The Jon Sanchez Show
08/13-9 things to consider when downsizing your home
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So, yeah, it's a good day today, Corrie. It's a good day. Mr. Mallard, you'll mortgage. I assume you are smiling, my friend. I am at the perfect storm in a good way, right? Finally, finally, we both get a good day at the same time. Yeah, for sure. You know, for sure. Everybody smiling. Until tomorrow, right? Yeah, until tomorrow. That's right. That's exactly right. Yep. The old starts over again. That's for sure. Yeah. Oh, my goodness. You know, it's interesting. It really is interesting. The time periods that we find ourselves in at this particular juncture of our life. It's just amazing to see, you know, the daily changes of how everything, of course, can just change at a moment's notice. And, guys, you know, Corrie, I'm going to start with you with a little joke here. You ready? Okay. You're the father. They're not, you know, real, real young, like, you know, infants, by any means. But you still have young children. Do kids these days ever watch that show? That Dwight Knight, at least, grew up watching. Oh, wow. My kids did. Mr. Rogers, did you guys ever watch that? Oh, man. Well, I can tell you the kids don't watch it, but I think I might have watched it a couple times. That's better. Okay. That's about the same with me. That's about the same with me. Well, the reason I'm bringing up Mr. Rogers is, you know, Mr. Rogers used to have a word of the day, right? Well, I'm going to give you guys, I'm going to play Mr. Rogers. I'm going to give you the word of the day for today. And Dwight, you're going to love this one, especially being what you do for a living. The word of the day today, guys, is disinflation. Would you even think that this year we'd be using that word disinflation? Well, that's what's all over the headlines today. The welcome disinflation report that we received this morning, the PPI. Those are what the headlines are reading. And of course, that was the reason behind today's market rally. So we're going to talk about disinflationary report, i.e. the PPI, tomorrow is CPI. Lots of eyes are there and how this impacted the stock market today, how impacted the bond market. Then we're going to get into our topic tonight. Now, Corey, you deal with us a lot with our clients when they come to us and say, "You know what? For whatever the reason, we're going to downsize." And you've done a great job over the years counseling them on the pros and the cons of downsizing, right? There's a lot of things that go involved in that decision. Obviously, the financial side of it, the psychological side of it. I remember stories you have shared over the years, Corey, where you've had clients that have downsized or they had to move, you know, they've been in the house for 35 years and you were, you know, over there with your work gloves on and your boots and your Levi's and you're helping them pack up 35 years of belongings, right? And I remember that story. Sure, absolutely. Yep. You bet. Well, tonight what we're going to do is we're going to talk about downsizing, right? Because this is something, the reason I want to bring this up, tell them if I'm off, off my base here, guys, I think you're going to see more and more downsizing occurring, right? We've got the baby boomers in their later years, later part of the generational baby boomer time period. We've got mortgage rates coming down and, again, I think what we're going to see happening is more baby boomers are going to go, "You know what? Because I hear it from our clients, and I'm just hoping mine aren't unique compared to what you guys hear. Hearing it from my clients that, look at John, we live in a 3,000 square foot house, you know, we go from our bedroom to the bathroom to the kitchen and the living room, and the rest of the house is closed up. And we really don't want to be here anymore. And what I think is going to happen, guys, is as these mortgage rates, if and, you know, if I'm correct and I think you guys obviously feel the same way, if these mortgage rates come down, I think now you're going to start to see people go, "Okay, now's this opportunity that I have to cash out and go downsize and go move somewhere else, whether it's here locally or as I've shared with you both many times over the last year or so, getting out of the area." I just spoke literally right before our show tonight, spoke with the clients up in the Susanville area, and they sold and waiting for the money to hit their bank account, and then they're going to go travel for a year or so on their RV and figure out where they want to live. Right? They just want to get out. And so, again, I hear this over and over again, so I thought, "You know what? Do people really understand what's involved in downsizing your primary residence? What are the reasons we want to do it? What are some of the things that you have to go through like Corey was so kind to do for his one client? You know, the decluttering side of things, the financial freedom side of it. You know, obviously later in life, we want to kind of get rid of the two story, maybe go to a single story. So, what are all of the things that we need to be concerned about when it comes to downsizing? Now, Corey, how often do you find someone that calls you up and says, "I want to sell my home or I want to buy," and it's related to the downsizing subject? I would say a lot, I don't know, a total percentage. You know, I see a lot of John, though, and I'm sure you see it, too, is a lot of times it revolves around the loss of a spouse, or a significant odd-end movie. You know, now it's not only a comfort thing where I have too much, but I can't do it by myself, and I need to be closer to family. And so, I end up dealing with a lot of clients that are going through that, but you also do with their families, right, because the family is getting involved, and I want to make sure mom or dad or whoever is going to be okay, and we need to get them somewhere more manageable, closer to, you know, wherever, usually the kids tend to be, so we can keep an eye on things and help them out when we need to. So, that's not to say it doesn't happen with, you know, you don't have to have a loss of a spouse or a significant other, but I do see that a lot where that is a trigger point for a lot of these moves. Perfect. Do I? How about you? Well, I think people are experiencing the utility costs, you know, and the size. I mean, I witnessed my own family, right? My mom passed last year, you know, my stepdad's sitting there thinking, "What do I do?" You know, you got, but to your point, you've got four rooms closed off, you know, and the other thing, too, is the landscaping, you know, as the family movers get up there, you know, mowing the little grass and this and that. I mean, it just starts to become inconvenient. You know, we talked about it years ago on the show, John, we're all about comfort now, right? If I go to my slippers every day, you know, I mean, and so I think that's what the mentality starts to shift to is what you used to think was important. No longer really that fancy lawn with all the trees and the, I mean, it just, it becomes in. So I think that's where people, you know, Cory's probably got the number one issue, but I think beyond that is maintenance and just the utility costs and just taking care of it. It just starts to, starts to wear on your, your freedom and your time. I love, I love the point and that's what I had in my showtees today. I love the point you just brought up. Do I? Because, you know, as we all reflect back on our younger years, right, bigger was better, right? We wanted a bigger home. We wanted more cars. We wanted this and, you know, we wanted asset gathering type of things, but you're so right. And I'm finding I'm getting into this way also, the older I get, the material things, they don't mean anything. And my kids kind of laugh at me because it's really weird how just in the last couple years maybe it was after my cancer or something, I mentally changed. But it's like, you know, the material things don't really mean a lot. It's spending the time with the kids and now unfortunate enough to have grandkids and, you know, that type of thing and the big house and all that stuff. Yeah, it doesn't mean that much anymore. So I think you're absolutely right in that, Dwight, where the priorities change and the simpler and comfort and, and, you know, like you said, and once again, you hit it right on the head. I hear this all the time. She's John. I've got, you know, half an acre of landscape and I've got to pay for, you know, I can't do it anymore. I'm paying somebody for five, six hundred dollars a month and, you know, so on and so forth. I mean, Corey, you've got an absolutely beautiful property, but imagine if you were, you know, in your mid 60s, 70s or something like that, you couldn't take care of the beautiful place you have right now. Could you? No, no chance. I mean, and that is why I do have three kids on my line on him to take care of that. Hopefully that doesn't mean they're going to be living with me when they do it, but I can't do it. Yeah, there you go. There you go. Yeah. Try having 141 acres and figuring out how to do it. That's it. That's it. That's it. All right. So again, well, we're going to go through nine reasons to consider downsizing. And again, you're going to get some real life experience here if this stage of your life does approach, you'll be prepared for it. Speaking of prepared, boy, this market was not prepared, not prepared for the rally that we enjoy today. And it all started at 5.30 this morning. We had the release of the PPI, the measure of inflation on the wholesale side, right? There's price index. And guys, as we said on the show last night, and even last week when we kind of laid out was going to come up this week, this number was not expected to be real big by most accounts. And boy, did the street get that total PPI month over month up just 1/10th of a percent. Hence why I'm throwing out that term, disinflation. So a 1/10th of a percent increase from June to July core PPI where you strip out food and energy, goose egg, unchanged. When we look at the year-over-year basis, PPI up 2.2% year-over-year versus it was up 2.7% in June. Think about that for a second. Think about that for just a second. Up 2.7% in June, up only 2.2% in July. And then core PPI in June was up 2.9% and for the month of July, up only 2.4% year-over-year. So do I, being a bond market guy, I mean, you couldn't have asked for anything more in this report, could you? No. I mean, it was perfect and, you know, we've got one tomorrow, but it was perfect in every way. And when we get into the rates, people, you know, will highlight even a 15-year term. I mean, it was perfect. So I mean, yeah, no complaints on this side at all. I guess I'm saying long overdue, right? It's about time to finish. Long overdue. Yeah, there you go. Finally. Hence why throughout that little Mr. Rogers theme there, disinflation, the word of the day, yeah, it is. It is a real word, believe it or not. I'm going to squeeze this in real quick before we go to breaks when we come back on to turn it over to Dwight on the right side of things. Home Depot was way down this morning, down almost 2%. They had a good earnings report, but bad guidance again, seen us slow down on the consumer. But boy, the stock rebounded, helping the Dow out. It gained $4.26, 1.2% to $3.50, and then the big news of the day, Starbucks, they ousted their CEO, and then they decided to bring in a guy that's probably one of the most well-respected CEOs when it comes to food in the industry besides former CEO of Starbucks, Howard Schultz. And his name is Brian Nickel, and guess where he was? Chipotle. Looking to see what Chipotle stock has done over the years under his leadership. Well, again, he stepped aside from Chipotle. He's now the new CEO at Starbucks and the street got real excited on that news. Starbucks shot up 24.5%, $18.87 gained in $95.90 while Chipotle's simple CMG lost $7.5% or $4.19 to $51.68. So those are the big stories of the day. All right, we come back. We'll hit the commodity side interest rates, mortgage rates, and then get ready for our topic, which again, nine things to consider if you are thinking of downsizing. Let's turn it over to Kristen Snow. She has right now traffic. Hey, Kristen. Welcome back to the John Sanchez Show, a news talk, $780K awaits with Dwight Mallard of Guild Mortgage, Quarry Edge of Edge Realty. All right, before we get to the market, back to the market, and let me give you a reminder, my friends over at S&W Attractor wanted me to remind you of the great inventory they have right now and the 0% financing on select models, you can't beat it. You just really can't get a piece of equipment underneath you to get those drudgery jobs done, get out of the heat, get that air conditioned unit. Oh, yeah, they got it all at S&W Attractor plus all of the implements to go along with it. Just call them up or go by and see them. They'd love to get you in person visit or 882-1225 is the phone number, 882-1225, online at snwtractor.com, or of course, to stop by, as I said, at 4880 East Nye Lane in Carson City. All right, like I said, it was a heck of a rally today, 409 point gain on the Dow, 1.04%, we closed at 39,765, NASDAQ gain 407 points, 2.43%, closing at 17,187, the S&P up 90 points are 1.68% to finish the day at 5,434. Again, this was driven primarily by that one word, disinflation, based upon the PPI data we received earlier this morning. Now let's get to the commodity side of things today. It was a strong day for oil, global tensions, of course, in the Middle East, still continuing to push oil prices higher, where you finished up $1.54 at 7837 a barrel, client day for gold with a $3.80 rise, 2,507.50 an ounce, and Mr. Mallard, a six basis point decrease on the 10-year treasure year, bringing you to 385. How did we do on the 30-year mortgage? Yeah, so I think everybody's going to start liking this kind of news, John, but according to mortgage used daily, the 30-year fixed 6.52, so right in that mid-six range, the 15-year according to mortgage used daily is 5.98, and then the 30-year FHA, 30-year FHA, 6.07. So I always say, keep in mind, depending on what your borrow profile is, this is the AAA buyer, but again, this is the trend we love to see. Absolutely. And all this is happening with that, even the first interest rate cut by the Fed. What do you know? Exactly. I mean, they're just getting their cake and eating it too right now. Yep, exactly. Hey, Corey, and Dwight, did you happen to notice the Fed Fund features odds now after the release of this report this morning of the interest rate cut? Do you guys see the latest data? Half a percent now they're calling for? Yeah. Half a percent they're calling for with about a 52 percent probability for the September. It's not a quarter, but half a percent and now a 52 percent probability that bumped up from about 50 before the release of the PPI data. So I think it's interesting, guys, that we're talking now half a percent, not a quarter percent. No one seems to really be talking that that quarter percent much anymore. It's interesting, too, because just a week ago, I know we had employment data and everybody gets a little nervous, but if we were talking about, oh, man, if the Fed lowers it, a half point instead of a quarter, the market's going to go berserk or something's going to be up and now they're anticipating it with happiness. So, yeah, it's a little bit of schizophrenia. I don't know. Yeah. Welcome to my world. That's for sure. All right. The fear of that though, the fear of that is that they only go a quarter, right? So they get all this energy going on a half and then it only goes a quarter. That's where I just don't like that. That's a good point. It's a very good point, Dwight. Well, like I've said, nothing is going to make the street happy because the minute we get a cut, I don't know if it's a quarter, whether it's a half. The first thing that's going to, you're going to start seeing on the headlines and end the interviews is when's the next one coming? When's the next one coming, right? Yeah. That's the nature of investors, it's like, you know, September, that's like news in the rearview mirror. It's like, oh, we got that baked into the cake, but it's all going to be about when the next one is and then the next one after that. So it'll never stop. It'll never stop until they start raising rates again. So good point, guys. Good point. All right. Let's get a jumpstart on our topic tonight, which is the downsizing size of your life. Now, remember, downsizing the primary residence is a very, very significant decision. It's one that you generally will make with your adult children, especially those Cory alluded to. If you have lost a spouse and you're making all these decisions on your own, it's when you should make with your accountant, with your attorney, with your financial advisor, get everybody to kind of buy into this because as you're going to learn here, there are a lot of things. It's not like when we're younger and we go, hey, you know what? Let's sell this house and buy one, you know, two blocks down the road. Completely different when it comes to downsizing. So guys, here's the first point I want to mention. Why do we want to downsize? How about lower costs? Dwight, let's talk about the reduced mortgage payments, right? Typically a small home's going to have a smaller mortgage payment or generally they're going to pay cash for it, right? Well, yeah, typically what you're doing is maybe selling the larger home you have, which hopefully has a nice equity position and using most, if not all of those funds to transfer it over to the newer, smaller house. And in many cases, it's a very small mortgage, if any at all. So, depending on how they bought their houses in the past, that's a fantastic place to be. You know, if you've only got a 50, $7,500 mortgage, you know, that's a good place to move into the future. Yep. Corey, let's say we go from a 2,500, 3,000 square foot house down to maybe 1,500 square foot. Let's talk utility bills. How big a savings do you think off the top of your head would someone be looking at? It's hard to say because it also goes into the age, right? But the newer home, let's say you, if you're in a bigger house and you've been there quite a while, honestly, it's going to be an older home, whereas if you get into a smaller house that's a little bit newer, it's going to be more efficient, more efficient heating, more efficient insulation, kind of all those things. So you could be looking at a pretty decent drop, 50% or more, depending on the age and the efficiency of it. The other thing, too, kind of in this bucket of lower costs, and I see this a lot, I'm sure you do, too, is it's a way for those people to unlock that untapped equity, right? So maybe I'm going to go down in mortgage payment or maybe I'm going to pay cash, but it's also going to let me get my hands on the nest egg that I've put away in this property for the last, you know, 30 years, 20 years, whatever it may be. And it's also good to talk to your accountant when you do that because it adds to my uncle Sam a little bit, depending on how good that adjustment is. How big the adjustment is and you're talking about the $500,000 tax free exclusion if you're married. But again, if we're saying you're a widow or something, now you're only 250 and there's a certain time constraint. So you're absolutely right, Corey, that's a great piece of advice to always talk with your accountant before you decide to sell. One thing that I see a lot with our clients, of course, is, you know, they'll come into us and say, look at here's, you know, whatever some proceeds left over from the sale of our house, let's invest it. Or like the call I said I had right before the show today, where do we put the proceeds of our house? Because we want to buy again in another year. And I want to touch on this real quickly, folks, listen to me closely on this. Do not do not do not do not invest into the stock market, the proceeds of your house, if they are going to be earmarked for another home, don't take that risk because the last thing you want to have happen is, oh, you know, I just put 250,000 into the stock market and, oops, it's now only worth 100,000 or 200, but sure, it could be higher, but this is not the kind of money you want to take a risk with. So as I advise to our clients, you know, put it in a CD, put it in a short-term government treasure, something that you know is going to be there when that time comes that you're going to buy that next house because, like I said, this is not risk money that you want to do. All right, so one reason we want to downsize, lower our cost, reduce up the mortgage, take out that equity, as Corey said, lower the utility bills, et cetera, we'll come on to number two, which is a heck of a lot less maintenance when we continue our nine point list. Let's turn it over to Greg Neff. He has news trafficking weather. Hey, Greg. Welcome back to the John Sanchez Show on News Talk 780K, which with Dwight Mallard of Guild Mortgage, Corey Edge of Idrility, a 409 gain on the Dow, 407 rise on the NASDAQ, SMB, higher by 90, all on a disinflation report, meaning the PPI, we get CPI tomorrow, by the way. All right, we're talking about downsizing, right, something inevitably you're going to go through, right? And maybe the time is now, maybe it's a few months or a few years down the road, but there's a lot of things that you need to think about before you make this decision. So the first of our nine points that we covered before we went to break was we're going to lower our costs in most cases, right? We're going to sell out. We're going to unlock that equity, go pay cash for something or put a pretty substantial down payment. Or as we see with a lot of our clients, they will just take that money and have us invested and create cash flow for them. So reduce mortgage payment, lump some of money, do invest, whatever it is. In addition to that, of course, in lowering costs, we lower our carrying costs, right? Our utility bills, usually in many cases, property taxes, which we'll discuss in more details shortly, et cetera. Now, Corey, let's go to the second point. We're going to have less maintenance, right? We're talking about what we all see, which is, you know, especially if you bought a house in Southwest Reno years ago, you probably got, you know, a place that has a little bit of land associated with it, half an acre or something. It's probably a landscape that probably costs you a lot of money in water and a lot of money in upkeep. So one thing of down, one positive of a down setting, we get to reduce our maintenance costs. Yeah, hopefully, yeah, that's the case, and that is a big thing, too. You see with families, if more of the kids are helping the people downsize or whether they're choosing to do it themselves is, but the right point, that was perfect. It's a big chore, and as you get older, it gets harder, you've got to do the, you don't hang around the house as much because you don't have your family there with you. And so I do see that as a big consideration for people. Sometimes the most important consideration is the amount of maintenance and upkeep that the property takes for budget reasons and just timing reasons, whether it's GR, trees, or interior of the house. Do you recommend, Corey, when someone comes to you and says, I want to downsize, you know, some of my existing home, let's find something else, when you start counseling them on what else to find, will you steer them more towards something, you know, I was calling it a retirement community where a lot of the landscaping is already done for them. Maybe it's a newer home and/or throw a condo into that mix. It really depends on the person, so the retirement communities are really cool. If you don't maintain the fees, you'll use the pool, you'll use the fitness center, you kind of use all the things because you're going to be charged for them regardless of whether you use them. So I've had clients go both ways that say, hey, this is beautiful, but I'll never use those things. I'm not going to pay for that in a bucks a month for it, but on the flip side, John, I've had people that say, I love that stuff and I won't use it, but my grandkids will also be up there every weekend when it makes perfect sense. So it depends. The biggest thing I always get is I don't want a big yard, but I want at least a little bit of a yard. I should go ahead and maybe tiny patch of grass. So the townhomes and condos that don't have that amenity, what I have found is people that have lived in them before don't mind, but people that have never experienced that usually shy away because they still want that. They still want a little bit of a yard. They still want to spend five hours of really kind of entertainment. Right. Perfect. I love that. Dwight, let's go on to something I know we've all gone through, simplification and decluttering. Let's talk about this advantage and when we talk about downsizing. Well, you have no choice if you're focused moving out of a big house. You take, you go get one of those big old dumpsters and you just start throwing everything in it, right? Yeah, the only person I know that could put three couches in one room is my mom, but you know, it forces you, it forces you to keep what is, you know, I guess the best look for you or the, you know, makes the most sense. So it. Or sometimes it feels good to get rid of all of it and start over, you know. Yeah. Yeah. Start fresh, especially if you lost some of it. Absolutely. Well, and by the time you take, you know, two or three rooms and put it in the storage unit and pay $300 a month. I mean, that doesn't make any sense either now you're, you know, so I think people are better off just going, okay, I don't, I've had that couch for 20 years. You know, it's gone, you know, and usually could donate it. You can maybe be, you know, but it is a perfect time. I remember when I moved out of my big, we got, we got rid of so much stuff and it just felt it's freeing. Really. It's just, you know, a little bit of freeing there to that and it's just, it was just less stuff to fill up and, you know, it just, I don't know. I think that's one of the best things to downsizing. You get to just kind of keep what's, you know, important near and dear to you, you know. I love it. I love it. All right. We're going to our fourth point. The financial freedom side of things as we alluded to earlier, you know, one thing of course that we see with our clients again, they'll sell and they'll take all their proceeds because now they're going to go rent. Maybe they're going to go live with a, one of their adult children, whatever it is, or again, they're going to go buy something and pocket a whole bunch of proceeds even after paying cash for it. So you get that sense of financial freedom, right? And that's money, of course, that can go into your investment account. It can grow, maybe produce cash flow for you, et cetera. So you get the increase savings, which gives you great peace of mind from, from downsizing. But also, you know, back to freeing up is, do I, was saying free up your mind. You no longer have debt, right? You don't, you don't have a mortgage payment anymore if you're still carrying one of those and, and so on and so forth. So you've got savings, growth in the investments, hopefully, and debt reduction. It's kind of the best of all world. And that's what we call financial freedom, Corey, real estate, location, location, location, location, location. You know, I know it's always just three, but better location. This is another reason to consider downsizing. Yeah, it may not be, it may not be a better location. A lot of people, I, I've, I've seen the location that they're in when they choose the downside, but then perfectly at the time they bought the house. It was sure. It was close to the school or it was out in the middle of nowhere on 30 acres or whatever made them choose that, it worked, and it worked for 10, 20, 30 years, but it doesn't work anymore. And so now, you know, you may be moving to a different location, which some people think better, maybe some won't, but it's better for you. Usually closer to kids, certainly closer to grandkids is a big one I see. But they're helping the walkability of restaurants, just the, you know, the, the, the function of being able to be out in society without driving is a big one for people as they move to. It's being closer to help, being closer to healthcare, your doctors, hospitals, etc. I hear that a lot. And again, there's a lot of people, you don't want to do again, they, they simplify things and they want to be near, as Corey said, friends, family, etc., medical, etc. But they also, you know, what I hear from my clients, they, you know, some of them will move to, you know, a lot of areas in Arizona, I don't know Arizona very well, but they'll tell me, look it, you know, I moved into this community and boy, I've got, you know, Starbucks in, in Chipotle and I got all kinds of restaurants nearby, I can just walk to those and so on so forth. So the walkable areas, I think is very important. And, you know, Corey, as time goes on, of course, I think society's changing a lot, becoming less reliant upon vehicles, etc., and I think people, especially if you're living in a fair weather area, like in Arizona, I mean, you know, especially in the wintertime, that, I think that's, that's a big amenity for people, right? They want to be able to just get out and walk down the street. I know this has always been one of the attractions living in the big city is you've got everything within walking distance. Well, I'm seeing that more and more on the urban side of things. It's not only just, it's not only just the walking to get the amenity, but it's the socialization of seeing other humans. Good point. There you go. And kind of mill around and make some friends, and so I think that's a big one, too. Yeah, I like that. Excellent point. All right. Let's talk about easier mobility as our six point, right? We touched on this. We all know this. Single story living, right? And how many times have I heard from my clients? I want to sell my two-story house, yeah, because it's too big, but also I don't want to be climbing the stairs. Or maybe they're fine to climb the stairs now, but they project, you know, in 10 years from now, I don't want to be climbing stairs. I physically won't be able to. So Corey, talk to us about the design and the, you know, what we want to look at from a mobility standpoint inside of a downsized house. And that is a big one, John. I mean, I've been in so many houses where people are considering this and the upstairs hasn't been. Nobody's been up there for a decade, right? Right. A lot of times, hopefully the master suite, you know, will have been on the, on the first four levels so they're still able to use it, but I've been in houses before where all that was upstairs. So they move into a small room and it all goes around the stairs, the accessibility. I think you start getting a little bit of panic in case something happens in the middle of the night of fire or something else. You can still get out whereas when we're younger, we think, well, I can jump out of a two story window and still make it and kind of all those thoughts change. But single story is a, is a big deal, but I'll tell you what, you probably see it with your clients. Young and old, a lot of people prefer single story now regardless just because it's easier there, laid out better than different things. Yep. Absolutely. We're going to go back our seven, eight and ninth point. Dwight's going to take us into the environmental impact side of things when we return, but let's wrap it up with Kristin Snow in the right now, traffic center. Hey, Kristin. Welcome back to the John Sanchez show on new stock 780 kilo H with core edge of edge reality, speaking of which phone number, Mr. Edge. I don't hear a lot about it, but it could be wrong in our local area and I'm talking about the environmental impact of homes, right? They reducing the carbon footprint. Corey, I know you get into this a lot more on the commercial side of things, but talk to us about the environmental impact of downsizing it because this is, this is important to a lot of people. Yeah. Well, and especially if you're looking at a smaller home, it's going to have zero scapings. There's going to be rocks. There's not going to be any watering of it, but you know, a lot of these builders now are going to, you know, energy efficient homes, mortgages can include some of that in some used houses. So there is a push to try to save some energy and it's a perfect time to, you know, if that is your concern, it kind of would surprise me, you go from a 5500 down to a 1500 because it's all energy, but there is a shift going on to be more aware, I guess, of it. And you know, what if you can get windows and hot water heaters and things that just cut your bill? Why not? Sure. And that's a good, it's a good time to at least explore into that. And again, you can actually take advantage of it in mortgages, you know, for an older home too. So I mean, it's perfect time to at least consider that job. But you're right. It's not hugely as much as it would probably be up in the Seattle area, things like that. They're really into that. But it is starting to become a little more popular. Corey, anything you want to add to that about reducing the carbon footprint, et cetera? I don't see that much of it up here. And I'm not saying anything wrong with it, but I've never had anybody. I've never known that to be a reason that people are making moves, although other than the water. I mean, you do see a little bit of people that want to come back on the water uses more so because it's so expensive, but you know, we don't have an endless supply of water here regardless of what they tell you. That's right. Okay. Perfect. All right, let's go to our eighth point. Flexibility, right? Corey, you alluded to this earlier. A lot of times people come to you and go, you know what, I want to downsize because I want that freedom to travel. I want that ability to go see friends, family, grandkids, et cetera. So help me downsize. Yeah, and the travel one's interesting because that's where we do get into discussions about townhomes, condos, some of these different living arrangements where I got to do is lock your front door and it can be gone as long as you want because nobody's going to mess with it. So I do see some of those sometimes and then the potential for multiple homes that you've talked about on the show for a long time, we go to all these different places and you kind of fall in love with all of them and when the kids are out of the house and you can sell the big house and get your hands on some of that equity you've been building up for years. It's an opportunity to have one or two smaller homes in different areas, different climates, different parts of the country depending on how you're trying to be close to. So that is a, I don't know if it's a big force, but it is a driving force for some people. It is. But as also as we've discussed, be careful folks, when you're owning multiple homes, there's a lot of work associated with this. So you may be down sighted seeing a, you know, 5,000 or 4,000 square foot house down to, you know, two, you know, 1,500 square homes, but still a lot of work. So yeah, be careful on that of it. Our final point is preparing for the future, right? This is something of course that we try to do for you all the time on this show. And of course, if you're a client of ours, we do it for you as well as Corey and Dwight. And then thinking down the road, right? Where do you want to age at? Do you want to find yourself in an assisted living facility? Well, no, as the boys have said many times over the years, a lot of our national builders now are building the mother-in-law quarters, because people want to stay with their family. Who would not? Who would not want to be with their family versus going into an assisted living? So keep that in place, you know, agent in place, the estate planning side of it, which all of you know, bottom line, there's a lot of considerations, but, you know, it's not a bad transition for that latter part of life. Corey, wrap us up. Yeah. It's an exciting time, right? It'll be stressful for people that are starting to go through, but it's also exciting at the end. So just find a group of people, professionals that can help you through the whole process and then you can report it and just sit back and join her. Absolutely. Great job, fellas. We'll do it again tomorrow night, everybody. God bless. Have a great evening. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting John at SanchezWealthManagement.com or 775-8001-801. John Sanchez offers securities and advisory services through Independent Financial Group LLC, a registered broker, dealer, and investment advisor. Member FINRA SIPC. Securities only offered in states John Sanchez is registered in. Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. Dwight Millard is not associated with Sanchez Wealth Management LLC or Independent Financial Group LLC. Dwight Millard, co-host, NMLS #241259, Guild Mortgage Company Equal Housing Opportunity, NMLS #3274, Dwight Millard, NMLS #241259, NP Mortgage Company #1141, French address 5370 Kitzley Lane Suite 101 and 103 Reno, Nevada 89511, phone #9723812410. The information provided today is for educational purposes only. The position strategies or opinions of the show do not necessarily represent the position strategies or opinions of Guild Mortgage Company or its affiliates. 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