7 figure Attraction Agent

The Fear of Missing Out 🗞️ Real Estate Market Wrap

• Tom Panos - Real Estate Coach & Trainer

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0:01 - Strong Real Estate Market Trends and Buyer Demand

2:53 - Buyers' Unusual Reasons for Backing Out of Property Deals

4:13 - Understanding Mortgage Commitments Before Buying Property

7:22 - Real Estate Auctions and Fear of Missing Out

8:28 - Celebrating Cancer Remission and Gratitude at Mount Athos

My Clearance Rate: 8/8 SOLD

What was it like in your market? Comment below 👇

Tom Panos:

Your loan repayment is $8,200 a month, and that is subject to a mortgage broker or a bank approving a loan. He says, Oh, it's not going to be a problem. I'm going to get a low dock loan with a mortgage broker that I play indoor soccer with. Can't believe it. Eight out of eight. Eight out of eight. It just gets stronger. This market's good. This market is good. I mean, last week I didn't sell two out of the nine, but before that, like everything is selling and selling well. I've just come out of a property at Voyager Point, and I've got to let you know, my owner would have been happy to have taken hundreds and hundreds and it's a r it's a difficult thing to say. I don't like saying it because when you actually go off and you talk about, oh, they got top dollar four or five hundred grand over reserve, it's, you know, like it's not things that buyers want to hear. Yet it's a fact that that's what actually happened, and it happened because two people wanted this property in Voyager Point, which is a suburb that I don't really don't know too much about, but what I can tell you, it appears, is the last time a property transacted here was four years ago. So it's a very tightly held real estate market. But eight out of eight, and I've got to say to you, next week we're gonna have uh, you know, probably more buyers because of the the October one, five percent deposit. There'll be more people out there looking. And I have to say to you, um, when you couple that with the fact that we're gonna have an interest rate drop most likely, apart from the government stimulus, there is nothing else but strong prices, I expect for the remainder of this year. And I have to say to you, ladies and gentlemen, that for me, you know what happened today? I had a buyer, it's it it happens every six months, I think. I have a buyer that pulls out just before the auction starts because of a reason that seems like stupid. And today's stupid one was that again, their fridge would not fit in the kitchen. Think about that for one moment. You're about to buy a property at $2.5 million, and you choose not to buy the property because your West in House fridge that you may have had for I don't know, three years does not fit in this two and a half million dollar property. Go to Harmony Norman and buy another fridge. That's what I wanted to say. But I didn't say it. Why didn't I say it? Because I thought they might think I'm condescending. I don't know why I didn't say it. I just thought to myself, leave that comment alone. They don't want to bid because their Westinghouse three-year-old fridge doesn't fit in their two and a half million dollar property. Stay out of it. Stay out of it. And I have to say, the other thing, ladies and gentlemen, is I had a buyer this morning that I actually sort of turned off buying. And the reason why he wasn't buying a property today, he's paying to buy something in October, November. So here's the story. Nice guy, young, is renting. He's paying $750 a week rent. He said to me, he's over the moon about the fact that he can now buy a property with the $1.5 million threshold allowing him not to have mortgage insurance, and he can buy with a 5% deposit. I asked him a few questions. I said, Where are you living? He said, Oh, I'm renting in the inner west. He's paying $750 a week rent. Right? I said, Great. And I said, What are you gonna buy? He goes, I'm gonna buy something at around $1.5 million. You're gonna buy something at $1.5. I said, Great, fantastic. So what's your deposit? He says, I've got five percent, so that's $75,000. I said, So you're gonna borrow $1,425,000. I said, well, let's quickly do the loan repayment. It's $8,200. I've already done the exercise. Your loan repayment is $8,200 a month, and that is subject to a mortgage broker or a bank approving a loan. He says, Oh, it's not gonna be a problem. I'm gonna get a low doc loan with a mortgage broker that I play indoor soccer with. That's what he said. I said, okay. I said, let's assume you get your loan. You're still gonna come up with a loan repayment of $8,200 a month. And I said, you're paying at the moment rent of $750 a week. Rent of $750 a week versus a loan repayment of $8,200 a month, loan repayment of $8,200 a month, ameth on a weekly basis, is two grand. Well it's more, but let's say two grand. Works out that you've got to come up with an extra $1,250 a week. And he looked at me and I said, not one week, every week. Every week for the life of your loan, you're gonna have to come up with that kind of money. So I said, sir, my advice to you is get back with your calculator and pen, because I spend my time on Saturdays going to auctions and often in the last few years selling properties for people not because they want to, but because they have to, because they didn't sit down and work out what the monthly repayment was going to be on a long-term basis. And if rates go up, it goes up even higher. So, ladies and gentlemen, if there's a buyer out there that's watching, I'm letting you know just because you've got a mortgage broker that might actually be flexible and help you get a loan across the books, you are the person that has to live with the consequences of a mortgage of 1,425,000. If you're going to buy a property for 1.5 with a 5% deposit. Now I sound like someone trying to turn people off buying, but all I'm doing is giving people a view before they sign a contract and sign a mortgage document what they're in for. They need to understand that. That doesn't mean you shouldn't be buying it. What I'm saying is understand buyer beware. Cameron, are we seeing a boom? I'm not going to call it a boom at this stage, but I'm calling it fear of missing out, and fear of missing out always precedes a boom. Thank you. I love going into Channel 7. I love seeing that ex-printer, Shervington, but he was on annual leave, so he wasn't there yesterday or the day before when I went in for Channel 7. Anyway, ladies and gentlemen, that concludes another week of 100% options, incredible results. There were some outstanding results. We're talking about big money over reserves. I'm just over the moon. These owners have been kind enough and gave me a nice bottle of. What have they given me? They gave me a bottle of this. And they gave me a bottle of this because they moved their auction on the last moment to today instead of Sunday, which sort of suited me anyway. But they thought they'd be nice and I'm happy for it because they've got like around 100 grand more than what they were originally happy looking for. Thanks, Mel. And team, I'm gonna drink that red wine tonight. I'm gonna drink that red wine because I'm I'm on a I'm on, I'll be honest with you, I'm on cloud nine. I'm on cloud nine. Many of you know that I posted it yesterday. I've been agonizing, I've been having insomnia, I've been stressed. I had a I had cancer at the start of this year for the fourth time, and I had treatment in March, and you're supposed to have a scan after your treatment. But for me, it's been a case of no news is good news. I then ended up going overseas. I then came back, and because I've got to go overseas next week to London, Bulgaria, and Greece, all for work by the way. My doctor said, You've got to get this done before you go, Tom. We need to know whether there's cancer in your body or not. We need to know whether this treatment has worked. And um, at uh at 9.30 yesterday, it was all confirmed on cancer trial. And uh I just can't tell you what a privilege to be able to wake up and be alive and not be worried that you've got cancer cells there in your body. I'm just, you know, I I I I I'm just over the moon. And when I go overseas, I'm gonna take two days off and I'm going to Mount Athos, the monastery, to pay my respects for a second time this year. I was only there three months ago. But I'm gonna go back there to say thank you, to say thank you. Because there's no way in the world that without any divine help I would be able to be alive after having had cancer four times, and not a great cancer, leptic cancer, and metastasized cancer. Stage four diagnosis.