Welcome Home with Monique

Wesley Knight 0:00
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Monique Buchanan 0:23
Dave you have the king Well, hello there, Las Vegas. I hope you are off to a great start this beautiful morning, this Saturday, yes, so we've got a great show for you guys today. I've got none other than my co host, my home girl and my realtor friend as well. Now you've been friends, what, 20 years, and you wouldn't got your license a couple years ago. And yes, ma'am, you've been over here helping all kinds of clients get into homes. And if you guys don't know who I'm talking about, which you should, it's Becky, Mrs. Coins. Well, hello there, Monique. Hi, Becky. I'm excited to because today we have her son who absolutely refused to come on the show, but he's still going to be, yeah, on the show, because we're going to talk about him right in front of his face, right? Becky. That's right. So we want to thank him for his service, first and foremost, because Becky's very proud to say that he is in the Air Force.

Becky Coins 1:39
Proud of my baby. That's right. And where is he at? He's in Spokane, Washington, right now. Yes, he is. And

Monique Buchanan 1:45
so Becky, of course, being the wonderful mother that she is is not going to allow her amazing son to miss out on what his owed to him, which is that DD 214 and that zero down as a veteran, right? That's right. So she told Jake, and by the way, his name is Jake, said, Jake, you got to go ahead and take advantage of that, because you know, for one you're, you're owed it, right? Yeah, owed it for your service, right? Becky, start building while you're there, while you can Right, absolutely. What? How old is Jake, 27

Becky Coins 2:18
had to think about that. I feel bad. I'm wondering too. He's got a birthday coming up. He's got a birthday coming up in a couple weeks.

Monique Buchanan 2:24
So you're starting him off right? You know what I mean, at that young age, if we would have purchased just imagine the wealth that we would

Becky Coins 2:31
have today. Oh, yeah, I wish I would have done it way sooner. I think we

Monique Buchanan 2:35
all wish, right? Yes, plenty people listening right now are thinking the same thing. I wish I would have bought my first home in my 20s, rather than maybe my 40s, 50s or 60s, right? Because that appreciation over all those years, like with any investment, it grows over time, right? Yes. So what were some, what was some of the pushback that Jake had, or the questions, or maybe the misconceptions

Becky Coins 2:58
he was really nervous when I first sat him down and was like, hey, you know, you he wasn't going to be in Spokane long originally. He thought it was going to kind of fly by. Now he knows he's going to be there for a minute. And I was like, even if it's just a short minute, buy you can then buy again later. You can always rent it out if you get deployed. Yeah, there's, there's so many different options he has afterwards. So I didn't want him sleeping on that, right? He was a little nervous because I have drilled into my children sometimes, I would say, an even unhealthy obsession of making sure that their finances are in order and living below their means. Don't make yourself, you know, don't tap obsession. That's a good obsession. I try. So he was a little nervous at first. And he's like, you know, with the interest rates, right? He's very nervous about that. Was concerned. I'm like, you're renting, this is where you are, but you're in a comfortable situation. In the military, they get their their housing, their BH, which is a voucher, right, yeah. So they, they get that that contributes to their housing. And I was like, you know, calculate that out. Like, that's a mortgage payment, right? Like, why would you want to that doesn't even touch your base pay? Wow. So you can still live below your means, if you're smart. So

Monique Buchanan 4:09
let me understand this. And I'm saying this as if I don't know, but I do understand it, but I want to make sure everybody that's listening understands this. So as a veteran, as someone that has the ability to purchase a home, zero down. By the way, they always get a lower rate than, more than the common public, right? So their rates are lower automatically. I don't know if you knew that, but that's true, right? So you've got zero down, you've got a lower rate than everybody else, and now you're telling me that if you're active, you get a voucher that's going to pay your mortgage. So the government is buying you a home, essentially, essentially, right? And we're not wanting to do this. Why?

Becky Coins 4:47
Because you're scared, because it's a big decision to

Monique Buchanan 4:49
I understand, but what? Okay, so what were the concerns? I understand that he thought he wasn't going to stay that long, right? And I hear that a lot from my veterans sometimes, and then I'm just like, you. I'm like, Hey, you. Even if you get deployed, even if you don't stay, even if it's only a year, you made money. Yeah, your home went up in value within that year. And you can always rent it out, or, you know, probably don't want to sell it, but you could always rent it out until it makes enough money that when you do sell, you're walking away with something

Becky Coins 5:17
exactly, exactly right? That's I try to tell them, I'm like, and you have, you know, can't tell me you don't have another military buddy that might be looking for a rental. When you leave, there you go, that is always somebody like, you have a big community when you're living on base and, you know,

Monique Buchanan 5:32
so that's like, guaranteed rent, yeah? Because obviously you're gonna buy probably close to the base, right? And so if you do get deployed, now, there's plenty of, like you said, people on the base that will rent that from you and continue to pay that asset off. That's right for you. Yeah, you're a good mom.

Becky Coins 5:49
Becky, I try sometimes. I'm all right.

Monique Buchanan 5:52
No, you did a great job. And we once again, want to thank Jake for his service. And I'm excited to say that in a couple of months, he'll be on when he's talking about the home that he bought in Spokane, Washington,

Becky Coins 6:02
that's right, and I'll bully him again,

Monique Buchanan 6:04
but for a good cause, but I'm glad you brought up some points that we're going to talk about today on the show. Right? A lot of people's concerns are the rates. But guess what? The rates have come down. They've come down, and they're expected to, like we all know, come down again more. So a lot of people will say, Well, you know, why don't I just wait for the rates to come down? Because let me tell you something, almost every point that it comes down will affect your mortgage two to $300 less, right? So I get that part. But here's the thought, while you have options and you're not fighting people, because you will, believe me, there's so many people, yes, they're not, you will not get closing costs right right now. The sellers, they got to give you incentives to buy their home because they know you have plenty of options, right? You have the cards in your hand right now. But if you follow the trend of everybody else and wait on your hands, what are you gonna lose? Becky closing costs. You're gonna lose a lot. You're gonna lose the price. The price is gonna go

Becky Coins 7:03
up. I was just gonna ask you, as long as you've been doing this, and as long as I've been studying on a lot of it too, when was the last time you saw the buyers have so much power?

Monique Buchanan 7:13
Oh my gosh, it's never happened. In my entire career. I've been in real estate here in Las Vegas for 10 years, and I'm telling you right now, I've never seen this like what we're in today, the market we're in today, how strong the buyer's hand is right now. It's a disservice if the realtors are not getting closing costs for their clients right now. I just want to say that to my fellow colleagues out there. You know a lot of you guys do this on the side, maybe don't realize I'm telling you as a friend right now, when you put these offers and you need to be getting closing costs for your buyers. Okay, you need to know that we are in the market right now. What did I get? $14,000 on a $400,000 home. I got $14,000 for my client. We closed Friday, okay? He walked in with $15,000 of equity. So that tells you we cleaned up, and this is what's been happening for the last eight months.

Becky Coins 8:03
Yeah, I would say last year it was probably what I would call a more balanced market. Yes, your it was more even. Yep, it was even stevens. And now it's taken switch shift. Yeah, it's definitely and it I have not seen that. You know, what's crazy

Monique Buchanan 8:17
is that the rates have come down right? Because last year, like when I bought my house, the rates were in the seventh and a quarter. I had to pay $15,000 to get my rate down to six and a quarter, right? So now it's mighty funny to me that, and this is why, I'll tell you why the rates are down, but the buyers have a better hand, because there are so many listings right now. We were always in a shortage of listings almost my entire career here in Las Vegas. But right now, a lot of people are selling. Yeah, they put their homes in the market, and I'll tell you what, they're, on average, sitting for like 90 days, depending on the price point. Of course, right some of them are sitting on on average 50 to 51 days. But that is a long time they were saying that. Uh, what did I read? It said, was it 7000 homes in June, didn't get one offer on their property.

Becky Coins 9:08
I believe I saw that. Did you see that? I did see that? Yeah. I don't remember what the number

Monique Buchanan 9:12
was, yes. So I'll tell you right now. You know, I am a real estate agent. I do sell homes. Becky's a real estate agent. But I'm gonna tell you always, I'm gonna always keep it we're gonna keep it real with you and talk to you just like family. Do you know how many people I've told that's called me to list their house, and I tell them straight up, if you don't have to list less weight, yeah, I appreciate your business. I want you to definitely call me back, or I'll call you back, but I'm just gonna always keep it 100 with you. Yeah? Am I gonna lie to you to make a couple dollars and then sit there and have your listing sitting forever? No, that's not how we work. No, that's not how we work. So we're gonna tell you the truth. And if you are in a position to sell right now and you're thinking of selling, I would advise you, and Becky, would you advise them absolutely, wait till the rates come down, and everybody jumps off their hands, and then guess what? We'll be able to hike the price of your home up, and we'll have multiple people fighting over your house. Else you are listening to Monique Buchanan. This is the welcome home with Monique show, and I've got my girl Becky coins on with me. We are Realtors here in Las Vegas, Nevada, but we can assist you in all 50 states. Please remember, we're here to put you in the right hands that are all across this country and part of our team, okay, so I've helped clients move to Florida. You know, we even sold a house. What was that in Colombia? I think. Was it Columbia or Panama? I don't remember. But anyways, we also can assist in 24 countries. All right, so let's jump back into it. I I just closed, like I said, got that young man $14,000 in closing cost. He walked in with $15,000 in equity, right? So the man has made 15,000 on his home before he's even gotten the keys. Okay? Now, the other client that I have, she just closed on her house, and guess what, guys, she is a bartender, and this is near and dear to me and Becky's heart, right? Those tips, tips are tipped, are tipped employees, right? It is a beautiful thing to make tips until you try to go buy something, especially a house, right? Oh, yeah, because, you know, just like you know, entrepreneurs, we want to kind of write off things, right? So my entrepreneurs that are thinking about calling me and Becky to sell you a house, remember, don't write off everything. Okay, if you want to buy a home, you're going to need to claim something on those taxes, and go ahead and make some money. Got to show you make. You have to show you make some money, right? Maybe you make a million a year. Maybe you make, I don't know, 800,000 whatever you make, 500,000 a year, whatever you make, whatever you make, right? 300 whatever it is. You tell the lender what you want to make, and he can give you an idea of what you need to at least claim, yeah, to get that approval right. Same thing with tips. You have got to start doing tip compliance, or you can do what's called a bank statement loan, where you go ahead and put your tips in every night. And like I told many of our friends, and they're all they all own homes right now, the young lady we sold to last week, she bought a home on the golf course, and she's a bartender, and what she did was she did exactly what I said. I said, Hey, I need you to put your tips in the bank. I don't care if you pull them right back out. They have to have a paper trail. This is not 2008 we're not going through the crash again where you could just say whatever you made they believe you and give you a loan for a million dollars. No, that's

Becky Coins 12:19
what got us in a hot mess. Now it's stricter, and they got to prove

Monique Buchanan 12:23
it super strict. If you're approved today, you are, for real, approved. Okay, because they're making you jump through some hoops, but you just go ahead and jump through them and promote

Becky Coins 12:31
mattress money down payment. Oh, go in the bank, guys. It has

Monique Buchanan 12:34
to go on the bank. And if you have mattress money, you need to put it in there slowly, because if you don't, it looks like it's some kind of, you know something going on there, and we don't need that so anyways, but that's what we're here for, to guide you, right? Because who knows this? Nobody knows this. A lot of realtors and people in the business don't even know a lot about that. You know what? I mean, it's just, it is what it is. Some

Becky Coins 12:54
don't take the time to learn. They don't, and that's but I didn't know when I bought my house, right? We had to learn.

Monique Buchanan 12:58
You have to learn, right? We all have to learn so and once again, if you're just tuning in, this is Monique Buchanan, and this is the welcome home with Monique show. We are here to assist you, not here, not just here in Las Vegas, but in any state in America, in beautiful America, we can assist you guys. So let's talk about the market, right? We were talking about, there's a lot of inventory out there, right? And, by the way, we have a coming soon listing. It is listed at 2.6 it is a five bedroom, five bath. Every single room has its own bath. It is a 2023, okay, we're talking 5326 square feet, and it is over there in southern highlands. Okay, so, you know, near everything that you can imagine, the strip, the Raiders Stadium, the hot spot, yeah, yeah. I think that maybe, like a Raiders player, would probably buy this or something like that. I mean, what anybody can buy it. You know, we're, we're open to everybody. Now, mind you, this is a team members listing, so it's not mine, so I would look for the buyer. So if you're interested in seeing this property, my number is 702-324-3367, the address is 3423 Spanish wins court. 3423 Spanish wins court. Okay, so 2.6 million, it will go live, not this Friday, but next Friday. So there's a lot of listings out there, right? And for instance, like that, that property 2.6 million, that's probably gonna, on average, sit for 90 days, right? Because not everybody has 2.6 million to spend. You know, quite a few people do. I'm just saying we're not Cali. You know what I mean. So obviously, the higher price properties are sitting for a little bit longer on average. But you know, the affordable homes, you know where the average person in Las Vegas, by the way, they make about $66,000 so obviously, two. Point, 6 million might be a little bit out of their budget, just a smidge, right, just a touch. So the homes that are priced, you know, 400,004 50, the average medium home price in Vegas right now is about 430 so those are more of the properties that are, you know, going quicker, which makes complete sense, right? So that's where we're at. But let me tell you. And you guys have heard me talk about Pahrump being the next suburbs. You guys, I truly believe this. I've had clients who remember the sweet couple. Remember them, yes. So they had like four kids. They were approved for, I think was like 300,000 at the time. This is about two years ago. Was it almost? Yeah, about two years ago. So we're looking here in Las Vegas, and it was just, you know, nothing that was suitable for them at all. Nothing could even accommodate their children.

Becky Coins 15:48
Yeah, little little townhouses with those kids.

Monique Buchanan 15:51
And she worked just outside of, was it mountains edge? She worked right by mountains edge. And then her husband, he owned his own business. So I said, you know, guys, let's go look in. Pahrump. Are you open to it? And they said, Well, I don't know. You know, it's kind of a far drive. I said, when's the last time you've been out there? Well, it's been about 10 years. I said, well, guess what? Mountains edge has grown all the way dang near to the mountain. They just keep I mean, yeah, they just keep pushing out. So now you hit city limits a lot quicker. They opened up that road too. They opened up the road. So anyway, so we drove out there. They realized that the drive wasn't that bad. It was like 45 minutes, you know what I mean, something like that. So we get out there, we go from looking at three bedroom, 900 square feet town homes to me selling them a corner lot. And by the way, their lot is about 8000 our average square foot lot here in Vegas is like five, 5000 square feet. So they got a yard, and it was a flipped property, and every kid got a room, right flipped. And that house was about 1700 square feet, and they paid 300,000 for it, yeah, and it was in a golf course community I know. So that's actually another one I just sold. I sold to my lawyer. He bought one of the brand new homes out there, and he's retired. You know he's he's been in law for 20 years. He retired. He said, Monique, you know what? I'm ready to go golfing. I'm ready to slow down and just pop into Vegas when I feel like it. You know what I mean. And so I said, You know what? Why don't you think about prompt? He said, let's go and exact same thing. He bought a brand new, brand new home, right? For $350,000 and that lot is actually about 10,000 square feet, brand spanking new, right? Love it. He's He's in heaven right now. In fact, we closed on him, you guys about three, three months ago. Congratulations, Thomas, you deserve that. He's helped me out in so many bonds. God bless him. You know so anyways, now you just sold out in Pahrump

Becky Coins 17:55
they sure did. I sure did. As a matter of fact, I think we closed at the end of June, if I recall correctly. And I just went out and visited them, like, a week ago. And I took my sister out there last week too. Oh, nice. And my sister every time she wants a bigger house, bigger lot, same thing. And she's like, Oh, it's Pahrump. I'm like, when was the last time I've been out there? No, you haven't you think you've been out there, right? And, yeah, we went out there and I showed her the property that we got for them. They are on a just over a one acre lot. They've got a, what

Monique Buchanan 18:26
were they approved for Dave? How much were they looking at? What price point was it 4000 No,

Becky Coins 18:31
no, there was, there's a little bit more. They were two brothers. They decided they were gonna go ahead out there. And they've got a lot of toys. They're young boys with toys, so they wanted, yeah, they've got RVs all the toys. And they wanted no HOA. Okay, so they got no HOA. They work on vehicles and stuff like that. So they wanted room to be able to do all that shop space. They were approved. They wanted to stay under 550 they probably could have gone up a little bit more between the two of them, but they were trying to keep it down a little. But we found that the property we got them, I think we they paid 535 got those closing costs. You sure did. They're on a well. They had paid off

Monique Buchanan 19:16
solar so they have free water, yes, ma'am, and free electricity, yes, ma'am, and they're on an acre,

Becky Coins 19:22
and they're on an acre lot. They've got, not only their single lot of single story homes out there, yes, and that's hard, dominant Vegas, predominantly single. They they do have two stories, but a lot of ones, a lot of singles out there, and which is very attractive to a lot of people. Yeah. So they're on a they got the single story, they got the garage attached, and then they had another bonus RV covered garage. Wow, three car with the RV,

Monique Buchanan 19:46
and didn't you say it had like a casita or some kind of a living No, they looked at one

Becky Coins 19:50
that had a Casita, and they chose not to. But this one had in both the different garages, including the one that was attached. The house had a built in room in it, and the big garage, another built in room with AC, so no bathroom access. They'd have to, you know, bathroom, but I mean, perfect roommate situation, like they'd have their own or an office if you work from home, right? Like it was just the versatility of what they can do with that property is just crazy.

Monique Buchanan 20:18
And then one of them, he's driving into work, right? Both of them. Oh, both of them are. One

Becky Coins 20:23
of them works at the Circa he drives all the way to downtown. I know that's right. And honey, he has spoiled.

Monique Buchanan 20:28
What would he have gotten out here? Didn't you guys look out here?

Becky Coins 20:31
Oh, we looked. We looked. They were trying to look at old Henderson because they had a lot of bigger lot. They've known Hoa, no Hoa, and they wanted a big lot for all those toys, right? So we looked in, we looked in old Henderson, and we looked in, trying to think where else we looked. But, yeah, we they tried, but they didn't really find what they were looking for, what they were looking for,

Monique Buchanan 20:55
and that's why, you know Thomas, the lawyer. He was looking over in Mesquite. I said, Thomas, they're just as expensive as us. You know what I mean? And so he said, Oh, yeah, you know what, you're right. He goes, Well, let me go back over to prop. And here's the thing, the community that we're mainly selling out there, there is like a community. They have their own restaurant. It's golf course, community parks, yeah, waterfall, all that the family that we sold to, I talked to her, she's been out there. What, a year, a couple years now. Yeah, she's she said, Monique, we the kids love living out here. They love their school. They are. She said, Monique, that was the best advice you ever gave me. Was a move out here with my family. She said, Thank you so much. They absolutely love it. So what we're going to wrap up and say, guys, is basically this, you know, I keep saying it, and I wouldn't, I wouldn't say it unless I seen the writing on the wall and and I really want you guys to understand. Becky asked me, When is the last time you've seen the buyers have an upper hand like this? And I'm being honest when I say, Never in my career have I been absolutely sure I can get you your closing costs paid by the seller. That's 3% of whatever the purchase price is. I can get it all day long, or to buy down your rate, or to buy down your rate, so there's no need for you to wait for the rates to go down. Good point, great point, because we're doing it all day. Oh my goodness. I almost forgot to talk about this one real quick, guys. Oh my goodness, I got to tell you about this one, because she hasn't closed yet. We're closing actually next Friday. So anyways, single mother got her a single story home right for 360,000 with a multi Gen. It was a flip with a multi Gen, every one of her kids will have a room. I got her $19,000 not basically 20 grand for closing cost. And guess what we did with that? We are buying down her rate, so, and we're doing the two one buy down. So her first year for this, this home, her mortgage is going to be $2,000 the second year, I think it's going up to like 2200 because I not only bought down her rate, we also bought the two, the one that you guys hear me talk about, which buys time for the rates to come down. Then you just refinance, you'll have the rate of what you're waiting for right away. And it's not it's a 30 year fixed loan, so it doesn't go up and down and all around. What it does is it just buys you time for two years or three years, or even one year, depending on how much we're able to get you right to wait for the rates to come down, so that you don't have to be worried about your mortgage being too expensive. This is what I've been doing, or we've been doing with every single client, because we're getting so much money out the seller's pocket right now that we're able to get our buyers the mortgage payment that they can afford. But we're getting it today,

Becky Coins 23:40
not just on new builds, not just on new builds. No, no, no, not

Monique Buchanan 23:44
just on new builds. And I'll be honest with you, the new bills are not dropping the prices like they are on the resells. Resale is the way to go right now. They're not giving as much as you're getting it with resale property. So new builds is new construction. You guys remember, do not go into new builds without your realtor. They will not let you be represented if you decide to do that, 702984, 3700, but if it is not, you need a professional there to represent you in your best interest. Okay? But anyways, you guys, so that's it. We're just saying. Listen, we have down payment assistant programs right now zero down. So even if you're not a veteran serving our country, we still can get you zero down right so we can get the zero down and right now. Here's the kicker, we can get the rest of the cost by the seller, and that is one of the first times in my history of doing this that we're actually getting almost all the costs paid for. If you use a down payment assistance program, all the cost is pretty much going to be paid for if we go for the closing costs from the seller, and then you use the down payment assistance program. Guys, you only need a couple grand to buy your home, right? It's true. And right now, where the rents are at, you're pretty much in the same boat as mortgage, yeah. So what are you doing? And by the way, rent you have to have, like, a 640 credit score. Well, guess what? That's all we need you to have as well. And then so many people are always so. So surprised, yeah, when they're approved. So that's what we're here for. Right back. That's right, we're here to help. We love you guys, and until we hear from you and Oh, happy birthday to my little baby girl that turned 12 today. Birthday. Happy Birthday, Malia. Mommy loves you. Yes, I started over you guys, and Becky gave me a hard time. Said we're supposed to be traveling. So I had a 15 year old when I had Malia, but we just love that's okay. Yeah, we love her. We'll keep her. All right, you guys enjoy your Saturday and until we talk to you again. That's right. All right. Have a good one. 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.

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