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UTPhil2006

By UTPhil2006
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UTPhil2006

UTPhil2006 3930

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4 minutes ago, Neonmoon said:

A client interviews three realtors, asks them what their fees are, and what services they offer for said fees, and then decides what realtor to use based on the answers. 

Most people use whatever realtor is in their friend circle, or a friend of a friend type thing. 

Gotcha. Makes sense. Mortgage has a lot more fees/things that could be covered or comped or lessened but yeah an interview process of hey here’s how I’m gonna market your home, here’s a timeline of what everything we will do and cost (and comp) etc would be good. 

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Thank you for this - gave me a good laugh.  But also a good reminder of how the general public does not understand what is going on in real estate and thus why so many get caught offsides when the tid

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Wulaw Horn

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1 hour ago, Neonmoon said:

A client interviews three realtors, asks them what their fees are, and what services they offer for said fees, and then decides what realtor to use based on the answers. 

Most people use whatever realtor is in their friend circle, or a friend of a friend type thing. 

I know a decent t number of realtors that go on listing appointments and have to justify what they are going to do to help make sure the client gets the best deal possible. 
I know of no one that interviews agents in the buy side. That’s like “you got a drivers license and can you open up the house for me to look at?  Cool- I’m good then”. 

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LCHorn

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31 minutes ago, Wulaw Horn said:

I know of no one that interviews agents in the buy side. That’s like “you got a drivers license and can you open up the house for me to look at?

It’s not just that; quite a few realtors I talk to are half terrified of negotiating anything.  They get overly concerned with the listing agent’s opinion of them.  

When I do new agent classes there’s always a few “wait, I can do that?” responses.  I’m always like “hell yeah, that’s the fun part-why did you get in this business again?”

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UTPhil2006

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22 hours ago, LCHorn said:

It’s not just that; quite a few realtors I talk to are half terrified of negotiating anything.  They get overly concerned with the listing agent’s opinion of them.  

When I do new agent classes there’s always a few “wait, I can do that?” responses.  I’m always like “hell yeah, that’s the fun part-why did you get in this business again?”

Exactly. The negotiation and picking on teacher/realtors is half the fun 

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Wulaw Horn

Wulaw Horn 19596

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14 minutes ago, UTPhil2006 said:

Back up about half of yesterdays help. Guessing another batch of cashing profits 

Yeah- PPI came in cooler than expectations. Consumer spending came in cooler than expectations. All those should have been posit w for the market but it’s moving the other way. Profit taking on the big run is the only thing that makes sense. Still positive trajectory. 

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UTPhil2006

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4 minutes ago, Wulaw Horn said:

Yeah- PPI came in cooler than expectations. Consumer spending came in cooler than expectations. All those should have been posit w for the market but it’s moving the other way. Profit taking on the big run is the only thing that makes sense. Still positive trajectory. 

Yep I’ll take the 2 forward 1 back for a while after the 1 forward 3 back the last 18 months have been 

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Neonmoon

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Also, I listen to a lot of podcasts about real estate. Of course, many are talking about the Sitzer case, and now NY and South Carolina cases. I wholeheartedly believe buyers agents are necessary and good for the business. 

That being said, every argument I've heard from real estate agents on this matter reinforces my opinion that the NAR needs to impose stricter licensing requirements. Jesus, these are some of the dumbest people. 

 

 

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Wulaw Horn

Wulaw Horn 19596

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20 hours ago, Neonmoon said:

Also, I listen to a lot of podcasts about real estate. Of course, many are talking about the Sitzer case, and now NY and South Carolina cases. I wholeheartedly believe buyers agents are necessary and good for the business. 

That being said, every argument I've heard from real estate agents on this matter reinforces my opinion that the NAR needs to impose stricter licensing requirements. Jesus, these are some of the dumbest people. 

 

 

That's your fault for listening to podcasts about real estate. The only podcast on your list should be Breathing Orange Fire.  Just listen to that on a loop.  It gets better with the 5th or 6th listen. 

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Wulaw Horn

Wulaw Horn 19596

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MBS up 35 points today.  Jobs came in worse than expected, and stop me if you've heard this before- they revised last weeks report to softer than they original reported.  Which seems to always be the case.  

Yesterday we finished fairly significantly down, when we should have finished up (profit taking) but the strong run in the MBS market continues, rates will continue to ease down.  Phil had it right with 2 steps forward and 1 back, and thats way better than 1 step forward and 3 steps back we've been dealing with for 23 months now.  

Scatter plot had majority of people expecting a cut by April of next year. I don't know how much we actually need cuts (I'm not going to turn one down) vs just staying the course and letting the market know raising is off the table, and letting the market recover some strength and get back to what I think the normal range should be- rates fluctuating between 4 and 6.  

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StassneyHorn

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1 hour ago, Wulaw Horn said:

MBS up 35 points today.  Jobs came in worse than expected, and stop me if you've heard this before- they revised last weeks report to softer than they original reported.  Which seems to always be the case.  

Weekly Jobless claims is not the same as a monthly jobs report or revision. You know that.

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Gil Bang

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On 11/11/2023 at 9:44 AM, UTPhil2006 said:

Gotcha. Makes sense. Mortgage has a lot more fees/things that could be covered or comped or lessened but yeah an interview process of hey here’s how I’m gonna market your home, here’s a timeline of what everything we will do and cost (and comp) etc would be good. 

I always do that.  Every single time.   I'd do that if I were selling my sister's house.  

On 11/11/2023 at 11:19 AM, Wulaw Horn said:

I know a decent t number of realtors that go on listing appointments and have to justify what they are going to do to help make sure the client gets the best deal possible. 
I know of no one that interviews agents in the buy side. That’s like “you got a drivers license and can you open up the house for me to look at?  Cool- I’m good then”. 

I've picked up quite a few clients at open houses.   Somebody walks in, asks a bunch of questions, I answer all of them.  They say "you're a lot more knowledgable than the other realtor that we've been working with.  He never knows the answers...we want to work with you".  

Remember my "window peeker" story?  That's what happened with her.  I'm previewing a house, she's looking through the windows, I ask her if she wants to see the inside...10 minutes and 30 questions later I have a new buyer.

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Wulaw Horn

Wulaw Horn 19596

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3 minutes ago, Gil Bang said:

I always do that.  Every single time.   I'd do that if I were selling my sister's house.  

I've picked up quite a few clients at open houses.   Somebody walks in, asks a bunch of questions, I answer all of them.  They say "you're a lot more knowledgable than the other realtor that we've been working with.  He never knows the answers...we want to work with you".  

Remember my "window peeker" story?  That's what happened with her.  I'm previewing a house, she's looking through the windows, I ask her if she wants to see the inside...10 minutes and 30 questions later I have a new buyer.

You think of an open house as an interview?  Maybe that's fair.  It's definitely a place to meet prospective clients that might not have a realtor yet, that's for sure. 

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Gil Bang

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25 minutes ago, Wulaw Horn said:

You think of an open house as an interview?  Maybe that's fair.  It's definitely a place to meet prospective clients that might not have a realtor yet, that's for sure. 

I have no problem with stealing somebody else's client.  If they don't have a signed representation agreement, they're fair game.   If their agent was worth a shit, he'd be at the open house with them. 

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Gil Bang

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to add to the post above, if an agent calls me and says "hey, I'm busy Saturday but I'm sending my clients to your open house", well, that's a whole different kettle of fish.  I will return that courtesy with even more courtesy. 

Those people will get the red-carpet treatment and i will text the agent after they leave to let him/her know how it went.

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UTPhil2006

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39 minutes ago, LCHorn said:

New loan limit out for those of you that still remember what a new loan looks like.  $766,550 in Texas. 

Yup. If any of you get a wild hair these are active now for 2024 (have been for about 40 days) for use. 
 

Also around 2 month lows on the 10 year at 4.35 currently. 

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UTPhil2006

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1 hour ago, Wulaw Horn said:

The right borrower and the right deal can get a conventional that starts with a 6 from me today.  National average is down to like 7.25.  We were at like 8.1 not too long ago. 

Remember gentlemen- 10/30 was the inflection point of this whole mess. Onward and upward.  

Yup. Even some 6.7-6.8 

Also our main lender is doing free appraisal (credit) with 1-0 buydowns which aren’t all that expensive and any realtor worth a lick should be able to negotiate in the current buyers market so for a semi decent buyer upper 5’s with a free appraisal are available currently 

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38 minutes ago, ChickenSandwich said:

Making the rounds on twitter

 

As a Houstonian that owns a house that has 35% more sqft than the lot it sits on, these sorts of communities are pretty dang dense. Parking is always a contention, and as pointed out frequently in that doc, the homes that get built in these communities aren't really what $65k/yr incomes can expect to attain in this market. There's not enough margin in building affordable housing

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UTPhil2006

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23 hours ago, LCHorn said:

New loan limit out for those of you that still remember what a new loan looks like.  $766,550 in Texas. 

FHA loan limit for 24 is now basically 500k (498,257). Looking at MI for life of the loan on that, but rates are basically at or around 6.0 so for the less than 700 credit crowd, not a bad relatively short term solution 

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Wulaw Horn

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14 minutes ago, TankedBevo said:

For our family, the goal was to get a construction loan to start building this year. I Haven't applied yet but have an excellent credit score, just wondering what the rates will drop to an acceptable level or if I'm fucked indefinitely. 

Depends- what's acceptable?  WE went from about 8.1 for the national average to about 7.1 in the last 40 days.  Good solid borrowers can get something that starts with a 6 in front of it for most deals right now I would say- so we've seen a lot of the air come out of the balloon. If I'm betting some point in 2024 I'm locking people with a 5 in the rate somewhere- even if that's not the national average.  My bet is that there will be a 4 in most people's rates I work with before the midterm 26 election.  If you put a gun to my head my bet is that it all unwinds faster rather than slower.  

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TankedBevo

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3 minutes ago, Wulaw Horn said:

Depends- what's acceptable?  WE went from about 8.1 for the national average to about 7.1 in the last 40 days.  Good solid borrowers can get something that starts with a 6 in front of it for most deals right now I would say- so we've seen a lot of the air come out of the balloon. If I'm betting some point in 2024 I'm locking people with a 5 in the rate somewhere- even if that's not the national average.  My bet is that there will be a 4 in most people's rates I work with before the midterm 26 election.  If you put a gun to my head my bet is that it all unwinds faster rather than slower.  

Thanks for the reply. I'm guessing the 5's and less would be ideal budget-wise, we could swing that and have a substantial amount more breathing room which would be nice. RBFCU for example is still in the 7's so I don't know how long I should expect to hold out to get into the 5's.

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UTPhil2006

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6 minutes ago, TankedBevo said:

Thanks for the reply. I'm guessing the 5's and less would be ideal budget-wise, we could swing that and have a substantial amount more breathing room which would be nice. RBFCU for example is still in the 7's so I don't know how long I should expect to hold out to get into the 5's.

Got a ways to go, but I would wager to say if it’s going to get to 5.9 and lower it would be by summer 

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Gatorubet

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On 11/12/2023 at 12:24 PM, UTPhil2006 said:

Exactly. The negotiation and picking on teacher/realtors is half the fun 

I had a great agent for the house I’m in now. At her insistence, we demanded all kinds of stupid shit of theirs that had to stay with the sale.  She focused on things that were emotional items to them that they would not want to do. While she was doing this, we were asking for all kinds of reductions for other things.  We wound up giving up all the things we never wanted in the first place, and got most of the things that I really wanted.

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Pato del Muerto

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Lender pulls my credit an the next morning I get absolutely bombarded with calls, presumably from brokers that pay the reporting agencies for contact info of people that have a certain credit pull. Like 70 calls on day 1. Several dupes but not too many.  Basically none of them leave a voicemail so they are robocalls that will connect with some poor slob if I pick up.  No name on the call ID. 

several of them have the stones to text without me approving texts. Most of those texts don’t have a person’s name or a company name, so again a computer generated bullshit message that only goes to a person if I respond. Usually some quick message like “It’s your right to shop, we can beat any deal!  Is this a purchase or refinance? Text stop to stop receiving messages”

Complete beating, even with the phone set to ignore unknown callers.  Went on for about a week with calls tailing off a little each day.

shouldn’t be legal. Or at least the number of contacts should be limited to one Kyle two before you have to stop. 
 

i hope none of youse guys do that. 

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