How Your Mortgage Might Change Your Life And Other Real Estate News

The Savvy Synopsis

Does having a mortgage increase your lifespan? How hot should your house be? We’ll talk through three recent real estate headlines and get a realtor’s take on the latest in the news.

Did You See This?

Have you heard this? From time to time, real estate headlines cause you to stop and think--could that be right? In this episode of the Savvy Realtor podcast, we’ll get some candid thoughts and advice regarding some of the latest articles in the news.  

Is your home extending your lifetime? Apparently, it might! Researchers are saying life expectancy is influenced by your debt, including your mortgage debt. Angie shares her thoughts on why this might be.

How hot do you keep your home? Maybe you set the thermostat for one temperature when you’re away and another when you’re relaxing at home. But is your temperature set at what Energy Star claims is the ideal temperature? And should you?

When buying a home, there are a lot of details and dates to keep in mind. Worried about making it to your closing on time? There are a number of roadblocks that can come up, and unfortunately, sometimes the closing gets delayed. We’ll talk about the top listed delays and even share some of the stories Angie has encountered as a Realtor.

Listen to the episode in its entirety or click the timestamps below to skip ahead to hear Angie’s thoughts on a recent headline.

0:38 - In the News: Mortgage debt may increase your life expectancy.

2:31 - Home ownership gives us a sense of responsibility and purpose. 

3:29 - In the News: EnergyStar claims the optimal temperature when you are home is 78 degrees.

5:50 - In the News: From April-June, 78 percent of home contracts made it to close on time.

7:21 - One of the top roadblocks to closing on time has to do with financing.

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The Host:

Angie Cole - Contact - Call: 919-538-6477

Show Transcription:

Note: This is an automated transcription. Please forgive the robots as they tend to make some (a lot of) mistakes...

Speaker 1: It's time for the savvy real tour podcast I'm Walter Storholt alongside Angie Cole, the owner and broker in charge of acole realty serving you throughout the triangle, teaching you about the ends announced When it comes to buying or selling a home, you can find the team online by going to a coal realty dot com. That's a c o l e realty dot com or by calling 9195783128. That's 9195783128, and now it's time for one of the top rail tours in the Triangle. Angie Cole and the savvy real tour podcast Andrew. Let's go around the horn against your reactions to some real estate news and findings of late interesting headline I saw the other day that mortgage debt can increase your life expectancy. Descents kind of crazy off the bat

Speaker 2: that I mean, I know that seems like complete. Where did you find this stuff? I e. Any time you have, I would say mortgage Dad, Anytime you have credit card debt, any financial stress, I mean, that's a stress, and that's a stress on your body So, um, that is just crazy to me.

Speaker 1: Interestingly, though, they did say researchers found a link between those who have mortgage debt and longer life expectancy. But the same link was not found with other types of like you mentioned credit card debt, personal loaded auto debt, student loans. So there's some sort of

Speaker 2: mental. I'm rethinking this because think of mortgage debt. Currently, we have mortgage debt. Our home is not paid off in my freaking out over it now because this is something I mean, most of us. I would say the higher percentage, they'll get a 30 year mortgage, right? And so Dash is a debt that you had that sensitive on everyday expense that you're always expecting tohave and eventually yes, hopefully paid off. But it's not one of those things that you know. It's like a credit card or an outstanding student loans. So you know what? Maybe it's saying the life expectancy is longer because you're in a home that you love.

Speaker 1: Yeah, yeah, I think that could be one connection. Um, I might say this is more of what's the old saying? Like causation doesn't equal. Oh gosh, now butchering Whenever I thought about saying is Correlation doesn't equal causation or whatever it is something like that. Somebody's sitting out there going. You're butchering that quick

Speaker 2: eyes. It's sad that I have

Speaker 1: not think My guess is it's not so much the mortgage debt. That is the factor. It's that homeownership.

Speaker 2: Yeah, yeah, because it's

Speaker 1: a sense of responsibility and humans. We thrive on having responsibility, sense of purpose, and home ownership can give you that in certain ways. So I think that's why it's a little bit different.

Speaker 2: But I don't know. I don't look right. The dead just in such a negative. Yeah, were. But I you know, I don't look at our, you know, our mortgage payment, you know, in our current is siccing loan as it's not stressful at all. That's not something that we're like fighting, that we have to pay this off super quick. We're in debt. I don't look at that way, So okay, I get it. Actually, I'm on board with them.

Speaker 1: I think that's it's probably more of a home. Ownership increases your life expectancy. Maybe the actual finding. There they were just using mortgage debt as the ah, you know, comparison or the barometer there to compare to other types of dead, but yeah, yeah, I don't know if debts truly the calls there that that would be my interpretation. Other headline I saw and this one freaked me out a little bit. And this made national headlines just the other day Energy star, which is that, you know, government organization. That's always talking about efficiency and energy use in that kind of thing. You know, you've probably heard energy star appliances that get that stamp of approval for energy efficiency in that sort of thing. They came out and officially said, All right, the optimal home temperature, when you are in it is 78 degrees. It is 85 degrees when you're away from home in 82 degrees. When you're sleeping just

Speaker 2: sounds miserable. I think that sounds crazy. Um, I mean, we and we keep saying that we're like, we are for sure positive that our thermostat downstairs on our main level is not reading correctly because we have it on 78 at all times and but it's almost cool. But then you go up stairs a second floor. No, no, of course, hot air rises, but you know, we typically during the day leave that at 75. And it's still it seems warmer than downstairs. But, you know, when we go to bed, we always turn it down. Just a Not so we are, G. I guess we have maybe, ah, hotter him. I think you told me you like to have it cool. 82 degrees when you're sleeping. I mean, you'd be sweating.

Speaker 1: Yeah, that one sounded a little crazy to me.

Speaker 2: Now that one's crazy. I'm not agreeing

Speaker 1: with Yeah, I mean, even my wife who loves it hot. I mean, we go and see her parents, they live in Graham and we go and see her parents and her whole family. They basically are non believers in air conditioning. And so we're sitting there. You know, I just have funny stories from when we were dating and, you know, now, through our marriage, whenever we're over her parent's house, will we'll be sitting around in the evening in the summer watching a movie in their in their living room, and everyone's just, you know, totally relaxed and, you know, fine. And I'm there sweating as we're watching this movie like heavy breaths, trying to make it

Speaker 2: not comfortable, that is, that is

Speaker 1: hot or cold, so you can always put on more layers. But you can only take off so many, depending

Speaker 2: that I tell you what. I would rather be sweating any day versus being court. I cannot stand being cold, miserable, and I know

Speaker 1: everyone the other side of the road. But even my wife was like 82 degrees When you're sleeping, does

Speaker 2: sound Yeah, Even with no covers, you still be hot.

Speaker 1: So anyway, I don't see a whole lot of people following those Energy Star guidelines. Unfortunately, one more headline I saw and this one has some important implications to actual real estate, for sure. Top closing roadblocks. So this was a real tour confidence survey. It revealed that, ah, through the months of April to June, 76% of contracts made it to closing on time. So 1/4 of closings did not close on time. However, it wasn't all doom and gloom. 20% of that missing, 24% were delayed, but it did eventually close. 4% were canceled. So that's not too bad, right? 4% being cancelled.

Speaker 2: I mean, on our and I would say it is a little bit lower. I would be interested to. You'd be interested to see what the other months looked like. I know this is April, June and just thinking about on average. I know what our team says 70 only 76% made it close. Oh, but that's including the delayed portion. But that even seems like a high percentage of delays.

Speaker 1: 2020%. Things were delayed.

Speaker 2: Yeah, interesting, I would say for us, I would say these numbers are definitely skewed. We do not have that, Emily. Of course you have a delay here and they're out of our control, you know, for, you know, financial issues, appraisal, home inspections like all these things that were just listed. But that seems kind of high to me. As far as the amount of delays and even the percentage of canceled contracts, I would say ours is even probably only about 2% of contracts actually terminate throughout the process.

Speaker 1: It went on to further break it down and said that the top roadblocks to those closings were financing issues at 35% appraisal issues that 25% so Those were your two biggies, and then it's 16%. You had home inspection issues and under 10%. You had some titling? Indeed. Problems. It seems like a lot of problems with titling. Indeed.

Speaker 2: Yeah, that one seems hiding me. I cannot remember a home that did not close because there was title issues we have had recently where cellar come to find out. Not on our end. We represented the buyer, but the seller on the other end was upside down by about 4000. And I'm not sure how new one, huh? Knew that this was going to come up, You know, of course, you do not proceed. She you get approximately pay off all of that. But for the most part, I cannot even think of a time where we didn't close because of title issues. But I guess delays, right. But the order of these seem correct. I would say that, you know, biggest hiccup. We run into its financing. You know where there could be delays or terminations. Appraisals definitely could be an issue here in our market right now. Home inspection issues, you know, most of time I feel like we could negotiate and get three those, but still once in a blue moon, we could have someone who just runs away just as soon as they see the inspector import and won't even give us the opportunity to fix or to negotiate. Or maybe it takes a little bit longer to get you know, the estimates and get a second opinion. So maybe we have delays. So yeah, I would say the order of those I would agree with

Speaker 1: any other Ah, roadblocks that you see that you try to head off before they become a problem.

Speaker 2: I've Ah, this is satis, say, but I have had. Now, in my 12 years of business, I have had two situations where the day before closing there has been terminations because of marital status. One decided that the day before clothes and they were not going to get married. The other one decided the day before closing, they were getting a divorce. Um, yeah, we'll talk about shocker and just crazy for everyone involved. And I'm just sad, right, but wow. Yeah, so there's Unfortunately, there's reasons why people back out or forced to back out. And you know what kind of is what it is. It really is sad to be on the opposite side, though of it. I have one recently where they decided they were getting separated the day before closing, and I was representing the cellar. And so the sellers had their home off the market, you know, for now, 30 to 45 days ready to close, everything's good to go. And by the way, you need a realist. There's nothing the seller could do. No hope in saving that, right?

Speaker 1: Yeah, it's unfortunate.

Speaker 2: Yeah, So, uh, I thought that was a little crazy, But, you know, there's always say this real estate market never seems to surprise us. It's It's never ending with the new situations and occurrences that take place.

Speaker 1: You've been listening to the savvy real tour podcast on Walter Store Halt alongside Angie Cole. She's the owner and broker in charge of a co realty here in the triangle. And if you have questions for Angie, we invite you to go online to a coal realty dot com, listen to past podcast episodes on the website, read the block and all the great information, including the option to find a home right there on the Web site. That's a coal realty dot com, and you can also call Angie with your questions. 919578 31 28

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