WEBVTT - Cliff Notes: ATLANTA'S REAL ESTATE MARKET

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<v Speaker 1>Coach, the energy out there felt different. What changed for

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<v Speaker 1>the team today?

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<v Speaker 2>It was a new game day scratches from the California

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<v Speaker 2>Lottery players everything. Those games sent the team's energy through

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<v Speaker 2>the roof.

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<v Speaker 1>Are you saying it was the off field play that

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<v Speaker 1>made the difference on the field.

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<v Speaker 2>Hey, little play makes your day, and today it made

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<v Speaker 2>the game. That's all for now, coach, One more question.

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<v Speaker 1>Play the new Los Angeles Chargers, San Francisco forty nine

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<v Speaker 1>ers and Los Angeles Rams scratchers from the California Lottery.

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<v Speaker 1>A little play can make your day.

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<v Speaker 3>Peace made.

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<v Speaker 1>Responsibility must be eighteen years or older to purchase late

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<v Speaker 1>or claim.

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<v Speaker 3>Yeah, And I'll start with you. So you was telling

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<v Speaker 3>us what we was eating. As far as I know,

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<v Speaker 3>Atlanta is our second biggest market in our second home,

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<v Speaker 3>and we got a lot of love that Atlanta. And

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<v Speaker 3>I'm sure a lot of people in this chat right

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<v Speaker 3>now from Atlanta or thinking to move to Atlanta. So

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<v Speaker 3>can we talk about the Atlanta real estate market right now?

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<v Speaker 4>Sure?

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<v Speaker 5>Sure, sure, Atlanta, we are really on a really fast

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<v Speaker 5>pace to grow, so let's just talk about it. Across

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<v Speaker 5>the country, there was a fifteen percent growth in the

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<v Speaker 5>real estate market. That's the country. However, and US say

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<v Speaker 5>today they had an article about three cities that actually

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<v Speaker 5>grew over eighteen percent in the real estate market through COVID,

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<v Speaker 5>and Atlanta, Georgia was on that list. It was actually Atlanta, Georgia, Doring,

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<v Speaker 5>North Carolina, in Austin, Texas. What I want people to

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<v Speaker 5>realize is that Atlanta, unlike many other cities, Yes we

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<v Speaker 5>are you know, we're experiencing inflation, but Atlanta, we're in

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<v Speaker 5>the middle of a growth spurt. When I moved to

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<v Speaker 5>Atlanta two thousand and six, two thousand and seven, they

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<v Speaker 5>said we were going to be the Black Hollywood. So

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<v Speaker 5>keep in mind, we're just living up to that promise.

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<v Speaker 5>You earners are coming here and you're earning these look

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<v Speaker 5>you're making them earnings and you're driving the price up.

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<v Speaker 5>So Atlanta, we are in a phenomenal market, but we

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<v Speaker 5>have historically low inventory. So that is that's that's a

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<v Speaker 5>thorn in our side as a real estate agent. If

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<v Speaker 5>I had the inventory from two years ago with the

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<v Speaker 5>clients I got today, it'd be real up and stuck

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<v Speaker 5>right now, all right, But at this moment, we have

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<v Speaker 5>so you know, just to kind of some context, so

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<v Speaker 5>I want to educate you guys. When you were having

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<v Speaker 5>twelve months of inventory, you know, you're really pretty much

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<v Speaker 5>in a buyer's market. You come down to six months

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<v Speaker 5>of inventory, then you really get closer to that neutral market.

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<v Speaker 5>We have one and a half one point two months

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<v Speaker 5>of inventory, so that's one month, one year, one month,

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<v Speaker 5>one point two months. That's not even a full month. Yeah,

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<v Speaker 5>we have no inventory to actually support the number of

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<v Speaker 5>buyers that we have out here. So that's driving the

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<v Speaker 5>price up. It's simple to apply and demand, you know,

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<v Speaker 5>and it's pure economics. Anyone here can speak on that.

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<v Speaker 5>So we have more demand than we have supplies driving

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<v Speaker 5>the price up. It's good, but it's not so good,

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<v Speaker 5>you know what I mean. So I would say Atlanta

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<v Speaker 5>right now, if I was looking to invest in Atlanta,

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<v Speaker 5>I would tell you to do it now because right

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<v Speaker 5>now it is a great time to invest, so you

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<v Speaker 5>can take advantage of these price increases. You know, people

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<v Speaker 5>are you know, getting amazing equity returns. Yeah.

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<v Speaker 6>So one of the things that holds people back when

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<v Speaker 6>not just Atlanta, but you can speak on it.

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<v Speaker 3>It's interest rates.

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<v Speaker 6>And I know they were pretty low at.

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<v Speaker 3>One point during the pandemic.

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<v Speaker 6>I know they've kept up back over three what's your

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<v Speaker 6>outlook on interest rates?

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<v Speaker 3>And what are you seeing? Are you seeing people doing

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<v Speaker 3>fifteen year conventional loans or thirty year conventions? What are

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<v Speaker 3>you seeing?

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<v Speaker 6>Are we buying cash out there?

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<v Speaker 3>What's going on?

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<v Speaker 7>You want me to take this? So you got well, I.

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<v Speaker 5>Can tell you the money is outside. I mean, I

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<v Speaker 5>hate to say it like that, but most people are

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<v Speaker 5>doing a thirty year fix because the interest rates are

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<v Speaker 5>so low. But I'm finding more and more cash buyers.

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<v Speaker 5>And we used to see that a lot in the

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<v Speaker 5>lower price points, like two hundred thousand, three hundred thousand.

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<v Speaker 5>I'll tell you the other day of a home that

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<v Speaker 5>one of my buyers lost an offer on. It was

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<v Speaker 5>listed at six hundred and fifty seven thousand. It sold

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<v Speaker 5>at seven hundred and seventy thousand to a cash buyer

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<v Speaker 5>in Alpharetta, Alpharetta, Georgia. So I say that to say

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<v Speaker 5>I'm noticing more and more cash buyers. I just reviewing

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<v Speaker 5>off for one of my agents and she just lost

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<v Speaker 5>an eight hundred thousand dollars house to a cash buyre.

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<v Speaker 5>So our cash buyers are relocating here to Atlanta Atlanta

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<v Speaker 5>is actually them before on the list for the best

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<v Speaker 5>place to live in the world. So keep in mind,

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<v Speaker 5>you have DMV, you have California, you have Miami. All

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<v Speaker 5>these cleek places are coming here because no matter how

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<v Speaker 5>how our prices are, the cost of living in Atlanta

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<v Speaker 5>is still better than all these other locations.

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<v Speaker 4>Yeah, this reminds me of my bad go back right now.

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<v Speaker 4>This reminds me a lot of two thousand and seven.

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<v Speaker 4>So Alpharetta and Northcross is like on fire. Yes, properties

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<v Speaker 4>like four hundred thousand. What are some of the best

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<v Speaker 4>areas in Atlanta to invest in? And do you see

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<v Speaker 4>any similarities from two thousand and seven and eight to now?

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<v Speaker 5>The only similarity that I see is the demand. We

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<v Speaker 5>have a lot of demand and a lot of people purchasing.

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<v Speaker 5>But that's the only similarity because then we had a

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<v Speaker 5>lot of inventory back in two thousand and six two

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<v Speaker 5>thousand and seven, so you were we were able to

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<v Speaker 5>actually help those people buy those properties. In this particular climate,

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<v Speaker 5>we have no inventory. And on top of that, there's

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<v Speaker 5>so many more lending restrictions. You just can't walk in

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<v Speaker 5>and bank and say, hey, I'm a millionaire. My credit

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<v Speaker 5>score is seven hundred, give me a house. Now they

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<v Speaker 5>want your blood, your sweat, your tears, your blood, your dogs.

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<v Speaker 5>You know, you can't just walk in there. There's so

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<v Speaker 5>many layers, so you can't do that. But the areas

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<v Speaker 5>that I see, but I think that most people really.

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<v Speaker 5>Pay attention to is the part of Mariata that's by

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<v Speaker 5>the Brave Stadium. That's three zero zero three nine if

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<v Speaker 5>I'm not mistaken mistaken, but that specific zip code where

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<v Speaker 5>the Brave Stadium is Brookhaven three zero three one nine.

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<v Speaker 5>It is Robin because it's right outside of Buckhead and

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<v Speaker 5>it's not overly saturated, so you want to go there.

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<v Speaker 5>We also have the Westview West End area, which we

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<v Speaker 5>saw significant growth with them last year to the point

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<v Speaker 5>where the mayor put a hold on permits because the

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<v Speaker 5>prices were increasing so much, and.

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<v Speaker 7>A whole lot of modern, new, modern.

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<v Speaker 5>Bills are being built. So anything within the city of Atlanta. Yes,

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<v Speaker 5>East Atlanta three h three one seventh West Atlanta three

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<v Speaker 5>zero three one eight people West Atlanta, what is really

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<v Speaker 5>really growing because they've created their own city within the

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<v Speaker 5>city that used to be bank Head.

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<v Speaker 3>You know, shout out, shout out to they got the

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<v Speaker 3>belt line right, Yes, yes.

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<v Speaker 5>So the Atlanta belt Line is attracting so many people,

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<v Speaker 5>and it's really adding that convenience here because that's the

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<v Speaker 5>only thing that we didn't have. You know, we didn't

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<v Speaker 5>have the convenience of the belt line. We didn't have

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<v Speaker 5>that indoor outdoor living. But now we have that in Atlanta,

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<v Speaker 5>and it's growing significantly. More restaurants, more buildings are coming here.

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<v Speaker 5>It's just amazing.

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<v Speaker 3>That's exact. Matt. Let me ask you for two questions.

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<v Speaker 3>I want to get your take on an interest rate

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<v Speaker 3>question since you're in that world, and then also are

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<v Speaker 3>here mortgages the second homes in Skyrocket right now, So

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<v Speaker 3>what's your take on those two different things?

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<v Speaker 5>Yeah?

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<v Speaker 7>Absolutely, man, So interest rates right now, I would say

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<v Speaker 7>for the loan applications that I see, I'm seeing more

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<v Speaker 7>thirty effects than anything. Right, it's just to me, the

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<v Speaker 7>most cost effective way to purchase a home versus going

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<v Speaker 7>to a fifteen or twenty year mortgage. So most of

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<v Speaker 7>the applications that me and my team see is all

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<v Speaker 7>thirty fixed right. Interest rate wise, FHA still at all

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<v Speaker 7>time low. Depending on property type, loan amount, you can

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<v Speaker 7>be anywhere in that two point six two five percent

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<v Speaker 7>range maybe to like three percent, just dependent on credit scores,

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<v Speaker 7>property type, and loan amount. But rates are still extremely low,

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<v Speaker 7>you know, conventional mortgages, you know, high tools, low threes,

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<v Speaker 7>again depending on credit score, property type, loan amount. So

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<v Speaker 7>rates are fairly, fairly, fairly still low. I'm still a

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<v Speaker 7>historical rates. Money is the cheapest it's ever been over

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<v Speaker 7>the past couple of years. So definitely don't wait, don't

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<v Speaker 7>hesitate in my Troy voice, because it's here today and

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<v Speaker 7>going tomorrow.

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<v Speaker 5>Now.

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<v Speaker 7>As far as mortgages for second homes, I mean, this

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<v Speaker 7>is you know, happening all over the country because of COVID,

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<v Speaker 7>because of the pandemic, people can work from home, people

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<v Speaker 7>are making more money because they're investing. So now you

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<v Speaker 7>have these luxuries where you don't have to stay in

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<v Speaker 7>New York twenty four to seven to go to work.

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<v Speaker 7>Companies are now embracing people working home and working on zoom.

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<v Speaker 7>So now you have places like Miami, for example, their

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<v Speaker 7>luxury market with second homes is up one hundred and

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<v Speaker 7>one percent year over year. Like, it's absolutely insane right

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<v Speaker 7>now when it comes to this, right and over the

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<v Speaker 7>past eleven months, mortgage applications for second homes are up

0:11:33.559 --> 0:11:36.280
<v Speaker 7>over one hundred and seventy eight percent, you know what

0:11:36.280 --> 0:11:38.920
<v Speaker 7>I'm saying year over year, and it's on eleven month

0:11:39.000 --> 0:11:43.760
<v Speaker 7>straight growth street. So it's absolutely incredible. This is the

0:11:43.920 --> 0:11:47.040
<v Speaker 7>time for those who have money to be able to

0:11:47.120 --> 0:11:50.600
<v Speaker 7>go ahead and buy second homes. You can use these

0:11:50.600 --> 0:11:52.680
<v Speaker 7>second homes as air and b so they can serve

0:11:52.760 --> 0:11:54.760
<v Speaker 7>for a two for one right when you go out

0:11:54.800 --> 0:11:57.160
<v Speaker 7>of town, you can go visit. You can stay there

0:11:57.200 --> 0:11:59.280
<v Speaker 7>with your family, your friends, or whoever. And when you're

0:11:59.320 --> 0:12:01.640
<v Speaker 7>not there, you can airbnb it and it kind of

0:12:01.720 --> 0:12:04.160
<v Speaker 7>it can pay for itself. So it's a double edged sword,

0:12:04.480 --> 0:12:07.160
<v Speaker 7>so to speak. So those second homes, you know, look

0:12:07.200 --> 0:12:09.400
<v Speaker 7>into it, people, man, I mean, you got so many

0:12:09.400 --> 0:12:13.760
<v Speaker 7>good areas Pocono's Miami. You know, whatever your budget is

0:12:13.800 --> 0:12:17.080
<v Speaker 7>and if you're dealing with vacation areas, especially now America

0:12:17.160 --> 0:12:19.120
<v Speaker 7>is reopen. Look at the CDC. They're finally going to

0:12:19.200 --> 0:12:21.000
<v Speaker 7>open up New York in two days. You know what

0:12:21.040 --> 0:12:24.760
<v Speaker 7>I'm saying, Like, Yeah, d d C is saying forget

0:12:24.840 --> 0:12:27.199
<v Speaker 7>your mask, go outside, live la loca.

0:12:27.400 --> 0:12:30.800
<v Speaker 3>You know what I'm saying.

0:12:31.720 --> 0:12:34.719
<v Speaker 7>Careful, you know, but be careful. I must still be

0:12:34.760 --> 0:12:37.240
<v Speaker 7>outside in my mask. Hold y'all up.

0:12:37.480 --> 0:12:40.199
<v Speaker 4>It's interesting with CMO. He got in that scandal and

0:12:40.240 --> 0:12:42.560
<v Speaker 4>all of a sudden he's lifting everything in New York

0:12:42.600 --> 0:12:43.440
<v Speaker 4>to be mindful.

0:12:45.480 --> 0:12:51.480
<v Speaker 7>My graduates from my school being forced back drop drop, Mike,

0:12:51.600 --> 0:12:53.760
<v Speaker 7>drop back drop.

0:13:04.960 --> 0:13:08.840
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