Real Estate News Radio with Rowena Patton

Streamlined Selling: Embracing the Senior Living Transition with the Certified Pre-Owned Program

• Rowena Patton

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Master the art of selling your home without the stress and hassle usually involved, especially when transitioning to a senior living community. Join us as we explore the groundbreaking Senior Living Certified Pre-Owned (CPO) program, designed to streamline the home-selling process for seniors. Listen to Kelly and Denny's journey from Utah, who found peace of mind moving into their new life stage without the burden of home showings or stressful negotiations. Our guest Joey from California shares why this method is gaining popularity among sellers seeking a smoother transition.

Discover how listing your home as a CPO property can slash buyer dropout rates, saving you from unexpected repair costs and the headaches of failed sales. With dropout rates reduced from 32% to a mere 7%, this approach acts as an insurance policy for sellers, ensuring a smoother and more predictable closing process. We bring you insights from seasoned real estate agents who help navigate these waters, along with a touching personal story that speaks to the emotional side of leaving a cherished home behind.

Finally, join us in celebrating the joys of downsizing and moving into vibrant senior living communities, where pets are welcome and lifestyle amenities abound. Hear from Deanna Allen and Ash Davis as they share their experiences and wisdom on "right-sizing" belongings and embracing a new chapter filled with convenience and community. We also discuss how personal touches, like gifting Minky Couture blankets, can make a difference in home sales, enhancing comfort and warmth during transitions. Tune in for an episode rich with practical advice and heartwarming stories tailored for anyone considering selling their home.

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.

Speaker 2:

Good morning and welcome to the show. This is Rowena Patton. That's a shocker, isn't it? Well, I'm supposed to be here right. So it's my job on a Saturday morning, my J-O-B except it's not because I love it. Oh, my gosh, we've got some great guests for you today. As usual, we're going to check in with Utah because we have just a wonderful couple over there who have already transitioned into their senior living community and they closed stage one with our senior living CPO offer, got a chunk of money out there in the community. Now we go to work and do all this exciting HGTV stuff. It's not really HGTV stuff, but you know what I mean the HGTV magic. We go in, we paint it all. Kelly's doing all kinds of things over there, which is really cool, and you know. I just I want to talk a little bit about how tough it is to actually sell your house, to actually sell your house. So here's Kelly, Denny, in Utah, talking about the stress of moving into a community or basically moving in general.

Speaker 3:

So with this couple, we're healthy, I can tell you. I watched their stress levels with having to move period, and now their stress is unpacking in their new place, which is the good thing. That's where they want to be. But guess what? They're not worrying about right now. They're not worrying about their house, and if they had to worry about that being sold or, in this case, showings and open houses while they were living in it, it would not work for him. It would have it just wouldn't work. This is so much easier for them that their house is being taken care of and I'll guarantee you they're not thinking too much about it right at this point in time, because they're getting settled into their new place and all they want to do is just relax that's awesome and you know because you program that we're using for this one is the senior living CPO.

Speaker 2:

They're a little bit older in years, so the last thing they want to be doing is having showings and fixing something up and then going through all of that negotiation and the six, eight, you know, three, six to eight weeks, three months, however long it's taking to sell in in whatever market you're in right now. But when you say that's always the case, kelly, don't you want just some? You know people say I wish I had that magic wand that would just transform me to transfer me to my new dream home. You know, ding, and here I am in my new dream home and everything's moved and everything's wonderful. I don't manage. I don't have to manage the stress of selling my home anymore, isn't doesn't everyone feel like that?

Speaker 3:

I would think they would jump all over the opportunity to not have to worry about the showings and everything else. Along with the move, we are absolutely removing aspects that they don't worry about. It just goes to prove the program works and does exactly what it's supposed to. And when we get done with this house, we're in. We'll show that video too and keep updates on it as to when it gets an offer on it. When we're done, that's awesome.

Speaker 2:

And, joey, you're over there in California. What do you think? Don't you think that you know so many people want to use this and you can get your cash offer at cash CPO? Calm, this is not a skee. You know so many people want to use this and you can get your cash offer at cashcpocom. This is not a skeezy. You know we're going to give you 50 60% of your value. You get the majority of your equity upfront. We go in we've got Kelly right now making the home wonderful on the other side and you get another check. Why doesn't everybody sell this way, joey?

Speaker 4:

That's a very good. That's a very good. That's a very good question, roe. Um, I, I believe, after uh working with a lot of sellers, I think it's because of the uniqueness and really seller understanding the process. But the longer and longer we're in on the market and uh getting more success stories, like, uh, like kelly's, uh, you know, consumers are getting more confidence. But I, I I think that the challenge really is sellers understanding our uniqueness yeah, and you've sold thousands of homes since 2017.

Speaker 2:

This is not new. It's thousands every year. At this point, like you are sitting ready to go If you've got a listing out there that you know, maybe it's been sitting a little while. Or if you're thinking about selling, or if you're going into a senior living community, or maybe you're getting a divorce. I hope not, but maybe you're getting a divorce. Maybe you just want to move somewhere else and you want to make a non-contingent offer on something. Don't wait. Go get your offer. Go put it in for approval at cashcpocom.

Speaker 2:

I think, I'm just shit out of luck. Cpo for certified pre-owned cashcpocom, and see what comes back. What have you got to lose? Thank you for that, kelly. You know, gosh, it really can be brutal, and most people aren't going to tell you that because, well, it's pretty obvious why. Right? So if you're a real estate agent, and so you know I get calls all the time, can you come talk to me about selling my house? In fact, I'm getting a lot right now. I'm not sure what's going on, but we're getting a lot of calls to sell. Maybe it's something to do with Helene, we're not really sure, but we are getting a lot of those calls. So if I sat with you which, by the way, I do and say you know what Selling your house can be brutal because, I'm honest, it can be brutal You've got to get the dogs out, you've got to get the kitties out, you've got to get the kids, the spouse, everybody out of the house.

Speaker 2:

Every time it shows and most of us, any successful agents, use a service called showing time so what happens is the agent that wants to show the house, because obviously there are thousands of agents out there. Um, not obviously maybe, but there are thousands of agents out there that are going to show your house. So they they log in and and it's, it's a. It's a scheduling app, basically, and it texts you and it says are you available at 10 am to show your house? And you just type back Y or N for yes or no, or they can call you. If you prefer a phone call, they can call you. If you prefer an email, they can email you. If the house is vacant, it's called a show and go, which means you don't have to look at it at all and it just allows them to show. However, it tracks everybody. It's about as secure as you can get. You have to get licensed and bonded to have the app to be able to get into homes on most of these homes. That's why, by the way, you don't want a combination lock. Don't have a combination lock or don't just rely on your keypad lock. Why? Because you don't know who's going in and you know there is a security issue when you're selling your house. So use a realtor, use that you know, use somebody who's licensed and bonded, and then we put this lockbox on the door. That's electronic and it tracks every single person. It then asks them for feedback as well, it's all automated, which is a very good thing. Automation isn't always a good thing, however, it's a very good thing. Automation isn't always a good thing, however, it's a very good thing.

Speaker 2:

In in this one, because you want to know who's going in your house. The only way they can get in is if they're licensed and bonded and they have the app. If you put a combination here's the thing that worries me about the combination locks. So you're, you're an agent showing the house. You've got two people with you who you know. Maybe there's some little ones running around as well that are going to see the house. What if there is something nefarious going on? Don't you think they can easily see that code that you're punching in? I wouldn't risk that personally. You want a proper lockbox on there. But oh my gosh, that the whole combination of everything going on with the whole process. So now they're going into the house.

Speaker 2:

You've left. If you live in the house, you've left. Most often people do live in the houses. Probably 20 or 30 percent are vacant already A bit less than that maybe and you've got to get everybody out. And then you're out and you're wondering, I wonder if they're finished yet and when you first put your home on the market. Depending on the weather, depending on whether it's a holiday or not, all that kind of thing, you may get one showing after another so you may be out of your house for four hours on the Saturday If you say you know the why, for, yes, I'm available. Now, if you're not available, obviously your listing agent is going to be a bit ticked off with you because you're not showing the house and allowing it to, you know, be seen by somebody that might be buying it.

Speaker 2:

And remember, in many areas in the country, including here we're in Asheville, north Carolina, but all over the country a lot of people are coming in just to see your home. They're flying in, they're training in, they're driving in, they're coming from somewhere else, often another state. Especially, think about this. We have holidays coming up. We've always got holidays coming up, right. So people say, oh, I don't know if I want my home on the market over the holidays. Usually it's a great time to have your home on the market. Why? Because people have family and friends coming in. Those family and friends have been thinking about moving to your area for a while and now they want to see your house. Does that mean to say you have to show your house on Thanksgiving Day, on Veterans Day, on Christmas Day, on whatever? July 4th? Of course not. However, you know they're usually in town the day before, a couple of days before, and usually in town a couple of days after, so it's actually a really great opportunity to sell your home around the holidays. So think about that Now, of course, if you don't want to go through any of that, we have three options for listing your house.

Speaker 2:

One's a conventional listing. That's where you know any agent will tell you lots of givens. We're really great. I mean, we are really great. I've sold over 3 500 homes just saying um, but you know, any agent will tell you we're really great. We negotiate better, we do great photos, we do a lovely drone video. Um, you know we, we have all of these, these programs that we'll do for you. We'll put you on over 300 websites. Those are what I call givens. Any agent would tell you that, wouldn't they? And they're not fibbing. That is exactly what they do. So that's what a conventional listing is. We have what's called. I invented it back in 2007 and helped agents with it around the country. I actually have a best-selling book that is primarily around that program.

Speaker 2:

That is where you have a CPO home, certified pre-owned, you get the inspection. If you just tuned in or you haven't heard me talk about this before it's really worth just looking at this and how it's done a little differently. You get the inspection up front. You get, possibly, the appraisal up front. It's like an insurance policy. So sellers say, well, doesn't the buyer do that? Absolutely. But you've got to look at what happens in a real estate transaction. We haven't gone over this for a while, so it's a good job we're doing it today, I think. So what happens in a regular real estate transaction is everyone's excited when you go under contract. Any great agent is going to get you under contract.

Speaker 2:

Always say it's not an if, it's a when, then everyone goes to sleep that night and the buyers sometimes get up the next day and they might just have a little buyer's remorse oh, did we do the right thing? And then you do the inspection and everyone's on tent hooks. Oh my gosh, what's going to come back? Average inspection 50 plus items come up on it. I know you're saying your house is perfect. Everyone tells me that, or it's well maintained. I believe you. However, the inspectors have got to earn a living at the end of the day, and sometimes they're finding small items. It's their job to find everything, and if you were the buyer, you'd want that too. Although, especially if you haven't bought a house in a while, oh my gosh, it can be really scary. Can you imagine all that stuff coming up on there? That's not fun at all.

Speaker 2:

So then, over a third dropout. I know it's shocking. Why do they drop out? Buyers get scared. They've already got a little buyer's remorse. They're already looking at what's happening in the economy. Is the house too expensive? Oh, I don't know. Our price is going down. What's happening? And now we've got 50 items that are wrong. And you know, I really preferred house B anyway.

Speaker 2:

So when you're a CPO home, when you've spent that extra bit of money to get it right up front, that dropout rate drops dramatically. Dropout rate means you've got a stigmatized home. By the way, everybody calls and goes what's wrong with it. Oh my gosh, what's wrong? Why didn't they want it? There must be something wrong with it. Whereas if you have a certified pre-owned home, that dropout rate drops to 7%, from 32% to 7%. It's a massive insurance policy guys.

Speaker 2:

If you've already got your home listed. Ask your agent to do this for you. If you want some more information on it, you can go to cpoexpertscom cpoexpertscom. It's very straightforward. At the very least, have the inspection. It's well worthwhile. So that's option two. So we've got a conventional listing. We've got a really smart, intelligent listing which is called the conventional CPO. That's where you pay for the inspection, you pay for the appraisal possibly, and possibly offer a home warranty. It cuts the dropout rate down to 7% from 33%. That's a massive insurance policy. And not only that, the buyers are going to ask you for less money because everyone goes in eyes wide open. The buyers know what's wrong with it, right? So you've already said listen, I've taken the home price that we set it at into account when we did the inspection and we know these items that are out there. We're all going in eyes wide open. Please check this inspection before it actually goes under contract. I do that every single time.

Speaker 2:

Very occasionally they drop out. Very seldom, do they drop out? Very, very seldom. Honestly, you'd rather them drop out because you're not under contract yet and therefore it's not out on the internet, you know, and all that ugly stuff isn't out there. You don't want that to happen. You'd rather if they don't want it and they're too scaredy cat and they're just tire kicking. Basically, you want them to drop out now, not later, not in four weeks, not in five weeks. Also, you've kept it off the market essentially all that time. Even if you say it's under contract but go show for a backup, very few people are going to show it because it's already under contract.

Speaker 2:

There's another little tip If you're a buyer, always go and see the ones that are under contract that are not CPO, because guess what, a third of the time they're going to drop out. When you have a backup contract in, you go in first place, right? So definitely think about that. You can put that back. If you find a house you really want, it's already under contract Put that backup contract in. If the first one drops out which it does a third of the time you go into position one, you know you may be working. Most agents have come in in the last few months or the last year. Huge percentage of agents got their real estate license in the last few years and 84% have gone by year five. Over 70% leave in year one. So my point there is you may have an agent that doesn't have that much experience, that doesn't know that. So put that little tip in your back pocket for whenever you're looking at a house again. So yeah, the point is it can be kind of brutal.

Speaker 2:

So you can skip to our third option and we do this all over the country. Guys, we've got agents everywhere that can help you CPOexpertscom. It's been around since 2007. I have a bestselling book on it. So the third option we've gone through a conventional listing. We've gone through a conventional CPO where you pay for the inspection, the appraisal, you go through all the showings as usual. So right now, if I take your listing conventionally, I'm going to bring you a check 67% of the time at Christmas. If I take your listing with a conventional CPO, I'm going to bring you a check at Christmas, 93% of the time.

Speaker 2:

Which one do you prefer? And the second one costs you. It doesn't cost you is the thing. The second one costs you up front $800, $900 if you do the appraisal as well. But here's the thing the average repair request. The average repair request on a conventional listing 3%. If your house is $500,000, that could be $15,000 they're going to ask for in repairs. It's very, very common.

Speaker 2:

Ask any agent. If you actually ask the questions, they'll tell you. They're not going to tell you all the ugly stuff up front because they're going to think you're not going to want to work with them. Many of them, the ones that have a lot of experience, are going to tell you all of this stuff because you need to know that helps you. You're smart enough, you can make the decisions. You don't need us for that, but you do need our experience. You know what has happened before in these scenarios, so always think about that one.

Speaker 2:

You know we had a question this week about what happens with pets. So oh my gosh, if you're, how sad is that? You know I actually got a call as an aside here from my friend. I'm going to give a shout out to Denise, my friend in Fort Lauderdale, florida. She called me this morning. She said I've got something to tell you and in tears she told me she has to put a little doggie, maddie, down. And Maddie's my little doggie, sophie's little girlfriend, and she's only nine years old and she has to go and put her down today. So I'm giving you big hugs, denise. I'm so sorry. We all know how awful that is.

Speaker 2:

So we also had the question this week what happens if you have a pet? You know, mom or dad has a pet. They're already facing this transition into a senior living community. It's usually when someone's fallen, you know, broken their hip or has something going on, maybe some cognitive impairment, maybe some memory loss. And especially as we're here, we are, you know, coming up to a holiday again. The kids are traveling in and they're like mom, dad, you really need to think about this. So what happens if you've got pets? So what happens when a senior couple or person, individual has pets? You, you know they really need to be in a community, but they have pets. They don't have to get rid of their pets, do they?

Speaker 5:

oh heavens, no, no, my. My tip for anyone out there that has a furry friend that they just can't part ways with is to find a community that that accepts your pets and loves them as much as they love you. And there are a lot of them out there. There are a select few that don't accept them and there are limitations. Obviously, if there's a dog that tends to be aggressive towards others, that wouldn't be safe for people in the community. But most of them accept them with a small monthly pet fee and, yeah, they're able to keep them and live with them there.

Speaker 2:

That's awesome. Well, that's good news, isn't it? Thank you. That's Deanna Allen who thank you, deanna, who ran a senior living community for 14 years. She has lots of knowledge on that stuff and she was in a network of senior living managers around the country, so we learned so much from her in that. But no, you can take your pet with you. I was wondering about that myself because how awful would that be. You know it's so stressful thinking about doing that. Anyway, I can tell you that as I've got more involved in this, I've been told by some of the agents around the country one particularly in New Jersey Ash Davis. He's our TEDx speaker. Actually, he's awesome. He's our TEDx speaker. Actually, he's awesome.

Speaker 2:

If you go on and put Ash Davis on at cpoexpertscom, his TED talk will pop up. Just put Ash Davis in. Just put Davis in at the search at the top. His TED talk is actually linked on there so you can see the video. It's very cool. It's definitely worth listening to that one. So he has, and of course, it's because he's in New Jersey as well and you know they're very.

Speaker 2:

You've heard Ash on the on the show before talking about train towns. We learned a lot from him in terms of train towns. So people can't afford to live in New York anymore, so they live in New Jersey at the end of a train stop, you know, and then commute into into work. I thought that was very interesting. But he is also going into senior living communities, as he's a senior living CPO expert up there in New Jersey, and he said, gosh, they're like cruise ships, you know. Some of them have 13, or like exclusive vacation spots. Some of them have 10, 12, 13 different restaurants. You can go to their own cinema. One of them had a bowling alley. My gosh, I want to go and live in that one now, don't you, randy? Yes, I do.

Speaker 2:

And, of course, a lot of these senior living communities too. They're not necessarily because you need assistance, a lot of them, you know. You go in and it's independent living. You start on the first level. It just means that you've got all that mess why you are still independent. You know, maybe you're in your 70s be like, oh gosh, what are we going to do eventually? But you're just tired of dealing with the house. You might have a four bedroom, a five bedroom house and it's just too much to deal with. It's like, oh gosh, I'm right-sizing, as we call downsizing these days. Well, I call it right sizing, because why is it downsizing?

Speaker 2:

I also think you know I have a friend I was chatting this through with I think you get to a certain age I'm not sure what that certain age is where you don't want to deal with all that stuff anymore. I was just talking to my my he's who I call my brother, a very important person in my life, andrew Smith. He's been in my life for over 20 years at this point and we were talking about it yesterday and he said I should do a podcast called my Life in Six Tubs, because I really want to get to the stage where all the stuff that I need, because the truth is, all of us can fit almost all of us can fit the stuff we need into six tubs. One tub's your summer clothes and sandals and things A big tub, you know. The other tub's seasonal clothes. Another one is, I don't know, your personal items. You know all the stuff for the bathroom. So I want you to think about. It's a good exercise I'm going through here.

Speaker 2:

It's kind of fun, I think, is imagine that you are blessed to be able to go away for 12 weeks over the winter to your summer home, right, or your winter home. Let's say you live up north and you go to Florida. You're a snowbird or you come here, for that matter, because you know our winters aren't that cold. But let's say you're going down to Florida and you're packing up the back of the car. Most people have got enough for 12 weeks in the back of their car. Now, if you've got enough for 12 weeks in the back of your car, why isn't that enough? Period, period, exactly? Yeah, right, right, I agree, I agree, and I've started to go through. You know you start realizing that you've bought the same sportswear. I just started really working out in earnest again and you realized you've bought the same sportswear over and over again. Why do you need 20 shirts to work out in, or three pair of sneakers, for that matter.

Speaker 2:

So true, right, so true, and how it is very refreshing and it feels so much better. And I know what it feels like. I'm not a hoarder, but I used to have a lot of stuff. I know what that feeling feels like and it's almost like keeping yourself in chaos, you know. And then there are the medium hoarders. It's like a short term rental and a medium term rental. It's the sort, the sort of media. Oh no, I'm definitely not a hoarder. I just collect angels and I've got 40 of them. Right. There's always something and you know I was.

Speaker 2:

This is going to sound very macabre. I was thinking. The other day I was down in what I call my dirt basement, which is my storage room. It, it's just stuff in there. It's been in there for five years at this point, and although I did bring some of that stuff upstairs and out on my deck the other day, so I am using a little bit of it again, I'm never going to use that stuff again. Nope, you know, most of it's out of style or out of date. Yeah, exactly.

Speaker 2:

And if I passed away tomorrow, what would happen with all that stuff? Are all my friends going to come clamoring and go? I can't wait to get that x.

Speaker 6:

No, it's all going to be trashed the new owner will put a dumpster in the driveway exactly and throw it all away.

Speaker 2:

So if you don't want your stuff put in the dumpster by the new owners of your house and, by the way, whether that's your kids or anything else most of your kids do not want your stuff. We've done lots of shows on this before, haven't we? Randy, yes, we have. They do not want your stuff. Randy and I have suffered through this like moving into new places both of us actually, yeah and we know what it's like to go through all your stuff and the pain of it. But now I'm Don't you think that's a good experiment Like can I live out of six tubs, big tubs? Yeah.

Speaker 2:

Think about like Actually, you can get these collapsible laundry baskets For ten bucks from Sam's Club, and I'm thinking I've got two already. I'm thinking about buying six of those, because they collapse flat With a big piece of elastic around them.

Speaker 6:

I actually I feel like I'm already there. I don't have six big tubs. But if I bought six big tubs I could you know excluding furniture.

Speaker 2:

Yes, of course. I think I'm there. Isn't that? Wonderful. Yes, it is. And isn't it a good feeling. It's really cleansing. Yes, it is.

Speaker 2:

And a lot of us for us ladies, and maybe you guys are the same. I've seen I've definitely seen some guys are the same collect too many clothes. I can see the husbands right now looking over and rolling their eyes at their wives and I can see some of the wives looking over and rolling their eyes at the husbands. Right, am I right? Oh, we want to hear from you if you're doing that right now 828-240-9962. We are live today. If you're listening to the podcast, you can go to cpoexpertscom and put a note in there and we'll read out your question next week on the Real Estate News Radio Show. This is Rowena Patton on the Real Estate News Radio Show. You can see the podcasts at realestatenewsradiocom. That's realestatenewsradiocom. You can get links for everything we're talking about today how to listen to the live show, how to listen to the podcasts. Links for getting your full market value cash offer. Find an agent anywhere in the country that does, a great agent that is not any old agent that does, and their experience. They didn't just start last week. Not that there's anything wrong with that. We've all got to start somewhere. But honestly, when you're selling your house, you probably want an agent that's cut their teeth on working with buyers so they know both sides of how this works for at least a year, and then somebody that can invest in marketing your home and invest in that network and knows how to get it out there. We can't all have a radio show, obviously, but we do get through. How we link all of the wonderful worldwide web things together. We do get a lot of our listings out there and sold very quickly.

Speaker 2:

Just the fact that you're a conventional CPO, certified pre-owned listing, you will sell faster statistically. That's why when you go to buy a car, people prefer a certified pre-owned car. That's where I got the idea from. Cars have been doing it for 30 years 30 years longer than that. Even CarMax Carvana that's their model. You know they put everything right, so you're not buying a lemon. And obviously, if you're going to buy a car at a dealership, would you rather go and buy a car at a dealership that's got a warranty on it or would you rather buy a car off eBay or Facebook Marketplace? Honestly, well, it's an obvious answer, right? You might save a little bit of money, but here's the problem what if something goes wrong? And how do you know what it's really worth? So I can tell you, statistically, way more people prefer to pay 3% to 6% more for the car and buy it from a dealership when it's CPO certified pre-owned. All dealerships have that program. So think about that. If you're buying a car, definitely think about that. If you're buying a car, definitely think about that.

Speaker 2:

If you're listing your home, think how much more valuable that is. When you're selling your home, don't you think buyers will prefer your home? Of course they will. I mean, who wouldn't prefer a home that's had the inspection done? You know what you're walking into.

Speaker 2:

Maybe you feel like you can't afford a brand new home. But guess what? A CPO home and new homes can be CPO too. Maybe you can't afford a brand new home. However, your CPO used home, if you like I love calling them that secondhand home can compete with a new home when it's CPO, it's been inspected, it's been appraised, it's got a warranty on it. You really do compete much more rapidly with a new home. So if your home's been sitting for a while, ask your agent to do that for you. Go to cpoexpertscom to have a look a bit more of a look at that one. So I want to go back over to deanna and kelly. We are, so we're following the progress through. For those of you who didn't listen to, didn't have a chance to hear last week's show or the show before they are working on, we should do a TV show on this, it would be so fun. They're working on a home, the two seniors it's a really sweet couple already transitioned into their, into their senior community uh, senior community, and now we've closed stage one. We're going in and we're doing all the hgtv magic on the home yeah, so here we are with

Speaker 2:

kelly and diana. We're at stage two of their first senior living CPO deal. This is so cool, and Kelly is there doing the work on the house. So this closed, the sellers are out and now we want to improve it to make the most money for the sellers. So what? What is going to be done to this Kelly? What a cute little house.

Speaker 3:

So we're going to repaint the entire house, but okay, we're going to repaint it, repaint it, change some lights out here and there. They have LVP flooring already, which is a benefit. This is the kitchen now.

Speaker 2:

I'm just about finished tearing it out, wow're tearing out the kitchen.

Speaker 3:

Wow, yeah, we're putting in cabinets, gonna put in some quartz countertops to help maximize the value. It's got three bedrooms. It's only one bath. This is okay, but we're gonna change out the bathroom and we'll just put new carpet. Look at the lovely blue paint. And then this is what everybody wants is a really dark gray bedroom. So painting everything will prime it first with that light gray, with a gray primer to get the colors back to neutral when we'll change out the lights and stuff.

Speaker 3:

But little house not too bad, but it all the numbers all work and we're hope, I'm hoping, it can even be improved a little bit. The sellers they were. They were very excited about it and their family was very helpful. It was a it's quite a bit for them to deal with, but the couple were were. They were very happy to get into their place and you can ask Deanna.

Speaker 2:

So yeah, I think you're going to have a testimonial video from them as well. Did you manage to? Get one yet.

Speaker 3:

I haven't. Is Deanna there, Okay?

Speaker 5:

Yeah, we had to reschedule for next week. Give them a little bit more time to settle in. Um, so we'll be going next week to do that?

Speaker 2:

No, do that now. That is awesome. Are you gonna do Sherwin-Williams? Pure white on the walls.

Speaker 3:

P O Y. No, tumble white, who does that?

Speaker 2:

Sherwin-Williams pure white. It's the biggest selling color.

Speaker 3:

It makes it into a gallery okay, well, I have my, I have my preferences other than that brand.

Speaker 4:

So let's not go there.

Speaker 2:

So when it closed, Deanna put this wonderful package together. You don't happen to have it by any chance to you, Deanna, so this? So we're going back a stage now. So stage one closing happened the other day and Deanna got a wonderful gift for them with the logo on the bag and everything else. Do you want to share that, Deanna of?

Speaker 5:

course, yes, and this is from Kelly and I as we worked this deal together. So there's a local company out here called Minky Couture oh, hold on, I put our sticker on there too. Um, and they have these wonderful, plush, divine blankets that if, if you live in Utah, you know who this store, you know all about the store, but we got them matching his and hers blankets. They're like lap blankets that they can use in their new apartment on their comfy recliners that they took with them and, yeah, it's just a little extra personal touch to to say thank you and and welcome them to their new community they also advertise on TV and you can look them up minkykouturecom and I knew about this before Deanna, and who knew that?

Speaker 2:

she knows the owner of this company Like it's very bizarre. However, they donate baby blankets. They're really plush, lovely, skimmy. In fact Deanna's got some. They're really, really yummy blankets and throws and they donate. I think they donate one and every sale for the NICU. Is that right? The little baby version?

Speaker 5:

yeah, every, every, uh little baby that comes that is born in a, in a pre, as a preemie, or is in the NICU, they get one complimentary. She donates them to the hospitals.

Speaker 2:

It's really quite special so we thought wouldn't it be great if we could, um, do something with them? We don't know what that looks like yet for the seniors, because, so, deanna, this is a company, so this is a couple. You see the house right here, that kelly's walking around right now that the work is being done on to improve it and, um, you know the. So the couple are now in in the community, which is wonderful, and it's a couple. So deanna got his and hers blanket for them in that lovely package and she's going to get the testimonial when she goes to meet them. And kelly's already getting the work done on the house so that he can get it listed, get it sold and make them a whole bunch more money. Did I miss anything, deanna? I, I mean, those blankets are amazing, right.

Speaker 5:

They really are. Yes, it's a wonderful additional comfort to share with someone when they're going through this type of transition, which is really difficult anyway. So to be able to give them something cozy and comfy in their new phase of life is something that we are really excited to offer.

Speaker 2:

I love it. Thank you so much, guy. Minky Couture how cool is that? And you have to go and look at their blankets. I had a funny experience actually.

Speaker 2:

So last night I was awake in the middle of the night and I guess I fell asleep to the TV running and I saw an ad for Minky Couture. And then I got on with Deanna first thing in the morning she's in Utah, by the way and she started talking about these bags, these Minky Couture blankets that she was getting for the couple. How cute is that? And I said that is so weird, I'd never heard of them before. And I said I saw an ad for them last night. So much, so weird. I'd never heard of them before. And I said I saw an ad for them last night. So much so I was so interested in in what this was all about. Because the owner of the company you know donates these little mini, uh, minky couture blankets to NICUs all over the country, that's, you know, where little babies are born, and they need the yummy little blankets. How cute is that, um? And I said to her, I mean, I got chills, honestly, because I'd never seen this before. And she said yeah, I know the lady who started that. She's in her hometown, she's in salt lake city. How bizarre is that? Just a strange angel moment. You know of these yummy little blankets, so we're going to see whether they can do something with us, with senior living communities as well, because I'm just thinking about that couple that have already moved in together and you know, you don't always get the opportunity to move in together as a couple into a senior community and I just thinking about them in these yummy, cuddly blankets and they are amazing, though they look really soft and squishy. Deanna's got a couple of them actually.

Speaker 2:

Um, and I'm not not trying to do an ad for Minky Couture. I just thought it was such a great name. They'd make great Christmas presents as well, wouldn't they? Yeah, presents for anything. Really. I want to just say you'll know my birthday's right after Christmas and I want a Minky Couture blanket. I don't know how much these things are. They're probably not as inexpensive as you know getting a cheap one down the road, but your little snuggle blanket, how important is that? And I know you can get them in all different colors and things. So I definitely want to look at those. That was very, very cute, I think.

Speaker 2:

So we had a question about Austin, texas, and you can always put these cpoexpertscom. There's a contact button as well at real estate news radio, real estate news radiocom. So we had a question about austin, texas. So I'm looking downtown austin right now let's see what's going on there. Oh, definitely moving into, uh, price down. They've got a score of 31. I know you don't know what that means, but I've got this great hall in the background where I can look at all of this. So they got very overvalued and that's a very low score. It's one of the lowest I've seen. I know that Texas is one of them.

Speaker 2:

Well, texas, in totality actually, but particularly Austin, is moving down Days on market. Ie, the time it takes to to sell a house has definitely increased and, of course, mortgage rates have gone up. Inventory's still low, um, and we've got a 50 percent. Uh, let me look into that a little bit more. We've got a 50 percent range on price cuts. So we've had six straight, seven straight months now of price cuts. Which is why is that important? It means that agents and home sellers are getting with it in terms of price cuts and if you'd like a full report on your area, I'm always more than happy to do that. Um, you know it's always a fun thing to do. So Austin downtown is actually showing that it's not overvalued at all. Typical home price 705,. That is, 706 rounded. That's incredible.

Speaker 2:

I thought we were looking at a lot of high priced homes. If we go over to the west, in Rollingwood or Westlake Hills, we're definitely looking at some overvaluation there, but it's not by much, oh gosh. Typical home price $1.7 million. This is in Austin, texas, and I always used to say I used to work for a company that had its headquarters in Austin, texas, and I was blessed to get to hang out with Gary Keller on a regular basis, so three times a year at least. I'd be in Austin for 12 or 13 years there, so I've been there a lot. It used to look like Asheville. It's really interesting. Until Austin really grew and about five years ago it was the fastest growing city in the country and I think that led to a lot of this. You know, as an area transitions, you can see that a lot of people move there. There's a lot of high tech there kind of interesting, I think.

Speaker 2:

So I want to go back to Kelly, indiana, and talk for a minute about them out. We wanted to give Kelly a second to get in the actual home. We're at ground zero in that house that they're really turning into a new house over there for our wonderful clients that have already transitioned. But we do this for anyone. You don't have to be going into a senior living community. You could be getting a divorce. I hope not, but you could be. It could be that you're just selling your home and you don't want those showings, you don't want to fix anything up and two thirds of our sellers get more. And here we are at ground zero as we are improving the house and getting it ready to sell. And our guests today are Deanna Allen and also we've got Kelly Denny over in the house that is being renovated right now.

Speaker 2:

We wanted to give you an example to make it real. How does this work with senior living cpocom? What actually happens? So first of all, stage one we go in, we make them full market value cash offer. We've got uh, we've got the CEO of senior living on the call as well. Joey, hey, joey, how you doing today in sunny California.

Speaker 4:

I'm doing good. Well, it's not super shiny here right now. It's a little windy, but yeah, we, I'm excited. We have a real-life example here with Deanna and Kelly.

Speaker 2:

Isn't it great? And what was it like at that first closing, deanna? So, deanna and Kelly, you went off to present to the couple that were going into the community, or were they already in the community?

Speaker 5:

Yes, they had already selected a community and they were just kind of looking for their options, what they could do with their home.

Speaker 2:

Fantastic, okay, and you made the full market value cash offer. Were they already listed or not listed at that time?

Speaker 5:

They were not listed, no, but they did mention that they had gotten plenty of cards in the mail from other those other companies that they just tossed in the trash along the way. So we were excited to explain the program and the offerings that we have for them so they could explore their options.

Speaker 2:

Well, there are cash offer companies you know around that basically are giving 50 or 60 percent and that's not what we're doing. We're doing full market value on there. So how quickly did it? So? You presented to them, they signed on the line. Basically, you brought a buyer without ever listing the house, which is fantastic, and they were in the community, so that gets them some a lot of their money out at friends. So that when? How quickly did it close after they agreed to do that?

Speaker 5:

yeah, absolutely kelly. Would you like to speak to that?

Speaker 3:

yeah, it took about three weeks okay.

Speaker 2:

so 21 days they got cash in hand and so that closed and Deanna got them a wonderful closing gift. I just want you to give a shout out to Minky Couture, because they're available nationwide and they make these wonderful blankets. Tell us a little bit about the company, Deanna, because you know, I know the owner of Minky Couture.

Speaker 5:

Yes, yes, her name is Sandy Hendry. She started the company 30 years ago, I believe, when her daughter was small and in the hospital and didn't really have access to a comfort to keep her, you know, warm and comfortable in the hospital, right? We all know those hospital blankets are very thin and flimsy and not warm at all. So she actually came up with the idea when her hot, when her daughter was in that hospital stay. Since then she has built the company and these blankets, minky, they're the softest, most comforting, plush thing you will ever wrap around yourself.

Speaker 2:

They're absolutely divine and so not just for babies, right, because you've got some too right right.

Speaker 5:

Yeah, we have robes. You have large blankets that fit your king size beds. There's travel size blankets. My dog has one in her little doggy bed, so they're very popular around here.

Speaker 2:

That's awesome, and you got a his and hers, because this is a couple in the community. What a great gift. Yeah, that's so awesome, and I do see Minky Couture advertised on TV, so obviously they do this nationwide. Um so, and so we've got this wonderful gift that's going into them. We'll have a wonderful testimonial video them talking about their their uh, you know that them uh going through this experience and what it was like for them and I I know, kelly, you're in the house right now, so it's closed already. You're going in there to maximize the money that that couple is going to get out, correct?

Speaker 3:

correct. That's exactly right. So what would what I'm trying to do? Um, so I'm on both sides on this. I'm the agent bringing the offer in, but I also happen to be a general contractor in the area and in some of the work I'm going to be doing on this house, we're going to see how much we can do and also save them at the same time. So in the end, they may actually get a little bit more than what we had forecasted, but we do have a. You know, we did set a good budget and we did get that approved by the seller, because they do get to keep their. They have a say in the work that gets done and we just help them to determine what's the best value going to be at the end of it, so that they can compete on the market. They can compete on the market, and then it goes back to. Everything we preach is that we sell it higher and faster and better quality, moving ready, and that's what we aim for and it's a certified pre-owned home, which is a wonderful thing.

Speaker 2:

Everybody on the show has been listening to me talk about that for the last 12 years, so I know you all know what that is. A certified pre-owned home is like a cpo car. It's been out there in the market for a million years. Joey, do you have anything to add to that? So I think, kelly, I just want to mention so. You're redoing the kitchen, you're putting some new carpet on the floors. You gave us a quick tour around of it and if anybody who's listening wants to see a video, we have the video for you of the house. It sort of had some brightly colored walls and you're redoing the kitchen, redoing the bathroom. You're doing quite a lot of working on that home, correct? Did I miss anything?

Speaker 3:

no, no, that, yeah the. The one issue that a lot of people will do is they personalize their homes with their own colors, but that may not be the same color scheme that the next buyer wants to have, so in this case I'm going to bring it back to a neutral. But they can add things too and, considering in this case a little too little details, they have vinyl flooring already in the new lvp and it's a gray base, so I'm going to do a light gray wall so that they can come in and add their own accents to it, because, uh, we just want it neutral enough. They can come in and just be ready to move in and not have to worry about anything. And we've gone through the inspection and the appraisal already, which is part of our program, and we've corrected and identified the issues that a future buyer may have and we take them off the table so they don't have to worry about this house is going to be ready to go.

Speaker 2:

That's awesome. So they get. So they've had their money, the majority of their equity, in three weeks they're in their community. They're about to get these yummy blankets from from Deanna and Kelly. That's fantastic. We've got Kelly working on the house to get it ready and then Kelly will list it and it will get sold a lot faster because it's certified pre-owned home, which all of you listening you know. You've heard me talk about it for a very long time, joey, as the CEO of Senior Living CPO Experts, what do you have to add to this real life example of what's going on with this home?

Speaker 4:

Absolutely so. As you can see, ro, this is a real life example. We're working with Kelly. He's going to be doing the renovations and you've heard him say that we let the seller make a decision and approve whatever we suggest. So it's more of a collaboration. Really. Most of the iBuyers nowadays they just keep all the proceeds here. It's really working together. It actually reminds me of I think it's an African proverb. It says if you want to walk fast, walk alone. If you want to walk far, walk together. So it simply means that if you need to achieve something quickly, do it on your own, but if you want to achieve something long lasting or significant, it's better to collaborate with others. It's better to collaborate with others.

Speaker 2:

I love that. Deanna's nodding as well. Oh my gosh, I love that, joey. How true is that? Because you know it's interesting with CPOs.

Speaker 2:

So one of the things I love about it regardless of whether it's for Seenie Living or not is that most often in a real estate transaction, somebody purchases a house, you get an inspection report. It has over 50 items on it. Everybody gets upset. It's kind of like you get an inspection report, it has over 50 items on it, everybody gets upset. It's kind of like you know waiting for the election and then after the election, everybody's upset and you know, my house is great, it's perfect. I've lived with this for 40 years. I don't care, the windows are foggy. And the buyers on the other side like, well, you know, no, we want money off for this, and the average is three to five percent of the sales price. So if you're buying a house at five hundred thousand dollars, that's going to be at least fifteen thousand dollars that they ask for on a repair request, because we've moved more towards the buyer's market. Now fifteen thousand dollars, which means that, um, you know you don't have to worry about that anymore, which is wonderful, right? So how cool is that? So, um, often buyers get that money off the sales price and then they don't renovate anything. They basically kick the can down the road.

Speaker 2:

What we're doing is we're taking a house and we're putting back to where it should be in today's market. So all of these houses, we're going to at least do a deep clean it could be that minor or we're going to do a paint job, making it much more neutral, so you can come in and add your own colors if you want to. Let's face it, most of us won't end up doing that. It might be that you've got, you know, 20, 30 year old cabinets. We may just be painting them. If there isn't the money in there to do that, we may just be painting them, putting new hardware on Kelly's doing the whole thing there in Utah and putting new quartz countertops on, and so the levels of what we do are different.

Speaker 2:

But basically what we're doing is we're really putting a house back to where it should be instead of kicking the can down the road. Because guess what happens? I'm at 3,500 transactions. Those buyers buy the homes and then, oh my gosh, the buyers buy the homes and then they come to sell them with me five years later, seven years later, 17 years later, all that stuff wasn't done. So now we've got to start all over again. So in this process, everything's put right. Thank you so much, guys. That was awesome. Anything to add? Joey, before we stop, we hop off the phone today and let you go about your Saturday.

Speaker 4:

Sure, so well as you can see, we're helping the seniors in their transition from selling their house and transitioning to the senior living facility and we want to make sure that it's seamless for them and we want to make sure that can get the most uh proceeds from the sale of their home yeah, that's wonderful.

Speaker 2:

Thank you so much, kelly. Thank you so much, deanna. Thank you so much, joey. That was awesome. We'll see you on the radio soon. What a lovely way to finish up my gosh. Thank you, joey.

Speaker 2:

So I want to finish up today with some good news for buyers and not so great news for sellers. However, it is an indicator that if you do want to sell and you don't want to wait it out for the next 10 years, you want to do it now. So these percentages are based. It's an estimate of how over or undervalued current home values are relative to fundamentals, local medium incomes, that kind of thing and this is the highest I've seen it in the Western North Carolina area. So great news for buyers, not so great news for sellers. However, if you want to sell, we're still in that window where there's not too much inventory, so this is the highest number I've seen so far.

Speaker 2:

So 28803, that's the Biltmore Forest area. It's looking at overvaluation of 25.7%. So nearly 26% Downtown Asheville. 22.6% West Asheville. 28806, 32%. Does that mean, say, values are going to drop? 32% right now? Of course not. It's an indicator of long-term average. However, last time around we did go down about 30%. It's normal guys, 7 to 11 years. Clément Jugla, French economist, back in 1860, set up this cycle and it holds true every single time. So what does this mean? If you're a buyer, you might want to wait for a while. If you are a seller, get out now, before we see these drops. Weaverville even higher 36.4 percent. Fairview, because prices didn't get so crazy. 17.8 percent, so we're not looking at the overvaluation there. And here's another one 28704. That's the Royal Pines South area. 30.6%. Guys, I can help you with all of these and help you understand what it means as well Anytime. Realestatenewsradiocom realestatenewsradiocom for all the links to listen. We'd love to help you out there. Oh, Black Mountain, I missed. 20.3%. See you on the radio next week, guys. Thank you so much for listening.

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. We're Western North Carolina, strong from the Apple Tree Automotive Superstore Studios. This is News Radio 570. Wwnc Asheville and iHeart Radio Station.

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