hello everyone and welcome to another

episode of selling Greenville your

favorite real estate podcast here in

Greenville South Carolina I'm your host

as always Stan mun realtor right here in

Greenville South Carolina and you can

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show

notes okay so um as we've been you know

looking back and looking forward and

doing all of these different things if

you guys have listened to the show very

much you know that I'm a big numbers guy

I really like the market stats that the

greater Greenville Association of

Realtors uh publishes every month often

times we go over that uh monthly in the

show but those stats don't tell you

everything right first off they only

look back one year they don't look back

you know multiple years now the charts

that are in there um you can kind of

reverse engineer uh some multie trends

that way um but it's also it it doesn't

get into the Weeds on everything to the

extent that I sometimes like to get into

the weeds so I would like to get into

the Weeds on some of the changes some of

the shifts that are happening in the

Greenville Market over the past three

years right the past three years um have

seen the shift from that uh that postco

low interest rate quantitative easing

environment into this uh now Co really

isn't even thought of anymore um and now

we are in a more of a quantitative

tightening higher mortgage rate

environment according to mortgage News

Daily uh rates are sitting in the low

sevens the 10year yield as of me

recording this on January 7th um has

been continuing to uh to go up which

means that mortgage rates are going to

at the very least not come down and

probably will continue to to go up until

that Trend reverses um which I imagine

won't happen until after Trump's

presidency we'll see the the markets do

weird things where they're hedging

against things in the future all sorts

of things happen um but here we are now

we've had 2022 which was half the year

uh of 2022 was in this environment right

this higher mortgage rate um not really

concerned about covid environment all of

2023 and all of 2024 was in that

environment so we've got two and a half

if you want to be generous three years

of data now where we can look back and

see how things have have shifted and

that's exactly what I plan to do I

pulled an unbelievable amount of data on

every single closing in the Greenville

MLS from 22 23 and

24 and I analyzed this data from a

gazillion different ways I didn't

analyze it to try to reverse engineer a

certain result I analyzed it just in

whole and then just broke it down by

year and then uh once I did that and the

way I'm explaining this you're probably

like there's so many better ways to do

that well I'm not explaining it well but

regardless I broke down a bunch of data

regardless of whether or not I knew it

would be interesting and then looked at

the comparisons charted it all out and

then basically paired it down to the

things that I think that you guys will

be interested in the most the things

that I'm interested in the most those

tend to typically go hand in hand um so

we're going to be talking about a lot of

things all the way from lot sizes down

to types of financing and how Trends

have changed the past three years and so

we're going to start with that first

thing I mention excuse me which is lot

size

um this has been and and there are some

very predictable changes a lot of these

things you guys are going to be like

yeah I already knew that yeah but until

you actually see the data you don't know

that there's a lot of times that I look

at data and and the intuitive thing ends

up not being what happens sometimes

there are some very counter things in

the data we talk about that a good bit

when it comes to lot size your if your

intuition is that lots are getting

smaller your intuition is correct I

looked at both the average and the

median when it came to lot sizes and

here's what I came up with this is

actually an astonishing number to me in

2022 the average acreage size was

1.8 uh 1.89 was the average now um we're

gonna look at this in a minute that was

skewed in some way shape or form now

as part of this data I didn't pull land

okay so just to be clear this was only

residential um lots that had

improvements on them so there's no land

in this uh discussion at all um in case

you're wondering um but obviously in

2022 there were a lot of there must have

been a lot of sales of homes on very

very large Lots because that skewed the

average um now the median which is

really a better metric cuz obviously the

average lot in Greenville really doesn't

have one 1.89 Acres right you're

listening to this from outside of

Greenville and you're like oh my gosh

the average home in Greenville is on 2

Acres no no no no we need to look at the

median the median was3 so less than a

third of an acre that is more what you

would expect okay that was in 2022 now

the average in 2023 dropped to from 1.89

to

84 as the average what did the median do

the median also dropped

2.29 what happened in 2024 both of them

dropped again the average lot size

dropped to 78 and the median dropped to

27 I think that these are uh I think

again you can't base too much on the

average outside of we're seeing a

consistent trend of both the average and

the median that they're going down lot

sizes are getting smaller the fact that

we had 2022 with that really really big

average and then that that number has

come down in multiple consecutive years

as well that tells me that the large

large lot you know the homes that are on

really really large Lots with big you

know 10 15 20 acre lots those would be

the ones that would be skewing those

averages that we've had fewer of those

the past two years as well and a lot of

that may just be that people bought them

when interest rates were low um and

remember during covid the idea of having

a huge lot was super duper popular um

and I have personally seen this a lot of

people um ended up realizing that they

couldn't keep up with those lots you

know and they re and once they realized

that Co wasn't going to be a permanent

you know problem right that we weren't

just going to be social distancing for

the rest of our lives um a lot of people

ended up with buyer remorse they

realized I can't keep up with this um

there's no way um and so I've seen

situations several situations where

people have sold off those larger lot uh

properties in order to buy smaller lot

properties and and they would prefer

a027 acre uh lot which is now the median

in

Greenville um but these are the trends

right and in order to make housing more

affordable what developers have to do is

they have to develop on lots that are

smaller that's that's the only way to do

it that makes things more affordable in

multiple ways um the main one is just it

right they can fit more homes on tracks

of land now Greenville County Council

hates this right they don't want this

none of the the counties do Pickins

County doesn't like it either um

sperberg County they're not quite as as

against it but they don't love it um

lawren County they don't love it either

a con County they don't love it either

most of these counties they don't want

to see these lot sizes getting smaller

they want to see bigger Lots um and

unfortunately though these counties also

don't have have any solutions for the uh

housing affordability crisis that we

have nationwide and in Greenville um and

so they're squeezing developers trying

to get them to to do larger Lots but

also not doing anything to solve the

systemic issues in housing affordability

that we've talked about a lot on the

show in the past um moving on right

we've talked a lot about lot sizes let's

talk about sold price per square foot

okay this is something that we that we

do look at in the gjr market sets but I

just wanted to go ahead again I don't

often times compare it uh for 3 years in

a row um and just know that these

numbers might not completely match what

the Association of Realtors publishes uh

because they're again the way I pulled

my data is going to be different than

the way they pulled their data um but

here's the trend right uh sold price per

square foot average in 2022 was 197 and

change a square foot in 2023 it dropped

to 192 a square foot and then 2024 it

hopped back up to 271 a square foot so

that's the average um we're going to

come back to that uh but in keeping the

back of your and of your head

here that the price per square foot

tends to be more expensive on newer

homes okay um and if if you're thinking

about that and thinking well I don't

know if that's true I I see some some

really nice older homes no no no trust

me on this one you can buy buy a a 5,000

ft home in some ritzy communities for

roughly a million bucks right that's

$200 a square foot whereas if you go and

buy a

1,500 uh square foot home in tailor for

instance uh that's brand new it's going

to be

$350,000 and in a lot of instances now

again you don't don't nitpick with me on

this there's going to be some

communities that are going to be cheaper

than that but that's just an example um

that would be more than $ a square foot

so these are the Dynamics that we see

now the median price per square foot

2022 was 160 2023 was 165 and 2024 was

168 so this is a more linear right a

linear increase that we are seeing in

the sold price per square foot in the

median pretty

consistent right um seeing about you

know roughly a 2% increase per year on

the price per square foot um and I would

put more stock in that versus the

average the averages are going to be

skewed Again by by luxury homes by

non-luxury homes there's all sorts of

things that can happen in year that can

skew an average but the median typically

doesn't lie and the median tells us that

the sold price per square foot's been

going off that's inflation right that's

to be expected even if the overall cost

of housing is quote unquote getting

cheaper it's really not because the

price per square foot is getting more

expensive um and that's something if

you're a real are listening to this

that's something to tell your clients if

your clients are saying um if you hear

people saying you know well the price of

real estate is getting cheaper right now

point to this point to this number that

the sold price per square foot is has

gotten more expensive the past three

years each of the past uh each of each

year of the past three years um and so

what that means is that maybe there is a

scenario in which the broader housing

market has gotten cheaper in the sense

that there are cheaper options now to

purchase than there were a year ago but

those options are smaller okay and

that's what's happening is we're seeing

what some people have called shrink

flation you don't typically hear this in

the housing market you typically hear

this with regard to um groceries for

instance you know um what uh 18 eggs

used to cost a dozen and a half is now

the price for a dozen eggs um and they

no longer you know the the companies

that did 18 eggs maybe now are only

doing a doesn't um that's a bad example

but that that's an example of shink

flation uh but it's happening in the

housing

market okay moving on from from

shrinkflation which is a funny word um

let's talk about concessions right

concessions are are a a question I get a

lot um and concessions are simply at

least the way I'm using them it's how

much uh is the seller offering to the

buyer in a real estate transaction to

basically help them with their closing

costs or help them with mortgage buy

Downs things of that nature um and we

went through a stretch in from 2020

through the middle of 2022 where there

basically weren't concessions and and I

had a lot of buyer clients that were

confused by that that hadn't been

keeping up with the trends and and

thought historically sellers pay

something towards buyer closing costs

and that was for the most part true I

mean it's not true in every instance

that's not going to happen in a in a

bidding war kind of situation um but um

but average concessions um do typically

be they're typically going to be above

zero by the way in case you're wondering

some of these I I included the average

and the median in some cases I only did

the average um or the median in those

instances it was because I I I found

that one was more accurate than the

other for one reason or another okay and

the other one was just a junk number if

I left it off um in this case the median

concessions is zero for every single

year okay and that's pretty normal right

the median is just taking the middle

number um in in a sequence of numbers um

so in every one of these the median was

no concessions but that's not really

accurate we're seeing a lot of

concessions right now um and and so here

are the averages in 2022 the average was

1,394 so for a standard real estate

transaction you could expect the seller

to be paying about $1,00 towards the

buyer's closing costs in 23 it was 2,987

so basically 3 3,000 close to 3,000 and

then in 24 it was

3,469 basically 3500 so we've gone from

2022 1,400 to

2023 3,000 to 2024 3500 so again if

you're talking to if you're a realtor

talk to your clients um you can tell

them uh 3500 is on average what sellers

are paying to buyers for their

concessions if you're a seller you can

expect to pay rough that amount now keep

that keep in mind with that that the

average uh home sale right now there's

been some wonky numbers and averages but

and and again I'm talking average not

median the averages have been in like

the the high 300s 375 380 something like

that it's pretty normal right now in the

greater Greenville area so we're talking

about pretty close to

1% uh of the of the purchase price is is

ultimately being what sellers are paying

in concessions

um so that's something to to keep in

mind now here's something I found very

interesting I took the uh the average

year

built and and funny enough I did not

make a note in my notes of whether this

actually was the average or the median

let me see if I yeah I don't have it

available I can't remember whether I

took the average or the median for this

but just no I took the one that was

accurate okay um

yearbuilt I'm just going to say average

because for the for the purposes of just

saying it but uh 2022 it was 2008 so the

average home that was sold in 2022 was

from 2008 um that is a pretty normal

that that's kind of what I would expect

right about a 15-year-old home that is

you know when a lot of my clients are

looking a lot of times they're looking

at homes about that age right because

once you get above 20 years old those

homes are starting to typically need

some maintenance uh once get below 10

years old those homes tend to be a

little bit more expensive so between 10

and 20 years is a really nice sweet spot

where you can get some good value for a

home that still doesn't need a

tremendous amount of work yet right a

lot of you know homes in that range will

still have the original AC that's

working or it might already have a

replacement AC the original roof should

still be functional things of that

nature should should still be fine

however we see a huge change in the next

two years in 2023 the year belt average

jumps up to 2015 and then in 2024 up to

2017 right so in 20124 the average home

sale was uh was a home that was only 7

years old that has to be some sort of a

record and this is being skewed

obviously by all of the all of the new

construction that we're having right

because if you're if you're looking at

averages um having a bunch of new

construction sell over a period of time

is going to skew those averages and that

I am very very confident that's what's

happening because Builders have been

offering all these different incentives

rate buy Downs all sorts of things that

are just blowing all the

resale uh home all the resale listings

out of the water right why wouldn't you

buy a brand new home with a 5% interest

rate as opposed to a home from 2008 with

a 7% mortgage rate doesn't makes sense

uh to do the latter right you got to do

the former and that's what a lot of

people have concluded uh as well and so

this is what has driven up this number

the average home sale now um is is a

newer home if you're trying to sell an

older home you need to be prepared for

this right you are

competing like no other Market against

new construction now I expect that this

will probably reverse course a little

bit this year but we need to see

mortgage rates come down a little bit

but what we have seen is some of the

some of the builders some of these rate

buy down options and different creative

finance options that they've been doing

they're starting to run out of steam a

little bit it hasn't worked quite as

well for them uh in recent months as it

did uh earlier so we'll have to keep uh

keep monitoring this maybe I'll come

back to maybe I'll do a similar episode

to this next year and we can see how

2025 shakes out let's look at days on

Market okay this is a stat that we look

at um in the uh Greenville Association

realtor Market stats but I want to look

at it here as well I've got the average

and the median so the average days on

market for 22 was 30 days the average

for 23 was 53 basically 54 days and then

the average for 24 was 59 days okay if

you look at the median the median was 8

days and 22 uh 23 days and 23 that's

that's good 23 and 23 um and 31 days in

2024 so what am I concluding from this

well

we talk about the the days on Market all

of that uh in when we go over the market

stat so I'm not going to get too into

the Weeds on this I just want to show

you talk or discuss that both the

average and the median are showing the

same trend line that they both have been

increasing so basically no matter how

you parse it out right no matter how you

look at the data it's taking longer to

sell homes now than it did two years ago

um now depending on how you're looking

at this if you're looking at the average

it's taking twice as long to sell home

as it did in 2022 if you're looking at

the median it's taking four times as

long to sell home as it did in 2022 so

again if you're a seller you need to be

prepared for that it's just taking

longer right now to sell homes than your

neighbors uh experience a few years ago

when they sold even back in 2022 right

we're no longer comparing back to flawed

data in 2020 and 2021 when the market

was so insane no no no 20 22 yes the

market you know still hadn't normalized

yet um but it was a lot more normal and

even despite that we are see we still

are seeing some dramatic differences

from then here's one that we don't talk

about a lot how about garage capacity

okay I found this one to be

interesting 2022 the average garage

capacity was

1.48 okay in 2023 that ticked up to

1.52 and in 2024 it ticked up to 1.5

five um now this could be attached or

detached garage uh but I find it very

interesting that now we've had we we

finally crossed the 1 and a half garage

capacity threshold and it looks like

we're poised to keep going up people

don't want onear garages anymore they

want two three four car garages and

that's being reflected in the data and

again that's telling me that new home

builders have gotten with the program

they are basically only doing two car

garages now uh with some exceptions and

and what's interesting is that now we're

seeing a lot more town homes with

garages right there was a stretch where

town homes in Greenville weren't built

without garages um so now you know

whereas we had a lot of in the in the

data sample a few years ago we would

have a lot of zero garage homes being

sold now there's almost none of those so

almost every home now has a garage and

almost every new home has uh has a

two-car garage and that's what we're

seeing in the data um right now if if

you have a uh if you have fewer than a

two-car garage you're really in the

minority because the average right now

is

1.55 um and you need to be prepared for

that as well that does not help if

you're selling a home you don't have a

uh a garage that really hurts if you

don't you know if you have a onecar

garage that's better if you have a

two-car garage that's gold that's what

that's really what you want right now um

I think that we you know we're kind of

entering a a period here we we might

already be in it I don't know but with

where the two car two car garage is uh

comparable to the the primary bedroom

being on the main level right that's one

of the most uh that's one of the

simplest things that's like almost

universally wanted is for the main

bedroom the primary bedroom to be on the

main

level um and that's always a value ad

for every single home that's a value ad

um and we're starting to see I think

that the two-car garage is kind of being

similar to the primary on Main uh being

just kind of an expectation this is just

what people want now um all right moving

on let's look at foreclosures and short

sales um now we've talked about this a

little bit where we've seen more of them

but still not seen many of them and that

is reflected in the data as well these

aren't averages or medians these are

totals um in 2022 we had 51 total

foreclosures in 2023 63 and in 2024 69

now this is the multiple listing service

data and these are the ones that sold um

these don't include foreclosure sales

and things like that I don't talk about

I don't get into that data at all uh

when we're having these sorts of

discussions um but that's what that's

what we saw foreclosures went they've

been steadily increasing but but by

steadily not by that much right um they

they went up from 51 to 63 that's that's

a big jump right that's a 20% plus jump

um but then from 63 to 69 that's a 10%

jump um I'm

not that that doesn't really tell me a

whole lot outside of it confirms what I

already knew which was that I've seen

more but still not that many short sales

same story eight short sales in 2022 14

in 2023 and only 16 in

2024 uh basically didn't change uh year

onye with regard to that not a whole lot

of short sales right now um and you know

borrowers right now have a lot of

options if they get underwater on their

loans

uh there's a lot of things that they can

do in order to uh prevent going into

foreclosure or prevent having to do a

short

sale and so I think that these numbers

are going to continue to be quite low

particularly in the single family space

multif family space I could see them

being uh more in trouble there's fewer

options for them uh if they get in

trouble um but um but we'll have to

we'll have to keep uh keep watching that

because again we're not seeing a ton of

foreclosures in that space either um

Square square footage let's look at the

median for that the median square foot

uh for a sold home in 2022 was

1,868 that went up to

1,95 in 2023 and then ticked up only

slightly to 1,

197 in 2024 so uh the main thing is

we're seeing the trend line continue

again new construction is driving this

uh but this is what you're finding

people you know it used to be that an

average home was you know 13 14500 ft

people want more space now they want 18

19 2,000 square ft plus that twocc car

garage okay so that's that's what

Builders are having to uh fight against

that's why lot sizes are getting smaller

because it used to be you would throw a

12200 s foot home on a 1.2 acre lot and

people wanted that um and you could make

money doing something like that well you

can't make money doing something like

that anymore people don't want a 1200t

house they wouldn't and a lot of them

don't want the 1.2 Acres they might want

it um but then uh then they can't afford

to have all that they want so uh so

these are dynamics that we're seeing um

and the home builders are are are

basically following what the market is

telling them to do similar with HOAs

let's talk about HOAs for a second I get

a lot of questions people relocating

down here about

HOAs um I looked at both both uh how

many what percentage of sold properties

had HOAs and whether those HOAs were

annual or monthly and here's what I

found no HOA versus yes HOA okay in 2022

45% of homes had no HOA 54% 55% did have

an HOA that shifted in 2022 to 43% so it

went down 43% didn't have an HOA 57% did

and that Trend continued even more

dramatically in

2024 well I shouldn't say too much more

about the same about the same Trend 41%

no HOA 59% yes had an HOA um and so

we're almost at uh we're almost at 6040

now in terms of of closings whether they

have an HOA or not um if you are in a

home that doesn't have an HOA you're in

the minority um and guess what that

makes it more valuable in a in a lot

ways there's a lot of people looking for

no HOA anything that is in the minority

unless it's unless you're in the

minority because of something

undesirable um generally speaking if

you're in the minority in some way in

any of these numbers there is an

opportunity there for you potentially if

you're selling a home what about the

annual versus monthly

splits um annual was in 2022 was 76%

monthly was 24% of HOAs

um in

2023 basically the same it ticked up

slightly 76 and change uh versus 23 and

change but basically the same um for uh

with 76% being annual HOA roughly 24%

being monthly um and then the trend

continued with more annual HOAs fewer

monthly HOAs uh in 2024 it was 77

.5% annual HOAs uh versus 22.5% monthly

HOAs in 2024 um so interesting Trend we

are seeing annual HOAs uh increase and

monthly HOAs decrease people don't like

monthly HOAs okay um and you know there

were a lot of town homes built uh

between 2020 and

2022 uh people kind of felt forced to

buy them uh even though you know there's

very few people that prefer a town home

over a single family

home um over a detached single family

home um and so uh but those Town Homes

pretty much always have monthly HOAs

well I think we're seeing the market

normalize a little bit now people can be

pickier they don't feel like they have

to buy a town home or or a home with a

monthly HOA nobody likes to pay that I

mean you're talking about in some cases

an extra $150 to $200 a month that you

have to pay that's a lot of money right

right and for some people that's their

entire utility bill will be 150 to 200 a

month and you're just paying that

towards your HOA um nobody wants to do

that um so uh so we're seeing a a trend

line again I think Builders are are

realizing people don't want these

monthly HOAs they're not buying the the

town homes to the to the extent that

they were before um we need to shift our

strategy here and that's what they're

doing another question I get from from

out of town folks a lot basement homes

people from outside of Greenville

particularly if they're coming from the

north they're confused by our basement

situation down here right uh we don't

have as many basements as other parts of

the country do um despite the fact that

Greenville is uh is kind of hilly right

you would expect there to be more

basements here and I've talked about

this a little bit on the show in the

past but uh but unfortunately if you

like basement homes they are also in the

decline if you're in a basement home you

have a prime piece of real estate

because of this uh so 2022 8% of home

sold had a basement 92% did not in

2023 uh th those numbers came down a

little bit 7 and a half% roughly uh had

a basement

92.5% did not and then in

2024 uh that Trend continued to 6 and a

half roughly uh not uh 6 and a half

roughly per having a basement 93 and a

half roughly not having a basement

basement um and so the trend line is

again there are almost almost no new

construction basement homes being built

right now the ones that are are

anomalies right you don't see

developments coming in that are just

building basement homes what you'll see

is you'll see developments that are

coming in that are building a bunch of

homes and there's one part of the

subdivision that has like really steep

lots and they'll just throw a few

basement homes uh you know in that

section of the neighborhood just to make

just to make it work um this is what I

experienced when I lived in Chartwell

Estates I lived in the section of the

neighborhood that was right up against

the airport and there was a big big drop

off down towards a creek and so they

built a bunch of basement homes right

there and guess what those were the most

desirable homes in chwala Estates the

homes that have sold the best because

people love basement uh despite

appraisers uh hating them which they do

which we've talked about before on the

show uh but

unfortunately uh only

65% of homes that sold last year had a

basement so if you're wanting it you're

really up against competition with other

people that want those basement homes as

well all right last but not least I

looked at the the different ways that

people bought homes what kind of

financing or non-f financing that they

used and here's what I found cash

transactions uh over the past three

years 25.24% of transactions were cash

in 22 that ticked up a little bit to

25.2 n% in 23 and that took down a

little bit in 2024 to 23.5 n% if you

guys listen to my bold predictions I

said I expect that to continue to Trend

down a little bit in

2025 we'll see conventional financing um

now conventional financing is very

frequently going to be your uh your

stepup buyers right there are sometimes

firsttime home buyers that can get

conventional financing uh but these if

you're looking at your stereotypical

person buying a home with conventional

financing it's typically not a

first-time home buyer it's typically a

stepup buyer um and so here's what we've

seen uh conventional Finance purchases

in 22 54. 77% that went down to 50.1 15

uh% in 23 and continued down to

47.99 per in

24 um the stepup buyer is being crushed

by mortgage rates like that that's

what's happening here they are being

crushed they are they have golden

handcuffs as uh some people call it for

the home that they're living in mainly

for the mortgage rate that they have um

and they uh are are having a hard time

moving whereas normally they would have

already moved they're struggling to move

so we're at below 50% um I don't know

I'd like to to go back historically to

see how long it's been since we've been

below 50% of closings uh being

conventional cuz that's by far uh been

the majority of closings in the past uh

just anecdotally to me uh but we're now

at basically at 48% of closings are

conventional and uh and then the rest

are all these other options so let's go

through the other options

FHA okay this is your standard

first-time home buyer loan product 11.9%

of closings were at FHA in

2022 that went up to 16.2% in 23 and

continued up to 19 76% in 2024 expect

that to continue going up now from 2020

through 2020 through the middle of 2022

um FHA buyers were getting crushed right

because they're competing with all these

cash and

conventional uh borrowers that were

stronger borrowers um but sellers can't

be so picky anymore so now we're seeing

almost 20% of buyers having FHA

financing good if you're a first-time

home buyer that as much as anything in

this data indicates that it's gotten

better for you

VA uh VA contracts made up only

6.41% of closings in 2022 went up a

little bit to 6.87% in 2023 and

continued that Trend to

7.37% in 2024 so basically it's gone up

uh well it it went up uh yeah it it it's

it's gone up an entire percentage Point

essentially since

2022 um VA is never going to make up a a

huge portion of

transactions uh but this is a good Trend

right we need uh our veterans to be able

to afford housing and the VA program is

one of the crucial ways that they can

it's a great program uh the president uh

president Trump um he uh or

president-elect Trump I guess I should

say right now he um he expanded that

program greatly in uh in his uh first

term Biden uh expanded a little bit in

his term um basically everyone

acknowledges that this is a great way

it's a great benefit to help out

veterans it doesn't cost US government

as much as some of the other veterans

benefits but it's really really valuable

so I'm glad to see that tick up a little

bit last but not least USDA uh rural

housing loans these are uh you know if

you're if you're going out if you're

willing to live out into a rural area

you can access these loans um and it's a

way to get a great get a great loan

program with of often times a 0% down

payment no PMI all sorts of potential

benefits to USDA um but very few people

get them um in 2022 1.68% of closings

for USDA in 2023 1.5% and then 2024 only

1.28% so not a lot of USDA closings

right now um and again I think a lot of

this has to do with uh people are having

to buy uh in they're not able to to live

out in the country they're having to buy

uh closer to the city and they're having

to buy these newer neighborhoods that

don't qualify for USDA um and so we're

seeing that number come down quite a bit

so but the but there's one thing that's

true for all of these years and that is

that conventional dominated coming in at

roughly half of transactions and cash

transactions were second with roughly a

quarter and then the rest FHA VA USDA

make up the other roughly the other

quarter of transactions um and I think

that those numbers are pretty normal

it's just a it's just a matter of which

goes up and which goes down in a given

year um and I've already discussed some

of that so I'm not going to get any more

into the weeds but let me know that's it

for today's episode let me know if you

have any questions about any of that um

I'd be happy to to uh discuss that with

you guys you can comment on YouTube and

I will respond to that ask a question on

YouTube rate this show please and

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the show notes as well and we will talk

again next time