REAL ESTATE GOLD: WHO’S WINNING WITH TODAY’S HOME PRICES & RATES? Jo Garner, Mortgage Loan Officer and Appraiser Tom King share their observations of the real estate market and give examples of who they see winning with today’s home prices and mortgage rates.
#JoGarner #MortgageExpert 901 -482-0354
#TomKing #MemphisAppraiser 901 487-6989
#SherryHarbur #HarburRealty www.Harbur. Com
#PatGoldstein Realtor with Crye-Leike Realtors 901 606-2000
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes www.JoGarner. Com
#midsouthrealestate #memphismortgage #realtor #homebuyer #homeseller #memphishomevalues
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 topic: REAL ESTATE GOLD: WHO’S WINNING WITH TODAY’S HOME PRICES & RATES? Thank you to real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer for sponsoring the episode For your home purchase or refinance, please call Rob Draughon and Shelley Rothman at 901-752-1133. Today is June 14th, 2025 Call in to the live show at 901 535-9732
Introducing Tom King of Bill King Appraisal Services
(Jo) Tom King, our real estate appraisal expert, is back in the studio. Tom you stay busy in the MidSouth doing appraisals for homebuyers getting a mortgage to buy or refinance a home. You do pre-listing appraisals estate and divorce settlements and appraisals for cash buyers. Take a moment to introduce yourself and give us your opinion about the real estate market here in the MidSouth.(Tom shares his MidSouth real estate market observations Stable market with more opportunities for buyers to negotiate and have sellers pay some of their closing costs. Sellers still able to sell at an acceptable sales price and relatively quick turnaround)
THERE’S GOLD IN THEM THERE HILLS…
(Jo) There’s gold in them hills. Slower home price growth in many markets = more negotiating power. Less competition from other buyers. Sellers offering concessions like closing cost help or rate buydowns. There are some valuable opportunities for home buyers and people wanting to refinance their mortgage to include paying off high interest credit cards.
In the book Think and Grow Rich by Napoleon Hill, he tells a story of a gold miner during the Colorado Gold Rush who spent months digging for gold without success. So many thought they missed the opportunity to find gold. This gold miner threw up his hands and shook his head and sold his gold mining equipment to a junk dealer. The junk dealer had an engineer evaluate the lay of the land and he told the gold miner, if he would just dig in a different direction, a big vein of gold was only three feet away. The junk dealer started digging and discovered one of the largest veins of gold at that time, making him millions of dollars.
You may be hearing some naysayers in the real estate market trying to tell you, “all the good deals are gone. Rates are too high. You can’t afford to buy now.” Don’t be like the old gold miner who gave up digging for gold when he was only three feet away from the fortunes of a life time.
Here are some examples of some of my mortgage clients who have purchased or are still out making offers to buy a home or refinance in today’s market. (I am not using real names in these examples)
Joseph Jeffords, divorced and looking to buy a place where his young sons would enjoy spending time with him every other weekend when they visited him.
Berge and Baily, real estate investors who bought property in areas where they could get steady rent income that gave them a positive cash flow every month. Berge and Baily used a low-documentation loan under the DSCR program for investors. “Even if values may be dropping a little, the rents for 2 to 3 bedroom homes had been spiking higher in Memphis over the last year. Over time the homes in this area seemed to gradually go UP in value and so did the rents. Where would Berge and Baily find an investment that, over time had proved to go up in value and at the same time increased rent income?
Joanie Jerritson’s home had gone up in value so much over the last few years, but so had her credit card debt. Joanie felt like she struck gold when she was able to do a cash out refinance and include the payoff of some credit cards that had been hitting her with interest rates in the high 20’s. She cut the monthly bills by several hundred dollars.
Maxim and Mindy Morris -Buy new home now, sell old home later, enjoy low payment
Maxim and Mindy Morris had a dream to move closer to family but kept putting off the move because they needed to do extensive fix ups on their current home before they sold it. They needed the money from the sale of the old house to keep the mortgage payment low on the new home. I asked them if they would go ahead and buy a home outside the city without selling their old house yet AND I could still show them how to enjoy a low mortgage payment on the new house, would they make the move. Stay tuned for later in the show and I will show you how Maxim and Mindy accomplished this.
Their dream was to move closer to family and friends outside the city.
Challenge: They need to wait about 6 months after they move out of their current home before selling it. But, since thy can’t use the equity from the old house and don’t want to a third loan, their payment on the new home will be too high for their personal comfort level.
Solution: go ahead and buy the new home with the smaller down payment . Later, when they sell the old home and have cash from the equity, they can pay that large lump sum down on the new mortgage as a prepayment to principal. When they prepay 20% of the unpaid balance on the mortgage, the lender has the option to RECAST the loan to a lower payment as if they had put the large amount of money down. Now the Morris’ can still enjoy a low payment on their new home after they sell their old one. A recast is not a refinance. The rate and number of years on the mortgage do not change, but the payment is lowered. Call me and I can show you how the RECAST tool can work for YOU.
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 of Bill King Appraisal Company. We will also be hearing from Realtor Sherry Harbur of Harbur Realty with a real estate tip. We will see you back in just a moment.
2nd segment 9:18 am – 9:30 am
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
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 or health and wellness. Talk Shoppe is made possible by the financial support of its sponsors. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we Talk Shoppe Sponsors Realtor/Broker Sherry Harbur of Harbur Realty. Sherry and her husband Randy Harbur are known for always going the extra mile for their homebuyers and home sellers. Sometimes they jump in and help move something or clean something or make life easier for their clients in some other way. Sherry Harbur of Harbur Realty, what is our Talk Shoppe tip today?
SHERRY HARBUR OF HARBUR REALTY
TIP #1 (about 1 minute) This market is a great opportunity for buyers to have a better choice of homes and a better chance to negotiate the sellers to help them with the closing costs. The buyer can buy the home today, and later, if the mortgage rates should drop, they can always refinance to a lower rate. At least by buying now, they can own the home where they live and begin building equity over time.
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TOPICS COVERED BY TOM KING, BILL KING COMPANY
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MEMPHIS, Tenn., June 9, 2025 – Memphis-area home sales for May increased 1.6 percent from a year ago, with 1,435 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 26.8 percent from April, when there were 1,132 total sales. The average sales price from May-to-May decreased 4.4 percent, at $273,685. Inventory increased 4.8 percent, with 4,231 units listed for sale. May average DOM was 48, a 5.9 percent decrease from the previous month. Sales volume YTD decreased 8.5 percent, to $1.50 billion.
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
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Joseph Jeffords Story – “I love my kids. I want a house that I can make a home where they will love to come spend time with their dad.”
Avatar picture of Joseph Jeffords & his children
The one thing Joseph Jeffords loved more than life were his two elementary school age sons, Jimmy and Jack. Joseph tried everything to keep his family together, but his wife wanted a divorce and she wanted full custody of their two sons.
Joseph was heartbroken and financially hurting too. His credit was messed up from some jointly held bills that the martial dissolution agreement said was his wife’s responsibility to pay. She didn’t. The creditors came after Joseph anyway. Nothing seemed fair.
Joseph worked two jobs, paid more legal fees and fought to keep custody of his children. Nothing seemed to work. But, he sought wise advice from some reputable professionals, and after several attempts, the agreement allowed his boys to stay with him every other weekend and alternating holidays.
It took Joseph about a year to get his credit cleaned up and a little emergency savings put back. When he came to get preapproved for his mortgage he said, “ I love my kids. I want a house that I can make a home where they will love to come spend time with their dad.”
Joseph put a good realtor on his team and got his home with a low, affordable payment and very little down payment. The low house payment made the treehouse and other fun times with his children affordable. The
low money down left him with his emergency fund and a lot of peace of mind.
- Joanie Jerritson- Cash-Out Refinance to Fixed Rate to Stop Rising Credit Line Payments
Joanie Jerritson was happily retired. Before her husband passed away several years ago, they had paid off their home. Some unexpected setbacks occurred and they needed a quick solution. At the time interest rates on home equity lines and credit cards were low, so the Jerritson’s took out a fairly large equity credit line and other credit.
Ms Jerritson’s husband passed away. She could still afford the payments on credit lines and on the equity line she even paid several hundred extra dollars per month so she could try to have it paid off in another 5 years when the interest-only term would expire.
Without warning the Federal Reserve started hiking their rates time after time and again last year and into the current year. Each time, the bank notified Ms. Jerritson that the interest and payments were increasing.
When she called me she said, “I need to cap this credit line payment with a fixed rate loan. My fixed income is just not enough to keep up with the hikes in interest costs.”
I sent her the estimate for the refinance, rolling the closing costs into the loan. She was saving her almost 15% of her income and she would not have to bring any money to closing. This was a big win for Ms. Jerritson. She could finally lay down and get a good night’s sleep.
How much interest are you paying for your credit card debt? Credit card interest rates have been going higher. Some people are now paying 18% to 22% compounded interest. Call your credit card companies and ask them how much you pay in interest. Are your credit card balances getting larger instead of smaller. If your situation is now where you can stop using the credit cards, then let’s look at a cashout refinance on your home with a fixed rate mortgage. We can look at rolling into the one fixed-rate cash-out refinance mortgage those high interest rates credit cards.
Introducing Maxim and Mindy Morris
Their dream was to move closer to family and friends outside the city.
Challenge: They need to wait about 6 months after they move out of their current home before selling it. But, since thy can’t use the equity from the old house and don’t want to a third loan, their payment on the new home will be too high for their personal comfort level.
Solution: go ahead and buy the new home with the smaller down payment . Later, when they sell the old home and have cash from the equity, they can pay that large lump sum down on the new mortgage as a prepayment to principal. When they prepay 20% of the unpaid balance on the mortgage, the lender has the option to RECAST the loan to a lower payment as if they had put the large amount of money down. Now the Morris’ can still enjoy a low payment on their new home after they sell their old one. A recast is not a refinance. The rate and number of years on the mortgage do not change, but the payment is lowered. Call me and I can show you how the RECAST tool can work for YOU.
Let’s you and I talk about YOUR plans to save on your mortgage costs or your plans to build your real estate portfolio. But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. I can make the mortgage process easy. Connect with me at www.JoGarner.com You can email me at Jo@JoGarner.com or call me at (901) 482-0354
REAL ESTATE TIP OF THE WEEK
Pat Goldstein, Realtor with Crye-Leike Realtors in West TN and N Mississippi 901 606-2000
Pat’s tip is for parents of college-bound students to buy a home or condo in the area close to the university. They can buy with the kids and help keep the down payment and rate low and build credit for their college students. The extra bedrooms can be rented to other students to create and income and build value over time.
Tom King of Bill King Appraisal Service 901 487-6989
Remember that if you are getting an FHA loan, the crawl space under the house must measure 18 inches from the bottom of the floor joists to the ground.
Jo Garner’s tip
For getting approved for a mortgage:
Norada Real Estate News 6-12-25
Markets move on economic data like Inflation, labor markets and investor expectations on the Federal Reserve decisions.
Recent inflation trends contributing to downward trend in mortgage rates. (Even though inflation numbers are a little higher than last year, they are lower than expected)
Lower expected inflation numbers contribute to lower mortgage pricing
Ways to prepare for the best mortgage terms.
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Keep your credit scores as high as possible (pay down credit card balances to show you only use a small portion of your credit limits on each credit card. Make your payments on time. Avoid getting new credit inquiries_
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Show that you have money in the bank to close and some left in an emergency fund. (If you don’t have this, we can explore some down payment assistance products)
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Keep your income stable. Avoid moving to a different industry or opening a new business if you want to use that income to qualify for a mortgage. There are some exceptions that rule though.
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Take a test drive on different loan program scenarios with an trusted mortgage professional (I would like to sign up for the job as your lender)
What do YOU want to accomplish with YOUR mortgage? I have the knowledge and experience. Let’s look at traditional mortgage products, alternative mortgage products and even combinations of products. I can help you get you what you need and make the mortgage process EASY. Jo Garner, Mortgage Loan Officer 901 482-0354 www.JoGarner.com
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 Independent Planning Group’s conference room 110 at Clark Tower 5100 Poplar Ave 1st floor Memphis, TN
(Thank you Ben Hunter 901 660-2912 outstanding Financial Professional at Independent Planning Group for being Talk Shoppe’s location sponsor)
Talk Shoppe on Wednesday June 18th, 2025 Come meet other business people. Genell Holloway, health benefit expert with Eagle Hollow Enterprises will be presenting “Insurance Gaps & How to Fill Them” 901 270-1127
This event is a Health Talk powered by Mary Lou Nowak’s Resource4Care.com Sponsored by Tim Flesner and Genell Holloway’s MidSouth Home Helpers 901 414-9696. Hosted by Talk Shoppe.
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors. Since we are talking about value today, the way a lot of us at Talk Shoppe sell 30% or more on our printing costs is using recycled print cartridges through Cartridge World of Collierville. For help getting the right printer and recycled ink cartridges contact Taylor Morse 901 853-3230.
Talk Shoppe is free to you because of the generosity of people like Talk Shoppe’s sponsor Ed Hill of Masters Roofing . Have you found a roof leak or maybe some missing shingles? Ed Hill of Masters Roofing can do a free inspection of your roof and will give you an honest answer about the condition of your roof and estimated costs to repair. Masters Roofing is one of a very few roofing companies that is certified for providing their customers with a long-term roof warranty for some of the major shingle suppliers. Call Ed Hill of Masters Roofing today at 901- 273-6593.
Happy Flag Day today. I am putting my flags out at the house today. +++++++++
MAKE YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE DOES NOT ENDORSE 100% OF THE CONTENT ON THIS EPISODE. 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, AND NOT AN OFFER TO LEND. EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND MOST 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. JO GARNER IS A LICENSED MORTGAGE LOAN ORIGINATOR. (EQUAL HOUSING OPPORTUNITY)
QUOTE CORNER:
“Price is what you pay. Cost is what you spend. Value is what you get.” Alan Weiss
REJOINDERS:
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Lawren Bogard, Shelby Gardens Memory Care Cordova, TN (901) 281-9853
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Leah Anne Morse, All Things New (Organizing and Moving Company) 901 488-9733
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Donna Roach with Hearthside Senior Living Bartlett TN 901 651-2503
Transitional Music: “Gold” Dierk Bentley; “Gold” by Alan Parsons Project; “Fields of Gold;” Sting; “Taking Care of Business” Bachman Turner Overdrive for Talk Shoppe Business Tip
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.
On Amazon and Barnes and Noble
ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
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
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@jogarner.com X @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”