welcome to Episode 3 of the Epic Edge Podcast
I'm Andy Davis I'm Aiden Edmonson
we are in just outside Memphis
Tennessee but we cover all of West Tennessee
and certainly the Memphis area
and little bit of North Mississippi but um
we've got a pretty good show for you today
I'm on a soapbox today about the
the real estate market so that's gonna be fun
and I've had my coffee um
we're gonna talk about the market
we're gonna talk about the importance of
of having a daily schedule and a routine
and then I wanna talk about
the craziest objection I've ever heard in real estate
that was given to me last last week
so let's get started
let's talk about the market
um Hayden
you buy and sell a lot of houses
you your nose is pretty close to the
the fire when it comes to the market
what are you seeing out there
from a local standpoint uh
after talking to people across the nation uh
what we have come to realize is
depending on what your purchase process is
depending on how fast houses are moving
uh interest rights
of course everybody's kind of
standing still to see what Jerome does with the Fed
you know
the feds and see if they're gonna do some good right
drops and uh
but from a local standpoint man
we're still moving uh
the purchase process in Memphis
are historically lower than what they are across
the country so I
we're still moving uh
I think we have roughly a two and a half months supply
which is average I mean
that's not nothing crazy I mean
of course that's not covid times
but you know compared to before then we're still fine
houses are still moving people are still appreciating
they're still making money
investment properties are flying off the shelf
of course still we're still moving
you've got and I think your audience is like mine
there's probably a good mix of real estate agents and
you know the
the general public um
that's not real estate agents
but just consumers in our local market
you know I think two and a half months inventory
like that doesn't sound
that didn't sound like a lot or
you know you said it's normal
it's really
actually low compared to what a normal market is
I hate to even say a normal market anymore cause
you know I don't know that there is such a thing um
but a healthy like a balanced market
where it's really not really a buyers market
not really a sellers market
that used to be like four to six months of
of inventory and
you know we're well below that
um the agents that I
that had coach and have that I run with like they get
I think they get tired of me saying this
but it is so true
because I think there's such an opportunity to educate
people on the market because
you know we I have family members
I have friends who just read the headlines on what
they say the
the markets doing and they think that well
that's true in my market and wherever they are
in Memphis Tennessee and it's not um
so I'm pretty passionate about that
so there's my soapbox for the day
is that the market is hyper local
because I mean there are some agents
you know
there's friends that we were just talking about
some that in in Florida and New York and California
like they're having a very different market
conversation with their clients than what we are
I mean you look at it and say
I think we were looking at it earlier
from a local standpoint
we went up over 15% last year and 6% so far this year
so appreciation so that's 21% almost
and I don't down economy
when everybody else is like
taking bloodbass in the higher purchase process process
you know
and even through like the slower months we were flat
we weren't going backwards
so I think that's usually important to understand
and keep in mind uh
yes your marking might be slow
but what
you do on a day to day is what's gonna determine your
outcome you know
we're definitely not in covid times
well hopefully
or maybe we won't see that again
maybe we do we don't know uh
but I don't know if anybody wants to get
I guess some people do
but real estate was good during that time
like it was super easy to sell a home then
you know I noticed a lot of
unfortunate things happen to a lot of people
during that time frame but real estate was easy and fun
and then you can make a lot of money
I think there there were a lot of buyers too
like there a lot of people were jumping in because they
they had cash they had options
they had I mean
it was just a very active market
one thing I don't want to recreate is we made 60
I think it's my little thing that we had at the time
made over 60 offers
and one given month and got zero accepted
yeah that's not any fun
how can you say that's a fun market
well
the ones you want and my idea are two different things
Hayden
that's not fun to me
but you know
it was it was definitely a different time
I don't know that we'll go back there again
um
I kind of don't think we will
we have not solved the the supply crisis
and we have like
we have a demand for affordable housing
and we're just looking for bed raise
going up like interest rates went up
all I did was price people out of the market right
and we can all agree to that
but they those people didn't go anywhere
you have the biggest buying generation
the people that are you know
28 to 40 years old most of those people are just
now starting to buy their first homes
so with interest rates going up
you pint up demand
and made it to where those people can afford a home
once that starts trickling market later right
so now we're trickling down interest rights
drone pile starting to make advantages
I think they're showing like I do
almost 100% shot now
dropping interest rates half a percent
and in September
so with that being said by the end of the year
you know you're probably talking to one
one and a half percent
difference in interest rate drops
like you're
you're truly about to see another big rush on the
on the market yeah
I think so too I agree with you
and sometimes you and I don't agree and that's okay
that's right we agree on this one okay
so here's the headline
the housing market is stuck until at least 2026
Bank of America warrants
do you like the drama at which I read the headline
the drama is part of the flare right
like you had to make it like exciting or something
which gloom and doom
I mean the news is always especially the national news
they are always spewing gloom and doom
and then the local market
you know Channel 5 or Channel 3
that they're picking up the national syndicate
and running with those headlines
and that's where I get
that's where I get mad because it's like
that does not correlate first of all
that I don't know what they're basing that data on
probably the coastal market in which they are in
probably basin off California or process or Miami
so like if they told you that the
I want this is my easiest argument on everything
when we see anything on the news
and it's the most political and correct
that I think that could probably come out of my mouth
which is rare
how many good things do you see on the news
not many if it doesn't bleed
it doesn't lead
so they don't put the good stuff on there
so the good stuff usually doesn't make the headlines
just like the bad stuff does
so with that being said like
if they got on there and said that the market was good
nobody's gonna read them
but if I say it bad and people are trying to buy homes
or the interest rates are crossing people out
or black rocks buying whatever they're doing
you know whatever is going on
like that's the only way they can get clickbait
so the it has to be something negative in most cases
to be able to get people to follow
so what you're saying if we had a business model
where we only reported good news
we would be
out of business in probably less than six months
it's not a good business probably a good thing to try
just to see how the numbers play out
but I seriously sleep better at night
or it be something people wanna watch
but I don't know if it equates to
I mean but in honesty though
it might be something to try
you know because the
people are most likely
tired of seeing all the negative stuff on the news
in most cases well
and we're an election year
so I feel like everything is amplified
as far as the noise
and you know that I was telling the team this this week
I said you've got to be louder
especially on an election year
we were talking about share a voice
and just being in people's ear to remind them that
you know you're willing to help them in real estate
and educating them on the market
I said you got to be louder than the loudest noise
and right now
we're in a year where there's more noise than average
so you know
it affects everything okay
so we read the sensational headline about
the housing market is stuck for two more years
but let's go hyper local and let's go two years back
so August of 2022 we were just looking at the numbers
and we just pulled August only data in our local MLS
we had 27 homes sell
at an average sales price of 280,000
so our average sales price in our area was 2
80 two years ago last year
we had 25 home sale at 3:20 average ticket
that's up four and a half percent
and then just this last month
August of 2024 we had 23
almost 24 home sale average ticket
3 36 4 6 7
so a few shot a few less units are selling
but the average sales prices going up 15%
year before last 4% over the year before
that's not what CNN is reporting on the housing market
but again to that super
super super geographical close knit
like we we're talking about our specific association
where that might not be the case in Florida or calleed
Oklahoma wherever
we are very fortunate to be in Memphis
Tennessee where we are very investor driven
and we have a ton of investors coming to
one of the cheapest places in the world
about real estate right
still in a very by all comparison purposes
a very affordable market compared to most
let's go
but I think whether you're in Memphis
whether you're in the most expensive city in
in the United States like
it is up to the agent
to be the deliver of that market information
because the client the consumer
the buyer and seller
who's out there making buying decisions
they're basing it a lot of times off of the headlines
and here's the thing if
if we've got somebody that's waiting to
to buy here in Memphis
and they're watching CNN or I mean
it's not just CNN they're all that way right
but um if they're waiting
basing it on the fear that the National
media is putting out there
then they're missing out
they missed out on 15% equity year before last
they they're missing out so far this year
on four and a half percent equity
that that irritates me
because that's just lost revenue for them
that's not even including you know
the interest rates started to strike down right
so like the come to buy was yesterday unfortunately
we don't have anything to show what the future beholds
uh but if the numbers work for you now
I think the most important fact that
you can take away from anything is
by today uh
fitness race work for you now
and you love the home
and you think you could be here for X amount of time
or your lifetime by the home
because you it's most likely gonna go up historically
I think the exact number for the last 70 years
there's only been six years of negative appreciation
most of those centered around
oh wait no no
oh wait no nine
10 and 11 and it started bouncing back then um
so I mean
historically it's a good investment to buy real estate
yep absolutely
all right well
I'll get off of that soapbox
but the market and like the
the national news
versus leaning on an agent who gives you local
and a local interpretation of the market
that's something I'm pretty pretty passionate about
when you're talking
when you're talking all these local agents
I think the most
one of the best things they could do is
know their numbers
don't go in there thinking that you can just kind of
dodge around the bushes
I guess it's the nicest way to say it
you got it don't make go in and make sure you know
your numbers show that that markets went up
this is done this the you know
drone piles pistol drop interest rates
you know X percent uh listen
you know that if you give them full of knowledge
and you give them those statistical answers
that makes sense
it's gonna make sense for them to buy that home now
well and what that means for them
what that means for them
is that they don't have a higher house note later
because they waited
and it went up another 20% in value
or what that means for them is that they can buy now
versus
waiting for interest rates to drop a little bit more
but they've competing with 10 other offers
because other people were waiting to like
I think you always have to show them hey
here's the statistics
here's what the market is doing now
what that means for you the consumer is this
so anyway good good conversation about the market
it'll be interesting to see what happens
through the winter months
and going into the first of the year
um speaking of the end of the year
and all the things that are happening on election year
we've been talking about the election cycle um
I heard the craziest objection
I've ever heard in real estate
and I've been in real estate since 0 9
so that's a lot of objections that I've gotten
do you wanna hear the objection
we are waiting to hear
this was somebody told me last year
last week we're waiting to see what happens with
the presidential debate
which was last night at the time we're recording this
that was last night and I just thought they misspoke
and they meant the presidential election
and I said you mean the election
and they're like no we wanna see how um
how the candidates doing the debate
before we make the decision on the debate
what
I mean how crazy that they're making
buying decisions based on
I don't know an interview
I guess I mean
the only thing I can see is I'm a numbers person right
like I don't play
pay attention to much of the politics
that my thought process would maybe be that
they're trying to see what
how the market reacts maybe the
you know something from that effect but again
I'm only know what I said earlier
if the numbers make sense for you to buy now by now
because and historically numbers are going to go up
interest rates are going to go down
more people are going to come into the buying market
that makes more competition
that means higher purchase process
and means appreciation
if the numbers were now bye
well I asked the person on the other end of the phone
I said do you think that your value
the value of your home
or the home you're about to purchase
do you think it's gonna go up or down
between now and January 1st
much less between now and Friday based on the
and they laughed and they're like well no
probably not it may just not grow as much
oh yeah
I think you're probably right
it could impact the the rate of of equity growth
I mean but it's not going to
you're not gonna necessarily buy it at a cheaper price
based on what happens especially during the debate
it's probably one of the craziest subjections
I've ever been
then I could see you waiting into like the
you know the election or the election that all the time
yeah I mean
like the year before the election
like everything's just kind of slowing down
because people are trying to see what's gonna happen
yeah people get funky and cautious on election years
with their money the very next year
guess what happens on average
the real estate market and everything goes up like six
uh I saw something the other day said
the stock market goes up like at 12%
usually the year after an election
and then the real estate working on an average 6 to 8%
historically
you're in a time of economic growth and you know
things look favorable following an election
regardless of who gets in the presidency
I've looked at it both ways
to see if it makes a big difference
and it doesn't that's right
I told you that fear drives it right
honestly feel like
you know when you not get into politics
but I feel like there's opportunity
on all ends of the spectrum
people can take advantage of all eyes fix seven
that's true we've talked about that before okay
let's talk about for a second
let's talk about the importance of a routine
I told you yesterday that I had
I had a very poorly planned out day
which I've been really working on lately
and I decided to have carbs for lunch
and I was telling you yesterday
how that impacted my lunch
by the way that cornbread was really really good
I'm I'm still not regretting the
the fact that I that I ate it
but we talking like dippy cornbread or like legit
no good like homemade jalapeno cornbread
so heavy so heavy
it like I knew it like the first time
I and I had honey butter on it
which is even worse
your training would be so proud of you
I know I haven't put it in my in my my app yet
it's gonna suck
when I look at those numbers and watch this video
but I did it and then 3 hours later
I'd hit a wall cause I had car crash
I had so you know
the how important is it that you plan out
we're talking about meals right now
but the importance of a planned out day you know
but your diet is part of it
we talk about that you and I talk about that sometimes
how many like even now from a physical stature um
when you walk into a room and you
you have that physique that draws attention
or you hold yourself to a higher tier
people respect you automatically uh
just because they're like hey
this dude's disciplined
enough to go to the gym every day
and not solutions for three months uh
two months
three months six months whatever you're adamant about
and it might just be losing weight
like
you don't have to walk in and be the super buff guy
but if you lose weight
and you hold yourself to a higher tier
than what the average
American does in the United States
which is not very accountable in my opinion
but if you hold yourself to that level
like it that gives you a statute
that gives you the confidence to walk into the room
with a and you know
feel confident in your skin
but even down to like a structured daily schedule
your day is 100% dependent upon what you
what you have scheduled for yourself
because if you're just if you don't have a schedule
you're literally just spinning your wheels
you have nothing to push
you have nothing to look forward to
you have no goal to measure
to see if you are accountable
and you achieve your goals for that day
and I like I'm not saying
you have to have it down to 15 minute increments
but there is
a portion of your life that needs to have some sort of
schedule or a goal for you to be able to hear and
or try to achieve on a daily basis right
I mean I've never really thought about it this way
until we're talking about it now
but even the idea of creating the schedule
just that you go back and check oh
you know I'm off like it
that's an accountability measure right there
just creating a written out purposeful day
whether you follow it or not
that's a different story
but at least you're aware of it
and there's accountability there
yeah you have
you have the just you know what
I'll go back to the physique thing
uh if you have a trainer
or somebody that's holding you accountable
you have your carbs and fast
and protein goals that you have to hit every day
the point of it is is to not if you mess up yes
not that really big of a deal
but you have a measurable goal that you have to hit
or not like that's the whole point of uh
if you're not tracking it
and you're not focusing on what you're doing
on a day to day aspect
you're just doing a Free Willy stuff
like you're just doing whatever heck you want to
and that's fine right
some some people
those are usually the worst decisions when you're not
when you haven't planned it out
you make a especially with that comes to diet
anything fast and on the fly is never the right choice
yeah and guys like we're not even
we're talking about physique
just because that's a big thing for me and Angie both
but I don't think that
we don't live on those Texas girl house rolls
on a Friday night
like we like that cinnamon butter is top notch
like not even say it's not right
my cornbread yesterday loved it
but I was aware
I was aware of what I ate the rest of the day
and I will be out and you
and you hold yourself accountable
six out of seven days like her
five out of seven days
when it comes to your work ethic
or whatever you're trying to achieve
if you work seven days a week
that mean you need to talk because like
we could be best friends but it uh
it's just one of those things that give you
if you better yourself
once I heard a guy talking say this the other day
he's like I don't track my calories
I don't do you know
I'm not really particular on what I do
he said but what I do try to do is every day
I try to eat just a little bit better
if you do that for a long enough period of time
your body is gonna change
just because you're not eating that
that gallon of ice cream and those cookies
like I I love this as much as anybody else
but
he has a goal of just doing a little bit better
every single day it can be really that simple
consistency and accountability at
that's absolutely true well
I'm four weeks into my journey and I
you know I think we're gonna do like
we're gonna do an episode strictly on physical health
and how that impacts your productivity
but this is kind of a good intro to it because it does
I've noticed just an increase in my ability to focus
in my energy
my mental energy as well as my physical energy
so there's something to that absolutely
okay so by the time we will do our next podcast
I bet you'll be a dad are you excited
I am uh
we are kissing 30 actually 39 weeks today
so we have one week left until the due date uh
this is gonna be a totally different bargain
uh people keep asking me they're like
hey are you nervous
I'm like man I guess past being nervous
like I should be nervous like the first month or two
now it's just kind of how
how are you gonna let this affect your life
met with a guy last night
it was funny he's like man
as soon as you have that kid
like your life is changing like you
you're not working as hard as you are and I'm like man
you don't know me
like you do not know me at all my friends
because I am here to prove you wrong
uh am I saying that my life won't change
the answer is no but I can guarantee you that
I will still achieve in life
and I will still hit my goals every single day
uh I might have to get up earlier
and it might look a little different
I don't know how you can get up any
earlier than you already do
it's just you know
a lot
and me and you have talked about this all the time
life is nothing but perception right
and you can so
two things that have always been held against mirror
aging kids right
well the only reason
you're able to work 60 or 70 hours a week is because
your age
uh but also to age has been used against me
from the experience temple
when I uh
32 years old now and I'm walking across leading
you know crews of you know
rehab and homes buying rentals stuff like that well
age has been used against me and well
I hadn't lived there all eight or nine well
that's okay I haven't
but you know
what I have done is this in the same thing with kids
well the only reason you're able to do this
because you don't have kids well
like that little sucker can go with me every single day
I might be walking houses with a little
like the little owl and hangover kid on the
on my chest like we'll figure that
so that's one good thing about real estate
you can take your kids with you if you need to
my son went with me
he was the key card holder at the time
we we still had key cards yeah
people were all we're all professionals in our own ways
but being relatable
and being a professional go hand in hand
so mom
or a single dad or a dad that's walking around
trying to do a multitasking
10,000 jobs at once
like that just makes you more relatable yeah
so absolutely go show those home to that kid
I promise you it's gonna be here to help you yeah
that's true I mean
your kid does have to kind of act right halfway yeah
if you got a if you got a bad kid
it may could hurt you but
you know one of the funding ports
my grandma she's 80 now
she's a real estate professional as well
and she always tells stories about me
walking around at 3 and 4 years old
going and filling people home
so walk around this is the living room
you know
the traditional early 2000 showing a home type deal
and so that's pretty funny
I'm just trying to get to do that right
I think bigger assistant one of our agents
Haley Griffith
shout out to Haley if she's listening to this
she takes her son on a lot of shows
especially in the summer you know
when they're out of school
and she would give him I thought this was a great tip
she would give him her phone and she would say
I want you to take pictures of everything
you see wrong with the house
but don't tell mommy till we get in the car
and that kept him busy
and kept him engaged and keeping up with everybody
and he was he
you know felt like he had an important job
and then she would find stuff and sure enough
she would notice things that
you know he
he caught that she didn't on the initial lock through
but it's pretty smart that's right
little walking tax deductions
that's right that's right
don't you think I hadn't had that conversation by any
oh yeah appreciate
well I'm excited for y'all
I I told you a while
back that don't worry it's all gonna be okay um really
really not so
smart people have
children
and successfully raise them everyday in the city
so you've got this you'll be fine
it can't be that hard
because more people would fail at it if so
and I have plenty of mothers around me
that would be happy to help
so what happened oh yeah
we're all standing in line
I told you that day
I was gonna get a puppy or come babysit
so there's no way he gets away with anything for like
the next 28 years
no too many eyes are on him for sure all right
we'll talk to you soon
everybody join us next week and um
leave a comment below
follow us on your favorite social
hit that subscribe and um
leave us a comment below what you'd like to see
we were we're happy to um follow different topics
we'd love to bye everybody I guess
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