Welcome Home with Monique

Kevin Krall 0:00
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.

Unknown Speaker 0:25
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. Hello, hello, Las Vegas, how are all of you first, I want to start off by saying thank you so much for all the love that poured in. I did mention last week that I lost my beautiful mother, Sheila Simpson, she actually passed from liver disease and she was fighting it for a couple years. So God was preparing me but you know, we're never, we're never ready for, you know, to lose our mother. So I really appreciate all of you guys reaching out. And just showing me love that really appreciate y'all. I don't want to choke up again. My mom was always proud of, you know what, what I'm doing. And so I just want to continue on doing that. Just so you know, she watched me help many families. I'm thankful that she got a chance to see that. And I'm just going to continue on doing that. So with that being said, let's go ahead and continue on to the show. My name is Monique Buchanan. I am your local Las Vegas Real tour. And on this show, I talk all things real estate, so and other things as well. So listen, guys, I've got a report for you. We have come to that, that place that I've been kind of warning about, you know, for the last couple of years. The market is is just it's on fire, and it's on fire for sellers. Okay, so if you are an A owner, and you've been on the fence about listing your property, listen, there has never been a better time. And I know I've said that before, but literally, you know, let me point out a couple of things. I pulled up the properties today, you know, I pull them up every day for clients. But today I will pull up the properties. There's literally, literally around 1800 properties for sale homes, single family residents in all of Las Vegas, Nevada. You heard me right. 1800 houses are for sale. That was without me putting in a price. Okay, so that means that's million dollar homes. That's, you know, multi million dollar homes. That's $800,000 homes. That's $400,000 homes. All the inventory in Las Vegas is around 1800 homes for sale. Okay, it goes up to about 19,000 or 90,000. I'm sorry, 1900 When I tap townhomes included. So what does that mean? That means we are in the worst shortage of homes that I've ever, ever seen. I'm pretty sure it's probably one of the worst that my broker has ever seen. So just letting you know, there's never been a better time. If you've been sitting on any property and you're tired of being a landlord. You don't want to deal with the tenants anymore. Listen, I will list your home and get top dollar for your home. Because listen, there is a frenzy out there. For Buyers. I've had to have a couple of real sad conversations. This last week, first time in my career. You know me guys, I give it to you straight. You know, I talk to you guys, when you call me for advice and all that. I talked to you like your family I talked to you like I would want someone to talk to me. Give it to me straight. Let me know what your professional opinion is? Well, I've gotten some approvals that you know, around 400,000 That's great. You know, and I hurt my heart because a couple of them had been working for a year to get their cells to this approval. Well, listen, they're approved. But here's the thing, we're in such a crazy market right now that almost every offer I'm writing is over 15,000 And you know, they're coming out of their pocket 15,000 or more. Okay, that's in addition to their approval letter or amount. So let's pretend that they're buying a house for 400,000 Well, I'm writing that the offer whack you can't even hardly find a house anymore for 4000 Let's pretend that they're buying the house for 600,000 I'm writing the offer for 15 You know 1000 Plus, above and beyond out of their own pocket. And listen, I'm having a hard time getting it accepted. Okay, it's crazy out there. You know, I have a some family and friends that work in the title industry and they told me Monique, every offer that's coming over. These folks are waiving their appraisal contingency, okay, that means that they don't care what it appraises for. They are going to pay the difference. That's bananas. Okay. That's crazy. Because the way it no normally works is, let's say you get approved for $600,000. Okay, you find a house or I find your house for 550,000. Alrighty, so now it gets appraised and it only comes in at 540, well, the loan will only give you that amount. So although you are approved for 600,000, you're only going to be able to access the $540,000. So if you want to continue on with the 560 purchase price that you promised the seller, you've got to come out of your own pocket. Okay, with that $20,000 It cannot be put in the loan because it can only the loan will only finance what the home is worth period. Okay, so when I'm telling you guys that we are putting in offers, at list, well above list, okay, so if you're already working with a realtor and you, you for some reason did not call me. I'm still gonna, you know, try to help you out. Listen, don't buy it with your realtor. If you think that you're going to be offering less than list. Yeah, you won't, you won't be getting that property. I'm just being honest. There's no way. The way I try to explain it to people is this.

Unknown Speaker 6:07
Everybody knows PlayStation fives, you can't even hardly find them. You know? So that's like me having a PlayStation five or like I tell my clients, it's like you have an A PlayStation five. And, you know, there's none out there. But then I come and ask you. Hey, I know you're asking, you know, I don't know what those things go for $600 for your PlayStation five. But I want to give you 400 You're gonna look at me like no way. I've got seven other people that I can sell this to for more than 600. Why would I give it to you? For four? Well, that's the sellers right now. And they don't have to and they don't need to. And if they're my agent, or if I'm their agent, they're not going to there's no way, you know, inventory is low. They've got the upper hand right now. You know, so they've got the product, they got the PlayStation five. And when you ask for closing cost, which is just unheard of in this market right now. That's like saying, hey, not only do I want your PlayStation five for less for $400, I also want you to buy the remote controls. Yeah, that's not gonna happen. So that's just what's going on you guys. So most of my clients right now they're getting approved. You know, I have to have that conversation. Listen, do you have anything in your 401k? If you want to move forward with this purchase? Do you have anything in your 401k Because right now, I've been putting in offers for a couple of my clients, and we're going above and beyond and we're getting nowhere. Now. I hate to say we I did get him accepted one of my clients accepted. This was at the beginning of his search. So God bless him, he just didn't know, you know, nobody ever wants to buy the first house, you know, I was thrilled because I know the market. This is what I do. I'm in the market every single day. So I know what's going on in the market. I knew this was a true gem that we got this offer accepted. And they were going to go ahead and entertain his offer because I actually wrote a letter in regards to him being not only a veteran who fought for our freedom and our rights here in this country, but also a nurse who's who was on the first or the, you know, frontlines for COVID fighting for us now with during COVID. You know, so I wrote that letter, and they did accept the offer. The seller really wanted him to go ahead and have the house. Well, he ended up turning it down. You guys that was about a month and a half ago, I probably wrote, I don't know, maybe 30 More offers for him since and just nothing. Nothing. all the offers are getting beat out. You know, people, like I said are waiving appraisal contingencies, you know, and if you're in the southwest area, they're getting 20 and 30 offers on each house over there. 20 and 30 offers. Okay, so anyways, not to bum you guys out. But just to kind of give you some perspective on what is going on in the market right now. There has been a major change, even just within the last month, it has taken a series shift. And I'll tell you what I I really feel like it's because the rates are on the rise. Not only are they on the rise, they have risen. Okay, the beginning of January, the average rate was around 3.3%. Okay, now, it's 4.125 Remember what I told you one point can cost you $40,000 In buying purchasing power. So if you were approved for 440, you know, in January and then now it's that now you're down to 400, or maybe a little less. So it's major when the rates go up. The feds are saying that they're going to raise the rate steadily this year. Well, they're not lying because my goodness, it's barely you know, mid February and we've already went up, man, you know, over you know, a whole point in some so so just you know, just know that look what's you know, the writing's on the wall. We're here now. But if you do have a property that you have been on the fence about selling the time is now there you know is basically a Feeding Frenzy when it comes to properties. I just sold a townhouse. You know, I had offers the very first day, I could have sold it the very first day, but, you know, I want to sit on it and see, you know, what other offers would roll in? And obviously, secure the top dollar for my seller, which I did. I secured an all cash offer. We closed yesterday. He's happy though the money was wired to him, you know, yesterday, so he's happy. It's done, you know? And let me tell you, he got top dollar top dollar made out like a bandit. Okay, so don't sit on your hands if you've been thinking of selling your property. Alright, so like I said, shortage of homes, you guys. My name is Monique Buchanan if this interests you, or if you're thinking of selling your property, and you want me to assist 702984 3700 702-984-3700. And let me tell you, I have got an influx of buyers right now, that can buy your property, it can be a situation where we don't even need to put it on the market. They're already approved, you know, we can just go ahead and have one of my buyers buy your property. So I'm telling you maybe don't want to show the property, you know, not a problem. We can get it done before it's even listed in many cases. All right. So there's options. Or maybe you're thinking, Well, you know, what, Monique, I just don't want to have to worry about where I'm going to go. So, you know, if you want to buy a new home, and you currently own you know that home, what we can do is I can negotiate what's called a rent back. All right, we can do a rent back basically, all that means is, Hey, mister seller needs to secure his funds first, from selling the property. So you'll go I'll go ahead and sell the property will close on the property. But you remain at the property, basically, you're renting it from the new buyer. And in this market, we can negotiate you rent for free, while you're getting you know your next home together while I'm finding you the next property. So there's definitely some options we can have, we can do a ramp back all the way up for 60 days. Okay, so in many cases, the buyer does not have to legally occupy the property until you know, 60 days will technically 59 days, but you see where I'm going with this. So you've got time, we've got time to find you something, you know, and if you're thinking that you'd like to sell your property here, just you know, stop being a landlord, we can do that I can list it and get it sold. That's actually what my previous listing did that I closed on yesterday, he was done being a landlord. He said, You know, I'm just over it, I'm done. He moved out of the country. So that's it, I just cashed me out. Monique is at the top of the market, I want to take advantage. And so that's what we did. Listen, guys, the rates are on the rise. That's why it's, it's in your best interest if you're thinking of selling to allow me to sell your property now. Because what happens when the rates go up, that means that the buyers get priced out, they can't afford to buy anymore. Right now we're at that sweet spot. Okay, we're at the sweet spot where it's not quite so high, that the buyers start falling off, because right now they're out there. And they're, you know, clawing trying to find a property to buy. So getting your property sold for top dollar, you know, that's not going to be something, you know, major or hard, we can get it done. In fact, if you're on the fence, and you're not sure we can, you know, I can list your property for you. We can see what offers come in. If the offer that you wants come in, then we'll go ahead and sell if not, hey, you can cancel the contract. Now, how do you lose with that? Right? So once again, my name is Monique Buchanan, your local realtor, and my number is 70298437007029843700. Listen, you

Unknown Speaker 13:57
can also jump on my website, welcome home with monique.com Welcome home with monique.com If you jump on there, one of the first things you'll see is find out what my home is worth, jump on there. Get an idea. But at the end of the day, you know, I'm gonna give you my professional opinion and you're going to tell me what we're going to list for. All right. That's how that works. Okay, because it's your property. So we'll list for whatever you want to list for. But at the end of the day, I'm gonna give you my professional opinion on what I think we should list for. Okay, so once again, guys if you're thinking of relocating, because that's happening a lot right now to listen rent is crazy out there. I mean, it is rough. I think we went up almost 30% on our rent, you know, and that's just, it's just unbelievable. The affordability is just out the window it seems so a lot of calls I'm getting, because you guys all know that I have a team all across the nation. So people are trusting me to put them in good hands where they're relocating. So if that's something that you've also been thinking about, you know, I can also assist with that a lot of people are saying, Hey, I'm gonna move to Ohio, where they still have properties. You know, at 180,000, I was looking at a property myself over there in Columbus, or no, I'm sorry, Cincinnati, not Columbus, my girlfriend lives in Columbus, hi, Saba. No, but Cincinnati had a beautiful little three bedroom home, I want to say it was like 1600 square feet, just just beautiful all wood floors. And that house was going for 180,000. My goodness, you know, I'm like, Oh, I can buy that. And we buy out of the city that you live in, you only have to put 10% down. So a vacation home is 10% down, a home abroad is 10% down. You know, if you want to invest here in the same city, then that's when it's 20%. Down, at least if you're going to buy investment property. You know, if you decide that you want to do what I've been talking about, which is do a cash out refi on your current property, you can pull up to 80% out, and go ahead and let me find you an investment property, maybe a multi unit or something like that. And then you can go ahead and put that 20% down. Okay, so that's when you have the 20% down. Now, maybe you're in a property, and you're like, you know what, Monique? Sounds good, I want to go ahead and let you list my home, how much am I going to have to put down? Well, you can choose to rent out that property that you're currently in, or whatever. And as long as you're upgrading or downsizing, you only have to put 3.5% down for FHA, just like when you first bought or 5% down for conventional just as thought, you know, depending on which route you want to take. So you've got options, you guys, you have options. So just because you own right now does not mean that you have to come out of your pocket with, you know, crazy amount of money for the next house, maybe you want to get rid of that HOA that you've been dealing with, or, you know, like me, I've told you guys, I have some parking issues. You know, I literally have the steepest driveway, in my whole block the whole block. I've got that crazy Street, like steep driveway where I've got to put the plates down, because you know, my cars but scrapes every time I leave. And I'm literally the only one. So that drives me nuts. But anyways, getting off on off topic. So yeah, whatever your reason may be, maybe you want to move the kids up to a different, you know, community that has a school that you're looking to put the kids at. And you know, who knows, whatever the reason is, if you want to go ahead and purchase a new home, take advantage of getting top dollar for the house that you bought just a couple years ago or even 20 years ago. You know, don't worry about repairs, you guys weren't this market is so bananas, that, you know, we don't even have to really be bothered with repairs. I went on a listing appointment just two days ago, and the young lady bought last year. And she started making her repairs. You know, she was ripped, she ripped up the carpet. Well, guess what, she never got around to putting anything back down. So she was all worried about and I'm like honey, listen, in this market, you don't even have to worry about it. Don't even worry about it. You know, I mean, if you if you want to put something down, put some cheap carpet down. That's cheap. But really, more than likely, you're going to have an investor come in here, buy this and flip it anyway. And he's going to buy it cash. Because she was you know, she had like a little a townhouse. So if you're worried about some repairs that you think you need to get done before you list No, no, listen, I come over for free and take a look at the property. And I go over everything with you. It doesn't cost you a penny for me to come over there and give you an idea of what can happen. What it looks like, okay, it's just a phone call 70298437007029843700. Another thing I want to talk to you guys about is Notice of Defaults. I have been receiving quite a few calls in regards to the Notice of Defaults. If this is happening to you, first of all, don't be ashamed. Okay? Life happens. Get over it. It's not not a big deal. But what I want you to do, please do not ignore the Notice of Default letters, we need to stay on top of those because we need to make sure that they're not sending us a date. That's in the near future. If the bank is local, and it's like a small bank, typically they move a bit quicker. Okay, so that puts me under the gun because what I can do for you is I can list the property. I know it's your house, but you're gonna lose it if you don't catch it up. So why let the bank run off with all the equity that you have? Put your blood sweat and tears in? You know, don't let them run off with all your money. You know, just because of pride. No. You know what you could tell your family members and your neighbors. Nope. You know, they have no idea you got that notice of default. Just tell them you know, I've decided to sell as a topic. The market I've decided to sell, nobody ever has to know. But guess what it's public knowledge. If you get a notice of foreclosure, everybody knows. So if that's something that you're thinking about, don't let it happen, you don't need to let it happen, I can come over, we can talk about it, I can go over all your options, and I can get that property listed and sold. And guess what you walking away with no foreclosure on your credit, which is a nightmare. Okay, and some money in your pocket, where you would have been walking away with nothing. Okay? Zip, zip, zero, nada, and the bank would have had your house. And it would have been public knowledge and on public records that you have a foreclosure, and that foreclosure would follow you for seven years, you wouldn't be able to purchase again. I mean, that's like a nightmare come true. We don't need all that when you can avoid it by simply letting me list your property at the best time ever, which is now top of the market. So you will get some money into your pocket that you deserve. Because it was your blood, sweat and tears that went into that property. And that is your equity. Don't let them take your equity and then make money on top of it when they sale. Oh, my goodness, that's a tragedy. There's no need for it, I can assist you. I'm here to help. So if you think you are going through a pre foreclosure, you got the letter. Don't be worried about it. Just give me a call. Let me see how much time we have. I probably have a buyer already for your property. Okay, so we can get it sold. It takes 30 days, sometimes less hack. In many cases, like the property I sold yesterday, it was 14 days. You know, if you get a cash offer, it can close as soon as seven days really. But we just have to wait on that HOA if you're living in an HOA community, the title company has to wait on the HOA rules. And that's what could take up to 14 days other than that, cash is king, we can close in seven days. Okay, depending on how fast your HOA is. So if you don't have an HOA, guess what? Cash is king, we can close in like seven days with cash. All right. So yeah, I just want to talk to all my sellers out there that have been thinking or my, you know, my people that own property and have been thinking and playing with the idea of selling, it is definitely time to go ahead and take advantage because this, this top dollar might not be here for you, just within a couple months. And why do I say that? Monique? Because the rates are going up. They're going to price a lot of buyers, which they've already done, by the way, price, a lot of folks out of the market. They've already priced quite a few of mine. I'm not going to you know, I'm not going to tell you no lie, I had to tell a couple of my buyers. Yeah, there's just nothing for you. There's nothing for sale for you. I'm sorry, I see that you got approved, but there's just nothing here to buy. Now, mind you, this can be your chance as a seller to secure top dollar while the rate is still reasonable. Now it's back up, it did go up. It's around 4.125. And that's just in one month, you guys, we're not even done with February. The feds are saying they're gonna raise it up to four more times. Now. It was three now they're saying maybe four times my goodness, you know, they're just trying to steady out that stimulus that they did to help the economy. But hey, we're back now. So unless there's some major God forbid thing that happens again, the rates are going up. They've already they've already went up. Okay. And like I said, a lot of people are getting priced out. Unfortunately, the train has left the station for a lot of buyers, although they're willing to buy. There's just no inventory for them to buy. Like I mentioned in the beginning of the of the show, literally in all of Las Vegas. There's around let's just put it like this. There's under two, there's under 2000 homes for sale. Normal single family homes. There's under 2000. Okay, what

Unknown Speaker 23:54
do I mean? I mean, that's all the inventory in Vegas has. It's crazy right now it's super tight. Never heard of it. This low. Never. That includes Henderson, that includes you know Summerlin, Vegas valley, all of it. North Las Vegas, all of Vegas Valley has under 2000 homes for sale. That is devastating for the buyer to hear. But that should be music to the sellers ears. Because that gives you and me as your listing agent, the upper hand to secure the price that you're looking for. Like I said, we can list a property if you're just on the fence and see what offers come in. If it's not something you're willing to accept, guess what? cancel the contract, no hard feelings. Hey, I want you to get the highest price. You know if it's something that you just can't work with, if it's you know, then we'll cancel the contract. But listen, I'm telling you, I'm selling all the time selling and listing properties all time and they they're getting top dollar and they're very happy. Okay, so anyways, so I pray that you guys are all going to Have a beautiful, beautiful weekend. It is gorgeous out there. Okay, I'm gonna leave the studio today. Go take my beautiful little pumpkins, Malia and Sasha, we're going to the park with our dog Kenzo. So if I see you out there, wave and say hi. All right, love you guys. Thanks again for all the love. Mom. This is for you. I'll love you forever. Have a blessed weekend. Thank you for listening. This is Monique Buchanan my license numbers S 1788 46 and I am part of EXP Realty. Tune in next week.

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