May 15, 2016|
Automatically Generated Transcript (may not be 100% accurate)
Welcome to open house upstate when it's time to sit home builder by your dream home we have the information you need with your host Arthur wrote a number of homes Berkshire Hathaway home services seem to enjoy your realtors and county bank mortgage. Each check out open house upstate not come. Welcome to open house upstate glad you could be with us today talking a little. Real estate we always invite you send your questions and comments in if you got a question about real estate. Or maybe even if you're mentioning getting in the real estate business. I'm going to be happy to help you with that he can send us an email to questions that open house upstate dot com ask questions that open house upstate dot com. We are lucky enough today to have to Wayne and who is the broker charger the Pelham road office of Berkshire Hathaway. Home services to deceive the land they don't Chris I'm doing fantastic. And then of course I've been a while but I cal on this here from Arthur run Burke homes and of course he is a Berkshire Hathaway as agent but he exclusively represents. Arthur Rotenberg columns how's it going. As gone acts like a nationally and it's good to be back yeah absolutely glad to have everybody here I think is there enough. I guess we just finished another month and so we thought it'd be a great time to really talk about. You know production and what's going on the market so we figured we would give the O listeners. I just an update in the these local market I know from made a national perspective on seeing a lot of get information out there count. About homebuilding. You know just from a national perspective lots of good positive things going on there and and as I understand it your busy as well. Here we are very busy we're our fiscal year ends at the end of July missile Pollard via a record year for us actually. We're seeing strong demand continue. Where. Busy here in the green a market and also and the cliffs markets are two biggest markets. Yeah and of course I know one of the the new and exciting things you got going on is I think you got to. Up in the clip so springs neighborhood you have a new model coming online yes I we're breaking ground in the next couple weeks. Com on our new motto out of the classic TV springs. Will be done by about this time next year. That's going to be a new plan to amount collection. But it will be open seven days a week and of course we still have the show home in the cliffs valley which just opened to a few months ago and that's available soon be shown by appointment. And so and then of course forget the wanna Greeneville also worked keep busy. Yeah absolutely and of course if anybody wants to us see locally they can always check it out in the Acadia community this ever in the Piedmont area. And you have that model open and then not I think one of the things the coast cities yet another model. That's on been sold. You're not out yet but that was and so some people can still see it. But you've got another model was gonna start in there as well so things are really looking well. Yes we will we had in their Piedmont models with a second while BNP Amano also but we'll be met to the end of December. And we should be breaking ground. Second model that'll be imitated community here. Any week now also which we also have done by the end of the year won't move to I want. Right after. Absolutely well of course you know a lot of that. Strong. Demand. In the new construction custom market is brought home by market conditions throughout the rest of the market so it. Why don't you speak to that a little bit doing what does inventory look like here we are. You know in May of 2016. What does that. Where's the market looked like from a from a supply and demand standpoint what do you see in inventory is down still. But only by 6% now so we're gain no movement. But cells are up by 10%. So says the number of sold here every year here is up 10% and of course last year let's remind molesters last year was a record here nearly a little over 111000. Homes transact in the green balloon alas. Which was a new record so that the market continues to be hot and of course were headed into that buying season as well right. That the sweet spot where the market is extremely hard we're overseeing multiple offers. Usually within our worst. From that only had in the market share is anything under 200. So. I'm really here for the first time homebuyers that they are in a very hot and very competitive market. Yeah and we're seeing in the exact same things we're seeing preapproved and borrowers. That need to be ready to act. You know and they need to be. I guess. They need to understand what it is that they're looking for so when it does come on the market that they can make. That they can make an aggressive offer from the standpoint of acting quickly not always aggressive and price. But they need to at least be ready to move when it's time to move and I guess sometimes. And that first time home buyer market that's a little hard for them to get there mentally. Yeah because there's still trying to figure out OK do you know yet the excitement a lot of merges new marriages out of college and get the excitement of bind the biggest purchase of their life. It says they're going with that and then they just don't know where it's going on in did you just move on me just like dad. As it is yet you bear with say they don't know what they don't know exactly hey instead the rush you know it's it's hard for them to. A lot of times realize that and I think that's a good topic for us to move on and how one agent can help you with that and the next segment of the shows so. We're gonna head into our first break of the day we appreciate you listening if you got a question. Cheated Everton questions an open house upstate dot com we'll be right back after this you're listening to open house upstaged do you have questions about the pre qualifying to purchase your dream home and ask the upstate most knowledgeable mortgage experts at county bank mortgage email accounts banks. Send questions and open house upstate dot com. This is Danny Joyner Berkshire Hathaway CNN Joyner realtors you may have noticed our new cabernet and cream signs around town they're replaced the old white and blue that you reasons it. I'm here to tell you see enjoyed her realtors hasn't gone anywhere. We're still the same locally run family business that you trust us since 1964. And we remain committed to the quality and integrity that made it sprinkles leading real estate company. And now breathe and stronger and whether you're buying selling or just training we are here for you and we always have been. Are you in the market for a first home. A step up and downsize or do you have questions about refinancing. Now's the time to call. The homeowner experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation. Would one of our experts. Give us a call at 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When it's time to build your dream home. Arthur rug burn is the only name you need to know from in house architectural and interior design through superior customer service and exceptional craftsmanship visit HRH upstate SC does come and tour their show home actually salute to run drive speed but South Carolina in the Acadia community prepare to be amazed visit HRH upstate SC dot com or call 5580066. Arthur number of homes you dream. We build. You're listening to open house upstate new have questions about buying your dream home. Fast in the upstate is number one real estate company Berkshire Hathaway home services CNN Joyner realtors email your questions good questions and hold. No subsidy god come all month. Welcome back to open house upstate slides can be Willis today talk a little real estate lucky enough to have the plane. From Berkshire Hathaway home services CD and join our realtor in the who's witnessed today and of course cal from Arthur Rothenberg homes and we're talking a little bit about. You know the conditions in the market does Dwyane you were talking about that inventory. As far as resale homes new homes in the MLS is Dionne and somewhere below that 5000 mark. Bright and so. Then sales are up which means we probably have and I'm I'm guessing I don't have the numbers for only about four months inventory. Five months inventory somewhere right in that. Number matter who are pro were right around for money and be less well it's it's is it still depends on price range but it's really up right now sure and relative to buyer's market or seller's market generally we have the equilibrium. Somewhere around six months of inventory which would mean EP took the number of homes. And divided by average number of sales annually it just did you get a six you know. And that's when you're in that live that equilibrium between buyers and sellers and of course the lower that number again is. The lower the months of inventory to more of a seller's market hearing right. And then of course on the other hand the higher that number goes the more of a buyer's market Iranian threat and of course one of the conditions that does occur. When nine you have less inventory is you DC a pick up and building. And Calle my thinking Yost particular situation. You probably have more houses that are in some stage of construction now Leno ever has. Yes absolutely we're. They we've got 24 either under construction are about to bit begin construction site where. I think replied closing out a couple next weekend breaking ground to on a couple next week too so we can we have them and all different stages so. Again and I love talking to Bruce probably not mean the days ago or so. That average with somewhere Iran owned. 70750000. From a price point does that remain you're you're hot it's. I guess it depends on the market and agreed a market yes this probably correct maybe in the seven range right and then in the class they see them move enough beer probably America 8109 range. I got chips and of course you know different style home often times up in the clip more that two story with a walk out basement PS that you can't build betting very evil but you know that that tends to be that that retirement home yes some more upper end of cash. Yeah mountain rustic. Much you know higher end. Finish is sometimes so those still don't really see that also. Bielsa dealing with a lot more topography typically up in that area so. You know long range views in the lot prices are a little bit more there also so. Churn of course it's important for the the listeners understand if they go to open house upstate dot com they can go over to the Arthur rug burn web site. And that's not all EO Leo don't do have some smaller plans. Less expensive employee unions they can be customized to fit your lives are a lot needy neighborhoods that you could buy. So it's not like you have to be in that price point. But I. You know it's it's an option. Right now actually are we go from about 2000 square feet up to 8000 square feet. And we can customize any of those plans to so. Our price range probably goes from about 400 and up so. Men and that's of course that's under lock burnt. So we can customize any of those features and we can work usually with him just about any budget. Yeah and so if you wanna check that out. You always welcome to go over to the Acadia community empty mind. You check out the model list there and then of course you can always look online if you get to the open house at state dot com. I would encourage you to check that out there's a week right here to the Arthur Rothenberg site. And they have plans they have pictures in just remember when you're looking at that it's a 100% customizable so if you don't see exactly which won't. Talent in the coal will be happier to help you out and and can really gives you you some insight on how to make that your worst. Also count him out of the 24 that you all have under construction. What would you say the number of those would be second homes. Again it doesn't look on the mark them out geographic market but I would say. 13 of those are second homes and some things maybe even pushing half dead and you know doing that's a great point that you make because if you look back. Those seven LA and you know when that when things were tough. That market virtually dried up. Well and that's when anybody wants to know what the health of the market is is succumbing people's find second homes exactly I agree because of that. Is an indication of confidence in the market I mean if you're gonna go out and spend that kind of money of course a lot of those folks maybe building it as a second home now. And plan known convert it to their retirement home three or four years down there which is a very Smart strategy. You know from lending perspective. Right before you retire there's three or four years before you retire as a general rule are your highest income years. It's also when you have the most assets. And and if you're in that particular situation that's when you get the easiest financing and of course you also have these incredible rate right now. You know under 4% on some thirty year fixed money certainly if you get fifteen TN. You know you can get in the in the low threes and so some ten money were doing under three. The case so if you can lock that up now. And and do it is a second home you know a lot of people don't realize on the site home the rates in the qualifications. Are very similar and the difference is if you go above and 80% loan to value may pay a little bit more on EM I mortgage insurance. But if you're if you're Clinton 20% down you're gonna get the same financing. And so. Now would be a great time to do it and then when you do decide to retire and you do decide to make it your primary. You've already got all that in place and it's easy to make that transition. It's always easier to qualify. While you're working and not retired. Always like to bring that up. One one of the things that you pointed out on the and I do you think the listeners need to hear this is that. The market is different in certain price brackets right you know McCallum says look you know when you're in the second home in the cliffs. It's generally a different level of finish a different price bracket when Jiri green bowl this is different price back it if you're building on the zero to you know lie you're doing it. 2000 square for a house it's going to be a little bit of a different price bracket but I did talk about that breakdown where. Where are those break somebody who's listening may not realize for there's natural breaks are. So if you're looking at the overall price market angering the where do you see there's breakdowns. Well you Cecilia breakdown so. Back. In the original bloom yet where for some homebuyers are probably coming in somewhere between. 80000. To own up to about 110115. I don't. You know usually in the 80000 market that's where the investors are looking right now sure those homes aren't of the caliber that first time homebuyers looking. So you say for some homebuyers right now in today's market is about a hundred. To a 150. That's about where you wanna be from our price point down horse and that market. That is probably the hottest market we have right now where the homes are flying off the shelf me and him when you look at the stats so once you move and I mean it's it's is its mind boggling in the number of homes that then actually are selling. In that price point under 200 so jerk did this is what I'm telling people if if you're aryan net price market if that's what you gonna do. First of all without a shadow of doubt. Don't waste your time to always say it's just time go out and give pre approved because the market I'm I'm rich. When Warren Buffett says don't get on a train is stains so we don't triangle and any Muslim our that's what this markets still churn out absolutely. Aren't so one of the things that you pointed out time and time again. Is that. There's still some caution. In those first time homebuyers because they're really not willing to pay over market. Are you still see a map or we're not seen and we're seeing frustration now. OK so it doesn't matter whatever you earned because they miss three or four deals yeah I talk to a now this was a move up buyer which would be that second bracket I would think which would be your. 200 to 400. Wrote that where you would bring you down yeah I was talking to move up homebuyers that was relocating into the Charlotte market. And she's an airline college live wherever she moves you know that matter her. And she loves the grain malaria but wants to move up to the Charlotte for family reasons and you know you she had lost forward deals. Because all 40 when she tried to make contingent. On the cell of her home that she has down only carpool and all four times they said thanks but no thanks we'll take an offer this not contingent ranked. And set to you know do you do have to be ready to move in and night now she's under contract in the way she got and a country that we should. She remained contingency she had enough confidence in the market. If she can afford to hold those properties Bryant and said I'm just going roll with it. We're seeing this as soon in bidding wars special under 200 yeah it's typical bidding war. But it most listings that if there you have turf per least you can move in and live in in this current condition I. You need they're gonna bring at least list price of non over list price. Under two under on the on the first offer it yeah I mean because is a small ball for amazed as your mind bending bing sure it's crazy. But what I am telling. The new. Buyers and sellers are what we're seeing is so zone get your hopes up thinking OK now we'll certain. Inching up the price because it's as nasty appraisers are still not down. I have faith and yet you bring that up going I had a very interesting one this week in it blew me away I absolutely blew me away. 75. House to a hundred house never heard over and Simpson gilts and the the seller was forced Selma owner. Had an appraisal from 2004152015. In March do you. And what was interesting about it was that appraisal and I know you blisters. It the price per square foot is not the end all be all but it's a tough place to start right at all that appraisal they had a 107 dollars per square foot. I went back and our appraisal came in short. I was like OK what's going on here so we went back and looked at all the sales in the neighborhood and and and I found this hard to believe in 2000. And not. Fourteen average price per square foot in the neighborhood. Was 85 dollars for it. In November and December. Of 2014. In January of 2015 the price per square foot. Was 105 that's a that's when they got their praise. And since the end in this particular neighborhood there was a 107 the nose and 2101000 are out. The price per square foot and I don't back that I own over the last twelve months to 85 dollars a foot and it was the most bizarre thing I'd ever seen as far as this market this type house. You know it I was really surprised that the compare Bowles said that I started digging a little deeper into of those compare bulls were distressed sales. And so we were really in a tight spot trying to figure out where to get costs. For this particular property. Occasionally hear your 2181000. And you got an appraiser this is good to know five is like the Macs and the data backed it up. And it was it was a very stressful situation for everybody involved. Is it an. I would I have seen deals fall apart over a thousand to 2000 dollars in I don't know if I'll sell my house if I'd let that happen coming for our Varian letter fly underneath the desk and say you know he objects to sell a house right. I read that you see the sellers are believing in rightly so they're believing it's a seller's market and his signature by humor prize. He notes the well sorry I'm Maria my price well here's my appraisers are saying well. That's not the price but the buyers are saying we've had multiple offers on this house. Above would you appraise it for sure at some point you gotta let the market dictate this sure I don't disagree with that that has had an impact on it but it's very interest think. And you know you have to remember this why as the appraisals so important wind the appraisal so important so that that buyer. No lose what the current market conditions our it has nothing to do with which are willing to pay for work is just telling you if you take this same house. And put it in this location this is what it. And compare more property would Marie. It is that's all hideous it doesn't say you shouldn't pay more you shouldn't pay less it just says here's what house like this sells for now. If you don't pay cash you do it every won't but of course at us as a lender. And he got to look at it this way if you're gonna do a 97%. Loan you're gonna do a 95% loan your gonna do an 80% off I'm bringing a lot more money to the table was a wonder the new war. And I have to protect myself in case something goes south and so I'm gonna put a lot of value and that appraisal as long as of right. To make sure that I don't get overexposed. 'cause I certainly can't land a hundred DN threat because you know when I get back it never had the carpet claim it's. It doesn't always have all the doors today and always have all the lights. And says you know I have to be sure that when I'm making that alone. That it is indeed come parable what else is in the market so that if I did have to sell it at vina get position. But I do understand the pressures you can about here's the problem you cannot dictate what the future's going branch. That's turned and in and out you don't have toward the end based on what the future's going to be there. No but she keep you should be and and you know what the presidents and our prayers out in the market on the present is pushing Impreza. It is an I have seen that it's not that I haven't seen him go are also haven't challenges with a appraisals talent I mean I know when people pick. Super high end especially if they're trying to do a 10% down or 20% now and it's not a big deal with some reason half the money them. But do you still see some some mom struggles and me going was talking about segments of the market certainly when you get above. Police say 2.5 or 600 isn't that a what number would you say really separates that market. And it's in north of 500 yes she's gotten some 500 years a completely different market that's where you're doing most your building. You certainly have fewer cops out there to use the what are you seeing you still experiencing some lap. Yes not as much as we wore. But I think that's also weave them better coaching our. Customers and clients on that about because there was such a problem a year ago at this time sure you know so oh. Plus a lot of times our clients labs the money for the additional down payment and then at least they can make the choice who are disabled coach them. You know he got to run up against an appraisal issue sure in time maybe have to make a choice at that time back. Sure well just like the wing and his team is explaining. Where you need to position yourself and multiple offer situation you're explaining if you pick the most expensive and everything. Usually at the customer know which is always a good thing Beck. Well listen we're gonna head into our bottom of the hour break we appreciate you being with a sick you've got a question today to questions and open house upstate. Dot com we'll be right back you're listening to. Open house upstate. You have questions about building your dream home ask our host Bruce passed Carell from author Rotenberg homes email Bruce at open house upstate dot com. Arthur Rotenberg homes your custom luxury home builder. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The homeowner experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation. With one of our experts. Give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When it is time to build your dream home either Rothenberg is the only name you need to know from in house architectural and interior design to superior customers there is an exceptional craftsmanship. Visit any art agent upstate SC dot com into their shell home at two LA it's a little run drive Piedmont South Carolina in the Acadia community. Prepare to be remains to visit they are each upstate SC dot com or call 558006. Saves are threatened bird homes you dream. We build. When you're ready to buy or sell your home wouldn't you were work with the leader it's Berkshire Hathaway seated join a real yourself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and courtesy upstage trust when nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazine hits he'd enjoyed dot com search thousands of listings trustee of State's leader to make your real estate dreams come true. Berkshire Hathaway's you can join the wheels. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce task morello from author Rotenberg homes email Bruce at open house upstate dot com. Arthur rug burn homes your custom luxury home builder. Welcome back to open house of state glad to do listen they talk a little real estate. Really reviewing the condition of the market talking about the segments and don't blame you had talked about how high that. Under 200000 market is an ally to college next segment in the market that. You know 200 to 400. You know to me that's that move up home buyer right that's that person who do you know as well established and of course what we see that air right now from the lending perspective. The love to hear you see the same thing. Is people trying to buy just a little bit more than what they would normally by simply because the rates are so low. And it fits into the budget. Yes interesting question I really haven't thought that one through. I would say yes they are trying to buy more but. Not like it was back in a seven. OK and I think the reason was I think community mentality of people now in the united you have as we know most. Type of mentality sure. Ending also lived in. Now what I do see is stay they do want a higher quality product yes and I think Alan you've seen that to you right I mean. You may be killed and 3500 square feet bigger but really nice stuff ten. Yeah I would definitely says I think. Few years ago or the previous boo or seem to be about size how much square foot is to make dead and now it's definitely. More about. Right size and having those quality features and amenities in the home their will on the pay more for those type of features than they are for additional square footage outside. So as an example would it be more likely that they would have. Less veterans and bass don't have that outside living room that outside porch that outside living area. That seems to be much more popular today because people use it. Yes outdoor living area and you know a chef's kitchen you know and just you know more money in the kitchen higher end appliances. Just. And an even you know eco friendly environmentally friendly features and home you know making an energy efficient things like that so. All of those up I would say yeah I. I always thought it was inching I had. At one time I lived in a production bill you know promote regional builder not a national will revert to regional builder. And talking about energy efficiency. You know. It's nothing special and when I'm moved and built the dream home on the knob built you know plus 5000 square feet within every bell and whistle. And the electric bill at the at the house that was twice the size of the was only about 20% higher. I mean it was new it was crazy you don't won't him me and are not violate your bills going before 500 dollars. And it wasn't it was because it had so many advances. And I know just just for example one of the things that you offer is a condition crawl space. That's such an impact on your overall energy experience absolutely it is worth if you pay the money up front right then you know I don't even know people know what that is that. When you condition that crawl space. It it tells with a lot of things moisture helps with just temperature helps with the Mowlds yeah Ritter's CN actually ship hardwood floors is gonna help but he expansion and contraction of hardwood floors is because that the temperature differences yes they're right here it's kind of cold. When you move. And to that end of that move up buyer. What are you saying they're going anything in particular that that jumps out to you when those folks are looking at. You have 200 to 400 is there any thing you know obviously and a under 200 markets is tightening got to be ready to act quick pre call as the absolute number one thing school districts. Okay that's an area is probably the number one driving force in that and I will say no effect. At all affect your resale morning thing else. OK so being in that right school district he's gonna matter and that move up buyer right and I think. I think it to me what you are talked about earlier when you move up to that next level that 400 or 500 plus I think it becomes about quality. Of life the way you live the quality of the construction and I certainly see exactly what you're seeing callon. And I think you alluded to it to Dewayne is smaller. You know less maintenance. More energy efficient. But not afraid to spend a quality because it's about live in the way you live. Right yeah and I think that's I think that's the thing that's very important I think that's what we see on our side. Us switching gears not enough price point part of the market but. Talking about konduz. On C a lot of condos in the green malaria that are trying to come home line. Looked at a couple projects. Where people are asking how is the financing don't work on this and of course. We start dealing with condos. In the lending world it really comes in two flavors it comes in what what I would refer to you and it's a mortgage word is Warren trumbull. Which means that that won't can be sold to Fannie Freddie and in genie which would be all your standard products. And then items that are non war in trouble. Which would be properties did that do not fit into the list of qualifications that they had enough. Certainly this is not all inclusive both. The number of individuals that don't when you hit the number of primaries that live their vs renal. The amount of space that is vacant the number of pre sales we have are all things that impact that. What are your Aussie yen in my Condo market the wind. And what's going on because all I see when I go downtown cranes everywhere. In the condos downtown there are really the big hit staying specially for the moment heels cheer. I guess the next generation owner of the room and on us as well. Does that raise our eyes yeah yeah retirees are too but if you go downtown you don't see it has. Definitely a hip. The Ohio and I younger feel and about it like. The very you look at the designs right now they're pushing more of a modern architecture I think that's important gassing that tape and so that seems to be what's going on down there. You. I am my personal opinion on Congo's long as it's up in the air and and that's why I find it very onerous in what you have to say because it's always. It's going to be the financing is always gonna give me this year. Yeah olives and of particular project last week and that was the concern hey it's coming out of ground. It's gonna have mixed geez what makes use means gonna have come personal space on the bottom floor now and then it's gonna have you it's above it not a big project about seventy. Units that they were going to be expensive. That we're gonna around anywhere from 415 tape may be as much as a fifteen. Amenities out the gang I mean just to be a project just too great location. And the question came to me as hey what type. Of financing Yuri or are we going to be able to do on this and I said well it's. You know based all the information you've given these projects not going to be workable recycling workable for a couple of reasons the first reason was that the developer. Wanted to maintain control. Over the the owners association. Because he wanted to maintain control of the commercial space he did not wanna sell it. He wanted to lease that is an issue. You know he's you have that situation the second issue was. Or the second question I got is that gave investors coming up by these condos how many can about a time. And then what can they do and of course when you're looking toward doable project nobody can no more than 10% of the units in the building. And then you have to have as a general rule this is general. You have to have 50% or more of the building being primary. Occupied so if you have. You have five or six investors come about three units piece you can't meet death because they're not gonna live there and of course that creates challenges so what's plan B. So plan B. Is to do work with local banks like county bank and say look you know we have qualified buyers that want embodies unit is what type of financing can you offer. And into us that would be a portfolio loan so we would look at the quality of whether the person buying the property would say how much money you have into it. And then we would make a loan that we would put on our books and not so into the secondary market. And of course the challenge from a lender then. Is about what they call penetration. How many units in that one building are we willing to do all right and of course generally it's going to be that 10% or less number because you wanna be stuck. Without all the units or something happens. And oftentimes if you do and that the construction loan it'll be none because you get all your money tied up in the construction and so what are fewer of the things that. In DC. Have top things Emeka kind of project not marketable. Its occupancy. If there's too much renal him Meyer. The health of the HLA Mancha the Asia has to have been turned over to the homeowners. And those are the things that come up the most that will make something non more trouble effect and it doesn't mean you can't get financing it just changes the availability there are some lenders that specialize. And not workable. And so it doesn't mean he can't do it but those are the things that come out the most. You know it's a Chevrolet has any litigation against or is involved in litigation against somebody else. That can be a stopper dependent upon awarded this. Okay well listen we're gonna head to our last break of the day we do appreciate you being with us we get back. We're gonna continue our conversation about konduz but then also talk about how when agent can help you through these trying times we'll be right back after this. You're listening to open house on the street. Do you have questions about selling your home and ask the other states number one real estate company Berkshire Hathaway home services seem to enjoy inner realtors email your questions for your questions at the moment house upstate. Dot com when it is time to build your dream home either Rothenberg is the only name you need to know from in house architectural and interior design to superiors customers there is an exceptional craftsmanship visit any art agent upstate SC dot com into their shell home at 20 wait salute to run drive Piedmont South Carolina in the Acadia community. Prepared the amazed visit they are each upstate ST dot com or call 5580066. Are threatened bird homes you dream. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing. Now's the time to call. The home loan experts at county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation. Would one of our experts. Give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 462088. When you're ready to buy or sell your home wouldn't you were work with the leader it's Berkshire Hathaway seated join a real herself more houses than any other company in the upstate. Since 1964. Our commitment to quality and integrity has set us apart and earned us the upstage trust what nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazines emptied and Joyner dot com search thousands of listeners trustee of State's leader to make your real estate dreams come true. Berkshire Hathaway's you can join the real. You're listening to open house upstate. You have questions about building your dream home ask our host Bruce castor oil from author Rotenberg homes. Email Bruce at open house upstate dot com Arthur Rotenberg homes your custom luxury home builder. Welcome back to open house upstate glad to be Willis today talk a little real estate. Started our conversation with the idea condition of the car market which is very high. The plane is it likely. That and I know I know our direct commercial have a record here is it likely that we'll have another record year in the MLS party think it's gonna go. I would say yes we will have another record here I agree with you do but I think it's going to be very stressful yeah I think I agree with that too and I think. Two things I think when everybody predicted this year to be a little bit softer good that a little bit softer than last year that the outrage for gonna go up in rates haven't done. If you look at mortgage rates right now when your buying your refinery anything like that. Thirty year fixed many in the far worse. Fifteen year fixed money in the threes tenure face money under three point to me that's crazy you get a ten year fixed loan at united. 2875. Or in some cases if you pay a little discount maybe even two point 65. Minutes yeah I think it's virtually free. My nephew is so low it's unbelievable. You know a kind of paint this picture does is viewed like NASCAR yes. We are going to have a record year. Not like what you would do it to Charlotte motor speedway yeah. You know when there's erect hair it's a wreck but using everybody still on the ground here this is more like Talladega yeah they're nervous wreck here at someone's going to go where he got a little NASCAR so yes that says don't we lol wow yes they'll be allowed crazy hang on yeah and I do nobody is happy no that's true it is up. I tell you that that's that's that's a good point it is very eerie. Stressful and one of the hardest things I have to deal with is telling people look you you've only put this into a two or three weeks time line. That timeline. Is not. Realistic your expectations are not realistic. And here's what's gonna happen that last seven days which is only ten to fourteen days from now you're going to be freaking out and guess what a movie freak him out today. Why not make it two weeks more. And have everybody hour elapsed. But it's it's very difficult to have that conversation of that agent or with a borrower. But if you if you provide less than a thirty day time line. And I'm not somebody in your world uncommon in my world so that might be a five week or six week time lining your world but in my world contract execution. To closing of this less than thirty days you were put in a tremendous amount of stress. Own everybody involved in you're the one that's gonna wind up being freaked out now that the buyer is there's going to be freaked out. I mean says you're you're better off to take that extra week or two weeks. And just. You know plan accordingly because it'll just go smoother. On the other thing I've seen a lot of Dwyane is people steal from time to time. Set up back to back closings did not come because they don't have to make twice which I completely understand they don't have to store their furniture. I get it but it is not usual. Dom for one of the parties. To you haven't this year. And any changes it for everybody so once again from planning standpoint. How's that make him three to five days apart figure out a plan B in the middle in your life will be better and easier I'm I have one last week. In this was very challenging. Where they buyer and the seller. We were representing the buyer on this house but he was selling his house. He got into a fight with that seller over repairs. After the due diligence but I mean it was a it was a knock down drag out. You know you're gonna give me money you did the repairs I don't like there were players that weren't done properly. And ultimately. The day we were supposed close they backed out. Listen I'm not gonna buy your house unless you give me an extra. And the depth of the seller says I'm not giving you an escrow because we did that requires. And so we've got the southern united deal was in limbo because of that and so. You know I think. One of the things you should do for trying to buys try to space that stuff out so that you don't get under stress. I know that always can happen but it certainly did wreck recommendation. So only switched over to the nutrient loss this first item was noticing that lenders were doing a very good job I didn't see any difference see any hiccup rainy day. Now certain C issues yes. So you know why I'm we. Have. We adapting quickly. And so. There didn't seem to be all that necessary extra two weeks and says that agents in the buyers and the sellers in this very hot market. Reverted back to those thirty or 28 or the united 29 day. Contract is that where your having your problem or you write in six week contracts and still not making it. Most say thirty to 45 days yet if you go to 34 we have it we have messed. One. And it was because the buyer. Made eight the buyer and the seller negotiated additional seller paid closing costs without telling us. And the agent there's only one agent involved and the agent didn't tell us either and so they came just three days before closing go ahead. Here you go and we're like hey that's not gonna work because now I have got to. We had a re disclosed because it changed the APR is kind of usual normally you know that that wouldn't change CA VR bit because of the particular way that negotiated it to pay the mortgage insurance. It changed the day eight PR which require every disclosure. And you know I said to everybody about why didn't you tell if you can do this and they said you know we didn't know and so of course I said the deal on process investor call. You should educated them that if they make any change we have to know what's going don't even if they end up not doing it we just have to know do so that we can tell him Tom long wise. I was gonna impact someone. But what kind of specific things you seeing in and maybe I can give you some inside a well it's. I think. Let me just preferences is that I think it's very important that when people are going out in an interview mean lenders. That they not only look for the best rate now and then look for the best price on closing cost smaller. But it really looked at customer service that your gonna get through net lender. Because what we have been seen where the lender should be gathering the information and the paperwork upfront. And they're not doing it waiting to dealing wing took too late in the game and then then they sit all whoa we need this we need that and by that time. The buyer is already Mitt mentally. And he's frazzled sure this a year coming back and asking for more information. And then the buyer gets put off. The buyer gets a little bit upset. It doesn't wanna necessarily jump through hoops for the lender right now church because he wants improved a little under you don't need to drive it and what I always ends up happening was is that the causing gets pushed off share. And well I can tell you a couple of things there one about yeah I am not a fan of big box winters because they're good ones are bad wounds in her go and have map ones but I will say this. There are some. Not all some big box lenders that will not issue a closing document into the womb is clear. Okay I pay big bucks lenders that are of actually tourists and we don't know what the cause and able. Is who will give that pretty much insurer said there DL which is a complete transition. From what you were used to as an agent is highest on the contractors look at Brian just try to err yeah we got February got that part figured out for you just put it right there. And so they are acting as if that data is not relevant yes it's time and that's because they have that policy is a general that I just mentioned which is. We're not gonna send the document until the long clears and so once alone players the most and it now I'll tell you canning a mortgage that's not what we didn't. We tried to meaning steel to the date that you have now that's not to say that it won't have to move if somebody doesn't do it their supposed to. But the end in our particular situation we had a huddle every morning. You know we're sitting there talking about these loans were like okay this one's going to be cleared but it's not clear yet when you go in cinema CD so that we can make sure we make clothes. Right now I did you see the other example that you pointed out where the the borrower will put a stake in the ground. No site I'm not provide another sheet of paper. I want to you that is very bad advice because the winter. You know we're just not provide the money I really don't provide what they won't here's a way I explain to a customer asset Lou. Understand this you are in complete control right. If you provide the document we might we need the money if you don't provide the documents we would definitely not. We do the money that's it I know that sounds like I'm trying to push you around but it's not my decision as your decision you don't have to show me anything you don't want to. But I don't have to come to the table width 80% of the cash the less I know everything I want and that. And nets and you burn up a very interesting point right there that we can talk about on another day what is a role of an agent. Yeah what can an agent drew Joyce should the nation to do what you what I noticed in that regard is that agent is much more involved. Not give you good example I saw an email today. From an agent and this is the first time I've seen this happen. The agent. Did contracts and thus we put that plays and they the end we ordered title. With the closing date that the agent says the attorney email back and said nope sorry that they useful. It usually the attorney. We know you know because they they support agents they recruit agents they love their agents that they weren't we have. End I thought that Asians don't lose her mind she emailed them Backus and none on and this is that they were close in this is that. And that the the paralegal is saying is that attorney's office in Novak has our mile or foe. And so that is the first time I've seen that happen in ten years and generally what I would do as I've collar there now come home. Minister clothes and at five let's close to 630 an analyst Michael we find rent but let's just do it anyway to accommodate everybody involved. Because he's generally on a Friday is generally on the last Friday of the month. And yet that's another piece of advice I would give agents if you have a choice between the last day of the month to the first day of the month always pick the first day of the month. There is no interim interest due on the first day of the month. So if you have that option always pick the first day because most people try to close on the last they picked up first day it'll still be cheaper for your client. The second piece of advice I would give me. Is if you can close the sect which in the month through the third week of the month. And close on a Monday Tuesday or Wednesday you're much less likely to have stressed and that stress can come from anywhere in comes from the the agent the closing agent saying I don't have a date. To come full all day that day and I'll work on your last minute you know because they got to work on entity. And says if you warning if you wanted to close the best time in the world closes second week of the month on Wednesday. And you won't be compete against anybody runs and headsets you know I would just recommend map. Now closing on construction loan it was a little different. Yes you know you generally are not involved in the modification of the year and it's just trying to get it closed. Only up front so that you know in the draws and all that are gonna come right we have a lot more flexibility in our time. Mindset or you know Georgian economy last minute changes or anything like that so. Yeah I would be surprised the wing. It unless it's very usual situation if you've got forty to 45 days. To close. You should not have closings that you missing. Because of of lender timeline as long as the borrowers cooperative. I would agree with you yeah and you know otherwise you can always reach. M passes and and that becomes problems or course the other thing that can happen to you that a lot of people don't realize is the lender can discover something. That the bar maybe was trying to hide. Or did not disclose. The property you know off Dante when the biggest one is another property that they are. Part owner reason. That they just didn't tell you about what that has to be considered inside your budget. Even if you own 25% of that I have to count 25% of the expenses write in your budget. Everything that you tale. The the lender. Up front that might pop. Is very important the other thing is if you're working with a higher quality agent here's what I've seen. The agent is very interested in being very involved with how I communication. Between agent in the winter to make sure that things are moving at the pace that they need to move. So that you can reach that goal and closes today it's on the contract I would agree with that. And so yeah I just think those are all things that you can look out for Howard also recommend. As to Wayne did she do local. You need you wanna deal with somebody can go sit down in front of so if there is a problem or misunderstanding. You can go talk face to face it's amazing how much better those conversations go. And then email. You know and end. Talking on the phone so that would be my recommendation Melissa got another great show appreciate child being here today. If you do have a question about eating thing we talked about our comment today. Please send us an email to questions at an open house upstate dot com if juries should a look at that product then tell Arthur right Byrd has. Talent in the Kobe happy to have become reverend visited Acadia. Feel free to up lift him up all lining go by have you guys have a great weekend and we'll see use net. Sweet thank you for listening to open house upstate. Remember when it's time to sell builder by your dream home we have the information unique brought to you by author wrote a number of homes Berkshire Hathaway home services Sedin joined her realtors and county bank mortgage be sure to check out open house upstate dot com. An email you questions to questions and open house upstate dot com county bank member FDIC equal housing lender in MLS number 462088. When it is time to build your dream home either Rothenberg is the only name you need to know from in house architectural and interior design to superior customers there is an exceptional craftsmanship visit any art agent upstate SC dot com into their shell home until it's a little run drive Piedmont South Carolina in the Acadia community. They've scared the remains to visit they are each upstate SC dot com or call 5580066. Aren't there red bird home you've dreamed. We build. Are you in the market for a first home a step up and downsize or do you have questions about refinancing now's the time to call the homeowner experts and county bank mortgage will help you through the maze of options to find the best solution for you if you would like to discuss your situation with one of our experts give us a call. At 8664427553. County bank member FDIC. Equal housing lender in MLS number 4620. Eat me when you're ready to fire sell your home wouldn't you were work with the leader Berkshire Hathaway seated join a real yourself more houses than any other company in the upstate. Since 1964. Of our commitment to quality and integrity has set us apart and courtesy upstage trust what nine offices in nearly 300 real estate professionals. We'll help you sell your current home and find your dream. Check out our book of dreams magazines and he'd enjoy dot com search thousands of listeners trustee upstate leaders to make your real estate dreams come true. Berkshire Hathaway seed Angela really.