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Saving with Steve, 10/05/2022

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Saving with Steve
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Guest, Polina Ryshakow

Saving with Steve with Steve Sexton

Guest, Polina Ryshakow

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Saving with Steve

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The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.

We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.

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Weekly Show
BBS Station 1
Tuesday
Starts
6:00 pm CT
Ends
6:55 pm CT
Show Transcript (automatic text 90% accurate)

everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins-and-outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K is risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton having a happy or healthy relationship with money my name is Steve sex and I want to thank you for joining us I want to thank you for sharing with your friends and family members you know what where are show keeps growing we're very thankful are<br>UK affiliate are you can help radio has been expanding our Network we have over 60,000 listeners on that Network and it's going all over the world so we're very thankful for that if you are topics or things that you like to start us on Steven to see please go to viewers at 7 steve.com I was outside with you or is it saving with Steve. Us and its viewers as saving his feedback us and send us a little email say hey look could you talk about this today or that today you know it last week we had Brad Galbraith Houston Co change my mail.com he's an attorney our listeners got to hear about house if you're moving from a high-tech state to a low-tech see how to properly change your dumb ass out so your high-tech State doesn't continue to tax you or if you're living in Tuesday what a big big them out of their formation that was a very helpful to our to our listeners and this week you know what real estate taking a wild ride over the last couple years now.<br>we also have rate increase what effect that's going to happen you know what we're really lucky we have Polina rice account she's a cheap valuation officer for Sunday.com gmail.com is making it easier for investors to buy properties and create competition to drive up prices so you can think about it if you're one of those people that are considering to sell your house as is to the large network of investors in truth of the home get the highest price offer their your people you know what it's got a great day and today you know what I'm going to talk about how to create how to create a budget and stick to it still lets you get into how to create that budget stick to it first you know what the first thing you want to do is start looking at you know what a budget budget aren't easy okay you know what if you have a bad month to get Disturbed to give up it's almost like a weight loss program or you think you can keep your budget your head that's not good enough<br>it might be it might not be but for most people that's not the case the truth is a budget help you reach your goals it's incredibly valuable tool that anybody can Master it just takes a little bit of a party it's not bad heart the first thing you want to do is do this budget 20 now what would his budget is your really really mean you know what so what budgen does you're really means is you don't spend all your money down what you do is you give your money a job and that job of your money every time you get a paycheck is to go somewhere it could be going to grow to be going to Morgan it could be going to your savings got your retirement account paying off debt gay the ideas put yourself in a position where you know where every send that you have is doing every single month so you can systematically save for an emergency fund that retirement that house that vacation the whole shot while changing to pay all your bills next<br>consider looking at keeping lower credit limits why typically people with higher credit limit not a good situation never spend more than you have there's many people that go on wonderful cruises and chips yet they're eating Top Ramen for the next 4 minutes and that's not a healthy happy lifestyle okay in the big things we see is people you know what that you make those big purchases in your life that really beautiful TV or this or that and then you realize you know what I'm still in debt before you make the big purchases take a day sleep on it if it's still top of mine and you still really really need to hear you I'd go back and buy it but if you find out it's not that important. Top of my baby didn't really need it after I hate this part about that she saved the money next one of things with budgeting is get rid of those fees you know what weather be a checking or savings account of their speeds find a way to get rid of who talked to the bank<br>if you're paying fees for streaming services which ones he actually using do you have all six or seven or ten or twelve of them hey get it down to the ones you need hit the cable bill find a way to get rid of the cable portion that you're not paying or not using and stopped paying for it and we move off just to having internet and a few streaming service and it saved us over $100 a month how to stick with this but especially during this inflationary time next plan your meals lot of people don't plan their meals which means the end up eating out buying something on the way home they're paying 10 12 15 $20 a meal you know it's $6,200 a day that's a lot of money so you're looking at 3 to $500 or more per week $1,000 a month when if you plan the meal you can start planning what lunch are going to buy the items from the store when we talked about buying the items in the store considered benign generic is supposed to name brand why because you're Derek 89% cheaper<br>going to name brand one of the big things that I tell people is these two things one spend cash don't use a debit card or credit card why every time you pull that money out of your pocket your mind I'm going to spend $100 why am I spending that hundred dollars okay now lot of times it gets you to think twice about that purchase next think about this connect your spending to your work so if you're buying a new pair of shoes it's $100 if you make $30 an hour or $60,000 a year hey it's going to take you three hours in a little bit to pay for those shoes if you have a $500 or $300 car payment it's going to take you 10 hours or a day in a couple hours to actually pay for your car payment each and every month so I think about that when you're buying things in equated to what you might find out you know things aren't as worthless as you thought maybe better table should just stick with the budget we have a great show for you we have Paulina rushakoff senior director of economic research<br>she's here with Sunday she'll be with us just in a few minutes or stick with us we're going to be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show we're going to be talking about the in an ounce of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that he's here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton has an ounce of money my name is Steve sex and I want to thank you for joining us I want to thank you for sharing with your friends and family members are show keeps growing we're very thankful ruk affiliate you can help radio has been expanding our Network we have over 60,000 listeners on that Network so we're very thankful for that with that I'd like to introduce you all to Paulina she is the senior director of economic research and Lead Economist for Sunday. Calm sunday.com but they do a wonderful job they're the only Marketplace that connects homeowners looking to sell their home at as is to the largest network of investors ensure Homer's get their highest possible offer Salinas not really here just to talk about that she's here to talk about what happened in 2020<br> what the real estate market what we're looking at 2022 what are the reigning creases what about the geopolitical stuff that's going on so with that Alina thank you for being here really glad you're back cuz I was actually looking forward to this in many of our our listeners are as well cuz they're like he what about real estate<br> talk about 2021 doesn't matter who you are 2021 was probably a nice young real estate but could you give people the understanding of what's going on what caused that and then let you know talk about 2022 after that the 2021 was a crazy year for Real Estate depreciation what happened was we had very low interest rates so when you think about real estate and you think about what you can afford it's really about the monthly payments how much you can pay per month for shelter and we have low interest rates you have low monthly payments so all of a sudden since the interest rates are low a lot of people could afford a higher-priced home also we had stock market that was doing exceptionally well so a lot of people had more money for the down payment you also had signs of the end of the generational wealth transfer from happening where Baby Boomers were helping their kids with down payment<br> one of the interesting Trends we've seen and I believe it was realtor.com that published data on the crypto or Bitcoin being a bigger portion of the down payment for the Millennials a lot of people were thinking this is my chance to get into the real estate market so what happened is the pandemic and the fact that we had historically low interest rates it. That demands forward so you have this window of opportunity to Champion to lock in the low monthly payments on real estate so a lot of people showed up we have crazy bidding water as a result you seen appreciation of almost 20% and I'm in National level and some more appreciated more some more overall it was about 20%<br> it's bad because what happens if pricing out teacher Generations from being able to afford a house and unfortunately we haven't kept up with a building you home if you look at historical Home Supply what you see is if you look at it by then you'll see that between 2010 and 2020 were built about half of the homes on an annual basis per million people than we have in the previous decades and we have a supply shortage people are aging in place one of them think I think we'll see is that you know younger Boomers who have seen their parents passed away as a result of coded in assisted living facilities they will you know by themselves because they want to go out to visit they will think to themselves you know I don't want to I don't want that to happen I either<br> want to stay in my house or I want to live with my kids and that's multi-generational home but I definitely don't want to move to an assisted living facility people are aging in place we people are living longer so the supply houses is not keeping up with the email so when we look at 2022 what do we wait what what it what it what ever you see everything more of the price increases at least for the first quarter of the year and only raised their rates by 25 basis points but the mortgage Originators raise their rates my tire and that's because of the quantitative tightening because the feds won't be buying mortgage-backed Securities right so mortgage Originators our pricing and some of that rest so as a result in what<br> it's 1:00 Now by lot more so we're seeing mortgage rates at 5% right now so it's a lot more expensive for home but there's two under 30 minutes just when I'm depending on geography by a lot if you if you thinking about median priced home that was $350,000 for example now why are step could afford to pay $350,000 for an entry-level home will be $700 more expensive on monthly basis so those are just two examples but because we have such a supply shortage while some people there still enough people who can afford to buy homes at a higher price point by the end they do anticipate further increases<br> at the same time what we're seeing is that it takes much longer for Builders to complete homes so what you see with starts and completions what I previously took about 12 months now it's taking 18 months and they're experiencing labor shortages they're experiencing supply shortages everything from Windows to climb says it's just taking longer to get you so so basically we're still if going to see price increases but the volume of sales is probably not as high because their price the number of people out of the market with pain we won't see as many people who won't see as many bidding wars because fewer people can afford the houses but I I just don't see as high of an appreciation and I definitely don't see prices falling so that said we're expecting never a half-point rate increased by the FED what would basically there<br> for the economy so what would that mean to you I received what percentage of buyers go away if we have another at half percent increase in fed rates it is a nasty question because that the mortgage rates are not directly tied to the side right by the mortgage rates are more by to the 10-year and it is also depends on what the mortgage Originators perceive and thing and they also priced and other risks and I believe that is that is also watching they're looking at some things right there looking as employment and they are looking at insulation and unfortunately the inflation numbers will probably go from March because you know you mentioned the geopolitical risks<br> and one of the components of the inflation or two very important components of inflation our food and energy their most volatile components and you know the conflict in Europe and very much placements that because Russia and Ukraine are big suppliers of with an energy and we will see price increases in strength as they also together produce about 29% a week so we can expect increases in food that's sad they also look at inflation without these volatile price component so if we do see inflation controlled without the food and energy it's a good sign so I I do think that they will be watching if they do see the economy slowing down then they will rethink the rate increases but at this point we do need to<br> to be honest enough what's what's going on with inflation for sure so if they do if you if you look at the relationship between the mortgage rates and the interest rates there is a spread right that difference between how much the raising and what the mortgage rates actually are and it's not it's it's not a lien you're in a relationship it doesn't mean that you know if they raised by a quarter of a percentage point in the mortgage rate goes out by the quarter of a percentage point if they can raise and the mortgage rates remain the same so it all depends on other risks it all depends on what's going on with the market on what's with the supplies doing and what's going on everybody you're going to need to stick with this room right back with more Paulina from sunday.com going to pay some bills and we'll see you in just a moment stick with it more expert advice for having a happier relationship with money still.<br> I'm not saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the ins-and-outs of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve Sexton on a saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton they will come back to the state in which you shall we talk about the ins-and-outs of money hey look good sitting with Steve. You asked if you're enjoying the stories of helpful information inside on saving with Stephen and crew to subscribe to our YouTube channel she'll never miss a show and check out a fever if you at UK help radio CBS radio talk radio New York City AM FM radio all these networks are dedicated to empowering you to solve problems uplift your spirit and live a life of personal financial freedom to cancel falls on Facebook is saving with Steve Sexton join the Insiders club or just go to saving with Steve. Us to get all your replace gaskets and more now we're back here with Paulina Peak on Sunday., guess who's the senior director of economic since she's the lead Economist for Sunday. Calm now I'm one of the things that were coming into the marketplace is there still a large number of<br> people who either don't have the money or you know what are in a position where they just need to sell their house as is no weather in case may be what would be the best way for them to go about doing that how does sunday.com work how can it benefit these people are looking to sell in the marketplace and how can it benefit the investors who are looking to invest in The Market Place one of the things you want to do if you're selling your house he definitely wants more than one offer right he want you want several price points to make sure that you are getting a fair offer for your property and this is something that Sunday that as well because when we take a look at your property we order an inspection and it's an independent inspector who puts together and inspection report and when we place the property on the market place a lot of investors get their eyes on the property and they Place B and an average I believe we get about 10 to 12 B<br> property and the seller will see all of the bits and they will see the spreads and investors they have their own secret sauce so good that's the reason why I'm B welcome in at different price points the one in this room might think oh you know I can just put some fresh pain dinna need to put in the renter or another investor will think I will put in a new kitchen out of the bathroom and resell it at a much higher price point so they will offer a little bit more another investor will look at the property and think I can put in the Navy do you end in OB salad somebody who will want to move their parents into the second into in into that Adu and they will think that the property will sell my tire so this is the reason why all of them will give different beds and different offers and I would say to anyone who is looking to sell and doesn't have the money<br> to to make the house presentable unmarketable to put it on the MLS but they definitely need to shop around or Call of Duty people and when they do there are some behaviors that you want to look out for you definitely don't want somebody who comes in to pressure you so what you're saying is you have somebody coming to the house and they off your high offer in the way they walk it back is by they will walk the property with you and start pointing out little things and saying hey we need to reduce his offer because I didn't know that and or they will bring in somebody that is a contractor it's there buddy and that contractors in order to fix this year and you know I'm basically that contractors also telling you on that the higher cost of your lower your prize do people bringing their own appraisers and say hey this is what the appraisers for even know the person might not be an appraisal appraiser<br> appraisers need to be fired by lenders and through appraisal management companies do if somebody does that you know that's definitely fishy and illegal and you don't want to deal with that person so they can bring their own valuation or their own comparative market analysis don't see him anywhere they pull down comparables or an automatic violation but if they claim that somebody is a certified appraiser or licensed appraiser that they brought in then you don't want to be because they take okay no I just wanted to make sure so Sunday brings in an appraiser they pray somebody and then it goes up on the marketplace show all that investors have an opportunity to see that appraisal is that right<br> Maple comparables they had so all of our Market experts say they know the market they either have a background either they were appraising before or they were real estate agents or they were investors in the past so they can pull their own comparables they also can walk through the property take photos and budgets for all of the items that they see that needs to be repaired so they will put together a bite if they will put together an estimate and they will give you a range that they think that the property can sell for they won't give you a price OK Google set expectations and they will say we think the offers will come in within this range and then within the week or sometimes we'll see someone say it look this is what I want for my property and I want the cash offer tomorrow they have a certain urgency because of circumstances and then that's case we will do something special for them if we if we are confident<br> it is a confidence interval in as well that usual practices we will then Market this property on the market place and we'll have offers come in because we'll also have an inspection on the property at professional inspection done on the property and that's what investors see they see all the pictures they see the professional inspection than by by a certified and stuff and they placed it and that's what we presented the home seller on the top one the person who selling it says okay great we're going to go with this top-line what happens next and we get paid by the investors to invest your pace as the percentage of what they're paying for the property the property sells if they back out there is another investor could get on the property and then we go with that with the second okay so can people who own the home that are look<br> can they work out their own terms for and how long they can stay in the house and things like that before they have to move out or is it something that move out quickly they can stay a day that depends on the circumstances and people you know they want to move quicker there is an emergency people come to us for different reasons right we'll look at our seller is there a seller's School want to move because they want to retire there are sellers. Also there is very much by market what you see the reasons why people are selling in California are there is different from the reasons why people are selling in South Carolina right what we're seeing in South Carolina is inflation is really impacting sellers who need to sell because they're seeing the price of food going outside or even up keeping the house when they need to be a lot more for Gardener right on maintenance of the house and they're living in Social Security so they're either moving on moving in with family or the<br> we're seeing a lot more of that in that region versus in California where people are moving for retirement in kind of that tax free states or a porcupine of chasing their tails as well it's moved to places like Austin or Nashville or Salt Lake and the parents wants to be closer to their children and I will need tires for different reasons we see some people who come to us because of divorce death of a loved one and they have different schedules so we will work with investors have been just as well, for the website is their phone number they can call if they're looking to sell their house as is how does that work and<br> they can pick me up okay perfect perfect thank you for joining us today this is been wonderful I give her our listeners a wonderful understanding what's going on with it can do and what they're looking forward to in the next year after looking to sell her home or just understand their appreciation of the real estate again I want to thank Paulina rushakoff the senior director of economic research lead Economist for Sunday. Cam for joining us and if you're thinking about selling your house make sense to go to send a Comm so clean it thank you so much will look forward to seeing you the next time and enjoy your week thank you say thank you for having you to everybody I want to thank you for joining us a next week it's time to unpack those bag The Bucket List dream vacation we have Sophia Mendel from value Henry's got to talk about all the wonderful things you can do to reduce lemonade cost and go on that dream vacation so I look forward to seeing you next week this time this place here on saving with Steve thank you have a great one<br> thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's even with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>