Welcome Home with Monique

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The content of this program is sponsored by CMG financial, the content of this program does not reflect the views or opinions of 91.5 Jazz and more. Or the University of Nevada Las Vegas.

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You see me 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.

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Happy Saturday, Las Vegas. This is the host of the welcome home with Monique show. Monique Buchanan your realtor your friend in real estate. I really hope that you had a great Thanksgiving. Me and my family went to Big Bear. I love big bears like little Mayberry. I just love it up there. But um, yeah, it was really nice. We went to Big Bear me, my husband, my two girls, that we went ahead and took them to Legoland, which they had never been to. And if you've never been to Legoland, as long as your kids are, like at least eight years old or younger, great place for them because they're able to like ride all the rides. They had it all decked out for Christmas. It was really nice. Anyways, with that being said, let's go ahead and jump into the show today. I'm going to rewind this. Okay, you guys have been hearing me talk about this. I'm always keeping you up to date on what's going on in the market. And I can't scream it from the hills any louder. It is definitely for the first time since I've been doing real estate a buyers market a strong buyers market here in Las Vegas. What does that mean? Monique, what do you what do you mean by that? That means that right now, as we're speaking, I am closing on deals for my clients that are purchasing and they are not paying their closing cost. If they utilize one of these downpayment assistant programs that I have available to you, they are walking away with in some cases, they have been walking away with getting money back. In other words, putting zero out of their pocket down. Well, Monique, how could you do that? That doesn't sound good. How can you buy a house with nothing out of your pocket? It's totally doable only because of the market that we're currently in. So the market goes up and down just like the stock market. So does the housing market. You know, one minute it'll be a strong seller's market, the next minute it can be a strong buyers market. So that's why you know, you have to be mindful of when you're getting advice from your family and friends that bought maybe they bought in a different market. And they're doing the best they can by advising you, but they don't realize that the market has changed. Okay, so I'm here for that. I'm here to tell you, it is time to strike. If you're able to purchase a home right now you've been thinking about it think no longer. It is definitely time to strike. I'm getting some of the most amazing deals for my clients right now. Let me give you an example. Okay, I've got a client, she she just purchased her first home. We're going to close on that in the middle of this month. Okay, so she purchased our first home, I got her into a downpayment assistance program, that downpayment assistance program, which you'll hear me talk about today. It gave her 5%. What does that mean, Monique? Well, when you purchase a home and you're a first time homebuyer, you only have to put 3.5% down. What does it mean to be a first time homebuyer money. That means that you have maybe purchased in the past, you sold the home and you've been renting for three years. Once you have been a three year renter, you now just reset that clock and you'd become a first time homebuyer all over again. You heard me right. So I don't care that you've purchased in the past and you've owned a home before does not matter. As long as you no longer own the home you sold did whatever you had to do with it. And you're now renting for three years, it's been three years, okay? Then you are now considered a first time homebuyer, you're only required by FHA guidelines to put down 3.5%. So you don't have to put down 1020 You know, all these crazy numbers that you hear, you know, for instance, if you put if you buy a home at 400,000, your downpayment would have been around $12,000 Okay, that's three plus 3.5% around that right? And that's off the top of my head, so don't go we're breaking out your calculator. Say Monique, you were way off okay, just off the top of my head I believe that's like $12,000 So anyways, that is what you would have or she would have had to come out of our pocket with this summer. Okay, over the summer, it was not a buyers market it was a strong seller's market, my listings were literally being sold within one week I was having multiple offers. I was getting well over what I asked for my listings. Now unfortunately for my my sellers, they their properties are sitting and they're sitting and sitting and sitting, you know for longer than we've ever seen really in years and probably seven years we've never seen listing sit like they're sitting. What is it? I mean for my buyers, it means it's time to buy, okay? Because now you have the upper hand for the first time in seven to eight years. Okay? So 3.5% down that's covered by the downpayment assistant program, because remember, it's giving you up to 5%. So now you have an extra 1.5% that you can put towards what's called closing cost. But in this market, I have been getting those closing costs paid by the seller money, why would the seller giving give me any money to buy a home because it is a strong buyers market, because his property has been sitting, and he has been trying to sell he or she has been trying to sell this property for over 70 days. 60 days. Very common right now, a lot of the properties are sitting for well over 100 days right now. So that motivates the seller to either drop the price, or say, Hey, I will help the buyer. Buy my home. Is this gonna last forever? More than likely not. This is a sweet spot. And like I said, it's the first time I've seen it in this very strong market, Las Vegas in many, many, many years. Okay, so I say yes, it's definitely the time to purchase. Now if you're just tuning in. This is Monique Buchanan. I am your local Las Vegas rural tour. I love to help first time homebuyers. I love to help seasoned buyers I help investors. That's what I do. I love real estate and I this show is all about keeping my Las Vegas Valley in the know of what's going on in our market. Okay, as far as real estate goes. So back to it. Have you been thinking about purchasing a home? Yes, if the answer is yes, the time is now. Okay. So real quick back to my my client. So she had I put her into a downpayment assistance program. Okay. I do have the connection with that not everybody offers those. So you have to know where to go to get these programs, I can lead you there. Okay. So I got her with the downpayment assistant program provider, he provided her the downpayment assistance program. We not only got her downpayment paid, but I negotiated the seller to pay her closing cost. What did that leave her to come out of her pocket? Which guess what guys, she only paid for her inspection, which was $350. And she paid for her appraisal, which was $500. Okay, I actually could have negotiated that into the deal as well, because this is a very strong buyers market, but he was already paying all of our closing costs, which was around $9,000. The seller gifted her $9,000 for her purchasing her home, the downpayment assistant paid $12,000 for her downpayment, you guys, she got a check back. You know what she got a check back for her earnest money deposit. So when you were purchasing a home, the seller wants to know that you're serious about purchasing their home, they require almost like, you know, like almost like a security deposit for my renters. And you're just telling the seller, Mr. Seller, I'm very serious about purchasing this property. I don't want you to show it to anybody else. I'm ready to purchase this property. Typically, you know, that's like 1000, depending on the price point, it can be all the way from 1000 to $10,000. Depending on that price point. If you're purchasing a home, that's $800,000. In many cases, there are sellers going to ask for around 10,000 or so. Maybe even 20,000 as a earnest money deposit. Well guess what guys? Her earnest money deposit was $2,000. She got that money back when we gave her key or when we're going she's going to get the money back when we give her keys. I'm in the middle of this month on the 15th. I believe we close. So there you go, guys. That is a story that's happening right now. It's been happening with many of my buyers within the last two months, because June 1, they raised the rates. But listen, they're saying that the rates may come down, they actually came down a bit already by one point. So that's why I say listen, marry the house by the house now. And then if and when the rates do come down. You've only had to pay that high. They're saying it's a high mortgage payment, right? That scares you. Right. Okay. Well, you only had to pay that until next year when the rates come down. Now, if they don't come down, well, Monique, what if they don't come down? Well, guess what? Aren't you happy that you got today's rate and not the 10% rate? If they go up next year, so you're winning both ways. It just seems like a no brainer to me right now is the time to buy for me hands down. Because if I can lock the rate today, and they go up next year to 10% and I lock it today at six. I'm winning. If I lock it today at six, and then they go down next year to four. I'm reifying next year and I'm winning Think still, right? So that's why I say when people ask me, Monique, do you think it's a great time to buy? I know right now the deals that I'm getting, I'm getting 1000s of dollars off the list price. So if they're asking, Hey, if they're asking 650 You know, we're offering six and we're getting it, we're getting it you guys, I'm getting that much off of those my higher end purchases right now. Because those bad boys are sitting very much so is it so listen, if you've been thinking about purchasing a higher end property, it's time to strike my number 702-984-3700 I am your negotiator. I'm the one that's going to get you that sweetheart deal right now with your purchase 702-984-3700 for my people that want to purchase a property listen. So let's go ahead and jump into the show. You know, I did this show quite a you know quite a while back, talking about all of the ways that you can purchase okay? They still have downpayment assistant programs. For my first time homebuyers, I love to assist my seasoned buyers, I'm here for you guys as well. If you want to upgrade your home, you know, buy something bigger, it's, it's definitely the time, you can literally rent out the home that you're living in. Now, if you don't want to sell it, we don't have to sell it, we can rent it out. And then that will free you up to purchase that bigger, you know, house that you want. Okay, or if you want to downsize, same thing, guys, you don't have to sell the property that you're in, we can just simply rent it out, and you can move on and go on and purchase another property. So that's an option for my seasoned buyers. Okay, so let's jump back into it for my my first time homebuyers. So guys, there's a couple of different programs out there that we're going to call this one downpayment assistant, a, okay, this is downpayment Assistant Program A, this one is actually all you only have to have a 600 credit score with this particular program. So if your credit challenged, I do have an A credit girl that can help you. If she's, you know, she's very, she's not going to string you along and take all your money for months. And then you see like your point go up three points. That's ridiculous. Nobody has time for that. Or the money. So she works very fast. She's very honest. And I have to give her a shout out to Nisha and I have to give her a shout out because, you know, when I send her my clients, sometimes she'll send my clients back and they'll tell me, Monique, you know what she told me how to do it myself, and didn't charge me a penny. Her heart is in it just like my heart is in it with real estate. We're here to help. That is what makes us sleep good at night is going to make me smile on my deathbed. I'm going to think to myself, my goodness, I helped so many families create wealth for their children that they're going to leave behind. So that is what motivates me. But anyway, sorry, went off on a tangent. Let's try to get back you guys know I can go left and right shiny object. Okay, guys, so this will pay your entire downpayment, you actually don't have to be a first time homebuyer. For this particular downpayment assistance program, we're going to call it a you cannot currently own. So if we sell if I sell your property, you can turn around and use this downpayment assistant program for the next property that we're going to purchase. Okay? This one's unique because it only requires a 600 credit score. It also has no income limit. So a lot of these downpayment assistant programs, they have income limits, where you cannot make over maybe $85,000 per household. So this one does not have that. So that's why I really liked this one as well. It's also nationwide. So if you are thinking of a loved one or a family friend member, you know that thinking about purchasing, but they're not here in Nevada, that is a okay. And this is with anything you guys, if you have family or friends that are moving out of state, and they need a realtor that they can trust. My number is 702-984-3700. My brokerage is in 18 countries. And my team is 450 strong, and we are all over the United States of America. And everybody is on top of their game. And so I can definitely direct you to any where any of the states any of our beautiful states here in the United States and possibly I can direct you to countries if they're moving out of the country as well. Like I said, we're in 18 countries, but anyways, so that is downpayment assistance. A Okay, 600 credit score, you have to have be on your job two years, okay? It does not have to be the same line of work, just two years of employment. Okay. Two years of employment 600 credit score, no income limit, all right, and you do not have to be a first time homebuyer, you just cannot own at the time of purchase. All right. All right. So there's that one. Now we've got downpayment assistance be and it's actually one of the more popular ones. So this will give you 4% up to 4%. Okay, so it's going to pay your entire down, which is 3.5%. And then if you need it, which in this market, you're not going to need it because I'm going to ask the seller to pay your closing costs. So, let's pretend that you did need that point 5%, you'll get an extra point 5% to go towards your closing cost. So this one is forgivable after three years. So after three years, what does that mean money, that means that you, after three years, it goes away, it's a grant, okay? You're not going to owe anything. The only time you're going to owe any of that downpayment back is if you refinance, or sell the home before the three years is up. But what does that mean? That That just means let's say you wait a year and a half, and then you refinance, or you sell, you just have to pay, you know, half of whatever basically, you got, so if you got $8,000, for your downpayment, when you sell that property, before the three years is up, let's say a year and a half later, so halfway through, you will owe $4,000, half of whatever they gave you. So you can sell, you can refi, but you will have to pay back whatever it was that they loaned you, at whatever point if that makes any sense. Okay, so this is a 30 year fixed rate. Okay, so it's fixed, whatever your quote is for your monthly payment is your quote, or is your quote is your payment for 30 years? All right, it is an FHA product. So the loan limit is around 420,000 here in Clark County, it is a statewide program. So this one is not nationwide, it is not nationwide, they do ask that you have a 660 credit score. And both of these all of these downpayment assistance programs, they do require you to have this property as your primary residence. So you cannot use any of these downpayment assistant programs, okay, as an investment property. So keep that in mind, guys, this is not for investing. This is to put families and people in homes, okay, people and families in homes. That's what we're trying to do here, get folks, you know, starting to create wealth through their equity in their home, and having something legacy to leave behind for their children, or whoever. Okay, so there's that one.

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Alright, so now we're gonna go to we're going to shift a little bit, we're going to talk about one of my favorite programs right now, because this one I feel, you guys, I mean, this one, to me is a winner. This is the winner I have had so many clients utilize this particular one in the last couple of months. And I think it's a very smart move, because it is not okay. It's called the to one buy down. And what it does is it basically buys you two years of time. So if you're one of those folks that say, you know, I'm just waiting for these rates to drop, but then it's a gamble. We don't know if they're going to drop, right. So like I said, if you're waiting, you're sitting on your hands, but the rates are dropping, they don't drop, they actually go up. Now you're kicking yourself, like oh my gosh, but how could you know, right? So this is actually going to give you two years to basically stall it out and see, see if these rates drop next year, if they drop great, you're able to strike, but until then, you're gonna go ahead and have a lower payment, while you're waiting on the rates to drop. So let me give you an example. It's called the to one buyer down, you do not pay for this, I will negotiate the seller to pay for this program for you. Because I'm going to happen and pay those closing costs. We'll take that money and apply it for this program. Alright, so let me give you an example. So let's say that you're buying a home that $650,000, right? Today's rate is around 6%. Okay, so that payment would be around 338 97. Okay, $3,897 a month would be your payment right now on a $650,000 home. Now, if I go ahead and negotiate for the seller, which is very doable right now, because it is a buyers market, the sellers will pay this instead of dropping their price and doing a price reduction, it is better for them to pay this for you or well for you. It's better for you to ask them to pay for this program instead of taking off $15,000. Let me just go through this. So the payment right now 650,006% is 3897. Right? So if you do the two one by down, what that does is it's going to lower your interest by two points, the first year, and by one point, the second year, and then the third year and then for the rest of the 30 years. It is fixed. So it's not an arm. There is no funny business happening after that third year. It's Bix is going back to what it was going to initially be in the beginning, which is 6%. So year one, you will be at 4%. All right, your payment will only be $3,100. Because it's 4% for that whole year. So let's pretend 2023 You come to me say Monique, let's go find me a brand new Home, I want to spend 650,000. I want to do that to one buydown you're talking about if you're just tuning in this is Monique Buchanan, I am your Las Vegas realtor, my number is 702984 3700. And thank you for all my KNB listeners that have been referring me, I really appreciate that. I'm here to help you with your real estate needs. Okay, let's jump back into it. So let's say that you come to me and say, Monique, I'm ready to buy, I want to buy that $650,000 house, I'm ready to go. Okay, year one, your payment because we do the two one buy down, I have the seller pay for it for you, you don't pay for it. Your your payment will be 3103 at 4%. Year to 2024. If the rates still have not come down, okay? Or they're they're like, up, and you know, you have no motivation to refi because the rates did not come down, like you're hoping, well guess what you're good. Your year 2024, you're gonna pay 3489. That's still a savings of $407. Year one or year 120 23, your payment was 330 103. You saved $794 a month. Okay, that's what you're paying. Because remember, if you were just to buy it straight, and just went ahead and ask the seller to give you $15,000 off the price, instead of paying for this, which is gonna cost around 15,000, then you only would have saved, let me tell you, your payment was 3892. And you got the house first, we got the house for 635 instead of 650. Now your payment is only 3807. So you're only saving $90. You went from 3897 to 3807. With a $15,000 reduction. That's not a lot of savings, right? That's not much to you know, write home about, okay, you're only saving 90 bucks, but you save 15,000 off the price of the home, but you only save $90 on spainish. That's how that works. So let's go back to what I'm saying do the two one buydown saves you a ton of money. Year one, you're only paying 31 or three instead of the 3892. So you're saving $794 for that whole year, every single month. Okay.

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And then year two, which is 2024, your payment goes up to 3489. But you're still saving $407 every month for that whole year. So do you see that? Do you see why it benefits you for me to negotiate the seller pay for this to one buyer down for you instead of 15,000 off the price? Right. I hope I didn't confuse you guys. But I don't know that you know the remaining amount of here's another thing if you decide to rebuy let's say Monique, what if it does come down. But you know what the rate comes down next year, what happens then? Well, guess what, whatever money the cost, you don't lose that costs, you will not lose the funds. If you decide to refi next year, the remaining amount will go towards your principal. Okay, so if you only use one year of it around seven out, because remember, it costs about 15,000. So about 7500 will go towards your principal, if you only use one year, you say you know what the rates came down, I'm ready to go ahead and refi and go ahead and grab a you know, a lower rate. Okay, well, whatever is prorated, so that will go towards your principal, let me go over that one more time. You purchase a $650,000 house today at the normal rate of 6%. Your payment would normally be right now 3897 A month, but you use this product and you have the seller pay for it. So it like I said, two years, it buys you two years to wait for this rate to come down. So year one, which is 2023, that whole year, you're going to be at 4%, it's going to be a 3103 payment per month, which saves you $794 A month 2024 columns, the rates still have not went down, your payment goes up to 3489 at 5%. You still save $407 All year long or year two. Now, let's say the rates still don't come down and you hit year three will year three through all the way through 30 it's fixed, and it's gonna stay at that 6% rate that you would have had out the gate. So you're just gonna go into your normal rate of 6%. And there you go, guys, and then you can just go ahead and wait and hope that the rates come down. If not, you're very happy because now instead of 10% that all your friends and family that's you know, sat on their hands and then buy that's what they're forced to pay. Now. You did this smart move. Okay, so that is one of my favorite products right now you guys. I can hook you up with the lenders. I can get that for you. I even have a couple of my brand new home builds that I built relationships with that will do that for my clients as well. Okay, they'll do that too. One bite down I'm going to get that brand new home builder to pay for it for you. My number is 702-984-3700. You can catch me on youtube you guys, I am YouTube. I'm a YouTube personality. No, I love it on there. So I'm gonna start doing more post. But yeah, I've got all my previous shows on YouTube. I'm on Spotify, my podcast welcome home with Monique, you can just Google that, you'll find my YouTube channels, Spotify, and I'm on Apple Music. Some reason you've missed something or you didn't quite grab my phone number. It's going to be at the very end of this show. I have one of my clients or listeners, Monique, I was just waiting for you to say your phone number. So I promised her that I would put it in the very end of all of my shows going forward. And I did that. So my number once again is 702-984-3700 37007029843700. I am your real estate friend Monique Buchanan. I'm here to help. I appreciate you all. Pray that you're having great a great, well, great holiday. And I want to personally invite you to one of my favorite nonprofits, they're having a gala, I will be there with my husband. It's a chance for me to dress up and look all pretty. So I'm definitely going. But it's also a chance for me to give back. And this is a beautiful foundation. You guys, you've heard her come on. Before I have my nonprofits come on. This is angels of Las Vegas, you guys. They give back to all you know what they do is every year for Christmas, they've always went to Dominican rose, hospital and give children gifts. I just love that I usually go with them sometimes. And they have Santa come and give the gifts. We talked to the parents, because I just can't imagine what those parents are going through. But it's beautiful to see the kids just light up when Santa comes through. So that's one of the many things that angels of Las Vegas does. But they're you know, they they give out food to folks that are fighting cancer, I can't even imagine. So they give out counseling. It's they do a lot within the community, you can check out their website, Angels of lv.org. And like I said, it's the night of Hope Gala. It happens once a year. It's going to be this next Saturday coming up December 10 at 6pm. If you want more information about that Gala, if you want to join it with me, jump on to angels of l v.org. And go ahead and purchase your tickets. Like I said this is all a write off is given to a great cause we're at the end of the year. A lot of us have businesses that we need to write off. And I mean, what better way to write it off. Angels love Las Vegas, you can check them out. They have Instagram, you can jump on angels of Las vegas.org is the website. Okay? They're going to have dinner cocktails, there's going to be live entertainment. And listen when I say they're gonna have dinner one of my favorite restaurants a via Brazil Steakhouse, the one over there on Charleston afford Apache, not the one town center but the one on Charleston afford Apache. That lady that let me tell you the lady that owns that property to or that that restaurant. He's one of the biggest givers to angels of Las Vegas so she truly gives back. Love her love Anna that's her name. And she's going to be providing the dinner for via Brasil steakhouse we'll be providing the dinner for the gala. So I don't know if you know it's where they you know, have all the different meats and all that delicious. But anyways, I hope to see you guys there. I will be there. Once again. Thank you so much for tuning in. I really appreciate you guys. Love you and hope to hear from you soon. Thank you for listening. This is Monique Buchanan. My license number is S 1788 46 and I am part of EXP Realty Tune in next week.

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