.THANK
.THANK YOU SO MUCH. OK. SO NOW TO THE LATEST ON THE HOUSING MARKET. DID YOU KNOW THAT MORE
AMERICANS SIGNED CONTRACTS TO
BUY HOMES IN AUGUST WHICH MEANS
THAT THE US HOUSING MARKET IS
EXPECTED TO CONTINUE ITS RECORD
SEASON? WELL, INTO FALL. SO
WHAT DOES THIS MEAN IF YOU'RE
CONSIDERING SELLING OR BUYING A
HOME? I MEAN WE SEE
THE UNEMPLOYMENT NUMBERS. DIANE
JUST TALKED ABOUT. SHE TALKS
ABOUT EIGHT HUNDRED THIRTY
SEVEN THOUSAND PEOPLE STILL
FILED FOR UNEMPLOYMENT. ALSO
AMERICAN AIRLINES SAYING THAT
MORE THAN 20000 PEOPLE AMERICAN
AIRLINES, UNITED AIRLINES,
THEY'RE GOING TO BE FURLOUGHED.
THEN WE'RE TALKING ABOUT
DISNEY. DISNEY TALKING ABOUT
30000 ALREADY THOUSAND PEOPLE.
SO YOU KNOW, PEOPLE ARE STILL
BUYING HOMES AND IT'S KIND OF
LIKE NOT MAKING SENSE. THEY'RE
BUYING HOMES ALL ACROSS
THE NATION INCLUDING RIGHT HERE
IN SAN DIEGO. SO WE WANT TO
CHECK IN WITH MATT BAD HE HAD
WITH BB&T AT A REAL ESTATE
GROUP IS JOINING US TO GIVE US
A BETTER GAGE OF THE SAN DIEGO
MARKET RIGHT NOW AND DESPITE
THE DOUBLE DIGIT UNEMPLOYMENT
WE HAVE HERE IN THE COUNTY THAT
THE HOUSES ARE JUST FLYING OFF
THE MARKET HERE STILL. RIGHT. I
MEAN EXPLAIN HOW THIS IS
POSSIBLE. YOU KNOW WHO WOULD
HAVE GUESSED A GLOBAL PANDEMIC
WOULD MAKE EVERYONE A WINNER BY
HOUSE, RIGHT? YEAH. SO YOU
KNOW, RIGHT NOW WE'VE GOT
OBVIOUSLY REALLY LOW INTEREST
RATES. WE'VE GOT OUR INVENTORY
IN SAN DIEGO COUNTY IS LESS
THAN HALF OF WHAT IT NORMALLY.
WE'VE GOT LESS THAN 50 THOUSAND
HOMES ON THE MARKET. WHICH
SOUNDS LIKE A LOT. BUT JUST
BACK FOR EXAMPLE, IN 2008 WE
HAD ABOUT ONE HUNDRED AND TEN
THOUSAND. WOW. SO VERY, VERY
LOW INVENTORY. WE'VE ALSO GOT A
REALLY INTERESTING PHENOMENON
WHICH IS WE'VE WE'RE STARTING
TO SEE A LOT OF PEOPLE MOVING
TO SAN DIEGO FROM PLACES LIKE
SAN FRANCISCO BAY AREA FROM NEW
YORK CITY, FOR EXAMPLE, FROM
SEATTLE. AND THESE ARE ALL A
LOT OF THESE PEOPLE ARE TECH
WORKERS WHO ARE ABLE TO WORK
REMOTELY AND THEY'RE DECIDING
TO MOVE TO SAN DIEGO WITH THIS
FOR THE SAME REASON WE ALL DO
IT BECAUSE IT'S A GREAT PLACE
TO LIVE. SO ALL THOSE THINGS
ARE COMBINING TO MAKE
THE MARKET REALLY, REALLY
STRONG AT THE MOMENT. I'VE
HEARD REPORTS WHERE THOSE FOLKS
ARE COMING IN HERE AND YOU CAN
AFFORD A LOT MORE HOME HERE
THAN YOU CAN SAY IN THE BAY
AREA. THEY COME IN AND THEY
OUTBID EVERYONE AND THAT DRIVES
THE PRICES UP. IS THAT
SOMETHING THAT YOU'RE SEEING
HAPPEN? YEAH. TO A DEGREE. I
MEAN THEY'RE PRETTY SAVVY
BUYERS AND SO THEY'RE LOOKING
AT THE COMPS AND SO FORTH. NO,
THEY DON'T. THEY WANT TO
OVERPAY. BUT IT'S YOU KNOW,
I'LL TELL YOU I NOTICED BACK IN
APRIL, APRIL AND MAY AFTER
ABOUT THE FIFTH OR SIXTH PERSON
CALLED ME ON ONE OF THEM ON ONE
OF MY LISTINGS AND TOLD ME THAT
THEY WERE FROM PALO ALTO OR LOS
ALTOS SERVICE CISCO. AND I SAID
WHAT'S GOING. THE SIXTH PERSON
THAT'S CALLED ME FROM SAN
FRANCISCO. AND THEY ALL SAID
WELL, WE CAN WORK REMOTELY AND
OUR COMPANIES SAID WE'RE GOING
TO BE WORKING REMOTELY PROBABLY
FOR A LONG TIME AND MAYBE
FOREVER. AND SO WE'D RATHER
LIVE HERE. SO YOU KNOW, WE'RE
LOOKING FOR A HOME AND WE GOT
THE SAME WORD FROM OUR REAL
ESTATE AGENT THAT SAID THE SAME
THING. YEAH. I HAVE A QUESTION
FOR YOU ON YOU. IT FEELS VERY.
YOU GO IN TO LOOK AT A HOME AND
THERE'S LIKE 10 PEOPLE THERE.
YOU GET OUTBID, YOU FEEL
DEFEATED. RIGHT. WHAT DO YOU
THINK IS GOING TO HAPPEN
HEADING INTO 20 21? DO YOU
THINK THESE THESE HOME PRICES
ARE STILL GOING TO STAY WHERE
THEY ARE? DO YOU THINK THEY'RE
GOING TO COME DOWN WHEN WE HEAR
ABOUT THOSE UNEMPLOYMENT
NUMBERS, WE HEAR ABOUT ALL
THOSE COMPANIES FURLOUGHING
PEOPLE. DO YOU THINK IT'S GOING
TO LEVEL OUT AT SOME POINT OR
GO DOWN? YES, IT IS. WE ALWAYS
GO IN CYCLES IN SAN DIEGO. YOU
KNOW, LOW INTEREST RATES YOU'RE
ALWAYS IT'S LIKE PUTTING FUEL
ON THE FIRE. IT ALWAYS BEATS
YOU CAN YOU CAN BUY SO MUCH
MORE FOR YOUR MONEY. YOU KNOW,
WE ALWAYS GO IN CYCLES WHERE
WE'RE DEFINITE A PEAK IN OUR
THE BOTTOM OF THIS MARKET
BASICALLY WHEN THIS RECOVERY
STARTED WAS 2012. NOW 2020,
SIR, WE'RE ON. THAT'S A REALLY
LONG RUN UP. BUT I HAVE TO SAY
THAT THAT AGAIN PEOPLE MOVING
IN THE COVE HAS SCREWED
EVERYTHING UP. YOU KNOW,
NORMALLY NORMALLY MAY AND JUNE
,MARCH AND APRIL RATHER ARE
OUR BUSIEST MONTHS OF THE YEAR
.EVERYTHING IS OFF KILTER TURN
NOW AND ALSO SAY THAT WITH ALL
THESE PEOPLE MOVING HERE FROM I
MEAN WE USED TO NEVER GET
PEOPLE LITERALLY RELOCATING
HERE FROM NEW YORK CITY RANDI.
LONG WAY TO GO FOR SAN
FRANCISCO. YOU KNOW, I MEAN
HERE AND THERE BUT NOT LIKE
THIS LEVEL. SO YOU KNOW, IT
GOES IN CYCLES. WHAT I WOULD
TELL YOU IS IF YOU'RE BUYING A
HOUSE BECAUSE YOU WANT TO LIVE
IN IT FOR THE LONG TERM, I
THINK YOU'RE FINE IF YOU'RE A
FLIPPER, YOU'VE GOT TO BE
REALLY CAREFUL HERE VERY
QUICKLY, ABOUT 30 SECONDS LEFT
YOUR MAP. BUT WHEN PEOPLE ARE
GOING OUT AND LOOKING, THAT HAS
ALSO CHANGED. RIGHT. ARE THEY
STILL ABLE TO GO IN HOMES WITH
ALL THE REGULATIONS?
EVERYTHING. HOW DOES THAT LOOK?
YEAH. YOU KNOW, THE ONLY
THE ONLY GOOD THING THAT'S
REALLY COME OUT OF THIS
PANDEMIC IN MY VIEW IS THAT
THERE'S THE REAL INDUSTRY TO GO
IN A DIRECTION THAT WAS ALREADY
GOING IN WHICH TO DO EVERYTHING
ALMOST COMPLETELY VIRTUALLY. SO
WE DO 3D WALK THROUGH VIDEOS.
WE GET REALLY GOOD PHOTOS, WE
GET AERIAL SHOTS AND WE CAN YOU
CAN REALLY ALMOST BUY A HOUSE
WITHOUT EVEN STEPPING INTO IT.
WHAT WE DID WAS WE BUILT AN
INTEREST LIST AND THEN WE READ
BASICALLY OPEN THE HOUSE UP FOR
ONE DAY OF SHOWING. AND THAT
WAY IT'S MUCH LESS OF AN
INCONVENIENCE ON THE SELLER AND
FOR A BUYER. YOU KNOW, ONCE
THEY'RE REALLY INTERESTED WE'VE
SEEN THEIR LOAN APPROVAL, THEIR
PROOF OF FUNDS, THEY'VE SEEN
THE VIDEOS, ET CETERA. WE CAN
WALK THROUGH THE HOUSE AND THEN
THEY CAN MAKE AN OFFER. AND IF
YOU ARE A BUYER OUT THERE AND
YOU'RE LOOKING TO BUY SOMETHING
,YOU SHOULDN'T BE TOO DAUNTED
BY HOW COMPETITIVE IT IS THERE
YOU HAVE A GOOD AGENT. YOU CAN
STILL GET THE HOUSE THAT YOU
WANT. LET ME ASK YOU ONE MORE
THING. IF YOU'RE A FIRST TIME
HOME BUYER, SHOULD YOU HOLD OFF
AND THE PRICES WILL GO DOWN? I
KNOW REAL ESTATE AGENTS DON'T
WANT TO SAY DON'T BUY OR BUY
BECAUSE YOU WANT TO SELL.
RIGHT. BUT REALISTICALLY I MEAN
I MEAN THE PRICES ARE WAY UP
LIKE 10 PERCENT, 20 PERCENT AND
SOME PLACES ARE HIGHER. YEAH.
IT'S TOUGH TO TIME THE MARKET
BUT YEAH, YOU CAN YOU CAN WAIT
FOR A DIP. I MEAN OUR MARKET
DOES GO UP AND DOWN. IT'S JUST
VERY HARD TO GAGE WHEN IT'S
GOING TO HAPPEN. RIGHT. IT'S
JUST SUCH AN INTERESTING TIME
OUT FROM HIS RENTS ARE
RIDICULOUSLY NO. YOU MEAN
PRICES ARE HIGH? IT'S REALLY
PROBABLY WITH THE TAX WRITE
OFFS. IT'S CHEAPER TO OWN THAN
IT IS TO RENT. I'VE GOT I'VE
GOT CLIENTS PAYING SIX, SEVEN,
EIGHT THOUSAND DOLLARS A MONTH
IN THAT. THAT'S DEFINITELY
BETTER TO BUY IN THAT SCENARIO.
WELL,