George Real Estate Group Radio Broadcast

What A 50-Year Mortgage Really Costs You

• George Real Estate Group

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Headlines promise quick fixes, but real estate rewards clear thinking and good data. We open the door on Henderson County’s market with a grounded look at what’s actually moving: listings are up, days on market are longer, and prices are holding steady thanks to strong demand in the $350k–$600k range. That context matters when you hear big ideas like a 50-year mortgage. We run the numbers on payment relief versus lifetime interest, slower equity, and the risk of higher rates or flat prices, then explain why real affordability hinges on building more homes, smarter zoning, and creative reuse of space.

From there, we zoom into the buyer mix that’s reshaping offers at the kitchen table. Cash buyers pulled back a bit, while conventional loans grew and FHA and VA surged—evidence that first-time buyers and veterans are stepping forward with strong files and practical expectations. If you’re selling, you’ll learn how to price to the market and structure terms that welcome every qualified buyer. If you’re buying, you’ll hear actionable ways to manage total cost of ownership, evaluate buydowns, and protect exit options without stretching for the wrong house.

We also share a mindset that cuts through stress: wealth equals what you have minus what you want. Measure progress backward—the “gain”—and decisions get easier, from choosing the right neighborhood to timing a move or a 1031 exchange. Our goal is simple: help you protect your wealth, preserve your legacy, and move on your terms with confidence. If you’re planning a change or just want clarity, tap play, then connect with us for a custom strategy. Subscribe, share with a neighbor, and leave a review to help more locals make smarter moves.

SPEAKER_01:

Hello, friends. Thank you so much for being here. This is the George Real Estate Group Podcast, which is a production of our live weekly radio shows hosted on multiple radio stations here in Hendersonville, North Carolina. The George Real Estate Group serves Western North Carolina and Upstate South Carolina, and it is a privilege to share positive news about our local real estate market and community. Thanks so much for subscribing. And of course, if you have any real estate questions or if we can help you in any way, be sure to reach out. Visit us at George Real Estate Group Radio.com for more information. Good morning and welcome to the George Real Estate Group Live Radio broadcasts here on the queue every Monday morning, sharing with you positive news about your local real estate marketing community. So grateful to be here with you. Can you believe Thanksgiving's around the corner? Christmas is around the corner. It's uh 2026 is around the corner. Not to rush it, but again, it's uh it's amazing how time flies when you're having fun. A lot to be grateful for, a lot to be thankful for. We're gonna jump into the number about what's going on here locally in our community with the real estate market and uh and just a conversation. And before we do that, if you're tuning in for the first time, the George Real Estate Group, we're located in Flat Rock on Rainbow Row. We serve all of Western North Carolina and the upstate South Carolina. We work in the residential market, we work in the commercial market, we work in the land market. We again, if you're in the second home market, uh we specialize in just helping our clients navigate through uh their goals and in regards to how real estate plays in. It could also be in in regards to you planning ahead with your estate, planning ahead maybe with charitable gifts, with thinking through, you know, maybe considering giving real estate as uh as a gift to charity, and there's ways to do that that can maximize things for you and for the charity. We work with you know helping first-time home buyers. We we are so grateful. We again across the gamut of what we're doing. We have incredible uh staff, we have incredible agents, we have incredible clients. We we love our clients, we're so grateful for our clients, and it's truly our clients that make it all possible. And it's and it's a privilege and honor to serve the community through real estate. Like I said, we help uh clients across the Western North Carolina and the upstate. We have a great team in place. And if you're thinking of buying, selling, or investing in real estate or career in real estate, we're growing our team as well. We are on track to help more people this year than we did last year, and that's uh in a market that's uh somewhat softening. And again, we'll talk to it we'll talk and share about what's actually happening in our local real estate market. We tend to use, I mean, we're located in Henderson County, so using Henderson County as the as a basis, we we also work in the surrounding counties, and we have these numbers as well, but like to focus on uh just when we're on the radio sharing about what's going on in Henderson County. If you are curious about other areas and other counties and other numbers, and or just about your specific and unique situation, your unique home, your unique situation, and we know real estate happens around life. It could be a really positive reason why you're buying or selling, it could be a challenging reason. Whatever it might be, there's the the care and empathy that we provide and and and the in whatever situation it is, we are enthusiastic about helping our clients. And and sometimes helping means maybe it's not the right thing for you to to buy or sell. And we're we're not afraid to say that, but you can call us directly at 828-3930134. You can find us online at realestatebygreg.com. You can also follow us. We podcast all of our radio shows. Find it on your favorite podcast platform. Uh we also have social media. We're on Facebook and Instagram. We had a number of open houses uh this Sunday and uh this past weekend, and a lot of activity there. Uh and the market continues to move. Uh we are seeing the market move, and I'll share with you what's actually what's some actual numbers. Um, year to date through the end of October, uh, there has been a 14.5% increase in new listings. So that's part of the dynamic. We've had an increased number of listings. Uh, if we look at year to date through the end of uh October, we've had an almost a 10% increase in the number of closed sales. And in a minute, I'm gonna compare the current 12 months to the previous 12 months, but right now I'm just looking at the through the end of October, year to date. The other fascinating thing is the days on market are taking longer, and that's the because of the increased uh increased listings, buyers have more choices, but days on market and cumulative days on the market until a sale are are up 40 percent actually. So, you know, the the the market's softening, but it's it's still holding. The the the market's absolutely still holding. And and if you look at year-to-date, um, year to date, uh through the end of October, the average sales price is is is less than a percentage different. Um also the the median sales price is is about two percent lower, uh, which again considering what's going on in in the economy and the market and the interest rates, you know, is it's just fascinating how our market is holding. Um and if you're thinking uh about buying or selling or investing, or again, your your family's real estate portfolio, we're having consultations all the time, providing options, some answers that might provide clarity for you as you're looking at the bigger picture. It's not just about the individual real estate, whether it's a uh land or a land lease or or or property that you have inherited or going to inherit, or it could be your second home, or again, could be your personal home, you know, whatever it might be, we'd love to have that conversation. There's a no there's no pressure, there's no cost, there's no obligation, and we've been helping provide information for our clients so they can decide what's ultimately what's ultimately uh right right for them. And so, you know, we love love having the conversation. We have incredible agents, uh, we have incredible uh staff, and and we'd love to love to have the conversation with you if it's something to you know to talk about. Here's something that you probably have seen on the news recently in the last couple weeks, the the conversation about the idea about a 50-year mortgage. Um and so this is interesting. President uh Franklin Roosevelt actually created the 30-year mortgage. Um, and this is interesting how this proposal for this 50-year mortgage, you know, there's a lot of conversations about it, but I want to take a candid look at it and whether it really makes sense or doesn't make sense. This is uh the Federal Housing Agent Financing Agency called the idea a game changer, but what does it really mean? You know, most mortgages today are 30 years, and then some a lot of people, you know, and some people get the 15-year mortgage. So the 50-year mortgage, which spread those payments out over five decades, you know, has it can lower the monthly cost and and on at least on paper, help people who feel priced out. For example, a third a$300,000 home with you know typical down payment, you know, uh, you know, the the 30-year mortgage home, that one of the scenarios has that uh at a 6.2% rate that that have that that payment around$2,300 uh in a 50-year mortgage at the same rate would be about$2,100. So does a 50-year mortgage save on the monthly payment? Yeah, it's it can save in a scenario, a typical scenario, it can save about$200 a month. But here's the problem with it. The and here's the part that matters more than the monthly payment. It's the true cost over time. You know, the the$200 a month savings isn't worth it. A 50-year mortgage dramatically increases how much interest the buyer pays, even if the interest rate stayed the same, which is unlikely, the total interest over 50 years is nearly double what you pay over a 30-year loan. And so you end up paying tens of thousands, and in many cases, hundreds of thousands more over the life of the loan. So while two hundred dollars a month savings sounds great, you're essentially trading that small monthly break for a massive long-term financial burden. And it's like saving a little on a car payment, but agreeing to pay, agreeing to drive the same car for 50 years, month to month it feels good, but big picture, it doesn't add up. And so because the 50-year loan is riskier, lenders would actually likely charge a higher interest rate, which could wipe out most of the savings, anyways. So for most buyers, the math doesn't work, and also with such a long-term loan, you'd be you're you would build equity much slower. And according to Redfin's chief economists, a wave of new buyers armed with a 50-year loans could actually push home prices even higher. So even though the the current president said in an interview that the difference between the mortgage lengths is not a big deal, uh a lot of economists strongly disagree. So even if 50-year mortgages increase demand, they don't solve the main issue making housing expensive. It's the lack of supply. And the U.S. is still short, over 1.1 million homes, and so we're and we're feeling that shortage right here in Henderson County and across Western North Carolina. We don't have enough homes hitting the market, builders can't keep up, and the competition among buyers remains strong. And so while the 50-year mortgage may sound like a bold idea, it doesn't address the real root of the problem. So could a 50-year mortgage help buyers qualify? Yes. But could it drive up prices, increase lifetime interests, delay equity, and saddle homeowners with decades of more debt? Also, yes. So this is a conversation worth watching and one that could reshape how Americans think about homeownership. And if you want to know how different mortgage products affect your buying power right now here in Western North Carolina, you know, give us a call at the George Real Estate Group. We'll walk you through the numbers. We have incredible uh partnerships with lenders, we'll look at the strategy, we'll make it what we'll we'll look at what makes the most sense for your long-term financial success. And here's the thing, home home ownership the the thing about this, the the the the the equity trap, you know, if you if you had a 50-year mortgage, it could take 10 to 50, 15 years before you've paid down a meaningful principle of the more of the of a meaningful portion of the principal. Another interesting thing is if the prices dip or remain flat flat, homeowners could come become trapped, unable to bring cash to the table. So again, there's there is some challenges and some risks of potential negative equity. So um again, this is a conversation. Some this is a conversation. Did you know some countries use mortgages that effectively get passed down to their children? And in a 50-year mortgage pushes that the the U.S. actually closer to that model, but but should a mortgage realistically outlive the homeowner? So all these things are are just part of the conversation. So again, true affordability comes when we have you know more inventory, more new construction, zoning reform, and converting unused commercial space, also incentivizing builders to create workforce housing. Again, without these longer-term, longer mortgages, simply stretch the problem, not solve it. So we want to have the conversation. How long do I realistically plan to live in the home? And will I be building any equity in the first 10 years? And so, you know, is this is this really helping me afford the right home or just a more expensive one? So, him, what if rates drop later and refinancing isn't an option? All these things are are again in the conversation. We'd we'd love to have the conversation uh with you in your specific situation, your specific and unique home, whether maybe you're a first-time home buyer, again, all of these options ultimately come to play to decide as we have these consultations. And so there as I've said before, we there's never any pressure, there's never any uh you know obligation, but if you just want to have a conversation with us, and again, we try to keep educating and and knowledge about what's happening in the industry, um, and we we can we love to keep you here informed on the radio show as well. Um I am gonna dive more into the numbers about what's happening in the current 12 months versus the previous 12 months. At the beginning of the show, I was sharing about what was happening year to date through the end of October, but we're gonna dive into that conversation and then uh I I love sharing some talking points about uh different uh different books that I've come across. And uh there was a book I recently came across, another great book by Morgan Hausell, uh, a great book. He he wrote a book called The Psychology of Money. He also recently released a new book, which is you might find this fascinating. You think everybody knows what they're how the how to spend their money, but he wrote a book called The Art of Spending Money, and it's called Simple Choices for a Richer Life, and that's been an another great book I I recommend. But you're listening to the George Real Estate Group live radio broadcast here on the queue every Monday morning. We have a short break, uh, but we have a lot more to discuss at right after this break, so stay tuned in. Good morning and welcome back. You're listening to the George Real Estate Group live radio broadcast here on the queue every Monday morning. Grateful to be here with you. We love helping our clients, we love serving our community. We have incredible agents, incredible clients. We and if we can help you in any way, it's a privilege and honor. And you can call us directly at 828-393-0134-828-3930134. Follow us on social media or on Facebook and Instagram. Follow us on your favorite podcasts, the George Real Estate Group is on all the podcast platforms, um Apple, Amazon, Alexa, Spotify, uh, you know, follow us and we'd love to connect with you. Certainly stop by our office anytime. Um, and we we would just love to connect with you and help in any way. And again, it's the wide range of situations that we help clients with. Of course, it's the traditional if you're upsizing or downsizing or right sizing, I mean it's your you're we're helping our clients navigate their personal home. We're helping our clients navigate through their second homes and investment properties. Uh, we help clients with their land. Uh, we help clients thinking strategically about their taxes in regards to real estate. We help our clients think about their real estate in regards to donating to charities. We think strategically about like 1031 exchanges, and and there's ways that you can actually make more money and pay less taxes through 1031 exchanges, and and we have solutions for that. If you're curious about that with your real estate, maybe you have uh large land tracks, maybe you have maybe you have commercial real estate and you're doing a land lease. I mean, there are and you and there's really some incredible strategic ways to take advantage of of the tax code, all amazing. And I we have great, by the way, we have great CPAs we partner with, great estate attorneys we partner with, great financial advisors. It's the bigger picture, and we'd love love to have the conversation regarding any of these uh situations, and and again, just providing information, providing clarity for you to consider and and how that how that could help you in options to options to think about, options to to consider uh in what you're doing. Um before I jump into the conversation um I uh about uh some recent books I've been reading and some concepts uh that I that I've heard um and and and this is maybe not maybe again that something I heard recently is and I'm gonna dive into this conversation, but you know, the the feeling of wealth is what you have minus what you want. And the wealth isn't actually about money, and that's that's something we're I'm gonna dive into here. Wealth is not about money, and we're we're gonna talk about that here in just a second. Before we do that, just uh a quick snapshot. Um, just a quick snapshot over the last 12 months versus the current 12 months in Henderson County for single-family homes. We've had a 10% increase in the number of single-family homes sold in the current 12 months versus the previous 12 months. That's even with higher interest rates, that's even with uh you know the the the Helene, the natural disaster, we've had a 10% increase in the number of single family homes sold in Henderson County. Even though we've had an increase, 10% increase in number of homes sold, we've had a s a 2% drop in the average single-family home price. So this is an interesting activity uh there's been activity more in the in the price range of$350 to$600 range. Um, you know, it's a we've had a shift in the mix of homes sold, and so again, a 2% drop. The average single-family home price over the last uh 12 months currently is at$539 and change. So even with a slightly lower average price, more homes sold. So total volume of home sales in Henderson County stayed strong. Uh, and that was up, of course, because the number of more more units sold. But the trend is the biggest trend, the strongest band of the market is this 350 to 600, which is carrying majority of Henderson County. But the other biggest uh change is the the the days on market. You know, we we are still in a seller-leaning market, but we've had an increase in the in the days on market across across the board. But the one of the other things to point out when I look at the current 12 months versus the previous 12 months, is we've had a slight decrease in the number of cash buyers, about down seven percent, but the number of conventional loans is up eight percent, but the biggest increase has been in FHA. FHA uh loans are up 123%, as our VA loans are up 41%. So the first, you know, one of the things that we can interpret from that is the first time buyer segment is surging back in due to wage growth, the down payment programs, and also buyers are adjusting to new normal rates. So the the the market is strong, you know, even though cash buyers pulled back a little bit, the buyer demand stayed incredibly strong. And of course, I I will uh the the market in Henderson County remains healthy, active, and and very competitive. So um if you're curious about your specific home, your specific situation, you know, we'd love to have the conversation and provide information, provide clarity. We have a lot of people uh you know that are we're talking to. And whether you're ready now, or maybe you're ready in six or twelve months, uh there's no right or wrong time. It's really what's what's right, what's really what's what's right for you. Um, so I also uh I shared earlier again about the the conversation about wealth. I think it's important to talk about it, but it's it's not just wealth in the sense of like wealth is not about money. Wealth is about a feeling. Actually, true wealth is a feeling long before it's a number. Um, and and it's and it's and again, wealth equals what you have minus what you want. And so, you know, people think wealth is actually about adding more, more money, more house, more income, more stuff, and most people get it backwards. They think the feeling of wealth is on the other side of a bigger paycheck, a bigger house, a bigger savings account, a bigger lifestyle. But the the truth is if your wants grow faster than your haves, your wealth actually goes down. Think about it. Someone making 50,000 who wants nothing more than a simple, meaningful life can feel wealthier than someone making five hundred thousand dollars who constantly feels behind. You know, it's not the size of the bank account, it's the size of the gap between between your desire and reality. And so the gap, you know, where stress lives. If you're feeling stressed about money, if you feel like you're behind, if you feel like you're you're chase, you're chasing something, you know, it's it's always, almost always, because your wants are outrunning your haves. And so this is a psychological tug of war. Morgan Housel talks about in his book, The Psychology of Money. Saving money is the gap between your ego and your income. You know, wealth, real wealth, is the gap between your expectations and your blessings. And so, you know, you close that gap and your stress goes down. Widen the gap, and your anxiety skyrockets no matter your your income. And so, you know, this is this is I love the conversation. I've talked about this before, the the conversation about the the gap in the game, you know, where you are versus where you want to go looking back, looking back and and putting perspective. You know, it's it's about you know, and I love this other book, The Gap in the Game, Dan Sullivan and Dr. Benjamin Hardy, and it's they they talk about the gap as when you measure your life forward towards an idea, the goalposts always moving, the I an ideal that it's always moving, you compare yourself to where you should be, what you don't have yet, what someone else has, you know, the perfect version of the future. It's the place of you know, quote, not enough. And so when you're in the gap, you're once expand, your dissatisfaction grows, and no amount of achievement feels like progress. So you can be making more money than ever, living in your nicest home ever, and still feel behind because the gap is a mindset of chronic scarcity versus the gain. The gain is the opposite. The gain is when you measure backwards from where you were to where you are now. And so you compare yourself to your past, you compare yourself to your progress, your growth, your wins, your resilience, the challenges you've overcome, and the direction of measurement instantly shrinks the space between your haves and your wants. And in the game, you feel grateful, you feel grounded, you feel wealthy, you feel abundant, you feel motivated, you feel stable. You don't feel wealthy because you suddenly have more. You feel wealthy because you're measuring it correctly. And so the difference, you know, here's the magic. The the gap widens the difference between what you have and what you want. The gain shrinks the distance. So the wider the distance, the poorer you feel, the smaller the distance, the wealthier you feel. And this is where and why someone making sixty thousand dollars can feel rich while someone making six hundred thousand dollars can feel broke. It's not about the money, it's about the measurement. So when you're in the gap, you're once ballooned out of control, and when you're in the gain, you see how blessed you are already are. Again, perspective. So the gain is the gateway to feeling wealthy right now, not someday. So, you know, you don't need more to feel wealthy. You need to shift how you measure wealth is what you have minus what you want. The gain is how you shrink the gap. So it's perspective. It puts, you know, look how far you've come, look what you've accomplished, look what you've overcome, and again, the progress, look at your resilience. Again, it's perspective. Perspective changes everything. And again, don't compare your insides to someone else's outsides. And again, you can be caught up in the trap of keeping up with the Joneses. And we certainly see that in real estate, but again, the we here and here's the thing. At the George Real Estate Group, we just we don't just talk about buying or selling homes. We talk about the psychology behind the decisions because wealth isn't just a number, you know, it's a feeling. And that that feeling comes from living in the game, not the gap. And so when you measure backwards, when you appreciate what you have, when you get clear about what really matters, the gap shrinks, the stress clears, and life gets richer. So wealth is what you have minus what you want, and the moment you move into the game, you realize you're already closer than you think. We're so grateful to be here with you every Monday morning right after the 9 o'clock news. We're here every week, Monday on the queue. And of course, we'd love to connect with you. Give us a call directly at 828-3930134. You can find us online at realestatebygreg.com. We podcast all of our radio shows. Uh, you can follow us on your favorite podcast platform. But of course, if we can help you in any way, give us a call 828-3930134. Have a great day, and we'll see you next Monday. You've built a lifetime of strength, wisdom, and independence. And here's the best part you still have it. Every decision, every step, every next chapter is yours to choose. Selling your home isn't about letting go, it's about opening the door to more freedom, more time for what you love, more energy for the people and passions that matter most. At the George Real Estate Group, we believe independence isn't behind you. It's right here, right now. Our team goes beyond buying and selling. We're here to help you protect your wealth, preserve your legacy, and make sure Uncle Sam doesn't become your biggest benefactor. We'll guide you every step of the way towards your next chapter, your next opportunity, and your freedom on your terms. Call us at 828-393-0134. Find us online at realestatebygreg.com.

SPEAKER_00:

The George Real Estate Group has the experience of selling over 1,200 properties and serving over 1,200 families with their real estate needs in Henderson County and throughout Western North Carolina. The George Real Estate Group is located in Flat Rock, North Carolina, near Hendersonville in Henderson County. You can find them online at realestatebygreg.com. The George Real Estate Group can be reached at 828-393-0134 or stop by their office at 2720 Greenville Highway, Flat Rock, North Carolina. Tune in live each week on Monday mornings at 905 on WTZQ FM 95.3 and 1600 AM, or stream online at WTZQ.com.