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 and listen, aren't you excited? That is 2023 2022 was a great year. I was very blessed. I pray that you guys were as well. And I'm just so excited about 2023 Wait am I keep doing that you guys I keep saying the wrong here already. But anyways, let's go ahead and jump into the show this, this show is going to be basically an overview of what it looks like to be a buyer. Also what it looks like to be a seller. So I'm going to just simply reverse almost back to like my very first show almost three years ago. I'm just going to break it all down for everybody out there with their goals of home ownership. And everybody out there that may be thinking about upgrading their home getting a bigger home for 2023 or just selling their property for whatever reason. They may have Okay, I have been having quite a few phone calls with clients and listeners wanting to sell their properties. So we'll talk about both sides of the coin today. Alright guys, let's start with the buyer side. The buyers remember, you are considered a first time homebuyer if you have not purchased in the last three years that is per FHA guidelines, you guys so if you have literally been renting for the last three years, guess what, congratulations, you are considered a first time homebuyer, it does not matter that you purchased homes in the past, you know 10 Five years ago, whatever. Only if you have purchased less than three years ago or sold less than three years ago, then you would not be considered a first time homebuyer. So basically, you guys the clock starts all the way back over. You know once you've been renting for have not purchased in the last three years. And by the way, I don't think I introduce myself in case you're just tuning in for the first time. I am Monique Buchanan. I am your local Las Vegas realtor. And I talk all things real estate on this show. Welcome home with Monique. So I pray that my information is a blessing to you. You can also catch previous shows and more great information when it comes to just real estate in general. And especially the Las Vegas market on my YouTube channel. Welcome home with Monique. Okay guys. So buyers, you are a first time homebuyer when you have not purchased in the last three years or you've been renting for the last three years. Well, Monique, what does that mean? It means that you're able now to put down as little as 3.5% of the purchase price. For example, and this is only an example. If you're purchasing a property with me and you say, Monique, I don't want to go over 400,000. Okay, great, you're going to be looking at around $14,000 for your downpayment. Okay, now, this is just an estimate, but that's around 3.5%. I just want to break up that myth, okay. So if you are considered a first time homebuyer, you can put as little down as 3.5%, you can pull those funds, if you do not have them saved, you can pull those funds from your 401 K, you can be gifted those funds from family member, okay, there's ways to, you know, be able to come up with that 3.5%. But that is as low, you know, as you can do with the FHA loan. Alright, so, let's talk about what it looks like. Let's say that you're like, you know what, that is one of my goals. I want to become a home owner this year. Alright, so But I already know that my credit is not where it needs to be. Do you really? That's That's my first question. Because I get a lot of people that say, Oh, I know I, you know, I need a 780 score to buy a home. Well, that's absolutely not true. Did you know you can purchase a home as long as you have your own down payment with the score as low as a 580. Of course, we always want to boost our scores up so that we can get better deals when it comes to interest rates. But you can literally purchase a home with a score as low as 580 as long as you're providing your own downpayment. Now, if you're interested in one of my down payment programs that I talked about, where they'll pay your downpayment completely, zero down, then you're gonna need to be at least a 640 credit score. So once again, yes, you can purchase a home, even if your credit score is as low as 580 depending on Your situation. So that's what I'm here for I'm here to guide you educate you let you know what laws have changed if they have and, and just kind of guide you because, you know, we cannot go off of your co workers experience when they purchase a home because they may have purchased a home 20 years ago, they may have purchased home two years ago when it was a hot seller's market. And they had to fight for that house, and they had to go above and beyond the list price. So the market is constantly changing constantly. So you have to have someone in your corner that knows how to navigate that market and understands where you're at in the market today. So as much as your loved ones and your friends and family, they do love you. They do mean well. But a lot of times they're speaking from their own purchasing experience. And that very, very well could maybe not be your same experience. Okay, a lot of variables. But anyways, so there we are you guys, what you would do is I would get with you, I would talk to you, I do not take any of your personal information, I will get you over to one either my downpayment Grant Specialist, if you're interested in having a zero down on your home, which by the way, last year, I assisted with over 30 people that zero down on their homes. So it's great product product, it helps a lot of people get into homes, okay? For whatever reason, if you just don't have that downpayment, no worries, we can get that zero down grant for you. And I'll put you in contact with blue on my team who can help you with that. But if you say you don't want Monique, I've been saving, I'm ready to rock and roll or I'm going to go ahead and pull that money out of my 401k I'm ready to make that move, my credit score is over 580. And I've got my own money down. Great, we can go ahead and move forward, I'll go ahead and get you with one of my preferred lenders, they literally will have you fill out an application online, or you can come meet them person to person at their office and bring the documents needed, which are your last two paychecks, I'm sorry, your last two years tax returns, not check stubs. And you know, your bank statements the last three months I do believe and by the way, since we're on that you do have to be employed for the last two years does not have to be the same line of work. But you cannot have any gaps. If you have any gaps in the employment. A lot of times we are able to get around them if they're small, they'll have to be explained away just depends on what lender you end up going with. Okay. But just remember that two years on the job, if you have your own downpayment, you only need a 580 credit score to purchase a home. If you need help with that downpayment, you want to use one of my grant programs, you're going to need at least a 640 credit score. And you can always text me credit to 70298437007029843700 That's my phone number. You can text credit if you need guidance, or credit repair. So there you go, guys, you'll reach out to me, I will get you with either the lender or the grant specialist, or both. We'll get you approved. Typically that takes 24 hours or less you guys to know if you're approved. And how much it's never going to be you know, it may be a not right now. But it's never going to be a no, my lenders and grant specialists will give you a roadmap. If for some reason you're not quite ready, they'll tell you, Okay, within the next month, do this or the next three months, do these following things and we'll be ready to get you a home. Okay, so that's what we're here for. We're here to help, we're not just going to drop your hand, like a hot potato when you're not ready, right now,

Unknown Speaker 8:49
you know, which is unfortunately, what can happen some time so I'm not looking for slam dunks all the time. That's great when I get them. But I'm also here to help my fellow listeners and clients into homeownership, even if that means I have to hold or we have to hold your hand a bit. That's okay. That's what we're here for. Okay, I love to answer questions. I love my first time homebuyers, but I also love my CSUN buyers. So a lot of my previous clients come back to me when they're ready to sell their property and maybe upgrade into a bigger property or maybe downgrade into a smaller property. So if you currently own right now, so you're not a first time homebuyer, you're like well that's great Monique for my you know, I've got somebody that I refer to you that's thinking about purchasing a home. They're a first time homebuyer, but I actually already own my home. What does that look like for me? You know, how much am I gonna have to put down because there's myths out there too, that if you already own home, you have to put down 20% That is not true. Only if you're going to be purchasing an investment property. That's when yes you will have to put down 20% Okay, if you're looking to put Purchase, upgrade your home or maybe downgrade your home, and you're gonna maybe sell that property, or you don't have to sell it, you could build your portfolio and say, You know what, I've saved up enough money to put down on the next house, I don't need to sell this house to purchase my next home, I would like to rent the property, you guys, I have a property management group that's beside me, they're my partners, and they will take care of your rental. So you don't have to be hands on at all. Okay, they charge a very minimal fee of 10% of the rent. And then you don't have to worry about all the you know, headaches that comes along with being a landlord. So if you are interested in property management for your current rentals, or if you're thinking about renting out your current property, you can text me at 702-984-3700 Text me the word landlord. And I will send over property management information that will take care of your rental properties for you, if you're just if that's one of your goals of 2023 is to get rid of the headaches of being a landlord, I've got you covered with that too. You can text me 702-984-3700 Landlord, and I'll get that information over to you. Okay, but so here we go. So you can either allow me to list your property, we'll sell it, or we can go ahead and rent it out. Okay, once we have a rental agreement signed, that frees you want to purchase something else, bigger or smaller. Okay. Now, if you're going to purchase over $450,000 worth of home, you're going to need to put down at least 5%. So let's pretend that you're buying a $600,000 house, that's going to be around $30,000 that you'll need to have saved up to put down on that next property. And by the way, it's a buyer's market, like I've told you guys before, because right now, if you're if you've been thinking about doing this is a great time to strike because right now, my buyers are getting their closing costs paid by the seller. So that $30,000 and very possibly, your closing costs, I can negotiate from the seller to take care of. So if that's not the case, then you would be looking at about another $20,000 in closing costs, which would put you around $50,000 out of pocket for a $600,000 home. And that's of course just an estimate. But just to give you an idea, that's if you currently own a home and you want to upgrade, okay, maybe you're in a condo and you want to you own a condo right now, and you want to upgrade into a home and you say you know what, Monique, I can buy a really nice house right now through you for $400,000. Well, guess what, you can go FHA because now you're under your within that guideline, purchase price. And you can put down even though you already own we can rent out your condo, and you only have to come out of your pocket around $14,000 for your down payment. Okay, guys. So just a little recap, this is Monique Buchanan. I am your local Las Vegas realtor. Here in the Las Vegas Valley. I do assist all across the country. My team is 450 Strong all throughout the United States of America, and in 18 countries. So if you're thinking of moving, and you need to, you know, get into the hands of a really good realtor that has a relationship with me, I am here to help. You can also reach out at 702-984-3700. You can simply text me, Monique, I'm moving to this city. And this is my name and I need some assistance in that city with finding a property. I would love to help you. No worries. So once again, guys, we were just talking about purchasing a home right now in today's market is a buyers market here in the Las Vegas Valley for the first time in over seven years, you guys so I say take advantage of this market. I've been screaming it from the rooftops. Right now, you know a lot of my new home builders are buying down my buyers, my buyers rates because a lot of folks are just they're very concerned about the rate I get it. They're buying your rate down for you. Or they have that to one buy down option where basically what that does is lets you move into the home at a very low rate the first year, second year, it goes up one point, third year, it goes to the exact rate that you were supposed to get today. So basically is buying you time. If you're one of those folks that thinks this year the rates will come down. I hope you're right. But if they don't, wouldn't it be great to lock in a low rate today and not end up with a higher rate later. So you know what, what do they say? They say listen, marry the house and just date the rate. Don't take the rate out to dinner, take the rate out for coffee. That's what I say. Because you know the rates very well could come down but if they don't, once again, wouldn't it be great that you got the lower rate that's going on right Now, so there you are. So if you're thinking about purchasing, I think is a phenomenal time to buy a home. Let's go ahead and get that 2023 dream a reality. Okay, and I'm giving you the steps to do it, I'm here to guide you along the way. If you want to upgrade the home that you're currently in, you need a little more space. Or maybe you need to downgrade, I'm here to help, we can list your property for sale, or we can rent it out and go ahead and let you move on to that new property. All right, if you're a first time homebuyer which only means you have not rented or I'm sorry, bought, you have been renting for the last three years, guess what, you are considered a first time homebuyer, you will qualify, you could qualify for the zero down programs that I always talk about on the show where the you know, your complete downpayment will be taken care of for you. And if you don't want to go that route, you've got savings great, you only have to put down 3.5% of the purchase price. And I will negotiate the closing costs from the seller. In many cases, most cases, I'll be honest with you, every house I've sold in the last four months now, I've had the seller pay the closing costs. So most like right now, if you were to purchase, more than likely, we're gonna get that that closing cost paid for you. So you very well could come out of your pocket with as little as 14,000. If you're purchasing a $400,000 home, or if you purchase that same home with my zero down grant, you very well come out of your pocket with under $1,000. Yes, it has happened because you still have to pay for your appraisal $500. And you still have to pay for your inspections. But your grant will cover your down payment. And I negotiate right now. And only right now you guys, I'm able to negotiate the seller to pay your other cost, which is closing cost. So you heard me right. Yes, I have clients that are purchasing homes right now, with as little as $1,000 out of their pocket. My veteran, my Veterans, please hear me, I closed on a house in November, my veteran buyer actually got his earnest money check back and came out of his pocket zero, I negotiated the entire deal. He walked into his new home with zero out of his pocket. Okay, so these are not made up stories, these are really happening. But they're happening for the first time for my buyers in eight years. Right now. And this is why I preach, please, don't listen to, you know, all the conspiracy theories. I mean, I'm not saying that I I know for sure what's going to happen. I'm just saying that in my experience, in my professional opinion, this is the time to strike when it comes to buying a property.

Unknown Speaker 17:48
Okay, so real quick, let's talk about our sellers. So, you know, our sellers, they're, you know, they're in a they're in a little bit of a situation because they missed that hot market. That hot market left us this last June. Okay, and why did it leave us because the Feds raise those rates? And you know, they went all the way up to 7%. They're down a bit right now. Not much, but they're down a bit right now. Right? You know, from my lenders, let me know. But listen, we're hoping that they come down again, but I'll tell you what, you guys, once they do come down again, we still have a shortage of homes, we still have a shortage of inventory. So what does that mean? That means that when everybody jumps in the pool, it's going to be hard again, for the buyers, it's going to be hard for my buyers as they can flip on a dime, just like it flipped on a dime for my sellers. It can flip right back at any moment. Once those feds, they can lower those rates, everybody that's been sitting on their hands is going to jump into the pool. And guess what that's going to do for my buyers is going to drive that price back up. Because the homes are going to be a hot commodity. Again, everybody's going to be nervous that the feds might raise the rates again. So let me tell you, it's going to be probably twice as bad, in my opinion, because everybody's going to try to hurry up and buy while the feds have the rates lowered. Okay, so anyways, if you're thinking about selling your property, it's not all doom and gloom. You know, we can still I can still serve, you know, get you a fair price, but we have to be reasonable and make sure that we list the property for the appropriate price. Okay. So it's unfortunate when I see people list their property for well over what it's worth, and more than likely they're doing that because their agent or maybe not now you can blame the agents, sometimes. It's the clients, you know, it's not their fault. They heard all this, you know, the true stories about how the market was hot, and it was, and they heard about their neighbor, you know, back in last May. He sold his house for you know, 30,000 over what he asked, and that's a true story. I'm very sure he did. But unfortunately, that's not the case today. Like I said after June, everything changed for my sellers. So is the average, let me just give you a little a little market update, we're gonna go ahead and talk about 89052, which is the Henderson area, let me just give you a little market update, because they you know, numbers don't lie, right. So over in the 89052, area today, price per square foot is around $340 per square foot, average days on market are 115. You guys, this same area, in the summertime, the average days on market are around 14 days. So that I hope that kind of opens your eyes to where we're at. Now, it also says right here that we are in a buyers market. And I'm getting this from the you know, from a title report, the title companies always run these reports. And this is in regards to single family homes, by the way, price decreases, here we go. There in all this means is that 55% of the homes were overpriced, right out the gate, which is not good 55% price decrease in this zip code. And like I said, people were still thinking that the market was hot, and they still thinking that they can get over what their home is worth. Therefore, they listed their home for more than it was worth. And that's why they had 55% of those homes had a price decrease. Okay. So that's why I say, it's very important that we list your property, for what you know, for what it's worth. For one, you can list your property as much as you want. But when it comes time for the appraisal, that's when the truth is going to be told, the appraiser is going to come in, he's going to look at the last, you know, couple homes in your neighborhood that are like your property around the same square footage. Okay, same bedrooms, around the same lot size. You know, everybody always, you know, thinks, oh, I dumped 50,000 hours with upgrades in my home, I'm gonna get every penny of that back. Unfortunately, that's not the case, you're not going to be able to, you know, get all that money back from the upgrades that you put in your home. And depending on how old those upgrades are, that's a whole nother thing. So the appraiser, he's pretty much going to look at apples for apples, you guys. So you can go ahead and list your property for more than it's worth. But if the last home that is like your property sold for $50,000 less, you can almost guarantee that your property is not going to appraise. And what does that mean? That means that the buyer is going to ask you to sell that property at the appraised value. So your home has the most steam is the hot thing on the market the first two weeks, so we have to make sure to price it right. Because you are the you know, the pretty girl on the market. For lack of better words, you know, but once you know, once it's been on the market for a while, if nobody's you know, bought it after the two weeks or three weeks, it starts to get stale. The buyer start thinking what's wrong with the property. And then remember, buyers are savvy, they see they can see with all this technology, that your home is overpriced because they're looking down the road and seeing that, you know, hey, that other home is for sale. And it's very similar. And they're, they're priced to $40,000. Last. So that's the thing about technology guys, we can't get around it. So we want to be honest and try to price the property for what it's actually worth. And go ahead and get yourself a fair market value for your property. Okay, so real quick, if you're a seller, we're going to take a look at the comps in your area comps, meaning the the like homes, we're going to do that. And I'll go over those with you and show you where I think it should be listed. But at the end of the day, once again, it's your property, I cannot force you to sell for whatever price I think it should sell for. I'm going to give you my professional recommendation, I'm going to show you why I think it's it should be listed at this price. I'm also going to market your property for you. Okay, I do have this radio platform which is amazing. Over 100,000 listeners per week so this is always a great way to get your property out there above and beyond you know beyond the other ways to market which is you know, of course real you know, it'll be on realtor.com Zillow, YouTube, Trulia, Facebook, I syndicated all over the, you know, the internet, as well as making those personal contacts with my fellow realtors. Like I said, my company exp is in 18 countries. So that is a very far reach for your property as well. Everybody wants to move to Las Vegas, you guys even out of this country. So like I said, I will be marketing your property. I will have professional photos done because you know it's just a shame to see these properties where the photos are no good. We can't have that right now. Not at all. I mean you never redo it, but especially right now, because you have competition, you have brand new homes in your area, you want to see what those are selling for. So I'm going to show you that, hey, I know you're in the 89052 area. By the way, did you know that this builder is selling properties? For this amount brand spanking new, we have to know who our competition is. Okay, so that we can be competitive in your market. So there's that. So like I said, I'll go over all of this with you, I will hold your hand I will, I will navigate you through the selling process. Okay, giving you advice the entire way. All right, and making sure that you know, my goal is to get you top dollar. That is my goal. And so with, with us working together, we will get there. Okay, so guys real quick, this is money to be cannon. This is the welcome home with Monique show, I am briefly touching on my buyers process and what they can expect to be purchasing a home and 2023 here in the Las Vegas Valley. And also, if you are moving out of the valley, I was just reminding you that I do have a very far reach. And I have many colleagues all over the United States of America, as well as 18 countries, so I can assist you as well, in a referral if needed outside of the state. 702-984-3700 is my number. And I was just speaking to my sellers, letting them know, it's not all doom and gloom. Although it is a buyers market right now in the Las Vegas Valley,

Unknown Speaker 26:26
I will still be able to assist you in getting top dollar for your listing. Okay, now, real quick, we're about to wrap it up some things that I'd like to talk to my sellers about. When selling your property, you want to make sure to try to declutter your property as much as you possibly can deep clean the entire house if you can. All right, you want to decorate your home with neutral colors, clean all the items off of your countertops, okay, we want to give the buyer a chance to really visualize themselves living there. And that goes back to even the pictures. Like I said, I always do professional pictures for my listings, especially right now because they come across beautifully on people's phones and on their computers. That's how people are gauging whether they want to come out and physically view your property or not. So we definitely don't want dark pictures or very cluttered pictures with personal items in the pictures, that's not going to work. Okay, because that will deter buyers from coming to look at your properties. And the buyers, they have plenty properties to choose from right now. Whereas before, they did not. And so you would see that. So let's get back to it. Make all the beds and style your beds. We're going to organize your closets. Okay, if you can afford to have your exterior painted with a fresh coat of paint, please let's do that. If you could afford it, it's not an you know, it's great if you can, if you can't, don't worry about it. You know you want to put a fresh welcome match in your doorstep. Okay? Hide all the cords to your electronics. And you know make sure you have clean towels in the bathroom or toilet seats down when you're going to show your property. So I hope that this information is helping you and if you're thinking about purchasing or listing your property, I am Monique Buchanan. I'm here to assist you. And I thank you so much for listening. Tune in next week. And you guys have a blessed blessed day. 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. Alright, tune in next week.

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