SOTM 53: Will Real Estate Save the Economy?

July 30, 2020
Covid-19 pulled the U.S. into an unexpected recession. Could real estate be what saves the economy? On today’s State of the Market with Paul Morris of Keller Williams, we discuss several news articles that indicate high equity home sales may bolster consumer confidence enough to inch us toward recovery. Plus, we cover how the expiration of the federal eviction moratorium could create HUGE opportunities for real estate agents.
SOTM Listen to today’s show and learn:
  • Greenbriar executes a master sales and marketing agreement with Paul Morris [3:23]
  • 20 percent of winning offers waive inspection contingency [10:59]
  • Manhattan penthouse sells for $100,000,000 to anonymous buyer [17:04]
  • Pending home sales continue to increase [20:53]
  • Lawmakers discuss offering a second PPP loan [24:07]
  • Real estate to save America from a recession [27:01]
  • Federal eviction moratorium to end Friday [31:12]
  • A HUGE opportunity for real estate agents [32:137]
  • Paul Morris’ advice to agents: take action [35:57]
  • How to break through your goals.
  • Plus so much more.
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Aaron: Rockstar nation. Aaron Amuchastegui. I’m back here with Paul Morris. I’m really excited to have Paul back today just to get to talk about the news. It’s going to be a really interesting news day. There are so many articles out there. Like what we talked about last week, it’s really hard what to make of the news, because just about every article has a different one. Our job is to tell you what we think is out there, give you some of our opinions on it to help you arm yourself. Paul, welcome back, man. How’s it going?

Paul Morris: Thanks. It’s wild out there, to say the least.

Aaron: Yes, it is.

Paul: We’re seeing a lot of activity. One of the things that I find to be very interesting is just, what are people thinking? What are people in the streets thinking? Obviously, all of our listeners and viewers they’re out in the streets, they see it themselves. There’s such a variation between people are saying, “Hey, this is just a bad cold to this is on an apocalyptic event. Where’s the truth?”

Aaron: Yes. I think we’ve also seen a, depending on the city– It used to be depending on the state. Now it’s depending on the city because Texas has a lot of cities, a lot of counties. Some counties haven’t had a single case of anything, and so they haven’t changed. Other counties have had dramatic ones. Depending on the city, depending on the County, you see so many different feelings out there and probably on agents, because what we’re seeing is there are a lot of agents having the busiest, most successful real estate season they’ve ever had the last few months.

I’ve seen people setting records. I’ve also had a bunch of people emailing us and reaching out and saying they haven’t gotten the listing or a deal in three months. Markets like this really push everything out there. We’ve just been trying to go all-in, were trying to do that. Listeners, you got to remember too, Paul has thousands of agents that work for him. When he gets to bring in the news, he gets to see a little bit of everything from that perspective.

A funny thing, just to put Paul’s expertise in perspective, one of the first that came up as like real estate news says, “Greenbriar executes a master sales and marketing agreement with Keller Willams – Paul Morris.” I think this is like a thousand-unit subdivision of houses. They signed with you to say, “You’re going to get all of our listings for these thousand houses.” Tell us about this deal. Did you go on the appointment yourself?

Paul: Yes, I rarely do a listing appointment because my job is really to go out and help realtors. I rarely do them. What happened was it’s in a town where our brand dominates some towns, not others, but it’s in a small town. It’s a thousand unit project and it’s in a town called Tehachapi. Again, there’s something newsworthy about this in particular because what’s happening is to Tehachapi is this little town outside of Bakersfield.

Bakersfield and these other cities nearby are pretty tough living in terms of temperature and expense and crowding and that thing. Tehachapi is a beautiful, idyllic countryside setting but not too far from these places. During normal times, does somebody really want to get in the car and commute 45 minutes to work every day back and forth?

Number one, are we going to go back to work every single day? Are we going to work from home more? Number two, people want to get out of the cities. They want to get out of that crowding. This particular project is interesting in many ways because I think it is a way of the future. What happened in that particular instance is a small town.

Some of our agents were up for it. Some agents at competitors were up for it. When our agents weren’t going to get the deal, I went in and took a meeting as the company to do it.

It’s also a message to realtors, I think. Being able to show strength in these times, it was the easiest listing appointment that I’m sure anybody has gone on, because what I said was, “Hey, thank you for interviewing a couple of top realtors from my firm.

I know that they’re no longer in consideration. Now you’re looking at some other individuals, but I’m going to bring this whole team effort. Here’s what we bring to the table. We have 3000 realtors. We have offices in these other cities that could be target areas for you.” I think to our particular audience if you’re an individual realtor, it doesn’t mean you can’t crush it during these times.

Be aware that appearing to have an edge in any market makes a difference. In this particular market, this is where I’m seeing the top realtors in a particular neighborhood, just take it away from me and right back to neighborhoods and other realtors. The top realtors in the neighborhoods that I’m looking at are getting calls like “Hey, come list me” calls.

Paul: Under normal circumstances, even the number one realtor in our area who I spoke to just recently, she has a whole team. They would interview her team and they would interview one or two other top realtors in the area. Now she’s getting the call and that call is different in two ways. Number one, it’s like, “Hey, come list me, we’re not going to interview the other people.”

Number two, “We don’t want your team. We want you.” She’s working like five times as hard as she usually does, but she is crushing it. What do you do if you’re not number one in your area. Oh yes, that’s easy. Great for her. The answer is to get out there and be the messenger. Honestly, it’s not just because we’re doing state of the market.

I do believe the state of the market tuning in every week to state of the market, getting the stats, making sure that you’re the repository of information in your area takes your head and shoulders above the rest. Many realtors at this point in time have spent the last couple of months on the couch. If you’re one of them, that’s okay. Just get off the couch because the people who are crushing it out there making it happen.

Aaron: Yes, people are. I really love the perspective you just gave to that the agents can go out and try to get a listing. You had a bunch of agents that worked for you that were in the running for it. Instead, you said let’s combine in numbers and going, “Hey, yes. Any other agents, there are lots of great agents you can choose from, but what if I bring my whole office?

What if we’re going to just put our whole office behind it? It’s not going to be an individual agent effort?” You’re right. What a cool thing. It talks about you guys helping with SpaceX and Edwards Air Force Base. There are so many different businesses out there that your company is helping with relocation efforts and things like that.

Paul: One of the reasons why I said it was so easy it’s not because we’re not putting that effort in. Also, the developer is bringing a product that is timely. People have to adjust. The developers bringing something timely and that is an alternative to people to get out of the big city and to get out of their urban density and to live a different lifestyle at a price point that makes sense.

That’s what made it so easy for us. It’s what makes it so easy for us to market. What is the message to realtors? I think highlighting, people are very myopic. They look at what’s going on right now. There really is flight from the cities. I do see it.

A second housing market where I sold my house in Palm Springs, because when you get into a recession, the second house markets get hit the first, so I’m like, “Oh, let me get ahead of this.” I turn around, it’s like actually, prices have gone up since I sold because people are fleeing from LA to go out into the countryside a little bit.

Aaron: Man, our crystal ball stuff isn’t always accurate. I definitely did some fire sales in March and April and I’m glad they got sold. Looking at right now, the market is stronger than I thought. A lot of the news we’re going to talk about today is that, that there’s some stuff that’s really hot and heavy and other things that we should be thinking about.

Here’s a piece of actionable news. This was an article that came out just yesterday on Inman news, and it says, “As bidding wars spike, 20% of winning offers waive the inspection contingency.” I’m going to dig into this article for just a second, but just think about that as an agent when you’re out there right now.

I don’t know how long this booming market is going to last, but right now there’s not as many sellers as there are buyers, people are trying to move right now. It says, “Homebuyer demand has shot up at the same time as home inventory has plunged,” all because of this quarantine stuff, “resulting in more and more bidding wars and buyers willing to take risks to win the house.

In June, 19.9% of successful home purchasers offers submitted by Redfin agents in Washington DC, New Jersey, Boston, and Portland waived the inspection contingency up from 13% a year prior.” I would take that as saying, “All right. If you’re an agent out there and you’re representing buyers, that’s something you need to consider.” If it is a competitive market, it’s reminding sellers of that inspection contingency. Have you seen anything like that, any of your agents talking about that? You think that’s good advice?

Paul: Look, in absolutely any market, the cleaner your offer, the better. We all know that. When the market gets tighter, then the cleaner offers standout big time. I close to investment properties recently, and I had to waive some contingencies because I was just going to get blown out of escrow if I didn’t.

The sellers when they’re selling right now, I’m just going to say they feel– For my second home in Palm Springs, I wanted to get that thing sold. I would have taken a little less money. I really truly, and I could put myself in everybody’s shoes. I would have taken a little less money to not get messed around with in escrow to waive some of the things.

This is a piece of advice and I put this challenge out to our audience. You got to tell me, like, “Am I crazy? Are we crazy?” This is a piece of advice that when I first heard it, I was like, “Oh my gosh, it’s so obvious. Everybody should do this. This is amazing.” Then I went out to some of my top realtors, and they’re like, “Dude, that’s terrible advice.” Here’s the advice.

Aaron: Awesome.

Paul: One listing agent who is crushing it that I did an interview with, they’re getting a property inspection ahead of opening escrow. There’s handing the property inspection to potential buyers and they’re making them waive the inspection. You can still go get your own inspection. If you find stuff that’s not disclosed in this particular one, okay, fine.

If you do a really good solid property inspection, then your chance of getting blown out of escrow is very little. You’re just saying, “Hey, it’s done upfront.” I’m like, “God, that’s such a phenomenal idea.” I talked to some of these big listing agents, they are like, “Oh, yes. No, no, no. My sellers never going to do that because we would then have to disclose it.” I’m like, “If you have a leaky roof, the inspectors are going to find the leaky roof.”

Aaron: Just going to come out.

Paul: Then you’re going to argue about who’s going to pay for the leaky roof. Then if the escrow blows out, you still have to disclose the leaky roof. I remain unconvinced that that is not fabulous advice, except for five of my top listing agents they are like, “Mm.”

Back in February or March, David Greene, he’s an agent up in the Bay Area, that’s one of his methods. When they would put their house on the market, they would also put it on with a home inspection and say, “Your offer needs to include your repair request with it, and be noncontingent.” It’s not the first time I’ve heard of it, and that was before quarantine and people not wanting a bunch of people in their houses.

I think that’s a good idea. You guys out there that are listening tell us. Comment in, send us an email, and let us know. That’s not the first time I’ve heard it, and I think that it sounds pretty brilliant to me. Like you said, we don’t know everything. There’s plenty of agents that have maybe said no. Here’s one, I don’t know if you could do that on.

It says, “Manhattan penthouse sells for $100m to anonymous buyer. The buyer, who cannot be identified, purchased the penthouse at 220 Central Park South for $99.9 million, as well as a smaller unit in the building for 1.81 million.” 220 Central Park South in Manhattan.

In the famed 220 Central Park cell tower, the buyer whose name is being kept private, it’s like through some LLC, and it’s an ultra-luxury residential tower. We’ve seen a couple of big transactions like this in the last year. I guess we always have them whether it’s good markets or bad markets, but they’re always fascinating when they happen, right?

Paul: I love that paying $100 million for a unit in a building and then picking up another unit that costs under 2 million, it goes to show you that even inside of that building, somebody else can get in that building for under $2 million when you’re paying 100 million to get in.

Aaron: Dude, that is actually probably the most, but that’s mind-blowing. How do you comp anything if you’re not the building expert? When people talk about niching– A guy I talked to you last week said, “Hey, you should only farm like a specific neighborhood that you know everything on.” That building would be an example of an agent that goes, “No, on this floor, it’s the same plan, but if you go three up it’s more, or you go three up it’s less because now you see this instead.” That’s for 100 and–

Paul: Plus I want realtor, by the way. I want that realtor. Same. I bought as an investment, a property, a condo overlooking the ocean of Marina del Rey and it’s 7J. I called the number one realtor in the area, and I was like, “Oh, I’m thinking about buying da, da, da, and this tower of 7J.” He’s like, “Oh, the J stacked.” I’m like, “It’s the first time.”

Condo people, they immediately know what that was. I was actually like, “Stacked? What is that? Oh, right.” It’s all the J-units stacked on. Sometimes you got like like 6J, 7J, 8J. He’s like, “Oh, the J Stack faces 20 degrees more away from the ocean and it’s worth a little bit.” I’m like, “Okay, seriously, could I list with you? Do I need you to represent me to buy?” That’s the kind of expertise. It isn’t the type of expertise that takes a decade to learn, it really isn’t. It totally isn’t.

All you have to do is, there’s only five different types of units in that building, it’s a massive building, there’s only five different types, go on an open house for each of the five, take photos, really understand what the units look like. If you can’t do that, do a virtual tour, know what each of those five units looks like, and make that part of your knowledge base. It does not take years. I don’t have a great memory, but if I know what I need to know and I put all the stats out, I can sound like I’m A+ on my game.

Aaron: Yes, it is. That is super fascinating. I would call myself a real estate expert but there’s still times, definitely condos and stuff like that. Most of the time with the house, I can comp it from a million miles away and get within $10,000 of what it’s worth. Those are examples where sometimes you just can’t explain it at all, unless you actually go and see it.

There’s a building in downtown Austin that’s like that I remeber when I was doing Santa Barbara developments. There was some like that too where you actually just have to go in each and go like, “Oh, I can see now, you actually see the neighbor’s trashcan here. That’s why this one is worth less.”

Fascinating thing that you pointed out. I’m glad that you saw that. There still is giant transactions coming. We have another good news article, I would say. I’m going to say that stuff that’s saying the real estate market is strong is good news, and some other articles that we’re going to have that say maybe not is bad news.

I’ll be biased in that sense today. Good news, “Pending home sales signal strong market for July and August. The pending home sales increased 6.3% year over year in June.” I guess this isn’t any real new news. This is what we’ve seen the last few months and that’s pretty much from anybody we’ve been talking to. Have you seen the same thing where you’re at?

Paul: Absolutely, we’re seeing dramatic upticks. Some of our offices are having more transactions for this past month. It’s the best July ever on record, and there’s no doubt that that’s because of some pent-up demand. It’s pent-up demand, it is low-interest rates, and consumer confidence is very weird, it’s up and down.

Aaron: It’s like when you think of the up and down of that and consumer confidence, one of the side things we talked about last week was, you see the good news of stats booming for the single-family space. I think so much of what we see on that stats is homes, because people care a lot about homes.

In Texas this month, we’ve also seen more strip malls scheduled for foreclosure and commercial buildings scheduled for foreclosure than we’ve ever seen. Usually, Texas posts 5,000 properties a month scheduled for auction. This month there is only 1,500 scheduled, yet there was more in the number of count of retail, strip malls, and commercial than we’ve ever seen before.

We see that strong market in residential and you have to imagine some of that commercial takes down. Residential-based one says, “Mortgage applications decreased this week fueled by the rise in FHA rates.” I hadn’t heard this. I didn’t realize that some of the FHA rates have gone back. Everybody keeps saying, “Low, low, this is mortgage application decreased by a percent.” Because rates went up a little bit, still historic lows. Have you ever heard anyone talking about rates is bumping back up?

Paul: You have a little bump up and down, and I just look at it in terms of not– We’re not buying and selling mortgages. We’re buying and selling homes. I don’t look at the week-to-week rates. I think the forecast is that we’ll continue to have very low rates and that’s propping up the real estate industry, there’s no question about it.

On a commercial buy, I did a 30-year lock on 3.8%. Some people have done better, for sure. If you have a relationship lender, it’s different, but you can do better. How are you going to do better than that historically? They’re giving money away as far as I’m concerned.

Aaron: My jumbo rate on my house is higher than what they’re advertising but the lowest I’ve ever had, and I don’t know. [chuckles] I’m a point higher than what they said we could hit because nobody’s doing jumbos right now. Yes, that’s still the lowest interest rate I’ve ever had. Fox Business news articles says, “Would a second PPP saved commercial tenants. Lawmakers are discussing proposals to allow some borrowers to take out a second forgivable loan, ” focusing on those commercial tenants.

Now, that lines up with what I was saying for so far in Texas. PPP, we talked about the PPP a lot. It seemed like it was pretty brilliant. It plugged a lot of cash out of people. Now, here we are at three months later and now people start paying their payroll again.

Most of the commercial things that I see happening are because they’re like nightclubs that are closed forever and restaurants that are closed forever. I’m going to say a personal opinion, I don’t think that’s going to be the answer, but the news that I can share says that lawmakers are discussing adding that in to that next stimulus. Any thoughts?

Paul: One thing for sure is that there’s the practical effect and then there’s the consumer confidence effect. We all know that, love it or hate it, consumer confidence is one of the biggest drivers for anything. Even if the PPPs don’t have real practical long-range help by it boosting, let’s say we have a communist figure out the PPP is not actually going to do anything long-range for us, but we can boost buttress consumer confidence until a vaccine comes out.

That would just be brilliant even though it’s not doing may be the unintended consequence or maybe intended but it’s secondary, is that people feel like they have a partner in the government when they’re getting some of this money. I agree. I’m looking around and I see businesses that are going out of business, period.

It’s not a delay. I just know I’m thankful that my investments are in multi-family so that it’s rentals. I would be very worried if my portfolio was all retail. I’d be freaked out because I just don’t think retail and office space in particular– I don’t think office space is going to be the same.

Aaron: Yes, it’s going to take a while. I should’ve pulled up the article, “Dropbox put a third of their office space up for sublease.” One of the articles that I saw because I’m not seeing it in front of me, don’t quote the exact numbers but if you guys searched that, you’re going to see there’s a lot of the big companies out there that are subleasing their office space.

It’s going to take a lot longer for office and retail to rebuild. The idea of temporary consumer confidence, until we get to a place where we get to open the world back up, I think there’s a lot of benefit to that. Like what you said, it is a complicated solution out there. The last piece of good news, and then I’ve got a few articles that I think are bad news.

Another Fox Business News says, “Is the housing market pulling the US out of the recession?” They go through and they say, “All these existing home sales post-record increases in June, and with that, people are pulling out record amounts of equity and cash.” The people that are selling right now, the other side about how hot the market is that everyone that’s selling is actually putting a bunch of money in their market.

You think back to 2003, 2004, people were buying their houses and they were refinancing. They were pulling 100,000 out, and that’s why we had that huge, the economy was booming back then. The people are using their houses as piggy banks right now. Fox News says, “Hey, people are going to make enough money selling their houses.”

That’s going to be the temporary consumer confidence until you get to open everything back up again. I think there’s something to that. Back in March when I did my first webinar with people, I said, “Look, one difference right now is so many people in the world have equity compared to 2008, 2009.” What are your thoughts on that? It’s pretty broad to say that it might pull us out of the US recession but I think it’s got to be helping.

Paul: I remember, a couple of our former podcast, I pulled out the numbers in terms of equity. The amount of equity that Americans have in their homes now as supposed to 10 years ago was so dramatically different than 2008, 2009 when we had really bad real estate crisis, people did not have that equity. The rush to take back the homes was paramount because you got to get the asset back immediately.

On the other hand, if your person is not paying and you’ve got a big cushion of equity, the race to get the property back is a lot less and it’s less disruptive. Yes, there’s a mixed bag. We don’t have a crystal ball. The thing that I’m telling people, the thing that I’m living by is, I think we’re going to be fine three to five years from now.

Four or five years from now, I think we’re going to be fine. If you need to sell in the next year, I would sell now. I really would. There are buying opportunities right now also, even though inventory is down. Some of these stats, these are National Association of Realtors, these are reliable stats. Inventory declined 27%, and days on market increases by 15 days. I’m like, “Wait a minute.”

Aaron: That is a different stat.

Paul: If the inventory is low, you would expect houses to sell faster. These times are going to reward expertise. That’s not a bad thing, it really isn’t. It’s not a bad thing for realtors, for sure.

Aaron: I guess that was some of those articles you sent me that talks about consumer confidence changing in June, down 21% year-over-year with some of those things. If there’s less houses on the market, and it’s taking longer, that’s the first sign of a slowdown. I think back to you and I both sold houses in March and April.

We fire sold them, and we sold them below market in order to get them sold. If somebody is thinking about selling in the next year, your advice of sell now, I would say that is spot on. Here’s the thing. I probably left a little bit of money on the table by selling it fast in April. I don’t regret it, because the peace of mind that it gave me as soon as it happened and being able to pull out some of that cash for the amount of–

I may have sold for 5% more, had I been less aggressive. I don’t regret it at all. I think if someone is going to sell in the next year, yes, now is the time to sell. To piggyback on one of those things you just said, Fox Business News, one of their articles they put out this week is the federal eviction moratorium ending is going to put millions at risk.

Now, this is some bad news, but also an opportunity for agents out there. This Friday, it says federal eviction moratorium ends, and there’s a lot of states that are–” Then I googled foreclosure moratorium and there’s all these news and things that I’ll just read through quick. Fox News said, this was three days ago, “32% of households in America have either not paid their rent or not paid their mortgage in July.”

They don’t say where they get that source from. I need to dig in further but it’s a reputable real estate news company that says 32% of people haven’t paid their rent, haven’t paid their mortgage. That’s also combining right now with the extra unemployment amounts is I think it’s up. The extra $600 a week that everybody has been getting that’s coming to an end now they’re talking about extra stimulus, but right now there isn’t any.

The bad news is there’s a lot of people that are facing eviction from not paying rent and a lot of people that are facing foreclosure from not paying their mortgage. Those moratoriums that postponed it are almost out of time. Here’s the good news and the actionable opportunity. The stats that Paul gave us a few months ago of how many of these people still have equity, that’s still true.

Of the people, of the 32% of US households that aren’t paying their rent, most of them, it’s like 80 or 90%, have equity. Which means if you can find them, if you can reach them, if you can convince them that now is the time to sell, to pull out some of that cash and go get a fresh start with some new deals out there, that is a huge opportunity for agents and a huge win-win.

I tell you, I buy a lot of houses on the courthouse steps in foreclosure, it is the absolute saddest thing when you buy a house that somebody had equity in. Sometimes it’s a vacant abandoned house. We buy these vacant abandoned houses but there was equity, and if they would have just had an agent sell it for them, they would have sold it faster and they would have made more money.

These people you can reach out to them and it’s a win-win. “Hey, you’re in foreclosure, you’re behind on your payments let me sell your house for you right now,” so that way you can walk away with some cash. That is a crazy statistic, 32%. When you hear that, I can’t think of a time when it was like that.

Paul: I would have to verify that statistic. I find it unbelievable.

Aaron: It is unbelievable. This is Fox Business the article is, “Federal eviction moratorium ending puts millions at risk.” Can you guys help us out there, go check out that article. I’m sorry that I wasn’t able to find the source for that number but that is the number that they say in there and that’s why I want to tell you guys.

I haven’t been able to verify it yet and that it’s such an unbelievable number I want to be able to verify it. I googled foreclosure moratorium news so then you see all these different things. There’s a moratorium, there’s a law being proposed in New York that they want to postpone any foreclosures for a year, statewide.

Tampa Bay statewide eviction moratorium in Florida remains as is, that’s going to expire this week. Six days ago in Metro Detroit, they’re bracing for problems they think 35– Let me see what the backlog– It says, “Experts brace for problems in Detroit.” They say there’s a backlog of 75,000 eviction filings that have been on hold since this started.

75,000 people that that turns off next week. Michigan is trying to figure out what they can do different on this. The Attorney General wants mass eviction and foreclosure moratorium in Boston. Baker extends moratorium on evictions and foreclosures in Massachusetts. More or less stories, every state is different right now, but there is major news happening with foreclosure moratoriums and eviction moratoriums.

Some of those last stats we said, check out your city, check out your county, check out your state. The benefit of extended moratoriums means that there’s more time to get that happen. The 32% of people means they’re not going to foreclose next month. There’s still will be a time when that stops, and they need to sell.

Finding that opportunity, creating that actionable news is how to work. Man, I feel like this is one of our best newscasts we’ve ever done of how much stuff is going on out there. It’s wild, man. It is tough to understand what’s happening with the news, but I know that the real estate market is super interesting right now.

Paul: The thing is that I think, is that the news, listen, it’s where we invest our time and energy and bringing the news out to our folks. We think that there’s value in it. There’s value if you can go somewhere and get the news digested for you. The bottom line is you as an individual, it’s what I tell the 3,000 realtors working in my offices, you are able to affect your internal business more than any outside force.

No matter what’s going on out there, if you’re sitting on the couch, good news is not going to help you okay? If you’re out there, and you’re humping it, and you’re talking to two, three times more people a day than you did before, likely, very bad news is not going to hurt you very bad.

Aaron: Yes. It’s such a great point. Anyone out there, all of our listeners, you guys have more control than any of this news can get there. Hopefully, our news gives you some strategy points, helps you figure out what’s going on nationally, and so you can put things in perspective. That’s the biggest part of all this; you can put it in perspective, how am I doing compared to this?

Where is the opportunity? Where’s the solution? What are we going to see? It is so strange to say we are in the strongest, most booming amount of sales and the busy agents are busier than they’ve ever been and also say what’s going to happen in a week and a half? It is wild out there.

Paul: It is wild.

Aaron: That goes back to, I’m so glad I sold my house in April even though I sold it for less than I could have had I sold it today because that peace of mind is something else as we go into these wild times. Paul, do you have anything else to add before we close this out today?

Paul: I would just say hold tight, keep watching, send us more feedback, we love it. Keep getting the news to work for you, not against you. Honestly, when I read this news, in order to prep for this segment, sometimes I get freaked out.

Aaron: It is easy to get freaked out by the news.

Paul: I get freaked out and I’m like, “Okay, wait a minute, now. What are we doing?” It’s easy to get caught up in the news. There’s no piece of news that is breaking so fast that we need to know about it in the moment that it’s happening. It’s like, “I have taken a total of from the CNNs and Fox Breaking News and all. You don’t need it.

Wait till the next day when it’s analyzed, tune into the state of the market so we can analyze it for you in a sober none motional way. The question always is, and there isn’t an answer to it, I don’t have the answer, but the question will always stimulate the answer. The question is, how do I make this work for me? There isn’t an answer to that question. I’ll just leave you with that.

Aaron: Make the news work for you and the real news. Some of the funny posts I put on on social media last week was all of the good news right next to the opposite news, same day same reporting companies. We are going to do our best to sort through it for you guys, help give you some actual content so you can make the news work for you.

You can find Paul Mark Morris on Instagram, you can find us at @rerockstars on Instagram or @aaronamuchastegui. We are on Facebook, everywhere else. We will probably do some Facebook lives with you guys and interactive stuff. If you have questions, reach out to us and message us. If you want to get on one of our lives State of the Market and provide some news for your area, we would love to hear from you. As always, just keep listening to the Real Estate Rockstars Radio.

Paul: All right. Thanks a lot.

Aaron: Peace everybody.

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