Latest / Bought Borrowed and Sold / Watching Rates, and Home Sales

Transcript

Watching Rates, and Home Sales · Bought Borrowed and Sold

• 0:00
  Speaker 1: Well, welcome, welcome, welcome to Ball Barton Sold. All right.
• 0:08
  Speaker 1: How's it going, Brad?
• 0:09
  Speaker 2: It's going good.
• 0:10
  Speaker 1: Yeah, you were looking at me like, I know I've
• 0:13
  Speaker 1: never opened up that way.
• 0:15
  Speaker 2: It was like just very like, it was a nice
• 0:17
  Speaker 2: tone and like I was like something done. It's not
• 0:19
  Speaker 2: triggering right. And I was like, what's going on here?
• 0:22
  Speaker 1: You gave me this confused look.
• 0:23
  Speaker 2: I did. I look like a dog staring at a radio.
• 0:26
  Speaker 1: We've got Brad Smith with Cross Country Mortgage hanging out
• 0:29
  Speaker 1: with us today, as always. John Mounts in the back,
• 0:34
  Speaker 1: you know, pushing all the buttons to make us sound good.
• 0:37
  Speaker 2: And we do.
• 0:39
  Speaker 1: Another week in real estate.
• 0:40
  Speaker 2: Another week in real estate.
• 0:43
  Speaker 1: But, you know, we took a little break.
• 0:44
  Speaker 2: Another week of life. Yeah.
• 0:46
  Speaker 1: Last weekend we did a little fall break action. Yeah. Yeah.
• 0:49
  Speaker 1: We took a little trip to New York. Nice. And, man.
• 0:53
  Speaker 2: That was a pivot trip, wasn't it?
• 0:54
  Speaker 1: It was a complete pivot trip because the hurricane made
• 0:57
  Speaker 1: us go somewhere else. We were supposed to go to
• 0:59
  Speaker 1: Panama City, and then we found out on, I think,
• 1:04
  Speaker 1: Wednesday night, we were told, yeah, Panama City's not going
• 1:09
  Speaker 1: to happen. So we started looking at what our options were,
• 1:13
  Speaker 1: and Katie, my wife, the traveler- was like, hey, why
• 1:20
  Speaker 1: don't we go to New York? And Harry Styles is playing.
• 1:24
  Speaker 1: And it looks like the Jets have a home game.
• 1:30
  Speaker 1: And so why don't we make a trip? And I
• 1:31
  Speaker 1: was like, oh, man. I started looking up, like, airplane, like, flights.
• 1:36
  Speaker 1: And I started looking up the hotels. And I was like,
• 1:39
  Speaker 1: good Lord, I got to sell some houses. Yeah.
• 1:43
  Speaker 2: You know, when you see that fuel keep going up,
• 1:45
  Speaker 2: it goes up for everybody.
• 1:47
  Speaker 1: Man, let me tell you. Luckily, I had a lot
• 1:51
  Speaker 1: of SkyMiles.
• 1:52
  Speaker 2: I was about to say.
• 1:53
  Speaker 1: I had a lot of SkyMiles built up because we
• 1:56
  Speaker 1: hadn't really traveled very much this year with everything that
• 1:59
  Speaker 1: Katie's been dealing with. And so, you know, so we
• 2:04
  Speaker 1: tapped into that.
• 2:04
  Speaker 2: That's awesome.
• 2:05
  Speaker 1: We tapped into them points. But, yeah, so we went
• 2:08
  Speaker 1: up there and– You know, even the scary part was like, hey,
• 2:12
  Speaker 1: we were going to leave out Saturday morning.
• 2:14
  Speaker 2: Yeah.
• 2:15
  Speaker 1: And we were like, are we going to be able
• 2:16
  Speaker 1: to get out because of the hurricane?
• 2:20
  Speaker 2: We didn't know really. Once it got started making landfall,
• 2:23
  Speaker 2: you know, we were seeing all kinds of different stuff.
• 2:25
  Speaker 2: We could kind of get impacted pretty good. It could
• 2:28
  Speaker 2: cause some tornadic reactions and stuff through the state.
• 2:30
  Speaker 1: Yeah.
• 2:30
  Speaker 2: And we did have a little bit of that. We
• 2:32
  Speaker 2: had some power outages and stuff in the area a
• 2:34
  Speaker 2: little bit, but. We didn't ever really get anything crazy.
• 2:38
  Speaker 1: Yeah, thank goodness. So we ended up, we did not
• 2:43
  Speaker 1: have any delays, which was incredible to me.
• 2:45
  Speaker 2: That is.
• 2:46
  Speaker 1: So we made it up to New York in time.
• 2:49
  Speaker 1: We went and saw Harry Styles in Madison Square Garden.
• 2:52
  Speaker 2: How was that?
• 2:53
  Speaker 1: You know.
• 2:54
  Speaker 2: I mean, the first show goes.
• 2:56
  Speaker 1: I will say that Harry Styles is one heck of
• 2:59
  Speaker 1: a performer.
• 3:00
  Speaker 2: That's cool.
• 3:01
  Speaker 1: Uh, great energy in the crowd. It was, there was,
• 3:04
  Speaker 1: I mean, we paid double for our seats and we
• 3:07
  Speaker 1: were like nosebleed. Uh, the, the seat cost, like just
• 3:10
  Speaker 1: the regular base price cost of the seats were, were astronomical.
• 3:14
  Speaker 1: And then, uh, think about when you buy a sold
• 3:17
  Speaker 1: out show, uh, two days before the, the, the event
• 3:21
  Speaker 1: of how much those tickets were. So, It was, I
• 3:25
  Speaker 1: got to sell a house.
• 3:26
  Speaker 2: Couldn't use miles for that?
• 3:29
  Speaker 1: I couldn't use miles for that one. But the people
• 3:33
  Speaker 1: I bought the tickets from definitely doubled their money. Nice.
• 3:36
  Speaker 1: And so, you know, but hey, we got in there.
• 3:39
  Speaker 1: We had a great time. I think my wife had
• 3:42
  Speaker 1: more fun than my kids did. But I mean, the
• 3:46
  Speaker 1: show really was, it was a great show. And my
• 3:49
  Speaker 1: kids were just like, just enthused and just, Locked in
• 3:53
  Speaker 1: on the show. Now, there was a lot of women,
• 3:57
  Speaker 1: a lot of girls, and there was a lot of screaming.
• 3:59
  Speaker 1: And I will say, it might have been one of
• 4:01
  Speaker 1: the loudest concerts I've been from a screaming standpoint.
• 4:06
  Speaker 2: The teeny bopping stuff?
• 4:08
  Speaker 1: Lord, holy cow. But that was cool. And then the
• 4:12
  Speaker 1: next day, we went to the Jets game. And unfortunately,
• 4:16
  Speaker 1: we had to deal with the hurricane remnants. So it
• 4:19
  Speaker 1: rained all day on last Sunday.
• 4:21
  Speaker 2: Uh-huh.
• 4:22
  Speaker 1: So, I mean, it was like nasty, nasty. And you've
• 4:26
  Speaker 1: got to think, like, Jets fans, man, they are serious.
• 4:29
  Speaker 2: NFL fans are serious. They are serious. Anything New York
• 4:34
  Speaker 2: even magnifies it. But, like, the NFL folks, they'll all
• 4:37
  Speaker 2: wear a jersey.
• 4:39
  Speaker 1: Look, I was very impressed with the Jets fans.
• 4:42
  Speaker 2: Yeah.
• 4:43
  Speaker 1: The ones that were willing to stay in that climate
• 4:47
  Speaker 1: and root on the team, like, That stadium was probably
• 4:52
  Speaker 1: half full, and it was loud as all get-outs. Yeah, yeah. And,
• 4:56
  Speaker 1: you know, they definitely, I'm sure, had some liquid courage
• 4:59
  Speaker 1: before going in there. But it was a great day.
• 5:03
  Speaker 1: We went in there, and my boys bought two Brees
• 5:06
  Speaker 1: Hall jerseys, the running back for the Jets, who did
• 5:09
  Speaker 1: not play because he's hurt. So Katie went to the restroom,
• 5:14
  Speaker 1: and we're hanging out right in front of their little
• 5:16
  Speaker 1: Jets store in the stadium. I'm waiting on Katie. And,
• 5:21
  Speaker 1: and this guy comes up and is like, Hey, you
• 5:22
  Speaker 1: want to, you want to play a game? And we
• 5:25
  Speaker 1: knew he worked with the Jets and we were like, yeah,
• 5:27
  Speaker 1: let's sure. Why not? So, you know, those vending machines
• 5:30
  Speaker 1: that you put in like a quarter and get like
• 5:32
  Speaker 1: a sticker or a temporary tattoo or a baseball card
• 5:35
  Speaker 1: or whatever. And so they gave my boys coins and they,
• 5:39
  Speaker 1: you could put in your money and you, they got
• 5:42
  Speaker 1: like two trading cards, right? Like you could have gotten
• 5:44
  Speaker 1: like a signed Jersey. You could have got something, whatever.
• 5:48
  Speaker 1: And so they got the trading cards. Well, behind this
• 5:52
  Speaker 1: other guy was this girl that worked on the social
• 5:55
  Speaker 1: media team for the Jets. And she was like, she
• 5:58
  Speaker 1: steps in and she's like, hey, she's like, what if
• 6:02
  Speaker 1: I traded you those two trading cards for these four
• 6:07
  Speaker 1: VIP pregame on the field tickets to hang out on
• 6:11
  Speaker 1: the field for the next hour? And we were like,
• 6:14
  Speaker 1: trade sold. Sold. And so she took us.
• 6:18
  Speaker 2: Let's make a deal.
• 6:19
  Speaker 1: Hey, and they gave us gift cards. I was like, whoa,
• 6:24
  Speaker 1: that was awesome. Yes. So we paid for their jerseys,
• 6:27
  Speaker 1: which was cool. Man. So we got to go on
• 6:30
  Speaker 1: the field in the pouring rain, watching them kind of prep.
• 6:36
  Speaker 1: Who cares? That's awesome. To the right of us is
• 6:39
  Speaker 1: like a bunch of the Jets legends.
• 6:41
  Speaker 2: Yeah.
• 6:42
  Speaker 1: Namath was not there, though. I was looking for Namath.
• 6:46
  Speaker 1: Namath was not there, but a lot of the Jets legends, like,
• 6:49
  Speaker 1: I mean, I could see, like, I was right beside
• 6:50
  Speaker 1: guys that literally had their name on the stadium. I
• 6:53
  Speaker 1: was like, that's pretty cool. Like, Wayne Krabat. Like, all right,
• 6:56
  Speaker 1: look at these guys. And then, like, to the right
• 6:59
  Speaker 1: of us is, like, Method Man, because evidently he's a
• 7:01
  Speaker 1: big Jets fan. Well, of course. And so, and then, like,
• 7:05
  Speaker 1: you know, we see these players, and, you know, I'm
• 7:08
  Speaker 1: a big dude. Like, we're both big guys. You're taller
• 7:10
  Speaker 1: than I am. I'm 6'2 1⁄2. I'm, you know, 250.
• 7:15
  Speaker 1: and man, I look small compared to those guys, and
• 7:19
  Speaker 1: so it is really impressive when you get on the
• 7:22
  Speaker 1: field and see, we had Geno Smith and his offensive
• 7:26
  Speaker 1: line came out of the tunnel, and he's getting them
• 7:29
  Speaker 1: ramped up and excited, and we're watching that, and it
• 7:33
  Speaker 1: was so fun. It was so cool, and it was
• 7:36
  Speaker 1: a great game where it really went down to the
• 7:39
  Speaker 1: last minute of the game, and so people had a blast. Yeah.
• 7:42
  Speaker 2: I mean, we had a blast. Well, and the thing about,
• 7:44
  Speaker 2: I mean, I've been in a couple of those things
• 7:46
  Speaker 2: before and like something about the drizzle and the rain
• 7:48
  Speaker 2: and stuff almost like adds to it, like for the
• 7:50
  Speaker 2: memory go. And like, you know, sometimes it's like that,
• 7:53
  Speaker 2: that feels like what you would get. Like if you
• 7:54
  Speaker 2: go to a Jets game, it's going to be like,
• 7:56
  Speaker 2: I remember going to a Notre Dame game one time
• 7:58
  Speaker 2: and it was like sleeping in snow and be like, yeah,
• 8:00
  Speaker 2: kind of, kind of glad this is what we got
• 8:01
  Speaker 2: up here since we're in South Bend. You know what
• 8:03
  Speaker 2: I mean? So that's awesome. That's really cool. I know
• 8:05
  Speaker 2: the kids had to love it. Yeah.
• 8:07
  Speaker 1: Yeah. Had an awesome time and, So, yeah, yeah. So
• 8:11
  Speaker 1: New York, New York and the city that never sleeps. And,
• 8:15
  Speaker 1: you know, we're subway pros at this point. And, man,
• 8:18
  Speaker 1: we ate great. And, you know, luckily, you know, didn't
• 8:23
  Speaker 1: have any issues, didn't have any trouble. And. Everybody was safe,
• 8:27
  Speaker 1: and everybody had a great time. And really, I think
• 8:29
  Speaker 1: it was probably the best trip we've ever had to
• 8:31
  Speaker 1: New York.
• 8:32
  Speaker 2: That's great. And that's cool after, you know, thinking about
• 8:34
  Speaker 2: what you're supposed to be at the beach, which the
• 8:35
  Speaker 2: beach is awesome, too. But, you know, that's really cool
• 8:38
  Speaker 2: that it kind of all came together.
• 8:39
  Speaker 1: That's right. That's right.
• 8:41
  Speaker 2: So now time to sell houses.
• 8:43
  Speaker 1: Look, y'all listening. I gots to pay that credit card bill.
• 8:48
  Speaker 1: So let's go buy some houses, y'all. It's time to
• 8:51
  Speaker 1: pay some bills. So, hey, we've got some open houses
• 8:54
  Speaker 1: this afternoon. So let's do the game. So give our
• 9:00
  Speaker 1: listeners the rules of the game.
• 9:02
  Speaker 2: I got you. All right. So Gus is going to
• 9:03
  Speaker 2: go through some of the open houses they've got and
• 9:05
  Speaker 2: new listings and stuff. He's going to give them the
• 9:06
  Speaker 2: key details and cool features of each property. At the end,
• 9:08
  Speaker 2: he's going to give me what I need, and that
• 9:10
  Speaker 2: is the list price of the home. I will then
• 9:12
  Speaker 2: give a potential down payment that a borrower may make
• 9:14
  Speaker 2: to buy the home. And Gusty and John will do
• 9:16
  Speaker 2: their best efforts at guessing the 30-year fixed monthly payment
• 9:20
  Speaker 2: principal and interest only. So here we go.
• 9:25
  Speaker 1: Here we go. Well, cool. Well, our first, we got
• 9:30
  Speaker 1: open this afternoon from 2 to 4 as a home
• 9:34
  Speaker 1: in Hoover in the Russet Woods neighborhood. It's located at
• 9:37
  Speaker 1: 137 South Run Circle. That's in Hoover. Built in 1988.
• 9:42
  Speaker 1: Sits on.
• 9:42
  Speaker 2: 65 of an acre.
• 9:45
  Speaker 1: It's 1,715 square feet on the main two levels, another
• 9:48
  Speaker 1: 220 square feet finished in the basement. We are asking $ 424. 99, $ 424. 99.
• 9:52
  Speaker 1: And go see Kiki Taylor, a new agent on our team,
• 9:54
  Speaker 1: this afternoon. from 2 to 4. So this listing is
• 10:02
  Speaker 1: courtesy of Kyle Bedgood. And by the way, the seller
• 10:05
  Speaker 1: will offer a little bit of concession toward a rate buy-down. Nice.
• 10:09
  Speaker 1: Might need to talk about that in the next segment.
• 10:11
  Speaker 2: Yeah, we may touch on that. All right, good deal.
• 10:13
  Speaker 1: $ 424. 99.
• 10:13
  Speaker 2: All right, we're going to start off with 20% down.
• 10:15
  Speaker 2: 20% down to Gusty at $ 424. 9.
• 10:18
  Speaker 1: Okay.
• 10:19
  Speaker 2: Woo! All right, I'm going.
• 10:25
  Speaker 1: To go with $ 2, 071. I'm going to say $ 22. 22.
• 10:45
  Speaker 2: I've got it as $ 2, 338, so John gets round one.
• 10:47
  Speaker 2: That was a little light.
• 10:52
  Speaker 1: I know.
• 10:53
  Speaker 2: You made me question if I did it right. You
• 10:55
  Speaker 2: should always question if I get it right. You were
• 10:57
  Speaker 2: just close enough that maybe not question it anymore.
• 11:00
  Speaker 1: All right. Open this afternoon is from 1 to 3
• 11:05
  Speaker 1: in Trustville, 508 North Chalkville Road. This one was built
• 11:11
  Speaker 1: in 1938 on 0.7 of an acre, so almost three-quarters
• 11:16
  Speaker 1: of an acre, right in the mall area of Trustville. 1,854
• 11:22
  Speaker 1: square feet, three bedrooms, two baths. We are asking $ 430, 000.
• 11:26
  Speaker 1: This is a fantastic location over in the Caba Homesteads area,
• 11:34
  Speaker 1: over the mall area, as some do call it. And
• 11:37
  Speaker 1: this listing is courtesy of Carla DiLiberto. It's going to
• 11:39
  Speaker 1: be open this afternoon from 1 to 3. Go see Carla. $ 430, 000. $ 430, 000. John,
• 11:41
  Speaker 1: we're going to go to 5% down. 5% down.
• 11:42
  Speaker 2: Okay, I'm going to say $ 29.
• 11:43
  Speaker 1: 29.
• 12:06
  Speaker 2: This is funny so far, but I'll explain it later.
• 12:08
  Speaker 1: I'm going to do $ 2, 750.
• 12:11
  Speaker 2: $ 2, 750. The actual payment was $ 2, 809. Gusty gets round two,
• 12:17
  Speaker 2: and it's one to one.
• 12:20
  Speaker 1: I'm back, baby. He's back. All right. Next one we've
• 12:27
  Speaker 1: got open this afternoon is from two to four. This
• 12:30
  Speaker 1: is in the Ballantrae neighborhood of Pelham. It's 116 McElpine,
• 12:36
  Speaker 1: or excuse me, McElpin Circle in Pelham. Four bedrooms, three baths, 2,590
• 12:42
  Speaker 1: square feet. This one was just built last year. And
• 12:46
  Speaker 1: since they built it, they've added in a personal pool.
• 12:49
  Speaker 1: They've added in an elevator. And, you know, this one
• 12:54
  Speaker 1: for $ 669, 900 is definitely one to take a look at.
• 12:58
  Speaker 1: Finched yards. And did I mention it was built in 2025?
• 13:02
  Speaker 1: So basically a brand new house for $ 670, 000. This listing
• 13:06
  Speaker 1: is courtesy of Kyle Bedgood. Hey, they will also offer
• 13:10
  Speaker 1: a concession towards a rate buy down.
• 13:13
  Speaker 2: Hey-o. Stay tuned for next segment. We'll do a quick refresher.
• 13:16
  Speaker 1: Yeah. All right. $ 670, 000. $ 670, 000. Back to Gusty.
• 13:18
  Speaker 2: We're going to go to 10% down. 10% down to
• 13:21
  Speaker 2: Gusty on $ 670, 000. It is one-to-one. John, did you win
• 13:32
  Speaker 2: last week, John?
• 13:33
  Speaker 1: I did.
• 13:34
  Speaker 2: I thought so.
• 13:35
  Speaker 1: I don't have my Post-it note, though, but I'll.
• 13:38
  Speaker 2: Maybe get a new one today.
• 13:38
  Speaker 1: I don't know about that.
• 13:41
  Speaker 2: Because he's giving me that look now, like....
• 13:44
  Speaker 1: This one's tough. Yes, it is. This one's tough. I'm
• 13:48
  Speaker 1: going to go with $ 4, 000. $ 4, 000 for Gusty. That's probably
• 13:51
  Speaker 1: pretty good. I was going to say 38-38. 38-38. The
• 13:58
  Speaker 1: actual payment was $ 4, 146.
• 14:02
  Speaker 2: Gusty goes ahead and takes this week, gets back on top.
• 14:04
  Speaker 1: Oh, man.
• 14:05
  Speaker 2: Hey, we've got a couple others open this afternoon. We've
• 14:08
  Speaker 2: got one from 2-4, also in Hoover, the foothills at
• 14:10
  Speaker 2: Black Ridge, 3024 Black Ridge South.
• 14:27
  Speaker 1: For $ 670, 000, it's a four-bedroom, three-bath built in 2024 for 2,753
• 14:33
  Speaker 1: square feet. And I also want to mention a reduction
• 14:36
  Speaker 1: in price at 1309 Morning Sun Circle. This is in
• 14:39
  Speaker 1: the Horizon Condos neighborhood. That is down Highway 280, a two-bedroom, two-bath, 1,121
• 14:44
  Speaker 1: square feet for $ 170, 000. And then one in Pinson, 5807
• 14:45
  Speaker 1: Wren Circle is now down to $ 265, 000. This one is
• 14:55
  Speaker 1: on almost two acres and just under 2,000 square feet,
• 14:59
  Speaker 1: three bedrooms and two baths. And then last but not least,
• 15:05
  Speaker 1: an alabaster, a four-bedroom, two-and-a-half bath home with 2,168 square
• 15:08
  Speaker 1: feet for $ 315, 000. So that is 1454 Falling Rock Circle. So, hey,
• 15:10
  Speaker 1: we do have some... We do have some VIP buyers
• 15:22
  Speaker 1: that are looking for some houses. I've got somebody looking
• 15:25
  Speaker 1: in the Huffman, Irondale, Leeds, or Moody area. They're looking
• 15:28
  Speaker 1: for a three-bedroom, two-bath up to $ 210, 000. Nice. We've got
• 15:33
  Speaker 1: somebody looking for a one-level, two-plus bedrooms with a mother-in-law suite,
• 15:40
  Speaker 1: and they're looking in Adamsville, Gardendale, Forestdale, or Homewood, surrounding areas.
• 15:47
  Speaker 1: We've also got somebody looking in Trustville, Odenville, or Pell City.
• 15:50
  Speaker 1: Four bedrooms, two and a half baths, up to $ 500, 000.
• 15:55
  Speaker 1: And one thing that was really cool is we just
• 15:57
  Speaker 1: closed on one that was on this VIP buyer list,
• 16:00
  Speaker 1: and it just happened to be one of our flips.
• 16:03
  Speaker 1: So I thought that was pretty cool. Yeah, very. So anyways,
• 16:07
  Speaker 1: if you have a home that matches any of those criteria,
• 16:11
  Speaker 1: go to gustygoulasgroup.com or call or text us, 205-542-1996. Hey,
• 16:16
  Speaker 1: guess what time it is? That's right.
• 16:22
  Speaker 2: It's testimonial time. All right.
• 16:25
  Speaker 1: We got three this week. Let's go. This one is
• 16:29
  Speaker 1: from Rick and he says, Carla was great. She stayed
• 16:32
  Speaker 1: on top of every aspect of the buying process. We'll
• 16:36
  Speaker 1: use her to sell my next house. She made the
• 16:38
  Speaker 1: whole process of buying the home as smooth of a
• 16:41
  Speaker 1: process as possible. Can't say enough of how good she was.
• 16:45
  Speaker 1: So Rick, Congratulations on your new home and Carla, congratulations.
• 16:49
  Speaker 2: On another five star review.
• 16:54
  Speaker 1: And this one is from Elizabeth and Elizabeth said, Gusty
• 16:58
  Speaker 1: was great to work with as a first time home buyer.
• 17:01
  Speaker 1: He was knowledgeable about the process and great at communicating
• 17:04
  Speaker 1: about it. When I changed my mind on a couple
• 17:07
  Speaker 1: of my search requirements, Gusty was so kind and flexible
• 17:10
  Speaker 1: with it. You can tell he genuinely cares that you
• 17:12
  Speaker 1: are happy with your purchase and And I never felt
• 17:14
  Speaker 1: pressured into committing to something just for the sake of it. So, Elizabeth,
• 17:19
  Speaker 1: congratulations on your new condo.
• 17:21
  Speaker 2: And, Gusty, congratulations on another five-star review.
• 17:27
  Speaker 1: Should Gusty be able to say that?
• 17:28
  Speaker 2: Yeah. Yeah, why not? I thought we were supposed to
• 17:31
  Speaker 2: say it.
• 17:31
  Speaker 1: Can I pat myself on the back?
• 17:33
  Speaker 2: Yeah, you sure can.
• 17:34
  Speaker 1: And last but not least today is from TC. TC says,
• 17:38
  Speaker 1: Raleigh did an excellent job assisting us with our purchase
• 17:40
  Speaker 1: of land. He was knowledgeable and responsive. Raleigh is a
• 17:44
  Speaker 1: family man and has his client's best interests at heart. So, TC,
• 17:48
  Speaker 1: congratulations on your new land purchase. And, Raleigh, congratulations on
• 17:53
  Speaker 1: another five-star review. Love them five-star reviews. Yeah, buddy. All right.
• 18:01
  Speaker 1: You can check those out on Google. You can also
• 18:03
  Speaker 1: check them out on Zillow. You can probably even see
• 18:06
  Speaker 1: them on Facebook.
• 18:07
  Speaker 2: You can fact check them. All of them are there.
• 18:09
  Speaker 1: All right. Hey, y'all stay tuned. We're going to give
• 18:11
  Speaker 1: you a little bit of update on what we're seeing
• 18:13
  Speaker 1: in the mortgage world, the real estate market world, right
• 18:16
  Speaker 1: here on Ball Bart and Sold. Stay tuned. Welcome back
• 18:22
  Speaker 1: to Ball Bart and Sold. And thank you so much
• 18:25
  Speaker 1: for joining us each and every week. I know real estate,
• 18:29
  Speaker 1: it seems to always be a hot topic. Mortgage interest
• 18:33
  Speaker 1: rates seem to always be a hot topic, especially everything
• 18:37
  Speaker 1: that we're seeing in the world right now. And And
• 18:40
  Speaker 1: we've got Brad Smith hanging out with us from Cross
• 18:42
  Speaker 1: Country Mortgage, been hanging out with us for the last,
• 18:45
  Speaker 1: I don't know, like a year and a half, telling
• 18:47
  Speaker 1: us about interest rates and what's going on with them. And,
• 18:50
  Speaker 1: you know, I know we came out with, like, inflation
• 18:54
  Speaker 1: came out this week.
• 18:55
  Speaker 2: Yeah. Which is, we've had an interesting response to the inflation.
• 18:59
  Speaker 2: So that's where, in a good way.
• 19:01
  Speaker 1: So, yeah, tell us what we're seeing. Yeah.
• 19:05
  Speaker 2: All right. So, yeah. On Wednesday, we got some core
• 19:12
  Speaker 2: PPI numbers was up, which is not great for inflation
• 19:17
  Speaker 2: over the forecast. But then it kind of said, but
• 19:19
  Speaker 2: when you actually get the full PCE numbers, they really
• 19:22
  Speaker 2: go into the things that made it go up will
• 19:24
  Speaker 2: only impact PCE by like 0.1%. So the market responded
• 19:29
  Speaker 2: well to the actual bad number for inflation on the
• 19:32
  Speaker 2: core PPI. So we started seeing some rallies in the
• 19:37
  Speaker 2: bond market and in our mortgage-backed securities world. And then also,
• 19:42
  Speaker 2: there's been some news, like there's some AI bubbles going
• 19:46
  Speaker 2: on right now in the stock world that are getting
• 19:48
  Speaker 2: hit pretty good. Um, and so there's been a large number,
• 19:51
  Speaker 2: a lot, a lot of money coming out of stocks
• 19:53
  Speaker 2: and getting back into the bond world. And so that's
• 19:55
  Speaker 2: driven us down. I mean, again, I speak in the
• 19:57
  Speaker 2: 30 year averages. A lot of times I'll just use
• 19:59
  Speaker 2: the source from mortgage news daily. So everybody can kind
• 20:02
  Speaker 2: of fact check me on that. We don't, so we understand,
• 20:04
  Speaker 2: but so that, that gives us a good barometer of
• 20:06
  Speaker 2: at least what rates are doing across the board. So,
• 20:10
  Speaker 2: You know, we've been here the last couple weeks. We've
• 20:12
  Speaker 2: been around 7.6, 7.7-ish, like in that range. This year,
• 20:16
  Speaker 2: I mean, this week we're back down to like 7.33. Oh, wow.
• 20:18
  Speaker 2: That's a huge drop. That's over a quarter drop from
• 20:23
  Speaker 2: here from last week. Thank you. Yeah, and really, not
• 20:26
  Speaker 2: really any news to really drop. I mean, honestly, normally
• 20:29
  Speaker 2: if you told me, hey, core PPI number was supposed
• 20:32
  Speaker 2: to be 0.3, an increase of 0.3, you ended up
• 20:35
  Speaker 2: being 0.7. I'd have been like, oh, boy. You know,
• 20:39
  Speaker 2: what does it do to rates? But because of all
• 20:40
  Speaker 2: the stuff we've already had built in and factored, it
• 20:43
  Speaker 2: wasn't as bad as they maybe thought it was going
• 20:44
  Speaker 2: to be. And it's not going to impact the other
• 20:46
  Speaker 2: as much when they actually get the PCE number. So
• 20:48
  Speaker 2: we actually got some benefit from it. And then again,
• 20:51
  Speaker 2: some of the world and the stocks kind of leave
• 20:54
  Speaker 2: them for different reasons and going into the bond world.
• 20:57
  Speaker 2: So we've got some benefit on mortgage rates now. Both
• 21:01
  Speaker 2: those things are kind of anomalies in that world. So, like,
• 21:03
  Speaker 2: I don't know how much is going to keep driving
• 21:05
  Speaker 2: it or, like, where it's going to go from here. But, like,
• 21:07
  Speaker 2: right now we're getting a little bit of a benefit
• 21:09
  Speaker 2: and a decent reduction from where we've been the past
• 21:12
  Speaker 2: two or three weeks. So that's all positive. And then
• 21:16
  Speaker 2: so that's kind of where we're at.
• 21:18
  Speaker 1: Here we go.
• 21:19
  Speaker 2: You know, we just go back to kind of like
• 21:21
  Speaker 2: last segment. I know you talked about a couple of
• 21:22
  Speaker 2: your folks kind of offering maybe some some seller credits
• 21:25
  Speaker 2: or somewhat to get some buy down. So just real quick,
• 21:27
  Speaker 2: we can do I just kind of run real quick
• 21:29
  Speaker 2: about what those buy downs would look like. And so,
• 21:32
  Speaker 2: you know, you've got your you've got folks now saying, hey, OK,
• 21:35
  Speaker 2: rates are seven point three three. We may we may
• 21:38
  Speaker 2: give you a credit, enough credit on it to get you. 5.33
• 21:43
  Speaker 2: for the first year and then 6.33 for the second year.
• 21:46
  Speaker 2: And then it'll be 7.33 for the rest of it.
• 21:48
  Speaker 2: So you can buy it down a couple of points
• 21:50
  Speaker 2: per year. They can kind of prepay that interest for you.
• 21:53
  Speaker 2: So you're only really getting benefit. You're only really getting
• 21:55
  Speaker 2: hit for that lower rate for the first year, two years.
• 21:57
  Speaker 2: There's all kinds of different buy downs you can do.
• 21:59
  Speaker 2: You can do just a one year buy down for 3%.
• 22:00
  Speaker 2: You can do a four year buy down at 1%
• 22:03
  Speaker 2: for all four. There's all kinds of ways you can
• 22:05
  Speaker 2: structure and get it done. But that's a huge incentive
• 22:08
  Speaker 2: right now because you, A lot of folks are buying
• 22:10
  Speaker 2: houses hoping rates are going to come down to refinance
• 22:12
  Speaker 2: in three, four, five years anyway. So if you've got
• 22:13
  Speaker 2: your first two or three years already bought down for
• 22:16
  Speaker 2: you and then rates kind of do finally level off
• 22:19
  Speaker 2: to where you would normally be in that world anyways,
• 22:22
  Speaker 2: you may not ever be in that seven or something.
• 22:24
  Speaker 2: So it's definitely something like if you're looking for a
• 22:26
  Speaker 2: house and you've been in that price point and somebody's
• 22:28
  Speaker 2: off and they can get you a buy down, I mean,
• 22:30
  Speaker 2: that should help move to kind of get on top
• 22:32
  Speaker 2: of the list because that's some significant money at times.
• 22:34
  Speaker 1: So what– All right. I know the average time that
• 22:38
  Speaker 1: people are in a house is like seven years. Yep.
• 22:41
  Speaker 1: With rates where they're at, would it make more sense,
• 22:48
  Speaker 1: especially depending on what people's plans are, to do like
• 22:53
  Speaker 1: a shorter-term fixed loan, like a seven-year arm or a
• 22:59
  Speaker 1: five-year arm or a three-year arm? What's your thoughts on that?
• 23:03
  Speaker 2: Part of the problem is, and real quick, Arms have
• 23:07
  Speaker 2: never really recovered since the mid-2000s, I mean the early,
• 23:10
  Speaker 2: the 2000s.
• 23:11
  Speaker 1: Okay.
• 23:12
  Speaker 2: It just got a bad stigma. So there's really not
• 23:14
  Speaker 2: been a huge market for arms unless some banks are
• 23:17
  Speaker 2: offering some in-house portfolio arms. Okay, interesting. So like the
• 23:20
  Speaker 2: arm market right now, you're not really getting any benefits.
• 23:23
  Speaker 2: Like if you call me right now and say, hey,
• 23:24
  Speaker 2: I want to do a short, a three-year arm, five-year arm,
• 23:27
  Speaker 2: amortized for 30 years, what would my rate be? I'm like,
• 23:30
  Speaker 2: it might be a quarter higher than 30-year fits.
• 23:32
  Speaker 1: Okay.
• 23:32
  Speaker 2: So there just hasn't been a lot. The arm movement
• 23:35
  Speaker 2: has not been much since. And since rates were in
• 23:38
  Speaker 2: the fours, there was nowhere to go in arms. And
• 23:39
  Speaker 2: now they've not really ever come back in this world.
• 23:42
  Speaker 1: So just go stay fixed.
• 23:43
  Speaker 2: Stay fixed. Stay fixed.
• 23:45
  Speaker 1: You heard it from the man, Brad Smith, Cross Country Mortgage.
• 23:48
  Speaker 1: If you need to get pre-qualified, go to bradsmithloans.com. Hey,
• 23:51
  Speaker 1: to start your real estate process, gustygoolisgroup.com. That's where you
• 23:54
  Speaker 1: need to go.
• 23:55
  Speaker 2: Thanks a bunch.