1 00:00:00,000 --> 00:00:06,000 Dr. Jerry, you got the whole world waiting and ready for you to start the conversation 2 00:00:06,640 --> 00:00:09,840 No point of view. We got the haters confused 3 00:00:10,200 --> 00:00:13,280 Leave it up to you to bring us all the good news 4 00:00:13,280 --> 00:00:30,800 Hello everybody good evening and thank you for tuning in to an all-new episode of live with dr. 5 00:00:30,800 --> 00:00:39,920 Andre Jerry broadcasting live from riyadh, Saudi Arabia. So this is our 13th episode and I'm extremely 6 00:00:39,920 --> 00:00:46,480 grateful for your listenership and your support as well as the opportunity to be on the air for over a year now 7 00:00:47,200 --> 00:00:53,920 We've had a lot of great discussions over the past 12 months and we plan on sharing even more engaging 8 00:00:53,920 --> 00:00:57,120 content and inspirational stories in this upcoming year 9 00:00:57,840 --> 00:01:03,600 It's definitely a privilege to have a platform where we can showcase fellow entrepreneurs and 10 00:01:03,600 --> 00:01:11,040 entertainers authors you name it inventors business people who are experts in their respective fields 11 00:01:11,680 --> 00:01:15,040 And sometimes people who just have an interesting point of view 12 00:01:15,600 --> 00:01:19,680 So to those tuning in tonight or if you're listening to the replay online 13 00:01:20,160 --> 00:01:24,080 If you know someone who you think would make a great guest for the show hit me up 14 00:01:24,160 --> 00:01:31,760 You can DM me on linkedin Instagram or you can shoot me an email at live with dr. Andre Jerry at gmail.com 15 00:01:31,760 --> 00:01:36,480 So listen, we have a very informative show for you this evening 16 00:01:36,480 --> 00:01:44,240 We're continuing our celebration of our one-year milestone and we're inviting back to the show some of our favorite guests 17 00:01:44,720 --> 00:01:52,880 And tonight our guests are two dynamic business women who are top-notch professionals in their respective fields 18 00:01:53,360 --> 00:01:58,080 And they bring a lot of value to conversations surrounding the housing market 19 00:01:58,080 --> 00:02:05,520 They also hold a very special place in my heart because they appear as guests for our very first live episode which aired last 20 00:02:06,000 --> 00:02:10,720 August so without further ado, please help me welcome back to the show 21 00:02:11,280 --> 00:02:18,320 Realtor adria massi and mortgage loan officer kai sheo bozier ladies. Hello and welcome back to the show 22 00:02:19,920 --> 00:02:21,920 Hello 23 00:02:23,280 --> 00:02:25,280 Yes excited all right great 24 00:02:25,280 --> 00:02:30,640 I'm so glad to have you both back. Thank you. Thank you both for clearing your schedules this evening 25 00:02:30,640 --> 00:02:38,560 And for agreeing to come back on the show and give our audience some insight on you know, kind of what's been happening in the the housing market lately 26 00:02:39,280 --> 00:02:43,280 As you know, it's been a volatile year for real estate 27 00:02:43,840 --> 00:02:49,440 With the mortgage mortgage rate increases. We've had inventory that's been up and down 28 00:02:49,440 --> 00:02:54,800 Up and down housing affordability has gotten a bit worse and it seems 29 00:02:55,440 --> 00:02:57,440 To be like a relatively uncertainty 30 00:02:58,720 --> 00:03:01,840 Where the market is concerned? So i'm glad that you both are here to 31 00:03:02,400 --> 00:03:08,480 Shed some light on things and perhaps give the consumers at least some assurance that things are not 32 00:03:09,200 --> 00:03:12,000 Necessarily as bleak as they're making it out to be so 33 00:03:12,720 --> 00:03:16,560 Let's jump right in. Uh, it's been a year since our last conversation, of course 34 00:03:16,560 --> 00:03:19,520 Uh, regarding the housing market a year ago 35 00:03:19,920 --> 00:03:25,520 We were in the beginning stages of a market correction and we were all adjusting to 36 00:03:26,400 --> 00:03:31,920 This sudden spike in interest rates and the buying frenzy had slowed down considerably 37 00:03:32,560 --> 00:03:36,720 Uh supply was a bit constrained, but home prices were still 38 00:03:37,600 --> 00:03:38,960 Relatively high 39 00:03:38,960 --> 00:03:45,520 So here we are now a year later and I'd like to get both of your viewpoints on how the housing market has 40 00:03:45,520 --> 00:03:51,920 Evolved over the past year. Adria. Let's start with you. What's your take on what's been happening with the housing market the past year? 41 00:03:54,080 --> 00:03:58,800 Well, well, we have definitely had a year that is for sure. Um 42 00:04:01,040 --> 00:04:04,400 Pretty much it is doing its own thing honestly 43 00:04:05,040 --> 00:04:11,520 Um, of course, as you know in 2022 we had just a spike in home prices. Um 44 00:04:11,520 --> 00:04:15,920 Um houses are flying off the shelves, you know, it was kind of like the wow-wow with 45 00:04:17,360 --> 00:04:24,480 Of course over the past year things have calmed down a little bit. Um, you know prices of the home for still high 46 00:04:25,280 --> 00:04:26,400 but 47 00:04:26,400 --> 00:04:34,400 They have actually started to stabilize a little bit. Um, of course everyone knows about the up and down with the interest rates 48 00:04:34,400 --> 00:04:41,280 And um, they are, you know at a all-time high for the past couple of years not necessarily 49 00:04:41,920 --> 00:04:45,840 Historically but from what people have been experiencing the past couple of years 50 00:04:46,480 --> 00:04:51,440 Um, so of course that has set a few buyers on the thought line. Um 51 00:04:52,400 --> 00:04:54,400 To me it's a it's pretty 52 00:04:55,280 --> 00:04:59,760 Fableized, um, you know, it's getting there. We're getting back to that normal 53 00:04:59,760 --> 00:05:05,360 Market, it hasn't quite gotten there yet, but we are trending back towards that direction 54 00:05:06,240 --> 00:05:13,040 Um affordability is still a major concern. Probably one of the biggest issues definitely here in North Carolina and probably 55 00:05:13,680 --> 00:05:15,920 Um in several markets as well 56 00:05:16,480 --> 00:05:24,000 So, uh, my opinion is that you know, we're we're getting back to um more of a normalized housing market 57 00:05:24,400 --> 00:05:26,400 We still got a lot of work to do 58 00:05:26,400 --> 00:05:29,440 But um, it's better than it was last year. That's for sure 59 00:05:31,360 --> 00:05:35,600 Yeah, that's good to know. I mean if you like roller coasters and this has been a fun ride 60 00:05:35,600 --> 00:05:43,200 Like you said, we started with the the spike around 2022 and then it got a little calm and went high prices high interest rates 61 00:05:43,840 --> 00:05:47,760 Buyers are scared and and now it seems at least from your vantage point 62 00:05:48,160 --> 00:05:54,560 That things are getting a bit more stable because she'll wish what's what how are things looking from your your vantage point over the 63 00:05:54,560 --> 00:05:57,120 past 12 months how the market has been trending 64 00:05:58,640 --> 00:06:00,640 It has been very interesting 65 00:06:00,800 --> 00:06:02,800 But I like the word stabilization 66 00:06:03,600 --> 00:06:08,480 Because that was the goal and i'm gonna piggyback off what adria said. I feel like 67 00:06:09,040 --> 00:06:12,560 now we're at a point where kind of slowing it down and 68 00:06:13,440 --> 00:06:16,960 By the affordability being the way it is you got less people 69 00:06:16,960 --> 00:06:25,120 Running to try to pull these houses off the shelf and it's given the market a chance to cool off some to a normal 70 00:06:25,680 --> 00:06:27,120 place so 71 00:06:27,120 --> 00:06:32,960 It was it was needed. I don't think any of us were we're ready for it, but we're here now and 72 00:06:33,680 --> 00:06:35,680 We'll see what happens next 73 00:06:36,480 --> 00:06:43,760 Right, right. So that's good that you both agree that you know, we're at a point of um, some stabilization. So that's good 74 00:06:43,760 --> 00:06:50,320 Um, this past year. I've not been actively participating in real estate at least not in the states 75 00:06:50,800 --> 00:06:58,240 I've been more of a speculator, but because I have rental property. I do my best to try to stay informed and keep a pulse on 76 00:06:59,040 --> 00:07:06,240 uh market trends and home prices and what I've noticed at least over the past year, especially is that supply is 77 00:07:07,280 --> 00:07:10,640 somewhat stagnant I wouldn't say that there's a shortage 78 00:07:10,640 --> 00:07:16,800 But there seems to be a not a lot of variety out there at least not in georgia 79 00:07:17,520 --> 00:07:19,520 um, it's it's like there's either 80 00:07:20,240 --> 00:07:26,560 overpriced trashed homes that you know investors are bought for pennies on the dollar and they're trying to flip it for a profit 81 00:07:26,960 --> 00:07:34,400 Or on the other end you have just new construction homes with a median price point of 300 000 up 82 00:07:34,400 --> 00:07:41,440 Um, so I think all the moderately priced quality homes were scooped up during the last buying frenzy 83 00:07:42,160 --> 00:07:44,160 and you know, we forget that there 84 00:07:44,400 --> 00:07:46,640 are millions of americans out there with 85 00:07:47,440 --> 00:07:49,360 three and four percent 86 00:07:49,360 --> 00:07:55,360 Rates, you know, I don't think they're ever going to sell their homes. They're not ever going to move at best 87 00:07:55,360 --> 00:07:59,200 They're probably do what I did and convert their home into like a rental 88 00:07:59,600 --> 00:08:02,080 Um, you know, because they're never going to see that rate again 89 00:08:02,080 --> 00:08:06,240 So I believe that's why we're not seeing the same level of 90 00:08:06,640 --> 00:08:10,640 homes trading on the the you know open market like in previous years 91 00:08:11,280 --> 00:08:12,400 and um 92 00:08:12,400 --> 00:08:18,560 Something else I noticed too is that banks seem to be a little bit more restrictive in lending out money this past year 93 00:08:19,200 --> 00:08:22,560 It's not as easy to be to get approved for alone 94 00:08:22,640 --> 00:08:27,040 Even if you have like a low dti and collateral 95 00:08:27,040 --> 00:08:32,480 It's like if you're not at 725 and up on your credit score, they don't even want to mess with you 96 00:08:32,960 --> 00:08:36,960 Uh, and if if you couple that with the interest rate that's approaching now 97 00:08:37,840 --> 00:08:44,320 Almost 8 percent is no wonder, you know, we got all these buyers sitting on the sidelines, you know waiting to see 98 00:08:44,800 --> 00:08:46,800 What's going to happen next and 99 00:08:46,800 --> 00:08:51,440 Kaishile, I know you've been keeping your eyes on the the mortgage interest rate fluctuations this past year 100 00:08:51,440 --> 00:08:57,440 Um, in your opinion, what's driving these changes and and how has it impacted your business and your clients still? 101 00:08:58,880 --> 00:09:01,760 Yeah, so I think the main factor 102 00:09:02,240 --> 00:09:08,000 Like we said, we're just trying to get the market to slow back down and to correct it 103 00:09:08,000 --> 00:09:12,000 So so all that stuff is just kind of compiled into 104 00:09:12,640 --> 00:09:16,480 The interest rates going up and it has affected us 105 00:09:17,360 --> 00:09:19,360 I'll say 106 00:09:19,360 --> 00:09:23,360 Getting out of those twos and threes that's kind of where it hits the hardest 107 00:09:23,920 --> 00:09:26,560 It's trying to get everybody to know like we're going up 108 00:09:27,120 --> 00:09:32,880 Um, even now at the sevens, I think people kind of know we're up there and more so what it's done is 109 00:09:33,440 --> 00:09:39,280 It's bought the buyers out who either have to move or have to downsize so 110 00:09:40,400 --> 00:09:44,080 We have those type of buyers that are in the market now that are more so the 111 00:09:44,080 --> 00:09:48,800 I have to do this right now. This is a urgent need of mine 112 00:09:49,280 --> 00:09:54,320 And the ones that set on the sidelines when things were low saying i'm going to wait 113 00:09:54,960 --> 00:09:58,240 They're kind of regretting it now because now with the affordability 114 00:09:58,960 --> 00:10:02,640 They can't particularly get a home that you said is going to be worth 115 00:10:03,280 --> 00:10:05,280 What the money they're paying for it 116 00:10:06,240 --> 00:10:07,600 Right 117 00:10:07,600 --> 00:10:14,480 Do you think we'll ever see the the twos and in three percent's interest rates again? Um, 118 00:10:16,160 --> 00:10:18,640 Honestly, I don't know. I hope we do but 119 00:10:19,760 --> 00:10:23,600 I'm thinking it'll probably maybe settle at the five because you know, that was a 120 00:10:24,160 --> 00:10:26,160 Kind of like a once in a lifetime deal 121 00:10:26,560 --> 00:10:31,120 happened because of the pandemic and it was something that was needed at that time 122 00:10:31,840 --> 00:10:35,760 And now they're just trying to get everything back to normal because they were kind of just 123 00:10:35,760 --> 00:10:41,680 Giving away money for free back then and now, you know, we got to make up for it some kind of way 124 00:10:43,280 --> 00:10:49,840 Yeah, I'll take five percent, you know eight, you know where we're trending now. It's just this that's a lot 125 00:10:50,400 --> 00:10:53,600 Um, but but adria, how how has your business been impacted? 126 00:10:53,840 --> 00:10:59,200 Have you been seeing a decline in real estate transactions and how are your clients responding to all of this? 127 00:10:59,200 --> 00:11:04,960 Well, you know, I have many clients that's responding to what they're seeing on the news 128 00:11:05,200 --> 00:11:07,200 responding to 129 00:11:07,280 --> 00:11:09,280 The social media 130 00:11:09,360 --> 00:11:11,360 Gurus and everyone 131 00:11:11,360 --> 00:11:16,560 Um, you know the mechanic down the street that's given advice. So it's kind of like um, 132 00:11:16,720 --> 00:11:18,720 It's time to keep everybody 133 00:11:19,280 --> 00:11:24,240 Properly informed, you know, of course things have went down. That's inevitable 134 00:11:24,240 --> 00:11:31,280 People aren't used to the new norm of the interest rates currently. Um, everyone's feel 135 00:11:32,000 --> 00:11:35,680 Looking at that to the 4% that people were jumping on 136 00:11:36,560 --> 00:11:42,960 And so a lot of buyers are, you know, now kind of saying well, I'm just going to wait, you know, see what happens with the market 137 00:11:42,960 --> 00:11:46,560 I'm going to wait for the interest rates to come down and things like that 138 00:11:47,120 --> 00:11:52,160 Which is fine for some people, but um, you know, and unfortunately with the interest rates 139 00:11:52,160 --> 00:11:57,280 Going up the buyers who are still currently motivated. Some of them are actually 140 00:11:58,400 --> 00:12:04,320 Um, not qualifiable anymore. Um, you know, of course it knocked down their their buy and power 141 00:12:04,320 --> 00:12:09,760 So they are unfortunately kind of having to sit to the side right now until 142 00:12:10,080 --> 00:12:13,280 Things get a little better for them in their financial situations 143 00:12:13,280 --> 00:12:17,280 And it can get them into a better home that they're interested in 144 00:12:17,280 --> 00:12:24,160 But you know, it's really a case by case situation. Um, for some people it's like the best thing in the world, you know, the investors 145 00:12:24,720 --> 00:12:29,440 And the hedge funds and the big people, you know, it's an awesome time for them 146 00:12:29,440 --> 00:12:35,840 But you know, the the standard normal home buyer, you know, we regard seeing a few struggles in that department 147 00:12:37,280 --> 00:12:43,600 Yeah, I would imagine so and you know, given the the current condition of the market 148 00:12:43,600 --> 00:12:51,920 What are some of the trends that you've been seeing at least in the Charlotte real estate market? Like what's what's hot right now? 149 00:12:53,600 --> 00:12:56,400 Oh, what's hot right now is definitely new construction 150 00:12:57,600 --> 00:13:02,240 They're the one that's you know, even though they are still low on demand 151 00:13:02,720 --> 00:13:08,640 They are popping up everywhere because they're able to better meet the supply than some of the resale homes 152 00:13:08,640 --> 00:13:15,280 Like you mentioned earlier with the sellers locking in on those two and three percent interest rates 153 00:13:15,680 --> 00:13:17,920 They're not motivated to sell their homes right now 154 00:13:18,880 --> 00:13:23,920 And they're not motivated to sell their homes then that creates a huge issue with the supply 155 00:13:24,560 --> 00:13:30,320 And so the only options that we're having is investors coming in and they're flipping homes and trying to get those 156 00:13:30,880 --> 00:13:35,520 Kind of market ready or on the flip side you have the new construction 157 00:13:35,520 --> 00:13:38,640 So it's kind of like pick one or the other 158 00:13:39,200 --> 00:13:41,200 or dive into the 159 00:13:42,160 --> 00:13:46,960 The craziness of trying to get one of the resale homes when a seller decides that hey, I want to 160 00:13:48,000 --> 00:13:53,840 Go ahead and lose this interest rate that I currently have and go up to the seven eight, you know 161 00:13:54,720 --> 00:14:00,640 So that's kind of the situation that we're dealing with that. That's what's trending in the Charlotte area 162 00:14:02,400 --> 00:14:04,400 Yeah, I think that's what's the biggest issue 163 00:14:04,400 --> 00:14:10,480 Yeah, I noticed that I noticed that you do feature a lot of new construction on your social media 164 00:14:11,040 --> 00:14:14,480 Um, you know new construction isn't isn't bad 165 00:14:15,120 --> 00:14:17,120 One of the things I always wonder is 166 00:14:17,920 --> 00:14:22,640 What are what are the challenges with that? Like I saw one of the reels you did recently where 167 00:14:23,440 --> 00:14:26,560 You were talking about doing a a check on the construction 168 00:14:26,560 --> 00:14:31,920 I guess they have like weekly updates that tell you where they are in the construction and you were talking about 169 00:14:31,920 --> 00:14:35,920 Making sure things that you know our own tracking are not going wrong 170 00:14:35,920 --> 00:14:38,800 What are some of the things you think go wrong in new construction? 171 00:14:38,800 --> 00:14:42,960 It seems like it would be relatively stress-free, but I'm sure there are hiccups here and there 172 00:14:44,080 --> 00:14:48,720 Oh, of course, there are several hiccups that can happen when you're dealing with new construction 173 00:14:48,960 --> 00:14:54,240 One of the biggest things is time. Um, you know when you're dealing with vendors 174 00:14:54,960 --> 00:15:00,880 And you're having to rely on other people to also make sure things are done in a timely manner 175 00:15:00,880 --> 00:15:02,880 Those can cause delays 176 00:15:03,280 --> 00:15:08,640 So one of the biggest things or biggest challenges when you're dealing with new construction is 177 00:15:09,360 --> 00:15:13,760 Are you know am I going to actually have this time frame that I originally thought? 178 00:15:14,080 --> 00:15:17,920 Is my house going to be radiant the six months that the builder originally quoted me? 179 00:15:18,480 --> 00:15:24,000 Um, there's a situation that I'm currently going through now that you know our timeline has gotten pushed back a month 180 00:15:24,800 --> 00:15:25,920 So, you know 181 00:15:25,920 --> 00:15:31,040 One of the biggest things is that you always want to make sure that there's communication 182 00:15:31,520 --> 00:15:37,680 When you're dealing with new construction you have to communicate with that builder non-stop because you need to know 183 00:15:38,480 --> 00:15:44,560 Are there any delays, you know, what's going on on your end? Is everything sticking to your schedule so that 184 00:15:44,960 --> 00:15:51,680 um, the client can be properly informed and make decisions because as that's happening with the construction 185 00:15:51,680 --> 00:15:56,000 You have to remember the interest rates are steadily changing 186 00:15:56,720 --> 00:16:02,080 And most people most lenders and I'm sure cashel can and speak on this as well 187 00:16:03,040 --> 00:16:08,320 If you're getting if you're starting a process and you are getting a home built from the ground up back in 188 00:16:08,720 --> 00:16:11,600 in March of this year and you're not um 189 00:16:12,400 --> 00:16:18,720 Expected to close until towards the latter part of this year. Those interest rates are changing. They're fluctuating 190 00:16:18,720 --> 00:16:23,680 So you're not actually sure what that final payment is going to be 191 00:16:24,080 --> 00:16:28,240 What's going to happen in the course of that time? So you're kind of just hoping 192 00:16:28,880 --> 00:16:31,040 They either you know 193 00:16:31,040 --> 00:16:36,720 Go down in regards to the interest rates and then there's so many variables that can just happen with life 194 00:16:37,760 --> 00:16:42,560 So, you know, if um, it can be a bit of a gamble. It's it's exciting. Don't get me wrong 195 00:16:42,560 --> 00:16:48,560 But you know, you have to be prepared and ready and educated when you're dealing with new construction 196 00:16:50,000 --> 00:16:55,200 Yeah, you do and I that's a good point. I'm glad you mentioned that. That's something that I didn't consider 197 00:16:55,680 --> 00:17:00,560 Uh, and I'm sure you deal with that all the time. Uh, cashel with with people who are 198 00:17:00,960 --> 00:17:05,920 expected to close on a certain date and it ends up getting extended and they're dealing with a 199 00:17:06,720 --> 00:17:08,240 increased 200 00:17:08,240 --> 00:17:14,080 You know interest rate that they weren't prepared for have you experienced a lot of that with your clientele? 201 00:17:15,440 --> 00:17:19,280 Yes, unfortunately, she said it does happen. There's so many variables 202 00:17:19,760 --> 00:17:21,840 Like charlotte just got his tax evaluation 203 00:17:22,000 --> 00:17:25,760 So, you know, we might have quoted it based off taxes from last year 204 00:17:25,840 --> 00:17:30,720 Which we won't have the taxes until the actual home is up and if everything else went up, you know 205 00:17:30,800 --> 00:17:35,360 Then the taxes for that new wheel can go up making the monthly payment higher interest rates 206 00:17:35,360 --> 00:17:42,000 Making the monthly payment higher and so I tried to get people to not go to their maximum amount 207 00:17:42,400 --> 00:17:45,360 Especially when doing a new bill because we're going to need that 208 00:17:46,000 --> 00:17:53,360 wiggle room account for when it actually comes time to close if in case any of these delays or things happen 209 00:17:54,960 --> 00:18:00,640 Yeah, I was going to ask you about that. You you actually brought it up. I was going to ask, you know, do you normally 210 00:18:01,760 --> 00:18:03,760 or typically 211 00:18:03,760 --> 00:18:06,240 I lost my train of thought. Do you typically 212 00:18:06,800 --> 00:18:13,680 Encourage or your your clients to max qualify or do you encourage them to leave some wiggle room for like you said? 213 00:18:14,160 --> 00:18:16,400 If there's an interest rate that you weren't 214 00:18:17,840 --> 00:18:19,840 Expecting or if there's some type of 215 00:18:20,160 --> 00:18:24,880 Insurance premiums that are going to go up for some reason because that's been trending as well 216 00:18:25,200 --> 00:18:28,400 What do you normally tell them in terms of max qualify thing? 217 00:18:28,400 --> 00:18:33,680 Yeah, I usually ask every single client. What is their comfortable monthly mortgage payment? 218 00:18:34,400 --> 00:18:40,400 Yes, so when I do that I go back and explain to them. I'm going to tell you what your max is 219 00:18:40,480 --> 00:18:42,480 I'm going to tell you where you're comfortable 220 00:18:43,120 --> 00:18:46,480 And I would like for you to say where you're comfortable at 221 00:18:47,440 --> 00:18:49,120 But know that you have the buffer room 222 00:18:49,120 --> 00:18:55,760 So of course they have the option to go to their max, but I always try to kind of map it out to let the client see 223 00:18:55,760 --> 00:18:57,760 This is what it looks like 224 00:18:58,320 --> 00:19:00,320 Here or there so 225 00:19:00,800 --> 00:19:04,720 But I would advise not going to the max just for the what is 226 00:19:06,400 --> 00:19:10,560 Yeah, you want to leave some wiggle room. You never know what especially in this 227 00:19:11,280 --> 00:19:15,520 Market that we and you just don't know what type of circumstances you'll find yourself in 228 00:19:16,480 --> 00:19:20,960 But back to the the new construction homes, uh, adria, you um 229 00:19:20,960 --> 00:19:26,880 One of your reels. I think you highlighted the druid heels community. Um, and this particular community 230 00:19:26,960 --> 00:19:30,240 I think have a lot of properties that are eligible for 231 00:19:30,960 --> 00:19:32,960 house Charlotte buyers and 232 00:19:32,960 --> 00:19:38,960 For those who aren't familiar with the house Charlotte program. Could you tell, you know, the audience a little bit about this program? 233 00:19:40,000 --> 00:19:43,200 Oh, sure. Sure. So the house Charlotte program 234 00:19:43,840 --> 00:19:49,840 Is a program designed for low to moderate income buyers here in the short term 235 00:19:49,840 --> 00:19:55,840 And it's a program that's designed for low to moderate income buyers here in the Charlotte area. So of course there are some 236 00:19:57,040 --> 00:19:58,880 um 237 00:19:58,880 --> 00:20:03,920 Kind of regulations in terms of where you can utilize this program at there's definitely qualifications when it comes to 238 00:20:04,720 --> 00:20:06,720 meeting your income 239 00:20:07,040 --> 00:20:13,840 Um, if I'm not mistaken and cashel, please chime in anytime. I believe you have to be at 80 percent of the 240 00:20:13,840 --> 00:20:22,000 Area median income here in Charlotte to qualify for that. Um first time home buyers. So there's there's certain very various, um 241 00:20:22,880 --> 00:20:27,440 You know eligibility requirements that is required for that particular program 242 00:20:27,680 --> 00:20:34,240 But it's awesome because it does allow you to get up to 80 thousand dollars in down payment assistance 243 00:20:34,800 --> 00:20:36,800 And that opens up the door right there 244 00:20:36,800 --> 00:20:43,840 Um, especially for those buyers who are struggling coming up with that deal payment 245 00:20:44,480 --> 00:20:48,960 That that gives them to option the option to kind of have that additional help 246 00:20:49,440 --> 00:20:52,720 That assistance with getting into a home. But what I like about 247 00:20:53,760 --> 00:20:55,760 the different builders who have kind of 248 00:20:56,720 --> 00:21:05,520 Connected with how Charlotte is that they are making certain homes only available to those particular buyers who qualify for that program 249 00:21:05,520 --> 00:21:07,520 and that kind of 250 00:21:07,920 --> 00:21:11,280 Eliminates all of the craziness and some of the big 251 00:21:12,000 --> 00:21:18,400 Things like that, you know, it kind of makes it a smooth transition for some of those particular buyers to be able to get into a home 252 00:21:18,960 --> 00:21:25,600 So, you know, if there's anyone that is definitely interested in that particular program or having issues with down payment 253 00:21:26,080 --> 00:21:29,040 I would highly recommend checking out the house Charlotte program 254 00:21:29,040 --> 00:21:38,560 Yeah, I love programs like that that kind of give first time home buyers an edge in the game because that's one of the biggest headaches 255 00:21:39,040 --> 00:21:42,240 Is is where am I going to get the money for my down payment? 256 00:21:42,640 --> 00:21:48,800 So programs like this are really invaluable, especially the first time home buyers. Now this true heels community 257 00:21:50,800 --> 00:21:52,800 Are all the homes eligible for? 258 00:21:53,920 --> 00:21:57,440 Charlotte home house Charlotte buyers or just certain 259 00:21:57,440 --> 00:22:01,840 Homes in the community or is every home an eligible property? 260 00:22:03,120 --> 00:22:06,640 No, so it really depends on the particular area in Charlotte 261 00:22:08,000 --> 00:22:10,000 And the actual home itself 262 00:22:10,400 --> 00:22:17,440 So there are some homes that builders are building that saying, you know, this particular home is only going to be for house Charlotte 263 00:22:18,160 --> 00:22:19,040 buyers 264 00:22:19,040 --> 00:22:22,240 And then they also have the homes that's within the range 265 00:22:22,240 --> 00:22:27,760 That the house Charlotte program covers in certain zip codes and things like that within Charlotte 266 00:22:28,160 --> 00:22:33,840 The druid Hills community is an area that they are currently going in and re-dapping homes 267 00:22:34,880 --> 00:22:37,760 They're putting up new construction homes. They're kind of 268 00:22:38,880 --> 00:22:44,560 Rebuilding some of the older homes to make them up to the current standards that we're looking for 269 00:22:45,840 --> 00:22:47,840 And so those type of communities 270 00:22:48,160 --> 00:22:50,160 are generally more of 271 00:22:50,160 --> 00:22:58,480 The minority areas and this allows them to become home owners in the areas in which they already currently live 272 00:23:00,080 --> 00:23:02,560 And you know, it just pretty much opens up the doors for them 273 00:23:02,560 --> 00:23:09,200 But no, it really just depends on the particular home and the area if it qualifies for that house Charlotte program 274 00:23:11,040 --> 00:23:12,800 Got it 275 00:23:12,800 --> 00:23:16,320 And in kai shell, I noticed that your firm Geneva financial was among 276 00:23:16,320 --> 00:23:20,320 The approved lenders list for the house Charlotte program 277 00:23:20,960 --> 00:23:25,760 Can you explain a little bit about how this application process for this program works? 278 00:23:25,920 --> 00:23:32,000 Like is that something that you can help your clients apply for or do they have to do some leg work before they even 279 00:23:32,160 --> 00:23:34,160 You know get to your desk 280 00:23:34,640 --> 00:23:38,720 Yeah, so nine times out of 10, you'll they'll have to go through an approved lender 281 00:23:39,280 --> 00:23:43,280 Like Geneva financial in order to be able to access that program 282 00:23:43,280 --> 00:23:51,200 Because us as a lender we have to gather the application and then of course the programs they have their additional guidelines 283 00:23:51,840 --> 00:23:55,920 So we need to make sure the client fits under that first and you know 284 00:23:55,920 --> 00:23:59,920 The first ones that pop up in my mind is the 640 credit score 285 00:24:00,640 --> 00:24:05,680 Um and on a normal loan product. We only have to collect two years of w2 286 00:24:05,680 --> 00:24:12,560 We're asked on a down payment or first time home buyer assistance program. We need to collect three years 287 00:24:13,200 --> 00:24:16,960 And then another important thing is going to be the household income 288 00:24:17,600 --> 00:24:19,600 so even if 289 00:24:19,600 --> 00:24:23,200 Somebody is not on the actual loan that it's going to be living in 290 00:24:23,840 --> 00:24:30,320 The home then we have to account for that income to make sure we're not going over what the area median income is 291 00:24:30,320 --> 00:24:36,720 Right, thank you for explaining that and and just to the listeners. I just want to encourage them just because you know, you're not in the 292 00:24:36,720 --> 00:24:41,840 Charlotte area usually every major city or jurisdiction has some type of 293 00:24:42,640 --> 00:24:49,280 First time home buyer program that has you know down payment assistance that you can take advantage of so definitely just 294 00:24:49,760 --> 00:24:55,360 Do a quick google search if you're a first time home buyer in whatever city and you'll run across 295 00:24:55,360 --> 00:25:01,120 A lot of initiatives and programs and definitely connect with the realtor or or mortgage lender 296 00:25:01,680 --> 00:25:03,680 Professional they'll steer you in direct 297 00:25:04,240 --> 00:25:07,520 Direction and let you know what programs are out there that are current 298 00:25:08,160 --> 00:25:12,720 I want to shift gears a bit and just talk about the growth in the Charlotte area 299 00:25:13,680 --> 00:25:20,160 Of course, I did some research for this episode here and according to recent statistics 300 00:25:20,160 --> 00:25:24,880 A new study found that more people moved to Charlotte in 301 00:25:25,760 --> 00:25:28,080 2022 than any other southern city 302 00:25:28,640 --> 00:25:34,240 And according to the us census the queen city, of course, Charlotte ranked 15 303 00:25:35,280 --> 00:25:43,040 Among the nation's fastest growing cities and I lived in Atlanta for over 10 years and my friends and I 304 00:25:43,840 --> 00:25:46,640 Always said that you know if Atlanta doesn't get there 305 00:25:46,640 --> 00:25:51,520 Stuff together Charlotte was going to be the new place to be you know, we were already seeing 306 00:25:52,240 --> 00:25:57,520 A good number of fortune 500 businesses that had been hitcourt in Atlanta for decades 307 00:25:58,560 --> 00:26:01,360 Reload relocate their hitcours to Charlotte 308 00:26:02,560 --> 00:26:07,360 Largely due to issues like traffic and parking and you know taxes and just 309 00:26:08,400 --> 00:26:12,560 Poor infrastructure throughout the city and of course affordable housing 310 00:26:12,560 --> 00:26:17,840 So on the topic of affordable housing according to economists affordability 311 00:26:18,480 --> 00:26:24,000 Is the signature issue among home buyers right now and I'll direct this question to both of you 312 00:26:24,640 --> 00:26:28,960 As professionals in this market who are working directly with consumers 313 00:26:29,360 --> 00:26:32,800 Are they complaining to you guys about afford or affordability? 314 00:26:32,800 --> 00:26:35,200 Is that something that you're hearing from your clients? 315 00:26:35,200 --> 00:26:37,200 Adria will start with you 316 00:26:37,200 --> 00:26:39,200 Most definitely 317 00:26:39,200 --> 00:26:42,240 affordability is the number one hurdle that we are currently experiencing here 318 00:26:43,120 --> 00:26:48,160 In North Carolina and I know that they're experiencing that in other markets because it's one of the number one issues 319 00:26:48,160 --> 00:26:50,160 Just right here in the US right now 320 00:26:51,120 --> 00:26:53,120 With the biggest situation is 321 00:26:53,920 --> 00:26:55,440 You know, of course 322 00:26:55,440 --> 00:26:58,960 With the interest rates, but also with the interest rates 323 00:26:58,960 --> 00:27:02,800 And the interest rates are going to be the same as the interest rates 324 00:27:02,800 --> 00:27:07,920 Is you know, of course with the interest rates, but also the home prices 325 00:27:08,560 --> 00:27:09,600 have 326 00:27:09,600 --> 00:27:13,120 Almost doubled and what they used to be just a couple of years ago 327 00:27:13,680 --> 00:27:16,320 And so these homes are now, you know our 328 00:27:17,360 --> 00:27:20,880 Our median self price here is in the 400 to low 400 329 00:27:21,840 --> 00:27:24,800 And so if you're thinking about numbers like that 330 00:27:25,440 --> 00:27:26,800 for just 331 00:27:26,800 --> 00:27:33,840 For a standard home here in charlotte think about how many people that is currently pricing out. Um, I know one of um 332 00:27:34,480 --> 00:27:35,680 There was a 333 00:27:35,680 --> 00:27:42,560 A study that was recently done here in charlotte and they were actually saying that if you made under $50,000 334 00:27:43,200 --> 00:27:48,480 That charlotte was actually no longer affordable for you. And so you have to think about 335 00:27:49,040 --> 00:27:49,920 um 336 00:27:49,920 --> 00:27:51,440 law enforcement 337 00:27:51,440 --> 00:27:52,800 teachers 338 00:27:52,800 --> 00:27:57,440 Some of our first responders that are getting around the range of that salary 339 00:27:57,520 --> 00:28:02,560 Maybe a little more a little under and so you have to think like wow, you know, some of our 340 00:28:03,200 --> 00:28:08,320 Normal working citizens that live here in charlotte is actually no longer affordable for them 341 00:28:08,880 --> 00:28:13,760 So what is, you know, what's the actual game plan for them? What are we going to do about that situation? 342 00:28:14,080 --> 00:28:16,640 that's the number one topic here and um, 343 00:28:17,120 --> 00:28:21,440 You know it's something that in my opinion has not been resolved as of yet 344 00:28:21,440 --> 00:28:26,720 Um, because the home prices are still, you know trending up not as fast 345 00:28:27,200 --> 00:28:31,040 But affordability is is a hot topic and right now 346 00:28:31,840 --> 00:28:33,840 um, unfortunately that is 347 00:28:34,560 --> 00:28:42,880 eliminating a lot of buyers and having them have to move further out from charlotte are taking commute over being, you know closer 348 00:28:45,200 --> 00:28:48,880 Yeah, I definitely have been seeing a trend with that as well 349 00:28:48,880 --> 00:28:56,080 Oh kashel, what are your clients griping about? Are they saying that affordability is something that they're also concerned with? 350 00:28:57,280 --> 00:29:01,120 Yep affordability and like she said if you are having a 351 00:29:02,000 --> 00:29:05,920 single family income in a household or like she said our our normal 352 00:29:06,560 --> 00:29:07,520 everyday 353 00:29:07,520 --> 00:29:10,000 workers who are making less than 50 000 354 00:29:10,960 --> 00:29:14,480 If they are being priced out of charlotte and happen to look into 355 00:29:14,480 --> 00:29:19,680 places that are further out maybe have that hour commute the work and it is definitely 356 00:29:20,640 --> 00:29:24,480 A pain point so that that is the number one thing i'm hearing 357 00:29:24,960 --> 00:29:27,840 just if it's not too income households or 358 00:29:28,480 --> 00:29:29,600 then 359 00:29:29,600 --> 00:29:32,160 You know it's kind of hard to get something that's good 360 00:29:33,840 --> 00:29:36,400 Yeah, it it really is a crisis 361 00:29:37,120 --> 00:29:41,520 Nationwide it you know it was more localized in in certain areas 362 00:29:41,520 --> 00:29:49,440 in previous decades and years but now it just seems especially on the coastal community that seems to be 363 00:29:50,240 --> 00:29:54,960 almost unbearable. I remember 10 15 years ago in atlanta 364 00:29:55,680 --> 00:29:57,680 you know every time there was a 365 00:29:57,920 --> 00:30:02,400 election year one of the municipal election year one of the big concerns was always 366 00:30:03,360 --> 00:30:05,360 affordability and 367 00:30:05,360 --> 00:30:11,360 of homes you know people were complaining that hey you know rents are high mortgages are high 368 00:30:12,000 --> 00:30:16,720 um and so it was driving a lot of people further and further away from the cities 369 00:30:17,120 --> 00:30:20,640 to the point that you just made cut shell so um it's just something that's 370 00:30:21,760 --> 00:30:22,800 you know 371 00:30:22,800 --> 00:30:30,880 continuing to get worse and worse unfortunately um i moved from uh georgia to boston a couple years back and 372 00:30:31,280 --> 00:30:33,280 went through my own culture shock 373 00:30:33,280 --> 00:30:38,880 um i got my house of course at a very good rate mortgages less than 500 dollars 374 00:30:39,360 --> 00:30:41,360 i get to boston 375 00:30:41,920 --> 00:30:51,280 rent uh my rent was well over three thousand dollars and and um i could afford it but it was just such a shock 376 00:30:51,840 --> 00:30:59,280 to go from paying less than 500 dollars a month in mortgage to uh paying over close to 3700 377 00:30:59,280 --> 00:31:06,720 dollars a month in rent um it just made me sick for the first three or four months so i definitely 378 00:31:07,680 --> 00:31:13,040 affordability is something that really uh i feel the pain i'll just say that 379 00:31:14,400 --> 00:31:21,360 but uh adria will move on considering the growth that that charlotte has been seeing over the past few years 380 00:31:21,360 --> 00:31:29,680 what what's the buyer profile that you've been seeing in the charlotte area are you seeing married couples buying or 381 00:31:29,760 --> 00:31:33,440 you know young professionals what's the typical profile looking like 382 00:31:35,760 --> 00:31:42,720 honestly um it's a wide range you know um there's actually a lot of single women 383 00:31:43,520 --> 00:31:50,320 that are kind of tackling and taking over the um the home buying market right now 384 00:31:50,320 --> 00:31:56,000 uh you definitely have families that are choosing some of the outskirts areas of charlotte 385 00:31:56,480 --> 00:32:03,200 but one of the biggest things i would have to say is the younger generation with the higher incomes 386 00:32:04,080 --> 00:32:10,480 um they are taking over over charlotte um we have a lot of um 387 00:32:11,520 --> 00:32:17,840 people from some of the higher price point areas um such as you know new york and california 388 00:32:17,840 --> 00:32:24,080 that have sold their homes for way more than what you know our home prices are here 389 00:32:24,560 --> 00:32:28,960 and they're coming down um and relocating to this area because i know you mentioned that um 390 00:32:28,960 --> 00:32:34,560 we are getting a lot of growth and i know you had uh stated a stat just a little bit ago about how 391 00:32:35,280 --> 00:32:41,440 charlotte was growing at such a tremendous rate and that is the truth and some of that profile 392 00:32:41,440 --> 00:32:49,680 is some of those um the younger people with the uh the higher incomes i believe i had recently 393 00:32:49,680 --> 00:32:58,640 saw something that said the gen x um error um are currently some of the the people with the highest 394 00:32:58,640 --> 00:33:04,960 income and they are i don't think they're taking over no that's you yep it's for you too brie 395 00:33:04,960 --> 00:33:13,200 oh and uh you know so it's it's really a wide wide range i can't say for sure that you know it's 396 00:33:13,200 --> 00:33:19,200 it's definitely a married couple or a single it's really a combination which makes charlotte so diverse 397 00:33:19,760 --> 00:33:27,120 and um it's a great place to move but we we have a wide range of population and i think it's a 398 00:33:27,120 --> 00:33:33,520 little bit of everyone that's kind of driving our market here well that's good to hear it's good 399 00:33:33,520 --> 00:33:41,200 that the buyer profile is is diverse um i think that says uh there speaks a lot of positivity for 400 00:33:41,200 --> 00:33:47,760 where we're going with the market um kai shale what i want to ask you is in terms of these new 401 00:33:47,760 --> 00:33:52,000 construction homes that are all the regions in the charlotte area that they're going for 402 00:33:52,640 --> 00:33:56,560 three hundred and four hundred thousand dollars could you give us some insight into 403 00:33:56,560 --> 00:34:03,840 the buyer profile of an ideal client who would be able to successfully navigate their way through 404 00:34:03,840 --> 00:34:13,360 the home loan process um talk a little bit about that please so the ones i've been seeing who have 405 00:34:13,360 --> 00:34:18,800 the best option is like she said either some of the younger generation that are making upwards 406 00:34:18,800 --> 00:34:27,760 seven eight thousand on up or either a combined income household low debt higher credit scores 407 00:34:27,760 --> 00:34:34,800 that just really have everything in line have savings so um those are the people 408 00:34:35,520 --> 00:34:41,840 and i think are fitting the best profile for that price range without it being a struggle and a 409 00:34:41,840 --> 00:34:51,440 hassle to try to get in and that's what i'm doing did you say no debt or low debt i say yeah 410 00:34:51,440 --> 00:34:58,800 we're no debt low debt they you know try to have their debt as low as possible have you seen 411 00:34:58,800 --> 00:35:02,800 where student loans are are preventing some people from getting into the closing table 412 00:35:02,800 --> 00:35:12,720 i'm going to say not here recently um people who have like really high student loan debt 413 00:35:12,720 --> 00:35:18,080 and they don't have a student loan payment in place that's where i'm seeing where it's knocking 414 00:35:18,080 --> 00:35:23,840 them out so it just depends on their financial profile and what kind of debt they have sitting 415 00:35:23,840 --> 00:35:30,720 there already okay all right well ladies listen i'm enjoying this discussion that we're having 416 00:35:30,720 --> 00:35:37,760 so far on this topic right now what we're going to do is take a quick break and in our next segment 417 00:35:37,760 --> 00:35:44,720 we're going to dive deeper into this topic and get our guest's predictions on the housing market 418 00:35:44,720 --> 00:35:50,560 outlook for the remainder of 2023 so stay tuned there'll be more to come when we return 419 00:35:52,960 --> 00:35:59,520 hey ladies have you ever dated a married man have you ever thought to yourself that would 420 00:35:59,520 --> 00:36:07,680 never be me have you ever wondered how could she have you ever said she should be ashamed of herself 421 00:36:08,480 --> 00:36:14,560 well i used to say those same things and i've pointed fingers 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feels like we're going too fast 439 00:38:27,520 --> 00:38:28,960 because i want to make this last 440 00:38:31,280 --> 00:38:32,960 feels like we're going too fast 441 00:38:32,960 --> 00:38:41,920 feels like we're going too fast 442 00:38:42,560 --> 00:38:43,920 because i want to make this last 443 00:38:45,360 --> 00:38:51,760 we got forever slow it down take our time maybe i'll run this right on time 444 00:38:51,760 --> 00:39:02,720 we got forever i'm ready for love but 445 00:39:21,760 --> 00:39:32,720 but 446 00:39:38,720 --> 00:39:40,720 i love all the moments we share 447 00:39:40,720 --> 00:39:47,680 i just need some time alone i can't wait to make love to you 448 00:39:48,160 --> 00:39:55,680 i just need some time alone everything's just happening so fast 449 00:39:55,680 --> 00:39:57,680 i just need some time alone 450 00:39:57,680 --> 00:40:06,480 i feel like i've known you forever 451 00:40:12,480 --> 00:40:13,920 i feel like i've known you forever 452 00:40:19,920 --> 00:40:21,440 i feel like i've known you forever 453 00:40:21,440 --> 00:40:30,240 i feel like i've known you forever 454 00:40:34,880 --> 00:40:36,240 never felt this way before 455 00:40:42,400 --> 00:40:43,840 every day i crave you more 456 00:40:46,400 --> 00:40:48,240 i can't get you out of my head 457 00:40:48,240 --> 00:40:51,840 baby baby 458 00:40:53,840 --> 00:40:55,920 i can't get you out of my head 459 00:40:58,480 --> 00:40:59,360 baby baby 460 00:41:01,120 --> 00:41:02,960 it feels like we're going too fast 461 00:41:05,040 --> 00:41:06,400 because i want to make this last 462 00:41:08,800 --> 00:41:10,160 feels like we're going too fast 463 00:41:12,480 --> 00:41:13,840 because i want to make this last 464 00:41:13,840 --> 00:41:15,840 feels like we're going too fast 465 00:41:17,840 --> 00:41:19,840 because i want to make this last 466 00:41:19,840 --> 00:41:45,840 because i want to make this last 467 00:41:50,160 --> 00:41:59,840 so 468 00:42:00,320 --> 00:42:06,800 we got forever slow it down take our time maybe our love is right on time 469 00:42:07,840 --> 00:42:11,840 we got forever i'm ready for love but 470 00:42:11,840 --> 00:42:17,840 so 471 00:42:34,960 --> 00:42:36,560 i feel like we're going too fast 472 00:42:36,560 --> 00:42:40,560 so i feel like we're going too fast 473 00:42:42,400 --> 00:42:44,560 i feel like we're going too fast 474 00:42:49,600 --> 00:42:51,520 you're back live with dr. 475 00:42:51,520 --> 00:42:52,480 andre jerry 476 00:42:55,600 --> 00:42:58,320 hey everybody welcome back to live with dr. 477 00:42:58,320 --> 00:43:04,480 andre jerry you just finished listening to my latest single wait a minute baby which is now available on 478 00:43:04,480 --> 00:43:12,320 all streaming platforms and if you're an independent artist musician or author and you like to showcase 479 00:43:12,320 --> 00:43:17,280 your latest project on our internationally broadcast show then send an email to my team at 480 00:43:17,280 --> 00:43:18,160 live with dr. 481 00:43:18,160 --> 00:43:26,000 andrejerry at gmail.com now if you're just joining us my guests tonight are charlotte realtor adria 482 00:43:26,000 --> 00:43:32,160 massie and mortgage loan officer kai shea bozier and they're sharing valuable information with us 483 00:43:32,160 --> 00:43:38,640 tonight about the current housing market trends and what we can expect as we close out 2023 484 00:43:39,200 --> 00:43:46,000 so before the break we were talking about the inventory in the charlotte area which is mostly 485 00:43:46,000 --> 00:43:50,320 comprised of new construction to keep up with the incremental growth that they've been seeing 486 00:43:51,120 --> 00:43:57,520 you know for the the number of years now almost 10 years we also talked about programs like house 487 00:43:57,520 --> 00:44:03,520 charlotte which is a down payment assistance program that's aimed at helping first time home buyers 488 00:44:03,520 --> 00:44:09,360 who want to purchase homes in the charlotte area and so now i want to shift the focus a bit 489 00:44:10,000 --> 00:44:17,600 back to the consumer so kai shea can you explain to our listeners the importance of buyers 490 00:44:17,600 --> 00:44:24,320 developing an early relationship with a mortgage lender in this current market especially 491 00:44:24,320 --> 00:44:28,240 in the value that a professional like yourself can bring to the table 492 00:44:30,000 --> 00:44:37,040 yeah so i think if you are going to start the home buying process to at least start three to six 493 00:44:37,040 --> 00:44:43,840 months ahead of time before when you plan on moving of course we can get it done in one month 494 00:44:43,840 --> 00:44:49,600 time but this three to six months will give you the proper amount of time to prepare for whatever 495 00:44:49,600 --> 00:44:58,480 financial um financial finances that you might need in order to cover and to get the education to 496 00:44:58,480 --> 00:45:04,800 be informed to be able to know the difference between the home types but just to go in there 497 00:45:04,800 --> 00:45:11,280 and really know and have that confidence when it is time to go looking for homes and put in the offer 498 00:45:11,280 --> 00:45:19,760 so that when you do put it in it'll be a successful transaction and not as stressful as it could be 499 00:45:20,080 --> 00:45:27,680 yeah a little bit of homework and you know education um before diving you know both feed in 500 00:45:27,680 --> 00:45:34,320 is definitely value added um i saw in one of your episodes you have a web series called eyes on 501 00:45:34,320 --> 00:45:40,000 mortgage and uh in one of your episodes you talked about how you take care of your clients 502 00:45:40,000 --> 00:45:46,160 emotionally and how you begin the process with asking three important questions can you talk a 503 00:45:46,160 --> 00:45:50,640 little bit about how you address the emotional needs of your clients and why it's important to do so 504 00:45:51,840 --> 00:45:58,720 yeah and then especially right now in this this time that we're in um like i said i like to ask 505 00:45:58,720 --> 00:46:05,520 the clients the questions um what is important to them why is it important for them to buy a house 506 00:46:05,520 --> 00:46:12,880 right now um second question i like to ask is what makes you uncomfortable about the home buying 507 00:46:12,880 --> 00:46:18,720 process and the third question i like to ask is is there anybody else involved that's going to be 508 00:46:18,720 --> 00:46:26,080 a decision maker that we need to have in on the conversation so that we're not getting those side 509 00:46:26,080 --> 00:46:32,960 conversations of people confusing and putting the wrong information into the client's head and so 510 00:46:32,960 --> 00:46:37,920 i find that that makes it a little bit easier throughout the process to kind of bring people 511 00:46:37,920 --> 00:46:42,800 back in especially if you get out there and it's not the amount that you want or the home isn't 512 00:46:42,800 --> 00:46:49,040 looking like what you ideally wanted it to look like then i'm able to go back and said you know 513 00:46:49,040 --> 00:46:54,640 you remember when i asked you why was this important to you is that still what your motivating factor 514 00:46:54,640 --> 00:47:02,800 is you know how can we keep you motivated and keep your mind into the logical space of this is 515 00:47:02,800 --> 00:47:09,680 why i'm doing it without emotionally getting bent out of shape so just really trying to help mitigate 516 00:47:09,680 --> 00:47:15,920 some of that stress so that it makes it a little bit easier when we're out there looking and making 517 00:47:15,920 --> 00:47:23,360 sure that it makes sense of what they're doing well i really love that what's important to you 518 00:47:23,360 --> 00:47:29,280 what concerns you the most and who else is involved in the decision-making process that's a really 519 00:47:29,280 --> 00:47:36,800 awesome approach to fostering a good relationship with your client from the onset i don't think we 520 00:47:36,800 --> 00:47:41,680 realize a lot of people go into this process the long application process with a lot of trepidation 521 00:47:41,680 --> 00:47:47,760 nerves you know sometimes their defenses are up so you don't know what they've gone through you 522 00:47:47,760 --> 00:47:55,680 know financially or otherwise so asking that question what's important to you that immediately 523 00:47:55,680 --> 00:48:02,480 sets the tone of trust and then that second question what what concerns you about this process 524 00:48:02,480 --> 00:48:08,720 that goes to the heart of their fear about the process if they have any and i think it's also 525 00:48:08,720 --> 00:48:14,640 a great way to get ahead of the curve and just put all the cars on the table if they've made a 526 00:48:14,640 --> 00:48:20,320 financial blunder or done something you know bad that's going to prevent them from closing then 527 00:48:20,320 --> 00:48:26,000 that's something they need to know in the beginning so they won't waste any one's time and in that 528 00:48:26,000 --> 00:48:32,400 last question is my favorite because that's just the way it is because you know sometimes it's 529 00:48:32,400 --> 00:48:38,720 true the decision maker is sometimes not the actual client i remember when one of my cousins 530 00:48:38,720 --> 00:48:46,400 bought his first home he would not make a move unless my sister who's an excellent negotiator 531 00:48:46,400 --> 00:48:53,680 by the way approved and you know i imagine it was very frustrating for the lender at first but 532 00:48:53,680 --> 00:48:59,280 at a point he just he just gave up and dealt directly with my sister you know since she was the 533 00:48:59,280 --> 00:49:06,240 one making the decisions anyway so i like that you ask those particular questions because with us 534 00:49:06,880 --> 00:49:12,640 in particular it's very common that a decision maker will be a mother father sister cousin aunt 535 00:49:12,640 --> 00:49:22,480 to what have you so very keen of you to set the tone with with those questions and so you know all 536 00:49:22,480 --> 00:49:29,520 the questions that you both have answered tonight i think the most pressing of the night and we touched 537 00:49:29,520 --> 00:49:35,120 on it a bit in the first segment but i'll go ahead and ask it again because i know that's what a lot 538 00:49:35,120 --> 00:49:44,240 of people want to know the question or the answer to should we buy now or should we wait and i don't 539 00:49:44,240 --> 00:49:49,440 know if there's an a right answer to that question but a jury how would you answer that question right 540 00:49:49,440 --> 00:49:58,480 now honestly i don't think there is a right or wrong answer to that question yeah it truly 541 00:49:58,480 --> 00:50:06,800 depends on each individual situation if you can afford to buy right now and you have everything 542 00:50:06,800 --> 00:50:15,280 in order and you're not as concerned about the interest rates go for it however if you do feel 543 00:50:15,280 --> 00:50:20,000 like you need a little bit more time you have a few things that you need to get in order then there 544 00:50:20,000 --> 00:50:26,480 is nothing wrong with waiting it out getting your finances in order and then buying where you're comfortable 545 00:50:26,480 --> 00:50:32,480 because the last thing that you actually want to do is get into a home that you ultimately can't 546 00:50:32,480 --> 00:50:38,720 afford and wasn't 100 right before yes that's true what about you guys here what do you say 547 00:50:40,400 --> 00:50:49,760 i say to do it while you can do it while you qualify do it while you have the money do it while 548 00:50:49,760 --> 00:50:57,120 you're mentally prepared as i say the one regret i get from some past clients is that when they 549 00:50:57,120 --> 00:51:00,800 qualify when they were able to qualify they didn't make the move 550 00:51:04,880 --> 00:51:12,000 so you risk a lot by sitting on the sidelines and waiting it may work out for you but you may 551 00:51:12,000 --> 00:51:21,120 also miss out on the opportunity huh yeah you know i think i think buyers who are really 552 00:51:21,120 --> 00:51:27,360 serious about buying a home are not going to let themselves be sidelined i think they have a game 553 00:51:27,360 --> 00:51:32,560 plan i think serious buyers are going to stay in the game and use this current market to their 554 00:51:32,560 --> 00:51:38,720 advantage use it as an opportunity to find the home that they wanted and you know make an offer 555 00:51:38,720 --> 00:51:44,320 hopefully close the deal while everyone else is sitting and waiting for the the rates to drop 556 00:51:44,320 --> 00:51:50,320 that's that's what i think and those people are going to be your clients of today and tomorrow 557 00:51:50,320 --> 00:51:59,360 and and next week um so okay i got so many questions and we're running low on time but 558 00:52:00,400 --> 00:52:07,280 are there any misconceptions or myths about the housing market or interest rates that that you 559 00:52:07,280 --> 00:52:11,440 would like to discuss that we didn't touch on previously uh i'll start with you kai shell 560 00:52:14,000 --> 00:52:14,560 home 561 00:52:20,000 --> 00:52:23,760 something that your clients are always coming to you with and it's not true 562 00:52:24,800 --> 00:52:30,080 yeah i guess people thinking that the interest rates will be back down into the twos and threes 563 00:52:30,080 --> 00:52:35,600 like what's the likelihood of that that's the biggest misconception i'm getting to 564 00:52:35,600 --> 00:52:42,640 there's a once in a lifetime deal you know when it happens again you know it took a pandemic for 565 00:52:42,640 --> 00:52:49,040 that to happen so i think realistically if people can just wrap their heads around the new times and 566 00:52:49,040 --> 00:52:54,080 that maybe interest rates will get back down to like more like a five then it'll help them be able 567 00:52:54,080 --> 00:53:00,160 to get over that mental hurdle about the rates and you know kind of like i said do it when you can 568 00:53:00,160 --> 00:53:08,720 yeah and adria any misconceptions or myths that you're constantly hearing on your side 569 00:53:10,080 --> 00:53:16,480 oh yes um one of the biggest things is that everyone seems to think that they need 20 570 00:53:16,480 --> 00:53:24,000 percent down to buy a home and that is just not case now if you have 20 percent that you want to 571 00:53:24,000 --> 00:53:30,640 put down have at it but that is not a requirement in order to purchase a home so that is one of the 572 00:53:30,640 --> 00:53:38,400 biggest hurdles um but one of the other just uh misconceptions are or myths that it's kind of 573 00:53:38,400 --> 00:53:47,120 circulating around is that um home prices it's just too much right now because i had a client 574 00:53:47,120 --> 00:53:57,600 actually tell me that her great-granddad barber who bought his house back in 1980 that these prices 575 00:53:57,600 --> 00:54:03,440 are too much and that she probably really should consider waiting for it to go much lower and i'm 576 00:54:03,440 --> 00:54:09,200 just like you know that's not going to happen we are not you're not getting ready to get 577 00:54:09,200 --> 00:54:20,000 it um five bedroom towels in shirley for $40,000 it's not gonna happen so you know um it's a lot 578 00:54:20,000 --> 00:54:26,080 of myths a lot of misconceptions so really just get a real estate professional and go through 579 00:54:26,080 --> 00:54:33,600 whatever questions that you have so that you can get accurate information right very good point 580 00:54:33,600 --> 00:54:40,480 um okay let's be silly for a minute let's talk about some of the things your clients do that 581 00:54:40,480 --> 00:54:46,400 drive you absolutely crazy who wants to go first i look like i fell five 582 00:54:48,160 --> 00:54:56,640 but my number one thing is um my clients coming in and thinking they can get into a home with no 583 00:54:56,640 --> 00:55:06,720 money so um i would say there are some upfront fees that i'm calculating in my head already at 584 00:55:06,720 --> 00:55:16,960 $2,200 that you'll need to have due diligence, earnest, inspection, and appraisal so at least 585 00:55:16,960 --> 00:55:20,800 that and then some of these first time home buyer programs even if they're giving you the money 586 00:55:20,800 --> 00:55:25,360 they require you to have some skin in the game so they may require you to put down 587 00:55:25,360 --> 00:55:32,480 $1,000 of your own money anyway so thinking that you can get it with no money in the bank 588 00:55:33,040 --> 00:55:38,720 that has stopped a handful of people and me having to send them back with some homework and 589 00:55:39,280 --> 00:55:42,080 you know it's a paper saying come back when you get this 590 00:55:45,920 --> 00:55:48,560 and adria what's been driving you up the wall 591 00:55:48,560 --> 00:55:57,920 uh i want a five bedroom three and a half bath with the pool perfectly sitting on an acreland 592 00:55:57,920 --> 00:55:59,680 for under $200,000 593 00:56:06,080 --> 00:56:12,480 uh you know just people not gonna have to buy that of what's actually out here happening in the market 594 00:56:12,480 --> 00:56:19,040 um why do they need all of these documents um why do i need to get my credit ran like it's 595 00:56:19,040 --> 00:56:25,040 is so many things that will literally drive you crazy as a real estate agent we love our clients 596 00:56:25,040 --> 00:56:30,640 but honestly you really have to go when you're buying a home like you have to be realistic 597 00:56:31,600 --> 00:56:35,600 but yeah it's we didn't go on and on about some of the crazy things we hear 598 00:56:36,320 --> 00:56:40,480 but um you know a glass of wine makes today better so we just keep at it 599 00:56:40,480 --> 00:56:48,480 it sure does and you know people often glamorize being you know a real estate professional or 600 00:56:48,480 --> 00:56:54,240 a mortgage professional because you know you have schedule flexibility and you got the ability to 601 00:56:54,240 --> 00:57:00,240 quickly increase your income and you know you can do glamorous reels and all that but what are some 602 00:57:00,240 --> 00:57:09,920 of the not so glamorous aspects of your profession kaishou not so glamorous this one thing slowed 603 00:57:09,920 --> 00:57:18,160 down you have money slows down so you know you have to be able to manage that in between time 604 00:57:18,160 --> 00:57:25,040 in between the glamor to keep up with everything and then you know on top of that this work although 605 00:57:25,040 --> 00:57:31,760 you can create your own schedule you really trade it in a nine to five or 24 hours so 606 00:57:32,800 --> 00:57:38,960 you have to be available throughout here working sometimes you have to be a counselor sometimes 607 00:57:38,960 --> 00:57:47,200 you have to be you know giving them tax prepare like you have to be so much you have to be everything 608 00:57:47,200 --> 00:57:52,480 to your clients in order to get them to the closing table you have to have so many resources so 609 00:57:53,200 --> 00:57:59,600 while it looks glamorous we really do give a lot of ourselves and a lot of our time in the process 610 00:57:59,600 --> 00:58:03,120 to make sure that these families are making it home so to speak 611 00:58:03,120 --> 00:58:10,160 and you absolutely do adria would you like to weigh in on that 612 00:58:11,440 --> 00:58:17,920 um yeah just piggybacking off of what she said you know yeah it may seem like it's this glamorous 613 00:58:18,880 --> 00:58:25,680 job you know we're making reels we're doing all of this but honestly it's a lot of hard work it's 614 00:58:25,680 --> 00:58:31,840 challenging um you know we're always trying to put out fires keep deals together there's so many 615 00:58:31,840 --> 00:58:38,400 things that happen behind the scenes um that you know whatever you're seeing online trust 616 00:58:38,400 --> 00:58:44,000 to believe we're working hard for that behind the scenes because this is not an easy job 617 00:58:47,280 --> 00:58:52,960 I know it I tried it myself uh not the the mortgage lending I definitely that would have 618 00:58:52,960 --> 00:58:59,920 gave me a headache but uh I did try being a realtor for about a year or two and it's just it's 619 00:58:59,920 --> 00:59:07,840 not for me I just much rather just buy it and just be an investor so I do know there's a lot of work 620 00:59:07,840 --> 00:59:14,960 so hats off to you both I think you both do an exceptional job um in your respective fields and 621 00:59:14,960 --> 00:59:22,480 you know on top of that you're very active uh and engaging on social media so hats off to both of you 622 00:59:23,440 --> 00:59:28,960 you're doing a great job I'm going to ask one more question I had so many that we're not going to get 623 00:59:28,960 --> 00:59:35,280 to uh because we're at the top of the hour but uh do either of you feel threatened by the rise in 624 00:59:35,280 --> 00:59:40,000 this AI technology like are you afraid you're going to be replaced by a robot one day? 625 00:59:42,480 --> 00:59:55,200 No um honestly honestly AI is making my job easier I absolutely love it um I will highly recommend 626 00:59:55,200 --> 01:00:02,800 if you want to stay relevant in this particular field I highly highly suggest you jump on the 627 01:00:02,800 --> 01:00:11,360 world of the AI because it's honestly going to be the future and it's going to pretty much separate 628 01:00:11,360 --> 01:00:19,520 the real estate agents or mortgage professionals that's going to um continue to succeed or it's 629 01:00:19,520 --> 01:00:25,520 or it's going to be pretty much the end of the ones who aren't really utilizing that option. 630 01:00:26,800 --> 01:00:34,320 Mm-hmm. Hey, Kyshele I'm pretty sure you agree with that. Yes great enhancement I love it it makes 631 01:00:34,320 --> 01:00:41,120 me sound so much smarter and intelligent and I'm actually learning more too by letting the AI kind 632 01:00:41,120 --> 01:00:46,400 of guide me through stuff that I might not have known or hadn't opened up a book to do especially 633 01:00:46,400 --> 01:00:52,480 how fast-paced we are I'm like hey tell me about this and you know you get the information you fact 634 01:00:52,480 --> 01:01:00,400 check it and you have it a lot quicker so it makes you quicker and I love it I even have my headset 635 01:01:00,400 --> 01:01:07,760 that I go in and look at real estate on there too so. Yeah you got to embrace it you got to embrace it 636 01:01:08,400 --> 01:01:13,760 well ladies listen I really appreciate your time this evening I feel like we gave our listeners 637 01:01:13,760 --> 01:01:18,560 some really valuable information that will hopefully help them to achieve their real estate 638 01:01:18,560 --> 01:01:26,000 goals before the close of the year if they have any um before we wrap uh atria any final words 639 01:01:26,000 --> 01:01:32,160 or yeah and then please let people know how to reach you. Okay sure um my final words would just 640 01:01:32,160 --> 01:01:39,200 simply be um if you are absolutely ready to buy a home don't let the interest rates and things 641 01:01:39,200 --> 01:01:44,560 get you get in touch with the loan officer get in touch with the realtor and go ahead and make it 642 01:01:44,560 --> 01:01:52,720 happen um of course if you are interested in um in contact with me I can be found on instagram 643 01:01:52,720 --> 01:01:59,440 tick tock all of our social media handles um is the NC Foodie realtor and of course I am 644 01:01:59,440 --> 01:02:04,720 Adrian Massey and I am a realtor here in the local charlotte north carolina market. 645 01:02:04,720 --> 01:02:11,360 Wonderful miss kashel any closing remarks to our listeners please. 646 01:02:12,720 --> 01:02:18,880 Yes thank you for having us back um it's an exciting time I'm glad to still be here 647 01:02:19,760 --> 01:02:27,920 and I can be reached at kashel eyes on mortgage on facebook um I am on instagram 648 01:02:27,920 --> 01:02:36,400 please eyes on mortgage hey bozier um but that eyes on mortgage I always hashtag it so if you 649 01:02:36,400 --> 01:02:44,800 ever need that that should get you to me. Yes you definitely own eyes on mortgage um very well 650 01:02:46,160 --> 01:02:52,320 thank you both again uh to both my guests adria and kashel and thank you to all of our listeners 651 01:02:52,320 --> 01:02:56,160 in whatever part of the world you're tuning in from this evening I really do appreciate your 652 01:02:56,160 --> 01:03:03,120 listenership so very much be sure to join me for the next episode of live with Dr. Andre Jerry 653 01:03:03,120 --> 01:03:09,920 which will air september 27th at 8 p.m eastern right here on the artist first radio network 654 01:03:09,920 --> 01:03:27,040 good night everybody