Maryland, Southern PA & WV Real Estate BlogRecently posted or modified blog posts by tag - Weekly Podcasthttps://www.dayhometeam.com/blog/Copyright DayHomeTeam.com2024-03-22T06:15:51-07:00tag:dayhometeam.com,2012-09-20:19667Podcast 3/22/24🏠📉 Dreaming of a New Home? Let's Talk Mortgage Rates! 📉🏠
If high mortgage rates have put your home buying plans on hold, you're not alone. But there's good news on the horizon! Tune in to our latest podcast, where we discuss how shifting mortgage rates could impact your move. 🎙️📈
Bright MLS data reveals that high mortgage rates have been the top reason for delaying home buying plans. But according to David Childers, CEO at Keeping Current Matters, the tide is turning:<br />"Three quarters of buyers said 'we're out' due to mortgage rates. Here's what I know going forward. That will change in 2024."
As mortgage rates continue to drop and experts predict rates below 6% by the end of 2024, there's renewed hope for buyers. 🌟 So, what rate are you waiting for to make your move? Whether it's 6.5%, 6.25%, or below 6%, we're here to help you stay informed and ready to act! 💡
And now, presenting our #HouseoftheWeek:
🏡 81 Trevanion Rd, Taneytown, MD 21787
Featuring:<br />🛏️ 3 bedrooms<br />🔑 Fully finished basement<br />🌳 0.29 acres with a partially fenced yard<br />🚗 Oversized 2-car garage and additional driveway parking<br />🏡 Deck for outdoor enjoyment<br />🍽️ Updated kitchen with soft-close drawers and doors<br />🛁 Luxurious soaking tub in the primary bedroom<br />🌟 Don't miss out on this charming home! Join us at the open house to see it for yourself:
Ready to make your move? Let's connect and turn your homeownership dreams into reality! 🗝️✨ #RealEstate #MortgageRates #Homebuying
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast to keep you up to date weekly on all the trends in the industry. Jay, mortgage rates today?
Jay Day:<br />
Mortgage rates. Mortgage rates. I feel like that's all we're hearing these days. Yeah, they're higher than, they're higher, than they've been a
Tom Whalen:<br />
While.
Jay Day:<br />
Yes. Now they're still not at the peak of where we were most recently, but we're hovering at a number that people are struggling with and inflation numbers keep coming out and the numbers are not looking good. I heard that someone actually mentioned recently on, I can't remember what news channel it was, but that may even consider, the Fed may even consider bumping rates up, not down, and that could be create some serious volatility.
Tom Whalen:<br />
Well, it sounds like bumping it up, they're trying to solve a problem. What kind of problem would it solve?
Jay Day:<br />
So the reason how the inflation works is people are spending too much money. So the goal is they make the rates high enough that it stops people spending. So it slows down the demand, which then will make the prices supposedly come down.
Tom Whalen:<br />
Do we have smart people or idiots in charge of this? It's okay. It's just our podcast. It's our podcast. They're not going to come get us.
Jay Day:<br />
No, but my wife will kill me.
Tom Whalen:<br />
It's okay. No, we'll move along forget that question.
Jay Day:<br />
You can read between the lines on that one.
Tom Whalen:<br />
That's not a real estate question. That's a personal question. Go ahead.
Jay Day:<br />
So one of the things that I saw recently were the top three reasons why buyer's policy decision, and this came from Bright MLS, and here's what it was. I mean, you'd probably would guess mortgage rates is number one at 72.1%. So of the buyers that were out there that decided they were going to hold and not make a move, 72 plus percent of them, it was due to mortgage rates, period.
Tom Whalen:<br />
Well it's quality of life situation there.
Jay Day:<br />
Yeah, inventory was number two at 34.4%, and then at 17.4% was affordability, home prices. And the funny thing is the affordability home prices almost ties in with mortgage rates and it also ties into what the prices are, the properties. But the biggest thing has been the affordability and what the rates are looking like. Now at the peak recently rates climb near 8%. We're not there. We've been in the upper sixes, low sevens recently, and it's no sign of anything really changing. Three quarters of the buyers actually made that decision that we're out because of those mortgage rates. And to me, it's crazy. Now, the experts, and I'll say in loose air quotes, they're saying that if rates hit below 6% and they've been estimating those, that will happen by the end of 2024. I can see why, and we've talked about this before, not political because no matter what side you're on, you're blue or red or purple or whatever, it doesn't even, whoever's in power wants to stay in power and whoever wants to get into power is going to make all these promises. And ultimately in election years, interest rates do tend to go down because the powers that be want to stay in control and they know everyone has a short memory. So if you can make everything look good for the last quarter right around when you're getting ready to vote, there can be changes that happen. But I think the problem really lies with the inflation numbers are just so out of control and I don't know how they can get the rates lower or what it's going to do if they do that is going to cause another massive surge and that's going to cause prices to go through the roof is if they already aren't through the roof.
Tom Whalen:<br />
So if I have to sell right now, would I be a dope saying, well, let's just wait until around the election. Maybe they'll drop down below 6% then because Jay said we had an election coming up, that might not be the most stupidest thing in the world to do. That might be your best shot, right?
Jay Day:<br />
Well, I mean if anything, if we were going on history, that may be a good thing. But as we've talked about on this podcast,
Tom Whalen:<br />
Nothing,
Jay Day:<br />
There's been no predictable.
Tom Whalen:<br />
Nothing's predictable these days.
Jay Day:<br />
So I can tell you right now that we're getting multiple offers, we're getting waived inspections again, we're getting home selling 30, 40, $50,000 over asking. I can't say that's going to happen later. If interest rates go down and people feel confident in what's going on, yeah, it could probably be even better. But what I always say is you don't know things are changing and going to the negative. So let's say we're still in the upper trajectory. It's flatlined a little bit, but we're still seeing increase in values. You won't know you hit the top until you start dropping. It's like that rollercoaster.
Tom Whalen:<br />
Sure.
Jay Day:<br />
Do you want to wait? And then if you wait too long, it could burn you.
Tom Whalen:<br />
Makes sense.
Jay Day:<br />
I don't know. As I always tell people, my crystal ball is broken. And even when you try to base things off history, there's been so much the last four or five years, it just made it so weird.
Tom Whalen:<br />
I mean, yeah, you did have stats that you could count on up until the pandemic hit. Everything went out the window, man, nothing is like, you can't count on that.
Jay Day:<br />
Oh yeah. And then we had, the rates came down towards the end of last year and we had a huge spike the last quarter of home selling and then interest rates surge back up and again, inventory tightened up again and things slowed down. So I don't even want to try to predict on that one. I can say that I think people need to start getting comfortable with the idea that if they can get an interest rate in the sixes, that's pretty darn good.
Tom Whalen:<br />
That's pretty good. Yes. Yeah, I don't think it's going to get any better than that.
Jay Day:<br />
Yeah, I mean eights and up, that's a little scary. I understand that because we'll talk to people that bought and sold in the past and they're like, well, my interest rate was 12%. And I'm like, yeah, I understand that. But the home was also $110,000. It's a whole different story where now, and you and I have talked about this in some parts of Frederick County, if you want a town home, you're going to pay over half a million dollars.
Tom Whalen:<br />
Unbelievable. But the reality.
Jay Day:<br />
Yeah, and I mean, again, there's a good and bad of being so close to DC it's very transient. And again, with the government, there's lots of money. People get paid extremely well, and that unfortunately pushes out the average everyday person or the person that doesn't have a huge income. It's become very challenging. I mean, it's unfortunate. We have a lot of clients that we end up selling their homes and they have to move and they have to move. They just can't afford the area anymore. Can you imagine being in that situation where you're like, I just got to go. I just can't afford this.
Tom Whalen:<br />
I know that I'm blessed and no, I can't imagine being in that situation of a home that I've come to love and I raised my kids in something like that. Yeah, that's heartbreaking.
Jay Day:<br />
Yeah, I mean it really is. Now, if you're older and you do have a limited income, I will say Frederick County is very good. They have lots of things for those that already own a home and they're on a fixed income and they will make adjustments for their real estate taxes and things like that to allow them to stay. But it all depends on what your income is and if you fall into those brackets.
Tom Whalen:<br />
It's nice to hear that anyway, because the back end of life is so savage. At least we got one thing going for us there in Frederick County, got a home of the week.
Jay Day:<br />
I do, 81 Trevanion Road in Taneytown, single family home under 400,000. This home has three bedrooms. There is a half bath on the main level. The upper level has a full bath plus in the primary suite, owner suite, master bedroom, whatever you want to call it. They have a soaking tub, a full size, huge corner soaking tub. So we can call that a half or a quarter bath, I don't know. But if you want to just sort lounge around in your hot tub, you don't need to go to the Poconos. You can do it right there in Taneytown in your home.
Tom Whalen:<br />
That's nice. Yeah.
Jay Day:<br />
This one has a full finished basement. It's on 0.29 acres. It is partially fenced. There's an oversized two car garage. So for those of you who are into your cars, or let's say you have a landscaping business and you need to be able to park some of your equipment in places, plenty of room for that and a huge driveway for additional parking. In addition, there's a large shed. There's a deck in the kitchen. They actually have soft closed drawers and soft closed doors. If you don't haven't experienced that, it's awesome. If you're in a house and you have the heavy handed people or children that tend to slam things, those soft closed doors for your cabinets are super nice. I mentioned the primary bedroom having the soaking tub. They are as also a cedar lined window box. You can sit in there to take in some books, do some reading, a formal dining room. The main level family room is huge. And also in the kitchen there's stainless steel appliances. If you want to check out this home, go to wfre.com and look up Tom and Jay's real estate podcast.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast, our weekly home of the week. Thank you for listening. Tell your friends all about it.
2024-03-22T06:00:00-07:002024-03-22T06:15:51-07:00Jay Daytag:dayhometeam.com,2012-09-20:19584Podcast - 3/15/24🏡📊 Exciting News! FCAR Housing Stats Comparison: February 2023 vs. 2024 📊🏡
Wondering how the housing market has shifted from February 2023 to 2024? Here's a sneak peek at some key stats released by FCAR:
📉 Home sold: Down 23.4%<br />⏳ Median days on market: Down 60%<br />💰 Average sold price: Increased by 9.5%<br />🏠 Active listings: Increased by 2.3%
Tune in to our latest podcast, where Jay and Tom dive deep into one of the most crucial things for sellers to do once their home hits the market. You won't want to miss out on these essential insights! 🎙️🔍
And now, presenting our stunning #HouseoftheWeek:<br />🏠 215 Marley St, New Market, MD 21774<br />💲 $500k
This end unit townhome boasts:<br />🛏️ 4 bedrooms, 3 full baths, 1 half bath<br />🏡 Three finished levels<br />🍽️ Open floor plan with corner gas fireplace<br />🍳 Gourmet kitchen with center island and stainless steel appliances<br />🛁 Primary suite with vaulted ceilings and spacious private bathroom<br />🌳 Rear deck with retractable awning<br />🚗 Attached 2-car rear loading garage<br />🏞️ Located in Brinkley Manor with amenities like picnic area, basketball courts, and tot lots
Don't miss the chance to explore this beautiful home at our open house:<br />📅 Sat 3/16/24, 12pm to 2pm<br />📅 Sun 3/17/24, 1pm to 3pm
Join us and discover your dream home! 🌟🏠 #RealEstate #HousingStats #OpenHouse
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Before we get to homes and houses, can you believe your Baltimore Ravens got Derrick Henry in the backfield there with Lamar Jackson?
Jay Day:<br />
Yeah, they've been working that for a while. And
Tom Whalen:<br />
They got him.
Jay Day:<br />
Yeah, that's going to be pretty impressive.
Tom Whalen:<br />
They lost Patrick Queen to the Steelers, how they couldn't pay that guy, but they got Derrick Henry in the backfield, him with Ricard and Lamar.
Jay Day:<br />
I think it'll be,
Tom Whalen:<br />
Can they beat the Chiefs? That's what it's all about. That's what it's all about.
Jay Day:<br />
It is. I mean, it's like Mahomes has sort of become the Brady with the Patriots. It just is what it is. It's one of those things.
Tom Whalen:<br />
Andy Reid, Bill Belichick man, there you got to knock those guys down. That's a pretty good deal having, if Derrick Henry maybe on the backside of his career, but he's scary enough.
Jay Day:<br />
Oh yeah, yeah. When you think of him, you think about Marshawn Lynch and some of these other guys that were just powerhouses.
Tom Whalen:<br />
Hey, where do all these guys live when they moved to Baltimore?
Jay Day:<br />
Typically right in Finksburg or Reisterstown.
Tom Whalen:<br />
Oh is that right? That area's there. Okay, that's cool.
Jay Day:<br />
They like to be within a certain distance to the castles they call it. And
Tom Whalen:<br />
What's the castles? Is that Owings Mills? Were they the training area there? Okay. Okay.
Jay Day:<br />
So they end up right on the outskirts of that. Like I said, it's Reisterstown area and then into Carroll County, into Finksburg. There's a golf course community that a lot of 'em have bought over in over there.
Tom Whalen:<br />
Oh, I'm sure. I'm sure that they've got it working there.
Jay Day:<br />
Yeah, it's interesting. There are two main neighborhoods that they end up in and
Tom Whalen:<br />
I bet they buy and sell when they get traded. I'm sure that there's people looking for a place to live when they're coming to town. They move right into these homes.
Jay Day:<br />
Yeah. And then with the Redskins or Commanders, whatever they're called nowadays, I mean a lot of those ended up in a specific neighborhood in Virginia, in Northern Virginia. And like I said, it is funny because like I said, you can tell what's going on and who's going into these different areas, but
Tom Whalen:<br />
For normal people, for normal real estate, this is what we do this for. I don't think the Ravens and Commanders are listening to our real estate podcast every week. Well,
Jay Day:<br />
Well, so I'm going to tell you something really funny,
Tom Whalen:<br />
What's that?
Jay Day:<br />
One of the Ravens coaches had text messaged me that, and it wasn't Harbaugh, it was one of the other coaches, reached out to me and was looking to do just a rental in Owings Mills, Reisterstown area. And I told him we don't do rentals. And then I'm like, is this guy messing with me? So I did a little bit of research. He was really the coach. I checked the number. So then I texted him back after I told him I couldn't help him with the stuff and just let him know, even though we lost and didn't make it into the Super Bowl, that he should be proud. They did a good job.
Tom Whalen:<br />
And well, he was also looking for a rental too, so he didn't have too much faith in his job, maybe. So okay, so this week Real Estate podcast, what are we going with?
Jay Day:<br />
Alright, the Frederick County Association of Realtors put out some numbers, and again, I haven't gotten into a ton of numbers lately because it gets so boring, but I thought it would be good to just sort of give a little bit of an idea. And this was for February because as we always talk about, it takes almost to the middle of the next month to get the numbers out.
Tom Whalen:<br />
I don't find these numbers boring, Jay. I know you're in the industry, you're at work. You're here at a podcast going over these numbers that you guys talk about all the time. I'm fascinated every time.
Jay Day:<br />
Alright, well, so what they put out was a comparison of how February, 2023 was verse February 2024. So the amount of homes that sold in 2024 verse 2023 of February was down 23.4%. So the unit sold, it was only 209 homes sold and settled in February. So like I said, down 23.4%, the median day is on market. That one actually went down 60% from 2023. So basically the homes sold faster. There was less homes that sold. New listings, they were down 3.6% from February. Average sold price was up 9.5%. So again, less homes sold, shorter days on market, less listings hitting the market, but the average sold price was up almost 10%. The median sold price was up 4.7, so almost 5%. And then the active listings, they were up just a tad and the active listing, so it was up 2.3%, that's 312 versus 305. So small number, but when you look at it, it just gives you the picture of we thought inventory was tight in 2023, inventory is actually a bit tighter. And if you were waiting to sell the average price, like I said, we're up almost 10% from year over year. February, 2023 to February, 2024.
Tom Whalen:<br />
So if you have proper financing and call Jay Day and the Day Home Team at LPT Realty, then you as a seller, you're in the catbird seat.
Jay Day:<br />
Yeah, yeah. I mean, so even though we're still in this seller's market, one of the things I wanted to talk about is one of the most important things when selling your house. And I'm going to put you on the spot and don't worry so many things, you may not know this and if you don't, I'm not going to tease you too bad. What do you think one of the most important things once your home is on the market, not beforehand, but once your home is on the market, what do you think as a seller, one of your most important things is?
Tom Whalen:<br />
Where your house is.
Jay Day:<br />
Well, location is key.
Tom Whalen:<br />
Location key. Okay, curb appeal.
Jay Day:<br />
Curb appeal is important.
Tom Whalen:<br />
Then I had no idea what you're talking about.
Jay Day:<br />
So the most important thing is allowing easy access to show the home.
Tom Whalen:<br />
To let 'em come in and take a look at it.
Jay Day:<br />
Yes, you would be amazed how difficult at times it is to get showings of properties of just this past week I had somebody really wanted to see something. It goes on the market on a Friday, I go four or five days beforehand, schedule it for the time that's convenient for my person, rejected. They wanted to do a different time, so then I put in another time. Nope, they won't do that time either. And it's like, remember the economy we're in and we also have less people working remote now more people are going into work. So the availability of the buyer of being able to come in has shrunk. They're not working from home where they could run out and skip their lunch and do a showing instead of having a lunch break. Most of the people are commuting. They're working in D.C., they're working in Baltimore, Montgomery County, nowhere close. So when they have a time, that time is sort of one of the things that can work with them. So when you offer a different time, it doesn't always pan out and sometimes those people might not come back. So having the lockbox on the door, allowing the agent to have a key in the lockbox, allowing easy access with a phone call. The showings, try not to turn them down. And if you limit your access, it is going to make it much more challenging to get your home sold. The key is you want to have 'em. You want to make it as easy as possible for people to get in and to see your home.
Tom Whalen:<br />
We heard a story last week, Jay, I forget what Diana and I were talking about, but just strange things in home and somebody said, yeah, we were looking at a home. We were looking at a home to buy and they go into the bedroom, there's a teenager sleeping in bed, and they said, look, this kid's tired of showings and he's not going to leave the house anymore. This is the bedroom. Things like that. Things like that.
Jay Day:<br />
At least. So on that one, I'll give them credit for still allowing the showing,
Tom Whalen:<br />
Allowing the showing,
Jay Day:<br />
But it makes the buyer uncomfortable that they can't really, you're not going to be hanging around in a room where there's a teenager sleeping.
Tom Whalen:<br />
No, you don't even want to smell that room. Teenagers sleeping in. I mean you don't want to go in there at all.
Jay Day:<br />
And people are like, oh, well I want two days notice. Yeah,
Tom Whalen:<br />
That's a lot. Yeah, that's a lot. Then you're making somebody rearrange their entire life.
Jay Day:<br />
And think about this, if you're a seller, remember the buyer's not just looking at your house, they're looking at multiple homes and we're scheduling them in a time window, sort of like the cable guy. We will be here between this time and this time. When you have a showing that's set from one to two, that doesn't mean they're going to get there at one and stay until two. That means the arrival time will be between one and two and you have to guess. I mean, I've seen it now where people are limiting down to a half hour. And the problem is if you end up getting stuck in traffic, if a showing takes longer because you get there and there's multiple agents and the person can't really go through the house as easily, there's all these different things that will impact your showing times. So just think about it, let as many people in as you can. Again, that'll help get you potentially multiple offers and the more you turn down showings, the harder it's going to be to sell. I mean, that's pretty much the gist of that.
Tom Whalen:<br />
Makes sense. You got a home of the week?
Jay Day:<br />
I do. This is an end unit town home over in New Market in Brinkley Manor. So if you don't know where Brinkley Manor is, it's right off of the downtown historic part of New Market. So very close to restaurants, bars, shopping, all types of fun stuff. Four bedrooms, three full baths, one half bath, three fully finished levels. Like I mentioned, it's moments from historic downtown shops and restaurants. Easy access to I 70. This is an open floor plan. They have a corner gas fireplace, a center island, gas range. Any of those that are listening that have gas cooking, you never want to go back to electric. Once you have gas cooking, it's a game changer. Stainless steel appliances, the primary suite, AKA, the master bedroom has vaulted ceilings and a spacious private bathroom. The laundry is on the upper level near three of the bedrooms, which makes that super convenient. There's a rear deck with a retractable awning. It backs up to open space, so that's very nice as well. There's an attached two car rear loading garage on the main level. When you enter the home, there is an actual bedroom and a full bath. So if you had someone in your family who did not handle stairs well, that could be very convenient. And in Brinkley manner, they have pavilion and picnic area, basketball courts, common grounds, tot lots. Go to wfre.com, look up Tom and Jay's real estate podcast. If you like what you see, you can click schedule showing. Or this weekend only, Saturday and Sunday. Saturday, we're holding this house open from 12:00 PM to 2:00 PM and Sunday we're holding it open, 1:00 PM to 3:00 PM So if you wanted to just get in and not schedule a private tour, you can come by, check it out. I will tell you when we have our open houses, we've been having 30 to 60 people through. So come by, say hello. Check out the house and if it works for you and we can make it happen.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening. We'll be back next Friday. Tell your friends all about it.
2024-03-15T06:59:19-07:002024-03-21T07:39:23-07:00Jay Daytag:dayhometeam.com,2012-09-20:19510Podcast - 3/8/24🏡🌟 Expert Home Price Forecasts for 2024 Revised Up! 🌟🏡
Great news for homeowners and potential sellers! Experts have recently revised their 2024 home price forecasts, and they're even more confident that prices will rise, not fall. 📈💰
Check out the chart below to see the updated projections compared to their initial forecasts made at the end of 2023. The difference is significant, indicating stronger upward pressure on home prices. 📊💪
What's driving this surge? Two major factors: low housing inventory and declining mortgage rates. With fewer homes for sale and favorable mortgage rates, buyer demand is on the rise, leading to higher home prices. 🏠📉
But don't just take our word for it! Real estate experts regularly update their forecasts to reflect market changes. As mortgage rates continue to trend down, we can expect even higher demand and potentially higher price forecasts. 📉🔍
Curious about how these changes could impact your local market? Let's connect to discuss what you can expect with home prices in your area. 🤝🔮
#RealEstate #HomePrices #MarketTrends #ExpertInsights 🌟
And don't forget to check out our #HouseoftheWeek:<br />🏠 12215 Old Frederick Rd Thurmont<br />💰 $750,000<br />🛏️ 4 bedrooms, 2.5 bathrooms<br />🌳 9.8 acres<br />🔥 Primary suite with vaulted ceilings & wood-burning fireplace<br />🛁 Primary bath with heated flooring, soaking tub, & spacious shower<br />🐾 Animal lover's dream with two pole barns & split rail fencing<br />🌄 Breathtaking sunsets & mountain views
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. All the info you need on the current stay, the industry. What are we going with this week, Jay?
Jay Day:<br />
Last week we dedicated the podcast to talking about mortgage rates and buyers and things like that. So I thought we would talk this time about how I love seeing what experts, experts forecast for things. So the experts have made changes to their forecast for what they think pricing is going to look like on homes and increases in values in 2024. So let me give you what they estimated and what it has been changed to. So the last time we talked about these forecasts from the companies, it was back in November, and Goldman Sachs is one of them. Goldman Sachs was thinking that home values were going to see an increase of 1.9%. That was their estimate for 2024 when they made their predictions in November. Now, as of March, they're now thinking that the home values will increase 5%, so they realize they may have underestimated what the home values are going to, the appreciation that's going to happen. The Mortgage Banker Associations went from 1.1% to 4.1%. Zillow went from 0.2% to 3.5%. Fannie Mae, 2.8% to 3.2%. Freddie Mac, 2.6% to 2.8, and the National Association of Realtors went from 0.7 to 1.9. The gist of this, Tom, is, and I'm sure if anyone's here wants to go back and listen to the podcast, we talked about this. I laughed at the numbers that they had in their original forecast and said, we're going to go way beyond those numbers. And now they've also made the adjustments of, hold on. These values are not going down. They are not going to just go up a slight amount, but we could potentially see a massive increase. And we saw, just think about the split, and I think what caused this for them was the rates. We had some rates to hit that upper fives at the end of last year into January, and we saw a peak in sales. And when the peak in sales happens, we ended up seeing an increase in sales prices. So they realized, Hey, if these interest rates end up dropping, these prices are going to continue to increase and increase to a point that can be a little more than we ever anticipated. So I looked at another thing from the National Association of Realtors, and just to give an idea in 2023, because it always takes time for things to pass for them to be able to evaluate all the numbers. In 2023, 15% of the 221 metro areas had double digit year over year price increases. So double digit increase in percentage of values year over year. I mean, that's massive. That's a huge number.
Tom Whalen:<br />
Let me ask you a question, layman's question. This news of all the increase of the values of these homes and the prices of these homes, is this great news or just news or good news for some people, bad news for some people.
Jay Day:<br />
So if you're a seller and it's good news because you're going to sell your home for more.
Tom Whalen:<br />
It's good news. Absolutely.
Jay Day:<br />
If you're a buyer, you're going to be paying a little more. But it all boils down to exactly what we've talked about, that we can't predict anything that is truly going to happen. We can base things off of the past. Typically in a election year, things do get a little interesting. It's not unusual that rates come down. We had that happen for a bit and then the rates went back up. We're still nowhere near, we're still in the early phases of getting close to the election. It'll be interesting. I want to see how it all shakes out. I don't even know what the expectation is after, and I go back to it all the time. None of us could have ever expected or thought about what covid would've done and how that shifted and changed the real estate industry and market completely.
Tom Whalen:<br />
That was crazy. We were doing these on the phone. Yeah, it was lunacy. Yes.
Jay Day:<br />
I forgot all about that. That was, yes.
Tom Whalen:<br />
No, I remember vividly.
Jay Day:<br />
I remember listening to the first one and I'm like, that audio sounds horrendous.
Tom Whalen:<br />
It sounds horrendous. Yes, it's gotten a little bit better, but just not being together. That was horrible.
Jay Day:<br />
Yeah, we weren't. Well, and that was the funny thing. I guess I can say it now. And we couldn't be together in the studio because of all the companies had to be very careful and keep their employees safe.
Tom Whalen:<br />
Sure, absolutely.
Jay Day:<br />
And then we would do a phone call of that, and then I would end up seeing you and show you houses.
Tom Whalen:<br />
I know, I know. And it was during Covid, it was when we had to follow a lot of rules to go into these homes. It was not easy to show a home.
Jay Day:<br />
I'm like, Tom, you can't touch anything here. Here you need to use this hand sanitizer before.
Tom Whalen:<br />
Oh no, that was great. It was great. You and I have done these for a long time, man.
Jay Day:<br />
Oh yeah. And I mean, funny thing too is that's when I first met Andy, because Andy was coming to the station and he was looking for places, and we don't do rentals, but with the relationship we have with the station, he wanted to see some places. And I'll never forget the first time I met him, he walked up and I'm like, okay. I shake his hand. I'm like, all right, but now I need you to use this hand sanitizer because they're requiring that before we go in the house, I have to use it before I touch the doorknob. He looked at me, what in the world did I walk into? I'm like, Maryland is a little different than the South. Yes, we're technically in the south, but not really.
Tom Whalen:<br />
It ain't Mississippi. It ain't the Delta South. We are in the South.
Jay Day:<br />
And I was like, I'm sorry, buddy. You got to wear a mask. I'm like, it's not me. It's just we got to follow these protocols or I can get in trouble.
Tom Whalen:<br />
I guess people, they know that you and I have been close friends, not just business colleagues for a long time. They must know that by now. We've been together for a long time. We love each other's families.
Jay Day:<br />
Oh yeah. Well, and it's funny because every once in a while I still do get people that are like, do you really know Tom? And I'm like, and I tell everybody, I said in the beginning, Tom did a lot of stuff. He did a lot of our, I said, we met. I was like, but honestly, these podcasts. And that's when we really started to get to know each other, when we're sitting in the studio for 45 minutes to an hour recording these podcasts. And then once you started to looking at houses and then helping your family with selling homes, and then we were around each other even more.
Tom Whalen:<br />
And when we were doing the podcast, first time, we're there with no women around, so we got to know each other really well.
Jay Day:<br />
Yeah. Well, and I'll never forget when you embarrassed me. I think I showed you a house on my birthday and you guys all took me to a
Tom Whalen:<br />
Village Tavern, man.
Jay Day:<br />
And you sang, and I'm like, oh my God,
Tom Whalen:<br />
Happy Birthday. Here's a bottle of gin and chocolate cake. Yeah, man, you were in.
Jay Day:<br />
And Tom's voice is beyond recognizable, so just picture him in a restaurant singing,
Tom Whalen:<br />
Trying to embarrass you, leaning into it.
Jay Day:<br />
He did a hell of a job.
Tom Whalen:<br />
Yeah, we did a great job that day.
Jay Day:<br />
Tom was definitely, and that's when I just started laughing. But they were surprised that I'm like, I don't care. It's my birthday. I'll show you a house. And they're like, well, we want to go out to lunch with you.
Tom Whalen:<br />
We became really good friends, and I saw the fact that you were a professional, the best realtor around that was just a bonus. And you helped us buy a house. That was just a bonus with your friendship, man, I'm a lucky guy knowing you and Christina.
Jay Day:<br />
Same thing with us, knowing you and Carol. I mean, it's interesting how things have evolved over the years and you and I probably had no clue what this would've turned into. I'm sure you've done,
Tom Whalen:<br />
No way,
Jay Day:<br />
Tons of different things over the years with different clients. And then it has really turned into, like you said, we know each other's family. We care about each other's family. My mom makes your cookies every year,
Tom Whalen:<br />
Every Christmas man, the best ever.
Jay Day:<br />
And she'll call me and she goes, oh, the people, she's retired now. But she'll be like, oh, the people at work told me that Tom was talking about my cookies on air.
Tom Whalen:<br />
So she needs a little bit of pressure. Let's get that tin of cookies over here or it ain't Christmas. Got a Home of the week?
Jay Day:<br />
I do, buddy. Getting back to your neck of the woods. 12215 Old Frederick Road in Thurmont. This is listed for 750,000. It's a four bedroom, two and a half bath, 9.8 acres. The house is just under 2,700 square feet above grade. There's a partially finished basement. The primary suite, which used to be able to be called a master suite, has vaulted ceilings. A wood burning fireplace in your bedroom, talk about ambiance. The master bathroom has heated flooring, a soaking tub, a spacious shower. The home also has two pellet stoves, one on the main level, one in the lower level. This place is an animal lover's dream. They've got two pole barns, they have split rail fencing. They have a run-in shed. And the photos that the owner sent me with the sunsets, he said, these sunsets are just breathtaking. They're absolutely gorgeous from what he shared with me. Mountain views and you have all of that, but you're still not too far off of 15 to get to things. Thurmont is great place. I mean, you make the commute on a regular basis.
Tom Whalen:<br />
Love Thurmont.
Jay Day:<br />
So if you want to check it out, go to wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, you can click schedule a showing, and one of our agents will give you a private tour. And thanks for tuning in.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening. We'll be back next Friday. Tell your friends all about it.
2024-03-08T08:02:11-07:002024-03-08T08:30:16-07:00Jay Daytag:dayhometeam.com,2012-09-20:19436Podcast - 3/1/24🏠💰 How do changing mortgage rates impact you? 💰🏠
If you're in the market to buy a home, understanding how even a small change in mortgage rates can affect your purchasing power is crucial. Tune in to our latest podcast episode where we break down specific examples of loan amounts and the difference in payments between rates of 6%, 6.5%, and 7%. Don't miss out on valuable insights that could save you thousands! 📉💸
🏡 The Truth About Down Payments 🏡
Planning to buy your first home? Don't let the misconception of needing a 20% down payment hold you back. In reality, it's typically not required to put down that much. Learn more about down payment options and get one step closer to your homeownership dream! 🌟
And as always, don't forget to check out our #HouseoftheWeek:<br />📍 10612A Daysville Rd Walkersville<br />💰 $725,000<br />🛏️ 5 bedrooms, 4.5 bathrooms<br />🌳 3-acre lot<br />🔥 Gas fireplace<br />🍳 Stainless steel appliances & granite countertops<br />🏊‍♂️ Pool & chicken coop<br />🌞 Open house:<br /> - Sat 3/2 1pm-3pm<br /> - Sun 3/3 12pm - 2pm
Mark your calendars and come see this stunning Craftsman-style home in person! #RealEstate #HomebuyingTips 🌟
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty, once again, weekly real estate podcast, state of the industry. What are we going with this week, Jay?
Jay Day:<br />
I figured. Let's talk about another hot topic is we were talking, we talk interest rates and it's a constant up and down things are always changing. We were in a spot where we had some interest rates hitting with the number five in it, and then we had a knee jerk reaction where things went back up and into the upper sixes and sevens, and it's easy to talk about it and say the numbers change, the interest rates fluctuate all the time. But one of the things that I really wanted to mention and get the details on for you is what does that look like in a monthly payment? So I want to give some details here. Now, realize these numbers I give you for these mortgage payments, that is only your mortgage principal and interest. So your principal payment and your interest payment, that does not include your insurance. It does not include the taxes for the state or city that you're in that you have to pay monthly as well tied in with your mortgage. And if there's an HOA or condo fee that's not included either. This is just if at these sales prices I'm going to give you and these interest rates, this is what the payment is before having your taxes, insurance, HOA, condo fees, all that stuff tacked on. The reason I want to explain it is to see what that big difference is when a rate changes by half a percent. So we'll start with a low loan amount, and to be very honest, there's not much in Frederick County. Now, as we go out into our outskirts and different areas we cover, you can get homes for 250,000. Again, not really here in Frederick, if the rate was 6%, your principal and interest payment on that is $1,498. So just under 1500 bucks when the rate changes and it goes to 6.5%, that takes you up to $1,580. If it goes up to 7%, that's $1,663. So from the highest down to if it went from, if rates change from six to 7% over the course of a day and a half, two days, your payment monthly increases by almost $165.
Tom Whalen:<br />
Depending on your financial situation, that can really affect your quality of life on a monthly basis.
Jay Day:<br />
Oh yeah. So then let's go to 450. And 450 is what they consider the median income for Frederick County and not income, but the median sale price here in Frederick. So 7% interest rate for 450. And again, this isn't the whole mortgage payment. I just want to make sure people understand that this is only principal and interest. So let's say for example, lemme just throw something out there. Let's say that you're, and I'm going to throw a high number out there just to make math easy. Say that your real estate taxes, you're in Frederick City and your real estate taxes are $12,000 a year. You pay that as part, most people pay that in their mortgage, and that would add a thousand dollars a month to the mortgage payment if you're in Frederick City and you have that high of a basis for that. But, so 450,000, 7%, your principal and interest is 2993.86. If the rates are six and a half, it's 2844.31. If it's 6%, it's 2697.98. So $295.88 a month different from 6% and 7%. So that's almost $300 extra every month just on your mortgage payment because the rates fluctuated in a day, day and a half.
Tom Whalen:<br />
Well, a normal person, they could have a monthly bill of $300 for something else.
Jay Day:<br />
Oh yeah. Look,
Tom Whalen:<br />
And then they get swallowed up by that mortgage payment.
Jay Day:<br />
Well, think of it, you go to the grocery store and sometimes you get the bill and I'm like, I only have four bags. How the heck was that? It's shocking.
Tom Whalen:<br />
I'm fascinated every day by what you're talking about.
Jay Day:<br />
And then we'll go on a high end, and it's not unusual. There are a lot of detached homes in Frederick County that are in the 800,000 range. If you had a home loan for 800,000 and your interest rate was 6%, that's 4796 a month, principal interest, six and a half percent is $5,056 a month and change. 7% is 5322.42. So from 6 to 7%, that's a $526 difference a month.
Tom Whalen:<br />
That is a huge difference.
Jay Day:<br />
Yeah. So when people are talking about, and I wanted to bring that up because of the affordability factor and the pain factor that people are feeling, remember it wasn't that long ago that people were getting 4%. Notice none of these were four. So you can imagine if we went from six to seven and that's in that 450,000 range, let's say it's about $300 a month. If you went from people that were approved at a 4% and now it's a 7%, you're talking maybe $600 a month difference. I mean, that's massive. You can't afford it anymore.
Tom Whalen:<br />
No, you can't afford it. Absolutely.
Jay Day:<br />
So I know on some of these podcasts we've talked about, this is why getting your pre-approval done is important. And even before you write, you need to know what the rates are because you may have been approved yesterday, but you're not approved today or you may be approved, but your comfort level, if your mortgage payment's going to go up $150 a month, you're not comfortable with that. So you shouldn't be writing on that house if you're not going to be good with that payment. So it is beyond crucial, in my opinion, to make sure you're tied in very tight with your agent. Your agent is working very closely with your mortgage advisor who's doing your loan so that they can inform you on things. Because sometimes people don't understand. It's like same thing, you can't lock your rate until you have a house under contract. So if you were quoting you, let's say today was a good day and rates were 6%, and you wrote on a house this weekend, you got the contract accepted, you go to lock your rate, you find out about your contract gets ratified on Sunday, you call the loan officer on Monday, and on Monday the interest rates jumped from six to six and a half percent.
Tom Whalen:<br />
So you're no longer locked in at that point.
Jay Day:<br />
Yeah, you're not locked in at all until,
Tom Whalen:<br />
Yeah, you thought you were taking care of business Monday. We're getting it done.
Jay Day:<br />
And then you find out and you're like, oh, wow.
Tom Whalen:<br />
I see. That's why you need to listen to these podcasts and call the pros.
Jay Day:<br />
Yeah, it's really important. And I mean, the other thing too is people ask about down payments and how much down payment money is required, and this is where first time home buyers get overwhelmed because they think you need 20% down. You do not need 20% down. The 20% down, what that does is that eliminates mortgage insurance. So the numbers I gave you for those mortgage payments, I didn't even mention that. So again, that was your principal and interest. Then you have to add, again, taxes, your insurance on your house, and then if you didn't put 20% down, you need to add your mortgage insurance premium on top of that.
Tom Whalen:<br />
Just explain mortgage insurance. What does that ensure?
Jay Day:<br />
So mortgage insurance has nothing to do with, and it doesn't protect you technically, the mortgage insurance is you have to pay for this in order to protect and ensure the bank that's lending you the money that if you default, they can make a claim for the default.
Tom Whalen:<br />
I see.
Jay Day:<br />
So it protects the bank.
Tom Whalen:<br />
I understand.
Jay Day:<br />
And that's why the bank says, hey, if you're going to put 20% or more in, you've got enough skin in the game, you don't need to buy insurance for me. If you're going to put less than 20% down, I need you to pay more every month so that it can cover an insurance policy in case you go into default.
Tom Whalen:<br />
These podcasts are amazing. I've never heard you mention those terms. Mortgage insurance. Thank you for explaining.
Jay Day:<br />
And it's funny, I do a real rough idea of what I want to talk about, and then as we get into it, I'm like, you know what? I didn't even include the mortgage insurance talking about it.
Tom Whalen:<br />
There's something else. There's a lot of little fires that come up.
Jay Day:<br />
Yeah, there really are. So if you're listening to this and you're really curious about the mortgage side, again, we're not loan officers. We don't do the mortgages. We will connect you with a partner who you can rely on, and I'm going to say it, the internet companies, the ones that you can't reach a person, the ones that just have you do stuff online, they're not giving you the details. They're not digging into all of this. This is why it's really important to make sure you're dealing with someone who's an expert that you can reach immediately. You can get answers and they're not annoyed by your questions because that's the thing. You also don't want someone like, well, when you're dealing with these big companies, you're a number and they're getting so many inquiries. If you haven't actually bought something or done something, they may make the priority somebody else. So it's important to get the education on this, and that's why we work with the lenders we work with. But so if you're curious, just check out our website dayhometeam.com. Our mortgage lenders are on there. You can actually click a button and it sends them a notification if you want to just talk to them and not even talk to us yet. So feel free to do that. We see those come through on a semi-regular basis where people just want to talk to the lender to see if they can even do anything before they talk to us as an agent. But you're ready for the house of the week,
Tom Whalen:<br />
What you just said. That's the move you need to make. Talk to the lender first. Come in with all your numbers together before you come in with Jay. It's going to save everybody time and headaches.
Jay Day:<br />
So house of the week. This area is near and dear to you, my friend. 10612A Daysville Road in Walkersville.
Tom Whalen:<br />
I saw this home. It's beautiful.
Jay Day:<br />
Yes. Oh, so you did, you saw it.
Tom Whalen:<br />
I saw it on social media.
Jay Day:<br />
Okay.
Tom Whalen:<br />
It's a beautiful home.
Jay Day:<br />
Yeah. So 725,000, Walkersville. Super convenient. Like I said, very near and dear to you. You spent quite a bit of time in Walkersville.
Tom Whalen:<br />
A long time. Yes. I love it There.
Jay Day:<br />
It's five bedrooms, four and a half bath, craftsman style home, three acres, open floor plan, a gas fireplace, stainless steel appliances, granite countertops, custom cabinetry. A massive center kitchen island, fully finished basement, a pool. If you want to get, as we talked about, saving some money on groceries. They have a chicken coop so you can have your own eggs. Farm fresh eggs are just so different. They really are.
Tom Whalen:<br />
They do hit different. I love 'em.
Jay Day:<br />
They have a covered deck patio area. The home is energy efficient. You can go to wfre.com, look at Tom and Jay's real estate podcast to see the house of the week, or if you just want to go and check it out, we are having an open house Saturday and Sunday this weekend. So Saturday the open house is 1:00 PM to 3:00 PM. Sunday is 12:00 PM to 2:00 PM. You don't need to have an agent or even reach out to us. If you want to go, just visit at the open house, or again, you can go look up the podcast, click a button and get a showing that's private where you're not going to have a ton of people walking through. Look at it. We have video, we have drone photography, videography. As Tom mentioned. It's a beautiful house. He checked it out on social media already.
Tom Whalen:<br />
Well I look at all your stuff.
Jay Day:<br />
Yeah. So thanks for tuning in. I'm Jay.
Tom Whalen:<br />
I'm Tom. Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. We'll be back again next Friday. Thank you for listening to all your friends, all about it.
2024-03-01T08:15:51-07:002024-03-01T10:29:57-07:00Jay Daytag:dayhometeam.com,2012-09-20:19370Podcast - 2/23/24🏠📈 Houses Are Still Selling Fast! 🏠📈
Thinking of selling your house? Here's some good news! While the housing market isn't as frenzied as it was during the 'unicorn' years, homes are still selling faster than normal.
📊 The graph below shows median days on the market for every January from 2017 to the latest data available. Homes are selling faster than usual, with the most recent data indicating a shorter time on the market compared to previous years.
What Does This Mean for You?<br />With demand increasing and mortgage rates down, your house may sell quickly too! Now could be an excellent time to list your home and take advantage of the strong housing market.
🏡 House of the Week 🏡<br />📍 25 Breeze Hill Ln Martinsburg, WV 25405<br />💰 $250,000<br />🛏️ 3 bedrooms & 1.5 baths on main level<br />🚗 Detached garage<br />🔥 Wood-burning fireplace<br />🌳 Large fenced yard<br />🏡 Partially finished basement with second kitchen, bedroom, and full bathroom
This charming rancher is perfect as a starter home and offers a prime location close to Route 81. Don't miss out – schedule a viewing today! #HouseoftheWeek #MartinsburgWV #RealEstate 🌟
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Jay, things have been so volatile and so crazy. Let's say somebody, we're going to sell our home. How long is it going to take to sell a home these days?
Jay Day:<br />
Well, honestly, we've been back into a sort of chaotic mode again. Two weeks ago, we had a property over in Boyd's that, and we do a crazy ramp up pre-marketing and open house process that we started. And to give you an idea, so the one we had in Boyd's, we only had an open house on Saturday. It was only for two hours. You may have seen it on Facebook because Christina posted a picture of the cars that were lined up.
Tom Whalen:<br />
I saw that, yes. Saw that Saturday morning. Yeah, you guys were backed up there.
Jay Day:<br />
Yeah. So we had over 30 unique groups of people that came through and that two hour timeframe that turned into eight offers. And I can't give the details on the offers, but let's just say that the seller was extremely happy,
Tom Whalen:<br />
Wow. Nice.
Jay Day:<br />
With what happened. So things did slow down a little bit. They've picked back up. When I'm looking at it and we talk about, so what's happened so far this year, and even if we go back in time, I found a really neat chart that sort of gives an idea of median days on market in January, because we can't give the numbers for February. It's not over yet. But when we go to January and we look back, they pulled data as far back as 2017. The median days on market back in 2017, in the month of January was 88. 2018, it was 83. 2019, it was 81. 2020, it was 82. And then our odd years, our covid slash unicorn years, 2021 was 66. 2022 was 59. 2023 spiked up to 72. And then this January it was 69. And again, when I give you the median days off of this chart, this is not local, this is nationwide.
Tom Whalen:<br />
I see. Yes.
Jay Day:<br />
But only three days more than we were in 2021. And definitely better than we were in January of 2023. So if you're a seller, if you're price it right and you have an agent that does the marketing that needs to be done, these homes have been selling very quickly. Most of our listings in Maryland, Pennsylvania, West Virginia, Virginia, have been selling in less than a week. But we don't take our foot off the pedal. We are still doing massive amounts of marketing. Like I said, this open house thing that we started, we started it first quarter last year and we were not huge proponents of the open house because we, they're not all going to be super successful, but we have a detailed program that we roll out that involves us visiting the neighbors, calling the neighbors. I mean, we have a detailed process.
Tom Whalen:<br />
If you're calling the neighbors of the home, there's somebody selling a house.
Jay Day:<br />
Yes.
Tom Whalen:<br />
You go check around the neighborhood to get the vibe.
Jay Day:<br />
Well, the reason, so we give them an invite, and if you think about this, how many times you have friends over and they're like, oh man, I love to be close to you. I'd love to be,
Tom Whalen:<br />
I see where you're going with this.
Jay Day:<br />
So we try, it's a spin of you could possibly pick your neighbors if you have somebody that's been looking. And again, with the low inventory too, there is a very limited amount of homes available. So it's worked out extremely well. We've gotten a lot of foot traffic, and it's a win-win because the neighbors now have a heads up on what's going on. They're able to, if they have friends or family that want to be in the area, they give them the information and then the seller's happy because they have a ton of people through. And then they can make a decision with multiple offers of who they want to work with.
Tom Whalen:<br />
Have you ever seen that come to fruition, Jay, where somebody said, I got a friend who might want to move in here, and then they will, a family or friend will buy that house?
Jay Day:<br />
Oh, absolutely.
Tom Whalen:<br />
Wow. That's a great idea.
Jay Day:<br />
Yeah, and I mean, it's not so crazy out of the box, but the thing is, in today's world, people have used technology and forget about that personal touch and our agents, it's funny because sometimes in some neighborhoods, people don't answer the doors or they don't answer the phone. And others, they're so surprised. They're like, I didn't know that realtors actually came out and talked to people that aren't trying to sell their home. At first they were,
Tom Whalen:<br />
I can understand. Yes.
Jay Day:<br />
And then they're like, wow, that's really cool. And again, it just shows our job is to do everything and use every facet that we possibly can to get our clients the best deal possible when selling their home. I mean, and Tom, on the buying side, I'll give you a different side of this coin. Our buyer agents, let's say that you have a buyer who wants to be, and I'll just make up an, let's say they want to be in Spring Ridge. Our buyer agents will then go out, we have door tags. They will go out, knock on the doors, talk to people on the opposite side and say, Hey, I have a buyer that's approved for this amount of money. They want to be in this neighborhood. Are you considering selling or have you heard of any of your neighbors? Anybody in here thinking they're going to sell because we could have the buyer for you already lined up, ready to roll pre-approved. They want to be in this neighborhood and your house checks all their boxes.
Tom Whalen:<br />
Wow. And so do you get some reaction from that?
Jay Day:<br />
Oh, we have.
Tom Whalen:<br />
No kidding.
Jay Day:<br />
We've been able to get properties for our clients that are off market. So you can't just sit back and let the market do what the market does. You have to go out there, go above and beyond, and make sure you're doing everything you possibly can for your client, whether it's our buyer clients or our seller clients. Again, we're not afraid to hit the road, put our feet on the road, walk the walk and knock on doors and meet with people face to face.
Tom Whalen:<br />
And make the market, make the market itself. That's incredible. Don't let it come to you. Go get it.
Jay Day:<br />
That's it, buddy. Go get it. You got to have that attitude, especially there are people that are like, I am not buying anywhere except this neighborhood. And what are you going to say? Sit back and, well, I'll let you know when something becomes available. Everybody could do that.
Tom Whalen:<br />
Sure. Absolutely.
Jay Day:<br />
And we talk about our experience working with us should be totally different than what you've had with anyone else, and you should feel ecstatic about what we've done to try to get things and get you into the position and the place that makes the most sense for you. So, alright, I'll get off my soapbox now.
Tom Whalen:<br />
No, man, that was awesome. That's amazing. Honestly, that's why we've done this now over 10 years, Jay. And I always say 866-702-9038 because I don't know all these things. I've been listening to you forever and ever and ever. And I know how complicated this is.
Jay Day:<br />
Well, I'll tell you, I actually had one property specifically that was not on the market. This is a little bit of a funny story. I had a buyer who fell in love with this house. They drove by it every day. And I was like, well, I'll just go ask 'em if they're interested in selling it. So this long driveway, I go up, I ring the doorbell, the guy comes out with a shotgun, and I'm like, I'm just a real estate agent. I was like, this is going to sound really weird. And I said, here's my card.
Tom Whalen:<br />
Most guys will go get the shotgun at that point, but go ahead.
Jay Day:<br />
Yeah. I said, I actually have a client that goes to work every day and drives by your home. And they're constantly talking about it. And I told them that if they really love the house, I didn't want them to have any regrets, so I would just stop by to see if you would consider selling. They had no interest in selling, but I ended up having a really good conversation and the guy was like, I haven't had anybody come to my door. He's like, you had to drive that driveway. And he's like, and I know if somebody's coming up that driveway, they're coming to my house and if I don't recognize that car, he was like, I apologize, I had the shotgun out. He goes, but I know you're not coming down this driveway to do anything except to be here.
Tom Whalen:<br />
He must've been flattered in a way though, that somebody loved that house so much.
Jay Day:<br />
Oh yeah. He was like, this was a custom build. It was an all brick, it was a beautiful home.
Tom Whalen:<br />
Sure, okay.
Jay Day:<br />
But again, you don't know if you don't ask, right?
Tom Whalen:<br />
Yes, absolutely. So got a home of the week.
Jay Day:<br />
I do, buddy. 25 Breeze Hill Lane in Martinsburg, West Virginia. This one's hitting the market for 250. It is a rancher style home. It's a perfect starter home. It's close to Route 81 has a detached garage. The main level of the home is three bedrooms, one and a half baths, a large family room. The living room on the main level also has a woodburning fireplace. There's an eat in kitchen, a deck off the back, and then a large fenced yard. There's also, the basement is partially finished, and when I say partially finished, I don't mean some of the rooms. I mean truly partially finished. There's a second kitchen, has a drywall in, does not have the ceiling in, has a bedroom down there and an additional full bathroom and a huge storage area. This would be a great starter home for someone or someone that wants to get some sweat equity. It does need a little bit of work. However, 250,000 Martinsburg detached home, almost a half acre lot, fenced, ready to roll and a detached garage as well. If you want to check out this photo, I mean this home, check out the photos on wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, click schedule a showing and we'll get you in to see it.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team at LPT Realty. Thanks for listening to our podcast. Tell your friends all about it.
2024-02-23T08:20:18-07:002024-02-23T08:46:01-07:00Jay Daytag:dayhometeam.com,2012-09-20:19271Podcast - 2/16/24🏠📉 What's Really Happening with Mortgage Rates? 📈🏠
Feeling confused about mortgage rates lately? You're not alone! Rates can seem like they're constantly changing, but here's the scoop:
1️⃣ **Volatility**: Mortgage rates are influenced by numerous factors, causing them to fluctuate daily. Economic conditions, Federal Reserve decisions, and global events all play a role.
2️⃣ **Zoom Out**: Don't get caught up in daily fluctuations. Instead, zoom out and look at the bigger picture. Overall, rates have trended down compared to last year, making it an opportune time to buy.
3️⃣ **Focus on Trends**: While rates may bounce around, experts predict a continued downward trend this year. So, don't let short-term blips distract you from the larger trend.
Thinking of buying a home? Ensure you're pre-approved to stand out in a competitive market. Pre-approval shows sellers you're serious and ready to move forward. Don't miss out on your dream home – get pre-approved today! 🌟🏡 #MortgageRates #RealEstate #HomeBuying
🏡 House of the Week 🏡<br />📍 2225 Village Square Rd, Frederick, MD 21701<br />💰 $450,000<br />🛏️ 3 bedrooms<br />🛁 3.5 baths<br />🚗 Detached 2-car garage<br />🏊‍♂️ Access to community pool, tennis courts, and clubhouse<br />🌳 Outdoor oasis perfect for gatherings<br />🍽️ Nearby town center with restaurants and shops
Don't miss out on this fantastic townhome in the Worman's Mill community! Schedule a viewing today. #HouseoftheWeek #FrederickMD #TownhomeLiving
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Hey, you did a couple of podcasts with Andy for a couple of weeks there.
Jay Day:<br />
I know, I know. It's what happens.
Tom Whalen:<br />
Andy's a good guy, man.
Jay Day:<br />
Yeah, and you need a breather every once in a while.
Tom Whalen:<br />
Does Andy come with any questions? Any smart questions, any insightful questions that make you break your brain?
Jay Day:<br />
He always has good questions, just like you do, but nothing to break the brain.
Tom Whalen:<br />
Yeah, okay. But we're just trying to get along here, man. And we're both homeowners or Andy's a future homeowner, and so we both have lots of questions. That's why people listen to this podcast. What about mortgage rates? Tell us all about it right now. Everybody's interested in that. And tell us all about what should a person do? I mean, should you have all your ducks in a row, your finances before they even call you?
Jay Day:<br />
Alright, those are two great questions, and a lot of people don't understand the importance of the pre-approval. And I'll get into details because that sort of ties in with the mortgage rates as well. So the most simple answer to everything is that the mortgage rates, they're volatile, period. They don't move in a straight line. There's so many different factors that come into play with them and they change. People don't realize the interest rate changes multiple times throughout the day.
Tom Whalen:<br />
I see this, I see this because doing this with you now you got me paying attention to these things.
Jay Day:<br />
I know. I'm sorry that I brought some boringness into,
Tom Whalen:<br />
It's not boring. I find it fascinating once I've learned a little bit about it.
Jay Day:<br />
Yeah, I mean, so the interesting thing is when you look at, and again, because this is a podcast and people can't see it, I want to show you this graph. This is a graph that just shows October, 2021, I mean October, 2023 up to February, 2024. Look at the volatility in that.
Tom Whalen:<br />
Wow! Now what does that mean to me? Because I see a big dip in that graph.
Jay Day:<br />
Yeah. So in October, we were in the upper sevens then, and I say upper sevens like seven, well, 7.5, 7.7. Then we hit a peak in between October and November that went just under 8%. And then we did a massive drop back in November, and then the rates went back up and then they dropped again in between December and January, and now they're going back up and then they dropped again in February, and then they did a quick spike back up. So I mean, the bottom line is the volatility is there. If you keep waiting and waiting one day, three hours can make a difference and what your rate is. The one thing I will say is, and what the graph shows is so far this year, we're still in much better shape than we were in October of last year. So as we know, rates can increase and decrease for the most part, the lowest we've gotten as I'm going to try and look in here, we hit numbers that were low sixes, upper fives with some points. Bottom line is the rates are going to change. They are going to be volatile. They're totally outside of our control. There's nothing you can do or I can do that's going to impact these interest rates. And now we've got reasonable rates. They're not bad, they're in the sixes and we know that it can hit close to eight. So my opinion is if you continue to wait, it may not get you the best results of what you want. And one of the other things that you ask the question about pre-approvals, we always have all of our clients talk to a lender beforehand because you don't want to walk into a house, you fall in love with it, then you talk to the lender. And then let's say, let's not say you don't get approved, but let's say I showed you a house. We're over in Worman's Mill. I show you a house, Tom, and you're like, man, I love this. This is perfect. This checks all the boxes. Then I have you talk to the lender and the lender tells you, oh, your payment is going to be $4,200 a month. You're approved, but you're like, there is no way I'm spending $4,200 a month to live here. Now everything I'm going to show you after that is not going to, because let's say your max comfort number is 3,500. So that's a decent difference between what you're approved for and what you're comfortable with. So now if I start showing you other homes that are that much less expensive, you're going to continue to compare them to what the one that was absolutely amazing
Tom Whalen:<br />
When you got your heart broke the first time around.
Jay Day:<br />
And the other part is with these interest rates changing and fluctuating so heavily, if you went from a six and a quarter today to 6.75 or seven tomorrow, and let's say that you were barely approved, the situation I just described was a little different. But let's say we were squeezing you by for that payment of 3,500 a month, and you were right on the cusp of not being able to go any higher on price, and the interest rates increase by half a percent, you may no longer qualify for that house. So getting your pre-approval and knowing where your numbers are is extremely important. And with our agents, we always make sure we inform our buyers, hey, the rates have changed. They went up quite a bit. Why don't we have our lender run the numbers on this house before we show it? Because these numbers are a little tight and let's make sure you're still comfortable. Let's make sure everything works. And we do the opposite. Let's say people were struggling and their budget was 3,500 a month, they didn't like anything, and we saw rates drop by three quarters of a percent. Well now's the time to say, hey, these rates have dropped. And guess what happens when the rates drop? Your approval amount increases. So it's at effect on both sides, and you may be able to get into a house that was out of your reach two weeks ago or even three days ago if the rates drop low enough. So it's all really, really crucial and really important to understand that the rates are, it's a roller coaster, Tom. There's no other way to put it. It's a roller coaster.
Tom Whalen:<br />
If you've been approved for a loan, let's say, okay, you're approved, and then I come to you with this, and then let's say the rates go way up. It's still that original. You've been approved for this loan. You don't have to worry about the rates increasing between the time that you were approved and then,
Jay Day:<br />
No, you do.
Tom Whalen:
Oh, you do? Then that will change. I mean, that can change from when you were approved.
Jay Day:<br />
Oh yeah. Remember when the rates were really low and then they went up to seven, seven and a half percent. A ton of people no longer were approved. Or let's say they were approved for a $400,000 house. Now their approval dropped to 325.
Tom Whalen:<br />
So that'll go away.
Jay Day:<br />
Yes.
Tom Whalen:<br />That will go away. Man, that's why you've got to call Jay if you're thinking about any of this, man.
Jay Day:<br />
It's a lot.
Tom Whalen:<br />
It's a lot.
Jay Day:<br />
Yes, it is a whole lot to handle. And a lot of people just don't understand. It's your lender and your realtor have to be working in unison, and they have to be on the same page to try to help you so you don't make a silly decision or get your hopes up on something, then realize it's something you're not comfortable with. Or the opposite, you miss out on a property because you think you aren't approved for it. But with the rate change, now you are. So it's an interesting dynamic. And when we see these massive spikes like I showed you, it's even more important because like I said, if you see that rates dropped by three quarters a percent or they went up or they went up by a percent over the course of one day, two days, three days, that's going to have a significant impact on what you can and can't do. If you're listening to this, if you have any questions, go to dayhometeam.com. You can fill out the form, we'll get in touch with you. Or you can call us at (866) 702-9038. Again, (866) 702-9038. We're more than happy to talk with you and explain how all of this stuff works and make sure you have yourself in a position where you know what's going on and you have someone in your corner on the financing side and on the real estate side that's going to get you to where you need to go.
Tom Whalen:<br />
And you have some lenders that you guys that work with regularly that you approve these people?
Jay Day:<br />
Yes, and we have worked with them personally or some of our teammates and family members. So all of the vendors that we work with, we have personally utilized in our house or our agents have used them in their home or their family's homes.
Tom Whalen:<br />
That's what we want to know. Got a home of the week.
Jay Day:<br />
I do buddy. This one, speaking of Worman's Mill brought it up earlier. I forgot all about that. 2225 Village Square Road in Frederick, Maryland. Townhome listed at 450, as I mentioned. It's in Worman's Mill. This is an interior townhome. It has a detached two car garage, three bedrooms, three and a half baths, open floor plan, custom built-ins, crown molding. All three levels are finished. So it's got a finished basement in the basement that includes a full bathroom and two additional rooms. One of those actually has an electric fireplace. The backyard of this place is pretty cool. It's a neat oasis when you go out, you have paver patio and then you have an outdoor kitchen, hard plumbed in for natural gas.
Tom Whalen:<br />
Those are so cool outdoor kitchens. That's awesome, man.
Jay Day:<br />
So it's a great entertainment option. The other thing is they actually had gas put in, so the garage is heated and they also added a window unit. So technically the garage you could be hanging out in as a hangout if you don't want to park your cars there. Yeah,
Tom Whalen:<br />
Yeah, man.
Jay Day:<br />
It's cooled and heated. And then also the biggest thing with Worman's Mill, the access to the community pool, the tennis courts, a clubhouse, and then you've got the town center that has a variety of restaurants and shops. I know that my wife and I go to both of the restaurants over there on a regular basis. We just go Gas House Pike, up Monocacy, turn into Worman's Mill. And from what I understand, I'm not a tequila drinker, but my wife says the margaritas over there are at Plaza Mexico are to die for.
Tom Whalen:<br />
Quality of life,
Jay Day:<br />
Yeah, buddy.
Tom Whalen:<br />
Where you live means everything.
Jay Day:<br />
Yep. So if you want to check out this house, go to WFRE.com. Look up Tom and Jay's Real Estate podcast. You'll see all the photos. If you like what you see, you can click the button to schedule a private showing. And like I said, reach out to us. We're happy to get you in. If you have any questions, we're here for you.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay Day.
Tom Whalen:<br />
of Jay Day and Day Home Team at LPT Realty. Thank you so much. Listening to our weekly real estate podcast. Tell your friends all about it.
2024-02-16T06:32:08-07:002024-02-16T07:07:03-07:00Jay Daytag:dayhometeam.com,2012-09-20:19190Podcast 2/9/24🏠🌷 Don't Wait Until Spring to Sell Your House 🌷🏠
Thinking about making a move this year? Don't feel pressured to wait for spring. Here's why:
1️⃣ **Lower Mortgage Rates**: Mortgage rates are on the decline, making it an affordable time to move. Plus, more buyers are entering the market, boosting demand for your house.
2️⃣ **Beat the Competition**: While there are still more buyers than available homes, sellers are re-entering the market. List your house now to stand out and potentially receive multiple offers.
3️⃣ **Rising Home Prices**: Experts predict home prices will continue to rise. Selling now could help you buy your next home before prices climb even higher.
4️⃣ **Leverage Your Equity**: Homeowners have significant equity, which can cover a substantial part of your next home's down payment.
Ready to make a move? Let's start the process now and get ahead of the competition. Don't forget to check out our fantastic "House of the Week" in Woodbine, featuring a beautiful landscape and a great commuter location. 🚀🏡 #RealEstate #HomeSelling #SpringSelling
Andy Webb:<br />
I'm Andy Webb.
Jay Day:<br />
And I'm Jay Day.
Andy Webb:<br />
of the Day Home Team at LPT Realty with this week's WFRE Jay Day Real Estate Podcast. Now Jay, we are still here in February. We're in the winter months, but does that necessarily mean that I should wait to sell my home until the spring? Should I sell it now versus the spring? Does that even matter?
Jay Day:<br />
Well, it's funny because a lot of people, when we talk with them, they're like, oh yeah, I know. It's interesting because they'll start it out with, first it was the holidays. I know the holidays aren't a good time to sell my home. And I'm like, that's not true. People that are serious are going to look, people have situations, they're relocating for work. There's all types of things that happen. And honestly, we have, yes, a lot of homes, more homes sell in the spring because more homes are listed during the spring. It's a correlation of if you only have 10 homes on the market, and again, this is a really low number, but if you have 10 homes on the market in the winter, you only have the potential of 10 home selling. If you have a hundred in the spring, of course you're going to have a higher number of home sell because you have more available. Now, we've always told our clients that there's no reason to have to wait for the spring, and that's not selfish reasons for us. It's not like, oh, we need to sell all the time. We will always have inventory to move and we will always be selling homes. But think about it from this perspective. When your home or when you're selling anything, let's just talk about a, let's say you have car. If you had a used car and during Covid when there was this lack of inventory of vehicles and you went to sell your used car today versus selling it a year ago, do you think you would've got more for it a year ago? Assume that the mileage was the same. You were getting more because there was less competition, there were less people selling, there was less available. So when you go on the market outside of the peak time, you have less competition, which means you could have more offers, you may have better terms because the person that has to relocate for work, the person who unfortunately is going through a divorce and had to sell the home and now has to move somewhere else, all of these different things, their time comes when it comes. They're not going to say, oh, I'm going to wait till the spring before I buy a house.
Andy Webb:<br />
Life happens when it happens.
Jay Day:<br />
And you've got to be there to even be a possibility. And like I said, it always baffles me when we hear other agents telling people, oh yeah, spring market or you don't want to sell right now. And I'm like, they just don't understand supply and demand. And like I said, just the simple thing of if you only have 10 homes to sell versus a hundred, of course you're going to always say, oh, there's more homes that sell in the spring, more that's there. Sure. And the most simple way I explained it, like I said, is with the car inventory thing. I mean, it was crazy how much dealerships were paying just to get used cars. It was insane. They were paying over Blue Book and it was just because there wasn't any available. Now when you go to car lots, they have a lot of new inventory, they have a lot of used inventory that it's flip flopped and it all takes into effect on that. And now we are in a situation, so we talked about getting ahead of the competition. It's the same thing. Let's say you're in a neighborhood and there's only one other home on the market or say there's none. There's a lot of neighborhoods where there's no competition. If somebody really wants to be in that location and there's no competition and they need to be there for, they're relocating, they need to be there for school or the divorce situation. Let's talk real life stuff. Okay, husband and wife getting a divorce, they live in Neighborhood X, their kid goes to school in Neighborhood X, they sold their single family, now they have to buy town homes. There's only one town home available, and they don't want to have their kid change the school and there's no rentals.
Andy Webb:<br />
What do you do?
Jay Day:<br />
Yeah, so they're looking for, you may have the one thing that they absolutely need if you go into the spring market and there's 10 to choose from, yours is going to have to look the best, smell the best, maybe even price the best. You're setting yourself up to possibly have a lower number, or they might pick something that's prettier than yours.
Andy Webb:<br />
They may make you jump through more hoops to get their vote.
Jay Day:<br />
So keep that in mind. And again, we definitely saw an uptick towards Q4 of last year and into this year with the mortgage rates again hitting. I mentioned this in the last podcast. We've been in the upper fives, lower sixes where we were pushing eight. So those rates have definitely gotten people off the fence. So if you're thinking about it, we're already getting close to spring. We really are. If you've been thinking about, you're like, oh, I want to go on the market in April, just give us a call. Go to our website, fill out a form. No, we are not high pressure salespeople. We talk to our people about, Hey, what are your plans? How do you see this? What is the perfect world? In the perfect situation, what would you like? You want to be at this place by this time? I'll give an example. I had somebody in Sharpsburg that we sold last year, and I talked to them a couple months before we needed to go on the market. And their goal was, they're like, we do not want to have another winter here. We don't want to have to move in the winter. We don't want another winter here. We just want to be gone. And it's funny because I actually just texted with them last week, checking in on them to see how they're enjoying life. And I said, you ended up missing the two snowstorms. I'm like, talk about perfect timing. They're enjoying lake life. They're enjoying retirement and not having to worry about having to shovel out that long driveway, having to do all these different things. And one of 'em was saying that she was enjoying her patio time. Well, her husband was enjoying the patio time with the dog. Again, just enjoying life, which is we don't work hard to not eventually just enjoy things. We work hard for a reason to be able to have the life that we want to have and to be able to provide the life for our families that we want to be able to provide.
Andy Webb:<br />
And when that time comes, you know when it's there, and it may not be spring, it may be winter time.
Jay Day:<br />
And again, no pressure. You can always visit our site dayhometeam.com, our phone number's on there, and we'll just talk with you. Even if you're thinking about doing something next year, it doesn't hurt to try to get the plan in action so that we can get you to where you need to be in the timeframe that works best for you and your situation. You ready for the house of the week?
Andy Webb:<br />
Lay it on me. I'm ready.
Jay Day:<br />
Alright. 14880 Old Frederick Road in Woodbine. This one is a steal on the market for 500,000. 4 bedrooms. One full, one half bath. This is situated on over one and a half acres. It's a flat lot. It's in Western Howard County. That's right. A detached home, one and a half acres for a half a million dollars. This is not going to last. It is surrounded by picturesque farms. There's a detached, oversized two car garage, a screen porch patio. If you're into landscaping, if you're into all of that, they have a ton of really cool trees, plants, flowers, and it's a great commuter location too. Woodbine, Howard County, 500,000 for a detached single family home with a detached garage. Go to wfre.com. Look up Tom and Jay's real estate podcast. You'll see photos. If you like what you see, you can click on the button to schedule showing and one of our agents will get you out there for a private tour.
Andy Webb:<br />
Tell all your friends about the Jay Day Real Estate Podcast and let them know more about what's going on in the real estate market. I'm Andy Webb.
Jay Day:<br />
And I'm Jay Day.
Andy Webb:<br />
of the Day Home Team at LPT Realty with this week's Jay Day Real Estate podcast.
2024-02-09T07:00:00-07:002024-02-09T06:58:22-07:00Jay Daytag:dayhometeam.com,2012-09-20:19118Podcast 2/2/24🏦 Fed Chief Addresses Inflation and Mortgage Rates 📉
The Federal Reserve's recent decision to maintain interest rates has been a hot topic. While there's no talk of rate cuts just yet, Fed Chair Jerome Powell emphasized that inflation remains "still too high." A March rate cut isn't likely but not entirely ruled out.
What does this mean for mortgage rates? 🤔
Mortgage rates have been on a rollercoaster, influenced by various factors. Here are two key players:
1️⃣ **Inflation and the Federal Reserve**: The Fed indirectly influences mortgage rates through the Federal Funds Rate. High inflation and expectations of rate hikes can push mortgage rates up, but experts predict easing rates in 2024 due to improved inflation.
2️⃣ **The 10-Year Treasury Yield**: Mortgage rates are also tied to the 10-Year Treasury Yield. When it goes up, mortgage rates usually follow. Currently, the spread between them is not consistent, leaving room for potential rate decreases.
What's next for mortgage rates? Stay informed and have a professional team by your side. 🏡💼
Don't forget to check out our fantastic "House of the Week" in Germantown, a spacious 6-bedroom home with a large lot and versatile garage space. 🏠🚗 #MortgageRates #FedPolicy #RealEstateTrends
Andy Webb:<br />
Hey, I'm Andy Webb.
Jay Day:<br />
I'm Jay Day.
Andy Webb:<br />of the Day Home Team at LPT Realty, and this week's WFRE Jay Day Real Estate Podcast is coming on the heels of the Fed announcement about interest rates. And I was curious, Jay, with the announcement that the Fed made, how if any way, is that going to affect mortgage rates?
Jay Day:<br />
So the key is, and we'll get into some of the details for those that don't know what we're talking about, the Fed had their meeting this past week. They decided to hold the rates not do any increases or decreases. Last year they were hinting around doing some decreases. However, it's a really interesting dynamic because a lot of people don't understand inflation is still there. They're saying that inflation is getting better. However, if they lower their rates, what'll happen is more people will buy. And when more people buy, that causes the inflation numbers to increase. So they're staying steady. The thing that caught my attention was during that meeting, they also mentioned that they probably wouldn't be doing a rate cut in March either, and there's a possibility that they may need to do an increase.
Andy Webb:<br />
Oh, nobody likes to hear that.
Jay Day:<br />
Yeah. Now let's talk though about the question you asked. What really impacts mortgage rates? And I think I've talked about this on the podcast before, but again, every time this comes up and we start getting a bunch of people that ask us questions, I think it makes sense to sort of explain it. So the Federal Reserve technically doesn't directly determine anything with mortgage rates. So if they increase the rates, decrease the rates, that's not a one-to-one correlation as it pertains to mortgage rates. Now it does impact things such as your car payment, interest rates, your credit card rates, all of those types of things. But when it comes to housing, it doesn't have it that way. What happens is the Federal Reserve, they show what's going on and then how the markets react to everything is what sort of impacts things with what's going on on the mortgage rates. And basically it influences it. It doesn't have a direct correlation, a one-to-one. Now, one of the things that does happen is the 10 year treasury yield that does have an impact on things and frequently used government bond benchmark is used as well to sort of peg interest rates. And that's based on a 10 year treasury bond. I mean, the bottom line is when the Fed makes these changes, it's not a one-to-one ratio. And it's interesting, people will hear, okay, well the Fed is holding steady at 5.5 that is not the rate that you're getting that is again, associated with other things. But one of the interesting parts that I looked at was, and a lot of people don't know this, we're at the high point as far as the Federal Reserve, when I went back and looked from December of 2015, the highest we've ever been has been and since July. So in July they held 5.25, the increase from before then September, 2023, they stayed steady November 1st, December and now January. But historically, we're higher than we've ever been. And the reason for that, again, is to try to curb spending. Because if people have low interest rates on their credit cards, it's much easier to spend money. And that's why things, it's supply and demand, Andy, it's basic. If people have tons of money, they're going to continue to pour it into the economy and that causes things to become a little more scarce. So then the prices increase. And that's where we are. I mean we're in as much as, not to get into politics, but we are in a spot where you can't deny inflation. I mean, all of us, you go to the store, you go to the gas, and yes, things have gotten a little bit better. But if you go back to, even if you go a couple years back, gas was in the twos for premium. We're not there. When you go to the grocery store and you walk out with five bags and it's $300, then it used to be 125. You're like, what in the world did I buy? How much is milk? How much are eggs? We're all feeling that pinch. And I think it would be false for us to say that, oh no, everything's great. Prices are coming down and you see it. So I mean, what's the biggest part that you've seen personally with? Is it your utilities, your groceries?
Andy Webb:<br />
Your Oh, rent has gone up. I will say that first and foremost, the rent has raised also the groceries is the other factor. Just because like you say, and there are other reasons that those things go up. There is the inflationary part as far as national debt and interest rates and all that. But also there's the corporate side of it. Different things have happened and we've heard about different corporate things. There's lots of factors is my point. And we're not in a point where we can really feel comfortable. Like you say, we're still uneasy.
Jay Day:<br />
And we talk about fuel and you look at all the turmoil that's over in the Middle East, it's definitely not a calm time, is what I would say.
Andy Webb:<br />
No and when people are shaky, they may not want to make any moves. Right.
Jay Day:<br />
And I mean, we're looking too, we're in an election year and election years are always sort of wonky with what happens too, right?
Andy Webb:<br />
You're waiting to see how it turns out.
Jay Day:<br />
People on all sides. And I always say whether you're red or blue or in between election years are always very interesting times to see what happens. Typically, whoever's in the power makes changes to make things try to look a little better, to stay in power. That's just how it is.
Andy Webb:<br />
And if the other side wins, then there could be a huge swing, a huge shift. So you're waiting to see how far that pendulum swings.
Jay Day:<br />
Yeah, and like I said, it makes for interesting times. But so the bottom line is things have been holding, steady rates have gotten a little better as far as mortgages, we hit at over 8%. Now we're hovering for government loans, upper fives, low sixes. So that is in some cases, almost two percentage points lower than where we were, which is really good. And I think that the public is starting to realize where we were during covid with the two and a half, three, three and a half. That just was not realistic. A lot of people refer to that as the unicorn years because you don't see a unicorn.
Andy Webb:<br />
Exactly. Exactly.
Jay Day:<br />
And it makes sense. I mean, we were spoiled. We had a great opportunity, we had great rates, but being in the sixes is not a bad number. Eight is a little bit rough.
Andy Webb:<br />
To say the least.
Jay Day:<br />
And the challenge is still, and you mentioned it, where people sort of get paralyzed of, there's a little bit of uneasiness. So we still have a low inventory of homes to purchase and also rentals. So we're not seeing, it's really interesting. The rental prices are going up there, just like sales prices are, right.
Andy Webb:<br />
Blows my mind.
Jay Day:<br />
Yeah, it's not, and being close to DC in this metro area, it has gotten extremely expensive. It, we've got friends that live out or down south or in the middle of the country and it's, they think their stuff is really expensive and we're like, oh no. To be in Linganore, if you want a newer townhouse, you're going to pay $500,000 or more for a townhouse. It blows my mind. I look at it and I'm like, wow, it was only six, seven years ago and we got a detached home for that price. It's sort of crazy.
Andy Webb:<br />
Sure.
Jay Day:<br />
So, well, are you ready for the house of the wee?
Andy Webb:<br />
I would love to hear about it.
Jay Day:<br />
Alright. 17601 Roger Drive in Germantown, just hit the market. It's on there for 650. The neat thing is on this one, I'll give you some details of the house, but I wanted to point out, if you are looking, we are having open houses this weekend, Saturday the 3rd. On Saturday, the open house is 12 to 2 on Sunday, February 4th, the open house is 1 to 3. This home has 6 bedrooms, 3 and a half baths. It's 0.806 acres, so over three quarters of an acre. That's not easy to find In Montgomery County. It is a four level split level home, so not a split foyer. There's actually four levels. Three of those levels are fully finished. One, which is the lowest level is all for storage and utility. It has been freshly painted. There's some new carpet. Some of the rooms have new LVP flooring. It's close to local parks, nature trails, the community pool, the soccer plex, close to restaurants, shopping. There's tons of garage space. There's an attached two car garage and a detached six car garage. So for the car enthusiast, it's a great spot. Also could be a great spot for someone who maybe owns a landscaping business and needs a place to store some of their equipment. The home also has a second kitchen in the basement, so it could be a total In-Law Suite. Great opportunity. If you go to wfre.com, look up Tom and Jay's real Estate podcast. You'll see photos. If you like what you see, you can click on the button and schedule a showing right there from the website. And thanks for tuning in.
Andy Webb:<br />
Absolutely. I'm Andy Webb.
Jay Day:<br />
I'm Jay Day.
Andy Webb:<br />
of the Day Home Team at LPT Realty with this week's WFRE Jay Day Real Estate Podcast.
2024-02-02T08:00:00-07:002024-02-02T09:12:21-07:00Jay Daytag:dayhometeam.com,2012-09-20:19010Podcast 1/26/24
📉 Good news for sellers: Mortgage rates are on the decline! 🏡✨
If you've been waiting to sell your home due to concerns about high mortgage rates, now might be the perfect time to make your move. Rates have been steadily decreasing, making home ownership more affordable and attracting more buyers to the market. 📈🔑
Here are two key reasons why this trend benefits sellers:
1️⃣ You're not as locked into your current mortgage rate as before. With rates dropping, the difference between your current rate and a new one isn't as substantial, making moving more affordable.
2️⃣ Lower rates mean more buyers entering the market, increasing demand for your home. 🏠🌟
Don't miss out on the latest insights in our podcast, and make sure to check out our fantastic "House of the Week" in Rockville! This charming single-family rancher is conveniently located near the Rockville metro and City Center. 🚆🏡
Ready to seize the opportunity? Let's connect! 🤝 #RealEstateTrends #MortgageRates #SellersMarket
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Jay I've heard things in the national news, the words mortgage rates, up, down, what's going on?
Jay Day:<br />
Up, down, all around. A little bit of this, a little bit of that.
Tom Whalen:<br />
I don't know. I do these podcasts with you and then I hear the national news and I think, man, these people don't know what they're talking about. Jay knows what's going on.
Jay Day:<br />
Well, that's very kind of you, but I don't know if I want all that pressure. So the rates have come down from the highest point they were at. And so overall what we're seeing is that mortgage rates have descended since last October when they hit about 8%. So we have been seeing them drop down. Now, they dropped lower a couple of weeks ago than they're back up, but they're still not up to where they were pushing close to 8%. And I was looking at some statistics on this and some data, and Dean Baker, a senior economist at the Center of Economic Research says that it appears that mortgage rates are now falling again. They almost certainly not fall back to the pandemic levels, although we may soon see rates under 6%, and we actually have seen rates under 6% for government loans, and that would be low by pre Great Recession standards. Also, we're finding that with the rates dropping, sellers are starting to realize it's a lot different. Maybe they refinanced and had 4% and they weren't making any moves and selling because the rates were close to 8%. Now with them getting down to the low sixes, upper fives, they're starting to realize, okay, well maybe I can make a move. It's not as bad as it was. It's better than it was just a few months ago. And so Lance Lambert, who is a founder of ResiClub, said, we might be at a peak lock-in effect, some move up lifestyle sellers might be coming to terms with the fact that 3 and 4% mortgage rates aren't returning anytime soon, meaning that sellers have realized, okay, we're never going to get back to that level if I need to move. And we're not at the highest, pushing 8%, so now might be a good time if we're in that upper fives, we can pull a trigger and who knows if they're going to go down, but we definitely know that they can go up and they can go up quickly. Some of the other interesting studies that I looked at were according to Bright MLS, that here are the top reasons why buyers have been waiting. And number one, 72% was due to high mortgage rates. 34% was due to inventory, lack of inventory, and 17.4 were because of the affordability home prices. So the lower rates are allowing them to be able to make that purchase now, and the home sale prices are not as concerning because people are realizing the prices aren't coming down. Actually, another thing that I just looked at was a home price forecast, home index that shows that home price forecasts are due to climb over the next five years. They're saying estimated for what they're looking at is in 2024, they're expecting home values to increase by 2.35%. 2025, 2.7. 2026, 3.67. 2027, 4.06. 2028, 4.15. So if that is correct, waiting for prices to come down is just not going to happen, and I don't see it happening either. There's still a crazy demand. The rates are getting a little more affordable. So if you've been sitting on the fence about selling your home, now's not a bad time to do that. And the same thing on the buy side. Again, on the buyer side, if you're looking at estimates that values are going to go up at least close to 3% every year and then hitting over 4% increase, it's just going to cost you more and more money the longer you wait. So if you have any questions about that, you can feel free to reach out to us. Again, these are all predictions. This is all based on what the economists say in the real world. What we're seeing is homes are still moving fairly quickly. There's still a lack of inventory and what sort of peaked that was, those rates hitting in the upper fives, low sixes is what I would say. So you ready for the home of the week?
Tom Whalen:<br />
What do we got?
Jay Day:<br />
Alright. This is one pushing out towards our Montgomery County people. 606 Lincoln Street in Rockville, Maryland, listed for 365. Also on this one, we are going to have an open house this Saturday, 1/27, so the 27th from 1:00 to 3:00 PM. This is a single family home. It's a rancher, no basement. That's the price is 365. It's close to the Rockville Metro and City Center. Three bedrooms, one full bath, formal dining room. There's a covered rear porch, off street parking, storage shed, partially fenced. This is one that if you're looking for a smaller home, great, or if you're looking as an investor and looking to maybe renovate, possibly see if you can increase the size of the house and make a good return. This one could be good for you. If you want to see what the home looks like, go to wfre.com. Look up Tom and Jay's Real Estate Podcast. If you like what you see, click on the button and we can get your private tour and get you into the home. ASAP.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Thank you for listening and tell your friends all about it.
2024-01-26T07:00:00-07:002024-01-26T08:28:23-07:00Jay Daytag:dayhometeam.com,2012-09-20:18952Podcast - 1/19/24🏡 Just applied for a mortgage? Avoid these common mistakes! 🚫💰
Buying a home is an exciting journey, but before you close the deal, there are crucial steps to follow. In our latest podcast, we share valuable insights to help you navigate this critical phase of your home buying process. From managing your finances to discussing changes with your lender, we've got you covered! 🎙️🏠
And don't forget to check out our amazing "House of the Week"! This open-concept beauty in Monrovia is a must-see with cathedral ceilings, a gourmet kitchen, and a stunning rear deck. 🌟🏡
Tune in now for expert advice and the latest real estate scoop! 📈👍 #HomeBuyingTips #MortgageJourney #RealEstateInvestment
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Jay, I have a layman's person, a layperson's question to ask you.
Jay Day:<br />
There's no layperson question. Tom, you're a pro now. You've been doing this almost as long as I have.
Tom Whalen:<br />
When it comes to this, when part of it, alright, I need, I'm going to buy a house, but before I can even come to you, I need to make sure that I have my ducks in order. I need to have a mortgage, a lender going to back me up with what I'm doing. What's the first thing I do to go, when I go to see a lender or a mortgage person?
Jay Day:<br />
Well, if you have someone, that's great. If not, we have a lender that we recommend who does an amazing job. If he says he can get the job done, he always does. The challenge is there's a lot of people that think that lenders, it doesn't matter who you use and it does. I mean, deals fall apart all the time from lenders not being able to get the job done properly. But from a buyer perspective, we also see at times the lenders don't educate and the agents don't educate their buyers on the most common mistakes that happen after people apply for a mortgage. So let's say you talk to your lender, you got your approval, and then these are the things, the most common things that happen after you have an approval that ends up turning into your loan, getting denied.
Tom Whalen:<br />
Oh man.
Jay Day:<br />
First thing, don't deposit large sums of cash. If you suddenly start depositing large sums of cash, the lender is going to require sourcing that income. Sourcing the income means where did that cash come from? And if you just had money in your safe, if you had money under your mattress, whatever, that is not going to be able to be sourced.
Tom Whalen:<br />
They don't count that.
Jay Day:<br />
No, no. So if you're, I'm going to behave myself.
Tom Whalen:<br />
Okay, man. Look, you mentioned something earlier. You said after your loan is approved, then these things happen for it to be denied. If it's been approved, how can it be denied down the road?
Jay Day:<br />
Yeah, so I mean, well, because people do things that it has to be traceable where it comes from. Now if let's say your family member gives you money, that's easily traceable. If it comes from their bank account, they can show where it was withdrawn. They pulled, let's say you suddenly put 15, you made a $10,000 deposit. And you don't normally have those size deposits, but you say, oh, it came from my aunt. As long as your aunt can show that that money was in her account, she took the money out and gave you the cash, that's no problem. But you are going to have to document it. Problem number two we run into is people making large purchases. They're like, okay, well great. I'm getting this house. I'm going to go to Lowe's and order all new appliances. I'm going to schedule to have carpeting done. And just as you're ready to check out the Lowe's people say, hey, if you get our credit card, we can offer you one year 0% interest. Oh, great. Well there you go. That screwed up everything.
Tom Whalen:<br />
Why did that screw up everything, Jay?
Jay Day:<br />
Well, everything is tied to your debt to income ratio and it was based off of what credit you had used, what credit you had available. All of that will impact your credit score and also your debt to income ratio. So you can't add anything new to that. And sometimes it sort of surprised me. Sometimes people are like, they get so excited, okay, I've got this new house coming. I'm moving, I'm going to change cars. It's like, whoa, hold on. Don't do anything until afterwards. Another thing that we've run into is people will co-sign. So let's say you've got a kid, you've got a family member and they're like, their car breaks down, they need a new car and they can't get it without a co-signer. And they come to you and say, Hey Tom. Let's say that your son comes to you and says, Hey dad, I need to get to work. My job now, I can't get to it easily and my car's just not functioning. I need you to co-sign for me. Don't worry, just co-sign. I'm going to pay for everything. But they just need your signature.
Tom Whalen:<br />
I understand. I've heard that before, but I understand what's going on.
Jay Day:<br />
Yeah.
Tom Whalen:<br />
What does that have to do with me trying to be approved for a loan?
Jay Day:<br />
Technically, once you co-sign, you are taking co-responsibility for that. So if the person you co-sign with doesn't pay, you're responsible for paying. So the way that it looks is that debt is your debt regardless.
Tom Whalen:<br />
And this has come up.
Jay Day:<br />
Oh yeah. Wow. And it comes up mostly the example I gave where it's a family member and their car breaks down, something happens, they need somebody to co-sign. And us being the good family members is like, oh yeah, yeah, no problem. I got you covered. Don't even think about it. Like, well, it's not my debt. I don't have to pay it. And they just don't think that the co-signing thing puts them on the hook where it really does. So super common happens quite often. Another one that happens is people will switch bank accounts don't switch your bank accounts.
Tom Whalen:<br />
You mean during this process?
Jay Day:<br />
Yes.
Tom Whalen:<br />
Because why?
Jay Day:<br />
Because you need to show, they're going to require bank statements. And again, you can still get your approval if you change bank accounts, but it makes it much more complicated.
Tom Whalen:<br />
It makes it harder. Okay.
Jay Day:<br />
Yeah, because they have to trace, was it, did everything come out and go into this one? What if your new bank doesn't issue statements before closing and you need to have recent statements, but you have a lapse in statements because of your timing. It's just these are things that happen. Another one that we talked about sort of tied in is the applying for new credit. And where that happens is people will go get appliances, furniture, and they have all the best intentions that they're not going to use. They have the money to deal with it or whatever, and then they get hit with that. Oh, well you can save 10% or there's 0% interest. Buy your furniture. Do any of that stuff after you close. Doing that before or during is not a good move.
Tom Whalen:<br />
I would've never thought that any of this would be a problem.
Jay Day:<br />
Yeah. Another common thing is don't close any of your credit card accounts in the process because, so how this impacts things. Let's say that you had four credit cards and you owed nothing on two of them. And people were like, well, I just don't even need to have this credit. It's not necessary. That impacts your credit score because your credit score is driven based on how much available credit you have versus how much usage there is. So let's say you had, I'll make this very simple. Let's say you had a card that you were using and you had a $5,000 limit. You were using 2,500, and then you had two cards with zero, and then you had another card. You had $5,000 limit and you only use the a hundred bucks on it. If you eliminate those two cards and you do the math, your percentage goes up, which means your credit score is going to go down. Where if the two cards you had that didn't have any balance on them were five grand, that's 5,000. The second one's 10,000, the third one was 3,000. And so you're having all of this, you've got 5, 10, $15,000 that's open and you close 10 of it. All of a sudden, your percentage of available credit versus your usage changes dramatically. Does that make sense?
Tom Whalen:<br />
Yeah, it does make sense. And it's giving me (inaudible) here a little bit. It really is bothering me.
Jay Day:<br />
Yeah, and discuss any change.
Tom Whalen:<br />
The thing is, you would think closing out credit cards is a frugal the right thing to do.
Jay Day:<br />
And like I said, that's why I'm like, these are the most common mistakes that we run into. Or people will do things and they don't tell their lender what they're doing before they do them. Ask, say, hey, I'm thinking about doing this. Hey, my kid needs me to be able to co-sign on a car. What is that going to do? I have this situation, that situation. And not everybody is going to be denied because it all depends on how tight your numbers are. But this can throw a monkey wrench into things and it can impact all types of things during the process. So it is extremely important to stay in communication with your agent, your lender, and make sure they know what you're thinking about doing before you do it. Not after, because you can't undo certain things. And the same thing, sometimes people will be like, oh, going to go, I'm not going to buy a car. I'm just going to get a lease. Well, guess what? It's still a monthly payment. I mean, they all tie in to having extra debt, which can impact your debt to income. It can impact how much you can afford because it's not like they look at it and say, you can use a hundred percent of your income on this. There's a percentage because they know you have a certain percentage for gas, for living expenses, for groceries. You put all those pieces together and if anytime you throw that ratio off, you can impact your ability to what you can purchase and possibly not even have an approval. So if you have any questions on this, you can always reach out to us. We can connect you with Joel, our lender, or we can talk to you ourselves and give you a little bit of an idea. But those are the big dues, the big avoiders of things that we see commonly happen that can blow a deal up in the middle. You ready for the home of the week?
Tom Whalen:<br />
Give it to me.
Jay Day:<br />
Alright. 4024 Lynn Burke Road in Monrovia, Maryland. This one just hit the market being offered at 685. Important thing with this one, before I get into the house details, we are having an open house this Saturday the 20th and Sunday the 21st from 1:00 PM to 3:00 PM. So if you like what you're hearing, stop by. This is a great home, three bedroom, open concept living area. There's cathedral ceilings, gleaming Argentinian oak flooring. There's a stone surround gas fireplace, a rear deck, a gourmet kitchen, oversized island, breakfast bar, granite counters, stainless steel appliances, gas cooktop, mud room, roman shower, a laundry room with built-in cabinetry. Two of the bathrooms have been remodeled in 2008. There's a finished lower level. In the lower level. There's a family room that has a wood-burning fireplace, the rear lawn backs to mature trees. There's a fenced in portion, which is great for your pets and oversized two car garage, large storage shed. And obviously with being in Monrovia, it's close proximity to highway, shopping and dining. If you go to wfre.com, look up Tom and Jay's real estate podcast. You'll be able to see photos. If you like what you see, you can stop into the open house or you can click right there online and schedule a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening and tell your friends all about it.
2024-01-19T09:00:00-07:002024-01-22T07:28:43-07:00Jay Daytag:dayhometeam.com,2012-09-20:18875Podcast - 01/12/24🏡 Facing disappointment because your house didn't sell? It happens, but there's a path forward! 🤔
In our latest podcast, we dive deep into what to consider if your house didn't sell. 🎙️ From access limitations to curb appeal and pricing strategies, we've got you covered with valuable insights to get your home back on the market successfully. 🏠🌟
And of course, don't forget to check out our fantastic "House of the Week"! This colonial beauty in Taneytown is a must-see, with 3 bedrooms, a finished basement, and stunning farm views. 🌄🏡
Tune in now for expert advice and the latest real estate scoop! 📈👍 #RealEstateTips #HouseHunting #HomeSelling
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. What are we going with today, Jay?
Jay Day:<br />
Today? I thought it was pretty important to talk about. We talked about how a lot of people sort of gave up, took their homes off the market. A lot of our clients didn't. We got homes sold over the holidays. So this podcast is for those who had their house on the market and didn't sell, and things that they really need to consider.
Tom Whalen:<br />
Frustrated with another agent. Is that what we're talking about?
Jay Day:<br />
Yes.
Tom Whalen:<br />
Okay. I understand.
Jay Day:<br />
Or I would say frustrated that their home didn't sell. Period.
Tom Whalen:<br />
Okay, their home didn't sell.
Jay Day:<br />
So they let their listing expire or they canceled it, the home didn't sell. Of course, you're going to feel frustrated, you're going to be disappointed, possibly angry, all these different emotions that are there. So sometimes it's tied to, as you mentioned, it could be the agent. It could be the lack of marketing, it could be the lack of conversation. One of the things that when I talk to people that have their house expire is what was their showing activity like? Did they have a lot of requests for showings? Did they make it available? And for people that are like, well, I had a bunch of requests, but it was never convenient. Well, that's a,
Tom Whalen:<br />
Yeah, I understand.
Jay Day:<br />
And I get it. We still are in a world where a fair amount of people are working from home and they're like, well, I need to have 24 hour notice, or I can't do this. I can't do that. Again, once you make your home unavailable, it becomes a challenge to sell it. If we can't get, the more eyes we have on the home, the more feet through the door, the more opportunity to get it sold. So one is you need to be as flexible as possible and allow your house to be shown. Don't make it difficult. You want to make it easy. When you make it difficult, that will delay things and create problems.
Tom Whalen:<br />
As a lay person, it seems difficult to have your house be shown. I don't know how I could handle somebody coming through there with me living there.
Jay Day:<br />
Yeah, I mean, it's definitely not easy. What we do is we tell people, we give 'em a little pointer of, for the bathroom, you have to go out and get a couple little bins, and every morning you put your stuff in there, your toothbrush, the stuff you leave out on the counter.
Tom Whalen:<br />
It has to look like maybe a hotel when you leave.
Jay Day:<br />
Yes.
Tom Whalen:<br />
Okay. I understand.
Jay Day:<br />
Yes.
Tom Whalen:<br />
Not the way I'm leaving it. Definitely not.
Jay Day:<br />
Yeah. And we tell people, same thing. If you're working from home and you had stuff going on, just have a laundry basket, a little laundry basket. You get a notification, someone wants to show it in 20 minutes, toss all the crap in the laundry basket, put it in your car, and head out and bring your laundry basket back in and put your stuff back to where it was.
Tom Whalen:<br />
That's the way to do it, Jay. My first thing was, oh, stick it all in a closet, but ain't going to work, is it?
Jay Day:<br />
No. You just, like I said, have a box, a laundry bin, something.
Tom Whalen:<br />
People want to see the closet space. That's important.
Jay Day:<br />
Oh yeah. The other thing is, did your house stand out? Was there anything that was done that stood out in a negative way? I had one recently where they had a very bold color and their house was on the market for a period of time. And I was like, as soon as you walked in the house, the first room had this really bold color. And I said, this is definitely leaving a lasting impression on people. And at one point that color was very popular. Now it is not. And people, I don't know how to say this in a nice way, people, people tend to want to do less. So I would say, and again, this is probably not the nicest thing to say, but
Tom Whalen:<br />
That's okay.
Jay Day:<br />
Overall, the world has become a lazier place. Would you agree with that? Absolutely. So if someone thinks that they're going to have to paint versus someone that doesn't have to paint, you're going to have better odds dealing with something for people that don't have to do any of the work. So there's some of these things that pop up and like, well, I would highly recommend painting this because this is going to appeal to 20% of the population and we're leaving out 80. I don't want to leave out 80. I want to appeal to as close to a hundred percent as possible, if that makes sense.
Tom Whalen:<br />
Understand.
Jay Day:<br />
And the same thing I tell people. I'm like, walk into your house, pull into your driveway and forget that it's yours. Take the personal side out of it. And what do you see? What catches your eye, is there, oh yeah, I knew about this. The downspouts been messed up and I needed to reconnect it. There's been this door that was broke, so I took the door off the hinges. Whatever it is, those things are things that can be a problem. And you have to look at it from, it's the same thing if you go to look at a car. When you go to look at a car, a car is much smaller than your house. What do you do? You walk around the outside, you look for any dent, you look for any dings. You go inside the car, you look, does it smell good? Does it have crumbs on places? What does it look like? And you have to look at your house the same way because everybody looks at their car. As most people, if you go to get rid of your car, what do you do? You take it to get detailed washed. You do all these different things. You want to get as much as possible, but you don't want, it always blows my mind because a lot of people just don't want to do that with their house. And I'm like, so your car, you're going to sell for $30,000. Your house, you're going to sell for 500,000. You're willing to do this for the car, but you're not willing to do it for the bigger property. Yes, it may cost a little more money, but think about it like you think about when you're selling your car. That's the most simple way I can try to explain it to people. Look at it from that perspective. Now, the other part is your pricing. Did you price your home at a number that you just picked because you thought that's what you wanted? That's what you needed? If they would pay that, I would move. Wasn't based on any real data, if anything, and I won't get into political stuff, but it's always funny to sort of throw some things in there. The big thing now is what is science? What is scientific? What is not? What is real? What is not real? What is real news? What is fake news? So did you price your house because you wanted to? Or is there true data that you can look at and see that the homes around your homes like yours sold for this amount of money? Or when you look at that, did they sell for 400,000 and you're trying to get 475? It's time to get real and look at real numbers and not live in a fantasy land of where we have been during the covid times. And again, that's my pretty direct way of saying, now is not the time to play around and throw spaghetti at the wall and see if it sticks. You know what I mean?
Tom Whalen:<br />
Well, somebody would put their house on market Jay and say, hey, if somebody pays that, I'll move.
Jay Day:<br />
Yeah, it's,
Tom Whalen:<br />
They're doing that.
Jay Day:<br />
Oh my God, Tom, over the years, there's times too that I go in and I meet with people. I'm like, how did you come up with a price? And they're like, oh, I told the agent I wanted to sell it for X. And I was like, okay. So did the agent give you any comparables, anything that can justify X? No. They just told me, they asked what I wanted to sell it for, and that's what they wrote on the paperwork. And I'm like, okay, that's not how this works. I would love to sell it for as much as possible, because again, I like to remind people that we get paid a percentage and that percentages of the sale price, the higher the sale price, the more money we make, the higher the sale price, the more money our client, the seller makes. So we all want to sell it for as much as possible, but we have to be realistic in what that number is. So those are some of my pointers. Again, if you gave up, don't be afraid. The market is not trash. The market is not crap. The interest rates aren't the reason why your house didn't sell. If you want a fresh look at it, a different approach, you can go to our website dayhometeam.com. You can get an estimate of what your house is worth there, and then we can schedule a consultation. Or you can even just do the request to get an idea of what it's worth without meeting with us. Or you can call us at (866) 702-9038, press the prompt for seller. It'll connect you with one of our listing specialists, and we'll be happy to chat with you about why we think it didn't sell, what we could do differently, and how we could get you to where you want to be, assuming it is that you really do want to sell and to make your move.
Tom Whalen:<br />
Sounds good.
Jay Day:<br />
Alright, you ready for the house of the week? Let's go. So we're going to go up to Carroll County, 81 Trevanion Road in Taneytown, Maryland. This one's listed for 385,000. It is a detached colonial with three bedrooms, two full baths, also has a finished basement. The kitchen is updated. There's granite countertops. There is a large yard, a large deck. There is an oversized two car garage, a master suite with a soaking jetted tub. And the neat thing, no HOA. And you have beautiful farm views. And from what we're told, spectacular sunsets. You can see from this property all for under 400,000, not too far away. Right out 194, 81 Trevanion Road is our house of the week.
Tom Whalen:<br />
I'm Tom.
Tom Whalen:<br />
I'm Jay.
Jay Day:<br />
of Jay and the day home team at LPT Realty Weekly Real Estate Podcast. Jay, you're the best. Thank you for listening and tell your friends all about it.
2024-01-12T08:00:00-07:002024-01-12T09:27:31-07:00Jay Daytag:dayhometeam.com,2012-09-20:18781Podcast - 01/05/24<img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" width="18" height="18" /> Ready to dive into the local real estate scene? Our latest podcast episode is packed with insights! <img data-emoji="📈" class="an1" alt="📈" aria-label="📈" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c8/32.png" loading="lazy" width="19" height="19" /><img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" width="21" height="21" /><br /><br />Join us as we break down the 2023 real estate statistics for Frederick County and take a close look at December's numbers. Whether you're a buyer or seller, these stats are crucial to understand. <img data-emoji="📊" class="an1" alt="📊" aria-label="📊" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4ca/32.png" loading="lazy" width="19" height="19" /><img data-emoji="💼" class="an1" alt="💼" aria-label="💼" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4bc/32.png" loading="lazy" width="17" height="17" /><br /><br />And of course, don't forget to check out our fabulous "House of the Week" <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" width="20" height="20" /> - a nearly new rancher in Lake Linganore's The Hamptons village! With 4 bedrooms and 3 full bathrooms, an open concept design, and a stunning deck, it's a dream home come true. <img data-emoji="🌳" class="an1" alt="🌳" aria-label="🌳" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f333/32.png" loading="lazy" width="21" height="21" /><img data-emoji="✨" class="an1" alt="✨" aria-label="✨" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/2728/32.png" loading="lazy" width="18" height="18" style="font-size: 12px;" />
Tune in today for all the details! #RealEstateStats #LocalMarket #DreamHome
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. What are we working today, buddy? Brand new year, brand new turn of the screw.
Jay Day:<br />
Oh yeah. So I figured we would sort of chat about what has happened and what the stats are looking like for how things ended last year.
Tom Whalen:<br />
I love the stats.
Jay Day:<br />
It's good to get a little bit of an idea. So today we're just going to focus on Frederick County though, I want to keep this not overly long and we can just sort of give a quick overview. So in all of Frederick County in 2023, taking out new construction, dealing with resale only town homes, detached homes and condos, we had 2,954 properties close. And when we look at that and we're looking at different parts, we look and see that the median price of what actually sold ended up being 435. The average price in Frederick County for properties that sold in 2023 was 480,147. Another interesting part was when we look at the median for the entire year, the median days on market was only seven, the average was 20.
Tom Whalen:<br />
The difference between median and average.
Jay Day:<br />
So the median average includes everything. Median takes out the highest and the lowest.
Tom Whalen:<br />
Ah, I see.
Jay Day:<br />
Yes. It tries to eliminate the outliers.
Tom Whalen:<br />
I'm a truly a lay person on this one. That's why you call the pros.
Jay Day:<br />
Well, I'll tell you, I remember that's probably one of the only things that we learned in math that actually does get utilized.
Tom Whalen:<br />
That stuck with you, that you're using today.
Jay Day:<br />
Well, think about it. Algebra. Half that crap, I'm like,
Tom Whalen:<br />
They killed us with that stuff.
Jay Day:<br />
And I'm like, when are we ever going to need this.
Tom Whalen:<br />
I don't know what that was all about.
Jay Day:<br />
Yeah, but the median that actually
Tom Whalen:<br />
You caught that one man. Okay, but because that's a little confusing.
Jay Day:<br />
Oh, it is. It is. And I mean,
Tom Whalen:<br />
It's not that far apart.
Jay Day:<br />
Right? But it's funny, you look and you're like, well, how could a median be 435 and an average be over 480?
Tom Whalen:<br />
You explained it.
Jay Day:<br />
Yep. Take out those outliers and that's where you are. So that gives you a little bit of an idea of what happened. Now, the original list price, the median was 435. The sold was 435, the average was 478, and then the close was 480. Now, they did have it where people tried to bump prices, and those did come down a little bit, but again, it was not really that it came down. And values have not dropped. It was people that were pressing the envelope and trying to sell. They were overshooting the market. And if you were overshooting the market, your home was selling for below asking price. Now, December was quite interesting. Let's touch on this one pretty quickly. When we look at December, there were 182 properties that closed in the month of December. The median days on market in December was 12. The median sold price was 470. So 35,000 over the average or the median for the year. And it was interesting because in December, we saw an uptick compared year over year of what sold. And I think some of that is to attribute to the interest rates being a little bit lower. I think I mentioned it on our last podcast, or maybe I didn't. We were actually, when we made our big move from real estate teams to LPT, we picked that week like, okay, it's the week of Christmas, things should be a little slower. It won't be too crazy. We were selling stuff like hotcakes, including getting contracts completely accepted and ratified on Christmas Day.
Tom Whalen:<br />
Look, I follow you guys on social media. It's amazing. You guys are cranking and grinding every day.
Jay Day:<br />
Yeah. So we tell people, is there really a bad time to sell? Not really. Is there a time where it could take a little longer? Yeah. So if you're listening to this and you're thinking, does it make sense for me to sell? Should I wait? Should I, whatever questions you have, just reach out to us at (866) 702-9038. Again, (866) 702-9038. When you call in, you'll hear the message. If you're a buyer, press this number. If you're a seller, press this. So whatever is pertaining to what you want to, the reason we have that on there is, so we have agents that specialize on the buying side. We have agents that specialize on the listing side, and we just want to make sure we route you to the right crew to take good care of you and to answer all your questions. So are you ready for the house of the week?
Tom Whalen:<br />
What do we got?
Jay Day:<br />
10882 Hook Court in New Market. This one is listed for 750. It is almost like new. It's in the Hamptons Village of Lake Linganore. It is a rancher. There's a total of four bedrooms, two full baths, over 2,600 square feet of finished space above and below grade. Open concept kitchen, living, dining area. There's an oversized island, fireplace, stainless steel appliances, quartz countertops, LVP flooring, an instant hot feature in the kitchen, a jetted soaking tub, finished walkout basement with a large rec room, a bedroom, and a full bath and storage area. It backs to trees. So in Linganore, one of the things, a lot of them, you're backing into other homes. This one backs to trees. If you go and look at the photos on WFRE.com and our podcast and House of the Week, you'll see it is nothing but trees behind it. And that is protected. They're not building back there, which is really nice. And then in addition, the house has a large deck with a covered rear porch for outdoor entertaining. The yard is already fenced. There's built-in storage under the deck. There's the two car garage. And if you happen to be looking for a property and you were going to do a VA loan, meaning you were a veteran, the seller has an Assumable VA loan at 4.75%. So instead of paying in the upper fives or low sixes, if you have VA eligibility, reach out because you could lock this bad boy in at 4.75, which is unheard of in the current interest rates in the market we're in. So go to WFRE.com. Look up Tom and Jay's real estate podcast. There are plenty of photos. If you like what you see, click schedule is showing and we'll get you a private tour of this wonderful home.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team at LPT Realty. Thank you for listening to our Real Estate podcast, and please tell everybody all about it.
2024-01-05T07:00:00-07:002024-01-05T08:46:07-07:00Jay Daytag:dayhometeam.com,2012-09-20:18735Podcast - 12/29/23🎙️ Curious about the latest in real estate? Join us in our newest podcast episode as we dive into some exciting topics! 🏡💰
Here's a sneak peek of what we discuss:<br />- Current interest rates and how they compare to just a few months ago 📈💲<br />- Our big move to LPT Realty and what it means for our clients 🏢🤝<br />- Benefits for both sellers and buyers 🏠🤩
Don't miss out on these valuable insights! Tune in today.
Plus, explore our amazing "House of the Week" 🏡 - a 5.45-acre property in Westminster with a fenced pasture, barn, and more. It's freshly painted and boasts brand new carpet and ceramic tile. Perfect for entertaining with an in-ground pool! 🌳🐴 #RealEstate #InterestRates #NewBeginnings
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Coming up on the end of the year, the beginning of another calendar year. What's up Jay?
Jay Day:<br />
I know. So the biggest news I guess we would talk about would be, and I want to make sure everybody understands, is our big change, as you said with the start of this podcast at LPT Realty.
Tom Whalen:<br />
A huge change.
Jay Day:<br />
Oh yeah. I'm sure it's going to be a struggle, and I don't mean this in a rude way, but it'll probably be a struggle for you of how many years of saying.
Tom Whalen:<br />
Look, I'm already on it, man. I mean, we've been through this change before. We have done this change before. I'm already all over it, man.
Jay Day:<br />
Yeah. So for those of you listening, we did not move our office location. We are still over at Aviation Way. We just changed the brokerage that we are affiliated with and it's exciting news. This company is based out of Florida. As of January 1st, we'll actually be in 20 states. Our team was fortunate enough to be the team to launch the brokerage in Maryland and West Virginia. They did have some agents in Virginia already, and they opened maybe about a week before we made the announcement about going into Pennsylvania. But it's very exciting news. It took us, so Christina and I spent a lot of time evaluating options that were out there, and this one was a win for our agents and a win for our clients. So for our clients, we're actually getting additional marketing pieces that we had not done in the past, if you can believe that with all the marketing things we did, and we just like the direction the company is going. We've got some really good friends that also made a big jump. One of our friends in Florida had a RE/MAX franchise and gave that up to make the move. One of her other friends in Charleston, South Carolina, he actually had his own brokerage and shut his own brokerage down to become part of LPT. So a lot of good stuff. One of the other interesting things on the agent front is it offers great opportunities for agents.
Tom Whalen:<br />
What do you mean by we're in 20 states?
Jay Day:<br />
So not me personally or our team, but LPT. Because a lot of people, it's interesting, they're like, I haven't heard of LPT. Of course you haven't. If you're only here because we're the ones that started it in Maryland and West Virginia. However, as of January 1, LPT Realty will be active and have agents in 20 states, and they're actually the fastest growing real estate company in the United States ever with how quickly they're growing with agent count.
Tom Whalen:<br />
So it just gives you guys flexibility and options if somebody wants to move to any of these 20 states.
Jay Day:<br />
Yeah and the funny thing is we've got a lot of friends that are in the process of making some of these changes and on our announcement we had last week, we also put out there that it gives people an opportunity if they're looking to join the team, if they're not looking to join the team. We actually are able to offer opportunities for agents to just be solo agents as well. Not be part of Jay Day and the Day Home Team, but to be part of LPT Realty here in Maryland, West Virginia, Pennsylvania, and Virginia. So like I said, that's pretty exciting news. Christina and I were very pumped. We actually had a lot of work done at the office where lots of new signage, lots of new things happening.
Tom Whalen:<br />
I want the first new hoodie.
Jay Day:<br />
You want the first new hoodie?
Tom Whalen:<br />
LPT Realty baby. Yeah, my Jay Day hoodie. Yes.
Jay Day:<br />
Alright, we'll get you hooked up then.
Tom Whalen:<br />
Oh yeah, it means all new gear.
Jay Day:<br />
Yeah. So other thing I wanted to talk about and sort of two part approach is it's busy and people were saying, oh, it may not be a good time to sell, the holidays. Tom, I will tell you, we had multiple, so Brian on the team was writing offers on Christmas Eve. Cheryl on the team got a listing under contract that wasn't even, it was temporarily off for the holidays and someone that saw it wrote on it got that under contract. Christina and Brian got another one under contract, actually had the last signatures done on Christmas Day. So during the holidays, still getting it done.
Tom Whalen:<br />
Yeah, well that's been the history ever since I've known you bud.
Jay Day:<br />
Yeah. So for those that are out there and think houses don't sell on the holidays, or maybe you think agents don't work, I can't vouch for everybody, but I can tell you our team, it was out there hustling for our clients and getting things done. Christmas Eve, Christmas Day. The reality is when people want to do something, we've got to be there to help them. Now part of what I think had an impact on that is the rates have been much better than they were earlier in the year. And this was give you a little bit of an idea right after Christmas, we were looking at a 30 year conventional loan with no points was down to 6.375. If people wanted to pay a point, they could be 5.99. And then if people were doing FHA or VA, there's 6.125 with no points or 5.75 with half a point. So we haven't seen interest rates that had a five in them in a long time.
Tom Whalen:<br />
I didn't know if that was going to happen. I didn't think that was going to happen that soon, bud.
Jay Day:<br />
Yeah, I figured as we got closer to the election it would probably happen, but I didn't expect it to happen this quarter. But it's definitely made people realize, hey, we might want to jump on here. We don't know how long we're going to have the rates at this, and it's so much better than when we had rates hitting 8%. That's a big, big difference. So again, the good news for those that are listening, nothing changes with us. Just the brokerage, we're able to offer more services to our clients. We're still here in Frederick. We're still serving all four areas. It's just we're excited to help expand the LPT Realty name into our region. So you ready for a house of the week?
Tom Whalen:<br />
Let's do it.
Jay Day:<br />
So this could be a house of the week, a farmette of the week, whatever we want to call it. 2257 East Mayberry Road in Westminster. Be an offer for 650,000. This property includes 5.45 acres. There's fenced pasture for your horses or animals. There's a barn. They have Nelson automatic waterers. For the house perspective, it's four bedrooms, two full bathrooms, two half bathrooms. The home was recently painted. Brand new carpet throughout. New ceramic tile in the kitchen. They had the hardwood floors sanded and refinished after they moved out. There's a huge family room with the fireplace. It has a wood stove insert. Granite countertops, newer kitchen appliances. There's a pellet stove in the basement, dual zone HVAC system, bright and airy sunroom. The basement is finished and it walks out to an in-ground pool. You can talk, I mean this time of year we're not using the inground pool, but it is such a pleasure of be able to walk outside and relax. And then the property just offers plenty of room for entertaining. So if you've wanted to have a little bit of a farmette, or the folks that had it before they raised their own steer, they didn't want to have to go to the grocery store to buy their meat. So great opportunity. Check out wfre.com. Look up Tom and Jay's Real Estate podcast and if you like what you see, click on the button, you can schedule a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of LPT Realty, celebrating the new year. Happy New Year, from everybody at WFRE and Jay Day and the Day Home Team.
Jay Day:<br />
Happy New Year everybody.
2023-12-29T06:00:00-07:002024-01-02T09:41:07-07:00Jay Daytag:dayhometeam.com,2012-09-20:18694Podcast 12/22/23<img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" width="20" height="20" /> Wondering how the Federal Reserve's recent decisions impact the real estate market? Tune in to our latest podcast as we break down the Fed's interest rate policies and their implications for 2024 and beyond. <img data-emoji="📉" class="an1" alt="📉" aria-label="📉" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c9/32.png" loading="lazy" width="19" height="19" style="font-size: 12px;" /><img data-emoji="💰" class="an1" alt="💰" aria-label="💰" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4b0/32.png" loading="lazy" width="17" height="17" style="font-size: 12px;" />
Here's a sneak peek of what we discuss:<br />- The Fed's decision to hold interest rates steady <img data-emoji="🔒" class="an1" alt="🔒" aria-label="🔒" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f512/32.png" loading="lazy" width="19" height="19" /><br />- Anticipated rate cuts in 2024 and beyond <img data-emoji="📈" class="an1" alt="📈" aria-label="📈" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c8/32.png" loading="lazy" width="22" height="22" style="font-size: 12px;" /><img data-emoji="🔪" class="an1" alt="🔪" aria-label="🔪" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f52a/32.png" loading="lazy" width="21" height="21" style="font-size: 12px;" />
- Market reactions and what it means for you <img data-emoji="📊" class="an1" alt="📊" aria-label="📊" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4ca/32.png" loading="lazy" width="20" height="20" style="font-size: 12px;" /><img data-emoji="💼" class="an1" alt="💼" aria-label="💼" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4bc/32.png" loading="lazy" width="19" height="19" style="font-size: 12px;" />
Don't miss our insights on this important topic! <img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/32.png" loading="lazy" width="20" height="20" /><br /><br />And of course, check out our "House of the Week" <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" width="24" height="24" /> - a split foyer home in Mount Airy, MD, priced at just $415,000. Explore this handy-man special on a gorgeous corner lot with three bedrooms and more! <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" style="font-size: 12px;" width="25" height="25" /><img data-emoji="🌳" class="an1" alt="🌳" aria-label="🌳" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f333/32.png" loading="lazy" width="22" height="22" style="font-size: 12px;" /> #RealEstateNews #InterestRates
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast coming up around the end of a year, a calendar year. I'm stunned, Jay.
Jay Day:<br />
I know, it's hard to believe that we're going into 2024. Christina and I talk about all the time. It's just like this year has definitely flown by faster than
Tom Whalen:<br />
I know in December. We had Thanksgiving. Boom. Here we are.
Jay Day:<br />
Yeah, sort of crazy. Well, let's talk a little bit about what happened a week ago. So over a week ago, the Federal Reserve, they met on Wednesday the 13th of December, and they decided that they were going to hold interest rates steady, not do any adjustments with cuts or increases. That type of situation is sort of what everybody was expecting. However, they did mention that they were penciling in a possibility of three rate cuts in 2024.
Tom Whalen:<br />
I'm going to tell you something because of you, I was aware of this, Jay. I've listened to the news and heard all this. I heard all that and it was happening. I'm thinking about you.
Jay Day:<br />
Yeah, I mean, and the markets we're anticipating that they were going to stay put, which is good. And I think that's why we've seen the rates come down a little bit and sort of be hovering in the sixes now. So it'll be really interesting. I mean, there's still a lot of uncertainty. We don't know what's going to happen, but I felt that was important news to put out there. And again, when the Fed makes this change, it's not a direct correlation to mortgages. It's how the market responds. And the market response is what impacts interest rates for mortgages when the Fed makes their adjustments, that is to the short term. We're talking about credit cards, things like that. That's where the interest rates get impacted from that, not mortgages, but again, it has a trickle down effect. So if you hear that, the one thing is people will hear, oh, the Feds cut things by half a percent or a quarter percent. It's not a one-to-one ratio of that happening to mortgage rates. But hearing that they might have some rate cuts in 2024. That's good. But what did I tell you? Expect that because we're going to an election year.
Tom Whalen:<br />
You said that.
Jay Day:<br />
That's how the games are played, man.
Tom Whalen:<br />
Okay.
Jay Day:<br />
So one of the things that I wanted to talk about is, and we're seeing this, I think I mentioned it before, we've gotten quite a few calls from people again, where they were listed, their homes didn't sell, they didn't know what to do. They thought maybe the market was bad. And I mean, there's a mixed bag of things. Some of them, the marketing is not in place. Some of them, it's not a proper expectation.
Tom Whalen:<br />
Hey, most of 'em, it's the agent, man, let's get right to it.
Jay Day:<br />
Well, sometimes it's also so it can boil down to the agent and whether it's their marketing or conversation or setting the right expectations. The biggest thing that we've seen is that if you're trying to push the envelope and test the market, the market is not accepting.
Tom Whalen:<br />
Somebody who has a dream number in the back of their head.
Jay Day:<br />
Yes.
Tom Whalen:<br />
Okay.
Jay Day:<br />
Yep. Someone who's like, wow, I'd love to be able to get 500,000 for this, when really the comps don't support anything over 460. Those are really, really, and I'll be candid, we got lucky during Covid at times where sometimes houses sold for numbers that didn't even make any sense to anybody.
Tom Whalen:<br />
They did.
Jay Day:<br />
It was just somebody wanted to be there.
Tom Whalen:<br />
Sure they did.
Jay Day:<br />
They were willing to pay. And for that reason alone, people ended up paying more for something than what it may have been worth. But I always look at it too, of the house is only worth what someone's willing to pay. So even if the bank says, and we saw this during Covid, when an appraiser comes in, that's what the bank basically says the value is. So during Covid, we had a lot of people paying more than the appraisal. So that really is, it goes back to that a house is only worth what someone's willing to pay. So we could have a house get appraised today for 500,000, but if it needs too much work, someone might only be willing to pay 480. So is it worth 500 or is it worth 480? Well, technically it's worth, it doesn't matter if on paper it shows it's worth 500 if no one's willing to give 500 for it.
Tom Whalen:<br />
I understand that makes sense to you, to a lay person. Absolutely.
Jay Day:<br />
Yeah. So I will say the market is not bad. The market is not scary. This is not a bad time to sell. This is not a bad time to buy. The best time to buy and sell is when it makes the most sense for you or your family. Period. We've had so many people getting misinformation from agents of, oh, you don't want to put your market on the home now it's too slow. Don't do this, don't do that. We're selling stuff. We're still going up to Christmas and we're still getting homes under contract. It's not like everything stops.
Tom Whalen:<br />
No, everything has not stopped. Absolutely.
Jay Day:<br />
Now, last two weekends ago, we went to do some Christmas shopping, and I can definitely say that these stores are much busier than I like.
Tom Whalen:<br />
Two. Oh mess, nuts. It's crazy.
Jay Day:<br />
It's absolutely ridiculous.
Tom Whalen:<br />
It's nuts. Yes, it is not my favorite thing, but I don't have anything against it.
Jay Day:<br />
Yeah, not mine either.
Tom Whalen:<br />
Not me. I'll do it if I have to.
Jay Day:<br />
Christina has a rule. She tends to not like to do any Christmas shopping until after Thanksgiving. She started to change a little over the years because she realizes it's so much more peaceful to do things before we get past Thanksgiving. But she's always been, we need to be thankful. We need to celebrate one holiday at a time. We shouldn't be jumping ahead of things. But when we went to the mall, it was funny. She wanted to go to Bath and Body Works.
Tom Whalen:<br />
They all do.
Jay Day:<br />
And there was a line to even get into the store,
Tom Whalen:<br />
Jay, be careful of that line. Don't cut in that line. Those people are serious at Bath and Body Works. They want those candles and they want them bad.
Jay Day:<br />
Oh, man. Well, so she was like, forget this. I'm going to go home and just order it online and have it shipped to me. And I said, see, this is what happens when we wait.
Tom Whalen:<br />
I guess. Yes, I guess I do. I've always liked shopping. I've always liked shopping with women. I like holding purses and just watching the whole thing.
Jay Day:<br />
Right. Do you find that chair to sit in the corner? and
Tom Whalen:<br />
Yeah, I do. And it's amazing that they'll touch every garment in a place. I cannot believe what I'm seeing because I cannot take shopping and clothes. I can't deal with that.
Jay Day:<br />
Shoes is what I struggle with when they go to do shoe shopping. That's a rough one. I mean, what I've learned, I'm like, okay, well you can go look at the shoes. I'll either stay home or I'll go to a different store and we'll meet up.
Tom Whalen:<br />
If you're a good purse holder and you don't gripe, then you get brownie points, man.
Jay Day:<br />
Oh, you do.
Tom Whalen:<br />
That definitely works. Yeah.
Jay Day:<br />
You do. But it's tough not to gripe. You're like, how many pairs of shoes? And they all look sort of the same and
Tom Whalen:<br />
They all look the same. Yeah. No, I don't understand it. But they're worth it. They're worth it.
Jay Day:<br />
Yeah.
Tom Whalen:<br />
That's worth it.
Jay Day:<br />
Oh, absolutely. So you ready for the house of the week?
Tom Whalen:<br />
Let's give it to us, man. Alright.
Jay Day:<br />
4298 Molesworth Terrace. This is in Mount Airy, listed for 415,000. It's a split foyer on a corner lot. It's in an established neighborhood, but no HOA. It's a bit of a handyman special. Needs some sweat equity, three bedrooms, two and a half bathrooms. Over 1700 square feet of living space. There's a master bedroom with a private bathroom. The lower level was remodeled. There's a fireplace with a wood stove insert. A one car attached garage, large deck just under three quarters of an acre. Again, for that price, 415, it does need some work. But trying to get into Mount Airy in that price for a single family home with a garage, on almost three quarters of an acre, and in a neighborhood with no HOA. Hard to find.
Tom Whalen:<br />
Jump on it, babe.
Jay Day:<br />
Yeah. So go check out wfre.com. Look up Tom and Jay's Real Estate podcast. If you like what you see, click on the button and we will get you in for private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Team's Weekly Real Estate podcast. Thank you for listening and tell your friends, tell everybody all about it.
2023-12-22T06:45:00-07:002023-12-27T16:36:25-07:00Jay Daytag:dayhometeam.com,2012-09-20:18593Podcast 12/15/23🏡 Confused about the housing market? You're not alone! Join us on our latest podcast as we tackle the top 3 questions on everyone's minds:
1. What's happening with mortgage rates? 📉📈<br />2. Where are home prices headed? 🏠💰<br />3. Is a recession around the corner? 📉📈
Get expert insights and data-backed answers to these pressing questions. Don't miss out on the latest trends and news in the real estate market! 🎙️📊
<br />And of course, check out our "House of the Week" 🏡 featuring an incredible opportunity in Falling Waters, WV. Own your vacation spot in the River Bend seasonal campground community with pools, courts, tot lots, and access to the Potomac River! Listed at just $30k. 🌅🛶 #HousingMarket #RealEstateTrends
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day the Day Home Team of Real Estate Teams with our weekly real estate podcast. So Jay. This time of the year, we're coming up to the end of the year. The holidays. Phones are ringing. What are people asking? What's the question they have when they call the day home team?
Jay Day:<br />
I'll tell you, there's a whole lot of questions going around. What's happening in the housing market. I bring it up on the podcast. There's a lot of confusion. People hear things with their friends. They hear things with their friends that are not realtors. They're friends that are realtors. They're actual agents. They read stuff on social media, they hear the news. The top three questions that we've been hearing from people have been, number one, what's going to happen with mortgage rates? That's the big thing because people were waiting, well, one, people were waiting for sales prices to drop when rates went up, and that didn't happen. So now people are like, okay, well what's going to happen with these rates this year. It's been very volatile. We've had lots of changes as we get into the end of the year. It has been nice that we've eased in and have upper sixes, so there's been a little bit of easing on that, and there's no crystal ball. We don't know what's going to truly happen. And if we go back a year ago, and I mean we could actually go and pull some of these podcasts where I talked about what experts were predicting, and I didn't think that they were going to be accurate and they were totally wrong. So when we tell people mortgage rates, they're going to be what they're going to be. There's no controlling them. There's nothing you can do that's going to make a difference. Ultimately, if homes continue to appreciate like they have, and let's say for example, you would've bought five months ago and the rate was 8%, the values are still there and the values have went up. So you could have always refinanced and gotten a lower rate in the sixes. So if rates do go down, there's nothing that's preventing you from being able to do a refinance a year from now, a year and a half from now. The only time that would be a problem would be if home values crashed, and there's no prediction of that either. So I would just say interest rates. There's an expectation that they may get a little lower, but if you listen to our podcast last week, I talked about how much the average and median sales prices are going up, so you're not gaining anything in that. You might as well lock into the house prices the way they are today, the interest rate the way it is today, and then if the rates drop, you can always do a refinance. To me, that's sort of the smarter play. Now, question two I sort of brought up already, what's going to go on with home prices? Are they going to go down? Are they going to go up? And I will say we have consistently seen that the home prices are going up and they have went up this year despite interest rate changes. And so I pulled some stats off of the home price expectation survey from Pulsenomics, and here's what their expectation is in 2024, they're thinking that home prices will appreciate 2.17%, 2025, they're going to increase 3.24%. 2026, 3.79. 2027, 4.18. And they estimated Q3 of 2023 that they would've increased by 3.32%. So if that holds true, realistically waiting is probably not the smartest move. You're going to end up having to pay more for your house.
Tom Whalen:<br />
Well, as a lay person, those first two questions you talked about, the second one, I can honestly say that, yeah, home prices have appreciated. They have gone up as far as that first question. You don't have a crystal ball. You can get an educated guess and explanation from Jay as I get weekly, and I'm glad I have this guy for a friend, and I would call him if I had any questions about this.
Jay Day:<br />
Yeah, and I'll tell you, I mean, I really thought that the interest rates were going to increase and I thought they were going to, but then I don't know how it slipped my mind probably because I don't pay attention to the news anymore because it's all doom and gloom. You and I used to listen to it, and then you always told me your goal is you listen to the, you get what you need for the show. But outside of that, the doom and gloom is not something,
Tom Whalen:<br />
It's hard. It's hard to stay away from it.
Jay Day:<br />
So I've sort of tuned that out and I forgot that we're going into an election year and realistically I'm not going to get political because no matter whether you have blue or red in power, they all make changes the year of the election to try to stay in power. So it would only make sense that if the people that are there now want to stay, they're going to get these rates down so that everyone looks like the economy, they're doing a good job, and people do have short memories. They tend to not remember longer periods of time.
Tom Whalen:<br />
Oh, yeah. No, I'm with you, man. I know, especially when it comes to money.
Jay Day:<br />
And like I said, blue or red politics is politics, and they all say things to try to stay in power or to get in power. So with that coming into play, I would not be surprised if we don't hit the low sixes, maybe even into the upper fives as we get closer to the election time. But we'll go back and listen to this when we have to mark this on the calendar to try and go back and see if the prediction was right as we're getting into Q3 of next year. So the third one, and I'm hearing this a little bit less, but it still does come up, is a recession around the corner. And if anything, I mean, I think we've sort of shown that we have been, we've in a very difficult financial time where things have not gotten cheaper, interest rates have gotten more expensive. Gas is more. I still get shocked at the grocery store.
Tom Whalen:<br />
The grocery store gets me because that's something I deal with once or twice a week, and that gets me, yeah.
Jay Day:<br />
Yeah, the grocery store run turned into what a Costco would be, and you would leave Costco, you go to checkout, your bill would be $180, and you're like, I don't get that much. Now, I feel that when I'm at the grocery store. Instead, I'm like, hold on, there's only I can carry these bags in one trip and it costs me this amount of money. This is ridiculous.
Tom Whalen:<br />
Jay, the three questions that you're saying people are asking you, those are the three big ones we all want to know the answers to.
Jay Day:<br />
Oh yeah. And I mean, the experts and the Wall Street Journal has done some polls recently and what they're saying in their polls, the Wall Street Journal survey of economists are saying that, so in October of 2022, 63% of people thought we were going to go into a recession. 37% said no. October of this year, it dropped, only 48% of the people thought we were going to go into a recession. 52% said no. But it's still, it shows that we have no clue, and the definitions of things continue to change.
Tom Whalen:<br />
Yeah, absolutely.
Jay Day:<br />
So it depends on what you consider. I know they changed the definition of inflation. There's no question we have been dealing with that. I think they finally accepted that it would feel like we had a little bit of a recession, but it might not be called that. But we don't know what the future holds. The one thing I can say is sometimes, and the joke is, and you hear it follow the money, as we've talked about on other podcasts, a lot of these big companies, BlackRock, Vanguard, all of these companies have been putting a lot of money into residential real estate. If they are hedging their bets on residential real estate, the one thing I can say is typically they're not dumb. They know where they're going to get their biggest return if they're doing it, I'm following that money and going to hedge my bet that real estate itself is not going to be in a situation where values are going to drop like a rock. I don't see that happening. So those are the big three questions. I wish I could give you exact answers on all of them, but my crystal ball, as you said is broke. It's in the shop.
Tom Whalen:<br />
We have a new year coming, so we'll see how it all works out. Those are all awesome questions. And you don't mind answering these questions with somebody who has a real estate transaction in the back of their mind.
Jay Day:<br />
Not at all. And we give them the good, bad and the ugly and what we think and what the history shows and what predictions are. But as we get into that, our house of the week is a little, this is a little unique. I've got one in this property is in Falling Waters, West Virginia. It's in the Riverbend Seasonal campground.
Tom Whalen:<br />
Okay.
Jay Day:<br />
Alright. It's an opportunity to have a vacation spot. For those of you that don't know about Riverbend, the community is open April 1st through November 1st. This lot specifically on Candy Lane is close to the Potomac River. You could walk there super, super quickly. The Riverbend community has annual dues of $1,775. That gives you access to three pools, basketball courts, tennis courts, tot lots, putt putts, and there's over 10 miles of deep water access on the Potomac River for swimming, fishing, boating. We have this property on for $30,000. Again, it's a small parcel. There is a trailer on there now that does have a bathroom. It has one full bathroom and that one needs a little bit of work. Or you can take it down and put your own up. I went out there recently when I got this listing and people have built some really big things out there. I'm like, wow, this is sort of interesting. So if you wanted to be able to have access to the water at an affordable price, and maybe you have your own camper, or maybe you just want to do a little bit of fix up, $30,000, great price, great location, good amenities, you could be on the river enjoy in that time. And then when November 1st comes, it's too cold to be hanging out on the river anyway, in my opinion.
Tom Whalen:<br />
Hey, that sounds like a lot of fun, man. That sounds like a cool property.
Jay Day:<br />
So if you want to see more about it, go to wfre.com. Look up Tom and Jay's real Estate podcast. I've got some photos on there. I can I answer any questions you may have. We have photos of some of the amenities. The downside is my photos of the amenities I took after November 1st. So there was good and bad with that. The bad is that everything was closed and the leaves have fallen. The good is I didn't have anybody in any of my pictures.
Tom Whalen:<br />
So privacy out there.
Jay Day:<br />
Yeah. Yeah. So it was good to be able to at least show it without having to worry about getting waivers signed that we were going to have people's kids in the pool and photos and stuff. So check it out again. Happy holidays to everybody. I guess we still have a couple, well, we have one more before Christmas, but I'll say Merry Christmas early anyway.
Tom Whalen:<br />
I love saying Merry Christmas.
Jay Day:<br />
Yeah.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Merry Christmas to all. Thank you for listening to our weekly Real estate podcast. Tell your friends all about it.
2023-12-15T06:18:39-07:002023-12-26T06:56:15-07:00Jay Daytag:dayhometeam.com,2012-09-20:18532Podcast - 12/8/23🏡 Curious about real estate trends in Frederick County, MD, and Washington County, MD? 📈 Join us on our latest podcast as we dive deep into the numbers from January through November 2023. We'll compare this data to the same period in 2022, covering homes sold, home values, days on market, and average sale vs. listing prices. 📊📅
Knowledge is power in the real estate market! Don't miss this episode for valuable insights. 🎙️
And of course, check out our stunning "House of the Week" 🏡 featuring a spacious Cape Cod on a 3.5-acre property along the Patapsco River in Sykesville, MD. Listed at $725,000, it offers 4 bedrooms, 2 bathrooms, a stone fireplace, and even an attached in-law suite. Plus, enjoy 300 yards of water frontage and modern updates! 🌊🌳 #RealEstateTrends #HouseOfTheWeek
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Coming up on the holidays, of dead a winter solstice coming up. What's going on?
Jay Day:<br />
Alright, so we're in December. Let's talk about the stats. And I was trying to find a way to, sometimes I think the statistics I show don't really give the overall picture. So I tried a different avenue of pulling some data to share on this podcast. And on this one we're just going to be focused on Frederick County, Maryland and Washington County, Maryland. But this is really good information. So what I wanted to give a perspective of, because again, on the news where you're reading things, I mean, I'm hearing more and more people saying they're calling like, now it doesn't sound like this is a good time to sell. I know it's probably not a good time to sell. And I'm like, I don't know where they're getting this from. So let me give you real stats. So I went back and I looked January through November of 2022. So all of last year, let's see how many homes sold in Frederick County. It was 4,597. The median price was 456, the average price was 489. When I pulled 2023, January through November of 2023, the amount of homes that sold 3,442, that is a decrease of 25 plus percent. So 25% less homes sold in the same period of time. From 2022 to 2023, the median price went to 454. So again, the median was just a little bit lower. The average price was 498. So the average price went up almost $10,000 year over year. The interesting part of that is, as we've talked about, inventory is still extremely low and that is the cause of the lower amount of homes that have sold. It's not that the real estate market is bad, it's not that the real estate market is slow, it's that there's less homes on the market. And because of that, you're seeing headlines of real estate sales are down. Well, real estate sales are down because the inventory's down. But the more interesting part of this is when we talk about days on market and when we get into days on market, this is really, like I said, this is real good data in my opinion. So last year, 2022 in Frederick County, of those 4,597 homes that sold 4,063 of them, that's 88% sold in 30 days or less. And those homes that were priced that way in that 30 day timeframe sold for 102.23% of the original asking price, meaning they sold for over asking. The amount of homes that took a month, 31 to 60 days to sell were 6.8%. And those sold for 95% of asking price. 61 to 90 days, 2.3%. Those were also at 95% of asking price. Once you got to 91 days to 120, it was under 1% of homes and those sold at 92% of asking price, and then it just continues to change. So when we compare that to this year, we're looking at a total of, again, 88% of the homes last year sold within 30 days. This year, 83%. Last year, they sold for 102% of asking. This year, 101% of asking. So still those homes that are selling in the first 30 days are typically selling over asking price because they're pricing them properly to be able to make them move quickly.
Tom Whalen:<br />
Pricing them properly. That's the key.
Jay Day:<br />
It is. And then we look, so 31 to 60 days, 8.9%. So there's more homes that have sold compared to last year, and those sold for 96.4%. Where we start to see the fall off is once you get to 61 days, we're starting to see the price. The average price for sold price to list price was 94%, 94%, 93%. 91%. So those that are not adjusting and are over asking for what the market is calling for are actually, I mean, when I look at the ones, like I said, 181 days and over, those sold for 91% of original asking price, meaning they were overpriced or they had to make adjustments by 9% of what they originally thought they were going to get for their house. Now, I pulled just November of this year just to give an idea of what we have volume wise. We have 262 homes sold in 2023, Now get this, the median price is 457. So when we go back to all of last year, the median price was 456. So prices have went up, the average price is 500,000. In 2022, it was 489. So does that sound like the real estate market and values are struggling? No.
Tom Whalen:<br />
It's just a matter. It's just a matter of product, inventory and availability.
Jay Day:<br />
Yeah. Now the other interesting part is we're at 83% for the homes that sold in the first 30 days and it jumped all the way to 2%. I mean 10% for the homes that are taken that are taking up to 60 days to sell. So 93% of the homes are selling within the first 60 days. Now an interesting fact, again, those in the first 30 days, they're selling for just a little bit over asking 100.46, the ones that are within 60 days, 96.36. So basically, I mean the gist of this, when I look at it, it shows me one values have not went down. Values are still, the average sold prices are still higher, and they're continuing to tick up because like I said, when we look at January through November of this year, the average price was 498. When we look at just November, it jumped from the average for the year 498 to 500,000.
Tom Whalen:<br />
This is Frederick County?
Jay Day:<br />
This is Frederick County only. When we go to Washington County, and I won't give all of the details because it's a ton, but if you are listening to this and you want the info, I have it. I can shoot it over to you. I'd be more than happy to share it with you. Just shoot me an email jay@dayhometeam.com. Say I want those stats. When we look at 2022, January through November, we did the exact same time period in Washington County, 1,912 units sold. When we look at this year, January to November, 1,544, they're down over 20%. Alright, median price was 280, median price this year, 305.
Tom Whalen:<br />
Wow! Washington County.
Jay Day:<br />
Yeah. Average price 304 last year. Average price, now 323.
Tom Whalen:<br />
Alright. That's it, man.
Jay Day:<br />
So Washington County is seeing some serious appreciation from last year to this year. And again, this is why we say everything is very specific to an area because their prices have outpaced, and the equity has grown more in Washington County than it has percentage-wise in Frederick County.
Tom Whalen:<br />
I don't think people are aware of this.
Jay Day:<br />
No, no. And that's the whole part and get this. So again, we talked about that, and when I just look at November of 2023, the median price is 307. So the average so far, the median for the year so far is 305. The year before it was 280. Now we're 307. So where are we trending? The prices are still going up. When we look at the average price in November, 331,000, the average for the year, 323, the average last year, 304. That is a huge increase in what the homes are selling for. So getting that perspective of, okay, I'm not jumping into the market because I'm going to be able to steal this house because the homes are not cheaper. The homes that are moving are priced and the average prices are going up listening to this, what I would say is we've had a little bit of a break recently. The interest rates have had a six in front of them. I would be jumping on the bandwagon and making a move because the holidays tend to be a little slower. There's a little less buyer activity, and if these rates end up getting into the low sixes or fives, we're going to end up in another situation where people are going to have to pay over appraisal. There's going to be tons of bidding wars. There's going to be waiving all inspections. Now is the sweet spot. It is.
Tom Whalen:<br />
I believe you, man.
Jay Day:<br />
And I said it during covid that you're, you're going to kick yourself in the butt for waiting. So again, when you look again, just look at 2022 by sitting there and waiting, you now are on average, if you were looking in Washington County, it is costing you over $20,000 more for the price of the house, and the interest rates are higher. So sitting and being on the sideline doesn't always make the most sense.
Tom Whalen:<br />
I understand. I understand. It takes guts and it takes the pro in your corner.
Jay Day:<br />
Oh yeah.
Tom Whalen:<br />
All this information, all you got to do is call.
Jay Day:<br />
Yeah. So you ready for the house of the week?
Tom Whalen:<br />
Give it to us.
Jay Day:<br />
Well, so this is funny because I don't know if you knew this. I know, Mount Airy is a sort of an oddity that it hits multiple counties. Sykesville actually hits part of Howard County.
Tom Whalen:<br />
Oh, I didn't realize that.
Jay Day:<br />
And this listing we have is on the Howard County side of Sykesville. It's 440 Gaither Road, three and a half acres listed for seven and a quarter. Again, it's on the Howard County side. It's a Cape Cod with over 3,000 finished square feet of living space above grade. Four bedrooms, two full bathrooms. There's an attached in-law suite with a separate kitchen. So two kitchens, a separate laundry, its own entrance, it's own screen and porch. There's a stone fireplace. There's a great room with cathedral ceilings. There's a loft bedroom overlooking the main level. It could be a bedroom, it could be an office. There's a large bonus room that could be converted into another full bathroom. The basement is unfinished. It's actually situated on the Patapsco River. So it's a riverfront property, which is nice. And the roof on the house was just installed in 2022. AC units and furnaces were replaced in 2022. There's a small barn and stable with two stalls. There's a fence pasture. It's minutes from Route 70 and 29, if you're looking to be close to things. And Howard County, this is a great spot to be, seven and a quarter, over three acres. It has outbuildings. It's 3,000 square feet. It has an in-law suite. It's got a little bit of everything. If you want to check it out, go to wfre.com. Look up Tom and Jay's real Estate podcast. You can see the house of the week. If you like what you see, click on the button and we can get you a private tour today.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team, Real Estate Teams with our weekly real estate podcast. Thank you for listening. Merry Christmas. Tell your friends all about it.
2023-12-08T14:23:05-07:002023-12-11T10:03:32-07:00Jay Daytag:dayhometeam.com,2012-09-20:18445Podcast - 12/1/23🏡 Ready to make the big decision of whether to rent or buy a home? 🤔 Here's a game-changer: The average homeowner’s net worth is almost 40X greater than a renter’s! 📈💰 The Federal Reserve Board's Survey of Consumer Finances reveals this significant gap, and it's all thanks to soaring home equity. Home prices have been on a historic climb, and buying a home remains a smart way to grow your net worth over time. 💪🏠✨
Don't miss out on the chance to build your wealth! Tune in to our latest podcast for all the insights. 🎙️
Plus, check out our fantastic "House of the Week" 🏡 featuring a beautiful colonial home in Windsor Knolls, MD, listed at $850,000. With 4 bedrooms, 3.5 bathrooms, a finished walkout basement, and a 3-season sunroom with woodland views, it's a dream come true! 😍 #RealEstateWealth #HouseOfTheWeek
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team, Real Estate Teams with our weekly real estate podcast coming into the Christmas month into the last month of 2024. Jay, are you ready for Christmas?
Jay Day:<br />
No.
Tom Whalen:<br />
No, neither am I. I'm never ready for Christmas, but it's always fun. Doesn't matter what happens, really.
Jay Day:<br />
Yeah, yeah. I always, you can never be totally prepared.
Tom Whalen:<br />
No, absolutely.
Jay Day:<br />
It's gotten easier as the kids have become adults and it's definitely gotten easier than it used to be.
Tom Whalen:<br />
It is easier and especially because if you don't have all those expectations, that's what lets a lot of people down. Let's let Christmas come and go another day of the week. That way you don't get disappointed. What we got going?
Jay Day:<br />
Let's talk about, and I know this is something we chat about here and there when you're trying to decide whether you want to be a homeowner, if you want to buy a home today or if you want to rent, one of the key data points that's out there that could help you feel more comfortable with becoming a homeowner is every three years there's a survey that the Federal Reserve does and it's a survey of consumer finances, the SCF, and that report shows the difference in net worth comparing homeowners and renters. So that's one of these reports that can sort of be eyeopening. The report that just came out recently, the average homeowner's net worth is almost 40 times greater than a renter's. This most recent report that came out, the net worth for the average homeowner was $396,200. The renter's net worth was $10,400. So you're definitely not getting an increase in net worth by remaining a renter. The previous version of the report that was done, the net worth of the average homeowner was about 255,000 and the average renter was about 6,300. So that is a massive gap that widened if you think about it and look at those numbers. So the 2019 through 2022 growth in the median net worth is the largest three year increase in the history of them tracking this.
Tom Whalen:<br />
I didn't know they tracked this Jay.
Jay Day:<br />
Yeah, well, and I'll be honest with you, Tom. I didn't either.
Tom Whalen:<br />
Aren't they more, they're not talking about people, professionals who live in major cities.
Jay Day:<br />
No, this is just in general here.
Tom Whalen:<br />
Just in general because some of the most wealthiest people in the world are renters paying ungodly rent beyond anything we could ever imagine.
Jay Day:<br />
And this takes into account all the states. And it was interesting because I didn't know that they track stuff like this either,
Tom Whalen:<br />
Neither did I.
Jay Day:<br />
But when we're doing these podcasts, I always try to find relevant information and it can get boring when I get into stats and stuff like that. So I think sometimes it's good to think about things in a different light as well because a lot of people look and say, man, I'd love to be able to have that type of life, man, I'd love to be able to have this situation. And most of the people have through Wall Street and through real estate is where a lot of wealth has been built. If you look back or you look at the people nowadays that have a ton of money, a lot of it is through real estate, and I've talked about it on these before, those that were dealing with the Wall Street stuff and stocks. They have been, if you've ever heard of BlackRock, Vanguard, these companies own a ton of residential real estate now, a ton of it, and they didn't before, but they've jumped in over the last couple of years and you don't need to be a rocket scientist to figure out, hold on. These people were not seeing the gains that they wanted in the real estate market. So they're investing money in other areas and that other area has been residential real estate and there's a reason for it shocking that the numbers jumped that quickly just as they were also increasing and taking on more residential real estate. That's just something to keep in mind.
Tom Whalen:<br />
The question we're talking about Jay is one of the biggest questions that a lot of people have on their mind. It's a matter of fact the biggest question of their life right now.
Jay Day:<br />
And I get it. I mean, so I'm the opposite of, people are like, oh, everybody should own a home and don't take this in the wrong way. I really don't think everybody should own a home because there is a lot of financial responsibility with that. If you're living paycheck to paycheck or you don't have reserve funds, owning a home could be extremely dangerous for you because let's say your roof starts leaking and it's going to cost $30,000 to replace your roof. And what if you don't have that $30,000. Now water's going to be getting into your house, you're going to end up having potential mold, or let's say your HVAC breaks down and your heat is no longer working and you need to replace that and that's $8,500 to replace that unit and you don't have $8,500. You can't live in a house where there's no heat, and then eventually your pipes are going to burst and then you're going to have all types of issues.
Tom Whalen:<br />
It's because of these issues. Jay, I have read during the morning show that Gen Z says I'll always rent because I never want to be responsible for any of this.
Jay Day:<br />
When you look at things in general, the world has changed so much, Tom, from when we were younger and even more so rapidly in the last few years. But think about it, the world is becoming a subscription-based world. Remember, if you really, so you had your computer and if you wanted to be able to type Word documents or type documents, you would go to the store, you would buy a disc or a CD, and you would have Microsoft Office and you had it in your hand. Now what people are doing is they're paying a subscription service.
Tom Whalen:<br />
You got to sign up, man. You got to sign up. Absolutely.
Jay Day:<br />
It's a subscription service. And the reason they're doing so well, and it's going so successfully is because they sell it on the idea that you're not locked in, you can cancel at any time. It's a subscription service. Why do you want to have to own anything? Because the bad part when we used to buy it in the store is they would do upgrades, and when the service got updated, you had to go and pay and get the upgraded version. Now with the subscription, it just automatically updates for you and it's part of the whole process.
Tom Whalen:<br />
That's a good analogy. That truly is, yes.
Jay Day:<br />
And really that's what we are seeing, that the world is going in a direction of a subscription based, subscription based everything in all sides of it. And renting is a subscription based living situation. Period. You're alright, I'm agreeing to pay this. And yeah, you may have some terms, but typically you can cancel or if you can find somebody to replace you, they'll let you out. There's all types of interesting things to this, so if you're like to actually have something that you own, that you possess, I mean even now I'm going to sidetrack. Think about it. You're here at the radio station. Everybody used to buy CDs and tapes. Everything now is pretty much streaming.
Tom Whalen:<br />
Streaming, kind of free almost for anybody. Pretty much.
Jay Day:<br />
Books
Tom Whalen:<br />
Yes.
Jay Day:<br />
People used to go by now, and I'm guilty of this too. I download stuff on Audible all the time. That's how I get my material because it's easier and I click a button, I can listen when I'm driving. And in today's world, traffic's gotten even crazier. So it's a good way to pass the time in the car.
Tom Whalen:<br />
And you can cancel it any time.
Jay Day:<br />
Yeah, yeah.
Tom Whalen:<br />
There you go. You're not locked in.
Jay Day:<br />
Yeah, like I said, very, very different world man, but just think about it that way. If you have questions or want to sort of discuss the difference between the pros and the cons of buying and versus renting, we're here to help. But let's talk about the house of the week.
Tom Whalen:<br />
Give us a home of the week, bud.
Jay Day:<br />
This is one of the great neighborhoods here in Frederick County is Windsor Knolls. This home is 3048 Chickweed Place in Ijamsville, listed at 850. Again, it's in Windsor Knolls. It's situated in a cul-de-sac, four bedrooms, three and a half baths, a finished walkout basement. There's a three season sunroom with views of the woods, paver patio. If you're into the landscaping side, which I know you are, they have a grand crepe myrtle, tons of flowers. It's a nice ideal, very pretty setting. The home is a perfect layout for entertaining. The laundry is on the main level. There's nine foot ceilings. There's loft storage in the garage. There's a large master bath with custom tile work, paved walking paths in the community, large common areas in the community. There's a community pool, and this home is actually situated extremely close where you can walk to the community pool. Again, Windsor Knolls, great neighborhood. If you want to check out this home, go to wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, click the button or give us a ring and we will get you a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Thank you so much for listening and tell your friends all about it.
2023-12-01T06:00:00-07:002023-12-01T07:28:40-07:00Jay Daytag:dayhometeam.com,2012-09-20:18377Podcast - 11/24/23🎙️ Tune in to our latest podcast! We're diving deep into the importance of having a signed representation agreement with a licensed real estate agent. 🏡 Discover the ins and outs of fiduciary duties and what they truly mean for you. Get ready to make informed real estate decisions! 🤝
But wait, there's more! Don't miss our fantastic "House of the Week" 🏠 featuring a newer-built modern farmhouse in Charles Town, WV. This gem is located in the gated Beallair Community and boasts three bedrooms, each with its own full bathroom, luxury vinyl plank flooring, a stunning kitchen with beamed ceilings, top-of-the-line appliances, and so much more. It's a must-see! 😍
Join us for valuable insights and exciting real estate opportunities! 🌟 #RealEstateAdvice #HouseOfTheWeek #ModernFarmhouse
Tom Whalen:<br />
All right. I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast telling you everything, updating you on the industries. We getting ready to wrap up 2024. What are we going with? Oh, I'm sorry. As we're getting ready to wrap up 2023, I'm jumping the gun.
Jay Day:<br />
I was like, man, Tom, are we,
Tom Whalen:<br />
The holidays are all coming down on us too fast. I'm not quite sure which one we're celebrating.
Jay Day:<br />
Yeah, so I wanted to talk about something that came up recently and tie it into something else. It's a legitimate thing that people don't understand. So I have a client looking at properties and he originally went to his bank to try to get his mortgage, got everything approved, and I said to him, I'm like, okay, great. Are you happy with everything? Let me get a breakdown so I can see what the fees are and make sure it's accurate. Make sure we're in good shape. So I email the lender at the bank. They refuse to send me a fee sheet showing the breakdown of what the costs are.
Tom Whalen:<br />
Is that standard procedure something that you've asked for before?
Jay Day:<br />
Yes. I've never had somebody say no. And what I had to explain it, it goes into, and again, this is me representing a buyer. So this is not me representing a seller. I'm helping a buyer now. And it goes into the reason and what agency is, and the confusion that goes into the public. So you would think you're going to the bank. The bank is going to take good care of you and make sure you're, especially if you're banking with them, right, you think that they're on your side. What people don't realize is if you actually have a agent who you have signed an agreement with and they are representing you, whether it's on the buying side or the selling side, they are a fiduciary. They have fiduciary duties. That's the same as if anyone here has a financial planner, someone that's handling their finances. They are a fiduciary. What does a fiduciary mean? For people that don't know, basically they have to act in the best interest of the party that they owe those fiduciary duties to, meaning you can't put your own personal finances ahead of somebody else's. So that loan officer has no fiduciary duties to that person. Their loan officer works for the bank, and the bank is who their loyalty. And they can't lie. They can't be deceitful, but they do not have to work in your best interest. So I got into this conversation with the client and he said that the person got extremely, he said, just send it to him. And I said, here's the deal. I need to make sure everything is right. What happens if your estimate, and it's not just about interest rates, but what if your estimate has wrong figures for the taxes? What if it has the wrong figures for HOA fees, has wrong tax information, it has wrong insurance numbers. If that happens, you're trusting that that number is accurate because you're making a decision on what your mortgage payment is. Why a lender would not want to share that with your agent makes no sense to me. So I wanted to make it clear to people, and this is the difference. So if you call in and you just go look at a house with an agent and you have no relationship with them, they have no fiduciary duties to, they have to be honest. There's all of these things they have to be, but the fiduciary duties are when you're taking care of your client. And that is one of the biggest things in real estate and why people should have their own agents. Because when they enter that relationship, then you have fiduciary duties and responsibilities. I'm not going to promise that every agent understands that or does that. I can guarantee you that's how our team operates and it's one of the most important pieces in my opinion, because you don't want someone who, we'll talk about new construction. You walk in and the person in the model home, they're super nice, they're super friendly, they're doing all these things, but their duty and loyalty is to their employer and that is the builder, not you. So again, not walking into something with representation can create all types of issues. That's why if you're in a divorce situation, you don't have most people anyway. Attorneys will be like, I can't represent both sides. I'm not doing that because I have to be responsible and I have fiduciary duties to my clients. You can't have fiduciary duties to both sides. So again, I just thought it was really important because I've been doing this almost 20 years, 19 years in this business and I've never had a lender say, no, I'm not going to send you that.
Tom Whalen:<br />
Do you think that's a one-off or do you think that's going to be a pattern?
Jay Day:<br />
I don't know. And to me, the big thing is maybe there's a fear that I'm going to have them shop it or do something else. I don't know. But my job is to make sure everything that my client does is in their best interest and their best financial interest. So part of that job is to make sure that the lender is not doing something or causing or adding extra fees that are not necessary as well. And we have lenders we work with, but it doesn't mean, so let's say that somebody was dealing with this loan officer at a bank and then they talk to the loan officer we recommend. My job is to tell the client, go whoever can get you to the table and can give you the best situation for yourself financially. I don't care if you use the person that I recommend or somebody else. We have to use the people that are going to take care of you and get us to where we need to be. And for someone to be shortsighted and not realize that as agents we should be doing this, we should be going above and beyond for our clients because it's part of our fiduciary duties. And that's why I take this side. So very, very adamant and strong opinions about everybody having representation so that they have somebody working in their best interest.
Tom Whalen:<br />
If you're buying a home, you want that guy in your corner. If you're selling a home, you want this guy in your corner, all the ins and outs, everything in the industry they have seen before. You're talking over my head with a lot of this stuff, Jay. That's why I would call you to buy or to be responsible for my fiduciary duties, buying or selling. I want you handling all of that.
Jay Day:<br />
Well, and in your situation, when we worked with you, I did work closely with the lender to make sure,
Tom Whalen:<br />
I know you did.
Jay Day:<br />
Everything was taken care of.
Tom Whalen:<br />
You always do. And to everybody I know you've worked with, you've come through for them, you've never let any of them down.
Jay Day:<br />
Yeah, I take our responsibilities and our job seriously. This is a career for us and we do get a lot of business from past clients, repeat clients, and it's because they always realize we are putting their interests ahead of everybody else's. And that's what we're paid to do. So you ready for the house of the week?
Tom Whalen:<br />
Always.
Jay Day:<br />
Alright. 59 Dunbarton Street in Charlestown, West Virginia. This beauty is listed for $775,000. It's a newer built home without the weight. It's a modern farmhouse. It's in the gated Bel Air community. It has three bedrooms and each have their own full bathroom. There's luxury vinyl plank flooring throughout the home. Beam ceilings in the kitchen, top of the line stainless steel appliances, high end white gloss cabinet finish, quartz waterfall, kitchen island. Do you know what I mean by waterfall? It's the ones where actually the counter even drops down,
Tom Whalen:<br />
I've seen this before.
Jay Day:<br />
To the floor. Very, very nice looking. A gas cooktop, builtin wall oven and microwave. Two gas fireplaces, smart home devices. It has a large covered and screen trek deck. Beautiful sliding barn door in the office, hardwood stairs. Built-in sound system. All rooms wired for ceiling fans. Rough in car charging outlet if you happen to have an ev. There's also a two car attached garage. Whole house water softener and reverse osmosis drinking system. And one of the neat things about this community, it's maintenance-free outdoor living. The actual community handles lawn cutting in the front, the back. All lawn maintenance, including pruning, dealing with the flower beds, weeding, and there is a future plan of a clubhouse and an in-ground community pool going in. It's as close to Harper's Ferry restaurants, commuter routes. This one is a gorgeous, gorgeous home in a great neighborhood. It's gated neighborhood. You can actually go on wfre.com. Look up Tom and Jay's real estate podcast. We have video of this as well. If you like what you see, reach out to us and we'll get you a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams. We do it every week. Weekly Real Estate podcast. Thank you so much for listening to your friends, all about it.
2023-11-24T06:00:00-07:002023-11-24T11:54:56-07:00Jay Daytag:dayhometeam.com,2012-09-20:18326Podcast - 11/17/23🎙️ Ready for a new podcast episode? We're discussing some compelling Reasons To Sell Your House Before the New Year! 🏡
As the year winds down, you might be wondering if it's the right time to sell. Should you wait until January or make your move now? Tune in to hear great reasons to consider selling before the new year rolls in. 🗓️
And of course, don't miss our fabulous "House of the Week" 🏠 featuring a stunning log home in Smithsburg, MD! This traditional log cabin offers over 3000 sq ft of living space, a master suite on the main level, a two-story stone fireplace, and so much more. It's a must-see! 😍
Tune in for valuable insights and exciting real estate opportunities! 🌟 #RealEstateWisdom #HouseOfTheWeek #NewYearMove
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day the Day Home Team of Real Estate Teams with our weekly real estate podcast telling you up to date what's going on in the industry on this Friday morning. What are we up to, Jay?
Jay Day:<br />
Well, I'm really trying to squeak this one in, but it was an article that I saw that I thought was important to talk about, and it was reasons why people may want to sell their home before the new year. So a lot of people get into holiday mode. They're thinking, oh, I'll just wait until January or I'll wait until the spring. And one of the biggest advantages of doing it before then is you're getting one step ahead of other sellers that are going to wait. So again, when the inventory is lower, your chances of selling for more money and without having to do as many things increases dramatically. So a lot of people tend to wait and say, I'm going to go, I've got Thanksgiving, I've got Christmas or Hanukkah, I've got New Year's. I'm just going to wait and deal with this later. And we've actually found quite a few people recently have decided, again, let's just jump ahead of this. Let's get our house on the market when there's less competition. And one of the other things that, and I've said this for years, is the buyers that are looking around the holiday season are extremely serious because they're taking time out of other things that they will be doing to find a place to live. And when people ask us, when's the best time to sell? I'm like, well, there's always people that need to move. So there's not a time where it's like, oh, there's never a house that sells in this month. It just doesn't happen. So when you're talking about that, that is one of the big advantages of making the decision to do something before the holidays. And like I said, we've got lots of people doing it. I tell people, if we get it in before the holidays, we'll get the photos done. So you can still do all your decorating. We're not going to limit you from doing your decorating while the house is on the market. We don't operate that way. People understand around the holidays you're going to see stuff like that.
Tom Whalen:<br />
And then some people might want to call a real estate agent right around all the busy holidays and they get an answering machine, or they get us, call us back next week. Or they'll say, look, why don't you call us? Wait until the snow's gone and call us in the spring.
Jay Day:<br />
Yeah, we've written offers on Christmas Eve, new Year's Eve, it's part of our job. And when we have clients that are looking, our job is to best represent them and do what we need to do to get them to where they want to be.
Tom Whalen:<br />
Loved ones pass away every day. People get fired from jobs, people get hired from jobs every day. None of that waits for the seasons.
Jay Day:<br />
No, it does not. So don't think because we're getting into the holiday season that you need to wait. If you have any questions, you can reach directly out to us. We'll give you the good, the bad, the ugly, and then we can explain all that so that you can make an informed decision of what timing is best for you. So you ready for the house of the week?
Tom Whalen:<br />
Yes sir. What have we got?
Jay Day:<br />
Man, this is a cool one. 13970 Brown Road in Smithsburg, Maryland. 685,000. This is a log home with a traditional log cabin look. If you watch Yellowstone, this sort of reminds you of that. It's got the wraparound porch.
Tom Whalen:<br />
It's got the ranch house look.
Jay Day:<br />
Yeah. Yeah. Over 3000 square feet of living space. The master suite is on the main level. The hardwood flooring inside is hickory. The basement is fully finished. It's on over three acres. Inside, there's really unique and custom handrails. Super, super cool looking. There's an upper level loft that's open. You can see down to the family room below. Three full bedrooms, three and a half bathrooms. There's a fireplace in the family room. That's a two story. Again, it just gives that great feel. I mentioned the wraparound porch. In addition to that, they just had a brand new roof installed in October of this year. They also just redid, put a new blacktop driveway in. The logs, because when you have a log home, you do have work you have to do to maintain the logs. They were professionally restored this October as well. In addition to the house, if you are a person who likes working in workshops, you like working on cars, there is a massive, when I say massive, it is humongous. It's a three level four car garage with a 10,000 pound lift in there already. And in addition, if you drive around the back of the garage, there's an additional garage bay underneath, which could make it a five car garage. And on the second story, there's a workshop with 200 amp electric service. There's a deck. You need to check this one out. We've got photos, we've got video. Go to wfre.com, look up Tom and Jay's real estate podcast. If you like what you see, click on the button or give us a call and we will get you in for a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Thank you so much for listening and tell your friends all about it.
2023-11-17T12:19:04-07:002023-11-20T08:43:40-07:00Jay Daytag:dayhometeam.com,2012-09-20:18234Podcast - 11/10/23🎙️ Join us for an exciting podcast episode! 🏘️ We kick things off with our annual "Stuff a Truck" event 🚚 where we collect food for those in need right here in Frederick County. It's all about giving back to our wonderful community! ❤️
Then, Jay and Tom dive into the latest real estate updates 📈 and explore why now is a great time to buy a home in this market. 🏡 You won't want to miss their valuable insights!
And of course, don't forget our amazing "House of the Week" 🏠 featuring 2606B Egret Way in the Market Square community in Frederick. This condo offers over 2700 sq ft of living space, a gourmet kitchen 🍳, a spacious master suite, and community amenities like a pool! 🏊‍♂️
Tune in for a dose of community spirit, real estate wisdom, and your dream home! 🤩 #CommunityLove #RealEstateInsights #HouseOfTheWeek #FrederickMD
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams, weekly real estate podcast. Jay, it's that time of the year where you guys, the day home team, give back to the public. Here we are coming up on Thanksgiving and once again, we're going to be doing stuff-a-truck at all the Weis markets, non impressionable food items from Frederick County Food Bank.
Jay Day:<br />
Yes, super excited about it. We've been part of this for many, many years now, and you're listening to this podcast, hopefully you're listening to it the day it's running on the 10th and we have three coming up before the next podcast. We've got some on what Saturday, Sunday,
Tom Whalen:<br />
I think I see Spring Ridge on Saturday, Prospect Boulevard. I know I'm going to be in Thurmont, Sunday morning. The Weis market in Thurmont, Sunday morning. Then we work our way all the way up to when we take all that food to the food bank. And this is for kids in the area to have, well, to have Thanksgiving and Christmas.
Jay Day:<br />
Oh yeah. It's one of the best charity things that we end up doing, going to the food bank, seeing how much we end up getting over to them and actually working with them to see what they're trying to do.
Tom Whalen:<br />
Sure.
Jay Day:<br />
So if you're listening to this, you can go to wfre.com, you'll see where all the dates and times are. You can also, if you follow us, Jay Day and the Day Home Team on Facebook, we post events about it. If you come out, you can make food donations. You can shop and buy the stuff right there. Or we take monetary donations too. And what happens with that is we'll just end up going into that store at that location, purchase things with the money that you have supplied. And when you come out to see us, we have giveaways and goodies that we give you. We appreciate all that you do. It's also not unusual that we have, I always love the Thomas Johnson Drive one too, because a lot of those professional centers, the doctor's offices, they end up collecting in advance and bringing us stuff out.
Tom Whalen:<br />
Absolutely.
Jay Day:<br />
And unfortunately as we get older, you and I have definitely seen some doctors and have some people over there.
Tom Whalen:<br />
We know. Yeah. We're familiar with all those buildings over there on Thomas Johnson Drive.
Jay Day:<br />
Yeah. And they come in pretty strong. Typically though,
Tom Whalen:<br />
And my hometown of Thurmont, they always step up as well. I mean, it's a great time of year because it's just people helping out other people. So you can't help but feel good.
Jay Day:<br />
Exactly. Exactly. So like I said, check it out. We'd love to have you stop by and like I said, we'll take care of you, give you a couple little things for your time and for making the donations.
Tom Whalen:<br />
Also, all these Weis markets, if we're not there, they're taking your donations while we're not there. You can donate all week. Some of 'em got a little $10 bag set aside. We'll get those donations. We don't have to be there for you to help out.
Jay Day:<br />
And it's always interesting because people are like, oh, I missed it. And I'm like, no, no, no, you can go there. Because typically what we do, the team at WFRE and those who sponsor this event, it will say, okay, I'll hit these three stores and grab anything on my way. We sort of break out, I always end up going back to Spring Ridge because that one's super close to me and we're like, we'll figure out, I'll go to Mount Airy. I'm like, if there's anything there, nothing gets left behind.
Tom Whalen:<br />
Yes. Yeah, don't worry about that.
Jay Day:<br />
Yeah, we make sure we take care of that because again, this is taking care of our local people here, right in Frederick County.
Tom Whalen:<br />
Our neighbors.
Jay Day:<br />
So let's talk about the last podcast. We talked about what's going on with stats. We've talked about interest rates going up. We've talked about low inventory numbers. So the question really is, and we get this a lot from people, is why should I own a home? What makes sense about that? Especially right now, because people are like, their mortgage rates are high, the prices are high. So one of the key pieces that we explain to people is that home values appreciate over time. So now over the last three years, it's been sort of crazy with the rate it's been hitting at, but this last year we've been appreciating at more of a normal pace. And again, we talk about getting back into normal, but history overall does show in the long run that home values rise. When you look at the data from the Federal Reserve over the last 60 years, basically it has, home prices have risen consistently with one exception. That one exception was the housing crash of 2018. I mean 2008, sorry about that. But overall, home values have been consistently on the rise outside of that one blip on the radar. So increasing home values, what does that mean? As you're paying your mortgage down, you are increasing your net worth, you are building equity, which is all a good thing. The next thing is when you're looking at buying a home as opposed to renting, you are locking in your monthly housing cost. You have control over what your payment is. Where the best example I like to give right now, especially here in Frederick, is the city of Frederick came up with some rules. I dunno, maybe it's been a year, I don't do rental, so I don't know all the dates, but I know that there was homes in Frederick City and they made some requirements that all the homes have certain upgrades and improvements done to them. And when they did that, that got everything put on the individual owners to do these renovations. The individual owner does the renovations. Do you think that that individual owner, it's not going to trickle down to the renter? No, of course it does. So if they had to spend $50,000 in renovations, they can not charge that tenant the same amount of money because they have to recoup that money that they were forced to spend. So again, if you want to have control over what your monthly payment is, that is one way to do it. And just like we talked about house values going up over the course of since the sixties, we have the same thing on the rental side. It's spent a steady increase over the last six decades of what you're paying. Christina was telling me, we have a client right now that was just renting a three bedroom apartment, not a house, not a townhouse, not a condo, in an apartment building here in Frederick County, three bedrooms, two baths, and their rent was over $3,500 a month.
Tom Whalen:<br />
Wow. Man, that's incredible. I understand.
Jay Day:<br />
Yeah, that's crazy.
Tom Whalen:<br />
That seems crazy. It's sort of out of my purview. I can't even wrap my head around that.
Jay Day:<br />
So I mean, as they say, homeownership is a way to build wealth. It always has been. It typically always will be. And again, you get a little bit of control over your future. And the same thing. You want to paint a room, you want to do something to the house. And sometimes landlords do allow that, but you have to ask permission. When you own your home, you can change the paint colors. You don't need to get approval. You can change this. You can do all types of things because it's yours. You don't have, I mean technically it's the banks because they have the mortgage, but you don't need to call your bank and say, hey, Mr. Mortgage Company or Mrs. Mortgage Company, is it okay if I paint this or this deck is getting sort of old, I'd like to have a maintenance free or a low maintenance composite deck instead of the wood. Your landlord controls everything when you're a renter. Everything. So those are just some of the advantages if you want to get into some more of the details, we do offer free consultations. We sit down, we go over everything with our potential buyers. We explain the pros and the cons. And honestly, Tom, there are times where there's some people that we say it may not make sense to do this. And in those situations, for example, if you own, or it may make more sense for them to own a condo, because in a condo, you don't have to worry about your windows, you don't have to worry about the roof. All that's covered by the condo..
Tom Whalen:<br />
You don't have worry about the yard. You don't have to worry about plowing and mowing. Yeah, its snow and mowing.
Jay Day:<br />
Yeah. Now, if you're someone that lives paycheck to paycheck and you couldn't handle a roof leak or something like that, then a condo ownership may make sense. And if condo ownership doesn't make sense, then it may make sense to stay asa renter. But everybody's situation is individual. And that's why we like to talk to people on an individual level of let's talk about what your plans are, why you think this makes sense. And we'll give you the good, the bad, the ugly, and then you can make an informed decision about what makes the most sense for you.
Tom Whalen:<br />
Well said. That's why you call the pros.
Jay Day:<br />
Alright, you ready for the house of the week?
Tom Whalen:<br />
Give it to us.
Jay Day:<br />
Well, first I've got to say I'm a little biased because this location, market Square is a great spot as far as proximity to things. 2606 Egret Way in Frederick. This is listed for 390 and just what we were talking about. So this is a townhouse, that's a condo ownership. So meaning if you buy this and something goes wrong with the roof, you don't have to pay to repair the roof that's covered in your condo fees. You don't have to worry about the grass, you don't have to worry about the windows. So the other neat thing about this, when people think of condos, they think maybe they're not too big. This one has two floors and it's 2,719 finished square feet. It is massive. So if you need space, this is definitely much larger. I mean, this is larger than some regular three story town homes. It has a one car attached garage and then a parking pad that can fit two more cars. So you could fit three cars, three bedrooms, two full baths, one half bath, open floor plan, gourmet kitchen, massive master suite. There's a kitchen island with a breakfast bar. There's a community pool. And one of the neat things, if you know where onelife fitness is out off of 26th, this is the neighborhood that's right there. So you've got onelife fitness, you've got tons of dining, lots of different shopping. You can walk to Wegmans, you can go over to Coalfire, you can go all types of places that are over there, Madrones.
Tom Whalen:<br />
That's a great location if you're living right there. That's really central man.
Jay Day:<br />
And I asked the current owner what made him buy there, and his answer was he had two answers. One, because he was looking at regular town homes versus condo, and he said, this condo was bigger than all the town homes. The town homes were 1900 square feet. He is like, this was a no-brainer. He said, I ended up picking this location because I could walk to everything. He goes, I walked to the gym, I walked to the pool, I walked to Buffalo Wild Wings to watch football games, and if I have some drinks, it's not a big deal for me to walk home.
Tom Whalen:<br />
I understand.
Jay Day:<br />
I mean, he laid out all of that and he goes, and honestly, he goes, I'll even, if I don't have a huge grocery run, I'll walk over to Wegman's to get my groceries and walk back home. So location wise, it's great. If you want see photos, go to wfre.com. Look up Tom and Jay's Real Estate podcast. If you like what you see, click schedule showing and we will get you a private tour into that home.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Weekly Real Estate podcast. Thanks for listening and tell your friends all about it and come see us at Stuff-a-Truck.
2023-11-10T06:00:00-07:002023-11-17T12:20:38-07:00Jay Daytag:dayhometeam.com,2012-09-20:18146Podcast - 11/3/23📊 Curious about the latest real estate stats? 🏡 Join our podcast as we dive deep into Maryland, Pennsylvania, and West Virginia. 🎙️ We break down county-specific data on homes sold, listings, contracts, and more! Gain valuable insights into your local market.
Don't miss our captivating "House of the Week" 🏠 featuring a charming brick rancher in Westminster, MD. This home offers main-level living, 3 bedrooms, 2 bathrooms, a family room with a fireplace, and an all-weather Florida room for your morning coffee. ☕🌳
Tune in and stay informed! 📈🏘️ #RealEstateStats #LocalMarket #HouseOfTheWeek #WestminsterMD
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Coming in now to the holiday season, the last couple of months of the year, Jay, where do we stand in the real estate industry?
Jay Day:<br />
Well, first I need to address that too. Isn't it crazy that we're in November?
Tom Whalen:
I know, man. It's unbelievable.
Jay Day:<br />
I was just talking to Christina about that and I'm like,
Tom Whalen:<br />
Three weeks today from Black Friday we're less than three weeks away from Thanksgiving.
Jay Day:<br />
It's absolutely ridiculous.
Tom Whalen:<br />
You going to be cooking that Turkey at home this year?
Jay Day:<br />
So the goal, the funny thing was I was supposed to do a test run on my Traeger and that's when I realized my time is running out because I don't want to do the test run on Thanksgiving and not do it right.
Tom Whalen:<br />
A test run on what? You're going to be cooking that burger or something?
Jay Day:<br />
Yeah, turkey on the traeger outside.
Tom Whalen:<br />
Oh, on the traeger. You going to smoke that? Then just do two, then you smoke a turkey, cook one in the oven. Then we'll see how that works out.
Jay Day:<br />
Yeah, we'll have to see. Well, and then I have to start off today wishing my better half a Happy Birthday.
Tom Whalen:<br />
Is that today?
Jay Day:<br />
It is today, yes.
Tom Whalen:<br />
Wow. Happy Birthday, Christina. And I can back Jay up on the better half part of that.
Jay Day:<br />
Yeah,
Tom Whalen:<br />
Absolutely.
Jay Day:<br />
So let's talk some stats because it's been a while since we got into any, we didn't really get into details in October. So what I'm looking at the stats now, I'm comparing early September, to be more specific, September 7th to November 1st are when these data points came from. So Frederick County, we are still at a under one month supply of inventory. Homes that are on the market, 201. And when we looked back in September, it was only 155. So that did increase, homes under contract 229 homes. It was 275. So we had a much bigger issue with inventory back in September, but now we still have under a month's supply of inventory. It's just not, we're getting close. When you really look at it, we're 28 homes away from having a month's supply of inventory. So we're getting closer to having that month's supply. For homes that sold, we went from 269 to 204. And again, the one thing I want to point out is the homes that go under contract and sold, as we get into this time of year, things do tend to slow down because of the holidays, so that shouldn't be too shocking. But I wanted to get into, so the homes over the last 30 days, so October, that sold, again, that was 204, of those still 113 sold for above asking price. And when we look at that, it's almost 56% of the homes sold for over asking price in Frederick County. Now, homes that sold below asking price, 52. That equals 25.49%, so almost 26%. And homes that were listed and sold at the price they were listed at was 39, and that ends up coming in at 19%.
Tom Whalen:<br />
But some of these homes sold under list price. They could have been overpriced to start with.
Jay Day:<br />
Correct.
Tom Whalen:<br />
I'm just learning from doing all the podcasts with you on the pricing of these homes is fascinating.
Jay Day:<br />
And then buyers that got closing help paid for by the seller is up to 40 of those homes. So we're at almost 20% of all the homes that sold in October. The sellers did give some closing help to the buyer. Now we'll go over to Carroll County. Carroll County, we have a situation where 121 homes that are active, 142 that are under contract. So again, under a month's supply of inventory, we had 111 homes sell. And with those, the median days on market was 9. The active listings, the median days on market is 27. So the one thing we are seeing across the board is the homes are taking a little bit longer to sell because again, when we had that 2% bump in interest rate so far this year, again, we went from 6 to 8%, pretty much certain people no longer qualify. So those people fell out of the buyer demographic and buyer pool for a period of time. So we are going to have less people that are capable of closing. Now out in Carroll County, homes that sold with seller help 26% of the homes. So that's a pretty significant number. You had a 26% chance that you'd have to give buyer closing help to get to the closing table. Now, Washington County, we have the opposite, 187 homes on the market, only 158 under contract. So we have now hit over a month supply of inventory. Again, nothing to panic about. It's still considered a seller's market when you have up to three months supply of inventory.
Tom Whalen:<br />
Really been a long time since we've heard those words talking about any of these counties.
Jay Day:<br />
Yeah, yeah, it is. And when we look at those that actually ended up having to give closing help for closing in Washington County, 31.4%. So that's the biggest number for the areas in Maryland that hit our listenership here. Now we'll go to West Virginia, active 70. Before we only had 61, contract 62. Last time we had 69. So again, we're in a situation here where we actually just barely have more homes, more than a month's supply of inventory. So Jefferson County,
Tom Whalen:<br />
That's Jefferson County, West Virginia,
Jay Day:<br />
And just under 25% of the homes that sold there, the sellers gave buyer closing help. Now we go to Berkeley County, active 203 homes. This is a big change. So we have 203. The last time we pulled these numbers, it was only 142. That's a pretty big difference.
Tom Whalen:<br />
That's a big number of homes going on the market.
Jay Day:<br />
Yeah, yeah. Now contract, we had 200, now we're at 157. So we are over a month supply of inventory in Berkeley County as well. And get this, the ones that sold, that need to give seller help, 43%.
Tom Whalen:<br />
Wow, that's quite a bit. That's a big number. Yeah.
Jay Day:<br />
Yeah, almost half of the sellers ended up having to do that. So we'll end with some of the data from Pennsylvania, and again, I have a whole lot more information. If you guys want more detailed data, you can just reach out to me. I just want to give sort of a broad overview. Adams County, when we look at Adams County, we have 106 homes on the market. We were at 97, so that's a slight increase. Now get this, last time we did the report, only 98 homes were under contract, now 120. So there's an uptick in contract activity in Adams County. So they are under a month's supply of inventory and only 15.6. So almost 16% of the homes out there, the sellers had to give closing help to a buyer. So Adams County has the lowest number of seller help that was provided. Out of all the areas we're going to be chatting about Maryland, Pennsylvania, and West Virginia.
Tom Whalen:<br />
And Jay in the day home team licensed in all these states. We should point out, if you're wondering why we're talking about wild, wonderful, Pennsylvania, Virginia, Maryland, and DC.
Jay Day:<br />
Yes. And Franklin County, we always like to talk about, because a lot of people just go right over the line in Washington County, 177 active homes, 128 under contract. So when we look at that, we actually have more than a month's supply of inventory and they're coming in at about 21% of the homes. The seller gave closing help to the buyer. So the one thing I can say in general, of all these areas, we are still seeing an appreciation in values. We're just seeing the appreciation at a lower percentage. We're still in a situation where the market, we overall, we still have very low supply compared to what's considered normal. It's just, I think everybody forgot what normal was because we haven't
Tom Whalen:<br />
We have forgotten what normal was. And I don't know if we're ever going to see that again in any capacity for anything in our lives.
Jay Day:<br />
Yeah, I don't either. Well, one of the funny things is on our podcast, I said we'd probably hit 8% this year when the experts said we wouldn't. And guess what we did?
Tom Whalen:<br />
We did. Yeah, we did. Man.
Jay Day:<br />
I'm hoping because the year's not over yet. I'm really hoping we don't get over eight, but who knows? The crystal ball is broke. I guesstimated on the last one and I ended up being right.
Tom Whalen:<br />
And you shot high. You probably shot high thinking hell will never go far. That won't go that high. Yes.
Jay Day:<br />
Yeah. I thought, I'm like, well, the way things were moving, I was like, they're going to have to do that with inflation. Everything else, it's just a harsh reality of the market that we're in. So let's talk about the house of the week and then we can wrap this up.
Tom Whalen:<br />
What do you got?
Jay Day:<br />
2029 Sams Creek Road in Westminster, Maryland. This home is listed in the mid upper fives. It is an all brick rancher situated on 1.46 acres. Obviously main level living, laundry, everything is on the main level. Bedrooms, bathrooms, kitchen, three spacious bedrooms, two full bathrooms, a formal dining room, a formal living room, a large family room with a fireplace. There's an all-weather, Florida room off of the family room. The lower level is partially finished with a rec room, and then there's a massive amount of space under there that's unfinished that you can add more rooms you can use for storage. In addition, there is an attached two car garage, and the first thing I noticed when we went to list this home, we're driving down, we pull up, it has a nice entrance and the lawn is absolutely meticulous. It actually made me think of you. I know how particular you are about the lawn.
Tom Whalen:<br />
I love landscaping. Sure. Yeah, absolutely.
Jay Day:<br />
It's absolutely stunning. The home inside is a little, it's got great bones. If somebody wants to modernize it, they can. But one and a half acres, all bricks solid construction. If you want to take a look at it, go to wfre.com. Look up Tom and Jay's real estate podcast. You'll see photos. You'll even see drone and aerial photography on this one. If you like what you see, we can schedule a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. We'll be back next Friday. Thank you so much for listening. Tell your friends all about it.
2023-11-03T05:00:00-07:002023-11-03T07:53:02-07:00Jay Daytag:dayhometeam.com,2012-09-20:17984Podcast - 10/20/23🎙️ Tune in to our latest podcast episode! 🏡
Are Higher Mortgage Rates Here To Stay? 📈 Don't stress about trying to control the uncontrollable. Mortgage rates can be unpredictable, even for the experts.
Plus, we're diving into The Latest Expert Forecasts for Home Prices in 2023 📊. If you've been concerned about home prices dropping, tune in for the details. 📈 If you have questions about our local real estate market, we're here with the answers. Let's chat! 🏠💬
Stay informed and ahead of the game – listen now! 🎧
And don't miss our House of the Week in Martinsburg! 🏡 Features include:<br />- 3 bedrooms 🛏️<br />- 2 full bathrooms 🛁<br />- 1 half bathroom 🚽<br />- Unfinished basement 🏢<br />- Rear deck 🌳<br />- 2-story family room for spacious living 🏠<br />- Conveniently located with easy access to schools, shopping, and commuter routes 🚗
Join us for an Open House this Saturday, 10/21/23, from 11 AM to 1 PM. See you there! 🏠🚪 #RealEstatePodcast #MortgageRates #HomePrices #MarketForecast #TrustedProfessionals #OpenHouse
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team of Real Estate Teams with a weekly real estate podcast. Jay, it just seems like yesterday you and I were saying, hey man, preseason football, we're going to cheer for the Ravens, we're going to cheer for the Commanders. And I think we're five, six weeks in now.
Jay Day:<br />
Yeah, well, and the last couple podcasts we had Christina fill in for me.
Tom Whalen:<br />
Oh that's right. Yeah, we did. So we didn't talk football. That's why it seems like yesterday.
Jay Day:<br />
Yeah, yeah, because the last time we saw each other, I think we did end up talking about it and then we just had so much going on. I told Christina I needed her to come in and mix things up a little bit.
Tom Whalen:<br />
Oh, it's always nicer. Smells better when Christina's in here.
Jay Day:<br />
It should. It should. And then you have to behave yourself when she's in here.
Tom Whalen:<br />
I am. Honestly, when Christina or Diana are around, honestly, that's a governor on my behavior, man.
Jay Day:<br />
Yeah. When it's the two of us, you just never know.
Tom Whalen:<br />
You never know. You never know. Thank goodness we can edit things.
Jay Day:<br />
Yeah. So let's talk about mortgage rates.
Tom Whalen:<br />
Alright, that's a big subject right now.
Jay Day:<br />
Yeah. So are the higher mortgage rates here to stay is one of the questions that we get asked quite a bit. And realistically, we've almost reached the highest that we've been in 30 years. So when you go back, we were 8.64, we've been just under 8%. So getting very close. I know when we had our, I don't remember which podcast it was, but everybody was predicting that rates were going to go down. We weren't going to hit as high as we hit yet again, I think I said we were going to hit 8% probably by Q one, and we almost hit it before we even got into the end of this year. So it's really interesting because there's a lot of volatility, there's a lot of stuff going on. Now the prediction is, and again, if we look at the experts, the experts say that they're going to go down, however, there's no sign that would indicate that that would be something that's going to happen. The positive in this whole thing is we still have low inventory. We're not in a situation where we have crazy amounts of inventory and things are sitting forever. However, a lot of buyers are too concerned and they're not making the jump as quickly as they did in the past. So what that means is even though we have lower inventory, you may not be competing with as many people as you were before, and you may be able to get some closing help from the seller, or you may not have to pay over asking, which technically gets you into a position where you could be getting a better deal on the house because values have still continued to climb. What ends up making it worse is when you have values climbing, and let's say you're writing on a house and there's six other people writing on it, then you're going to be paying even more. So the reality is, when rates start to drop down again. And we don't know when that's going to happen. We're going to see more buyers come back into the market and we're going to be in that situation where you're going to be competing with 6, 10, 12 people and you're going to end up paying more for that house because the sales price is going to end up escalating up even higher. You may end up in a situation where you're waiving inspections again. So from a buyer perspective, yes, the interest rates are higher now, however, you will not be in the same position where you're battling it out with as many people and you may not need to give up as much of your inspections. And again, you may be able to get the home a little below asking price or, I mean, even getting it at asking price is not a bad thing compared to what we've been seeing with everybody having to do escalations. And remember, if you're buying as long as you can afford the mortgage payment, you can look at it and say, well, when rates come down, I can always refinance, which could be a win. You say, okay, I'm going to do this now I'm locking in at 7.8 and rates go down to 6.5. You refinance, you've got the house, you didn't have to compete with a bunch of people. So there is a win and there is a rainbow at the end of that story, that there are options that are still happening. So let's talk about, the last thing I want to talk about that sort of ties into this, is the latest expert forecast for home prices because that comes into play. If home prices were going to drop, people might say, hey, well I'm going to wait. Well, when we look at it, year end home prices, AEI is expecting a 6% increase. Zillow 5.5. Fannie Mae 3.9. HPES 3.3. MBA 1.5%, and NAR, the National Association of Realtors is thinking there's going to be a downturn of 0.4. So realistically, all of the experts are saying that they think that the home prices are going to continue to rise.
Tom Whalen:<br />
But the National Association of Realtors, they disagree.
Jay Day:<br />
They disagree. And I have to be very careful what I say here because I'm a member of the National Association of Realtors.
Tom Whalen:<br />
Sure, I understand.
Jay Day:<br />
But anyone that does any research on them right now, they have a lot of stuff going on. I'll say that.
Tom Whalen:<br />
I understand there's issues everywhere.
Jay Day:<br />
They have management changes, there's lawsuits happening. So there's a lot of stuff going on with the National Association of Realtors.
Tom Whalen:<br />
Okay, I won't ask any more questions.
Jay Day:<br />
Yeah, so I wouldn't put all my weight on that. And again, when you look at it and you've got the majority, seeing it the other way, and then it's rare that I agree with these forecasts, but I'm seeing exactly what the others are saying. The home values are not dropping, it's just that you're not having a 15% change in value. It's just a smaller chunk that's happening. We are not seeing a drop in prices. Now, one of the things that we are seeing is, and I've been talking about this on the podcast, buyers are looking for homes to be move-in ready because their cash is tight. They don't want to have to paint, they don't want to have to deal with flooring. If you put a home on the market and it's in good condition, looks modern, doesn't need updates, those are still moving very, very quickly. It's the ones that may have some wallpaper or the carpet needs to be replaced and the seller doesn't want to do anything about it. Those are taking a little bit longer to sell because again, the buyer really has to look at it. They're looking and saying, I'm paying 8% interest on this roughly, I'm going to have to put $10,000 worth of flooring in. I'm going to have to spend $8,000 on painting and where's that money coming from? Because they had to use so much money to put down payment. And then also their mortgage payments a lot larger than what they were expecting.
Tom Whalen:<br />
That's why you call the pros because for every fact that you hear there's gray areas and these guys can negotiate you through the mess.
Jay Day:<br />
Absolutely. You ready for the house of the week?
Tom Whalen:<br />
I see you getting ready for it. What do you got?
Jay Day:<br />
Alright. This one actually just hit the market yesterday. It's 1255 Brown Road in Martinsburg, West Virginia, listed for 400,000. This home is a three bedroom and there could be a fourth bedroom. Instead of the fourth bedroom, right now they have an open loft on the upper level but you could always just close that in with some walls. It wouldn't be too crazy to do. Or again, a lot of people like having that open area where they can have a play area upstairs for the kids or they can have their home office there and not feel like it's closed in. They have two full bathrooms, one half bathroom, a unfinished basement so you can finish it how you like. Rear deck, formal living and dining rooms. The family room is a two story, newer kitchen appliances, I mentioned the loft. On the upper level, there's a master suite with a large master bath. Easy access to schools, shopping, commuter routes. And actually tomorrow, Saturday, Brian on our team, Brian Mo will be doing an open house there from 11:00 AM to 1:00 PM So if you want to check it out, 1255 Brown Road, Martinsburg. Open House tomorrow, 11 to 1, that's Saturday. Or you can go to wfre.com. Look up Tom and Jay's real estate podcast and you can see all about this home. We've got photos, we've got video. If you like it, jump out there to the open house or reach out to us and we'll get you a private showing.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with a weekly real estate podcast. Once again, thank you for listening and tell your friends all about it.
2023-10-20T04:21:07-07:002023-10-25T10:57:42-07:00Jay Daytag:dayhometeam.com,2012-09-20:17842Podcast - 10/6/23🏡🎙️ New Podcast Episode Alert! 🎧
If you're planning to sell your home, this episode is a MUST-listen! 🏠 Learn top seller strategies to help sell your home not hinder the sale:
✅ Have everything in working order.<br />✅ Follow stager advice for irresistible appeal.<br />✅ Price your home correctly for the market.<br />✅ Trust your experienced agent's guidance.<br />✅ Be flexible with showings (and keep the home vacant during viewings).<br />✅ Maintain a spotless and inviting environment.
Discover these seller tips and more in our latest podcast! 📈🔑
Plus, don't forget our House of the Week in Sykesville - a great condo for those 55+, 2-bedroom, 2-full baths with updated kitchen, granite counters, large balcony and more! 🏡✨
#RealEstateTips #HomeSelling #SellerStrategies #PropertySale #RealEstatePodcast
Tom Whalen:<br />
I'm Tom.
Christina Day:<br />
And Christina Day.
Tom Whalen:<br />
Christina Day with our weekly real estate podcast. It's so nice to see you here, Christina.
Christina Day:<br />
Nice to see you too.
Tom Whalen:<br />
Well, Jay and I just beat each other up for years. We've done this for years and now here I have this bright light, Christina's in here.
Tom Whalen:<br />
So Christina, clear this up for us. If you're selling a home, you can hurt yourself, you can help yourself, give us some advice.
Christina Day:<br />
So it is really important for sellers to think about a little bit more than what the agent is doing and to really focus on the things that they can do, right? Because we can't control the interest rates, we can't control how many buyers are out there, but what we can control is our part in it. So a couple things that we suggest very strongly is first of all, have everything in your house in working order. So if somebody comes into your house, and now that we're coming into cooler weather, let's say it's 50 degrees outside or 60 degrees outside, it should be a nice temperature controlled 70 inside. Make sure you're heating and air conditioning are working for the weather.
Tom Whalen:<br />
That might be the first thing somebody notices.
Christina Day:<br />
Oh, it is. I actually was talking to one of our agents the other day and he was saying in the summer he had showed a house and it was 85 degrees in there. Well, that's not a good sign when you go into a house in the summer and the AC isn't working.
Tom Whalen:<br />
No, you don't want to live in a sweat box.
Christina Day:<br />
Nope. The other thing is simple things like lights and ceiling fans and when you walk into a room that you're not immediately seeing things that are going to need attention. Second thing, clean your house. Clean it beyond the standard that you normally clean your house. Because one of the things that will turn a buyer off is dirt, smells. If they see that things like the beds aren't properly made, they know the beds don't stay, but it's creating a feeling. So you want to clean your house and have it looking right when they walk in the door.
Tom Whalen:<br />
Good advice.
Christina Day:<br />
Next thing is follow the stager's advice. So if your agent like we do is having a stager come in, we're paying good money to have that stager come in there and we're having them give you good advice on how to make your house show the best that it possibly can. Do as much as you possibly can within your physical capacity and your financial capacity to do those things so that your house shows better than the next guy.
Tom Whalen:<br />
It's not personal. Whatever the stager says to you, they're not judging your taste. They're not judging where that furniture is.
Christina Day:<br />
Nope. They're creating a product. Right.
Tom Whalen:<br />
Exactly.
Christina Day:<br />
You've got to detach from your house. It's no longer your house. It's a product. Now, if you want to keep treating it like your house, it might be your house a lot longer than you want it to be.
Tom Whalen:<br />
Well then don't sell it if you can't let it go.
Christina Day:<br />
Yes, that's right. So a couple things. Price it right? So when your agent gives you good advice on pricing and you think, well, I want to push the envelope, take your agent's advice on the pricing because if you overprice in this market, you might be sitting around a lot longer than you think, and buyers aren't apt to come in and make lower offers as much. Now, if you've sat on the market for a little while, they might, but who wants to sit on the market to take less than what they were hoping to get to begin with? Whereas if you price it right, you create more demand. And Tom, do you know how much the interest rates have gone up over the last month?
Tom Whalen:<br />
Yes, I do know. I do know because it's kind
Christina Day:<br />
Of crazy.
Tom Whalen:<br />
Yes, it's kind of crazy. Absolutely.
Christina Day:<br />
They've gone up about 1% guys. So if you're listening, think about how that affects a buyer's ability to afford what you have. And it also affects then buyer demand and it also affects their expectation. Right?
Tom Whalen:<br />
Well, that is why we're giving advice on what you can do,
Christina Day:<br />
Exactly what you can do. The other thing is allow showings. Do not turn down showings. If you have somebody who wants to come see your house, I know it's inconvenient, we know this, but the quicker you get it sold, the sooner you don't have to keep showing it. So let people in to see it. Do not turn down showings. Don't have crazy blocks where you can't allow showings because if they can't see it, they can't buy it.
Tom Whalen:<br />
Do people turn down showings?
Christina Day:<br />
We do see that sometimes.
Tom Whalen:<br />
Okay. That's not very productive.
Christina Day:<br />
No, it's not. No, it's not.
Tom Whalen:<br />
I understand. No, I understand.
Christina Day:<br />
You got to get them in. They got to come in. And then the last thing, and this might seem obvious, but don't be home during showings unless you, your agent, the buyer's agent have discussed this and there would be a good reason. So sometimes, for example, if I have people who have a farmette or a farm or they have a really unique historical type house, I can say, well, my seller would like to be available in case there's any questions about the property. They'll stay out of the way. But 99.9% of the time, it is super awkward to have the seller sitting on the couch, hiding in the kitchen, walking around, listening to what you have to say. You want that buyer to be able to come in with their agent and really just get comfortable in the house and get a sense as to will this house work for them? If you're looming in the background, it's just awkward and weird.
Tom Whalen:<br />
Do they want to loom? Sometimes?
Christina Day:<br />
They do want to loom sometimes,
Tom Whalen:<br />
Because it's their house.
Christina Day:<br />
That's right.
Tom Whalen:<br />
They don't want some stranger coming in poking around their house.
Christina Day:<br />
Right, but if you've staged it right, guess what? None of your good stuff is sitting out. You don't have to worry.
Tom Whalen:<br />
All good advice, dear.
Christina Day:<br />
That'll help.
Tom Whalen:<br />
Do we have a home of the week?
Christina Day:<br />
We do have a home of the week. This one is a really nice condo in a 55+ community in Sykesville. 55+ communities are really geared towards folks who are of a certain age who are looking for a certain low maintenance lifestyle. And this is going to be priced at 255. It's a two bedroom, two bath. It's been updated really nicely. It has LVP floors, new tile in the bathrooms, new showers surround. It looks over the common area, which is nice. You're not staring in a parking lot. I love that about this. And it also has an elevator in the building. So if you should find yourself in a situation where you don't want to do steps anymore, you can just take the elevator.
Tom Whalen:<br />
Find yourself over 55. You may want to move there.
Christina Day:<br />
That's right. So if you'd like to take a look, just go to dayteam.com. You can check it out on our featured listings.
Tom Whalen:<br />
I'm Tom.
Christina Day:<br />
And Christina.
Tom Whalen:<br />
With our Weekly Real Estate podcast. Thank you so much for listening and tell your friends all about it.
2023-10-06T07:29:39-07:002023-10-25T10:58:42-07:00Jay Daytag:dayhometeam.com,2012-09-20:17811Podcast - 9/29/23<img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" /><img data-emoji="📢" class="an1" alt="📢" aria-label="📢" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4e2/32.png" loading="lazy" /> New Podcast Alert! <img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/32.png" loading="lazy" /><br /><br />Join us for this week's episode where we dive into two hot real estate topics:<br /><br />Are More Homes Coming onto the Market?<br />Curious about the current state of the housing market? Wondering if it's the right time to list your home? Well, you're in for some exciting insights! Tune in to find out! <img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" /><img data-emoji="🔍" class="an1" alt="🔍" aria-label="🔍" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f50d/32.png" loading="lazy" /><br /><br />Why Is Housing Inventory So Low?<br />Ever wonder why it's so challenging to find your dream home right now? <img data-emoji="🤔" class="an1" alt="🤔" aria-label="🤔" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f914/32.png" loading="lazy" /> The housing inventory shortage is a complex issue with both short-term and long-term factors at play. We'll break it down for you and dispel some common myths about today's real estate market. Don't miss this eye-opening discussion! <img data-emoji="🏘️" class="an1" alt="🏘️" aria-label="🏘️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3d8_fe0f/32.png" loading="lazy" /><img data-emoji="📉" class="an1" alt="📉" aria-label="📉" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c9/32.png" loading="lazy" /><br /><br />Whether you're selling, buying, or both, our podcast has valuable insights just for you! <img data-emoji="🎧" class="an1" alt="🎧" aria-label="🎧" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3a7/32.png" loading="lazy" /><img data-emoji="💡" class="an1" alt="💡" aria-label="💡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4a1/32.png" loading="lazy" /><br /><br />Plus, don't forget our House of the Week in Frederick - a great brick front cape cod, 4-bedroom, 2-full baths with screened-in porch, well maintained and close to downtown Frederick! <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" /><img data-emoji="✨" class="an1" alt="✨" aria-label="✨" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/2728/32.png" loading="lazy" /><br /><br />#RealEstatePodcast #HousingMarket #HomeInventory #MarketTrends #HouseOfTheWeek"
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast going with inventory this week. Jay?
Jay Day:<br />
Yeah, let's sort of talk about it. And it's interesting because we know we're still in low inventory numbers. The last time we went over numbers, we chatted about how they were increasing a little bit, but still not in any major way. So one of the things that I've seen in some headlines or are more homes coming on the market, and it's really interesting because when you look at some of the data and what's happening. Realtor.com put some information out recently and they basically said that there is an increase in number of sellers listing their houses later in the year, like right now than they usually do. And it's not typical. And when looking at the stats, it actually showed in August there was what they called an unusual uptick in newly listed homes compared to July. And they were hoping that was going to signal return in sellers heading back into listing their homes in the fall season. So normally that time of year, we see less homes hitting the market, and if you're listening to this podcast, you can't see my infographic, but I'll show it to Tom. You can see it did tick up where typically every other year, once you hit in August, it's down. Now the funny part is yes, we ticked up from where we were, but the inventory numbers for all the other years are way, way higher on the graph. We're still all the way down at the bottom, but there was a little bit of an increase in that. And so some of the stats that they gave were in 2017, new listings in August were over 500,000. In 2018, 492,540. 2019, 479,588. 2023, 387,076. So that shows you historically we're still extremely low even with that uptick that happened in August. But they're hoping that that's a good sign to see that people are finally saying, all right, now I'm going to possibly make that move and get my home put on the market. So one of the other stats that I saw was, and it's interesting because I look at all this stuff and I'm like, all right, what's really the root cause of this? I have my own opinions, but I like seeing what other people have. One of the reasons that I'm seeing out there more so is inventory is low because builders haven't been building enough homes in recent years and there's a graph that they've put out that showed single family home units completed in the new construction world. And when you look back, and they started it in the '70 and they broke it down like every 5 years, and for 14 straight years, there was 52. Based on the last 52 years, there was below average new construction homes being built. That is factual. You can see that, the data is there showing that that has to do with it. Now, another situation, and this we talked about, and I think this is one of the bigger ones, is that 70.7% of people that have mortgages, their rates are less than 4%. So almost 71% of the people that have a mortgage, their interest rate is less than 4%. So it's really tough for sellers to say, I'm going to sell my house and get rid of my 4% interest rate or lower to go to 7%. Now, in our last podcast, we talked about those that have enough equity, it may make sense, and we're seeing people use cash so that they're not having that payment shock. But those are two big factors. I think the bigger factor is honestly the interest rates because when we're out there meeting with people and talking with them, the reality is if they don't need to sell, it's hard. I'm not in this business to try to convince somebody it makes sense for them to sell their home. There are circumstances where it does make sense and there are circumstances where it doesn't make sense because, and the same thing, let's say that they're not going to buy and they're going to rent. I had a client the other day out in West Virginia, met with them. They were going to be in the area for another six, seven years. They had a kid, they wanted to get through school, but they want to move down south. And I said, it's great that you called. They're like, we think we want to do this now. And I'm like, do you know how much you're going to be paying in rent if you want to stay in the school district? Oh no, we haven't thought about that. And I'm like, well, I want you to do me a favor. I want you to go and look at what your mortgage payment is now. I want you to go and look at what you can get for that amount of money per month, and if that is something that you're happy with and good with, we'll get the home sold. If you're not happy with it and you want to wait a little bit or you don't want to do anything, no harm, no foul. I'm not here to talk myself out of work, but you need to do what's best for you and your family. And in that situation, it was tied into the family. They're like, no, we need to stay in the same school district. We're going to be here until the kid. And the kid I think was in seventh grade, so they still had a fair amount of time. I thought when I first met, I'm like, oh, so are you going to move south right away and just change schools? Oh, no, no, no, we're not doing that. Then I said to them too, I said, also, you want to look and see how much inventory is out there. Are you okay with possibly living in an apartment? They're like, I would never live in an apartment. I'm like, well, that may be your only choice. Can you see yourself doing that for five to six years? And they're like with neighbors above me and below me and beside me.
Tom Whalen:<br />
I understand. Yeah, no, I understand.
Jay Day:<br />
And they ended up calling me back and they said, wow, it's more money to even be in an apartment. We can't even get in a attached home. Definitely not a detached home. And we would be paying a little bit more even to be in an apartment, and that will drive me nuts if I have to deal with that for six or seven years.
Tom Whalen:<br />
They thought they were ready to go now.
Jay Day:<br />
And that's what we talk about on this though, is part of our job is not to just come in and throw a bunch of papers in front of you, get you to sign them and not have a game plan. Our goal is to work with you to make sure you have a plan in place, and then when the time makes sense, and it could be immediate, it could be a month from now, it could be six months from now, it could be three years from now. You need someone that's going to talk you through it, give you all the options and help you even think about, oh, you'd be amazed, Tom, how many people say, I never even thought about that.
Tom Whalen:<br />
Yeah, I understand.
Jay Day:<br />
Or they just assume, oh no, I'm just going to stay in the area and I'll get a rental. It'll be cheaper because they haven't rented in so long, they don't even know what's going on in the rental market.
Tom Whalen:<br />
That game's over, man, that ended while back.
Jay Day:<br />
And that's really what, again, reaching out to us, there's no obligation. We just really want to help you understand what your options are, and then you make the decision of what's best for you. It's not my decision, it's not any of my agent's decision. It's what makes sense for you. And when I met with them that night, they were ready to do, you were like, let's do paper. I said, why don't you guys talk without me around? These are big decisions you have to make and there are decisions you have to make that you may not be able to have those conversations openly. With me sitting here, this is something that you should talk about if it takes you a bit to try and figure it out. And there's no rush. The world is not, I just tell people, I'm like, you don't have to feel like you need to jump immediately. And people are always shocked when I say, why don't you guys talk without me around? And I don't mean I'm going to go to my car for five minutes. None of that crap, like at the car dealership. Well, yeah. Well, I'm going to walk in the other room and you guys can talk through this.
Tom Whalen:<br />
Yeah, no, I understand.
Jay Day:<br />
I just don't believe that that type of sales is good for anybody that forced stuff. You have the company come out to give you an estimate for the carpet and the company's there and you're like, well, I can give you this special and this price right now, but you need to sign before I leave. That right there is the biggest turnoff in the world.
Tom Whalen:<br />
Sure, I understand.
Jay Day:<br />
Or the same thing, the car dealership. Lemme go back and talk to my manager and I'm like, come on, we don't need to play this game. You know what your margins are. You know what can be done? You don't need to go back and talk to your manager where you're just going and walking around the corner, not talking to anybody.
Tom Whalen:<br />
You're fighting against the whole real estate salesman, the whole realtor stereotype. With this kind of talk, Jay.
Jay Day:<br />
Well I mean, but that's why, and again, it sounds tacky and our experience the difference a day makes, but it really is, we're not out there to push people to do something so that we get paid. We're out there to help them make an informed decision that makes sense for them and their significant other, their family, whatever the situation is. And that's why we get a ton of repeat business.
Tom Whalen:<br />
Repeat business, repeat referrals. People, they took care of me.
Jay Day:<br />
I had a call the other day from someone who, they're out of the area now, they're divorced, their ex is still living in the house. They had it in their agreement they were going to sell. And I talked her through some options and gave her an attorney to talk with because I'm like, I'm not an attorney, so if you guys aren't on the same page, you're going to need to have to. My initial thing was, well, just talk to them, see if you can get on the same page. If you can't and you need to have a referral to an attorney, or I can get you in touch with someone to chat with there, and then they can inform you what your options are, but there's no rush. Or if you were ready to roll, I could go out and do what needs to be done. Again, it's a consultative approach, and that's really how to build, in my opinion, one of our goals of building this business is to do it by helping people and providing a service, not just in a typical sales situation or sales setting. So if that sounds appealing to you, reach out to us. Like I said, we are definitely not your typical salespeople.
Tom Whalen:<br />
I wouldn't be here. I wouldn't be here for now, 11. I don't know how many years today.
Jay Day:<br />
It's been forever, right.
Tom Whalen:<br />
Been a long time.
Jay Day:<br />
Well and the beautiful thing is when you first started doing this, you weren't doing anything as far as moving, and you got to experience how we work.
Tom Whalen:<br />
Yeah. Oh, it was great.
Jay Day:<br />
There was no rushing. There was no,
Tom Whalen:<br />
Hey, that would've stopped. Our relationship, would've stopped immediately. And here we are years later, and now I'm still pretty happy. I'm ecstatic with what you guys did for me.
Jay Day:<br />
Yeah, well, and it made sense, and I mean, it was talking through a whole lot of situations and figuring out what made the most sense for the family. That's what it boiled down to.
Tom Whalen:<br />
It was great. And Christina has the home of the week.
Christina Day:<br />
So this week we have a brand new listing. It is 604 Military Road. It is the cutest Cape Cod you've ever laid your eyes on right across from Fort Detrick. So a fantastic location. This little house is all brick. It has beautiful retaining walls, an awesome little backyard, four bedrooms, two baths, wood floors, and so much charm. It's awesome. It's also going to be priced right around 400,000. So if you're interested in this property, just go to our website dayhometeam.com and you can check it out under our featured listings.
2023-10-03T07:17:57-07:002023-10-06T07:14:57-07:00Jay Daytag:dayhometeam.com,2012-09-20:17695Podcast - 9/22/23Are high mortgage rates making you hesitate about selling your house? We get it. But don't forget about your secret weapon: HOME EQUITY. 💪
What's home equity, you ask? It's the treasure you've been building in your home as you've paid down your mortgage and watched your home's value rise. 📈
Surprise! The average U.S. homeowner now boasts a whopping $290,000 in home equity. 😲
This treasure chest can help you tackle affordability challenges in a creative way:
💸 Be an all-cash buyer: If your equity is ample, you might not even need a mortgage for your next home. No more mortgage rate worries! 🚫📉
💰 Make a hefty down payment: Use your equity as a powerful down payment, reducing your loan amount and possibly scoring a lower interest rate. 🏠💲
Affordability problems, meet your match! 🔥 Tune in to our latest podcast to learn how home equity can level the playing field in today's real estate market. 🎙️
Ready to dig into this financial goldmine? Let's connect and explore your home's equity potential. 💎🔑
And don't miss our House of the Week in Frederick! This stunning 3-bed, 3-bath home is freshly painted and features brand new appliances, a fully finished basement with a wood-burning fireplace, a main-level master suite, vaulted ceilings, a large Trex deck, and a fully fenced backyard in a community with a pool. It's also conveniently located near schools, restaurants, downtown Frederick, and major commuter routes. 🏠🌳
#HomeEquity #RealEstate #Affordability #MortgageRates #PodcastInsights #HouseOfTheWeek
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Look, we got to touch on a little bit of the National Football League. Our Baltimore Ravens are now two and 0, I'm not quite sure if I'm a total believer, but two and 0, I'll take it.
Jay Day:<br />
Yeah, yeah. I don't know if I'm a total believer either. I actually haven't even been able to sit down and watch any of the games. I've been going pretty hard. One thing that's caught my eye with the news stories was the college football with Deion.
Tom Whalen:<br />
Deion.
Jay Day:<br />
Yeah. His two boys.
Tom Whalen:<br />
Unbelievable. Yeah, I know. He's dominating the scene. He truly is. I haven't been able to watch, I haven't been able to watch these games on a Sunday yet either. I'm going to have to wait for the bad weather. But reading about 'em, I'm still all in with the Ravens. I think they got a good chance.
Jay Day:<br />
Yeah. Yeah. They do have a pretty good team. It seems like their draft pick was pretty good too. Zay Flowers. Now, if they can just keep that injury stuff under control.
Tom Whalen:<br />
Everybody's waiting for Lamar to go down for the season. They say that it always happens and that they're just waiting for him. I have no idea if that will happen.
Jay Day:<br />
Yeah, it'll be interesting to see how things shake out.
Tom Whalen:<br />
And good for the Commanders fans because they've now got a team. They got a new owner and they're two and 0, and they're sold out this Sunday at FedEx against a Buffalo Bills.
Jay Day:<br />
Wow, I didn't know that.
Tom Whalen:<br />
Yeah, I just found that out. That's a big stadium. Now, I don't know if it's Bill's fans, but the Commanders, they may have turned a corner.
Jay Day:<br />
I think people just realize there's finally a chance for some serious change over there.
Tom Whalen:<br />
And good for them because it means that, man, when these people, when you're a fan of these teams, it controls how your week is going to be, whether you win or lose these games.
Jay Day:<br />
Oh yeah, you know that in your house.
Tom Whalen:<br />
Yeah. Oh, I know that in my house. Alright, so we're talking football. That means it's fall. That means we're getting ready to turn over into October. Three months left almost.
Jay Day:<br />
Yeah. Yeah. Well, and that's one of the things I wanted to chat about today was a common question that we end up running into. And you see this in the headlines and yeah, I think about it like the people even, and again, not thinking in the real estate world, there's conversations, there's lingo that we use that not everybody knows. And you keep hearing about all this home equity. Equity, equity. What does that mean?
Tom Whalen:<br />
That's a good question. I have sort of an idea what it means. Tell us.
Jay Day:<br />
Yeah, so I mean basically it's the portion of your home. So let's say you have a mortgage. Your mortgage is, you owe 300,000 on your home. Your home is worth, and for simplicity reasons, 600,000. So you have $300,000 in equity. It's basically the difference between what's owed on your mortgage and what the value of your home is
Tom Whalen:<br />
Something we all strive for.
Jay Day:<br />
Yes, yes. So I mean, one of the big things that we've run into with people is if I sell my house, should I sell my house, with them buying something with the prices being up, with interest rates being up, what does that end up turning into? And I mean, one of the interesting things that I found when looking at a little bit of research is, and again, this isn't for our local area, but the average US homeowner has $290,000 in equity. That's according to CoreLogic. That's a fair amount of money.
Tom Whalen:<br />
That's a fair amount of money. That's a fair amount of money.
Jay Day:<br />
And what's caused that was all these home prices skyrocketing recently. And one of the other interesting things that I saw was, and this is according to the Federal Housing Finance Agency, what nearly two thirds, so almost 69% of homeowners either have fully paid off their mortgages or have at least 50% equity in their house. So that's a huge number. I mean, 69, almost 69% of homeowners have either paid off their house or they owe less than half of what it's worth.
Tom Whalen:<br />
Less than half of what it's worth.
Jay Day:<br />
Yeah. I mean, that's a big number. So one of the other interesting things that I saw, when you really get into it, and you look one of the smallest, so 30% of people, well actually the lower number, 8.6% of the people only have, they're in a situation where they have 10 to 30% equity. 20.8% of people have 30 to 50% equity. So people are in a pretty good situation. But again, equity is, it's not really money until you do something. For example, if you don't sell your house, it's just sitting there, it's unused and it's like monopoly money. It's fake. You can't really touch it. So one of the things that we've been finding with our sellers is those that have had a whole lot of equity, and then when they decide to sell, if they're moving forward with purchasing, what we found is a lot of them are just using the cash and they're basically selling the house using cash to buy something new so that they're not impacted by the interest rates. The advantage with doing something like that is, you know, don't have a mortgage payment. Your only expenses that you're going to have as far as it relates to real estate are your real estate taxes and your utilities.
Tom Whalen:<br />
By using cash, you mean just paying in its entirety?
Jay Day:<br />
Yes.
Tom Whalen:<br />
In one sitting, no mortgage.
Jay Day:<br />
Yes.
Tom Whalen:<br />
You're seeing this more.
Jay Day:<br />
We are, we we're seeing it more and more, and I think it's because so many people are sitting on this equity and it gives them an opportunity to not have to worry about a mortgage, not care about interest rates, because if you don't have a mortgage and you're not thinking about selling your house, the interest rates don't really matter,
Tom Whalen:<br />
I understand.
Jay Day:<br />
who cares what's going on with mortgage rates. I mean, it's the same thing. You see it in the car industry too, where interest rates are prepped up there even more so. And having no debt is a wonderful place to be. I mean, look at credit card interest rates 24-28%. Sure. I know. I mean, it's insane. And I think the challenge is that a lot of people, the banks and all these lenders push for people to, oh, take money out of your house, take money out of your house and pay off your credit cards. And people have given themselves mortgages over the years that really didn't need to have one. And again, if you can get to that point of being debt free, and again, I'm not a huge Dave Ramsey person. I don't agree with everything that his stuff is about, but there is something rewarding knowing that you truly do own the house. There's no mortgage company involved, and all you have to do is to continue to pay your real estate taxes and whatever your utilities happen to be. It's a way to control things a little bit. So that's just something to think of. If you're out there and you're like, oh my God, I don't want to have to pay a 7.25 interest rate, why would I buy a house and borrow money at that much? Well, you don't have to. If you have the equity and you want to purchase something cash, there's nothing stopping you from doing that. Where when the interest rates were low, it was more tempting for people to get a mortgage because if you could borrow the money at two and a half percent and then you could use your cash and do investments and get a 5 to 9% return on your investment, you are making money now that the interest rates are higher, it's a tougher decision to make. So we're finding more people are going the cash route because they don't want to pay 7% if they have the availability and the funds to do so. If that makes sense.
Tom Whalen:<br />
It does make sense, Jay. And if you're listening to the podcast, thank you for listening, but for each and every person who calls the day home team, they'll break all this down for you because it is a lot.
Jay Day:<br />
It is.
Tom Whalen:<br />
And every case is unique. Nothing is locked in stone. None of these rules are hard. That's why you need the negotiator, the pro in your corner Jay and his team.
Jay Day:<br />
Yeah, we're here. You can call us anytime. You can reach out to us via our website dayhometeam.com. And the phone number is (866)702-9038. We're here to be consultants to you, to give you advice, to give you all of your options so that you can make the best informed decision for you, yourself and or your family. So you ready for the house of the week?
Tom Whalen:<br />
Yeah, well said. By the way, house of the week, what do we got?
Jay Day:<br />
5000 Robin Court in Frederick, Maryland in the low fives. Three bedroom, three full bathrooms. This home is freshly painted, has brand new appliances including the washer and dryer. There's a fully finished basement with a wood-burning fireplace. The main level has a master suite. So if let's for example, you're not wanting to deal with the stairs, you don't need to, you've got a nice master bedroom with vaulted ceilings, you have a nice master bathroom walk-in closet. And then in the living room, you actually have vaulted ceilings too that open up to the upper level where the two, other two bedrooms and the one full bath is, the other full bath is down in the basement. There's a large trex deck. It's a fully fenced backyard with a six foot privacy fence. This community that it's in has a community pool. It's close to schools, restaurants, downtown Frederick and major commuter routes, and it's detached home in the low fives. A lot of townhomes are selling in the fives now, in Frederick.
Tom Whalen:<br />
I've seen it.
Jay Day:<br />
So go to wfre.com, look up Tom and Jay's real Estate podcast, check out the house of the week. If you like what you see, let us know and we'll get you in for a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. We'll be back again next Friday. Thank you for listening and tell your friends all about it.
2023-09-22T06:04:41-07:002023-10-03T07:27:19-07:00Jay Daytag:dayhometeam.com,2012-09-20:17367Podcast - 9/1/23🏠🎧 Ready for more insights into the real estate world? 🏡 Tune in to our latest podcast episode where we dive deep into the challenges sellers face and offer savvy solutions! 💼💡
From staging stress to market uncertainties, we're unpacking the key hurdles and providing expert advice to overcome them. Don't miss out on this valuable knowledge to make your selling journey smoother!
And that's not all! 🌟 Discover our "House of the Week" spotlight—a stunning and spacious brick front home in the coveted Walnut Ridge Community! With four bedrooms, upgraded features, and a fully fenced backyard, this home is a true gem. Located minutes from Downtown Frederick and major commuter routes, it's a dream come true.
Tune in now for essential insights and stay tuned for practical solutions to selling challenges! 🎙️🏡 #realestate #podcast #sellingchallenges #solutions #realestateinsights #houseoftheweek #WalnutRidgeCommunity
Andy Webb:<br />
Hey, it's Andy Webb.
Jay Day:<br />
And Jay Day.
Andy Webb:<br />
And this is the Tom and Jay Real Estate podcast from 99.9 WFRE. I'm Andy Webb back again to fill in for Tom Whalen this week. Now, Jay selling a home. You guys aim to make it as easy and as beneficial as possible for each and every client you have. But selling a home can often have its own pain points regardless of the situation.
Jay Day:<br />
Oh yeah. It's a rollercoaster no matter how things are, there's so many things that are out of your control, and I mean, I thought it'd be pretty helpful to talk about diving into the challenges that sellers face in the real estate market. So number one, staging stress. Have you ever heard of that?
Andy Webb:<br />
I've heard of people getting frazzled when they realize, oh, my home has to be shown. What do I need to do to it?
Jay Day:<br />
Yeah, so the staging stress, it's really interesting. We have clients we'll meet with and they're like, well, I really don't want to stager coming in to tell me I need to do this. I don't want to stager telling me I need to do that. And the funny thing is, I had one recently and with her situation, and actually now that I'm thinking about it, that person is our house of the week. So that's really funny.
Andy Webb:<br />
Stick around for that.
Jay Day:<br />
So she is like, well, I do design. I don't know if I really need this. And I said, well, lemme tell you. Everybody's stress level when I talk about a stager is up to their eyeballs out with stress. And then they call me afterwards and say, that really wasn't that bad, Jay.
Andy Webb:<br />
It's like going to a dentist.
Jay Day:<br />
Yeah, well, sometimes a dentist can be a little rough.
Andy Webb:<br />
You're right. It's even better than going to a dentist.
Jay Day:<br />
Another thing, and this has been an issue that's been ongoing, market uncertainty, whether we're in the market we're in now or where we were 10 years ago, one of the big things that sellers struggle with is when is the right time to sell? Is it spring? Is it this time? Is it that time? And we tell people it's not a season. The right time to sell is when all of your ducks are in a row. You know what you need to do. And regardless of what time of year it is, homes sell, period. We've sold homes Christmas Eve, we've sold homes around Thanksgiving. I tell everyone, I'm like, don't be discouraged by that at all. There are buyers always looking. People are relocating, things are happening. Life happens. And when life happens, that impacts things. And some of the stuff forces us to make a change. And that change could be buying or selling a home. The pricing dilemma, every seller is like, I don't want to list it for too low where I lose money. And then if you list it too high, what happens if then all of a sudden you're perceived that you're not going to get it sold and then you're going to get a lower offer because you shot too high? We tell people there is a balance between it. We give them an idea of what strategies exist. And after informing and educating our sellers, we're like, okay, so now that you understand this, now you understand the strategies. How do you want to go about it? We never force anyone to do one or the other. It's always something that's up to our seller clients. Our job is to inform them of the pros and cons both ways. And then they make the choice of what is most comfortable for them at that time. Another one, the waiting game. That whole closing process, it's a marathon and there are lots of hurdles. It's not like you're just running on the track and there's nothing there. Even when you have very little to no contingencies, there are still bumps in the road that can happen. We had one recently that someone was purchasing a home that we had listed and the person had a horrific accident and they're in the hospital and they may not even survive. So again, the human side is, oh my God, that's horrible. And it's nothing wrong with the seller. Also is like, well, we were supposed to close in like three days and we'd tell 'em that's not happening again. We made it through all the hurdles we were a couple days away from closing. Things can just happen. It's all out of your control. And again, we always tell people, when you try and address things, you only should worry about what's within your control. And what happens in the universe in the world is not within our control. Inspection hurdles we've had, and I don't know what it is, we've been talking about this, I've had a lot of issues recently with septic systems. Well, septic systems can be minor fix or it could be a very expensive fix. Once you have a septic that fails, you're in a situation, you're going to have to deal with that. Or let's say you find there's something seriously wrong with the structure of the house. So taking inspections and we're seeing more and more of these offers, even though the market is still hot, we're finding people are really wanting to do those inspections because they're paying top dollar for the house. They're paying a higher interest rate. So they do not have a bunch of discretionary funds to fix anything after the fact that they may have missed by not doing an inspection. Loan approvals, this is another one. I mean, you get a letter. How solid is that letter? Does the letter really mean anything? And candidly, we've talked about no disparage to loan officers, but I do think that there should be some repercussions for loan officers that give faulty approval letters. There's no way you can guarantee it's going to be fine. Or even if it is say that the lender put everything through, it was all great, and that person has been at that job 10 years and then all of a sudden with the economy, they stopped the overtime. And as part of their pre-approval it was baked in that they were going to have the overtime. They get the next two pay stubs and they see there's zero overtime. Now they don't qualify. So again, loan approvals are something heartstrings. This is one of the biggest ones. You live in the, it's your home. And we have people say all the time, but this is my home, this is how I like it. And when people say that, we're like, we understand there's a lot of emotion tied to the home. There's a lot of memories that have happened good and bad. But when we're preparing your home for sale, the good thing is by doing the depersonalization, by maybe painting, changing some things, it should help you separate a little bit from that and let a little of the emotion out. But the reality is we know it's an emotional experience for most people. The only ones that we see that get really excited are maybe a divorced couple. One person leaves the other one's like, I can't sell this place fast enough. I want to get rid of all these memories. Full disclosure, honesty is the policy, but it's not just being honest. It's a legality. If you know that there's something wrong. If you know that the roof leaks when it rains, if you know that something isn't functioning, like we're in the summertime and your heat doesn't work, but the AC works, we don't hide those things. These are things that we have to put out there. And we get into the nuts and bolts of how the house is functioning. Communication woes. One of the biggest complaints that sellers have is the agent shows up. They're all in their face to get paperwork signed and then they disappear. And it's a stressful time. People get nervous, people get worried, and they want to know what's going on. So we always chat with our sellers and say, Hey, during this process there's going to be lots of walls where we're just waiting. It's almost like if you're building a house and you see it's so exciting when you see the foundation go in, then you see the walls go up, then you see the roof go on, then you start seeing framing, and then two weeks goes by and when you drive, it doesn't look like anything's done, but there's wiring that's happening, there's plumbing, that's there's all these things, but it looks like it's at a standstill. So while we're waiting for inspections to happen, while we're waiting for responses, sellers do get antsy and want to know things. So we always say, Hey, what is the best way that you like to communicate? Do you want us to get in touch with you when something changes when we have news, do you want to have a conversation once a week? Do you want to have a conversation once a day? Do you prefer phone? Do you prefer text? Do you prefer email? It's just so much easier if you ask the seller, which we do, what is your expectation as far as communication so that we can meet and exceed that goal? And most people don't ask people that, they do it their way or they're like, this is, I do it. This is my system. Well, we're dealing with people and everyone is different. That's what makes us unique. Competitive markets. And this is not where we are right now. Sometimes there's too many fish in the sea, there's too many homes out there, and there are pockets where maybe you're in a neighborhood and there's five homes in the neighborhood that are on the market, and you can overprice your home and end up missing out because there's something better. Or somebody decides that they were going to list their home. They see you got yours on the market, they put theirs on the market two days later, and they have a lower price and their home is a little bigger. We don't know what people's motivations are on these other situations. And sometimes people will try to come in and undercut just to try to get done faster. And another thing that's a big one is relocation, juggling. And this is refer to it as a real life game of Tetris because it is one of the biggest challenges that you have, especially if you need to sell to buy in this market that is extremely challenging. Or let's say you're relocating, and I have one that closed last week. My people, they didn't want to have the home on the market until they moved. They were relocated to Florida and they had a child at home that had special needs, and it was just overwhelming for them to think of having the house in perfect show condition. So they made a decision, we're going to buy our house in Florida. We're going to move everything to Florida, and we're going to list the house once we're gone. And when I met with them, they're like, but we're a little worried because we're going to have to come back. We're going to have things that come up. Let's say we have an inspection and we need things done. And I said, well, actually, our team, we deal with relocation stuff all the time. If you don't want to come back, you never need to come back. Not even for closing. You can get your money put right into your bank account. You never need to be here again. And we handled that where they never had to come back. Their home didn't hit the market until after they were in Florida and their home was in West Virginia. I'm like, if you don't want to come back to West Virginia, you can enjoy Florida. I was texting with one of the sellers that their son is loving the pool, he's never been in water before. Loves the area they're loving. And I was like, well, I'm glad that you guys like heat because August is a little rough in Florida.
Andy Webb:<br />
Absolutely.
Jay Day:<br />
But those are just some of the detailed things that people get worried about. And even in a market where we are now, where there's a low supply and a high demand, all those hurdles, if you just think you can do this on your own, I mean you can try, but what do you do when you run into these situations? That's one of the advantages of having a licensed real estate professional who has lot of experience in your corner. We can help you navigate through these things. There may be things you worry about that you shouldn't have to worry about. I had another one recently where the person, we got an offer on the house and they wanted to get it under contract before we even hit the market. The buyer didn't see the house. They're just basing it off of knowing those homes in that area. And I had to lay out to the seller, the pros and the cons. And same thing. I'm like, could you get more money for the house? Maybe? Could you have a better offer? Maybe? Could you end up getting not as good of an offer? Maybe? So we talk through all the things and say, well, where do you really want to be? Again, it boils down to, here's your pros, here are your cons. And then you make that ultimate decision of what makes the most sense for you. And you need to feel good about it, feel like it was a win, and the other side needs to feel that way. If everybody feels positive about it, it's so enjoyable when we have that as opposed to you don't need to have two people and one's in one side and one's on the other side, and they're duking it out. That's not fun for anybody. So if you're thinking about selling and any of those things have been concerns of yours and you want to talk through it, there's no obligation. You can reach us at 866-702-9038. You can go to dayhometeam.com. We're more than happy to chat with you about it. We've had clients we've talked to three, four years before they actually make a move. It's never too early to start a conversation, is what I would say.
Andy Webb:<br />
That's a great point. And speaking of conversations about making a move, if there's maybe a move in your future, is there our house of the week that they might be considering?
Jay Day:<br />
Yeah. This one, and this house is meticulous.
Andy Webb:<br />
You mentioned this, the owner, the seller earlier is actually a designer.
Jay Day:<br />
Yes, 1802 Whispering Meadow Court in Frederick, listed for 625. 4 bedrooms, two full baths, two half baths, an open floor plan, updated kitchen with stainless steel appliances in a kitchen island. There's a morning room extension, which offers plenty of natural light, partially finished basement. In today's world, people don't like to say things, but I'll quote what my client, one of the sellers, it's his man cave, and it is, I mean, there's pool tables. There's a freestanding bar down there. It is his man cave. There's a family room on the main level with a fireplace and built-in shelving. The yard is already fenced. There's a deck, there's a large shed. This house is 100% move in ready. And again, the people have been meticulous. It's very clean. You can move right in. If you happen to have any furry friends again, the yard's already done. You've already got the fence, you've already got a deck. You don't have anything you need to do to make this home. Again, the basement's partially finished a big area, and then you have the storage area and you have a half bath down there. So go to wfre.com, look up Tom and Jay's real estate podcast. You can see the house of the week. If you like what you see, let us know and we'll get you in for a private tour.
Andy Webb:<br />
I'm Andy Webb.
Jay Day:<br />
And I'm Jay Day.
Andy Webb:<br />
And this has been the Tom and Jay Real Estate podcast from 99.9 WFRE.
2023-09-01T05:00:00-07:002023-09-01T07:41:00-07:00Jay Daytag:dayhometeam.com,2012-09-20:17306Podcast - 8/25/23🏠🎧 Exploring the housing market's connection to jobs and wages? 📈 Tune in to our latest podcast episode for a comprehensive understanding of how these factors drive buyer demand and impact your selling strategy! 💼💰
💼 More Jobs, More Buyers:<br />The economy's robustness continues to create jobs, strengthening the job market. With 187,000 jobs added in July, more people with steady incomes are entering the market, opening up opportunities for potential homeownership.
💰 Rising Wages, Higher Possibilities:<br />Steady growth in hourly earnings empowers buyers with increased purchasing potential. This rise in income counterbalances affordability challenges, making homeownership dreams more attainable.
And don't miss our "House of the Week" spotlight—a stunning brand new home, just waiting for you! 🏡💫 Situated near the lake, this home boasts 6 bedrooms, 4.5 baths, and a host of luxurious features, from a gourmet kitchen to a covered deck. Experience the best Lake Linganore has to offer!
With valuable insights and a featured home you won't want to miss, this podcast episode is a must-listen. 🎙️🔮 #realestate #podcast #housingmarket #jobs #wages #buyerdemand #homeownership #houseoftheweek #LakeLinganore #realestateinsights
Andy Webb:<br />
Hey, it's Andy Webb.
Jay Day:<br />
And Jay Day.
Andy Webb:<br />
And this is the Tom and Jay Real Estate podcast. I'm Andy Webb filling in for Tom Whalen, who is out this week. But Jay, you and I are here, and I will obviously bring up a big point that everybody already knows. Interest rates are high. That goes without saying, but normally that would slow down the market doesn't seem like that's happening. Why is nothing making sense?
Jay Day:<br />
Well, I mean, you and I have talked about this offline many times since Covid. Nothing has really made sense. We haven't gotten, we don't even know what normal is yet. And I don't know if we ever will know what the new normal will be, but you're right. Typically, when interest rates increase, especially if we look back, we were, and it's funny because I'll hear people say all the time, well, historically our rates aren't bad. That is very true. However, when rates were 12%, houses were maybe a hundred thousand dollars, not 700,000. So what's caused this, and there are a whole lot of different things, but the more interesting thing in my opinion is this demand is still insane. Meaning we're having a lack of inventory. And what causes house prices rise? It's supply and demand, period. Same thing that happened with the car industry during Covid when you couldn't get cars and even used cars were selling for way more than they ever did because people just needed a vehicle because they were out. They didn't have the inventory to build. And the same thing happened in construction where lumber was just not being produced. It wasn't available. It wasn't accessible. So all this stuff has that impact. And what we're seeing, and you and I chat about a little bit, is the more jobs and better pay is allowing people to be able to afford these higher payments. If you would've told me what some of the pay is that some jobs that you and I mentioned, we won't give specific things, but sometimes you drive around and you see a place that's paying over 20 bucks an hour and giving a five or $10,000 bonus if they stay on for 30 days. That was unheard of. So when you look at that, that brings those numbers up and gives people a little bit more comfort. And the companies have to make adjustments because you can't bring somebody in new, for a dollar less than someone that's been there for 20 years, has 20 years experience. So that's one of the reasons. And according to the Bureau of Labor Statistics, 187,000 jobs were created just this past July. That means more people are finding work and the unemployment rate is lower than it's been. It's 5.7, is the average. And we came in July at 3.5. So if the average for unemployment was 5.7, we're coming in at 3.5, that means there's more people working, are making more money, their earnings are going up and hourly earnings are increased about four and a half percent from last year, is what we're seeing. And like I said, we're in this situation where we have so few homes available and think about it, new construction is coming into play. It is helping offset some of that. However, let's say you own your house, and we have these conversations with people all the time. Well, Jay, I'm in my house now. I owe, I have 10 years left of my mortgage. My interest rate is only 2.875. I don't need to move. Why would I move? And the answer honestly is, if you don't need to move and it doesn't make financial sense for you, then don't move. And it's funny, people will think, oh well, you're in real estate. Your job is to convince people to sell their homes and to buy homes. That's not how our team operates. I mean, I was just sitting with some people in Bunker Hill, West Virginia, sitting out on their back patio and we're talking through things and he's like, it sounds like you might be talking yourself out of listing my house. And I'm like, no, I need to know what your goals are because it may not make sense for you to make that move right now. And once we got down to getting into the nitty gritty, it did make sense for him because, and I'll give an example. If you have credit card debt, well, one, he has a lot of equity in the house he's going to walk away with, I say a lot. He almost has 50% equity in the house from what he owes and what he paid for it. So he's basically almost doubling his money. And he was looking at it. He goes, but I have three credit cards and those are 23% interest. I have a car payment that's 9%. So when you add it all up, he was smart enough to understand, like hey, I'm paying a ton of money. That's not even getting me to the goal line where I'm sitting on this right now. And I could make close to a hundred thousand dollars and be able to pay off every bill that I have. And then I'm just going to rent because I don't know where I want to be and my kid needs to finish school, doesn't have a whole lot of time left in school, four years. And he's like, and I may want to go down south. So he's talking through this with me. And it did finally make sense where he was like, I don't want to stay here. It's not going to help me achieve my goals. He goes, because my credit card debt is going to continue to climb because the interest rates are what they are. And he's like, and I don't need to buy. I just want to rent something. So maybe it does make sense for me to sell. And we ended up doing paperwork the next day. But it's really trying to understand that. And when we talk to people about selling, they do need to really try and think about, why am I, do I want to move? Do I need to move? What are the pros? What are the cons? And one of the biggest things people are afraid of doing is calling realtors because they know we're trained salespeople and trained salespeople are trained to get you to sell things.
Andy Webb:<br />
Yeah, it's your job.
Jay Day:<br />
That's our job. So the approach that we've had for the longest has always been we want to know your why. We want to know what's going on, what has you even thinking about it again, because if we understand that we can help communicate, we can help educate, we can talk about the pros and the cons, and then ultimately it's up to you to make that decision of what makes the most sense for you or you and your family. So if you're listening to this and you're curious, or I'm sitting on the fence, I'm waiting. How many people were waiting for home prices to drop, interest rates to drop? None of that is happening.
Andy Webb:<br />
No, not anytime soon.
Jay Day:<br />
Yeah. And we've been hitting over 7%. I think it was two podcasts ago I talked about the predictions where the specialist and experts in the fields swore that we weren't going to go over seven, and we've already been over seven. I said, I'd be shocked if we don't hit eight or eight and a quarter this year. And again, I'm no economic person. That's not my thing. But the common sense of seeing where things are going, the trajectory of real estate, it's very easy to see us being able to hit that. Because if you talk to those people a year ago, none of them thought we would've went from three and a quarter to seven and a quarter. It just wasn't even in the, they were thinking we were going to tap out at like five maybe, and they were dramatically wrong. And when you listen to the Fed, the Fed is talking that they're still going to have to raise rates because, and this is the interesting part, they're going to have to raise rates because the jobs people are making too much money and the unemployment's too low. It totally doesn't make any sense. But that's how economics works, I guess.
Andy Webb:<br />
Right, to the common man.
Jay Day:<br />
Yes. Yes. So you ready for the house of the week?
Andy Webb:<br />
I would love to hear the house of the week. So if you are looking to move, this might be a viable option.
Jay Day:<br />
Oh, if you were looking for new construction, but you didn't want to have to do the waiting, 6750 Accipiter Drive in New Market. This is in the Aspen Village of Lake Linganore. So if you're listening to this and you have no idea what Lake Linganore is, it is a planned community in New Market. The amenities are amazing. There's multiple lakes. You can do kayaking there. There are multiple pools. There's beach volleyball, there's beaches, there are pickleball courts, tennis courts, you name it, they have it. And they even have private concerts. They have all types of events. They have their own 4th of July firework celebration. But this home is listed just over 1.1 million. Six bedrooms. Five of those are above grade, four full bathrooms, one half bath. There's a Z line, 36 inch professional gas range, a massive kitchen island, quartz counters. There's a beverage center in the island in the kitchen. From this home, the front of your house, so when you're in your family room, your formal living room, your master bedroom, and then another bedroom, you can have seasonal lake views when the greenery is gone from the tree. So you'll be able to have water views. They have a walk-in pantry. This builder builds an amazing house, walk-in pantry with solid wood shelving. All of their closets, not just the pantry, have all solid wood shelving. None of that wire stuff that things fall off of. We all go to put our cans in there and you can't really stack. Yeah, it makes the difference. There's a main level office, there's a massive family room with a fireplace. There's a covered composite deck and porch. Like I said, it's an absolutely gorgeous home. If you go to wfre.com, look up Tom and Jay's real estate podcast. Not only will you see photos, we actually have full video with drone footage and everything. So you can see what's surround the house, what the house looks like. If you like what you see and you want to see a private tour, you can just click right there and say you want to schedule time to see the home, and someone on our team will meet you. We also, as I keep running here, well at least the mouth keeps running, this weekend, Saturday and Sunday. It is being held open from 11:00 AM until 4:00 PM. So 11:00 AM to 4:00 PM, you could actually just swing by the house. 6750 Accipiter Drive in New Market, Maryland. If you like what you see, let us know. We'd love to get you into the home.
Andy Webb:<br />
I'm Andy Webb.
Jay Day:<br />
I'm Jay Day
Andy Webb:<br />
and this is the Tom and Jay Real Estate podcast on WFRE.
2023-08-25T02:17:09-07:002023-08-28T08:01:34-07:00Jay Daytag:dayhometeam.com,2012-09-20:17185Podcast - 8/11/23🏠🎧 Ready to buy a home but unsure if it's the right move? 🤔 Our latest podcast episode has the answers you need! 💡 We'll dive into all the factors to consider, from market conditions to financial readiness and more.
🎯 Join us as we explain the top 3 questions you must ask yourself before taking the leap:
And that's not all! 🌟 Don't miss our "House of the Week" in Fairfield, PA—a stunning property offering 10 acres, privacy, main-level living, and everything your horses need with stalls and pastures. 🐴🌳
Tune in now for invaluable insights on home buying and don't miss out on this fantastic home opportunity! 🎙️🏡 #realestate #podcast #homebuying #realestateinsights #top3questions #houseoftheweek #FairfieldPA
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team with Real Estate Teams with our weekly real estate podcast. Jay, last week's podcast, I don't know if you remember the night before the National Football League started. Are you still a believer in the Purple Ravens, of your Baltimore Ravens?
Jay Day:<br />
I haven't really followed much this off season. I'll watch the games.
Tom Whalen:<br />
I'll watch 'em when they come up. I know Lamar, Lamar held out. He got that big contract with no agent.
Jay Day:<br />
He did.
Tom Whalen:<br />
He got paid. They signed Odell. I'm kind of excited. I'll watch these things once they kick off.
Jay Day:<br />
And you just never know what can happen in a season.
Tom Whalen:<br />
And I'm really happy for long suffering Baltimore Oriole fans.
Jay Day:<br />
Oh yeah.
Tom Whalen:<br />
Their first place, O's they have been fun to watch. The Yankees are in last place and that organization has been the worst. And to see these Oriole fans happy, they don't even know how to be happy.
Jay Day:<br />
Yeah, I mean, I haven't followed them. We used to have season tickets many moons ago, and I would go with my dad to go see Eddie Murray and Kyle Ripkin.
Tom Whalen:<br />
Oh, nice. Those guys were the best man.
Jay Day:<br />
Rick Dempsey putting on the shows when it rained and he would go sliding around the bases.
Tom Whalen:<br />
Sure.
Jay Day:<br />
The old time Orioles were definitely super enjoyable to watch and to be around. And I'm hearing from a lot of people locally that are Redskin fans that they're excited about the change of,
Tom Whalen:<br />
Oh man, absolutely change in the Josh Harris group.
Jay Day:<br />
Yeah, I think that there's a lot of good for them. There's a lot of people thinking positive things will happen because they felt like that franchise has
Tom Whalen:<br />
Been a whole generation of losers. Nobody alive now realizes the glory days of that franchise.
Jay Day:<br />
So for those that are skins fans, I'm hoping that change does make you guys a little more excited and makes the team, we're going to invest in the team and spend the money to actually have a team that can compete.
Tom Whalen:<br />
The year is flying by Jay here, now we're in the middle of August here coming into Labor Day and the holidays, what's going on in the industry?
Jay Day:<br />
So, I thought it'd be neat to talk about because we do have people, there's all of this crazy news. There's interest rates, prices are high, rents are even high. So I thought it'd be good to sort of chat about what you should know to see if you're ready to actually buy a home. Like, okay, if I'm thinking about buying a home, how do you decide that you're truly ready to do that? And it's interesting because some people reach out to us at the last minute like, oh, my lease is up. And then I have others that reach out to me and say, Hey, I have somebody who is a past client that is getting married and they said we're going to need a bigger space. It's probably not going to happen for a year, but can you sort of educate us on what we need to be doing, what we need to be preparing for? What is the situation with down payments? What does the situation with, what does a mortgage look like? Because when I bought before the rates were in the threes, now they're in the sixes or seven, please help me understand where I need to be to navigate and get there. And again, the market conditions are very interesting that will impact things. But the first thing to look at is do you have a stable job? That is a huge thing. Do you feel that your job is stable? You don't have any fears. You're not in a sector that can get wiped out like we experienced during Covid where, I mean a lot of companies really, really struggled and a lot of them went out of business. And even now we're seeing small businesses struggling. But you want to make sure you have a firm foundation. And the same thing if you're in a position where you're getting commissions or there's bonuses, things like that.You've got to really find out from your employer, are these things still going to happen or is what the market changing the way that it has, they may not be able to do bonuses or there may be a cutback in overtime so that the company can still move forward. So these are all really important things as it comes to that side. Now the next thing is have you figured out what you can afford? And people are like, oh, I played with mortgage calculators. That's not the way to do it. The best thing is we can put you in touch with a lender that can give you many options and explain the pros and the cons of the options. And then I think you remember on our podcast before I talked about some of the regulations and some of the laws that change where people that have an income of six figures and if they have credit scores that are really good and if they're going to put 20% down, their interest rates are higher. But there's ways to avoid that and do recasting and things like that. So from the mortgage side, it's crucial to not play around with calculators and to actually talk real properties with a loan officer. The couple I mentioned to you that's getting married, I said, well, hey, let's look at this. Let's pull a house. Again, I know you're not doing anything but of the houses you've looked at, send me one that you really like and I'm going to send it to the lender. And the lender is going to show you, if you bought today what that looks like, mortgage payment wise, what scenario options you have, if you put 5% down, 10% down all of the different pieces, and that's a real good educational piece to set you up.
Tom Whalen:<br />
You would go through this with a client, with somebody who called with just you would just provide that kind of service, that kind of customer service.
Jay Day:<br />
Yeah, because you want people to really know what's happening. I mean, unless you're paying cash where you don't care about the mortgage or anything, one of the most important things is to know what your payment's going to be. And in the area we're in, and I talk about it all the time with Frederick, Frederick City is not just downtown. Frederick City for tax purposes is all around and the lines don't make sense as far as how it goes. It makes sense when you look at most of the subdivisions get put into the city of Frederick because of tax reasons. They can make revenues. If you buy a home in Frederick City, your taxes are going to be a whole lot more than if you buy in the county without city taxes. So you could look at a home in Worman's Mill and then you could go look at a home in Lake Linganore.And even though the home's priced the same, your mortgage payment could be hundreds of dollars different because of the taxes. So that's part of our job. And another important part, and this one I've been talking a lot with clients with recently, how long do you plan on living there? And most people are like, I don't know. And I say, well, can you see yourself living here? Is this your final home? Do you think it is? And if you don't think it is, it probably won't be. I had a client I was working with recently and he was looking at things and him and his wife are in great physical shape, but they were looking for things with a main level master and we hadn't been able to find something that they really loved. And I said to him, that was on your must list, so I didn't question it. However, how long do you think you're planning on being in this house? And he is like maybe five years. And I was like, again, we never know what can happen. Something could happen to me, something could happen to anybody of any age that makes them not be able to handle stairs. That's just life throws curve balls all the time. But if you were at a certain age and you had certain physical issues going on or you knew you were having to have a knee replacement surgery, you knew you had to have hip surgery, anything like that, or you have dizzy spells or whatever it happens to be, that's a little different. If he told me, Jay, this is the house I want to be in until I get put into a nursing home or whatever happens to me, then that's truly a must. We have to make that happen. But if you're only thinking you're going to be there three to five years and we've looked at everything under the sun, maybe we need to expand the search and look at things that don't have a main level master and see what that does. Again, your timing really matters. So that's one example. And another example is, people get hung up on these interest rates and I hear about it. Christina has somebody she's working with now and they had their own lender they wanted to work with and that lender was charging them two points to get their interest rate down. And again, the question comes up, well, how long do you plan on staying in the house? Oh, this is an interim house because our lease is up and we just need a place to go and we don't even know where we want to land. So again, they said maybe five years, maybe two years, we're not a hundred percent sure. So when you're paying points, what that is is a quarter point is 1% of your mortgage. So let's say it's $400,000 house. We'll say that it's one point is $4,000, two points is $8,000. So what you look at is, if I didn't pay the points and I had the higher interest rate, what is my payment with no points? And then what is my payment with the points? You do the math and say, okay, so that's saving me $30 a month, $40 a month, divide that by the $8,000 you were paying. And that tells you how many months it's going to take to even break even. So if you were in that situation, and let's say the break even time was five years, is it worth paying that upfront money? And again, you can also refin. If you end up refining, then you wasted your money on those points completely. So again, the timing matters and it matters for a multitude of reasons. And I really think the biggest challenge is, and everyone's having these big fears that AI is going to take over everything. Everything's going to be computerized. You don't need people for this. You don't need people for that. Well, if you have order takers, that makes perfect sense. However, if you truly have a consultative approach and an educational approach, I don't see how you can totally replace people in this industry because again, this is stuff that people should be talking about. Now, does every agent talk about this? You can answer that question yourself when you're listening to the podcast because if you've done any real estate transactions, if you've been been working with an agent, are any of the things that we talk about, things that they've mentioned to you? If not, maybe you need to think about that. Because again, our job is not to just open a door and show you a house. There's a whole lot more to it. And I think that's what's helped us over the almost 20 years I've been in business, is having that approach, listening and helping people get to where they need to be and advising them of all of their options so that they can make informed decisions that make the most sense for them. So that's my soapbox.
Tom Whalen:<br />
That's not a soapbox. It's been the pretty much the theme since you and I have worked together now over 10 years. Call the pros. You started going over some interest rates and points earlier and I thought, my goodness, this is why you called Jay. This is why you called Jay and Christina they will guide you through.
Jay Day:<br />
Oh yeah. So you ready for the house of the week?
Tom Whalen:<br />
Always.
Jay Day:<br />
This is an awesome one. This is actually one of my personal listings that I took. 225 Five Forks Lane and Fairfield, PA. It's on the market at 585. It's a rancher, three bedrooms, three full baths, 10 acres that's in clean and green. Hardwood floors throughout the main level, stainless steel appliances. There's a deck out back with a hot tub that conveys, a one car attached garage, a whole house generator. So if the power goes out, you've got nothing to worry about. Backup wood furnace for inside the house. So for those cold nights, you're not relying on just a heat pump. You actually can get that house super comfortable with throwing some wood in there. There's a large barn and stable that has a 30x40 work or storage area, a 20x30 horse barn with two stalls. There's water and electric in the barn. There's also a separate propane tank if you want to heat in there. There's a 10x20 lean-to shed for shade. For the horses, there's large fence, dry lot, there's two fence pastures. If you're looking for something to take your horses to and have privacy, this is a great property. If you go to wfre.com, look up Tom and Jay's real estate podcast. We have aerial images, we have all types of stuff to show you this property. It is really nice. It is private if you want to feel like you're off grid, but not totally be off grid and be close to things, this is a great one. If you like what you see, click on the button to schedule a showing and we'll be happy to get you a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day the Day Home Team of Real Estate Teams weekly real estate podcast. Thank you for listening. Tell your friends all about it.
2023-08-11T04:18:03-07:002023-08-11T06:11:17-07:00Jino Patajotag:dayhometeam.com,2012-09-20:17103Podcast - 8/4/23🏠🎧 Wondering about the current real estate market trends? 📊💡 Don't miss our latest podcast episode! We'll be recapping the latest stats in the market and what homes have sold in the last 30 days in surrounding counties, including Frederick, Washington, Carroll, Jefferson, Berkeley, Adams, and Franklin.
Get ready for some eye-opening details! We'll be sharing how long it's taking for homes to sell in these areas, the number of homes sold where sellers paid some buyers closing costs, and median sales prices—plus much more! 🏡📈
And that's not all! Check out our "House of the Week," a beautifully updated home in Frederick, priced at $525,000. 🏡🔍 This gem won't stay on the market for long!
Tune in now to stay informed about the real estate market and explore the fantastic home in Frederick. 🎙️🏡 Don't miss out on this valuable insight! #realestate #podcast #marketstats #homesold #houseoftheweek #Frederick #realestateupdate<br />Experience the difference a day makes!
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay Day.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Going with the numbers again.
Jay Day:<br />
Yeah, you got it man. It's numbers time. So let's talk about how July ended and what we're looking like in August. So we'll hit Frederick County first. I say the biggest thing is Frederick County is still going extremely strong. I'll get into some of the specifics. So our Coming Soons are down. We have less homes coming on the market than what we did before, last time we chatted. The Actives are up from 127 homes to now 141 and we're looking at a median price right now for the Actives of 585 with the median days on market of 22. Contract, 302 homes went under contract, 341 the time before. Now that's not a big surprise to me because we talked about it in the summer months. Things do tend to slow down just a little bit. So I'm looking at that as the seasonality thing because the median days on market is still 6, it was 6 before, it's 6 now. So when we look at it, there's been no change. If you price your home right, it'll be under contract in a week. The next we're going to look at Sold. We went from 314 to 296. Again, not really that big of a surprise considering, we're in the summer months. Now the Sold homes, the median price went from 451,000 to 465,500 and again, we're back at 6 days on market for what sold. And then we're going to look at, so how many sold above list, at list, or below list price. And this is always sort of a good indicator of what's happening when we look at that sold below list only 18%. That means only 18% of the homes sold for below what the home was listed for.
Tom Whalen:<br />
We're still talking Frederick County here?
Jay Day:<br />
Frederick County sold above list 62% and we look at sold at list 21%. So when we put all that together and we're 82% of the ones ended up selling for at or above list, and then we look at another indicator, homes that sold was seller help, meaning the seller helped pay some of the buyer's closing cost. That number went down dramatically from 59 to 28, and that's less than 10% of the inventory. So 9.4% of the homes that sold, the sellers gave concessions to the buyer.
Tom Whalen:<br />
Why do you figure that's such a dramatic drop? What does that mean you think?
Jay Day:<br />
Just a limited inventory and people are pricing things right, and they're getting multiple offers.
Tom Whalen:<br />
The sellers are in the driver's seat right now.
Jay Day:<br />
Absolutely. We're still at under a half month supply of inventory in Frederick County. And again, remember, a one to three month supply is a seller's market. A three to six is stable, a six and more is a buyer's market. We are so far away from a buyer's market, we're still very far away, even from a normal market where we're still looking at inventory shortages. Now we'll go over to Carroll County, we'll stick in Maryland for a bit. And the big gist in Carroll County to be very candid is we're looking at it. The Actives and the Coming Soons are very similar to what they were. The pricing is coming down a little, and that doesn't mean that the homes are selling for less, just the more affordable homes are starting to hit. The days on market for Active is 21, and it was 21 last time. So that's been remaining stable. Contract down from 213 to 178. Again, seasonality I think is the call for that. Now pricing the median price, the prior month was four and a quarter, and now we're at 449,500. So values still showing strong in Carroll County. And we went from a median days on market from 6 to 7. Again, not a huge jump, it's still a week. Sold, we actually had more homes settle 176 compared to 175 the month prior. And those had a median days on market of 6 and homes sold with seller help went up from 43 to 45, and that puts us just under 26% of the homes in Carroll County. The seller did give some closing help. Then we head over to Washington County and Washington County. When we look at Actives and Coming Soon, we have a little bit of a bump. We had 22 Coming Soons before, now we have 28. We had 141 Actives before now we've got 159. Of those we're seeing the coming soons, the median price the month before was 302. The median price now is 364,450. So the ones that are coming on the market are a little pricer. We had a reduction in the median days on market for Active homes that went from 36 to 28. Under Contract homes 187 to 184. That is showing some serious strength because again, we normally run into a little bit of seasonality. The fact that there was only a variance of three is quite impressive in my opinion. And we also had an increase in median price from 279,900 to 283,750 and we had a decrease in median days on market from 10 to 9. When we look at Sold, we went from 153 to 140, and there we have the exact same 8 days as a median days before and currently. Homes sold with seller help, that is actually a little bit of a surprising number, 32%, little over 32% of the homes in Washington County ended up having seller concession. So Washington County, I said it's looking pretty good. We go over to Pennsylvania, Adams County. Adams County, we've got Coming Soon 8, before we had 5. Active 76 before we had 83. So we're actually down in active inventory in Adams County. The days on market, the median days pushed up to 37 from 30. Now the pricing change also from 339,900 to 387,500. So the median price has increased. Contract, this is a really interesting one too. 139 to 127. Again, I say that seasonality, the big change is the median price went from 295 to 339,450. So we're seeing that the median price for the homes that went under contract had an increase. Median days on market, 9, still not bad under two weeks. We look at Sold, 106 versus 105. So we had more homes settle than they did the month before with an increase in the median price from 271,000 to 276,250. And that stands strong with a solid 7 days, median days on market and just under 21% of the homes giving seller help. So what we're seeing in Adams County is prices are increasing, inventory is lower and still under a month's supply. Now we go over to Franklin County and we've got a little more with the Coming Soons from before. Actives are down from 141 to 137. Now the median price for the actives has changed. It's dropped a little from 314,900 to 309,900 and the median days on market increased from 29 days to 35 days. So things are taking a little longer to go under contract and they're sitting on the market a little bit longer. Contract, like I had just mentioned, the days are creeping up a little bit. The median days before was 10, now it's 15. So just over two weeks. And we have a change in price for the ones Under Contract. The median dropped by 10,500, just a little over $10,000 from 259,900 to 249,450. Sold increased from 121 to 132 and increased in median price of 260 to 262,450. And those also were looking at a median days of 9 and homes that went with seller help 28%. So that's a pretty big number of those that had concessions. And then we're going to go into West Virginia and wrap this thing up. Jefferson County, Jefferson County, it's still always as amazes me at how few homes are on the market out there.
Tom Whalen:<br />
That's fascinating to me too because during the pandemic, we had talked about that Jefferson County where maybe some people said, this is the next big thing. Nobody's going to commute anymore. Jefferson County, West Virginia is going to be the next big, big market.
Jay Day:<br />
Oh, yeah. And so we went from Coming Soon, 8 homes to 9. The median price is about the same. It went down a little bit from 376,400 to 375. Actives dropped. So we had 67 homes available when we went over the numbers last time. Now we're down to 58 and we went down from 29 median days on market to 22 on Actives. Under Contract, we actually had an increase from 76 to 78, and the median days on market remains at 8. When we look at Sold, we have a little bit of a drop there. We went from 69 to 54 and the median days went up from 8 to 10. And in Jefferson County were just under 28% of those homes that sold actually had seller help. And then we're going to wrap it all up with Berkeley County. Berkeley, we have a increase in Coming Soon from 14 to 20. Out there we're looking at the median price had an increase from 287,500 to 279,500. Then we're looking Active, we're down a little bit from 143 to 140. The median price has dropped though from 309 to 299,900. And the median days on market dropped down from 30 to 28. Under Contracts, exact same amount of homes. Every time I run into this, I double check, I recalculate to make sure I didn't make a mistake. Last time we chatted, it was 195 and it's 195 again. The big difference here is that the median price jumped from 279,900 to 290. The median days on market went from 10 to 11. And then when we look at Sold, we dropped from 170 to 136 with the median price dropping just a little bit from 282,500 to 274,500. And the median days on market for the sold properties drop by one day from 8 to 7. And this area actually takes the award for, if you're looking for seller help, they seem to be the top of the ones that are given the most. 37.5% of the homes that settled had seller concessions to the buyer.
Tom Whalen:<br />
In Berkeley County.
Jay Day:<br />
In Berkeley County.
Tom Whalen:<br />
and boys and girls, I know that we've said this before, but Jay's giving you these stats because they're licensed in Pennsylvania, West Virginia, Maryland as well.
Jay Day:<br />
And I need to start running the stats for Virginia, I need to do that.
Tom Whalen:<br />
Your licensed in Virginia.
Jay Day:<br />
Yes. Yeah. Yeah. And we do a lot of work out in Frederick County, Clark County, and Loudoun County. So maybe I'll start those into the mix because it is good to know. I mean, if you look just at Frederick, the markets in these other areas is definitely different than Frederick. Some of them are getting close to a month's supply of inventory. Again, still a seller's market where Frederick, though, is still under half months supply. Frederick Market has just been extremely strong. And I think it's that desirability, again, we're sandwiched perfectly in between DC and Baltimore. So it's a great commuter location and the values have just skyrocketed. I mean, even when I look at the stats, when you get into the median, I mean realistically an average have a median price of 585. It's shocking to see that in certain parts of Frederick County. You're only getting a town home in the fives.
Tom Whalen:<br />
I know. It is shocking and it shocks a lot of people. It really does.
Jay Day:<br />
Yeah. It's really become a hotspot. And a lot of people have moved here from Northern Virginia, from Montgomery County. I know some people complain about that. But the good thing is the values are increasing. At least you're not having your property values drop because nobody wants that to happen. So, well, let's talk about the House of the week. This one isn't too far from the station here. It's in Gulf View. So we're going to take time to talk about this 504 Sage Hen Way in Frederick Maryland going on the market today at 525,000. It has four bedrooms, two full baths, two half baths, wood floors, a large master suite, granite counters, stainless steel appliances, a front porch, a large deck, a fenced yard. I actually happened to drive by this one with Christina the other day. New siding, the HVAC has been updated, roof has been replaced, and it's situated in a cul-de-sac right off the golden mile, great spot. And this Saturday. So tomorrow, 8/5 from 1:00 PM to 3:00 PM we will have Isabel out there doing an open house.
Tom Whalen:<br />
Nice.
Jay Day:<br />
So you can swing by, take a peek at the house, or if you want to check it out in advance, you can check it out online. You can just go to wfre.com. Look up Tom and Jay's Real Estate podcast and check out the house of the week or go out again Saturday, the 5th from 1:00 PM to 3:00 PM. Isabel, will be happy to show you the home. And thanks for listening.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Thank you so much for listening and tell your friends all about it.
2023-08-04T04:47:28-07:002023-08-04T06:48:33-07:00Jay Daytag:dayhometeam.com,2012-09-20:17026Podcast - 7/28/23🏠🎧 Renting or Selling Your House: What's the Best Move? 🤔
Tune in to our latest podcast episode! 💡 We discuss the pros and cons of short-term rentals (STRs) versus selling your house. From managing reservations to dealing with regulations, we cover it all. 🎙️🏡
And that's not all! Don't miss our featured "House of the Week" – a beautifully renovated detached home in Martinsburg, available for under $350,000. 🏡🔍 Explore this incredible opportunity and make an informed decision for your future! Don't wait, listen now! #realestate #podcast #shorttermrentals #sellingyourhome #houseoftheweek #Martinsburg #renovatedhome
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. We do it, we put a new one up every Friday. What's up this week, Jay?
Jay Day:<br />
Well, besides it being the end of July, which is scary enough, the summer is,
Tom Whalen:<br />
Oh no, please be. No. Merry Christmas, buddy. I haven't gotten you anything yet.
Jay Day:<br />
I was going to say happy Valentine's Day to you.
Tom Whalen:<br />
Oh, man. It's going so fast.
Jay Day:<br />
I'll bring you some flowers and chocolates.
Tom Whalen:<br />
Oh, we will cover ourselves because before you know it, it'll be February 14th.
Jay Day:<br />
Oh, yeah. Oh yeah. So one of the things, the trends that we're starting to see, and I wanted to chat about a little bit, is we're having some sellers that are thinking, should I sell my home? Or because I have my low interest rate, should I consider keeping it and renting it? Because again, with having these low interest rates, they could turn it into a potential profit center. Some of the things that I just wanted to point out, and people that are doing Airbnb, VRBO, things like that, the rentals are down dramatically this year from where they were pre-pandemic. And I think it's just because one airline, airfare is super expensive compared to what it was. And I think all those extra funds that were being handed out and gave people extra cash and then also seeing how expensive things have gotten sort of hit people in their pockets.
Tom Whalen:<br />
Well, when you say these rentals are down, do you mean the number of rentals are down or the demand for.
Jay Day:<br />
The demand.
Tom Whalen:<br />
Okay. I see.
Jay Day:<br />
Demand. We're looking at 25 to 30% drop in what was in bookings from year over year. So that's one of the things I wanted to mention. And also, one of the other things that a lot of people don't realize with the short term rentals, and again, I can speak of it a little bit because we have one as well, ours is out of state, but it's actually a lot of work if you're going to try and do one and stay in the area and you think you're going to manage it yourself. I mean, there's times we have two, three different groups coming through in a week, and every time that happens, you've got cleaning, you've got laundry, you've got housekeeping stuff. I mean, checking for damages. It is a lot of work. So if you are going to do that, I think property management is a way to go. And our team does not do property management at all before the short term rentals. It's almost a must because we've had people that have single family homes and I'm like, remember, you now have to have, your lawn has to be taken care of. You're not there to keep an eye on it. If you have a pool, you've got to deal with that situation. It's a lot to handle. And one of the interesting things too, one of our friends out in Washington State, they had purchased something and they're in the business and did not remember, or did not even think to look at the HOA covenants. So they built one, they were having it rented, and then someone complained. And when they read the HOA docs, they were not allowed to have short-term rentals.
Tom Whalen:<br />
You're talking about a short-term rental or somebody signing a year lease, you're talking about something different, right?
Jay Day:<br />
Short-term like Airbnb, VRBO.
Tom Whalen:<br />
Okay. All right.
Jay Day:<br />
And so Lake Linganore, we've had investors reach out to us and show interest in that because it has amenities. And then I've had to point out to all of them that it's in the HOA and it's covenants. You are not allowed to do short term rentals.
Tom Whalen:<br />
Yeah, sure. I would imagine that'd be the first thing that you would check.
Jay Day:<br />
Yeah, because otherwise, I mean, even with Lake Linganore, their rules are, you can't even, so forget the short term. We know that can't happen. Let's say that you're living in a house, your kids move out, you've got way too much space, and you're like, I'm just going to stay here. House is almost paid, and I'll rent out the basement. That's not allowed either. So you're not allowed to rent out rooms.
Tom Whalen:<br />
No kidding. No kidding.
Jay Day:<br />
Yeah.
Tom Whalen:<br />
Wow. I mean, I guess you could maybe sneak it, but it might not be worth it.
Jay Day:<br />
And I mean, ultimately, if it's never a problem until somebody complains, but you don't want to be in the situation where you have somebody complain and think about it, if you're surrounded by all these people that live in the house and it looks like you're having transient stuff happening, of course people are going to be concerned about the safety. What's happening, what's going on in the house. People may not even think that it's being a short-term rental. They may think there could be illegal drug activity or something. It's just a safety concern because you don't know who's coming and going.
Tom Whalen:<br />
I do know that my sister in California, some of her neighbors have done this, and they don't care for these Airbnbs being in their neighborhood.
Jay Day:<br />
Yeah, most people,
Tom Whalen:<br />
They don't care. These people coming in and raising hell then leaving.
Jay Day:<br />
Oh yeah. It's a different world.
Tom Whalen:<br />
And do people ask you about that as an option these days?
Jay Day:<br />
They do. Oh, absolutely.
Tom Whalen:<br />
And more than let's just say, hey, I'm just going to rent my house. I want to do this Airbnb deal.
Jay Day:<br />
And I mean, one of the other things we tell 'em too is you have to think about where are you and what is the appeal? So for example, if you're, let's say you have a home in Brunswick Crossing, what is going to draw people to that area? They're going to want to, downtown Frederick is charming. There's people that like to see things like that. Gettysburg with ghost tours, some places where you can see.
Tom Whalen:<br />
Got to be something. Yeah, you got to be a draw there.
Jay Day:<br />
Yeah. Lake Linganore, I understood why people thought it could be appealing because there are beaches. You can go kayak. There's a lot of different things that are there, but realistically, most places it doesn't really make that much sense. Parts of West Virginia, if you've got something on the river, different story.
Tom Whalen:<br />
Up in the mountains, cabin in the woods.
Jay Day:<br />
But there's a whole lot of other parts that people don't think. And then for those that aren't looking short term, long term, there's a lot of rules and regulations on that too. And I can't get into all the specifics on this, but I will tell you, based on the county you're in, most counties in Maryland, you have to have that property registered. If it was built prior in the early seventies after 79, you're going to have to have lead certs done where they're having to inspect. There's a whole lot of extra things that need to happen. You can't just say, I'm going to advertise my house for rent on Facebook and see what happens. There's a whole lot of regulation around what's going on. And the counties have these rules where they want to make sure that one, you're not going to have slumlords and having people stay in places that potentially are not safe.I mean, a lot of people in downtown Frederick got really upset over the last, I think it was a year, year and a half where they made some changes where the homes in downtown Frederick had to have certain things done to them, even though the tenants might've been fine living there the way it was. And what ends up happening, the owners are going to have to do all these renovations and repairs, and that's just going to cause the rent to go up and make it unaffordable for people. So I would say the big thing is, if you don't know whether you want to rent short term, long term or sell, reach out to us, we can talk about the pros and cons of all. If you do decide to do short term, we can, again, it's ultimately up to you what you want to do. Our job is just to give you the facts and give you the ideas to know what you need to think of, and we can connect you with someone who can help handle that. We also don't do rental management for long term, but we can connect you with someone for that if that's what makes the most sense for you. And it all depends. I mean, we lay it out to people. Here are all the options, and if you're interested in doing this, great. And I tell people I'm doing it. I have a management company that does mine down in Florida. Again, it's a vacation spot. It's right on the Gulf of Mexico. You can see the water. There's a private beach there. There's so many things that draw people there. But I also keep a pulse on what's going on with these. And so many people have converted properties into short term rentals that it's the total opposite of what we've seen in real estate sales, where now there's so much supply really, and the demand has dropped. So now the people that have them are having to drop their rates to be competitive. And sometimes when you get to a certain number, it may not. Do you really want to have transient people just staying in one or two nights.
Tom Whalen:<br />
That's why we do these podcasts.
Jay Day:<br />
So if you guys are thinking about any of that, you could always reach out to us. 866-702-9038, and you're ready for the house of the week.
Tom Whalen:<br />
Give us the home of the week.
Jay Day:<br />
All right. 480 North Teal Road in Martinsburg, West Virginia. If you've been on the hunt for the perfect home, I'm telling you this one, is it. It's a detached single family, three bedroom, two and a half bath, move-in ready, totally updated, all new floors, light fixtures, bathroom vanities, kitchen counters, appliances, you name it, it's been done. It has an open floor plan. There's a two story family room, a fireplace, deck, large fence yard, all of this for 325, just right in Martinsburg. If you want to check out what the home looks like, go to wfre.com. Look up Tom and Jay's Real Estate podcast. You'll be able to see photos there. If you like what you see, click on a button and we can get you in for a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcasts. Thank you for listening and tell your friends all about it.
2023-07-28T03:00:00-07:002023-07-31T06:50:55-07:00Jay Daytag:dayhometeam.com,2012-09-20:16949Podcast - 7/21/23🏠🎧 Exciting news! Our latest podcast episode is here, exploring the changing dynamics of the real estate market. 📈 We dive into how buyers are adjusting and accepting the new higher interest rates. 💡
When mortgage rates experienced a significant surge last year, rising from around 3% to 7%, it caused many potential buyers to be taken aback and delay their plans to purchase a home due to sticker shock. However, over time, that initial shock has subsided. Buyers have become more accustomed to the current mortgage rates and have come to terms with the fact that the historically low rates of the past few years may not make a comeback.
But that's not all! We're thrilled to present our house of the week—a large rancher in Myersville with breathtaking country views. 🏡 Immerse yourself in the beauty of the countryside while enjoying the comfort of this spacious home.
Tune in now to gain insights on buyers' adaptation to higher interest rates and discover the charm of our house of the week. 🎙️🔍 Don't miss out on all the intriguing details in this episode! #realestate #podcast #interestrates #buyeradaptation #housingmarket #houseoftheweek #Myersville #countryviews
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with weekly real estate podcast. What are we going with here in Midsummer?
Jay Day:<br />
Well, as we've been talking about, interest rates are still up higher than they were during the pandemic. And what we're starting to see, honestly, is that home buyers are starting to get used to this new normal of, these are the rates. Nothing is really changing and people are starting to, the buyers are starting to accept that is what we're seeing. Where before everybody got spoiled, like we talked about with the super low rates. And we're just seeing an adjustment now where people are realizing that the 30 year is going to be between 6 and 7%. It's been holding steady in that 6 to 7% range. And we're not seeing, of course we had some buyers that fell out because they can't afford the home anymore. But the ones that are out there, there's no flinching at the interest rates. I think, again, it's almost like this has become the new normal. And I was reading an article the other day, and Lawrence John, the chief economist for NAR, said with talk about the mortgage rates, they play a significant role in buyer demand. And mortgage rates are heavily influenced, they heavily influenced the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales. So again, we're looking, and even NAR is seeing, wow, since they've been steady in that 6 to 7 range, we've actually seen consecutive months of consistent home sales where there hasn't been a dip because people are freaking out over the rate changes.
Tom Whalen:<br />
So you say that they're pretty much accepting this, I mean, if they want to get a home and they want to get a loan.
Jay Day:<br />
yeah, there's not much.
Tom Whalen:<br />
Okay. There's not much they can do. I mean, there's not much inventory. So if they want to get the house, they've got to pull the, they pull the trigger.
Jay Day:<br />
Yeah. I mean, it just looks like they're really making, they're adapting to it because it was crazy. We went from, they surged from roughly 3% to 7% and that sort of had everybody tapping on their brakes. Like, whoa, hold on. What in the heck is happening here? It was not a slow incline, it was a fast jolt, like a rocket shooting up with what happened. And now people are realizing, okay, this is the new normal. Those rates that existed before were not normal. Maybe shame on us for not doing something then, but like you said, if we want to buy a house, we're in a situation now that it is what it is.
Tom Whalen:<br />
Well, during the podcast over the years, we've done this for many, many years when rates were really, really low and you told people, you said, hey look, this is kind of abnormal here.
Jay Day:<br />
Well, and it was funny cause I remember the economist and all of these people were saying, oh, they're not going to increase that fast. They're going to cap out at five and a half in 2023. And I was like, I don't believe that. And then obviously they were incorrect and we hit, we've had rates just over 7% at times and that was not expected to even happen into 2024. So what I've learned is, again, the predictive things are, you never know, and ultimately rates continue to raise. People are still buying things and that's the situation that we're in. And just because of interest rates being high doesn't mean people don't have to move and people have to have a roof over their head. It's just one of those things that's out there. And the biggest thing I would say is condition wise, sellers are having to do a little more. And most contracts now there are inspections, so that's not the end of the world either. The good thing is if you buy now, you probably can get a home inspection where before you were having to waive all types of things just to even get a house, but you got it at a lower monthly payment is what I would say. So you're ready for the house of the week?
Tom Whalen:<br />
Always.
Jay Day:<br />
All right. 3644 Biddle Road in Meyersville. This one just hit the market. 529 is the asking price. Discovered the charm of country living in this large rancher. Has three bedrooms, two full bathrooms, over 2,800 square feet of finished square footage on the main level alone. It's a huge rancher. One of the neat things when I went out to this house is you look around and you see mountains, it's the views out there in Meyersville are absolutely gorgeous. They've got a screened-in porch, they have a rear deck. This one again, the mountain views, there's plenty of parking. There's a detached two car garage. There's a partially finished basement, so it's a massive amount of space in the basement. The neat thing is too, the people that are selling it now doesn't mean the new folks have to have it, but they have chicken coops, they've got their own chickens out there.
Tom Whalen:<br />
Chickens are more popular than ever, man.
Jay Day:<br />
Oh yeah. I mean, with the price of eggs and everything else. And I mean, it's a gardener's delight too. They have everything under the sun growing out there. And the neat thing again with Meyersville is you get that country tranquility, but you're still have the convenience. You're right in between Middletown and Frederick and you know, have restaurants, shopping, everything you want and then you step out on your front porch and you just look around and see the beautiful mountains. If you want to see what this home looks like, go to wfre.com. Look up Tom and Jay's real estate podcast. We have photos, we have aerial photography of this too. Take a peek at it. If you like what you see, let us know and we will get you in for a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Thank you so much for listening. Always tell your friends all about it.
2023-07-21T05:00:00-07:002023-07-21T07:44:39-07:00Jay Daytag:dayhometeam.com,2012-09-20:16888Podcast - 7/14/23🏠🎧 Exciting news! Our latest podcast episode is here to address some burning questions in the real estate market. 🔥 We dive into the reasons why, even in this hot market, some homes are still not selling. 💡 Additionally, we explore national statistics and shed light on what is considered an affordable range in housing for middle-income buyers. 📊
But wait, there's more! You absolutely cannot miss our featured house of the week—a true piece of paradise in Martinsburg, WV. 🌴 Join us as we take you on a virtual tour of this exquisite property and discover the allure of this stunning location.
Tune in now to gain insights on the challenges of selling in a hot market, understand affordability in housing, and get enchanted by the house of the week in Martinsburg. 🎙️🏡 Don't miss out on all the exciting details in this episode! #realestate #podcast #homeselling #hotmarket #affordablehousing #nationalstatistics #houseoftheweek #MartinsburgWV
Christina Day:
Good morning and welcome to Jay and Tom's Real Estate podcast. As you can tell, I am not Tom.
Jay Day:<br />
Your voice is a little bit softer than Tom's,
Christina Day:<br />
That's right.
Jay Day:<br />
Just a little bit. So, yep. Tom is on vacation. We're letting him enjoy his time off. I'm hoping he's actually getting some pool time in. And I asked Christina to join on this one cause it's always fun when I can have my wife with me going through what's happening in the most recent real estate market, what's going on. So why don't you start with, let's talk about, we've said that the market is still hot, however, there are homes that are not selling. And what are you seeing as some of those reasons for maybe a home is not moving?
Christina Day:<br />
So it's interesting. I just had this conversation with a would be seller, and one of the things that we were discussing is a price, right? Over time, it's always come back to price. If you push the envelope too far, people don't find what you have appealing. You're going to find that you're going to sit on the market and you're not going to get the attention that you want or deserve. The second thing is people who have a more unique type house that isn't necessarily suited to everybody. So if you have something that's a little outside of the box or something that is a very unique demographic of a buyer, then that might sit a little longer too because you might be looking for that one right buyer.
Jay Day:<br />
And I mean, what, two of the other things that I've noticed that's changed as well is one, those that are limiting access and showing times or rejecting showings.
Christina Day:<br />
Yeah.
Jay Day:<br />
That is not a good thing. As we talked about, things are moving quickly, how there are less buyers that are out there, and you're going to get into some of the details on that. And the other thing that really stands out in addition is during the pandemic, you could get away with selling a house and it needing painting, flooring, everything out of date. And that has shifted quite a bit. You're, you're not able to just put it out as rough and raw as you might have been able to before. Because what I've been telling the sellers I'm meeting with is when you look at it, so before they were going to be moving in, they were paying X amount of dollars, getting a 3% mortgage. Now they're in the upper sixes, possibly sevens. So that monthly payment is taken a huge chunk out of what would be some extra change, they could have to do updates as needed because, but the payments are so different.
Christina Day:<br />
Discretionary budget, there you go. Is kind of gone. Right.
Jay Day:<br />
Thank you. That was the word I was looking for.
Christina Day:<br />
So if you want to get away with not doing things, you've got to take it out on your price. So you have to manage your expectation as a seller. I don't want to do carpet, I don't want to paint. I might not even want to clean. Whatever that is, do what you can do, put in the sweat equity of the things that you can do, cleaning, landscaping, keeping it looking fresh. But if you can't do big projects, it's going to come off of your price.
Jay Day:<br />
And it's, it's going to be more than a dollar for dollar because these people may not have the cash to do it, which means they may be doing some type of financing in order to get this done where it's replacing the flooring and getting financing and those interest rates for those types of things or if they're using credit cards, are much, much higher. So if it was going to cost you 10 grand to redo something, they may want a reduction of 15,000 to 20,000 because their real cost is going to be more than that.
Christina Day:<br />
Right. Well, and also keep in mind, and we tell our sellers this all the time, you got to remember, buyers buy with emotion. They buy with what they feel when they walk in the door, when they pull into the driveway, they're buying off of what they feel unless they're an investor. And investors don't make up a huge part of our market right now because prices have been so high. Interest rates are high, so the cost of borrowing money is high. But if you're trying to appeal to somebody who is going to buy your home and live in it, they have to feel good about it from the time that they pull up to the time they walk in the door and their decision making is happening instantly.
Jay Day:<br />
Yeah, that's true. It's a feeling. It's, it's what hits them. So I mentioned earlier that there may be less buyers, the demand is still there, but the demand has changed a little bit based on affordability. Do you want to talk about some of the statistics and some things about that?
Christina Day:<br />
Yeah, so the National Association of Realtors came out with a report and they were talking about the number of what is considered affordable mid income type property. So nationally, that average is around 256. Now for those of us in this marketplace, it's hard to find anything that's under 300, quite frankly. That's just, that's a unicorn anyway. But if we think about what is a mid range affordable home that the masses can afford and would enjoy, what they're saying is we are 320,000 listings short nationally. There's only about 23% of all the listings out there that can appeal to what is the largest demographic of buyers. The largest demographic of buyers is that middle income, mid range. Buying it to live in it and needs something that is move-in ready, doesn't have to be perfect, doesn't have to be renovated, but has to be something that they can move in and feel comfortable without having to make a lot of cost improvements to.
Jay Day:<br />
So more than three quarters of the homes that are on the market are not considered to be in the affordable index range.
Christina Day:<br />
Exactly.
Jay Day:<br />
Wow. Well, that sort of explains what's going on. Lot of good information here. If you're curious about any of this stuff, you can visit our website dayhometeam.com. And today I'm going to mix it up a little bit, and because this is a listing that Christina has, we're going to have her do the house of the week.
Christina Day:<br />
I'm so excited about this one, and I'm excited because Stribling in Martinsburg is a property that I actually sold to the people who own it. So my partner, Kyle and I had found this home for them a couple years ago and they have done a remarkable job updating and improving it. When we went into it the first time, literally, I don't think the property had changed hands in decades, and it showed, but it was a really great good bones property. This is kind of like a Cape Cod/Bungalow style home, but it's actually pretty spacious. It has almost 2,000 square feet, four bedrooms, two full baths. And the nice thing about this property is it actually has a little land with it. So they're on 2.85 acres. They're not far from the highway. It has an updated kitchen, updated flooring, fresh paint. They've expanded and enlarged what was the front porch. Now it has a bigger deck area and wraps around. It has an integrated garage. It's an awesome property. So if you're looking for something that has a little bit more land around it for privacy, I know like their kids ride four wheelers and things like that on the property, plenty of room to play and that kind of thing. This is a really great house for that. It's also a very manageable price range. It's only 400,000.
Jay Day:<br />
I was going to ask you what the price was on that one.
Christina Day:<br />
Only 400,000. So updated 2.85 acres, four bedrooms, two baths, almost 2000 square feet for 400,000.
Jay Day:<br />
If you're listening to this and that sounds appealing, go to wfre.com. Look up Tom and Jay's real estate podcast. You can see photos, you can click a button to schedule a private tour, and we could make this your home. I'm Jay Day
Christina Day:<br />
And Christina Day.
Jay Day:<br />
Thanks for tuning in to our Real Estate podcast.
2023-07-14T07:52:55-07:002023-07-14T09:01:38-07:00Jay Daytag:dayhometeam.com,2012-09-20:16785Podcast - 7/7/23📈🏠 Exciting news! Our latest podcast episode is now live, featuring a comprehensive recap of the current market stats and what sold in the last 30 days in surrounding counties. Tune in to get valuable insights into the real estate trends in Frederick, Washington, Carroll, Jefferson, Berkeley, Adams, and Franklin. 💡
But that's not all! We're thrilled to showcase our house of the week, a stunning log home located in Hanover, PA. 🏡 Join us as we explore the unique charm and beauty of this log home. Don't miss out on this opportunity to experience the rustic elegance and envision your dream living space.
Get informed about the market stats and join us as we highlight the captivating log home in Hanover. 🎙️🔍 Don't wait, listen to our podcast episode now and discover all the exciting details! #realestate #podcast #marketstats #homesold #HanoverPA #loghome #houseoftheweek
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with a weekly Midsummer Real Estate podcast. What's up, bud?
Jay Day:<br />
Besides being exhausted from Party in the Park,
Tom Whalen:<br />
That was so much fun. Jay, we had such a good time. Can you believe our local musicians, how talented these guys are?
Jay Day:<br />
Oh yeah, That was great.
Tom Whalen:<br />
Had a wonderful time, man.
Jay Day:<br />
Yeah, it was really good time. There was a great crowd. I know there were some changes where we had to move some configuration stuff and it worked out for us because we ended up on the other side, under a tree in the shade, which was pretty awesome.
Tom Whalen:<br />
I saw it right off the bat. You guys are going to be in the shade here all day. Bingo
Jay Day:<br />
Yeah, I always was envious, to be very honest, from when I was on the other side of the park looking over. I'm like, man,
Tom Whalen:<br />
There was people over there,
Jay Day:<br />
I'm like, they've got the best spot.
Tom Whalen:<br />
They're under the trees.
Jay Day:<br />
The only thing that could have been better was I know sometimes South Mountain Creamery is out there, and I know the spot they normally hit is the spot that was next to us. So I was looking forward to being able to just go over and get some of that fresh ice cream.
Tom Whalen:<br />
Did you have your root beer mug from the root beer guy?
Jay Day:<br />
I didn't because we were on the other side this year.
Tom Whalen:<br />
You're on the other side away from that too. And we had a great time. Thank you. Hey, thank you. You Chase, Chase Beckham. You brought our headliner on at the Party in the Park. He was great. We had a wonderful time. Thank you for your support of WFRE, man.
Jay Day:<br />
Oh, man. I don't even know how many years we've been doing the Party in the Park. It's been a long time.
Tom Whalen:<br />
We've been at this for a while.
Jay Day:<br />
Yeah, it's, it's a great time and it's awesome. We were able to get stuff out for free where people can come out and enjoy themselves. And I said, it's always a good time, but let's talk on our last podcast. It was sort of at an odd time, so I couldn't get the stats. I wanted to get through the month of June to get all the statistics out there.
Tom Whalen:<br />
I love stat week. I love these stats, man.
Jay Day:<br />
This is real time. I actually pulled this information. The data was pulled yesterday, so when I say yesterday, that is Thursday. So everything is as almost real time as it can be. All right, let's talk about Frederick County. Frederick County, the market is on fire is what I'm going to say. Where we are, we have 127 homes in Active, 67 in Coming Soon. That is less active homes than we had last time we chatted. Under Contract 341 homes. Sold 314, that closed. The interesting thing is the days on market. Our actives are 17, our contracts are 6, and our solds are 6. So again, if you're priced right within the first week, your home should be sold. Get this stat too. In Frederick County, 61.78% of the homes sold above asking price. So more than half of the homes sold for over what they were asking, and they sold in less than a week. The challenge is the inventory. So when you look at that, we have 127 homes available, 341 went under contract. That's .37 months of inventory, well under. That's like a third of a month of inventory if nothing else hit the market. So still, if you're out there listening and you're thinking, when's the best time to sell? I mean, the prices are up, the stats are good. I mean, when we look at what the average, I mean the median price for homes under contract last month it was 449,900. This month it's 485,000. The median price for the homes that are on the market is up to 575,000. No better time.
Tom Whalen:<br />
What do you tell people who want to buy in Frederick County? What do you tell people? Say, look, I really need to move there. I need to move there. What's my options?
Jay Day:<br />
Well, we tell 'em they got to bring their A game. Yeah, you got to bring your A game. And the reality is we tell 'em, okay, so if you're looking, the first thing is here's what the expectation should be. If you're looking to buy here, almost 62% of the homes that sold, sold for more than what they were asking for. So if you think you want to come in and try to negotiate and get a sweet deal, this may not be the time for you. And again, it's just giving real data. It's not like we're making things up. It's when you give people and show them real time, like, hey, I know you want to try to negotiate. I know you think you know, may want to get a good deal because the interest rates are up. Well, this may not be the area for you to do that in. And then we'll go over to Carroll County. Carroll County's got some pretty good stats going too. Carroll County, we're at 94 homes on the market with a median price of 504,000. Last month, the median price was 467,000. Under Contract, 213 with a median price of 425,000. Sold 175, with a median price of 460,000. That's up from 425,000. The homes under contract and sold have a median days on market of 6. And when I do the stats, again, I do the numbers 0.44 a month supply of inventory. So under a half month supply of inventory in Carroll County. Now we'll go over to Washington County. Washington County, we've got 141 homes on the market. Last time we chatted a month ago about this, it was 143. Their median price is up to 369,000 from 349,000. Contracts stayed steady, 187 last time we chatted, 187 again. It always weirds me out when I see that the number's exactly the same. That's a really odd situation, but it is what it is.
Tom Whalen:<br />
Well, I noticed the numbers available was just 144 and 143. That's pretty close.
Jay Day:<br />
Oh yeah. And Coming Soon was 22 and 23. So, Sold was up from 136 to 153. The median price for sold was up from 295,000 to 305,000. So all the homes that settled over the 30 days, they sold for 10,000 more in a median range for the month prior. So Washington County, now, they're not as low inventory as we are with Carroll and Frederick, but they're 0.75. So they're three quarters of a month, not half a month, not less. Now we'll go to our buddies over in West Virginia. I love West Virginia. It's always a great place to go and do real estate in. People are wonderful. They call it wild and wonderful West Virginia, but I think the people are actually absolutely wonderful out there. I've had some of the best clients.
Tom Whalen:<br />
I agree 100%. I make a lot of West Virginia jokes with Diana Gibson in the morning. But she's got it coming.
Jay Day:<br />
Yeah. We got to tease her a little bit. She's got some tough skin.
Tom Whalen:<br />
So she can take it. Yeah.
Jay Day:<br />
Active properties, 67 with a median price of 434,000. Under Contract, 76, the median price of 374,950. Sold up from 59 to 69. The median price staying stable at 400,000. Now when we look at those of active versus what's under contract, they're at 0.88, so they're the closest to a month supply of inventory. But remember, a seller's market is still considered even up to three months of inventory. So we're still under one. That's the closest of the areas that has one month of inventory. Now we'll go over to Berkeley County. Berkeley, we've got 143 homes on the market. Under Contract, 195. Sold, 170. So the sold were up, the contract was down a little bit, and active is increased by 7 homes. Again, very, very minimal. And they're at 0.73 month supply of inventory. Now we'll end up in Pennsylvania. Adams County. Adams County is holding strong as well, Coming Soon, 5 homes. Last time we chatted, there was 12. Active homes, 83. Last time there was 80. And when we're looking at that, the median price is 339,900. Under Contract, 139 homes. And the median days on market was 9 for them. Sold 105, up from 87 with a median price of 271,000. And out there, I didn't give the stat for all of the other areas, but I'm going to give it for this one because the homes, all of the 105 homes that sold in the last 30 days, only 11.43% gave seller help. That's the lowest in all the counties that we were covering on this. They had the lowest percentage odds of getting seller help, if you're a buyer.
Tom Whalen:<br />
What do you mean? Explain? What do you mean by getting seller help?
Jay Day:<br />
So that would be that they ask the seller to give some type of concession to help offset some closing cost. They may say, give me $5,000 in closing help, or $3,000 in closing help, whatever number is, but they had the lowest odds. The county that you had the strongest odds of getting closing help in was actually Berkeley County at 32.94. So almost 1/3.
Tom Whalen:<br />
Is it an anomaly or is there a reason for that?
Jay Day:<br />
It's because the closing costs are expensive.
Tom Whalen:<br />
Yeah, they're expensive. Everybody wants help.
Jay Day:<br />
And realistically, people need to have a lot of cash to bring to the table now. Or let's say the houses need a couple things where people before, if they can get the closing help, they may end up replacing carpet. If they have to pay all the closing costs, they may not be able to do some of the things they want because it takes a portion of their cash. And we'll end with Franklin County. Franklin County, we're looking at 12 homes in Coming Soon. 141 in Active. We got 191 Under Contract. Last month, we were 192 Under Contract, so staying pace there. Sold were up from 117 to 121. And what we're seeing also is the Sold, the median price went up from 255,000 to 260,000. The Under Contract median price went from 253,950 to 259,900. The Actives are staying steady, the median, the month before was 314,900, and the median price today is 314,900. So hanging in there steady. What all this means is, again, it's still a seller's market. The interest rates have been climbing. We've hit over 7% again, now we're back down in the sixes. But it's not really having, I would say the profound effect with the interest rates we're having is actually on the amount of people that are listing their homes for sale. It's not slowing the people down that are buying, as we've talked about, because if it was, we would see the inventory growing. The issue is that a lot of people are having a hard time saying, well, why would I sell my house that I have a 3% mortgage at and buy something new at 6.75%? And that's a legit question. I mean, I probably wouldn't do it.
Tom Whalen:<br />
That's why you call the pros. And another thing, if you're listening to this for the first time, the reason Jay is talking about Pennsylvania and West Virginia is because you're licensed in all these states.
Jay Day:<br />
Yes. And it's funny cause I keep saying I'm going to bring Virginia stats and I don't because, I don't know, and we do Virginia, maybe I'll start adding them. I have to start to be able to have historical data too, so I understand. But we've been doing a fair amount down in Clark County, Frederick County, Loudoun County. So if you're listening and you're in Virginia, we definitely handle that area. I spent quite a bit of time in Winchester this past week, helping clients out down there. Virginia is a beautiful, beautiful area too.
Tom Whalen:<br />
Winchester, Virginia's a beautiful area.
Jay Day:<br />
The downtown is super cool
Tom Whalen:<br />
It's spectacular. It really is.
Jay Day:<br />
Yeah. Very well. I mean, went down to one of these stone oven pizzeria places. It was awesome. I took one of my clients there when we were doing a walkthrough of one of the homes that they are looking purchase.
Tom Whalen:<br />
Got a home of the week.
Jay Day:<br />
I do 424 Fuhrman Mill Road in Hanover, Pennsylvania. If you like log homes, you're not going to want to miss this. Listed at $495,000, this is a one of a kind log cabin on a quiet road in Hanover, Pennsylvania. The home has three bedrooms, one full and one half bath. It's an open concept. It has a loft overlooking the main level, vaulted ceilings, radiant heat throughout. The main level has solid oak floors, main level living with an entry level bedroom, upgraded kitchen, fully finished walkout basement, tons of parking, a detached two-car garage, a 30x32 enclosed pioneer building, a beautiful wraparound porch. A little bit of everything here. In the cooler months, you can snuggle up by the freestanding gas fireplace. Like I said, just that whole feel of a log home. When you look online and see the pictures and you can see out the window, you can just picture yourself being there with the snow coming down. I don't know. To me, it's an absolutely stunning house. I love log homes. If you go to wfre.com, look up Tom and Jay's real estate podcast. You can see the home of the week. If you like what you see, click schedule a showing, and one of our agents will give you a personal private tour of this gorgeous home.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with a weekly real estate podcast. Thank you so much for listening and tell your friends all about it.
2023-07-07T07:58:36-07:002023-07-10T07:29:32-07:00Jay Daytag:dayhometeam.com,2012-09-20:16739Podcast - 6/30/23🏠🎧 This week, get ready for an enlightening discussion on our podcast with Jay and Christina! 🗣️ They delve into the national statistics surrounding home inventory and the profound impact it has on the real estate market. 📊 Additionally, they shed light on why statistics provided by different sources may not always align. 💡 When it comes to stats, we drill down to cover the resale inventory to provide you with accurate and relevant information. Tune in now to discover why all of this matters and gain a deeper understanding of the real estate landscape! 🎙️🔍
Jay Day:<br />
I'm Jay Day.
Christina Day:<br />
And Christina Day.
Jay Day:<br />
And we are here with our weekly podcast with a little surprise guest. You don't hear our deep voice friend Tom. He was taking a little bit of a breather this week and getting prepared for everything. So decided to bring in my better half and the smarter half of our relationship.
Christina Day:<br />
So sweet.
Jay Day:<br />
And as I told her, now she's going to be in the spotlight. So I'm going to let her talk about what's going on in the real estate market.
Christina Day:<br />
Oh my. Well, that's kind of a broad question Jay Day. So it's interesting the market is not performing with regard to units. That's the number of transactions this year that they had,
Jay Day:<br />
AKA houses,
Christina Day:<br />
Yes. That they had anticipated would be, were actually down about 17% of number of sales across the United States. Now, obviously there's different areas that outperform others, but overall there's a 17% decline in the amount of houses that are actually selling. And part of that is, is there's just not enough inventory of homes available for people to buy.
Jay Day:<br />
Well, one of the things, and I wasn't going to talk about this, and then that's how it always goes. I just go off in my tangents but I think it's important because if people listen to our show or they read the Maryland Realtors statistics or they listen to other people talking about it, or they look online because they're tied into Bright or Homesnap or something like that, our numbers are always different. The reason is we pull new construction out of our stats because new construction, when you look at the homes that are listed, the majority of them are to-be built homes, meaning there's a lot that can handle that house. And it just hit me because I heard something recently with stats and I'm like, that is so not true. Oh, we're over a month supply of inventory, we're this. And I'm like, yeah, if you count the new homes that don't even exist.
Christina Day:<br />
Right,
Jay Day:<br />
So if you hear us talk about things and some of the numbers, I can guarantee you with accuracy, we pull ours the day of or the day before with our statistics and we do remove the new construction from those completely. Because it's giving, the way I look at it, if it's a house that's ready to move into, if it's a home that you could actually go and pay for and get immediately, that is competition. But the majority of the stuff out there, what we call ghost listings.
Christina Day:<br />
Yeah.
Jay Day:<br />
Sorry, I digress.
Christina Day:<br />
It's okay. Well, and interestingly enough, the statistics that I'm talking about right now are from RIS Media, these were realtor.com, which is affiliated with the National Association of Realtor Statistics. So these are legitimate resources that have compiled the data across the country. And so it's a little different than when we're looking at our local statistics anyway and we've seen that there's definitely been a tightening of the amount of homes that are available. We are experiencing that seasonal rise in inventory, which is the summer months
Jay Day:<br />
Right. Everybody vacationing, having a good time.
Christina Day:<br />
Everybody's at the beach. I think I was looking on Facebook this past week and a bunch of people we know were actually down in Florida and I was so jealou. Seeing them at my favorite places.
Jay Day:<br />
Oh, it's because a lot of people were still afraid to travel. I mean not everybody was crazy like we were and didn't mind jumping on a plane.
Christina Day:<br />
And this year people are going and we did see a lot more of that last year too. So it is seasonally expected that you're going to see a little bit more. So the people who we see sitting on the market are typically people who either have something that is truly unique, a little different, not going to suit everybody. Maybe it's the topography of the lot, the design of the house, something like that. Or people who push the envelope too far on price. And those are clearly the defining lines of you're either waiting for that one right person who's going to like what you have or you push the envelope too far on price and you've got to get it back to where people are going to find your home appealing.
Jay Day:<br />
And the condition, I mean a lot of sellers that were spoiled and didn't have to do anything, we could have sold the house the way that it looked. And now when I'm meeting with seller potential sellers, I explained to them, so the discretionary income has dropped in the multitude of ways. If I was going to buy your house and my mortgage payment was $3,000, but now it's 5,400. One, that's a huge amount of money I'm spending every month. I want to love it, not like it. And then if my mortgages went up that much and then my groceries and everything else has increased, I don't have that money to go to Home Depot and say, alright, I'm going to replace all the flooring and I'll be able to pay it off in a year with 0% financing because I have that extra money every month I can apply to that. So condition wise, we do have situations where people don't have the funds and they just don't want to deal with it.
Christina Day:<br />
They're spending all their money trying to get your house.
Jay Day:<br />
Yeah. So it's a different time.
Christina Day:<br />
And we do tell our sellers that if you are priced, you show right, you've done all the things that we've recommended our stagers recommended. We're marketing it the way that we always market, which is above and beyond and over the top. The reality is you should have good traffic and of that traffic you should have about a third of the people who are viewing your home who will be putting in an offer. Now that again, that's based on it looking right. You did the things that you needed to do, we did the things we needed to do, and you priced it in the right ballpark to have it move.
Jay Day:<br />
Speaking of that, anyone who is local and was a little disturbed with a backup on Gas House Pike last weekend, that was for our open house, we actually stopped traffic because we ran out of spaces for people to park in. And that was pretty exciting to see. Honestly, when we got the photos from our agent who was doing the open house, I'm like, that right there just shows you the ultimate marketing. We got tons of people through there. So many people wanted to get in that we actually backed people up on the road. So,
Christina Day:<br />
Yeah, I drove by.
Jay Day:<br />
And I look at it and I'm like, hey, gas House Pike has been backed up for a while anyway, with all the construction. We're just doing our job here.
Christina Day:<br />
Yeah.
Christina Day:<br />
I happened to drive by while she was conducting the open house and I firsthand witnessed the backup and everybody pulling off onto the side. So to the neighbors, we also apologize for them all pulling off onto the side in your front yards. But that was actually a very successful open house. They had 17 people through, I believe, plus the additional by appointment only traffic that they had. And those folks did get their house under contract first weekend on the market, which was very nice to see. But there's interesting, when you talk about marketing and you talk about results, the pre-marketing, the strength of the social media marketing, we always tie that back and obviously we have our partnership here with WFRE, your exposure matters. So if your agent says, I'm going to put you on Facebook and they have a thousand followers, great. So there's a chance that maybe a thousand people will see it. But when you have over 5,000 followers and you're also partnered up with WFRE, who has over 32,000 followers, that's now 37 followers that have the opportunity to see your home.
Jay Day:<br />
37,000.
Christina Day:<br />
Yeah, it's 37,000,
Jay Day:<br />
Just wanted to be clear on that.
Christina Day:<br />
People who would have the opportunity to see your home be marketed.
Jay Day:<br />
The same thing with, we end up on not just the social media side, but their independent website as well. And we have our traffic, they have their traffic. It just gets you exposure that you can't get elsewhere. And then we always take things up another notch with what we do on other sides. The big thing is these podcasts, Christina is not used to being involved in my podcast. They're a lot faster than our radio show. So I'm going to end it on this, with this. If you guys are thinking about selling or buying, you don't know what's going on in the market or you don't trust what you're hearing because you don't know it's a mixed match of messages, you can always go to our website dayhometeam.com, reach out to us, 866-702-9038. You can also go to wfre.com and look up features Tom and Jay's podcast.
Jay Day:<br />You can listen. We talk and give real live information about what's happening in the local market. And our last thing is, if you've listened to our podcast before, we always highlight each listener who we have a house of the week. And this is something that's totally exclusive. This one is 2009 Gapland Road in Jefferson, Maryland. It's listed in the mid fours and give you a little bit of background on this one. You can move right into peace of mind, no major maintenance required. Many household systems were recently updated, so you can welcome home to this great rancher. It's surrounded by farmland and picturesque views as far as you could see. The home features three bedrooms, one full bath, one half bath with an almost new roof. It was installed just five years ago, so it's one less thing you have to worry about. Brand new well, new filtration system, new water softener, fully finished basement, stainless steel appliances, sun porch, three car detached garage with an RV door, an automatic whole house generator, a new sump pump, new ac, new gutters, upgraded electrical outlets.
Jay Day:<br />So basically what you're hearing there is since the interest rates have went up a little bit, you may not have the money to handle those big expenses. They've all been handled for you. If you want to see this home, go to wfre.com. Look up Tom and Jay's real estate podcast. We have all the photos there. If you like what you see, we make it very easy. You can click on a button right on the screen. The button says, get me a showing and it'll go to one of our agents and we can schedule a private showing for you to be able to see that home. All right, thanks again for tuning in and we'll be back next week.
2023-06-30T09:11:24-07:002023-07-03T06:30:33-07:00Jay Daytag:dayhometeam.com,2012-09-20:16630Podcast 6/23/23🏠🎧 Planning to sell your home but feeling uncertain about the process? Don't worry, we've got you covered! In our latest podcast episode, Jay breaks down the step-by-step journey from the moment you consider selling to well after the closing. 💡 Gain valuable insights and understand the intricacies of the selling process to navigate it with confidence. Tune in now and be well-prepared for a successful home selling experience! 🎙️✨ #realestate #podcast #homeselling #sellingprocess #stepbystep #realestatejourney
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day home team of real estate teams with our weekly real estate podcast. What's going on this week in the real estate industry?
Jay Day:<br />
I thought of, I'm trying to think of all these different things that we get questions asked about and what we have covered, what we haven't covered. So I wanted to talk about situations for our sellers and it's a common question. What is the process for selling a home?
Tom Whalen:<br />
First thing to do, I want to move, what do I do?
Jay Day:<br />
Yeah. First thing is they reach out to do some preparation to get a home evaluation, figure out what has to happen then. And that process is when they reach out to a real estate agent, the real estate agent meets with them, tours, the home, gives an idea of what needs to happen, and then they may interview, some people hire the first agent they meet, some people want to interview multiple agents. So the next step is they have to select the agent, and it's just not a, Hey, I want to work with you. They actually engage with them as far as signing a listing contract, which sets them up to be able to get everything else rolling. The next thing, and during that process, we're dealing with getting the home prepared with us. We're having stagers come in, we're having the professional photographers come in, potentially videographers all of that. And then what happens is we get everything written, everything ready to roll. Then we put it into the multiple list as a coming soon, and it's in there for about a week to two weeks. And then we go live, which means you can have showings. After that, we launch our full out marketing, we start having showings on the property for the showings. You just get a notification. We have a system set up where they'll get emails and text or phone calls. They get the feedback. We made our feedback forms really simple. Were there multiple choices?
Tom Whalen:<br />
Can I ask you a question about this? Yeah. So at that point, coming soon, do you get calls on that house at that point?
Jay Day:<br />
Oh yeah.
Tom Whalen:<br />
People reaching out to you. How serious can you take those phone calls? Do they go first in line when consideration comes up?
Jay Day:<br />
Well, what we do once we launch coming soon, we actually set it where, because we'll have a go live date. So we go coming soon. Let's say it's, it's Monday and we're going to go live the next Friday. You can't schedule, you can't see the home until the go live date, but we allow you to schedule those. Your agent can schedule those. Or if you don't have an agent, you call us. One of our agents can schedule it. And it depends on your schedule. If it's open at as early as nine or eight 30 and you want to lock in, we will lock you in for that time as soon as it hits the market.
Tom Whalen:<br />
As soon as it hits the market, not any time before.
Jay Day:<br />
Right.
Tom Whalen:<br />
That's just my question.
Jay Day:<br />
And so the multiple lists will not allow anyone to see it prior.
Tom Whalen:<br />
I see.
Jay Day:<br />
So it's sometimes our sellers get a little frustrating because they're like, well, why would I, I'm fine with that. And we're like, oh, we're not allowed to do it. And they're like, what do you mean we're not allowed to do it? Isn't it my house? Can I make the decision? And I'm like, I agree. You should be able to make that decision.
Tom Whalen:<br />
That's why you call the pros.
Jay Day:<br />
Yeah. So as the marketing happens, then eventually you end up getting offers. So the negotiation of offers starts, and that's when, let's say for example, I'll give you one that we had recently. It went on the market for Memorial Day weekend, and we had, I don't know, probably close to 40 showings. I think we ended up with nine offers. Once the first two offers came in. I called the seller because our job is we deliver the offer to you immediately. That's our job. We have to present the offers quickly. And then the seller has to make a decision. Are they comfortable with what offer they have? Or if they have a ton of showings, do they want to say, I'm going to set a deadline. And what that deadline would be is, okay, I'm going to stop taking offers, or I'm going to, all offers are due in by 7:00 PM on Sunday.
Jay Day:<br />So then we send a notification out to everybody, let them know their offers are due and we want their highest and best. That means the seller most likely will not counter back to anybody. They just want the best offer that you can put forward. And then a lot of times people think, is it on Is the highest price the best one? Not always. I mean, you know, have appraisal things to worry about. Some people are waving inspections. So all these different things go into play. And how we handle it is once, if seller chooses to set a deadline, we review all of them and we say, okay, so which of these are you not interested in? So we start to do the elimination that way. And then most of the time it comes down to two or three of the offers that they're sort of trying to figure out what they want to do.
Jay Day:<br />And then they dig into the terms, okay, well this one's going to let me stay here for free for two weeks after closing. This one waived the inspections. This one, they're not, they're guaranteeing, if it doesn't appraise, they'll pay cash out of pocket. So all these different things come into play, and that's one of the important parts of what we're dealing with. And the next thing, let's say, you know, negotiate the offer. You accept one, you sign off on the contract, you're now officially under contract. If in those terms you had financing and you had inspections, the next thing that happens is the inspections get scheduled. Depending on the situation, some of those, you know, may end up having to negotiate repairs. And also at that point, the appraisal is ordered. The appraisal is basically handled by the bank. The bank sends out a professional appraiser. Their job is to confirm the value is there so that the bank has protection of their asset, which is the home, because the bank doesn't want to lend $500,000 on something that's worth 400,000. So that's part of the process.
Tom Whalen:<br />
Are these appraisers busy people?
Jay Day:<br />
Yes.
Tom Whalen:<br />
Is that, and is that pretty much just what they do?
Jay Day:<br />
That's all they do. Wow. Yeah, that's all they do. Then you have the closing. And the closing is basically, you know, go to the title company. That's where you sign the deed. That's where you end up getting paid. Most people get their money wired to them, because going to the bank, again, with all these escalating values we've had, some people are walking away with $200,000- $300,000. It's going to take a while for that check to clear. It's a whole lot easier if you have it wired in. And then after that, all that squared away. Then there's post sell responsibilities. We got to make sure that they're ready to roll. They have the utilities taken out of their name. The new person has utilities, put in their name. If there was a post settlement occupancy, meaning that the seller was able to stay afterwards, we have to do a walkthrough.
Jay Day:<br />Then there's a release form that's done at the walkthrough. There's a handing over of keys, removing lockbox, stopping all the marketing. It's a pretty daunting process.
Tom Whalen:<br />
There's a lot.
Jay Day:<br />
Yeah. Well, and the funny thing is, I always think of that stuff as sort of boring because I've been doing it for so long, but the reality is a lot of people the most common. So what is the process? Tell me the process. How's this process going to work? And that's where I was like, you know what? That could probably make a good thing for the podcast.
Tom Whalen:<br />
No, it is, man. It's fascinating. There are so many moving parts. That's why you just called the pro right away.
Jay Day:<br />
Yeah, and I mean, that's a really quick water down version, but it gives you the big highlights, the big steps, and what the expectation should be. So you ready for the house of the week?
Tom Whalen:<br />
Give it to us.
Jay Day:<br />
All right. Our house of the week is a picturesque four bedroom home located at 50 Rum Trail in Fairfield, Pennsylvania. It's situated on a private 1.55 acre lot. This charming home offers a tranquil setting. The main level of the house features luxury vinyl plank flooring throughout, and an additional primary suite has been added for convenience. So there's what used to be called master bedroom on the upper level, and there's a master on the main level, which is super, could be great for people that need that. The traditional floor plan offers three spacious bedrooms on the upper level, providing ample space for family or guest. The basement is unfinished, offering a blank canvas for new homeowners to customize according to their preferences. The property boasts the large deck perfect for outdoor entertaining or relaxation. Additionally, there's a detached garage/shop offering plenty of space for storage. The private lot surrounding the home is adorn with mature trees providing peaceful and secluded backyard. Despite its serene location, the property remains close to everything Fairfield has to offer, including restaurants, shopping, major commuter routes. This allows for a balance between country living and convenient access to amenities. If you want to see photos of this one, go to wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, click schedule showing, and one of our agents will get you in to see that home immediately.
Tom Whalen:<br />I'm Tom.
Jay Day:<br />
I'm Jay
Tom Whalen:<br />
Jay Day and the day home team of real estate teams with our weekly real estate podcast. Thank you for listening and tell your friends all about it.
2023-06-23T10:30:21-07:002023-06-27T07:27:50-07:00Jay Daytag:dayhometeam.com,2012-09-20:16533Podcast - 6/16/23🏠🎧 Exciting news! Our latest podcast episode is here, featuring an insightful discussion with Jay and Tom. 🗣️ They dive deep into how mortgage rates are impacting homes getting listed for sale. 💰 Despite higher rates, some sellers prioritize their individual needs. Curious to know what reasons motivate sellers to list and sell their homes? Tune in now and discover their compelling stories! 🎙️💡 Don't miss out on this eye-opening episode that sheds light on the motivations behind home listings. Listen and gain valuable insights into the real estate market today! 🏡🎧
Tom:<br />
I'm Tom.
Jay:<br />
I'm Jay.
Tom:<br />
of Jay Day and the Day home team of real estate teams with our weekly real estate podcast on brand new equipment. Jay, I bet we sound great.
Jay:<br />
We should, this is some high tech stuff that the station has brought in.
Tom:<br />
It is. It's quite the upgrade. I'm a little intimidated by technology, but it will carry us through any mistake that we make. Evidently the machines are going to clean it up.
Jay:<br />
Hey, it's like everything else. AI things are just taking over
Tom:<br />
Unbelievable. I know.
Jay:<br />
And going to make things a little bit easier.
Tom:<br />
So what about the real estate industry? Things are moving fast.
Jay:<br />
Yeah, so a lot of the news lately has been about mortgage rates. So I figured we would sort of chat about not just the mortgage rates, but we do have a low inventory and there's a reason for it, but there's something deeper than all of it. And really it's peoples' needs. And we're going to talk about what we're seeing. For those people that are thinking about selling their house, a lot of them are intimidated because if they're not going to be paying cash for the next property, they're going to have to get a mortgage. And most people have locked in one of those rates between two and 3%. So now if they're looking, they're going to be paying between six and 7%. So that's a big jump. However, the reality is that life happens. And to me, what we're seeing is one of the chief economist, one of the chief economists actually said first time and move up buyers are both active, the latter driven by life changes, divorce, marriage, hired, paying jobs, existing home unsuitable, all those types of things.
Jay:<br />So we talked about, and a lot of the sellers we're working with right now, it's a relocation situation or the buyers as well. They're relocating to the area. You don't have much of a choice. If you have that opportunity to get the job you've been waiting for, the job you really wanted, you're going to most likely take it. And that's going to involve either buying or selling real estate. So that's something we run into. The next thing is, and we saw this a lot more when the rates were lower, but upgrading. So some people decide they're going to sell because they want to upgrade, they want a home gym, they want accommodations for a sick family member, things like that. So that is another reason we see things happening. Another is downsizing. Some people are just hitting the stage where it's too much to handle, too much yard work, too much house to deal with, so they want to downsize.
Jay:<br />Another thing we're seeing a lot of, and it's pretty common, is a change in relationship status. Divorce, separation, marriage. And I mean, a lot of people think of it as divorce is a big one. Most people are going to end up selling or if they're separated because living under the same roof, going through a divorce and going through a separation is not an easy process and nobody really wants to do that. But then you have the other side where people are getting married and you're having blended families. So let's say that you had three kids and your new spouse has two. Your house may not have been big enough to handle five children. So there are reasons behind the whole thing with the relationship status. And one of the other big ones is health concerns. We're seeing, just because the real estate market has changed and interest rates are higher, that didn't slow down. People that have mobility issues, challenges, health issues, they need specific living modifications. And I have quite a few people I'm working with now that they're not in that situation, but they're in their early fifties and they said, you know what? I think I'm going to try and just get a house that's a one level. I don't even want a basement. I don't want to have the option for stairs. They're planning long term
Tom:<br />
Talking about themselves and not their parents.
Jay:<br />
Yeah, they're talking about themselves. I was just out with them two mornings ago, and it's so rare that we find homes now that don't have basements, that they're just on a slab, but that was one of their requirements. They're like, we do not need a lower level. We don't want it. It's going to be a risk because if we have it, we're probably going to go down there. And also they're like, why are we heating and cooling and area that isn't really needed? It's only two of us. Our kids are all out of the house. They're grown. And like I said, I was shocked because normally it's a older group that we work with that starts looking at that. Not people that are in their fifties, but I get it. They're like, we're just trying to plan. We want to be able to find something that works for us and just settle in.
Tom:<br />
When you're talking about, say somebody my age and been mowing and trimming and working, doing yard work and plowing and doing everything. And so I think, man, I'm ready for a condo life. Is there a shortage of condos as well as single family homes?
Jay:<br />
There's just a shortage of everything.
Tom:<br />
Of everything. I understand.
Jay:<br />
It really is. And I mean, there are some advantages with the condo life. And the interesting part is a lot of people think the condos are just like apartment buildings. Condo is a type of ownership where you own the inside and the outside walls and everything outside is owned by the association. And for example, there's a community up in Taneytown, Carroll Vista, they have triplexes, they have detached homes, and those are all condo where you don't have to cut the grass. You don't have to deal with shoveling the snow. Nothing
Tom:<br />
Is, have I heard it right, that when you own a condo, you own everything except past the layer of paint on your drywall
Jay:<br />
You own the inside. Well,
Tom:<br />
You own the inside
Jay:<br />
You own. So you technically, if you have a leak, you are responsible for that
Tom:<br />
I see. Okay.
Jay:<br />
Now it becomes a little bit different if the unit above you leaks into your unit. But if you're looking at a, again, they have town homes, they have detached homes that are condo ownership, and those are becoming more and more popular because again, you know, don't have to worry about the roof. You don't have to worry about the siding, you don't have to worry about cutting the grass. You don't have to worry about snow, all of these different things. But if you want, now I say if you want privacy, privacy is a challenge
Tom:<br />
That's a challenge
Jay:<br />
Because you're not going to get land.
Tom:<br />
No
Jay:<br />
There going to be,
Tom:<br />
Someone might live above you.
Jay:<br />
Yeah.
Tom:<br />
And so you're looking at that
Jay:<br />
Yeah or like I said, the detached ones, you have a neighbor, but you're not attached to them, but you're pretty close. So there are options out there for people. And we saw a big spike in that about 10 years ago where they were really, really being looked at, and then it slowed down a little bit. There was a whole lot of 55 and up communities that were coming out, and they still exist. And like I said, it's really interesting. There's some other communities that they just launched in Gettysburg that are geared towards the active adult is what they call it.
Tom:<br />
Well, there's a lot of people aging out, man. There's a lot of people up in that area above 55 right now.
Jay:<br />
Yeah and from the work you guys, when you moved from your one house to the other, you didn't really lose any yard work except not having to do
Tom:<br />
As much, not quite as much. Yeah.
Jay:<br />
But it's
Tom:<br />
Mean, there's some detail to be done there if you want to take care of it. Your house proud. Absolutely.
Jay:<br />
Oh yeah. And I know, you know, enjoy the gardening stuff, or at least you appear to enjoy the gardening stuff. It could just be your rest from
Tom:<br />
I love gardening.
Jay:<br />
Yeah
Tom:<br />
I love gardening, hate weeds, love gardening. Yeah.
Jay:<br />
It gets you to a place. And I'm sure you used to enjoy sitting on the riding mower and zoning out.
Tom:<br />
Sure. Yeah. No, no. But you know, mother nature wins every time, man.
Jay:<br />
Oh yeah
Tom:<br />
Yeah, old man time wins every time. Do we have a home of the week?
Jay:<br />
We do. I'll give you some details on this. The house of the week is 6958 Meadow Point Terrace. This is a four bedroom home located in the Meadows of Lake Linganore. The property offers a spacious kitchen, a living room area, as well as a bonus room on the main level that can serve as a formal dining room or an office. The fully finished walkout basement includes additional bedroom. There's also an attached two-car garage accessible through a long driveway. One of the highlights of the home is its privacy as it's tucked away from the street. The deck, the back deck provides a serene environment with soothing sound with the nearby stream. The property is also conveniently located, just steps away from the Indian cave walking trail. This home is part of the Lake Linganore community, which offers a wide range of amenities the residents can enjoy. Private beach areas, lakes, walking paths, community pools, playgrounds, all within close proximity, and the backyard of the property backs onto the woods and features that stream I mentioned earlier, making it a picturesque setting for anybody to call home.
Tom:<br />
I'm Tom.
Jay:<br />
I'm Jay.
Tom:<br />
Jay day and the home team of Real estate teams. Our weekly real estate podcast happens every Friday morning. Thank you for listening and tell your friends all about it.
2023-06-16T07:06:32-07:002023-06-21T09:25:10-07:00Jay Daytag:dayhometeam.com,2012-09-20:16445Podcast - 6/9/23🎙️📊 Join Jay & Tom on our upcoming podcast episode where we delve into why you can not compare the market in 2023 to what we saw in 2021 and 2022. 🤝🏠 Some have referred to the last two years as "unicorns" in the real estate industry. We examine the factors behind this phenomenon and discuss the details on buyer demand, home prices, and foreclosures over the last 7 years. 💡
But that's not all! You definitely won't want to miss our featured house of the week in Charles Town, WV. 🏡 This newer detached home offers the convenience of main level living, providing the perfect combination of comfort and style. Get a firsthand look at this fantastic property that could be your dream home! Tune in now to gain insights and stay up-to-date on the latest real estate trends. 🎧🏡 #realestate #podcast #marketcomparison #buyerdemand #homeprices #foreclosures #housingmarket #houseoftheweek #CharlesTown #mainlevelliving
Tom:<br />
I'm Tom
Jay:<br />
I'm Jay
Tom:<br />
of Jay Day and the Day home team of real estate teams with our weekly real estate podcast where we are second, third week of June, 2023. Man, summers are flying by.
Jay:<br />
Oh, yeah. Well, what I wanted to talk about was I saw this article that had me laugh a little bit when I read the headline, and it was Today's real estate market, the unicorns have galloped off
Tom:<br />
The Unicorns, meaning tell me about the unicorns.
Jay:<br />
So the unicorn, when you look at the definition of what the unicorn is, it's something that is greatly desired, but difficult or impossible to find.
Tom:<br />
I understand.
Jay:<br />
Makes sense.
Tom:<br />
And so they no longer exist in the real estate world.
Jay:<br />
Well, it says it's galloped off, and I'll give some of the details here. Like I said, it was very catchy and I enjoyed reading about it. And as we talked about, the pandemic changed real estate over the last couple of years, the demand was crazy. Interest rates were low. And it was really interesting to try and find something. And still, people are still struggling to find the perfect house. It's not at the perfect rate anymore. So that's where they joke about it galloping off. And what some of the areas that they're talking about is buyer demand is one. So buyer demand, when you look at the headlines, and we've talked about this, the headlines say there aren't buyers out there, the market, we've talked about it, but we still sell. And when I say we real estate, there's still 10 over 10,000 houses a day that sell in the United States. So that's definitely not a low number. Of course, the demand may be down from the unicorn years, which they're classifying as 2021 and 2022.
Tom:<br />
We were together doing podcasts all the way through it. We did some on the phone, but we were discussing it. It was kind of a different experience talking to you of real estate besides everything we were going through personally learning about that.
Jay:<br />
Yeah, and I mean, when you look at it, so one of the things is showing traffic. Showing traffic hit an all time. When we go back seven years, it hit an all time high in 2022, just in 2021 was crazy. 2023 we're still almost double where we were in 2020. And it's, it's just basically showing that. Yeah. And I've talked about this before.
Tom:<br />
Explain, I'm sorry, what the term you used was showing traffic.
Jay:<br />
Yeah. So how many buyers are coming through houses?
Tom:<br />
I see. That's what I thought it was.
Jay:<br />
Yes. And realistically, we've talked about it. I'm like, well, and especially as we got into earlier this year when we were talking about things, it was, okay, well there's going to be less showings. It's not going to be as crazy, but it's still crazier than when it was normal. We're still in a under supply of inventory, meaning we are still having an issue where it's not a buyer's market. And candidly, with the interest rate increases, we are seeing less buyers be able to qualify. But we're still looking at historic numbers. It's just not, when you compare it to the last two years, it's not the same. But the last two years were the oddballs.
Tom:<br />
So more people are calling to buy a home than sell a home.
Jay:<br />
Yes.
Tom:<br />
Or there's just
Jay:<br />
yeah
Tom:<br />
Okay. Okay.
Jay:<br />
That's a good way to put it. Yeah.
Tom:<br />
Alright. Yeah. Well that's, that's been going on now for a while, like you said, man.
Jay:<br />
Yeah. And then number two, home prices. So again, in 2021 and 2022 home prices. So 2021, and this is just for the entire US 2021, home values increased 18%. In 2020, they increased 11%. In 2022, they increased 5%, and they're still increasing now. So a 5% increase is still a great, it's still good money, good numbers. You just can't expect it to be 18%, 11%. That is not normal. That's why we call those the unicorn years, or this company called 'em the unicorn years. Now foreclosures, this is another really interesting one as well. So there was 1 million fewer foreclosures during 2020, 2021, 2022. So 1 million less foreclosures in that three year gap.
Tom:<br />
Well, was that because they were sort of outlawed or put on pause for awhile?
Jay:<br />
You nailed it.
Tom:<br />
Okay.
Jay:<br />
You nailed it. All right. I mean, they did the forbearance, they weren't allowed to do foreclosures. So them making all of those changes basically stopped foreclosures from even happening. And we're starting to see them roll in a little bit, but again, at nowhere near the rate, because basically they were given, they were handing the money out and giving forbearances, letting people not have to worry about it. And then I think the other side of it too was when you look at it, if you could find a way to afford it, if you could refinance and you have a low interest rate, that makes it a heck of a lot easier to be able to deal with. Where we run into issues with the foreclosures is when people have adjustable rate mortgages and their mortgage keeps going up.
Jay:<br />When you have a lower interest rate and it's fixed and there's no change, you have less likelihood of that happening. So I guess the gist of this is, and it's sort of what I talked about as well, with interest rates, and you mentioned it on our last podcast. I said, Hey, when rates go up, where we are now is not normal. I just didn't call it unicorn years. I was like, this is not the norm. The people should not expect to have rates in the twos and the threes. That is not normal and it will not last. And you pretty much what we're seeing is that timeframe, nothing was normal. And I think we talked about that quite a bit too. I'm like, none of this makes any sense.
Tom:<br />
Yeah, no, it was crazy. No doubt about it. Because I happened to be looking for a home at the same time.
Jay:<br />
Oh yeah. And thank God we got you in the earlier part of everything, right?
Tom:<br />
Hey, after three years at the beginning of the pandemic, man, how lucky is that? Yeah. We looked for three years and then it just happened. It was a blessing.
Jay:<br />
I remember the first time I met you out because we couldn't see each other at the station to do the podcast, but we were doing, I was doing my job and you were doing your personal work of looking at houses then. And when I met you, I was like, all right, I'm sorry. This is weird. We've got to wear a mask. Here's hand sanitizer. Don't touch anything in the house.
Tom:<br />
Sure.
Jay:<br />
Don't turn the light switches on.
Tom:<br />
Sure, I understood, I understood that point. Yeah, it was nuts.
Jay:<br />
And like I said, it was funny because, you know, and I ended up having to see each other because of looking at properties. And then we would do our podcast via phone.
Tom:<br />
Yeah, I understand.
Jay:<br />
And I'm like
Tom:<br />
Hey, look, we were all, everybody had their protocols during all that.
Jay:<br />
Yeah. Oh yeah. I don't blame. We were kicked out of our office for a period of time as well, so nobody was allowed to even go into the office.
Tom:<br />
I understand. Yeah, it was a mess man.
Jay:<br />
We all had to follow whatever rules we were told. Right.
Tom:<br />
We tried and not lose our minds.
Jay:<br />
Yes. So you ready for the house of the week?
Tom:<br />
Amen.
Jay:<br />
37 Penticton Way in Charlestown, West Virginia. This home is listed in the fours, and it is, give you some details here. Four bedrooms, three baths, and give you a little bit more information about it. It was built in 2014. It has a spacious layout featuring three main level bedrooms, including a primary suite and three full bathrooms on the main level, situated in a picturesque setting. The home provides a serene and peaceful environment that you can call home. The basement is finished, the basement has bedroom, bathroom, rec room. So this home has everything finished. Nothing you need to worry about. In the fours in Charlestown, West Virginia, which is another great area. A lot of people have moved out, out that way. Go to wfre.com. Look up Tom and Jay's real estate podcast. You can see photos. If you like what you see, click on the button and we can get you a private tour in to see this home yourself.
Tom:<br />
I'm Tom.
Jay:<br />
I'm Jay
Tom:<br />
Jay Day and the day home team of Real Estate teams with our weekly real estate podcast. Thank you for listening. Tell your friends all about it.
2023-06-09T07:14:38-07:002023-06-21T10:26:11-07:00Jay Daytag:dayhometeam.com,2012-09-20:16360Podcast - 6/2/23📈🏠 Curious about the latest real estate market trends? Our latest podcast episode has got you covered! 💡 We recap the current stats in the market from May in surrounding counties, including Frederick, Washington, Carroll, Jefferson, Berkeley, Adams, and Franklin. We also dive into the impact of interest rates on mortgage payments. 🏦 Don't miss out on this valuable information! Plus, we have an exciting announcement: the house of the week in Frederick, MD will have an open house this Saturday, June 3, from 12pm to 2pm. 🏡 Join us and explore this amazing property firsthand! Tune in now to stay informed and mark your calendars for the open house! 🎧👍 #realestate #podcast #marketstats #interestrates #mortgagepayments #houseoftheweek #Frederick #openhouse #June3 #realestateupdate
Tom:<br />
I'm Tom.
Jay:<br />
I'm Jay,
Tom:<br />
Jay Day and the day home team of real estate teams with our weekly real estate podcast rocking and rolling through the summer of 2023. What are we going with?
Jay:<br />
All right, let's talk about, as we roll into June, let's go over the stats for what happened in May. And then I'm not going to go into as deep of details because I feel like it's Groundhog Day. We've been dealing with similar stuff, but I want to talk about interest rates because last time we did the podcast, the numbers had changed dramatically from then. So, the gist of things in Frederick County, things are still improving, things are still moving quickly. Just to give an idea, in May for closings, homes that actually closed, we're looking at 270, the prior month was 257. The days on market went from six to five, and the median price went from 421 to 478.5. So basically, we're seeing, it's just everything is increasing.
Tom:<br />
Hey, this is cool. Jay, anybody thinking about selling their home here in June? These are the stats of what happened here in May. This is current. That's why we do these podcasts.
Jay:<br />
Oh yeah. And I mean, even now we're seeing the number of homes that are active for sale. Were only at 137 with 369 under contract.
Tom:<br />
Are you saying we are not reaching a monthly quota with these? Okay. All right.
Jay:<br />
Nope.
Tom:<br />
That that's been trending.
Jay:<br />
Yeah. Same in Carroll County. Carroll County, the sold units went from 127 to 169, from seven days to six days, and holding steady on price contracts went from 203 to 234, and we only have 80 active homes on the market in Carroll County. In Washington County, we're looking at a similar situation. Sold went from 93 to 136. That's a big difference. It went from 11 days to nine days and the median price went up by 10 grand. Homes that are available 143. So we are seeing their inventory tick up a little bit. Contract is 187. So again, we still have a situation where not enough supply for the demand of what people are looking for. Then we'll go over to West Virginia quickly, and we look over there and we have 59. Actually, this is a little different. We only had 59 settle where the month before we had 61, but the days on market dropped from 11 to seven and the sales price increased.
Jay:<br />The median sales price went from three 50 to 400,000 and for availability of homes on the market in Jefferson County, it went from 45 to 58. So again, still in a situation where not enough inventory is available. We go over to Berkeley County sold, we went from 143 to 127. Days on market was cut from 12 to nine, and the sale prices, the median sale price went from 275 to 295. So a $20,000 jump. And as we look at what's active on the market, we had a small increase from 126 to 137 homes. However, the contracts went from 194 to 238. So still heavy, heavy demand and not enough supply. Adams County, we go over there, not a big change. We went from 76 homes on the market that were available to 80. We went from 77 that settled to 87. Days on market was steady at seven for that.
Jay:<br />Contract went from 137 to 181, and it went from 10 days to eight days. So again, we're seeing things are moving a little faster and the numbers are just continuing to increase. And we'll end with Franklin County, we went from 101 sold to 117. We went from 179 under contract to 192, and then active, we only increase from 121 to 127 again under a month supply of inventory. The days on market there for the ones that settled, dropped from 12 to seven. So candidly, we're, we're still rocking and rolling. Now, one of the things and how I want to end this podcast is on interest rates. So when we did our last podcast, the rates were in the sixes and now they ended up hitting over 7% for conventional non-government loans. And I mean, just to give guys an idea of what that means, we went from like 6.1 to 7.1.
Jay:<br />So it's not unusual in our market to see homes that are $800,000. So if we look at someone that was getting a loan for an $800,000 house just on the loan side of it, and it went from 6% to 7%, that's $526.02 different a month. Just over the course of a week because of interest rate changes.
Tom:<br />
That's a significant amount of money.
Jay:<br />
And even if we go with a modest price 450, and that's modest for Frederick County, it going from 6% to 7%, that's almost $300 more a month that people are paying. And the reality is, in the market, in the world we're in now where gas is more, groceries are more, that what used to maybe been discretionary funds is no longer discretionary. You know, need those to be able to finish your grocery shopping. So, I think what'll eventually happen is you would think things would start to slow a little bit just because of, again, over the course of a week, if you were looking to buy a house and you didn't lock the rate in and you were looking at a house that was in the eights. I mean, you're talking over $500 difference a month, that's huge.
Tom:<br />
When they were incredibly low, you said you people who listen to this podcast, you constantly said, these will change, this will change. You need to jump on this now because we don't know where they're going to go. And then when they change, we don't know if it's going up or down. We have no idea how to predict this.
Jay:<br />
And I said, typically what happens when things go up, they tend to, it's funny because it's the opposite of gravity. Things drop fast. However, when it comes to money and interest rates, things tend to skyrocket very quickly. I mean, think about it, even when we had the crazy increase with gas prices, I mean, they're more now than they were a couple of years ago, but they're almost become a new norm where we're like, oh, it's not too bad. It's like upper threes. That's not horrible, but it was in the low twos before. Sure, but we got hit with the fives and you're like, oh man, $5 a gallon. This is insane. Anyway, interest rates do have an impact on things. If you're sitting on the fence still and unsure, there's no guarantees on things with what's going to happen with the rates. I know a lot of people were thinking, okay, we're going to wait for rates to drop and I know home prices are going to drop. And we've been consistently delivering updated news and stats. And as you can see, home prices have not dropped in our area in any of the surrounding counties, and there's no indicators showing that that should or could happen. On the residential side, we don't talk about commercial real estate. If you look in the news, there are a lot of people that are predicting that commercial is going to have a major downfall. And there are very specific though that the expectation is commercial only, not residential. So
Tom:<br />
That's why we do these podcasts. Got a home of the week.
Jay:<br />
I do 6412 Wild Plum Drive in Frederick, listed for 400,000. Just hit the market. And we actually have an open house this Saturday from 12 to two. Give you some details on this home. It's an end unit town home, a Ballenger Run, filled with natural light, additional windows because it's an end unit, which makes it a little bit nicer. The primary suite and en suite bathroom. There's luxury vinyl, plank flooring. Main level living has stainless steel appliances. There's a large deck. There's the bedrooms. I mean, there's a whole lot of stuff with this house, this townhouse, when we look at it, it's fairly new. It was built in 2020. The neighborhood that it's in offers amenities such as walking paths, community pool. Like I said, it's a great looking house. All you have to do, if you want to see what the pictures look like, go to wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see there, you can click on a button on our website and you can schedule a showing. Or if you don't want to talk to an agent and you just want to walk through the house, there is an open house again this Saturday, June 3rd, 12 to 2:00 PM and the address 6412 Wild Plum Drive in Frederick, Maryland.
Tom:<br />
I'm Tom.
Jay:<br />
I'm Jay
Tom:<br />
Weekly Real Estate Podcast. Thank you for listening and tell your friends all about it.
2023-06-02T08:28:29-07:002023-06-21T09:32:10-07:00Jay Daytag:dayhometeam.com,2012-09-20:16297Podcast 5/26/232023-05-26T09:07:29-07:002023-06-21T10:23:46-07:00Jay Daytag:dayhometeam.com,2012-09-20:16201Podcast 5/19/23We're unpacking 📦 Maryland's current real estate stats 📈, sharing insights on when might be the BEST time to sell your home 🕰️, and comparing inventory numbers from April 2017 to 2023!
🔥 HOT Property Alert! 🚨 Don't miss our House of the Week segment, where we're showcasing an incredible investment opportunity in Thurmont, MD. 🏡💰
Tune in 🎧, stay informed, and let's navigate the property market together! 💼📲
2023-05-19T08:48:56-07:002023-05-19T08:51:19-07:00Jay Daytag:dayhometeam.com,2012-09-20:16134Podcast 5/12/23<img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/72.png" loading="lazy" width="26" height="26" /><img data-emoji="🎧" class="an1" alt="🎧" aria-label="🎧" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3a7/72.png" loading="lazy" width="25" height="25" /> Interested in buying a home but hesitant due to high prices, interest rates, and the possibility of a recession? <img data-emoji="🤔" class="an1" alt="🤔" aria-label="🤔" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f914/72.png" loading="lazy" width="24" height="24" /> Join us on our next podcast episode where Jay and Tom discuss the benefits of homeownership even in challenging markets. <img data-emoji="💡" class="an1" alt="💡" aria-label="💡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4a1/72.png" loading="lazy" width="21" height="21" /> We explore how a recession can impact real estate prices and interest rates and why it may still be a good time to buy. Tune in now to gain valuable insights that can help you make informed decisions as a homebuyer or seller! <img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/72.png" loading="lazy" width="23" height="23" /><img data-emoji="👍" class="an1" alt="👍" aria-label="👍" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f44d/72.png" loading="lazy" width="19" height="19" />
2023-05-12T14:51:25-07:002023-05-12T14:53:45-07:00Jay Daytag:dayhometeam.com,2012-09-20:15986Podcast - 4/28<img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/72.png" loading="lazy" width="19" height="19" /><img data-emoji="🎧" class="an1" alt="🎧" aria-label="🎧" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3a7/72.png" loading="lazy" width="16" height="16" /> Attention homebuyers! Don't miss our latest podcast episode where we break down the difference between real estate appraisals and home inspections. <img data-emoji="💡" class="an1" alt="💡" aria-label="💡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4a1/72.png" loading="lazy" width="14" height="14" /> Plus, you will not want to miss the house of the week that just hit the market in Frederick! <img data-emoji="🎉" class="an1" alt="🎉" aria-label="🎉" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f389/72.png" loading="lazy" width="14" height="14" /> Tune in now to gain valuable insights and be the first to know about this amazing property. Don't miss out on this opportunity! <img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/72.png" loading="lazy" width="12" height="12" /><img data-emoji="👍" class="an1" alt="👍" aria-label="👍" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f44d/72.png" loading="lazy" width="15" height="15" /> #realestate #podcast #homebuying #appraisals #homeinspections #homevalue #homecondition #houseoftheweek #Frederick
2023-04-28T09:08:31-07:002023-04-28T09:11:17-07:00Jay Daytag:dayhometeam.com,2012-09-20:15797Podcast 4/14/23<img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/32.png" loading="lazy" /><img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" /> This week on the podcast, Jay and Tom dive into the top reasons why clients are selling their homes right now. You won't want to miss their insights on the current real estate market.
In addition to discussing the reasons sellers are selling, Jay and Tom also provide valuable information on how changing mortgage rates can affect buyers. They share tips on how to navigate these fluctuations and make the most of your home purchase.
Don't miss out on this informative episode! Tune in to the podcast to stay up-to-date on the latest real estate trends and get expert advice from Jay and Tom. <img data-emoji="🎧" class="an1" alt="🎧" aria-label="🎧" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3a7/32.png" loading="lazy" /><img data-emoji="👨‍💼" class="an1" alt="👨‍💼" aria-label="👨‍💼" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f468_200d_1f4bc/32.png" loading="lazy" />
2023-04-14T07:32:36-07:002023-04-14T07:37:15-07:00Jay Daytag:dayhometeam.com,2012-09-20:15690Podcast - 4/7/23<img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/32.png" loading="lazy" /><img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" /> Tune in to this week's podcast where Jay and Tom chat about the real estate market in Frederick and the surrounding areas! Get the most up-to-date information and true local real-time insights. Don't miss out on this valuable episode! <img data-emoji="🎧" class="an1" alt="🎧" aria-label="🎧" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3a7/32.png" loading="lazy" /><img data-emoji="👀" class="an1" alt="👀" aria-label="👀" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f440/32.png" loading="lazy" />
2023-04-07T06:18:41-07:002023-04-07T06:21:09-07:00Jay Daytag:dayhometeam.com,2012-09-20:15599Podcast - 3/31/23Is spring the best time to sell your home? Jay and Tom discuss this and other specifics about selling your home in MD, PA, WV & VA this week. You will also want to check out the house of the week which is a detached home on an acre in Taneytown for just $325,000!
2023-03-31T09:33:37-07:002023-03-31T09:35:44-07:00Jay Daytag:dayhometeam.com,2012-09-20:15510Podcast - March 24, 2023This week Jay & Andy discuss what economists are saying about what will happen with home prices for 2023. Jay then drills down to explain what is happening per county in the surrounding states of MD, PA & WV. If you want real time local info you will not want to miss this. Also our house of the week is a great spacious townhome in Thurmont that will be holding open houses this Saturday 1pm-3pm and Sunday 12pm - 2pm.
2023-03-24T05:00:00-07:002023-03-24T06:40:52-07:00Jay Daytag:dayhometeam.com,2012-09-20:15436Podcast - March 17, 2023
Jay and Tom provide local clarity into the real estate market right here locally. In addition Jay explains 3 reasons to consider buying a home over renting a home. Also the home of the week is located in Frederick and has an open house this Sat & Sun from 1pm to 3pm....you will not want to miss it!
2023-03-17T06:00:00-07:002023-03-17T15:05:08-07:00Jay Daytag:dayhometeam.com,2012-09-20:15356Podcast - March 10, 2023Spring is in the air and it's time for sprucing up the house, be it to sell or just to enjoy yourself! We will be talking about key things to make sure your home shows its best for potential buyers or even just to bring a smile to your own face everytime you come home. Also a quick mention about market activity and of course our house of the week featuring a charming 2 unit home that would make a great investment property or potential to live in one and have rental income from the other.
2023-03-10T06:00:00-07:002023-03-13T07:40:09-07:00Jay Daytag:dayhometeam.com,2012-09-20:15270Podcast- March 3, 2023This week Jay & Tom go over the most updated stats for Frederick County real estate. Is the market shifting? Are homes selling for less? We answer that plus much more. You also won’t want to miss our house of the week located in Inwood, WV which has an open house this Saturday from 1pm to 3pm.
Tom Whalen:<br />I'm Tom with Jay Day of Jay Day and the Day Home Team of Real Estate Team's weekly real estate podcast man. Going from February into the new month of March. Jay, where do we stand in the real estate industry?
Jay Day :<br />Yeah, we took a pause last week for a much needed calls. St. Jude Radiothon was extremely successful. You guys raised a lot of money to help the kids of St. Jude. So anytime we need to make a pause for something that makes more sense, like being there and having that Radiothon glad to be tied in with that with you guys.
Tom Whalen:<br />You guys have been tied in with that ever since I've known you, man. You guys have been every time Radiothon answering phones, angel of the Hour. You're all part of it.
Jay Day :<br />Yeah, and it's funny, Tom, because you and I are very similar about being particular about any charities because we're skeptical. It's like what are these things really? And between that Christmas Cash for kids, there's just certain ones that we know because we've been tied to and we see how it really functions.
Tom Whalen:<br />Cash for Kids, toys for Tots. St. Jude. Yeah, that's mine.
Jay Day :<br />Yeah, no brainers. So let's talk about the real estate market. Last time we went into statistics, I was saying that the numbers were a little lower and they showed a dip, but I said I think it's probably all tied to seasonality and we wouldn't know until February closed out. Well, guess what? We were. That was the right prediction. So let me give you an idea, and today we're just going to talk about Frederick County and then I'm going to pop into something else too just to sort of touch on what's causing some of this. So our coming soons we're only at 33. We were down with properties that are going to be coming on the market and also the price went from $425,000 to $504,995. On those coming soons, active homes, we are down to 133. Last time we were 139. So our inventory is dropping again.<br />You hear the national news more homes are taking longer, there's more homes on the market, not in Frederick, it doesn't exist. Same thing. Our active homes we're looking at $475,000 as a median price where we were at $450,000 before. Contract, get this number, we were at 259, now we are at 260. And the interesting part with that is the price went from $400,000 to $419,450. So the prices of the homes that have been going under contract have increased by almost $20,000 and the day is on market. Last month when we talked about it was 20, now we're 8. So the homes are selling faster and they're selling for more money. Contract. We talked about contracts. So let's talk about sold. This is a big, big number and this is the one I was really looking at. So the prior month, 141 homes closed in February, 207 homes. And remember February is only 28 days, so it's a shorter month, and we had 207 closings and the median price went from $380,000 to $395,000. So a $15,000 spike, the median days on market was two weeks. Then we go another important stat of the homes that sold. How many of those homes sold above list or what's called asking priced the month prior 41, in February 80.
Tom Whalen:<br />Well, how do you explain all this, Jay?
Jay Day :<br />So well, let me give you of these stats are eye popping and then we'll get into the reasoning. So the prior month again, so it was double almost. It went from a median sold price for the ones that sold above list from $315,000 up to $3 93,625. So that is a massive, I mean that's almost $80,000 increase. And the days on market went from 14 days to 6 days. So their selling faster. Sold at list price was 45, now 65, and that was a median days on market of 12. And now how many homes sold below asking price, that number went up as well, 62 from 55. And that went from 30 days to 46 days. So what all this means, and I have to try and make sure people understand this, the homes that have sold in February when we look again, we had 207. So 39% of them sold over asking price. 31% of them sold at asking price. So when you look at that together, what do we have? 69% of those, or actually no, it's 70% of the homes sold for a at asking or above. That's huge. Does that sound to you like a market that's slowing down?
Tom Whalen:<br />This doesn't sound like anything you hear when you hear national real estate news.
Jay Day :<br />Yeah, no. And only 29% of them sold for under. Now the interesting part is the ones that sold above list, again, 6 days, the ones that sold at list 12 days. That means if you price your home correctly at the start in Frederick County, you will have known if you priced your home properly, because it should have sold in within two weeks, actually less than two weeks. If you're on the market for longer than two weeks, you probably overpriced it because again, the ones that sold for under asking the average day is on market was 48 days. So that's over a month. I mean, we're talking a huge difference. So what does that mean? What that means is should, and again, agents we're starting to run into this again, we had a decent amount of time where we weren't getting phone calls from people that their homes didn't sell. Almost everybody's house was selling. We're getting more and more calls from people who are not getting their home sold and they're saying, our agent says the market's slow. I don't know what's going on. I don't understand what's happening. They said, not many people are buying homes. Their rates are horrible. It's just a slower time of year. Those statistics, if you're in Frederick County, that does not say any of that. So the really important part is that if you're going to hire an agent, you want to make sure they know what's going on locally. They're not following what's on CNN or Fox News or any of those news stations or anything that's on social media because numbers don't lie. And that's really where we are. So the one thing is interest rates have increased, however, they've been hovering around 6.5% at the peak of when we've had this big spike in interest rates, we were looking at 7% and a little bit over 7%. So the good news is that these rates have sort of leveled out in the 6s. Again, not as great as what it was a couple years ago, but we warned everybody that's not, don't expect that. Now, one of the interesting things is fha, we weren't seeing many FHA loans. We're starting to see more of those FHA. They just made an adjustment to their mortgage insurance premiums. So that impacts what your monthly payment is. They've reduced that number. So now your monthly payment will be a little bit less because they reduced that amount, which is a good thing because the interest rate is what it is. But we're in a situation still as we talk about absorption rate again. So if we look at it combined comings soon and active, we have 169 homes, 260 went under contract. We do not have enough homes hitting the market for even a month of inventory. We're still below a month now one, there's two big reasons why we're having situations like this where there's a lack of inventory. We had it during Covid and that was the uncertainty. Nobody knew what was going on. No one knew what to expect. We have two reasons, two primary reasons now why homes are not going on the market at the speed and the pace that they need to. One is, and I saw the statistic and it shocked me, and I've talked about it like, oh yeah, a lot of people, they've got these great interest rates from when the rates were low. But get this, Tom, 65% of the mortgages out there right now have an interest rate below 4%. 65% of the people that have mortgages have an interest rate below 4%. When we go up to five, it's 85% of all mortgages are below 5%. So if you've got an interest rate that's super low and now you want to buy something, but your interest rate is going to be 6.5% roughly that's a hard pill to swallow. So it almost requires more of what we're finding is people that are getting divorced, people that are having health issues, people that have passed away. It's more of the life situations that have happened that have forced them to sell relocation for work.
Tom Whalen:<br />But if you're going to go buy another house and your interest rate is going to be double what it is now, that's going to be hard to swallow. That's going to be a change in your lifestyle.
Jay Day :<br />Oh yeah, it is. And the second reason is, and we talked about this before too, the second reason why there's a slowdown in the inventory is honestly, most people have no idea where they're going to go. There's nothing available for them to go to and that's a realistic thing. But where we're seeing sellers break loose is again, people that have urgent things going on or there's a fair amount of people that have realized they've got so much equity in their house, they can use that money and maybe purchased and not have a mortgage or have a very, very low mortgage. It actually came out that 48% of mortgage residential properties in the US are considered equity rich in the fourth quarter of last year. Meaning that the combined estimated amount of loan balances secured by the properties was no more than 50% of their value.<br />So roughly they had over close to 50% of the homes that are mortgaged, it's their value is 50% higher than what they owe. So that's a lot of money that people are sitting on. So I mean, the bottom line of this is, and I say it all the time, don't trust the national news. If you really want to know what's going on with the real estate market, please reach out to us. You can go to www.day team.com we'll be more than happy to talk with you. There's no obligation. We just want to talk with you about your plan to see what your current situation is and to come up with a plan that makes sense to get you where you want to be when the time is right. So that was a whole lot of talking. Did that sort of break it down for you?
Tom Whalen:<br />That was amazing, Jay. I mean, you bring it every time I listen to these, we've done these hundreds of times and it changes so quick from week to week, these stats.
Jay Day :<br />Oh yeah,
Tom Whalen:<br />That's what you got to call the pro.
Jay Day :<br />Yeah. So you ready for the House of the week?
Tom Whalen:<br />Home of the week? What do we got?
Jay Day :<br />Got 97 Layer way and Inwood, West Virginia. Actually a really cool thing. This one is a just coming on the market and we are actually having an open house this Saturday. Look on Facebook, you'll see if you listen to the podcast and you listen to the station, one of your old favorites will be there. Brian Mo will be there doing the open house. So if you want to see him pop in and again give you some details on this. This is a well maintained three bedroom, two full bath rancher. It's in Inwood, West Virginia. It's a cute Home, has an open floor plan. LVP flooring throughout private deck, walk-in closets, plenty of parking, main level living. You can enjoy everything conveniently on one level and the home is nestled in a little bit of a cul-de-sac community, but it's also close to restaurants and major commuter routes. Schedule your private tour today and this home is being offered at $270,000. You can go to WFRE.com, look up Tom and Jay's Real Estate podcast and you'll be able to see all of the photos of the home. If you like what you see, you can pop into the open house on Saturday or you can schedule a private tour by clicking the button online. I'm Tom. I'm Jay.
Tom Whalen:<br />Tom and Jay Day of Jay Day and the Day Home Team, of Real Estate Teams Weekly Real Estate podcast. Thank you for listening, tell all your friends about it.2023-03-03T07:00:00-07:002023-03-13T07:43:23-07:00Jay Daytag:dayhometeam.com,2012-09-20:15209Podcast- February 24, 2023
Listen to Jay & Christina share a special House of the Week in Boonsboro!
Jay Day :<br />Hi, this is Jay Day with Jay Day and the Day Home Team, and I do not have Tom with me this week because he is busy working on the St. Jude radiothon. So even though we're not going to have our typical podcast, I thought it was extremely important to talk about our house of the week that just hit the market today. We've got open houses this weekend for it, and there's no one better to explain all the details of this house than Christina Day, who is the listing agent.
Christina Day:<br />Hi there. I hope you guys are having a great Friday. Wanted to talk to you about 32 North Main Street in Boonsboro. This house is fantastic. It's an old historic building. It was built in the 1800s and it is fantastic, beautifully and lovingly cared for. It's on over a half an acre. It has a five car garage in the back, and with that half acre lot it backs up to the park. So you are right downtown walking distance to all the wonderful shops and restaurants perfect for community activities, things like that. The other really nice thing about this property is it at one time was actually a two unit. Now the current owner has it set up as a single dwelling which is massive. It's over 3,200 square feet above grade, and it has a full attic as well. But if you wanted to, you could always convert this back to a two unit property and it would be very easy to divide it back up.<br />It does have three bedrooms, two and a half bathrooms all wood floors, freshly painted, updated kitchen, and a brand new primary bath on the second floor, which is just gorgeous. Really nice dressing area that you could use as a closet or you can make it a great place for your vanity or even just a place to store all the extra things. But it's a really wonderful property. We would love for you to come out and see it. We have open houses two days this weekend, Saturday and Sunday from one to three. Come on out and take a look. Or if you have an agent you're already working with and you'd like to schedule a private tour, you can do that too. If you need help with an agent, you can always call our office or reach out to us online and we'll be happy to connect you with somebody who can get you in there. 866-702-9038 or www.dayhometeam.com.
2023-02-24T05:12:10-07:002023-03-13T07:44:06-07:00Jay Day