Josh Barker Real Estate Podcast #27

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Transcription of the Podcast Episode #27

The transcription is auto-generated by a program and may not be accurate to the conversation. In order to ensure you get all the information from the video properly, you must watch the video.

Joey: So, happy Valentine's Day, Josh.

Josh: Hey, happy Valentine's Day. Joey. Did you get anybody flowers today?

Joey: Well, of course.

Josh: Nice job.

Joey: Oh, man. I've been married 22 years now. My wife, we were talking about. We started dating about 25 years ago, our first Valentine's. We'd been dating for just a couple of weeks. And so, the memory is very vivid. She's like, do you remember we went to the Albatross and Chico?

Josh: Oh, that's cool.

Joey: Do you remember what we had? We remember what we had and what we wore, and so it's cool. But What about you, Josh? Did you buy any flowers and chocolate?

Josh: I did contribute to the flower-purchasing agencies in the marketplace. Yes. So my daughters got flowers today. My wife gets flowers tonight. And I like Valentine's Day.

Joey: Sure.

Josh: My wife every year says, don't get me anything. And I'm like, I can't be that guy that doesn't get anything. But it's always good.

Joey: Well, you know that's a total setup. Don't get anything.

Josh: Right. Well, you know how that party would go. Right? What did your husband get you last year? Oh, he didn't get me anything, and I'd be the guy everybody throws darts at.

Joey: That's right. We can't have that, Josh.

Josh: No, not a good idea. It doesn't feel good.

Joey: No. Before the cameras started rolling, we were talking a little bit about inventory and where the market is.

Josh: Yep.

Joey: It sounded like things are inching up, right? Yeah, they're improving.

Josh: Yeah. I mean, the market's improved a little bit. I think right now, really, the low inventory is the story of the day. So we have inventories sitting around 475 to 480 single-family homes for sale.

Joey: Which is insanely an all-time low.

Josh: Super low. Yeah. Super low. Yeah. If you price a home right, right now in the market, and when you put it up for sale, if it's priced correctly, it should sell relatively quickly.

Joey: CBS came out with a report, I don't know, it's been not quite a month, it's been a couple of weeks, but they were showing the markets that they said were going to do really well in 2024. And Redding was number one.

Josh: Yeah. That was a pretty interesting statistic. So CBS was reporting on a report that CoreLogic did.

Joey: Okay.

Josh: And CoreLogic came out and said that of all the top 20 cities in the country that they anticipate appreciating this year, Redding, California, of all places, tops the list. And it was just a little over 7%, which is what they projected. And I mean, you and I have talked about this, and it's not all that surprising because.

Joey: Not to me.

Josh: No, it shouldn't be because if interest rates were to go down, if the Federal Reserve dropped rates, let's say three times this year, and they did it a quarter basis point each time, that'd be like a 0.75% correction in the mortgage interest rate, approximately. And that would mean that homes could appreciate by the same amount, but it'd be 7.5%. So it's not a huge eye-opener, but it's been pretty good news going forward. Low inventories are great for a homeowner because less competition means usually shorter market times, which right now it's averaging about 90 days from start to finish, to get a home sold.

Joey: You're talking about the close of escrow, or do you mean open escrow?

Josh: That's from the day you go on the multiple listing service for sale. And it's taken, on average, about 90 days to close your escrow and move.

Joey: That's fast because most escrows are 30 to 45 days.

Josh: Yeah. I think the average in the market.

Joey: And most escrows don't close.

Josh: Yeah. It's normally about 45 days, which is about the average escrow time. And so the average market time right now is about 45 days.

Joey: That's moving. That's fast.

Josh: It is really fast. Yeah. It's good. And so, total homes that closed last month, we were about 160 or so.

Joey: That's very low.

Josh: It is, yeah.

Joey: Super low.

Josh: It is low. So if you're talking to people in the industry, they're like, "Oh, the market's really tough." That means the volume of homes selling each month is low. But from a homeowner's perspective, as long as their house can sell, when they put it up for sale, and they get a good price for it, they're happy. And so that's the market right now.

Joey: And we talked about, you know, there's so, so many factors. This is why I've been bullish on the Redding real estate market for some time. And even when things kind of like, when the interest rates spiked up, it kind of fluctuated a little bit because before that it was white-hot.

Josh: Yeah.

Joey: if you go back a few years, it was insane that the appraisers were struggling to keep up with how quickly. The home prices were going up.

Josh: That's right.

Joey: And so it kind of, I want to say, cooled off a little bit, it leveled, but it's been creeping up. It has not been going down. And so that's counterintuitive because the media is talking about what's going on nationally. It's like, well, Redding is not Austin, Texas. Redding is not New York City.

Josh: No, no. And yeah, thank goodness for that. I mean, kind of skipping into another topic for a minute if you think about commercial office space. Right now, that's something you're hearing all the time trending on different news networks and newspapers and things. And I often get this question in our office saying, "Hey, how is the office market doing in Shasta County?" The good news for Shasta County is that we don't have a gluttony of vacant office space available—number one.

Joey: No.

Josh: So if you have a clean office space that's inhabited by a tenant, and you're priced halfway reasonably, you're going to lease it out. That is not the case when you think about something like San Francisco.

Joey: No.

Josh: They are in serious trouble. If you think about it for a minute, you've got thousands and thousands of square feet of vacant office space in San Francisco right now, where people aren't returning to work, and these buildings are sitting vacant. Let's say that you were buying these things at the peak of the market; you might have been paying $700 or $800 per square foot.

Joey: Wow.

Josh: Some of these things might foreclose, and you might buy them back at about $200 a square foot. I mean, the last time I've seen anything like this that I've studied, it was Detroit.

Joey: Wow.

Josh: I mean, Detroit, that happened when Motor City basically reset. If you will, you had a huge number of buildings that became available all at once. And I think foreign investment mostly came in and re-bought most of Detroit, or a significant portion of it. But going back to San Francisco for a minute, the problem that you're going to run into is that these properties are likely going to foreclose, and nobody knows what they're really worth. Because if you don't have a tenant, what are going to do, right?

Joey: That's right.

Josh: You can't tear them down because the city is not going to let you. Because they want the valuation to be as high as it can be. So at some point, they're going to foreclose, somebody is going to go in and buy these buildings, and they're, like I said, instead of buying them at $800 a foot, they're going to buy them at like $250 a foot.

Joey: Can I make a prediction?

Josh: Sure.

Joey: I think you're going to see a lot of rezoning, and office space is going to get turned into something else.

Josh: Well, it'd be wonderful if they could turn it into multifamily.

Joey: Something.

Josh: But there are some significant challenges with that. I mean, plumbing number one, parking, ingress, egress, there's a whole lot of things that are going to have to be accommodated for, for sure. But in the short term, these properties are likely to foreclose and be reset in value, which I'm concerned about. Imagine if your tax basis is the city of San Francisco, and a significant portion of your funding comes from valuations of your real estate assets. People that own these buildings are paying property taxes, right?

Joey: That's right.

Josh: But if the value of those gets reset, well, now your tax base is going to drop, and the amount of revenue you're collecting as a city is going to go down. And you still have to fund fire. You have to fire EMS police seats, curb gutter sidewalks, and street lights. It's going to be interesting to see how some of these big cities adjust to what's coming.

Joey: Is it the Chinese word? I don't know if this is true, but the Chinese word for crisis is the same word for opportunity. It's like, they say, the guy that bought it at 800. It's a crisis. The guy that's going to buy it at 200, it's an opportunity.

Josh: What an opportunity. It's so true. Well, it goes.

Joey: Somebody's going to take advantage of it.

Josh: Well, it's time to buy when you see blood in the streets. Right?

Joey: Oh, wow.

Josh: And so it's, go on there. It does look like.

Joey: Well, Bolsterfix has taken over the city.

Josh: So it's happened, man. And I think Tehama County should be part of this for our listeners living in Shasta County, too. The office space environment is nothing like what you will see in the national reports and national headlines. So yeah.

Joey: Do you see any of that in Redding? I know you said it's nothing like it, but I mean, when I think about when I drive around town, there's not a lot of commercial space. Am I? Maybe I'm just really wrong. Is there?

Josh: No, no. Well, no.

Joey: A bunch of vacancies, and I don't see it?

Josh: Well, we don't have a bunch of skyrises filled with thousands and thousands of square footage of office space where people have left their building and not come back. That's just not who we are in this community. So a lot of our tenants were owners, first of all, in a lot of our commercial buildings. So you have a business or practice and bought your building. As long as you still have your business or your practice, you still use your building. So we have some stability from that perspective. We didn't overbuild the commercial office space at all. It's, for the most part, cost prohibitive anyway, right now to do it because what you're going to pay to do it versus what you're going to collect in rent is just not even lining up. So, very little speculation. Most of it's used for actual owner use only for commercial space in town right now. So, that's why we don't have the same problem. But interest rates are going to be really the big issue right now.

Josh: Because what the Federal Reserve is doing right now, they're targeting inflation using the interest rates, raising the Federal Reserve discount rate. Right?

Joey: Exactly.

Josh: But really, it's very punishing to banking and real estate. I mean, that's where the majority of the impact of the higher rate environment shows up. So when you think about their job, the Fed mandated to raise unemployment to a certain number. I don't remember what it is exactly, but I know they're targeting a certain number of unemployed. I don't know how you're going to do that. At the same time, the federal government just passed one of the largest spending bills for infrastructure. So you're creating jobs from the spending bill for infrastructure, but at the same time, the Federal Reserve is trying to target unemployment. You know what I'm saying?

Joey: I do.

Josh: And really, interest rates, you're killing off a few sectors. Banking is a big challenge right now. Really big and real estate. Those are the two things that are impacted by rates the most and the first and at the highest amount.

Joey: But when we talk about. So a lot of what you're talking about is national level, state level, but when we talk about local, it feels like the tailwind of no inventory. And there are no real builders. I think there's one active builder right now, but for the most part, most of the builders have backed off. There's not. I don't know if you have the number, put you on the spot, but how many permits, the last couple of times that you reported the number of permits filed for.

Josh: Under a 100.

Joey: It just keeps getting lower. I think it was like 30% of normal, or 35% based on the year before.

Josh: Well, it was well over 200 a year before. Last year, there were about 100 permits, just under 100, pulled in the city of Redding for new construction. It's not.

Joey: Okay. So less than 50%.

Josh: Oh, yeah. And it's not good. I mean, this is not a good news report for sure in terms of replacement, but you have to look at economics as really a supply and demand equation. And so if you start to shut off the supply side and the demand remains fairly constant, you have price pressure where prices can go up. And right now, we see lower amounts of construction because interest rates are higher, affordability for the buyer is down, or/and they can't afford as much as because rates are higher, which kind of puts this cap on what a builder can do right now.

Josh: Because builders, they're dealing with fixed realities. They can't be a pie in the sky when you're a speculating home builder. They have to be able to buy a piece of raw land, develop that piece of raw land, submit plans to build on that piece of property, acquire all the supplies and materials, access the labor, and build this home. And this stuff takes six months, a year, and a year.

Joey: At least, yeah.

Josh: A half. Once you already have your property or subdivision built, I mean, you already have to have that done before you even get started. Right. And they're working on a fixed number. What can the consumer afford to purchase? Well, when the rates go up as they did, buyers' purchasing power decreases quickly, and really, overall, it decreases by 30 to 50%.

Joey: Oh, yeah. Rates went from low 3s to almost eight.

Josh: Yeah.

Joey: Maybe over eight within just a matter of months. It's insane.

Josh: So if I was qualified at one point when the rates were at 3%, maybe I was qualified at 4,000. And when the rates were at 8%, I was qualified at probably somewhere around 1,700. That's a hard reality. Right?

Joey: It's awful.

Josh: And so the home builder obviously can't bring that product to market because there's no buyer that can afford to purchase it. So they slowed down their building process, which is what happened. And we're in that season right now where we're kind of looking and going, okay, we're starting to stabilize the supply side of the disruption, and the supply chain is starting to reestablish itself. We're starting to see inflation come down at least as reported by the Fed. And we think that there's a likelihood that the Federal Reserve, based on what they've said, that interest rates will likely come down over the course of this year, likely later in the year than earlier in the year. And that could have a positive impact on purchasing power. Buyers would be able to afford more. That would have an impact on home builders' ability to present a product that a buyer can afford to purchase. And we could start to see some more new construction coming as a result. So, it is a very long answer to a very simple question.

Joey: But it's a very long-term solution, too.

Josh: It is.

Joey: What you just said is, I mean, it starts with the interest rates coming down, so then the builders are motivated to start that entire 18-month plus process. So it's going to be some time before the supply is replenished.

Josh: Oh, yeah.

Joey: And then on top of that, with the whole interest rates, we talked about this before where we're in a very unusual space because there are so many of the people. The other side of inventory is, besides new construction, people saying, you know what? I'm going to upgrade or downsize our homes. And they're like, "No, I'm at 3, 3.2." I was talking to a friend of mine the other day. He is like, "Yeah, my daughter and son-in-law, they're in the 2s, they have a 30-year mortgage in the twos they lost it. "

Josh: Who wants to give that up?

Joey: There's no. You can't. You can't. To go buy a house, what are the rates right now? High 6s, like close to seven?

Josh: Yeah, almost 7%. Yeah.

Joey: That's yeah. So you have both those factors. That's how you replace supply. You have new construction, which we just said.

Josh: Yep.

Joey: Very, very low, almost completely cut off. And then you have people that are upsizing, downsizing, and almost most of them aren't. So it's going to be some time. And thus Redding is number one on the CoreLogic list of inventory. Redding also has the affordability factor for the state of California. You can live in Redding and say, "Man, I can't believe how many homes have gone up in the last few years." Okay. But when you compare that to obviously.

Josh: The rest of the state.

Joey: The city, yeah. Sacramento, Fresno, LA any of that, it's like, guys, this is still.

Josh: That's right.

Joey: It's still fractional compared to what people down there are paying.

Josh: Yep. Well, I think where CoreLogic came in and I don't know all of their algorithms for how they came up with it, but I mean it doesn't take a rocket scientist to figure out, that we have low inventory right now.

Joey: Super.

Josh: And if you increase buyer demand by lowering interest rates in an environment where the inventory is already low, you've increased buyer demand with low inventory. Prices go up. And so, if you look at areas like Florida right now is reporting that their purchasing is, and I have friends and colleagues actually in Florida telling me that their markets are slowing down, their inventories are growing. And what I think that's really from is that migration pattern shift that we were experiencing. It's slowing down.

Joey: Yes.

Josh: And so those home builders over there, they got ahead of things. They kind of turned on the spigot of supply. Well, now the demand is slowing down and they haven't necessarily adjusted their supply side fast enough. And so now you've got inventories that are growing, and then you have some folks that probably moved from somewhere else on the east coast town of Florida and get in the summer there, and they're like, "Whoa, what is humidity all about?" Right. And, so now.

Joey: It's brutal.

Josh: It's brutal. So now they're heading back to another state that they probably lived in before, or going to a different one. And now that inventory is starting to show up in Florida, that's not happening in Redding.

Joey: No.

Josh: Yeah. People here don't see that same level of migration pattern shifting into Redding. That's now changing it, you know what I mean?

Joey: Absolutely. No.

Josh: So that's been it. But it's still challenging, though. If you have a home on the market today and it doesn't sell, you're probably asking yourself, what's wrong with the market? So you have to make adjustments for everything.

Joey: So when people are assessing, "Hey, why is my house not selling?" Is it usually the price? Is it, you're asking? I mean, the market determines the price, right?

Josh: Yeah.

Joey: The market, like, you can want whatever you want for your home, but the marketplace is going to tell you what your home's worth.

Josh: Oh, sure.

Joey: Right?

Josh: Well, yeah. Well, price is a part of the marketing plan more than anything. Price is really a part of that process because like you said, I mean, ultimately the home is going to sell for what a seller's willing to sell it for. And of course, what a buyer is willing to pay. What we share with people is that price, condition, and marketing are the three major levers that are involved in every home sale. So if you're priced correctly, if you show well, and if you're marketed properly, you should sell. And if you mismanage one of those three levers, you could extend your market time.

Josh: You could be selling for lower prices, things like that. I've had plenty of sellers, over the years that have called us after being on the market with another agent. And I think they like their agent. Their agents are great, and I like their agents too. But the challenge that I. What people don't know about real estate, and I wouldn't say it's a dirty secret or anything, but most agents only have one particular way to get a home sold. And they're going to do everything in their power based on what they know to get that home sold. Right. As they should. And I think that most sellers, if they looked at what their agent was doing, would say, "I hired X, Y, Z agent. This agent truly did do everything in their personal power to get the home sold, but it didn't work." And that's the challenge that sellers run into, is when you rehire that same agent, you're essentially rehiring the same tools and techniques that the agent uses that didn't work last time.

Josh: And so what most people just need is a different approach. You need to look again at price, condition, and marketing, and maneuver those levers in a way where you can really have the greatest amount of exposure for your property, so you have the best chance of getting it sold. So, changing the approach is typically the best thing you can do.

Joey: Einstein gets accredited for a lot of stuff, and I often wonder if. No, it's just. It's like that thing like, "Oh Einstein said. " versus like, did he really say all that? Man, I know he was a pretty smart guy. But, did he really say all that stuff? The one thing I'm thinking of is I think it's in the definition of insanity, doing the same thing over and over and expecting different results.

Josh: That's correct.

Joey: Now he gets credited for that. I don't know if he did but for this, I'm not going to say he didn't. But that's what when you were talking, that's what I was thinking. You're doing the same thing over and over again. Man, why do we keep finding ourselves in the same spot?

Josh: Yep.

Joey: You got to change things up.

Josh: And if you're not seeing it, and I'm not saying it always has to be the agent, you have to change up. But if you don't see changes in the marketing and the promotion, that's a biggie. You've got to really see that, "Hey, okay, we've approached it from this angle, it's not working, let's change angles." And if you don't, if you don't get ahead of that and you start to see your days on the market racketing up, that's not good.

Joey: But you said the average was 91 days, which.

Josh: Yeah, from start to finish though.

Joey: Which I think is insanely fast because to me, I'm connected to the industry, and I just know all the stuff that has to happen for a home to close escrow, there's a lot of moving parts.

Josh: There is.

Joey: Right. And so, like you said, the average escrow is probably close to 45 days. I don't know what the fallout rate of escrow is, but it used to be around, what, about 25%?

Josh: Yeah. And it's probably averaging that or higher now.

Joey: Okay. So do you start to add these numbers up and you think about man, you put it on the market and when? So, 91 days, what about like home buyers when they get in the process? Are they familiar with it, do you guys educate them on, "Hey, this is going to take a little while?" Or do people think like, "Hey, I listed my house, it should sell today," and "Hey, I decided I wanna buy that house? Let's get me the keys tomorrow."

Josh: Yeah. Well, buying has changed a lot, or maybe when a buyer purchases, maybe that hasn't changed too much, like the process they go through in their mind, but on the real estate side of it, from the professional side of it, how we're able to track and proactively provide valuable information and support to that buyer, that's changed. Like before and I'm kind of dating myself on this, but 23 years ago when I first got in the business, your homes weren't for sale, predominantly online. They were in a book in the office, or there was some magazine advertising or some black and white classifieds in the newspaper. And that was how a home was advertised, right? So if a buyer wants to know what's for sale, they'd have to meet with an agent. An agent would give them, "A list of homes," right? And they would drive out and look at those homes, either with the agent or by themselves.

Josh: And an agent that was being really proactive was usually taking him out and doing it. And that's how they engaged in the process. And so you were meeting with a buyer really towards the end of the decision-making process. You know what I'm saying?

Joey: Yeah, absolutely.

Josh: Like that buyer probably six months before was already thinking, all right, I need to figure out what we wanna do next.

Joey: The tools didn't exist for them to do a lot of the research like it is now.

Josh: Exactly. Right. And now you fast forward to today, the buyer will likely get online and start searching for homes up to it maybe a year early, trying to get familiar with home markets and pricing and where they might want to live geographically or neighborhoods and things like that. And some of our systems, we can connect with those folks early in the process. And then about six months into that process, they might start getting a little bit more narrowed in on what they want and what they're looking for. And they might be talking with a lender if they need to do some planning for their financing. And so you're starting to see some of those types of activities happening.

Josh: And again, an agent that's really involved, they're also with them during that process, and then of course at the end there where they start proactively going out and searching for homes in that last couple of months. Right. Where they're proactively shopping for homes and waiting to find the right house that meets their needs. And that's kind of the overlap of what it was back in the day, right? So that's when you catch a customer ready to do something now. So what's changed is that if you have good systems and processes, you're connecting with these folks up to a year in advance. It's not uncommon that our agents are talking to people for 12 months, building a relationship, providing service, providing value, giving them information, data, statistics, options, and choices, all the way up to the point in which they're ready to go out and search for a home proactively.

Josh: And that's I think why our company has actually done pretty well is that, if you adopt the technology into your company and you're willing to commit to servicing clients for a longer period of time you can serve a lot more people.

Joey: I think the process is, I've been in it for so long that it's hard to put yourself in that. You're not in the process. You have to put yourself in that idea and one thing that I would convey to people is getting ahead of the curve. Talk to somebody. People are intimidated to get pre-approved for a loan, but it's like you want to know how much you're really going to spend.

Josh: That's right.

Joey: You don't wanna be shocked, you don't wanna find the home of your dreams, then you sit down and you find out, "Hey, how much your insurance rates in California?" And you start adding up, saying, "We can't afford that house."

Josh: That's right.

Joey: You want to know before. So I mean, I like to use this analogy: If you went to a car lot and I showed you a Corvette and you drove it, and you go, "This is awesome." And you go in the finance department, and they go, "Hey, you really can't afford the Corvette." Then we go, look at a Camaro; you're upset. If you would've.

Josh: Yeah. If you had started with the Camaro,

Joey: Camaro is an awesome car. If you'd have started with the Camaro, you'd be like, "This is great."

Josh: Yeah.

Joey: But you expectations have been offense. That's why I try to tell people like, no, no, no, we're six months out. It's like, no, that's perfect. You need to know your neighborhood. You need to go drive around the neighborhood, look at traffic, and maybe drive during your work hours. Like, "Hey, what's my commute to and from going to be like?"

Josh: That's right.

Joey: Just pick up on things like, "Hey man, the neighbors leave all their cars out." It's something that you're like, "I don't wanna live here, or that's the store where I'm going to shop. I don't like this." Or "Oh, I love it. It's close to my church." These are things that you don't want to do in escrow.

Josh: Well, and this is an example that's, that it for our office is about a six-month out conversation.

Joey: Yeah.

Josh: You know what I mean? I wouldn't say it's all the way to year out, because at a year out, a lot of people don't know, is Redding the place? I mean, we're connecting with people who are looking at Redding; they're looking at Oregon, Nevada, and Texas. And so that's that year-out conversation, or do I wanna be in the subdivision or in the country around property? Those are big, sweeping questions. And then once you've kind of narrowed that down, that's about a six-month end conversation, where you're about six months out from closing on something, and now you're talking with an agent about everything that you just said. Because if you don't, then you're going to be behind the eight ball. And as you said, you're going to find yourself disappointed that you were shopping for something either you couldn't purchase or you didn't realize the exchange of value between two different things. Like insurance, for example. While well you might love being in the country, but if that, your purchasing power may diminish there because you have to factor in insurance that might be three-four times as much than if you were to buy in a subdivision in town, right?

Joey: Yep.

Josh: And so that's all part of that education piece that we wanna do in advance.

Joey: Yeah. For most people, it'll be the biggest purchase I mean, far and away, the biggest purchase of their life. But I get it, it's intimidating. And so if you're not used to it, you don't live in this world, and you don't see it every day, it's that, put your head in the sand type thing, like, "Ah, we'll just go out and look at open houses and make an offer." It's like, you're not buying a car.

Josh: No. This is.

Joey: This is way beyond a car.

Josh: And homes have such significant benefits and consequences. They do. I've seen good home selections bring harmony to a family. And I've seen some bad decisions with home purchases that have broken up families, too.

Joey: Oh man.

Josh: So, taking it seriously, I mean, this profession is not for the light of heart.

Joey: I was thinking of the fences that make for good neighbors. But that idea of just, what are you saying? Boundaries, expectations.

Josh: Yep.

Joey: Those things. So, regarding the home-buying process, I think people should get involved way sooner. I don't see how it hurts them.

Josh: Totally agree.

Joey: I think people are a little bit worried about commitment too. I think like, "Well, I don't wanna be forced or committed." It's like, this is such a big deal. This is so much more than downloading an app. You should have everything; every checkbox should be checked.

Josh: Yeah, absolutely.

Joey: Or drawn out.

Josh: And there's no force on it anyway. You might be able to get somebody to buy a car in a day, but you can't get somebody to buy a house in a day. I mean, so there's no pressure on this side of it. It's truly just when it's the right time, it's the right time.

Joey: And being fully educated and fully equipped.

Josh: 100% agree.

Joey: So before we don't get to talk to each other until the Ides of March, right? This next month, the Ides of March. Is there anything you want to leave our wonderful audience with? Anything they should know?

Josh: I think more than anything else, I'd say, be optimistic. Things are going to be looking up for us, I think in the local market, relates to real estate over the next six months. So I enjoy watching what we're going to see unfold. I think we're going to see some home-building taking place. I think we're going to see an increase in transactions. I think interest rates will likely come down. And so, we have some good days ahead.

Joey: Good stuff. Well, thank you, Josh.

Josh: Thank you too.

Joey: Have a good month.

Josh: All right. You too.

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