The academic mortgage and Realty show is sponsored by academic mortgage and equal housing lender and MLS 82 5 5 3 6 8 and academic Realty advisors, which is a separate company from, but still affiliated with accurate mortgage.
Speaker 2:Welcome to the[inaudible] mortgage and real to show getting you inside information on buying, selling, and financing your home with expert advice from Acushnet, mortgage and Realty. And now here's Brian and David Wickers. Welcome
Speaker 1:To the acronym, mortgage and Realty show. Father's day edition, 20 20 21. I'm Brian Wichert, a majority owner of active mortgage and Econet Realty advisors along with, well, my son, Dan chief. Thank you so much, David. Uh, thanks for showing up again this morning. Appreciate that he's our chief client experience officer at academic mortgage, also a licensed, but not practicing a real estate agent. I can't call you a real tour because you are not a member of the national association of realtors. Anyway, you got the book learning. If you've got a question or comment you can call or text us on the acronym mortgage talk and text line, which is 8 5 5 6 1 6 1 6 20. Don't forget. You can also get a podcast of today's show anywhere you get your podcasts. Well, it was a volatile week in mortgage rate world David, because the federal reserve committee is what it was exactly all. This is, this is fun. Always tuned into the academic mortgage show to get behind the headlines and find out what really the heck is going on. And when they finished their two day meeting on Wednesday, that's the open market committee. And really, as I was thinking about this, I mean, would anybody be surprised that they kind of like upgraded their economic outlook for the economy? No. I mean, I wasn't, here's exactly what they said. Quote, progress on vaccinations has reduced the spread of COVID-19 in the United States, amid this progress and strong policy report. I E interest rates, super low indicators of economic activity and employment have strengthened, no surprise there. The sector is most adversely affected by the pandemic remain weak, read restaurants and stuff like that, but have shown improvement. Inflation has risen, largely reflecting transitory factors. That's been a concern. We've talked about that the last couple of weeks, the path of the economy will depend significantly on the course of the virus progress and vaccinations will likely continue to reduce the effect on public health crisis on the economy, but risks to the economic outlook remain. All right. So that's better than their previous statement where you alarmed at all by that, David? Not at all. No, not at all. Right. It's like, okay. But the market kind of pitched a fit. First of all, let's review what they actually then said, numbers wise, first of all, the revised, their estimate for economic growth upward, they had previously said the gross domestic product or GDP would increase six and a half percent year over year. And they upgraded that to seven, which is really huge. But what do you have to remember about comparing 2021 to 2020 David?
Speaker 3:Wow. Yeah, it's a low bar, as they say, especially on wall street for like, you know, earnings. Uh, it was an easy beat compared to this time last year, there
Speaker 1:You go. That's because I had to look this up. The economy shrink 3.4% in 2020. So like we've done with lots of these numbers. I, this morning getting ready for the show said, well, let's compare 2020 ones estimate to 2019 turns out we're going to be up 3.7, 9% if their estimate while no, that's, that's still better than normal David in the whole 10 year period, starting in 2010. Uh, the highest we ever hit was 2.9. And in 2019, just as an example, the economic growth is two. So a 3.79 over 2019 is still good and strong, but it's not as amazing as seven. All right, right. That's one thing they said. The other thing that, that is most important to you and I, Mr. Paul and the committee said, you know what? We are going to keep buying$40 billion of mortgages every month, along with$80 billion of us treasuries until quote, substantial, further progress has been made in the recovery. No change in that. And that's what affects long-term mortgage rates that it directly impacting mortgage rates by having this gorilla stimulating demand, Hey, I'm buying 40 billion of mortgages a month that helps keep mortgage rates low. And then the other thing that they came out and said was, Hey, we're going to keep our fed funds rate, which is what David what's the fed funds rate, because we're keeping it at between zero and a quarter
Speaker 3:Charge banks to park money. Uh, it's uh, mostly inside baseball interest rates that we care about.
Speaker 1:But the one thing that it does impact is the prime rate, which is at three and a quarter. And so the fed came on and said, you know, previously, we said, we weren't going to touch that until 2024. Now we're thinking we might have to start doing that. Fed funds rate increase maybe late 20, 23. Well, and I think that's what caused the market to pitch a fit because they, even though they left the statement on mortgages alone, the mortgage, the interest rate markets, connected the dots and said, well, if you're going to start raising the fed funds rates sooner, that probably means you're also going to start tapering your purchases of mortgages sooner, even though we never really knew in the first place, when you were going to start that we're concluding that as sooner, rather than later, right? And so they connected the dots, mortgage rates spike. In fact, CNBC reported that mortgage rates jumped following the fed announcement. We're going to come back after this break and tell you exactly what happened and pretty much how much of a non-event was when we come back, you're listening to the accurate mortgage and Realty show on am six 20 WTMJ
Speaker 2:By the advice from the guys who know it best. This is the accurate mortgage and Realty show with Brian Wichert on WTMJ.
Speaker 1:That must have forget about the more handsome debonair taller younger David wicked. Ah, right. So we were talking before the break about this CNBC reported on Thursday afternoon, quote, mortgage rates, jump following the fed announcement. We talked about the veteran-owned spin in the previous segment. So this was Diana Olmec reported the mortgage. Uh, the rate on the popular 30 year fixed jumped to three and a quarter percent, according to mortgage daily news, the highest rate, not since April, she reported an op a quarter percent from a week earlier. She noted the rate jump would make it harder for some home buyers to qualify. We'll loop back to that in just a second. Meanwhile, David, on the very same day at 10:00 AM our pals at Freddie Mac released their weekly mortgage rate survey and their headline was mortgage rates continue to decrease. How can it be? Well, Freddie Mac says they're decreasing. CNBC says they're jumping explain.
Speaker 3:Well, um, I, it, it all has to do with literally for a eventful week like this week, when was this measurement taking place? Think of mortgage rates. It's like, well, what did I weigh when I stepped on the scale on Tuesday? Did I weigh something different on Wednesday? Did I weigh something different on Thursday? Mortgage rates can move like that kind of like a stock price to, you know, Hey, what's the stock price of apple on Tuesday, Wednesday, Thursday, it's going to be different. So I think when I'm looking at this dad, I think the, the key difference. Okay. So CNBC reports, Hey, according to mortgage news, daily three and a quarter, I don't think they're charging any points on that rate versus what we have crusaded with regards to the Freddy survey that never gets reported. Is that on the Freddy survey for this Thursday, they're charging seven tenths of a point to bite on the rate on a purchase. Those are different. Those are different beasts. You know, that's like getting your steak medium rare versus getting it medium. Well, those are, those are two different rates to different steak and tastes. What
Speaker 1:Do you, what are you paying in points? So, yeah, the Freddy's survey, which is mainly from data collected on Tuesday, which was before the Wednesday fed announcement was 2.937 tenths of a point. So if you add that to the normal closing costs, you're looking at$2,984 on a$250,000 loan. If you wanted to snake Freddy's average 2.93 rate before the roiling of the markets. And then of course the mortgage news dailies is updating theirs every single day. And that's how you get the differences. That was Thursday's information versus Tuesdays. All right, now, back to the comment, David, that Diana Olmec made that while this could affect how much buyers can qualify for this big 25 basis point or one quarter of 1%, how much does that change the payment on a$250,000 loan son?
Speaker 3:We're here in the real world, not in headline world on a$250,000 loan. That quarter of a percent difference in interest rate is going to suffer you$35 and 42 cents per month. If the$35 is the thing that tips you over from qualifying to not qualifying, it was a scary place to begin with. Right. That's how I'll phrase
Speaker 1:It. Yeah, exactly. Exactly. You were too close to the line of comfort before you started crunching the numbers. Yeah. So there you have it. Folks rates are still great. David, do we have time to, uh, do the rates now or do we need to wait until after the
Speaker 3:One more minute let's let's rip through these rates. Hey,
Speaker 1:Okay. So at the close of the business on Friday on a$250,000, 30 year fixed rate with 25% equity on a primary residence and all the other rights stuff, because now whether it's a second home, a vacation home versus a primary matters in the rate you get to, so this is not a primary residence. If you're buying a house 2.99, we could still give you that trophy rate. If you're buying a home APR 3.02, you would have to pay a quarter point$625. That's still a, you know, and when you add that to our regular closing costs as about 19 or 1850, so we're still a thousand dollars cheaper than Freddie Mac's reported costs. Yep. Yep. Earlier in the week just goes to show you a low overhead and it comes through again on a regular refi. If you still wanted to snag that 2 9, 9 rate, you'd have to pay three quarters of a point, uh, which makes the APR 3.06. If you wanted to go with a really low cost, all it would cost you is 234 bucks a your APR on that would be 3.26, and the rate would be 3.25. And if you wanted to take cash out, uh, or to consolidate a first mortgage with a home equity line of credit, let's say that you could do for three and a quarter with$1,734 in loan costs making the APR 3.28. All right, why don't we come back? I've got some, uh, I, I've got an interesting story. I think an instructive story about how not to write an appraisal contingency or a modified appraisal contingency, which is so common in today's market. You're listening to the acronym, mortgage and Realty show on Wisconsin's radio station am six 20. WTMJ
Speaker 2:Getting you into the home of your dreams. Here's more of the accurate ed mortgage and Realty show with Brian record on WTMJ.
Speaker 1:Uh, one other note on interest rates up for 15 years, which we've been doing a fair amount of our regular refinance end of the week at 2.57 APR. If you wanted to take cash out on a 15 year, the APR is 2.77, and that's a popular refi maneuver by the way, nobody ever they're not nobody I can count on one hand. I think the number of people that have taken out 15 year fixed rate loans to buy homes, typically they're, they're older retirees who are downsizing, and this is just a way for them to not pay cash. Yep. In fact, I have a story about that now that it comes to mind. I was talking to someone who is in fact, looking to downsize and buy probably a condo and her first instinct was to, um, pay cash. Okay. And then I said, you know, um, you know, if you take a 15 year fixed at two and a half, um, and instead of paying cash, you take that money and you put it in your sock drawer and you just take out enough money every month to make your payment without earning a nickel of interest or return on investment. Those payments will ask for 12 and a half years yours. So she did thank God, you know, was patient enough for me to help her walk through that idea. And she said, yeah, you know what, maybe that is better to have that location. But yeah, so many people, David just want to have their home paid off and you know, it's like, really, what's so great about not making a mortgage payment versus having all this liquid cash over here and what I've been telling people. And I know I said, I was going to talk about this appraisal thing, which we will get to, I promise, but you, the older, um, clients that we have, people who like hit 70, or we did a refi for a many time client this last year who is 88, they're surprised that we can make them a 30 year fixed rate mortgage. Yeah. Like I'm not going to live that long. It's like, okay, if it's not a problem, uh, the age discrimination is not allowed. And after you die making the mortgage payment at your problem anyway, um, but those older clients of ours, it's all about cashflow and making your assets last. Uh, and yet there are plenty of financial advisors out there still who recommend not pay off your mortgage. I hear that. Yeah. My financial, somebody else just told me that, or I saw him at an event last Sunday and they said, well, we're pulling some cash out to, you know, fix up our house and then fund our daughter's weddings. Our financial advisor says, it's a terrible idea. And I'm like, it's perfectly fine. Cause they're borrowing the money at 2 8, 7, 5. And uh, you know, it's like really what the financial advisors then saying is I can't earn you 2.8, seven, five over the next 30 years,
Speaker 3:Time to find a new investment advisor, if that's the case.
Speaker 1:Yeah. Yeah. So anyway, but I'm sure somebody could make a counter-argument that wallets, but
Speaker 3:Okay. I'll just jump on you because it's you, what you're talking about has nothing to do with math and everything to do with emotion. And so it's people and, and you've talked about this, you talked about it with the example you just said, Hey, put it in a sock drawer, 12 and a half years. Hey, what it's, it's understanding what the bogeyman is. It's cause you talked about that with, um, the example from a couple of weeks ago, that couple in Waukesha where it's like, yeah, if you're home appreciates by, you know, X for the next three years, you know, you won't end up losing your shirt. If you then decide to sell, move or whatnot, it's people has this not been true since the Dawn of time, since father hood first began, what you don't understand, you are of course afraid of and especially true. If you feel like you're not in control, for example, on how to get that investment return versus, you know, the, the very satisfying emotion of I have, I have I'm in control, I've paid this off. I think that's the power of cash
Speaker 1:I have, or of owning your home free and clear. I have accomplished something important, like graduating from college or something like that. So, all right. So in other words, I'm being a father giving dispatching fatherly advice, uh, or anything even
Speaker 3:To those who are, you know, as you said, 70 plus there's still opportunity for fatherly advice for that crowd. Yeah.
Speaker 1:Yep. And that, that came up in yet another conversation. Now I'm thinking about it, a client called looking for advice for his daughter who's buying in, uh, Seattle. Uh, but then we started talking to me, he says, you know, we still have that loan from 2012. Um, and so we're going to refi them and save them a ton of money. Alright. When we come back, we'll talk about the imperfectly written appraisal, uh, contingency language and how to make sure if you're a buyer or a real estate agent, you avoid this common trap. I'm going to call it right now. It's time to turn it over to the 24 hour newsroom. And Tony betta
Speaker 2:Don't break the bank to get into a house back to the accurate mortgage and Realty show with Brian Wichert on WTMJ.
Speaker 1:So David and Temaze have mark, and we've talked about this. It's, it's almost a requirement, you know, especially if you're looking in what I'm going to call the competitive price range at nice homes that buyers have to give the seller some appraisal wiggle room. And so along comes an offer that I get to participate in here as the lender. But remember I'm a licensed real estate broker. I'm not an attorney, but I've enough in attorney bills to help my TV, honorary, Juris, doctorate, perhaps. Um, but you know, I pay attention to contract details and that's what the offer to purchase is folks. It is an 11 page contract that's full of important details. And so in this particular example, the box was checked for the standard appraisal contingency language. Okay. Check that. And that means if there's another part that, you know, have to either cross out or leave in. So this version has allowed the seller upon receipt of an appraisal that's lower than the agreed upon purchase price. The way the boxes were checked, it allows the seller to force the transaction forward if they choose or the power is in the hands of the seller to lower the purchase price down to the appraised value. Yeah. Okay. So that's the standard box then in the fill in the blank lines, the offer goes on to say, Hey, but the seller will not, the buyer will pay$20,000 over the appraised value if it comes in low, but only up to the agreed upon purchase price. So I'm reading that and I'm thinking, or what happens if it comes in, say 50 grand under the accepted offer price, does the seller get to decide if they're going forward with the contract because of the normal appraisal contingency language, or is it automatically understood and agreed upon that? Nope. I get to pay 20 grand, you know, over the appraised value, which means you're now selling it for 30 grand under the originally agreed upon asking price. And so lo and behold, I pull out of my mailbox, the Wisconsin real estate magazine, monthly magazine from the WRA Wisconsin realtors association. And they cite this exact scenario. Wow. And came to the same conclusion that I did, which is it's unclear. You have conflicting provisions because on the one hand it seems like contract, right? So the point is you, you really real estate practicing real estate agents and brokers really have to think through, Hey, if I use the standard language and I write some other information to those things, conflict, I'm saying in this particular case, it does. And apparently the WRA agrees with my thinking that it's unclear whether the seller gets to force it forward in other words. And that also means they have the right to kill the deal. Right. Because it's their choice when, when they get this low appraisal.
Speaker 3:Don't you think in practice though? I mean like, yes. So in your example, you know, they checked off the, if comes in low, the seller can, is it cure or at least the seller here I will match, I will lower and match your appraised value. We'll keep moving forward. I imagine the number of sellers who want and will lower their prices. Exactly. Zero sellers right now. So in a practical sense, I mean, unfortunately the language was muddy, but don't you think a seller, you know, okay. In practice, Hey, you have, now the low value, the seller is probably going to be like, let's find somewhere in the middle and that will rescue the conflicting language and practice well.
Speaker 1:But, but what if the buyer takes the position that no, we agreed here because of this other fill in the blank language that, you know, my real estate agent cooked up, not, you know, what if it's a hundred thousand dollars less than the agreed upon purchase price, will I get to borrow it, buy it for, I guess, uh, 80 grand less. Cause I said, I'll pay 20 grand more than, than the appraised value. So in other words, I don't think the seller really wanted a bottomless appraisal appraised value. And yeah, the co I guess all I can offer without, you know, dragging this into the mud anymore is you really got to think about all the possibilities when you're crafting additional language as a real estate agent, you have to think about because it, because it had contemplated, if it came in just 20 grand less, you know, and by the way, it contemplated that if it only came in 10 grand under the asking price, they were going to pay more than the agreed upon price. Right. So they had that covered. But what if there's a way low? They didn't really articulate that. And I think it would have been better if they did. Hopefully it'll come in close because remember folks, the appraiser gets a copy of the accepted offer. So they already know what the buyer and seller agree to, which I know is disappointing to many, a first time home buyer. All right. When we come back, there was a headline, uh, that I caught in one of the trade publications that put Milwaukee at the top of a list of metropolitan areas who had big increases in listings in may. The headline from Zillow was that listings in Milwaukee were up 22% as of May 31st. What a great message for home buyers. Maybe we'll get underneath that headline. When we come back, you're listening to the academic mortgage and Realty show on am six 20 w T M J
Speaker 2:Important home buying questions and answers you can count on this is the Acura that mortgage and wheel to show with Brian wicked on WTMJ.
Speaker 4:That one was for you. That that was a father's day gift from a man.
Speaker 1:All right. I wonder what year this song came out. You're going to Google that for me, but we did this in the old, uh, we did this song back in Equinox when I was in high school. And then also I think we kept it on the song was 73 hold old. Oh my goodness. I was only 12. Wow. Yeah, that's a great song though. It's still a classic. All right. So, um, I see this headline in the national mortgage news Zillow's report that, uh, listings have jumped, uh, and in fact, leading the pack nationwide is Milwaukee, the Milwaukee metropolitan area. And we're up like 22%, I think. So what was the Austin right behind us? But they were like, yo like 14% or something. So I thought, oh, I gotta look into that. And, um, first of all, you asked the question when you're off the air, David, ask it again,
Speaker 3:Compared to when dad
Speaker 1:Compared to April and I, and, uh, and the number was that there were 748 more listings as of the end of may versus April. And the way they're counting them, it was 3,982 homes in active listing status at the end of may. So one question I had for myself as does that include Zillow's for sale by owner listings. And I thought, I bet they do. I bet they do. Uh, but now I, I dug into the multiple listing service data that I have access to because I am a licensed real estate broker. And oh, by the way, first of all, if you just look at Zillow's numbers were up 3.7% from may of 2020 in abnormal market, but we're down 4.2% from may of 2019. So you catch a trend here, you know, when we're reading all these comparative numbers right now at this time of year, it's like, let's go back and look at how we are versus 2019. Cause that was a normal versus normal here. Yeah, that's right. All right. So according to the multiple listing service data today, there are a wait for it, 3,665 single family detached homes on the market. So it kind of similar to, um, Zillow's$3,900 3,900 listing data. So that's why I'm thinking they're throwing in there for sale by owners. But what comes to mind, David? What question would you ask if I told you there are 3,665 active listings?
Speaker 3:How many of those can I actually still go write an offer on cause some of them are already pregnant with offers.
Speaker 1:That is correct. So the bad news is if you're out there shopping, there are really only 1,226. So roughly two-thirds of the single family homes that are actively listed, already have offers one-third don't. And so in terms of real number, this is in the whole five county Milwaukee area, there are 1,226. So active listings without offers if
Speaker 3:We were cause that's like, that's like saying that like people who are engaged are still single. It's like, well, not really because you're you're on the path. So like, if we were really going to report, you know what, we got to come up with the accurate index, because then we can write headlines that we want about the accurate index, because it's all we got to do. It's, it's a, it's not just listings. It's how many of those can you still go write offers on because that's the true number,
Speaker 1:Not, and then orange condo land, condo land, it's a little less, um, uh, bad for buyers. There are 830 listed 436 half offers, 394. Don't um, so, so first of all, just look at the difference in the size of those markets, right? Condos, there's only 830 total listings, single family tach there's 36 65 listed what actually available 1,226 single family, 394 condos available on the market. Yeah. So, uh, folks, you know, that is a tough, that's a great seller's market. It's a tough buyer's market. And you remember, we're here for you to help you compete in this crazy market with every tool we have in our toolkit. And we have a lot. All right, why don't we come back as has become tradition. Now, two weeks in a row, David's going to decide what we're going to talk to. David. You can do the outro.
Speaker 3:You've been listening to the acronym, mortgage and Realty show on the biggest stick in the state am six 20 WTMJ
Speaker 2:WTMJ W2, 77 CV and WK T I HD to Milwaukee from the annex wealth management studio. This is Newsradio WTMJ expert advice on buying a home. Here's more of the accurate mortgage and Realty show with Brian Wichert on WTMJ
Speaker 3:And the younger more handsome David Wicker. Good to be with everybody on this father's day 2021. So I wanted to follow up data on what you talked about, uh, as we segwayed out of our last segment, using all the tools in our toolkit to help home shoppers. And so, you know, first time home buyers are, I think the number's like a third of, of all home buyers out there, but Hey, two-thirds of home buyers out there are repeat or move up buyers. So I took a call yesterday with a repeat customer of Accurate's, who is also going to be, you know, they've been looking, um, and, and, and so they found a home that they wanted to go see today, even. And so, uh, was able to get on the phone with them, you know, kind of get the updated game plan. And, uh, the, the tip of the spear of our conversation was what I've begun to call the difference between your public pre-approval and your private pre-approval. And you've talked about this in examples as well, where, okay, your public pre-approval letter shows here is the strongest, best, most awesome version of myself. Here's the most that I can put down if I had to, and if I needed to live up to that strength in these folks case that was going to be 10% down, that was kind of like, they're like, you know, here's my best version of myself. And then I, and then I also provided to them a private preapproval letter, which said, what do you mean private? Well, well, so the example that I gave was so when my wife and I bought our house last year, we wrote our pre-approval at 10% down because it was like, I can do this. But then being the son of a mortgage banker, there was no way I was putting a nickel over 3% down to buy our house. Cause I love cash in my checking account. And so you can, what you say, here's the maximum that I can, you know, live up to public pre-approval, but then privately, uh, for these folks back to my story, they just wanted to put 5% down. And here's how we could put that game plan together because Hey, when you buy a house, you probably wanna paint new couch. I think they're going to need a bigger lawnmower because it's an acre. Oh boy. And, and so there can be that spread between because ultimately when you get to the closing table,[inaudible] we show up with our bag of money. Buyer shows up with their bag of money. The seller doesn't care, what color the money is, just give me your bags of money.
Speaker 1:So our public preapproval letters as you're calling them, which I like that, that, that then it gets matched up with the financing contingency in the contract called the offer to purchase. So if you're writing the offer to purchase, and you're saying 10% down, we're going to give you a pre-approval letter that says 10% down, the rates should match. Or in any case, the rate on the contract, by the way, should never be lower than the rate on the pre-approval letter. If you really want things to be harmonized and prove that you're good for it. Um, and so, yeah, that's the one you give you attached to your offer. Um, and by, by, you know, and more down payment is better in the eyes of the seller. By the way, one thing I forgot to mention that I noticed is that the, um, cash offer language has changed to the Wisconsin, offered a purchase. So if you say, I don't need no stinking mortgage, it used to be, the seller had to ask you for proof that you could be a cash buyer. Now it's automatic. If you write an offer, that's not contingent on a mortgage, you must provide the seller with documentation that shows you've got the cash. Okay. So, so we've got this public conversion.
Speaker 3:Well, I was going to say, so that that's another version of this public and private, okay. Publicly, I'm going to stroke a check for your house, but privately, like, you know, uh, like we said, in our third segment, I'm going to actually try to get a 15 year fixed because I don't want to liquidate, you know, all of my cash
Speaker 5:And sticking it into the house.
Speaker 3:So this, this is something we're just walking down the path. That's already been plowed in another version here, public versus private.
Speaker 1:Another thing that's interesting as we talk with buyers and help them think through their offers strategies in the category of you really want to have accurate mortgage on your team, because we're going to have you help you think of things you wouldn't think of on your own in working with this particular buyer last week, they were going to offer a hundred thousand dollars less on this property. And I said, well, what do you want me to put on the preapproval letter? Why I think it should match that offer, you know, what the offer will make. And I said, the low offer, the a hundred thousand dollars loan. I mean like, really you want to tell these people, you may not be able to pay more than that. I said, how's about if we write it for, I dunno, 30 grand over their asking price, because I said, this isn't about what you can afford. This is about what you're willing to pay. And that particular person went bang. You're right. Give me the high number, because I want to negotiate from a position of strength, not weakness, but I am amazed at how many real estate agents, uh, don't subscribe to that you want to drill.
Speaker 3:Well, I want to drill on that. There's a difference between a Ford and pay. I can afford whatever I want, but I'm not willing to pay, you know, above[inaudible] exactly right.
Speaker 1:Because I remember asking prices, even though lots of homes are going over asking, it's still possible that the, uh, owners, the sellers and their agent were insane when they came up with the asking price, there is such a thing as you know, being out over your skis. All right. That's all the time we have for today's edition of the acronym, mortgage and Realty show. Remember just click on that blue button. If you, there's still great time to refinance, tap cash, tap cash, get rid of your PMI Payless for staying in your same house. And also you really, really, I think want to put our expert team on your home buying team, because it is definitely a team sport these days. And you need all the best minds on your team. You've been listening to the acronym, mortgage and Realty show on am six 20 WTMJ. The proceeding was a paid program. Advice and opinions expressed during the accurate mortgage and Realty show are solely that of the hosts or guests of academic mortgage and accurate Realty advisors and not WTMJ radio or good karma brands, Milwaukee LLC.