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A report from US Yahoo Finance just arrived. Mhm. The number of mortgage applications in the US has fallen to its lowest level since 1995. My God Not even 2008. After the mortgage crisis. 31 years ago? 1995, 31 years ago. What happened in 1995 that caused the indicators to drop to that level? You know how it is with regular loan officers now, not those who issue loans for over a million dollars. This business exists, it has not suffered. But how do you think those who issue loans of $400, $300, or $700,000 feel now? This is a completely different game.
Why, why are mortgages at their lowest level since 1995? Why? By the way, it's a buyer's market right now. What do you mean by "buyer's market"? It is truly a buyer's market. Yes, it's definitely a buyer's market today, because if I were a buyer right now, I would make 10 aggressive offers on the properties I want and let them say "no." I would make 10 aggressive offers right now. Let the seller say "no." Actually, I like this idea. What do you mean? No, I just like the idea. No, that's exactly what I would do today, because how many people can afford 7.5% per annum?
No one. What do you think the rates will be in 3 years? 3 years, I think, the stakes. is that a year after the election of the new president? A year after the new president, I think rates could drop to 4.999%. Okay, 4.999% versus 7.5%. Let's say 5%, right? So, you are refinancing in 3 years, and when that happens, what do you think will happen to the value of the property? She will grow rapidly. Yes, because there will be demand and you will have more bids, like at an auction. When more people bid for a good, the price goes up.
You know, they always talk about my Wayne Gretzky card, which sold for 2.2 million. Do you know why it was sold for 2.2 million? Because there were two millionaires who wanted her. Mhm. If these two millionaires didn't want her, she would have sold for $800,000. So, it's just because of two crazy people who wanted that card. Those who create the market. So right now, if someone wanted to buy, I would go to my realtor and make 10 offers. Very low, but I would make 10 offers right now on items I like.
Let them say "no How low, can you go if the house is worth $700,000, Pat? Um, okay, give me a price. This one? Now, I know for sure, I saw a house on Zillow for $700,000 that I was going to talk to Tom about. This is funny. This is madness. This, this is like three bedrooms, four bathrooms, or something like that. Like, what? I will ask my realtor to find similar properties. Ugh. At what prices were they sold in the last 12 months? Good. Find analogs, and let's say they show 660. The comparables cost 660. I'm making an offer of 595. Uh-huh. Let them say no.
Yes. Come on. Let them say no. At least you have an offer. to say no. Yes, come on. Let them say no. Okay, no problem. You know, all they have to do is say yes or no. Yes, I know. And then let them decide for themselves what to do. But I would make an aggressive offer like this. Once the price drops, traffic and the number of applications will increase again. Now is the time to be a little more aggressive with your offers. Don't be surprised if. believe me, I've made offers that people have accepted, and I've thought, "Damn, I should have offered a little less." And when they say " yes," what happens?
290,000. Start the game. Bargain here and there. Start the game. Good. Of course, don't do this if you can't afford to buy real estate. for fun, dude I made an offer of $2.2 million and they accepted. I can't Congratulations, you are being sued. Of course, with these loafers that we have on the market right now, everyone who buys and wears them is leaving incredible reviews. If you haven't already purchased these for yourself, your wife, husband, or son, these are the most comfortable loafers you'll ever wear, at a very reasonable price, made in the same factories that sell them for $800-$2,000. Ours cost $250. I want you to watch this clip.
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