Jacob Davis
00:01
What’s up? Jared Evanson, you mortgage Master, how you doing today?
Jarod Evenson
00:06
That’s right, you saw I changed my name on the screen today. Jacob T It’s been a while. The microphone is a little dusty. I had to dust it off so we could do this today.
Jacob Davis
00:17
Yeah, it’s a new year, and looking to do some more podcasting. Kind of started up last year, and then got busy, I think, heading into the holidays. So, but hey, there’s a lot to talk about, so I think it’s a good time to start up the podcast again. So Jared, what is going on with interest rates?
Jarod Evenson
00:47
Okay, so last time you and I talked, rates were probably going down. I think we were. We were like we were feeling good, and we were going to ride into 2025 with rates in the six, low six. That’s what we thought. But they’ve gone back. We’re back up in the sevens. We had, we were, we’re probably creeping up on close to the mid sevens now, which didn’t have that on my bingo card for for the beginning of 2025 but we could circle back to jobs report last week. Kind of was like the nail in the coffin to kind of shoot the race back up. It came back like 80, $90,000 jobs above the expected reported new jobs. And that that was a bad sign for inflation. Economy is still really strong and and the bond market reacts, and here we are.
Jacob Davis
01:39
No way.
Jarod Evenson
01:39
No. Yeah.
Jacob Davis
01:43
Gas prices are coming down, though, so that’s good. I’ve noticed, like in Pullman, I think a gallon gas is like 369 so I don’t understand why. You know, inflation is still we’re battling that, and gas prices are coming down and interest rates are going up, so I don’t know, but at least it seems like people are still buying homes. So that’s good.
Jarod Evenson
02:09
My, my phone’s been blowing up. I mean, just since you and I started talking about 20 minutes ago, I’ve got three or four inquiries from people I started talking to over the weekend, and probably, like, 20 new qualified buyers this year already, which is January. I’m used to, like five, you know, and we’re not even halfway through the month. Uh, it’s good. What kind of buyers are you seeing? Are you busy? What kind of buyers are you seeing, or sellers? I should say, either or,
Jacob Davis
02:38
um, I am seeing. So I was busy. Over the weekend, I was working with some folks coming into town that kind of have to buy so and they’re kind of in a hurry. They, you know, they kind of know what they want, and they’re making decisions. So it feels like, you know, the folks that are moving to town because of jobs, they, I mean, they pretty much have to buy, or, you know, they could rent, but there’s just not many options for renting. And so they’re looking at buying, even though interest rates are high, they are are still buying so, but yeah, I’ve been, I mean, I worked all weekend, both Saturday and Sunday, so that’s good. And I do feel like this year the market is stronger. I think people are a lot more optimistic going into 2025 I think with the since we’re past the election, people are feeling pretty optimistic about the economy, the direction that’s going. So, yeah, so that’s my two cents on that, yeah.
Jarod Evenson
03:55
With the election, that was a big one, people were just like, I’m waiting till the election is over. And it was funny, because a lot of them it, it wasn’t dependent on who won the election. It was just, I’m waiting till it’s over for things to calm down and we feel better about what’s happening or know more about what’s going on moving forward, which was good I’m seeing like, I think those are the buyers and sellers. I’m saying the people that have to move, and the people that are moving and need to buy or want to buy. They don’t necessarily have to but and then it’s those families that and this could be both, but growing families is the buyers I’m seeing now. So tired of waiting for rates to go down, that other kids on the way, they’re, you know, they’re three bedroom or two bedroom, one bath or three bedroom, two bath. House they bought six years ago doesn’t fit their family of five now, and they are going to go crazy if they don’t get out of it. And more and more of those are popping up, and they’re just ready to do it. But I also look at those people, and we didn’t talk about this before, but you know, I think about those people who bought six years ago. Yeah, and right now their rates are, like, a 3% and they have to buy a 7% house, and they’re mad that they’re not going to get the same rate they had. But I also, like part of me, is like, Well, you wouldn’t have all this equity that you have in your house right now if rates never went down to 3% or 2% because that’s kind of what helped evolve. The home prices going up, and they wouldn’t be there without that. So that’s kind of like what I talked to them about a little bit, but at the same time, then the new house they were buying wouldn’t be as expensive either, but whatever. So that’s who I’m seeing, and I’m seeing a lot of them. So sell some houses, will you?
Jacob Davis
05:41
Yeah, well, I am definitely selling some houses. So that’s good. So what do you think about this, the California wild, the I guess they’re not wildfires. They’re just the fires in California. That’s kind of a crazy deal, dude, insane.
Jarod Evenson
05:59
I’m sure you’ve watched the video. I’m concerned about it, honestly. Like, is there going to be a bigger like? Like, obviously, it’s catastrophic for that area, but is there going to be, you know, major changes in the way that we do real estate and insurance and whatnot.
Jacob Davis
06:21
Moving forward after this, I think, you know, like, I don’t know. I think the government’s gonna have to get involved. And I don’t, I mean, to me, it seems like insurance providers can’t just drop insurance, like government has to not allow that, because, I mean, that’s the whole you know, idea about buying a house is, you feel like it’s a safe, secure asset. You know, it’s a safe investment. And also, if, all sudden, people are not able to get insurance on their homes, then they’re not going to buy houses. I mean, it’s that, to me, that’s crazy, that insurance providers can drop, can just drop insurance. So, and it sounds like, in like I thought I saw something where the head guy for the insurance in California was setting a moratorium on insurance companies dropping insurance. So, yeah, I don’t know. It seems like they’re going to have to do something.
Jarod Evenson
07:27
He placed that for like, the next six months, I believe. So now, for the next six months, they can’t be dropped. The crappy part, though, is, is that moratorium can’t go backwards 45 days to before the fires. He said he’s encouraging the insurance companies to do the right thing. Well, they’re not gonna. They’re not gonna.
Jacob Davis
07:49
Yeah, I think so. I have a client that just moved to Spokane from California, and I was talking to him yesterday, I was like, you couldn’t have time that any better. I mean, he closed, I think, on his home, like, right at the end of the year, and and then bought in Spokane. And, I mean, they were leaving California on fire, you know. And, you know, I think you’re going to see more people come in this direction because of, you know, we got a little more water here.
Jarod Evenson
08:30
Yeah, they’re tired of it. I mean, rebuilding is going to be hard. And the insurance, we’ve got our own insurance issues in Washington as it stands. But I do, I do see people moving here, and I won’t be surprised if we get those phone calls, you know, leaving California, someone might not even have anywhere else to go.
Jacob Davis
08:54
Well, it’s like, you know, these people that I they sold their house for 1.4 mill and bought in Spokane. And they were looking in Pullman, but then wound up buying in Spokane for under six, you know, so, like, I mean, they got close to a mill, just in equity that they’re able to enjoy and moved in the northwest.
Jarod Evenson
09:24
Wow. So that’s, that’s, well, we’ve seen a ton of that, like in Coeur d’Alene and whatnot over the years, to lot of, lot of California, and then up there, yeah, it’s gonna, I think I see, like, major reform of some sort coming. Because, yeah, if, if houses can’t be insured, people aren’t going to buy them. If houses can’t be insured, banks aren’t going to finance them. And then how do you make it all happen? And and then it’s going to come to a place where insurance policies are getting canceled, the client can’t find a new one. So is, are the banks going to have policies like we. Won’t, you know, accept your homeowners insurance unless there’s a clause in there saying you can’t cancel it, like, because we need to protect this half a million million dollars we’re financing, I don’t know.
Jacob Davis
10:13
Yeah, well, that’s a whole nother. Yeah, insurance, it’s, it’s, I’m glad I’m not in insurance right now, let’s talk about something fun. Yeah, I was going to say, how about the Cougs? You know, we just hired a whole new coach and staff. Have you listened to the new coach? He sounds pretty I think he’s going to be a good coach.
Jarod Evenson
10:34
You know what? Like, outside of like, he sounds great, like his presser last week was great. But even more impressive is like just looking at and he kind of said it, what 19 years in one spot? I don’t need to listen to him talk to know that he’s doing something right to be at a successful place for 19 years. And you know, it’s the the resume speaks for itself, you know, just kind of cool.
Jacob Davis
11:05
I, I, I’ve met a lot of the assistant coaches, and, man, they’re just cool, like, good, good guys. They seem, you know, pretty down to earth. And, yeah, they, I’m pretty excited to be honest. You know, some of them are kind of coming more like mid they’re like Midwest guys. You know, you got some guys from Chicago, some guys from, you know, Wisconsin, North Dakota, so and I love their accents.
Jarod Evenson
11:45
Of course you do. It’s a young group, which, I think, honestly, in today’s college football world, that’s, that’s a, that’s a good thing,
Jacob Davis
11:55
I think, for WSU, for right now, like they’re the perfect group come in and kind of, you know, take over, you know. And I think, you know, I’m fairly, I’ve kind of been trying to get more involved in the collect, you know, Cougar collective, Cougs first and all that, you know, I was reading about Oregon State’s collective, like, how they’re bringing in some of these big name guys. They pay 1.5 million for Malik Murphy. I heard that. I mean, that’s nuts. So our collective has its work cut out for it. But, like, Oregon State is bringing in some big name guys, you know. So I think, you know, we got to keep raising money through the collective to stay competitive. Because that’s, you know, it’s kind of all about n i l these days.
Jarod Evenson
12:55
It is. It’s different. It’s the days of, well, college football landscape. It’s, I think we just have to embrace it. Instead of complaining about it. We just have to get on board and and figure out how to crack the code, you know, whether it’s Moneyball style or or stepping up and in other ways as fans. And that’s kind of, it’s kind of where we’re at, and just embrace it. But yeah, these guys are good. They’re excited. It’s exciting to have a nice, fresh group in here, and I think they’re stoked to be here, which is even better, you know, it’s gonna be fun.
Jacob Davis
13:29
I think the future of college football, to be honest, it doesn’t matter which conference you’re in, is going to be whoever can raise the most money, you know, is going to be who’s successful, and until they change n, i L, and they don’t allow it, it’s going to be who, who can raise the most money. So I think it’s interesting, like, you know, you could be in the WCC, or you could be in the, you know, the Sun Belt Conference, but if you’re paying guys millions of dollars, I mean, where are you going to go? Jared Evanson, if you’re offered a meal or 500k you know, right,
Jarod Evenson
14:05
right. Man, it’s not about where I’m gonna get a play or learn. It’s how I’m getting paid. It’s crazy. I never thought we’d be here at college sports. Alright, we got a couple minutes left. Jacob, you had a really fun question we were talking about a little bit ago. What was that? Oh, if you’re a first time home buyer, where do you start?
Jacob Davis
14:25
First thing you can do, what you know, I think, I think the first place you start is you gotta, kind of get your team together, you know, you gotta have a good lender. I think you gotta have a good real estate agent, and got to have a good insurance guy. So, you know, talk to your lender, see what she can afford, talk to your real estate agent. I know a guy see, you know what kind of a home you want to buy, and then you just go after it. And, you know, right now, I think there is still buyers still have leverage because of interest rates. If the rates start dropping at all, it’s going to be a mad house. I mean, houses are going to it’s going to be a hot market again, because we’ve got not a lot of inventory. I mean, in Pullman, there’s only 53 homes on the market. Total, 13 of those are manufactured homes. So you really only got 40 homes on the market. Wow. So if interest rates drop at all, it’s going to be super competitive. So even though interest rates are high, if I was a buyer, I would be getting after it right now.
Jarod Evenson
15:40
So getting your team together, that’s big. What’s more important when you’re building your team, a good lender, a good realtor. The million dollar question, don’t answer that, realtor, come on. No, I think that’s true. To be honest, I do. I think that’s true because a lot of what we do not in every case, but it’s a lot of it’s a lot more automated than Easter there’s a lot more technology to make the mortgage process easier. It’s not scary, you guys. It really isn’t. And you know, and you’re having to navigate a lot more things now than you had to years ago. And it’s like, we’re navigating less. You’re having to navigate more. But if I’m a first time home buyer, like I prepare now they like you said, build your team, do your market research, you know, but you’re going to need your team to help you with that market research, and that’s why you need to do that first check out, like in Pullman, in particular, the neighborhoods you know you talked about, there’s kind of a few certain areas, and it’s probably easy to distinguish where you want to be. And then you gotta find that house in that neighborhood, you cannot be too prepared and well.
Jacob Davis
16:43
And a lot of times, you know, we know of homes coming on the market that aren’t even on the market. And so, you know that knowledge is, like, priceless, you know, because you could get in on a home prior, you know, right as it hits the market, just because I know it’s coming on. So that’s why you really want to connect with an agent. And anymore you’ve got to sign a buyer agency agreement. It’s the law, you know, you’ve got a and so, yeah, connect with an agent and, sweet, go buy a house.
Jarod Evenson
17:19
I think, I think that’s it. That’s you don’t have to crack any code to that. Just make a phone call, get it going. I think we sometimes we we over like, mew, and I it’s like, we don’t realize so many people don’t know where to start, because we do it every day. And it’s like, I talk to people all the time that I would assume know what they have to do, and they’re like, I don’t know. I don’t what you tell me. You’re, oh, cool. Good. And we just start from scratch. Nice. Love it.
Jacob Davis
17:45
Alright? Jared Evanson, well, I think that was pretty good for our first podcast in 2025 I think we’re going to have a great year. I think this will be our best year ever. Let’s go Cougs.
Jarod Evenson
17:57
K, alright, good to see sir.
Jacob Davis
18:00
Alright. Have a great day. Bye, bye.
