Real Estate News Radio with Rowena Patton
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Ready to navigate the complexities of real estate with ease and confidence? Tune into our podcast, hosted by Rowena Patton, the acclaimed author of "Find Your Unique Value Proposition" and the insightful "CashCPO." Rowena, a seasoned expert with a history on the live radio show since 2011 'Real Estate News Radio', brings clarity and simplicity to the often overwhelming world of real estate.
It should say with Rowena Patton and Friends, as she is joined by guests from around the country each week.
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Real Estate News Radio with Rowena Patton
From Pre-Sale Prep to Senior Living Transitions
How does the real estate market adapt in an election year with kids back in school? Join our latest episode as we promise to unravel the complexities of fluctuating home listings, price adjustments, and mortgage application trends. We'll also introduce you to the Cash CPO program that offers a seamless transition for seniors moving to living facilities, providing a quick equity release.
We pay tribute to the heroes and lives lost on 9-11 before shifting gears to our "Honey Do List" segment, packed with practical home improvement tips. Local builder Joe Shively shares his innovative pocket gate concept, a must-hear for anyone prepping a house for sale. DJ Smith, president of the Montana Association of Realtors, joins us to shed light on Montana’s housing challenges and the political ramifications they're having, especially in light of new zoning laws.
Wrapping up, we delve into the critical role of real estate transactions in the broader economy, covering topics from pre-sale home preparations to the impacts on senior living transitions. We also talk about the innovative Private CPO and BuilderCPO programs, designed to offer full market value with minimal hassle. The episode concludes with insights into the community impact of real estate coaching, showcasing how strategic property management and senior living solutions can make a meaningful difference. Don't miss this episode brimming with valuable insights and practical advice for buyers, sellers, and real estate professionals alike.
This is the Plain English Real Estate Show with your host, rowena Patton, a show that focuses on the real estate market in terms you can easily understand. Call Rowena now. The number is 240-9962 or 1-800-570-9962. Now here's the English girl in the mountains, the agent that I would trust, rowena Patton agent that I would trust.
Speaker 2:Rowena Patton. Good morning and welcome to the show. This is Rowena Patton on the Real Estate News Radio Show, and today let's just take a moment to honor the lives lost and heroes of 9-11, as we remember those awful events of that day. You know we had the anniversary this week, obviously, and you know, let's find some strength and unity in our country. Maybe that'll happen at some point. So it's interesting because our parents and our grandparents remember JFK being shot. I wasn't quite born at that point, so I don't remember that.
Speaker 2:Randy, you probably don't remember it either do you third grade, so you remember being a little bitty yeah, you're off, mike there.
Speaker 3:There you go, oh I'm back.
Speaker 2:It was so profound I got off mike. I'm off camera too, because it's all like weird on here. It's just one of those days there we go. So yeah, I just wanted to. So it's been a week of Remembrance, really. Randy, have you found that on all the other shows you've done this week?
Speaker 3:oh, yeah, yeah, day of, uh, the 11th of the month was that Thursday? I'd have to look here, I think. So, yeah, yeah, especially day. Lots of ceremonies all around our region, all around town firefighters.
Speaker 2:It hit me more this year. I'm not sure why. I just remembered where I was at the time, of course, which we do every year, but there was something, I don't know, more solemn about it this year. Maybe it's because it's what's going on in our nation. You know just the constant arguments. An election year Is that a very small way of putting it.
Speaker 3:The constant arguments, it's an election year.
Speaker 2:Yeah.
Speaker 3:And those are always tumultuous.
Speaker 2:True, true, it just seems more divided and ever and more just. It's like, really, it's like the world's gone crazy. You know, it's either all over the left or all over the right and oh my gosh, really, guys. Anyway, enough of that stuff, and I think, thoughts and prayers out to all that. You know, all of us who remember it, it still hits hard and there's many of us have kids who are not old enough to remember it happening, which is strange. You know, we always heard about JFK and you were little bitty Randy, so you remember a little bitty bit, you know.
Speaker 2:But when it actually happens in your lifetime, it's something that none of us will ever forget. You can't forget it. And yet our kids weren't even alive and a lot of those kids of people who passed don't remember the people who passed. You know their fathers, their mothers, and that lives with those families forever. It never goes away. My grandparents I was raised by my grandparents and they lost a son at 15 and that stayed with them the rest of their lives. You know, my grandma had a portrait by her bedside table. She kissed him every night. I thought it was perfectly normal. I grew up up with that, but I can attest to you know, obviously, that just it just never goes away. Okay, let's hop over to our first segment, our honey do list oh yeah, you ready I think.
Speaker 2:So we're going to talk about all the things that you wish you'd thought of when you built your house, and as well as um you know what's on your honey do list to get it ready for sale what's on your list today?
Speaker 4:what needs to get done? Home improvement, home maintenance let's have some fun. Check it off, check it twice, don't delay. It's the honey do list getting things done your way they might become little earworms, don't you think, Randy?
Speaker 3:Ooh, can you just imagine Hubby waking up and hearing that on Saturday morning You're going to cause a divorce spike right here.
Speaker 2:So that's the Honeydew List, so I thought I've got one for you today. You know we did a whole show on this last week and the week before. Of course you can always find those at the realestatenewsradiocom realestatenewsradiocom. You can listen live there. If you've got any friends Maybe you're listening locally and you think, hey, my friends should hear this, you can tell them to go to realestatenewsradiocom. There's a link to listen live there from anywhere where you can get the internet. So maybe you can't listen in from Mars. Randy, have they got the internet to the Mars yet Not?
Speaker 3:quite, it's on the way.
Speaker 2:Oh, there you go. So I always say you know you can listen in Mars. That's not true. Fact checker oh gosh, we need a fact checker segment. That would be so fun. We've got another jingle, be so fun. We've got another jingle fact checker. I love it. Hmm, fact checker.
Speaker 3:Oh, I found a nice pen here. I might have to steal this one. Yeah, I'm loving our bunk mates. I noticed in the control room now we have pads of paper pens and have snacks and all kinds. You know whoever's moved in here.
Speaker 2:I'm liking them snacks, oh my gosh. Well, this week we are giving a shout out to Joe Shively. He's a local builder and he builds, he remodels, he builds, he does all kinds of stuff, and he actually called in a few weeks ago and I asked him this week about the honey-do list, or what would you put in your new houses that maybe you haven't come across before, and he showed me this it's basically a pocket door but a pocket gate, so it's a pocket gate. That's metal that you pull out for your doggies. Isn't that cool?
Speaker 3:Like a pocket door. Yeah, I love it. So it pulls out of the wall Half height.
Speaker 2:Yeah, it's like a Dutch door, but the bottom of it basically and it's an open railing so they can stick their nose through it. Of course you could do a half door too. How great would that be? Actually, a half pocket door would be amazing too, Because little kids, you know dogs, your spouse, that can't lift their leg that high to get over it, To keep them behind it, right.
Speaker 1:Or your.
Speaker 2:Roombaba. I have constant problem. I mean, this is definitely a first world problem, I get it.
Speaker 3:I have problems with my roomba locking itself in rooms can't find the door out well it no, because the door's kind of propped open with something and it knocks the prop out, the door closes and locks him in so obviously my doors aren't very plumb.
Speaker 2:You know, it's an old house. The darn thing locks itself in. So if I could pull those gates out, that would be fantastic. I have a doggy gate that, just you know, locks off the rest of the house. For sophie that's basically a, a baby gate that's stuck onto the outside of my cabinets and it all folds up. I mean it's a nice one and everything. But oh my gosh, to have that as a pocket door would be fantastic. So I really liked that for the honey-do list. So yeah, if you're thinking about building a new house or remodeling, you, love the house you're in. Oh, there's another segment love the house you're in, honey the song. Love the house you're in. Honey the song love the one you.
Speaker 3:Yeah, if you can be with the one you love, honey, love the one you're with that one right?
Speaker 2:so there's a honey do list. We'd love to hear from you, of course 828-570-9962, something unusual or something you really wished you'd put in your house. You can hear our shows on this. If you're thinking about building a home or thinking about remodeling and you want ideas, we have two. Two of our last shows were on this subject the whole show and you can see them at realestatenewsradiocom. You can also search for houses there, get your cash offer, do all kinds of stuff at realestatenewsradiocom. If you're listening anywhere in the country, you can search for houses on there too.
Speaker 2:I've got links to sites all over the country, as well as getting your full market value cash offer. So I was doing a coaching call this week with a bunch of agents and I said to them okay, I want you all real estate agents from all over the country. And I said I want you to challenge me. Why would anybody not do a full market value cash offer? And we could think of very little. It was interesting. So someone said well, you know, they might not want to make wait for their money. Well, when you list your home, you're automatically waiting for your money and it might be less money because a third of the time. If it's not a CPO home, which I highly recommend, forget the cash offer. Make sure it's CPO. Get it inspected at the very least. If you can afford the appraisal and the home warranty, do that as well, because everybody goes in eyes wide open. It gives the buyers peace of mind and as we're shifting to more of a buyer's market almost everywhere in the country, the market has flattened out. Guys. I've been telling you this for a while. It's finally happened. It's really been happening for two years. You find out about it after it's happened, unfortunately. So, yeah, no, definitely think about getting it inspected first.
Speaker 2:So you know, I was saying to them why would you not do the cash offer? And someone said, well, wait for you. Well, here's the thing. If you list your house so right now, 67% of the time I'm going to we list your house tomorrow, non-cpo I'm going to bring you a check at Christmas. That's how long it takes between Thanksgiving and Christmas. It's all probabilities. Of course Depends where you're at, depends if you're out in the country or downtown somewhere or something like that. It all depends, depends, depends. However, chances are you're going to get a check between Thanksgiving and Christmas 67% of the time Now. Why not 100% of the time? Because a third of deals drop out. Why, usually, at the inspection, the appraisal stage is not rocket science, right? So that's when it happens. So if we do that up front, we take a lot of that uncertainty out of the picture.
Speaker 2:I've got all kinds of blog posts and information about this. If you're interested, give us a call 828-333-4483. If you're an agent and interested in how to do it same thing, I'll point you to a whole bunch of links. My first book back in 2017 that went bestseller the biggest program in there was Certified Pre-Owned and it literally tells you how to do it step by step, or just give us a call 828-333-4483. If you want to list anywhere in the country or thinking about um, just thinking about selling, or want your home value, you can give a call there 24 7 and we'll get some answers for you. Pretty cool. So, uh, let's go on to our. I'm not used to being organised like this, randy. How are we going to get me organised? So I think we're going to talk about you know, I'd like to talk about interest rates, because interest rates just had a drop and we're expecting a big drop next week. So let's do our interest rate segment.
Speaker 4:It's on drop and now's your time. Lock it in. Don't miss the climb. Mortgage deals are looking bright. So let's do our interest rate segments. It's a drop and now's your time. Lock it in, don't miss the climb. Mortgage deals are looking bright. Find your home and sleep tight tonight.
Speaker 2:I like this stuff. This is where I'm going to get stuck when this is over. It's got a nice fade out.
Speaker 4:Rates are dropping. Now's your time.
Speaker 2:Lock it in, don't miss the table We've just had. Actually, we had applications for mortgages dropping and they just hit some records again. So buyers are out there applying for mortgages. You know what that means. That means they're going to be coming to see your home. Just even a little drop makes a big difference. And of course, a lot of people are going oh my gosh, a bigger drop's coming. So they're putting their applications in or they're getting their applications ready and saying to their mortgage broker well, you know, hold off until next week to do a rate lock. So we are going to see a lot more buyers coming into the market.
Speaker 2:We're a little topsy-turvy this year. It's a little strange because it is an election year, which usually slows things down a little bit. It just people go quiet. We're also in what I call the September shoulder for a couple of weeks there, while kids get usually the kids going back to school and everybody just getting steady state again Even if you're a grandparent, that affects you as well right With with the kids in the family going back to school, helping out the parents and just everything that comes with a new year of going to school. So everything gets a bit quiet.
Speaker 2:However, what we're seeing now are more homes coming on, so there's more choice. A lot of buyers have got very bored because there just wasn't the inventory out there. Now, for the last few months actually, we've seen lots more homes coming on the market and we've seen record price cuts. We haven't had price cuts like these in many, many years and we've had in most markets in the country. We've had six straight months now of price cuts, more across more homes that are listed currently compared year, year by year, than before. So six straight months of price drops that's that's pretty amazing. So we we haven't been as low as we're at now since early 2023, which is really, really interesting.
Speaker 2:And what we need to see is what's going to happen next week. So will it be half a point? Will it be a whole point? We'll see. Probably be half a point would be my. Be a whole point, we'll see. Probably be half a point would be my guess. Not much point, just you know gibbering about it, but we do expect a good drop next week. So mortgage applications I'm just looking this up for a second hit a 19-month high. So over a year, a year and a half.
Speaker 2:Obviously we need rates coming down a bit to further boost the buying. However, just remember, an interest rate between six and seven is normal, and that's where we're at. It's just, a lot of people in the home buying market are buying home for the first time and therefore you know they're not used to interest rates here, which you know. That's where it's where it's all at all. Those people new in the market or maybe you haven't bought a home for a long time. We have some buyers right now that haven't bought a home in a long time and they you know that they're not. They're not in their 20s or 30s, they're just a little bit older than that. And the process is so new and we forget as agents sometimes what we know about the process because it's all second nature to us. So you know there's lots of intricacies there that your buyer's agent's going to help you through.
Speaker 2:My gosh, it's quite something buying a home's. It's quite something buying a home. It's quite something selling a home too. We are I'm trying to curb myself here, randy, because normally I just go all over the place and talk about everything and now I have to talk about a subject. This is kind of weird. What if I run out of things to talk about. Then I can just go all over the place like I normally do, right? So mortgage interest rates update that's pretty good news, right? Have you heard that they're coming down, randy? Is that what you're hearing on the news?
Speaker 3:Yeah, yeah, it's expected next week for the Fed drop the prime. I think Exactly exactly.
Speaker 2:And now we're gonna move on to our next segment, which is all about Cash CPO, the full market value cash offer.
Speaker 4:My gosh.
Speaker 2:That's more of a song than a jingle.
Speaker 3:It is.
Speaker 2:It's because it's so good we have to say it over and over. So this is the Cash CPO full market value cash offer and this is the update segment. What is going on out there? So we have Christian, we have Ash, we have Deanna, we have Ash, we have Deanna. We have Charity. Now, all in those chief roles, which is pretty cool we are representing and you know there's going to be so many soon I'm not going to be able to remember everybody's names. So we've got Christian in Ohio, ohio apparently I'm having trouble now. We've got Christian in Ohio. We've got Ash in New Jersey, who just listed his first home through this. We've got Deanna in Utah and we've got Charity what, what a great name in North Carolina. Finally, kakalaki we're covered, which is awesome. She's got 10 teams across North Carolina and she's going to be rolling this out across North Carolina, which is pretty cool. We need some agents here. So, if you happen to be listening locally, we have all the zip codes around and about and you love working with seniors Working with seniors very important, of course, and we'd love to get some help locally and they'd like to get some help in those states as well.
Speaker 2:In fact, anywhere you are around the country. There's the opportunity to become the chief coach. The chief coach is the person who's an agent that coaches agents around their state. So, for example, charity is going to be coaching agents around north carolina because we have a different contract as to how to work with senior living facilities. Um, and you know, go in and and help those seniors through that very tricky time. So how it works is that the seniors get up to 70% of their equity within 14 days 90 if we need 90 days to clear out the house or anything like that.
Speaker 2:But normally you're getting the call when you're on the list and then you have to move really fast. In fact, I have an agent that came into the program that was speaking to me yesterday. I have an agent that came into the program that was speaking to me yesterday. She's in California Eulogy and she it was very interesting she had a mom two or three years ago that she put into a facility. She already had Alzheimer's. She was at home. It was very expensive bringing people in to care for her and then she really couldn't move around very well. So she really needed to be in a facility or set up with, you know, help at home all of the time.
Speaker 2:So they had to sell the house and that agent went to one of the cash offer companies that gave them 55 percent and then they didn't even close. I mean the story, which just sounded really horrible. This is two-thirds of sellers make more money than with a conventional sale. This is not your regular cash offer, where you know people are trying to steal your house and anyone can use it. The nice thing is you get up to 70% within 14 to 90 days, your choice. You have no showings, nothing to fix up.
Speaker 2:Our funding partner up front saw the money to basically flip it on your behalf. So the likelihood is you're going to get more money out of your house than you would have before, even if it only needs a few things done to it, which, by the way, all houses do, because by the time we do the inspection we find a few things in there and there's usually something a little bit cosmetic that we can do as well. So the seniors get access to the money within 14 days, which usually keeps them on the facility list, which is really wonderful. And we have all these great coaches now around the country. We've got 1100 agents using the program, but we need somebody in place to really coach them to a higher level, to put their care team together. So it's not just a real estate agent. We have a care team whereby these are people who maybe clear houses or hold your hand through going through all of the stuff and things. Often the kids are helping and they're in their 60s or 70s and often they're in another state as well. So this releases enough money quickly to be able to pay people, to be able to help through that and make the whole transition much smoother.
Speaker 2:And when you're going into a facility, you're often in your 70s or 80s, depending on what's going on, and you know the last thing you want to think about is well, nobody wants showings on the home, nobody wants somebody poking around the house. In fact, we're just about to launch that's the other update on the cash CPO we're about to launch our diamond CPO. So Ash up in New Jersey was working out with an NFL player and the NFL player said to Ash I wish I'd known about this a month ago. I just sold my house and there'd be nothing better than to be able to sell it privately, which is essentially what this is. Get 70% of my equity within 14 days Move out so that nobody's coming into my house and taking pictures of my stuff I know I had.
Speaker 2:It was interesting. I had a business owner locally do the cash program because they were supplying other businesses and they weren't moving far away but they didn't want to alarm the people that they were supplying. They didn't want to sign outside, they didn't want it out there on the MLS while they still owned it. So it was a nice way to get their money out, be able to make a non-contingent offer. They were actually going to another state, but we're in Western North Carolina, so another state is 30 minutes away either way. Am I missing any there? Randy, we're about 30 minutes to South Carolina. We're about 30 minutes to Tennessee. I'm not missing any states, am I?
Speaker 3:No, it's about 45 to each one. Yeah, yeah 45.
Speaker 2:Well, I'm a real estate agent so I always make it shorter, right? So we're launching that Diamond CPO, so maybe we'll give out a prize here for the person who can come up with the best name. It's really all about privacy, but Private CPO, don't know, sounds a bit weird, doesn't it? But you get the idea like somebody who wants that privacy. In fact, there's a lot of people that want the privacy that you know. You just don't want people poking around your house. We're going to make you that full market value offer. You don't have to have any showings, you don't have to fix anything up. It's the convenience of it and two thirds of the time you're making more money than with a conventional sale. Like I said, I was coaching agents yesterday. I'm like why would anybody take the conventional sale? And I understand if you want to. I do conventional listings. Well, actually very seldom do I do conventional listings these days. They're what I call conventional CPO. That's where you as a seller choose to do the inspection up front and you don't have to fix anything. So if you've got your house listed, now contact your agent. You can still do this. I call it a reverse CPO Get it inspected, Get everything you know, done and dusted up front so you don't have to think about it. And when it goes under contract, we don't get it under contract until we've shared that inspection report with the buyers. Whether or not you've done anything, we're just going to notate it. Usually we have done all of the cosmetic things because they're very inexpensive. You can get you know, Jim down the street, who's a handyman, or Jill down the street or whatever it is that we say these days to fix those items up for a couple hundred bucks usually, which takes a lot of things off the list. And what I found is that when we share that inspection report with the buyer, everybody goes in eyes wide open. Of course you can read about this in my book at Cash TPO. This is Rowena Patton. Just look me up on Amazon, Rowena Patton Books. Both of the books will pop up. You can read all about this if you want to. You can also hear podcasts of the show at realestatenewsradiocom or you can give us a call to list your house. Most people who are listing their home with me do it by phone for some reason. So 828-333-4483. 828-333-4483, 828-333-4483. And I can find you the best agents around the country who will do this now we're growing so rapidly and if you know any agents that need to know this, it's a very different way of doing business. There's lots of training. You don't have to join my team or even join the agency or anything like that. It's a program that they follow. So it's high level training. It takes it away from being a door opener and being able to really demonstrate your value as an agent, and you know these agents will be doing four to six listings easily a month and be very specialized in any of the niches they want to. The other update on CashCPO is we are launching BuilderCPO. In fact it's already in existence BuilderCPOcom in January, big time.
Speaker 2:So if you know any builders, do you know any builders? Did you build a home? Did you have a great builder? I'd love to hear about them anywhere in the country. Did you build a home? Did you have a great builder? I'd love to hear about them anywhere in the country. Do you know anybody that's thinking about building a home? So this program works in two ways. One, if a builder has a spec home, we will buy the spec home at full market value. Here's the main thing that it's used for Build. A CPO can be offered by builders to their home buyers who are having them build a home. So you know, John and Jill. John and Jill are building their new home and they go and meet Bob the Builder. I like Bob the Builder, that's fun. Bob the Builder and John and Jill have to sell the home. However, they're not going to list it because Bob is saying and this is not a dig to any builders out there I know, gosh, I know how hard it is to get a home built.
Speaker 2:You've got materials, you've got staff, you've got your construction crews, you've got the roofers, you've got the painters, you've got the inspections that you have to go through. You've got your construction crews, you've got the roofers, you've got the painters, you've got the inspections that you have to go through. You've got the weather, all of those things you know deliveries, tariffs, all of those things that go into building a house. So when you say your home is going to be ready at Thanksgiving, it might just be a week after or two weeks after, or even might get pushed to Christmas or the spring, you know, because of all those things that go on. So how on earth do you know when to list your house? Oh, my gosh. So Build a CPO is all about us making an offer on the home.
Speaker 2:The person who's building the new home. They also need to sell the house. Most of the time we can make an offer on their home, put it in their back pocket and 40, you know, we can get the money in 14 days. So we put it in their back pocket and amend anything that needs amending, get all the work done up front, so in that 14 day period we can close, get the majority of the equity out and put it down on the new build home.
Speaker 2:So the reason I came up with this is because I had somebody who worked for a developer called me for a position actually with on my team and they were moving from another state and they said, actually I've got to hop off the interview now and because I've got to go and cancel a contract. I said why have you got to cancel a contract? And he said they couldn't sell the house. I think, okay, well, we, you got to cancel a contract. And he said they couldn't sell the house. Okay, well, we have the book. Because we've been talking about the senior living CPO, I said you know this works for that situation. Just go back, offer them the builder CPO program. We'll go in. They'll get up to 70%. Now they can actually close on the home that you're building.
Speaker 2:He was just going to resell the home. However, that's costs and stress for everybody and those poor people missing out because their house hadn't sold yet. We'll buy the home. They'll get the money in 14 days. We'll relist it. We'll get them out all of their furniture out. People can't see past furniture. Sometimes you have all that big, heavy furniture in there and, let's face it, most of our houses aren't show ready. I know mine isn't right now. My little dog, sophie's sitting there probably barking at people. If I, if I was selling it, yeah, I can't even imagine.
Speaker 3:See, I need that pull out gate the roomba's stuck in the bedroom you can't get out oh my gosh, the roomba's stuck in the bedroom.
Speaker 2:Sophie's barking at the Roomba.
Speaker 3:Exactly.
Speaker 2:Yeah, I can't even imagine going through that. I went through it just a year ago. Last spring we had our house on the market and, yeah, it's not fun. Agents might tell you they'll make it as seamless as possible and I will tell you the same thing. However, you've still got to get your spouses out, your dogs out, your kids out and not be there for that period. You're not sure when people have left, people are in your house. I don't know, it's just not fun. So it takes all this off the table.
Speaker 2:But, most importantly, in the Builder CPO which we're launching Jan 1, for agents it's exclusive to zip code, so they get to market the program in that particular zip code. Why do I do that? So I don't have all these agents overlapping each other. I don't want three agents going to see the same builder and offering the same program. That doesn't make any sense. And as agents we are hit constantly. I know, but nobody's going to say poor real estate agents. You'd be surprised. The average real estate agent earns about $28,000. And it's not for the faint of heart. It really is, when you do it properly, a very intricate job. We actually do a lot, I promise.
Speaker 2:So this is a program whereby, as an agent, you get an exclusive zip code or five exclusive zip codes, or our chief coaches have the entire state state and then you use their zip codes, so it's exclusive to you. What you don't know people who are listening is that, as agents, agents are spending thousands of dollars a month to get leads from Zillow. When you go on to Zillow, for example I'm not picking on Zillow, there's other companies that do it as well but when you go on Zillow and you go contact agent, those agents are paying to be on there, right so, to get those leads. So this is a program where you're not paying thousands of dollars a month, you're paying. You can do it from $25 a month, which I'm an agent too. I wanted something that was exclusive and inexpensive and had no referral fees. So I won't mention the programs, but I was in three different programs where I was paying $300 or $400 a month, including one whereby I was giving back to veterans. I was paying hundreds of dollars to be in that program and then I was paying a 30% referral fee. 25% went to the veterans. It's a great program, but that was a huge amount of money.
Speaker 2:Now we're proud to be partners with Tunnel to Towers, t2torg and agents are getting the cash offers because they want to give back. People are using the cash off because they want to give. You know if they anything they make over the 100% they thought they were going to get as a home seller, they can give back 5% of their profit that they make over a conventional sale to Tunnel to Towers. Or they can sign up for Tunnel to Towers. It's $11 a month and we'll match you through the Tunnel to Towers program. So I don't know what I'm going to do because I'm already signed up. So I'll match you and give a one-off donation or something like that.
Speaker 2:But it's an amazing organization that pays off mortgages for fallen police firefighters. Uh, frank ziller lost his brother at 9 11. It's a very good time to mention this. We should do a whole show actually on t2t um tunnel to towers. It's really just an incredible organization where they they you know pay off the mortgages. And he lost his brother and he formed this in remembrance of his brother and to help others obviously, and it's his life's work at this point. They're a very small, tight organization, which means that they give most of the money that you donate across. It's a very, very high level, which is why I went with them. So just an incredible organization. I think that covers our updates on Cash CPO, so we're going to go over to our segment. What's New? If that's okay with you, randy.
Speaker 4:Thank you, randy. What's new, what's hot in real estate today? Trends are shifting. Don't delay. The real estate news radio shows you a way to stay ahead and win the day.
Speaker 3:Don't go riding my pickup truck.
Speaker 4:I know, right In real estate today.
Speaker 2:Well, you know, everyone loves country.
Speaker 4:That was my thought process, absolutely.
Speaker 2:So I want to talk about Montana today. It's so interesting how the housing, how the housing market is is doing things for senate races. You know effects in politics and this story is new to me as well. It's brand new. This just came out yesterday actually, so it's kind of interesting. So, um, in a subdivision and this is from, if you want to read this, it's on CNBC it's called Montana's Hot Housing Market Heats Up Critical Senate Race. So now I'm your talking news. How about that, randy? Can we be the talking news? You can? Awesome.
Speaker 2:In a subdivision near the northern edge of town, a number of condos and duplexes have popped up in the past three years. It's part of a larger effort, including new zoning laws, to help provide affordable housing to Montanans who have found themselves priced out of the market. Sound familiar, says DJ Smith, president of the Montana Association of Realtors. For Montanans, it's been harder and harder to find a home that meets their needs and is affordable, he said. In an influx of out-of-state residents relocating to the Big Sky state, this has sent demands soaring, while a shortage of labour keeps housing supply limited. The result is not only more condos and duplexes, but a hot-button issue in a Senate race that could ultimately decide who controls the chamber.
Speaker 2:While some Democrats are sweating it out in close races across the country, no incumbent has a harder re-election than Democrat Senator John Tester. I was hoping he didn't have a difficult name there. Who will need to win that? State that Trump won by 16 percentage points in 2020. Kind of interesting. So Tester's made housing a cornerstone of his campaign, specifically how to help Montanans. I feel like we're watching an episode of Yellowstone here Montanans who have been priced out. As more people have moved to the state, driving up housing prices. We're seeing a lot of folks coming into the state rich folks who want to try and buy our state to change it to something it's not. Tester said at a June 9th debate hosted by the Montana Broadcast Association that's first of all, it does sound like Yellowstone and secondly, it does it's so familiar to hear you know, because we are one of those markets that people have consistently moved to since COVID.
Speaker 2:Actually, we've had a huge influx of people.
Speaker 3:How many? What's the percentage? People who come here and pay cash for a home.
Speaker 2:It's very high actually.
Speaker 3:A third.
Speaker 2:And I think yes, and I think it's over that, and it depends, you know which city which specific area. Which specific area? Absolutely yes. And what price point too. The price point is very important in that, because a lot of people have out-of-state addresses. It's all in how you look at the data. So that's where the fact checker can we just come up with a fact? Just do a fact checker jingle.
Speaker 4:Randy, go for it. I can't do that.
Speaker 3:Can't do it.
Speaker 2:So yeah, it's interesting.
Speaker 2:So, yes, a lot of people come in paying cash, but the data is kind of skewed because somebody who's out of state it may not be a second home, it may be an Airbnb or a VRBO A lot of people are coming in paying cash for those. And remember, of course, we also have the STR CPO A lot of short-term rental owners Airbnb, vrbo don't want to sign outside, especially as you make more of your money starting year two People are coming back as return visitors. So you don't want that sign outside where people are coming back as return visitors. So you don't want that sign out outside where people are coming back as return visitors who say, oh my gosh, they're selling it.
Speaker 2:Well, this is kind of weird. You know, you don't want to stay in a place that's being sold. It just feels weird. Even if you go into a hotel and there's a sign outside it, it feels like it's not doing well or something you know and you certainly won't book the second year on that right, you're not going to book again because it's like, oh, this won't be here next year.
Speaker 2:That's terrible, you know. So, yeah, they lose business through that because you build your real money on top of the bedrock of people that come back. When you have a great VRBO or a great Airbnb, people come back the next year. So you know the STR owners don't want to sign outside and go through all of that, so they can get their money in 14 days and then turn that around and make a non-contingent offer on the next STR or VRBO in their portfolio. And you'd be amazed how many people are doing this. People are doing this as a living. I met with a couple last week actually, who are selling a house here and they live in Colorado and they have a portfolio of six homes and you know they and their kids go and visit the homes as vacation spots all around the country, so it's like their second home, but they also make money off it and all of them pay the mortgage and make a little bit extra, so it's like a fantastic pension plan for them, which is amazing so, yeah, that's a good plan
Speaker 2:but we do have a program. So what I sat down with that family with is. I sat down and said OK, I want you to put in order the ones that make you the most money. Let's chip off the bottom one, and these are all over the country because I can help them with an STRCPO expert agent in their area, wherever it is. We've got agents all over the country now who are trained to do this, which is pretty cool. So, yeah, I mean, montana's hot housing market heats up critical Senate races. This is happening all over the country.
Speaker 2:Housing is such a huge hot button. We say it's the economy stupid. But when you actually look at it, the housing market follows the economy and if your mortgage has gone up or you can't afford a house, that's a pretty critical thing in the big scheme of things, right, if you're looking at policies that are going to attack capital gains for example, if you're an investor or maybe you've owned your house less than two years, maybe you got sick you're going to have to pay more capital gains should some of the policies actually come forward, because you know we're we're a country that needs to find money from somewhere and you may not know this, many people who live here don't know this. We're one of the very few countries that offer the tax-free gains when you sell a house. So you know you can make around five500,000 as a married couple profit on your house and not pay any taxes on that at all. That's why a lot of realtors move every two years. As a single person you can get $250,000. It's $500,000 for a married couple. So you know, keep it clean, move out every two years. I mean, who wants to do that really? But you can definitely make money that way. But you definitely want to keep it for that two-year period when it's in that. But it's definitely worth thinking of my gosh. But you can imagine when houses are, you know. In short, it feels like they're in short supply. They're really not. If you're listening locally, mountainhomehuntcom If you want a great site anywhere else, all sites are not built the same for your home hunting, trust me and you want it to be with the agent you're working with.
Speaker 2:Why? That's one of the benefits of having a buyer's agent. Because the ones with great websites and they cost a lot of money, they cost thousands of dollars a month the ones with great websites can see what you're searching on in the back end. When you put a heart on that property, it's like I really like that property you're searching on in the back end. When you put a heart on that property, it's like I really like that property. You don't have to then take a screenshot of something on some of the big box websites you've looked at, which are often under contract already or all the data's not there. You know why? Because they're selling leads and they want to bring in more potential home buyers to the realtors, because they make more money. So some of the data is not up to date.
Speaker 2:So use your agents and you know what. Your agents are going to email you a property. You can hit reply and go yes, please. They can set you up with an automatic search to your parameters. Just don't make those parameters too tight. Wherever you're searching in the country, the tighter you make that. You want about 40 properties in your search any one time. That's a good way to gauge it. If you've got 40, you're going to have a good choice.
Speaker 2:In other words, go onto your realtor site and again, if you don't, if you're thinking about moving somewhere else, even if you're just thinking about it now, let me get you with an agent because they can start sending you properties. It's what I always advise people to do. I'm helping somebody with a cash offer right now and they're going off to Florida and I got that person set up with the search in Florida and with that agent so that they could go and do video tours for them, because obviously Florida is a different state to North Carolina and we actually put a non-contingent offer on because of the cash offer here, which is really cool. So, you know, let me get you with an agent 828-333-4483. Let me know where you're looking. It doesn't matter if you're 10 years out. Honestly, at least you can start looking at properties and watch the market properly. That means you know you can say to your realtor in confidence what it is you're looking for in a home, what kind of areas you don't want to be in, what kind of areas you do want to be in, and they can set you up with a search that reflects that and you can start watching the market. Great agents are patient. I've been working with some of my people for 17 years now but yeah, it's kind of interesting.
Speaker 2:What's new? That's all I'm going to do for that one. What's new in's? That's all I'm going to do for that one. What's new in real estate? That's all politics there. We could make it about politics all the time with real estate because, um, you know when, when houses mean a lot in politics.
Speaker 2:Here's why, when you buy a new house, you spend a lot of money in the local community. How do you? You do that. You go to Lowe's Home Depot Ace, you bring in all the other little handy shops. You go to all kinds of stores and buy towels and bedding. You spend a lot of money in the community. You employ contractors, you employ painters, you employ plumbers, electricians, you go and buy appliances. It floods an amount of money in. You also spend that getting your house ready. Possibly, of course, if you're using the cash CPO, our funding partners will upfront you the money so that you don't have to spend yours. But that money is still flowing into the local economy.
Speaker 2:And, by the way, for those of you who have asked is it American money? It's absolutely American money. You'll know me by now. I would not get in bed with a company that is bringing in money from other companies. This is American money we're using and we're flooding it into the local economy because we're flipping your house on behalf of you. There is no other program like this. That's why you usually make more money. You don't have to go through the flipping part. You can get out of your house, take the majority of your equity and then we'll give you a check at stage two. Your house is going to end up being a certified pre-owned listing. They sell faster, they sell for more money. You don't have to go through the stress of fixing anything. I mean it just makes sense, right? But for the economic purposes, when you don't have lots of home sales going on which we haven't, by the way, for the last 18 months, in comparison, for most months at least, that money isn't flowing.
Speaker 2:People aren't getting their houses ready. People aren't spending the money to get the house ready. They're not doing the pre-inspections, even the support crews to that, the inspectors, for example. We're not using the inspectors. We're not using the local attorneys, we're not using the real estate attorneys and we're not using the deep cleaners. We're not using the staging companies as much.
Speaker 2:There are even companies set up and I use one to support realtors in their closings. They do all of the paperwork and upload it to all the right places, because most of us who are in real estate marketing and sales are not really wired to do the paperwork, or we're out there negotiating and putting your house in front of people, so we're not doing the paperwork. There are companies for that Guess what they suffer when all of this money isn't flowing and that hits the economy. The biggest part it hits the economy, in my humble opinion, is that when you sell your house, it releases a lot of money, especially if you're right sizing. It releases a lot of money, especially if you're right-sizing. So let's say and this is very common, especially as we're working in senior living, we're seeing this a lot. So we have 1,100 agents using this.
Speaker 2:If you're interested, guys go to seniorlivingcpocom seniorlivingcpocom. There's a video on there that explains it from the side of the facility. If you know anybody that works in a facility or a senior community, please let them know about this, because we want all of the communities on our database. There's a button at SeniorLivingCPOcom SeniorLivingCPOcom that says add facility. Go ahead and add the facility on there. It only takes about five minutes. We're going to have the biggest map of communities in the country and it's going to make it much easier for seniors and their kids I love calling them the kids because they're in their 60s. Right, much easier for seniors and their kids to look up a community and get all the answers because we're asking a dozen questions when we go in the answers. Because we're asking a dozen questions when we go in so that all our seniors who, or the kids of seniors who, are asking about facilities available you know often, for example, it might be the kid who's in their 60s or 70s in san francisco that is is calling us on behalf of their mom or dad that's in north carolina and in our area they don't know the facilities around.
Speaker 2:We're going to have the data on these facilities where you can compare apples for apples. Of course we want you to go on a tour, but sometimes you're not local. So we're going to have all of that data where you don't have to go and research in 10 different places on all the different websites. You know there's 30 facilities within 30 minutes drive. I can land a spot here. There's 30 facilities within 30 minutes drive of I can land a spot here. There's 30 facilities within a 30 minute drive. How on earth do you compare 30 facilities? So we're having all of the um fees on there, for example. How much is it from and to very important for them to put that in what kind of services do they offer? There's there's a whole sheet on there where we're gathering all of the data. So we really want agents locally and we really want communities locally.
Speaker 2:As we launch this here, quite honestly, I've spent the last six weeks launching it nationwide and I haven't launched it here. Maybe I was using everybody else as guinea pigs. Don't tell them. Anyone that's listening in around the country. I'm just kidding, just kidding, but yeah, we definitely want to get that roaring here. So if you know anybody that works at a facility, have them go to seniorlivingcpocom. If you know any agents that love working with seniors, if you know anybody that that is a caring partner for seniors that take them through the process, or anybody that works in that industry, let us know, because we'd like to help put those you know the care package together, the care team together, and know what's going on in every area. So we've got that whole care team with a checklist where we can put it in one place, because it's one of the most difficult times in your life when you're going or helping somebody go into senior living. 29 months is the average that somebody, that somebody stays and that's with our program. Um with without this program, it's 24 months. That's because it takes four or five months to sell the house. That really sucks. When you're in your 80s, guys, you know having to have those showings and sign outside and everything else. That's why I'm so passionate about this one. I'm also passionate about helping builders, because when you're in your 80s, guys, you know having to have those showings and the sign outside and everything else. That's why I'm so passionate about this one. I'm also passionate about helping builders because I got into real estate in 2007. In 2008, the market collapsed pretty much everywhere in the country.
Speaker 2:Economic cycle Clément Juglar, 1860, set it up. Nothing much has changed. We're in that next cycle now, three and a half to five and a half years as we flatten or reduce in prices. You're already seeing those price reductions. We don't know how far it will go down. However, if it follows the pattern since 1860, it's going down. So as it does that, obviously we we don't have time as a senior, when we're in our 80s and we're going into senior living, to wait it out 10 years until prices come back to the height again, because they always have before. Why won't they again, there's no guarantee, but that's a very, very high likelihood. It's going to be worth more in 10 years than it is now, and that's for everyone.
Speaker 2:Hold on to your house if you can.
Speaker 2:It's going to be worth more in 10 years or rent it out, you know.
Speaker 2:Keep hold of it when you buy your new one. I know that sounds weird, because I'm a real estate agent and I want to make commission. However, I want it right for you. Whatever that looks like, you don't want to hold it for 10 years. If you're going into senior living, obviously. If you're getting divorced, you probably don't want to either. There are different scenarios where you could do that. I could do a whole show on divorce. We also have Divorce CPO, of course. So you know, think about keeping hold of it. We're going to have that care team in place for the seniors, helping them transition out, where they can get their money in 14 days. Imagine only having that 29 months and spending four of it. You know, selling your house and having people traipsing in and out that is not fun at all. Do we have any other segments? Randy, did I get through them all? I'm so proud of myself. Chief Coach Corner. Well, you know what we're going to play the Chief Coach Corner, because I'm just going to give a shout-out to all the coaches Go for it.
Speaker 4:In the CPO, chief Coaches, corner Leader, sent all Guiding with vision, inspiring us all, oh yeah.
Speaker 2:That's a shout out to my coaches. So we've got Ash in New Jersey. We've got Christian I won't be able to do this forever because you know the numbers are growing. We've got Christian in Ohio. We've got Charity in ohio. We've got charity in north carolina yay, go north carolina. Finally, we've got a chief coach there building out the agents in north carolina. And, last but not least, we have deanna allen, who used to manage a community. For 24 years. She was over the whole region. Eventually she's joined us as the chief in utah.
Speaker 2:It's so fun because I get to speak to people, different walks of life, all over the country. You know ash called me yesterday all excited because he was working out with I mentioned that earlier with the nfl player and how he would have wanted a diamond, cpo or whatever we end up calling it because it was all private. It's just so much fun. It's elevated what I'm doing and the fun I'm having day to day, every day. Ash said the same thing yesterday. He's like I'm just so grateful to be in this. I'm having so much fun.
Speaker 2:It's completely different to what we used to do in real estate and you know this is a guy who's going out to communities in his own area and he's coaching agents all over New Jersey, but he's absolutely loving it. The first time he said, oh, I don't know if I want to go into this. He went into one. They sent him home with cookies and he's getting introduced to these networking events and coming in and doing an open house for other agents to you know, coach and train them on how to help seniors through this stage. And then next year in January he'll be kicking off the Builder CPO, which is really cool in New Jersey. So that's how it works for our coaches. So a big shout out to our coaches and the leadership team around the country doing this. If you want to list your house locally or anywhere in the country, give us a call 828-333-4483. This is Rowena Patton. See you next week.
Speaker 1:This has been the Plain English Real Estate Show with Rowena Patton. Visit Rowena and post your questions at radioashvillecom or call her at 828-210-1648.
