Dr. Jerry, you got the whole world waiting and ready for you to start the conversation
No point of view. We got the haters confused
Leave it up to you to bring us all the good news
Hello everybody good evening and thank you for tuning in to an all-new episode of live with dr.
Andre Jerry broadcasting live from riyadh, Saudi Arabia. So this is our 13th episode and I'm extremely
grateful for your listenership and your support as well as the opportunity to be on the air for over a year now
We've had a lot of great discussions over the past 12 months and we plan on sharing even more engaging
content and inspirational stories in this upcoming year
It's definitely a privilege to have a platform where we can showcase fellow entrepreneurs and
entertainers authors you name it inventors business people who are experts in their respective fields
And sometimes people who just have an interesting point of view
So to those tuning in tonight or if you're listening to the replay online
If you know someone who you think would make a great guest for the show hit me up
You can DM me on linkedin Instagram or you can shoot me an email at live with dr. Andre Jerry at gmail.com
So listen, we have a very informative show for you this evening
We're continuing our celebration of our one-year milestone and we're inviting back to the show some of our favorite guests
And tonight our guests are two dynamic business women who are top-notch professionals in their respective fields
And they bring a lot of value to conversations surrounding the housing market
They also hold a very special place in my heart because they appear as guests for our very first live episode which aired last
August so without further ado, please help me welcome back to the show
Realtor adria massi and mortgage loan officer kai sheo bozier ladies. Hello and welcome back to the show
Hello
Yes excited all right great
I'm so glad to have you both back. Thank you. Thank you both for clearing your schedules this evening
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
As you know, it's been a volatile year for real estate
With the mortgage mortgage rate increases. We've had inventory that's been up and down
Up and down housing affordability has gotten a bit worse and it seems
To be like a relatively uncertainty
Where the market is concerned? So i'm glad that you both are here to
Shed some light on things and perhaps give the consumers at least some assurance that things are not
Necessarily as bleak as they're making it out to be so
Let's jump right in. Uh, it's been a year since our last conversation, of course
Uh, regarding the housing market a year ago
We were in the beginning stages of a market correction and we were all adjusting to
This sudden spike in interest rates and the buying frenzy had slowed down considerably
Uh supply was a bit constrained, but home prices were still
Relatively high
So here we are now a year later and I'd like to get both of your viewpoints on how the housing market has
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?
Well, well, we have definitely had a year that is for sure. Um
Pretty much it is doing its own thing honestly
Um, of course, as you know in 2022 we had just a spike in home prices. Um
Um houses are flying off the shelves, you know, it was kind of like the wow-wow with
Of course over the past year things have calmed down a little bit. Um, you know prices of the home for still high
but
They have actually started to stabilize a little bit. Um, of course everyone knows about the up and down with the interest rates
And um, they are, you know at a all-time high for the past couple of years not necessarily
Historically but from what people have been experiencing the past couple of years
Um, so of course that has set a few buyers on the thought line. Um
To me it's a it's pretty
Fableized, um, you know, it's getting there. We're getting back to that normal
Market, it hasn't quite gotten there yet, but we are trending back towards that direction
Um affordability is still a major concern. Probably one of the biggest issues definitely here in North Carolina and probably
Um in several markets as well
So, uh, my opinion is that you know, we're we're getting back to um more of a normalized housing market
We still got a lot of work to do
But um, it's better than it was last year. That's for sure
Yeah, that's good to know. I mean if you like roller coasters and this has been a fun ride
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
Buyers are scared and and now it seems at least from your vantage point
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
past 12 months how the market has been trending
It has been very interesting
But I like the word stabilization
Because that was the goal and i'm gonna piggyback off what adria said. I feel like
now we're at a point where kind of slowing it down and
By the affordability being the way it is you got less people
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
place so
It was it was needed. I don't think any of us were we're ready for it, but we're here now and
We'll see what happens next
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
Um, this past year. I've not been actively participating in real estate at least not in the states
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
uh market trends and home prices and what I've noticed at least over the past year, especially is that supply is
somewhat stagnant I wouldn't say that there's a shortage
But there seems to be a not a lot of variety out there at least not in georgia
um, it's it's like there's either
overpriced trashed homes that you know investors are bought for pennies on the dollar and they're trying to flip it for a profit
Or on the other end you have just new construction homes with a median price point of 300 000 up
Um, so I think all the moderately priced quality homes were scooped up during the last buying frenzy
and you know, we forget that there
are millions of americans out there with
three and four percent
Rates, you know, I don't think they're ever going to sell their homes. They're not ever going to move at best
They're probably do what I did and convert their home into like a rental
Um, you know, because they're never going to see that rate again
So I believe that's why we're not seeing the same level of
homes trading on the the you know open market like in previous years
and um
Something else I noticed too is that banks seem to be a little bit more restrictive in lending out money this past year
It's not as easy to be to get approved for alone
Even if you have like a low dti and collateral
It's like if you're not at 725 and up on your credit score, they don't even want to mess with you
Uh, and if if you couple that with the interest rate that's approaching now
Almost 8 percent is no wonder, you know, we got all these buyers sitting on the sidelines, you know waiting to see
What's going to happen next and
Kaishile, I know you've been keeping your eyes on the the mortgage interest rate fluctuations this past year
Um, in your opinion, what's driving these changes and and how has it impacted your business and your clients still?
Yeah, so I think the main factor
Like we said, we're just trying to get the market to slow back down and to correct it
So so all that stuff is just kind of compiled into
The interest rates going up and it has affected us
I'll say
Getting out of those twos and threes that's kind of where it hits the hardest
It's trying to get everybody to know like we're going up
Um, even now at the sevens, I think people kind of know we're up there and more so what it's done is
It's bought the buyers out who either have to move or have to downsize so
We have those type of buyers that are in the market now that are more so the
I have to do this right now. This is a urgent need of mine
And the ones that set on the sidelines when things were low saying i'm going to wait
They're kind of regretting it now because now with the affordability
They can't particularly get a home that you said is going to be worth
What the money they're paying for it
Right
Do you think we'll ever see the the twos and in three percent's interest rates again? Um,
Honestly, I don't know. I hope we do but
I'm thinking it'll probably maybe settle at the five because you know, that was a
Kind of like a once in a lifetime deal
happened because of the pandemic and it was something that was needed at that time
And now they're just trying to get everything back to normal because they were kind of just
Giving away money for free back then and now, you know, we got to make up for it some kind of way
Yeah, I'll take five percent, you know eight, you know where we're trending now. It's just this that's a lot
Um, but but adria, how how has your business been impacted?
Have you been seeing a decline in real estate transactions and how are your clients responding to all of this?
Well, you know, I have many clients that's responding to what they're seeing on the news
responding to
The social media
Gurus and everyone
Um, you know the mechanic down the street that's given advice. So it's kind of like um,
It's time to keep everybody
Properly informed, you know, of course things have went down. That's inevitable
People aren't used to the new norm of the interest rates currently. Um, everyone's feel
Looking at that to the 4% that people were jumping on
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
I'm going to wait for the interest rates to come down and things like that
Which is fine for some people, but um, you know, and unfortunately with the interest rates
Going up the buyers who are still currently motivated. Some of them are actually
Um, not qualifiable anymore. Um, you know, of course it knocked down their their buy and power
So they are unfortunately kind of having to sit to the side right now until
Things get a little better for them in their financial situations
And it can get them into a better home that they're interested in
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
And the hedge funds and the big people, you know, it's an awesome time for them
But you know, the the standard normal home buyer, you know, we regard seeing a few struggles in that department
Yeah, I would imagine so and you know, given the the current condition of the market
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?
Oh, what's hot right now is definitely new construction
They're the one that's you know, even though they are still low on demand
They are popping up everywhere because they're able to better meet the supply than some of the resale homes
Like you mentioned earlier with the sellers locking in on those two and three percent interest rates
They're not motivated to sell their homes right now
And they're not motivated to sell their homes then that creates a huge issue with the supply
And so the only options that we're having is investors coming in and they're flipping homes and trying to get those
Kind of market ready or on the flip side you have the new construction
So it's kind of like pick one or the other
or dive into the
The craziness of trying to get one of the resale homes when a seller decides that hey, I want to
Go ahead and lose this interest rate that I currently have and go up to the seven eight, you know
So that's kind of the situation that we're dealing with that. That's what's trending in the Charlotte area
Yeah, I think that's what's the biggest issue
Yeah, I noticed that I noticed that you do feature a lot of new construction on your social media
Um, you know new construction isn't isn't bad
One of the things I always wonder is
What are what are the challenges with that? Like I saw one of the reels you did recently where
You were talking about doing a a check on the construction
I guess they have like weekly updates that tell you where they are in the construction and you were talking about
Making sure things that you know our own tracking are not going wrong
What are some of the things you think go wrong in new construction?
It seems like it would be relatively stress-free, but I'm sure there are hiccups here and there
Oh, of course, there are several hiccups that can happen when you're dealing with new construction
One of the biggest things is time. Um, you know when you're dealing with vendors
And you're having to rely on other people to also make sure things are done in a timely manner
Those can cause delays
So one of the biggest things or biggest challenges when you're dealing with new construction is
Are you know am I going to actually have this time frame that I originally thought?
Is my house going to be radiant the six months that the builder originally quoted me?
Um, there's a situation that I'm currently going through now that you know our timeline has gotten pushed back a month
So, you know
One of the biggest things is that you always want to make sure that there's communication
When you're dealing with new construction you have to communicate with that builder non-stop because you need to know
Are there any delays, you know, what's going on on your end? Is everything sticking to your schedule so that
um, the client can be properly informed and make decisions because as that's happening with the construction
You have to remember the interest rates are steadily changing
And most people most lenders and I'm sure cashel can and speak on this as well
If you're getting if you're starting a process and you are getting a home built from the ground up back in
in March of this year and you're not um
Expected to close until towards the latter part of this year. Those interest rates are changing. They're fluctuating
So you're not actually sure what that final payment is going to be
What's going to happen in the course of that time? So you're kind of just hoping
They either you know
Go down in regards to the interest rates and then there's so many variables that can just happen with life
So, you know, if um, it can be a bit of a gamble. It's it's exciting. Don't get me wrong
But you know, you have to be prepared and ready and educated when you're dealing with new construction
Yeah, you do and I that's a good point. I'm glad you mentioned that. That's something that I didn't consider
Uh, and I'm sure you deal with that all the time. Uh, cashel with with people who are
expected to close on a certain date and it ends up getting extended and they're dealing with a
increased
You know interest rate that they weren't prepared for have you experienced a lot of that with your clientele?
Yes, unfortunately, she said it does happen. There's so many variables
Like charlotte just got his tax evaluation
So, you know, we might have quoted it based off taxes from last year
Which we won't have the taxes until the actual home is up and if everything else went up, you know
Then the taxes for that new wheel can go up making the monthly payment higher interest rates
Making the monthly payment higher and so I tried to get people to not go to their maximum amount
Especially when doing a new bill because we're going to need that
wiggle room account for when it actually comes time to close if in case any of these delays or things happen
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
or typically
I lost my train of thought. Do you typically
Encourage or your your clients to max qualify or do you encourage them to leave some wiggle room for like you said?
If there's an interest rate that you weren't
Expecting or if there's some type of
Insurance premiums that are going to go up for some reason because that's been trending as well
What do you normally tell them in terms of max qualify thing?
Yeah, I usually ask every single client. What is their comfortable monthly mortgage payment?
Yes, so when I do that I go back and explain to them. I'm going to tell you what your max is
I'm going to tell you where you're comfortable
And I would like for you to say where you're comfortable at
But know that you have the buffer room
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
This is what it looks like
Here or there so
But I would advise not going to the max just for the what is
Yeah, you want to leave some wiggle room. You never know what especially in this
Market that we and you just don't know what type of circumstances you'll find yourself in
But back to the the new construction homes, uh, adria, you um
One of your reels. I think you highlighted the druid heels community. Um, and this particular community
I think have a lot of properties that are eligible for
house Charlotte buyers and
For those who aren't familiar with the house Charlotte program. Could you tell, you know, the audience a little bit about this program?
Oh, sure. Sure. So the house Charlotte program
Is a program designed for low to moderate income buyers here in the short term
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
um
Kind of regulations in terms of where you can utilize this program at there's definitely qualifications when it comes to
meeting your income
Um, if I'm not mistaken and cashel, please chime in anytime. I believe you have to be at 80 percent of the
Area median income here in Charlotte to qualify for that. Um first time home buyers. So there's there's certain very various, um
You know eligibility requirements that is required for that particular program
But it's awesome because it does allow you to get up to 80 thousand dollars in down payment assistance
And that opens up the door right there
Um, especially for those buyers who are struggling coming up with that deal payment
That that gives them to option the option to kind of have that additional help
That assistance with getting into a home. But what I like about
the different builders who have kind of
Connected with how Charlotte is that they are making certain homes only available to those particular buyers who qualify for that program
and that kind of
Eliminates all of the craziness and some of the big
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
So, you know, if there's anyone that is definitely interested in that particular program or having issues with down payment
I would highly recommend checking out the house Charlotte program
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
Is is where am I going to get the money for my down payment?
So programs like this are really invaluable, especially the first time home buyers. Now this true heels community
Are all the homes eligible for?
Charlotte home house Charlotte buyers or just certain
Homes in the community or is every home an eligible property?
No, so it really depends on the particular area in Charlotte
And the actual home itself
So there are some homes that builders are building that saying, you know, this particular home is only going to be for house Charlotte
buyers
And then they also have the homes that's within the range
That the house Charlotte program covers in certain zip codes and things like that within Charlotte
The druid Hills community is an area that they are currently going in and re-dapping homes
They're putting up new construction homes. They're kind of
Rebuilding some of the older homes to make them up to the current standards that we're looking for
And so those type of communities
are generally more of
The minority areas and this allows them to become home owners in the areas in which they already currently live
And you know, it just pretty much opens up the doors for them
But no, it really just depends on the particular home and the area if it qualifies for that house Charlotte program
Got it
And in kai shell, I noticed that your firm Geneva financial was among
The approved lenders list for the house Charlotte program
Can you explain a little bit about how this application process for this program works?
Like is that something that you can help your clients apply for or do they have to do some leg work before they even
You know get to your desk
Yeah, so nine times out of 10, you'll they'll have to go through an approved lender
Like Geneva financial in order to be able to access that program
Because us as a lender we have to gather the application and then of course the programs they have their additional guidelines
So we need to make sure the client fits under that first and you know
The first ones that pop up in my mind is the 640 credit score
Um and on a normal loan product. We only have to collect two years of w2
We're asked on a down payment or first time home buyer assistance program. We need to collect three years
And then another important thing is going to be the household income
so even if
Somebody is not on the actual loan that it's going to be living in
The home then we have to account for that income to make sure we're not going over what the area median income is
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
Charlotte area usually every major city or jurisdiction has some type of
First time home buyer program that has you know down payment assistance that you can take advantage of so definitely just
Do a quick google search if you're a first time home buyer in whatever city and you'll run across
A lot of initiatives and programs and definitely connect with the realtor or or mortgage lender
Professional they'll steer you in direct
Direction and let you know what programs are out there that are current
I want to shift gears a bit and just talk about the growth in the Charlotte area
Of course, I did some research for this episode here and according to recent statistics
A new study found that more people moved to Charlotte in
2022 than any other southern city
And according to the us census the queen city, of course, Charlotte ranked 15
Among the nation's fastest growing cities and I lived in Atlanta for over 10 years and my friends and I
Always said that you know if Atlanta doesn't get there
Stuff together Charlotte was going to be the new place to be you know, we were already seeing
A good number of fortune 500 businesses that had been hitcourt in Atlanta for decades
Reload relocate their hitcours to Charlotte
Largely due to issues like traffic and parking and you know taxes and just
Poor infrastructure throughout the city and of course affordable housing
So on the topic of affordable housing according to economists affordability
Is the signature issue among home buyers right now and I'll direct this question to both of you
As professionals in this market who are working directly with consumers
Are they complaining to you guys about afford or affordability?
Is that something that you're hearing from your clients?
Adria will start with you
Most definitely
affordability is the number one hurdle that we are currently experiencing here
In North Carolina and I know that they're experiencing that in other markets because it's one of the number one issues
Just right here in the US right now
With the biggest situation is
You know, of course
With the interest rates, but also with the interest rates
And the interest rates are going to be the same as the interest rates
Is you know, of course with the interest rates, but also the home prices
have
Almost doubled and what they used to be just a couple of years ago
And so these homes are now, you know our
Our median self price here is in the 400 to low 400
And so if you're thinking about numbers like that
for just
For a standard home here in charlotte think about how many people that is currently pricing out. Um, I know one of um
There was a
A study that was recently done here in charlotte and they were actually saying that if you made under $50,000
That charlotte was actually no longer affordable for you. And so you have to think about
um
law enforcement
teachers
Some of our first responders that are getting around the range of that salary
Maybe a little more a little under and so you have to think like wow, you know, some of our
Normal working citizens that live here in charlotte is actually no longer affordable for them
So what is, you know, what's the actual game plan for them? What are we going to do about that situation?
that's the number one topic here and um,
You know it's something that in my opinion has not been resolved as of yet
Um, because the home prices are still, you know trending up not as fast
But affordability is is a hot topic and right now
um, unfortunately that is
eliminating a lot of buyers and having them have to move further out from charlotte are taking commute over being, you know closer
Yeah, I definitely have been seeing a trend with that as well
Oh kashel, what are your clients griping about? Are they saying that affordability is something that they're also concerned with?
Yep affordability and like she said if you are having a
single family income in a household or like she said our our normal
everyday
workers who are making less than 50 000
If they are being priced out of charlotte and happen to look into
places that are further out maybe have that hour commute the work and it is definitely
A pain point so that that is the number one thing i'm hearing
just if it's not too income households or
then
You know it's kind of hard to get something that's good
Yeah, it it really is a crisis
Nationwide it you know it was more localized in in certain areas
in previous decades and years but now it just seems especially on the coastal community that seems to be
almost unbearable. I remember 10 15 years ago in atlanta
you know every time there was a
election year one of the municipal election year one of the big concerns was always
affordability and
of homes you know people were complaining that hey you know rents are high mortgages are high
um and so it was driving a lot of people further and further away from the cities
to the point that you just made cut shell so um it's just something that's
you know
continuing to get worse and worse unfortunately um i moved from uh georgia to boston a couple years back and
went through my own culture shock
um i got my house of course at a very good rate mortgages less than 500 dollars
i get to boston
rent uh my rent was well over three thousand dollars and and um i could afford it but it was just such a shock
to go from paying less than 500 dollars a month in mortgage to uh paying over close to 3700
dollars a month in rent um it just made me sick for the first three or four months so i definitely
affordability is something that really uh i feel the pain i'll just say that
but uh adria will move on considering the growth that that charlotte has been seeing over the past few years
what what's the buyer profile that you've been seeing in the charlotte area are you seeing married couples buying or
you know young professionals what's the typical profile looking like
honestly um it's a wide range you know um there's actually a lot of single women
that are kind of tackling and taking over the um the home buying market right now
uh you definitely have families that are choosing some of the outskirts areas of charlotte
but one of the biggest things i would have to say is the younger generation with the higher incomes
um they are taking over over charlotte um we have a lot of um
people from some of the higher price point areas um such as you know new york and california
that have sold their homes for way more than what you know our home prices are here
and they're coming down um and relocating to this area because i know you mentioned that um
we are getting a lot of growth and i know you had uh stated a stat just a little bit ago about how
charlotte was growing at such a tremendous rate and that is the truth and some of that profile
is some of those um the younger people with the uh the higher incomes i believe i had recently
saw something that said the gen x um error um are currently some of the the people with the highest
income and they are i don't think they're taking over no that's you yep it's for you too brie
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
it's definitely a married couple or a single it's really a combination which makes charlotte so diverse
and um it's a great place to move but we we have a wide range of population and i think it's a
little bit of everyone that's kind of driving our market here well that's good to hear it's good
that the buyer profile is is diverse um i think that says uh there speaks a lot of positivity for
where we're going with the market um kai shale what i want to ask you is in terms of these new
construction homes that are all the regions in the charlotte area that they're going for
three hundred and four hundred thousand dollars could you give us some insight into
the buyer profile of an ideal client who would be able to successfully navigate their way through
the home loan process um talk a little bit about that please so the ones i've been seeing who have
the best option is like she said either some of the younger generation that are making upwards
seven eight thousand on up or either a combined income household low debt higher credit scores
that just really have everything in line have savings so um those are the people
and i think are fitting the best profile for that price range without it being a struggle and a
hassle to try to get in and that's what i'm doing did you say no debt or low debt i say yeah
we're no debt low debt they you know try to have their debt as low as possible have you seen
where student loans are are preventing some people from getting into the closing table
i'm going to say not here recently um people who have like really high student loan debt
and they don't have a student loan payment in place that's where i'm seeing where it's knocking
them out so it just depends on their financial profile and what kind of debt they have sitting
there already okay all right well ladies listen i'm enjoying this discussion that we're having
so far on this topic right now what we're going to do is take a quick break and in our next segment
we're going to dive deeper into this topic and get our guest's predictions on the housing market
outlook for the remainder of 2023 so stay tuned there'll be more to come when we return
hey ladies have you ever dated a married man have you ever thought to yourself that would
never be me have you ever wondered how could she have you ever said she should be ashamed of herself
well i used to say those same things and i've pointed fingers that i don't point anymore
because now i am that other woman what do you do when you meet a man that makes you question
everything you thought was wrong where do you go when life has led you into a dark place
where society frowns upon you and even your own mother is disappointed in you who do you turn to
for guidance and support when there's no one you can share your secret with life is more complex
than the list of rules you've been taught throughout the years situations are not always black and
white sometimes your mind and your heart don't want the same thing and you find yourself in a
battle between right and wrong i never understood how women got themselves in these situations
until i was that woman we don't always seek the circumstances we end up in although many people
may not understand there are some that do if you ever find yourself dealing with a forbidden love
how to date a married man 10 rules of engagement written by dr. andre jerry is a must read it's
not comprised of judgments and lectures but rather rules of engagement that you must apply
when you find yourself the other woman in his life ready to learn more the controversial new book
how to date a married man 10 rules of engagement written by relationship expert dr. andre jerry
is now available for sale exclusively on amazon and kindle
out of my head baby baby
feels like we're going too fast because i want to make this last
feels like we're going too fast
because i want to make this last
feels like we're going too fast
because i want to make this last
we got forever slow it down take our time maybe i'll run this right on time
we got forever i'm ready for love but
but
i love all the moments we share
i just need some time alone i can't wait to make love to you
i just need some time alone everything's just happening so fast
i just need some time alone
i feel like i've known you forever
never felt this way before
every day i crave you more
i can't get you out of my head
baby baby
i can't get you out of my head
baby baby
it feels like we're going too fast
because i want to make this last
feels like we're going too fast
because i want to make this last
feels like we're going too fast
because i want to make this last
so
we got forever slow it down take our time maybe our love is right on time
we got forever i'm ready for love but
so
i feel like we're going too fast
so i feel like we're going too fast
i feel like we're going too fast
you're back live with dr.
andre jerry
hey everybody welcome back to live with dr.
andre jerry you just finished listening to my latest single wait a minute baby which is now available on
all streaming platforms and if you're an independent artist musician or author and you like to showcase
your latest project on our internationally broadcast show then send an email to my team at
live with dr.
andrejerry at gmail.com now if you're just joining us my guests tonight are charlotte realtor adria
massie and mortgage loan officer kai shea bozier and they're sharing valuable information with us
tonight about the current housing market trends and what we can expect as we close out 2023
so before the break we were talking about the inventory in the charlotte area which is mostly
comprised of new construction to keep up with the incremental growth that they've been seeing
you know for the the number of years now almost 10 years we also talked about programs like house
charlotte which is a down payment assistance program that's aimed at helping first time home buyers
who want to purchase homes in the charlotte area and so now i want to shift the focus a bit
back to the consumer so kai shea can you explain to our listeners the importance of buyers
developing an early relationship with a mortgage lender in this current market especially
in the value that a professional like yourself can bring to the table
yeah so i think if you are going to start the home buying process to at least start three to six
months ahead of time before when you plan on moving of course we can get it done in one month
time but this three to six months will give you the proper amount of time to prepare for whatever
financial um financial finances that you might need in order to cover and to get the education to
be informed to be able to know the difference between the home types but just to go in there
and really know and have that confidence when it is time to go looking for homes and put in the offer
so that when you do put it in it'll be a successful transaction and not as stressful as it could be
yeah a little bit of homework and you know education um before diving you know both feed in
is definitely value added um i saw in one of your episodes you have a web series called eyes on
mortgage and uh in one of your episodes you talked about how you take care of your clients
emotionally and how you begin the process with asking three important questions can you talk a
little bit about how you address the emotional needs of your clients and why it's important to do so
yeah and then especially right now in this this time that we're in um like i said i like to ask
the clients the questions um what is important to them why is it important for them to buy a house
right now um second question i like to ask is what makes you uncomfortable about the home buying
process and the third question i like to ask is is there anybody else involved that's going to be
a decision maker that we need to have in on the conversation so that we're not getting those side
conversations of people confusing and putting the wrong information into the client's head and so
i find that that makes it a little bit easier throughout the process to kind of bring people
back in especially if you get out there and it's not the amount that you want or the home isn't
looking like what you ideally wanted it to look like then i'm able to go back and said you know
you remember when i asked you why was this important to you is that still what your motivating factor
is you know how can we keep you motivated and keep your mind into the logical space of this is
why i'm doing it without emotionally getting bent out of shape so just really trying to help mitigate
some of that stress so that it makes it a little bit easier when we're out there looking and making
sure that it makes sense of what they're doing well i really love that what's important to you
what concerns you the most and who else is involved in the decision-making process that's a really
awesome approach to fostering a good relationship with your client from the onset i don't think we
realize a lot of people go into this process the long application process with a lot of trepidation
nerves you know sometimes their defenses are up so you don't know what they've gone through you
know financially or otherwise so asking that question what's important to you that immediately
sets the tone of trust and then that second question what what concerns you about this process
that goes to the heart of their fear about the process if they have any and i think it's also
a great way to get ahead of the curve and just put all the cars on the table if they've made a
financial blunder or done something you know bad that's going to prevent them from closing then
that's something they need to know in the beginning so they won't waste any one's time and in that
last question is my favorite because that's just the way it is because you know sometimes it's
true the decision maker is sometimes not the actual client i remember when one of my cousins
bought his first home he would not make a move unless my sister who's an excellent negotiator
by the way approved and you know i imagine it was very frustrating for the lender at first but
at a point he just he just gave up and dealt directly with my sister you know since she was the
one making the decisions anyway so i like that you ask those particular questions because with us
in particular it's very common that a decision maker will be a mother father sister cousin aunt
to what have you so very keen of you to set the tone with with those questions and so you know all
the questions that you both have answered tonight i think the most pressing of the night and we touched
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
of people want to know the question or the answer to should we buy now or should we wait and i don't
know if there's an a right answer to that question but a jury how would you answer that question right
now honestly i don't think there is a right or wrong answer to that question yeah it truly
depends on each individual situation if you can afford to buy right now and you have everything
in order and you're not as concerned about the interest rates go for it however if you do feel
like you need a little bit more time you have a few things that you need to get in order then there
is nothing wrong with waiting it out getting your finances in order and then buying where you're comfortable
because the last thing that you actually want to do is get into a home that you ultimately can't
afford and wasn't 100 right before yes that's true what about you guys here what do you say
i say to do it while you can do it while you qualify do it while you have the money do it while
you're mentally prepared as i say the one regret i get from some past clients is that when they
qualify when they were able to qualify they didn't make the move
so you risk a lot by sitting on the sidelines and waiting it may work out for you but you may
also miss out on the opportunity huh yeah you know i think i think buyers who are really
serious about buying a home are not going to let themselves be sidelined i think they have a game
plan i think serious buyers are going to stay in the game and use this current market to their
advantage use it as an opportunity to find the home that they wanted and you know make an offer
hopefully close the deal while everyone else is sitting and waiting for the the rates to drop
that's that's what i think and those people are going to be your clients of today and tomorrow
and and next week um so okay i got so many questions and we're running low on time but
are there any misconceptions or myths about the housing market or interest rates that that you
would like to discuss that we didn't touch on previously uh i'll start with you kai shell
home
something that your clients are always coming to you with and it's not true
yeah i guess people thinking that the interest rates will be back down into the twos and threes
like what's the likelihood of that that's the biggest misconception i'm getting to
there's a once in a lifetime deal you know when it happens again you know it took a pandemic for
that to happen so i think realistically if people can just wrap their heads around the new times and
that maybe interest rates will get back down to like more like a five then it'll help them be able
to get over that mental hurdle about the rates and you know kind of like i said do it when you can
yeah and adria any misconceptions or myths that you're constantly hearing on your side
oh yes um one of the biggest things is that everyone seems to think that they need 20
percent down to buy a home and that is just not case now if you have 20 percent that you want to
put down have at it but that is not a requirement in order to purchase a home so that is one of the
biggest hurdles um but one of the other just uh misconceptions are or myths that it's kind of
circulating around is that um home prices it's just too much right now because i had a client
actually tell me that her great-granddad barber who bought his house back in 1980 that these prices
are too much and that she probably really should consider waiting for it to go much lower and i'm
just like you know that's not going to happen we are not you're not getting ready to get
it um five bedroom towels in shirley for $40,000 it's not gonna happen so you know um it's a lot
of myths a lot of misconceptions so really just get a real estate professional and go through
whatever questions that you have so that you can get accurate information right very good point
um okay let's be silly for a minute let's talk about some of the things your clients do that
drive you absolutely crazy who wants to go first i look like i fell five
but my number one thing is um my clients coming in and thinking they can get into a home with no
money so um i would say there are some upfront fees that i'm calculating in my head already at
$2,200 that you'll need to have due diligence, earnest, inspection, and appraisal so at least
that and then some of these first time home buyer programs even if they're giving you the money
they require you to have some skin in the game so they may require you to put down
$1,000 of your own money anyway so thinking that you can get it with no money in the bank
that has stopped a handful of people and me having to send them back with some homework and
you know it's a paper saying come back when you get this
and adria what's been driving you up the wall
uh i want a five bedroom three and a half bath with the pool perfectly sitting on an acreland
for under $200,000
uh you know just people not gonna have to buy that of what's actually out here happening in the market
um why do they need all of these documents um why do i need to get my credit ran like it's
is so many things that will literally drive you crazy as a real estate agent we love our clients
but honestly you really have to go when you're buying a home like you have to be realistic
but yeah it's we didn't go on and on about some of the crazy things we hear
but um you know a glass of wine makes today better so we just keep at it
it sure does and you know people often glamorize being you know a real estate professional or
a mortgage professional because you know you have schedule flexibility and you got the ability to
quickly increase your income and you know you can do glamorous reels and all that but what are some
of the not so glamorous aspects of your profession kaishou not so glamorous this one thing slowed
down you have money slows down so you know you have to be able to manage that in between time
in between the glamor to keep up with everything and then you know on top of that this work although
you can create your own schedule you really trade it in a nine to five or 24 hours so
you have to be available throughout here working sometimes you have to be a counselor sometimes
you have to be you know giving them tax prepare like you have to be so much you have to be everything
to your clients in order to get them to the closing table you have to have so many resources so
while it looks glamorous we really do give a lot of ourselves and a lot of our time in the process
to make sure that these families are making it home so to speak
and you absolutely do adria would you like to weigh in on that
um yeah just piggybacking off of what she said you know yeah it may seem like it's this glamorous
job you know we're making reels we're doing all of this but honestly it's a lot of hard work it's
challenging um you know we're always trying to put out fires keep deals together there's so many
things that happen behind the scenes um that you know whatever you're seeing online trust
to believe we're working hard for that behind the scenes because this is not an easy job
I know it I tried it myself uh not the the mortgage lending I definitely that would have
gave me a headache but uh I did try being a realtor for about a year or two and it's just it's
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
so hats off to you both I think you both do an exceptional job um in your respective fields and
you know on top of that you're very active uh and engaging on social media so hats off to both of you
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
to uh because we're at the top of the hour but uh do either of you feel threatened by the rise in
this AI technology like are you afraid you're going to be replaced by a robot one day?
No um honestly honestly AI is making my job easier I absolutely love it um I will highly recommend
if you want to stay relevant in this particular field I highly highly suggest you jump on the
world of the AI because it's honestly going to be the future and it's going to pretty much separate
the real estate agents or mortgage professionals that's going to um continue to succeed or it's
or it's going to be pretty much the end of the ones who aren't really utilizing that option.
Mm-hmm. Hey, Kyshele I'm pretty sure you agree with that. Yes great enhancement I love it it makes
me sound so much smarter and intelligent and I'm actually learning more too by letting the AI kind
of guide me through stuff that I might not have known or hadn't opened up a book to do especially
how fast-paced we are I'm like hey tell me about this and you know you get the information you fact
check it and you have it a lot quicker so it makes you quicker and I love it I even have my headset
that I go in and look at real estate on there too so. Yeah you got to embrace it you got to embrace it
well ladies listen I really appreciate your time this evening I feel like we gave our listeners
some really valuable information that will hopefully help them to achieve their real estate
goals before the close of the year if they have any um before we wrap uh atria any final words
or yeah and then please let people know how to reach you. Okay sure um my final words would just
simply be um if you are absolutely ready to buy a home don't let the interest rates and things
get you get in touch with the loan officer get in touch with the realtor and go ahead and make it
happen um of course if you are interested in um in contact with me I can be found on instagram
tick tock all of our social media handles um is the NC Foodie realtor and of course I am
Adrian Massey and I am a realtor here in the local charlotte north carolina market.
Wonderful miss kashel any closing remarks to our listeners please.
Yes thank you for having us back um it's an exciting time I'm glad to still be here
and I can be reached at kashel eyes on mortgage on facebook um I am on instagram
please eyes on mortgage hey bozier um but that eyes on mortgage I always hashtag it so if you
ever need that that should get you to me. Yes you definitely own eyes on mortgage um very well
thank you both again uh to both my guests adria and kashel and thank you to all of our listeners
in whatever part of the world you're tuning in from this evening I really do appreciate your
listenership so very much be sure to join me for the next episode of live with Dr. Andre Jerry
which will air september 27th at 8 p.m eastern right here on the artist first radio network
good night everybody