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From the Wild West to Stability: Why 2024 is Different from 2008
23 Plays2 months ago
In this episode, we talk about the key differences between today's housing market and the infamous 2008 crash. From stricter lending standards to soaring equity and appreciation, our special guest Ayaz Rahemanji from First Home Mortgage breaks down why a market collapse is unlikely this time around. We also explore smart strategies for navigating high mortgage rates, refinancing tips, and why buying now might be a better decision than waiting.
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Transcript
Changes in Mortgage Accessibility
00:00:10
Speaker
In 2007 and eight, the biggest difference was people did not qualify for mortgages. There was no dock launch. You didn't have to pay a down payment. It was a lot of West of what we call it. short um Today, it's hard to get a mortgage right now. You have to be a very qualified buyer. In addition, when you're buying a home, like you know a lot of these contracts that Matt writes and other reels, you're going over this price. You're offering cash for these appraisal gaps.
00:00:34
Speaker
you're You're very well qualified to buy a home, not only on paper, but also asset wise. These homes are not going to foreclosed. They're not going on a short sale. People aren't letting them go.
Misconceptions of a Housing Market Crash
00:00:44
Speaker
And they've also appreciated so much since they are purchased that even if when they when they sell, there's equity in them. So that's the biggest difference today than 2008 and eight nine. And I think um people need more education on that to know that if you' there's no waiting for this crash, that's there's not that's not crash's not going to be there.
00:01:00
Speaker
Yeah, and so the issue is is there's so much information and so many news outlets that that what you just said is not sexy in the sense that it's not going to get us 50,000 clicks when I publish that. You know, it's like stability is here. um That doesn't help sell ads or clicks.
Financial Advice for Home Buyers
00:01:21
Speaker
And the reality is it's like if You know, it's just like us coaching a client through this. I wish I could tell you in six months the the prices are going down and rates will be cut by two percent and it's going to be so affordable. It's the best time in two months or six months or a year. That's unlikely to happen based on everything you just said. And the reality is
00:01:42
Speaker
If it makes sense to buy now and you can afford to buy now at 7.5% interest, you should be purchasing if you need to. And you can always refinance in a year or two years whenever rates do come down. And I always say if we're totally off base and everyone's wrong and the rates go to 10%, you look really, really smart. You know, that 7.5 sounds really good if rates are 10.
00:02:05
Speaker
Yeah, and a a couple other things with that is, okay, so like today, an average money market account is between four, four and a half percent. CDs are five, five and a half percent. So if you're paying a mortgage rate of a seven and a half and you're making five percent of your money, the the difference is two and a half percent. That's not
Impact of Rates and Costs on Buying Decisions
00:02:21
Speaker
bad. um And people got to look at things that way too. Like in 2021, you're making zero percent of your money.
00:02:28
Speaker
So when you look at the bigger picture, um it's not just just all about the rate. um The biggest difference is home values are a lot higher than they were a couple of years ago. So people are you know they're looking at, hey, I'm paying more for this house. um The rate's higher. It's costing me more. Gas is more. Eggs are more. Milk's more. So look at the total picture, and that is crushing a lot of people from buying homes.
00:02:48
Speaker
But yeah, if you can afford today to buy a home, I would highly suggest it. um There's a meme I saw him online the other day that was like, there's one person running at a 700% rate, and there's three to seven, and there's five to six, and there's 20 to five. And that's reality. When rates are 5%, which they, you know, looking at cycles, they always go up and down, ah the market will be absolutely nuts. So probably nuts at 6% right now.
00:03:09
Speaker
And Maryland is seasonal to an extent. um You know, it is generally a little slower and, you know, after the holidays, you know, January, February, whatever. And then March really picks up a little lag in the summer. Then, you know, fall is pretty good. um That will happen. But when interest rates drive it more than seasonality, as we saw in 2020 and 2021, even and in 2022.
00:03:29
Speaker
um So, yeah, if you could afford it and it makes sense, there's no no reason not to try it. And, you know, at some point you can refinance and um people think it costs a fortune to refinance it. It doesn't. If you stick with the same lender, generally speaking, you know, we're talking a couple thousand bucks. Let's call it two, three, four, five thousand bucks, which is usually about a mortgage payment, maybe a mortgage payment and a half.
00:03:50
Speaker
And you don't have to pay it out of pocket. You can just roll into the loan. So um when you buy a home, of course, there is more closing costs, but they're you know they're within a reason now.
Educating Buyers on Market Realities
00:03:58
Speaker
um So my suggestion is don't be scared of refinancing. you know A lot of people think it's this big, scary, bad thing. It's not. It's very normal. um And to refinance a couple times, that's OK, too. Because some people say you're at a seven and a half today, and rates are six and a half and six months. It's OK to take that and then refinance again to five and a half and a year and a half. Because you think about the amount of times you like Why say to seven and a half till rates drop till five and a half? The amount of extra money you're paying, you're really throwing away. So um that concept, it's like it's hard for people to get over which education was better in that regard. No one has. And that that's a question I have written for you is about education of the folks that we serve that don't have any basis of understanding of what we're describing. And we're speaking in generalities, but
00:04:44
Speaker
Everybody's situation is different. So when I'm helping a first time home buyer in the first you know entry level purchase price, the affordability is key. They're not thinking about their money market accounts or their CD rates. They don't have the savings for all this. you know It's just like I need to be able to afford a payment. yep And they say, well, I'm paying 2000 in rent.
00:05:03
Speaker
So what do they say? I want to keep my payment to $2,000, right? That's like the first thing they say. Absolutely. And I want to own the home, but I want to pay and the same or less than I currently pay in rent. That's what I, it's all about the dollars cashflow. Can I afford it? And then if you're dealing with someone who's a 40 note, there's second or third house and it's a move up house, a million dollar house, very different conversation. Yep.
00:05:24
Speaker
And typically it comes back to their education and their experience level. And so I encourage people, if you're listening to this and you've stuck this far through, you're probably someone that's gonna be more educated and understand what's appropriate and not appropriate given the market and not be swayed by people that are screaming fire, fire, fire, and you're running around crazy. I have some of the same clients that have been looking for two or three years with me that could have bought at 3% when prices were 20% less.
00:05:53
Speaker
And they're still looking because they wanted either perfection or that was too scary then. Do you remember how scary it was for some people when rates were low because they also thought the sky was falling then? Oh, yeah. Yeah. It's says it's all perception in that regards. And, yeah, it's harder for people to swallow the pill now because, yeah, when they when i look an SMS had them two years ago, they're like, oh, my God, this is terrible.
00:06:14
Speaker
But everything's more expensive, so it's it's all relative. and like Also, the first-time home buyer thinks they need 20% to put down because their parents sold them that. 30 years ago, you had to have that. Honestly, on a normal loan these days, 3% to 5% is pretty normal. And they're already depending on you know your income level and where you're buying. um There are incentives for first-time home buyers that can save them a portion or sometimes all of their down payment.
00:06:38
Speaker
And a great example, we closed on Friday with someone together with a buyer and they put $500 out of pocket. This was a roughly $300,000 starter home. They put $500 deposit down and they had a refund of like $300. So yeah, basically got basically got in the house for free minus their home inspection.
00:06:59
Speaker
Yeah, they they paid a couple hundred dollars to buy a three hundred thousand dollar house out of pocket because of the the grants you were able to find them and everything else. We were able to get seller help. It's called from the seller where they contribute a couple thousand dollars, a couple percent back to the buyer.
00:07:15
Speaker
So there are still opportunities out there for people. And I always say it because I take it with a grain of salt. You're listening to a salesperson and a mortgage salesperson. So I always recognize who we are and what we are. But sometimes salespeople aren't exactly selling you. They're telling you the truth. And with an asset.
00:07:33
Speaker
Which is a home um sometimes you have to listen occasionally and recognize when advice is good and and I know you own real estate. I own real estate and and buying real estate long term is a great decision. I can't because you know anyone that can say that that's not an accurate statement now. I mean that. That's very accurate whether you live in it, whether it's investment property, second home, whatnot. um Anyone who bought a home even in the last year is cheering right now because what they could sell for today is significantly higher than any any other investment they have. um And again, the rates of the rates will go up and down over time. and
00:08:08
Speaker
When things are when the rates are in the five percent people won't carry more in the market will be will be nuts again on the other variable factors. COVID happened which made the ability to work remotely that's something we've never seen ever in the housing market and that you know hasn't won't change at this point and that makes people not have to live where they
Investment Opportunities and Market Stability
00:08:28
Speaker
were.
00:08:28
Speaker
um A lot of people are moving to suburbs. They're moving different communities. They're not just, you know, staying in a condo in the city, um which is really gonna, you know, that changes inventory forever. um And, the you know, with the baby boomers happening too, now it's like 2022, three, four, five is when there's the most people we've ever seen by home. So when you combine that with the COVID effect of the work for where you want to work, the the combination is is making the inventory tough.
00:08:55
Speaker
And then the move up buyers want to move because the rates are 3%. So um that that's really the solution. you You physically can't build homes fast enough. There's not a home where people want to live um to change the inventory status. So the rates will change. Inventory is not going to change tomorrow regardless of what happens.
00:09:12
Speaker
Yeah, it's not going to change quickly. Rates will drive inventory change, which is what you've already stated. And so the the sound bite, if you will, is that the status quo of rates in the sevens, for example, probably at least six months or longer.
00:09:28
Speaker
Very likely. It's very likely. And so rates eventually will come down. So on the investment side, and I have investors that buy homes and they rent them out, I tell them if the numbers make sense and it still cash flows at this interest rate level and you have a fixed rate, your worst case scenario is built in, right? Worst case. Are rents going to go down dramatically next year or any other time?
00:09:50
Speaker
Probably not so you're pretty safe in that regard and so when you do get an opportunity to refinance your cash flow will go back and You've locked in a price for today because I don't anticipate prices either That's the extra thing that people don't know prices are not likely to go dramatically down if you want to believe everything that we've been reading um It's just not likely to see prices crash 30% and it's funny I see things online that state 40% reduction in pricing goes coming next week and You know, crashes are coming around the corner and I'm just I'm so reluctant. Like when you click on it, you just help someone get money. So that's does that make sense? Like youre you that if it wasn't outlandish, it wouldn't result in the outcome in which they want because I don't know any expert that agrees with them personally. Yeah, correct. And again, it goes back to what we're talking about that people that bought homes can actually afford the homes and there's equity in homes um is the why that the crashes non-existent foreclosures aren't there. there's Those components were, again, years and years ago when you could when it was easy to get a mortgage, now it's more difficult. so
00:10:55
Speaker
um People are waiting for it, so I don't know why. I mean, again, there's no economist, there's no realtor, there's no anybody who would tell you that the crash is inevitable because it's not. If anything, it's the complete opposite, as we were saying. And like you're saying about investment properties, investors don't care what the rate is on the mortgage. They care what the cash flow is versus the rent. That's it.
00:11:15
Speaker
and I pay 20% if I get cash flow the right number. Yeah, because it's all on investment. Again, when you're doing a private residency, it's a little different. Of course, you're living there, it's whatnot. um But also with the tax deductions, I mean, interest under $750,000 at home is completely tax deductible. So it's like, why not why not take advantage of that? So even if you're right if your rent is the same or say it's a little bit higher, right? Let's say your your your rent's 2,000, your mortgage is 2,500.
00:11:41
Speaker
It's kind of the same thing at the end of the day when you take the tax deductions, and then on top of that, the equity that you're going to get in the home. It's it's good to talk to ah a lender who can educate you on those things, who can show you what's called an amortization schedule that'll show you if you stay in this home for five years, what it's going to be worth, and then that can help you predict, you know,
00:12:00
Speaker
Based on assumptions what the home will be worth in five years at a you know study appreciation Those numbers are crazy if you look at the combination of what you're paying down the home the amount of interest You're writing off plus the appreciation. I mean It's there's no other investment that you could add three different variables together and it makes sense plus you live in there Yeah, I mean, you have to live somewhere, but i I always go and try to think of all the negatives what because that's what a lot of people focus on. And so, I mean, most of this conversation, if you can't tell folks, it's because this is the literally our daily lives. These are the questions we get asked. It's every day.
00:12:35
Speaker
all day. It is really like ah doomsday almost oftentimes when you talk to somebody how scared and nervous people are about making decisions in this market and um I think part of our job is to help guide people through it in a way that makes sense where you're not you know telling people there's no risk and everything's perfect and but also being realistic with what makes sense for them financially and for their family. And what doesn't make sense, let's just just talk about someone who's renting. If you're renting, and I can tell you what I can get, I charge for a townhouse around here, $2,500 for a pretty nice, decent standard townhouse around here. And that's a pretty modest townhouse. That's nothing fancy. You can get a mortgage for that, right? And so it it doesn't make sense when they're extending multiple years into these leases because it's a quote unquote bad time.
00:13:25
Speaker
I encourage them to get pre-approved, see what they could afford, and make a decision as opposed to closing your ears saying, I heard on the news it's bad, and that's it. I'm just going to put my head down and pay these crazy rents.
Guidance on Mortgage Readiness
00:13:37
Speaker
um Yeah, in a couple things too, the news is always weeks and weeks behind. So what you do see on the news, it's usually if if they say rates are going up, they might have gone down already, who knows, it could be a various different ah amounts of things. But when it comes to the rental side of it, yeah, there are people who see in these, you know, these just keep renewing, keep renewing, keep renewing because they just think it's a bad time. But, um you know, my advice would be talk to talk to us, let us run through it now. We don't always tell everyone they can get a mortgage either. So it's, you know, there are plenty of turn downs.
00:14:04
Speaker
Plenty of people. yeah they're unfortunately Unfortunately, there's plenty of times where A, we can't do the loan, or there are also times when we just look at the numbers and say, look, you can afford this today, but like yeah there are times when we say, I would recommend you wait six or nine or 12 months, save X amount of dollars, and get your payment where you want to. so we're not And they were salespeople, but we're not just telling everyone, hey, like like look come on, let's buy a house today. There are plenty of times when we either unfortunately have to turn someone down and say, you have to wait,
00:14:31
Speaker
or we recommend you wait and say this, you know, unfortunately, based on what your current circumstances are, I personally would wait until you have more money saved, more income, you know, maybe, at you know, a lot of times so they have younger children, they might be getting up to take care, because obviously we know that's a big expense. So there's lots of variables out there. um And again, is it if you if you can afford to buy and it makes sense, definitely do it. But again, we're going to do our best to give you the right advice, um whether it's by today or in a couple of months. um You know, we'll always do what we can to make sure that, you know, you're probably educated.
00:15:01
Speaker
so I think I beat that horse as hard as we can beat that
Benefits of Local Lenders
00:15:04
Speaker
horse. I'm going to go on to the next question here. um and so One of the things I get questions for, it all right so i when I try to prepare for what I want to discuss with you, is help to address directly some questions that I have to answer, quite frankly, on lenders behalf.
00:15:20
Speaker
So a common question I have, we have not prepared for this. So this is you on the cuff actually having to answer these, by the way, this is intentionally done. um So I want you to directly explain differences from your point of view, right? Because you've worked for the what I call the big box lenders, right? So these are the big, big boys, like the Rocket Mortgage, the Wells Fargo, or you know, the big guys that are national, that have offices everywhere and um I want you to explain how is that different in your mind versus a regional mortgage company or a local company more similar to what you do.
00:15:54
Speaker
Um, the easiest answer would be red tape, you know, these big institutions. And I worked at one of them. It's there in the mortgage business because it's part of their, one of their arms of, you know, whether it be investment investments, insurance, banking, et cetera. What I work now is first time mortgage. It's just a mortgage company. We breathe mortgages. We live by mortgages. Um, again, like a Wells Fargo.
00:16:17
Speaker
There's a lot of red tape there. They have their own, what's called overlays. So um a normal loan, let's call it the debt to income ratio, go to 50%. They may say they're comfortable with 43% or 40%. So not only they're going to limit you to what you actually can afford or qualify for, um there's generally a lot of You know up middle upper etc management so that yeah you may not get the best price per se in third They're not nimble every situation is a little different You might have made a little more Commission last year and made a little out of this year You might have made more over time last year and more this year things changed unfortunately no one
00:16:52
Speaker
It's not everyone's WT where they make the exact same out, so um the ability that we can call an underwriter and and explain them a situation and get a yes or no answer, that to me is the most important thing above all else that we could talk about in mortgages. um Be able to give someone a stern answer up front, yes we do and you can't, um is the absolute biggest factor of going with a local under versus a big bank.
00:17:15
Speaker
And I think that's an answer coming from someone that's in your position, right, in the lending world. And I can tell you from a real estate agent's perspective, it's a slightly different answer, but similar. I i feel that when I have to call a 1-800 number that's closed at 5 p.m. and doesn't hardly answer or respond on a weekend, and I don't know who their underwriters are, I have no one to talk to. My staff doesn't know who to call.
00:17:42
Speaker
It is a disaster. And when, ah like the the easiest way to describe it is when everything works perfectly and everything is ideal and there's no issues, it's less of a noticeable difference than when you have hiccups. sure And when there is any issues at all in that file, which by the way, we can't predict issues, sometimes they pop up, right? Or it looks squeaky clean until you get down to the third level of an under, you know what I mean? And so anything can happen. And then you go, oh crap.
00:18:09
Speaker
That is where I see the difference. And when I advocate for people to not simply look at the rate, but to look at the rate in addition to the rest, it's because of the issues that happen. And my favorite thing about my folks that I like to recommend is that you take care of problems before I know about them.
00:18:29
Speaker
and you like to tell me after the loan closes of all the issues that happen and I never heard about it. Or there was an issue and the client never heard because you managed for a week straight to knock on all the doors. You've called the president of the company. You've done all kinds of crazy things to get things through.
00:18:45
Speaker
Yeah, i'm on if I'm calling you with an issue, that means it's the absolute, like there's nothing else we can do. I need your help. ah But yeah, nine times out of 10, we'll fix them up front. We do a lot of due diligence up front too. um The other biggest thing between a rocket mortgage and us is we want your pay subject W-2s, your tax returns, your bank statements. We all make it mandatory before I give you a proof of approval letter.
00:19:06
Speaker
Rock a mortgage, you know, they're big things push button get mortgage. That's not reality Yeah, um well, they don't look at the things that we look at and as a real estate agent um When they see for some mortgage on the list that they're like, okay, we we know a is personally we know the company we know they vetted this they vetted this client to make sure they are eligible and Versus when they see these random banks on there that are from another state They're like they don't feel comfortable and that's a big deal when you're trying to get an offer accepted versus five ten twenty other people um You're not going to win with one of those lenders. So um I think that makes us stand out I think and i much I want to reiterate what you just said because you have to understand how real that is That comment if you're coming from another state if I okay I live in Maryland if I was gonna buy in Texas tomorrow
00:19:51
Speaker
And I called an agent. First off, you find a good real estate agent that you trust, right? You interview, you make sure they feel you feel that you're in good hands. If they said I have a go-to lending professional that's local,
00:20:02
Speaker
Even though i I have other people, I'm going to say, okay, I trust you, right? I'm going to get pre-approved with your guy or girl, right? Because I want, when you present my offer to have some credibility in the local market, so they know your lender, right? Because everyone around here knows you and knows your bank and that adds value. If there's five offers,
00:20:23
Speaker
they're If they're very similar, they're gonna take the sure thing. My job as a listing agent is to mitigate risk. and On top of get the best value and the best terms, right? So if there's similarities, how do I differentiate? It's going to sometimes come down to, ah do I trust these other factors? And you better believe as a listing agent, I care about who you get your loan from, or if you claim it's cash, you better believe I'm verifying cash. I'm just trying to eliminate issues because my client loves me until they don't love me.
00:20:52
Speaker
And they will not love you if I screw up the deal because I didn't do my job and vet you know the buyer side. So I just wanted to reiterate how valuable that is. And it's not a sales pitch. This is reality. That's that's part of a listing agent's job.
00:21:07
Speaker
And the other part about me being local, us being local, is we care about not only Matt and his client, we care about the listing side. we We know that realtor of person. We don't want them to turn away a pre-approval later. If someone's in Rocket Morgan and in Michigan, they don't you know who Matt is. They don't need an expert. They don't care. They don't they might not ever do another loan to Maryland. So to them, it's irrelevant. It's literally just that deal closing. They don't know the client. They're never going to meet the client.
00:21:32
Speaker
For us, it's this deal, the client's next deal, Matt's next deal, listening to his next deal. like For us, it's a reputational risk and that to you know is the most important to lenders, having the best reputation if we close everything on time the right way and that you can't you can't buy that. You can't get that overnight. We've been in business for 31 years
Importance of Pre-Approval and Ethical Practices
00:21:50
Speaker
and we've had that. We don't ever want to lose that, which is why we't won't pre we won't tell someone they're pre-approved until they're actually pre-approved.
00:21:56
Speaker
And that's the next question I have for you. So if I'm listening to this and I want to start the process, right? I want to get a house. Even if I bought a house before, it could have been years ago. What do you need for me typically? How painful is it as a buyer to get this process started? What should I expect to have to give you? How long does it take? So give me the basics.
00:22:17
Speaker
Sure. um It's definitely different whether you bought a house a year ago or five years ago, especially if you bought a house 10 years ago. Yes, we are getting to do a lot of your stuff. Let's get that out of the way up front. It's not it's not a, hey, call me and five minutes later I'll tell you pre-approved. We do need to pull credit report. We do have options for a soft pull, which is not a hard pull. But again, if you have good credit, hard pull is not going to do anything. Can I just tell you my credit?
00:22:39
Speaker
You cannot just tell us the credit, everyone tries that, which is great. and We love when people tell me they have 800 credit because we know it's probably pretty good. um But we do need to report, and the reason we need a credit report is because we need to actually run year alone through underwriting ahead of time. What does underwriting mean?
00:22:54
Speaker
So there's an automated underwriting system that Fannie Mae and Freddie Mac have ever heard of. We actually run your credentials, we put your income, your assets, your credit, everything about you into a loan file and we run that through a decision engine which gives us an approval or an ineligible non-approval. And you do that up front? Up front on every single loan and every time you give me a different property with a different price and different down payment, we rerun it again. Are you pulling my credit every single time you do that? We are not. We are pulling your credit one time.
00:23:25
Speaker
Got it, and am I dropping 100 points when you pull my credit? You're dropping at most two to five points, if that. Gotcha. So credit drops, if you if you go to the mall, you open up five credit cards, the credit companies are gonna look at like, what's going on? Why does this person need five credit cards? That's the problem, your credit score will drop. It'll drop if you have utilization, like high credit card balances versus what the ah what you can actually take out on them, your missing payments, those kind of things.
00:23:52
Speaker
um And when you get pre-approved, we need your pay stubs, we need your W-2s. If you're a commission, and we need we need your tax returns. um If you own a business, we need everything you have, and we need to talk to your accountant, and we have to vet you. But the good part is once we do that upfront, we take the painful part out of the way, and then Mac can go show you a house and make it happen.
00:24:11
Speaker
But and I'm acting as a buyer here. This is what we hear. But I'm looking right now, right? I don't want to buy for a few months, maybe six months. Like, why am I doing this? I just don't show me I want six hundred thousand dollar homes, Matt. Do it. Absolutely. But you never know when you're going to find the right one. You also know if you can afford it or if you're comfortable with it.
00:24:30
Speaker
So, the reason that Matt will direct you to us first is so you can say, okay, and I can tell you we need this much down, ah here's your payment, here's what it looks like. um we don't The last thing I want you to do is to go find your $600,000 home, and then A, you can't afford it, or the payment's way out of your comfort zone, and then Matt's showing you $400,000 home. So, you want me pre-approved so you don't waste your time, or my or Matt's time, right? Or anybody's time, yeah.
00:24:54
Speaker
Yes, everybody everybody involved. And we also want to make sure your expectations are realistic. um that we We owe that to the sellers too. and when When Matt's calling a listing agent and sending an appointment, he's saying that this buyer is proof he can buy your home today. If you were a seller, wouldn't you want the same respect? I would. It's actually code of ethics. I'm only supposed to bring potential buyers through that are ready and able and willing to potentially buy.
00:25:18
Speaker
Which I think is fair. It's technically code of ethics. So if I'm bringing my cousin who doesn't, you know, have any credit and it's not approved, I am violating my code of ethics because you're inconveniencing everyone. I'm opening up the door. It's, you're not supposed to be doing that. That's what an open house is for. Go to your nosy neighbor's. Correct. But I was kind of joking. So when they say your ways don't, you're protecting your own time, Matt or AS, right? That's why you want me pre-approved.
00:25:41
Speaker
there isn't There is a modicum of truth to that statement, sure. However, I also wanna protect my relationship with you as a buyer and a potential client. Absolutely. And that is real because there is nothing more depressing and horrible than you telling me a price point. We've spent three months looking at homes in that price category. Finally, you find the home and you get pre-approved to realize that's $1,000 more a month than I'd ever wanna spend.
00:26:08
Speaker
Now, if I readjust it and look $100,000 less, do you think those homes look the same as the other home? Not at all. Now, do you think we could find the best home in that price category and you might still be less than enthused?
00:26:21
Speaker
Like, are you thrilled with me? Am I a professional in your eyes at that point after spending that time, energy, effort, not at all sending the homes you like to your friends, family and colleagues? Like it's a miserable experience and it's like ah it's part of our job, right? So if you're listening to this and you understand the energy, it's because it's the same conversation day in and day out to try to protect your interest and say, the first thing we need to do is figure out the money side.