Welcome Home with Monique

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You see me on the

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Good morning Las Vegas. Thank you for tuning in. I am Monique Buchanan with Deville Realty Group. And this is the welcome home with Monique show. On this show, I'd like to enlighten future homeowners with the home purchasing process, as well as the home selling process. So thank you for tuning in. Well, good morning, Las Vegas, it's Monique Buchanan, the host of the welcome home with Monique show. And once again, I have a great show for you today. I wanted to you know, take a little moment and just say thank you, all of you that tune in, I got a couple of calls over the weekend, you know, from some of my K UMB listeners just basically thanking me for the show, and the, you know, the material and the content that I give every week, you know, with a bunch of information that hopefully helps you or if not you a family member into home ownership. So I just want you to know that that really warmed my heart and I just I just want to say thank you so much. If nothing else that makes my day knowing that this, this show is benefiting someone. So thank you so much my my wonderful listeners at K, u and v. All right. Well, with that being said, let's go ahead and jump into our current market. Okay, so our market is still hot, hot, hot, you guys. Okay? I like to compare it to the weather. Okay, we were all you know, miserable. You know, a couple of weeks ago, when we were going through our, you know, 114 hurting 12 degree heat. And now we're, you know, we're getting 100 degrees, and we're happy it's cooling off the guest way. It's still hot, right? 100 degrees is still hot. That's basically like our market. You know, it's starting to level a bit, but it's still extremely hot. Okay, so for my buyers, we're still in the position that you're going through multiple offers, and you have a bunch of competition on any homes that are basically under, I would say, even 500,000, you're going to have quite a bit of competition. Even people that are looking at properties between 750 and a million are still having multiple offers on them. So our market is still very hot. And the reason being, like I've said time and time again, is because for years now Vegas has had very, very little inventory. And now with you know, lumber shortages and everything else, it's even added to that. So we still have extremely low inventory here in Las Vegas, for that matter across the country. So yes, our market is still very, very hot. Okay, and I have to give a shout out to my Seahawk fans. Now I gotta tell you, I am bold. I have to be bold. Because I was born in Seattle, I'm always going to be a Seahawks fan. I'm going to the game this Saturday with my husband. I'm pretty excited. I'm a little worried. You guys pray for me. My girlfriend has season tickets. Thank you, Becky. And we're going but we're obviously going to be sitting on the writer side. I'm going to have all my Seahawks jerseys. So if this show is not going on next week, you'll know why.

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So anyways, shots out to my Raiders fans as well because like I said, I've got to be bold, but got to I live here in Vegas. This is my home. And I was born in Seattle. I was born a boo boo. Okay, so now that I got that out the way. So like I said, our markets hot. You guys know I love brand new homes, brand new construction. I got a couple clients that are closing at the end of this month. Congratulations, Jay. And Glen, and of course the lindows Katrina, and Clem. Congratulations, you guys. They're getting their keys at the end of this month, and Jay is getting his at the end of next month. Now. Listen, all three of them will be walking into their properties, when I give them the keys with over $30,000 in equity. That is just amazing. You know, listen, whenever you don't put 20% down on any property, you get hit with something called PMI is what we call but it's it's your primary mortgage insurance. Okay, so what that does is it usually tax on about 150 to $200 or more on top of your mortgage. So obviously, if your mortgage is 1500, now it's going to be 1700 because it's paid within the mortgage. And just in case you didn't know your mortgage is actually three bills wrapped in one. I always break this down for my buyers so that they understand you're not going to be running down at the end of the year to pay taxes because your mortgage amount that whatever that amount is includes your taxes. It also includes your hazard insurance on your home, okay, so God forbid a fire or something like that. Your insurance is covered through your mortgage, you pay that with the principal and interest. So in many cases when you're, you know, looking on third party websites, and they're telling you that this big beautiful home a 400 1000 the monthly payments only, you know, 1400. Well, what that is, is for one, it's if you have an 800 credit score, okay? And for two, it's if you're putting like 20 or 10%, down more than likely 20. And it's just basically reflecting your principal and interest payment. Okay? So when you see that really low number, and you get all excited, oh, wow, that's great, I can do that. Just remember that you're gonna have taxes added on to that. And your mortgage insurance premium if you do not put that 20% down. So anyways, back to my story. Or, well, I'm going into this story. So Demetrius was, actually he's an ex Raider. Yeah, I actually, I just closed on his house in April. He's an ex Raider, and he bought his house. Let me see, we bought that back in November. But I gave him keys in April. And he made over $50,000 in equity, by the time I gave him the keys. So it was great for him. And now it's been a couple more months, and he's up to $70,000 plus an equity. Well, what does that mean? That means that, hey, Demetrius, you can go ahead, and you know, have an appraiser come out, appraise your house cost, typically around $500, prove that you have made 20% equity in your purchase, and present that to your mortgage company, and they, they will drop that mortgage insurance premium. So now he's so excited, because he's going to have that dropped. And that I think it was a little over $200, that's going to come off of his payment per month. So you know, look at that, you know, he bought his house less, you know, with less than 20% down. But as soon as he bought the house a couple months later, he was able to go ahead and get rid of that mortgage insurance premium that they tack on whenever you don't put the 20% down, which reminds me of another story actually just about what was it two, two months ago, two and a half months ago, family member called me and he was interested in purchasing a brand new home. And I told him, you know, hey, there's long list everywhere, you know, throughout the community, let me do a search. Let me contact a couple of my people over in the brand new homes to see if there's anything available, basically standing inventory, or what we call a spec home, which is typically built out within the next couple of months. So I did that. And I was able to find him. One of my you know, single storey beautiful house, and had over $20,000 with upgrades, it was actually their last one that they were going to go ahead and sell as a spec. And we secured that property Now mind you, his beautiful young wife. And by the way, they're both young, they're like 28 years old. She was nervous, you know, she was a little nervous, because she's like, Oh, my goodness, we're gonna spend $340,000 on this house. And, you know, it was not huge. I believe the square footage was around 1500, maybe 1400 square feet, three bedroom. But like I said, all the upgrades, great sized backyard. But she was nervous. And I understood that. But now she's so excited and so happy that they did it. Because listen, they stopped selling spec homes for that builder period. So they literally got the last one, or we secured that last one for them. And now they're selling that same property, okay, that they purchased for 340, just like two months ago, they're selling them for like 375, almost 380. So they've already made equity. And once again, they have not received the keys. And they see that this market has went up even just within those two months. So now she's looking around, she called me the other day and said, Monique, I'm just so happy that we went ahead and and, you know, signed on the dotted line and got that property because now there'll be an before Halloween, and they're so excited. So yay, I'm excited for them, too. So, like I said, once again, congratulations to Jay and to Katrina and clam. And of course, Mr. Glenn, I'm so happy for you guys. They're moving into their brand new homes. And if you're just tuning in, I was just going over the market. This is Monique cannon with the welcome home with Monique show. If any of this interests you, my phone number is 702984 3700. Again, 702984 3700 Welcome home with monique.com is my website. Guys, if you've never jumped on my website, jump on there. It's so much fun really it is if you're like into looking at houses, or maybe you're moving here from California or from anywhere Chicago, New York, wherever it's a great resource to find out, you know, what the areas are. within our community. Here are our city here in Las Vegas, all the communities are on there. It's got like a breakdown, it even tells you what kind of schools are there, the grades of the schools, it has everything you can think of on my website. I even have nosy neighbors. So if you just want to find out how much that household down the street, so you can you know, get an idea of how much your house is going to sell for. It's on there as well as well as I give free evaluation so you can just you know, email me from there. Maybe you miss my phone number, you can contact me through my website. Welcome home with monique.com you can get like I said a free home evaluation where I'll tell you around what your homes are selling for its toll only free, there's no commitment. But me and my team would of course love to help you, but it's a resource for you. So welcome home with monique.com Jump on there if you so choose. And so anyways, back to the market and the show that sometimes I get carried off. So sellers, if you have been thinking about selling, I'm telling you guys, you know, winter is coming, okay. Every year, winter always cools down the buyers, okay, they've already you know, quite a few buyers have already sidelined, I've had quite a few of my buyers, and my colleagues, buyers say hey, you know what we're just gonna, we're gonna wait and just wait it out for a little while and see what happens. You know, and so a lot of them are sideline right now. But when winter comes, it always slows down when the kids go back to school, you know, holidays are coming. So a lot of sellers are pulling the trigger right now, because they realize that winter is coming. So if that's you, my number is 702984 3700, I can go ahead and tell you how much your property is worth. And I'm telling you 90% of the homes are selling in less than 30 days. And I'll be honest with you, I believe that there's probably you know, probably more of those are selling quicker, but the only reason is, they are sitting on the properties and just taking in as many offers as they possibly can, of course to get the most bang for their buck, you know. So that makes sense. Now, if you have unfortunately received the letter in the mail, a notice of default, that is something that's near and dear to me and my broker's heart, and he was on last week talking about it, me and him came together and helped a elderly gentleman that was actually a retired vet. And he had been in the property for over 20 years. Him and his wife purchased 20 years ago, and they were sitting on a little over 100,000 At the time, this is right before COVID. Now, he had gotten a couple of letters and you know, just didn't know what to do. And that's the case with a lot of people. So one thing you don't want to do is ignore the mailbox, you need to be reading your letters, because they're gonna have a sale date on there. So if you want to save that money that you have worked so hard for, you know, and that equity is yours, if you do not, you know, go ahead and do what's called a pre foreclosure sale, which is something that I can do for you, if you don't do that you risk letting the bank take all of your equity. Okay, so you definitely don't want to ignore the, you know, the the letters, go ahead and face elephant in the room. That way you can avoid a foreclosure on your credit, which is horrible to your credit, you can also turn around and purchase again, once those lates fall off, you know, and you're able to reestablish your credit, maybe it's six months, maybe it's a year, but you're able to turn back around and take some of the equity that you are able to secure from selling the property, and go ahead and buy again, if you so choose. But if you don't do that, and you just continue to, you know, ignore it, and hope that it goes away. You know, we're trying to work something out with the banks, a lot of times the foreclosure department in the bank, you know, communication isn't that great. So maybe they tell you that they're going to work something out. But the foreclosure department doesn't even know about it, and they've already started the process. So that is something that you can be up against as well. So it can be swapped out from under you. And I'd hate to see that happen. So if unfortunately, you're going through that 702984 3700 We can help come over and advise you if nothing else give you some direction. Okay, so anyways,

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so let's get on a lighter note, student loan people. I've told you guys in the last couple of weeks, and I'm trying to just keep repeating it because it's something that just happened a few weeks ago, HUD has changed the guidelines on the 1% rule. Okay, what is that money, the 1% rule was that the lenders when you went to, you know, apply for a home loan, the lenders had to take 1% of whatever your debt was in student loans. And, you know, basically use that towards your debt to income ratio. So if you had $100,000 worth of student loan debt, they had to say, okay, you've got $1,000 monthly payment, even if that wasn't the case, they had to put that number into their figures. And a lot of times what that did, unfortunately was, it would either cancel out the deal for you getting a property at all, or it would make your approval so little, that you really couldn't even afford a home. And right now our median home price here in the valley is around 400,000 That is just crazy, you guys, you know, but you gotta think about it. We've had such low prices for so many years compared to the other major cities in America. So eventually it had to correct itself. So now, you know we're at 400,000 is our median home price? Well, if you've got $1,000 You know, debt that you have to pay per month plus your car notes, credit cards, you can see how that can rack up and unfortunately, you know, cancel out your you know, your chances to become a homeowner. So I'm happy to tell you guys there is no light at the end of this tunnel. They just changed that HUD guideline. And now you can make a payment as low as you know, set up a payment as low as $1. And they'll use that. Okay, so for more information on that, I will get you with my lenders, I've got over 10 and they will assist you with that 702984 3700 That's my number 702984 3700. Again, you can email me or contact me if you didn't quite catch that number. If you're driving and you're not able to write it down, you can always contact me on my website. Pretty easy to remember. Welcome home with monique.com There you go, guys. So listen, let's go ahead and start talking about some of these properties that are readily available. So if you have already been approved for a home and you've been looking looking looking, you're on a couple lists around the valley, but you're just not able to find anything. I've got one that I'm pretty excited about four bedroom, dual master you guys one master is downstairs and the other is upstairs. This is a jewel very hard to find. Once again, this is a brand spanking new home. Okay, just fell out of escrow. So the price is the price. It already has a bunch of upgrades which I'm going to kind of touch on selling for right under $385,000. You guys you heard me right, four bedroom dual master. One master bedroom is upstairs. The other master is downstairs. Okay. Square footage is 1763 square feet. All right, like I said, it's got upgrades already guys, it's got white quartz countertops, 18 by 18, tile flooring, okay, you've got new carpet, of course, you got 42 inch cabinets in there, pavers come in the driveway, tankless water heater, and the list goes on and on. Alright, so this particular property is not on the MLS, it was sent to me by one of the new homebuilder sales associate. So basically, if you're interested in this property would need to move quickly. My number is 702984 3700. And the reason being is obviously, it's not gonna last very long. It's a four bedroom, they're like, you know, finding a unicorn. But especially because it's a brand new home, it'll be ready in September. Okay? Once again, just under 385,000. So if you're already approved, or you know, even if you need to be approved, you know, and you're pretty sure you can get approved for that amount 70298 or 3700, I will get you with the new home builder associate and she'll get you going. And there's no waiting list. And you will not find this property on the MLS, it was sent directly to me for my clients to check it out and you know, hopefully get a or be able to purchase. So once again, four bedrooms, one master up one master down, okay 1763 pits were beat just under 385,000. Now we do have a couple models that are being sold in around my Mountain's Edge community. So southwest area. And the models come with all the you know, bells and whistles you guys.

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So when you're walking in there, and you see all you know, the beautiful furniture, it's been professionally, you know, interior designed. So you're able to purchase those properties. Of course, at you know, the cost is a tad higher, of course. So just so you know, you get all of the upgrades, you get the landscaping, it's already done. So you don't have to go paying for that the furniture is included. So maybe you already have a home in California or somewhere and you want a vacation home here in Las Vegas. Well guess what, now you don't have to run out by all this furniture, it's already beautiful and ready to move in. So we've got a couple model homes southwest area, like I said, they're around Mountain's Edge area, and one of them is 2605 square feet, three bedroom, two and a half bath. It has a DIN and a loft. Okay. And they're selling that one, just under 578,000. Okay, so now I do want to mention this with the models, the price is, of course higher than the average home sales price in the community, because obviously it has, in many cases over $50,000 in upgrades you know, so just keep in mind that it won't appraise more than likely for what it's selling for because you know, when you do the, the appraiser is not going to take in consideration furniture. So that's why that's going to be the case. So typically, the builders are looking for a cash buyer or an investor because if it doesn't appraise you'd be expected to pay the difference. So therefore, you know, if you're getting a loan, you'll have to pay the difference. If it appraises I don't know $20,000 Less $30,000 Less you would have to make up the difference if you used a loan. So just keep that in mind when I'm speaking about the models. They do come with everything. You know all the bells and whistles. You know all the landscaping is done and Like I said, that one was 2605 square feet in the southwest, that's pretty good size home. And it's going for just under $578,000. And if you're just tuning in, and you're interested, you're out there looking and you're having a hard time finding a brand spanking new home without having to get on a waiting list. You know, my number is 702984 3700, I have access to quite a few properties that are standing inventory, or what we call spec homes, where we're basically they'll be ready within the next month or two. And they send me a list all the time of what they have totally different price ranges, all the way down to, you know, $282,000, all the way upwards of $750,000. So, and more, you know, so just keep that in mind, if you're looking for a brand new property, Moni you can and is your resource I love brand new construction. So second option that you have is a 2308 square foot home, it also is a three bedroom, two and a half bath, it does have the length, the length, the loft, but it just doesn't have that den. So the the other property had 2605 square feet, it had a loft and a den, this property is going for just under 570,000, brand spanking new, ready to go. I believe September is when you can get keys, and it's just under 570,020 308 square feet. It has the loft, two car garage, of course, and all the landscaping and all the furniture comes with the property. So you're you're getting it all you guys you can literally just walk in, you don't even have to put furniture in the home, it's there, ready to go frigerator all that all the appliances, everything is what you see is what you get, just like when you're walking through the models, that's what you're buying is the model so you know how you're doing and on. So anyways, I had a, you know, some buyers from California, they sold their condo out in California, and they came out here and they were you know, just wanting a vacation home. And so the models really appealed to them. Because now they don't have to worry about furnishing it, it's ready to go. So when you know that their grandkids come out to stay, they already have beds, they have everything that they need to enjoy it as a vacation home, it just you know, makes things so much easier. So once again, cash buyers or investors, or if you have a loan, just realize that it will more than likely not appraise when you're purchasing the models because the appraiser doesn't take in consideration furniture. And that just makes complete sense, right? So keep that in mind. Now, I want to, like pivot a bit and go to my buyers out there that, you know, say, Hey, I don't need all that that big of a home. I'm just looking for something, you know, just for me or, you know, just something on a smaller scale Monique? Okay, well, they, like I said mentioned before, they do have some properties brand spanking new, that will be sold for like around $283,000. Those are in Henderson actually. And they look they're going to close the end of September. So there's still some properties out there that are going to be closing fairly quickly. So maybe you're selling your property, and you need something that you'll be able to obviously transition into fairly fast, you know, fairly quick, so you can kind of make it a smooth transition. So I can list your property and then you can move into this brand new home within a month. So I had a past client of mine reach out she's interested in selling her property. And I just had to explain to her Okay, great, we can sell she wants to buy brand new property, new construction. I said, here's here's where the issue kind of lies. Where are you going to stay while it's being built. Because obviously, if you're going to sell your home, you have to have somewhere to stay. Yes, we can do what's called a ramp back, I can request that you get a rent back, but typically no longer than maybe 45 to 60 days, on average, is what you can get for rent back. In other words, you can stay in the property after you've sold and collected your funds on the home. Basically, you become the renter for your new buyers, that that can happen. But just know that when you're dealing with a builder, you listen their money's riding on you selling your property. So they a lot of times they'll have some requirements. The last time I did it with my client, they required that we listed within that week and we sold within 30 days. Now is this across the board? No it's not. But I just want to give you a heads up. So that's why these lists that I come across where these homes will be available within one to two months. It's it's really beneficial to someone that's thinking of listing their property because I can make that a smooth transaction for you. Because obviously I'll have somewhere for you to go. So just keep that in mind guys. I've got an entire list that you will not find on the MLS that's emailed to me to you know from the builders all around the city in all areas. Southwest area Henderson obviously North Las Vegas everywhere. Are you guys so I've got lists that come to me on a regular. And if you're interested, you know, my number once again is 702984 3700. Okay, guys, one last thing my, you know, my favorite subject to talk about the grant program 600 minimum credit score, they just changed the rules to about two weeks ago. Now, you only need a 600 credit score. But the main thing I want to let all of my listeners know, this is nation wide. I've got connections all throughout the nation to use this grant. So if you're hearing me and you're thinking, wow, that would be great for my sister over there in Ohio, er, that would be awesome for my, you know, my brother in Florida. Well, guess what? I can assist them, I can assist them and get them with a grant specialist that has this same grant available in their state. Keep that in mind. So please, if you're going to, you know, please share it, share this information and let them know that they can become home owners with as little as a 600 credit score 600 credit score, there is no income limit on this grant mini grants have income limits, I have used this grant with clients that had upwards of $100,000 a year as their income. So there's no income limit, you do not have to be a first time homebuyer for this grant. Okay. although keep in mind, you are considered a first time homebuyer if you have been renting for three years, just keep that in mind. But you do not is not required for this particular grant. Okay, so you don't have to be a first time homebuyer, there's no income limit 600 minimum score required that is phenomenal, you guys, you only need a 600 minimum FICO score. Okay, I say FICO, because if you go on Credit Karma, that's advantage. So if you're looking to, you know, you're wondering what your score is, jump on your bank, your online banking, a lot of times, they'll have your FICO there. But anyways, they also offer up to 5%. So they don't only take care of your 3.5% down, they'll take care of that. So your entire down, you know up to the FHA guidelines, whatever state you're in, as well as half of your closing cost. If you decide to go with a 5% option, that's phenomenal. So whenever you purchase a home, you're typically looking at about 6.5% of the cost. In other words, if you're buying a $300,000 home, you're going to times that by 6.5%, that would tell you how much you're down and your closing costs, in estimate of what that will be about 19,500. If you choose Use a 5% grant, you only come out of your pocket around 540 $500. Okay, so that's amazing. So they also have have an option of conventional why is that important? In this crazy market, you really want your loan to be conventional, if possible, only because FHA, if it does not appraise, it sticks with a property for six months. So sellers, you know, that's kind of a risk for them to take an FHA buyer, there's somewhat of a risk because if it does not appraise, that appraisal will stick with their property for six months. That's not the case if your loan is conventional. Okay, so a lot of my FHA buyers are listening right now thinking, Man, that's why I can't get any of my offers accepted, because I'm FHA, that may play a very big part of why a lot of your offers, you know, are being looked over because your FHA, unfortunately, and conventional does not have that same stipulation. So that's why this is one of the only grants I know that will allow you to go conventional with as little as a 640 credit score, you guys, that's amazing. This is nation nationwide. I can assist with this grant nationwide, any state in the United States, okay, so if you have family members, friends that you think would be interested in this my phone number 702984 3700, or they can always jump on my website, welcome home with monique.com. You can email me there, you can contact me there. So again, this is a nationwide grant. And it is just awesome. You guys, once again, just to recap, 600, medium credit score,

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no income limit, okay? It's offered nationwide, so not just here in Nevada, it's offered Texas, Florida, wherever you're at, okay? So just know that you can reach out and I can get you with the right people that have this grant, and get you going on that. Okay, so if it's not for you, maybe your family members can utilize this grant to become home owners. Now, I ran into a wonderful man that was gracious enough to let me move into his home when I was 14. And I told him, I'm gonna give you a shout out on my show and let my my listeners hear my quick story about how you let me come live with you at 14 I was living in an area where Yeah, I couldn't go to that school. So he was gracious enough him and his wife to take me in and, you know, thank God for people like Mr. Coleman. Thank you, Mr. Coleman. You know, I was able to go to a great school and stay with him and his beautiful family. I think I stayed there for like a year. And I just want to say thank you so much. I never forgot about the love that you guys showed me. It's so much appreciated and I thank God for people like you, Mr. Coleman. So once again, thank you, Mr. Coleman. Hey, guys, listen, I appreciate you listen to the show. I pray that it helps somebody out there one of your family members or yourself. And once again, if you have any questions, I'm here to answer those questions. 702984 3700 Welcome home with monique.com Love you guys. Stay safe. Until next week. Thank you so much for tuning in to welcome home with Monique and I look forward to you listening next Saturday 8am My Nevada real estate division license number is S 17846. Be blessed. See you next week.

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