Real Estate Radio Show with Lennox Scott
Southern Oregon Real Estate Radio Show with Lennox Scott
Full Video Transcript Below
Real Estate Show with Lennox Scott
Alice Lema: [00:00:00] Well, hey, Southern Oregon, welcome back to the real estate show. I'm Alice Lema. I'm a broker at John L. Scott real estate here in Southern Oregon. And today we are welcoming, the amazing Lennox Scott. He is the CEO of John L. Scott corporation, and he is also third generation, real estate person in his family.
We're so excited to have Lennox. He comes on the show a couple of times a year, and we're going to talk to him about what's happened in 2023. We're going to recap. We're going to talk about what it's like to buy and sell during the winter sessions. And also we're going to talk a lot about 2024. So it's going to be a great, great chat with Lennox Scott.
He's going to be here in just a quick minute. While we're waiting, let's check briefly on our local statistics. Let's start with Klamath County this week. This is for single family residential only. Prices in Klamath County year over year are down 22 percent this week. The [00:01:00] average single family residential home costing 364, 751 in Klamath County this week. The number of solds year over year in Klamath County are up 90%. We had 19 closings in the residential area this week. The number of listings year over year in Klamath County are up 11%. Yay at 20, I'm sorry, with, 272 active listings in Klamath County this week.
Josephine County prices are up year over year 8 percent this week. Yay for that. The average single family residential home in Josephine County this week costing 500, 533. The number of sold year over year in Josephine County this week are down 4%. We had 22 closings in the residential single family area. The number of listings in Josephine County this week year over year are down 7%. With 352 active listings in Josephine [00:02:00] County this week.
Jackson County prices were up 2 percent year over year, the average now being 535, 909. The number of solds year over year in Jackson County were up 6% this week with 51 closings in the residential single family home market. And the number of listings year over year in Jackson County this week were down 8%. We had 711, active listings in the residential single family home market. So still some volatility, but still some signs of, of, optimism.
We're going to welcome Lennox Scott as our guest this week. he'll be on right after this quick break. We're going to be brought to you by John L scott, Ashland Medford, Guy Giles, Mutual Mortgage, and our local Rogue Valley Association of Realtors. We'll be right back with Lennox Scott. Don't go away.
Well, good morning, Southern Oregon and welcome back to the real estate show. We are delighted to welcome Mr. Lennox Scott on the [00:03:00] show today. Thank you so much Lennox.
Lennox Scott: Well, thank you Alice.
Alice Lema: This is always such a treat, and here we are almost at the end of 2023 and what a year we've had. Oh my gosh.
Lennox Scott: Well, it's, such a unique, time in the real estate industry and, and so I know we're gonna have a chance to go through that today, and I do appreciate being invited back onto your show.
Alice Lema: Well, Southern Oregon loves you and we always learn a lot and, also feel very motivated, with your words.
Lennox Scott: Well, thank you.
Alice Lema: So would you like to start maybe with the first part of 2023? Maybe recap what's happened?
Lennox Scott: Well this is a unique market. I've been in the industry 47 years. This is probably my fourth or fifth, adjusting market, cycle to go through. And this one is unique because, there's a, shortage of new resale listings coming on the market in the normal sequence. So what with higher interest rates, there's fewer buyers in the market and 70 percent [00:04:00] of them have a home to sell. So there's just fewer homes coming on the market that way. Then on the other side, a lot of homeowners refinanced at very low interest rates and they're staying put right now instead of, not quite as many doing that local repositioning move in in the in the community.
And so who's moving in today's market? That's one thing we, you know, should take a look at. And those there's 2 big areas. 1 is life events, and that would be household formation, change, change, job transition, estates. Those items life events and then there's those with major equity and that's probably 50 percent 50 percent of the market right now.
Those seniors, retirees with 100 percent equity and in many cases, and then others who have been in their home for 5 years may have 50 percent equity. And that's [00:05:00] also driving the market today because they're able to reposition. The interest rates are not as much of a factor in those, instances. So, with that as a backdrop, with fewer homes coming on the market, we still have buyers, especially below 750 in Southern Oregon, coming into the marketplace.
And then, and the luxury price points, those that are positioning their home to get sold, because you can buy and sell within same market timing, it's okay to do that. You buy and sell maybe in the spring up here, you buy and sell right now, just a little bit lower, but you're sitting, basically with the same net seller asset equity.
So that, that's what we're, seeing, taking place in the market that's keeping the market in motion. And the other statement I want to say is, what you see is what you get. So in 2024, we don't see that much of a change in the marketplace. but, we can chat about that in a second, [00:06:00] of, of the economist forecast.
Alice Lema: So, that's really, really interesting. One of the things we've noticed in Southern Oregon, we've, we haven't had as much of a price decline as was predicted at the end of 2022. It's really quite shocking.
Lennox Scott: Well, I did some quick calculations for Southern Oregon and 88 percent of the transactions are taking place below 750, 000. And there's price support because we're at a low, low inventory of unsold properties.
And now we're into the winter cycle, and that's a whole nother discussion. So there's fewer homes coming on the market over the winter. September is usually the high point of unsold inventory. January 1st is the low point. And so with that taking place, that's price support. And, and, there's just higher intensity, right after the first of the year, for homes going under contract within the first 30 [00:07:00] days.
It's lower right now, a couple levels of hotness from, the spring of this year. Because interest rates did go up and it, it, paused some buyers from, moving forward and purchasing. Below, but below 750, we have price support and there's a possibility of price increases in the spring.
Alice Lema: Wow. Now that would be something. What would, would it be, what would be generating those, price increases do you think?
Lennox Scott: Well, we're starting the first of the year at the low point of unsold inventory. Very few listings come on in January and February, not until March. And then you get April, May, June, July, August, where you get the majority of, new listings coming on the high point, on a monthly basis, but we're heading into winter.
We've started the winter cleanup right now with the inventory, right after the first year or snow event or whatever, right after the first year, the buyers come out of the woodwork after the holidays. But there's [00:08:00] just not the inventory present, and there's, just, there's fewer listings.
So we, in the wintertime, we always get the, about the same number of homes going under contract as new listings coming on the market. In the summer, there's more new listings that come on the market above the number of homes going under contract. So prices mellow a little bit. The intensity mellows during the May, June, August time frame.
But in the first of the year, it's right, it's right there. The home's under contract to new listings. And that's where price support and the possibility In the spring. Real estate follows a pretty normal pattern. And although the numbers of transactions are lower right now, because of those reasons I gave at the beginning here, we're, we're to the normal seasonal pattern of when homes come on the market and when homes go under contract.
I got it. They're at a lower level, but because of the [00:09:00] unique situation of the market, there's no oversupply in the more affordable and mid price ranges, where 88 percent of the transactions are taking place.
Alice Lema: Yes, it really is a dire straits for inventory in those lower, lower price points for sure. And we do seem to have a few more buyers than sellers still. What advice would you give a winter, winter sellers right now? People who maybe who don't want to wait until next year.
Lennox Scott: Well, it's part of that is taking a look at your area and price range and what your objectives are. We always get the question, when's the best time to sell your home? And the answer is when the, when the timing's right for you, because it's okay to buy and sell within same market timing.
So taking a look at where do you want to reposition? Where are you moving forward? That's the number one indicator, and what's your time frame to accomplish that. And if you're, [00:10:00] going to bring it on over the winter time or right after the first of the year, now's the time to talk to your broker associate, because, as a seller, you want to get market ready, day one, because it's all about, bringing the home on the market.
It's about the, buyers who are currently in the marketplace. That's your, and the best opportunity to sell your home at the best price is the first 30 days that it's on the market. So, it, it does come down to what you want to accomplish, and then looking at the local market, what is the peer group of homes that you're, competing against?
Where, and what I meant by that is, what are the other homes that buyers that look at your home would also look at. And then checking out what's going on in your peer group. You know, last week or last month, how many went under contract in your peer group? How many price reductions? How many new listings?
Those are the type of information you want to take a look at [00:11:00] to, to, figure out, how do I position my home? What is the right pricing? What is my, timetable? but we, right now we're, we're, at a, coming into a good place where the number of pendings match up really well with the number of homes coming on the market.
Alice Lema: Yeah, it really is a surprisingly strong and we're super grateful for that. What about interest rates, you know, we've had some surprisingly high number of increases more than we thought we were going to. Where, what are your personal thoughts on where those interest rate numbers are going next.
Lennox Scott: Well, Alice, that has been a surprise. Hasn't it? Yeah. Wow. They were not forecasting this a couple of years ago, but inflation got out of hand. They had to raise the rates up because the only tool they've had to cool inflation is to cool the economy. And in fact, it's in process. So, there's a couple of things [00:12:00] I, look at, looking ahead.
Job growth is the number one indicator to a strong market. And not only local job growth, but job growth in the major metro areas of where buyers also come from to Southern Oregon, from San Francisco, from Portland, from Seattle, and, and elsewhere. but those, Los Angeles, those are the big metro market areas for that.
So, job growth is slowing in the major metro market areas. there's actually, it's, it was doing really well until a couple months ago and now there's a couple yellow flags up, that the job growth is slowing and that's good for interest rates. And I think that's what, the interest rates went up to approximately 8%, but now they're back off about a half a point.
And part of that is that the, international investors realize, we're putting in a pricing premium on interest rates, not knowing if they're going to continue to go up. Well, [00:13:00] when that, when they saw that the Fed Reserve, paused in doing their rate increases. The international investors brought down some of that premium of expected increase in continual increase in rates.
There's another inflection point that's coming up and that's the appropriation bills in Congress. So right now we're going to be coming up against another debt ceiling limit, a national debt ceiling limit. and they'll probably postpone it one more time just because I don't think they're going to be able to get their work done, but they're going to try to get the spending in alignment in our nation because right now we're running a 2 trillion deficit just in day to day spending.
That's too much money. and that would keep rates higher or, you know, world investors looking at you got to get your financial house in order. So hopefully we get that more in alignment that will send a signal to the international investors that buy mortgage backed securities and other [00:14:00] bonds that we don't need to have that premium.
like we've been getting this last couple years asking for and so that itself could bring rates down. So two two good items, they're the pause and the Fed Fed reserve interest rates and hopefully the spending bills get in alignment so that we can reduce our need for selling bonds in our nation year over year. And so the economists, I read, many, many economists, what they're projecting forward, and they're projecting interest rates, into the upper sixes next year, maybe the second quarter, particularly Lawrence Yoon, the chief economist of the National Association of Realtors, he's, they're also predicting 6. 3 by the end of next year. And some are predicting, maybe, at 6 percent or so, in 2025.
So it's still not going to change the, that much, the amount of listings coming on the market, although, when rates do [00:15:00] come down, more buyers will come into the market. So there were, there will be some more listings cause, they have homes to sell, but at the same time, the intensity is going to go up.
Because there's going to be more buyers than new listings coming on, than new, new resale listing, additional listings coming on. So the intensity is going to go up, especially below 750, in Southern Oregon. that, that's going to take place. The big question comes in, you know, you're probably ready to ask it.
Alice Lema: Well, but we've got to take a quick break and I'm so sorry, this is so exciting. We're talking to Lennox Scott, the CEO and a leader of, John L. Scott corporation. We're going to take a quick break and say thank you to our sponsors, John L. Scott, Ashland and Medford, Guy Giles Mutual Mortgage, and our local Rogue Valley Association of Realtors.
We'll be right back with more Lennox Scott. Well, welcome back real estate fans. We've got Lennox Scott on the show today. And, right before the break, we were talking about predictions and some of the things that have happened in [00:16:00] 2023. And we were about to ask the big question Lennox, is it good to buy and sell now, or should you wait?
Lennox Scott: Well, yeah, that is the question that we get asked frequently, isn't it? Should we, should I buy now or should I wait until interest rates come down? And it depends. It depends, what you want to accomplish. You know, we help you move forward in life. So, what your timetable is, it's, it's okay to buy and sell now, especially when they're more affordable in mid price ranges.
We know there's price support. We know there's a potential that prices may go up in the spring. Even if they just went up 5%, on a 500, on a 400, 000 home, that would be 20, 000. Well, if you purchase today, there's a certain interest rate that you're paying right now, and if the rates come down, there is a monthly payment differential. But that monthly payment differential might only be 300, 400 in over 12 months. That would be [00:17:00] 4, 800. Well, if the price of the home goes up 20, 000 and you're saving 4, 800 by waiting, you need to take a look at the math.
So it really depends on the price range you're feeling about where interest rates are going to go. There's also, we see homebuyers looking at the possibility of buying down the interest rate being bought down the first year or two. They call it a 2 -1 buy down or a 1 percent buy down to bridge that monthly payment, a little bit lower monthly payment for a period of time. So we know buyers are looking at that and some sellers are offering that. So that, that comes into play, to, about where we're going in the future. But with a, those few indicators, going our way with the Fed Reserve, we're kind of at the pinnacle, it feels like.
I can't say it's, it's, it's an absolute. I'm not an economist, but it feels like we're at the pinnacle on rates and all the economists are forecasting lower rates. [00:18:00] So I, I can purchase today if I found the right home and potentially refinance down the road when the rates, rates come down. So that's, that's, that's the, the big question, for that.
Alice Lema: Well, and it's interesting because some of the buyers that waited out because of the volatility in 2023, we had the surprising support in the prices because of low inventory. And then they missed out. They missed out on having a home. They missed out on the little bit of appreciation. So timing the market is, is hard to do even for experts, right?
Lennox Scott: Well, it sure is. And I I've always had the statement over the probably the last 35 years. Prices are only going to go up and traffic's never going to get better, especially in the metro areas, the traffic will never get better. But in the more affordable and mid price ranges, there's just not enough homes being built.
And, the appreciation will, it tends to go up 2 to 3 percent on a yearly average over a 10 year cycle. So we're just at the, beginning [00:19:00] stages of the next 10 year cycle. Last year, 2022 was the major adjustment year. So we're just at the beginning of the next 10 year cycle. This year and next year the market will solidify and then we'll get back into a nice growth phase for the 10 year cycle.
So that that's how real estate goes and that's what I've experienced is this is my sixth 10 year cycle. I caught the tail end of the first one and then four in between and now this is the start of my sixth cycle.
Alice Lema: And they've all been 10 year cycles and there's always, a predictability to it. Is that what you're saying?
Lennox Scott: Yes. the very real estate is very predictable. We have a phrase in within John L. Scott, the 6 phases of the yearly housing cycle. So predictable. They go in 2 month phases. Then you have the 10 year cycle and then you have, items that come up on occasion. You'll like, and during that 10 year cycle, you know, anytime you really get oil prices going up, you get inflation and then the economy has to, [00:20:00] they have to cool the, the economy just, cools down on its own at that time. And so those things do, do take place.
Alice Lema: So what words do you have for people that are waiting for the crash to happen again? Because we still have quite a bit of, of that rumor going around that there's going to be a huge housing correction.
Lennox Scott: Well, what we're looking at, so the one, one segment that there's where we have good selection and good pricing also at the same time as the luxury price points. In southern Oregon above 750, there, there is inventory available. We are going to go through the winter cleanup, the luxury cleanup is what we call it, where listings expire or luxury homeowners that are selling their property take their home off the market and then reposition in the spring happens this way every year.
So we do get to a low point of luxury inventory. The 1st of the year the, the season luxury season really kicks into bigger numbers in March 1st. But you'll see some homes [00:21:00] coming on in February or so to, jump in, jump the market. And then we'll, so there, so in the luxury price points, what I really want to look at is again, where are you moving, your reason for moving, probably closer to family and friends, lifestyle, just downsizing, just repositioning for the environment. All those things come into play. Just like people move into your area in southern Oregon, it's paradise and people want to live in paradise. Well, that happens everywhere and there's different reasons for moving, especially those with major equity that we tend to see in the luxury price points.
So if I were selling a luxury property, I'd really want to know what's going on in my peer group. The other homes that buyers are looking at in my geographical area and price range, what's going on each week or and if I'm going to talk to a broker about selling my property, I want to know what happened last month and maybe the month before [00:22:00] that in my peer group. So how many went under contract? How many price reductions? How many new listings? So I can make an informed decision about pricing.
Because and then I'm going to look at, if I'm going out of area, I'm going to want to talk to the broker in the other area. Because the markets are the same almost everywhere in the nation that, is taking place right now. So what can I buy there? What's going on for appreciation and, all those sorts of things for where the destination where I'm going to, because that will inspire me locally. Well, if I buy here and, buy here and sell here, I'm okay. It's within same market timing. So how do I position myself to be the next home to sell in my peer group, if that's important to me. We already reached virtually 100 percent of all buyers in the marketplace, you know, through the internet, they everyone sees it all the, all the, Brokers, buyer broker representatives that are representing buyers. [00:23:00] They see the home in the marketplace. So, now it's just positioning for both a condition and price to be the next property to sell.
Alice Lema: You know, the market has been, interesting enough. We have quite a few for sale by owners, especially in the luxury market. It's, it's kind of interesting. what, what advice, would you give just in general why it's important to use a broker, especially in troubling times?
Lennox Scott: Well, when you use a broker, you, put that information out to all the other buyer broker representatives, representing buyers that the home is available for sale. You bring all that energy to your property. And, and that's why, homes sell. because you have, multiple sources of buyers coming in. You're just not advertising yourself. And and for for sale by owners. Yeah. Yes on occasion, they work out. But more than not, they end up, getting [00:24:00] representation to sell their property. Because many buyers just, there's conflict. Because buyers know that the seller is doing for sale by owner, so they discount the price right there.
And in certain circumstances, there's sometimes tension can happen. You know, when I have a neighbor telling me they're going to buy, or a friend telling me they're going to buy their neighbor's home, the first thing I say is, you better get a broker to be able to get this transaction together. I see too many instances where emotions get in the way and, and maybe it's, they're asking a little bit higher than where the market is.
Well, they're, on their price, you're, you're thinking it's too high, but if you have a broker, they can get the, comps in there. They can have a conversation to figure out what is the right price, for the buyer and for the seller, in negotiations to get to.
Well, that's the same thing, for sale by owners, but, but using a broker [00:25:00] to be able to, get that transaction moving forward. And it's, it's, the market knowledge, it's negotiation, you know, for buyers, it's, market knowledge, negotiations, helping them package themselves to get buyer ready to create certainty with sellers, that they are a legitimate buyer and ready to go. Because that helps in pricing. It's knowing the market, market timing, strategies of, purchasing a home, all those things come into play on the buyer side.
And of course, on the seller side, it's about, showcasing their home in the best light to get the best price. Yeah, it is definitely a much better experience for both the buyer and seller if a broker is involved. And there's a lot of good technical reasons for that too. And Alice, I just want to say, you know, when my wife and I, when we purchase a home, we get a broker to represent us.
Alice Lema: Oh, you do?
Lennox Scott: Yeah. I, I, you know, me, I have a license and I can probably go in and try and negotiate. I don't know the nuances. [00:26:00] The, the consultation, the being able to communicate, and represent, to have representation is so key. I would never purchase a home without a buyer. I mean, without a buyer representative, representing us.
Alice Lema: Well, look at that folks. Lennox gets a broker. That's how important it is. Speaking of getting a broker, there's been a lot in the news lately about, NAR and buyer agency agreements and, some shifts in the industry, would you be able to speak to some of those trends that are coming up?
Lennox Scott: Yeah, sure. so the buyer representation agreements are, are, coming into, play and, and it's, a, understanding between the buyer broker representative and their client. And this is a good thing, because what it does is it, it goes over our, we can, we go over our services and, our representation, because, you know, being a buyer representative, we partner [00:27:00] with our client as their personal representative.
That's what the buyer representation agreement goes over, and it goes over the compensation that we will receive. So there's total transparency of what's taking place. We believe in personal representation. That's the key of representing a seller, but also in this case, representing a buyer. And so it's an, it's an understanding, it's a commitment level, it's being their advocate, the experience level. The, the trust involved and it's, it's not only negotiations, but it's also, networking with other brokers to find out, the nuances to the transaction. So we can get it, you know, that we can move forward and get it, get a house for someone. And, and so that's a big part of a buyer representation.
Alice Lema: So, we just want to prepare people, that that's another piece of paper that's going to be presented, on the buyer side.
Lennox Scott: Yes, and, some states, it's already a state law. [00:28:00] Others, it's being, proposed to their, legislation, for within the state and, and we'll be seeing more and more of this, coming forward.
Alice Lema: So, so don't be surprised if that, that piece of paper gets brought up. Folks, we're talking to Lennox Scott, CEO and, head of John L Scott Corporation. We're going to take a quick break and take a word from our sponsors, which we're very grateful for. And we also want to remind you that this show is going to be broadcast again tomorrow, Sunday at 6pm. And you can catch everything Linux has to say one more time. We'll be right back.
Well, welcome back to the real estate show folks. we're talking to Lennox Scott, CEO and head of John L. Scott corporation. Thank you so much again, Lennox for your time.
Lennox Scott: Well, thank you.
Alice Lema: Right before the break, we were talking about, the new trend of buyer representation agreements and some of, the reason it's great that this is happening in our industry. Can we, finish that? [00:29:00]
Yes. So in buyer representation, our job is to help our buyer client buy the right home at the right price. And that starts from the buyer consultation that we have. So we can go over what's, what, what's important to them. What are the nuances of, of, their desires within the home?
Because many times, we're near a hundred percent of buyers look at the internet during the home search and they introduce homes to us. And we need to take it through our filter also. Is this truly the right home? Or are there other homes available? That they really, we, we think that would be good for them to take a look at so they can make that decision in looking for a home.
So it starts out with that buyer consultation. Of course, if they need financing, but we have many buyers that have a lot of equity, but financing is still a situation that we really want to help our buyers get packaged, so that there's that certainty for, for the sellers and then, the right [00:30:00] home. It's, walking throughs, it's, just experienced eyes wide open, and, and in talking about the inspection, the, you know, what, what, the review of the inspection, the purchase agreement, all those items that we get involved with. And then the close working with the closing service providers to to manage our way through. There's title reports. There's getting the timing down, right. All those things, again, come into play as the property transfer then happens down the road.
So, we help you buy right at the right price. That's a John L. Scott phrase that we, we've been using. It really is kind of a complex, process on the buyer's side. I think people don't quite understand. So, buyer representation agreement, is a good thing. And, we're kind of glad it's coming, coming down the pike.
We've got lots more and not much time. How about, 2024? We started to touch on that, [00:31:00] in the earlier segment. Let's, let's go back and flesh that out a little bit. What do you see happening?
Lennox Scott: Well, we're at the low point for numbers of transactions right now, just because of the reasons we brought up earlier. But with interest rates coming down, I was taking a look at Lawrence Yoon's forecast. I'm going to call it a forecast, not a prediction, but a forecast for the numbers of transactions. And the forecast right now is that the second half of next year, 2024, the number of transactions will be up 20 percent above what they are this year. For because interest rates are coming down more buyers in the marketplace, a few more listings that just gets you 20 percent more transactions. And then it will carry forward a year, year, forward the whole complete year after that in 2025. So, that will just bring more intensity, into the market as we, chatted, with earlier.
Alice Lema: So, increase a number of transactions. What do you think about [00:32:00] prices? What do you think will happen with prices?
Lennox Scott: Well, with more, intensity, the interest, the spring, this spring is going to be really, the intensity always goes up one to two levels of hotness in the spring, and then it mellows out in the summer. So this coming year, we're going to have that intensity increase in the spring, one to two levels. But then as rates come down there will be more listings than homes going under contract. But it may only come down one level of hotness in the in the summer, even though the summer is the highest number of transactions on a monthly basis. it's just the intensity comes off ever so slightly. But and then we'll go into the fall again. And in the spring of 2025 will be could be very, very intense.
Alice Lema: So when, when will we have normal, it's been such a long time. Do you, do you want to speak to that?
Lennox Scott: Yes. So, so, normalcy looks like, in many markets year 2018 and 2019, [00:33:00] that would be the normal sequence of when homes come on the market and there's enough, the interest rates, were lower than where they are right now but, there, there was no, real, restriction of, transactions or listings coming on the market. It was a normal flow. And we're running below normalcy right now, mainly because of the higher interest rates and just fewer homes coming on the market, fewer buyers into the marketplace, fewer sellers in the marketplace.
So, what will happen is even if rates do come down to a six and a half towards a mid next year, we're still going to have, a shorty of listings coming on the market because of the interest rate differential. And it's mainly local homeowners not repositioning on a local basis because they already have their home at a very low interest rate.
So they're just not coming on in the normal sequence or buying in the normal sequence. And so that's going to extend for [00:34:00] sure in 2024. And then to some degree, years ahead. And then it will even itself out as life events happen and people, move forward, in life. And, you know, so those things will, take place over the years ahead, but, we're, we're going to be in this situation for a while.
Alice Lema: Well, but it's not forever. And that's, that's the hopeful hopefulness. And speaking of hopefulness, John L. Scott has a community contribution as part of its corporate motto. and you, do a lot of, giving, just as a corporation. Can we talk a little bit about that with a couple of minutes we have left?
Lennox Scott: Oh, sure. So thank you. So at John L. Scott, we have a John L. Scott Foundation and then our local offices also get involved with community service of being a contribution. And what this is about is, you know, we sell tens of thousands of homes each year, but as a company, our higher purpose is living [00:35:00] life as a contribution. And that's one of the great joys in life is being a contribution to others. And we do that Within our work of being a contribution to our clients, supporting our teammates and then supporting the community. And we, we get involved with several projects that way. And then experientially, we take this home to a family and friends community in place of faith.
And so this, this is a, our core value. it's a, true joy. All of us together in the company, give out of our commissions to, to, to a foundation and to our causes. And locally, you've got some big projects.
Alice Lema: We do, and it's coming up. Our Earth Angels Foundation, which a lot of our local agents at John L Scott contribute their commissions to, puts together food baskets, for needy families. And, it's quite a huge, huge project. In fact, it takes over our entire office. And if anybody's ever seen our office, it's huge. And we're very, very [00:36:00] excited to be offering that, coming up here for the holidays. We're very, very proud of that. earth angels, food basket drive.
Lennox Scott: Well, and I know there's just such great energy in the office and joy, being a contribution to others. So, thank you on behalf of the community. And I just want to acknowledge, what you're doing.
Alice Lema: Well, it really is, a pride, to be, associated with John L Scott and, Lennox we thank you so much. We only have a few minutes left. Do you have any other words that you'd like to leave?
Lennox Scott: Well, it's what's going on the market. This is a moment in time. It's a time to reposition and we really see those in motion are those with major equity. They're they're moving forward in today's market. They've been waiting through the, the pandemic during that ultra frenzy market. There may be some weren't able to move right there because you couldn't find a house. Well, right now you can get a house in [00:37:00] that destination area or reposition locally to move at this time. So that that's a real blessing. And then we will, as the market unfolds and comes back together, this year's ahead. It's just very, very, exciting time. So what we do is we focus on each individual client. It's one client at a time. What's important to them, because, because that's where, you know, the, the, the trust and the business, takes place.
And, you know, about 80 percent of our business is repeat and referral business from the people that, that we know that we've, really taken on to be our clients. It's not a customer relationship. It's a client relationship. And, and that's what, drives our business just as we, use their services, when it's appropriate for us or refer people to them.
And, and it's just all of us, we're all connected. We want all of us to help uplift each other, in the community. And you just have that taking place in Southern Oregon.
Alice Lema: Well, thank you again, Lennox. [00:38:00] That's just wonderful. And, maybe we'll get to speak with you again in 2024. Thank you. All right, folks, that's it.
Have a beautiful Southern Oregon week. We'll talk to you next time. Bye now.