Real Estate News Radio with Rowena Patton

Reshaping Senior Real Estate: Insights on CPO Success, Market Trends, and Overcoming Adversity

Rowena Patton

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Uncover the secrets of transforming senior real estate transactions with insights from our special guests, Deanna Allen and Ash Davis. Deanna sheds light on the burgeoning demand for senior living communities and the innovative partnership program that's reshaping the way families approach these transitions. Ash shares feedback from marketing managers that underscores the program's revolutionary potential, offering a lifeline to families seeking liquidity and a stress-free selling experience. Kelly Denny also joins us to reveal her success stories and the proactive steps she's taken to build strong alliances with senior communities, illustrating a new era of real estate services tailored to the needs of senior residents.

Imagine sealing a house sale without the risk of contracts falling through—a reality made possible by the Conventional CPO program. We're diving deep into how this proactive approach, including upfront inspections and appraisals, is empowering sellers to enhance their listings. Explore the dynamics of market trends, from seasonal shifts to economic cycles, with a comparison of traditional and CPO listings that highlights faster sales and better returns. Alongside insights into Northern California and Scottsdale's real estate scenes, Kim and Jane emphasize the importance of trust when advising seniors, ensuring clients make informed decisions in today's stabilized market.

Journey with us through the resilience of communities facing natural disasters, as Ash recounts personal stories from Hurricane Helene's impact in Western North Carolina. We draw comparisons to post-Katrina New Orleans, illustrating how strong demand and rebuilding efforts can lead to a rebound in property values. Discover the emotional toll these events bring and the community’s need for solidarity, as we delve into the challenges and triumphs of real estate transactions in disaster-affected areas. With a spotlight on a remarkable real estate success in Asheville amid adversity, this episode is a testament to the grit and collaboration required for successful outcomes.

Speaker 1:

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. The agent that I would trust.

Speaker 2:

Rowena Patton. Good morning everyone. This is Rowena Patton at the Real Estate News Radio Show. I am so excited We've got so many guests today from around the country and I'm going to hand it off here to Deanna Allen. She's going to talk about what is going on with senior living communities and, gosh, it's just exploding. How are you, deanna?

Speaker 3:

Hi, great Thanks, Ro, for having me on.

Speaker 2:

Of course, of course. I'm so glad that you gave up your time, because you're in Utah, which is a little bit earlier than us.

Speaker 3:

Just a tad.

Speaker 2:

What's the weather like in Utah?

Speaker 3:

Well, yesterday it was bright and sunny, today it's raining and it's supposed to snow a little bit tomorrow. So that's what we're looking at wow, oh my goodness.

Speaker 2:

So you used to manage a senior living community for 14 years. So when you heard about this program, you said, oh my gosh, I've got to be part of it, right?

Speaker 3:

I do, I do, I do. I left for a little while to go to the corporate America thing and found out that it wasn't for me because my heart was always in senior living. So when I met with you and found this unique program and offering that can really help these communities and their residents long-term, I thought, hey, I've got to check this out and look more into it.

Speaker 2:

So here we are and what's happening with the growth of the senior living, the industry.

Speaker 3:

Yeah, absolutely. I mean, the growth in senior living has always been relatively high, obviously with our baby boomer generation and all of that, but it's really looking to set to double their growth by 2030. In the communities that I ran, I was in a building that was 105 apartments and then my other building was 92 apartments, but the typical buildings that you'll run into they have an average of about 39 apartments and, being a part of this program as an agent, you actually have the ability to have up to, I'd say between what 30 to 45 communities that you can partner with, based on what we've seen with the reports that you've created.

Speaker 2:

And just so everybody knows, everybody hears cash offer and they go, oh, it's one of those skeezy cash offers. You know we buy those homes kind of programs. It's not that two thirds of our sellers make more money. It's so much less stress, oh my gosh. So who would like to talk to your visits and the kind of response that you're getting from senior living marketing managers? Every senior living community has a marketing manager and you know what kind of responses are you getting I'm dying to hear about. You know what are kind of responses are you getting I'm dying to hear about. You know what are people coming back to you with when you're going in there? Ashley, introduce yourself.

Speaker 4:

Yeah, I'm Ash Davis, I'm the chief coach for the state of New Jersey and I've had some, some really good meetings. You know the response has been extremely positive. The response has been extremely positive, everything from we've never seen anything like this before to this. One lady at this place called Care One in Bridgewater, new Jersey looked at me and said I feel like you just fell down from heaven. She's got. She said I have at least two conversations a week where the family is struggling to find the upfront liquidity to move their family member into a community. So that's a very important thing. And what I've tried to tell people is you're partnering with these communities, so when you meet them, you're not meeting them to sell them anything and they end up inviting you to events.

Speaker 4:

I went to a steak dinner a couple of weeks ago. I just didn't got invited to a murder mystery evening next week at another community to go in. You know they're bringing people in from outside the community and a lot of these, a lot of these communities will have an internal sales and marketing person that's focused on the families moving in, but then they have an external sales and marketing person that's really focused on creating partnerships and forging partnerships like the one we're having. So the results have been tremendous here. I'll lean down one second and just show you this. Also got invited to a truck retreat. They're having a truck retreat.

Speaker 4:

I told them that I was also on the board for my local parents association at my son's school, so they gave me all these to hand out through the school cause. They want kids to come in. So it's just. There's so many ways and Deanna can expand on this maybe later but so many ways to get engaged with the communities and they love that. So it's been extremely positive. About your original question about what's the feedback been like that's wonderful.

Speaker 2:

And Kelly introduce yourself. And okay, go ahead and introduce yourself, and I have another follow up question for you.

Speaker 5:

So I'm Kelly Denny. I'm located in Sandy, utah, about 20 minutes south of Salt Lake City, and I have been on visits on my own. But yesterday ended up being really good. I had Deanna's first hand presence with me to go to one of the communities. She knew the marketing director and you're going to love this. We we went in and met with her. I had already had a meeting scheduled with her prior, about three weeks ago, but was unable to get in. But Deanna knew her, yeah, and she could admit, and we left her some information to contact us.

Speaker 5:

But no lie, within an hour and a half or the next two hours I got a call that there was somebody who wanted to talk to me about our program and he was his concern this is the part you're gonna love. His concern was how long does it take to sell my house? They've been looking like getting into a community for like two years and he doesn't want to wait for the fall to sell because it's like, oh, how long can it take? And I don't know what his motivation is, but it may be moving during the winter, but I got a hold of him last yesterday and I have an appointment with him today, but he, they want to move these people. It is their house, it is holding it up and that's where we fit in this. So that ended up being, you know, extremely reinforcing.

Speaker 5:

Yesterday on the one visit, and then we went next door to their other facility because Deanna knows of the executive they're not the executive director the marketing director there and the executive director happened to walk in and we gave him the information too and he could see what the benefit would be also. So these two visits yesterday were really good for us.

Speaker 2:

So, kelly, are you just like an ambulance chaser? You're just going in like any other real estate agent into the community, going come on. You know, I really want to work with your people. I like working with seniors going come on.

Speaker 5:

You know I really want to work with your people. I like working with seniors Not at all this thing. So for me, yes, I can feel how they would see that, but I know now going in that when I go in and direct it to them, as I'm working to partner with you, it doesn't cost you anything. I want to help people get into your facilities. The people are coming into their facilities anyway. They get so many visits. You're looking for this to go and their hinder hindrance is selling their home. So this is not like hey, I'm going out to find houses so I can sell a million pieces of real estate. Going out to find houses so I can sell a million pieces of real estate. This is seriously the most helpful thing I've been involved with in two ways for helping the communities, but helping the people to get to those communities. They're going to go there anyway and they have big concerns and this alleviates a bunch of them.

Speaker 2:

So, ash, let me ask you because you're my other willing victim, sure. So, ash, let me ask you because you're my other willing victim, sure. So are you stealing the house for pennies on the dollar, like most of these cash offers do?

Speaker 4:

Absolutely not, and that's the beauty of this program and part of what.

Speaker 4:

When I walk through the community how the plan works, I use an example of a family that I helped in New Jersey and I share with them that net sheet that we put together that shows them what would happen if a traditional investor purchased their house at 60% value or 60 cents on the dollar, and then fixed it up, made all the profit themselves.

Speaker 4:

What we do is loosely use the term we profit share with them, right. So we are helping them, guiding them through the process we're taking. Obviously there's a fee for that service, but then we help them get more money for their home and so in a lot of cases they're going to wind up getting very close to, if not more than, the actual value of the home when they had to sell it. So I'm very cautious about I've had that come up with a few folks and I've actually had that come up with. A couple of friends bring that up to me Like, what are you doing? You're trying to steal these houses? I said no, it's actually fair market value and I can prove that based on my own experience of what I've done with the program.

Speaker 2:

So I'd like to thank you, ash. That was awesome. I'd like to bring in our CEO of Assisted Living CPO here, joey Ramos. Good morning Joey, good morning Ro. Thank you so much because you're getting up. Oh my gosh, you're three hours earlier. You're at 7 am. That is insane. Did you have your coffee already?

Speaker 6:

I did. Actually, it's my second cup already.

Speaker 2:

Oh, so you're heading up this stealing houses from seniors operation, right? So what is this figure about? Two thirds of sellers get more money than with a conventional sale. Is that true?

Speaker 6:

many than with a conventional sale. Is that true 100%? You know, for folks out there who's familiar with dealing with traditional investors or typical iBuyers, a lot of times if a seller needs to cash out quickly meaning if they need to cash out within a matter of days the only options that most of the sellers will have typically would be selling it to an investor or an iBuyer, and it's good. But the challenge there is the investor will buy the property, fix it and keep all the proceeds.

Speaker 6:

The way we do our structure or the way we do business with the sellers is we let them participate in the upside. We'll pay a certain percentage of the as-is value. When we say as-is value, that means the market value, and so we're not going to ask for a deep-thief discount. And then we have the ability, or the seller has the ability, to work with us on preparing the property for the resale to maximize the equity, and then we'll resell it. Uh, depending on how much we can sell it for, they get additional proceeds based on that. So if you can sell it for more, they get more. And uh agents are happy to bring us business because they get the listing as well.

Speaker 2:

Um, once we put it back, or, once we put it on the market, to uh resell it and is this something you started six months ago, Joey, or has your business been around for a while as our funding partner? How long has it been around?

Speaker 6:

We've been around since 2018. We used to be exclusive with Berkshire Hathaway for a time and then a little over two or three, about three years now we've expanded outside of the network. Little over two or three about three years now we've expanded outside of the network. There's two brokerage that were white labeling our program, but now we are wide open and now we're able to help more and more sellers and agents nationwide.

Speaker 2:

Awesome and you know, if you'd like to, if you're an agent listening or you know a great agent and they'd like to know about this, you can go to cpoexpertscom. That's cpoexpertscom. Cpo comes from certified pre-owned. It's like a certified pre-owned car. That's where I got the idea back in 2007. Certified pre-owned is where you can pay for the inspection, you can pay for the appraisal, you can offer a home warranty and your home will sell faster. Obviously, it's much more attractive and the key thing is it won't drop out as often when it's in the contract. So can you believe this? Over a third of homes drop out. We've got all agents on the show today. They will tell you. Over a third of contracts drop out.

Speaker 2:

Not our fault as the listing agent. We don't have any control over the buyer side most often. So the difference with this is you can choose to do a. We can do a conventional listing for you. Perfectly happy to. We're all. We only have great agents like top 5% agents in this program. We can do a conventional listing for you, no problem at all. We can do what's called a conventional CPO. That's where you pay for the inspection. Why am I going to do that? I hear you say, because a third of the time your contract is going to drop out. And then we have what's called a stigmatized listing. Stigmatized listings all the agents on the call today will tell you. Everyone's going to call you and go. What's wrong with that house? Why didn't they want it? It's like anything that's been sent back. That's why you buy the almost new goods on Amazon and it's less expensive. Damaged goods are less expensive and that's how they see you if your contract drops out.

Speaker 2:

When you go a conventional CPO, you pay for the inspection. Please, guys, if you're listed, get your agent to help you with an inspection now. It's a way better way to sell a house. Most of california does it this way already. So you can pay for the inspection. You can pay for the appraisal and if we list you now, we're going to bring you this is anywhere in the country. We're going to bring you a check at christmas. 93 of the time. If you do the CPO, not cash CPO, conventional CPO If you do a conventional listing, we're going to bring you a check at Christmas. 67% of the time. Do you want to pay your 500 for the inspection? It's pretty obvious, right? Or you can use cash CPO or senior living, cpo. It's all powered by CPO. What that means is you click on a button, you get your offer and they pay for the inspection. They upfront the money for the repairs. They upfront the money for the appraisal. They do all of that.

Speaker 2:

We help as real estate agents. We have knowledge with great contractors locally that can get you the best price. Everyone's aligned. If you make more money, the funding partner makes more money. The funding partner makes more money. The agent makes more money, right? So we want you to make more money. We want to maximize the dollar. You're all sitting at home going baby. What about my honey-do list? We all know when you go to sell you have a honey-do list. Imagine if we could come in and in a few weeks we could get that honey-do list, or at least the ones that make sense to maximize the value of your house house done. How cool would that be? That would be amazing, right? Anybody want to add anything to that? Put your hand up if you do, and I'll come over to you. Kelly would like to Come on, kelly, let's hear it, kelly and you if you just tuned in.

Speaker 2:

Come on, kelly, let's hear it, kelly and you.

Speaker 5:

If you just tuned in so Ro with the CPO program and the work we do, a lot of people are going to understand the term value add and the CPO program strengthens your listings for people who are looking to sell. It strengthens your listings to be better than your next door neighbors. And if you do a traditional listing you're at the mercy of the buyer and what their brain calculators determine how much work needs to be done. I've spoke about this. But buyers their brain calculators like two times the amount of how much the repairs are going to be, because they just don't know. But if you get in front of that for much less money, like you said, with the inspection and the appraisal, then you at least know what your house needs to have done to strengthen your sale. And then if you use the cash CPO program to do the remodel and the update work, it makes it even stronger.

Speaker 5:

And the biggest thing that people worry about, especially right now in the fall, is the length of time that it takes to sell a house, because fall is traditionally longer and people never want to sit on a house when, when it comes spring, you know April, may, june, july it's great because they know their house is going to go off the market quickly 30 to 45 days here in Utah but you can see a house sit for 90 days in the fall in Utah, even with a shortage. And the reasons why is because your house just isn't the top of the line and taking yeah over from the competitors you're going against. It's in. It's huge to add everything you can to your house before you get it on the market. And who doesn't want to make the more money? Yeah, that sounds cliche and tried and true, but it works.

Speaker 7:

Yeah, nobody's going to say oh sorry, I don't want 5,000.

Speaker 5:

They want to get out more than anything.

Speaker 2:

The market's flat almost everywhere in the country. Almost everywhere. I say because Ash will probably say that his multiple offers have slowed down. The Northeast is somewhat. It's not protected, but it's always behind the curve right. So it's very normal. It's the economic cycle. It's Clermont-Juglar 1860, french economist seven to 11 years. This is normal.

Speaker 2:

Do not listen to agents who say, oh, prices of houses always go up. Yes, they do. Over a 10 year period. It's an economic cycle seven to 11 years. It means that in 10 years time, if you can hold onto your house and not sell it, do it. Please keep hold of your house. That If you can hold onto your house and not sell it, do it. Please keep hold of your house. That would be fantastic. That's weird, isn't it? Because we're real estate agents. Everybody is on a call with me today. They'll all put their hands up because they have a servant heart and if they feel like it's better for you to keep your house and make more money if that house serves you, they will all say keep your house. In 10 years time it's going to be worth more. Don't keep your house if you think, hey, I'm just going to wait for two or three years. So most markets crested two years ago, right. So in in three and a half to five and a half years that will be at the trough will be at the bottom. That means that your house will be worth less and then it climbs again, just like it always does since 1860. This is perfectly normal.

Speaker 2:

Don't listen to people who say, oh, it's just gonna keep going up. Almost all the economists now are saying we're gonna go into some form of recession. You'll notice that talk slowed down a little bit. Why? Because we're 30 days out from the election, so we're not really talking about it. Seven to 11 years, guys, it does do. Elections slow it down Absolutely, but then it can speed it up on the other side, right. So all get out and vote. Just saying, whatever side of the fence you're on, get out and vote.

Speaker 2:

So you know the market is slowing down, which means, kelly, wherever you're at the and yes, it's for probably fall fall for us is actually pretty busy. It slows down in the winter for us, it depends where you are in the country. However, you're right, sales are seasonal. Not only are we coming into seasonal sales now and sales that slow down because of the election. That always happens we are coming into a period of sales slowing down anyway because the economy, people, you know people inflation has gone through the roof. We're all feeling tight. Credit card debt's gone through the roof. It is incredible what has happened right over the last few years. So people aren't buying as many homes.

Speaker 2:

It's very simple. Simple, which means that it will get harder to sell your home. So anything you can do to win the beauty contest to your point, kelly, I think you were saying brain calculator I like that is a wonderful thing to do. You'll get more money and it will sell faster. And you know, if you want someone to pay for it for you, you can use our cash program. Two-thirds of our sellers get more money than with a conventional listing like. This makes sense, guys, do we have anybody? I tell you what. I'm going to open it up. I'm going to open the call up. Put your hand up and I'll introduce you one by one. I'm going to call out everybody who's on on video and um, if your phone's not working for some reason, that's okay. I'd like to call on Jane. Go ahead and introduce yourself.

Speaker 7:

Jane. Hi, jane Lippman. I'm in the California area, Northern California, and I'm definitely enjoying the Senior Living, cpo and going out and meeting these communities and seeing the fantastic positive response from the people because they see this as such an asset to their outreach to their community.

Speaker 2:

So it's it's been very beneficial I saw you nodding your head when I was saying if we you know agents on the call, agents in this program, we've got 1100 agents, have a servant heart. And here you are in northern california. I saw you nodding when I said if we think it's the best strategy for you to keep your house, or if you really want to think about keeping your house, we'll go through what those numbers look like and we'll support you in that. I saw you nodding your head there, so that's something you agree with.

Speaker 7:

I do. That's always been my philosophy. If you can keep it, keep it. If there's something else that's driving your need and your choices, then let's take a look at it and weigh it all out and see what's best for you today. So going in with neutrality, so that you can provide them with options that they can decide from, I think is the best philosophy in this business and it garners quite a bit of trust, which is what we all hope for and intend to be living, and especially in these communities. Trust with the senior community is very important.

Speaker 2:

I'm so blessed to work with people with a servant heart Like it really is a wonderful thing. It's just incredible. Hey, kim, would you like to introduce yourself, say where you're from and the team and what you guys are doing, and I'll come back to Jane in a minute and Jane can tell us what her market's like in North California. Tell us where you are, kim, and what's going on.

Speaker 8:

Currently I'm in Scottsdale, arizona, and we're really excited to be new on board with Roe and the group and we are just going gangbusters.

Speaker 2:

We're getting the team together and getting a lot of really powerful women and strong moms that have that nurturing capability, that are going to be going out there in the field and just kind of going to all these facilities. It's really exciting. Oh, that's wonderful. Give the name of your team and how. People said they can look you up.

Speaker 8:

At least we are the Wexler Real Estate Team. Our office is in Ganey Ranch and you can look at us at under James Wexler or wexlerrealestatecom.

Speaker 2:

What's the market like?

Speaker 8:

It's a little flat, it's been a little tough but, as Kelly was saying, his business is not as busy right now. But ours is starting. We're finally under 100 degrees and we're no longer breaking records, and so fall is our time. We're going to be 80 degrees by next week, which is going to be awesome. Fall is our time. We're going to be 80 degrees by next week, which is going to be awesome. So everybody comes to Arizona to flock for, to come enjoy the golf and all the wonderful places in the area. So this is our busy time. This is our time to strike. So we are excited and want to do as much as we possibly can through the next several months.

Speaker 2:

So you have a lot of snowbirds going there, I'm sure, absolutely. How long do they stay for?

Speaker 8:

Some of them never leave, but sometimes we get the snowbirds that are in here for three or four months because you know, and I'm from Minneapolis and snows hits October 31st, so that's all. They pretty much come join us here and enjoy the life and the weather and golf and the fun. But there are some amazing senior living facilities here too.

Speaker 2:

Absolutely, because you've got that dry air and for some conditions, as you get older, you need that dry air. So I'm not surprised by that at all. And you never went home, did you Kim? No, I'm not surprised by that at all. And you never went home, did you Kim? No, no, I did not. So we introduced Kelly already. Anybody that we didn't introduce that would like to introduce themselves. That's on the call today. Jane, you were going to talk about what your market's doing in Northern California.

Speaker 7:

Well, our market is shifting a tad, just a small bit.

Speaker 7:

Well, our market is shifting a tad, just a small bit. We are seeing a little bit more listings come on the market right now and, interestingly enough, I have managed real estate agents for many years and what I'm seeing with that agent community is that a lot of the people that they're serving are seniors. So it's not on intention. A lot of the people that they're serving are seniors, so it's not on intention. It just so happens that a lot of the listings I've seen recently are the communities of 70 and up Interesting. Why do you think that is Any ideas? You know I'm in Sacramento and it's an area of legacy. It's an area of a very tight community of families. People come back here and so I just think people have been in their homes for a very long time or they haven't left this area because it's very family friendly and they want to be here. It's a very, very lovely community, and so they just stay, and now we're having some turnover.

Speaker 2:

What's the weather like where you're at? Did I ask you that?

Speaker 7:

already, it's about 68 and sunny.

Speaker 2:

I want to come over to Ash. What's your market doing, Ash? It's slowed down.

Speaker 4:

I mean it's. You know we're the Northeast, we're greater New York city, we're a feeder market into New York city. So you know, some of the, you know the, the mad defection from living in the city is slowed down. So that's slowed down our area. But if you're in a market um, where I am, where you can get to a train we call them train towns, so um, then then those are markets that are still thriving because you still got people that are in New York City that are going to continue to look to. You know, the traditional move is you live in Manhattan and you have six roommates and then you go to Brooklyn when you make a little money, and then you're in Brooklyn and you meet somebody and then maybe you upgrade in Brooklyn and then you move over to Jersey City when you get married and then you have a kid and you go ah, it's a little tight. You have another kid, you go, I got to get to a train town. So that's the progression within the New York City market and those train towns are what kind of still drives the market.

Speaker 4:

It's definitely slower. We're definitely losing realtors. Uh, but I would, I would agree with um, I believe it was jane that just said this. Uh, you see a lot of people that are now downsizing. Um, because they are they've they've hung on to this house for so long and and this is the community I'm in it's such a great community People literally move away California, la, chicago, Miami and then they come back to raise their kids, right? So you're seeing a lot of that now, kind of people bouncing back here. After they lived their 20s and 30s somewhere else, they come back here to raise their kids. So that does keep some of these markets a little stronger than the rest of the country, but compared to where it was two years ago, it's definitely slower interesting.

Speaker 2:

You have all those high property taxes as well, don't you?

Speaker 4:

and there's a lot of property taxes.

Speaker 2:

But you get great schools. So let's just uh what's the market like in, in, in california, joey, I nearly said in joey, california and what's the weather like where you are?

Speaker 6:

oh, it's a little gloomy. For the past three days there's no sun, but you know we're spoiled here. So, uh, no, no complaints. But in terms of the market, market is still good, uh, at least. Uh, especially in so in LA County at least. I was just networking with some agents in the Ventura County yesterday and it's a little slow there, but it's still picking up, especially with the interest rate. It's just down.

Speaker 2:

Let's talk about that for a moment as agents. The market's slowing. What does that mean? It means that, um, people can't sell the house as readily. There are multiple offers coming we. Does anybody else think we were in craziness with all these multiple offers and sellers could just throw the house on the market and these prices were getting crazy, and affordable housing has gone out the window years ago, like it got really crazy. So the market's actually shifting to something that is, uh, more normalized, would you say 100.

Speaker 6:

Yeah, I think, uh, there we still. We still encounter some, some sellers and uh consumers that got stuck up with the uh's market, the crazy market in the like, two years ago and I think more and more consumers now are realizing that we're just normalizing the market and just getting back to where it used to be Normalized interest rate is 6%.

Speaker 2:

Guys, is everybody listening out there as you're listening? 6% is a normalized interest rate and many of us remember much higher interest rates than that. So here's the thing. If you are thinking about selling your house, either figure out you've got three pathways. One is hold it for 10 years. I say 10 years, it's really 11. You know that's the outside of the market. Shift Seven to 11 years. If you've just tuned in, it's Rowena Patton on the Real Estate News Radio Show with a number of guests from all over the country today.

Speaker 2:

If you're thinking of selling, either choose to hold it, but having put in your mind I'm going to hold it for 10 years, the chances of your house not being worth significantly more are very, very low. However, maybe you're 60 years old and you're like ooh, 10 years time I'm going to be 70. I don't want to move. Then Maybe you're in your 30s and you've you know in Ashley's scenario that he just gave us you've had another child, maybe there's another child there and you just need a bigger house. Or maybe you're tired of all this stuff you've been hoarding for 40 years and you want to right size and go into something smaller and clean all that stuff out. By the way, we can help you with that too. Maybe you're a senior citizen and you're on a wait list for a senior living facility. Maybe you're building a home with a builder and you're a senior citizen and you're on a wait list for a senior living facility. Maybe you're building a home with a builder and you're not quite sure when it's going to be built. It was supposed to be Thanksgiving, but maybe it's going to be pushed out to Christmas.

Speaker 2:

Go to cpoexpertscom, click on get cash offer. Put that cash offer in your back pocket. It's a full market value offer. When your house is built, you're going to know 14 days out, right, press that button 14 days out. I'll go over to Joey. Joey will get it all signed up for you and you won't have to do anything. You won't have to list it. No signs outside, no showings, no keeping it show ready, no fixing anything up. You just move into your new built house. We'll give you the vast majority of your equity within 14 days and then we go in. You've moved all your furniture out. We do the touch-ups, we do the inspection, anything that needs to be done. We'll do all of that for you.

Speaker 2:

There's all kinds of things you can use this for, as well, as if you are going into senior living, of course. If you're going into senior living, these places are so expensive. Sorry, deanna, who's on the call, ran one for 14 years. They're expensive. Ash has got one that's, I think, $6,000 or $7,000. So that's a lot of money, and often it's $20,000, $30,000, more than that. Some of them are $200,000 that you have to put down just to go in, and then you have your monthly fees, so we can release that equity. We're not trying to steal your house. We're not trying to get it for cents on the dollar. In fact, two thirds of you will get more than with a traditional listing, which is really awesome. Ashley, I think you have some news for us.

Speaker 4:

I have what would. I think we would call this? Joey would probably call this breaking news. I found out this morning that someone I've been talking to for about a week her name's Margo Wickersham she has taken the position of chief coach for the state of Texas, so she is super excited. We're going to talk a little bit more this afternoon, but so glad she's come on board and we'll be able to.

Speaker 2:

Joey, keep this thing rolling into the Lone Star State. That is awesome. Let's go Texas. Here we go.

Speaker 2:

I want to take a moment to talk about something that's on many minds right now the future of home prices in Western North Carolina after Hurricane Helene. We've all seen the images of destruction the flooded streets, the families displaced from their homes. It's heartbreaking and my heart and everybody else's hearts go out to those affected. But as we begin the recovery process, it's crucial to understand the economic implications, particularly in the housing market. Historically, after a natural disaster, real estate markets can experience various shifts, and today I'll break down what we can expect for home prices in our region moving forward. Now. I'm no expert and things may happen differently. This is my take on it. After all, nobody can time the markets. We know that already. Yes, we'd all be millionaires.

Speaker 2:

First, let's look at the immediate aftermath of Hurricane Helene. It's common for property values to initially drop in areas that have been severely affected. This decline can be attributed to several factors, including fear, uncertainty and the actual physical damage to homes and infrastructure. When homes are damaged or destroyed, the immediate supply of livable properties decreases. However, you would expect that because we've been in this situation for many years now, where we haven't had enough homes on the market for people. That's what's created the demand pretty much everywhere in the country and the rising prices. However, this doesn't necessarily lead to long-term price drops. In fact, in many cases we can see home prices stabilize and even rise over this time, especially if the area has a strong demand for housing, which, of course, ours does. So my early research I've been looking into this quite deeply in the last week and shows that after major disasters, markets often rebound due to the rebuilding efforts and people want to come in and take a look and see what Asheville looks like. Building efforts and people want to come in and take a look and see what Asheville looks like, and also the influx of government assistance, of course. So, for instance after and not just government assistance oh my gosh, everybody has come in to help and so many people are donating, helping people rebuild again. So, for instance, after Hurricane Katrina, which is 18, 19 years ago, can you believe that in New Orleans experienced an initial decline in property values, but within a few years, many neighborhoods there saw property values increase significantly as the city rebuilt and revitalized itself. In our own context, let's consider that Western North Carolina is a highly sought-after location. The beauty of our mountains, the rich culture and the community spirit all contribute to a robust housing. Even after a setback like Helene, many buyers remain eager to invest here.

Speaker 2:

Now I want to discuss something I talk about often the economic cycle set up by Clément Juglar in 1860. This cycle typically lasts between 7 to 11 years. Our market, like most around the country, crested at the top of this cycle about a year ago. Therefore, it's natural to expect some price drops, of course. So over the next three to five years, we'd expect those, and if you think that it's a year or two already, so it's one year to three or four years. You know, none of us can time the market, and if we could again, we'd all be millionaires, right? So, as history holds true, in seven to 11 years, the homes will be likely, very, very likely, to be worth considerably more than they are today. This is a fundamental principle that has persisted throughout economic history, and it's important for both homeowners and potential buyers to keep this perspective in mind and also to look at interest rates, of course.

Speaker 2:

So what can you do if you're a homeowner or looking to buy? First, keep informed, understand the local market and how it's evolving. If you're a seller, it's essential to be realistic about your property's value in the current climate and I always say if, because we've crested already. If you want to sell it, sell it now and get out as quickly as possible. That's why you need to be realistic. You can also, of course, get a cash offer cashcpocom that's cashcpocom. Click on the button and we'll give you a full market value offer and also take care of well, pretty much anything.

Speaker 2:

I've never done a devastated house, but I've done new septics, new roofs, that kind of thing. So if you need anything, do it. We'll take care of that too. That money then comes out at the second sale. You can have your money or the vast majority of your equity within 14 days, and you can stay for 90 if you need to. So you know, consult with a knowledgeable real estate agent who can guide you through this shifting landscape. If you want any more details on that or maybe you've been hit in Bradenton as well I have an agent on the team that actually runs the cash CPO offer, senior living CPO offer out of Bradenton oh my gosh.

Speaker 2:

So as we move forward, let's not forget the power of community. Western North Carolina has always thrived on its resilience. Together we'll rebuild it's already happening. It's really amazing to see and as we do, the housing market will adapt. Our unique location and the values of our community will help ensure that we emerge from this stronger than ever. That's all for today's part on Housing News. I'll keep you updated on this and I will be researching it every single week. Remember, whether you're buying, selling or just trying to stay informed, I'm here to help. You can give us a call at 828-333-4483. We have people on standby 24-7. So until next time with your housing money update, stay safe, stay informed and let's continue to support one another during this recovery process. Remember, too, you can go to yourhelpingheartcom. Yourhelpingheartcom for all the links you need how to get help, how you can give help it's not just local authorities all kinds of links on there.

Speaker 2:

I want to turn and take a closer look at the rental market in Western North Carolina, especially in the light of recent events and the ongoing recovery from the hurricane. As we know, the rental market often reacts dynamically to changes in the housing landscape, and we're currently witnessing some notable trends. First, let's talk about availability. With many properties damaged from the storm, there's a chance that a significant number of homes that would typically be available for rent, including airbnbs that people are negotiating longer terms with are now off the market. This situation may lead to a temporary shortage of rental units. It certainly appears to be doing so, particularly in areas most affected, obviously, by the hurricane. We could see a surge in demand for the remaining available rentals, which might drive up prices as people seek immediate housing solutions, and of course, we hope that people won't take advantage of that. So it's essential to consider how this affects rental prices.

Speaker 2:

Historically, when rental inventory decreases while demand remains steady or increases, landlords may raise rents. In the short term, we could see rent prices increase as landlords capitalise on the higher demand. I'm sure they won't all do that, surely. However, this situation may also create opportunities for tenants willing to negotiate, especially if a landlord has vacant units they're eager to fill In. The long run, once the immediate effects subsides and the market stabilises, we might see a return to more balanced rental pricing. It's certainly gone up an awful lot, but there's also an awful lot of rentals that have been built here, as we all know, over the last few years. As repairs are made and homes become more liveable again, more properties will likely come back on the market, increasing supply and potentially leading to more competitive pricing.

Speaker 2:

Another aspect worth discussing is the shift in tenant preferences. With the recent experiences of displacement, many renters may seek properties that offer more stability or are located in communities known for resilience and support. Maybe they went home to another state or maybe they moved out. You know, they evacuated for a while and maybe they won't come back. That's possible, too, whether they're renters or people that were not renters were homeowners homeowners, and this trend could lead to increased interest in long-term leases and properties that provide a sense of security, rather than short-term rentals. We were already seeing the short-term rental market strs as they're known, short-term rentals be hurt, especially in buncombe county, where Asheville really does not allow them, unless you homestead and have somebody in your home while you live there. Not only that Airbnb, for example, has seen a huge drop in values over the last couple of years, so there may be a real effect there. So we may see a rise in demand for properties that feature home offices or additional space.

Speaker 2:

As remote work continues to be a popular option, many tenants will look for rentals that can accommodate their working needs. This shift may impact the types of properties that are most sought after in our market. And again, many people may have evacuated. It's like COVID all over again, except we had nowhere else to go before. May have evacuated and taken their like COVID all over again, except we had nowhere else to go before. May have evacuated and taken their internet with them. And if they are mobile workers or remote workers, they can work from anywhere. So that may lead to some of those people staying where they're at. We just don't know right now.

Speaker 2:

Now let's not forget about the impact of local regulations. Local governments often introduce new housing policies in response to disasters, which can affect rental markets. We have to see what's going to go on in the River Arts District, for example. Obviously, that affects all of us, businesses, everyone. For example, there could be changing to zoning laws or rental regulations to encourage more affordable housing options. As the community rebuilds. These changes could create new opportunities for investors and developers to contribute to the housing supply.

Speaker 2:

Finally, it is essential to highlight the importance of community support during this recovery phase. Organisations and local leaders are coming together to ensure that tenants and homeowners, of course, have access to resources and assistance Programs that offer rental assistance or guidance for those impacted by the hurricane can play a critical role in helping families secure stable housing. I mean, obviously it's very challenging right now and you can go to yourhelpingheartcom. Yourhelpingheartcom to get all kinds of links for this. The rental market in Western North Carolina is currently I mean is this an understatement to what In a state of flux. I know that I have a database of about 60,000 people that I've built over the years, that I've signed up on my website and I've never seen this many requests for rentals. I'm only one agent, of course, but that's a pretty big database, so I'm sure many other agents are seeing the same thing. And it's influenced by the aftermath of the hurricane. There's no doubt, while we may see temporary price increases and the decrease in availability, it's crucial for both landlords and tenants to remain adaptable. By understanding the current dynamics and being aware of community resources, we can navigate this period more effectively.

Speaker 2:

If you have questions or want to share your experiences, don't hesitate to reach out 828-333-4483. Rowena Patton here on the Real Estate News Radio, you know my heart's with you all what we've been through and there's just no words for it. And now we've got this mind mess of. It's like a comparison of the awful things that have happened and those of us who got through it relatively unscathed now feel guilty. They had a term after Katrina survivor guilt, feel guilty. You know they had a term after Katrina survivor guilt. And it's just. We're all going up one day, down the next or even hour to hour. You know tears and no tears and that includes the men, by the way. It is just a terrible, terrible thing to go through and many of us have seen things we never should have seen, and almost everybody in the Asheville area and the 27 counties that were hardest hit all around us know somebody that's passed. It's just a terrible disaster and the people on the call today have have thoughts for Asheville Deanna absolutely.

Speaker 3:

First of all, ro, I just want to say on behalf of all of us on the call today and everyone listening that we're so grateful that you're okay and that you were able to get to a place that was safe. Our hearts just go out to everyone that has been affected. I recently made a road trip from just outside of Salt Lake City, where I live, to Gold Goldsboro, north Carolina, to drive my daughter back home, and we passed through several surrounding states and we entered North Carolina about four hours, I want to say, east of where Asheville is, and what we noticed along the West Virginia and Virginia byways were a lot of trucks driving from the local Commonwealth agencies, from surrounding states, and that was such an inspirational thing to see just stacked with waters and supplies to help these individuals that have been affected. Ro, I know you have access and you've started a site too that people can go on if they're looking for ways to help my helping heart.

Speaker 2:

Thank you for mentioning that, myhelpingheartcom. I actually pointed a domain to what all the local government authorities have done. It's an amazing resource. Whether you want to help and donate, it shows you 99 ways to do that, or whether you want to get help. All the useful links are on there.

Speaker 5:

It's myhelpingheartcom myhelpingheartcom, kelly and I want to tell you what I've got. I do have family out in that area too and I've seen through their social posts and just through family communications that the devastation's so hard to fathom. My heart goes out to you because I don't know what's going on, but I see through them and how they're helping. Fortunately, in my case, with the few that I have there, they're all safe and sound but willing to lend a hand. They've been loading their vehicles with necessities right off the bat to help get to people, just to keep them alive and going until they can get out or get to a place where they can gather themselves and go back in and deal with all the devastation that's taken place.

Speaker 2:

So you know? Uh, I should also mention we have a realtor, christine in the program very new in the program who lives in bradenton and although she in a house right they had a couple of trees down um her daughter and husband and two kids are now living with mom because their house was destroyed. And this is all in a two week period. Ash in New Jersey.

Speaker 4:

Yeah, I mean, even though I'm in New Jersey right now, I still consider myself a bit of a North Carolinian. I've spent the better part of my life, over 40 years, in North Carolina. I grew up about 40 minutes from Asheville. So Chimney Rock, which now no longer exists, lake Lure, all those areas are very close to me. I have friends in Hendersonville that were taking trees off their house.

Speaker 4:

Last week I found out from a friend of mine who's a photographer in asheville. He's been sending me pictures of the devastation that he's documenting. And then today, unfortunately, I found out from my stepdaughter who's out in washington state that, um, her uncle, uh, one of his best friends there, his wife and two children died. House was swept away. So it's just, the grief just keeps coming and I don't think people realize when you see the news coverage and then you go on with your life right, which we all have to do. It'll be years, if not decades, before some of those folks even get back to anything close to normal. So I would suggest, or kind of ask, that, whatever you can do, if you're listening to go to Rose site, go to any site and donate and just give what you can, because it's a long, long journey for these folks to get back to normal.

Speaker 2:

Thank you and you're helping. Heartcom has a list of all the sites, which is great, you know, not all of them, that would be thousands, but as a list of so many different places where you can help, and you know we had trucks coming in to help all the time and I was getting ping going where do I go, who do I contact? And then it creates even more chaos. You know, so, know. So there's pointers on who to call, who is organizing all of this. So, because many hands make light work, you know, joey, over in, over in sunny California.

Speaker 6:

Right, rose. So it's crazy because you know I don't typically watch the news, and then when, when I started hearing from you, if you may recall, we even before we had a conversation, I think you were traveling from from north carolina to to, uh, to florida. It's crazy that there's no gasoline. Um, I think at that time when we got connected, uh, you shared some, some news, uh articles, and it's just crazy because it's so behind like there's hundreds of people already dead, but in the news it was kind of like the report was not very consistent, which is understandable because there's a lot of people who didn't have a cell phone signal, and so imagine being in that position wherein you don't know if your family members are okay because you cannot communicate, plus the fact that there's no gasoline, there's no uh sales signal and then there's no water.

Speaker 6:

Um, for some of you who didn't know, roe and I were helping a seller and they have a contingent uh offer in florida, and so for us I felt bad, because it's out of our hand that we were about to close that week and all of a sudden the strategy happened and so now the title company couldn't close it, and so we have to wait for a couple of days because of all these communication challenges and now, because of the incident, we we required an additional reinspection so it kind of added to the stress. But we want to make sure that the seller, you know, is guided, that we're doing everything in their power. And I just spoke to the rose client yesterday and they're happy.

Speaker 2:

Susan, if you're listening, we're giving you a shout out this. This is a house in Asheville and it's a couple that aren't in their 20s and they were buying a house in and she's been listening to the radio show along with her husband, dennis, for years and called up to get listed. And then this struck Can you imagine? No water, no power how do you sell a house? So you know people are having such trouble. So if you want to know about our funding partner, if you want to know about joey here's joey that somehow we closed on that house with no water. It's amazing and it's it just it. Um, I can't tell you how much we appreciate that, joey, it was amazing. Obviously it was all a little stressful going through it. We had to re-inspect and everything else, but they didn't lose their new house in Florida. They were able to make a non-contingent offer because they knew they could get their money as quickly as 14 days. They did a cash CPO offer.

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.

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