Welcome Home with Monique

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Good morning. This is Monique Buchanan, the host of the welcome home with Monique show. And on this show, I talk all things real estate. Listen, I want to thank you for tuning in. Well, hello, hello Las Vegas, Nevada. It is Monique Buchanan, the host of the welcome home with Monique show. And you're K u and v realtor. Listen, I hope you guys are enjoying it this weekend. We have a lot of folks graduating I want to give everybody a big shout out to all my people that are graduating congratulations. And a special congratulations to my god daughter Gianna and her bestie Madison. In fact, I'm about to head over there now to celebrate her graduating from faith Lutheran So congratulations, Gianna and Madison. Listen, I also want to give a congratulations to yet again some more of my k u and v buyers. Listen congratulations Miss Perla and Dalia. They work together. Ms. Delia listens to the show. And she said she sent me Perla who will be closing on her property on the 15th of next month. And then now Miss Delia is ready to rock and roll and I've just got her approved, and we're gonna get her a home next. So congratulations, you guys. And thank you for listening to the show. What Listen, guys, we've got a great show ahead. I just want to talk to you guys about the current market. And what that looks like right here in the Las Vegas Valley. So right now, you know, and of course he don't quote me, okay? These are just estimates, I'm just regurgitating what my lenders have told me what the rates are right now. So on my way, in my lender, one of my preferred lenders told me that it's sitting at around 6.125 for FHA and around 6.25. For conventional, of course, that depends on a number of different things, your your credit, score your debt to income, what does that mean? That means how much you're making versus how much you are spending on mortgage, you know, credit card payments, that's what your debt to income is. So it's, you know, it plays a part into what rate you're going to end up getting. So a lot of times people will call me and say, Monique, you know, I've got a 750 credit score, you know, will I be approved for 700,000. And I just have to let them know, hey, the credit score determines what rate you're going to get, in other words, how much you're going to pay for the loan. Okay, that's what the rate is. So that it doesn't really go off of your credit, what the approval amount goes off of, is pretty much your credit, obviously a little bit of that, but your debt to income. In other words, if you're making, you know, $7,000 a month, but yet you're spending on bills, you know, 4000, then your debt may be a little bit high the debt to income, because there's only leaving you about $3,000. To function with. Does that make sense? So in other words, if you had two people, one made 7000, and their debt was a total of, I don't know, 2500. And these are just random numbers, guys don't quote me. But 24 I'm just trying to give you an idea. One person makes 20 or spends 2500 a month on their bills, and the other person makes the exact same amount, 7000 a month, but they spend 4500. Okay, so the person that spends 2500, we're just going to pretend they may get approved for a, you know, $500,000 house, whereas the person that spends 4500 on bills, credit cards, car notes, they may only get approved for 380. Okay, so that you know, and these are just, I'm not a lender, I'm just giving you an idea. So you kind of understand how it works, but that's how they kind of determine how much you will be approved for. Okay, so it doesn't really go off of your credit, the credit will determine how much you will pay for the loan, which ultimately does affect how much you're approved for right because it obviously if the lender says hey, you have a high debt income, so you can only afford to pay $1,800 A month because of your debt for mortgage, then that's going to lessen how much you're approved for so it kind of like intertwines, so just you know, I hope I didn't confuse you guys too much, but just keep that in mind. Alright, so I just want to kind of lay that out. So I was over visiting one of my best friends Miss Alicia, over a great American pub. I went over there just to have lunch with her and was chit chatting with her. Whenever I'm closing a deal on that side of town, Fort Apache and the 215 always swing and see her. So when I walked in, she said, you know, Monique, I was, you know, working. And I heard some folks talking about how there's a bunch of foreclosures on the market, and foreclosures are back. And you know, everybody's losing their homes. And I said, What? And see, this is what happens, you guys, I'm like, Oh, my goodness, you know, for the love of God. I'm sorry. But I'm like, no, no, that's absolutely not true. But that's what people do. You know, when we're at work and all that people start, you know, regurgitating things that they've maybe heard online or something like that. You guys is just not the truth is is not the truth. So what I did right in front of her was I pulled up my MLS, I have the entire state of Nevada pulled up. And guess how many foreclosures in the entire state of Nevada? 25. You heard me right. There are only 25 foreclosures in the entire state of Nevada. So I don't believe that's, you know, foreclosures are back. I don't you know, we're not there yet. Definitely not there yet. You know, people are keeping their homes. Most people that purchase homes have equity in their homes, they're sitting on two 300 400 $500,000 worth of equity. So why in the world, would they be losing their homes? You know, they're not, they've gained equity, they've made money, they need to take a loan out on that to pay bills, or do whatever they need to do. They can take a hit, you know, yeah, him luck out and pay those bills. So they're not in a position where they're losing their homes. That's not we're not there. You guys. Thank God, we are not there. So it's so funny, because as I'm showing and explaining to her gentleman, he was, you know, sitting there having lunch, he was a truck driver. And he said, Well, I'm listening to you. And I heard the same thing goes, but I'm so glad to hear that that's not true. He said, I'm a truck driver, I'm looking to invest. I'd like to you know, since I don't want to live in a property full time, because I'm on the road a lot. I would like to go ahead and invest in some property. And so I started talking to him about something that I thought would be perfect for him because he was about to move back in with his mother, because it didn't make sense to pay a whole rent when he's never here. So what we talked about the palms place and you know, there's a couple of the high rise condominiums that allow air b&b, it's legal people don't realize that Airbnb is technically illegal in Las Vegas, and you can Google it. It's illegal. We're one of the cities that is actually illegal always tell people, hey, casinos don't want you in their pocket. Just being honest, you know, so people still do it. We all know that. But technically, it's illegal. They're actually working on some things right now to try to get it to where you have to have like a business license. And you can do it legally. But anyways, I don't want to speak on that because I don't know the ins and outs yet. In fact, it's not completely settled yet. But as of right now, there are five high rise that will allow you to legally, Airbnb, you guys have heard me talk about the palms place. There's, you know, there's many more, there's like, well, not many, but there's four more. So we started talking and so he's gonna go ahead and take a look at a couple next Friday. And it's a perfect situation for him because like I told him, Listen, you can Airbnb these out legally, it can be an income producing property for you while you're on the road. So instead of losing money, paying rent, you can be collecting some rent while you're on the road, and also making equity on your purchase my brother, I sold him a pomps place back when COVID was going on. We got it for around 180,000. And now he can sell that for 330. So he has made some serious equity just in that short amount of time. Thank goodness that he went ahead and bought and he's also made residual income from renting it out. And then when he's in town, just like my truck, my new buyer client, he can utilize it. So he can tell the managers because they do have people that will run it for you. They have on site management there, you can do that route, or you can do a third party route, they charge a little bit less. So they will flip the properties for you. In other words, they'll get the people in there to clean them. They will they know the market. So they know that there's conventions in town, and they can hike up that price a little bit and make a little bit more money. So they know all that they know the things that maybe you don't know. So they'll rent it out for you keep it clean, get it rented, you know, and then all you'll do is contact them just like my brother does my brother in law and say, Hey, I'm coming in this weekend. I don't want you to rent it out. So don't book it for this weekend. I'm going to utilize my property for myself. Or if you have family coming into town, they can utilize it who doesn't want to stay on the Strip. Because you know, most of these properties are like right on the Strip. Or they're just very near the Raider stadium so they're gonna stay rented out. You know what I mean? Even the palms place they told me even during COVID They were at Around 90% capacity, right? So the money is there. So why not go ahead and you know, make some income while you're on the road as a truck driver, or maybe you live in another state, but you still love Vegas and you like to pop in from time to time. And you would love to go ahead and let your family and friends and yourself you know, use your, your beautiful high rise, condo. I mean, who doesn't want to look out at the strip and you know, just beautiful comes with a lot of amenities. So yeah, that's definitely an option. And guess what, you guys, you can still get one of those properties that I'm speaking of now, it would be the studio option, which is fine. You can still get those for under 300,000. You heard me right, who doesn't want to live in a luxury high rise condo in Las Vegas, or at least you know, have the ability to you know, use it whenever you so choose and make money off of it from others visiting Vegas. So anyways, guys, that's still an option. I still sell quite a few of those because you know, hey, they make they're making the income. So there it is, you guys. So anyways, I'm taking him out just from that conversation with my best friend about the so called foreclosures being back. No, no, they're not bad guys, at least from what MLS is showing me. There's 25 foreclosures in the entire state of Nevada. All right. So I just wanted to give you guys like an update on our market. Once again, this is Monique Buchanan. And I am the host of the welcome home with Monique show. I also have a YouTube channel that you can check out. And at that is welcome home with Monique, my website is www. Welcome home with monique.com. You can reach me at 70298437007029843700. All right, so let's jump back into it guys, it's still a buyers market here in the Las Vegas Valley. Listen, this is been, you know, a buyers market for us since about July of last year. So almost we're coming up on a year because that's when the Feds raise that rate and kind of slowed all my buyers down, you know a lot of them. They just, you know, hey, the rate almost doubled what they would pay in mortgage. So we went from like a 3% rate to a 6% rate. Well, that doubles my mortgage payment. You know, so unfortunately, a lot of people could not move forward with the new mortgage payment after the Feds raise the rate. So what did that do that created a buyer's market. So that was good for the buyers not so hot for my sellers. You know, but I will say this, you know, it's it's almost evened out right now, I almost feel like it's Even Stevens, you know what I mean? Because my, my sellers, they have a lot of the sellers have come down on price. And when I say come down, I just, I feel like they just come down to reality, because it was so inflated before, you know, there was multiple offers. And you know, the prices were getting, you know, bumped up so much that now it's just where I feel like they should be. So it's not that they're, you know, losing a lot of money. They're just having to be more realistic with the pricing. Okay, so I feel like that's where we're at. So they're still making great money on the properties. When I do sell them. We're still selling for a great amount, and they're still walking away. And there's plenty of activity out there you guys, let me see if you hear you hear people saying, oh, you know, the markets dead, it's slow. I don't know where they're talking about because I have like eight buyers that just got approved. And they're buying homes and we're closing homes. And I've got sellers that we've closed homes on and hey, they're getting top dollar. So I don't you know, I'm just here to tell you that I don't see it. If that's what's you know, you're hearing also just like the foreclosures. MLS says there's 25 in the whole state. So try to just, you know, try not to pay attention to what everybody says, reach out to a professional and ask them directly. And I am and listen, I'm here for any of your questions, you can always email me. You know, it's welcome home with Monique at Gmail, or Welcome Home Show, I'm sorry, welcome home show 91.5 at gmail, if you want to just email me or you can even just text me if you don't want to have a whole long conversation. That's fine. I'm here to answer your questions. Okay. So I'm here to answer those questions. So I don't want you to be deterred by somebody, you know, within your maybe your job or wherever you're hearing. And they mean, well, maybe they heard it off of YouTube, you know, there's a lot of YouTubers out there spreading things that are just not true. Or maybe it's true for their market. Maybe those people live in a whole different market. And so for them, whatever they're saying is true. And now that gets you know, told to this market where it does not apply. So that's all I'm saying. So if you have any questions, I'm here to assist into, um, you know, honestly tell you the truth. Okay. Well, this is what I know. And this is what it is that as far as I know. And then you guys can do what you want with that, but I just don't want you to do missed out on an opportunity. Because you heard something that really didn't apply to the Las Vegas market, we are still in a very a shortage of homes, we have a low inventory still to this day. So please, if you if you know anything about supply and demand, obviously, you know, if the supply is less than than the demand, the demand is high. What does that do that it's going to raise the prices of whatever that thing is. So homes, we are in a shortage, but yet there's plenty of people out there that are wanting to buy. So how in the world? Could the homes come way down? It's, I don't see it? Why would it? I always tell people it's like the Playstations. That's like during Christmas when there's very few Playstations for your grandbabies. You're out there trying to find that PlayStation like Arnold Schwarzenegger in that movie. You know, the toy that everybody wants? But you know, there's very few out there. Can you imagine this? The toys, the toy stores are not going to put it on sale? Why would they put it on sale? That doesn't make sense. So high demand for it. So just keep that in mind. So when when people tell me? Oh, you know, I wonder if the prices are going to come back down where the homes are 200,000. I just let them make now. I'm sorry. No, no, unless something catastrophic happens. And I don't, of course, I don't have a crystal ball. But I don't see that either. Because Las Vegas market is still hot. We still have so many things happening that are first time things, you know, with all the sports that's coming here, you know, people are flooding us from California to get away from the high prices. Now. There's so many California folks that have really relocated here. And I would like to say welcome. But yeah, they've relocated here to get away from those high prices. But listen, our prices are climbing as well. So it is it is what it is. Okay, Monique, you can and this is a welcome home with Monique show. And my phone number is 70298437009843700. You can catch my episodes and previous episodes on YouTube. Welcome home with Monique show. And also you guys, I'm on Spotify, Apple, I'm syndicated on all the pod. I have a podcast called welcome home with Monique as well. So you know you can reach me. Okay, so let's just dive back into the brand new homes. Okay, new home construction. I'm talking about that today? Because I think I've mentioned to you guys, there's been a couple of people that have reached out to me, and you know, unfortunately, one person lost $8,000. You know, and I like I tell folks all the time. Okay. When you walk into that beautiful, you know, it's just the weekend, you just want to go tour some properties and look at the brand new homes. First, first things first, when you see that flag out there that says starting at 700,000. Just know that that's exactly what they mean, it's starting at that. So then you're not you know, you have to understand that you have to buy the locks, in most cases, and the locks can go all the way up to 200,000 depending on what community you're looking at. Okay, so people are always kind of shocked when I tell them that they'll say, Monique, I seen some properties over here. And they're only 400,000 I'll say yeah, okay, those are 400,000 Without the dirt to build them on. You know, so you have to buy that lot premium. You also need to put your upgrades in there. And sometimes I mean, that could be even just putting adding doors there's one builder that charges you for doors. So you know it's almost like an ala carte you guys so it starts at 700,000 but we're like if I took one of my clients over Centennial Hills, that price was starting at 7000 by the time we were done with the design center, you know the pocket doors sliding all the way to create that open you know everything that she's seen in the model she pretty much was like oh my goodness, you know, I want most of this stuff. I want the floor. I want the pavers I want the covered patio. So after we were done, we started at 700,000 Well that contract was wrote for almost 900,000 She spent quite a bit on her upgrades you know her lot premium was I think a lot premium was about 40 grand. And that wasn't even a corner lot you guys so just know that that then that's what even the lower the lower end new homes, same thing. You know, a lot of them will have less lot, you know, maybe like I said four to 10,000 or whatever if it's a corner lot, maybe 20 or whatever, but just know that it's ala carte. Okay, so I know that you guys like to drive around on the weekends and go look at homes, but I I almost beg you, okay to please reach out to a realtor. Hopefully, it's 702984 3700 But yes, reach out to a realtor because all I have to do is walk you into the property and simply register you and then you can come back as much as you want. That way you do not lose representation by a realtor. And but we'll meet, it's a new home, I don't need her. I need a realtor. You know, what's funny is I had a girlfriend call me and she says, Monique.

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I have a friend and her husband's telling her, we don't need a realtor, we're just gonna go to the new homes, and we don't need a realtor. And she said, I'm telling them, you know, to give you a call. So I talked to the, to the wife, and she says, Yeah, my husband was just saying that his mom and dad bought homes, brand new homes. And, you know, they never needed a realtor. And I said, I understand that it can seem like that, because thank God, that during that nine months, nothing major popped up, you know, because here's the thing people don't don't seem to realize, for one, why would you go to court without a lawyer, especially when the lawyer is, you know, a public defendant? No, seriously, because the builder typically pays the realtor, okay? So I'm getting paid by the by the builder, okay. So, it's not like you're gonna save money by, you know, not having a realtor, right? Because the builder already factors that in to the, you know, to his cost. All right. So you're not saving money by walking in there without a realtor. But you know, what you are doing, you're putting yourself at some some sort of a risk. Because here's the thing. You see, when you walk in, you see the salesperson, and that's what they are, they are not your realtor, they are the builders sales person, they represent the builders interest in the sell of that property, they do not represent you, and they will tell you exactly that. I do not represent you. If you'd like to have a realtor, you need to have the realtor when you walk in. And it's normally they'll even have a little sticker, please walk in with your realtor. Because if you want to be represented and have a liaison for that whole nine months it takes to build a home, that who knows what could go wrong. Within that nine month, there's so much that could go wrong, I hate to say in a nine month periods, right? You want someone that has the knowledge of selling brand new homes, okay? You want a realtor? Who knows what's in that 130 page contract that you're not reading all the way through? They know what to kind of warn you about, right? Because why? Because I have your best interest in mind. I want you to know, hey, you're my buyer. I know you're excited. But let me negotiate some better terms for you. Because I'm a realtor, I know how to negotiate the terms I know the market, I know that if it's a list like a seller's market, we're more than likely going to have a you know, a tougher time getting these incentives from the builder. But because I have relationship with the builder, that's another reason you need me to represent you as a realtor, really, because I have relationships with many of the Builders here in the city, you guys have heard them Come on the show. And I let them talk about their products. They know who I am, they know get my que un be buyers have to get special treatment. So you know, thank God for that platform, you know that they do know that. So they will call me with special incentives for my buyers, they will call me with what we call quick move ins. So you can move in right away, you don't have to wait for it to be built. They'll call me with all kinds of things. But they'll also let me negotiate some, you know, really good terms for my buyers as well because they see me quite often coming in bringing them business. So that's something else then rather than somebody just walking in off the street, maybe you won't be able to negotiate those same terms that I would be able to negotiate as your realtor. Okay, so I can leverage that relationship. Okay, so those are you know, that's a couple of reasons why right? Another thing is it saves you so much time I mean if you're ready to buy a brand new home and your you know time and gas okay, gas is not cheap. So you're driving all around looking for flags. No, I can make a shortlist after you give me you know what you're looking for for you your you know your preferences, I can simply plug it into my you know, my platform and I can find the brand new home so we have a platform that's called new homes that were able to jump on and so all the new builders put all of their prices in there they put everything where they put where the you know actual location is so we can drive and show you the brand new models and things like that so it'll save you a lot of time there's things that can pop up you guys that sure you can walk in there and and hope that the salesperson you know you know makes sure you can hope that she puts everything you talked about in that contract so that it actually happens but why hope when you can have a realtor to make sure that everything that we talked about that you promised me miss you know Mr. or Mrs. salesperson shows up on my clients contract. Okay, so that has it has to be in writing. They can promise the moon in the stars but it is not on that contract. Obviously, they don't have to provide it. And you know, sometimes we can forget about what they promised us, but the realtor won't. I won't, I'm taking notes on a listen, I'm looking over the contract to make sure all you know, the incentives that we discussed are in my clients contract. And then throughout the nine months, I'm there, if anything goes wrong, or if any, any issues pop up, and there are many issues that can pop up. Okay, you guys have heard me talk about little examples, you know, for instance, the design center, you buy a $500,000 house, okay. And you know, that's the base price, you get in that design center, and you just go crazy, you want the best of the best. Now, that property is, you know, going to cost you 590. Well, okay, no problem. You're like 590 spine, your lender says, Hey, no problem. You're approved for 625. And you can do 590. Great. So we're moving forward. Now. We're about to close on the deal. Guess what, you don't have a realtor, the appraiser comes out to that property and says, Well, it's nice that you chose all this, you know, marble, and all this stuff that you put in the house. But unfortunately, you know, the comps, in other words, the property's just like this in your community, none of them did all this. And I can only appraise this house for 560. You said, Well, what do I do now? The builders gonna say you owe me $30,000. That's what you do. So that's the thing is that these are the little nuances that are within many of the contracts, okay? Typically, this is what's going to happen, you are liable to make up that difference, because nobody told you to go in there and go, please, your realtor wasn't there going, listen, hey, I need this to appraise. And you know, I did a comp, and we have to, you know, keep our budget at that, you know, 560 mark. So I don't want you to spend more than 60,000 in here. That is what your realtor does is your best friend, they're your best friend. You know, by your side looking out for you, you guys. So there's no reason to purchase a brand new home without your realtor. Like I said, the builder already puts it into the, you know, today's figures when he, you know, thinking about selling the properties, he already knows that or expects you to have a realtor. That's why if you don't walk in with your realtor, initially, hey, it's gonna save him money. Is it gonna save you money? No, not at all. So just keep that in mind. You guys. It's you know, it's nothing. It's just a quick text message, hey, I'd like to go view these properties. This is what I'm looking for. In a brand new home, I'm looking for this area, I'm looking for that area. And that way, you know, I can send you a shortlist and then I can meet you out me one of my team members can meet you out of the property get you registered. And then you can go back as many times as you so choose with your family and friends, you know, as many times as you want, okay, so just don't go alone, you guys, please, I keep getting these phone calls. You know, Hey, I didn't know I thought the guy in the you know, office was going to represent me. But then when I needed an extension, because something popped up at the end of the deal, you know, I don't know, my spouse lost their job and, and now we needed an extension. So I could add my dad on to the loan. But I needed you know, we're supposed to close, but I needed two more weeks. But I didn't have a realtor. And that's why okay, because your realtor will jump in, I will jump in and say hey, I need to get an extension. And because I do have that relationship with these builders, they're more likely to give me that extension Monique, no problem for your buyer for your que UMB buyer. I will give you that extension. And let's go ahead and get this deal closed because guess what? It doesn't behoove them to give person extension in many cases or depends on the market. Because if the markets hot, they don't grant you an extension you're in breach of contract. Now they can relist that property as a quick move in with all the upgrades already done. And they're gonna make even more money you guys than what they agreed to nine months before, right? So there you go. I hope you guys know this is from the heart. I love you guys. I have your best interests at heart always. I'm always going to be straight, you know, straight up with you. Tell you just how I would tell my cousins and family members. You know what's going on. So anyways, I pray you guys have a blessed weekend. And until I hear from you, my number will play at the end of this message. All right, talk to you next week. Thank you for listening. Please remember all terms discussed are simply an estimate my license number is S 1788 46. My phone number if you'd like to contact me is 702-984-3700. You can also find me on YouTube and please join me tomorrow at my church Living Word Church on hassle. I'm part of the EXP Realty Group. Alright, tune in next week.

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