Welcome Home with Monique

Unknown Speaker 0:00
You're listening to locally produced programming created in KU NV studios on public radio K, u and v 91.5.

Unknown Speaker 0:11
The content of this program was sponsored by CMG financial, 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. You see me on the

Unknown Speaker 0:36
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, hello, Las Vegas. Boy do I have a great show for you today? First, I want to say Happy June 10. Weekend to everybody out there celebrating. And for all of my lovely K UMB listeners that are not quite sure what Juneteenth means. That is actually the day that all slaves were freed, including my ancestors in Texas. So what happened was, you know, the Emancipation Proclamation, as you see in the history books that happened January 1 1863. Okay, but as we all know, slavery did not end right then and there on that day, it actually took two years before the General Order Number Three came to Texas where there were still 250,000 people enslaved that had no clue that they were actually free. And so that general order, ordered all slaves to be free. That was June 19 1865. And therefore, that is why we celebrate this Monday, June 10. For all Americans and their freedom. All right, so anyways, little history lesson there. But let's go on and get into this wonderful show you guys. Listen, I've got none other than Mr. Valentino. My lender partner with guaranteed rate jumping on today, he's gonna give you guys the real deal, the real McCoy not what we're hearing at work, not what we're hearing on the golf course, he's gonna give you the actual update of the market. Anthony, thank you for coming on.

Unknown Speaker 2:19
Absolutely, thank you for having me, Monique. It's always a pleasure, you know, talking, talking shop and talk in markets and spreading the knowledge and the wealth of information to all your listeners. Yes, we

Unknown Speaker 2:30
appreciate that. You know, I know that on, you know, on the team, there's the economist that you talk to. So you've got the real info, you know, like you told me, Monique, don't listen to the news, get off the news. You know, don't listen to the news. And of course, you know, I know what's going on in the market. So I come and talk to you about it. Like, hey, the news is saying this, what are your thoughts? Like, I'm not seeing that happening. So that's how we decided to do the show. Because we, we felt that a lot of the things that we're actually seeing here, boots on the ground, it's not exactly what we're hearing on the news. So we felt like maybe our listeners need to have our input with boots on the ground as well. Right, Anthony?

Unknown Speaker 3:08
Yeah, that's true. And it's always trust, but verify. And, you know, when you listen to one station, it's doom and gloom. When you listen to another station, it's all rosy. And you know, it's agenda driven. And so where we come in is, you know, we follow the source, the primary source and no agenda driven information to give the consumers and give our clients the latest and the most source full information. So that way, they're confident going in any transaction in the real estate. Absolutely.

Unknown Speaker 3:37
And that doesn't matter if it's, you know, if it is doom and gloom, we'll let you know. Because our hearts in it. Like me, you know, me and Anthony are not in this to make a buck. Obviously, we need to eat but we're not in this, you know, to just make $1 we actually want to help people. And that's why we work so well together. And that's why we're closing the deals that we are closing and helping the people that we're helping. So go ahead and jump into it. Anthony, what do you say about the rates right now? What's going on with the rates? Because I heard the other day, and that's why we had this conversation, hey, the rates are at a pause. They're not going to you know, the feds are not going to raise the rates again, as they were supposed to do yesterday, or Thursday. That's

Unknown Speaker 4:15
right. Yeah, that's right. So basically, the Feds meet up every month, and they have their meeting and they have these closed door meetings. And then they released the minutes on how that meeting went. And so, you know, the market in itself is forward looking. And so what happens today was set in place months ago, and it's all based off of, you know, forecasting and looking at what the feds are talking about. And so, right now, you know, inflation is going is going down from its highest and 2020 to at 9.1. It didn't even that below 7.5 and 2022. Whereas now, yesterday, the inflation came out and it's at 4% So, in less than a year, we went from 9%, down to four. And we are headed towards the benchmark, which is going to be 2%. With the range. And so when the feds are looking at this information, it helps them understand how the consumers are spending and how they're they're doing with their balancing of the economy. And that in turn, spans the fuel or are leads the fuel as far as the rates in the market. So right now, the Feds yesterday said day was yesterday, they held their benchmark rate at five to 5.25 target range, and the vibe that the forecasted rates for 2023 and 2024 are actually gonna go up higher. And so that's a telling sign of what they're looking at and what they're forecasting.

Unknown Speaker 5:53
So they're saying that right now. Oh, I'm sorry to cut you off. So they're saying that so right now the rates are sitting at about 5.2? Where are they? Right now? Anthony, I thought they were in the six is where they are right now rates, right.

Unknown Speaker 6:05
So the Fed rate and the interest rate are different, but they follow each other as far as pattern, okay? So the rates right now for the consumer for mortgages, or in the mid to upper six is lower seven, right. Whereas the Fed rate is between five and 5.25, which is the target. And they're anticipating a rise of 5.6, and 2023, and 4.6, and 2024, which tells us that they are, are seeing some volatile months in the coming months. And they also are no longer considering a rate cut in 2023, which is massive, because everything is based off of poor projections, and if the Fed are advising that they're no longer considering a rate cut, and they also said the reason why they held the rates steady was to assess the additional data. So depending on what news station, advise what happened, you know, just for example, CNN was saying, hey, it's a good thing, the rate stayed the same. And then if you listen to Fox, they said, it's a bad thing, the rates didn't drop. So you and you look at this stuff that they all have their agenda. But at the end of the day, the consumer, you and me and our clients need to know, what does that mean, for me what I mean for what I bought in house?

Unknown Speaker 7:31
Absolutely. So what does that mean for somebody that has been thinking about buying a property this year?

Unknown Speaker 7:40
Yeah, so everything happens in cycles. And just like we have debt cycles, we also have economic cycles. And we've had 13 recessions since the 1940s. And we know that every time before a recession, the rates go up. And every time after recession, the rates go down. But what we have is kind of a unique situation with this debt cycle. Because usually at the end of the debt cycle, which we're, we're at the end of it, that cycle, people offload the debt. And that's the best time to get the best deals. But now, people are no longer selling their second home, their air be being it, and now people are no longer selling their car. They're touring it. And so we're seeing a unique end of the debt cycle that we've never seen ever before, where people are leveraging the the assets that they've created over the last five years, right. So when, yeah, so when we're in? Yeah, no, I was gonna say now, or should I buy, you know, in 12 months, I tell them, if you buy now, you're still able to get the house that you want at the price you want with maybe some closing costs to buy down the rate, right. Whereas if you buy it in 12 months, you're waiting for the rest of the United States to jump off the sidelines. And that's going to create even more inventory despaired see, and now you're gonna have 1520 people going for the same house rather than the three to five, and it's gonna be even harder, you're not gonna get closing costs, and you're gonna have to pay over asking and we're gonna be just like, we were in 2021 2022, when there was, you know, cash buyers and hedge funds and people fighting for the same out.

Unknown Speaker 9:15
Absolutely. So like we say, when the rates go down, the prices of the homes go up. So how are you winning? You're not winning by waiting. You're not winning by waiting. So and then on, on that tip, if they wait, they possibly can see the rates go up as well. Right.

Unknown Speaker 9:32
That's right. Yeah. And the interim, you know, I tell clients, you know, are the rates gonna be higher over the next couple of months? They, they're gonna basically stay flat and maybe go up a little, but they are anticipating to go down over the next 1218 24 months. In fact, when you look at the statistics, everything and all economists from all sides of the of the board are in agreement that rates We'll be going down over the next 24 months. And so by being ahead of the curve by being able to buy now, then you can just refinance and a couple of years now you have the house, the asset that you need. And when you go to refinance, that's when the biggest, you know, market disruptions gonna happen once the rates go under 5.875 That's when we're gonna see a frenzy, like we have never seen.

Unknown Speaker 10:27
Yeah, so yeah, it'll be a complete print frenzy. Just like a couple years ago, when I had clients that we were we were literally putting in offers 20,000 over ask, and do you know, we I showed them probably 15 homes never got one offer accepted, they were beat out every single time they finally were fatigued, and gave up. And this is somebody that had an 800 Credit Score made 150,000 A year and had the money, you know, had 20 grand even to go over. And we still could not get, you know, a home because it was there was literally 20 people going for the same home. Because the rates were lower, you know, it cost less to get that loan. So if you're just tuning in, this is Monique Buchanan. And I am the realtor and host of the welcome home with Monique show. I have my team member, Mr. Valentino he is with guaranteed rate. He is a superstar lender and loan officer, I just call him the loan wizard because this man can listen and get some deals done that you know, I know other lenders could never get done. So thank you so much for your professionalism. Anthony, I love having you on the team. And if you're just listening, he's going over the current market, he's given you the true true boots on the ground. This is what it is really, you know, coming from the professionals that are actually out there every day in the real estate market. And he's going over what the feds have said, as far as what their plans are with the rates in the coming months and years. Right, Anthony?

Unknown Speaker 11:59
Yeah. And there's also something to know, you know, a lot of people always say, well, Anthony, I'm afraid 2007 gonna happen again, and house prices are just gonna come crashing down to be upside down. And, you know, there's so many things that we can go into and spend 10 hours of why 2008 is not 2023 and just the high level is one back then you just needed a heartbeat to be approved. Whereas now we have some of the strangest guidelines ever, every 190 9% of home loans are under 6% 72%, or under 5% 57%, or under three and a half percent. Everyone's in a in a 30 year fixed rate. Everybody, then we have the Cares Act with the deferment, the modifications, the forbearance modules to where you're not going to see this influx of foreclosures and short sales like we did in 2007. There's a massive discrepancy in inventory. There's just not enough house builders are no longer building just for future they're building based off of pull permits, that's always keeping it's a discrepancy in the amount of houses needed versus how many are wanted. And then you know, go night, Stanley. Yeah.

Unknown Speaker 13:14
Not to mention the baseball team that's coming to Las Vegas. Once that happens,

Unknown Speaker 13:19
come in and buy Yeah, forget, or major league teams, and you're gonna, you're gonna click your heels, and it's gonna be

Unknown Speaker 13:27
California. It really is. And so let me just put my little spin on that as well. I always tell people listen, for one thing, anybody who bought is sitting on equity, why would they be losing their home? That doesn't even make sense. You know what I mean? And for two, because of 2008, we did slow down tremendously on America slowed down tremendously. I'm building, we're way behind where we need to be, as far as housing goes, and I don't see us catching up for many years. So we are in a serious shortage. And not just Vegas. Vegas isn't a serious shortage, but the entire country is in a serious shortage of homes. So if I have something that sought after, but there's very few of them, why in the world would the prices come down? That doesn't make sense. It doesn't add up? Two plus two is four. It's not five. You know what I mean? So it's completely different situation than 2008. That's totally apples and oranges completely. So you know, when I'm sad that I you know, there's people that have went through that. And then sometimes they're saying that at work and the people that have never bought before listening to them, thinking oh, they must know what they're talking about? Because they bought a home 20 years ago? No, they knew what they're talking about 20 years ago. Today is a whole new market. When you're jumping on, on, you know, YouTube listening to people talk about the market, they're talking about their market. You know, we don't know what city they're in. Maybe it's true to whatever city they're in. I had somebody, Anthony, my best friend. I told them this a couple of weeks ago. I went in to see her she goes Monique, I heard there's so many foreclosures right now. Oh, foreclosures are everywhere. I'm like, Where'd you hear that? Well, while I was working at the bar, heard some guys Talking about how everybody's losing their homes right now I said, really. So I broke out my little laptop, pulled up all foreclosures in the whole state of Nevada. And we had a whopping 23 in the entire state. And she was just floored. And because I did that, guess what, I got a buyer. I heard that conversation. And now that you're telling me this, the market is nowhere near foreclosures. Let's make a move, I'm ready to get approved.

Unknown Speaker 15:27
Yeah, and there's in that you hear those stories all the time. And that's why it's all about, you know, primary source documentation. Because once you get to the secondary source, there's interpretation, that is not the facts. And I tell my clients, you have to look at a real estate transaction as a car with four wheels. It's not just one dimensional, where you're looking at equity. Every time you make that mortgage payment, you're paying down the principal, that's, that's the utility there. You're you're gaining the equity, that's utility there, you have tax incentives, 10,000 and write offs on interest, all the 2106 a debt deduction, that's a utility, where if you were to upgrade and rent it out, and make money on top of the mortgage, so when you put that all together, you can you can't even compare it to renting or not being a homeowner in this day and age. Absolutely.

Unknown Speaker 16:16
You know what I left after five years of rent, you know, what I left with, I left with a $2,500 deposit, you know, what I'm gonna leave with after five years if I decide to sell my house $250,000 That's what I'm gonna leave with not a $2,500 deposit. So there is there's no comparison and being a homeowner and being a renter, if this interests you or you would like to get in touch with my team member Mr. Valentino, you can call me at 7029843700702984 3700. We do have our show on YouTube. Welcome home with Monique, all these shows are uploaded there. So if you didn't quite catch the beginning, no worries, it is on YouTube. Welcome home with Monique as well as my, of course, website. Welcome home with monique.com and iG, I'm realtor Monique Buchanan, let's jump back into it. Anthony, now me and you have been on fire, helping our K UMB listeners buy and sell their homes. I mean, it has been a beautiful thing, the last couple of months, many clients happy. And I have to say in many cases, they come to us where they were told no, or they were told they had a lesser of an approval, I get them with you. That's what I love about you, Anthony, as a lender, you look over the entire scenario, not just you know, hone in on just a certain thing. You look at their lives, you look at what's going in going out, you figure things out for them, and you've even saved a marriage.

Unknown Speaker 17:45
Yeah, I mean, you know, it's this really goes down to, you have to talk with your clients, not to your clients. And so many people talk to their clients, not with their clients. And the first thing I tell my clients is, what's your story, and then I reverse engineer it. I don't tell them what they need to do I find out what they want to do. And I help them reach that there is no no in our dialect. If they want analysis, and they want a certain payment and they want a certain lifestyle, we will get that for them. Whether we have to, you know, change some things around, get creative with the financing, get some seller concessions, pay some stuff off to where they have a monthly goal, there is always a way it's just a matter. It's just a matter of having that open perspective and opening that peripheral view. Absolutely.

Unknown Speaker 18:30
And that's exactly what we do. We that's why we work so well as a team. Because our hearts are in it. We actually care about the clients. We want to you know, get them to their goal. And that's what I love about you as a lender, you will give them that roadmap, say, Hey, if you follow these things will get you there. And we'll get you there in a you know, a very quick time. And they're always shocked. Right? So yeah, all right are extremely right. So let's pretend that I have a lot of student debt I want to buy but I have student debt that's holding me back about $100,000 worth of student debt Anthony helped me.

Unknown Speaker 19:07
So student debt is the biggest misconception. A lot of people think that we go off of the amount of debt, which we don't write, you can have 300,000 in student debt, which unfortunately after 1996, and the bills passed, you've seen student debt on the rise for the normal consumer. So, you know, most loans that I see when they're 20 and 30 and early 40s, you're gonna see some type of student debt. And, you know, just because you have a massive amount of student debt doesn't mean that that kills you for buying a house. Right? They have different options. What Now regardless if it's in forbearance or deferment, we have to use either the amount that they're paying currently, and if it's zero, we can use it depending on the program, or if it's an Income Based Repayment Program, and it's only showing a couple 100. We use that we don't have to hit them with the full amortize. Dacian there are options out there. There's even loans for doctors and lawyers and other ones who are prone to high student loan debt to where we omit them completely. So there's a lot of options out there that people don't know of. And that's where I come in to show them those pathways.

Unknown Speaker 20:17
Absolutely. What about this one? Hi, Anthony. I have a bankruptcy. What can you help me? I don't think I can buy because I have a bankruptcy.

Unknown Speaker 20:26
Yeah, I The biggest misconception is people think after a bankruptcy, you gotta wait, you know, 510 15 years, you can buy a house as quick as 12 months out of bankruptcy for for chapter 13 And two years for chapter seven. And if they're putting 20% down, I have banks that will do it one day out of bankruptcy night and so, you know, so there's options, but if they're trying to do a first time homebuyer again and low down, if they're chapter 1312 months of on time payments, they got it, they got a green light. Two years after discharge for chapter seven, they can get a loan with three and a half percent down first time homebuyers. Well, if they're putting 20% down, day one out of discharge, they're running on the race. Okay, well,

Unknown Speaker 21:12
now here we go. I'm a veteran. I've already purchased, you know, a house can I purchase again? What does that look like for me as a veteran, if I want to buy with you and Monique now?

Unknown Speaker 21:23
Absolutely. The veterans are my favorite clients, because one, they're veterans and they've given their life to service. And by the way, we waive all lender fees for VA guaranty rate is a super VA friendly, so so no origination, no underwriting, no credit check, everything is waived. Direct financing through VA to get that lowest rate possible. But you know, with VA, best of all worlds, right? No downpayment, no mortgage insurance, no low level price adjustments that are like FHA and conventional. So you're getting the best of both worlds. If you own a house currently, you can easily buy another house, a lot of my clients, they'll have a VA, and because they're refinancing, they'll refinance in the conventional, and then they'll free up that VA get that entitlement and they can purchase another one. You know, if you sold your house and you're using a VA, again, you can use it again, there's no problem there. You really want to make sure you talk to someone who understands bas on a granular level, because there's so many things which

Unknown Speaker 22:20
is you miss, which is you, you That was my next expert. That's right. I was gonna say that now that's another thing is that, will you handle it all for me as a veteran? Or do I have to go hunting down? And obviously I know I'm just pretending that I'm the client? I'm, I'm one of my wonderful K, you and B listeners as a vet that's asking, or do I have to go hunting down? You know, the VA for my DD 214? Or do you do all that for me?

Unknown Speaker 22:43
Yeah, so as far as getting the certificate of eligibility and retighten entitlements, we have a direct source to that to where it's automatic. So as you I have clients who, who do an application VA, and before they even push the submit button, I already have their certificate of eligibility in hand. So no, we do that all for them. They don't have to run around and go crazy. You know, the biggest other misconception is people think there's so much paperwork involved with loans now. And that is not the truth, right? It is all about just working smarter, not harder. We don't even need pay stubs and W twos anymore, we just get a verification of employer that that writes out what they've been getting and breaks it down. And I don't even need paperwork like that, from the from the client, especially with VA. So it makes it a lot easier for the clients nowadays. And

Unknown Speaker 23:34
what about if I'm the wife of a fallen soldier? Can I use my husband's benefits?

Unknown Speaker 23:40
100% If you're a widow, you can absolutely use that entitlement it gets passed down to you. With the spouse that is that is 100%. Correct? They can absolutely use it. Absolutely.

Unknown Speaker 23:49
And these are things that people don't realize and don't know. And that's why we're here you guys. We genuinely care about you. We want you guys to know if you have family members that may not know what we just discussed, please, you know, you can always share the YouTube video you can once again that's welcome home with Monique. It will be uploaded this Monday. And if you didn't catch anything, no worries or you want to get in touch with my team member Anthony 702-984-3700. It's a quick conversation with Mr. Valentino at 702-984-3700 Welcome home with Monique is what you're tuned into. I am your realtor, the K you and B realtor, Monique Buchanan and we're just going over purchasing a home right now because per the feds, they are talking about possibly raising these rates here soon or at least within this year. So it's a great time to get a great deal on a home. We're explaining why that is we're letting you know, to more myth busting. Would you say we're myth busting Anthony the 2008 myth.

Unknown Speaker 24:53
So the biggest thing too is you know, just to highlight the biggest obstacle that Our listeners are listening to right now as themselves. If they are renting and they don't own, they owe it to themselves and their family to have a conversation with you and myself, it leads to at least advise them what their options are, and set them up with a goal. I hate not seeing families produce wealth and generate wealth for future generations. And the best way recession proof. Everything proof is is wealth generation through real estate. And that's, that's that's where we come in to help them.

Unknown Speaker 25:30
Yeah, absolutely. And if you know, you're out there looking at rentals, I always tell them, it's the same process. When you speak with Anthony, with the property managers, they want to see your, well you just said you don't even need to see paycheck stubs. But the property managers when you're going for a rental, you're gonna pay if it's a $2,000 rental, you're gonna pay at least $4,000 and move into that property. So hello, go ahead and talk to Anthony sent him the exact same stuff you were gonna send the property managers, and let's see if we can get you into a home where nobody can knock on your door and say, hey, guess what I'm selling. You and your kids have 30 days to move. So that's what we're here for guys. That happens. It happens all the time. I get the phone calls all the time. My landlord is selling his property. Monique, the rents have skyrocketed. I don't know where we're gonna go. Am I right, Anthony?

Unknown Speaker 26:17
Yeah, we get those on a daily. And so that's why not only half the battle is getting approved, but the other half is getting getting the offer accepted. And in this market when there's multiple offers, and there still is an inventory shortage. It really takes effective communication on the real estate agent, aka nude, the most wonderful one here in Vegas, and a lender that is communicating. And they're both on the same page. And they're making our client a front runner out of all the offers that are being accepted. And we're just doing everything up front. We're verification of employment and income assets. What about his big transcripts, appraisal rush, we're doing everything to show the seller that our buyers the best, and they should get the offer?

Unknown Speaker 26:58
Yes. And I'm gonna lead us out on this point, you guys. And this is not me patting me and Anthony's back. But listen, it's just the truth, when you're selling a home as a listing agent, when I'm selling my clients properties, and I have an agent that calls me doesn't just send over an offer, but calls me personally tells me exactly how her client is a strong buyer. And then the yourself my lender, the lender calls me as well as sends me a video email explaining how he bedded this buyer, and that we're guaranteeing that this will not fall out of escrow. Listen, I'm pushing myself to take that offer all day long. And that's exactly what sets us apart from everybody else. We don't just send frivolous offers, we're actually doing the work making the connection with the agents, we're getting the offers accepted. Same thing with my sellers, you know, I don't just accept an offer. I'm picking up the phone, I'm calling the agents, talking to them about their buyer, see if I can get myself a couple more dollars. So that's just you know, that's what we do. And I appreciate you because we work really well together. You know, you know your stuff, and you don't mind, you know, explaining exactly what's going on in a way that we can understand. You know, I'm not, you know, I can't Hey, listen, I'm not a lender. But the way that you explain things. Hey, if you keep waiting, you guys, you're gonna miss the good deals. That's what it boils down to let me and Anthony get you into a home like we've been doing the last couple of months especially with with our K UMB listeners, and they're so happy to get you a great deal, as well as refinance with Anthony. Whenever the Feds actually do lower those rates. Am I right, Anthony?

Unknown Speaker 28:38
That's right. Yep, yep, you're gonna refinance in six months or six years, there's no there's no limitations of when you can refinance. So as soon as those rates drop, that's what's gonna be your cue to set it and forget it and set it up for you know, forever you know, and not have to worry about interest rates going up or down.

Unknown Speaker 28:55
There you go. There you go. And as a renter, you make zero equity and you get no tax break. So like they say, don't wait to buy real estate, buy real estate and wait, listen, we love you. Thank you for coming on. Anthony.

Unknown Speaker 29:08
You're welcome. Thank you for having me. I appreciate you.

Unknown Speaker 29:10
Always we appreciate you as well. And listen, my que un V listeners enjoy the holiday. And until we hear from you. Be blessed. 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.

Transcribed by https://otter.ai