Welcome Home with Monique

Kevin Krall 0:00
The content of this program is paid for by Monique Buchanan LLC. 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. You see me

Unknown Speaker 0:25
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. Hello, Las Vegas, it's Monique Buchanan with the welcome home with Monique show. And I have yet another great show for you. I pray that you all are doing well. You know, hey, I don't know if you're washing the car right now. Cleaning the house or just chilling at home listening to some beautiful smooth jazz. But I just want to say that I appreciate you tuning in on Saturday mornings, and listening to the show. I really do. So let's go ahead and talk about this Las Vegas housing market. Okay, so you guys have been with me for a while now. I think I've been on the show for about two and a half years. And let me tell you, I was you know, preaching about four or five months ago, all my sellers, please sell your house. Now. It's the top of the market. It's you know, I'm getting the most I've ever, you know, was able to get for my sellers at the time. I mean, the homes were flying off the market, I was getting 20 $30,000 over my ask price. In many cases, my homes were having multiple offers on them. Even just the first week I had multiple offers on the property that I have heard, you know, for sale. Now that that has changed, okay, my listings are now sitting just like 98% of the realtors listings are sitting right now all my colleagues are saying, you know, my listing has been sitting for 50 plus days, and I've only shown it three times. Well, guess what? That's where we're at right now. Why are we there? Obviously, you guys have heard the news. And it's true, the feds have raised the rate, they've actually doubled the rate in this year. Okay, it's literally doubled. So a home that would have cost my clients you know, back in January, their payment would have been I don't know 2500. That same home today will cost them around $1,000 More 3500 a month. So it has priced out quite a bit of my buyers. Now I do have quite a bit of buyers that hey, they said, listen, we're gonna go ahead and take advantage of this. You know, everybody else is stepping back. They're waiting for oh, we're waiting for the big crash, which you guys, I really, I really don't think now listen, I'm not a genie in a bottle. But I really don't think or foresee a big crash. I've told you guys in the past why that is because of supply and demand. We still have very little inventory. Although we did get an influx of properties, you know from them last minute sellers that hurt the beds, we're about to raise the right and said Man, I better get off my hands and go ahead and sell so a bunch of people tried to jump onto the boat. But you know, by that time the boat had already sailed. Okay, so unfortunately, those properties that did that they're sitting 50 plus days. But here's the thing, you guys, the demand is still there. It's just a lot of people sitting on their hands hoping and praying that the rates go down. Okay, I mean, we all hope and pray that rates go down. But let me speak to you all that are listening to me that are sitting on your hands when you actually are capable of buying, you have two years on the job. You have been renting your home for three years at least which makes you a qualified first time homebuyer I don't care that you bought in the past, you know back in 2006 or wherever, whenever I should say does not matter if you've been renting, you're considered a first time homebuyer if you have been renting your property for three years. So that qualifies you for the lesser downpayment. Now, if you're one of my listeners that owns their home, and you're sitting on a ton of equity that's doing zero for you right now. You also should listen in and hear what I have to say because right now is an amazing time for you to, you know, upgrade your property or downgrade your property because although the rates are a bit high right now higher than what we're used to, I hate to say that they're high, you guys because I remember when my dad bought his house, it was 13% Okay, that's what the rate was. And you know, that was normal. So we're just inching back up to what it once was. Anyway, if that makes sense. We've just been very spoiled. So I get it, you know, I was mad that I missed the 2% rate and I'm just gonna be completely transparent with you guys. I missed the 2% rate and I am just kicking myself. Aren't we all? So real quick,

Unknown Speaker 4:47
let's jump back into it. I have never listened. I have not seen the prices that I'm getting for my buyers right now the deals that I'm getting from my buyers in my entire career, and I've been around for like 10 years doing real estate, I've never been able to get the deals that I'm scoring right now, for my buyers, I am getting closing costs paid with ease from the seller. Okay, I'm getting home warranties, top notch home warranties that will give my buyers peace of mind for a whole year. You know, it covers electrical, it covers your air conditioning units, it just gives you a peace of mind, it's almost like when you are renting, and you call somebody, when something breaks, they come out and fix it, that's very much how a home warranty will work. You'll pay a small fee, typically it's like $70. And they'll come out and fix it. You know. So a lot of people are very happy with that when they they hear all these stories about buying a home. And they're all scared, but there's really no need for that. Because whenever I put one of your offers in, I'm asking the seller to pay for that home warranty for you for the first year. After the second year, you could pay for it yourself. It's only like $500 a year, you could break it up and make payments, whatever. So let's get back to it. I'm getting closing cost of 3%. Okay, that that is 1000s of dollars that the seller is paying on your behalf. I'm also getting that 500 plus dollar HOME WARRANTY typically asked for the premium. out the gate when I'm putting in my offer, which is a lot of times 700 Premium covers like appliances. Everything's just the works, right. Just on a side note, I just had my home warranty over last summer paid for two units of mine to be replaced by air conditioning units. I should have hats as pay around 14 grand as they are about $7,000 each. But because you know I practice what I preach. I kept my home warranty up paid it paid the little $500 every year. And guess what guys, I came out of my pocket less than $1,000 for two brand new Coleman AC and it's okay. So yes, I'm a true believer in home warranty. And I do negotiate that in the deal for my clients. Okay. So now with all that being said, I'm I was even able to get $15,000 off the list price, and have them pay the closing costs, and got the top notch warranty. Guys, phenomenal deals are out there. I'm scoring them every day for my buyers. Listen, I can get you a great deal right now. Now you're saying but the rate, the rate the rate, but guess what, guys? Everybody's sitting on their hands, praying and hoping that the rate goes down. Okay, but guess what happens? If and when it does go down? I'll tell you what's gonna happen. The frenzy we were just dealing with, because the demand is still there, we still have low inventory, the demand is still there, buyers are still waiting, you know, rubbing their hands together waiting for the rate to come down. The moment it does, my listings are going to fly off the shelf. And guess what you're going to be in a situation where you're trying to pay 20,000 over the list price, and you're now you've got, you know, a waiting list back at the new home builds again. And you know, it's just gonna be a nightmare. Like it was, you know, at the beginning of this year, you know, people were waiving appraisals, they were paying 20,000 Out of Pocket over their approved approval amount. So if they were approved for 550, you know, there in the house was 550. They're telling the sellers, I'll pay you the whole 550 off my loan, and I'll give you 20,000 over if you give me this house, why were they doing that? Because the rates were lower.

Unknown Speaker 8:25
And the demand is still there. They're fighting people, literally, in some cases. But no, seriously, the demand is still there, you guys. So I would say this, marry the house date the rate? Well, Monique, what do you mean by that? What I mean by that is take advantage of getting a super hot deal right now. And then if the rates come down, then you just refi and grab that lower rate. There you go. You score it all the way around, you were just able to let me negotiate you an amazing deal. You got all the works. Sweet deal, you know, 10 $20,000 off the list price, closing costs were paid by the seller, you got a Sweet Home Warranty for peace of mind. Right? And then the rates come down next year. Guess what? Hey, I'm calling you time to refi go ahead and grab that 4% rate we're back down again. Sweet. You only had a couple months to pay the higher rate. That's why I say marry the house date the rate. The rates can change. They always change. But listen, let's say that they don't let's say that they go up and you are your gamble. Now. You know the craps table you just lost by waiting right? You did if you waited, but if you went ahead and bought now you didn't lose because at least you got this What is it 6.25% rate right now. And it goes up to maybe 8% next year. Now you're kicking yourself that you waited because it did exactly the opposite it it went up instead of down. But not for my people that decide. Hey Monique is saying it right Get the hot deal right now. Mary the house only date the rate. Listen, take the take the rate out to coffee don't take the rate out to dinner. Anyways, if you're just jumping on this is Monique Buchanan, I am your Las Vegas realtor, your friend and real estate score the deal and take advantage of the lower rate if it happens next year. But listen, you're going to be creating wealth through equity. You know, when you purchase when you rent, guess how much that rate is? You're paying 100% rate, you're getting a zero return on being a renter. So why why why do that? And that's what people don't realize, you know, I have renters that will say mo rates are really high, I want to say Oh, really? Okay, so you're you're paying how much? How much? Are you paying for your rent? Oh, I'm paying $2,800. Okay,

Unknown Speaker 10:48
well, guess what that rate is 100%. You're getting zero back for that. And, and also, by the way, sir, you're already paying somebody else's mortgage. You're paying your landlord's mortgage. So he's over there happy. You know that 2800 You're paying his mortgage and probably putting a couple dollars in his pocket. So think about that. Get mad about that get mad at the fact that you're probably paying about $50,000 of his mortgage a year. That could have been your money going in your pocket, as well as equity that you could have built in that year as well. Probably, you know, another 50,000 in equity. You just missed out on 100 grand by being a renter. That doesn't make sense, you guys. I love y'all. And I hope y'all know I come from a place of love. I'm just sharing this with you. Like I wish somebody would have shared with me. You know, back in the day. I did rent for many, many, many years. And man, I just I always sit here and ponder and think about the money that I lost. I wish I would have snatched up a house when I was renting over in Centennial Hills. I remember, my landlord bought the house for $100,000. I found out when I became a realtor. And then I did the math when I bought my house and realized that me and my husband, almost daggone paid off his house. As a renter. I don't know about you, but that made me so mad. Let's talk about you know, some moves that some of my clients have been making them. You know, I'm so proud of a lot of my clients have been calling me. One in particular. I sold him his first home, right? He's a veteran. So he was listening to my show a couple like last year, he said mo I was listening to your show. I was talking about purchasing condos about a year ago. And you know, reinvesting that money pull some your equity out, reinvest it, don't just sit on that money, make it make you more money, pull it out, you know, you could do a line of credit, pull it out and make it right, especially right now, while the sweet deals are here. Don't Don't just sit on your equity. You know what I mean? Make it work for you to make you more money. So he heard that. He made his move, gave me a call. I got him to condos. He's been collecting residual income because he said, Monique, I don't want to work forever. You know, I'm getting up in age, I'm almost ready to retire in about 10 years. I am I am want to start creating some wealth for myself, you know, so that I can possibly retire a bit early. I'm tired of clocking in and I said okay, let's do it. So anyways, those two units I sold them already had some renters in them. Okay, so they immediately were producing income. So we got those. And about a month ago, he called me again and said, Monique, I heard another show. You know, then what I want to do is I want to rent the house out that you sold me, the first house, the first house, I sold him a couple years ago. He said I want to rent this house out. I said okay, let me look it up. I looked it up, boom, you know, I think is his mortgage was only like 1100. And I said you know what I can I can go ahead and rent this one out for you for close to $2,000 a month now. So bam, that's awesome, right? So what we did was we went out

Unknown Speaker 13:54
you know, went ahead took some money out of there got him another property another house. So he bought another house. And now we're going to rent out that house. So guess what with all the income that he's now getting from his these three properties, by the way, within one year, three properties his original house I sold and plus the two units. He's going to only end up paying about seven $800 a month for the new home he just got he just added another door to his portfolio now the man he I'm telling you the man is smart. I'm just I love when people make moves like this, you know, you can't let fear drive, you know, drive you or else you'll be broke. So he's so smart. He said you know what, money let's do it. So now he's got three doors producing rental income for him. And the current home he's living in, he's able to live in that home for only $700 $700 After you know, because he's he's getting all the rent money. So when you take all that rent money in consideration, he's literally only gonna pay $700 for his fourth property. Now that will sustain him when he does go ahead and retire. He's got four proper He's that we'll be bringing in money for him. So I'm so proud of him and I'm in congratulating him. But um, yeah, we will be closing on that property soon as well. I have another gentleman of mine, another client of mine. He reached out to me about a year ago, Delta flight attendant, he reached out and said, Well, I'm ready. You know, he wasn't ready a year ago, he, he owned some property up in Detroit. And he said, Well, I'm ready to go ahead and buy here in Vegas. Well, guess what? Although he owned a Detroit, I was able to get him a loan with only 5% down. Okay, so he's only putting 5% down. All right. We just went into escrow yesterday. By the way, if you're just tuning in, this is Monique Buchanan. With the welcome home with Monique show. If you're interested in anything I'm talking about, or if you've missed anything, you can always jump on my website. Welcome home with monique.com. My YouTube channel has all well the majority of my previous shows, and that also is welcome home with Monique on YouTube, Spotify. I'm Listen, I've got a podcast, I'm all over the place. But my phone number is 70298437007029843700. Okay, so I was just about to speak to you about my luxury home builder partners. Yes, they are luxury home builders, but they do also have products that are under you know, the $400,000 price point as well. So let me just share with you what my flight attendant client, what we just did, I took him down there, they called me up and said, Monique, we've got what's called a quick move in. So that means that he's going to be able to move into his property in December. Okay. So when they have the quick movements, which by the way, they have plenty, they've got a lot over in the southwest area, they have a lot in the Centennial Hills area, and North Las Vegas as well. So what I did was took them down there, show them the you know, the, the the unit they are offering. Okay, hold on to your seats. All right. So what they're doing basically is they're saying, Hey, if you are one of those folks, I want to see if the rates gonna go down. Or if you're just like, Man, I just can't afford that payment. Right now that you know, six, point, whatever, you know, you're like the payments just too much I just can't afford to buy right now. Well, listen up, guys. All right, this particular builder was doing what we call a to one buy down. What does that mean? Well, what that means is, for the first two years, your monthly mortgage is going to be less just for the first two years, okay? Normally, you would have to pay for this, the builder is going to pay for this, okay. And what happens is, let me give you an example. So you'll kind of follow along, let's just use my buyer. Okay. Over the weekend, we just went into escrow, he purchased a quick move in, all right, it was a three bedroom, two car garage, you know, over 1500 square feet came with all the upgrades already. So it's like already upgraded in many cases, you can still pick some of the upgrades, like the cabinet colors and things. But just depends on where they're at with the build. So he was happy with what they already had.

Unknown Speaker 18:09
So anyways, his payment for the first year, okay, is going to be $2,058. Right? The second year, his payment will go up to 2350. All right, then year three, through 30. Okay, this is not one of those weird, you know, arm deals, this is not an arm, this is what we call it to one buy down basically is just buying you two years of low mortgage payments to see if the rate goes down. Alright, so once again, year one $2,058, you're to $2,300 Basically, you're three through the rest of the loan. Okay, so if the rates don't go down, this is what you'll be stuck with your original rate of today. Right, and that payment will be 2440. But you'll have two years of low monthly mortgage payments to wait out and see if the rates do drop. Now while you're in that brand new spanking home with low monthly payments, and the rates drop right now you're all happy Oh my goodness, the rate has dropped, you know, year two, right or year one, the rate dropped down to 4%. Next year 2023. My clients rates are my client can take advantage of the lower rate if it drops. So if the rates come down next year, he can jump all over that rate and refi his house and jump into the 30 year fixed, low rate of whatever it may be, let's say it's 4%. Okay, so he's not locked in, he can go ahead and jump into the the new lower rate. That's the reason the builders are doing this. They want you to feel comfortable and buy you some time. But at the end of the day, if it does not lower the Hey, you're happy still because guess what, you still got a lower rate than if it goes up next year. Right. Let me give you another example. Let's pretend that this luxury builder you'd buy one of their homes at 680,000 So your very first year 2023, your mortgage will be 4116. Sorry, my voice cracked 4116 The second year 2024, your mortgage will go up to 4700. Okay, now your three through 30 year mortgage will be at what it would have been today, basically, for the rest of the loan, which is 4880, they are buying time for you on their own dime. So if you're one of those buyers, it's like, I just don't know, you know, I get it, I get it. But I still say lock today's rate in. And you know, if it goes down next year refi. Nobody, there is this and there's myths that you have to wait, the only time you ever have to wait to refi your house is if you use a downpayment assistant programs, many of those have their you know, have it in there that if you refi before they say, you know, usually it's like a year or two or three years, then they're just going to charge you back whatever they gave you, okay? So even if you're in a downpayment assistance program, do the math, if it's better for you to get that lower rate 30 years, and just pay them back the 6000 or 7000, they gave you, Hey, do it, you know what I mean? So you can refi you know that a lot of times you hear, Oh, I have to wait six months to refi. That is not true. That is a lie from the pit of hell. And if you hear that, you tell them Monique said that's not true. That's a lie from the pit of hell. So I'm sorry, but that's not true. You guys, you can refi right away.

Unknown Speaker 21:30
The only reason that you're told that in many cases is because it will affect somebody's commission, if you refi a little early, so hey, I hate to spill the beans, but I gotta tell my folks the real. So you are able to refi Okay, out the gate. So if you're in a situation where you've been you bought a home, you've been in only for two months or a month, and the rates drop, you better jump on it and go ahead and and refi your house if it makes sense to you, this new home builder, they you know, like I said, I will have the properties, a couple of examples of their products on my YouTube channel. Welcome home with Monique, if you're interested in getting a list of their quick move ins, you can text me at 702-984-3700. Remember, that's my phone number 702-984-3700 when you dial that you can text new home. And that list of quick new move ins will come over to you to view if and when you're ready to look at one of the properties I will be happy to assist you take you out there and get you going with all these incentives. Okay, like I said, I've got a lot of new home builder partners all around the valley, and they call me first to let me know if they have what we call a quick move in or you know, something like that a spec home, okay. So if you say MO You know what, I don't want to buy anything that has already been built. And they've already put the you know, upgrades in it, I you know, I'm in centric, I want to make my own stuff. No problem, if you want to build dirt up this same luxury builder, you unfortunately cannot do the to one buy down, that's only for the homes that you move in before 2023. So those are all basically the list that I can send you. And that was will qualify for the two one buy down where you're basically bought two years to see what happens with the market. But those are only on the quick movements. Now, like I said, they're in the southwest area, they're in the northwest area, they're all over the city, those the same builder that's giving you the to one buy down, they're also going to pay your closing costs you guys. Yes, they're going to pay your closing costs. They're also going to give you closing costs if you decide to build dirt up, okay? Although you can't use it to one buyer down, guess what they're gonna do, they're gonna lock your rate for up to 345 days. So you know, it takes about six to eight months to build right now. Well, guess what guys, you don't have to worry about if the rate goes up. Because let me tell you typically, when you buy a brand new home, you cannot walk that rate. So although the rate may be I don't know, 6%. Today, if I take you out or when I take you out to a brand new home build, we cannot let your lender is not able to lock that rate for in many cases, not until 60 days before you actually get the keys to the house. So what does that mean? That means five months out six months out before you know what your rates gonna be. Does that make sense? So this builder is allowing you to lock your rate out the gate that is a game changer. Okay, because listen, I need you to lock my rate. I can't take a gamble on what it could be next year. Because next year if they go up to 9% by the time my house is built, and now I'm stuck because I signed on the dotted line and I can't afford that payment. Now you're gonna take my earnest money deposit of 20,000 You know, you don't want that. I love the incentives that they're giving. I can protect my clients with this builder because of the locked rate. You know, I can protect you from, you know, being priced out. And that's unfortunately what's happened a lot in the press with a lot of my clients You know, hey, we're in the middle of buying something and they, the Feds raised the rate they had to bow out, you know, so I just don't want to see that happen to any of you guys, but they're giving you 3% closing costs there, if you buy one of their quick move ins, they're gonna do the to one buy down for you and give you 3% closing costs, okay? And you can lock the right out the gate. So that's, that's game changing. So once again, you guys, I do this show to enlighten you guys of what's going on in our market, I hope that you enjoy it. I'm just going to touch real quick on some downpayment assistant programs because you guys just love those. Even if it's not for you, you guys are so sweet. You always like send your your daughters, your kids, your grandkids, whoever your friends, your neighbors, your co workers, you let them know, hey, Monique knows how to get downpayment grants, which yes, that is my specialty. That is what I know how to do very well. So I know a lot of them. Almost, you know, like, I'm a lender myself, but

Unknown Speaker 25:58
I'm your real tour. Okay. So when you call me, I will represent you as the real tour. And I'll put you in the hands of the lender, partner of mine, because not all lenders have these grants. But I will get you into the hands of the people that can assist you with the grants. So real quick, let's just jump over one real quick. Alrighty, so this one is a grant, you do not pay it back, it's gonna give you up to 4% of the loan amount, okay. So when we the, when you do a down payment, if you have been renting for three years, you're only required to put 3.5% down. So you'll have a point 5% Basically, to go towards your closing costs as well. All right. It's a statewide program, you guys, please remember, I can assist any of your loved ones and family and friends in any state in America. Okay, I've got my my team is all throughout the United States, I can assist them even with the grants and other states as well. But this particular grant is just Nevada, alright. So you do have to have at least a 660 credit score this when you purchase it has to be your primary residence. So you cannot already own and then you know, try to repurchase what the grant, this particular one does not allow that. But it's going to take your entire ground pit downpayment and pay it for you. Okay, so just keep that in mind. But let's just do this, I have created a website. It's called Welcome home grants.com. That is my website where I have put all grants, you know, a lot of the grants that are available to you on that website, there is a brand new grant that's also come out. Now this one is for my folks that live in Atlanta, Baltimore, Chicago, Detroit, Memphis or Philadelphia. As long as you reside there, you can utilize this grant anywhere in the 50 states. What does that mean? That means if I live in one of those cities, I can use the grant to purchase outside of the city, I can purchase in Las Vegas with this grant, I just have to currently live in Atlanta, Baltimore, Chicago, Detroit, Memphis or Philadelphia, you only need a 620 credit score for this particular grant. Okay, they're going to give you a free appraisal, they're gonna give you one of those home warranties for free, right? They'll even give you counseling for free. So if you just know that you're not quite ready, but you're ready to use the grant. Because you do live in one of those cities or you have family members that live in one of those cities. I can still assist. All righty, so that grant is going to allow you to put only 1% down for your down payment. So let's just do that math real quick. If it's a I don't know, $300,000 purchase, that's going to be $3,000 down for your for your downpayment, okay, 1% down but you have to currently live in Atlanta, Baltimore, Chicago, Detroit, Memphis or Philadelphia. So if you have family and friends that away that are living there, and they've said, You know what, we want to move to Vegas so bad, we just can't afford it. You say you know what? My girl knows that she's got something for you. Let me let me hook you up. My number is 70298437007029843700. My Youtube. Welcome home with Monique and also my website is welcome home with money.com you can jump on www Welcome home grants.com To hear or at least see the qualifying things for the grants. Like if you have questions, you can just jump on there and check out the grants that are available as well. Okay, and you can also reach out to me through my website. Welcome home. grants.com. All right. And if you want that list of the quick move ins for that luxury builder, simply text new home to my numbers 702-984-3700 Hey, you guys, I really appreciate I appreciate each and every one of you guys listening to the show tuning in. I really appreciate that love when I meet you guys in the streets. I pray that you all are safe. All right, talk to 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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