Buyer and Seller Expecations

All right, welcome back to the Beyond the Rain podcast. (0:04) Charlie and Will here discussing news and market events (0:07) that affect real estate and mortgage. (0:10) And man, Will, we’ve had a good little run (0:13) the last month really, (0:14) and then markets kind of took a beating (0:18) really just the last two days, (0:20) really just Wednesday, Thursday.(0:25) And… (0:25) It’s been an up and down affair. (0:27) Yes, correct. (0:28) Yes, good word to use right this week.(0:33) Pun intended, right? (0:35) Yeah, it’s, I mean, we’re back over five. (0:40) Goodness, we’re at 515 on a 10-year yield. (0:44) Right, right.(0:45) Yeah, it’s taken a beating. (0:47) So rates are up (0:51) across the board. (0:53) Right, across the board, rates are up (0:55) maybe about a quarter point the last two days.(1:00) And it, (1:03) it’s just, (1:05) the CPI, Consumer Price Index report came out Wednesday? (1:11) Or was it Tuesday? (1:14) Tuesday. (1:15) It was Tuesday. (1:17) Yeah, it was Tuesday.(1:19) I get confused because Wednesday was a day off. (1:22) So the last two days were brutal. (1:25) Oh, yeah.(1:25) Tuesday, Thursday. (1:27) Yeah. (1:27) Wednesday was when the market was closed, right? (1:29) So, and the CPI, the Consumer Price Index, (1:33) it was only higher than expected by a little bit.(1:38) Yeah, it was 0.3 on the month. (1:40) Right. (1:42) Yeah, year over year.(1:44) Yeah, so we’re talking about, (1:46) so, but the market, this is where, (1:48) I guess as our buyers are concerned, (1:52) the market is so fast to react these days (1:59) that it’s, I know it’s difficult to not worry about it, (2:02) but you can drive yourself crazy (2:07) if you constantly obsess over, (2:10) oh, the market went up an eighth of a point (2:13) or quarter point, oh, it went back down. (2:15) And because they’re reacting to every little piece of data (2:19) and they’re reacting very quickly. (2:23) And it was just, it was slightly higher than expected.(2:27) And the market reacted like it was an insanely hot report. (2:32) Yeah, but there’s also, (2:33) there are a lot of other factors (2:35) that are affecting things. (2:37) Right, which is surprising.(2:39) The other factors you would think that would, (2:43) a little bit of a flight to safety (2:44) would be warranted, you would think, but. (2:46) Yeah, that’s, I mean, yeah. (2:51) I think there’s, I mean, we did see (2:56) a couple of the Nvidia competitors take equivalent, (3:02) I mean, they took that market cap.(3:06) Okay, okay. (3:07) So like AMD went down, (3:08) I mean, Nvidia obviously goes down a little bit, (3:11) AMD immediately shoots up, so. (3:13) Okay, okay.(3:14) It’s probably more of what it was, (3:16) it’s instead of investors taking a flight to safety, (3:20) they just shifted. (3:22) Shifted to the other type. (3:23) Because those chips are needed (3:24) whether they come from Nvidia or AMD, so.(3:27) Right, right, correct, yeah. (3:29) And whatever is happening personally, (3:33) like I’m sure that Nvidia is still gonna be here later, (3:38) the chips are still valuable. (3:39) Yeah, it doesn’t change the need for them.(3:43) Right, exactly. (3:44) But still, I would have expected what you’re saying (3:49) a little bit more of a flight to safety, so. (3:51) Right, yeah, I would assume.(3:53) But the average 30-year fixed rate, (3:55) this is just what’s reported, (3:56) this is mortgage news daily, is 7.35. (4:00) That’s just reported. (4:01) That was the week of, that was last week. (4:05) So I would expect what we see on Monday (4:09) to probably be 7.45 or somewhere probably around there, (4:15) which would put us the yield, or sorry, (4:18) the spread between the 10-year yield (4:20) and the average 30-year fixed rate, (4:23) that would put us about 1 point, (4:26) or I’m sorry, 2.3, could maybe be 2.4%, (4:30) depending on where those average rates are shown on Monday, (4:35) which is a higher spread than normal.(4:41) And so the good news is, (4:43) and I’m sure you hear this a lot, (4:45) there’s the mortgage spreads issue comes up quite a bit. (4:49) The, I’m sure that the spreads are a little higher right now (4:53) just because inflation is still stubbornly higher (4:56) than what everyone really wants. (5:01) And my take on it is the 10-year yield comes down first (5:05) and then the 30-year fixed rate works its way down (5:10) after that, because the 10-year yield is, (5:12) the treasury bonds themselves (5:14) are very, very safe investments.(5:16) So that’s where you’re gonna get more movement first, (5:20) I usually think, (5:21) and then movement on the mortgage-backed securities. (5:24) So for our buyers, let’s say things do hold (5:28) and they kind of hold out, (5:31) there’s hope that we could gain a quarter point back (5:35) just by the investors purchasing mortgage-backed securities (5:38) and the average rates being pulled back down (5:41) closer to the 10-year treasury. (5:45) So that’s what we could at least hope for, right? (5:49) Yeah.(5:50) But we don’t wanna like, (5:52) but the other part of it too that we were saying is (5:53) let’s not drive ourselves crazy over that. (5:58) And I think that the, in this market we are seeing, (6:04) and I’ve heard this, this week, (6:06) I was at an event with a bunch of realtors this week (6:08) and there is a, almost like a feedback, (6:16) feeling that buyers are expecting (6:21) even more than they really should in this market. (6:25) Yeah.(6:26) Yeah, I can see that. (6:29) I mean, you might as well ask for the world. (6:33) It’s true.(6:34) Yeah, yeah, right. (6:37) Ask for it, try to get what you can, right? (6:44) But this is where you, the expectations need to be, (6:48) and this is where we’re kind of going with this (6:50) on the buyer’s expectations and the seller’s expectations (6:54) is you, the value proposition right now (6:58) is in the acquisition of the property, (7:00) getting a good deal on the property. (7:05) What I think is lost in all of this (7:08) is something that you said probably a couple of months ago (7:12) and that continues to be true is you’re negotiating, (7:16) the buyer is negotiating against the seller’s bottom line.(7:19) Right, yeah. (7:22) Yeah, I mean, it’s, you might as well ask for the world, (7:26) but if somebody’s cost basis on a house is (7:32) 20,000 less than their list price, (7:36) then they don’t have much room at all to negotiate, if any. (7:40) Right, right.(7:42) So, you’d rather be foreclosed on (7:47) than have to write a check for 50, 60, $70,000 at closing (7:51) for the seller to actually sell the property. (7:54) Right, right, exactly. (7:56) If the seller owes 300 grand (7:57) and the house is listed for 330, (8:00) there’s not a whole lot of wiggle room there.(8:02) No. (8:02) But if they only owe 200, (8:04) then they’re probably more willing to figure it out. (8:08) Right, and I guess, and the point is, (8:12) is as you figure out what that seller’s bottom line is, (8:14) you need to evaluate how much you like the home (8:19) and evaluate what kind of value (8:22) you think you’re getting out of the house, right? (8:24) Yeah, exactly, yeah.(8:26) Is it a long-term stay, right? (8:30) And most people that are buying right now are, (8:31) it should be longer term. (8:32) You shouldn’t be expecting to two to three years (8:35) in the house and flip a profit. (8:37) That’s not what our goal is right now.(8:40) So do you think it’s a valuable neighborhood? (8:43) Is it gonna be where you wanna be? (8:46) Are there other features or is there another value (8:50) proposition to that property in that area, (8:52) whatever it is, right? (8:54) And this is where you lean on your realtor as well (8:58) because I think like you were saying, (9:00) like it could be listed right off the bat (9:02) for what they really needed to get out of the house. (9:05) Yeah, that’s true. (9:06) That’s true.(9:07) I mean, you’re right. (9:09) If you’re listing a house right now (9:12) and your realtor advises you properly (9:14) and you take that number and you apply it (9:23) and you’re okay with it, (9:24) then you might still go under contract (9:26) to sell that house in five days, 10 days, 30 days. (9:30) Which we are seeing.(9:32) This is not as- (9:34) Not as much as we used to. (9:36) Yeah. (9:36) But we are seeing that.(9:38) But the more that we’re in this kind of (9:41) softer buyer’s market type of environment, (9:44) the more that the people that are starting to sell (9:47) realize like, hey, we can’t really get what Zillow told us (9:51) it was worth a year and a half ago. (9:53) Right. (9:53) So yeah, I mean, it’s an interesting market right now.(10:00) It really is. (10:01) It really is. (10:02) And it is.(10:04) I think that, yeah, that statement you made, (10:08) is extremely, I don’t think people, (10:11) they only see the, (10:14) they only look at the seller’s bottom line (10:17) in the sense of, (10:19) I need to get 10%, 15%, 20% off the list price. (10:24) Yeah. (10:26) They’re not looking at it in terms of (10:30) maybe only 10% off the list price is the max (10:33) the seller can do.(10:36) Maybe they literally cannot pay to get out of the house. (10:41) Because if they can’t come to the closing table (10:43) with those funds to get out of the house and they can’t, (10:45) the deal doesn’t go through. (10:47) Yeah.(10:49) Or in a different house, (10:51) what if they had listed it for 400 (10:53) and you got it for 360 and you thought, (10:55) oh, I got a great deal. (10:58) But then they listed it for, (11:00) or they list it for 362. (11:03) Right.(11:03) And you get it for 360 and you’re like, (11:04) oh, I didn’t get a good deal. (11:05) It’s the same. (11:07) It just depends on where they priced it to begin with.(11:12) That has a lot to do with it. (11:13) Right. (11:14) Correct.(11:15) So the perceived value (11:18) should not be discount off the list price. (11:22) Correct. (11:24) And this is where your realtor, (11:25) sorry, real estate agent, (11:26) this is where your real estate agent (11:30) is a very big part of how you perceive the value is, (11:38) maybe the agent is looking at all the comps (11:40) and be like, this is priced right.(11:44) Yeah. (11:45) Like this is priced right, (11:47) right off the bat for this market. (11:51) Especially if they show you, (11:53) especially if they show you, (11:54) hey, here are the three addresses that I’m looking at.(11:57) Right. (11:58) And if they give you that data and it’s priced right, (12:02) then good for the seller and good for the seller’s agent. (12:05) Exactly.(12:06) Right, right. (12:07) Which that’s what we’re seeing a lot of too. (12:13) So we can, (12:15) is the sellers not taking the agent’s advice.(12:18) So that’s a very good point you made is good on the seller. (12:22) Because the seller does need to (12:26) trust the agent, (12:27) if the agent’s properly making the case (12:30) where this is what I should use the house for. (12:31) Yeah, because the seller, (12:34) first of all, they’re emotionally tied to it.(12:36) So they immediately think (12:37) that the house is worth more than it is. (12:39) Correct. (12:39) But they also, as a seller, (12:44) you know that the transaction, (12:50) the people who make money on transactions (12:52) want the transaction to happen.(12:53) Okay, obviously. (12:54) Right. (12:56) But you don’t want that to be at your expense.(13:00) So you don’t want to be convinced to list a house lower (13:03) than what its actual value is. (13:05) Like if you list it for 90% of value (13:09) and it goes in our contract immediately, (13:12) then you probably left a lot of money on the table. (13:15) Or you think you did.(13:17) It’s tough. (13:17) Or you may think you did. (13:18) Yeah, I mean.(13:18) It’s tough to. (13:19) It is tough. (13:20) Because you can never know for sure.(13:22) But if you list a house and day one, (13:24) there are four offers (13:26) and it starts to go a little over over ask, (13:30) then you’re going to automatically think to yourself, (13:33) man, what if I had priced at 10, 15% higher? (13:37) Right. (13:39) Well, you know, it’s funny. (13:40) Close to ask.(13:41) It’s just so funny. (13:42) It’s hard to know that. (13:43) The mentality, it’s exactly like watching (13:48) the kid play golf.(13:49) It’s exactly the same. (13:51) Because in that situation, (13:53) what if you listed it for 400 (13:59) and then you have to reduce it (14:00) and then they sell for 390. (14:04) Now the client thinks, okay, (14:07) that’s a bummer, but at least it worked out.(14:08) We worked the price properly. (14:10) But if you list it for 390 (14:11) and it goes in a contract right away (14:12) and you think, well, what if we could have gotten more? (14:16) But it’s the same price, right? (14:18) Yeah. (14:19) Like when we’re watching the kid play golf (14:21) and she struggles, has a few bogeys right off the bat (14:27) and then shoots a 74, like she shoots two over, (14:30) but she was like four over through five.(14:33) I was like, wow, we’re happy with that 74. (14:36) But then she starts the round off two or three under (14:39) and then finishes with a 74. (14:41) You’re kind of like, dang it.(14:42) It’s like, it’s the same score. (14:44) It’s just a different, it’s the same score, same result. (14:48) But how you got there, you’re like, man, (14:50) and so I think that it’s the same way (14:54) that you can’t beat yourself up about it.(14:55) At the end of the day, shooting a 74 is a good round (15:03) on some of these courses that these kids are playing. (15:08) You got to think of it in terms of, (15:13) yeah, it’s- (15:14) It’s almost like you got to identify before it lists, (15:17) you identify, hey, what price, (15:20) what amount are you happy with? (15:24) Now, I’m not saying we’re going to try to get that number, (15:28) but what number are you happy with? (15:29) Are you happy with 380? (15:30) Okay, we’re still going to list it for 400 or 395 (15:33) or whatever, but we just want to have a starting point (15:38) that both, or that you as a seller, you’re happy with. (15:43) So, yeah, it’s an interesting market, man.(15:46) I love to be involved in negotiations. (15:51) I almost want to sell a house (15:52) just to get back into the game, but I love negotiations. (15:59) So, you know, it’s fun.(16:00) Any of our realtor friends, hey, call us, (16:05) and we don’t need to be part of the deal. (16:07) We can strategize with you a little bit, you know? (16:11) But, yeah, that’s a really astute point is (16:17) for the seller. (16:18) So, this is one thing that we see a lot.(16:20) The sellers, it’s so vitally important to, (16:24) if you feel like your house should be listed for 400, (16:26) like, let’s just say, let’s just use that marker again. (16:28) You feel like your house should be listed for 400, (16:30) but your realtor is saying, look, it’s really, (16:34) it’s 380 or 375, like, that’s where the number really is. (16:40) Then usually what I’m hearing is these realtors are saying, (16:43) okay, we can try it at 400, but we have to reduce it.(16:49) You have to agree to reduce it (16:50) if we don’t get the kind of action we’re gonna get. (16:53) And that’s the market telling you (16:54) that that price is not right, right? (16:59) And so you have to have that game plan. (17:02) You have to stick to it because, (17:07) and it needs to be quick.(17:08) It needs to be quick. (17:10) It needs to be a week. (17:11) Unless you wanna do the builder game (17:15) and inflate the price to allow (17:17) for a whole bunch of concessions.(17:19) Yeah, yeah, do the, right. (17:21) I mean, it’s the same thing. (17:22) Do the builder thing where you sell it, (17:24) list it for 400 with $25,000 in seller concessions (17:27) for whatever, upgraded lines, upgraded appliances, (17:33) all that crap.(17:34) Right. (17:34) And you inflate the price, but that’s, (17:39) I feel like that’s not a strategy (17:41) being widely used right now. (17:43) And it should be.(17:44) I mean, it’s definitely not. (17:47) Cause that’s what the builders are doing. (17:49) The builders just keep their price inflated.(17:51) Correct. (17:52) Yeah. (17:52) And they have all the room in the world (17:54) to incentivize on, like you said, (17:58) like the rate buy downs, the appliances, (18:01) all that stuff.(18:01) It’s all built in. (18:02) The 5% commission to the buyer’s agent. (18:05) Yeah.(18:06) So the perceived value to the buyer is there. (18:10) Yeah. (18:10) Yeah.(18:10) Even though when you really look at the numbers, (18:15) it’s maybe neutral at best, right? (18:19) So yeah, and that’s just the tough part on the seller side. (18:22) And so I think that this is where (18:24) I found it really interesting is, (18:28) and this just, it came back to me again on the, (18:31) you need to, you’re negotiating against (18:33) the seller’s bottom line. (18:35) Like that’s just stuck with me (18:36) ever since you said that a few months ago, (18:38) that’s really, really stuck with me.(18:39) And then the buyers are, (18:42) I feel like the buyers right now (18:44) are perceiving the seller’s bottom line (18:46) to be lower than it really is. (18:48) Yeah. (18:50) Right.(18:51) Across the board, (18:52) every seller’s bottom line is, (18:54) must be lower than, right? (18:56) They all have to be able to take a 25% haircut. (18:59) Yeah. (18:59) Right.(19:01) And so that’s where, (19:05) on the buyer’s side too, the game plan, (19:07) like you said, like you said on the seller’s side, (19:11) what is the price that you’re okay with selling it for? (19:15) We can list it for 400, (19:16) but if 380 is kind of like your good price, (19:19) then we’ll reduce it to that and hope we get it. (19:24) But if you did, like let’s say 380 was your price (19:27) and the realtor said, (19:28) well, let’s just list it at 380 and get it. (19:29) Get it done and get it under contract in a week.(19:32) You need to be happy with that. (19:35) Because would you rather have it under contract in a week (19:37) because it was priced right? (19:40) Or sit on it and then have to reduce it? (19:44) Because the scary part about having to reduce it (19:46) is now it’s still sitting there for a while. (19:49) Yeah.(19:50) Right. (19:52) And you just pulled up one, (19:53) a listing that you had just, (19:56) you just noticed that. (19:58) You feel like based on the reductions, (20:01) you’ve identified the seller’s bottom line, right? (20:03) Yeah.(20:04) It’s a house that is in one of these cool neighborhoods (20:07) over here. (20:08) And it’s been reduced about maybe 10%, 8% or so (20:16) from original list price. (20:18) And the last reduction was about three or four months ago.(20:23) Okay. (20:24) So, and there’s only been, I think two reductions. (20:27) Okay.(20:28) So, it sounds like they tried to get the price, (20:30) couldn’t, reduced, reduced. (20:32) And now we’re. (20:34) It’s probably at the bottom line.(20:36) Yeah. (20:37) And whether that means that they owe, (20:43) basically what they’re still listed at, (20:46) or if that’s just the price that they’re willing to move it. (20:50) Because if they had to move it, (20:52) if they had to sell that house, (20:54) they would have already reduced it again.(20:55) Right. (20:56) Or if they were able to reduce it again. (20:58) Yeah, exactly.(20:59) Like if they were able to, yeah. (21:00) Yeah. (21:01) So, but that’s the thing too, is like that house, (21:04) that house you’ve looked at, that is their bottom line.(21:06) They would have reduced it again. (21:08) Yeah. (21:08) They would have done some other thing to incentivize.(21:10) I’d be willing to bet. (21:12) Now I kind of want to do this just to see. (21:15) Put making an offer like 30 grand under list, (21:19) just to see what the counter is.(21:21) Because I bet you it would be pretty darn close (21:23) to what their list price is. (21:25) I’ll send you an approval letter right now. (21:26) Just go ahead.(21:27) Yeah. (21:29) Yeah. (21:29) Just do it.(21:30) Do it. (21:31) Nice. (21:32) See what happens.(21:33) That is, that would be an interesting little experiment. (21:35) It would stink. (21:36) It would stink to get the seller’s hopes up like that.(21:38) But yeah. (21:40) Kind of a jerk move, right? (21:41) Yeah, I don’t want to do that, (21:42) but I do want to find out. (21:43) I do want to find out like what it eventually sells for.(21:46) But you’re right. (21:47) But it could be any number of reasons. (21:48) It could be the seller doesn’t, is comfortable, (21:53) but they also, they are like, this is my bottom line (21:56) and I’m not moving off of it.(21:58) And I need to sell, but I don’t have to sell. (22:01) Like I don’t, right? (22:02) Like I need to sell it to move, (22:04) but I don’t have to sell. (22:05) Like I’m still, it’s not like a foreclosure situation.(22:08) So therefore this is my bottom line (22:10) and I’m not budging off of it. (22:11) And I’m perfectly fine staying until I get that number. (22:15) Right? (22:15) Yeah.(22:16) Or it literally could be, we cannot owe any more at closing. (22:20) So that’s my bottom line. (22:22) Yeah.(22:22) And since they’ve only, (22:25) their total amount that they’ve reduced it (22:27) is only about 8%, something like that, 8.5%. (22:31) To me, that means that they kind of, (22:34) they did kind of price it, not right, (22:36) but they didn’t inflate the price to begin with. (22:42) They priced it too much. (22:44) Pretty close.(22:45) Yeah, exactly. (22:46) It’s like the realtor is probably, (22:48) or I’m sorry, the agent, the real estate agent, (22:50) probably told them like, (22:52) hey, this is the most that we should list it for. (22:55) And they probably went with that.(22:58) Right, right. (22:59) It could have been the buyers or the sellers, I’m sorry, (23:02) wanted to list it for more. (23:04) The agent was like, no, it needs, (23:05) I kind of feel like it’s here.(23:06) And that could be, that could have been the compromise. (23:08) Yeah, yeah, that’s true. (23:10) It could be any number of things, you don’t know.(23:12) We’re seeing 20, 30% reductions. (23:16) Wow. (23:16) Yeah.(23:17) So then, okay. (23:18) So now, bless you. (23:20) Thank you.(23:21) So now on the buyer side, here’s the kicker. (23:23) On the buyer side, we have been saying, (23:27) yes, the value proposition right now in this market (23:31) is in the acquisition of the property, right? (23:34) Getting the property for a good deal. (23:36) Now, the tricky part is now then, (23:43) just like the sellers had to work with their agent (23:45) on pricing it right and having a good game plan, (23:48) you as the buyer, you need to work with your agent (23:50) when you identify this property (23:51) and you are saying you want to get a good deal.(23:54) Well, you know what? (23:55) This property, they’ve reduced it 8% so far. (24:00) I do feel like this property is probably worth (24:02) what the list price is. (24:04) And if you’re going to stay in the property a long time (24:06) when the market does even itself back out, (24:09) it’s going to work out, right? (24:12) Do you feel like as the agent and the buyer, (24:16) let’s, we found the seller’s bottom line.(24:19) I wish I could have gotten the 25% discount, (24:21) but there is still value here and we like the house, right? (24:27) And so that’s where the buyer and the buyer’s agent (24:32) also need to identify, okay, yeah, (24:35) I do think that the house is actually priced right. (24:38) We’re getting a good deal on it. (24:40) You know, in a normal market, I would have priced it here, (24:43) you know, at this number.(24:45) Yeah, especially if it’s a resale. (24:48) Yeah. (24:51) Especially a resale in a neighborhood (24:53) that’s already fully built out and everything.(24:58) I feel more comfortable buying a house that, (25:03) you know, like doesn’t have that big reduction. (25:08) Right. (25:08) You know, like if you’re gonna live there for 10 years, (25:10) I’d much rather be in a resale neighborhood.(25:13) Oh, of course. (25:14) Than a new build that might still be building in 10 years. (25:17) Right, yeah.(25:18) Some of these neighborhoods that are freaking massive. (25:21) Yeah, they’re still gonna be building out (25:24) and you’re gonna be competing against. (25:27) These bigger neighborhoods are 15 year build outs.(25:30) Yeah, they are, yeah. (25:31) So you need to be cognizant of that. (25:33) I’m not saying that the new build isn’t the right one (25:37) for you, but you need to be cognizant of that.(25:40) The exit strategy is always something (25:41) that you need to be aware of (25:43) and or have an idea of what you wanna do. (25:45) So, but yeah, I think that such a weird, (25:48) such a weird space because I feel like there, (25:53) the buyers, I feel like the buyers (25:55) are still thinking it’s six months ago. (25:57) Like, you know, five, six months ago.(26:01) Sellers can only reduce it so much. (26:02) Right, make, I only want the house (26:06) if I can get 50K off or whatever. (26:07) Yeah.(26:08) Well, you know what? (26:08) The sellers are coming to the realization right now. (26:12) The last couple of months, (26:14) the sellers are having to make sure (26:17) they do price it correctly right off the bat. (26:20) And that, and pricing it correctly right off the bat (26:23) might be pricing it, listing it 5% (26:29) under what you would list it for in a balanced market.(26:33) Yeah. (26:33) Right, so they’re already listing it (26:36) for that good deal price, if you will. (26:41) Yeah.(26:41) Yeah, so yeah, just don’t, (26:45) this is where I feel bad for the agents. (26:48) Like, you know, like how much time is spent (26:53) building houses, negotiations, you know, (26:55) back and forth just for stuff to not come to fruition. (26:59) Just for stuff to not materialize that never had a chance.(27:01) Yeah, exactly. (27:02) Yeah. (27:02) Exactly, because people’s expectations (27:04) were too high on both sides.(27:07) Yeah. (27:07) Right? (27:07) Yeah. (27:08) Buyers seeing a price and saying, (27:11) okay, well, let’s go look at that (27:12) because I can probably get 15% off.(27:14) Right, right. (27:15) And then the sellers also either not budging, (27:19) not wanting to budge. (27:21) Not being able to.(27:22) And a lot goes in. (27:23) I know that once the house is listed, (27:26) like what do you agents do like on the seller side? (27:29) Oh, nothing, you don’t do anything. (27:30) Well, yeah, there’s a lot that goes in (27:32) before it’s listed.(27:34) There’s a lot that goes into it. (27:35) And there’s money that goes into it. (27:37) Yeah.(27:37) So to get the house ready to be listed. (27:42) So, yeah, I think that, man, (27:46) just a weird time for everyone to kind of (27:52) stay at the negotiating table. (27:53) It’s certainly a time to earn your stripes.(27:56) 100%. (27:56) Yeah, this is, it’s not an easy market right now, so. (28:00) Definitely not, definitely not.(28:01) And yeah, so expectations on both sides need to be (28:08) Firmly established. (28:10) Firmly established. (28:11) And realistic, yes.