Valuetainment - Mortgage Applications Hit LOW Since 1995 - Great Time to Buy!

00:00:00.000 Report just came in from Yahoo Finance.

00:00:03.300 U.S. mortgage applications have fallen to their lowest since 1995.

00:00:07.880 Not 2008, after the mortgage crisis.

00:00:11.060 31 years?

00:00:11.900 1995, 31 years ago.

00:00:13.360 What happened in 1995 to drop to the lowest?

00:00:15.980 You know how things are right now for regular mortgage loan officers,

00:00:20.660 not guys doing loans above a million dollars.

00:00:22.460 That business is here.

00:00:23.440 They're not being impacted.

00:00:25.160 But to the guys that are doing $400,000 loans, $300,000 loans, $700,000 loans,

00:00:29.440 How do you think those guys are doing right now?

00:00:31.340 It's a very different game.

00:00:32.560 Why is mortgages the lowest since 1995?

00:00:37.400 Why?

00:00:37.760 By the way, it's a buyer's market.

00:00:39.860 It is a buyer's market.

00:00:42.440 Yeah, it's definitely a buyer's market today because people,

00:00:44.980 it's not like it's, if I'm a buyer right now,

00:00:47.940 I would be making 10 aggressive offers on properties that I want

00:00:51.660 and let them say no.

00:00:53.160 I'll be making 10 aggressive offers right now.

00:00:55.060 Let the seller say no.

00:00:56.600 Actually, I like that idea.

00:00:58.440 What do you mean?

00:00:59.440 No, I just like that idea.

00:01:00.440 No, that's exactly what I would do today.

00:01:02.380 Because how many people can afford a 7.5% interest?

00:01:05.500 No, not that many.

00:01:06.380 What do you think rates are going to be in three years, Tom?

00:01:08.860 Three years, I think rates, so that's one year after the new president.

00:01:13.100 Yeah.

00:01:13.560 One year after the new president, I think rates might get down to 4.999.

00:01:18.920 Okay, at 4.999 versus 7.5, let's just say 5%, right?

00:01:23.220 So, okay, you refi in three years, and when that happens,

00:01:27.800 what do you think property value is going to do?

00:01:29.440 it's going to spike, okay, because traffic's going to be there,

00:01:32.660 so you're going to have more bids, like the auction.

00:01:34.680 You have more people bidding for a product that goes up.

00:01:37.240 You know, they always say, like, you know my Wayne Gretzky card

00:01:39.840 that is sold for $2.2 million?

00:01:41.200 You know why it's sold for $2.2 million?

00:01:43.140 Because it was two millionaires that wanted it.

00:01:45.460 If those two millionaires didn't want it, it would have sold for $800,000.

00:01:50.000 So that's just because of two crazy guys that wanted that card.

00:01:53.200 The market maker. 0.54

00:01:53.880 The market maker.

00:01:54.800 So right now, if a person's wanting to buy, I would go to my realtor,

00:01:59.440 and I would go make 10 offers right now.

00:02:01.780 Super low, but I'd make 10 offers right now

00:02:04.080 of properties that I like.

00:02:05.180 Let them say no.

00:02:06.080 How low if it's a $700,000 house, Pat?

00:02:09.280 Okay, give me a price point.

00:02:10.640 Ready for this?

00:02:11.960 Right now, I know for a fact,

00:02:14.280 on Zillow, I saw a $700,000 house,

00:02:16.800 which I was going to talk to Tom about. 0.91

00:02:18.080 It's ridiculous. 0.99

00:02:19.040 It's sick. 0.99

00:02:19.400 It's like three bedroom, four bath, whatever.

00:02:23.200 I would have my realtor pull up comps

00:02:25.340 for what it sold for last 12 months.

00:02:28.640 pull up comps and I'll let you say

00:02:30.800 the comps say 660

00:02:32.160 comparables are at 660

00:02:34.100 I'm making a 595 offer

00:02:35.940 say no

00:02:37.640 go ahead say no

00:02:40.280 at least you have an opportunity to say no

00:02:41.980 say no alright no problem

00:02:43.960 you know all you have to say is

00:02:46.640 yes or no and then let them decide

00:02:48.640 what they want to do but I would be making an aggressive

00:02:50.700 offer like this the moment

00:02:52.760 it drops traffic with

00:02:54.440 applications go back up this is the time

00:02:56.780 to be a little bit aggressive with your offers

00:02:59.240 Don't be surprised.

00:03:00.420 Trust me, I've made some offers, but a person said yes. 0.97

00:03:02.980 I'm like, shit, I should have gone a little bit lower. 0.89

00:03:04.720 And when they say yes, what happens? 0.99

00:03:06.280 I'm going to go 2-9-9.

00:03:07.340 Play ball.

00:03:08.160 Go back and forth.

00:03:08.940 Play ball.

00:03:10.020 Obviously, don't do it if you can't afford to buy the property.

00:03:12.440 You're doing this for fun, man.

00:03:13.400 Only do it.

00:03:14.080 You're going to have a good time.

00:03:14.640 Can you imagine?

00:03:15.220 I'm really bored.

00:03:15.840 I made a $2.2 million offer on three.

00:03:17.960 They said yes.

00:03:18.440 I can't afford a $25,000.

00:03:20.360 Don't do it.

00:03:21.400 Congratulations.

00:03:21.980 You're being sued.

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Valuetainment - October 09, 2026

Mortgage Applications Hit LOW Since 1995 - Great Time to Buy!

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