Welcome Home with Monique

Wesley Knight 0:00
This is a Kun V studios original program. The content of this program does not reflect the views or opinions of 91.5 jazz and more the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. You

Monique Buchanan 0:22
do you have to keep you have to keep well Happy Saturday, Las Vegas, Nevada. Listen, I wonder, do you guys like my new song? You know? I mean, it ain't new. It's been around for a minute. You know, my daddy used to play that while we were driving around in Seattle when I was about, I don't know, five years old, but listen, do you like the song? I like it. Becky, do you like the new song? I love it. You do. The intro is pretty good, and I love it. Because love is a house, and we're here to give you the keys to that house, right? Becky, yes, ma'am. All right, guys, strap on in, because we have another show for you today that's just gonna be dropping some real estate nuggets on you. The reason we do this show, you guys, honestly, is just to enlighten y'all. Becky had a, you know, an experience be you know, when she bought her first home. She prays none of y'all ever go through

Becky Coins 1:37
that, please, hopefully not, right, you

Monique Buchanan 1:39
know, and I ever share her story too, because it's good to hear the stories, because that's, you know what you guys always hear me tell you the reason I got into real estate was because of my first experience trying to buy a home as well. And I know now that God allowed me to go through that experience just like Becky, so that that would end up motivating us and give us the passion to come into real estate and help people not ever, hopefully ever, go through that kind of experience. Well, they won't, not with us and our team right back. Oh no, no, no. So if you're just tuning in, this is Monique Buchannan. I am the host of the welcome home with Monique show, and I've got my partner, Miss Becky coins, on with me today. And what we do is we try to enlighten the Las Vegas community about the market that's currently here in Las Vegas, whether it's listing your property for sale, or if you're out there buying your first home and investment property, you know, whatever your needs are in real estate, we've got you covered. And we are a team. Our team also expands over all 50 states. We're very often referring clients to other team members in all 50 states as well as we've been getting quite a few calls for people that are wanting to move out of the country, right? Becky, yeah, it's crazy. Yeah, yeah. It's moving out the country, getting into the hands of real estate professionals, because not every country has realtors. You can be not licensed and just say, Hey, I feel like selling some houses in many countries. And that can get a little scary. So if you're thinking of even moving out of the country, you can always reach us at 702984, 3700, we can get you into the hands of a real estate professional, all right? And that's in 24 countries. Our brokerages in, okay? And we, like I said, we help clients all over the United States. A lot of our listeners have relocated to Atlanta. They've relocated to Cincinnati. You know, they've been going all over the place, just so, you know, that's who we are. So we're gonna dive in today, you guys, it is picking up. Becky,

Becky Coins 3:36
it's been a crazy couple of weeks. It has barely been able to

Monique Buchanan 3:41
breathe. No, I'm telling you. And you guys not complaining, that's what happens when the rates drop even just a little bit, right? My phone is blowing up with buyers. You know what I mean? They're they're hearing on the news that the rates have dropped, and yes, right now. And of course, I'm regurgitating this from a lender. I am not a lender, but my lenders say that right now, and rates change just like the stock market. That's almost like a bad word right now, isn't it? Sorry. So 6.25 is for FHA, all right? 5.86 for my veterans, we're already in the fives for my veterans. Did you hear me? Veterans, you always get a lower rate. 5.86 conventional is going for around 6.63 okay, so you do not have a medium credit score when you are a vet. You heard me right. We have sold in the low five hundreds to our veterans, wives, husbands, to my fallen fallen spouses. They can also still use those benefits, and a lot of them don't know, and they don't know how to find out 702984, 3700, so the market's picking up guys every year. Around this time though spring, we always see the market start picking up anyway, organically, right? But especially now that it's been two years that we've been fighting with these. Rates right, and now they have come down, because they were at seven and a quarter just two weeks ago, guys. So that tells you, by the way, when we talk about these rates, just to give you an idea, for every 1% increase on the rate, let's say you're buying a $450,000 house every just 1% in other words, if the rate was 5% for instance, and it goes up to 6% that's $250 more on average, that your mortgage will be more rose. So your mortgage goes up almost $250 just off of one point. That is why our phone is ringing right? Becky, yeah, because we've pretty much dropped a point. So what does that mean in that case, if somebody's buying a $450 house or $450,000 house, let's say their mortgage was going to be, you know, 2250 20 250 you know what I mean, 2250 a month. Now the rate dropped just like recently, one point. So now their mortgage will be about $2,000 over time. You know, over a 30 year loan, it that's like $90,000 of interest alone that they're gonna save. Why we're seeing the influx of buyers, even right now, that are coming and calling us like, hey, Monique, we're ready to buy. The rates have come down a little bit. And guess what? It's good news, but not bad, not great news. I mean, it's good news and bad news, right? Like, it's like a catch 22 then comes the competition. And the competition arises, guys, just this last, what, two or two and a half, three weeks, just the other day, I got another client, $12,000 on their closing costs, right? He's buying at 495 so he's buying for 495,000 I was able to basically get the seller to pretty much pay his entire closing cost. So all he had to do was put his down payment, you know, down and that was about 14 15,000 so he's gonna buy a property with $15,000 that he pulled out of his 401, K and he Listen, honey. He's, he's, he moved in the southwest area, over by Bishop Gorm, if gated community with a pool. If you've been thinking about, you know, maybe moving into a bigger house, maybe downsizing. You can list your property and downsize and take advantage of a seller being willing to give you some of your costs right now, when the rates come down, what goes up? Prices. You guys don't believe me. Look, look at the history. You know, look at the history. That is what happened. So if you're just tuning in, this is Monique Buchannan, and I am with Becky Coyne. She is my partner, I hate to say in crime, because we don't do any crime. You know, it's a crime. What we're doing when we're getting these sellers to pay all these costs for our buyers, right? But listen, but when we're representing our sellers, we protect them at all costs. That's when the pivot comes into play. But yeah, so we're just talking about the current market here in Las Vegas, Nevada, giving you the ins and outs of what's actually going on. Because we are boots on the ground. We are full time real estate professionals and realtors, so we're out there every day we're looking at it, because it can drop. It can change on a dime, right? The market changes on a dime. You guys, okay, I remember one week the rates were like 4% the very next week, they were six and a quarter, 7% it goes up and down. It's very much like the stock market, you know what I mean. So I want to sit here and kind of talk about, and so we've talked about the rates dropping right once again. FHA is at about six and a quarter right now. Our conventional buyers six and 6.63 and our veterans are at 5.86 on average. You guys, this can change. So just know that it's just like the stock market right now. Me and my team are getting closing costs all day long from the seller all day long, because there's not an influx of buyers just yet that are beating down their door, right? But it's coming. We're starting to see multiple offers, aren't we?

Becky Coins 8:51
Yes, we've had a few this week. That's right. Put in on That's right. So

Monique Buchanan 8:55
our buyers are now starting to see multiple offers on properties again. Now let me talk to my people that have been sitting on the sideline probably their entire lives about buying so here's the thing, guys, the average car today in America, that price per month for an average car is anywhere between 709 $100 a month. Rates have also went up for cars, right? In fact, a lot of times you're paying more for your car's rate than even a house. So I understand that not everybody can afford a 500 600 700 $800,000 house, right? So here's the thing they can afford. If you can afford that car note, dear, listen real close. If you could afford that car note, you can afford $100,000 investment property, because even at 9% even at 9% that investment property is going to cost you about seven, $800 a month. But guess what's going to happen? You're going to make money on that Okay, as you drive that car around, dear, you are losing money. You do not make money, and that's the difference when we. Say equity. Homes appreciate, cars depreciate as soon as you drive it off that lot. So you know what I mean. So I always tell people, listen, there's no way you should have a Land Rover and a landlord, and then you better own something before you have that Land Rover. Am I right? Doesn't make any sense. You have to make it make sense. None of us are getting any younger, at least over here, I'm not Hello. Okay, so instead of me running out buying a brand new Range Rover, even if I have the ability to do it, you No, no, ma'am, no sir. You know what I'm gonna run out and do? I'm gonna buy that condo over here, right down the street from the new Oakland, a stadium that's going for $140,000 and that payments gonna be $700 a month. And guess what? I can rent it out right now. Even before the Oakland a stadium opens, I can rent it out for 1200 I'm already making money. My money's making me money. I put my dollars to work. And that's what I kind of, you know, I try to tell people, because a lot of folks were raised up renting their whole lives. They don't understand when we say you're going to make equity, they're like, What are you talking about? I always tell a story, I rented my house for five years, right? I rented that house for five years. After five years, Becky, I think I was paying $1,300 a month. I paid $90,000 I did the math. $90,000 is what I paid during that five years right to rent and what did you get out your I had to walk around my house with my one baby on the hip at the time and a camera my phone in the other hand, trying to video the whole house in hopes that I get my $2,000 security deposit back. Luckily, he was a nice guy. He gave it back to me. A lot of times they look, for instance, they may not, yeah, all of them are not, yeah. I was a really good renter, but still, you know? So I walked through, I got $2,000 back. You know what? I had just got my license back then, and I looked it up. The man bought that house that I rented for $100,000 I paid that man's house off, and I looked up the value the day that I moved out, $300,000

Becky Coins 12:03
I bet that was eye opening. It

Monique Buchanan 12:04
was it. Listen, had my feathers in a ruffle. But that was good, because I was moving on, because I just bought my first house, and I was complaining I spent $237,000 on my house. And I thought that was oh my goodness, you know. And everybody, even back then, was talking about the crash that was coming. The crash, the crash, the good old crash, right? Still waiting on that crash? Yeah, I'm still waiting the crash supposed to happen so long ago. Where is this crash multiple times over, and how is it, guys? How is a crash gonna happen when the majority of the United States is sitting on equity? Why in the world would I just let my house go when I know I could sell it and walk away with hundreds of 1000s of dollars because I bought it at two, three or 4% or even 5% interest rate?

Becky Coins 12:49
What happened back then isn't happening again.

Monique Buchanan 12:51
It's not. It's not the same thing. It's not. It's completely apples and oranges. You know what I mean. So you guys, I hope you're enjoying the show. This is Monique Buchannan, 702984, 3700, you could check out our YouTube channel at Monique buchana, real estate. I appreciate when you guys like and share. I really do appreciate that. So if you don't like calling anybody, you can always text 702984, 3700 anything that has to do with real estate. I'm here to assist. You know me and my team are here to assess. You can also email me at Welcome Home Show 91.5 at Gmail.

We're here to help. That's right, that's rocket

All right. So let's, let's pivot a little bit, and let's move on. Like I told you guys, listen when the rates increase even by 1% or better yet, when they decrease by even 1% how much does that save them on a month, a monthly average, you know, on their payment. So that's why there are so many people calling us. And you're welcome to call if you're thinking about buying a property or even listing your property. 702984, 3700, you know what? I've got people picking up, and they're listing their properties right now too. I'm taking a listing tomorrow morning. Becky, you just had a listing that flew off the shelf. Flew off the shelf. We're going to escrow today. And where was that listing at? That listing

Becky Coins 14:10
was in Henderson, over on 1138 Park Grove. It was four bedrooms. It flew it flew right off. Had a pool in the backyard, and I think we had showings over the weekend. I listed on a Friday, I had multiple people already inquiring for offers within 2448 hours, yeah,

Monique Buchanan 14:30
and we haven't seen multiple offers. You guys, it has been over a year, over a year I can strong. I can say that confidently, over a year since I've seen multiple offers on properties. Okay? So that's that's telling right there, all right? And then I've taken three listings over the last week and a half, like I said. I've got another one tomorrow, and I'll tell you why sellers are calling to list, actually, and I'll get back to this. But he had dealt with the agent prior to you. Yes, we know how long we. Family

Becky Coins 15:00
market have issues with our fellow colleagues sometimes, yeah, but yeah, he felt like his previous realtor was not marketing his property very well. His property sat there for quite a while, and he had, I think, one showing in two months,

Monique Buchanan 15:15
two months, guys, one showing. So you heard that, right? One showing in two months. So once again, loft five, that's the high rise opportunity that I have, right? That property is a one bedroom one loft, we had an open house over there. Quite a few of my kumb listeners showed up to that open house. So if you're thinking about listing your property, guess what? Buyer demand is picking up. Buyers are getting used to the rates they're saying, Hey, I don't you know what, whatever. My car note has a higher rate at the end of the day, I'm going to be making equity on this purchase. I'm no longer gonna wait. Like I said, a lot of people are driving around their investments. Okay, your car note 700 $900 but you don't own a property. That's a shame, yeah, because that Prop, that car is not gonna make you in one dime. No, it's gonna depreciate. So, yeah. So anyways, we mentioned the property, and yeah, that one is, I just got an offer in the mail. So that one's very possibly gonna be out the door here soon, till it's done. Until it's done, it's the address is 2775, West pebble Road, unit 328, we're talking right on Las Vegas Boulevard. We are talking seven minutes from the Raiders stadium. We are talking seven minutes from Mandalay Bay and the new Oakland, a stadium that will be going up. Wolf appliances in the kitchen, true chef's kitchen, right? This is a high rise from floor to ceiling windows. It is about 30 feet up, right? And you have that loft that you can easily turn into a second bedroom, and it has a full bath and a walk in closet that will instantly bring the value up, and we're already walking in with equity at the 304 price. And now here's a little trick to the trade. I'm gonna go ahead and give some of my realtors out there that may not know this, but I know a lot of them do. Since my sellers told me to go ahead and list it, what you're able to do is this, you guys, heard me talk about the DSCR loan. That is a no docs loan. You guys, this property is a perfect example. This property, you can do a dis DSCR loan on right? That means you show no bank statements. You show no financials. The reason for that is this, as long as a property can basically pay for itself, okay, then you are able to show no Docs. So I've got, you know, a lot of my retirees will use this DSCR loan, so they don't have to, you know, show that they make enough money to pay for it, because it's gonna pay for itself. So the payment on this basically 305, the payments about $1,700 a month. But you can rent this bad boy out right now, Las Vegas Boulevard, law five high rises. You can rent it out. It's guard gated. It is paying for itself. Therefore we do not need you to show your financials. Do you hear me, business owners that haven't done their taxes since umpteen years? We do not need you could grow your portfolio. My retirees that are saying, Hey, I'm on a fixed income, but I want more money coming in. You know, I need some more funds coming in. I would love to invest in real estate, but I felt like I couldn't do it, because, you know, I'm on a fixed income. Do you hear me? There is a way to do this. So it's called the DSCR loan. We can talk to you guys about that. Another thing, let's say that you already are approved, right? But maybe you know you need some money. You need you know you need closing costs. For instance, right now, remember, I'm representing my seller now, so now I don't want you digging him in my silver, my seller's pack pocket. So I'm gonna tell you how to get around that, right? So since we've listed this about 20,000 to $25,000 under its value, right? You're able to what we called is basically offer more. If you need 10,000 towards closing, go ahead and send me an offer for 315 and then ask for that 10,000 back. That puts that basically like into your loan, right? And by the way, every $10,000 when you're buying a home stretched over 30 years is roughly 40 to $50 more on your payment by doing it this way. These are the tricks and trade that comes with a experienced real estate agent by your side, selling your property for you, educating the other realtor. Because, honey, there's 15,000 agents out there, right? Becky, that's right, not to brag on myself, but I'm gonna go ahead and do it. I am top 3% out of those 15,000 agents. Yes. So you're gonna have skill, skill set and this knowledge behind you. You don't want to just go with whoever picked up the phone when you called Zillow. Okay? Because that could end up costing you 1000s of dollars because they don't have the knowledge that that comes from years of doing it. I don't understand that, right? It comes from being boots on the ground, being out there every day, seeing all different situations, and knowing how to navigate through those waters and making sure that your sellers are taking well care of that their pockets stay in their their money stays in their pocket. And when you're representing our buyers, we make sure that their money, we get it out of the seller's pocket. So I hope you guys are okay with that. That's all we're trying to do, is take, you know, really good care of our clients. That's what we're we're all about. So we're going to recap the show you guys real quick. I want to give shots out to some of my kumb listeners that support me. I really love and appreciate you guys. You know you guys have, you're the reason that I'm at the top 3% in all of Las Vegas when it comes to real estate professionals, there's 15,000 realtors out there, and you guys have put me at the top 3% so I want to say thank you. I mean, there's so many of you out there. All my past clients, there are so many of you guys. I think I'm a there's hundreds of y'all. And I appreciate you guys. I love each and every one of you, and I'm trying. You know, that's my family. Now, you know they can call me for anything. They'll call me just for random stuff. Monique, you know, a good steak house over here. And I said, Well, no, but I'm about to find one. So I just want to say thank you kumv listeners, and thank you to KU MV for having this platform and allowing us to educate our community. And once again, guys, we're selling homes in Seattle. We're selling homes in Oakland, we're selling homes in LA so we are not just limited to Las Vegas, Nevada. I want to make sure you guys understand that and know that, in fact, we close on a house tomorrow in Prescott, Arizona. Oh, look at that. I forgot, almost forgot about my clients happy. You know, congratulations to the Neely family. They called me and said, Monique, we're moving to Prescott. Hey, I got them a, what we call an icon agent. That's also what I am an icon agent. That means you're at the top of your game. Put them in the hands of of our icon agent out there, Miss Kira. And guess what? They're getting keys tomorrow. So congratulations, Neely family, right? And then your people, yeah, you're, you're a seller. Congratulations to him. You guys are going in an escrow Yes, ma'am. And see he dealt with somebody prior to you had his property on the market for two months, had one showing it was not being guys. Listen out there, if you're thinking of listing your property, it is imperative in this market that you have top notch marketing. Yes, every day that property sits empty. It's costing you money. Yes, it does. You don't have the cash or time to not have it properly marketing, and he wants to move on. He lost out on a deal, because, that's right, he lost a brand new home, yep. And he lost out on that so he lost his earnest money. You guys, these, these builders do not mess around. No, they do not. And by the way, I'm glad you pivot. We only have a couple minutes. Let me say something to you guys. You when you go into these new builders and they're telling you that they can put you, they can take care of you, and get your rate down to 4% you percent. Guess what? Guys, I got a secret. So can we? So can we? He didn't know that. No, guys, we have the same programs as the builders. You don't have to buy brand new for us to get you into a 4% interest rate right now. Okay, that is what I've done with all of my clients the last year and a half, we have the same toolbox. We have the same toolbox. It does not have to be brand new. And the reason I say that is because, keep this in mind, brand new homes are beautiful, but they cost you, especially when there's a sit and lid, because you have to pay for them. Streets and another thing, the taxes are always 1% so if your home, for instance, is brand new, you're paying 800,000 for it, your taxes will be $8,000 a year on average. Now that same price point for a resale property, your taxes could be $3,000 that's what's average, and that plays a part in your monthly mortgage. You guys, your monthly mortgage. It consists of your insurance, your taxes, and your principal and interest. And if you don't put 20% down, you could get hit with another insurance. It's called insuring your loan, loan. So there you go, guys, there's a quick little little tidbit for you. But once again, you guys, I have not accepted the offer yet. I'm gonna go over the terms of this offer with my seller. 2775, West pebble road unit 328, and that's Las Vegas, Nevada on the Las Vegas Strip. Okay, so if you're an investor once again, 2775, West pebble road, or if you're just somebody that wants to walk in with some equity, two, 775, West pebble road, if you guys want to get in touch with me and my team, you can reach us at 702 980, 430-700-7029, 84 3700 3700 My YouTube channel is Monique Buchanan. That's B, U, C, H, A n, a n, real estate. And if you don't want to call me and talk to me because you hear me too much every week, you can text me, or you can email me at Welcome Home Show 91.5 at Gmail, guys, I want to welcome or welcome you. I want to invite you to church with me tomorrow at Grace point church, it's right there on Ann, every Sunday, I believe that the it starts at 11am so hope to see you tomorrow at church. You guys be blessed until we hear from you right back. Have a wonderful afternoon. All right. Have a great Saturday. 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.