The Brad Weisman Show
Welcome to The Brad Weisman Show, 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! #TheBradWeisman #Show #RealEstateRealLife
The Brad Weisman Show
Housing Market Shift: Signs of a Buyer's Market?
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The real estate market shows intriguing contrasts between national trends and local realities, with Berks County maintaining stability while national inventory hits milestones not seen since 2019.
• Berks County inventory remains steady at 419 active listings
• Local appreciation continues at 5% despite market changes
• National inventory topped 1 million homes for first time since 2019
• America faces significant housing deficit requiring 7.5 years to close
• First-time homebuyers now average nearly 40 years old
• Homeowner net worth ($396,500) drastically outpaces renter net worth ($10,400)
• 80% of sellers expect asking price or higher, yet 40% sell below asking
• Price properly from the start to avoid losing money in the long run
Listen to our show every Thursday at 7 PM for another NEW episode!!
#thebradweismanshow #housingmarket #peteheim #nationaltrends
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Welcome to The Brad Weisman Show, 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
Credits - The music for my podcast was written and performed by Jeff Miller.
All right, here we go From real estate, the market as a whole, which then sometimes will affect the technology Right, the real life. We all learn in different ways. If you think about it, wayne Dyer might not attract everybody and everything in between.
Speaker 1:The mission was really to help people just to reach their full potential. The Brad Wiseman Show and now your host.
Speaker 2:Brad Wiseman. All right, hugo, hello, hello. Does this thing work? Is this thing on?
Speaker 1:Yes, I think so.
Speaker 2:Yes, it is on yeah, where's your hat today?
Speaker 1:Oh no, I didn't grab it today you didn't grab your hat today.
Speaker 2:It was a nice hat you had on the other day, very nice hat. Was that because of the storms?
Speaker 1:Maybe, yeah, that's what I'm thinking.
Speaker 2:Yeah, that's what I thought. So today's our real estate show. We got Pete Heim here in the studio with us and I want to say hello, how you doing, buddy? Hello Bradley.
Speaker 2:There we go there he is. How are you? I'm good, I'm good. Didn't know we were Mrs Doubtfire, but okay, oh, great, that was a compliment. Yeah, yeah, great movie, actually Great movie. But, leo, let's talk about some real estate today. Okay, man, I mean, this is our real estate show. We do it once a month. You come in once a month. We talk about the real estate world and it's so funny how things are different nationally than they are local. Yeah, little bit about that, because I have some national numbers. Yeah, you have some local stuff and it's really interesting how we're starting to feel a little bit of the national stuff going on, but we still have our own berks county market yeah, this is going to be a good show.
Speaker 1:Yeah, because it's, it's really it's starting to start to see some changes and yeah, hopefully we're going to get help some people with nothing, bad though it's, it's just no, no it's healthy, it's health, it is healthy.
Speaker 2:Change, yeah, absolutely yeah, like getting therapy kind of you know, make sure you get your microphone, the only way. I think you're a little far off on that microphone. There you go, there you go here. He's a little off, like usual, um. So yeah, let's talk about a little bit about this market, uh, locally, and then we'll get into some of the stuff that we see in similarities and some of the stuff that's going on nationally.
Speaker 1:That's cool, that's great, yeah, well, we're still in that. 419 active listing just doesn't move does.
Speaker 2:It goes from 430 to 400 to 380 to I was so excited when it got up to like it was getting close to 450. Yeah, like I think it was like six weeks ago or five weeks ago, yeah, and I was so excited. I'm like here it is, we're gonna break the 450 and it just doesn't happen did it get it get to five or something?
Speaker 1:Yeah, I think that was.
Speaker 2:And you went berserk when the rates went down. Yeah, I did go berserk. I kind of lost.
Speaker 1:I lost all things all motions, everything, just everything.
Speaker 2:Bodily fluids came out. It was just crazy, it was absolutely crazy.
Speaker 1:It was a total mess.
Speaker 2:It we're good, and we're now at 419.
Speaker 1:419. Yeah, about an hour ago. So that's where we're at.
Speaker 2:It's all right. Yeah, it's okay. Better than 267 or 276 where we were at a while ago. The floor was around there. It was bad. Yeah, yeah, okay, so listings are still hanging around. It is that's good.
Speaker 1:That's good, but now that I was able to do the first half of the year stats versus last year, I think, because I don't want to take it all the way back to like 19 or COVID or something like that, because they were an anomaly Sure However, these numbers that I'm looking at are very similar. They're just slightly off 2019. Yeah, so that was right before the COVID thing and then. But the market was starting to get a little crazy right before COVID hit right yes, it was, and then.
Speaker 2:But the market was starting to get a little crazy right before COVID hit.
Speaker 1:And then it just carried forth and just got nuttier, right, but so we're getting back there. So I don't, this is I don't this is going to mean much to your general audience about how many listings and stuff like that, but just to give you a comparison, this year so far, from January one to the end of June, we had 2,393 active listings put on the market.
Speaker 2:What was it again? 2,393. 2,393. So that's from January 1 to June. Those are people. I'm putting my house on the market. That seems like a lot actually, but maybe it's not.
Speaker 1:No, no, and then last year at this time it was 2,361. Okay, so we actually have what is that? 32 more actually have.
Speaker 2:What is that?
Speaker 1:32 more okay, but that's 32 more people that got a house, exactly, most likely able to get a point to put a little yeah, right, exactly the absorption rate. Everyone knows what that is. This, you know we stop listing. And how long does it take for the inventory to go? 1.1 months, it's okay for both. For both time periods, exactly, yeah, units sold is interesting because this year so far the first six months was 1825, okay, okay.
Speaker 1:Last year this time it was 18 and 1881 oh, wow so we're 60 ish less homes that have sold, so it's going to play into what you're going to say yes, yes, so there we go.
Speaker 2:So remember that one, everybody, you got that we brought more homes on, homes on and we took less homes off Boom.
Speaker 1:Yeah, okay, okay.
Speaker 2:Yep.
Speaker 1:Days on market's about the same. It's 25 days this period. Last period it was 24.
Speaker 2:But it is inching up. It's an inch, it's an inch A day, but it moves, it's going, it's going in that direction and again everybody.
Speaker 1:This is an average.
Speaker 2:Yeah, yeah, yeah.
Speaker 1:There's some that are on three, four months, yeah, and there's some that are leaving the market a day or two. So this is an average, yeah, okay, but the average sold price, man Sure. It's fallen right into the 5%, it's still gone. We're at 311, just shy of $312. First six months last year it was uh 294.6.
Speaker 2:So still going on. Is that five percent? Somewhere in there, somewhere there?
Speaker 1:so that's that's where it's going up it's going up and that's the appreciation rate so far this year. Five percent, darn it. Yeah, it's pretty, still pretty good.
Speaker 2:It'll be interesting to see what happens in the second half of this year exactly with with if, if inventory keeps going in the upwards direction and we get less sales, that is definitely going to affect the rate of the appreciation. It will.
Speaker 2:It will be, interesting to see where it goes now. Yeah, if interest rates go down, that changes everything. You've got that little thing thrown in. Yep, that changes everything. Because now, all of a sudden, then you have a more forability Yep. Then you probably have sellers that are going to be putting their house on the market that weren't going to do it before, and you have buyers, probably, that are coming in off the sidelines, yep, and saying you know what? I'm back in the game, yep, you know you will, and also refis will happen. Then too, we'll have refis, absolutely.
Speaker 1:Yeah, secured seven and seven and a quarter. If it gets to six, they're probably going to do it yep, absolutely, absolutely so cool.
Speaker 2:So what do you have?
Speaker 1:so I got I have other things later.
Speaker 2:Yeah, yeah, yeah, go ahead well let's look at some of the national numbers, which is pretty interesting. Um, yeah, hugo, if you want to go ahead and put that up there. Um, if you're watching this on youtube or watching the show instead of just listening, we have a graph up here and it says inventory topped 1 million. This is nationally. For the first time since the winter of 2019. There is that. There's that year there's that year right which we talk about, a lot the 2019, which is right before covid.
Speaker 2:But things were starting to go in that direction before covid, yeah. And then covid kind of put steroids into the situation. Yeah, it did and it really took off. But we now have topped 1 million for the first time since 2019 so this is as an average, as as a national number, you can see where we're going.
Speaker 2:yep, you can see where we're going. Obviously, locally, we're not traveling near as fast as that, we aren't? It's just not not there, right? Um, some of the other, uh, let's go into the next. We're going to the next graph here and and this is an interesting one America's housing deficit. As you can see, since 2018, we are still way, way, way in a deficit for housing. Yeah, that was 2016.
Speaker 2:Yeah, wow, yep, you can see here, since, um, since 2016, we've been in a deficit and I think if you went back to 2008, you would see a lot of deficit from 2008 to even 2012. Yeah, right, and then we had a couple years in between 2013, 2016 and 15. We actually had some years. We actually brought inventory into the 2016 and 15. We actually had some years. We actually brought inventory into the, into the market. But you can see here, from 2018 to now, we have been every year. We have been depleted of the amount of houses that we need.
Speaker 1:It's pretty crazy. It is crazy. That's 2016. That said, right, yeah, 2016. Yes, absolutely.
Speaker 2:Yeah, so pretty, pretty amazing. It just shows you where we are now. What I'm starting to see, um and we were talking about this before we went on is that I'm starting to see pockets of the national move. Okay, so, nationally, you're seeing a lot of stuff on Cree keeping current matters. You're seeing all kinds of stuff on there that's saying you know, sellers are overpricing, they're they're they're not thinking about list price, they're thinking they're going to get a higher sales price and all these different things. We're starting to see pockets of that in our local economy.
Speaker 1:Even within the same school district. Even within the same school district like we talked about.
Speaker 2:Some of the school districts that typically outperform the other schools are actually the ones I'm starting to see it on and I think because the people in those districts tend to think that their home is worth more.
Speaker 1:Yeah Right, you know what I'm saying. They're in a great, so what they do is they're going.
Speaker 2:They're going more aggressive with the price and they're saying, well, I'm, let's just say, wilson schools, I'm Wilson schools, of course I'm going to, I'm going to get 10% more than the last guy, you know Right. And then what they do is they price it there. And then they're also thinking, when they price it there, they're going to get even higher because of multiple offers. Yep, it's not happening. Nope, I'm seeing a lot in that 500 to 600,000 dollar price range a lot of price reductions.
Speaker 2:Yeah, I believe it so if you're a seller out there, be very careful where you put your price right now.
Speaker 1:Yeah, has to still be compelling, Like we talked about last time. Of course it has to be every market every single market.
Speaker 2:Yeah, you need to think about price. No one's going to look at you Exactly. Yeah and condition. Yeah and condition. That's a big one too. We didn't have to care about the condition as much before, right and.
Speaker 2:I which is actually good. Yeah, it's good. I had to explain to a seller recently that you know, back in the good old days, in 2019 and 20, you know what I mean we did inspections on every single property and what I would tell a seller, and I will tell a seller today. It is also a good liability reduction for you. You can walk away. You can go where you're going to go to the next house without worrying about oh man, what if something comes up and they come after you for it, Even if you didn't know about it.
Speaker 2:If it's something you don't know Exactly. So that's stuff that's changing too, that's good, good stuff, man, that's really good. And well, this is another interesting one 2024 rate of construction relative to household formations and pent-up demand. It would take seven and a half years to close the housing gap based on the production of homes in 2024 dude that was.
Speaker 1:Was that a kcm? Yeah, dude, that's a great seven and a half years.
Speaker 2:That's a really good, so if we built, at the 220, at the 2024 rate, if we built houses at that rate, it's gonna take seven and a half years to bridge the gap. Bridge gap. Yeah, that's crazy. Yeah it is. It's going to take seven and a half years to bridge the gap. Bridge the gap. Yeah, that's crazy. Yeah, it is crazy, it's unbelievable. I bet, we're worse here.
Speaker 1:Oh, we are way worse here. I mean, there's very little construction going on.
Speaker 2:Very new construction? Yeah, very little it's weird Talking about construction.
Speaker 1:You know the big bill that just got passed in Senate, the Trump, what do they call it? Big, beautiful.
Speaker 2:Bill Big, beautiful Bill BBB I forget the name of it.
Speaker 1:But in that bill, though, guys, they approved a very small amount of federal land to be. Now this isn't going to affect Berks County at all, but it's Arizona, Wyoming, Utah, some California where they got approval to sell. I think it's 0.05% of federal land for builders to build affordable housing, Affordable housing, when they're going to be a little closer, in proximity to each other. They're not going to be spread out on a lot of land. It's going to be postage stamp lots and all that.
Speaker 1:High density but more affordable Single homes. Yeah, okay, what a great, great, great idea. Because you're talking it's about, I forget what the how many acres of debt turn out? 180 000 acres okay, that's I mean.
Speaker 2:I think it's 180 000 acres on a big, on a big scale.
Speaker 1:There's a one and an eight in there.
Speaker 2:Yeah, I think it's 180 000 yeah, it's not 1.8 and it's not 18 000 no I think it was 180,000 acres.
Speaker 1:That's substantial right now. That's like a million homes. Yeah, they, they did the calculation and it would be about a million homes. Yeah, I think.
Speaker 2:I think that's a good idea, that's going to.
Speaker 1:That's going to affect that stat that you just had up there about the uh, the uh, the seven and a half years and the deficit yeah, absolutely yeah, so it's going to help well, it's not going to help us locally here in berks county.
Speaker 2:But it could. But it could. It could because what can happen is people could move to another area, especially your people that are that are looking for like an over 55 or looking for something to downsize into right. If they find an affordable place in a different state and they're retired, they might go, which will then freeze up inventory here for people that are in our area here. So it could do that.
Speaker 1:And this is the kind of land like we got at Blue Marsh. Yeah, you know this is wilderness kind of land. This is land that is just out there, no one goes to it, no one's recreating at it, it's just federal land that they own, yeah, and so it's like let's use it, let's, let's absolutely and they're going to sell it, which is going to help.
Speaker 2:Yeah, you know our deficit yeah, the country's deficit, the bottom line of the country, it's definitely. It's a good idea because it's such a small percentage.
Speaker 1:So I would see, I would see both sides of the aisle liking that because it's going to help everybody.
Speaker 2:I think so too yeah, and I think those are the things that need to work on. I was in PAR, the Pennsylvania Association of Realtors, and a lot of the talk is about first-time buyers being able to get houses, which is great. We do want to help first-time buyers. We want to help anybody buy a house. That's one part of an equation. But the inventory issue does not get solved by making housing more affordable. That's right. It it actually can can be an issue and create more of a problem, because, as you're creating buyers that can buy, or you're allowing more people to buy or enabling them to buy, that then takes away from inventory, which then makes the prices go up.
Speaker 1:That sounds like 1998. Yes, so so it took 10 years, yes, and it fell out 2008.
Speaker 2:So that's the thing. Now, they're not looking to do that kind of stuff, right? No, they can't.
Speaker 1:They can't. That's financing, but they're looking to do some things to help, you know, yeah.
Speaker 2:It's good, and the reason being is that the first time, and now it's almost 40. It was 38 last time we talked about it. It's now almost 40. So a first-time buyer, on an average, is now 40 years old. You beat the odds there, hugo, think about it. I mean you bought two years ago or whatever it was, and I don't remember how old you are, but I know you're not 30.
Speaker 1:You're not 38. How am I look like? Well, you do.
Speaker 2:Yeah, I was going to say something. He's weathering a little bit, yeah Well, he's in the landscaping business, so yeah, that's how that happens.
Speaker 1:I don't think I want to talk about age.
Speaker 2:It's tough, it's tough, it's tough. I saw your billboard you. You want to talk about age. All right, yeah, he has a young button that he pushes for me on the video. Oh, yeah, oh yeah, but you know that's where was I going with that, I forget.
Speaker 1:I don't know.
Speaker 2:I don't know either. Let's go into the no, the average.
Speaker 1:The average, the average age.
Speaker 2:Thank you, I was like that was three thoughts ago, him and I are like, ah, screw it, let's go on to the next topic. Oh my God, that's funny. Let's go have a beer.
Speaker 1:Yeah, exactly.
Speaker 2:So are we on a podcast? Where are we anyway?
Speaker 1:Oh my gosh, I thought we were just having a conversation.
Speaker 2:So it's interesting the age thing. So the reason that we're bringing it up's not that we want to have everybody buy a house. We want to be able to help people that if they really want to buy a house they're qualified, they've got all the things going but maybe need just a little help. Yeah, but that's what they're looking to do. But inventory it is funny how everybody kind of avoids the inventory as the crisis of the whole thing. I know.
Speaker 2:It's totally and even when I was in, you know, up up in PA, up there at the Capitol, and you know a lot of the the the talk that we did with different representatives and they all had great things to say about real estate and they're all very much backing real estate. But, you know, the conversation that we brought up was getting these townships and boroughs and municipalities. But the state also needs to work on, you know, department of environmental protection. You know making. You know if there's a turtle on 60 acres, you know and we can't build, that's a problem. We have people that need to live somewhere, you know. So those are the things regulations that we need to get rid of, some of that red tape.
Speaker 1:Absolutely Going back to the 40 year old buying a house though you know, I want to bring up the reminder, the reminder about rent versus buy. Oh, good. Okay, because um home price appreciation from 1988 to today 140,000, uh, $140,000, house in 88 is now worth 500,000.
Speaker 2:Oh, wow.
Speaker 1:Okay, and net worth of a of a renter is 10,000, four 10,. A homeowner is three 96,500. Yeah, All right. And the rent increases from 1988 to today was a $320 a month. Apartment is now almost 1,500. That's crazy. So that's why when you're a renter you need to get in in your 20s.
Speaker 2:Yeah.
Speaker 1:All right To get in on this net worth thing. Right, and stop wasting money on rent. I mean, we're not going to bash rent. Rent's always a good thing. Sometimes you need it, yeah, and there's always a good purpose for it Time of your life. There's a time in your life but 40 years old guys, I mean 40 years old is too old yeah it is.
Speaker 1:It's too old. You know, they say, start investing early and everything Real estate's right there. Real estate's a long time investment, obviously. 1988 to today I'll do my math that's uh, 12, uh, it's 37 years, right is?
Speaker 2:that 37 years. Yeah, yeah, so it's 37 years time.
Speaker 1:You gain that much equity right and you're worth almost four hundred thousand dollars versus 10 yeah okay, yep. So I just wanted to go back to that, because that kind of related to absolutely that 40 year old, and this is why this is why we somehow have to get it to the point where younger people can be buying homes again.
Speaker 2:They've got to get started.
Speaker 1:The hardest thing is to get started, but that's the thing.
Speaker 2:The starting prices. It is. That's it.
Speaker 1:I know it's a double-edged sword. Yeah, it is a double-edged sword, but something's got to get these people a chance.
Speaker 2:Absolutely. So. That's what they're working on on a national level and a state level hoping to do that. So let's go back a little bit more into the seller thing and a lot of this. What I'm saying right now, guys, is kind of a premonition, like if we're seeing pockets of what is happening nationally, we have to prepare for this locally.
Speaker 2:We tend to be behind on all these things. We're behind on when it goes up, and usually we're behind on when it levels off, and we're usually behind on when it goes down a little bit. Now, the good thing is, because we're behind, we don't have the peaks and valleys that some of these other markets have. We have the Berks County wave. We kind of just do this kind, just kind of glide in between, okay, which is good because we're not a very volatile place, okay. So, but as as agents and, you know, guiding sellers along the way, there's some interesting numbers coming out nationally that that I was blown away with. Eight and 10 potential home sellers think they will get their asking price or more. Eight and 10. Okay, wow. So, um, yeah, 35% say they're going to get more than they're asking price, 46% think they're going to get full price and only 13% said they're going to get less than asking price.
Speaker 2:So with yep and, with that being said, four in 10 sellers sold for less than they're asking for in 10, four in 10.
Speaker 1:So 40% sold.
Speaker 2:Something's a little off.
Speaker 1:It's a little off. It's the attitude. Yeah, yeah, so it's the media.
Speaker 2:Yeah, it is, and I and it's just I think it's because it's been happening for so long yeah, yeah, I mean every person you talk to. If you go to a party and you talk to somebody that sold their house over the past five years, the conversation is oh my God, I can't believe it. I put it on a two 50, and got two 80. I put it on a 300. I got three, 30.
Speaker 1:That's the conversation.
Speaker 2:So now you go to sell your house and you're not listening to our show. That's a problem that's a problem.
Speaker 2:You need to listen to our show. You're gonna get raw truth on this show, no, but all of a sudden they're taking the party info that they got, yes, and they put their house in the market and they tell the realtor. Now I heard all my friends at the party said I'm gonna get 30 over, yeah, or 10 over. Well, you know the party's kind of over. Yeah, the ship sailed, the ship sailed party. Know the party's kind of over.
Speaker 2:Yeah, the ship sailed. The ship sailed, the party's over the party ship, the anchor's sinking. I mean, what else do you want us to say? I don't know. No, it's not doom and gloom. It's just keep that in mind, because here's the thing If you're aware of these changes coming, you will actually lose less money. Right, because if you don't see these changes coming and you put your house in the market 10% over, the reality is it comes back to what you and I know If you price it too high in the beginning, what happens at the end?
Speaker 1:You get less than you would have ever gotten.
Speaker 2:Yep, Absolutely, Because if it stays in the market more in this market stays in the market more than 30 days, what's going to happen?
Speaker 1:Yep, Something wrong with the property right.
Speaker 1:Something wrong with it? Why didn't it sell? Yep, and that's what happens. Yep, and then you end up getting less than you would have gotten if you would have priced it right yep, so those are the. Those are things we have to go back to. But on the other side of that yeah, you probably saw that kcm recently about some sellers are feeling that there's, if they put their house on the market, there's no one's going to buy it. Oh, wow, but because of the uh, the media, because no because of the stats of no homes being sold.
Speaker 1:No homes are being sold because of what we just said inventory.
Speaker 2:Oh wow, it's an inventory issue.
Speaker 1:Right, yep, so I saw the KCM thing Nationally. Now, everybody this is nationally. This is not Berks County. Yeah, there's eight homes selling every minute. Wow, in the United States Now that's probably not as robust as it was. There were probably 30 homes being sold every minute back then. That's amazing. But the point is don't hold off selling your house if you need to thinking that no one's going to buy it. Yeah, okay, If you have a professional, come in and price it properly with you, get the condition going and everything else it will sell. I don't care what the price range is. If it's priced properly, it's going to go if you get the right advice. Yeah, okay.
Speaker 1:Here's the thing, there are buyers. There are buyers looking and it's eight homes every minute everybody.
Speaker 2:So, while we're on the show, we just lost how many sales? Yeah, exactly yeah.
Speaker 1:Hugo, what the heck we got to get this going. Yeah yeah, we got to wrap this up. I didn't know it was that many. Oh my gosh, look at the time, I didn't know I missed that many sales.
Speaker 2:Holy crap. No. Something else too, that I had a real conversation with a couple sellers. Remember you made your money already.
Speaker 1:Yes.
Speaker 2:Okay. What do you?
Speaker 1:say to the sellers now You're saying this You've made your money already is.
Speaker 2:What I'm saying is that your money was made the last four years. Right, don't try to make it right now. Right, you've already made. So, even if you listed if your house was worth four years ago, it was worth 300 and now it's worth 425. Yeah, let's not worry about the five or 10,000 that you were hoping to make on top of what you already made.
Speaker 1:That's a good point.
Speaker 2:You made your $100,000. Yeah, right, okay, so let's think about that. Yeah, but what they think is that they're losing money. You're not losing money.
Speaker 1:You made so much. You made money.
Speaker 2:You're going to just make a little bit less appreciation, so that's something I think is really important.
Speaker 1:Do you remember we were pricing homes during COVID and a little bit after that, where you had a comp that was three months old we had to tack on appreciation? Oh yeah, it was already an old comp. Yeah, absolutely, because we had to tack it on. That's not happening. No, that's not happening now. That's not.
Speaker 2:It's not. And they're saying you got to start looking at the sales price more and more. What?
Speaker 1:was the sales price.
Speaker 2:What right you know, because that's really what's important exactly really important.
Speaker 1:So it's just interesting, but just remember that you made your money that's a very good point. But one last thing about the big investors yeah, buying homes oh, here we go we all know is not the case.
Speaker 1:okay, the bs, but the ones that are. Yeah, okay, six out of eight large institutional investors sold more than bought in Q2 in 2025. Interesting, okay. For every home that they bought, an investor sold 1.75. Wow, okay, why? Well, nationally, values are softening, so for these people, it's just business. They're not buying a house to build memories and have it raise a family.
Speaker 2:What did we just say?
Speaker 1:They made their money already. Thank you, and that's the point I was.
Speaker 2:They're looking at it, they're looking at it strictly as an investment yeah, so it's like a stock right. Yep, so they're looking at the gain of the $100,000 they made over four years and they're going OK, it's time to let go. Yep, time to let go. And that fell right into that point you just the thing that I always bring up about that too. Do you really think they had these houses just sitting there vacant? I know.
Speaker 1:No, they're renting housing, they're providing housing. It's not like you know what I mean, but they made their money.
Speaker 2:Housing is housing, whether it's renting or buying. It's housing. Yep, yep, it's putting somebody having a roof over somebody's head, exactly it's housing. It's housing, it's Some of that stuff cracks me up, is that?
Speaker 1:sleeping under the stars or anything. What do you think?
Speaker 2:Hugo, any questions? Yeah, if you've got questions for us. No, I don't have any questions today.
Speaker 1:I was thinking about that beautiful, big whatever bill, big, beautiful bill.
Speaker 2:Yeah, if it had anything that would affect the industry.
Speaker 1:There's good real estate stuff in there. It's going to come out.
Speaker 2:As a whole, the National Association of Realtors and the Pennsylvania Association of Realtors is supporting the bill.
Speaker 1:Yeah, okay.
Speaker 2:As realtors, as an industry we're supporting the bill.
Speaker 1:As far as the real estate community, yeah, yeah, at the real estate community, it's going to help yeah.
Speaker 2:It's going to help. It's going to help buyers and sellers. It's going to help with taxes that buyers and sellers pay, things like that, yeah, but I think that we're good. Yeah, we had no clue what the hell we were going to talk about. That's right. And here we are, and that's actually when we do the best. I think. I think you're right. Yeah, it usually is the best, and Hugo was just kind of lounging through the whole show, do you?
Speaker 1:notice that.
Speaker 2:You just see him over here for joining us tonight again, and thanks for checking out pete and I again. Every month we do a real estate show and we hope you come back every thursday at 7 pm to see the show that we provide. We're having fun. Right, right, hugo, we're having fun. We are, that's right. All right, that's about it. We'll see you next thursday at seven o'clock. All right, bye.
