Unveiling a Refreshed Podcast: Life Insights and Real Estate Trends

Pete Heim is back as the FIRST guest on the NEW and Improved Podcast experience formerly know as Real Estate and YOU!    

Welcome to The Brad Weisman Show, where we're breathing new life into the podcast with a brand new theme, a commanding voiceover, and captivating intro music written by Jeff Miller.  My vision goes beyond the realm of bricks and mortars; we'll be engaging with a diverse range of topics and people, giving you a fresh perspective on life with a side of real estate.

Piqued your interest?  We thought so.  While we're shaking things up, we're not letting go of our roots entirely.  We're also keeping you updated about the latest real estate trends and the state of foreclosures in the region.  Gain a deeper understanding of the market dynamics as we discuss the rise in median list price, the impact on the second home market, and the importance of foreclosure numbers. Get ready to be enlightened with national statistics from Zillow, Fannie Mae, and the Mortgage Bankers Association. So, gear up for an exciting journey of discovery and knowledge on The Brad Weisman Show.
From Real Estate to Real Life and Everything in Between

#thebradweismanshow #realestateandyou #peteheim #bradweisman #realestate #reallife #everythinginbetween

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Welcome to The Brad Weisman Show (formerly known as Real Estate and YOU), where we dive into the world of real estate, real life, and everything in between with your host, Brad Weisman! 🎙️ Join us for candid conversations, laughter, and a fresh take on the real world. Get ready to explore the ups and downs of life with a side of humor. From property to personality, we've got it all covered. Tune in, laugh along, and let's get real! 🏡🌟 #TheBradWeismanShow #RealEstateRealLife #realestateandyou

Credits - The music for my podcast was written and performed by Jeff Miller.

Transcript

Speaker 1: 0:23

Hello, this is Brad Wiseman. You're listening to Real Estate and you? We are ready to be back. What's up, what's up, brad? What's up, what's up, what's up? We're not Real Estate and you anymore. Just look at the flag there on the microphone. You forgot. Oh, that's right.

Speaker 2: 0:38

So this is the new one. This is the new one.

Speaker 1: 0:40

Today.

Speaker 2: 0:41

Starting with the Brad Wiseman show. Yes, today. Yes, okay, got it.

Speaker 1: 0:44

Let's reshoot that. One Took the sticker off. I remembered that. All right, so we'll start with the new show. New show, pete. I'm sorry, are we wasting your time? Oh, yeah, you are, we're wasting your time. Okay, it's soon gonna be the Pete Heim show if we don't get things done together here. All right, let me see if I can find the new music here. Yeah, let me see here and there we go. I think this is it. Let's try this again. All right, here we go, grab it.

Speaker 2: 1:11

From Real Estate to Real Life and Everything in Between the Brad Wiseman show and now your host Brad.

Speaker 1: 1:20

Wiseman. Now that sounded pretty damn impressive. You know what's funny? That new thing in the beginning there sounds much better than I am.

Speaker 2: 1:30

It really does, it really does yeah.

Speaker 1: 1:33

So, and the guy that did that is Jason Renald. He did that for me, the voiceover. I have no idea who he is, by the way. Oh, wow, yeah, I just I hired him online. I went to Fiverr, went online, I hired him and what a great job, right, boy? It's a great voice and the music is written by Jeff Miller, right here in Brooks County. He's the one that wrote the intro for real estate. And you, do you remember that show, real estate? And you, years ago, yeah, yeah, do you remember that show? I don't like that one. You didn't like that one. Yeah, that was this guy. We took him off the mug. No, but, pete, you are here for the inaugural Brad Weissman show.

Speaker 2: 2:04

I am honored brother.

Speaker 1: 2:05

Yeah, this is great. I know we couldn't have been with a better person. Oh, thanks, I'm serious man, it couldn't have been with a better person. Yeah, so this is interesting because, you know, we did this because we wanted to do some other things, right, you know? I mean, we wanted to do, we do the real estate thing, you know, but we do a lot of other things besides that. So we want to change this up a little bit and let's take a few minutes if we can.

Speaker 2: 2:27

Yeah, sure, I know this is our numbers podcast or whatever, but yeah, let's, let's talk why, man, what, what, what brought you into this and what? What's Brad Weissman show going to do? That's different, you know, we have no idea.

Speaker 1: 2:37

No idea. We just, you know, Hugo and I were having a drink and we were like, why don't we call the brat? We were going to do the Hugo Cardona show.

Speaker 2: 2:45

I like that.

Speaker 1: 2:46

That's a night, it does sound really good.

Speaker 2: 2:48

Actually, we should have done that Much better name Action, yeah, exactly. Right.

Speaker 1: 2:52

So we just sat around. No, I kept toying with the the things of I wanted to do more than real estate. Right, wanted to do more. You know, we had Chad Henne on and what I was always trying to do is trying to wedge the guest into a real estate topic somehow. Yeah, and Chad Henne was one of the ones, and also Stephanie Teramina was was hard to do that. You know, stephanie's a, you know, a clothing designer. She does purses and things like that for women and it was hard, like I mean, she's from here, but it was always trying to force it and it's not good to force things. You know, if you can, if you can do it organically, you can do it. That it's natural. I think that's better. So we kept going around with different names. I mean Hugo me, tony and Susie from Susie Ray Design. We sat down and actually came through a ton of names Right, it was Brad chat with Brad and you know all even different names didn't have my name in it and it just kept coming down to. You know, maybe we just you just do the Brad Weissman show, yeah, and not for an egotistical thing, it's just that I'm, I am real estate, that's what I do, yeah, but I also like to talk to other people, right, and I like the spontaneous curiosity is my thing. I love that. Actually, that was one of the names we came out with. That was one I came out with that got nixed right away. They're like that is just a dumb name. I, hugo, I think you were the one that said yeah, no, that's bad, that's just really bad. But that's where, that's how it happened.

Speaker 2: 4:12

Well, real estate knew was your identity already. So, yeah, yeah For you. It makes sense to have it as a Brad Weissman show, because, because real estate knew was you, yeah exactly. So you have that following plus, you know, this really opens you up, I think, to interviewing businesses or, you know, getting more life perspectives in here.

Speaker 1: 4:30

And different people, artists and sports, and you know, whoever it opens it up, that I can have anybody that I want on the show. I don't have to force the conversation to go into anything about homes or real estate or location or anything like that. So it makes it a lot easier. So this was just a natural progression. But we are going to do real estate. We are going to do your show is going to be about real estate, so when you're on that, that'll be real estate. I want to keep that going. I want people to know that I know nothing else.

Speaker 2: 4:57

I've done this.

Speaker 1: 4:57

We were hoping you could juggle Can you juggle I can. You can juggle, I can juggle. Next show you're going to have to show is a juggle.

Speaker 2: 5:04

I can, you can really juggle Just three. I can't do more than that. Ok, just three. So you do the whole thing like this oh, yeah, yeah, you know, this is yeah, yeah, yeah, that's crazy, it's all about timing. Yeah, yeah.

Speaker 1: 5:13

Yeah, I'm not so good at that. That's a good. So let's talk about some real estate here. Ok, let's get into real estate, because that's what we do. Yeah, we do. Things are different, it's different, it's seasonal. Seasonal. That's it, we'll call it seasonal.

Speaker 2: 5:28

Remember seasonal before COVID? I do, I do remember seasonal. Yes, yes, I think we're there.

Speaker 1: 5:31

So what I did look up before we turned the microphones on. Here is the rates are doing this. Bum bum, bum, bum bum. Dude they're down to 7.5% now again, it's like a roller coaster.

Speaker 2: 5:42

It is Within the last few days.

Speaker 1: 5:44

It's unbelievable. It's now 7. I just looked it up 7.5% is what I saw on my app. I think I know why.

Speaker 2: 5:49

Why, well, the Fed came out with that announcement? They weren't going to raise it. However, they weren't going to guarantee not doing it in the future, correct, so maybe they all went, oh you know, and just went OK, let's drop it down a quarter, or?

Speaker 1: 6:00

whatever. I think that a lot of people thought he was going to raise it. I know Because some of the inflation numbers that came out were definitely not to our favor, so they were like, oh man, he might raise this again. So I think that's what happened. I think there was things going on there, but all of a sudden people were like, oh, he's not raising it. Now, if he doesn't raise it again, they don't raise it again. Then I think that means that we're on the path of that. They think it's going to calm down.

Speaker 2: 6:25

Going to calm down a little bit, which is good, I think it will.

Speaker 1: 6:28

Yeah, I think it will. I think it will. Yeah, it's weird Because most people are like when you see the jobs numbers come out and they're really good, it's not good for rates. No, it's very right. Yeah, it's funny.

Speaker 2: 6:39

And that's that third affordability factor thing too so you know, I know no one talks about that with affordability because it's just prices and interest rates, but that percentage of people's income thing which has to do with jobs, which is a big deal. Yeah, it's a big deal.

Speaker 1: 6:51

Yeah, they call it the debt-income ratio.

Speaker 2: 6:54

Yeah, it's still good yeah it is still good, it is still good. That's what's keeping people going. Yeah, you know what?

Speaker 1: 6:58

I was thinking. Another thing I was thinking about today, pete, when I was thinking about the show, is you know what's interesting is? We know, at one point, not too long ago and Hugo knows this because he was in the market not too long ago and there was times when there was what? 25 showings, 30 showings we didn't get the offer on one, you know one of that one house or two houses. Those people didn't disappear and they didn't get a house yet.

Speaker 2: 7:20

That's right, they're still there, so they're on the sidelines.

Speaker 1: 7:23

They're on the sidelines right now waiting for the rates to come down. Yeah, I'm telling you, if that rate gets below 7%, it's going to go crazy.

Speaker 2: 7:30

It is because now we're all kind of used to oh gee, I hope so. I hope it goes to 7%, yeah, Like we did 20 some years ago.

Speaker 1: 7:35

Yeah, exactly.

Speaker 2: 7:36

Exactly when it came to 7, we were like huh, yeah, that was like a party and it went nuts. Yep, absolutely, and so I think you're right. I think it could. If it goes 6.95 or something, boom, Yep.

Speaker 1: 7:46

Yeah, I agree 100%. Yeah, so it's going to be interesting to watch. Then I think, like I said, there's a lot of buyers on the sidelines, yeah, and I got to tell you, if you're a buyer, keep that pre-approval ready to go, because keep it ready to go, because you got to remember also, when that right house comes out, you got to jump on it. You got to jump on it and you got to be ready, because you don't have time to get pre-approved, that's right, you know to get the house.

Speaker 2: 8:08

Yep, and make sure you're really working with a professional. Yeah, absolutely, I mean, it's so important right now. Absolutely, I've, I've, I've, I've. Know people that say, well, we just want to, you know, we'll call a listing when it comes up and all that. And I said, look, you know, you're doing yourself a disservice, man, you need, you need help.

Speaker 1: 8:23

Yeah, and in this, market and in this market, still with the lower inventory. What, what you got to remember too, is if you're working with an agent, they get the very first knowledge of anything going on the market. And I'm not saying that that we, we hold listings, we don't. But if, if you say to me today I'm getting a listing in Wilson schools, in Warner farm, two weeks from now, nothing wrong with that, you could tell me that's happening. I mean it's, you know, it's going to happen, you know, you know. Darn well, I'm going to be asking you in two weeks hey, what's up with that listing? Oh, it's going on. Tomorrow, boom, it hits the market. I'm already ready to show it. Yeah, you know. So that's the thing you got to. You got to get that, that, that information, right away.

Speaker 2: 9:02

Well, the realtors talk yeah we talk I don't know if you call it inside information. I mean it's, it's like networking. It's networking, it's like pre-information, it's going to happen but, it's just like we're talking about stuff it's hype, it's hype, it is.

Speaker 1: 9:15

Yeah, we're hyping the listing, and that's what the seller is paying us to do. That's what it's supposed to do. Yeah, exactly, yeah. So what are the numbers?

Speaker 2: 9:21

do we have here? Okay, so I was looking at this this one from. Bright and one from Bright. Yeah, and we don't usually talk regional much.

Speaker 1: 9:29

Now tell me what you mean by regional.

Speaker 2: 9:31

Regional is our multi-list system, which is Where's the cover? Skookle, Berks, and then everything pretty much into central Pennsylvania, down into north north central Virginia, right.

Speaker 1: 9:42

Okay.

Speaker 2: 9:42

Baltimore, washington DC.

Speaker 1: 9:44

Maryland, so it's a big area, yeah.

Speaker 2: 9:45

It's a big region and coastal.

Speaker 1: 9:47

Okay, yeah, ocean City, maryland, all those Yep, all of them.

Speaker 2: 9:51

Not Jersey coastal, but Philadelphia Metro and Maryland Down into Maryland and Delaware, yeah and then. But when you see prices and stuff like this, like the median list price, weak ending October 29,. This is, by the way, for the whole system, was 395. Berks County was 342, the median list price, median list price, okay, list 395 in this region, yep, that we just explained. Berks was 342.

Speaker 1: 10:17

That's interesting. You know, I think we used to be a lot Lower than that as far as an average in the area. We used to be much lower than that. Like a lot times the delta between the region, or like even Lancaster County, has a higher yeah, higher median sale price than we have. Yeah, that's interesting.

Speaker 2: 10:33

So we're not that far. You know this firsthand, though the short points are dropping.

Speaker 1: 10:37

They are dropping?

Speaker 2: 10:37

Yes, they are and so that's helping that number Absolutely. Second homes.

Speaker 1: 10:41

That's the second home market. You know, they always say that it was just a real. I remember asking a cop this years ago when I was down there, and they said that the population of Ocean City, maryland, it's like 30,000 people During the summer. It's 300,000 new people every week. Is that crazy? You know, every week. You know it's amazing about that. That's why there's a candy shop on every block, yeah, or every so many blocks. That's why, because every five or six blocks you've got 20,000 people.

Speaker 2: 11:11

Seriously, you have a town.

Speaker 1: 11:13

Yeah, you have a small town every, every, so many blocks, so you're not gonna. So if you want to get all that market share, you need to have several of those stores down through there.

Speaker 2: 11:23

Yeah, yeah, it's crazy. That's what was great about when we were just in on Kate May, you know oh, yeah, yeah it's like nobody yeah.

Speaker 1: 11:30

Well that they said their town. I, the guy was on the win historical tour in Kate May. He said the guy that was driving our we did the the trolley thing. Oh, you did. Yeah, their population in the town is like I think 5,000 or 6,000. Yeah, their population during the summer is 35 35,000, but that changes like every week. Yeah, that's the thing you have to realize is that's changing. Every week that's a new 35,000 people, right? Yeah, it's amazing, it's crazy. It's why the short points make so much money in a very short time.

Speaker 2: 11:57

Yeah, right, exactly, and that's. That was part of that.

Speaker 1: 11:59

Yeah, so that's what's happening is that it's the second home market is definitely being affected. Right, yeah, exactly yeah.

Speaker 2: 12:05

I mean time on time until contract. Basically, these days on market is 19 regionally. Okay, we're 17, we're a little better. Yep, last year this time we were 21.

Speaker 1: 12:15

Oh, yeah, yeah, which is weird, right, it is weird, I mean well, the median list price this time last year was 275.

Speaker 2: 12:22

Wow list now.

Speaker 1: 12:24

This includes now it's a 342. It's 342 list now this the list, so we don't know what they're getting.

Speaker 2: 12:29

Yeah, and this is versus. Yeah, Region yeah yeah, average, I mean average sold, we're up. We're up October to October it's three and a half percent. I know we talked about seven.

Speaker 1: 12:41

Yeah, but I think we went. I think we were talking different numbers. It was here to date.

Speaker 2: 12:45

That's still good. It's still good. That's actually normal. That's normal. And if you look up the, the graphic from that has like Zelman on there Zillow, you know the all the ones that yep the all-mighty. Zillow, it's coming in at three something on the average.

Speaker 1: 12:59

If I think, yes, 3.9%. If you average out all six, it's 3.9%. We're going to be there, we're right there. We're right at that average Right now.

Speaker 2: 13:05

October to October. We could be higher if we go like we did last time. We did year to date, yep, yep, and so it could be higher. Yeah, it could be coming in at seven.

Speaker 1: 13:14

It depends on what the months did.

Speaker 2: 13:15

As you're coming, out Absolutely, which is still high.

Speaker 1: 13:18

Yeah, it's very good. Yeah, yeah, it's very good. And what's funny is all these numbers were adjusted because I remember the beginning of the year they were all saying that it was going to be terrible. It's going to be all negative. They were almost all saying negative.

Speaker 2: 13:28

They were almost all of them. I think there was one that said 0.1% or something. It's amazing. Now they're all in the six. I think it was Zilla was what. Five something. Yep One said six something.

Speaker 1: 13:39

Yeah, the 6.7 was Fannie Mae. Fannie the Zilla was 5.5% and the MBA, which is the Mortgage Bankers Association, I think, is what that is, that was 1.5. 1.5. Nar said 0.1%.

Speaker 2: 13:52

Yeah, and we're averages at 3.9%, yeah, so yeah, could very well be around there. You don't think that was interesting and that's nationally, by the way, you had sent another chart that you'll be seeing on here that it was the foreclosure.

Speaker 1: 14:03

Yeah, it's still we're still good.

Speaker 2: 14:05

We're way good. Yeah, we're still good. If you look at the graph, that was pre-pandemic.

Speaker 1: 14:10

Yeah.

Speaker 2: 14:11

Which we're not even quite there yet, 2019.

Speaker 1: 14:13

And you got to remember there are foreclosures in every market, it doesn't matter.

Speaker 2: 14:16

You're always going to have them.

Speaker 1: 14:17

Yeah, exactly, it's not like it's a bad thing. It's going to happen. You're going to have to turn it off. You know people lose jobs. You've got people that just don't pay their bills.

Speaker 2: 14:22

You know this is the way it is, I'm getting a listing that is going to be pre-foreclosure. Okay, they've cut over $300,000 of equity.

Speaker 1: 14:30

That's incredible.

Speaker 2: 14:31

I mean it's just because they haven't been making their payment. Yeah See, that's my thing when you look at this, foreclosure activity rose and through.

Speaker 1: 14:37

Does that mean that the bank has officially filed for foreclosure on the property? Yeah, so that doesn't mean it actually foreclosed no pre-foreclosure. So this is the during default, During default.

Speaker 2: 14:48

But they didn't go through the sale process.

Speaker 1: 14:50

Well, in this market like we've, said before, if you're going, if you let it go back to the bank, you're not that smart.

Speaker 2: 14:56

No, I mean, there's equity there If you're in trouble if you're in trouble, you know you're not going to be able to make your payments. Just get it on the market.

Speaker 1: 15:03

Take the cash and run.

Speaker 2: 15:03

Take the cash, figure out a rental for a year or whatever, and then, yeah, exactly, definitely, I actually have this townhouse right now. I could. I could rent you real quick. Anyway, I'm sorry. So right now we're going to put a townhouse up on the screen. Oh no.

Speaker 1: 15:18

Oh, my God.

Speaker 2: 15:18

That's great. And then the other one's bankrupt, which is kind of an interesting thing too, which is and bankruptcies is more of a business wise more so than than than than. Yeah, personal and exactly.

Speaker 1: 15:28

Yeah, and that's actually still way. It's still much lower than pre-pandemic, much lower.

Speaker 2: 15:34

Way lower. And but you know what, if you see that people's debt is higher right now, people have higher debt right now and that's the sign of that little uptick there. Yeah, absolutely, because people are, oh, this is too much, I'm going to file it. Yeah, yeah, and those, and I think that's all sevens and 11s, pretty much, yeah, the bankruptcies, I'm guessing. So where do you see this going? What do we see? I think I think it's going to. It's going to be quiet for a little while, going through the winter, but I really think, like you said, if those rates do get down under seven which I think, really I think they will I think spring is going to be berserk.

Speaker 1: 16:06

Yeah, and that's that's kind.

Speaker 2: 16:07

I really do, absolutely. I mean, I think it's going to be just like COVID. I keep saying six months.

Speaker 1: 16:12

There's going to be a six month law, yep, and in that six month law is when things are going to get figured out. There's there's two things that can happen. Well, a couple things can happen, obviously. But one people get used to the high rate, yeah, and they come back into the market, okay. And while they're getting used to that high rate, over the next six months, inventory is going to build. It's going to build, it's just a natural. We have less buyers right now. We have less people buying, but you have the same amount of people putting their house in the market, most likely, whether it's estates, divorces, whatever. You have a certain amount of things that just happen, okay. So that's going to keep going up. Now they're either going to get used to the rate and say, screw it, we're going to buy, or they're going to be forced back into the market because the rates are going to go down below six, seven percent or seven percent, okay, and I think as soon as that dips below seven, it's going to go crazy.

Speaker 2: 17:01

I agree, right, I totally agree.

Speaker 1: 17:03

So it's either you get used to it or it's going to be a good rate. That comes up Exactly.

Speaker 2: 17:08

And stick to your plan of when you need to buy or sell. Don't worry about buying and selling because of a market condition or something. Absolutely Stick to your personal reason.

Speaker 1: 17:18

Absolutely so. I think we did the first show of this whole thing, which is amazing. We did the first show of the Brad Weissman show. We got the new music. Do you like the?

Speaker 2: 17:31

music I do. I like it. It's like I want to be the. We'll see that guy was playing that tuba, yeah.

Speaker 1: 17:36

Yeah, it's like futuristic too. Yeah, roll up. Yeah, it sounds really good. Well, there you have it, the first Brad Weissman show. It's kind of weird to have to think about what to say, and you know, I'm just saying my name the Brad Weissman show. Or just let the music play. What do you think? Just let it play.

Speaker 2: 17:52

Just let it play. All right, it's very nice.

Speaker 1: 17:53

There, we have it All right. Thank you so much. We'll see you next Thursday at 7pm.