Banks have the upper hand in the real estate market.
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00:00So the balance is definitely tilted towards the banks because rates are high and there's
00:03significant profits being made across the banking sector right now.
00:08The mortgage, and we use mortgages all day long, the mortgage is a product.
00:15It's a product that in cities like New York City, if you have a mortgage recording tax
00:20here, I have to have that conversation with people who've never bought a place in New
00:23York City before and come and say, listen, this is what your average home price is going
00:27to be.
00:28Let's also talk about closing costs.
00:29In New York City, you also pay a tax on your ability to get a mortgage.
00:35So that in part fuels cities.
00:37Should they use that revenue wisely?
00:38A lot of them do not, but it is a product.
00:43And so buyers today, I think, have some more kind of opportunity to buy homes at the right
00:50prices today than they have over the past couple of years.
00:52You're seeing some price increase, but you're seeing a lot of negotiability on listings
00:56now than we've seen over the past 24 months.
00:59I think sellers, if you're priced right, you can still sell quickly.
01:02Nationally, I think the average days on market right now is just under 10 days.
01:07Some markets it's one, some markets it's seven.
01:10Some markets, urban markets, if you're overpriced, you can still put your house on the market
01:13and never find a buyer.
01:14But I think the banks are the ones who are reaping the rewards today, and I'm looking
01:17forward to that moving back to the customers.