Let’s take a look at the real estate and mortgage markets for the summer of 2024. How do you position yourself to score in this market when you are looking to buy a home or refinance one.
#JoGarner #MortgageExpert Host (901) 482-0354 Let’s explore your financing options.
#TomKing #MemphisAppraiser (901) 487-6989
#PatGoldstein #memphisrealtor (901) 606-2000
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes www.JoGarner.com
#memphisrealestate #memphismortgage #memphisrealtor #memphismortgageofficer #memphisappraisal
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our general topic How to Score in the Real Estate & Mortgage Market Summer 2024. It’s baseball season so let’s hit some homeruns. Today is June 15th, 2024 Call us in the studio while we are live at 901 535-9732
INTRODUCING Tom King, Appraiser with Bill King Appraisal Company
Tom King, our expert real estate appraiser is back in the studio. Tom stays busy appraising homes in Shelby, Tipton and Fayette Counties in Tennessee. You have been in and around the appraisal business your whole life, Tom. I think you know a few things about home values. (Tom has about a minute and a half to intro himself and services he offers)
(Jo) Tom, for our listeners who are thinking about buying a home or some investment property. They want to make a winning play in real estate. What is happening on the field right now in our Midsouth real estate market? How do we position ourselves to win? (Tom takes about 3 minutes or so to talk about the market)
(Jo) Since it’s baseball season, let’s stay with the analogy of baseball. There are some listeners out there who may have had a bad experience buying real estate at some point in your life. You can still make a come-back and make some feel-good winning plays buying real estate.
Remember the story of Smoky Joe Wood, the hard pitching baseball player who was great until he broke his thumb? He made a comeback as an excellent outfielder. Other great baseball players were given up as finished but made incredible comebacks. One baseball player had part of his pitching arm removed to get rid of cancer. He came back even stronger. Another baseball player was shot by a stalker and was all but dead. To the surprise of his team and the fans, this baseball player recovered and made a huge comeback.
If you are contemplating buying a home or maybe an investment property, WHEN do you buy a home and WHAT terms on the purchase will make this a winning play for YOU? NOW is still a great time to buy a home, if you can afford it.
Mortgage rates were ramping up last year and got as high as in the 8’s on a 30-year mortgage. Mortgage rates have slowly ticked back DOWN to the high 6’s to low 7’s depending on lots of factors. But, home prices overall have continued to inch UPWARD, which is causing affordability problems.
From the mortgage desk last year we saw first-time home buyers and move-up buyers who sat on the fence because they were waiting for mortgage rates to come down. As they waited, prices on homes kept going up. Typical mortgage clients today are those who realize the importance of buying their home now before the price on that homes goes any higher. As long as they can afford to buy the house, they can always refinance the mortgage later if and when mortgage rates come down. In the mean time they are positioning themselves to enjoy watching their home go up in value over time as they live in it.
Some of the forecasts you read from news outlets predict home prices over the next 12 months will go up between 3% and 5 %. They predict, if inflation stays low, mortgage rates may ease down about a half percent. If mortgage rates drop a half percentage point but home prices increase almost 5%, you have not gained much for yourself since the lower rate is canceled out by the higher costs of the home. When mortgage rates are lower, demand for buying homes is higher. Inventory is still in short supply, so when demand goes up and the supply is low, PRICES GO HIGHER
If you can buy your home today and home prices keep going up, then you have locked in your price and made a winning play. You can score again later if mortgage rates drop enough to make it profitable for you to refinance in the future.
If you don’t feel you can afford to buy right now, let’s talk anyway. I may be able to assist you prepare so that, when you are ready to buy your home, you will be in the best possible position to make your winning play with your mortgage financing
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Review Credit www.annualcreditreport.com Pay down credit card balances to show you only use less than 25% of the credit lines on each card. This can help your credit score. Take care of any other derogatory accounts
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Save money
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Explore neighborhoods you like
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Explore financing options for when you are ready. Contact me today. I would love to help
Let’s explore mortgage products that will help keep your mortgage payment low. We can explore down payment assistance, traditional mortgages and outside-the-box mortgages. Connect with me at JoGarner.com (901) 482-0354
OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back, we will be hearing more from Tom King, real estate appraiser. Realtor Pat Goldstein will be joining us too.
2ND SEGMENT 13 MINUTES
LET’S TALK SHOP—TALK SHOPPE’S BUSINESS TIP FOR REAL ESTATE PROS:
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down on queue) It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business. Talk Shoppe is made possible by the financial support of its sponsors and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppe sponsor, Realtor Pat Goldstein. Pat is known as the “Gold Standard in Real Estate.” She helps her clients buy homes and sell their homes in West Tennessee and North Mississippi. Pat Goldstein, What is our Talk Shoppe Business Tip for Real Estate Professionals today? Pat has about 1 minute or so to share a tip (Jo or Tom says, “Thanks, Pat. . How do we contact you?
Pat 901-606-2000
Tip: Even though the real estate market has slowed down, it is still competitive. Be realistic if you are making an offer to buy a home. If you are making an low offer, someone else’s offer is probably going to beat your offer. If you really want the house, make your best offer right up front.
2nd segment 9:18 am – 9:30 am
TOPICS COVERED BY TOM KING, APPRAISER WITH BILL KING APPRAISAL COMPANY
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Tom King talks about the real estate market. Property values going up but at a much slower pace than a few years ago.
Rents are going up.
Pat Goldsmith and Tom King both talk about the current mortgage rates being good if you compare to several decades of mortgage rates. Seven and a half percent is the average rate over time. Currently we are seeing rates in the mid 6’s and 7’s.
If you can pay one extra principal and interest payment per year starting the first year of your 30-year mortgage, you can eliminate 7 to 8 years off your mortgage term. Most of the principal and interest payment on an amortized mortgage is interest. Only a small percentage of the principal and interest payment is principal Therefore, you can pay a smaller amount toward prepayment to principal and eliminate a LOT OF INTEREST cost.
WINNING PLAYS TO SCORE ON YOUR MORTGAGE
Jack and Rena Renner’s Story
The Renner’s They owned their home and had always been able to pay their bills. They owned their home and had paid down their mortgage until they owed only 30% of the value of their home. Seventy percent of their home’s value was their equity. They felt secure in their finances until…..like a bad dream one thing after another threatened to take away the wealth they had worked hard to earn.
Rena Renner had a chance to go into business with a business partner. She and Richard agreed to gamble and Rena gt an equity line of credit on their house to fund to purchase of the business. She quit her full time job. The business had been doing well, but unexpected changes in the market caused the income from this business to drop into the red. Since the income loss appeared to be temporary, the Renner’s started using some credit cards to cover expenses, thinking things would improve very soon.
Even though Richard was still working his job, his income was not enough to make the payment on his first mortgage, and now the large equity line of credit AND all of the credit card debt. How could this happen? They had always been so secure financially. They were paying over 15% interest on the compounding credit card debt and the interest rate on the equity line had been going higher and higher.
Richard and Rena Renner sought advice on how to keep the business, since it looked like conditions would turn around one day and the profits return. The risk was too great. Rena dissolved her part of the business and went back to work at a job. They needed a way to quickly consolidate the higher interest rate debt, so we refinanced their home, and paid off the existing first mortgage, the large home equity line and most of the high interest rate credit cards. We took the mortgage back to a 30-year fixed rate so that the Renner’s would save several hundred dollars a month on their cash flow. Now they could use some of the cash flow savings to pay extra on their mortgage and start putting money back in savings. Soon enough they would be ready for Rena to make a comeback into her own business. This time they would be better and smarter.
That’s the Renner’s story. What’s your story? Let’s do some comparisons on ways to reduce what you are paying in debt costs. I’ve heard it said that, “It’s free to talk.”
If you have to go back to a 30- year mortgage when you include the paying off of other debt in order to make your cash flow work, we can set up some ways you can pay the mortgage off early that would not break the bank. You have to talk with me personally to work with me personally. Call me at (901) 482-0354. You can also connect with me at Jo@JoGarner.com
Rochelle Murdoch’s story—A sense of accomplishment finally buying her home at age 40
Rochelle Murdoch heaved the brown moving box labeled “CDs & DVDs” off the sofa, plunking it down on the nearby end table. She collapsed onto the clear spot on the sofa between other boxes, kicking her legs up to rest on the coffee table.
At 40 years old Rochelle felt the satisfying sense of accomplishment of owning her first house. Her family and friends would return the next day to continue the celebration. They would help her unpack, hang curtains and transform the house to her own sanctuary—her very own home.
Rochelle had always thought owning a house required lots of money down and a high mortgage payment. A real estate agent she met at church showed her that with an Affordable loan with and low interest rate she could get into a house for a minimum of $500 and her payments would be less than her rent—not to mention the tax write off on the mortgage interest.
Rochelle could only ask, “Why didn’t I do this sooner?”
Key Puzzle Piece: Rochelle had low credit scores and only $500 to put down. She needed to keep her payment as low as possible.
Mortgage Solution: The Affordable Lending Program was the solution for Rochelle because it offered flexible credit guidelines and only a minimum contribution from her own funds. The seller was allowed to pay her closing cost and prepaid taxes and insurance. The private mortgage insurance per month was much less expensive as compared to the standard conventional loan programs. The lower private mortgage insurance costs kept Rochelle’s payments much lower than if she had tried to use a traditional conventional mortgage. The product allowed her to get some down payment assistance in the form of a community 2nd mortgage.
Other winning plays I have seen my mortgage customers make with their real estate
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Buying a home near the college where their son or daughter will be attending. The son or daughter is on the loan with the parents so they build credit, the down payment is much smaller since they will be occupying the home. The other rooms can be rented out to other students that will create an income to more than pay for the mortgage. The home goes up on value to build wealth.
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Buying a home or renovating your existing home to have an aging loved one come and live with you instead of paying the higher costs of assisted living.
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If you have young children, consider buying a home near family members who can help you with child care. This could save you lots of money on child care as long as you are still close to work and other needed amenities.
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Buy rental property. Accumulating rental properties over time can create a sustainable passive income, allowing you to enjoy the things you love in life.
What do YOU want to accomplish with your mortgage? I can make the mortgage process EASY. Connect with me at www.JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Pat Goldstein has about one minute or so to share another tip as realtor
TOM KING has about 1 minute or so to share a tip :
Remember that when you are trying to estimate the value on your home, you can’t always use the heated and cooled garage, especially if the garage door is still usable. Pat Goldstein talked about a family who finished out the garage to use for a family room. They built a wall so the room was fully usable as a living area. The wall could be removed later when they chose to sell so that the garage door would be functional again. In that case, the finished out garage with the interior wall installed could be valued as gross living space.
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Connect with me, Jo Garner,licensed Mortgage Loan Oifficer, at JoGarner.com (901) 482-0354.
ANNOUNCEMENTS:
Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (Clark Tower).
Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday June 19th, , 2024 9AM CT
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Donna Roach of Hearthside Senior Living in Bartlett, TN Donna is happy to serve as a consultant when you are trying to make the right decision for your loved ones who need assistance. donna@hearthsideseniorliving.com
3. I personally want to give a big shout out to Larry, my appliance repairman. He has been fixing my appliances for more than a few years now. He loves his work, and I believe YOU will love his work too. He fixes washing machines, dryers, dishwashers, disposals and more. AND he is affordable. Put his information in your phone or call me and I can connect you with Larry. Larry, the Appliance Man 901 351-2532.
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5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.
QUOTE CORNER:
“A funny thing happens in real estate. When it comes back, it comes back like gangbusters.” Barbara Cororan
“I want someone to look at me the way I look at my Real Estate Agent when my offer is accepted in a seller’s market.” Agent Crate
REJOINDERS:
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Vincent Demps, Masterchek.com
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Kelly Inman of Next Day Access in Memphis (grab bars, stair lifts, wheelchair ramps etc)
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Craig Jennings, Avalon Capital (Hard money lenders in Memphis, TN)
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Transitional Music: “
“Take Me Out To the Ball Game” Cincinnati Pops; ‘Boys of Summer” Don Henley; “Centerfield” by John Fogarty ; ”Taking Care of Business” Bachman Turner Overdrive for the Talk Shoppe Business Tip for Real Estate Pros
PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER
An essential guide for real estate professionals and their customers.
Now on Amazon and Barnes and Noble
ABOUT TOM KING, REAL ESTATE APPRAISER
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years of experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing appraising real estate for pre-listing sales, cash buyers, divorce settlements, estate settlements. (901) 487-6989
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308
(currently working with Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?
Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”
Jo Garner is a mortgage officer with extensive knowledge in helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 30 years. She grew up in West Tennessee and got her start in real estate in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 30 years.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com Pick up Jo Garner’s book on Amazon or Barnes
Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”