WEBVTT - WUWY INTERVIEW: Daryl Fairweather On Trump vs. Kamala Housing Plans, Career Cheat Codes from 'Hate The Game,' + More 0:00:02.279 --> 0:00:05.480 What's up this way up with ange La Gee, I'm 0:00:05.480 --> 0:00:08.600 here and my girl Darrol Fairweather is here, chief economist 0:00:08.680 --> 0:00:10.840 at redfin Okay, welcome back. 0:00:11.160 --> 0:00:12.760 Thank you for having me. I'm so excited to talk 0:00:12.800 --> 0:00:13.240 to you again. 0:00:13.880 --> 0:00:16.560 This is an exciting time because last time we spoke, 0:00:17.640 --> 0:00:19.480 you know, the housing market things were a little bit 0:00:19.520 --> 0:00:21.640 dismal for people. But now it looks like things are 0:00:21.640 --> 0:00:22.279 on the upswing. 0:00:22.760 --> 0:00:25.040 Yes, the fact just cut rates and that means that 0:00:25.120 --> 0:00:27.280 mortgage rates have come down, which means it's actually a 0:00:27.320 --> 0:00:28.880 lot more affordable to buy a home than it was 0:00:28.880 --> 0:00:30.920 just a couple of months ago. Four hundred dollars last 0:00:30.960 --> 0:00:32.520 a month for the typical mortgage. 0:00:32.640 --> 0:00:35.919 And now I also know people are definitely refinancing at 0:00:35.920 --> 0:00:38.880 this time too, So I saw that happen like immediately right. 0:00:38.840 --> 0:00:42.520 The refinance applications they just popped today or popped this week. 0:00:42.960 --> 0:00:44.839 Now, you also have a book that people can pre 0:00:45.000 --> 0:00:45.680 order Hate. 0:00:45.520 --> 0:00:47.640 The Game, Yes, Hate the gamebook dot com if you're 0:00:47.680 --> 0:00:48.199 looking for it. 0:00:48.760 --> 0:00:51.080 And I want to say, I know Freakonomics was a 0:00:51.080 --> 0:00:54.240 book that really inspired you. But what I love is 0:00:54.280 --> 0:00:56.440 when people read this book, I feel like this will 0:00:56.480 --> 0:00:59.920 have the effect on them the next generation their freakonomics 0:01:00.240 --> 0:01:01.160 on you. 0:01:01.160 --> 0:01:02.560 You know, that book is why. 0:01:02.360 --> 0:01:05.880 You became an economist, which is something you hadn't necessarily 0:01:05.920 --> 0:01:08.080 considered before, and there were a lot of things at 0:01:08.080 --> 0:01:10.040 play that made it feel like it wasn't going to 0:01:10.120 --> 0:01:12.760 be something that was the best idea. I want you 0:01:12.800 --> 0:01:14.800 to talk about that too, because a lot of what 0:01:14.840 --> 0:01:17.600 this Hate the Game book is about is helping people 0:01:17.680 --> 0:01:20.360 learn how to make career decisions and things are kind 0:01:20.400 --> 0:01:20.800 of like. 0:01:21.160 --> 0:01:23.679 A game, so to speak. 0:01:23.720 --> 0:01:26.960 But why was being an economists according to your parents, 0:01:27.120 --> 0:01:30.080 you know, your grandmother, even not the best idea. 0:01:30.480 --> 0:01:33.840 Yeah. So when I went to college MIT, I thought 0:01:33.880 --> 0:01:35.679 I was going to be an engineer. But then once 0:01:35.760 --> 0:01:38.199 I read for economics, I realized that I really wanted 0:01:38.240 --> 0:01:41.080 to study economics. It's not just about you know, prices 0:01:41.120 --> 0:01:44.160 and stock market. It's about the way that people make decisions. 0:01:44.200 --> 0:01:46.720 And that was really interesting to me putting that to 0:01:47.280 --> 0:01:49.400 putting logic to that and having some structure to that. 0:01:49.760 --> 0:01:51.880 But when I told my dad, he was disappointed. He 0:01:51.880 --> 0:01:53.200 thought I was going to be an engineer, and he 0:01:53.200 --> 0:01:56.400 thought that would protect me from facing discrimination, like if 0:01:56.400 --> 0:01:58.920 I went into something that was more objective, where you know, 0:01:59.000 --> 0:02:01.080 you could tell of a play flies or not. It's 0:02:01.120 --> 0:02:04.240 like very simple, but when you're writing an economics paper, 0:02:04.280 --> 0:02:06.480 there's a lot of subjectivity to it, even if economists 0:02:06.520 --> 0:02:09.640 don't want to admit that. And I decided to go 0:02:09.720 --> 0:02:11.960 through with it even though my dad and my grandmother 0:02:12.000 --> 0:02:14.000 told me not to. My grandmother was actually the first 0:02:14.040 --> 0:02:16.440 black woman to be licensed as at architect in New 0:02:16.520 --> 0:02:20.600 York and California, so she for sure knew the barriers 0:02:20.639 --> 0:02:23.120 that I would be up against, like being one of 0:02:23.160 --> 0:02:25.320 the first. I was actually the first black woman to 0:02:25.400 --> 0:02:27.680 get a PhD in economics from University of Chicago. 0:02:27.880 --> 0:02:30.720 That's why Pat Daryl, let's go okay. 0:02:30.440 --> 0:02:32.880 Right, So, but it's hard. It's hard to be the first. 0:02:32.919 --> 0:02:34.960 It's hard when you don't have role models, when you 0:02:35.000 --> 0:02:38.040 don't know if what's happening to you is discrimination or 0:02:38.240 --> 0:02:40.760 if it's just hard for everybody. So I wanted to 0:02:40.800 --> 0:02:43.440 write this book to inspire people to learn more about 0:02:43.440 --> 0:02:45.920 economics because it is so useful. It's the thing that 0:02:45.919 --> 0:02:48.840 can help you understand, you know what is in your 0:02:48.840 --> 0:02:50.679 control and what's out of your control when it comes 0:02:50.720 --> 0:02:52.680 to things like finding a job or getting a promotion 0:02:52.840 --> 0:02:56.040 or getting a raise, understanding economics can really put all 0:02:56.160 --> 0:02:59.440 that into perspective and help you feel more empowered. 0:02:59.760 --> 0:03:01.440 Right because, as you point out in this book, a 0:03:01.480 --> 0:03:03.880 lot of times there's advice that people can give you, 0:03:03.919 --> 0:03:06.040 but it's not a one size fits all type of thing. 0:03:06.560 --> 0:03:09.480 You know, you can't say, Okay, you need to go 0:03:09.600 --> 0:03:12.160 and negotiate for a higher salary, and women don't do 0:03:12.280 --> 0:03:14.960 that as often, which is true, right. Women don't negotiate 0:03:15.040 --> 0:03:17.280 a salary, a higher salary as much as men do, 0:03:17.680 --> 0:03:20.960 or even what their salary is going to be when 0:03:20.960 --> 0:03:23.040 they first get hired for a job. A lot of 0:03:23.040 --> 0:03:25.000 times they may just take an offer, but there's a 0:03:25.080 --> 0:03:26.760 lot of other things that are a play too, and 0:03:26.840 --> 0:03:30.760 knowing what the other issues are can also help you 0:03:30.760 --> 0:03:32.280 figure out how to navigate that. 0:03:32.680 --> 0:03:34.720 Yeah, So the advice I heard when I was starting 0:03:34.800 --> 0:03:36.760 my career was you need to be more confident, you 0:03:36.800 --> 0:03:39.320 need to ask for more. And when I started asking, 0:03:39.360 --> 0:03:43.960 I start getting rejected. And that's what I realized. I 0:03:43.960 --> 0:03:46.880 need to understand, like what is the other person's perspective? 0:03:46.880 --> 0:03:48.840 And I think game theory, which is basically the building 0:03:48.840 --> 0:03:52.200 blocks of economics, can help you understand that. Understanding. You know, 0:03:52.240 --> 0:03:54.520 when you're in a negotiation, what does the other person want? 0:03:54.560 --> 0:03:57.080 What are their options? And how what are your options? 0:03:57.080 --> 0:03:58.880 And how can you improve your options that you can 0:03:58.920 --> 0:04:01.560 go in and whether the person agrees or not, you're 0:04:01.600 --> 0:04:03.320 gonna know you're gonna be well off and you're gonna 0:04:03.320 --> 0:04:05.880 feel confident and the decision that you make, yeah. 0:04:05.720 --> 0:04:08.320 Because sometimes it is just go someplace else and get 0:04:08.360 --> 0:04:09.800 a better salary at another place. 0:04:09.800 --> 0:04:11.080 It's not gonna happen here for you. 0:04:11.160 --> 0:04:13.200 Absolutely. And I know so many people who have gotten 0:04:13.240 --> 0:04:16.039 stuck in jobs where they are undervalued because they don't 0:04:16.200 --> 0:04:19.120 realize how many other better options there are out there. 0:04:19.279 --> 0:04:21.479 They think that if one person tells them no, that 0:04:21.520 --> 0:04:23.640 everyone's going to tell them no. And that's just not true. 0:04:24.040 --> 0:04:26.760 You know what I love to you compared some of 0:04:26.800 --> 0:04:29.240 these negotiating and barters and and. 0:04:29.320 --> 0:04:30.960 Games to the movie too. 0:04:31.000 --> 0:04:34.240 Can play that game that movie clearly that which was 0:04:34.279 --> 0:04:36.120 so funny to me, but it was very interesting. You 0:04:36.120 --> 0:04:39.640 talk about Vivica Fox and Morris Chestnut and the things 0:04:39.640 --> 0:04:41.719 that they did to each other because of the value 0:04:41.760 --> 0:04:44.680 that one person had, but why it worked, and this 0:04:44.720 --> 0:04:46.159 is early on in the book, but just so you 0:04:46.160 --> 0:04:47.920 guys can get a little taste for it and why 0:04:47.960 --> 0:04:48.760 you're gonna love this? 0:04:49.320 --> 0:04:51.200 Can you explain that analogy? 0:04:51.520 --> 0:04:53.799 Yes, if you've seen the movie too, can play that game. 0:04:53.839 --> 0:04:55.039 You hasn't seen who can play that? 0:04:56.120 --> 0:04:58.799 It was my first introduction to game theory really, because 0:04:58.839 --> 0:05:01.120 what Vivia fox is ca character does is that when 0:05:01.120 --> 0:05:03.320 her man is stepping out on her, she doesn't get mad. 0:05:03.400 --> 0:05:05.640 She doesn't like yell at him. That would make him 0:05:05.680 --> 0:05:07.560 want to leave her even more. What she does is 0:05:07.560 --> 0:05:10.000 she goes and she improves her outside options. That's a 0:05:10.000 --> 0:05:12.479 game theory term. She goes and she finds other men, 0:05:12.560 --> 0:05:14.080 she flirts with them. She kind of throws it in 0:05:14.080 --> 0:05:17.120 Morris Chestnut's face, and then he's worried about her leaving. 0:05:17.240 --> 0:05:19.120 And that's exactly what you want to do. If you 0:05:19.360 --> 0:05:21.919 are asking for a raise at work, go out and 0:05:21.960 --> 0:05:25.159 find your other options, find those other suitors and figure 0:05:25.160 --> 0:05:27.160 out what they're willing to offer you before you go 0:05:27.240 --> 0:05:29.440 to your boss and ask for a raise, because then 0:05:29.480 --> 0:05:31.240 they know that you're for real that you will leave 0:05:31.279 --> 0:05:32.400 if you don't get that raise. 0:05:32.880 --> 0:05:36.159 Now, another thing as a woman is you also talk 0:05:36.200 --> 0:05:39.320 about being pregnant while at work but getting a promotion, 0:05:39.839 --> 0:05:42.040 but not letting them know right away that you were 0:05:42.040 --> 0:05:45.040 about to be I think in your second trimester. So 0:05:45.560 --> 0:05:48.440 a lot of people talk about how being pregnant and 0:05:48.480 --> 0:05:50.840 having a family it does affect women more than men 0:05:51.160 --> 0:05:53.479 in the workplace. Yes, and I know a lot of 0:05:53.480 --> 0:05:55.960 our listeners can attest to that. Sometimes people put off 0:05:55.960 --> 0:05:57.880 having a family because they're like, Oh, I don't want 0:05:57.880 --> 0:05:59.520 this to affect you know what they're going to say 0:05:59.520 --> 0:06:01.599 about MEO work? Is that going to mean that they're 0:06:01.600 --> 0:06:05.160 gonna give me worse reviews? So talk to me about 0:06:05.160 --> 0:06:07.280 what that experience was like for you when you were 0:06:07.279 --> 0:06:09.719 at work and then you had to go on maternity leave. 0:06:09.920 --> 0:06:12.440 Yes, I was working for this huge tech firm when 0:06:12.480 --> 0:06:14.200 I got pregnant, and I was in the middle of 0:06:14.240 --> 0:06:17.280 the promotion process. Like I knew that I was likely 0:06:17.320 --> 0:06:19.200 going to get promoted, but I was so afraid to 0:06:19.279 --> 0:06:21.400 let people know because I thought that if I told 0:06:21.440 --> 0:06:24.520 people that my worst and my chances of getting promoted. So, 0:06:24.760 --> 0:06:26.359 you know, I kept it under the lid and I 0:06:26.360 --> 0:06:29.440 didn't tell anybody until after my promotion was locked. And 0:06:29.480 --> 0:06:31.920 then when I actually went out on attorney leave, I 0:06:31.960 --> 0:06:34.680 felt like, you know, I was kind of being I 0:06:34.720 --> 0:06:36.960 guess a little bit looked over at work when I 0:06:37.000 --> 0:06:38.960 got back that the opportunities weren't as good for me 0:06:38.960 --> 0:06:41.400 when I got back to work, But knowing that I 0:06:41.440 --> 0:06:44.760 had other options made me feel more confident, because you know, 0:06:44.800 --> 0:06:46.120 I think that if you're in a workplace and you 0:06:46.160 --> 0:06:49.320 feel like you're not being treated fairly as a mother 0:06:49.480 --> 0:06:51.840 or as a pregnant woman, you should know there are 0:06:51.839 --> 0:06:55.000 other options for you. There are other workplaces that I mean, 0:06:55.040 --> 0:06:56.480 they don't care if you took maternity leave or not 0:06:56.520 --> 0:06:59.560 when you're starting a new job. So if you see 0:06:59.800 --> 0:07:03.120 yourself from the outside perspective, like what other job could 0:07:03.120 --> 0:07:05.160 I get? And I think you'll feel less stuck. You'll 0:07:05.200 --> 0:07:08.799 feel like you don't have to endure discrimination or endure 0:07:09.000 --> 0:07:12.040 unfair treatment if you know what's available to you. 0:07:12.040 --> 0:07:13.760 You know, I've always said, like when it comes to 0:07:13.800 --> 0:07:16.240 my career, I've strived to put myself in a position 0:07:16.280 --> 0:07:19.040 where I never felt like I needed to be in 0:07:19.240 --> 0:07:21.680 a certain job or in a certain position, to know 0:07:21.720 --> 0:07:23.920 that I have other options and to be in the 0:07:23.920 --> 0:07:26.360 position at some point where if I decide I didn't 0:07:26.400 --> 0:07:28.840 want to have to work, I'll be okay, you know, 0:07:28.960 --> 0:07:31.760 And so that's always been valuable for me, but it 0:07:31.760 --> 0:07:33.440 took a long time for me to feel that way. 0:07:33.800 --> 0:07:36.320 Yeah, And I think the hard part is actually understanding 0:07:36.320 --> 0:07:37.920 what is that you are what you want out of 0:07:37.920 --> 0:07:40.360 a career, because it's not always about having the highest 0:07:40.400 --> 0:07:42.680 salary or the best title. Sometimes it's about work life 0:07:42.720 --> 0:07:45.320 balance or doing work that's meaningful for your So once 0:07:45.360 --> 0:07:48.200 you understand your own values, it's a lot easier to 0:07:48.400 --> 0:07:51.640 make decisions that put you closer in alignment with your values. 0:07:51.680 --> 0:07:53.440 And then nobody can take that away from you if 0:07:53.480 --> 0:07:55.920 you know if you have the things like internally that 0:07:56.040 --> 0:07:56.880 you want. 0:07:57.680 --> 0:07:59.000 And I want to talk about this. 0:07:59.000 --> 0:08:00.760 This has been a headline that I've been seeing a 0:08:00.800 --> 0:08:04.640 lot of different places where more people with high net 0:08:04.640 --> 0:08:07.920 worths are renting instead of buying. So I want you 0:08:07.960 --> 0:08:10.600 to discuss that with me. Is that really true? Because 0:08:10.600 --> 0:08:12.440 I see that headline in a lot of different places. 0:08:12.840 --> 0:08:14.360 We're seeing more of that, And it makes a lot 0:08:14.400 --> 0:08:17.760 of sense because owning a home, you might be able 0:08:17.760 --> 0:08:20.080 to fix your mortgage rate, but there are other costs 0:08:20.080 --> 0:08:22.200 that are kind of out of your control, like maintenance costs, 0:08:22.240 --> 0:08:24.800 insurance costs, and if you want to have flexibility, then 0:08:24.840 --> 0:08:26.440 renting can be easier and if you don't want to 0:08:26.440 --> 0:08:28.880 have to fix your own sink, then renting can be easier. 0:08:28.920 --> 0:08:31.960 So we're seeing more of these lifestyle renters. Sometimes it's 0:08:32.040 --> 0:08:34.920 younger people Gen Z and millennials who feel like they 0:08:34.920 --> 0:08:36.920 can't afford a down payment, so they're going to rent 0:08:37.000 --> 0:08:38.720 long term. And if you're going to do that, that's fine, 0:08:38.720 --> 0:08:41.559 but make sure you keep saving for retirement your other 0:08:41.600 --> 0:08:44.160 life goals. And then we're also seeing older people who 0:08:44.240 --> 0:08:47.280 have owned a home for years and years selling getting 0:08:47.280 --> 0:08:49.520 their equity out and deciding to rent because it's just 0:08:49.600 --> 0:08:51.720 a lot easier to do that than to maintain a home. 0:08:52.120 --> 0:08:54.280 And so what was your first home buying experience? 0:08:54.440 --> 0:08:57.439 Like, well, I bought a home back what was it 0:08:57.520 --> 0:09:00.000 twenty fifteen, and I feel like I was pretty nig 0:09:00.120 --> 0:09:03.040 even going into it. I locked into a home before 0:09:03.200 --> 0:09:05.920 I realized that I was going to quit my job 0:09:05.960 --> 0:09:08.480 in move cities, which is not the best idea. It 0:09:08.600 --> 0:09:11.160 was challenging. I feel like next time I bought a home, 0:09:11.240 --> 0:09:13.800 I was more aware of what things to look for. 0:09:14.080 --> 0:09:16.040 So it's important to do your research ahead of time 0:09:16.320 --> 0:09:19.440 and understand the housing market and especially knowing like are 0:09:19.480 --> 0:09:21.360 you going to stay in this home? For five years. 0:09:21.400 --> 0:09:23.520 That's one of the most important things for building equity. 0:09:24.080 --> 0:09:26.400 Yeah, you give some valuable information on that too, as 0:09:26.400 --> 0:09:28.959 far as purchasing a home and what type of offers 0:09:29.000 --> 0:09:31.440 you even should be making depending on what the market 0:09:31.480 --> 0:09:31.720 is like. 0:09:32.040 --> 0:09:34.040 Yeah. So when I was buying a home in Seattle, 0:09:34.040 --> 0:09:37.400 it was a very competitive market and there was a 0:09:37.440 --> 0:09:39.720 structure too where there was actually like an auction for 0:09:39.760 --> 0:09:41.480 the home where you put in a bid and other 0:09:41.480 --> 0:09:42.880 people might be putting in a bid too, so you 0:09:42.920 --> 0:09:44.600 have to think about, well, what are other people going 0:09:44.640 --> 0:09:46.800 to value this home at. But the most important thing 0:09:46.840 --> 0:09:48.640 is to make sure that you're paying a price that 0:09:48.760 --> 0:09:51.080 you can actually afford to not get caught up in 0:09:51.120 --> 0:09:54.480 the hype. And also there's so many biases that you 0:09:54.559 --> 0:09:57.040 might run into, like falling in love with the home 0:09:57.240 --> 0:09:59.520 before you actually own the home can put you in 0:09:59.559 --> 0:10:03.120 a position where you might do something irrational like overpaying, right. 0:10:03.160 --> 0:10:05.520 That is very true, and especially because they always tell 0:10:05.520 --> 0:10:07.760 you like play it cool, you know, with the broker, 0:10:07.760 --> 0:10:08.920 because you don't want to be like, oh my god, 0:10:08.920 --> 0:10:09.400 I love this house. 0:10:09.480 --> 0:10:11.040 Is the house in my dreams and then they're. 0:10:10.800 --> 0:10:14.400 Like got them, yes, yes, I saw California. 0:10:14.559 --> 0:10:15.160 The real estate. 0:10:15.200 --> 0:10:18.040 There has been you know, absolutely crazy with this Amanson 0:10:18.160 --> 0:10:21.080 text everything happening. I saw, there's been a lot more fraud, 0:10:21.240 --> 0:10:23.640 and I think the issue also is that a lot 0:10:23.679 --> 0:10:26.600 of people are doing everything online right now, and so 0:10:26.720 --> 0:10:29.160 what would you say to people about protecting themselves because 0:10:29.160 --> 0:10:32.240 I've seen a lot of stories about this also just 0:10:32.280 --> 0:10:35.080 come through where people are like, Okay, there's been people 0:10:35.120 --> 0:10:38.559 who are such high level cyber criminals that they're sending 0:10:38.559 --> 0:10:40.960 you emails and you really think it's coming from your bank, 0:10:41.400 --> 0:10:43.439 and then you're wiring money because it looks just like 0:10:43.480 --> 0:10:46.239 an email from your bank. How should people protect themselves? 0:10:46.480 --> 0:10:49.800 Well, I think working with an experienced agent is really important. 0:10:50.480 --> 0:10:51.880 I know some people feel like they can do it 0:10:51.920 --> 0:10:54.280 all themselves, all the informations on a website like redfin, 0:10:54.400 --> 0:10:56.400 but having an agent guide you through the process and 0:10:56.480 --> 0:10:58.400 tell you what to look out for is really important. 0:10:58.760 --> 0:11:01.000 And they will tell you that if you are sending 0:11:01.040 --> 0:11:03.760 a wire, make sure you call the bank and confirm 0:11:03.800 --> 0:11:06.680 all the wire information, confirm that it's actually going to 0:11:06.800 --> 0:11:08.960 the seller. But those little things, I think an agent 0:11:09.000 --> 0:11:12.200 can really help you with making a strong offer, identifying 0:11:12.240 --> 0:11:15.319 homes that you might have problems making sure they get 0:11:15.320 --> 0:11:17.840 an inspection done. All that can save you from a 0:11:17.840 --> 0:11:18.600 lot of headaches. 0:11:18.760 --> 0:11:20.840 And let's talk about real estate agents for a second, 0:11:20.840 --> 0:11:23.800 because people are very confused now about what's going on 0:11:23.840 --> 0:11:29.000 with this new ruling from the nar right and so 0:11:29.200 --> 0:11:31.920 what does that mean now as far as real estate 0:11:31.960 --> 0:11:35.320 agent commissions and what people who are buyers and sellers, 0:11:35.360 --> 0:11:37.920 how are they affected by this new ruling. 0:11:38.200 --> 0:11:40.200 So it used to be that if you were buying 0:11:40.240 --> 0:11:42.600 a home, you didn't really worry about how your agent 0:11:42.720 --> 0:11:44.680 was paid because that would be paid by the seller. 0:11:44.760 --> 0:11:47.680 Once you pay the seller, they take a percentage and 0:11:47.679 --> 0:11:49.800 give it to the buyer's agent. But that's all changed 0:11:49.960 --> 0:11:51.840 now when you are working at the buyer's agent, you 0:11:51.920 --> 0:11:54.360 have to agree on how they are paid at that 0:11:54.440 --> 0:11:57.760 first tour at least have some guidelines set about how 0:11:57.800 --> 0:12:00.000 that will proceed. And a lot of people are intimidating 0:12:00.000 --> 0:12:01.560 to buy that because I've never had to consider how 0:12:01.600 --> 0:12:03.960 their agent is paid before. But I think it's ultimately 0:12:04.000 --> 0:12:06.400 going to be good because people will learn, like what 0:12:06.520 --> 0:12:09.839 services to expect out of the agent and understand that 0:12:10.000 --> 0:12:12.520 they that they're not free even though the seller was 0:12:12.520 --> 0:12:14.600 paying it, you were paying indirectly before, but now it's 0:12:14.600 --> 0:12:17.280 a bit more transparent, and it's a bit of a 0:12:17.280 --> 0:12:19.400 difficult time because of all the rules are changing. But 0:12:19.720 --> 0:12:21.400 I think if you just have an honest conversation with 0:12:21.440 --> 0:12:24.160 your agent, talk to multiple agents even and understand what 0:12:24.200 --> 0:12:26.200 they're offering, then you can end up getting even a 0:12:26.240 --> 0:12:27.400 better deal potentially. 0:12:28.120 --> 0:12:30.679 So are we in a situation now where buyers may 0:12:30.679 --> 0:12:32.280 be paying agent fees. 0:12:32.400 --> 0:12:36.319 Well, some buyers will opt to pay their agent with cash, 0:12:36.600 --> 0:12:38.559 and some buyers are going to put in the contract 0:12:38.760 --> 0:12:42.480 that they are only basically going to make offers on 0:12:42.520 --> 0:12:44.880 homes where the seller will pay the buyer's agent. But 0:12:44.920 --> 0:12:47.280 I think this is going to create some shifts in 0:12:47.320 --> 0:12:51.000 the market where the people who have cash might be 0:12:51.040 --> 0:12:53.040 more successful. That's what we've seen in our data is 0:12:53.040 --> 0:12:55.720 that if you're making a cash offer, it's usually more successful. 0:12:55.920 --> 0:12:57.679 And if you're telling the seller you don't have to 0:12:57.679 --> 0:12:59.960 worry about paying the agent, I'm going to pay the 0:13:00.040 --> 0:13:02.240 agent with cash, that might make the offera more successful too. 0:13:02.440 --> 0:13:05.080 I think my cash office has always been more successful though, 0:13:05.520 --> 0:13:07.800 Like people love an all cash offer, no. 0:13:07.760 --> 0:13:10.200 Yah way, yes, yeah, And I think if. 0:13:10.040 --> 0:13:12.199 You're not waiting for a bank mortgage to come through, 0:13:12.520 --> 0:13:12.920 right right. 0:13:13.040 --> 0:13:14.400 I think it's going to be the same way with 0:13:14.440 --> 0:13:16.840 the agents, where people who are kind of paying the 0:13:16.880 --> 0:13:19.440 agent and not asking the seller to pay might be 0:13:19.480 --> 0:13:22.280 more successful, which might create some more inequalities in the market. 0:13:22.280 --> 0:13:24.000 But we'll see how that plays out. That was one 0:13:24.040 --> 0:13:25.679 concern about these new rule changes. 0:13:26.000 --> 0:13:28.960 Now, another thing that I've been noticing is Miami. The 0:13:29.040 --> 0:13:29.760 real estate. 0:13:29.559 --> 0:13:32.760 Market in Florida too, by the way, in general, yes, 0:13:32.880 --> 0:13:35.360 but with the condos, right and now there's been a 0:13:35.360 --> 0:13:37.400 new law in Florida, and I see there's been a 0:13:37.440 --> 0:13:39.560 lot of condos that are on the market, some of 0:13:39.600 --> 0:13:42.120 these older condos because the HOA fees are about to 0:13:42.160 --> 0:13:42.520 go up. 0:13:42.920 --> 0:13:45.640 Yes there are, there are already going up, and it's 0:13:45.640 --> 0:13:47.959 because of this law change. If people remember, there was 0:13:48.000 --> 0:13:50.400 this huge condo colops, the surf side condo clops that 0:13:50.440 --> 0:13:53.480 happened a couple of years ago, and after that was investigated, 0:13:53.480 --> 0:13:56.920 they determined that we need stricter rules for these condo buildings, 0:13:56.920 --> 0:13:59.880 so they're actually maintaining the properties. And it kind of 0:14:00.000 --> 0:14:03.240 go back to climate change because the reason was erosion essentially, 0:14:03.280 --> 0:14:05.680 and we're probably going to see more storms, more rainfall, 0:14:06.120 --> 0:14:09.400 more basically maintenance that needs to be done on homes 0:14:09.400 --> 0:14:11.760 and condos and that's going to make it more costly 0:14:11.800 --> 0:14:16.040 for homeowners and it's gonna unfortunately suppress home values and sales. 0:14:16.080 --> 0:14:18.320 And that's what we're seeing so far. This is kind 0:14:18.320 --> 0:14:20.320 of early days. We're also hearing from our agents about 0:14:20.360 --> 0:14:22.520 how insurance costs are going up in Florida and how 0:14:22.560 --> 0:14:24.640 that's been really difficult for home buyers to wrap their 0:14:24.640 --> 0:14:27.600 heads around just how expensive home insurance is. And right 0:14:27.600 --> 0:14:30.440 now it's really a Florida problem in parts of Texas, 0:14:30.480 --> 0:14:31.600 but I think this is going to be more of 0:14:31.640 --> 0:14:35.360 a national problem, how expensive insurances and how expensive, yeah, 0:14:35.360 --> 0:14:36.360 it is to maintain a home. 0:14:36.640 --> 0:14:39.440 And I'm nervous about all of this and HOA fees. 0:14:39.600 --> 0:14:42.560 I want to discuss HOA fees and so those are 0:14:42.600 --> 0:14:45.200 never negotiable, right like when you are buying something, the 0:14:45.360 --> 0:14:49.280 hoafee is what it is? What responsibility to does your 0:14:49.920 --> 0:14:53.320 HIA have Because I hear a lot of people complain about, well, 0:14:53.320 --> 0:14:55.920 I'm paying all these fees, but what is it going 0:14:55.960 --> 0:14:57.320 towards and what are they even doing? 0:14:57.360 --> 0:14:58.640 How do you hold them accountable? 0:14:59.000 --> 0:15:01.720 Well, if there is a home owners association and you 0:15:01.800 --> 0:15:04.400 buy into that, you will become a voting member. So 0:15:04.480 --> 0:15:07.600 it's important to keep up and attend those meetings and 0:15:07.840 --> 0:15:10.400 understand what's in the documents. The documents should tell you 0:15:10.480 --> 0:15:13.120 how much money the HOA has in savings, how much 0:15:13.160 --> 0:15:16.360 they expect to be spending on maintenance or other expenses 0:15:16.800 --> 0:15:20.200 for the condo building or the home association. So read 0:15:20.240 --> 0:15:24.000 those documents and be like a good citizen is how 0:15:24.080 --> 0:15:26.960 I would put it, and vote for the types of 0:15:26.960 --> 0:15:29.480 investments that you think are going to increase your home value. 0:15:29.720 --> 0:15:31.720 Hoas that usually have a leader who is making all 0:15:31.720 --> 0:15:34.800 the decisions, but sometimes those leaders aren't so great, so 0:15:34.840 --> 0:15:37.040 it's important to keep on top of it and hold 0:15:37.080 --> 0:15:38.920 them accountable for the things that they're supposed to. 0:15:38.840 --> 0:15:43.280 Do, kind of like voting in general. Exactly exactly, but complain. 0:15:43.360 --> 0:15:44.920 But it's like, are you going out and voting, Are 0:15:44.920 --> 0:15:47.360 you going to any of these meetings? Are you holding 0:15:47.360 --> 0:15:50.320 people accountable who are in office that is supposed to 0:15:50.360 --> 0:15:52.560 handle things for you? How do you think this election 0:15:52.840 --> 0:15:56.400 is going to affect things? Like, Okay, let's just say 0:15:56.840 --> 0:15:59.800 when God willing win Kamala Harris wins, right. 0:15:59.800 --> 0:16:01.480 How do you think that will affect the market? 0:16:01.760 --> 0:16:04.560 If you had to predict, well, Harris has an extensive 0:16:04.560 --> 0:16:07.440 housing plan. She's talking about building three million homes in 0:16:07.480 --> 0:16:10.840 her first term, and we've seen the numbers and the 0:16:10.880 --> 0:16:13.000 housing shortage is around four million homes, So that's going 0:16:13.040 --> 0:16:15.880 to put a huge debt in the housing crisis. She 0:16:15.960 --> 0:16:19.400 plans to accomplish that by giving subsidies to builders and 0:16:19.840 --> 0:16:22.600 eliminating red tape when it comes to new construction, and 0:16:22.640 --> 0:16:25.280 also giving down payment assistance to first time buyers twenty 0:16:25.280 --> 0:16:27.960 five thousand dollars in down payment assistance. It's a really 0:16:27.960 --> 0:16:31.080 big plan and all the pieces kind of work with 0:16:31.080 --> 0:16:33.600 one another. We'll see what happens with Congress, because when 0:16:33.640 --> 0:16:35.840 something goes through Congress, it has to be negotiated, and 0:16:36.280 --> 0:16:38.040 we'll see what happens in the final bill. But I'm 0:16:38.080 --> 0:16:40.600 just so excited that a presidential candidate is talking about 0:16:40.640 --> 0:16:43.520 housing and talking about solutions that will actually work, because 0:16:43.560 --> 0:16:45.680 for the longest time, politicians have kind of been like 0:16:46.560 --> 0:16:48.760