Welcome Home with Monique

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The content of this program is paid for by Monique Buchanan LLC. The content of this program does not reflect the views or opinions of 91.5 Jazz and more. Or the University of Nevada Las Vegas.

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You see me on the

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scale

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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.

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Hello, hello, hello Las Vegas. This is Monique, you can in your host of the welcome home Monique show. I've got a great show for you today. I'm well rested. I took a little trip with my husband. I want to give him a shout out. Happy Birthday babe. I took them down to Panama. I had to go down there for some business. I have an investor that was looking for a condo near the beach. It was my first time going to Panama City Beautiful country learned a lot about it did not realize that it was the number one retirement spot in the world. At least one of them. They've got some great benefits for right retirees. Their property is still very, very affordable and they also use the US dollar. I just really thoroughly enjoyed myself down there. We went on a a real estate tour while we were out down there. Like I said I was also looking for property for an investor and we toured the new la mansion by Fendi. So it's the third one in the world. I believe there's one in Dubai as well. But yes, Lenny Kravitz is the I believe the interior designer for the building. It was gorgeous. It was on a golf course community very near the you know the beach. It was of course guard gated. And I'll tell you what, it was just stunning you guys they had some some high rise properties there in the field Vendee building the Lamont law mansion. I'm trying to say with my Spanish accent, it's not coming through. By the way, I've got to learn Spanish. I mean, I was down there struggling but I had they were so gracious with me. So patient, everybody was so nice. So I want to give a shout out to Panama City. They were so sweet down there, learned a lot. Like I said, I got to tour the beautiful vindi building of the beautiful high rises down there. They had some high rises there that were going for about 1.3 million in the Fendi building three bedrooms, around 20 100 square feet, just and you know, it was just to the nines. Everything was top notch. I mean, it's by Fendi, you know, and not to mention Lenny Kravitz had his hands on it as well. So they also had a four bedroom, I believe it was 1.6 million in the building as well. And it was just stunning, you guys. So if you want more information on that, I can lead you in the right direction that's in Panama City, Panama. So if you're thinking about buying a second home, or just a vacation home, Panama definitely has some great options. I made a lot of connections with the builders out there with some developers, and also fellow realtors out there. So if you've been thinking, where should I retire, that is a great option. I highly suggest you look into it, I can actually lead you to some people that can give you some information. I actually went out with a couple of folks that live in Panama, that moved from America and moved down to Panama. I thought wow, I'd love to be adventurous like that. But you guys are stuck here with me in Vegas for at least another 1015 years. So yeah, I took a great trip with my husband, you know, he got to enjoy the beautiful beach while I worked. I got a little fun into you know, so happy birthday bave. And shots out, like I said to everybody that was down there in Panama. So let's just go ahead and jump into the show. Since we're talking about high rises, I do have a couple of high rise options here for you in Las Vegas, right there at City Center. My business partner Ben has got them listed over there and they're beautiful, gorgeous high rises. Both of these high rises on the 14th floor. One is going for 1.4 million. It is at the city center. And it's 1329 square feet. It's a two bedroom two bath, gorgeous if you want more information or if you want to see pictures or maybe schedule a viewing with me to go see that property. You can text LVBOULEV a rd one lb Boulevard one. Okay, you can text that. And that will bring up that listing. So you can take a look at that high rise that I'm speaking on. That one's going for 1.4 million. Now there is another option. It's a one bedroom, one bath. And it's also at the same city center location. It's 1038 square feet on the 14th floor as well. But you're in the heart of Las Vegas, you're in the heart of the strip. I mean, it doesn't get any better than that. Now that one's going for 875,000 Just go ahead and Tex LV Boulevard. Two, that's the number two. So that one's the $875,000 option. LV Boulevard one, you can text that see pictures, get information and also schedule a viewing with me. Okay, so guys, let's talk about this market a little bit. Now you guys are hearing all the time.

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Oh, oh, you know, it's gonna crash. It's you know, now it's leveling out, you guys, it really is leveling out. I'm excited about it. Because now my buyers that can afford the, you know, five and a half percent interest rate we're at right now they're able to make a move, you know on these properties. I just went into escrow with one of my buyers congratulations, Miss Stevens, her and her beautiful daughter are going to be moving right down the street from Gorman in a beautiful gated community called Stetson ranch. It's gorgeous over there, very sought after area, very sought after community, very rarely do they have any properties come available, but we were able to go ahead and lock down that property, I was able to negotiate it, get her that property over the other offers that came in. So congratulations, Miss Stevens. And thank you to the boosters that those are my folks. Thank you to the boosters for your referral. So listen, the markets leveling out. What that means guys is we're not really having to go 10,000 Over three, you know, 20,000 over like we were just three months ago, a lot of people were waving appraisals, they were waving, even their inspections. So now the buyers realizing, hey, a lot of buyers, they are not able to afford that new rate that the feds just dropped. And so that kind of loosened it up for them. So it made made it more accessible to purchase right now. Now, what does that do for my sellers? Hey, my sellers are seeing it, they're starting to feel it. They're seeing, okay, I'm not able to get 20 offers on my house like I was just a couple months ago. Now maybe I'm only getting four or five offers. So yeah, it's still a seller's market. But hey, we're not seeing the the multiple offer situation that we were just even three months ago, heck, even two months ago. So we're starting to see it level out, you're gonna see some price drops on on the MLS, you're gonna see them on, you know, wherever you're looking. A lot of times what happens is a seller's are still thinking that it's hot, hot, hot, like it was a month ago, two months ago. So they're trying to price their properties as such, and you know, hey, the market will always tell you, if your price too high. So what's going on is they're telling their realtor, hey, we want to, you know, we want to price it for 50 or 550, or whatever. And they know that the property is really only worth about 525. You know, so they're trying to, you know, they're marketing it or as listing it that after a week or two, they're seeing that they're really not getting the action that they expected. And they're bringing those prices down. So that's why you're seeing price drops. In many cases. That's what's going on guys. So sellers, if you are thinking about selling, and you know, you're hearing now like oh my goodness, it is definitely time to sell. Okay, because you've already taken a little bit of a hit on the money that you would have received, had you listed your house even a month ago. Are you still gonna get top dollar? Yes, you are, especially if you list with me. But I'm just saying you're gonna fill it now because we're not going to have more than likely 20 offers on the table we may have for very good qualified offer. So we're still going to get you so we're gonna get you so quickly. And we're still going to get you top dollar. But I would suggest not waiting and sitting on your hands if your property that you've been thinking about selling, it's time to sell. Because let me give you this little tidbit. My lenders are telling me that the feds are about to raise the rate again by August 1, all the way up to 7%. Why does that matter to you, Mr. Seller, Mrs. Seller, because that means even less people are going to be able to qualify for your home. It is time for you to list. My number is 70298437007029843700. My My website is welcome home with monique.com Welcome home with monique.com you can Google me and all my contact information is there as well. Monique Buchanan, okay. And I'm not the Monique Buchanan in Illinois. I'm only Buchanan here in Las Vegas. It's so funny guys, I have literally almost a twin with my exact same name. And guess what? She's a realtor in Illinois. So if you need property in Illinois, I've made friends with her, and I will send you her way.

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Okay, guys, so let's talk about some creative ideas when it comes to you know, trying to get around this dag on rate. You know, and by the way, you guys, you know, I call it, you know, Dag on rate. But really, we have to realize just you know, back in the day, just what 889 years ago, the normal rate was like 10%, you know, 11% So we've just been spoiled for a long time truly. So but let's let's talk about some creative ways to kind of get around this rate. So my sellers, if you're thinking about selling your house, like I was just talking to you about, then you already have like a pretty good rate right now. Maybe you locked in your rate, you know, at three something, guess what you can do? I can market that property and say, Hey, Mr. Buyer, you can apply to assume my sellers loan. Guess what that lets that buyer lock in your rate as long as your mortgage company says that they're willing to let that happen, which a lot of cases they are, they're fine with it. They just have to qualify. So now the buyer can go ahead and lock in your rate that you got, which is like amazing right now that will make your house sell so

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fast, you know what I mean? Because that, that helps the buyer to be able to afford that property, if they can lock in and hold on to your rate that you secured, you know, two years ago. Okay, so that's a creative thing you guys, I told you, I'm a great listing agent, they I love to help buyers, but I'm a great listing agent.

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So listen, that's one way for your sellers to market your property. Like I said, we'll get it sold top dollar. But that's one thing that we can do to say, hey, you can apply for what's called a formal assumption. And basically, what they're doing is just taking over your loan with your 3.75 rate. So that's one creative way, right? Another thing is, arms are coming back, I know that they got a bad rap back in the day. But that was because people just were totally being, you know, just shady with them. You know, people didn't even know what they were getting. It was horrible. So now my lenders are doing arms again. Because basically, you're able to lock in a 4.5 rate right now. And you can have the house for up to 10 years, I've got a 10 year ARM, seven year ARM, five year ARM, and a three year ARM. So most people on average, don't stay in their house for longer than five years. Usually they're trying to downsize or, you know, upgrade to a bigger home. That's that's about average is typically the deal. So if you already know, hey, this isn't my forever home, or you know, hey, I don't mind locking in that 4.5%. And guess what else might happen? Maybe the rates will drop, you're able to refi at any point, you can refi out of the arm, but at least you're in the know, and you're locked in for seven years, five years, 10 years, even, at least you know what your mortgage payment will be. For up to that amount of time, you can always sell a property to and like I said, upgrade, or downsize. So you've got 10 years to lock in that, that that rate, you know, if you just can't afford that 7% rate that's coming August 1, around August 1, they're saying it's going to be 7%. You guys, here's an option for you. Yes, go ahead and do the arms. But make sure that your lender explains it all to you and be in the know. So I'm telling you right now, my lenders are telling me Monique, no, it will not go up. I said wait a minute. So if they they do an arm for seven years, are you telling me that that mortgage payment of whatever it is, you know, $2,200 It won't go up for seven years? He said no, it will not. So okay, I just you know, get clarity. When you talk to your lenders, folks. Get clarity, make sure that they, you know, break it all down for you, you know, I tell him to tell him teach me like I'm five years old, I need to know.

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And that way I'm able to, you know, share this information with you guys as well. I want you to be in the know, I pray and hope that you will use me to guide you. But if you don't, I still want you to be in the know. Okay, so that's what I'm here for guys. I'm trying to just give you some options, because my ultimate goal is for you to become a home owner. That is my ultimate goal. Okay, but I'm just talking about the arms a little bit because you can always refinance if, if you know if the rumors are true, and one day it does crash or whatever, if that's okay, I don't have a crystal ball. So I'm not gonna say it can't happen. I just don't see it happening because it's completely different than what happened in 2008. That was a lot of predatory lending going on. That's why we had the crash that we had just a lot of shady Enos and they've really just really tighten the belt. I mean, they are so strict. Now they're not there. They're not having that again, because it cost them you know, so much money so that anyways, but let's say that maybe the rates do go down next year. Okay, at least this way, you have the arm put in place, you have your mortgage locked in at that particular price, and you're able to refinance out if it does, so I feel like it's the best of both worlds right now. And it in at the same time you don't miss the boat, on purchasing and getting into this market before we become completely LA. I love my Los Angeles folks. But hey, they brought their prices with them. They're here now you know, I'm welcoming. Hey, welcome, guys. But we've been spoiled for so many years here in Las Vegas with really affordable housing. And so now it's just catching up to pretty much everyone around us. So anyways, that's where we're at with that. So let's go ahead and jump into a couple of other programs that my lenders are, are telling me hey, these are back and this is where we're at with them. We still have the downpayment assistance program, it does give you up to 5% towards your down payment and your closing cost. Remember when you purchase a home, you're putting down 3.5% If you are a first time homebuyer, what does that mean? Monique. That means if you have been renting your house for the last three years, even if you bought during the crash and even if you bought or you sign, you know as long as you have been renting and you're not currently an owner of any property, so you're not on your mom's house as an owner or you're not on your husband's house as an owner. But you've just been renting you don't own any property you are considered a first time homebuyer, you heard me right. If you have been renting for the last three years. You are considered a first time homebuyer which means that you're able to put down as little as 3.5% down Okay guys, so 3.5% down but don't forget about your closing cost.

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As everybody that touches your deal, your lender, your title company, your brokerage, they all have to, you know, get paid. So that's your 3% in addition to your 3.5%. So totally, it totals up to 6.5% that you will be putting down and paying and closing costs. Okay, what am I talking about your purchase price 500,006.5% of that is what you would be expected to bring to the table. If you use this downpayment assistance grant, it's going to cover 5% of that, that leaves you only 1.5% to come out of your pocket. Sounds good, right? Listen, I post so many deals using this exact Assistance Program. It has blessed many families over my career. Actually, take little tidbit here, I use it myself when I purchase my home. Alright, so it's amazing product, it's been around for years, it does require a 600 credit score. All right. And for more information on that, you can always reach me at 70298437007029843700. And I'll get you information on that particular Assistance Program. So there's quite a few out there, what I'll do is when you reach out, I will get you with the lenders that have them in place. Because not all lenders have them in place, guys. So I do have access to the lenders that have these assistant programs in place, so that you don't miss the boat. Because guess what buyers, if you're able to go ahead and afford the payment, it's time to buy, it is time to buy because let me tell you better hurry, because August is going up to 7% from what my my lenders are telling me. So we want to hurry up and get back out there even if you gave up because it was just crazy shenanigans. Two months ago, you know, it was just craziness. Maybe you were already out there, you know, and you just got fatigued, I don't blame you. But let me tell you the market has shifted. It is not the same guys, even as it was just two months ago, you know, where people were just waving, you know, just trying their best to get the house are waiving all kinds of stuff that they shouldn't have to waive, that's gone, it's gone, we're leveling out, you actually have a an opportunity to buy at the list price, you know, and you're able to actually, you know, negotiate repairs, now. It has changed, even the builders are back giving incentives where they had stopped giving incentives you guys and by the way that downpayment assistant program I was just speaking on, you can purchase brand new homes with that as well. So brand new construction, you can purchase that with that same program. So like I said, my number is 702984 3700. I am Monique Buchanan, Google me.

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I'm here to help. So I love to help you guys. I my main goal you guys for this whole show, is just to get the word out to my community of all the programs that are available to obviously, just enlighten you on things that maybe you just didn't know. Okay, so that's what I'm doing, guys. I hope that this is helpful for y'all. And if you heard that, y'all Yes, I was raised in Texas, born in Seattle. Talk about a culture shock. And speaking of builders, listen, they've got even standing inventory and spec homes available. What does that mean? That means that they'll be ready for you to move in sooner than normal. Because right now it's taking about nine to 10 months to build. So yeah, when one young lady was telling me that they or she sent me over a list, and they've got over in the southwest area. So it's mountains edge area. Okay. Gorgeous, gorgeous home, you guys I toured this property. It was just so beautiful. I'm going to try to upload some videos of it. You can check that out on my YouTube channel. Check me out you guys on my YouTube channel. Please like and subscribe. That really helps me and I'm building my little YouTube channel up and trying to get more information that I talk about on that channel. So you can start right now listening to previous shows. But in the future here I'm going to have a lot of tours where I'm walking through properties. These million dollar homes that you can hear me talk about I'll be having those uploaded on that channel as well. And that channel is welcome home with Monique just like the show here on 91.5. My YouTube channels welcome home with Monique. Okay guys, once again, this property is in the southwest area. Very near IKEA, you know but more so on the south south side of the 215 gorgeous area. And it's a five bedroom three and a half bath. It's 3905 square feet. And listen, they've got it priced at around $878,000 Now mind you it already has a bunch of upgrades but you still may be able to pick out like the cabinets and things like that the flooring. I actually just got one of these properties for a client last Friday. She is so thrilled and I see why. Beautiful property. It's a three car garage comes with pavers, you know just a lot of upgrades already in that you know in that spec home ready for you. They'll be ready for you to move in around June. Some of them are June. Some of them you know are between June and January. So it's a lot shorter time to wait for these properties. Let me just name off a couple more. They also have a four bedroom, three and a half bath. It's 3968 square feet. We're talking

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In a good size home, almost 4000 square feet, three car garage guys, beautiful, you know already has upgrades, very modern looking very beautiful home. And they are selling that one for 872. So I've got a whole list here of properties that are considered spec home from this builder. And I mean the price ranges are 628 661. You know, those are four bedrooms for 661 628 has a four bedroom, you've got 626, for a four bedroom, we've got five bedrooms for 844. So just to give you that price point, that's where they're at. But they've got a lot of square footage, even the four bedrooms are 2600 square feet. So yeah, so they're nice, good size homes. Beautiful. And like I said, that's pretty much the outdoor prices. So you don't have to worry about paying a lot premium and things like that. When you guys are driving by and you see those beautiful signs that say 500,000? Well, remember, that's just the starting price. And that sign might may have been up for a year. Okay. And let me tell you at one point, the builders were going up 10 to 20,000, every single week, it was crazy. So just just realize that that price that you're driving by seeing is not more than likely the actual price when you drive in and talk to the folks and remember, don't, don't don't, don't, please don't go without your realtor, go with us, it does not save you money to go by yourself, it's like going to court without a lawyer, they represent the builder, they'll tell you that themselves, we do not represent you. You know, our fiduciary responsibility is with art is with our builder who signs our check, you know, your realtor is the one that's going to represent you and make sure that everything that was promised or spoke about, you know, when you were talking to the, to the nice smiling face when you walked in and make sure that all that stuff is in the contract, you have to make sure. So anyways, your realtor is your liaison between the builder and yourself. So they're going to make sure that everything is as it should be. So please, please, please don't go without your realtor. My number is 702984 3700, I'd love to show you any of the brand new home builds, you'd like to see I have a team will get out there, we'll go represent you. And it does not save you any money by going without your realtor, the builder has already put that in his cost. Okay, so anyways, yeah, I've got a bunch of brand new home builders that are back giving incentives or even giving money towards buying down your rate. They're giving 6% This particular builder I was talking about with the five bedroom homes over in the southwest area, in the mountains edge area, they're actually giving a 6% incentive when you use their in house lender, which is more you know, most of the time, that's what most of the builders do. And let me tell you something, let me share something with you. And I'm not trying to you know, speak bad or anything about my lenders, I love all my lenders, but I've got to be honest with my listeners,

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when you're buying a brand new home builder, a lot of times, you know, it almost behooves you to use their lender. And I say that because they have a relationship with that lender. For instance, I just had a client, she had to get three extensions on her brand new home build. And I will tell you something, if she were to use her own lender, and not the lender that they have a relationship with, I'm going to tell you, I really highly doubt that they would have even given one extension. So take it as you know, as you you know, take it with a grain of salt, but I'm just telling you, from my experience, you know, they have a relationship with that lender. So they're going to trust that the lender can get the job done because they have that relationship. So there you go, guys, listen, let's talk about that lease to own option. I've been getting quite a few calls about it, which is great, because it is a great program. Let me just give you a couple quick tidbits. In fact, my one of my producers here came and said money. Now let me ask you something. He said that least own program that you're speaking on, I want to ask you, am I locked in at the you know the price? So let me just let me clear it up real quick. So let's pretend with the lease to own option. Okay, they purchased the property for you on your behalf. And they purchase it today at 500,000. Okay, they're going to be for you guys sign the contract, they're going to put the purchase for you, at any point in front of you for each year. They'll say, Hey, if you want to purchase the property this year, we paid 500,000 For it will you know give it to you for 510. Okay, if you want to purchase it next year, it's going to be 520 and so on and so forth. Okay, now, let's pretend that that same property, you go ahead and purchase it the first year, and it's sometime within that year you purchase it, okay. And you purchase it for the 510 510,000. But now the day that you purchase it, it's actually worth, you know, 590 Now you're wondering, well, wait a minute, are they going to go up on their price because, you know, they told me they'd sell it to me for 510 No, whatever you agree to when it's laid out for you, that is locked for you for up to five years.

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If you're only obligated to rent that property or lease it for one year, so let's say you lease it for one year, and you decide you don't want to purchase the property anymore, you can walk away. Just like with any regular lease, any rental, you can walk away, you're not obligated to even stay for the five years, you're not obligated at any point to purchase that property. Now you can exercise your right to purchase at any time, okay. So just remember that you can lease for up to five years, whatever you agree on, whatever they put in front of you and say, Hey, this is what the purchase price will be year one, year two, year three, year four, year five, they lay it out for you. That's why I love this company. They're very transparent. They pride yourself on being transparent. They also not only lay out your purchase price, they lay out your rent, okay, they don't go up more than 3.75 each year. Now, for you that don't know, maybe you're just moving to Nevada, we have no rent cap here, my neighbor, they went up on her rent $700 when her lease was up just a couple of months ago. And by the way, she called me the other day and said that they're also going to be selling the property. And now she has 30 days to move. You guys asked why I'm doing this, I just don't want you to have to face that. I get that phone call all the time. And I just got it from my own neighbor. She said, Monique, they're selling the property. That's what happens when you don't purchase, you know, you have to risk, you have that risk that they can sell the property from under you. Or, hey, they can go up as much as they want here in Nevada. So this is a great option for all of you that are just maybe not quite ready to get that loan. Maybe you have student loan debt, maybe you don't know, if you want to purchase it, you're kind of like, I don't know, you know, maybe want to wait it out, you know, and see what's gonna happen. Well, this is a great option for you because you're gonna rent anyway. So why not do a lease to own through a reputable company? Okay, because that's what this is. It's not a person. I just had another friend of mine call me, she did a lease to own with just her landlord, you know, not a company. And guess what, the lady had a second on the house that she didn't know about. Now, I've got to list her house. I've got to list her house and she may end up owing that second because she did not know, folks, please. You know, that's a very sketchy thing to do. Don't Don't go I don't know. I tell my friends and family please don't do that. You're gonna do at least Oh, go through accompany. Okay, so I'm giving you guys that option. You just need a, I believe it's a 600 credit score. or higher, you can have no criminal history older than six years. I mean, if it's older than six years, it's okay. But um, you know, so yeah, you've got that $40,000 That's all you need for your household income. And just like any rental, they want your to two most recent paycheck stubs, okay? If you are, you know, a, you know, entrepreneur, then you're gonna have to have two months bank statements, if you did your taxes, you can just show your business tax. Okay, so it's just like any other rental, they're gonna charge you around $75 for the application. But guess what, if you're out there looking for a rental right now, you may have paid four or five application fees, because that's what they're doing. They're just sitting there taking all these application fees in, you know, so hey, you know, don't get me started, I just think it's so wrong. But that's what's happening guys. And then they're asking for three times the rent, you know, you're gonna end up paying four or $5,000 to move into a rental that you have zero chance to make equity on. Now, if you go ahead with this lease own option, you may make equity. Because let me tell you, whatever you guys agreed on. If the house is worth more, at the time that you you're able to get yourself ready to buy, then guess what, you just made equity. You made equity on a house, you were technically renting. Okay? And guess what else they actually help you get ready to purchase. They provide credit repair for free, because they want you to become that home owner. are you obligated to buy? No sir. No, man, you are not. It's an amazing program, you guys. So anyways, if you want more information on the lease to own, you can text 702-984-3700 Just go ahead and text lease to own all together you guys. So it's going to be spelled out but all together, no spaces lease to own and my link will pop up. There's also an 800 number with customer service that you can call and get information and also have videos explaining how everything works. They're very transparent. Alright guys, just text lease to own all together no spaces. Alright guys, so we're gonna go ahead and wrap up the show. I hope you enjoyed it. Listen, I love you guys. I want to give shots out to the Brewster's to Arthur Mr. Arthur, I have not forgot about him. Love you guys. Appreciate everything and have a blessed weekend. Thank you for listening. This is Monique Buchanan. My license number is S 1788 46 and I am part of EXP Realty. Tune in next week.

Transcribed by https://otter.ai