.
• 28:58
  Speaker 1: Yeah, there's no money problem.
• 28:59
  Speaker 2: Don't problem with that, no problem.
• 29:01
  Speaker 5: I mean, if I'm a listing agent and I'm looking
• 29:04
  Speaker 5: at a preapproval and it's older than three months, I'm
• 29:07
  Speaker 5: just going to ask if they wouldn't mind getting that
• 29:09
  Speaker 5: updated or contact the lender if the you know, if
• 29:11
  Speaker 5: I'm allowed to do that based on the permission that
• 29:14
  Speaker 5: the buyer agent is giving me with their buyer So yeah,
• 29:18
  Speaker 5: you know, usually they they can be easily updated.
• 29:23
  Speaker 3: All right, that's really good.
• 29:24
  Speaker 1: What about a seller, you know what, what's something you
• 29:26
  Speaker 1: would tell them is a mister, it's a mistake that
• 29:29
  Speaker 1: you're seeing that you just man, don't make that mistake.
• 29:32
  Speaker 5: So if a seller is turning into a buyer, because
• 29:37
  Speaker 5: i want to talk about that briefly, and you know
• 29:39
  Speaker 5: I'm so brief with my words.
• 29:41
  Speaker 1: Oh yeah, I'm going to have to edit this like crazy,
• 29:43
  Speaker 1: already getting my editing finger worked out for this.
• 29:47
  Speaker 5: Okay, joke, add it to my time right now. If
• 29:51
  Speaker 5: a seller is going to become a buyer. A lot
• 29:53
  Speaker 5: of times they think, well, I'm going to wait to
• 29:56
  Speaker 5: sell my home. I'm going to you know, write that off,
• 29:59
  Speaker 5: or thinking I can do a contingent offer, and those
• 30:04
  Speaker 5: still are not widely easily accepted by, you know, by
• 30:10
  Speaker 5: the person that is selling the home they want to buy.
• 30:13
  Speaker 5: So I would say to a seller, put yourself in
• 30:16
  Speaker 5: a position where when that house comes up that you
• 30:19
  Speaker 5: want the whole reason why you're moving, put yourself in
• 30:22
  Speaker 5: a good position. Put yourself in the driver's seat to
• 30:25
  Speaker 5: be able to make that offer. So that may mean
• 30:28
  Speaker 5: selling your house and renting for a little while, or
• 30:32
  Speaker 5: it could mean doing something that's called in equity forward,
• 30:37
  Speaker 5: very similar to like a bridge, yes, very similar less costly.
• 30:41
  Speaker 5: There's probably a number of lenders that offer it. We
• 30:44
  Speaker 5: work with a lot with Northern Mortgage and they offer
• 30:47
  Speaker 5: that so at a low cost than What happens is
• 30:50
  Speaker 5: the equity from the home that they own. Then that
• 30:54
  Speaker 5: gets applied towards the purchase of the home they're going
• 30:57
  Speaker 5: to buy. Now, you do have to have a certain
• 31:00
  Speaker 5: amount of equity in that home that they currently own
• 31:02
  Speaker 5: in order to do that, you know. So, but it
• 31:05
  Speaker 5: has worked really well for us in the past to
• 31:08
  Speaker 5: be able to and even the recent past to be
• 31:10
  Speaker 5: able to do that and you know, be able to
• 31:13
  Speaker 5: buy that home. But again, you need to meet with
• 31:16
  Speaker 5: that lender, get pre approved to figure out how you're
• 31:19
  Speaker 5: going to do it. But I just I don't know.
• 31:22
  Speaker 1: All for a seller, you're saying, you sell it and.
• 31:25
  Speaker 2: You got to get yeah, and passively short term rent
• 31:29
  Speaker 2: yep or.
• 31:30
  Speaker 3: In your mom's basement, or do the.
• 31:32
  Speaker 5: Equity for it if you don't, you know, if you
• 31:34
  Speaker 5: don't want to do that kind of a move, the
• 31:37
  Speaker 5: equity forward it works well for that, but it's just
• 31:39
  Speaker 5: not for everybody because you have How does that work?
• 31:41
  Speaker 1: I don't understand how that works. Maybe I'm a dope.
• 31:43
  Speaker 2: No, you're not.
• 31:44
  Speaker 5: No, thank you? Yeah?
• 31:47
  Speaker 1: Well is that a joke? Am?
• 31:48
  Speaker 3: I really? Okay? I wasn't sure if that was sarcast You.
• 31:50
  Speaker 2: Can't read my face, can't you?
• 31:51
  Speaker 3: I can't see it. So how does equity forward work?
• 31:56
  Speaker 5: Well? I did explain it were you're not listening.
• 31:58
  Speaker 1: I didn't understand it. Oh okay, wow.
• 32:01
  Speaker 2: Yeah, she just came at you kind of have to
• 32:04
  Speaker 2: dumb it down, okay.
• 32:07
  Speaker 1: My goodness, and dumb it down for me, and the.
• 32:11
  Speaker 2: Listeners are like yikes, because they're also like I don't
• 32:13
  Speaker 2: understand what this is.
• 32:15
  Speaker 5: Yeah.
• 32:16
  Speaker 1: So so I've got equity in my.
• 32:18
  Speaker 5: House, have equity in your home, and you I sell
• 32:20
  Speaker 5: my house? No, you don't want to, Well you will eventually,
• 32:23
  Speaker 5: but okay, you don't want to sell your house until
• 32:26
  Speaker 5: you find that home that you want to purchase, because
• 32:29
  Speaker 5: that's usually where sellers are at. That freaks them out
• 32:32
  Speaker 5: to think, Okay, we're going to sell our house and
• 32:34
  Speaker 5: we don't know where we're going. We're gonna rent and
• 32:36
  Speaker 5: how long are we have to rent? So if you
• 32:39
  Speaker 5: have equity in your home, then what you can do
• 32:41
  Speaker 5: is take that equity through an equity forward program and
• 32:45
  Speaker 5: that equity will get rolled into the new purchase. So
• 32:50
  Speaker 5: you'll be able to write an offer that is not
• 32:52
  Speaker 5: contingent upon the sale of the one that you want
• 32:56
  Speaker 5: to sell your current home. Okay, okay, because as we
• 33:00
  Speaker 5: said earlier, if you don't have to do a contingent offer,
• 33:04
  Speaker 5: that's the best place to be right. You can get
• 33:06
  Speaker 5: Typically you can negotiate with the sealer easier because otherwise
• 33:11
  Speaker 5: that puts that sale at risk. What if they don't
• 33:13
  Speaker 5: sell their home Yeah, So then what happens is if
• 33:17
  Speaker 5: that offer gets accepted with the equity forward with a
• 33:21
  Speaker 5: non contingent offer, right, so, then what happens is the
• 33:26
  Speaker 5: home that they're in then gets listed. While they're traveling
• 33:30
  Speaker 5: towards the closing of the one they're going to buy.
• 33:32
  Speaker 5: That house gets listed. They may or may not need
• 33:37
  Speaker 5: to use that equity forward program that we talked about
• 33:41
  Speaker 5: because it might sell right away that.
• 33:43
  Speaker 1: If it doesn't, then that's where this home is.
• 33:47
  Speaker 5: Yeah, then yep, kind of bridges that gap and then
• 33:50
  Speaker 5: it gets it gets rolled into the new mortgage, you
• 33:53
  Speaker 5: know whatever, whatever money from the sale goes towards the
• 33:56
  Speaker 5: new purchase, and then a new loan is created for
• 34:01
  Speaker 5: the remainder.
• 34:01
  Speaker 1: And not everybody does that, but some of the people
• 34:04
  Speaker 1: you work with have done that and it's worked out
• 34:05
  Speaker 1: really well.
• 34:06
  Speaker 2: Yeah one of them.
• 34:07
  Speaker 5: Yeah good, Yeah, because it helps that seller that's like
• 34:10
  Speaker 5: I don't want to move. I don't want to sell
• 34:11
  Speaker 5: my home till I know what I want to buy.
• 34:14
  Speaker 5: So it's a it's a really good program. Yeah, do
• 34:16
  Speaker 5: you have anything to add to that, gender No.
• 34:19
  Speaker 2: I was just I was gonna kind of even just
• 34:21
  Speaker 2: go back to like, you know, a bridge loan in general,
• 34:24
  Speaker 2: because a lot of people have like bridge loan and
• 34:27
  Speaker 2: I don't.
• 34:27
  Speaker 1: Know need a bridge. I don't know why you would
• 34:29
  Speaker 1: have me get one of those.
• 34:31
  Speaker 2: You're you're bridging the gap to that next house, so
• 34:34
  Speaker 2: you're going to get a short term loan for the
• 34:37
  Speaker 2: equity that you're pulling out of your house, and typically
• 34:39
  Speaker 2: it's only interest only payments on whatever you're pulling out
• 34:43
  Speaker 2: of that house. So a lot of people have that bad.
• 34:45
  Speaker 2: I don't know why. It's probably prior to my time
• 34:48
  Speaker 2: because there's so many you know, people that are like
• 34:50
  Speaker 2: bridgelans are terrible. No, they can be as a very
• 34:53
  Speaker 2: similar to the equity for proom. It's it's very helpful
• 34:57
  Speaker 2: for a.
• 34:57
  Speaker 1: Lot of different things. Sellers could do. Talk to your realtors.
• 35:00
  Speaker 1: They'll direct you and get you talking to the people. Yeah,
• 35:04
  Speaker 1: So if you had one thing that you'd say to
• 35:06
  Speaker 1: you know, a piece of encouragement. Let's let's leave it
• 35:09
  Speaker 1: at that, one piece of encouragement that you'd give to
• 35:11
  Speaker 1: people out there who are, you know, just maybe a
• 35:14
  Speaker 1: little frustrated, maybe a little concerned right now, whether they're buyers,
• 35:17
  Speaker 1: whether they're sellers.
• 35:18
  Speaker 3: What would you.
• 35:19
  Speaker 2: Say, happy, things are coming.
• 35:21
  Speaker 3: Okay, the future's possibly bright.
• 35:24
  Speaker 2: The future is bright. We're heading into a time that
• 35:27
  Speaker 2: we're supposed to start to see the rage drop. I
• 35:30
  Speaker 2: think I think it's going to be a really good
• 35:33
  Speaker 2: winter in spring, Norket. I mean, we don't have a
• 35:36
  Speaker 2: crystal ball, We have no idea. It's all speculation, right,
• 35:38
  Speaker 2: But I do think left and right you wanted positivity.
• 35:43
  Speaker 2: I am bringing it to you. I appreciate that happy
• 35:46
  Speaker 2: times are coming, Sue.
• 35:48
  Speaker 5: No, I would agree with that. We're still in a
• 35:50
  Speaker 5: seller's market, but the needle has moved a little bit,
• 35:54
  Speaker 5: giving buyers more advantage than what they had let's say,
• 35:58
  Speaker 5: you know, a year ago. Yeah, so yes, and like
• 36:01
  Speaker 5: Ginger said earlier, there's less multiple offers than we saw before.
• 36:04
  Speaker 5: I mean that was a frenzy. I wouldn't say we're
• 36:07
  Speaker 5: in a frenzy anymore.
• 36:08
  Speaker 2: But it's still a good market for solid very good.
• 36:10
  Speaker 5: Still a very good market for buyers, and especially as
• 36:13
  Speaker 5: we're seeing those interest rates come down.
• 36:15
  Speaker 1: So yeah, basically went full circle and went right back
• 36:19
  Speaker 1: to your three words, still looking good or looking good
• 36:22
  Speaker 1: something like that. If our listeners want to.
• 36:24
  Speaker 5: Read that was referring to you.
• 36:26
  Speaker 1: No, I knew it was okay. Sorry, No, there was
• 36:29
  Speaker 1: no confusion there. You've been clear in your ideas.
• 36:32
  Speaker 2: If Dan, has anyone told you this week you're looking great?
• 36:35
  Speaker 3: No, that never happens.
• 36:36
  Speaker 2: Okay, you're looking great.
• 36:38
  Speaker 1: I have a recording that I play to myself periodically
• 36:41
  Speaker 1: when when I need that. We still love you anyway,
• 36:43
  Speaker 1: I know I appreciate that. If our listeners want to
• 36:45
  Speaker 1: get in touch of touch with you, guys, how do
• 36:48
  Speaker 1: they best do that?
• 36:49
  Speaker 2: Well, you better call sushi slow.
• 36:53
  Speaker 3: Sue's got plenty of openings.
• 36:55
  Speaker 1: If you've got like crazy expensive stuff you're trying to sell, we.
• 37:00
  Speaker 5: Should say I'm slow, I'm slower than normal. Hy What
• 37:04
  Speaker 5: did you mean by that?
• 37:05
  Speaker 2: And listen, they've been listening this whole segment, so right,
• 37:09
  Speaker 2: they should know it.
• 37:10
  Speaker 1: Just we were joking about it. Yeah, we joked about it.
• 37:13
  Speaker 1: We had to throw down. If you missed it, go
• 37:15
  Speaker 1: catch it in the podcast. Sue, how do they get
• 37:18
  Speaker 1: in touch with you?
• 37:18
  Speaker 2: You can't even say your number? It's six one, six, seven,
• 37:21
  Speaker 2: two three two four zero zero.
• 37:23
  Speaker 1: That's Sue, that's Sue. How do they get in touch?
• 37:25
  Speaker 2: Ginger Herman six one six, six, three three five eight
• 37:29
  Speaker 2: eight zero and.
• 37:30
  Speaker 1: They can find you online at Suprins dot com dot com.
• 37:34
  Speaker 1: You got it right, Sue, taking a deep breath. I
• 37:39
  Speaker 1: think that's good. Thank you ladies for being here for
• 37:43
  Speaker 1: you know, insulting me periodically, letting me insult you, insulting
• 37:46
  Speaker 1: each other.
• 37:47
  Speaker 3: It's great.
• 37:48
  Speaker 2: We have fun.
• 37:49
  Speaker 3: Thank you, thank you.
• 37:50
  Speaker 5: How come it was fun?
• 37:51
  Speaker 3: And that's going to do it.
• 37:52
  Speaker 1: That's going to wrap up our real estate market check
• 37:55
  Speaker 1: in with Suprins and Ginger Herman from the Suprince Group
• 37:57
  Speaker 1: five star real estate leaders, and whether you're buying, whether
• 38:01
  Speaker 1: you're selling, or whether you're just staying put for now.
• 38:04
  Speaker 1: I really think the key takeaway in all of this
• 38:07
  Speaker 1: is that the market's always changing, you know, but good
• 38:09
  Speaker 1: information and solid planning can make all the difference. Now.
• 38:12
  Speaker 1: If you'd like to hear more conversations like this one
• 38:15
  Speaker 1: or catch past episodes, you can find Home in Progress
• 38:18
  Speaker 1: wherever you listen to podcasts, or check it out at
• 38:21
  Speaker 1: repco light dot com for Home in Progress.
• 38:23
  Speaker 3: I'm Dan Hanson. Thanks for listening.