You Have Real Estate | Season 7 | Episode 35 #FloridaRealEstate #HousingMarket #RealEstateTips

The following is a paid advertisement. The views expressed are the sole responsibility of the advertiser. I'm attorney Justin Clark coming up just ahead on You Have Real Estate. It is football season. Hallelujah. But that also means it's a real estate fall season. What does that mean for your real estate buying or selling? It's all just ahead. It's you have real estate. Debt can be terrible for families. You feel like you can't put food on the table at the end of the month. Call me now. You have power. Welcome to You Have Real Estate brought to you by Renewal by Anderson. I am your host, Justin Clark, a great show ahead today. But first, the opening statement. Before we get to the opening statement, I need you to know this market is changing. It's changing quickly. I get very nervous when you make decisions about selling your house based on going to two or three different websites and what that number that shot out at you, you're like, oh, that's what my house is worth. I disagree. These things are often wrong. We have a solution for you. If you think about selling your house, I will send a real estate agent to your house today. Look at your house and they'll tell you what it's worth. There's a QR code on the screen right now. Totally free service. Happy to do it for you. And now the opening statement football season is here. Thank goodness. I know a lot of you out there agree with me. Some of you wives out there maybe disagree, and that's fine. We can agree to disagree. Most of us are very happy football season is here. But football season always is really a line of demarcation when it comes to the real estate market. Summertime over kids back in school. What does football season and the fall approaching due to the real estate market? And what is it going to do to the real estate market this year? Great questions. Questions that we're going to answer by asking real questions every weekend on the program. We ask real questions to the trendsetting people in central Florida's real estate community. They're dressed for the occasion. Yes. Dallas Layman is here. You have mortgage Dallas. How are you? Great, Justin. You are a fan of the Miami football team. I never know what I can say. You know, let's call it the Miami football team. I can tell Miami's good. Good to see you, buddy. And the CEO of Aura's here, Cliff Long, Alabama football program through and through, brother, through and through. Good to have you here. But it is Cliff, if you think about it, when football season starts, it's a little bit of a line of demarcation in the real estate market because we always hear about summertime children going back to school. And now everyone's kind of settling in. What does the fall normally do to the real estate market? Well, it's a time when people start looking at homes differently. This fall, we're going to we're actually in a very different season than we have been in the past, because we've kind of shifted from a seller's market to a buyer's market. And so what a great time to buy in Orlando. What a great time to be searching for a home. Inventory now is about 51 days, which is what a stable market should be. And so people's minds are transitioning now. And it's not the first of the year when everybody's spending, spending, spending the mindsets of many sellers and buyers are now going towards the holiday season. So behavior changes. And so football season brings with it because it brings the fall a change in behavior when it comes to the real estate market in Central Florida. He's kind of the main guy. He is the CEO of the Orlando Regional Realtor Associations. He knows. But I've been telling you this for for weeks, if not months, that this market has changed. Some people are saying it's even I don't believe so. I think this is a buyer's market right now, which is completely different than what it was two years ago. But there are a lot of buyers out there right now. Dallas are saying, I'm not buying because those rates are so high. What do you tell that person? Well, you know, Justin, we've been doing this show now. We're going into our eighth season. And you and I have gone round and round and back and forth on this. And we've talked about rates and what they're going to do and all the rest of it. And I usually give a good average or an indication. But for the very first time in the history of this program, I'm going to go out on a limb. Here we go. So write this one down. I actually I believe let's just say by the next time the Fed meets, which will be in September, I believe for the first time this year, you're going to see a little decrease in rates, I would say, probably in the area of maybe twenty five basis points. And I think that's going to to start the jumpstart toward the home purchasing. I sure hope so. What are we looking for at war right now? What do we think is going to happen the rest of the year? And what do we want to see happen? So I had the pleasure to sit down with the chief economist for the National Association of Realtors here about two weeks ago, and I listened to what he had to say. And and here's basically what he said. Twenty five is what it is. Where we are now is where we're pretty much going to end, because even when the Fed does adjust the rates, it takes a minute for the market to adjust. So twenty five is what it is. But twenty six, we're looking for big changes for the trickle down from that. And so right now is the right time to be shopping. I cannot tell you now is the right time to be shopping for a home in Central Florida. Yeah, I was here. I'll never forget. I think I moved to Orlando late 2006 and 2007, the very end of 2007. This market, you can just feel it just started collapsing in the 2008. An absolute disaster. And people are asking me all the time, well, is this market similar to 2008? Like a total collapse? And I say, absolutely not. So what do you think? What do you see? There's nothing similar. This is we have not gone through a recession. We're not in a post-recession market. You're not about to see a lot of REOs. You're not about to see a lot of short sales. This is a stable housing market. It's a typical housing market for where we are. These are not the highest interest rates we've ever seen. And if you're looking for interest rates to dip down to three, four percent to buy, stop. It's not going that low. It will nudge just a little bit downward. Now is the time to buy. If you're looking for a home, find yourself a good realtor. Make sure that realtor is a member of the Orlando Regional Realtor Association and let him or her help you find the home of your dreams right now. Yeah. And you'll know that if on their email or text or whatever, it says realtor next to their name, because you have to be a member of it to be a realtor. What's the difference? The difference is this. If you're a realtor, you are a member of the National Association of Realtors. But the biggest difference means you have sworn to uphold a code of ethics. You don't want someone trying to sell you a home that doesn't have the same morals and scruples that you do with regards to the buying process. When you're working with a realtor, you've worked with someone that has taken a code and they they've sworn to uphold the code. They know that your home purchase is the biggest thing that you may do in your life. They're there to walk that through you with. Here's the deal. Your best interest in mind, the buyer, the consumer's best interest as opposed to the agent's best interest. And that's the difference between a realtor and a real estate practitioner. Dan, if you're an agent and you're not a member of the Orlando Regional Realtor Association, I think you're making a big mistake. A beautiful new building they have. It's it's really a home base for you where you're you can be comfortable, especially if you're out on the road or whatever. You can stop by a great place to learn, to meet new people. It's it's really a must for you, real estate agents out there and Dallas for you quickly here, because a lot of people watching right now have bought a house in the last couple of years and they're sitting at six and a half, seven percent, eight percent on their interest rates. And they're thinking, OK, I want the rates to come down a little bit and I want to do a refi. But how low do the rates need to go where it really makes sense for me to go through the refinance process? Well, and that's a very good question. Everybody's in an individual different situation when it comes to that, where the rates are, you're saying maybe they're at seven, eight or nine percent. Well, certainly anything is going to bring them relief. I believe wholeheartedly with Cliff. I think the rates are going to stay basically the same. There's going to be a little adjustment, but let's just say we're still going to be in the sixes, maybe the very, very high fives before the year end. Bottom line is what I would say is call me, call somebody. Let's have a discussion. I really if I was to talk about this program, the what I think is going to happen the first quarter of next year, I believe is really where you're going to start to see some of the interest rates come down. And at that point, everybody should be looking to do something if they're in that position with their rates. Absolutely. Great job, as always, gentlemen. Dallas Lehman, Cliff Long, thanks for visiting me. And I don't play you guys this year. So good luck all year to you, Cliff. Good luck to your boys most of the year, except on that third Saturday in October when you play my mom. Saturday in October, we're going to wax you guys. I wouldn't I wouldn't bet on my guys either, but I love my guys still. Thank you, gentlemen. The market has collapsed. There's no doubt about it, but it's not a collapse like 2008. However, have short sales made a comeback as you have real estate content? Welcome to our house. I mean, you spend more time here than I do, but it is hurricane season. You know, our windows are terrible. Yeah. When hurricanes roll through, we actually go to your parents house because we feel safer there because you don't feel the wind vibration. Go feel the windows right now. It hit the windows like that. OK, this is not a window. No, and it should never be a conversation from just our theory. But during a storm like that, you wonder why you feel the vibrations. Even when a summer storm rolls through, we feel the vibrations here. That's why Dan Brinkman is here today. Renewal by Anderson did as a man. I want to feel like I have a safe, protected place for my family. And I don't hear I'm not ready for hurricane season because of the windows that we have. What can I do as a family guy to make sure my family safe during the storm season? Well, first thing you have to do is you got to do what you've got to inspect your windows. You've got to know and learn about what you have. And you know, Justin, what you have is not a hurricane window. That's not going to stop anything from coming in this house. If a single or a terracotta tile would have blow off in your next door neighbor's house in a windstorm and hit that and you're sitting at this table, it is not a good day. All right. It is coming through. So what we have to do is we have to get coastal windows in this house and we have to get them in as soon as we can. I totally agree. The financing that you have to is fantastic. You make it super easy for me to afford windows in my house. Yes, we do. Look, we know that no home improvement project is cheap, right? I mean, most of us just don't carry, you know, 50, 60, $70,000 around in our pocket. Right. And so what you have to do is you have to make it affordable for your for our homeowners. And that's just what we do to our easy pay plans. We have multiple different ways that we do business. We have 12 months, no interest, 18 months, 24 months. We even have 180 month low interest plans. Some of them as low as five point nine. You came to my house. You can't look not even close. Do you feel. Thank you, Dan, for coming, by the way. Do you feel better? I do. Are you going to stop yelling at me? I mean, Dan's here. So that's going to save the day. RBI is always a renewal by Anderson QR code on the screen right now. Get your family prepared for hurricane season and storm season. Even if the hurricane doesn't come through, the storm season gets scary here in Florida as well. I do it today. Welcome back to the show. The real estate market certainly has come down two years ago. There'd be 50 people making an offer on a house that's for sale within hours, not even days, within hours. They would have so many multiple offers. Now it is totally different. The prices have definitely come down. But does that mean that short sales are back again? Let's ask. Vivian Lehman is here. You have real estate. Hi, how are you? You have realty. Yeah, good to see you. The broker of you have realty. Thank you. And Mary Beth Louise is here. Hi, Mary Beth. How are you? What do you think? You're on the title side. Let me start with you. Have you seen any short sales come through your title office yet? I have not seen any personally. Yeah, I know that they're out there, but I have not personally had to deal with them yet. Vivian, what about you? I have. I actually have one listed and I have one under contract. And it's a process, right? You know, short sales and short sales are coming around only because if there's a higher loan to value and somebody is in trouble, it may not be there with the values may be coming down a little bit. Yeah. And I thought we were trying to get away from that where everyone had equity or whatever. But I mean, there are some loans that you only have to put, what, three or three and a half percent or something like that. So if the market does shift downward somewhat, they are going to be underwater. You will be exactly. Talk to me about title a little bit, because the title agent is sort of the neutral party there when we get to the closing table. And it's a little scary sometimes, especially when it's a first time buyer. They've never been to this closing table before. They're about to spend a lot of money or at least promise to spend a lot of money. And you've got a real estate agent there. You've got a mortgage guy there. And everyone's kind of waiting to get paid. And they're relying on me, the buyer, to sign a bunch of papers. And everyone's like about to get paid. It's a scary place for a first time buyer. It can be. But one of my roles is to make it very comfortable for them. So I do pride myself on working really well with first time home buyers, walking them through the process, through the paperwork and answering any questions they have to make them comfortable. How do I pay the down payment? So a first time home buyer, I see all this wire fraud. I see all this credit card fraud. How do I know that my payment, my deposit is going to be safe? And how do I even send my deposit to the title company? Typically, wire transfer is preferred. We can still take a check as long as we have a 10 day grace period between the time we receive it and closing. But typically a wire transfer. And there are a lot of different ways. It really depends on the title company and what their procedure is. But most of the time we're going to send encrypted wire instructions. My company encrypts it and removes the last four digits. So the client has to call and obtain the last four digits verbally. It can be a little bit of a process from the time you put a house under contract to actually going to the closing table and closing the deal. I think if there's a mortgage, at least 30, 45 days on average. What are some of the hurdles that you see? Some of the things that really trip people up getting to that closing table that actually will end up killing the deal. Well, I think the biggest thing is you're you have to get through the inspection first, obviously. And if there's any issues there, you can maybe renegotiate it with the seller or maybe not kill the deal. You know, especially for a first time home buyer, they're not used to this process. And then you go on into an appraisal. An appraisal could kill the deal. Like I might have a contract under for 500,000, but it appraised for 480. Who's going to take up the slack? You know, sometimes even agents might say, OK, I'll give him a couple of thousand. Let's make it happen. You know? Yeah, exactly. I see that way too often. It is football season. We talked about it before. And football season also means hurricane season. So I've seen this so many times where a hurricane is getting ready to roll through and to actually get to the closing table to close this transaction. I have to have proof of insurance. This could be a problem during hurricanes, can't it? Absolutely. There's a little window of time. And if you don't meet that window, you're going to have to delay the closing. How long does that normally delay a closing? It can be. Well, get through the hurricane. Then they may have to re-inspect and then it could be a couple of days. What a nightmare. And even an appraisal re-inspection. Is that right? It's a huge deal. So how can I speed if I know there's a hurricane coming through? What can I do to make sure we get it closed before? Is there anything I can do? Well, that's only if you're if your loan is on time. You still have to wait on the lender to give you those closing paper. You know, the closing paperwork. Mary Beth, you're going to answer a lot of questions. A very important question for a lot of people out there right now. OK, some of you need to close your ears. But from the title perspective, who's more difficult to deal with? The real estate agent or the mortgage guy? Oh, God, don't put me on the spot. Oh, do I have to answer? I'll still like you. Yeah, go ahead. OK, my husband's a realtor, so I'm just going to say the realtor. OK, there you go. Speaking of your husband, a very, very big day for you. She likes me. We just had a closing and it was amazing. Perfect. She did a great job, I presume. You building your own house. You got your CEO right before we started the show today. How does that feel? It feels amazing. I cannot wait to move in. How does that work? It makes me think about getting a loan when you're building a house. Right. So how does that work? Because if I'm buying a house, obviously the house is there. I'm going to close on it and get the loan. Everything's fine. But if I'm building a house, how does the loan process and the closing process work for construction? Well, you got to get a construction perm loan. And typically the bank will just basically dole out the funds to the contractor and draws along the way and then just make sure that there's enough funds to complete the job. Is there ever enough funds to complete the job at the end or? Maybe you had your personal experience. Yeah, we had to dig in our pockets. Well, you were the contractor, right? Yes. So I want you to blame that we have no one else to blame. I was the bank. I was the contractor. Yes. Excellent. We are going to see you. Congratulations. Tell your husband, Jack, is a great guy. I said hello as well. Thank you, Vivian. Wonderful job as always. A very quick break. When we return, we will wrap up this week's edition of You Have Real Estate. When it comes to real estate, especially in Florida, the outdoor areas are so important. I'm here at Della Turf. Ryan Church joins me when it comes to the outdoor living area that you guys do everything, obviously. What are people looking for, though, to really make their outdoor area so livable? Well, most time when they're buying a house, a lot of times they just don't give them enough room out back. They'll give these little pads. So we can come in and do, you know, a large paper pad. We could do large turf areas, putting greens. We could do kitchens on top of the pavers. We can do pergolas to cover you, you know, from the sun, all that good stuff. How does the process work from the time I call you to the time you're installing? So you call us up. We would send a salesman out to meet with you on site. They can get all of your details at that point as far as what you're looking to do or even give you ideas if they need to. Then from there, they can quote you. And then the process starts from there, depending on what are you looking to get done? I love artificial turf. A lot of people don't even know it is really an option. And when should I consider artificial turf for my my house? Anytime, really. I mean, if you're struggling with maintaining grass, you're struggling with growing grass, you don't want to mow grass. Those are great times. You have dogs. You know, all those things are great items for artificial turf. Well, it looks beautiful, too. I even see people put the artificial grass like on the side walls and things. It looks so cool. Yeah, we've done a little bit of everything we can even do. Artificial ivy is another thing we do that we don't talk about. Oh, yeah. So we can do walls with artificial ivy and everything. Pudding greens, anything for your outdoor area. There's one place to call that is deleter. People ask me all the time if I feel guilty for filing bankruptcy for people. No, I do not. I feel guilty not filing bankruptcy for hardworking families who are struggling every month to put food on the table. Call me now. You have power. Welcome back to the show. You know, we haven't checked in on the villages in a while. I was up there a few weeks ago. And let me tell you, if you haven't been to the villages, it's a party. It really is. I understand what you're thinking. Oh, well, it's all, you know, elderly people or whatever. It is not. The villages is a party. People that live in the villages never leave unless they have to because they love it there. But what is the real estate market like in the villages? Let's ask the person who I think is the expert in that area. Really, all of northern Florida, Alicia Lopez is here. You do a lot of work in the villages. How does the real estate market in the villages price wise compare to, say, Orlando or Ocala? So the villages is a world of its own. I mean, I remember back in 2008 when the market crashed and the villages still held really strong on pricing. They didn't drop the same way that everybody else did. It's it really is its own world, you know, for many reasons. But pricing wise, it's pretty comparable to the other fifty five plus neighborhoods in Marion County, things like that. But the amenities, the lifestyle, you know, it's it's a lifestyle that they move there specifically for that. So let's say a house in Orlando's five hundred grand. Same house would be three fifty in Ocala. What would that same exact house be in the villages? You think three fifty? Well, well, probably a little bit more. So like you're going to look at, let's say that Stone Creek on top of the world, things like that that are in Ocala and that similar type of a home. And it's actually going to be a little bit higher. Yes, but not by much, maybe 10, 15 percent. Yeah. If you are getting to that retirement age or you have family that's at that retirement age and you want to check out some real estate in the villages right now, Alicia would be happy to show that to you. QR code is on the screen. She'll show you what listings are available now. She'll go with you and drive around and see where you might want to be. It's like different neighborhoods. It's actually in different counties. I think the villages. Yes, they've got Lake Lake Center and Mary three counties. Yeah, because they're into Wildwood and they're not stopping. So when you're driving on the turnpike, come here, go into Ocala. Yeah, you see, you know, welcome to the villages. But Wildwood, they just keep building and building. Now they're on the west side of the turnpike. She is. How many times have you talked to a village's resident that did not enjoy their time in the villages? Never. Never talk. Everyone. I have agents that live there. Oh, really? Yeah, they all love it. I've had so many clients in my office from the villages and I'm like, nice of you to drive down. How do you like the village? I love it. Yeah, they absolutely love it. And I think that there's like a tiny fee they pay pay and they play golf at any course or something like that. Have you heard this? I think so. Yeah. I mean, they're living the life. They know they waited their whole life to get to that point. And now they're living it up. Yeah. And there are different neighborhoods, almost little different cities within the villages as well, right? Yeah. And there's really something for everyone. You've got like huge estate homes, small little villas. So really, there's something for everybody. It's not, you know, just like one specific type of home. And if you don't like that kind, then you have to buy somewhere else. They have something for everybody. Yeah. Now you live in Ocala. Obviously, you've been in Ocala for what, 20 something years now, I think. How have you seen Ocala change even in the last decade? Oh, gosh. I mean, with the migration of not just from South Florida, but you always get like up north, things like that. There's just very eclectic right now where it used to be just kind of country and horse country. And now there's so many people from all over and very, very, very diverse. But it's also getting busy, which I like it because I come from that. But how has WECC, the World Equestrian Center, changed Ocala and maybe even America's view of Ocala, if at all? Actually, it really has. It brought a completely different demographic to the area because it is the equestrian community, obviously. But the I guess like their level of income is a lot higher than before WECC was there. So it brought a more like more revenue even just to our area. And now it's the whole Disney world of the equestrian community. It's beautiful. Yeah, that WECC is amazing. Two hotels there now, restaurants. It's really fantastic. The one thing I feel like Ocala has not caught up with, Ocala's beautiful. You're talking about, you know, farms and horses and rivers, an awesome place, no doubt about it. I feel like the restaurant scene has not quite caught up yet, but it's trying to, I think. They've been trying for a really long time, you know, coming from South Florida, from Miami and like a little hole in the wall is the best food ever. Or like a five star restaurant's the best. Yeah, the way like we don't have that many, like we have some, but we don't have that many of any of that. And it's been struggling for a while. And we need that. You just got back from Miami. Yeah. What is the restaurant you have to go to in Miami? One place, what would it be? Too hard. But is there anything here in Dallas? Ceviche? Yeah. Like one restaurant in Miami you have to go to. Versailles, I mean, that's an easy one. Classic. That's classic. That's that's like so many restaurants and obviously like Cuba, you name it. It's all delicious. QR code on the screen. All your real estate needs in northern Florida should be happy to help. Thank you to our team. Most importantly, thank you. See you again next week for more. You have real estate. The proceeding was a paid advertisement. The views expressed were the sole responsibility of the advertiser.