Episode 14 - Diamond in the Rough: Home Buying with Renovation Loans
Episode 14 (the one with all the music in the background - thanks @hightoppsbackstagegrille!):
In The Rundown, Michael and Brad highlight the latest mortgage news and real estate market stats. Michael makes his next prediction for where interest rates are headed. Brad reviews the March year-over-year plus the last 7 days of real estate market activity and how the market is trending.
In The Scoop, we talk about how home buyers may be able to compete a little better in this highly competitive market by considering a "Diamond in the Rough" versus an HGTV-ready home. It's all about home renovation loans!
In this week's The Unreal, we talk about an article in The Basis Point that says 15 million households that are earning $100K or more are living paycheck to paycheck.
In The Spotlight we feature The Corner Stable! A Maryland institution since 1972, The Corner Stable features some of the best BBQ in town (one word - RIBS), plus crabcakes, burgers, sandwiches, and more. Don't plan to eat light, but do plan to have a great meal and a great time. They have two great locations - Cockeysville and Kings Contrivance (in Columbia). Call them at (410) 666-8722. They're on Facebook (https://www.facebook.com/TheCornerStableCockeysville) or find them on the web at cornerstable.com. Check them out!
Episode Highlights
- Our incredibly high audio production budget did not allow for us to remove the music in the background that started toward the end of the episode. Tried to figure it out, but no dice. So when you hear the music, just smile and nod and know that we understand mortgages and real estate, and not so much audio engineering....
- Another episode where if you don't count the music, we hit our goal to be under 60 minutes!
- [00:00:30] Michael Adjective #1
- [00:01:05] It's not the heat; it's the humidity
- [00:01:45] What do you call people who live in Seattle?
- [00:04:10] Brad's waiting on word on a competitive offer (OUR BUYERS WON!)
- [00:06:00] THE RUNDOWN (Mortgages)
- [00:10:25] Shoutout to @logan_mohtashami from Housing Wire
- [00:11:50] THE RUNDOWN (Real Estate)
- [00:12:53] Baltimore Metro March year-over-year median sales price down for the first time since 2018 (by 1.5%) - not a trend, but we'll watch it
- [00:14:47] Theory on reduced showing volume
- [00:17:17] Don't listen to social media doomsday prophets
- [00:20:59] Michael Adjective #2
- [00:21:16] THE SCOOP (Home Buying with Renovation Loans)
- [00:22:57] A great way to compete against the investor buyer
- [00:25:18] What does a renovation loan allow you to do?
- [00:30:10] Timeframe requirements for renovation loans
- [00:31:22] Including the first few months of mortgage payments in the loan (in case you can't move in right away)
- [00:34:50] Types of renovations you can make
- [00:38:20] One of the best uses of a renovation loan - accessibility mods
- [00:40:06] Limits on how much you can borrow
- [00:41:20] How the renovation loan process works
- [00:47:30] Michael Adjective #3
- [00:48:47] THE UNREAL
- Article from The Basis Point: 15m six figure income earners live paycheck to paycheck. Can they afford homes?
- [00:55:32] Aaaaaaand...the background music begins (sorry about that, folks!)
- [00:56:39] THE SPOTLIGHT
- The Corner Stable!
- [00:59:50] Final thoughts (Pretty much under an hour again!)
- Next episode: Lemonade from Lemons: Renovating Your Home Before Selling
Hosts
Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
Links
Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod
