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Speaker 1: I'm perplexed because you're watching some of these houses sell

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for prices that just don't make sense. We have old,

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old houses that need lots of work selling for a

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lot of money, and you're watching the average mortgage payment

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just climb.

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Speaker 2: You're listening to Carrie Lutz's Financial Survival Network, where you

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get valuable information you just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and gift. Financial Survival

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Network now more than ever.

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Speaker 3: And welcome you are listening to the Financial Survival Network.

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I'm your host, Terry Lutz. Well, here we are in

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the last days of October. We've gotten our long awaited

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rate cut fifty basis points more probably on the way.

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What effect, if any, is that having on the real

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estate market, particularly in my old state, New York. And

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our good friend Andrew Ragusa, real estate expert in the

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Metro area, is with us now. Great to have you back, Andrew.

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So what is going on with real estate in my

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old state there?

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Speaker 1: Well, Garry, I'm glad to be back. Thank you for

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bringing me here, and you know, as we were discussing

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earlier before we started recording, I'm perplexed because you're watching

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some of these houses sell for prices that just don't

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make sense. We have old, old houses that need lots

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of work selling for a lot of money, and you're

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watching the average mortgage payment just climb. And now I'm

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seeing people pay like what you know, about five thousand

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to five fifty a month just on their mortgage to

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purchase something, because you know, the average purchase price is

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probably about six hundred to six fifty, and you got

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property taxes that are going to be anywhere from twelve

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to fifteen thousand on average, which is pretty high.

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Speaker 3: Wow, So you're.

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Speaker 1: Looking at a very high cost of living. I don't

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know how people are doing it.

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Speaker 3: And to be honest, me neither man me neither. It's

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you know, you hear about the election. All they're talking

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about with the election, and you know, cost of buying groceries,

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cost of buying homes, and how do we bring it down?

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And I'm a little skeptical. I don't think anybody has

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it in their power to just roll back prices or

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even stabilize them, because I remember the last bout of

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inflation we had from the sixties to the seventies, and man,

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you know this was like it.

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Speaker 4: Went on and on for a couple of decades. Yeah,

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it's true. And you know what inflation is cumulative. It

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doesn't just disappear. It has never disappeared. It's always gone

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one direction. You may be able to slow down the rate.

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Speaker 1: At which is it accumulates, but it does not go back,

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It does not go unreversed. The only way to fix

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this problem at this point is to change the money system,

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talking about going back to sound money, having a gold

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and silver back currency similar to what the bricks are doing.

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And it's the only way the United States is going

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to be able to survive, frankly, because you have too

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big of an alliance of all these other countries around

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the world which have no incentive anymore to use the

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United States federal reserve note not dollar federal reserve note.

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So now the only thing, the only move we have

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is to move back to that money.

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Speaker 3: Yeah yeah, well, but you know they don't want to

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do it, so they absolutely have to because then they

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lose their power.

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Speaker 1: Right, Yeah, it's true, it's true. Well, I really like

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the idea that Trump has been flirting with getting rid

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of income Tact altogether. He's been talking about it a

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lot at his rallies and says that he wants to

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move to a tariff based you know, economy or tariff based, Yeah,

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to bring in revenue for the government. And that sounds

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like a dream, a dream come true. Though, We'll think, Yeah, well,

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I'll believe it what I see it. What about those

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new eighty seven thousand new IRS agents, They're all going

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to be out of a job. You know, he's going

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to be like the guy from Argentina there, you know

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how the r malay cut cut, cut, cut cut.

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Speaker 3: Right.

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Speaker 1: Hey, you're not going to hear any any empathy from me.

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I'm all for it. Goodbye eighty seven thousand of ir

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S agents, goodbye high rs. All those government jobs that

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are created do nothing but create tax burden anyway, they

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don't actually, you know, those jobs are not you know,

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gross jobs. They cost money to have government jobs anyway.

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Speaker 3: Wait, remember the most fearsome words in the English language.

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I am from the government. I'm here to help you, right,

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Regan was at that the nightmare. Yeah, so but in

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your market, like you say, these shacks are going for

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big bucks. People are lie, cheating and lying, cheating and stealing.

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But you know, you know what the upshot is. Even

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when mortgage rates are at six seven percent here Andrew,

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the real inflation rate probably is double digits. So you're

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still coming out ahead if you've got any kind of

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income and you can lock in the rates and then

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pay god willing in a while the rates go down

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and you refinance, right.

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Speaker 1: Yeah, I mean, look, I think no matter how you

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slice this, FI it's better to have something that you

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can own then, not just it's just simply for the

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security of the fact that you know your property taxes

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may fluctuate. You can't do anything about that, but at

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least you won't if you lock in a mortgage rate

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at whatever rate it is, it's thick. You can budget

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yourself and that just goes through you know, good financial

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practice for yourself your family. And then yes, there's the

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possibility of refining later to lower it. So I still

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I understand why people try to make it work. It

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just seems to be harder to do on a single income.

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It's usually a double income that are tackling this.

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Speaker 3: Now. Yeah, yep, and you know, just buy that inflation's

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been tamed and it's down to just three percent, right,

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so we should all be be dancing and celebrating in

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the streets. Right.

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Speaker 1: Oh yeah, it's absolute nonsense. You know. You know how

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I can tell personally when I go grocery shopping, and

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I watched in the last year, Like, I'm a big

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red meat guy. I love red meat. I buy steaks,

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I buy rib eyes all the time. I buy short

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ribs and everything. I love it. I can't get enough

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of it. But I've watched those prices just creep up

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and creep up. It used to be a stale price

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was nine to ninety nine a pound, and now the

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sale price, all of a sudden, it's fourteen ninety nine

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a pound. I'm like, that's the sale price, right, So

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then the regular price has gone up to almost eighteen

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ninety nine pound. Yeah, and like you can't anyone would

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actually have for a functioning green who eats food, you

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tell that the inflation is still there and climbing.

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Speaker 3: If you go to a Holier than thou foods for

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your meat like I do because I'm single, so it's

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just me, it's even more expensive. It's through the roof. Yeah,

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it's true, all right, so is there any movement on

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supply though, or more houses coming on the market now,

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Andrew or it's still tight.

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Speaker 1: So it's it's still very tight. But you know what

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interesting is people are becoming a little less picky about

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what they're buying. And you know, if you're a seller,

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you put your house on the market, you don't even

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have to do any work to it anymore, and you

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can literally just put it on and see what you get. Now,

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it doesn't mean that people are going to necessarily overpay,

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but the chances of it getting sold at the product

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of proper price, like I got a ripe, you know,

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fair price is very high because someone will take it,

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someone will do the work.

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Speaker 3: You know.

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Speaker 1: It used to be something buyers would say was, you know,

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I love the house, but I have to do a

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new kitchen, I have to do a new bathroom, I

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have to do new roof. And that was that was

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the standard rhetoric every realtor heard every time if someone

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wanted to make an offer. Nowadays, it's just what are

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you offering them? Because someone else is saying exact same thing,

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and they're all willing to do the work. So it's like, Okay,

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here's the number, take it or leave it, right, So

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if you're a seller, you're in a good position right now.

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Speaker 3: Mm hmmm. So it's still a seller's market. Huh yeah, absolutely, yeah, amazing,

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And it's been that way for so long now.

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Speaker 1: Well, you know, between us, I don't think it would

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be beneficial for anyone if the market switched over to

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a buyer's market, because even if you're a buyer and

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you're buying a buyer's market, you're not building equity. A

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buyer's market means that the price value goes down and

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then you're purchasing purchasing something that's not going up in value.

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Then you know that's that's not good either. Yeah, I

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think it's overall better to be in a seller's market,

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but we are way overdue for a price correction where

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the prices have to come down to something that's just

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a little bit more affordable. Otherwise people are eventually just

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going to have to move and list somewhere else because

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you know, mortgage rate they go up in a little

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higher and we start touching six thousand dollars a month

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to just live in some areas of Long Island. That

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it's crazy. People are going to say, why am I

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going to live this kind of lifestyle, especially if they

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can work remotely?

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Speaker 3: Yeah, so remote work, You've see people move out to

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further suburbs now in New York. Now that even if

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you can't work one hundred percent remotely, if you can

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work you know, fifty sixty seventy percent remotely, go in

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two days a week, three days a week to the office.

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Makes that commute a lot less backbreaking, doesn't it?

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Speaker 1: It does. And you know what the biggest change was

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recently is that a lot of the employers started demanding

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that their employees come back. And what was interesting is

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in twenty one and in twenty two, we've had a

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lot of migration out of big cities towards the suburbs.

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And then in twenty three and most of the twenty

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four there's people going right back, right back into the

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city because their jobs are demanding that they go back in.

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So I think a lot of people made some hasty

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decisions when they moved the first time, thinking that this

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would be a permanent thing. And you know that's part

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of what's you know, keeping the market moving and making

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sales possible is just people are just still moving around.

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Speaker 3: Yeah, people are still moving. But I know, like my

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kids who are in their prime earning years, even for them,

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they are like you know, two three days a week

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they go to the office. The rest of the time

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they work from home. So I've noticed that a lot

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of people are doing that hybrid thing, right.

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Speaker 1: Yeah, well, listen, if you get that opportunity, and it

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comes down to a personal decision, if you like that,

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if you're good with that. Me, I would love that

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opportunity where I can live a little further away. I

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don't have to go in every day, but I could

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have a much bigger place. I could have an easier,

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more affortable budget, and the trade off for that is

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a little extra driving time a few days a week.

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You know, that doesn't sound like a bad plan. But

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if it comes down to what each person individually is

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willing to do.

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Speaker 3: Yeah, well, you know, if you have got kids, younger kids,

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you want to be there for their events and stuff,

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you know it, it really can be a plus. But

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like you say, each his own. So any other trends

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that you're seeing there, like are knockdowns becoming more prevalent

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to what's your take there?

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Speaker 1: Well, I can tell you that the houses that are

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fully renovated and beautiful condition will sell so fast your

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head will spend will get it done in one weekend.

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You just put it on the market and one weekend

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of open houses, it's gone. And yeah, the offers will

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be really high. But when even the houses that need work,

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they may take a little time, but they will get sold.

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And I was just explaining to Carry, like before we

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got on his call, I saw our house this weekend

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for four hundreds hours and that was just over eight

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hundred square feet total, And I said, I can't believe

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this house is four hundred thousand And it was a knockdown.

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It needed to be completely knocked down. It was nothing

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was savable. Maybe just a concrete foundation could be reused.

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That just goes to show you what people are spending

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to live out here in all Island.

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Speaker 3: And the land, the value of the land, right, you know,

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that's ye pretty amazing.

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Speaker 1: But you know what, Garry, I also think that some

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people who are financially savvy know that there is a

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little bit of a kind of like a flock to

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hard asset where they're saying, you know, they're not feeling

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very secure about their cash, their dollar. Some people that

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don't have the stomach for a stock market that sees

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record highs every week. It's like, you know, they're saying

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to themselves, you know, and I'm going to put money

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in some sort of hard asset, whether it's going to

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be a home or even gold and silver, which is

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climbing like crazy, gold hitting record all time highs. Silver

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is creeping up, and I think this should becoming the

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trend where a lot of people buying for the sake

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of just having their money investing into something that's real.

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So then the event that something bad does happen economically,

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they do own something that you know, is a safer investment,

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a lot more security come like an insurance program on

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their money.

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Speaker 3: It's talking like a libertarian here. I'm through. I've been

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buying gold and silver since nineteen ninety nine and never

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looked back. You know, had to sell some stuff on occasion,

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pay a tax bill, weddings and all that good stuff.

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But you know, it's like gold's at over twenty seven

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hundred the ounce going to twenty eight hundred, silver hit

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thirty five. Of course it had a pullback to be expected,

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but it's going higher. Everyone is expecting it too. Oh yeah,

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but you've still got to have a roof over your head, right, absolutely.

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Speaker 1: And that's just why I'm saying these hard assets, these

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tysnical assets, that's a better term, physical assets are becoming

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very very wealthy and i'm sorry, very very popular because

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of the security that they bring. And I think that's

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also driving the market and people know that they got

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to own something real.

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Speaker 3: Yeah, and so you got to have a roof over

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your head, even if you only own a portion of it.

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The more inflation you have, actually, the more of it

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you own, and the less the bank ouns.

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Speaker 1: Right, right, roof over your head. Land and things that

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are of utility. For example, silver had the best utility

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of all the metals, at least in my opinion. It's

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using everything electronic solar batteries. You see that. Samsung came

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out with a massive battery that can hold the charge.

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I think if they said like five days or something

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like that, and it usually double the amount of silver.

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Did you see that?

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Speaker 3: Yeah? Do you know how much how much silver one

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cruise mistile uses it?

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Speaker 1: Thirteen thirteen million or something.

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Speaker 3: Like that, or five hundred ounces.

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Speaker 1: Oh, I thought it was a lot more than that. Okay, fun, but.

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Speaker 3: Silver, you know, yeah, up that times ten thousand of

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them and you got like five million ounces there, you know,

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so right, and that's not just that, it's everything.

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Speaker 1: Right, everything solar, you know, cell phones, cars, computers, everything,

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and we're we're in a digital age. It's not like

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technology is going to stop and silver is going to

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run out. They're going to have to you know it

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right now, doesn't make sense to even.

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Speaker 3: Dig for it because it's the price is so low, exactly,

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it's all a byproduct market. All right, Andrew, Hey, we

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got to run. Just tell us how do we find you?

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How do we connect with you on the web.

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Speaker 1: So you can find me on Instagram. My name is

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just Andrew Ragusa. It's A and D R E W

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R A g U S A. And then also the

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best way to reach me is just call me five

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one six eight, five eight nine four three four excellent.

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Speaker 3: All right, Andrew, always a pleasure. We'll talk to you

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in real soon. Be well.

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Speaker 2: Thanks Gerry, thanks for listening to carry lets this Financial

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Survival Network your solution to today's trying times. For the latest,

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go to Financial Survivalnetwork dot com. Financial Survival Network now

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more than ever