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. Well, hello, Las Vegas. It's Monique Buchanan, host of the welcome home with Monique show. And once again, I have an amazing show for you today. Listen, I am super excited to introduce you to none other than alumni, UNLV and alumni. Just to say the least. Okay, my mentor. She's been on Oprah Show. She's been on The Apprentice. She is the shiznit. Miss Alicia Taylor. Hi, Alicia.

Unknown Speaker 1:04
Good morning. Good morning, I should say good afternoon. How are you? I am

Unknown Speaker 1:07
so excited to have you on you know, and it's been long time coming. You're just so daggone busy, ma'am. And it makes sense that you're busy because you are the best in the game. And I you know, I have to pay homage when you know when it's due. So anyways, Miss Alicia Taylor owns her own brokerage. It is called Mortgage Solutions. She is my very first broker, you guys she get literally gave me my first real estate check. You remember that? You're like, I like to give out my real estate checks. You I do. Yeah. So anyways, I just brought you on today because I want to talk to you about the market that we're in Alicia, you've been in the game for over 20 plus years. You've seen it up, you've seen it down? You know, you're around when the crash happened. Obviously we're not in that crash. Right. But we are seeing a major disruption right in the in the market. And I've been talking to my clients about buying right now. You know, a lot of them are saying, hey, the rates are high. But Alicia, share with them. What were the rates back in

Unknown Speaker 2:08
the day? So it's interesting that you asked that question. And thank you again for having me on today. Monique, I'm so proud of you. So this is actually my 31st year. Wow. So I remember when double digit interest rates were normal. So by the way, we did 10 or 11%. In the 90s. In the early 90s. Standard real estate mortgage rates have always in my career been in the sixes and sevens. They when they got down to the fives at one point and this was probably in 2000. Nish before the big crash the most recent one. Those were great rates. They were great rates. I mean, I had a four and a quarter in 2011 with perfect credit and I thought I was doing the most bragging,

Unknown Speaker 2:55
bragging right

Unknown Speaker 2:58
Leisha, you gave me you, you know, you are of course, my lender on my home. And you gave me four and a quarter. That was 2017. You couldn't tell me nothing.

Unknown Speaker 3:07
Right? I was telling everybody. So I'm with you. So you know seeing rates today for FHA being in the mid to high fours, depending on your score, even the low five, conventional still in the five. For owner occupants, it's actually a still a great rate, because people that are of a certain age are used to six and 7% and 8% interest rates forever, and they pay their homes off with those kinds of loans. And they made a lot less money. Right, right. Absolutely. So the rates, I always tell people, when is the right time to buy a home, when you can afford to buy one, that's the right time.

Unknown Speaker 3:42
That's good. And you know what I tell people to as well as like, Listen, you don't you don't say that when it comes to your credit card at that, you know, 12%

Unknown Speaker 3:51
and, you know, it's one of the things I discuss with people all the time about interest rates. Interest rates, when it comes to buying a house is the only thing that you actually see the markup on and then you're so worked up over right you buy clothing at a 300% markup $5 and make it they sell it to you for 1000s. So your money is only marked up single digits. It's a pretty pretty low trade.

Unknown Speaker 4:16
Right right right. And guess what? You're making money you're making equity on a home you're not making money on that clothes purchase right? or jewelry or anything like that, right? That's a good point. And then renters guess what you're paying 100% rate.

Unknown Speaker 4:28
The rate on rent is 100% I need to trademark that. You know, I'm the one who's been saying that forever. The radon grant is 100%

Unknown Speaker 4:34
That's very true. It's very good. I probably got it from you since you're my mentor. No, you guys. But anyways, Alicia, I want to bring you on to talk about the rates. But also, you know, Robert Kiyosaki said listen, when no one else is buying, that's when you buy would you agree?

Unknown Speaker 4:51
I agree. So you know, when when the crowd is going one way go the other way, right? Right now there's also a smart time to buy when prices Start to dip in people get scared, that's usually when the most opportunities happen.

Unknown Speaker 5:04
True. And the reason and I'm seeing that lease you know why? Because as I'm out there with my buyers, I'm able now to negotiate closing costs for the first time in years, I'm getting the sellers to pay closing costs, I just I just put an offer on a property, they went down $50,000 on their on their price. They dropped it 50 grand. So that's, that's amazing. I have not seen this since I started real estate. Now. You've been in the game for 30 years. But I started real estate, you know, seven plus years ago. And since I've been in the market, or since I've been doing real estate, our market has been extremely hot and moreso of a seller's market, right.

Unknown Speaker 5:43
Especially in the last four to five years. Yes. It's interesting, because I have as being a lender, and then also being a real estate broker, I get to see both sides. But I do majority lending. That's my function I normally do all day. And I have a client that I approved, they put in three different offers, in that under $400,000 price range. They asked for 3% closing costs on all three of them. And every single one of them countered with playing closing costs and a small adjustment to the price. So the market and overnight has turned on a dime. Because in July, you couldn't beg a seller to

Unknown Speaker 6:16
give Thank you. I'm so glad you're coming on because I've said you know what, I'll go as far as to say it's, it's like it's turned into a buyers market overnight? I say yes.

Unknown Speaker 6:25
I said it in the driver's seat.

Unknown Speaker 6:27
That's right. And it was crazy. Because just like you just said, you could not pay I had clients that were going $20,000 above appraised value. Okay, well, we're doing that and getting nowhere just in May. And here we are, as soon as the Fed raises rates June first, the market has completely shifted. It's crazy. So all my sellers, you've missed that boat, am I right?

Unknown Speaker 6:54
You've missed it for now. Come back to the dock again, because it changed again, cyclical. As of this moment, if you didn't sell what you were supposed to sell, it's time for you to start negotiating. And it's hard to get sellers to believe that because they don't want to believe the market turns but the market is the market and unfortunately supply and demand and the cost of money has made this the case. So we don't control that. You I agents lenders, buyers control that when buyers are willing to pay more money than you get these bidding wars these frenzies limited inventory when there's tons of inventory and buyers are not willing to overpay the buyers still dictate the market, the seller just gets to be in control or not.

Unknown Speaker 7:37
Right. That's good. That's a good word. And as that is, you know what I hear a bunch of my colleagues saying, Monique, we've got listings that have been sitting for four weeks without one offer, you know, and that's just the norm right now. It seems to be

Unknown Speaker 7:51
definitely the case. And obviously the thing other people I talked to because I deal with a lot of jumbo people, you know, we have a jumbo listing out now. And there are different markets all of the time. So when you're talking about oh, my god, the market is so hot. Well, for five liters above the market was never really that

Unknown Speaker 8:08
hot. Right? Right. Right. Absolutely. Right, right. So there's certain pockets

Unknown Speaker 8:12
where the market is hot in certain pockets where the market may be always cool, or lukewarm. I'm seeing that the luxury market, it's slower, it's well, because with money costs more, it costs more for everyone across the board. But when you're at a certain price point, you're not as dependent on rates as other people are. But even in the jumbo market is tightening up and slowing up as well.

Unknown Speaker 8:35
So what is it looking like over there with the jumbo market right now for I know that you you do do a lot of loans. In fact, you you invited me out to a broker's open over the weekend, we're going to talk about that listing. So talk about the jumbo loans a bit.

Unknown Speaker 8:50
It's interesting because lenders, all of the lenders that actually lend the money, they're still in the crunch as well. So when they start to see that people aren't borrowing as much, people aren't refinancing at much as much because the rates are so high and they already have lower rates, they start to come up with more creative ways to draw buyers in, right. So what they have done, and has turned out to be great is they've allowed lower downpayment for jumbo loans. There was one time where you can even consider a jumbo loan with less than 20% Down, Right? Can you consider it, you'd have to have a 720, you need at least 20% down? Well, now you're able to get into jumbo loans all day with 10% down. You don't have to have 720s. You can do that with a 680 even though they're making it where it's easier for people to get into these larger homes. I'm seeing now where they're doing jumbo loans up to 5 million. Typically, there were no lenders that did 5 million, you'd have to go into the private client services portion of a bank at the Wells Fargo city to be a vase, the big banks, they had PCs Private Client Services, and you had to be a member of the bank and if you want to get a $5 million loan, you had to have a certain amount of money in their bank for them to lend you that money. Now we have as we call aggregators, kind of like Zillow is in the red fans, we have lenders that are not the large banks that are doing up to $5 million. So, as things tighten up, the creative minds come out in ways to make money. So, in the years I've been doing this, I'm just watching as all these new programs, what's old is new, again, is starting to unfold. Fannie Mae just announced that they're going to allow sellers to pay down payments.

Unknown Speaker 10:28
that haven't happened since 2008. Wow.

Unknown Speaker 10:31
I could never tell you down payment. Now. They're, they're gonna allow allowing

Unknown Speaker 10:34
it. Oh, that's awesome. Yeah, because what it was it was like a cap of what 3% For the seller to contribute towards the buyer

Unknown Speaker 10:41
yet, but it was only for closing costs, they could never pay your down payment.

Unknown Speaker 10:47
Sin heard that. So

Unknown Speaker 10:50
he put that to an end.

Unknown Speaker 10:52
If you're listening to us right now. And you've been thinking about purchasing a home that is major,

Unknown Speaker 10:58
major, major, you guys real world understanding of this, a person is selling their house for 350,000. You could ask them for 6%. And if you're a first time homebuyer, you can do 3% down, and 3% closing costs. And you would literally get into that house with absolutely nothing down. That's what they're going to where the seller is going to be able to give you your down payment and your closing costs. And they just announced that like last week, I don't know if it's rolling out or not.

Unknown Speaker 11:28
When is it rolling out?

Unknown Speaker 11:31
on that? Because they have agreed to do it. And they used to do it. This is not new. It's just coming back around.

Unknown Speaker 11:36
So once again, it's a buyers market, you guys, you just heard it from the guru, Miss Alicia Taylor over at Mortgage Solutions. Listen, you guys, if there's ever you know, you've been told no, no, no. Maybe your bank told you you know, you could not get approved or whoever told you? No, you definitely want to run it by Miss Taylor before you decide to give up on your homeownership dreams. Because she is my go to she has a lot of realtors here in the city go to because if we were told no, we know that Taylor has to tell us no before it's an actual No. Because she knows, you know, she knows how to wiggle you out of these things. And she knows she's been in the business 30 plus years. So I always say hey, we've got to talk to Taylor first. Because she knows the business and she knows, you know, just, I don't know, help me out tailor. You just know you know you. I've never been around. Anybody that knows so much. Like, for instance, when I'm putting out fires within my deals, most of the time is because I was ear hustling your conversations. Right? Right. But anyways, that's what's made me sharp at what I do. And I just have to pay you homage because, you know, having a lender as my broker, it really did bless me, because people say, Monique, how do you know so much about lending? You're not a lender? Well, guess what? My first broker was a lender, and I was able to hear these conversations and I picked up as much as I could. I was smart I listened to

Unknown Speaker 12:58
were very sharp and you always wanted to learn something that when you sit, you're still the same. That's why you've been so successful.

Unknown Speaker 13:04
Thank you. I appreciate you, Lisa.

Unknown Speaker 13:05
So we have a luxury listing right now. It's currently listed at 3.3 million. It's in Mesa ridge in Summerlin, an absolutely incredible community. Close to obviously at the Red Rock Country Club hiking, biking, four bedrooms, five baths 4500 square feet, has one of those resort style backyards large large pool, fire pits, pool house. Definitely a place that you could do great entertaining. or raise your family like it is a multifunctional property. Let me tell you and full bath downstairs.

Unknown Speaker 13:44
Every single let me tell them ladies because I was like when I walked in, I just had the whole wow factor going on. By the way. This is the Monique we can welcome home with Monique show. If you're interested in anything that we've said today if you need to get in contact with Miss Alicia Taylor 702984 3700 702984 3700 You can also catch my previous shows on my YouTube channel. Welcome home with Monique Spotify. I'm there too so you cannot miss me. But anyways, back to this this listing that you have. So you invited me out? I came out. I said Alicia how freakin large are these ceilings? was like 25 foot ceilings? You know, the staircase was just oh my goodness, every single room had a bathroom. The view you had a Las Vegas Strip view. And you were in the Mesa Ridge area. I believe they have like, you know, the fitness centers that guard gated community house. Oh my goodness get to

Unknown Speaker 14:43
parties in there. Definitely a great place for pets if you'd like to walk your dog and be safe. There's a park right next door. Yes. This particular house like you said it has the Iron Mountain the iron stairs so they're open risers they call the spines There's this absolutely just really a gorgeous house. It's a gorgeous,

Unknown Speaker 15:05
you know what I liked about it? It was very modern. I love going back to that time. No, yeah. And

Unknown Speaker 15:11
it's being sold fully furnished. So

Unknown Speaker 15:13
the way you saw it is the way you get it. Oh, my goodness, I didn't know it was being sold fully fine. I

Unknown Speaker 15:18
don't know. They're oftentimes and you know, as a realtor, you go see these homes with your clients are so beautiful. And then they take everything off the walls and everything down. You're like, Whoa,

Unknown Speaker 15:26
yeah. Because it's like when you walk into the model properties, it looks like a model property. Because everybody's going back to that wallpaper that wallpaper was, oh my goodness. And then the, the chandeliers that were there, all custom.

Unknown Speaker 15:39
All the walls is a backlit shower. He had to have professionally designed by the cipher group here at town, you may want to have them on one day. They do an incredible, incredible job of designing homes and they designed all so not just luxury homes a design home there are three and 400,000 as well. We've used them for quite a few clients and they just do a great job. They bought all the furniture, they did everything for this owner, they made this home the way you saw it and literally, it's turnkey, you walk in and you pay for it and it's yours exactly as

Unknown Speaker 16:13
we all love that right. And then you know what, if anybody wants

Unknown Speaker 16:17
to look it up, is 10679 patina, heels court 10679 Bettina heels court, so they can have money bring us a buyer?

Unknown Speaker 16:27
Yes, yes, I will. I will take you out to to walk you through the property myself. 702984 3700 702984 3700. It's going for just a little over 3 million. Let me tell you something in LA you can't get a shack for that cost. Right. Right. Right, exactly. So thank you so much, Alicia, thank you so much for coming on. And if you guys are interested in any kind of jumbo loan products, Miss Alicia is the lender for you, and I will get you in contact with her. 702984 3700 And again, if you're interested in the property that we just discussed your your listing over there in Mesa Ridge, Summerlin 7029 A for 3700. All right, thank you so much. Miss Taylor.

Unknown Speaker 17:12
Thank you. Have a great day.

Unknown Speaker 17:13
Thanks for coming on.

Unknown Speaker 17:15
Thanks for having me. Bye, bye.

Unknown Speaker 17:16
Okay, and so maybe you're not into a jumbo loan. You know what, Monique, it's my first property or it's my second third property. And we're not at a jumbo loan status just yet. We're still working towards it. No worries. Listen, I've got you covered. But real quick, remember, I still have that beautiful flower property over in Centennial Hills, we just dropped the price just under $443,000.04 bedroom corner lot. Over 2000 square feet. You know, so if you're interested, you can always text the word beautiful flower altogether. 2702984 3700. Again, I just did a price to decrease as well on that property. So under 443,000, beautiful flower to the number 702984 3700. Now, the Henderson property we also did a price these decrease you guys this one's over 3000 square feet single story home. All right. That one's also a four bedroom, but it comes with an office. Okay. And much more. You can text. Ashley rose to 702984 3700 to see pictures and get more information for these properties. All you have to do is text Ashley rose all together. 702 94 3700 or beautiful flower altogether? 702984 3700. But okay, guys, listen, you heard Miss Taylor, who has been in the game. And let me tell you, I just love her, you guys. She has been on Oprah. She's been on a premise that's just barely scratched the surface. She is just amazing. Okay. But she's so humble. I love that she's such a humble person down to earth, easy to talk to, you know, I call her the problem solver. Because if you have a major problem, and you call me and I say okay, that's an issue. Let me get you with Miss Taylor, because let me tell you something. She's been around long enough to know how to get you out that problem. So once again, if you have issues that you just don't know how to handle 702984 3700 We are here to help. That is why we are here to help you know, everybody has different situations, you know. So if you're in a situation where you are,

Unknown Speaker 19:35
you know, like hey, Monique. I'm a non citizen. Okay, I'm a non citizen. I don't have my citizenship yet, but yet I want to purchase a portion of the American dream. I want to own property here in America. Well, guess what I've got I've got something for you too. All right. There's 100% financing available for you. If you are a non citizen, you just have to Have a 620 credit score if you're self employed, or a 580 credit score if you're an employee, two years on the job just like everybody else, you guys, listen, I've got more information for you on that 100% financing for my non citizens, okay, 620 credit score for self employed 584 A W two, employee II. All right, for more information on that program 702984 3700. Again, 702984 3700, let's talk about what the current rates are. Right now, if you have around a 720 credit score, you're looking at about a 5.25 interest rate. Now this is on average, you guys, I don't know your situation. I haven't got you with Miss Taylor yet to go over the exact, but on average, if you have around a 720 credit score, that's around what you're looking at. Okay. So if you're thinking that you want to use a grant program, they have come back around you guys, we've got the grant program that will cover your entire downpayment. All right, and a point five of your closing costs. So let me just tell you what that looks like. If you're thinking about purchasing a home without a grant program, and you've got around a 720 credit score, okay, let's just do a easy number of 440,000. Now, it's not you know, it's not a jumbo loan, it's nothing major, I'm just using this amount just to kind of give you an idea, okay? So you're going to purchase on your own, you've got 401k, money saved up that you have your own downpayment of the 3.5%. And you have your own 3%, towards closing costs. So 6.5% down, you're pulling it out your 401 K, or hey, you're just you've saved money, you've got the money to pay it on your own, you've got a 720 credit score of 5.25. Okay, a $440,000 purchase, that payment is going to be around $2,800. Okay, that's what that payment is going to look like. I'm sorry, that's at five and a half percent $2,800. So at 5.25%, you're looking at about 2600. Right? All right. So with the grant program, alright, because you don't have anything saved up, you don't have a 401k right now, you, you know, blew through your savings during COVID. Whatever the case may be, life happens. Okay. But Monique, we don't want to miss this opportunity that now it's a buyers market. We do not want to miss the boat, we don't want it to sell on us. Okay, so we want to go ahead and purchase now. But we just don't have the money saved up. All right, our score is fine. It's over, you know, 620, or 660, I'm sorry. So our scores over a 660, right now with home with a grant program. So we're able to go ahead and lock in that grant, you're looking at about a five and a half percent rate. So your purchase or your monthly payment will be the 2800. Right? But remember, right now, I am able to negotiate the seller to contribute towards you in in a minute, I'm gonna find out I'm thinking August or not August, but October 1, what Miss Taylor talked about is going to roll into play where I'm able to ask the seller to not only contribute towards your closing costs or to buy down the rain, but I'm able to ask him for 6% I was not able to do that previously. That's why this is a buyers market, you guys, I could ask the seller to not only pay for your closing costs, but your down payment. I'm believing me and Miss Taylor saying that that's probably going to roll out around October 1. But it may happen sooner than that. You need to, you know, get the ball rolling now. Okay, I get your approval when you call me I get you with a lender, like Miss Taylor, get you approved. That way when it does roll out, we already have our ducks in a row, we're ready to strike and take advantage of this market. So let's jump back into it. Your payment will be at $2,400 If I have the seller buy down your rate to a four and a half percent. Okay, guys, so right now, if you're listening and you've been sitting on your hands with buying, Oh, I heard the rates are high. No, don't listen to that. It's a great time for you to buy Why is a great time. Maybe the rate is a little bit high. But guess what I can ask the buyer or the seller I'm sorry to contribute towards buying down your rate. If this interests you or maybe you have a cousin or a friend or somebody who hurts speaking about purchasing a home, okay, share you know, you could always share my number with them 702984 3700 You can have them text me 702984 3700 DP A, that sounds that stands for downpayment assistance if they're interested in these grants, and I will get them in the right hands to go ahead and get them going on getting approved for a home loan where I will then take them out, negotiate these properties for them and get them in the best light and get them in a payment where they can, you know, just be happy and be able to afford because right now we've got apartments going for $2,200 a month. So what are you getting out of that zero zip nada, you guys, it changed on the drop of a dime, to a buyers market literally almost overnight, it can happen the other way around again, you guys, so that's why I'm on the show, I'm just telling you, if you've been thinking about purchasing, hey, the time is now. Because just like with my sellers, they missed that boat, unfortunately, and I have to have these conversations with them. You know, just two months ago, I could have, you know, gotten you over list price. Now, I'm hoping to get a phone call because of the Feds raising the rates, you guys, unfortunately, it did knock out quite a few buyers. And it literally almost doubled the payment for many of my buyers. So now, if they're purchasing at that 600 $700,000, their monthly payment is like $4,000 a month, you know, so that's changed it, you know, it's changed a lot for my buyers. Whereas if they would have purchased just a month and a half, two months ago, that same payment would have been, you know, just hovering at 3000. That's $1,000 a month difference. It makes a big deal for a lot of people, you know, and and their budget. So just have to understand that the market can change you guys just like it recently did it change overnight, it can change again. Are we going to see a crash? No, I don't think so. Just like Miss Taylor. No, we do not think so. And this is why we don't think so you guys, here's the difference. Back when the crash happened, it was due to predatory lending. You know, we have a Truth in Lending now. It was different back then, you know, people could just say whatever they made, and the banks just ran with it. That's not the case. Now, my buyers that are approved today, they deserve to be approved. You know why? Because they've had to prove every red cent that they've made. And that was not the case back in Oh, eight. Okay. So that's a huge part of it. Another part of it is, hey, listen, we have we're short in inventory. We are short, we have fallen behind for many years on producing enough housing for you know, the our citizens here in America. And it's not just Las Vegas, you guys, it's nationwide. Nationwide. If you watch the news, you don't, you don't have to take my word, you can turn on the news. And you'll hear the same thing. We are in a housing shortage not just here in Las Vegas, but in the whole country. So it's not just here. So listen, let me just run over what we've kind of discussed. The you know, throughout the show, once again, this is the moment this is Monique Buchanan, the host of the welcome home with Monique show. Also, my YouTube channel is welcome home with Monique. I also am on Spotify. And Pandora, I am you could check me out there if you've missed any of my previous shows. Okay. I like to enlighten the community about the Las Vegas market. But also I have agents nationwide. So if you're thinking about relocating, and you do not have an agent yet, I can help you with that. Okay, so you can text relocation 2702984 3700 You can text relocation to 702984 3700 and I will get you with a lot of real estate agents, whatever city you're moving into, okay, but listen, so what we were talking about was the change of the market you guys. It has taken a turn for a buyers market here in the Las Vegas Valley. Properties are sitting for three plus weeks without any offers what does that mean for you as a buyer that means that I am able as your realtor to negotiate a sweet deal for you. If that interests you, you can reach me at 702984 3700 702984 3700 I would love to assist. I also am very knowledgeable in the downpayment assistant programs and grants that are out there for you that do not have the downpayment saved up but please remember you are considered a first time homebuyer if you not if you have not purchased within the last three years. You heard me right first time homebuyer if you have not purchased in the last three years. I have you covered also on a side note just to kind of hook my K you and B listeners up because I do love y'all and it's hot here in the Nevada desert.

Unknown Speaker 29:11
If you have been thinking about purchasing solar units, I am a firm believer I've had them for five years now I'm so thankful that I did get them save me tons of money. But the reason that I promote this particular company is because the loan or lease does not follow the buyers if you decide to sell that is major you guys. So if you need that if you know that you're probably not going to live in the home forever. You want to go ahead and purchase solar panels at $1,000 Cash Back rebate, you can text 702984 3700 You can text solar to 702984 3700 and get that $1,000 Cash Back rebate I love you guys enjoy your weekend until I hear from you. Thank you for listening. This is Monique Buchanan my license numbers S 17 At age 46 and I am part of EXP Realty Tune in next week

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