The NAR Settlement Part Two

For thirty five years, Cindy Stumpo has been a female home builder with a passion for design, a mastery of detail, and a commitment to her crack. With daughter Samantha Stumpo by her side.

I don't need my whole family on a date with me. That's a good note. It's goddemn weird.

See.

Stumpo Development is the only second generation female construction company in the country.

You're crazy, You're a wacko, You're insane.

I mean, it just doesn't end together. Cindy and Samantha welcome guest to explore the world of construction, real estate, development, design and more.

Unpredictable.

Every time I think I know what you want, you switch it out. But that's what makes your houses all your day.

Discuss anything that happens between the roof and the foundation. Nothing is off limits. You truly do care about everybody. She can yell at SHEI get scream, but when you get her alone, she's the best person on the planet. Cindy Stumpo is tough as nails.

And welcome to Cindey Stumbo chuck his nails on WBZ and Who's Radio ten thirty and we're here tonight with who which your name.

Michael Carucci, second ad vice president, Gibson Cellar Beasts.

And I'm Larry right out, chairman that gets in Southby's International World.

You want to try it against so people might understand what you just said. We're in thirty something states, right, we have an accent here, go ahead again.

I'm Larry right out, yep, with Gibson Southby's International.

Real, okay, very good. The big cheese, the big cheese. So you're basically his kind of sort of.

Boss which signs my signs my checks.

Yeah, that makes you boss man. So you're the one that finally got Carucci to go with you and leave. Yes, yeah, he.

Left Carucci, he left Crouchi.

We had a long history with one another, and I finally convinced him to come across.

My first franchise. He was the big guy in Precipity, New Jersey. He used to sell franchises for real at the time, Reology Century twenty ones and the best, the most in the country, didn't you and Paul?

Okay, So talk to me about what is going on every time I go on x spaces any social audio devices they're talking about. This is that they've been talking about this for about a year and a half now, and I need Mike to keep us coming in at least like once every six weeks five weeks to keep us updated, you know, for these brokers that I talked to brokers all the time on social audio, and they all have No, we're not gonna get hurt. No, it's not happened in July. No, we're not going to affect

Everywhere that is not now in place, everywhere that it's not now in place, is going to be affected.

Every state.

So there are states that already have this in place and it's business as usual for them.

But the other company states have been I know, I know New York and New Jersey have already done it, right.

Yeah, and then I think Washington, Washington State, and I think there's one more like one of the Carolinas or something. There's a couple of states that already in business.

Okay, Now, what is the what if? What?

What?

What is the what thing that's going to happen? To make people understand what's going to.

Happen is we're all going to have to have broker agency uh commissioned discussions with all of our buyers. You will not be able to bring a buyer to your property unless you have a commission an agency signature.

So cite ever been an example. Pretend you and Michael right now do let's do let's do a role play here, Sammy and Michael right now, you're the you're the you're selling one of my pieces of property. Mike, you got the buyer. How's that work?

I know?

Now going forward with the new law passing, I.

Now have to have that buyer sign an agency agreement with me before I show Sammy's house.

Okay, but prior to that, sometimes they were brokers that were buyer agents. And sometimes the broker is a cell's agent.

Well, that should have already been doing it anyway. The thing is this what's happening, we should have already been doing it.

You have to do it all right now. What if Sammy says, well, sorry, I'm not paying you two and a half percent.

Well she can do that now, but she probably shouldn't.

But what if she Okay, we're going to get We're going to get people that are not going to be educated and know how to do this the right way. Let's call what is most people don't have a lot of common sense out there because common sense isn't common anymore. So let's play that role play that Samantha goes, no, I'm not paying you to percent and you'll have to get the money from your buyers.

That's correct, correct, that's right.

And then what if you say, well, my buyer is not going to pay a commission, and she's being stubborn and said, well, what do you want for me?

Like I'm just trying to rope We have multiple.

Options here, correct, Yeah, but what you want to know is my point is, can seem me stand on you that it's.

Not really need though it's a conversation with you, it's really what you say. I'm just reiterating what you're again, I'm doing I'm doing.

Way Cindy lists the home with Sammy. Yeah, Cindy can say I'm going to pay you x and you are not allowed to pay a buyer agent, and so then I have to then Sammy's.

Okay, But Sammy might decide okay, but I'll split half that commission with you. Bring your buyer.

Yes, she could do that, and she should do that.

Yeah, that's what's gonna happen.

So brokers are gonna make less money.

Not necessarily think so what we're gonna do?

Okay, hold on again, I'm the I'm the developer in the room. Right, guys are the brokers? I say, Okay, Sam, I'm going to give you this listening at two and a half percent. I'm not paying five and a half. I'm not paying five percent anymore. Right, So what do you want to do?

Well, Cindy, eighty nine percent of buyers had agents last year. Do you want to lose a large pool of bias because of this?

No, I'm going worst case scenario. I'm being the jerk off right now in the room because something has to be right. I'm just saying, you're going to come across brokers that are going to behave the way I'm behaving right now now. Me I'm too smart to know after thirty six years, I need brokers. Okay, but you got dumb dumbs out there that think that they can, you know, hold in their five house development and have a little trailer set up and sell your own product. Okay, knock yourself out.

Then you signed a buyer agency, and it could be negotiable. Pay me two percent, pay me a consulting.

Fee, let me let me, let me bring you back. Okay. Within a two year, three year period, we had a ten house subdivision between two streets in Brooklyn. Right, there's Woodland. I could in house everything we did one broker. We did, but that wasn't meant to be that way. She just presold everything correct, right, But I could have said, Okay, you're on salary, we're going to in house broker this. You're not going to make this much commission, and we're going to sell everything on our own.

So well, it's it's not unlike what Fallon did when they first came out with the developments. People have done that in the past.

And one of the things you're using yourself as a developer. But the reality is in real estate there's more sellers out there than developers, and so that's where the education has to come in, you know, sellers where we're trying to do it with our companies.

That's even hotter because the sellers.

Well see what you're saying, you're almost starting at today. What happens is when I sit down with the seller, my agents sit down with a seller. We're going to educate him on here's your options. You can pay nothing if you want to, and that's here's what probably will happen with that. Then you could pay this, and this is what will happen and if you pay that. So what we're saying is you expand your opportunities of people

The buyer, we have to set a number and say, look, we.

Don't know what we're walking into here, but I want to be paid X amount of commission.

But understand something, I really don't understand why this law passed. I don't understand anything about this law. And I've read read Relieve n Mike and I've had conversations on this, but it's.

Kind of like does nothing for the consumer.

Correct, and it does nothing for anybody. But it's just like me, think about this as a developer in Newton Brookline for thirty six, and I'll go out of Newton Brook Line, but very little, very little my hydrant. I'm the dog. Here's my hydrants. Stay out of my way, okay, and that's just my okay, okay, that's my hydrant. But you know, I feel as though to now be competing with companies like Toll Brothers coming after me like I never thought i'd see that. I never thought i'd see

Trying to do, but I can't.

I can't. It's it's very hard. So I have a niche market. But again, they can come in in any time buy what they're going to buy, and I got to compete against them with public money. It's hard. And what I feel what's going on in my end of the world is kind of going on your end of the world with the red Fins and the whatever can come in and squeeze you guys and push you out of game. That's just my take on it. But I'm gonna go hold on. I have to go to break

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It's just the day.

Away and welcome back to Toughest Nails on w b Z News Radio ten thirty. And I'm here with Sam, I'm here with Mike, I'm here Larry, and I'm gonna do the introductions because they're gonna waste too much of my time. Let's go back whid we leave off because I'm a metopause brain. Well, you brought up a red fin bar okay, zillow bar okay. So I get the phone calls at Sea s Double. They go, hey, miss stuff, but we'd like you to buy this blah blah bah. My mother's a hoarder, she says. We don't want to

We buy ugly houses.

That's another one like I would never ever ruin my reputation by having that on a sign, but there's many builders that do that. So if the name gets done with those ten people, I always save this to somebody that calls me. I'm not here to steal your property and see me knows what I say. Do yourself a favor. I don't need your deal. Call a broker. I'll give you my daughter's number. I'll give you two other broker's numbers. Take the house on a test drive. You go one

You are making our point, though your reputation precedes you correct.

When we do.

And we feel the same way. We have a company that has a great reputation. We're not here, We're not going to be disappearing. I've been there for sixteen years ago.

You mean no tail light warranty, no tail warranties from us.

So anybody that does know what that is. That means when you don't see my tail that you warrant he has done. Okay, go ahead. I'm just trying to be the one that's going to debate you guys. Right, I'm just trying to be the jerk off because you're going to run into jerkofs. So I want to know how we're going to handle the jerkoffs this business.

That means we're going to have to have bigger cohones and tell them if you want to actually sell your houses.

What you gotta do.

Yeah, and right now, almost every one of my listenings I've offered more than the normal.

Two and a half. We may very have the same position you'd take in this. We'll take a test fund and call us after.

Yeah, we've done it several times.

And know what's going to happen. I think if they take on a test drive, see here's that would be my sales pitch. My sales pitch would be. The more important thing, which is not a sales pitch, is the truth. You're going to let the strangers walk through your home that you don't know, that have not been vetted, and next thing you know, somebody's raped, somebody's murdered. Some tied it behind chairs, and your jewelry goes missing, and your

Suggest she carries a license. He's got a license to catch.

Ye, I do so. But my point is that's what I would say to people, this is not safe. I don't like seem me going on as showing by yourself as a female, I'd rather her when I have a funny feeling and she says, have day, I go with you. Right, Especially so, how as an end user, do you want strangers walking through your home that's dangerous?

Well that's just one element. That's a safety element, that's a big there's a whole other level of concerns. Is the safety element.

Okay, Well that'd be my number one.

The pricing okay, is the pricing element. There's the wasting your time element about putting the property in contract.

I don't care about. Let's say they don't care about that.

Let's say they don't care about it's about wasting their time.

But let's just say I would have to say, well, maybe they're at that stage in the game where they're retired and they cot all the time in the world to pull.

The extra money. Safety, Michael, they're just not clients.

But every client's a client till they're not a client, right, And we're talking to the masses out there right now that's sell two hundred thousand dollar homes that sell three hund thousand dollars homes. Remember that we're in thirty something states here at iHeartMedia, right, So We're not just in the Boston area. That's not your clientele, that's not stands clientele, that's not your it's not a lot of But not every buddy is a niche high end broker either, right, So.

But even some of the high end brokers are very greedy. I think that's where a lot will get back. I think you're very greedy a lot of them, because, like I've had conversations. I've been like, hey, I'm going to kick in, and they'll be like, I'm not kicking in, and they have their lawyer right to me from their company being like you can't do that because you offered this, And I'm like, really, you're going to take it this far with me?

Yeah, Well, I don't know. Look, the world changes, Larry, Right. I remember I've been doing this for thirty six years. If I could go back to when I started with my broker, Carol Brenner, and she was a phenomenal broker, right, But again, you don't know what you have till it's gone. Yeah, yes, right, Like I didn't know how phenomenal she was. Like I knew she was great, don't get me wrong, but I didn't know she came she was dressed well. She had the epitome of class she was. She would run out

Well, you didn't have cell phones.

We had cell phones. Bid cell phones. When we talked with Simms had cell phones. So I've had cell phones for twenty five years. If not the point, we had fax machines too. By the way, how to imagine that she wanted to pick up the check, have you sign it,

They're still love there too.

Well, they're still out there, and there's too many of them. But Carol, she was tied in eight the nine, ten to eleven market right around there, and she had she was tired and done, tired and done. I'll blame her, but she was a great broker. But what I see happening is that it's like, does everybody just have to ruin something that's a good thing? What's wrong with this program?

Now?

Like why do we have to change this? Whose great idea is?

You know?

You know the MLS pin was drawn in first correctly. Well, the DJ has weighed in and and I didn't bring the linquage.

I want to say, a play stupid because the listeners are like me, right now, we're going to play stupid and you're going to educate.

Well, well, I explaining how it kind of came about.

Is DJ now has a a they put out They published exactly what they see, what was that was wrong and how they're going to fix it.

What was wrong?

What was there in their mind? The transparency issue. We weren't transparent in terms of who pays the commission and how it gets paid.

Why they can't it's it Well, I don't want to.

Use the word cartel, but it was like they thought, we're all in cahoots. If if the.

Listing broker, the listing broker was establishing the commission, right, the selling broker would only go along with whatever that money was. So it seemed to them like we had some something going on where we all read. You know, you see the media. The media is blowing it up in the wrong direction. But they're saying, no more six percent commissions. Well, you know what, I haven't seen that for a long time.

What was Massachusetts ever six percent?

Mike, exactly.

But that's what the media is doing to us, is creating a furre that is unnecessary.

But there are six and seven percent in other states.

Right yeah, oh yeah, okay, but not here, yeah, and not in a lot of states. I mean, I was just I had the good fortune of being with sixteen Southern International realtor owners this weekend, and there was only two of.

Them that weren't impacted by everybody else was.

It was, well, I thought, will come right back. I'm sinny stumbling. Listen Toughest Nails on WBZ News Radio Temporary and be right back.

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The Tests to see it's a fantasy music and welcome back to tell Us Nails on WBS.

He's raightiar ten thirty and I'm sitting them here with Sammy. I'm here with my Carucci and I'm here with Larry. Larry, say your last name right out right out, like we're going to write out right out.

Just like that, right out right out the storm.

What are you doing with an Italian?

I've been with him since I was eighteen years old.

I'm just played Trucks and Chelsea the good old days. So okay, go ahead. You were saying you were at it.

Yeah, So that the government sees this as a collusion, I guess for lack of a better word. And they're in there to make sure that.

That's what I believe in. Like government, like small government, keep me safe, deliver my nail, I'll pay my taxes. Stay out of our business, okay, let us run our business. It's okay. Everything else. I yes, I'm a Democrat. I don't know like I can do what I want. My body don't tell me what to do. But that I believe in capitalism, that's me that go out work.

You're basically a socialistic democrats, republican, I don't even know what I am anymore. But independent, that just that's it.

It's just the best way to use now right that we're all independence. But now that's why I believe, Like, why are you always sticking your nose in something that you shouldn't be sticking your nose in. This is where you don't stick your nose in. But we always have to ruin a good thing.

Yeah, so we're all having to deal with it and it's it's a challenge, but we'll get through it.

And you know, the good things that come from this is, uh, the real estate.

You know that people still don't understand what's going on.

No, of course not, and they won't even through the summer. We're all trying to educate people now, but we don't until they tell us the exact marching orders.

We can't explain it because.

The change is almost still not finalized.

It's not finalized.

If it's not finalist, how some states already passed it.

Well, some of already done it in previous years, they decided they were going to institute that by a broker agency situation.

So basically they're just doing this to try to cause stop a mob type of I don't know what in.

Their mind they're protecting the consumer, and we both know and we all know that that's.

Probably not but in their mind how they protected the consumer again.

Because now the.

Michael, you, I have to sit with you as a buyer now and explain exactly how the commissions are.

Going to be paid. Okay, well, by the way they're paid by you.

Okay, sit down. I have to pay you how much? Larry?

Uh? I'm not gonna use numbers about it, you know.

Okay, Larry, I want to list my house.

What do we do you as a listing agent? We're talking about buyer.

A listing agent is the same thing we're going to talk.

About buyer agency, is all right?

Then again, she's the broker, she's got the listing. I go with Mike as the buyer. He has to have me signed something. And she's still going to be responsible for paying the commission.

Not necessarily because if she says no, this is where you where it ends. If she says no, because you say I am not paying a commission. Now we look at the buyer and say, if you want to purchase this property, you signed an agreement with me that you would pay X amount of dollars.

We can't get out money from the seller.

You have to you have to you have to cover that.

I mean buyer is going to cover this type of cost. That's the problem.

Yeah, nobody wants to. But this is what this is what's been set up, and this is what we have to deal with.

Well, you know what, hold on, I'll go backwards on that one. I definitely have clients that would have a biasation even if because of that expec.

The firefighter of any of the policeman that just saved two years to save the down payment I can't afford now now he needs representation. He's not buying a pair of shoes right, and he wants good representation. What happened and anybody with good representation needs to be paid. What do you say to this guy? Add another two? How you can't find you can't finance it?

But let me ask us. I'm going to take the flip side too, and just just to keep it balanced to this conversation, what if I'm selling my house, I'm already upside down one hundred thousand. There is that.

Well, the buyer agency's not going to affect you.

You're upside down any more money.

So you have the option now to say I am not going to pay a commission to a buyer.

I got to tell you I would say that. Then Mike should take his client, will take his clients somewhere else, to another listing. That's exactly what's going to happen to chang. Okay. So if you sell ers are listing out there and you buy, is better take care of you? Broke is because the buy is broken, We'll go to another listing.

You're not really going to change money unless.

The buyers are on Zillow or redfin trying to buy direct on.

Well, what is this new Zillow too?

They trying to come up with, oh the seven day thing.

Yeah, the seven day thing.

They'll make you sign a thing for you can be a buyer for them for seven days.

Luck with that, okay, But another way to stick it to you, right, Yeah, I mean more knives you want to know? Yeah, told brothers is you're exactly get out of my city of Newton. No, one invited you here and now you're in my back yeard, good luck, congratuations you stayed there. Always buy real estate, dude in Brookline thirty six years, haven't gone down yet? You like you watch by the way, and I like the Irma's orange by the way. But okay, so there's a situation was

Broker, there's now a whole menu of options. You know, here's your options, and here's the side and the downside. You make the decision. You'd hope that they look at it and say, you know what, this this thing looks like a.

Good one and we move forward.

But if it isn't, then they have the prerogative to do whatever they want and we have to kind of make it work.

Have I heard this correctly that people are going to be able to put their homes of cells on MLS or is that a story? So they will never have the option of them.

Well, they've always had an option to put a for sale by there's portals out there that charge you three.

You can't get on MS.

No, you can get on them MS.

Well if you do the watch McCall it thing, like, what's the watch McCall thing.

We have a radio show here, what's the call?

When you have a prod you to like what it was called?

Something sold something?

This conversation going, it's like, it's like, let me just people just listen to it.

They call you directly.

I just want people to want everyone understand what they just heard. Listening to radio. I usually called things things. Sam just said, what you recall, I'm going to find it, and you went, let me think about that word. They just want you all to know that no one knows I didn't. I did it for Derek, would you do, honey?

When he wanted to list his house?

This out?

But I took the credit for it, and they called him directly.

Okay, whatever that means, I forget what it's called. So we're on a word. We're gonna stand a word and waste minutes on it. Now you're going to keep talking enough O can you find that?

So we're going to get through this. You know you just said you were in the business. Now how many years?

Thirty six years?

Thirty six years?

We had it when she was ten, and I wish I did.

We've all gone through a lot of changes. This is another change. It's good.

Yeah.

But see, here's my problem. Why do we have all these changes? When something works?

Why do we have to change it?

We don't have We didn't ask for the change.

No, we should go back to forty years ago. No, if I are were first, I know. If I entry only, that's ry only there, thank you, that's the watchman. Call Ward Entry. Don't need to give me a piece of candy. Deal with him.

It's called Entry only.

I'm looking at Gucci on the back of his jeans. I think it's KOUCHI I look really fat and say Gucci. Okay, sit down and rod men, how old do you not?

Mike, don't ask.

I don't want to know. I know you're older than me. Sixty Oh you're sixty five? Okay, Well see you guys can keep doing this until you're in your eighties if you want. But I can't keep building and developing at that stage.

You can't.

Way, you've got a daughter over there though, sure.

I also have a son. Can you get off his ruin? Oh?

Cheers?

Why you guys always protect Chad.

I'm not protecting anybody. I'm trying kick him out of his house faster.

I have two daughters work that work with me, so it's a family.

I sold the house that he's looking.

Try to take him out faster. Don't they make you crazy?

You know?

No, No, we have We have a healthy relationship like this where we can I can bark and they bark back and get through it.

Yeah, we barked here they use the bathroom. Poor daughters.

Yeah, only mirrors.

I want to say a lot of me is everything was good?

Four four daughter?

I am prematurely gray.

Did you get a son?

Never?

You're lucky. It's a lot in that house, looks, I.

Said, I'm perfectly comfortable here right now.

Remember what they say any twin sons of sons. He takes a wife, a daughter's a daughter for the rest of your life. And I tell ray this all time. He's got three daughters. You're a lucky man because you got three of them. That are going to take care of you because I'm not.

They don't treat me.

What's that?

They treat me like a china doll.

I can't fall down like my wife says, to step over me and a gutter, worry about.

Me, stuff in my toe.

And they all daddies girls.

Oh yeah, nothing like daddy's and daughters.

Sometimes not. Sometimes it goes the other way too.

There's nothing like, you know, the nice thing his daughters and mothers. There's Mark Twain had a great saying about daughters. He said, when the daughter gets to be thirteen, you put it in a wine barrel, you put the cover on, your.

Drill a hole in the cover.

Sorry, you drill a hole in it.

You feed them through the hole, and then when they turned sixteen, you block up the hole. So that's for a mother because mothers and daughters in those age times have a hard time.

I didn't have any trouble with her.

Oh that's nice. You're lucky. Then I can tell you they all came back and they're.

Like so easy, so easy thieves, like thieves, thickest thieves, the thickest thieves. I don't know. I think you get one easy one and then one hot one.

Well, you can't have three, you have to have like four. It's either two or four.

Yeah, because ball out.

They need to be pairs. We don't need milk child syndrome. We got enough crazy kids. How old your daughters?

Forty one, forty thirty one and thirty?

Wow, you're really old too. Clock take it there, don't stick that.

I like.

Okay, I'm going out. We're gonna go for break now on City Stumple, we listen to Tough His Nails on WBS and his radio tenth Therapy.

Right sponsored by new Brook Realty Group, Boston Wood Smaller Insurance, World Auto Body and Taska Drive Auto Body.

Yeah it's me again, wouldn't you know.

It?

Would I did my best, the perfect guest and welcome back to the Toughest Nails on w b Z News Radio ten thirty. And I'm here with Seamy, I'm here with Mike, and I'm here with Larry. Okay, besides us all having funal laugh and I'm sorry the listeners that you know they can hear you talking to me right now.

Right we're debating when I left.

Well, can you debate while we're on your light like we are right now? We are you debating? I didn't work for him.

It's O the base only at Group Boston. Did you work for thirteen and fourteen?

You were coup aust You have a couchie would who had nine years together? Fine, okay, see whatever.

You should listen to her. She's younger, so her brain's a little bit sharper. Still, you know what happens as we get older, right, c r S. What does that mean?

You can't remember?

That's an everyday event. Oh you go like this? If I ask Ray one more time when Yellowstone is coming back on, well how about this one? Because I cann't remember Yellowstone. I have my good days and bad days. I sent him that's good. I sent Mike in to get me. I froze the coffee. So I said to him, tell him I want this on and he goes, you gotta know, Michael moxs. He goes, you want me walk into Duncan Dollars and say, Cindy wants this, and I

They'll know.

He's like, can you help me with the what the round the finger. You know, my finger's going around the top of the in the air. So he said, forget. I said, I can't remember the name of it would come to me right that, you know how it doesn't come to you. He walks into Dunkan Donuts and Street goes, ok, can I've got this woman sidneys stump and oh we know Cidy. Well she wants this thing. And he makes his finger go run. Oh she wants Como. He walked, and he goes, how do you all know she wants Camo?

I'm gonna start telling you promised everybody seven percent commission now because you don't I can't remember.

Yeah, that happens when we get to the closing table and I look at my selling statement and go, hell, it's funny. I can't remember words, but numbers I'm still great at. Yeah, numbers work for me. Still thank on. There's only a subject I did good in school, but at the end of the day you feel as though nothing. Well that's not true. We have a million point eight one point eight million brokers. So I'm listening to what

There's going to be huge exues.

I don't know what you need to come.

Going to be huge exents.

I don't know what the number would be, but there's going to be a lot of It's gonna be the weeding process that happened over the last I've been in forty years, and every time something of a calamity happens, the place gets weeded out and all of kind of the cream rights to the top.

That's what I'm hoping for this.

And I remember sending those one point six million agents. Half of them did one or two TS accidents.

Correct your sister, your brother here, you're right.

Yeah, explain the commission to someone that's not going to.

Work and they want a stage to that. Okay, now with okay, now that we kind of understand that, let's talk about something else that you weren't that you were not prepared to talk about.

Was that prepared for this?

Nope, Nope, We're going to talk about where the market's going. Yeah, the segment's going there, So we can talk about the Boston market because we're sitting in Boston. So anybody that is listing outside of Massachusetts, we're not referring to your state. But Massachusetts has happens to be a very strong state in real estate. We always have certain cities and towns. Never even I never felt the recession of weight nine

Yeah, well, okay, that's good because here's my Okay, my assessment is when the rates went from three to eight, everybody frozen place.

How many right kits do we have?

Oh?

I don't even know there was a ton but nine ten eleven, okay.

Is people had to adjust their mindset. So we had a fifteen or eighteen month lag in our business. Twenty three was terrible, you know, in terms of the way it was in twenty and twenty one and nineteen. So twenty three was tough, and it was because everyone, including brokers, had a mindset of three percent two percent, and they couldn't.

Be swol Choose that word. You don't use mindset, You haven't picked up with the young people. Say that's a stupid words like the other words. Say what's the word mindset? Mindset? Yeah, what's that word manifest? Yeah, we're to manifest. I'm twenty three years old again, I'm like, and I'm young and hip and everything's going on great.

What I'm saying is people have adjusted to the rates now, and regardless of whether they go to I think they're around seven right now. I don't see them going lower than six or five and three quarters potentially, I don't see them meet people.

How's that going to happen? First of all, you're lucky if they moved down a quarter of a point before the year ends. Right now, inflation has not made just.

A short term I'm saying over the time in twenty five, there's gonna be a time between six and seven no matter what time of the year.

Is Okay, but can we admit that maybe that generation thirty seven they've only sow free money.

Yeah?

Absolutely, so, well that's okay, use that word I call using my brain. But here's here, here's the problem. We know that we are seven million houses short in the country, right, okay, you know how we got there? Correct, The oait market took us there. So in not twenty ten, I was on Bloomberg Radio and I said this, and go find on the internet that in a decade we're gonna be short housing. The person that was sitting in mice behind the mic now said, I don't know what you're talking about.

I don't care.

I'll buy all the windows now like we made a mistake. I'll eat the couple windows because it's going to be cheaper that way. So the warning's aren't there. So if you take there's your trifector. So if you think you're seven million houses short, now imagine where you're going to be. If us builders out there can't be building, you can't pay ten percent on constructional money. Rule of thumb was always this in my business. You built it took a year to build. Even though we were fast builders back

Inventory is bottom line.

But we can't think that stuff moves in two days or a day. That was not realistic.

That was that was insane.

Luck, right, and you you went to a casino, you got lucky for a month, and then they took you down afterwards. Right, you gotta do this. You gotta be a skilled player out there right now. But that's right to the market going.

I don't disagree.

I think the inventory drives everything, and in construction drives.

Guy grees with me. Thank god, I'm gonna end on that one hold on, I'm going to break. I'm sinning. Stumbley. He was in tennest Nails on WBZ News Radio ten thirty. We'll be right back to have you ever trave.

Really reaching out for.

And welcome back to Tenness Nails on WBZ News Radio ten thirty. And I'm Sindy and I'm here with Sammy, I'm here with Mike, I'm here with Larry. So we just got into the market, okay, So now you've got to come back in. We're gonna finish that conversation, okay. And you are the man of the hour. That means Mike Rucci is the guy that's coming to talk about anything has to do with the economy when it comes to real estate and brokerage. And Larry's gonna be here with you.

That'd be great deal.

Absolutely, we just made the deal live on radio. You can't.

That's it. That's my job.

Mike Hot you reach you now he wants to already be my co host my cott people reach.

You, Michael dot Carucci. That's c A R U C C I at Gibson s I R dot com my Instagram, Michael Carucci.

That's an easy one. Michael Crucci. All right, people, have a great, safe weekend, and we'll see you next week. This is Cindy Stumbo Tough his Nails on WBZ News Radio ten thirty