Episode Transcript
[00:00:00] Speaker A: You wanna know by now, you need the house out, hacky sack. Is that all you get for your money?
And if that's what you have in mind, yeah, that's what you're all about.
Good luck moving up. Cause I moving out. Good morning and welcome to Oklahoma real estate on the move. This is Mark Carr, team member of the Becky Ivins movers real estate team. And I am here with brokers Jenny Whitten and David Dabrowski.
I need some more coffee. David.
[00:00:39] Speaker B: It's too early.
[00:00:40] Speaker A: Good morning, David. How are you? Good morning.
[00:00:41] Speaker B: How are you?
[00:00:42] Speaker A: All right, so there's been something I've been wanting to ask you since getting to know you, but I've waited to ask you while we're on air. For this, you wear the most bright, colorful shirts that are like Hawaiian Disney.
Has this been a trend for you? For where does this come from in you?
[00:01:05] Speaker B: So my good friend Kent Hathaway, he introduced me to this brand, Roosevelt's brand.
[00:01:13] Speaker A: Okay.
[00:01:14] Speaker B: And they make great shirts.
Like you said, disney. They have lots of other Star wars.
They have their own designs. It's a. They're very soft and comfortable.
[00:01:27] Speaker A: Well, that makes you nice to hug. And I'll connect the dots for some of our listeners. Ken Hathaway is Becky, Ivan's son in law. So there's the connect the dots there for our listeners. So this morning we're going to be talking about kind of a hodgepodge of stuff. We've. We've got several stuff we need to talk through. And listener, we'd love for you to be a part of the conversation. The number to call in is 405840 1004. 05840 1000. Because we're gonna be talking about the state fair. We've got second half expo coming up. We're gonna talk about some probate, what that means, and some think some stories along that. But I want to start with an article that I read from. It's a article from a online real estate called Benzinga, who was referencing a zillow article from five years ago. Everybody's familiar with Zillow. Five years ago, Zillow predicted there would be a silver tsunami.
And what they meant by that was they said that 27% of homes would be on the market by the year 2030. Something like, because baby boomers are going to be selling their homes like hotcakes.
[00:02:44] Speaker C: Well, and I wonder why is it flooding the market then?
[00:02:48] Speaker A: Yeah, so that was the prediction. And then the article is saying, that is not what's happening.
[00:02:55] Speaker C: Okay.
[00:02:56] Speaker A: So you baby boomers, that are listening. Here's my challenge to you. I'd love for some of you to call in, because what they're talking about is the biggest number of baby boomers are not planning on moving anytime soon.
So previous generations, when they've gotten to the age of where the baby boomers are at right now, there's been this big move. You know, it's been major downsizing, moving into retirement communities, the old, moving into Florida or Arizona, patio homes. Right, right. Moving to North Dakota for the weather, something like that. There's been all sorts of different, you know, they have reasons, but baby, these baby boomers are not moving and have no plans to move.
[00:03:43] Speaker C: You know, that kind of makes sense because my mom and dad have been in their house forever. My uncle Jeff, he's been in his house forever. David, your mom and dad, they're not moving, right?
[00:03:56] Speaker A: Absolutely. So I think all of us are Gen Xers, so all parents are baby boomers. So, Mike, you're also in the same, we're all the same, same page together.
[00:04:07] Speaker D: Technically, my father was born during the war, but he's.
[00:04:11] Speaker A: And so he's right on the edge of silent generation and baby boomers.
[00:04:15] Speaker D: Yeah. Yeah. But he's not moving.
[00:04:18] Speaker C: Isn't that interesting?
[00:04:20] Speaker A: That's it. You know, my mom has a nice little house on, on a golf course in Fort Wayne, Indiana, little small thing, and she has no plans to move, you know, ever. Like it's, she's set with where she's at unless she has to.
[00:04:38] Speaker D: My mother's older brother, who was a baby boomer, he lived with Parkinson's for 15 years. He never left the house. I mean, I mean, he stayed at the house. They did hospice care and everything there in those last stages.
[00:04:53] Speaker A: Yeah.
[00:04:53] Speaker D: So he didn't move.
[00:04:55] Speaker A: All right, so here's my question, you listeners, are you, if you're in the baby boom generation, are you planning on moving in the next five years? Why or why not? Call in, talk to us. We'd love to hear from you. About the number to call in is 405840 1000. So here is where it is. Making a difference in our market is, so we had a huge increase in our market where prices went up. Everybody's talked about it.
All of a sudden, what used to be the $200,000 house is now the $300,000 house easy. Yeah. During that time of escalation, whole bunch of predictions that, oh, prices are going to just collapse after this when interest rates go back up and they're back up to actually a normal range of 7% and there was this prediction, oh, it's going to be like 2008, and prices are just going to crash down. But that's not what's happening.
[00:05:52] Speaker C: Yeah, they haven't. Yeah, they haven't at all. And I think in Oklahoma, we have to remember that, you know, just a few years back, you could go buy a home for 100,000, and it was perfectly livable.
[00:06:04] Speaker A: Right.
[00:06:04] Speaker C: It was a cute little two bedroom, one bath home. It had been well maintained, and you could just move right in. And that's not the case anymore, because now $100,000 is getting you a shell. I mean, and it's a rough shell.
[00:06:20] Speaker A: It's a rough. Right. There are still pockets and little places where you can buy a home in Oklahoma for 100,000. Yeah, but it is not far between. Yes, it is not 100,000. That was five years ago.
[00:06:39] Speaker C: That's right.
[00:06:40] Speaker A: Six years ago.
[00:06:41] Speaker C: And we never had that big boom here. I mean, as long as I was in real estate, we didn't. So when Covid happened, and then the boom kind of happened here for our price range, I think a lot of people that contributed to that were the investors. Out of state investors.
[00:07:00] Speaker A: Right, right. There was a. There was a lot of out of state investors who saw, hey, their prices in Oklahoma are very reasonable. I will invest my money. They are a great place to invest it.
[00:07:11] Speaker C: And the rent made sense, too.
[00:07:13] Speaker A: Right? Right. Yep. They could do that. So what's happened is inventory is driving all this, is that it just remains that if it goes by, you know, one neighborhood to another neighborhood, which is what it should be, real estate, you know, it just depends on the area, the old location. Location, location and supply and demand. And there is not a wave of homes that have come on the market because people aren't moving unless they have to. And what it's doing is prices continue to go up in some. In popular neighborhoods, prices are continuing to go up in unpopular neighborhoods. Prices are drifting down. They're not collapsing.
[00:08:00] Speaker C: No, they're not collapsing at all, but.
[00:08:01] Speaker A: They'Re drifting down as normal.
[00:08:04] Speaker C: That's right.
[00:08:05] Speaker A: And a lot of other places, they're holding steady. Tom, we have Tom on the line. Good morning, Tom.
Hi.
[00:08:11] Speaker E: Good morning, guys.
[00:08:12] Speaker C: Good morning.
[00:08:14] Speaker A: What you got for us, Tom, about.
[00:08:18] Speaker E: Your boomer that you're talking about this morning, currently 69 years old, live near Lake Hefner in the city.
[00:08:25] Speaker A: Yeah.
[00:08:26] Speaker E: And bought my home 20 years ago as I was about to retire from civil service.
And I bought it with the intention of being my retirement home. So also, I paid two and a quarter for a house in a neighborhood that houses are appraising at half a million. In fact, there's one house in my neighborhood at 900,000. I don't know how, I don't know how I could afford to sell my house and buy one, especially at the 3% loan that I've got.
[00:09:01] Speaker C: And true statement, right.
[00:09:03] Speaker A: That's exactly. And so, Tom, you're just set with where you're at, correct? Right.
[00:09:10] Speaker E: That's right.
[00:09:12] Speaker A: That's a great thing. Thanks, Tom, for calling in. And that's what we're hearing from just a lot of the baby boomers going, why, I'm at a, I'm at a two or 3% interest rate. If I bought, I would have to do, you know, 7%.
Why? Why I'm sticking where I am.
[00:09:30] Speaker C: Well, and I also think that the, the way that they possibly could move would be if they had enough equity or they had their loan almost paid off, and then they can pull out that cash, and then at that point, you may be able to downsize a little bit, but it's tough.
[00:09:45] Speaker A: And I will tell you, listen to one of the weirdest things right before the break here that has come about is that when rates were so low and everything was competitive, we had cash offers coming in.
[00:09:57] Speaker C: Oh, absolutely.
[00:09:58] Speaker A: Out the wazoo was coming in just all the time. And now that interest rates are higher, all of a sudden we don't have cash offer.
[00:10:07] Speaker C: And it's weird, weird, weird.
[00:10:09] Speaker A: Stranger things are happening. We'll be right back. Right here in Oklahoma real estate on the move.
Welcome back to Oklahoma Real Estate on the move. We are talking about kind of a plethora of items this morning, but the first one is this article that talked about the silver tsunami that is not happening. That was predicted that baby boomers would be moving and there would be just a, just a ton of homes on the market, and baby boomers are taking or kind of sticking around where they are. So if you are a part of that baby boomer generation, we'd love to hear from you. You can join the conversation at 405840 1000. Are you planning to move in the next five years? Why or why not? Be really interested to hear, hear from that.
One of the, Jenny, one of the statistics here was that the baby boomers, 64% of them, paid less than 100. 100,000 for their first home.
[00:11:16] Speaker C: Oh, yeah.
[00:11:17] Speaker A: 50% of them paid less than 75,000 for their first home.
[00:11:22] Speaker C: Well, I mean, I remember when my grandparents passed away. I think my, my dad's side of the family sold the home for maybe 38,000, and they were happy to get it. And I was still much younger at the time. Two bedroom, one bedroom bathhouse off of 63rd in May. Yeah, they're nowhere near that now.
[00:11:42] Speaker A: Oh, no. Well, and you think about that, that's a national statistic, not just an Oklahoma one. So it takes in and, you know, most of the, and we've told our listeners over and over again that most of the time when you hear national articles or national reports about real estate, they're really talking about both coasts. Like the majority of the time it is about the east coast or the west coast and often does not apply to real estate. Here in Oklahoma, we're a little bit different.
[00:12:14] Speaker C: They forget about us, but we're in the middle.
[00:12:17] Speaker A: That's right. That's right.
I. One of the things occurring is the mortgage rates have been kind of just inching down. If people haven't, and I haven't heard a whole bunch of talk about this on news articles or anything like that, but this last Friday, the interest rate was sitting at 6.5%. On Thursday of this. Last week it dipped to 6.375.
[00:12:47] Speaker C: And, David, when did you say that they meet?
On the 17th to talk about lowering it again?
[00:12:53] Speaker A: Yeah, 17th.
[00:12:55] Speaker B: I've been watching it, and it was going down .02% every day. And that'll add up.
[00:13:01] Speaker A: Yeah, absolutely it will. We have Jerry on the line this morning. Good morning, Jerry.
[00:13:06] Speaker F: Good morning.
I'm 76, and I get becky's reports when she sends out the values of my home. It's covered around 410, and it stayed for, and I feel so lucky to one of the best investments I've got. I get to live in it and enjoy it, you know, every day. It's not like, you know, don't get excited about, I mean, I do get excited about looking at my investments, but, I mean, it's not like being able to live in, you know, house that, you know, basically built with everything I wanted in it. And it's just my wife passed away last year, and so it's just me. But when I looked at, you know, downsizing, the houses that were 1718 hundred square feet were 300,000, you know. And here this one's about all the bells and whistles and backed up to a pond. Big pond. And, you know, the only thing I would possibly be able to really save any money would be if it was lower taxes and insurance. I mean, this one's paid for. There's really no reason to other than that. So I've been listening to Becky since I was in my thirties. And I'm 76 now, so.
Big fan of Becky's for a long time.
[00:14:35] Speaker A: That's.
[00:14:35] Speaker F: That's.
[00:14:36] Speaker A: That's great, Jerry.
[00:14:38] Speaker F: That's why I'm not moving.
[00:14:39] Speaker C: But these are all valid reasons.
[00:14:41] Speaker A: Absolutely. Absolutely right. Like, so. And, Jerry, I had a conversation with. I had someone basically very similar in situation. Who called us out. Who was thinking about possibly moving to be closer to a friend.
And after having the conversation, it was. You'd be spending $20 to $30,000. To make that move 3 miles away.
Is that worth it? You and your friend can go on a fantastic cruise and just enjoy life.
[00:15:15] Speaker C: That's right.
[00:15:16] Speaker A: And, like, my job is just to tell you the facts. I can't tell you what the right decision is, but, you know, this may not be the time for you to move, and we'll help you when the time's right.
So thank you, Jerry.
[00:15:30] Speaker F: Well, you bet. Thank you, guys.
[00:15:32] Speaker A: All right. Have a good day.
So this. The feeling that we. I know a lot of people had was that as soon as the interest rate got into the sixes, everything would magically, you know, people would start to move.
[00:15:47] Speaker C: Well, and it still is a good interest rate.
[00:15:50] Speaker A: So this is. And I had a. Had a conversation with a high school friend this past week that, um. Because they were ranting and raving a little bit about, man, life was good. When interest rates were two and 3%, I said, well, if you were the one allowing someone else to use your money to buy a house, which you can see, would you want two to 3% return?
Well, no.
Yeah. Two to 3% is actually not good for the economy. Because investors quit investing in mortgages because they would choose to poo. You can put your money safely somewhere else at 5% with little risk and.
[00:16:33] Speaker C: Get a better return.
[00:16:34] Speaker A: Right. Absolutely. Or good more risk for nine to ten. That's just the way. So interest rates. We've talked about this before. If you take each decade over the last hundred years, the average is just above 7%.
That's the average interest rate over the.
[00:16:51] Speaker C: Well, it was 7.5 when I got into it.
[00:16:54] Speaker A: Right. It seems there's times as more. There's times as less. And that seems to be kind of the place that the market says investors are happy, buyers are happy, and everybody can live their dream that they're wanting to live. So that seems to be. And that's a kind of just want to get it out there that around. If it's around seven, that's kind of pretty normal.
[00:17:20] Speaker C: Yes.
[00:17:20] Speaker A: That's typical. Right. With it. So, um. So we want to talk about that. You know, what's happening is a lot of homeowners then are staying in their homes, um, not making that final move.
And then all of a sudden, a family member passes away, and they're shocked or they're surprised, or they don't know what to do with the real estate.
[00:17:43] Speaker C: They don't know what to do.
[00:17:44] Speaker A: Yeah. Jenny, how do you help them?
[00:17:45] Speaker C: Well, I mean, one, none of us are going to cheat death. We know that. But what I do realize is that there are a lot of people out there that are not prepared, and they don't have a will, or their home that's paid for is not set up in a trust. And then when they pass away, the. It's like you said, the family members are shocked. They have no clue, no direction. I will tell you this. This happens more often than not. They call you, they want you to sell the house, and they don't even realize that it needs to go through probate. And when probate happens, it is not a fast event. If you have the best probate attorney, you. I think the soonest I've ever seen one was four months, usually about a year, four months to a year. And there's a lot of steps that are involved. And I would strongly suggest that you meet up with an attorney now, because if your home is set up in a trust, you don't have to go through probate. If you have a will lined up, and these are, of course, legal questions. I am not an attorney. I'm putting that out there now. But if you have a will, it at least will specify what your wishes are and when you're going through probate. Things that people don't, you know, remember is that you also have to advertise in the paper. Does anybody have a legal right to any of the proceeds? Are there family members out there that don't know that you've passed away?
[00:19:19] Speaker A: There are things that happen in probate that can just make things go squirrelly sometimes.
[00:19:26] Speaker C: Yeah, that's right. So I do have a funny story, if we have enough time to tell it all. I had some friends of mine that bought a home, great home, but the person that owned the home had been murdered. That happens. And they still. And he was murdered in the house, and he. They still love the house. They wanted the house, but now we had a house that was going through probate. So as it was, he didn't have a will, no trust. They had to wait through the probate. We had family members that didn't know what to do. It was kind of drawn out. We thought we were getting ready to close. Surprise.
30 days needs to be filed in the paper. So then we had to wait for the 30 days in the paper. And as we were waiting for the 30 days in the paper.
[00:20:21] Speaker A: Hang on. Stop. We gotta hit the news. So we're gonna have to have the rest of this story when we come back. Right here in Oklahoma real estate on the move.
Welcome back to Oklahoma Real estate on the move. This is Mark Carr, team member of the Becky Ivins movers real estate team with here with brokers Jenny Witten and David Dabrowski. And it is time for our word of the day.
Our word of the day is brought to you by Robbins roofing, where their word every day is trust. You can trust robbins roofing from a small repair to complete replacement. Give him a call at seven two eight 3700. That's 405-728-3700 jenny, what's our word of the day?
[00:21:25] Speaker C: Our word of the day is probate. Probate is the judicial process whereby a will is proved in a court of law and except accepted as a valid public document. That is the true last statement of the deceased.
[00:21:42] Speaker A: There's probate brought to you by Robbins roofing. So we were in the midst of a story that you were telling that the news broke into about probate.
[00:21:50] Speaker C: It is about probate. So we were talking about this. This house and my clients that were under contract and going through this house was going through probate and they thought they were ready to close, but then, oh, they didn't even file the 30 days in the paper and they had to go ahead and see if there were any other creditors that were involved and if they had claim to it. And in the middle of all of that, they ended up getting another offer on the house. And it was ironically, by an attorney. And he goes, and I want rights. And I know I can also submit an offer. My poor buyers are in a state of panic. But the. The attorney's girlfriend ended up saying, no, I'm not.
And in my new podcast, I explore.
[00:22:42] Speaker A: Our differences and our similarities and trailblazers the same.
There we go.
All right.
[00:22:52] Speaker C: Hey, we're live.
[00:22:53] Speaker A: It's probably ghost from that house.
[00:22:55] Speaker C: So. That's right. That's why the other buyer did not want to move in. And so they ended up getting through that. But then at the last second, somebody went ahead and added a bill onto it, which then did not have this house. This house was at a break even point. So then it turned into a possible short sale along with the probate.
[00:23:18] Speaker A: Oh, wow.
[00:23:19] Speaker C: Thank goodness they had an attorney. And the attorney ended up working through it and making the second party that had rights basically kind of zero it out so they can actually close because the bank was not budging. They were not going to take a dime less. And it was just an interesting deal. It was probably one of the most complex deals that I ever did. And these were my really good friends at the time, so there was a lot of crying involved. I felt horrible for them, but ultimately they got the house.
[00:23:52] Speaker A: You said friends at the time. This didn't ruin your friendship?
[00:23:54] Speaker C: Oh, no, didn't ruin my friendship. I'm sorry. They have since moved. They are my retired couple that I was telling you over the break. And they went to Florida and they are not baby boomers.
[00:24:05] Speaker A: So they made the move early to Florida.
[00:24:07] Speaker C: That's right.
[00:24:07] Speaker A: Yeah. So, you know, there's today we're just talking about kind of, kind of hodgepodge of things. And if you want to join the conversation, the number to call in is 405840 1405. Eight, 40, 1000. And, you know, you bring up something in that deal that happens often is when something tragic has happened in a home. Do you have to disclose it?
[00:24:32] Speaker C: So you don't have to disclose it unless they ask.
[00:24:36] Speaker A: Yeah.
[00:24:36] Speaker C: And a lot of people are shocked by them.
[00:24:39] Speaker A: You don't have to.
[00:24:39] Speaker C: You don't have to.
[00:24:40] Speaker A: Yeah. And so what, what we do is that if, if I have a buyer and I've only had one or two that have been like this, who goes, you know, that they, they really want to know if something has occurred within the house that the sellers know about is they put it, I say, well, if you put it down in writing.
[00:24:56] Speaker C: That's right.
[00:24:56] Speaker A: I will submit that in writing to the seller. They're under no obligation in Oklahoma to answer that question.
And then you just go from there.
[00:25:06] Speaker C: Well, a lot of it you can find online if something happened.
[00:25:09] Speaker A: Yeah, that's what I tell people that if you really want to know.
[00:25:13] Speaker C: That's right.
[00:25:14] Speaker A: Just google it. If you don't want to know, don't google it.
[00:25:17] Speaker C: Well, I know, and unfortunately, that story absolutely was on the news.
[00:25:21] Speaker A: Yeah.
[00:25:22] Speaker C: I did not want to look at it.
[00:25:23] Speaker A: Don't want to know with that. So what, what are things that, that people get surprised when it comes to? Probably you talked about that with probate. What are other things that people kind of get surprised when dealing with real estate?
[00:25:38] Speaker C: Well, I, I think whenever it comes to what we're talking about, I think the biggest thing is just the length of time. They just think it's so easy for you to come in, oh, sell it. I'm gonna. I'm gonna get this money and be done with it. And I cannot stress enough, because if you think, oh, my kids will handle it, do not count on that, because we have another story that. That we watched this house in the neighborhood deteriorate and almost went to tax sale because the kids just had their. They had their blinders on.
[00:26:12] Speaker A: Yeah.
[00:26:12] Speaker C: And they ignored it. And they. It was basically abandoned by the time, you know, they were done with it. And they could have gotten so much more money for it. And it just. It's sad. Don't. Don't leave it for the kids. Thinking that they can handle it is the biggest thing that I can stress to you.
[00:26:31] Speaker A: Yeah. And if this is something that is very listener you're really interested in, so you can go to the podcast version of the show Oklahoma real estate on the move. You can do it from anywhere that you subscribe to. Podcast, iTunes, Spotify, I heart media app. And we've had several segments that we've done with Ron Shalotte, who. It talks about wills and talks about probate, talks about trust, talks about all those things. And very. So go in research. You can listen to all the past shows if you'd like to. It may help you sleep at some point in time. So we'd like to be helpful in any way possible.
But one of the things I know what happens often in this or occasionally in this is that people will create a trust but forget to put the real estate within the trust.
[00:27:23] Speaker C: Oh, my gosh, we want to do that. Yeah, you definitely want to do it.
[00:27:27] Speaker A: This is. And so they come to probate thinking they have every, you know, everything's going to be in a trust, and the property itself, not added, is not in the trust. Yeah. And then they find out who has the ability to make a decision.
[00:27:42] Speaker C: Yes.
[00:27:43] Speaker A: That's the one. That's one of the ones that comes.
[00:27:45] Speaker C: Into, well, you have to deed it over to the trust. And. And that is not. That is not expensive. That is something, you know, you're talking a $13 filing fee to deed something over. But I have also watched some other clients of my past, and I didn't. Didn't realize this until a couple of years ago, that you can also do a deed upon death, which. That is a very cheap option if you don't want to get the attorney involved, if you don't want to set up a trust, which I always suggest that you do that. If you can do that, talk with an attorney. Yeah, but I didn't realize that you could deed upon death to an heir. And I have now seen two situations in the last couple of years that that was what they did.
[00:28:33] Speaker A: So we start off the show talking about baby boomers staying in place, and we would still love to hear from you. If you are a baby boomer, are you thinking about moving in the next five years? Are you staying put and why? This is a curious. So the, the cause there should be a huge wave of houses on the market that just aren't there. And it's kept our prices up. And it was, and it was a, and so what's happening is baby boomers are staying in place.
[00:29:08] Speaker C: Well, and I think that this is the kind of move that I, that I would say they should consider if, like our caller earlier, you know, he has $400,000 home that has equity. If you really want to downsize, you know, you guys mentioned last week you have the perfect home that they could do that with. Would be something that's in a lower price point, that has a smaller yard. The HOA is managing the yard. You're in a safe community. Those communities are out there. And I do encourage you, if you are looking for less maintenance, maintenance, to go ahead and do an option like that. That, yeah, that is where I'm thinking, downsizing for the boomers, that is.
[00:29:53] Speaker A: And one of the little category of homes in Oklahoma that is still very difficult to purchase. You have to be ready to move is a small gated community between 200 and 350,000. Those there's. It's really between 250 and 350,000.
[00:30:16] Speaker C: That's right.
[00:30:17] Speaker A: That price range, they go like hotcakes.
[00:30:21] Speaker C: They do.
[00:30:22] Speaker A: And it is.
And it's that little small niche. It's a fantastic. If I was a builder, that'd be what I would be building.
[00:30:32] Speaker C: I know. And you don't see a lot of them doing that. Right? They're not, and they should, because here we're talking about this huge market that we have. But then we're also saying, why aren't they moving? But maybe it's because we don't have the options that they need right now.
[00:30:45] Speaker A: Well, in that part of going, you know, someone like Jerry who called in says 400,000, well, if he could buy a little gated community at 275,000, it.
[00:30:56] Speaker C: Has the bells and whistles. Nobody wants to move into something basic. So builders of you out there listening, this is probably a market that you may want to consider this would be.
[00:31:05] Speaker A: Where I would be going to with it.
So when it comes to people who are thinking about kind of that, all right, I'm staying where I'm at, but I want to be, I don't want to put my family in a bad situation or heart. So what would you recommend to them to do so they can be ready?
[00:31:32] Speaker C: I think the very first thing that you need to be doing if you want to prepare for your kids is going through your belongings. What do I need to live with now? What has been in the attic for ten years that I have never touched? You know, maybe you consider an estate sale to get rid of some of the belongings or even a good old fashioned garage sale. I know a lot of us don't like to do that, but you can also donate things to Habitat for Humanity. I would definitely say start to declutter for them, ask what's important to them. I think a lot of people will be shocked that maybe their child, what is important to them really is only in a box. It's not your house. You know, it's literally the size of one box. I would encourage you to reach out to your family and ask those questions.
[00:32:25] Speaker A: Now the getting, the clutter that we all have around with that. So when we come back, we'll have your smoking hot deal right here in Oklahoma real estate on the move.
Welcome back to Oklahoma Real Estate on the move. It is time for our smoking hot dealing. Hot, hot.
Oh, no.
Our smoking ideas brought you by Cossapur Preco Mexican grill located on 63rd just west of Meridian at 505 East Main street in Yukon and on May Avenue just north of Hefner Road. This week our smoking hot deal is at 12600 North Rockwell Avenue. We teased it last week, but it is on the market live this week. It is a standalone home, but it's a condominium, right? Correct my saying that correct, David?
[00:33:29] Speaker B: Yes.
[00:33:29] Speaker A: Yeah.
[00:33:30] Speaker B: It says they're condos because they're all individuals.
[00:33:33] Speaker A: Right. They're individual homes, but it's a condo association as part of it. And it is a two bedroom, two bath, 14 40 sqft listed at 245,000. Fantastic.
[00:33:46] Speaker C: I mean, kind of goes with what we're talking, right?
[00:33:49] Speaker A: It goes exactly with what we're talking about.
The, I believe the yards are maintained with that one. Is that correct? Yeah. It's part of the hoa, pool. Yes. Maintenance and pool.
[00:34:00] Speaker B: And it has a storm shelter, beautiful neighborhood.
[00:34:03] Speaker A: If you want to take a look at that virtually you can go to Becky ivins.com bckyivins.com. click on search listings, you'll see it. You can take a virtual tour through it, or you can call us at the office at 405-722-3232 and we'd love to show it to you in person. So that is our smoking hot deal brought to you by Casa Perico.
All right, so, Jenny, there's a few things we want to talk about here. At the end of this one, there is confusion about the buyer brokerage agreement that's out there.
[00:34:38] Speaker C: Absolutely. Well, and I'm laughing, not laughing, but, you know, finding it ironic because I guess in our industry that's all we've heard. And the news just keeps blasting it and big changes in real estate. But I have already had a couple of people that I've gone out and shown property to. They have never even heard of this. So I think we still need to go ahead and keep addressing it, explaining what it is. Explaining to people that if you want to see a house, you have to sign this agreement before we can open the door. It is a $2,500 fine for us if we get caught opening the door and not having a signed brokerage agreement by a brokerage agreement. And so we are trying very hard to take this seriously and be in compliance with Oklahoma real estate commission. But they're not understanding why. And I get it.
[00:35:33] Speaker A: Yeah. Right. So there are, there is certain buyers who just want to call random, like any house that's listed, I want to call that.
[00:35:43] Speaker C: That's right.
[00:35:44] Speaker A: That number. And I just want someone to come open the door. I don't want to commit to you as a buyer.
[00:35:49] Speaker C: That's right.
[00:35:49] Speaker A: I just want you to open the door so I can see this house. Well, the new rules don't allow that.
[00:35:56] Speaker C: No, we cannot do it. And then you are going to sign a form that states what we feel we're worth and what we will do that transaction for. So. And, you know, it is negotiable. That is, it's always been negotiable. But the, you know, some family members may get a better deal. It's going to depend on who your realtor is.
[00:36:19] Speaker A: Yeah.
[00:36:19] Speaker C: And we all know what the standard, you know, commission is. We won't say that, but it's still negotiable. And, but if you were to call a company, right. You're going to have to sign that form stating that you will pay that and then it will be negotiated in the contract. So they have to keep that in mind. We never used to see on the residential side commission talked about in the contract, it was only on the commercial side.
[00:36:43] Speaker A: Right.
[00:36:44] Speaker C: And now it's being talked about.
[00:36:46] Speaker A: And I'm just going to tell you, this is a little bit of inside baseball, but that frustrates me to no end that, because as a, as a realtor, it now makes you a party to the contract.
[00:36:57] Speaker C: It does.
[00:36:58] Speaker A: Which we were not a party to the contract. Our name is not on the contract. Contract is between the buyer and seller only.
[00:37:06] Speaker C: That's right. I.
[00:37:07] Speaker A: And we provide services and now we are a part of that contract.
[00:37:13] Speaker C: I just don't see how they're not gonna go back to agency. They have, they'd have to.
[00:37:17] Speaker A: They have to. That's the part that then it's in conflict because in Oklahoma, we don't have a law of agency, which law of agency is kind of what governs. For example, a lawyer who is, you know, speaks on behalf of their clients.
[00:37:31] Speaker C: That's right.
[00:37:33] Speaker A: Realtors don't speak on behalf of their clients.
[00:37:36] Speaker C: Some of them think they do.
[00:37:37] Speaker A: An Oklahoma, there is often that people think they do or think they should, but in reality, the law says we can't. We shouldn't.
[00:37:46] Speaker C: Right.
[00:37:48] Speaker A: The clients speak.
We can relay what a client has said, but we have no power to make any decision that's right for a client. Nor should we.
[00:37:59] Speaker C: Well, and I feel like, I mean, we've said this for the last few weeks, so I don't want us to think that we're drilling it in, but I just want to get it out there for the people that haven't heard. You know, it's something that we, we have to do now at this point. And, you know, it's like you said when you're signing a form that, okay, well, you're my realtor now. I expect you to do everything for me, fight for me. And we always want to, you know, you always want to do what's best for them, but I just don't see how you can do it with what we have now there. I really think they're going to probably end up addressing this next year and changing it. I don't see how they can't.
[00:38:37] Speaker A: They have to in some way.
But, you know, a lot of the national news that's projected, this is how, this is just such great news for buyers and. But in reality, that buyers are frustrated because of the constraints that has created.
[00:38:59] Speaker C: That's right.
[00:39:00] Speaker A: So.
[00:39:00] Speaker C: And don't you think, David, that maybe this is, it almost feels like sometimes that there isn't as much negotiation as what it, what was before.
[00:39:11] Speaker B: Yeah.
When you read it, it's, it's confusing, but it actually, it's gonna make everybody just do the old flat. No, no, you know, expect their fees.
[00:39:24] Speaker C: Here's my form I submit. Here's what I'll do it for. Yes.
[00:39:28] Speaker A: Right. Yeah, that is exactly. I think it's having the opposite effect to what.
[00:39:32] Speaker C: Yes. What it was intended.
[00:39:33] Speaker A: What is intended to have. Because it was created the, you know, the MLS was created that it was really clear what commissions were being offered.
[00:39:44] Speaker C: Very clear.
[00:39:45] Speaker A: And now it's taken off and they've made it easier to collude.
[00:39:51] Speaker C: That's right. I completely agree.
[00:39:53] Speaker A: Just is ridiculous.
[00:39:55] Speaker B: Freely and try to communicate and negotiate because now you're locked into this piece of paper.
[00:40:01] Speaker C: Right.
[00:40:02] Speaker A: But what it has pushing is that realtors are having to do what they used to do, which is talk to each other about commission.
[00:40:13] Speaker C: I know.
[00:40:14] Speaker A: And that is what led to so many underhanded under the table deals that created that you had to put it on paper when you were listing a house. Exactly what people, everybody, what the seller was offering. And so I think in a year or two we'll be right back to there because this is create, we have created an environment for collusion to occur to. And when you create that environment, people have shown how much we can be people and do that unfortunately. All right, let's hit the last of this. We have lots of stuff happening. Oklahoma State Fair is started off, you guys fair. Do you go to the fair?
[00:40:56] Speaker C: I haven't been in a few years. I know we need to go. I think it's food allergies that's kept me away for the last couple of years. But oh my gosh, I am a sucker for a corn dog.
[00:41:09] Speaker A: I see. And you know, I am not a huge fair food person. No. Nope, nope. It's not my, not my thing. But I love going and seeing the giant, like the pumpkins type stuff.
[00:41:22] Speaker C: Like, oh, I like the pumpkin stuff going on this week.
[00:41:26] Speaker A: I love that stuff. Yeah.
[00:41:28] Speaker C: So I had a whole list I was looking through and I think the pumpkin contest was on there. They have things going on every hour out there that some of the stuff I really wasn't even aware of. There's an animal contest that's going out there. Not there's cows and the horses and all that, the judging, but there was one for kids that like races and stuff with goats and pigs and that's fine. Yes, my son would love that right now.
[00:41:57] Speaker A: So very cute. We want to also make you aware of an event that's coming up on October 19 is the second half expo kind of goes with what we've been talking about today. And it is going to be at the Western Heritage Museum, I'd say Cowboy hall of Fame. That's what it always is to me.
[00:42:18] Speaker C: Well, what does that include?
[00:42:20] Speaker A: So it is, they will have an expo, they'll have a lot of workshops about like financing, lots of medical and health and a lot of our retirement communities. And those come in and bring, and bring presentation, lots about health, lots about things that affect all seniors of all kind. And it is a wonderful, you can go to secondhalfexpo.com to take a look at that. So thank you. Special things to our callers that called in. We hope that you have a great week. We look forward to seeing you next week right here in Oklahoma. Real estate on the move.
May each day in the week be a good day.
May the Lord always watch over you, and may all of your hopes turn to wishes, and may all of your wishes come true.
May each day in the month.
