Do you want to buy a home but you are not sure when you should buy? Are interest rates moving up or down? Is it a buyer or seller’s market? Click to hear this podcast from the experts.

Let’s stay connected! Subscribe for weekly Real Estate Mortgage Shoppe podcasts and show notes at www.JoGarner. com

Host: #JoGarner #MortgageExpert 901 482-0354

Co-Hosts: David and Tiffany McLemore #DavidMcLemore #TiffanyMcLemore #McLemoreHomes #McLemoreRealty www.McLemoreHomes. com

#realestatemarket #memphisnewhomes #mortgagemarket #realtor #homebuyer

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 Reasons To Buy Your Home Now-New Construction or an Existing HomeT Thank you to real estate attorneys, Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer in Memphis, TN for sponsoring this episode of Real Estate Mortgage Shoppe. For your home purchase or refinance, you can get your loan closed with Rob and Shelley as the closing attorneys 901 752-1133.

INTRODUCING David and Tiffany McLemore of McLemore Homes & Berkshire Hathaway Home Services McLemore & Company Realty

(Jo) Our special guest on Real Estate Mortgage Shoppe are David and Tiffany McLemore. They are a husband-and-wife real estate and construction power team and own McLemore Home Builders and Berkshire Hathaway Home Services-McLemore and Company David, you have been in a leadership with the West Tennessee Home Builders Association. You and your wife Tiffany, truly are truly the super power that your company a great place for realtors to work and a great place for home buyers and sellers to be served by realtors. . [] (David McLemore and his wife has about 1.5 min to intro himself and talk about the services he offers)

(Jo) When is the right time for YOU to buy a home? You have heard people say, “Timing is everything.” Do you gauge the right time to do something based on intuition? I was reading an article on the internet about clearing a path to usher in the “perfect time.”

Intuition plays a role. Also preparation such as making sure you have your support people and your team together. For buying a house, how about a reputable realtor? An experienced mortgage officer (I would like to sign up to be your lender team mate.) Ask yourself, “Is this really what I want’

Who are the blockers-people are circumstances blocking you from getting to what you want? What can you do to counter the blockers or just direct them away from you and your plans.

Pull together your resources:

Timing right now can be perfect for some and not-so-perfect for others. Here are some questions to answer to make sure buying a home is what you want to do and CAN do right now:

  1. Do you WANT to buy a house? Are you tired of wasting money on rent? Are you ready for the money you spend each month to help you build your OWN wealth? Do you need more living space?

  2. What is the maximum house payment that you can COMFORTABLY afford on a house payment? Can you restructure some debt to make more breathing room with the house payment? Can you make a list of products or services you use that can be substituted things that can give you the same benefit but at a lower costs? Can you trade or barter with others for things you need instead of spending your cash?

  3. How much will you keep in your emergency fund after paying money for closing when you buy your home? There are plenty of financial advisors online and in books who suggest that you keep enough in an emergency fund to cover 3 – 6 months of living expenses. Some say you need a year of living expenses put back if you are self-employed.

  4. How does your credit look? The higher your credit score, the better terms you can get on a mortgage. There are some three things you can do to boost your credit scores. Check your credit for free at www.annualcreditreport.com Call me and we can go over ways to get your credit scores higher.

  5. If you bought the house today, do you have a profitable Plan B and Plan C if you need to sell one day?

A good realtor can tell you if you are buying in a neighborhood that traditionally goes up in value over time If you have to sell your house one day, is there a good chance you could afford to pay a realtor to sell your home and still walk away with a profit?

Ask your realtor if you are buying in a neighborhood that has a strong rental market where rents on homes are going up in value? If you need to sell one day, but it is not a good time to sell, can you move and rent your home and still make a profit?

Ask your mortgage officer to compare different mortgage products to determine which loan program will serve you best today, but also which loan program will work for later if you decide to sell your home?

MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.

(Jo) David and Tiffany McLemore of McLemore Homes and Berkshire Hathaway Home Services McLemore Company- you have been in the real estate business locally for decades. You have been on the front end of building new homes and selling existing homes. We will be hearing a lot more from you later in the show, but let’s take a couple of minutes before we go to our 9:15 break and start giving us some of your reasons why now is a good time to buy a home. (David and Tifffany have about 2 to 3 minutes to start launching into their topics on the market)

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

2nd segment 9:18 am – 9:30 am

TOPICS COVERED BY DAVID AND TIFFANY MCLEMORE OF MCLEMORE HOMES

Housing Market Insights

**Differences Between Today’s Market and the Great Recession**

* In 2008, the housing market was overbuilt, with an excess supply of homes and lots, leading to the housing crisis. Today, we are not developing or building even half the number of lots and homes we were during the early 2000s. This underdevelopment since the crash has led to a shortage of homes across the US. Currently, we are 1.5 to 2 million homes short of demand according to NAR and NAHB. We are not overbuilt.

**Will Interest Rates Drop to 3% Again?**

* It’s unlikely. A healthy mortgage rate is between 6% and 8%. The rapid increase in rates recently shocked the housing market, following an unprecedentedly heated market during the Covid crisis. Rates are slowly declining from a high of mid-7s, and the Fed may lower the prime rate by year’s end, potentially bringing mortgage rates down and heating up the housing market again.

**Current Market: Seller’s or Buyer’s?**

* The existing home sales market is currently balanced, with homes taking 60-90 days to sell, which is normal. Buyers are asking for repairs, home warranties, and closing costs, which is also typical. Homes are still selling close to asking prices, with some hot areas seeing multiple offers. For new homes, it’s a buyer’s market, with builders offering incentives that haven’t been seen in years. Buyers should take advantage of these incentives before rates drop further.

**Is Now a Good Time to Sell and Buy a New Home?**

* Yes, it’s one of the best times in my career. From 2018 to 2022, we saw historic appreciation in housing. Homeowners with significant equity should consider selling and moving that equity into a new home. Builders might help with closing expenses, a fence, appliances, or other upgrades. Although new home rates might be higher, they can refinance when rates lower. Waiting could mean missing out on incentives as the market heats up again due to low inventory.

**Advantages of Buying a New Home Over an Existing Home**

* New homes offer the benefit of being the first occupants, built to the highest standards with the most efficient appliances, heating, air, and light fixtures. Buyers can often choose finishes like hardwood, granite, tile, and appliances. Additionally, new homes come with warranties.

**What Sets McLemore Home Builders Apart?**

* Tiffany and I design homes with personal touches we would love in our own home. With Tiffany’s design input, from floor plans to light fixtures, and collaboration with Genevieve Hamblen from GNH Designs, we ensure every detail is perfect. Inspired by my father’s teaching to “take care of the customer first and everything else will take care of itself,” we prioritize customer satisfaction at McLemore Home Builders.

Basic message : Home values in the Mid-South are stable and anticipated to remain stable through the next few months, unless there is a surprise market mover that occurs.

Supply and demand and inventory in balance

 

3rd SEGMENT 9:35 AM-9:45AM)

TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER

GOOD TIMING VS NOT SO GOOD TIMING

Tale of Two Home Buyers

Tale #1: Lei Le Longh Decides to Rent Instead Buy The House

Lei Le Longh was faced with a big decision that she had to make really fast. Her landlord gave her a short notice that he was going to sell the house she had been renting and she needed to be out in 30 days. She could buy the home down the street for about $250,000 and almost zero down. A sinking fear moved on her. Did she really want the commitment of owning a house? 1. The rent would be about the same as the house payment. 2. Taxes and insurance would go up if she owned the house and she would have to pay it. 3. She would probably remain living in the same general area for many years to come. Lei Le Longh worked at her job everyday and the thought of sitting down with a pen, paper and calculator to research a buy vs rent strategy on her home felt too overwhelming right now. Maybe next time she would buy, but for now she would just rent another place. The rent for the home next door to the one for sale was about $2,100 per month. It would be tight on her budget but it would do for now.

Cho Chin Decides to BUY Instead of Rent The Home

Tale #2: Cho Chin found herself in a similar situation as Lei Le Longh. Cho Chin needed to move out of the place she had been renting. Cho realized that now was the time to buy a home instead of just renting another place. At first the idea of searching for a home and getting a mortgage seemed daunting, but Cho remembered meeting a realtor at an open house on the street where she lived. Cho called the realtor to talk about her house buying plans. Cho called the mortgage originator recommended by the realtor. The mortgage officer explored with Cho various financing options, but Cho was excited about the almost zero down program for first-time homebuyers with the extra low interest rate. 1. The mortgage payment of $2,200 per month was $100 higher than the rental on the house across the street. 2. Cho reviewed the scenarios she got from her realtor and her loan officer. It looked like property taxes and insurance might go up over time, but the mortgage rate and principal and interest payment were fixed. The realtor and the mortgage officer showed Cho the forecast for home values to go up about 3% annually and that rents were expected to rise 6% per year. If these national companies were right on their forecasts, Cho saw advantages in buying and not renting. Cho bought her home instead of renting a home.

Five years later… Lei Li Longh, who decided to rent five years ago, walks across the street to talk to her neighbor Cho Chin who is out watering her flowers. They start talking about the time five years ago when they decided to move into the neighborhood.

Lei Le Longh shares her frustration with the constant rent increases. “I started out paying a little over $2,000 per month for rent five years ago. The landlord goes up on my rent every year and now I am paying $3,500 per month. It seems like I can never get ahead!”

Cho assures her neighbor Lei Le that she would not want to lose her as a neighbor. Then Cho offers to connect Lei Le to her realtor and mortgage loan officer. Cho explains that when she bought the house where she is living, the mortgage had a fixed interest rate that never changes. Cho says, “The only things that have changed are the taxes and insurance and it has changed only a little bit over these last five years. I have done some repairs now and again too, but it has been a small price to pay for the ability to own my own home. Values have been going up on homes in our neighborhood and my house is now worth over $30,000 more than the price I paid five years ago.”

So I ask you, our listeners: Are you trying to decide whether to rent or buy your next home? If you are planning to move away from the geographic area in the next 3 to 4 years, you may want to consider renting. Seek qualified financial advisors in your decision. Depending on how the market moves, real estate tends to be a better investment the longer you own it.

If you plan to stick around for five years or more, let’s explore some financing options available to you. I can make getting the mortgage on your next home EASY. Connect with me at (901) 482-0354 www.JOGARNER.com

OPTIONS FOR KEEPING YOUR HOME PURCHASE AFFORDABLE

  1. The 3-2-1 buydown for rates in the 4’s the 1st year, 5’s the 2nd year, 3rd year rates in the 6’s and then rate in the 7’s the following years. This program helps keep the mortgage affordable if you use some lender and seller concessions to pay for the buydown. If mortgage rates go down enough in the next year or two, you can refinance to a lower rate and get the unused buydown funds paid toward lowering your mortgage balance.

There are other special loan programs with below-market interest rates.

  1. Down Payment Assistance programs. There are several different programs available that can work if you are a first-time homebuyer or not. Some have income restrictions and some programs do not have restrictions. Call me and we can explore programs that might work for you to lower your move-in costs, helping you keep more money in your emergency fund.

Step-up homes. If you can’t afford your dream home today, buy a house that you can improve to make it what you want over time. Or, buy a house where you will be happy living. Build up some equity in the house over time, then buy the home you REALLY want later. You can sell your current home and use the equity to make a bigger down payment on the new home. This is one of many ways to make the home you buy more affordable.

MR. FIX-IT TAKES ONE STEP AT A TIME TOWARD HIS DREAM HOME (competitive market)

Meet Ricky. Ricky is barely out of his twenties and wants a shop next to

his house so he could work on cars and fix stuff. He also wants to be in a particular upscale neighborhood. His dream house was like having champagne taste on a beer budget. Ricky engages his imagination and some ingenuity.

He found a house in a neighborhood that was going steadily up in value, even though it wasn’t the upscale area he initially wanted. The property had a garage. This house would not break the bank for Ricky. Ricky took action with a smart offer and beat out any competition to buy his house. Over time he transformed the garage into an awesome shop by installing a work bench and later some racks for his tools. The house was going up in value too. Ricky would one day be able to launch from this home up to the more upscale neighborhood he originally wanted.

What do YOU want to accomplish with YOUR mortgage? Make your plan. Work Your Plan. If the Deal Works for your today, Let’s do it today. Call me at (901) 482-0354 or email Jo@JoGarner.com

4th segment following 9:45 am break about 9:48 to 9:56 am

REAL ESTATE TIP OF THE WEEK

Tiffany McLemore shared a tip for sellers. Even though the real estate market is still very stable, preparing your home to present at its best can still give you a higher return on your investment.

David McLemore’s tip to aspiring homebuyers: “Get in the game. Buy now, even if you buying a starter home first.”

Jo Garner’s mortgage tip: Dream big and think outside the box. Do you want to buy a home? What is the maximum house payment you can comfortably afford?

After closing on the home, will you have enough left in your emergency fund?

If the house you want is outside of your budget today, can you rearrange your debts to make room for a house note?

Have you considered buying a step-up home (starter home?) You may not get your dream home on your first purchase but can you make do with using the garage as your shop instead of having the bigger free standing shop?

Can you live comfortably for a while in a home that has what you NEED but may not have everything you WANT?

If you can comfortably afford paying for the step-up home, enjoy living there for a while and wait for it to increase in value. Later on, when you sell the step-up home, you can use your equity as a larger down payment on the dream home you really want.

Let’s explore the best mortgage product for you. I can make the mortgage process EASY. 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 July 124th, 2024 9AM CT

Commercial Real Estate and Artificial intelligence

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Like Vincent Demps of Masterchek.com Are you looking for ways to make your business more cyber secure? Call Vincent Demps at Masterchek. Do you need an investigator to help stop Workman Comp fraud? Call Vincent Demps of Masterchek.com (M-a-s-t-e-r-c-h-e-k.com)

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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.

Let’s stay connected! For your weekly Real Estate Mortgage Shoppe podcasts with show notes, subscribe at www.JoGarner.com

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:

“I will forever believe that buying a home is a great investment. Why? Because you can’t live in a stock certificate. You can’t live in a mutual fund.” – Oprah

Motto from David McLemore’s father: “take care of the customer first and everything else will take care of itself,”

REJOINDERS:

    1. Genell Holloway of Eagle Hollow Enterprises (health benefits and medicare advisor) (901) 270-1127

    2. Santa Claus (Chuck Bohannon-booking agent) HoHoOntheGo50@gmail.com

    3. Donna Roach of Heartside Senior Living in Bartlett, TN donna@hearthsideseniorliving.com

Transitional Music: “

“We Bought a House” by Kat and Alex; “A Place Like That” by 6882 Motes and Jones Company; “Right- Now” by Van Halen; ;

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.

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ABOUT DAVID & TIFFANY MCLEMORE OF MCLEMORE HOMES & BERKSHIRE HATHAWAY HOME SERVICES MCLEMORE & COMPANY

www.mclemorehomes.com

I grew up in the convenience store business, working for McLemore Markets, before transitioning into real estate. I obtained my real estate license in 1997 and my contractor license in 1999. I began my real estate career with Doug Collins at Sovereign Homes, where I sold and helped construct new homes. In 2007, I founded McLemore Homes. Unfortunately, we didn’t survive the Great Recession.

When the market recovered, we launched McLemore Home Builders in 2017, and have enjoyed great success since. Currently, we are building in Arlington, Lakeland, Collierville Reserve, and the Jackson, TN area.

My wife Tiffany started as an educator before obtaining her real estate license in 2000. She worked for Prudential Collins-Maury Realtors as their relocation director for many years, eventually becoming the managing broker of the corporate office of Coldwell Banker Collins-Maury in Collierville. After our friend and mentor Doug Collins sold his real estate company, we decided to apply his teachings and start our own real estate business, serving our agents with the same dedication he demonstrated for 35 years.

In 2020, we founded Berkshire Hathaway HomeServices McLemore & Co., Realty, which now has three offices in Arlington, Collierville, and Memphis, with around 70 agents. Tiffany and I jointly manage both McLemore Home Builders and McLemore & Co., Realty, working side by side to serve our customers with excellence.


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 .”==

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”