How Temporary Buydowns Can Help Buyers Beat Payment Shock

And now live from our Smokehouse Studio, it's time for Real Estate Jerky. All your real estate questions answered by our provocatively lean expert hosts, Edward Ed Parko, MBA, veteran and president of Lending for Living. We'll give you something to chew on. Real Estate Jerky is on now. Welcome back to Real Estate Jerky where we always give you something to chew on. I'm your host Ed Parko, MBA veteran and president of Lending for Living. Our studio is located right here in Modesto with our producer Mike Murray. And we're proud to bring you the latest updates and insights on our community and the real estate market. Thanks to our partnership with iHeartMedia and the station KFIV, you can tune in and never miss an episode by subscribing to our podcast, stay up to date by following us on social media.

Joining me today is Mike Kelly, Remax Executive Realtor. How's it going, Mike? It's that guy again. Yeah, sorry. Yeah. It's going well. We weren't here last week, right? Well, just our voices were here. Just our voices. We had a best of, right? Yeah. Were you clapping over there? I was clapping and we're back. I'm clapping for the wolf man. Yeah, we're back. I was actually in North County San Diego. My wife took me down there for my birthday. We stayed in La Jolla and we had a great time. When are you going to your 60s? Huh? When are you going to be in your 60s? Uh that's a secret. Decade away? That's a secret. Okay. Yeah. Actually, I'm telling everybody I'm 80 so that way I look They always say age up now, not age down.

You just so How old are you? I'm 80. They're like, oh wow, you look really good for 80. Yeah. You're still walking. Yeah, so they say age up about 20 to 20 years. Oh, then I'll say I'm 76. I'll say I'm 60. Nice. You like that? Yeah, I did. Lay down, George. So what what's happening inventory wise in the nation these days? Well, let's I haven't left it. So while I was in San Diego, of course, I had to look at real estate and other stuff because then I can pay for it. Pay for it. Yeah, but the big thing I saw down there was the fact that rentals are lacking people to rent. Oh. Yeah, but you know, we're in La Jolla which is right off of the, you know, the Torrey Pines Road and there is tons of biotech over there.

I mean, there is so much biotech. It's I mean huge and I mean they have the best real estate too. Yeah. I mean right there. I mean it's right there on the coast and they're seeing out and it's beautiful. You mean it's kind of beautiful? Yeah, and I'm just like they they I forget how much San Diego was the biotech area. I guess I also saw something today that Sacramento is starting to become one too. There's a company that's getting bigger and bigger up there. Anthropic? No, or no, ortho something or like orth orca orca something. Wait, what's What's the place you drove by yesterday? Concentration company? Yeah, it wasn't them because they're too busy trying to Yeah, and they can never get anything done.

Concentrating. I think I could make it happen. I I think I can. I think I can. Yeah. But in the meantime, you know, so nationwide numbers though, you know, cuz that's real estate's regional and the same thing here. I mean you can put a $400,000 house on the market here and and it could be ugly or whatever and just people are going to buy it. Right. Because there isn't That's the That's not the median. The median's 450 to 500,000 in our area. Are you concentrating or are you thinking? I am. I'm thinking about I'm trying to get rid of that pen because I keep clicking it. I'm thinking about, you know, the 400s. It's the magic spot right now. If you have a ton of $400,000 listings, you're a busy boy or girl.

Or in the higher part because because with because because with all the companies going public like you had SpaceX and stuff and they were talking about how it's going to change the San Diego market for real estate because all the new millionaires and deca millionaires and hundred mil, you know, all that stuff that's happening. Yeah. Same thing that happened with over in the bay here. What was that? The Nvidia. Yeah, Nvidia. Nvidia. You don't think that with them becoming a millionaire, they're not going to pick up and move to Beverly Hills? I would pick up and move to somewhere else hills. Yeah. I would yeah. Somewhere else. Take your millions and make it really work for you. Well no, the problem is before you get your money, just move.

You know, and most of them aren't going to sell it so they don't have to pay. They'll just borrow against it. If that's what I heard. The chances are pretty great that the billionaire tax or the millionaire tax is going to pass. And the problem is because the people voting are young and the people not voting are old. Right, and they're the ones that are going to suffer. The young people aren't. Oh, this doesn't affect me. Why not say yes? I think it'll be good for everybody. Well, that's the same thing how IRS became in the whole tax. They said we're only going to tax the wealthy. You don't have to worry about it. We'll pass it. And we and they passed it and then they're like, guess what? They're not getting enough money so we're going to have to do you.

You too. So guess what? The billionaire tax will go all the way down to millionaires and centimillionaires. Centimillionaires. Yeah. All right, so let's talk about nationwide numbers, shall we? All right, inventory is down 8,230 end of last week. That means we're at 844,011. Did they Did they sell or did they delist? I don't know if they're even listing. I always think the first two weeks of July is slower anyway because Yeah. You get all that My birthday and everything else. Your birthday and my wife's birthday and the vacation things and Yeah, I mean we even us we were gone. So the 4th of July weekend got back, went to San Diego, got back, had grandson and now I'm back to work and that's two weeks.

Yeah. Yep. And it's like, you know, my wife still gets paid. I don't. That's so cool. Don't get me wrong. I did pretty well so it's like and the stuff I had going there was nothing we could, you know, just sitting there finishing up. Right. You're You're listening to Real Estate Jerky. I'm Ed Parko, MBA veteran and mortgage advisor at Lending for Living alongside Remax Executive Realtor Mike Kelly. I almost forgot what we're supposed to do here. Um and median days on the market though went from 52 over the last two weeks to 63 so they're sitting on the market a lot longer and 39. 57% of all listings are being reduced. Across the nation? Correct. Wow. So that just figure 40% 40% of listings that are priced either wrong or they're not priced right.

You like that? Yeah, I do. It's either you're wrong or you didn't price it right. Well, it's like when people why did my why isn't my house getting offers? Uh three reasons. Overpriced, overpriced in the wrong neighborhood. Overpriced. Right, and location. Yeah, it's yeah. Well, and I think It's usually the price. I think there's a lot of agents out there that are looking at, you know, we we always have to look at the past to predict the future as far as value on a property. Right. You got to really be in touch with the the pulse of the market. You know, look at your active listings very hard and see how long they're on the market, how long the pendings took to go pending. And then that'll kind of help you say we need to start a little bit lower than that if we want to be done sooner.

Well, it's again it has to do with location, price point, where, you know, all that because in certain neighborhoods certain things are going to go because of the price point and in other, you know, and it just depends on where you're located. And that has everything to do with everything. Yeah, it does. Everything to do. It wraps it up in a nutshell, doesn't it? That's right. Location, location, location. The number one thing in real estate. Yeah. But it also What's the number two thing in real estate? Yeah, price. Okay. I was going to say location. I know. I was just messing with you. Uh but that's what we run into. You have to make sure that you're pricing your house properly and sometimes I just had one close up in I want to say central, you know, over that towards Citrus Heights over the one the 80 or whatever way up that way and it came in 100 grand over asking.

The appraisal did. Yes. Which is absolutely unheard of. And I had a yeah, but no, well I've had a couple refinances do that too up in the Sacramento area. Yeah, that's crazy. Yeah, well I just I don't think the numbers And it's like I have some people wanting to do reverse mortgage in series or something. No, not series. They're down in Fresno and it's a condo. Well, I've tried to price it and it's the range is, you know, pretty high but it's like I don't know what that number is until we run an actual appraisal with or not and he's just doing it to get rid of his payment. He doesn't want the payment anymore. Oh, gotcha. Yeah. Yeah, series is Fresno adjacent. I'm sorry. No, I'm just used to No, I know.

I'm not used to condos, you know. Yeah, speaking of condos. We don't have What about condos? We'll have to talk about that. Well, might as well get right in there because you we have a minute or so. Well, do you want to hear you want to hear California numbers? Sure. So we got the nation that's down 8 grand. California according to Redfin Well, this is going to be just single family homes 108,753 homes on the market. How's that compared to where it used to be? It's down 5. 6% year over year. Wow. And then according to realtor. com which, you know, that's pretty accurate but they've got everything single family one to four 156,757 and I don't know if that's that's seems like it's down from year over year but if I hit the thing the link to get more, it just gives me more homes on the market.

Okay, so that was California. Yeah, that's California and then oh my god, Stanislaus County. Oh, we have so many homes on the market. Yes. Um 754. Which is more than normal. Or is that what we've been the last couple years? We Yeah, we were we were tracking in the 800s last year so we're probably down. So house pending? 10% pending 367 the beginning of year 5 months of the beginning of this year we were in the 400s. And then hold the next number. Get your real estate and mortgage questions answered by the experts here at Real Estate Jerky. Contact us at radio@realestatejerky. com. You can call me Ed Parko directly at 209-404-1915. Reach out to Mike Kelly at 209-968-5633. Talking about local real estate.

First we started with the national, then the regional and then now we're on local. We talked first. Why don't you reiterate the local numbers again? Yeah, so Stanislaus County currently right now we have 754 active homes on the market. That's homes, town homes and condos. Uh pending we went up or up or down from the first 5 months 367 we were hanging out in the 400s before and ready for closings. 106 homes have closed escrow in the first 15 days of July. Now we finished June with about 322 closings. April and May and March were far greater and usually your summer months are a little more active as far as closings go but we've slowed down a little bit. I wonder why. I just think it has all to do with everything.

Yeah. I like I said, I think the first two weeks of July and usually what July does is it gets the uh Tuolumne County, Calaveras County people go on vacation and they're like, hey, I want to get a house here. And then they like so we don't have to Airbnb and just have the place come here all the time. And we can Airbnb. And then and then you go, oh, it's a lot of work. Yeah, yeah, yeah, yeah. I'm not knocking it. It's great to have a place to go to but and that's why we're eventually probably going to sell our cabin next year just so we You know, we're like, Mike's like, that amount of money we spend on it, we could travel a lot more. Yeah. And pay for a hotel with room service. I don't really do the room service part but I'm just traveling a little bit more than, you know, going to Don't get me wrong, it's great to go up there but then someone's got to cut the wood.

Someone's got to clean up the pine needles. Someone's got to do the Yeah, the pine needles. And if you're not doing it physically, you're paying for it. Exactly. And the other thing is you got to keep it up. You got to do deferred maintenance which we need to do. Yes, we do. Because the the decks up there get destroyed easily. Oh, I don't know if you heard this but there are a couple kids created a a fire retardant. Did you hear about this? No. Yeah, so I think high school or, you know, they're young kids. I think they're high school but they came up with a what you sprayed on the ground it's with this um it's with uses salt and fertilizer and a few other things and you spray on the ground it's good for like 3 in of rain or whatever that will stay there and it it's a fire retardant you can spray around your home so then you can not have to worry about your house burning down.

It's not Okay, so it's a retardant. It slows things down. Good. Correct. Yeah. Good, good, good. It's like the stuff they spray in, you know, out of the planes. Oh. Like orange stuff. De-icing? Not de-icing. They'll spray that That's spraying on the plane. But yeah, these kids came up with it and it was a So yeah, it was like I just heard on the news this morning. Must have been a project for high school, huh? Must have been something. Yeah. Anyway, what were you saying? I just Well, that's interesting. We We started to talk about insurance and Well, the big thing I was thinking is because of the fact that Tuolumne County, Calaveras County, the fire, you know, you have the fire the fair plan that's not really a fair plan.

Yeah, the unfair plan. Yeah, which is very expensive. And then, you know, then we can get into the condo stuff where we heard about the There's a lady who lost her insurance in a condo and then we were talking about earlier before we started the show going, well, most insurances that you pay for in a condo is just a rental policy. It just covers the inside of the place. Right. The building, the structure, all that is handled by the HOA and their master policy. So I'm just more, you know, I would need to actually read the article to know more. Yeah. Just kidding. I just don't get how she lost her insurance. That's my my statement. So Well, and we don't know, just like you said, we don't know if it's the master policy that was And this was the article that was sent to us by our producer, so.

Illustrious producer. Yeah, so and the biggest problem I had is when I tried to pull it up, it won't let me. But if anybody knows any information about that out there, please reach out to us and tell us. We appreciate it. Yeah, the sad thing is she's now it's going to be non-insured or not insured as of October 3rd of this year. She's scrambling looking for someone a company that will insure her and she's not running into a lot of luck. So this uh so I just can't because I put it in here and it it's Was she in California? No. Uh well, yes, down south, LA area. Yeah, so that's maybe has nothing to do with anything other than around her. Well, I have I have an idea that it has to do with burn areas, although she says she's not in a burn area, um high fire severity zone.

Condo insurance in California runs about $656 a year. That's what we talked about. That was a rental policy. Homeowners run about 2,377. So they a condo is a building with an aging roof and a 50-unit HOA can still hand them a catastrophic Right. Thank you. Loss. That's the word I was looking for. But that's the again, the master policy. So I would I have a feeling it is the master policy that's having the problem, but why is she scrambling? Yeah. Right. Yeah, she's got her interior insured, I'm sure. Yeah, because if you have a condo or townhouse under contract in the valley right now, verify the HOA master policy and the owner HO6 before you order the appraisal, not the week before closing. It's just saying check for insurance.

That's the same thing I tell people when we they buy a place up in Tuolumne County, Calaveras. I said we need to get quotes for insurance so you know what it's going to cost you. Because I had one that was in Murphys up in the gated community up there and that was 6 grand a year. Ouch. Yeah. Yeah, and that's mostly the unfair plan, right? Yes, part of it, yes. But then there's also policies now where the one guy I go through, he has an all-inclusive policy which is much better than the fair plan. Yeah, so there are other people coming back, but you know, the longer we don't have a fire, the better it is. It is. So we better start spraying. Insurance insurance will come back. Let's start spraying that fire retardant.

Well, if it's really good, that'd be great that it's there. The question I have is it's salt and it's fertilizer and whatever. What does it do to the stuff it's sprayed on? You're listening to Real Estate Jerky. I'm Ed Parcaut, MBA veteran and mortgage advisor lending for living alongside REMAX executive realtor Mike Kelly. And the reason I say that is because the fact that Agent Orange was really good to get rid of foliage and then years later it just We found out it really messes up human beings. That's right. And animals. Yeah, and it's the same problem with fuel and other stuff um for a lot of vets who now have medical issues because they were around the fuel, around certain things that breathed it in and now they have sinus issues and lung issues and other stuff.

Sure. Yeah, just like retired old painters, you know, oil-based paint. Well, about the brake people. The brake people. Brake, when they were working on brakes, yeah, all that Asbestos. Yes, yes. And all the tile, you know, that people would crack up and everything like that. Well, and the drop ceilings, the Was it Was it in drop ceilings? I think they had asbestos in those drop ceiling tiles for a long time. And you're cutting them and you're making it friable and then you're breathing it in. I don't know if you breathe like that, but That's what you do. I don't know what that was, but okay. Snorting it up, lining it up. Well, I mean, you had to be again, we didn't have safety stuff in place.

I mean, the stuff that you look back in the day, I know we're a little off subject here, but I mean, look at lawn darts. Think about I mean, if you think about it, Well, there is no common sense. That was not safe. Yeah. Mommy, mommy, mommy, Timmy's got a dart in his head. That was just horrible the things that they had back then that then that now you couldn't even, you know, you can't even make those dangerous things. No, no. The clackers, remember those clackers? Yeah, that they what was it? Straw Hat Pizza Company and their uh no, the one pizza pizza places would give them away to kids. Those yeah, and then they would break because they're made out of glass. Right. Shocking. The uh the the cause and effect um that took very many very many years for us to put the two together.

Yeah, I mean, seat belts. Oh my god. Yeah, or they didn't have the other strap. And now it's so safe. I'm going to tell you this, I'm not getting fined because it's I we have separate accounts, but my wife is trained in her car to get a Tesla um because she wants a Tesla. She wants the self-driving part of it. Oh, well. And I go, well, you already have that, me. Yeah. Because I drive everywhere. But she likes I'm so when we were down in La Jolla, she'd already ordered her so we test drove it down there and it's it's pretty unique. It really is. Which one is she getting? I don't know. Yeah. The one with the doors? The one that has Tesla on the back of it, yeah. Self-driving. It's actually amazing because it's yeah, and I'm like, you're going to have a problem with this because you you have control issues.

I do too. Lack of control issues, meaning that not having the control, yeah. Because she's constantly got to tell me how to drive because I don't know what to do when she's not in the car. Thank god for my little helper. So there's so so I'll let you know how that The biggest thing is and I was even thinking and and so I haven't been anti-solar or anti-that, I just been anti-forced to do it. Yes, right? Because I was thinking maybe because our biggest expense here at the house that I have is electricity, especially during the summer months because I like air conditioning. And everything I can't feel it now. You're in the wrong room. You're in the studio down the side that doesn't have a vent.

Uh the that I was like, you know, I'm going to look into doing the battery back, you know, the batteries with the solar and see about that because I'm going to get a check from the VA and I'm like, I might as well use that check because what I'm also going to use it for, you know, and then save me because I'm thinking long term, it would be nice not have to worry about because that's the problem with most people when they retire, they're on a limited income and then they're like, okay, I can't do that because I can't afford to do that, right? They don't run their air conditioning, they don't do certain things. Right. And then, you know, and then I don't want to be that person because I like coolness.

That's why I like San Diego, North County. It was 73° while we were there. Yeah. Yeah, just open the windows. Well, and I guess it's usually cooler in uh England and France, but there's people dying Well, it's usually yeah. Yeah, well, that's they don't believe in air conditioning because that is just would make the buildings look horrible. It would just uglify them. Yeah, well, you can't put a mini split. Well, we have all these air conditioning units on, you know, on the things coming out. Well, oh well, just let everybody suffer. That's the only way we can get them out anyway. Because they need they don't have enough places, so they have to get rid of hundreds of thousands. Doesn't the family once they have a lease or whatever, the family has it forever?

I don't know. I'm not from there. They hand it down, hand it down, hand it down. This is Real Estate Jerky on Power Talk 1360 KFI and I'm Mike Kelly, REMAX executive realtor right alongside Ed Parcaut. You know, he's an MBA veteran, mortgage expert and president of Lending for Living. We were kind of discussing the insurance that the lady is losing that it was more of her earthquake coverage, right? Correct, because there's a 60% chance of a 6. 7 or greater magnitude earthquake in Southern California in the next 30 years. What does that mean? So that means there's you have more likely to die in a car accident on the freeway. And her condo is earthquake retrofitted. It's already yes, exactly for a certain size, but it doesn't, you know, what if an eight Yeah, or a tsunami.

Yeah. I don't know where a tsunami came from. I don't know. By the time it gets here, it's not a big deal. Yeah. Well, up that far, yeah. Well, I mean, the last one they they was supposedly coming, you know, all the surfers are out there. Come on, where's the come? Where's the waves? Anyway, it's true. Yeah. It's true. Hey, how long have we been looking at possibly making daylight savings times permanent? I don't know and I don't care. Several years. In fact, back in I want to say it was 2019, 2017, California legislator When did it come into play the first time? Um And why? Oh, I don't Well, daylight savings came in for kids to be able to work in the fields earlier um because they needed daylight to be able to work the farms.

Yeah, well, that that's the long How many kids are still working in? Well, that's like when they came to put our at the pool in our house and they were doing the concrete, you know, that kind of stuff, they early morning, right? Because it was and it was like there was no light out. It's like, do your lights work out here? Uh yeah, but it's not going to give you much light because we don't have them. You guys took everything out. Why did they do that? Because that's how you have to do. Yeah. But anyway, so it's be interesting. I guess it passed the house. The senate's got a sister bill that's a companion bill to it. Maybe they'll get that passed, but that doesn't mean that California will follow suit.

You would think if the nation does it, California definitely would not do it. Well, and we passed prop seven years ago to to force California to do that and it still hasn't happened. Two years ago? 2018? Yeah. California voters approved prop seven which gave the legislature authority imposed year-round daylight savings time. Yeah. But only if the federal government allows states to do so. That's the problem. Which they haven't done so yet, yeah. Sleep scientists, business and even golf course owners are battling over health risks, economic gains and lost tee times. They're not going to lose a tee time. They want it earlier. Yeah. Right? Because we're on DS so it's PT so we're not PST Pacific whatever, it's P uh We're on P PTS.

Yeah, exactly. Part-time syndrome. Yeah, something like that. Um yeah, I I don't care one way or another. I would rather it be nice just to have the time. The sun would come up next to 7:30 a. m. Well, it comes up at 7:30 a. m. somewhere. Yeah. You know, and I'm up at 4:30 a. m. anyway and and it's still kind of it's dusky. And because I'm really it's during the winter that it really makes the difference, right? Yeah. Because was it really only 7:30? Wow. That seems late. I can see where they lose some tee times. They're not going to lose any tee times. Well, this that just means they can't get out in the sun earlier. I mean, it's what's the difference? 7:30 or 6:30? How many golf courses do you go to when you tee off at 5:00 a.

m.? You don't. You're teeing off around 7:00, 7:30. I don't know. I don't tee off on any of them anymore. Yeah. And what I would do like when I was at Del Rio, we would go in the afternoon and just do nine. Yeah. Because it's, you know, get the day done. Well, you get that and plus it's only an hour or two, not four hours. Not four hours. Or if you're playing behind Grant Westerns for some six and a half hours. Don't know who that is, but okay. Well, he was a realtor in town. They moved out of the area, but he would set up his putt for like oh, 15 minutes. Grant, just putt it. You're going to miss it anyway. Get it over with. All right, let's so we'll see what happens. So basically, hopefully this passes so that because that's what California wanted originally, so let's make sure that goes.

But who knows with the people in charge now what they want. Yeah. It could change. I think it would be a good thing. You want to talk about the 10 best places to retire in the Midwest according to real estate experts? Who are these real estate experts? Let's dive in deep and find out. Yes. Yes. Do they ever tell you who they are? No. Oh, they just And how are they the experts? So it's the person writing the article. Yeah, Katie Reisinger, Chief Operating Officer of Leading Real Estate Companies of the World. Ooh, got to be an amazing company with that name. You're going to start with 10 and go up? No, I was going to let you start at 10 and go up. Okay. Well, I don't even know where this place is.

I know it's in Minnesota. Are we doing Oh, so we're starting from 10 and going down. Yeah. Alexandria, Minnesota. The average home value It's in Minnesota, man. Yeah, in Alexandria is about 300,000. I always thought it was Virginia. That was going to be Alexandria is in Virginia. It sounds more like Virginia. Well, yeah. They liked it so much Is that what they that the Minnesotans decided they were going to have one. You're listening to Real Estate Jerky. I'm Ed Parcaut, MBA veteran, mortgage advisor, lending for living alongside RE/MAX executive realtor Mike Kelly. Let's get back to the top What were we talking about? Top What is it? That was number 10. The 10 best places to live in the Oh, to retire.

To retire. Oh, to retire. Yeah. Okay. To live in according This is according to US News and World Reports. Yes. But no, that's number The funny thing is the one you're going to say that is number nine Mhm. is number three best place to live in Illinois. Wow, and it made the number nine slot for the retirement. Yes. Okay. Well, that's just saying it's the best place in Illinois. Here, I'm going to irritate people. Illinois's. You just ticked off a couple of people from Illinois. Yeah. Well, it's Naperville. I just love the name. Naperville, less than an hour from Chicago. A suburb that has everything you'd want in a charming town, a walkable downtown, healthcare access, and plenty of cultural activities to keep you busy.

Sounds like Modesto. Yeah, the healthcare access is big when you're retiring. I know. That's why I have to live close to Kaiser or a VA. Exactly. And VA. Oh, they have a river walk downtown Napa. Oh, they're trying to do a river walk here in Riverbank, but there's a lot of people fighting against it. Oh, you know, what they should do is dig up the canal downtown and make a river walk. That would be fun. That they covered up and put a big I'm sure it's somewhere. I don't know where it is. Well, in my street, you know, there's a canal under the street. So we're going to jump to number eight, which is going to be Door County. Door, d o r r. It's a place where they open doors. Exactly. It's a place people turn seasonally or choose for full-time living because it offers a rare combination of escape and familiarity.

So they can close the door on this. This escape looks strangely familiar. Does it? Yeah. Then we jump to number seven. Hold on, Wisconsin. I wish they would have the temperature. Oh, cold. I mean, the average home value is 435,000. In Wisconsin? In the Door County that you just talked about. Yes. Why don't you get all the information for our people? It's real estate information. You find nowhere else but No, I just Yeah. Opening Opening this link on my phone, all I get is that. So my fault that you didn't do it on the computer? I don't do it on It's not my fault you didn't set that up for four years. We're going to go to number seven. We're going to go to that four years. Has it been that long?

I don't know. There's another one, Michigan, someplace I'll be St. Joseph, Michigan. Sitting right on Then we jump to number six. What is it? I told you. It's a small town coastal field that resonates strong with retirees who are losing who are looking for water, walkability, and slower pace without sacrificing quality of life. Wait. And to get cut. And a true downtown. Sitting right on Lake Michigan. It offers beaches, sunsets, true downtown, all price point that is still more far more accessible than most coastal markets. The average home value is about 340,000. Yeah, and a true downtown. Healthcare is also a factor with the 7900 person city is home to Corewell Health Lakefront Hospitals, St.

Joseph's. Oh. All the commercials. St. Joseph's. Keep going. 340 it says. So then we let's go to Ohio. Let's go to Ohio. At six, Rocky River. If you plan on spending your retirement in Ohio, you may want to think about planting roots in Rocky River. Named one of the best US retirement destinations for livability in 19 in 2024. In 2024, so it's not the best anymore. Um, and they don't talk about the value. It's a suburb of Cleveland located right on the shores of Lake Erie. Golden Buckeye discount card and the passport Medicaid waiver for in-home care. Perfect place to go. For in-home care. There you go. That was number six, right? Yeah, yeah, that was number six. I've always loved this place.

I've never been there, but I want to go. So they do Just back to you before you keep going, number six was in Michigan. What's the name of it again? Or no, Ohio. Yeah, the Number six is Rocky. The ladder is There's a statewide property tax reduction program for senior citizen as well as those who are disabled, spouses of fallen first responders, among others. Wow, I wonder what the discount is. More than what you were going to normally pay. What do I get now? Yeah. So at number five, we go to Duluth, Minnesota. Duluth. Uh-huh. All these M's. On Lake Superior for retirees, breathtaking natural beauty, four season outdoor recreation. I bet two seasons are kind of smack dab together, cold and colder.

Yeah. Oh, we only have one season. We got two season. Yeah, we got summer and fake summer. Yeah. The average home value in Duluth is around about 300,000. Yeah, but you missed the most important part you were talking about. So you said beauty, outdoor, whatever, vibrant arts and dining scene you missed. The cost of living is 15. 3% lower. The the living cost is 15. 3% lower than national average. Wow. I hear there's a People are dying to get there. There's also two major hospitals in the area, Ascentra Health and Aspirus St. Luke's. Mhm. So retirees have access to health care. You need really bad. You do with those declining ages. Real estate jerky on Power Talk 1360 KFYV is always bringing you the latest information on the real estate industry.

And if you have any questions or comments about our discussion today, feel free to email us at radio@realestatejerky. com. And we've been talking about local, regional, and national numbers. And then in the last segment, we were going through the top 10 best places to retire in the Midwest. And I think we left off the last one was number five. And now we'll get to the rest of it and then we'll jump into something else. Number five. Something else if we have time. There's four more to go. Yeah. Okay, it's going to take forever. So sliding in at number four is Milwaukee, Wisconsin. And Milwaukee is increasingly one of the most compelling urban retirement markets in the Midwest. Walkable neighborhoods and Exactly.

Walkable neighborhoods and a strong cultural scene. But what really sets it apart That means they don't have public transit. Top tier healthcare systems, everyday accessibility, and a very livable cost structure compared to coastal cities. Um, this lady says. Yeah, Milwaukee was recently named the most affordable lakefront destination in US. Wow. If you can survive the humidity. Exactly, exactly, exactly. Uh, it also speaks to a broader shift we're seeing. The retirees are choosing active, amenity-rich environments over traditional lay around and doing nothing models, especially in the Midwest. Think the difference. I mean, the retirees today at six, look back in the day you you had all the people who were in their Look like they were in their 60s and 70s and they were 40 years old.

I mean, if you look at not Laverne Shirley, but like All in the Family, all those different shows back in the day, those guys looked so old. And now the same age people are so much younger and they retire and they're like, I don't want to sit around and die and go to a place that, you know, whatever. Look younger. Yeah, to rock in my chair. Yeah. I I got to rock in my chair and can't Not to mention the smell. So I mean, that's why I think why a lot of people aren't just running to Florida anymore or of course it's expensive and same with, you know, desert. What do we call them, the snow bunnies? Huh? We call them Is that what it is? Yeah. Because they were living in New York and all those areas where it was snowy and they would go to Florida and and get a tan.

I thought maybe they were skiers. No, those those are different snow bunnies. Okay, I'm confused. All right, you left off number three. Number three is Lincoln, Nebraska. I dated a girl from Lincoln. Did you really? Yeah. Nebraska? Mhm. Well, how the hell did you find her? I was in the navy. Oh, I'm in navy now. Easy to find them. Yeah. You know, they say the cost of living in Lincoln, Nebraska is 6 to 7% lower than the national average. And immediate home So that means you get 60 cents for every You get 6 to 7 you get extra 6 cents per every dollar. Yeah. Exactly. And the average median home price 25% below um national average, helping the retirees stretch that um money out so they can pay for healthcare.

And they talk about the city offers strong medical care and access to healthcare survivals. That seems to be the big That's the big push for retirees. It is. Yeah. And but it's got small town feel with the energy of a college town. So there's keggers. Yeah. And keg stands. I want to see a 65-year-old guy doing a keg stand. Actually, today we probably could. I could. It's not you just couldn't carry this keg over. You could do the stand, but you just couldn't bring it in. I would need two people to hold my legs. So what was that? That was number That was number three. That was number three and that was the active yet comfortable and affordable retirement style. So it sounds like the big push here is people are looking for things to retire in and keep going and not just go somewhere to Yeah.

Because I think the biggest problem in the past, people retired and then within a year or two they passed away because there was nothing to do. Most people retire and then get another job or something else, but do it where they don't have to do it. They do it because they enjoy it. Right. Right. They enjoy running into people. Talking to people, staying busy. That's why you have all these people at Walmart greeters and stuff like that that could be doing nothing. Exactly. They could be watching reruns of Laverne and Shirley. That's right. So coming in at number two, we're going to move to Wisconsin, Madison, Wisconsin. It's not just for college students now. It's not? It says Madison is one of those places that consistently over delivers for retirees.

It's vibrant and engaging but still incredibly easy to navigate and enjoy day-to-day. You have a major university anchoring the city the city which brings culture the city uh which brings culture, dining, and inter- inter- Intellectual energy. You sound like me now. I know. I'm I'm I'm See what happens when you're on the spot. Yeah. But it's never feels overwhelming or hard to live in. Healthcare access is real strength here, which is critical given that 92% of boomers, according to our latest leading real estate research report, say proximity to healthcare is a top priority when choosing their next home. Healthcare, yeah. Wow. I had clients who were in their late 50s that retired on the big island of Hawaii.

Yeah. And he had a cardiac event and they realized really quickly that the healthcare was not up to snuff. They sold their condos and moved back to the states. There you go. You' Okay, Hawaii is in the states. They moved back to the mainland. Mainland. You're listening to Real Estate Jerky. I'm Ed Parcaut, MBA veteran, mortgage advisor, lending for living alongside RE/MAX executive realtor Mike Kelly. For questions or comments for us, feel free to reach out by emailing us at radio@realestatejerky. com. All right, so that was number two you listed. And back to the Hawaii thing, I used to Yeah, it's I always said that forever. Marsha always corrected me. Hawaii is a state, blah blah blah. But the problem is and it's the same thing with Two.

I know, I know. people who permanently move up to well, Tualatin County, Calaveras County, retire in certain places. If you have a certain insurance, you have to be within a certain place to be able to do that insurance. Like Kaiser, you have to be within a area of Kaiser. Right. 20 miles or something like that? Uh it's more than that. It's like I think it's 40. Yeah. Yeah. I don't know. Don't quote me. Check your policy. Maybe 30. Okay. Yeah, I'm going to check my policy. You know, there was an old an old That's why so we were hoping Kaiser was going to put in a facility in in Sonora. It was it was rumored, but they have not done that. Yeah. Oh. But they haven't done it yet. And the drum roll for number one um reminds me of a old comedian.

Rochester, Minnesota. That uh I don't know that comedian. Yeah, it was Benny Young. Okay. Uh he was funny kind of. Rochester consistently ranks For the time. Uh exactly. Yeah. As one of Till we found out what funny really was. Yeah. Yeah. But you're also you you laugh at some of the stuff that I don't laugh at, so we're okay. It's generational thing. We find those things funny. Yeah. Okay. How about Rochester? Rochester consistently ranks as one of the best places to retire in the Midwest. It's anchored by the world-renowned Mayo Clinic. So um that's that's a big place. It offers exceptional access to health care. Uh the city also has a strong cultural scene, extensive parks and trails, a cost of living that remains reasonable.

What's reasonable compared to other health care hubs? Rochester's cost of living is just 2% higher than an actual average. Why The national average. Yeah, but the house prices are only 345,000. Yeah. 345,000 as a as a average home price. So I mean that sounds like a good place and it's close to Rochester International Airport. Yeah. Where you can then go someplace else that's more fun. Yeah, that's right. It's like Modesto. It's I loved it when we had an airport. I mean we have an airport, but we don't have anything No, we need we need to get that fixed. And um If SkyWest were to come back or something like that. Yeah, it was SkyWest. It was amazing. I mean an hour to LA or 20 minutes to San Francisco and then you can catch whatever flight you want.

Is that what it was? They don't do any of that now. No. No, they keep talking about it, but I don't think they're talking with SkyWest, but I mean they keep saying we're working on getting a an airline to come in here. Problem is most of the big airports don't want to deal with those little tiny planes. Right. Uh I don't know if you heard this, but Stanford um in January uh made a mistake and figured out how to grow cartilage. Oh, they made a mistake? Well, they that's not what they were going for. Okay, got you. And so the they've done it in in animals and they've done it in people's knees that were removed. And then you know you got a knee replacement, so they took your old knee and they regrew it.

So I think they're going to be testing it in the next this next year or two. So there's some really good stuff for people not to necessarily have to go get new knee replacements down the road. You'll be able to grow cartilage. Yes. Yes. Just grow new cartilage. That would be way cool. Yeah, so that's something out there. That's why I wanted you know I was telling people like when you going to get your knee replacement? Uh I'm not because I'm waiting because once it's gone, I there's nothing else that can go back in there the same. Yeah. They don't they don't tag it and put it in a drawer just in case. No. They can't just add a new knee. They don't make them the same. Yeah, there's only one person that made it that way.

Yeah. One of our agents just had his knee uh rebuilt, replaced, and uh the x-rays are pretty interesting to look at. Yeah. I'm glad they're completely knocked out. And guess what? That's a wrap for today, folks. Yeah. A big thanks to you and thank you Mike for being here. Uh don't hesitate to reach out with any questions or comments. You can find us via web, social media, or shoot us an email at radio@realestatejerky. com. You can give me a call at Parco at 209-404-1915. Reach out to Mike Kelly at 209-968-5633. If you missed any of the show, don't worry. You can catch up via podcast wherever you find your favorite podcast at. Proud to live in a country you can still build personal wealth through home ownership.

Join us here on Real Estate Jerky. We always give you something to chew on every Saturday at noon and Sundays at 3:00 p. m. on Power Talk 1360 KFB. Mike, thanks for being on the show today. A pleasure to be here. Thanks for tuning in to Real Estate Jerky. We'll talk to you next week. Cuz we got small towns and farmland. Folks who still make a living with their hands. Where I come from a man is still a man. That's my California.