Welcome Home with Monique

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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. Well, hello, Las Vegas, it's Monique Buchanan, the host of the welcome home with Monique show. And I pray that you guys had an amazing Thanksgiving. I know that I did. I felt so blessed to be around my family. But I'm happy to be back here with you guys yet again, ready to share some marketing and marketing, Las Vegas market, real estate market that is information with you guys. So just a quick update, we are still in what's called a buyers market. And that simply because right now, you know the rates are coming down a bit we've actually dropped in the rates have dropped about two points. According to my lenders, this is great information. You know, about two months ago, we were almost to the 8% rates, we are down in the sixes right now. So it's starting to come down a little bit. The feds decided not to raise those rates again, like they have been doing every single quarter. They decided to like pump the brakes on that, thank God. And now so the rates are starting to trickle down just a little bit. So that's good news. And kind of like I won't say bad news. But like I've told you guys, listen, once the rates get back to the fives and fours, it's going to be a feeding frenzy. Okay, if you're thinking about purchasing a home, you definitely don't want to wait to that point, unless you just have a lot of money saved up, and you're ready to fight for that house. Because that's what's gonna happen you guys, if you're waiting, and you're sitting on your hands, and you're listening to co workers, and everybody else telling you to wait, that is not a good time to buy. I hear here I am the real estate professional telling you that's not true. Okay. And I say that's a great time to buy right now, especially during the holiday season. In fact, this show is unlocked. I'm calling it the unlocking holiday home buying secrets show. All right. So right now, I say it's a great time to buy. All right, because like I've told you guys previous shows, for the last what, five, six months, sellers and builders are giving you incentives for the first time in years, they are paying some of your costs, which they've never had to do before. Okay, they were never, you know, amped to do that. Why should they, they had multiple buyers at their door trying to buy their brand new, you know, homes, multiple buyers at their door trying to buy their, their their homes that they're putting up for sale. So this is the first time since the Feds raise the rates that now they don't have buyers knocking down their doors. So this is the best time for you to snag a great deal if you have a very well experienced real estate agent like myself to be able to negotiate those great deals for you. Okay, so during the holiday season, a lot of the homebuyers tend to put their real estate plans on hold, you know, for the holidays, right? They want to spend time with their family, maybe they're traveling. So this is why it's a great time for you to not do that. And so you know what I'm gonna, I'm gonna reach out to Monique and I'm gonna go ahead and get approved that takes five minutes, you know, over the phone with her lender, and then she's gonna be able to get me out there and snag a great deal for me, because everybody else is out, you know, doing the Holiday thing. So what does that do? That means that they're you know, it makes the market become less competitive, right? So the sellers are motivated because now they have even less buyers looking at their properties, okay, so what does that do for the seller, it makes them want to negotiate and it gives me that negotiating power to really snag a great deal for you right now, while the holiday seasons are going okay. So if you're just tuning in this is Monique Buchanan with the welcome home with Monique show. And I am talking about why you should be thinking about buying that investment property right now. That first home right now. Or even if you're living in a property that you've already owned, and you want to upgrade or downgrade. This is the time to get a great great deal. She that could be your Christmas gift, me snagging you a great deal on a property. My number is 7029843700702984 3700, that is my number, you can reach me there. Or you can jump on my website, www welcome home with monique.com, you can catch me on YouTube. And that's welcome home with Monique as well. So let's jump back into it. Like I said, there's less competition out there for the buyers, because a lot of them are off on holiday. So that's going to give me your realtor the upper hand when it comes time for negotiating. So just remember, you know, the sellers are also motivated towards the end of the year, because a lot of them, you know, they want to, they want to close their deal for the tax purposes before the end of the year. All right, so they want to hurry up and get, you know, the home sold before the end of the year. So the clock is ticking for them. Right. So that really motivates them to once again, allow me to negotiate a great deal for you. I'm talking closing cost, you know, even even some money off the property, okay, off the home as well, they're willing to do it because they're running against a deadline, especially if they're doing a 1031 exchange, they only have so many days that they can go ahead and get the property sold, so that they can make it in time for their 1031 Exchange. All right, they've got reduced demand. So you know, it just inclines them to, to, you know, maybe accept an offer that they probably wouldn't have accepted two months before, right, because they know that the time is clicking, we only have one month left. And we're going to be off into another year. So I say that right now is the best time to buy during the holiday season. Let's talk about something too, I want to I want to break up a myth, okay, I get this a lot, you know, people think because they already own a home, that the next home that they purchase, they have to put 10 20% down on that property. So I'm here to let you know that if you own a home right now, and maybe you want to go buy one of those brand new homes I told you about they're giving out these incentives. But you're like, wow, I just I don't have 20% down, I've heard my whole life, I've got to put 20% down or, or I already own a home. And I think that I have to put 20% down or 10% down. That's not true, you guys, you can simply rent that property out. And as long as you rent that property out, we can go ahead and get you approved, my lender can get you approved, and you could put down as little as 3% On your second home. And now guess what? You are creating equity not in just one home. But you're creating equity in your second home as well. Now you've got the renters paying off that mortgage. So you're allowing the renters to go ahead and pay off your mortgage for that first home you bought. And now you've got a second property, you've decided to upgrade or downgrade. And now you're making equity on two different properties. Okay? All right. So that's, that's amazing. All right. So you want to keep that in mind that you do not have to put 20 and 10% down, if you currently own a home, okay, so I can sell the property for you. If you want me to sell it, I can definitely sell the property for you, if that's what you'd like to do. And then that way, if you sell the property, let's say that now you have the 20% to put down, the main incentive of putting 20% down is so that you will not have to pay mortgage insurance, okay? Mortgage Insurance is an insurance that you have to pay as a buyer, if you do not put 20% down on your home. Basically they're saying, Hey, you're kind of high risk, you didn't put 20% down. So we want you to insure your own home. All right. So just think of it like that. It's not the insurance of like, if the house burns down, God forbid, that's a completely different insurance, okay? That's not what I'm talking about. You've got insurance, God forbid the house burns down insurance, right, I'm going to tell you what makes up your mortgage payment. So you've got the insurance like casualty insurance, you have your principal and interest, so just your regular old payment, you have taxes on the property, right. And then you have mortgage insurance. So that's four different bills rolled in one, that's what makes your mortgage payment. But if you put 20% down, you are going to avoid that fourth one, that fourth one you'll get rid of completely. And let's just say the home was $400,000. That's typically about an extra $300 onto your payment. So without that, let's say that your $400,000 payment was, I don't know

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20 to $2,200. I had to come up with a number you guys $2,200 Right. And then so now you're gonna take off $300 of that payment, because you put 20% down Alright, so that's why, you know, if you do have the 20% down, you don't have to pay for that mortgage insurance premium. So let's jump back into it. You call me and say, Monique, I want you to list my property, I want you to market it all over 91.5. And let's get it sold. I say, Okay, let's do it. So we go ahead and sell your property, you walk away with 250,000, you go buy a home that 600,000. In fact, I know for multigene property that you can buy for 600,000 single story with the multigene, which means apartment attached to it, right 600,000. Now normally, that property would probably cost you about $4,000 a month at 600,000. Right? So now that you have the 20% down, because that's a much higher price and 400,000, more than likely that that property is going to cost you around 3300 a month, right. And of course, it's all depends on the rates and things like that, I'm just giving you an idea of why it's important to have the 20% down, if you have it, you don't have to have it. But if you can come across that through your equity in your first home, and you want to go ahead and pay that 20% down, you can do so and that will make your mortgage payment less. Or you could just say no, I'm gonna put the 3% down money, and that's fine too. But then your payment obviously would be more expensive per month, right? Just like I always tell people think of it like a car, when you bought your car, obviously, the more money you put down, is gonna you know you're financing less, right, so it's gonna be cheaper per month. But anyways, I'm just happy to say that the rates have come down, which means that the payments per month have come down as well. All right. So if you're just jumping on my name is Monique Buchanan. I am the host of the welcome home with Monique show. And we are talking about why it is important to buy during the holiday season. Now I was just reminding people that live in properties right now that are sitting on equity, put your equity to work, don't sit on it. Don't sit on your equity. You guys have heard me have my lender Come on. My lenders right now can do a HELOC. And it will not affect your current rate on the property that you have. So let me give you an example. Let's say that my buyer or my buyer, my my client, Jerome, he's a veteran, he bought his home three years ago, and he's sitting on a 2.7% interest rate. But he needs some money, he needs some money to pay off credit card bills or it's Christmas or he wants to take a $10,000 vacation. He wants to do something he needs that money for whatever reason. But he doesn't want to refinance his property. And that makes complete sense. Why would you refinance your property to do a cash out refi. When that's going to affect your rate. Nobody wants to refinance out of a 2.7 and go into a 6%. That doesn't make sense, right? So my lenders are able to do what's called a HELOC for him. And that way, he can pull out up to 90% of his equity up to nine. So if it's $100,000 worth of equity, he knows he has in the home. And if he doesn't know, he can contact me. And I will tell him how much equity he has in his property. But he knows that he's got $100,000 equity. He bought his home for 300,000. He sees it now his neighbors are selling for 400,000. So in his mind, he pretty much knows, hey, I think I'm sitting on about 100,000. Well, guess what? My lenders can let him take up to $90,000 out without touching his rate of 2.7%. So that doesn't change. So there you go. It doesn't touch his rate. All right, and he can really pull out and pull out with a HELOC. He'll have maybe like there's terms, he can do it for five years where he has that 100,000 available to him for the full five years. Okay, so in other words, if he only needed 50,000, he could pull off 50,000 He still has 40,000 for those five years if something else comes up that he can draw from and he can pay it back early if he wants as well. So it's very flexible. You guys have heard my show. I played it last week and I believe the week before and it was talking about the he locks. So if you're interested in that 7029843700702984 3700 If you're interested and getting a HELOC so that you can access some of the equity in your home. Now the reason I talk about he locks I know another reason you should be trying to get some of that equity out of your home and that's to reinvest. reinvest, right now you're sitting on hundreds of 1000s of dollars and it's doing absolutely nothing for you sure, you know it's gonna grow. But you can make it grow a lot faster if you were to reinvest. buy another property. We all see the writing on the walls, right? Oakland A's are coming to Vegas now. Vegas has things going on that has never happened here before. Our city is growing at a tremendous rate. Tremendous rate. They said the city of North Las Vegas they're expecting 300,000 more resin It's within the next couple of years, you guys. So why in the world would the prices go down? They're not. Home prices are not going down. So why not be? Don't you know, this is what I say. Don't be one of those people. Like Like even myself right now, you know going Darn I wish I would have bought back then. I wish I'd have got back you know, bought back then it you know 400,000 for Vegas, we're spoiled. We think 400,000 is so much money. Oh my gosh, or even $600 The house is 600,000. You know, we we have to remember witness? Well, for a long time, these prices are nothing to California buyers to Seattle buyers to Frisco buyers, you know what I mean to New York buyers, Chicago people, these prices are nothing 600,000. And that's where we're heading, we're heading into that we're becoming that kind of a city. Okay, go ahead and get some properties that are going to make you some, some great equity. Right? And then you can build your portfolio. You don't have to sell them. But you can, you know, I tell my veterans they say, Well, money. I don't know, if I'm gonna stay here. I might be deployed in two years. I say, okay, so why rent? Why rent and get nothing but back, but maybe your deposit, you got to fight for that security deposit, right? What does that $2,500 or whatever. So why not walk away in two years with not a security deposit of $2,500, but maybe $100,000 worth of equity, you know what I mean? Or even $50,000 worth of equity, you're going to gain that equity within that amount of time. Now, if you don't want to keep the property, you do not have to, we can sell it. You have options, or you can rent it. Or you can Airbnb it. But as a renter, you're doing nothing but paying someone else's investment off. You guys hear me talk about the story all the time about the last place I rented. I got in there, he had just bought it for $100,000. It was in Centennial Hills, I'll never forget. This was before I got my license. I ended up getting my license during this period, but I rent it from him for five years. I paid $1,300 a month. And when I got my license, and we bought our house, I looked it up seeing that he bought it for 100,000. Right. When we left that property, I did get my $2,500 You know, security deposit back. And he then sold it for $350,000 100 Look at that, you guys. He sold it for $350,000. So he made $250,000 on top of what he paid paid 100,000. So you walked with $250,000 after we got done paying off his house for him. Because by the way, the five years that we were there at $1,300 that we've paid $90,000 of his $100,000 purchase.

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You guys do the math, it makes you mad. It made me so mad. But you know what it woke me up once you become an owner of a property. You don't ever want to run again. You know what I mean? Ever, ever, ever. And if and you have people that have parents, like myself, I have my father. He lost two homes during the the crash, right? But I always try to educate everybody. The crash happened because of predatory lending. Credit. My dad should have never had a million dollars worth of homes. But he did. My Father bless his heart. He worked at the Luxor had a great job at the luck. Sorry, he did well, but he was room service. You know what I mean? He was room service. The majority of his money came from tips. That's unverified. So how in the world were you approved? For a million dollars worth of homes? He had two homes, he lost them both. You know what I mean? So you have some people that will you know, that went through that and they're telling you Oh by No, no. You know, that was a that was a sad, sad thing. But yeah, now it's so strict. Because of that. It is extremely strict. Now if you are approved today, you're you're definitely approved and you've dropped through every hoop to prove that you can afford this home. Alright guys, if you're just tuning in, my name is Monique Buchanan. I am with the welcome home. Hi, I'm the host of the Welcome Home Show. Better yet. And I'm also your local Las Vegas realtor. I can assist you on purchasing a property, purchasing an investment property and listing your home for sale. Let me tell you I want to give a congratulations out to my flowers family. I just listed their family home. We actually broke the neighborhood record Yes, we did the comps were $10,000 less than what I sold the property for. And so let me tell you, when I walked into the property, you know, they were thinking about doing all these lavish upgrades and that's one thing if there's no need to do it, I'm gonna let you know hey, let's just do these following things. They're a great family. They knocked it out. They got a couple little things that we needed to do but let me tell you that those those little upgrades and updating that they did, they didn't spend a whole lot of money at all remember, I have handyman. I have the landscaper, I have the you know, the, the electrician, and all my team, they will allow you to pay at closing. So if you don't have a lot of money upfront, and that's what's holding you back on listing your property, my number is 702984 3700 702-984-3700. I have the landscaper that can come to your yard, and then you don't have to pay him until you close on the property, I have the AC guy that will fix your air conditioning or replace it. You don't have to pay him until you close on the property. That way you don't have to be stressed out trying to come up with a lot of money. So just remember that I am your resource when it comes to these things. All right. But congratulations to the flowers family. Like I said, we were able to go ahead and get that property sold for over what the other properties were going for. I attribute our radio station, a lot of the people that came to look at the property had heard me mention it on 91.5. Okay, so just remember that this platform is really, it does really well with my listings, because obviously there's 100,000 listeners per week. And that really helps me to sell all of my listings. So if you're thinking about listing your property, I would love to assist, my number is 702-984-3700. And we'll get that home sold for you. Alright guys, so let's just do a quick recap. Why is it important to buy right now? Well, there's many reasons, okay, many reasons, the door is slowly shutting guys, the door is slowly shutting, the rates have went down again, my lenders are saying we're in the sixes now. So that's a great news, right? But it you know, listen, if it goes down, or when it goes down, I should say, to the fives and fours, you're gonna be in a fight for property here, because even right now, even with right now with where the rates were, we still have very low inventory. So I'm still seeing multiple offers. And we That's crazy. I mean, it's nothing crazy, like, you know, a year and a half ago, when I had clients going $10,000 over list price on a house. We're not there yet, but we will get there. We will get there. As soon as they dropped the rates again, tremendously. Right now we're in the sixth is this is decent, right? Remember, if you buy right now, you can always refinance the property. Once they do drop those rates down to the force and and get this you can buy right now. And I will negotiate the seller to buy down your rate to the fives or maybe even the fours. Okay. That's something I can do right now. And especially right now, because of the holidays. Remember what I said the sellers, a lot of sellers are up against a 1031 exchange, you know, clock is ticking. So with a 1031 exchange, they only have 180 days to get that done. And a lot of them are right there at the end of the year, they've got to get these these deals close these properties sold before 2024 for tax purposes. So that motivates them. So I can say, hey, I want you to buy down my clients rate. I want you to pay their closing cost. And right now because of the holidays. And like I said a lot homebuyers, they put off the real estate plans until after the holidays. So a lot of them are not even looking right now. Although they're approved. There's they're, you know, flying all over to go visit family. And this is your time to strike. If you're thinking of investing and buying a second property, third property, fourth property. If you're thinking about upgrading your property, I can either list it and we can sell it or we can rent it out. And then you could still put 3% down if that's what you want to do. You know what I mean? So if you want to sell it, we could put the 20% down, or 3% down, if you want to rent it out. If you've got the 20% great if you don't guess what only 3% steal. Okay, I've got a luxury home builder right now that's offering my clients a 4.99% rate. Guys, we haven't seen a 4.99% rate since 2017. So if you're out there looking at brand new home builds, I would love to assist, I can refer you to the new home builder, they'll walk you around the property sit you down, go over the numbers. Hey, and then that way, you know that you're going to be well taken care of and represented by Monique Buchanan. All right, and you're going to also be able to get that 4.99% rate. I even have another one of my builder colleagues that are offering a 3.99% rate guys. They have properties brand new homes. We're talking 1500 square feet for 360,000. They have brand new homes going for 400,000 You guys, I know where all of these are, if you're looking for a multigene like one of my clients there, they're gonna buy this multigene and what they're going to do is rent out the multigene which is a one bedroom apartment attached to the home. They're going to rent that out for $1,500. They'll get it all day long. $1,500 is half their mortgage. So yeah, they're getting that $600,000 home, but they're not going to pay that $3,000 mortgage bill because they're going to have the return for their multigene, pay half of it 1500 bucks, and they're going to pay $1,500 for their, their 3000 square foot homes. So these are the things that are happening right now. And guess what the builder is paying their closing costs, the builders paying their closing costs and buying down the rate, will it happen in a couple of months when they dropped the rates, and now the builders are getting an influx of buyers running into them. No builders that stopped giving up any kind of money towards the buyer. They for a long time, they're they're always waiting list for new home builds, you are getting a dime out of the builder. Why should they they had a waiting list. That's why I'm telling you guys, it is an amazing time to buy, especially brand new homes, as well. Allow me to represent you allow me to make the phone call for you and set up the appointment for you to go see. So that you can be represented by a realtor, because if you walk in there without a realtor, even if you tell them oh, I've got a realtor, they don't care. They're not going to allow you to be represented in in most cases, you guys, it even says it on the door when you're going to brand new home builds, please bring your realtor the first time you come in. So once once we go in with you or many of them have a relationship with me. So they'll allow me just to make the phone calls. And then as long as I email or phone call and give them your name. They'll say okay, you are now represented by Monique Buchanan. Go ahead and look at the properties as many times as you want. And you're going to get those incentives that you heard her talk about on the show. Alright guys, so hey, I love you. I pray you guys are all doing well. Always want to give a shout out to Jesus Christ who gave me this platform. I am so grateful. So humbled and so thankful for each and every one of you guys. Be blessed during these holidays. I'm always here if you have a question 70298437007029843700 I'm here to answer your questions and to help. Alright guys, have a blessed, blessed weekend. 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. All right tune in next week.

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