1 00:00:00,000 --> 00:00:01,060 We need to keep going. 2 00:00:01,060 --> 00:00:02,760 Is my mic on? 3 00:00:02,760 --> 00:00:04,560 You're going to have to move around a little bit 4 00:00:04,560 --> 00:00:05,680 so you're conversational. 5 00:00:08,680 --> 00:00:09,440 There you go. 6 00:00:09,440 --> 00:00:10,080 Yeah. 7 00:00:10,080 --> 00:00:14,280 Welcome back to another amazing episode of Take 10, 8 00:00:14,280 --> 00:00:17,720 just a normal day here in the office with the LTW group, 9 00:00:17,720 --> 00:00:20,160 Lisa Wiles and Corey Friels. 10 00:00:20,160 --> 00:00:20,560 Yeah. 11 00:00:20,560 --> 00:00:21,640 It's Halloween. 12 00:00:21,640 --> 00:00:22,760 It is Halloween. 13 00:00:22,760 --> 00:00:23,760 Don't we love some Halloween? 14 00:00:23,760 --> 00:00:26,280 Just in case you're just listening and you're like, 15 00:00:26,280 --> 00:00:27,480 we're in a costume. 16 00:00:27,480 --> 00:00:27,880 Yes. 17 00:00:27,880 --> 00:00:28,960 I'm a shark. 18 00:00:28,960 --> 00:00:31,520 I'm a flamingo. 19 00:00:31,520 --> 00:00:34,160 And when you get me with my pack, we're flamboyance. 20 00:00:34,160 --> 00:00:34,720 Yes. 21 00:00:34,720 --> 00:00:35,160 Yes, we are. 22 00:00:35,160 --> 00:00:35,840 Is that what they call it? 23 00:00:35,840 --> 00:00:36,800 That is what they call it. 24 00:00:36,800 --> 00:00:37,320 Wow. 25 00:00:37,320 --> 00:00:38,200 I know. 26 00:00:38,200 --> 00:00:41,200 So let's start with market. 27 00:00:41,200 --> 00:00:42,440 What's going on, Corey? 28 00:00:42,440 --> 00:00:43,040 Let's talk about it. 29 00:00:43,040 --> 00:00:43,960 I'm not happy about it. 30 00:00:43,960 --> 00:00:44,360 I know. 31 00:00:44,360 --> 00:00:46,360 I don't have any good news for you on interest rates. 32 00:00:46,360 --> 00:00:50,760 Today, we're testing the highs we've seen in this cycle 33 00:00:50,760 --> 00:00:54,720 and then really all the way back to the second of July. 34 00:00:54,720 --> 00:00:59,560 So interest rates are high right now. 35 00:00:59,560 --> 00:01:00,880 Higher than they were. 36 00:01:00,880 --> 00:01:01,840 They're higher right now. 37 00:01:01,840 --> 00:01:04,360 So why is that? 38 00:01:04,360 --> 00:01:06,880 Well, a few things. 39 00:01:06,880 --> 00:01:10,680 Some people believe that markets are preparing for a Trump 40 00:01:10,680 --> 00:01:13,840 presidency and pricing in a Trump victory. 41 00:01:13,840 --> 00:01:16,640 If you remember in 2016, you probably don't, 42 00:01:16,640 --> 00:01:18,240 because why would you? 43 00:01:18,240 --> 00:01:20,880 But we do, who are in the business in 2016 44 00:01:20,880 --> 00:01:24,600 when Donald Trump got elected, interest rates went up fast. 45 00:01:24,600 --> 00:01:30,760 And then that combined with some policies 46 00:01:30,760 --> 00:01:33,160 that he's forecasting and then how that's 47 00:01:33,160 --> 00:01:37,960 forecasted to impact inflation, you've 48 00:01:37,960 --> 00:01:41,280 got some market movement there around that. 49 00:01:41,280 --> 00:01:42,760 So it's pushing rates a little higher. 50 00:01:42,760 --> 00:01:44,880 You're also seeing this happen across the globe. 51 00:01:44,880 --> 00:01:46,760 So globally, we're seeing inflation 52 00:01:46,760 --> 00:01:49,960 start to tick up in certain places over in Europe. 53 00:01:49,960 --> 00:01:52,720 And then also some new legislation in Europe 54 00:01:52,720 --> 00:01:55,240 around raising taxes and government spending 55 00:01:55,240 --> 00:01:57,800 has European bonds. 56 00:01:57,800 --> 00:02:00,360 And their price of their debts going up too. 57 00:02:00,360 --> 00:02:02,840 So it's not just an us thing here in the United States. 58 00:02:02,840 --> 00:02:04,360 It's happening all over the world. 59 00:02:04,360 --> 00:02:06,360 And it just is another reminder, guys, 60 00:02:06,360 --> 00:02:08,480 that you cannot count on interest rates 61 00:02:08,480 --> 00:02:09,960 to come down to save you. 62 00:02:09,960 --> 00:02:11,960 You have to have a plan in place for the market 63 00:02:11,960 --> 00:02:12,800 that you're in right now. 64 00:02:12,800 --> 00:02:16,480 Wait, is it a good idea to buy right now? 65 00:02:16,480 --> 00:02:20,520 I have seen some of the best deals ever put together 66 00:02:20,520 --> 00:02:22,040 in the last two months. 67 00:02:22,040 --> 00:02:22,520 Yes. 68 00:02:22,520 --> 00:02:26,360 Because you've got inventory that sellers are, you know, 69 00:02:26,360 --> 00:02:28,240 sellers now, if your house sits 30 days, 70 00:02:28,240 --> 00:02:29,800 they feel like it's never going to sell, 71 00:02:29,800 --> 00:02:31,720 which is actually kind of a normal market. 72 00:02:31,720 --> 00:02:34,040 What's the average right now, like 45 days? 73 00:02:34,040 --> 00:02:34,360 Right. 74 00:02:34,360 --> 00:02:36,360 It's not terrible. 75 00:02:36,360 --> 00:02:38,800 But sellers are freaked out and they're motivated. 76 00:02:38,800 --> 00:02:40,560 And so buyers have some leverage. 77 00:02:40,560 --> 00:02:42,520 And we're putting together some really great deals, 78 00:02:42,520 --> 00:02:45,120 like using temporary buy downs. 79 00:02:45,120 --> 00:02:46,400 Yeah, temp buy downs. 80 00:02:46,400 --> 00:02:50,080 Or I mean, it's getting that payment back down 81 00:02:50,080 --> 00:02:52,800 to where the customer feels or the buyer feels 82 00:02:52,800 --> 00:02:54,560 like they can afford. 83 00:02:54,560 --> 00:02:58,200 And it allows them that additional time 84 00:02:58,200 --> 00:03:00,400 to sit and wait on the rates to come back around. 85 00:03:00,400 --> 00:03:01,000 That's right. 86 00:03:01,000 --> 00:03:03,400 And then sometimes we're having people do permanent buy downs 87 00:03:03,400 --> 00:03:03,920 as well. 88 00:03:03,920 --> 00:03:05,880 So the seller's just paying points on their behalf 89 00:03:05,880 --> 00:03:08,480 to purchase a lower rate. 90 00:03:08,480 --> 00:03:14,320 But then with, quote, aging inventory, 91 00:03:14,320 --> 00:03:21,520 air close with fins, with aging inventory, 92 00:03:21,520 --> 00:03:24,600 once those sellers do get under contract, 93 00:03:24,600 --> 00:03:26,800 they're going to want to close pretty fast, right, Lisa? 94 00:03:26,800 --> 00:03:27,200 Yeah. 95 00:03:27,200 --> 00:03:30,120 And actually, we just got a couple contracts 96 00:03:30,120 --> 00:03:33,960 for one that's closing in 10 days and one that's closing 97 00:03:33,960 --> 00:03:35,320 in 15 days. 98 00:03:35,320 --> 00:03:37,320 And you may be asking, how in the world 99 00:03:37,320 --> 00:03:39,040 are you all going to pull that off? 100 00:03:39,040 --> 00:03:43,360 Well, we did our upfront underwrite, the pre-check advantage 101 00:03:43,360 --> 00:03:45,240 program that we have. 102 00:03:45,240 --> 00:03:48,080 I've been upfront underwriting as many people as possible, 103 00:03:48,080 --> 00:03:50,880 especially under the price range of $400 and under. 104 00:03:50,880 --> 00:03:53,880 If they'll agree to it and go through the steps, 105 00:03:53,880 --> 00:03:57,160 we can have that entire process already ironed out. 106 00:03:57,160 --> 00:03:59,000 And when they go in to make an offer, 107 00:03:59,000 --> 00:04:02,360 we are down to title work and property approval only. 108 00:04:02,360 --> 00:04:04,040 Listen, let's go. 109 00:04:04,040 --> 00:04:06,360 Yeah, two weeks is pretty comfortable, honestly. 110 00:04:06,360 --> 00:04:07,400 Two weeks is comfortable. 111 00:04:07,400 --> 00:04:09,680 And nobody feels like they're dying except for maybe 112 00:04:09,680 --> 00:04:10,640 the title company. 113 00:04:10,640 --> 00:04:10,960 No. 114 00:04:10,960 --> 00:04:11,840 But we love you guys. 115 00:04:11,840 --> 00:04:13,160 And thanks for all your hard work. 116 00:04:13,160 --> 00:04:14,320 So keep that in mind. 117 00:04:14,320 --> 00:04:15,640 I mean, the other thing about that 118 00:04:15,640 --> 00:04:18,920 is if we get them all the way through underwriting 119 00:04:18,920 --> 00:04:21,560 and they don't have a sale contingency, 120 00:04:21,560 --> 00:04:24,200 we can actually do a cash guarantee behind that. 121 00:04:24,200 --> 00:04:25,200 Ooh, I love that. 122 00:04:25,200 --> 00:04:25,720 Right? 123 00:04:25,720 --> 00:04:26,120 Yep. 124 00:04:26,120 --> 00:04:28,640 So Fairway has a cash guarantee. 125 00:04:28,640 --> 00:04:31,680 If we take a bar where all the way through underwriting 126 00:04:31,680 --> 00:04:35,120 on most loan programs, then we will actually 127 00:04:35,120 --> 00:04:36,840 guarantee that we're going to close 128 00:04:36,840 --> 00:04:41,080 or we'll give the seller $10,000 to sell it to somebody else 129 00:04:41,080 --> 00:04:42,800 or we'll pay cash for the house. 130 00:04:42,800 --> 00:04:45,640 So Fairway is putting their money where their mouth is. 131 00:04:45,640 --> 00:04:47,920 And when we pay cash for the house as Fairway, 132 00:04:47,920 --> 00:04:50,720 we turn right around to the agent who brought us the deal 133 00:04:50,720 --> 00:04:53,080 and we have them list the property to sell. 134 00:04:53,080 --> 00:04:53,800 All right? 135 00:04:53,800 --> 00:04:57,040 I'll also say to my knowledge, as of the last time 136 00:04:57,040 --> 00:04:59,000 we report on this every so often, 137 00:04:59,000 --> 00:05:00,520 Fairway's never had to purchase a house. 138 00:05:00,520 --> 00:05:01,040 Not yet. 139 00:05:01,040 --> 00:05:03,360 We close the loan or we pay the seller 140 00:05:03,360 --> 00:05:04,800 to sell it to somebody else. 141 00:05:04,800 --> 00:05:06,080 We're not trying to buy houses. 142 00:05:06,080 --> 00:05:06,560 That's right. 143 00:05:06,560 --> 00:05:08,280 Not in the business of that. 144 00:05:08,280 --> 00:05:09,680 That's right. 145 00:05:09,680 --> 00:05:15,720 I think going back around to the aging inventory, 146 00:05:15,720 --> 00:05:16,680 I just had a thought. 147 00:05:16,680 --> 00:05:19,040 And I kind of talked this through with somebody this morning 148 00:05:19,040 --> 00:05:24,520 who is a very savvy person about the market. 149 00:05:24,520 --> 00:05:26,400 And it kind of made a lot of sense. 150 00:05:26,400 --> 00:05:30,560 So right when we came to Fairway, that was March of 2021. 151 00:05:30,560 --> 00:05:32,760 And literally March of 2022. 152 00:05:32,760 --> 00:05:33,480 22? 153 00:05:33,480 --> 00:05:33,880 Thanks. 154 00:05:33,880 --> 00:05:34,480 I don't even know. 155 00:05:34,480 --> 00:05:35,520 Tom Fosner, you're having fun. 156 00:05:35,520 --> 00:05:37,760 I lost the year during COVID, never caught back up. 157 00:05:37,760 --> 00:05:38,240 I'm sorry. 158 00:05:38,240 --> 00:05:41,440 And so the rates went up over 1%. 159 00:05:41,440 --> 00:05:44,360 Like literally within the first week of us arriving. 160 00:05:44,360 --> 00:05:48,280 And one of the programs or products that I used and saved 161 00:05:48,280 --> 00:05:51,680 a bunch of deals was the Shop, Lock, Pop, Drop. 162 00:05:51,680 --> 00:05:52,200 That's it. 163 00:05:52,200 --> 00:05:53,320 Shop, Lock, and Go. 164 00:05:53,320 --> 00:05:54,600 Shop, Lock, and Go. 165 00:05:54,600 --> 00:05:54,880 Wait. 166 00:05:54,880 --> 00:05:56,360 Lock, Shop, and Go. 167 00:05:56,360 --> 00:05:57,640 Lock, Shop, and Go. 168 00:05:57,640 --> 00:06:00,360 You lock the rate first, then you shop. 169 00:06:00,360 --> 00:06:02,440 And what that does is it allows your customer 170 00:06:02,440 --> 00:06:03,800 to hedge the high side. 171 00:06:03,800 --> 00:06:05,160 Because right now, guys, we don't even 172 00:06:05,160 --> 00:06:06,560 know who's going to win this election. 173 00:06:06,560 --> 00:06:08,880 So maybe for the next couple weeks or so, 174 00:06:08,880 --> 00:06:13,840 maybe we look at that Lock, Shop, Pop, and Drop program. 175 00:06:13,840 --> 00:06:18,000 And we look at that so we can hedge the high side, 176 00:06:18,000 --> 00:06:20,880 especially for the buyers who are right up against their debt 177 00:06:20,880 --> 00:06:24,360 to income max that want to buy at that higher level. 178 00:06:24,360 --> 00:06:28,400 And then if everything goes great and the rates drop 179 00:06:28,400 --> 00:06:30,480 after the election and they find a house, 180 00:06:30,480 --> 00:06:32,880 they have a float down to the current market. 181 00:06:32,880 --> 00:06:35,480 But if the rates keep going up, they're protected 182 00:06:35,480 --> 00:06:36,800 and they are still approved. 183 00:06:36,800 --> 00:06:37,160 Yeah. 184 00:06:37,160 --> 00:06:38,160 I mean, let's go. 185 00:06:38,160 --> 00:06:39,800 You had more than one deal. 186 00:06:39,800 --> 00:06:42,760 I remember one specifically that was USDA. 187 00:06:42,760 --> 00:06:44,960 And you locked him in like a 4.75. 188 00:06:44,960 --> 00:06:45,880 Yes, I did. 189 00:06:45,880 --> 00:06:47,680 And he goes, that was so high. 190 00:06:47,680 --> 00:06:50,440 Yeah, he thought that grade was just awful at the time. 191 00:06:50,440 --> 00:06:52,040 And who wouldn't kill for something 192 00:06:52,040 --> 00:06:53,480 that starts with a 4 right now? 193 00:06:53,480 --> 00:06:54,920 But literally, he wouldn't have qualified. 194 00:06:54,920 --> 00:06:59,320 No, he would have closed at 5.875 at the time 195 00:06:59,320 --> 00:07:01,240 that he actually closed on a deal. 196 00:07:01,240 --> 00:07:01,960 And so. 197 00:07:01,960 --> 00:07:03,480 And he wouldn't have closed at all because the debt 198 00:07:03,480 --> 00:07:04,640 to income went to work. 199 00:07:04,640 --> 00:07:06,400 I mean, it saved the deal. 200 00:07:06,400 --> 00:07:07,440 It's a great program. 201 00:07:07,440 --> 00:07:08,320 Yeah. 202 00:07:08,320 --> 00:07:10,080 And it's something that may be relevant again. 203 00:07:10,080 --> 00:07:10,600 That's right. 204 00:07:10,600 --> 00:07:12,760 So. 205 00:07:12,760 --> 00:07:17,720 Ooh, also, one other thing is maybe a quick little blurb 206 00:07:17,720 --> 00:07:22,080 of some really actually exciting good content 207 00:07:22,080 --> 00:07:24,360 that we're coming up with right now on social. 208 00:07:24,360 --> 00:07:25,600 It's pretty good. 209 00:07:25,600 --> 00:07:29,000 I mean, you guys have to follow LTW group. 210 00:07:29,000 --> 00:07:29,320 Yeah. 211 00:07:29,320 --> 00:07:33,480 So we have a new team member, Shelby Gray. 212 00:07:33,480 --> 00:07:34,200 Yes. 213 00:07:34,200 --> 00:07:35,400 And she's amazing. 214 00:07:35,400 --> 00:07:36,640 So amazing. 215 00:07:36,640 --> 00:07:41,320 And so she's partnered with Becca in our marketing content 216 00:07:41,320 --> 00:07:43,880 and just making all of our marketing dreams come true. 217 00:07:43,880 --> 00:07:45,040 I mean, those two are crushing it. 218 00:07:45,040 --> 00:07:46,240 So great. 219 00:07:46,240 --> 00:07:47,080 Crushing it. 220 00:07:47,080 --> 00:07:47,880 Crushing it. 221 00:07:47,880 --> 00:07:48,960 Yeah. 222 00:07:48,960 --> 00:07:51,680 So in just a short amount of time too, right? 223 00:07:51,680 --> 00:07:52,920 Like hit the ground running. 224 00:07:52,920 --> 00:07:55,880 I think you're going to see a visible difference of us 225 00:07:55,880 --> 00:07:58,960 putting more content out more often. 226 00:07:58,960 --> 00:08:02,400 And I think you're going to actually really enjoy it. 227 00:08:02,400 --> 00:08:04,920 So please get on there and check it out. 228 00:08:04,920 --> 00:08:06,120 And Becca's here with us. 229 00:08:06,120 --> 00:08:07,720 And do you have anything to add? 230 00:08:07,720 --> 00:08:10,520 I was just going to say, a friendly reminder that YouTube 231 00:08:10,520 --> 00:08:12,480 dives deeper on a lot of the topics 232 00:08:12,480 --> 00:08:13,240 that we talk about on social. 233 00:08:13,240 --> 00:08:13,880 That's right. 234 00:08:13,880 --> 00:08:14,920 We have a YouTube channel. 235 00:08:14,920 --> 00:08:15,320 Yeah. 236 00:08:15,320 --> 00:08:16,360 We do have a YouTube channel. 237 00:08:16,360 --> 00:08:17,760 Smash that like button. 238 00:08:17,760 --> 00:08:19,040 Is that what they say? 239 00:08:19,040 --> 00:08:19,720 Smash it. 240 00:08:19,720 --> 00:08:20,640 Give us a follow. 241 00:08:20,640 --> 00:08:21,520 Like and subscribe. 242 00:08:21,520 --> 00:08:22,800 Send to your friends. 243 00:08:22,800 --> 00:08:24,080 Send to your friends. 244 00:08:24,080 --> 00:08:29,320 And also maybe coming out with some new branding 245 00:08:29,320 --> 00:08:30,760 in the immediate future. 246 00:08:30,760 --> 00:08:34,200 So always fairway, always fairway, 247 00:08:34,200 --> 00:08:37,280 but a little new look, a little new branding, 248 00:08:37,280 --> 00:08:38,400 something to play with. 249 00:08:38,400 --> 00:08:42,280 So we'll sneak peek that out in the next following couple 250 00:08:42,280 --> 00:08:42,760 weeks. 251 00:08:42,760 --> 00:08:44,960 But thank you guys for joining us. 252 00:08:44,960 --> 00:08:45,160 Yeah. 253 00:08:45,160 --> 00:08:47,680 We're going to give you a minute back. 254 00:08:47,680 --> 00:08:49,520 Because we took a minute from you last time. 255 00:08:49,520 --> 00:08:49,960 Let's go. 256 00:08:49,960 --> 00:08:50,960 So we're giving it back. 257 00:08:50,960 --> 00:08:51,800 Yeah. 258 00:08:51,800 --> 00:08:52,240 All right, guys. 259 00:08:52,240 --> 00:08:54,680 Hey, don't forget we work nights and weekends. 260 00:08:54,680 --> 00:08:57,600 After hours at theltwgroup.com. 261 00:08:57,600 --> 00:08:58,960 That's 8 to 8. 262 00:08:58,960 --> 00:08:59,640 8 to 8. 263 00:08:59,640 --> 00:09:00,400 8 days a week. 264 00:09:00,400 --> 00:09:02,760 8 AM, 8 PM, 8 days a week. 265 00:09:02,760 --> 00:09:06,320 You can get us after hours at theltwgroup.com. 266 00:09:06,320 --> 00:09:07,640 Happy Halloween. 267 00:09:07,640 --> 00:09:31,200 Be safe out there.