2026 Feb Market Update — Transcript

Full transcript

1. 0:00Boy, things have a way of repeating
2. 0:02themselves, don't they? Hi, I'm Jim
3. 0:04Allison with Dunes Realy. Back in 2002,
4. 0:08three, four, and five, our market was
5. 0:10absolutely bananas. We were dealing with
6. 0:13signature only loans, adjustable rate
7. 0:16mortgages, which adjustable rate
8. 0:17mortgage is a good product. It just back
9. 0:20then you didn't have to prove who you
10. 0:21were or how much you wanted. Just uh
11. 0:24signed the contract and away you went.
12. 0:26Everybody got smart and savvy at the end
13. 0:28of 2005. The banks weren't doing this
14. 0:31anymore. The bad guys were getting out
15. 0:34of the market and some of them went to
16. 0:36jail. But bottom line, the market
17. 0:38collapsed. And as it was collapsing,
18. 0:40went through a plateau period. During
19. 0:42the plateau period, we had sellers that
20. 0:45wanted to sell and all they wanted to
21. 0:47get was what their neighbors sold for
22. 0:48the year prior. But the market didn't
23. 0:50care. Buyers were not interested in
24. 0:53anything other than paying their home
25. 0:55loan and keeping their kids in school
26. 0:57and that sort of thing. Jump forward to
27. 0:592019. COVID hit. Things went through the
28. 1:02roof. Excuse me. 21, 22, and 23. The
29. 1:06market went bananas and crusted in 2023.
30. 1:09We hit them. We hit the peak. That's all
31. 1:11there was to it. And we've come down
32. 1:13about 10%. So, we're still way above
33. 1:16where we were in 2019. Way above it
34. 1:19because of CO. Buyers are looking for
35. 1:22deals right now. They want foreclosures.
36. 1:24They do not exist. People are not in a
37. 1:26in a bad way because they have so much
38. 1:28equity. Either it's equity because they
39. 1:30paid down, bought it for cash, or they
40. 1:33did 50% loan, 60% loan, something like
41. 1:36that. My point is, we're repeating
42. 1:39exactly what happened. The seller wants
43. 1:42more, the buyer wants less. It's human
44. 1:45nature. That's how we're wired. The
45. 1:47condominium market is starting to
46. 1:48stabilize where the prices have come
47. 1:50back a little bit. The sellers have
48. 1:52renovated. So, they're giving the buyer
49. 1:55a value for their dollar. The houses are
50. 1:58a little bit different. The housing
51. 2:00market, especially with vacation
52. 2:01rentals, is very tight right now. And
53. 2:04we're dealing exactly with that
54. 2:05condition where the seller wants what
55. 2:07his neighbor got two years ago and the
56. 2:10buyer doesn't want to pay it. We're
57. 2:12starting to adjust. We're starting to I
58. 2:14say sober up and that's what's happening
59. 2:17right now. So if you're looking to sell
60. 2:19your equity is very very high over the
61. 2:22last five years. Feel free to call me at
62. 2:24this number, text me or email me. Have a
63. 2:27great day.