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The Rates are down? But did it affect the cost of homes? · Bought Borrowed and Sold

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  Speaker 1: All right, welcome to Bot Bart and sold I hope
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  Speaker 1: y'all are having a great morning.
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  Speaker 2: We got hanging out with us in the studio.
• 0:08
  Speaker 1: Brad Smith, Bradsmith Loans dot Com, cross Country Mortgage. What's that,
• 0:12
  Speaker 1: Brad Smith?
• 0:13
  Speaker 2: How are we all doing good? Doing good? Man?
• 0:17
  Speaker 1: I saw you on the football fields coaching earlier this week.
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  Speaker 3: Yeah, man, it's uh, you know, there's nothing there's nothing
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  Speaker 3: bigger than fourth grade football.
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  Speaker 2: Dude, it was really fun to watch. I'll tell you.
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  Speaker 3: It's pretty it's pretty good football for you know, nine
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  Speaker 3: and ten year olds. I mean it's yeah, I mean,
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  Speaker 3: it's it's it's probably you know, I've been more surprised,
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  Speaker 3: like when I got into this last year, I've been
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  Speaker 3: more surprised about what all we can do and like
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  Speaker 3: what they buy and like what the kids can can
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  Speaker 3: pull off. Like I mean, it's it's, it's it's it's
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  Speaker 3: a lot of fun. But season's over, so that's a
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  Speaker 3: little sad for a lot of us. But we started
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  Speaker 3: on July twenty first, that was our first day of practice,
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  Speaker 3: so so.
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  Speaker 2: We all do any kind of practices, like, you know.
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  Speaker 3: We talked about a spring training type deal, but it
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  Speaker 3: just gets in the way with baseball because some of
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  Speaker 3: the baseball and they're all gonna be on you know,
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  Speaker 3: they all be on different teams for wreck baseball. It's
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  Speaker 3: it's it's hard to pull off. But we're trying to
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  Speaker 3: figure out something. We're we're already we had a little
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  Speaker 3: coaches meeting after the other dyke and we've got a
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  Speaker 3: couple of ways and maybe try to figure something out.
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  Speaker 3: So anyways, but it was it was wet, it was cold,
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  Speaker 3: but it was a lot of fun.
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  Speaker 2: There you go, all right, I like it. I like it.
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  Speaker 3: Thank you all for coming.
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  Speaker 2: Yeah, yeah, I had to get time.
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  Speaker 1: I brought Trip and Max and I wanted trips in
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  Speaker 1: third grade, Max's in first and and I really wanted
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  Speaker 1: to see you know, Trip has been talking about potentially
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  Speaker 1: doing you know, tackle football. One of our concerns, as
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  Speaker 1: you know, is he has one functioning kidney, and so
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  Speaker 1: we're concerned about what is what is tackle right?
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  Speaker 2: What would tackle do?
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  Speaker 1: And and obviously we've we've been recommended to us that hey,
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  Speaker 1: you know, it's probably not a good idea, but you know,
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  Speaker 1: I also don't want if he wants to play, he
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  Speaker 1: wants to play, and quite frankly, based on his size,
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  Speaker 1: I think he could actually be pretty good.
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  Speaker 2: So he could.
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  Speaker 1: I think he could on defense, lay the lay the
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  Speaker 1: pop on some folks.
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  Speaker 3: Not taking any rib shots or anything. And we didn't
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  Speaker 3: need to on the gun. And there we got their
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  Speaker 3: different padding and stuff. They can help with that.
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  Speaker 2: Song to you.
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  Speaker 1: And then Max is my quick kid. And that's not
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  Speaker 1: to say that Trip is not, because Trip is very fast.
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  Speaker 1: He's just bigger. But Max is my little he's he's
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  Speaker 1: a little bit tinier and shiftier. Yeah, And so that said,
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  Speaker 1: I said Trip is sneaky fast because he doesn't look fast,
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  Speaker 1: and then my youngest was like, I'm sneaky fast, and
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  Speaker 1: I'm like, dude, you're just fast. He wanted and he
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  Speaker 1: wanted he wanted that extra.
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  Speaker 2: So that was kind of funny. So that was kind
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  Speaker 2: of funny.
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  Speaker 1: So we're going to get into you know, we like
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  Speaker 1: to talk about what we've got going on in our
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  Speaker 1: lives and and you know, Halloween stuff and all the
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  Speaker 1: fun and and I'm glad Halloween is over, just you know,
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  Speaker 1: kind of turn the page.
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  Speaker 2: Let's move on.
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  Speaker 3: And we're like we're in the Halloween Mecca where we live. Yeah,
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  Speaker 3: and so Halloween's big, Yeah, yeah.
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  Speaker 1: So you know, so what's gonna be interesting, Like, hey,
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  Speaker 1: you know, we had a federal funds rate reduction this
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  Speaker 1: past week. We'll talk about how that's going to impact
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  Speaker 1: real estate in our next segment.
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  Speaker 2: But you know, I tell you we've been, We've been.
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  Speaker 1: I've got a couple of agents on our team that
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  Speaker 1: are having you know, their best months ever. It looks
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  Speaker 1: like Kyle when we we're gonna run our final numbers
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  Speaker 1: this week, but it looks like Colin Isaac are going
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  Speaker 1: to have their best months ever, which is really cool.
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  Speaker 1: And then we've got We've got I've got a couple
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  Speaker 1: of agents that are just getting started. So it looks
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  Speaker 1: like we're about to have a couple of new faces
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  Speaker 1: join the team, which is always fun. I love having
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  Speaker 1: new folks join in. Like we've got Edwin on our team.
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  Speaker 1: He's actually from France but has lived in New York
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  Speaker 1: work and his wife is his wife is in law
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  Speaker 1: school at Sanford and so that's what's brought them down here.
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  Speaker 1: And he absolutely loves the South and it's so fun.
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  Speaker 2: He's the glustee I can't do and you know his impersonation,
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  Speaker 2: but it's fun. Like he was hanging out with.
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  Speaker 1: Me this past week and and uh and so he's
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  Speaker 1: gonna be holding a house open and and so with
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  Speaker 1: that kind of being said, I think we should play
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  Speaker 1: the game. We'll talk about our open houses this week,
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  Speaker 1: our new listings, and we'll go from there.
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  Speaker 3: Yeah, all right, So Gussy's gonna go through the properties
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  Speaker 3: and I'm gonna give some details about each one. He's
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  Speaker 3: gonna give us the list price, and at the end
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  Speaker 3: of the list price, I'm gonna give a potential down
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  Speaker 3: payment that a bar may make on a home. And
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  Speaker 3: then Gusty and John are going to guess the thirty
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  Speaker 3: year fixed principal an interest only monthly payment. So with
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  Speaker 3: all that being said.
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  Speaker 2: That's right, all right.
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  Speaker 1: Well, our first new listing of the week is in Alabaster.
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  Speaker 1: It is going to be opened this after noon from
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  Speaker 1: two to four. It is going to be hosted by
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  Speaker 1: Edwin Sealini. And this is in Shelby Farms neighborhood one
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  Speaker 1: oh nine Shelby Farms Drive. This home was built in
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  Speaker 1: twenty seventeen, three bedrooms, two baths, single level garden home,
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  Speaker 1: fourteen hundred and sixty one square feet and we're asking
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  Speaker 1: two hundred and eighty five thousand, very cute house, granite, countertop, screen, porch,
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  Speaker 1: fenced yard. You know, it's just one of those communities
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  Speaker 1: that it's like a sidewalk community. So it's a very
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  Speaker 1: good looking community. And for two eighty five you could
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  Speaker 1: move to one oh nine Shelby Farms Drive.
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  Speaker 3: Two eighty five.
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  Speaker 2: That's great.
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  Speaker 3: Anything under three hundred like that, it's awesome. Right now,
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  Speaker 3: that's great. All right, two eighty five, twoty five. We're
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  Speaker 3: gonna start off putting five percent down, five percent down,
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  Speaker 3: five percent down.
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  Speaker 1: We've got John in the studio. Hey, John, how you
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  Speaker 1: going good? You're ready for Uh?
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  Speaker 4: I am gonna do my best, but you get to
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  Speaker 4: go first.
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  Speaker 1: So all right, five percent then down. I'm gonna go with.
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  Speaker 2: Let's go with let's go with fifteen fifty.
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  Speaker 5: Pretty close. I was actually thinking fourteen. I was actually
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  Speaker 5: gonna go with the crazy dates. So I was gonna
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  Speaker 5: go fourteen ninety two.
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  Speaker 2: Okay, let's see what we got here.
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  Speaker 3: The actual payment is sixteen sixty seven.
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  Speaker 2: Whoa, we were a little low.
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  Speaker 3: A little prelude into the what the Fed funds rate
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  Speaker 3: dropping did?
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  Speaker 2: It went up?
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  Speaker 3: Rates went up, mortgane rates went up.
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  Speaker 2: Oh my gosh, why why? I guess we'll talk about
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  Speaker 2: it next segment, next segment.
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  Speaker 1: Hey, we've also got opened this afternoon from two to four.
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  Speaker 4: Go see TJ.
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  Speaker 1: Cunningham at We got some new construction in Crsswood. How
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  Speaker 1: about that fifty three sixteen Fifth Court South. This was
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  Speaker 1: built this year. Three bedrooms, two and a half baths,
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  Speaker 1: sixteen hundred ninety four square feet on the main two levels.
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  Speaker 1: Another finished room in the basement of ninety square feet
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  Speaker 1: could be a great dinner office. It's got a one
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  Speaker 1: car garage. And how about new construction in Crusswood three
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  Speaker 1: eighty nine to nine, three eighty nine nine.
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  Speaker 3: Three eighty nine nine. This one, John, We're gonna put
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  Speaker 3: ten percent down.
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  Speaker 4: You get to go first, ten percent down. I feel
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  Speaker 4: like this property was on the list last week.
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  Speaker 2: Yeah, is it coming soon?
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  Speaker 5: But it was a different I think it was a
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  Speaker 5: different percentage now as I recall, and I don't remember
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  Speaker 5: any of that anyway.
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  Speaker 4: So I'm gonna go with I don't know, this doesn't
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  Speaker 4: work as a date. Twenty eight eighty.
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  Speaker 2: How much? How much do you say down?
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  Speaker 3: Ten percent down?
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  Speaker 2: Ten percent down?
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  Speaker 3: Would you say?
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  Speaker 4: John? Twenty hundred dollars twenty eight hundred and eighty dollars.
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  Speaker 5: I thought that's what you said. I have no idea
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  Speaker 5: if that is even a rational number.
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  Speaker 1: I'm thinking it's a little high, by the way, So
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  Speaker 1: you can come back around and call it. Call a
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  Speaker 1: friend if you want to, maybe call JT or something.
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  Speaker 4: I would be that you would call would he be?
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  Speaker 4: I would not call JT.
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  Speaker 2: He probably sleeps in on Sunday.
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  Speaker 3: Probably talk to the guy that was out front when
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  Speaker 3: he let me in earlier before. Yeah, all right, JT's
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  Speaker 3: catching shrapnel.
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  Speaker 2: So yeah, yeah, yeah, all right, let's uh, let's go
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  Speaker 2: with let's go with twenty two hundred.
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  Speaker 3: The actual payment was twenty one and sixty one dollars around.
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  Speaker 5: Hey, he was a little high, though, he was a
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  Speaker 5: little high, I mean not as high as maybe.
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  Speaker 2: Right.
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  Speaker 1: Hey, we've got a new price on a house in
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  Speaker 1: Bluff Park and uh and it's going to be open
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  Speaker 1: from twelve to one thirty today, so TJ is doing
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  Speaker 1: double duty.
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  Speaker 2: Go see t J.
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  Speaker 1: Cunningham at twenty sixteen Chapel Road, open from twelve to
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  Speaker 1: one thirty. This one has four bedrooms, two and a
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  Speaker 1: half pass, thirty six hundred square feet. Holy moly, that's
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  Speaker 1: a lot of space built in nineteen sixty one point
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  Speaker 1: four of an acre lot. This was This is just
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  Speaker 1: a couple of lots down from Shades Crest, so super
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  Speaker 1: convenient location between Shades Crest and Park Avenue and Bluff Park.
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  Speaker 1: And I like how TJ calls this chalet chic. That's
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  Speaker 1: one of my favorite descriptions. And this one's priced at
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  Speaker 1: five sixty five hundred and sixty thousand.
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  Speaker 3: Five sixty. We're back to Gusty. We're gonna put ten
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  Speaker 3: percent down, ten percent, okay, ten percent, ten percent, let's
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  Speaker 3: go with.
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  Speaker 2: Thirty two hundred bucks.
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  Speaker 5: I'm gonna go lower than that, but not too much lower.
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  Speaker 5: For three thousand dollars.
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  Speaker 3: Three thousand dollars. The actual payment was three thousand, one
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  Speaker 3: hundred and three dollars. Gusty gets round thirty by way
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  Speaker 3: three dollars.
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  Speaker 2: Wow, good night, that was a close one.
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  Speaker 3: Yeah, buddy, not really.
• 10:17
  Speaker 1: Well, Hey, we got another new listing. This is a
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  Speaker 1: Pleasant Grove seven thirty five tenth Way, seven thirty five
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  Speaker 1: tenth Way and Pleasant Grove built in nineteen eighty one.
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  Speaker 1: It's on point three six of an acre. Three bedrooms,
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  Speaker 1: one and a half baths, twelve hundred and twenty five
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  Speaker 1: square feet. We're asking one hundred and thirty eight thousand,
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  Speaker 1: and this one is a spacious lot and it also
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  Speaker 1: has recent upgrades of a new HVAC system and a
• 10:42
  Speaker 1: full crawl space and capulation, so maybe you can eat
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  Speaker 1: dinner from from the crawl space. So this listing is
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  Speaker 1: courtesy of Graham Rieseberg's that congratulations on your new listing, Graham.
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  Speaker 1: One thirty eight one eight three percent down, three percent down?
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  Speaker 2: Who's it on?
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  Speaker 3: John?
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  Speaker 2: All right?
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  Speaker 5: About how about nine hundred and sixty dollars.
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  Speaker 2: I'm gonna go with nine hundred and twenty dollars.
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  Speaker 3: The actual payment was eight hundred and twenty four dollars. Wow,
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  Speaker 3: Gustie's four in a row. We got one more, though
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  Speaker 3: I believe.
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  Speaker 2: It's been I've been high on every single one.
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  Speaker 3: Except for that first one.
• 11:35
  Speaker 2: O was I not you?
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  Speaker 3: That's the one we are a little bit with calibrating. Yeah,
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  Speaker 3: I've just made an eighth of a rate of adjustment
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  Speaker 3: on there again.
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  Speaker 1: All right, And our last new listing of the week
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  Speaker 1: is on an acre lot in Mount Olive thirty ninety
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  Speaker 1: three Mount Olive Road. This one is a cute cottage
• 11:54
  Speaker 1: in built in nineteen forty three bedrooms, two baths, sixteen
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  Speaker 1: hundred and thirty two square feet. So I say cute
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  Speaker 1: because it's cute, not because the size, because this is
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  Speaker 1: actually a pretty large, you know, bungalow. We're asking two
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  Speaker 1: hundred and seventy five thousand, so one acre mount. All
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  Speaker 1: of this is in Gardendale School District. Two hundred and
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  Speaker 1: seventy five thousand dollars. Courts, countertops. By the way, it's
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  Speaker 1: got fresh paint. Flooring is a couple of years old.
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  Speaker 3: You know, great area is to move right on you
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  Speaker 3: or that's a great area too. It's awesome out there.
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  Speaker 3: Two seventy five you said, yeah, twenty percent.
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  Speaker 1: Down twenty percent. Now it's like twenty minutes from downtown. Actually,
• 12:36
  Speaker 1: she said, seventeen minutes from downtown to downtown. Pretty sweet.
• 12:41
  Speaker 1: Two seventy five and how much down? Twenty twenty it's
• 12:44
  Speaker 1: on me, right, No, I think it's me yeah, yeah, because.
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  Speaker 2: You had the three percent, right, that's right, I did.
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  Speaker 4: I did.
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  Speaker 2: I'm gonna go with the let's go fourteen hundred.
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  Speaker 5: That sounds reasonable because twenty percent down, so that's like,
• 13:03
  Speaker 5: you know, it's like, you know, fifty off. So you're
• 13:06
  Speaker 5: really financing like two twenty something or something like that.
• 13:08
  Speaker 5: So what do you say?
• 13:13
  Speaker 2: I said fourteen hundred. I was thinking twelve hundred.
• 13:15
  Speaker 1: So do you think that you can get it this
• 13:17
  Speaker 1: one today? This is your last opportunity? John, all right,
• 13:22
  Speaker 1: twelve fifty financer.
• 13:24
  Speaker 2: Oh I think you may have gotten it now.
• 13:26
  Speaker 3: The actual payment was thirteen fifty four. It was a
• 13:29
  Speaker 3: clean sleep.
• 13:30
  Speaker 1: Oh my gosh, wow, look at that.
• 13:35
  Speaker 4: This was not my week.
• 13:36
  Speaker 1: This was definitely not your week, Bud. But hey, five
• 13:40
  Speaker 1: and oh, let's go, let's go.
• 13:41
  Speaker 2: Hey.
• 13:41
  Speaker 1: We've also got another listing coming soon in Hubetown. Three bedrooms,
• 13:45
  Speaker 1: one bath. It's gonna be one fifty four to nine.
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  Speaker 1: This one is fourteen hundred and forty square feet and
• 13:51
  Speaker 1: this one has new floring, new paint, some new appliances, fence, backyards,
• 13:57
  Speaker 1: got a shed that stay in, got a nice new
• 14:01
  Speaker 1: so yeah, uh, that's gonna be coming up next week.
• 14:05
  Speaker 1: So we also got one in Moody and Krills Crossing
• 14:09
  Speaker 1: that's gonna be coming up ten sixty five Krill Drive,
• 14:12
  Speaker 1: built just a few years ago. It's a four bedroom,
• 14:14
  Speaker 1: three baths, seventeen hundred and eighty eight square feet on
• 14:16
  Speaker 1: the main eight hundred and sixteen square feet finished in
• 14:19
  Speaker 1: the basement for four hundred and fifty thousand. So got
• 14:23
  Speaker 1: a couple of buyer needs I want to touch on.
• 14:25
  Speaker 2: Uh.
• 14:25
  Speaker 1: I've got somebody that's looking near Rocky Ridge Road up
• 14:28
  Speaker 1: to four hundred thousand, so something it can be in county,
• 14:32
  Speaker 1: it can be Vestavia, can be Hoover, but something near
• 14:34
  Speaker 1: Rocky Ridge Road. I've got somebody looking up to five
• 14:37
  Speaker 1: hundred and Homewood. They're also consider Cresswood, Highland Park, Forest Park,
• 14:45
  Speaker 1: Mountain Brook Crest Line, so just kind of that general
• 14:48
  Speaker 1: over the mountain or close to over the mountain area.
• 14:52
  Speaker 1: And we've got somebody looking up to three fifty near Greystone, YMCA.
• 14:56
  Speaker 1: So if you've got a house near Greystone, YMCA, I've
• 14:58
  Speaker 1: got somebody looking in that price rang. We've also had
• 15:01
  Speaker 1: somebody looking for a four bedroom, three bath on at
• 15:04
  Speaker 1: least an acre in North Shelby County one caveat not
• 15:08
  Speaker 1: in Chelsea. They want at least three thousand square feet
• 15:12
  Speaker 1: and they say the less stares the better, and it's
• 15:14
  Speaker 1: up to six hundred thousand, so they are pretty dialed
• 15:16
  Speaker 1: in on what they want. So against Chelsea, you know,
• 15:20
  Speaker 1: I'm not sure exactly. One of the girls on our
• 15:23
  Speaker 1: team is working with them, and so I don't know
• 15:26
  Speaker 1: exactly what they got. Again, maybe they are in Chelsea
• 15:28
  Speaker 1: and they're ready to get out.
• 15:29
  Speaker 2: Who knows.
• 15:31
  Speaker 1: So if you have anything that matches some of our
• 15:35
  Speaker 1: VP buyer needs, call us at two five five four
• 15:38
  Speaker 1: two nineteen ninety six, so you can go to Gustygoulissgroup
• 15:41
  Speaker 1: dot com. Oh hey, guess what time it is. That's right,
• 15:47
  Speaker 1: it's testimonial time. All right, this one goes out. This
• 15:52
  Speaker 1: one's for Kyle. Kyle actually made my experience and purchasing
• 15:56
  Speaker 1: my forever home enjoyable. From contract to close. He was
• 16:00
  Speaker 1: there every step of the way, answering any and all
• 16:03
  Speaker 1: questions I had promptly. He's truly genuine and cares about
• 16:06
  Speaker 1: his clients. I not only found a great realtor, I
• 16:09
  Speaker 1: gained a great friend. I will always recommend Kyle and
• 16:13
  Speaker 1: the Gusty Goulis Group for any and all realtor needs.
• 16:16
  Speaker 1: Thank you, Kyle. So congratulations on your new home and Kyle, congratulations.
• 16:21
  Speaker 2: On another star review.
• 16:26
  Speaker 1: It's so funny to see both of y'all. Y'all like
• 16:28
  Speaker 1: y'all like get back, like y'all move back in your chair.
• 16:31
  Speaker 4: I don't want to.
• 16:34
  Speaker 1: You'll get back in your microphone to get like amped
• 16:36
  Speaker 1: up for that. So it's really fun to watch here
• 16:39
  Speaker 1: and see it and if you're following along listening in
• 16:41
  Speaker 1: your car or whatnot. But all right, anyways, Uh, we're
• 16:45
  Speaker 1: stay tuned. We're gonna go to break. Uh we're gonna
• 16:47
  Speaker 1: talk about what is the Fed funds rate that drop
• 16:50
  Speaker 1: this week? Doing t interest rates right now here on
• 16:54
  Speaker 1: Bob bart and Sold.
• 16:59
  Speaker 2: All right, welcome back to Bob bart and Sold.
• 17:01
  Speaker 1: Thank you again as always for joining us. We've been
• 17:03
  Speaker 1: doing this for the last five years. Holy moly, that's
• 17:07
  Speaker 1: been crazy. And so we have seen rates all over
• 17:13
  Speaker 1: the place in the last five years. We've seen them
• 17:15
  Speaker 1: at like two point eight seventy five, we've seen them
• 17:20
  Speaker 1: at like eight and a half, and we had a
• 17:23
  Speaker 1: nice little Fed Funds rate reduction this past week. What
• 17:26
  Speaker 1: in the world is it doing to interest rates for us?
• 17:30
  Speaker 2: There? Brad Smith with Cross Country Mortgage.
• 17:32
  Speaker 3: Yeah, so, you know, like we talked about and we've
• 17:35
  Speaker 3: talked about previously, and for your first time listening, we'll
• 17:37
  Speaker 3: kind of go back over it. But because the you know,
• 17:41
  Speaker 3: the expectancy was to get another quarter twenty five basis
• 17:44
  Speaker 3: point drop. So the market was already reacting because the
• 17:48
  Speaker 3: mortgage rate's'ur in real time. There's nobody that just sets
• 17:50
  Speaker 3: a mortgage rate, right, I mean, there's it's it's a
• 17:53
  Speaker 3: moving target. It's it's an investible things. It moves intra
• 17:57
  Speaker 3: day throughout, so you know it. It has been responding
• 18:03
  Speaker 3: like there was going to be a twenty five basis
• 18:05
  Speaker 3: point all the way up to it. So then what
• 18:08
  Speaker 3: we get is, now, how did the FED meeting go?
• 18:12
  Speaker 3: And we get the actual conversations from the FED chair
• 18:16
  Speaker 3: president and then we have the Q and A with
• 18:18
  Speaker 3: him afterwards. Yep, all right, So then so that's where
• 18:21
  Speaker 3: it sets the tone of what are we looking at
• 18:23
  Speaker 3: for the rest of the year and on and that
• 18:26
  Speaker 3: then they go through a full two year progression.
• 18:28
  Speaker 2: Gotcha it.
• 18:30
  Speaker 3: You know, it came out a little more like this
• 18:32
  Speaker 3: could possibly be the last cut this year. Okay, And
• 18:35
  Speaker 3: so I think we're all still kind of They've got
• 18:37
  Speaker 3: one more meeting, right, We've got another meeting. You know,
• 18:39
  Speaker 3: I think there was some anticipation that that would probably
• 18:41
  Speaker 3: get another, you know, the third one, and we may
• 18:45
  Speaker 3: but it's it's not as after the conversations some of
• 18:47
  Speaker 3: the comments yesterday, it didn't look as promising that we
• 18:51
  Speaker 3: were going to get that other twenty five basis point cut.
• 18:54
  Speaker 3: The government still shut down day passed day thirty this
• 18:57
  Speaker 3: past week of the government shut down.
• 19:00
  Speaker 1: The last time it has been like what since twenty sixteen,
• 19:03
  Speaker 1: since that's happened, yep, I mean, like John's more of
• 19:05
  Speaker 1: our wizard on that well, and.
• 19:06
  Speaker 3: Food stamps are going to be drying, I mean aren't
• 19:08
  Speaker 3: going to be going you have to on November first,
• 19:10
  Speaker 3: like I mean, it's it's it's we're in a bad
• 19:12
  Speaker 3: situation right now on that. So the market's also just
• 19:14
  Speaker 3: still real hesitant to respond to what's what the long
• 19:19
  Speaker 3: term effects are even when they do open back up
• 19:21
  Speaker 3: of what's happened over the last thirty two days now,
• 19:25
  Speaker 3: So you got those things going in a little bit
• 19:27
  Speaker 3: of hesitancy from the federal Reserve on kind of if
• 19:30
  Speaker 3: they think maybe or maybe not we They had two
• 19:33
  Speaker 3: dissenters in this vote, so two guys one wanted to
• 19:36
  Speaker 3: one went out because he wanted to fifty bip reduction.
• 19:39
  Speaker 2: In one same guys last time yes, and then and.
• 19:42
  Speaker 3: Then the other one the other way and thought we
• 19:43
  Speaker 3: shouldn't cut anything really, and so you know, you had
• 19:46
  Speaker 3: one on each side of the spectrum, then everybody else
• 19:48
  Speaker 3: settled in at twenty five base, right, And.
• 19:50
  Speaker 5: So aren't they missing the The problem is they're missing
• 19:52
  Speaker 5: the unemployment numbers right now.
• 19:54
  Speaker 2: Because the closure.
• 19:55
  Speaker 3: Yep, yep, yep. So they're kind of dark. They're kind
• 19:57
  Speaker 3: of in the dark a little bit right now on
• 19:59
  Speaker 3: some on some of this stuff. And yeah, so they've
• 20:03
  Speaker 3: also you know, kind of said they'renna start doing you know,
• 20:05
  Speaker 3: quit the runoff on the balance sheet some other stuff
• 20:07
  Speaker 3: that's gonna be how they're gonna reinvest in what they're
• 20:09
  Speaker 3: gonna put it in. You know, we would love for
• 20:11
  Speaker 3: them to come out and say one of these meetings
• 20:12
  Speaker 3: they're gonna start going ramping back up in their investments
• 20:15
  Speaker 3: into the mortgage backed security funds like they did right
• 20:18
  Speaker 3: to help move rates down, because again that that makes
• 20:21
  Speaker 3: you know, there's there's more demand for it, so then
• 20:23
  Speaker 3: mortgage acts can keep coming down. So really we would
• 20:26
  Speaker 3: like to see them start trying to put some money
• 20:28
  Speaker 3: back into them buying investments into the mortgage backed securities
• 20:31
  Speaker 3: that would do the most for rates. They didn't come
• 20:33
  Speaker 3: out and say that. So now we're just kind of
• 20:35
  Speaker 3: back with the market, but we've settled in. We're still
• 20:38
  Speaker 3: in that those middle oast sixes. We're talking about maybe
• 20:43
  Speaker 3: an eighth difference on the thirty year fixed average. So
• 20:46
  Speaker 3: if the nationals say somewhere around six point two four
• 20:50
  Speaker 3: last week, we're probably gonna be looking around six point
• 20:52
  Speaker 3: three eighth this week or somewhere in that range. So
• 20:55
  Speaker 3: you know, it's not not earth shattering. Again, that's average
• 20:57
  Speaker 3: government loans. They're still in the in the upper five.
• 21:01
  Speaker 3: We still got things that are getting down closer to six.
• 21:05
  Speaker 3: But yeah, I mean again, as we get closer to
• 21:08
  Speaker 3: the next meeting and we start getting a better idea
• 21:11
  Speaker 3: of what the tone is going to be of that,
• 21:12
  Speaker 3: and if we're looking more and more likely to get
• 21:15
  Speaker 3: another reduction, we'll see another run on mortgage. It's getting
• 21:17
  Speaker 3: dropped down. So you know, we're just kind of we're
• 21:20
  Speaker 3: still holding water. Though it wasn't a huge reaction. It
• 21:22
  Speaker 3: was just kind of like, Okay, we've already built into
• 21:24
  Speaker 3: pricing for this twenty five basis point reduction. Now let's
• 21:27
  Speaker 3: start seeing if we need to react to what we
• 21:28
  Speaker 3: think the next one's going to be and since there
• 21:30
  Speaker 3: wasn't impact of probably another one, we're like, okay, let's
• 21:32
  Speaker 3: pull back a little bit and see what they're going
• 21:34
  Speaker 3: to figure out. So it was a pretty normal I mean,
• 21:36
  Speaker 3: we talk about it. It proves a pretty normal reaction
• 21:40
  Speaker 3: based on what the comments in the Q and A were.
• 21:42
  Speaker 1: Yeah, yeah, anyways, man, super interesting stuff. I mean, I
• 21:46
  Speaker 1: think it's you know, I think a lot of I
• 21:48
  Speaker 1: guess has to do with the.
• 21:49
  Speaker 2: Government shut down and they don't know some of this stuff.
• 21:51
  Speaker 1: But you know, I feel like, I mean, rates are
• 21:54
  Speaker 1: now hovering in the still the low sixes, but you know,
• 21:58
  Speaker 1: it's been interesting to watch when they reduce that and
• 22:02
  Speaker 1: then interest rates have been ticking up, and it makes
• 22:06
  Speaker 1: it's it's wild to me, but you know.
• 22:08
  Speaker 3: And we still we had a call yesterday as a
• 22:11
  Speaker 3: region for cross country, and you know, it was about
• 22:14
  Speaker 3: that we're getting into the refight boom. There's that many
• 22:17
  Speaker 3: people over the last three years going back to that rate.
• 22:19
  Speaker 3: So when you say you talked about that are in
• 22:21
  Speaker 3: those sevens and eights, Like, hey, ready, I can get
• 22:25
  Speaker 3: six in a quarter and get this thing down. Let's move.
• 22:27
  Speaker 3: So it's already happening. I mean, you see it. It's
• 22:30
  Speaker 3: already there. So think about that too if you're out
• 22:33
  Speaker 3: there looking to purchase the home. We've got people refinancing
• 22:35
  Speaker 3: to this. People are one hundred percent and then people also,
• 22:39
  Speaker 3: people's homes are worth more than have ever been, so
• 22:40
  Speaker 3: people are also getting cash out. But but yeah, I mean,
• 22:44
  Speaker 3: you know, just think about that when you're buying a house.
• 22:45
  Speaker 3: Us think the rates are high, people are already refinancing
• 22:47
  Speaker 3: to get to this rate. So we're we're we're kind
• 22:50
  Speaker 3: of in that sweet spot where you know, if you're
• 22:53
  Speaker 3: worried about the rate now, then you're just not interested.
• 22:55
  Speaker 3: You're not really buying, Like I mean, if you're going
• 22:57
  Speaker 3: to buy something that the rate shouldn't be holding you back.
• 22:59
  Speaker 3: That's that's my pip talk for them.
• 23:01
  Speaker 2: Well, I appreciate you that. I think it's important.
• 23:04
  Speaker 1: I mean, you know, and I think what it's doing is,
• 23:07
  Speaker 1: you know, what we're finding is I am getting actually
• 23:10
  Speaker 1: more phone calls of people willing to sell their house, right,
• 23:13
  Speaker 1: And I think that's a great thing. And it just
• 23:16
  Speaker 1: kind of goes along with the theme that we've we've
• 23:17
  Speaker 1: been talking about for the last month as the call
• 23:19
  Speaker 1: before the storm, like hey, it's probably a buyer's market
• 23:24
  Speaker 1: for the next four or five months, and then when
• 23:25
  Speaker 1: it hits March, like seriously, it's going to be multiple
• 23:28
  Speaker 1: offers because we're we're looking you know, low sixes, probably
• 23:31
  Speaker 1: high fives, you know, mid fives on government loans, and
• 23:35
  Speaker 1: my goodness, people are gonna get off the fence. They're
• 23:37
  Speaker 1: going to be ready. They've been sitting on the sidelines.
• 23:39
  Speaker 1: They're they are ready to make a change. And that's
• 23:42
  Speaker 1: conversations we're having with the buyers. So AnyWho, that's what's
• 23:46
  Speaker 1: going on in the real estate market, the mortgage market.
• 23:48
  Speaker 1: And then for any of y'all's real estate needs go
• 23:51
  Speaker 1: to Gustygoulisgroup dot com or for any like if you
• 23:54
  Speaker 1: want to buy a house and need a loan or
• 23:55
  Speaker 1: get a refive, go to Bradsmith Loans dot com.
• 23:59
  Speaker 2: Hey, thanks so much for joining, and sorry John, I
• 24:01
  Speaker 2: beat you this week.
• 24:02
  Speaker 4: It happens.
• 24:04
  Speaker 2: All right, y'all, have a great week. Talk to you later.
• 24:09
  Speaker 2: M