Welcome Home with Monique

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Unknown Speaker 0:36
Good morning. This is Monique cannon, 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, hello, hello, Las Vegas. It's Monique Buchanan, the host of the welcome home with Monique show. And today I have yet another amazing show for you. Listen, if you guys have been tuned in the last couple of weeks, I've had my colleagues and parents come on the show talk about their market. Listen, I love Las Vegas, but hey, there's other options out there. Maybe you want to vacation home? I don't know, you know. So listen, if you are thinking about moving in any of the 50 states in fact, my company is in 18 countries. You guys have heard me talk about this before. I just closed the house what two weeks ago for a gentleman one of our K UMP listeners that wants to buy in Florida. So today's show, I have our neighbors they're gonna come on the beautiful Utah State. In fact, I've got my my lender partner Mr. Chantry, Abbott Chantry. Mr. Chantry, how are you?

Unknown Speaker 1:43
I'm awesome. Thanks for having me.

Unknown Speaker 1:47
No, thanks for coming on. So Chantry is going to talk a little bit about the Utah market. He is specifically in St. George, one of my favorite places to go. I mean, my husband loves to go up there and go fishing. So we're always going to like gun lot or, you know, Duck Creek, all that gorgeous up there. And a lot of people like to live in Utah, either as a vacation home, or even lived and just commute. You know. So Chantry, can you tell us a little bit about that market up there? St. George, like, what's your medium home price? Or, you know, what do you guys have going on up there?

Unknown Speaker 2:20
Yeah, so it's specifically in St. George. So we are we are a large vacation community. And a lot of the town is intended for that. We get all the people heading south, we catch all the people in Salt Lake before they hit Vegas. So if you haven't been here, it's a lot of national parks and golf courses and mountain bike trails and all those kinds of things. So there's a lot of opportunity for nightly and weekly rentals. In fact, I'm gonna ask you a question. What what are the restrictions for short term rentals in Las Vegas?

Unknown Speaker 2:57
I'm glad you asked. I've said that many times. People do not realize that Las Vegas. Actually, Airbnb is actually illegal in Las Vegas. Except there's about five or six high rises that allow it I sell them all the time. One of them is this poems place the other ones truck towers or some other ones. But you're right, chancery. It's a legal and law firm Vegas to do Airbnb. And I always tell my clients Listen, they're putting some things in place right now where they're going to require like a business license and things like that. But we're not quite there yet. Of course, people are still doing Airbnb, but they're doing it at their own risk. But anyway, they're gonna crack down on that once they do get these these laws in place. So it's nice to know that we can come to, you know, Utah, where you have all you know, these national parks, so much attraction, and do it legally.

Unknown Speaker 3:47
Yeah, so So for us here. It's a zoning regulation. So you can't just buy a house in a neighborhood and do it on a short term rental on Airbnb. It's got to be in a zoned area, which is typically like, we have dozens of like literally probably a few dozen, resort condo or townhome communities that are surrounded with really cool amenities like great pools and slides for the kids and next to golf courses and stuff like that. They're intended to be the Airbnb, so hardly anybody in them actually lives in them full time they use them as vacation homes. And then when they're not, not using them, they can put them on Airbnb and rent them out short term. So that's a really big part of our market. And it's typically we call them snowbirds because they're coming south from Salt Lake or Idaho and we're the first warm place where the first golf course it's open year round kind of a thing. So there's a lot of that going on. The other thing about St. George's is you talk about median home price or median home price is about 500,000.

Unknown Speaker 4:52
Wow, yeah. It's come up quite a bit in the last couple years. For sure has

Unknown Speaker 4:56
yep Sure has. We are seeing though Obviously first time homebuyers are buying. There's some some newly built standalone townhomes and things like that in the mid 300 range. So if you're a first time homebuyer, you probably you can get things less than this, but you probably need to be qualified somewhere close to 350,000 to really be able to have some options. I do have a gal that just went under contract a couple of days ago. She's super excited. It's just her and her one year old boy. And she's buying a two bed one bath, about 1000 square foot. Little Townhome. It's been totally remodeled. Super cute. And she's under contract for 225. And it's really great inside.

Unknown Speaker 5:41
It's really great. George, that's beautiful.

Unknown Speaker 5:46
Yep. That's right downtown St. George.

Unknown Speaker 5:50
And just in guys, if you're just tuning in it because Monique Buchanan and I've got one of my lender partners up there in St. George Utah. Mr. Chantry. He's on right now going over the St. George market, different loans that you can get. In fact, I'm actually me and him. Both are in St. George right now. So if we're coming over a little staticky, we apologize. But we're, we're calling in because I have some business up here to take care of. So if you're just tuning in, once again, we are going over to St. George Marquette. And right now I want you to kind of hit on what you talked about. In the class we just did. I just did a class up here in St. George. And Chantry was going over a first time homebuyer program that is unique to Utah. Can you talk a little bit about that program?

Unknown Speaker 6:33
Yeah, so we're super lucky. In fact, loan officers that haven't originated business or real estate agents that haven't done business outside of Utah don't realize that we have a super unique program called Utah housing. So Utah housing has been around since about 1975. And it's an agency developed, and they get some government assistance, and there's some self sustained income too. But they're really designed to help that lower income. first time homebuyer get into a home with zero downpayment. So they piggyback lower

Unknown Speaker 7:05
income, what what does that look like? Sorry? Well, your income have

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different tiers. But there are some tiers where you could make this much, and this isn't low income, but you could make as much as 120,000 a year and still be able to get into zero money down. Wow, that's amazing. Yeah, no stopping the rest for now. So that's really cool, because they keep it open to a lot of people. Right? They're trying to, they're trying to house people that haven't saved up for that downpayment yet, you know, maybe you have pretty good income, but you're brand new out of school, and you've got some student loans and some debts to pay off. But it's time to start your family and buy a house, they're really a great option. So normally, you've got to put in most cases, three to three and a half percent down. And what they do is they piggyback off of that, and they give you a really nice interest rate, fixed rate, second mortgage, to cover what your normal downpayment would be. And they'll even cover some of your closing costs for 15 years,

Unknown Speaker 8:08
right. So just real quick, I want to give them an idea. So for instance, he said, you know, the medium home price was around 500. But we'll just do 450,000. If you did not use this program, you will be looking at about 15,000 for your downpayment on your home, but this program will take care of that completely for them. Is that correct? That's right. That's amazing. And what is the credit score needed for that program?

Unknown Speaker 8:35
Yep, so we've actually just in that's part of what I was saying in the classes, they've actually, as the market has slowed down a little bit, they've actually improved their program, because they have the capacity to serve more customers, more borrowers. And so they're they've improved the program to get more people in. And they've reduced their credit score from a 660 is what the minimum standard used to be. And now you can get down to a 620. So they'll serve us up to a six, one.

Unknown Speaker 9:02
That's amazing. They dropped way down to 620. That's awesome. So if you live currently in the Utah State State of Utah, you can reach out to chance free, and that's you know, by contacting me at 702-984-3700. Again, my number is 702-984-3700. So if you're listening and you're thinking, Oh, my goodness, my daughter's live up there, you know, I need them to get into a home. Guess what we can assist you. Okay, this is my, my colleague, Mr. Chantry. He's right there in St. George, Utah. A lot of you guys have loved ones that live out that way. We are here to assist. www welcome home with monique.com is my website. My phone number once again is 702-984-3700. And don't worry if for some reason to catch the whole show. It will be uploaded onto my YouTube channel. Next week. You can jump on and check it out. So charity. That's amazing. That sounds like a really good program. Now, how many years on the job? Do they have to have to qualify? They've got the 620 credit score. What else do they need to qualify for their downpayment we paid in the St. George Utah area.

Unknown Speaker 10:15
Yeah, so good question about time on the job. So to get a mortgage, we have to have a two year employment history. Now, if you haven't been working for a long time, you may have to be back in the workforce for six months. But that two years doesn't have to be consecutive. So you don't have to totally work. And for the past two years, like I've had, let's say, moms that had a baby, and they took a few years off of work until the kid was old enough to go to school, and now they've been back in the workforce for six months, but I go far enough back and I've got two years of history, they don't have to be two years consistent. If you have a large gap for a long time, since you've worked, then you may have to be back for six months. But I have people that are brand new on their current job. As long as your incomes not variable, or an in variable, we're thinking in terms of like, it's a big part of your incomes commission or bonuses are over time. And you may have to have some length that let's say somebody's got a fairly new job, they've been working, took on a new job, they're working full time hours or a salary or something that's very consistent. We can do a loan for pretty much right away, you know, in most cases will close their loan with one pay stub.

Unknown Speaker 11:32
That's awesome. I cannot Yeah, so I was gonna say people that were off for COVID. You could do the same. So yeah, yeah.

Unknown Speaker 11:42
So let's say that you're out for a couple years, but you're back in the workforce now. And you were working before that you'd be totally okay. That's odd. So I'm sorry to interrupt you. I just wanted to touch on one thing that you said that I thought was really cool. As you talked about. If you've got the parents are listening, and they've got kids or loved ones in Utah. So I've seen parents and this zero down program allows your parents to cosign parents. In fact, I've had I literally have had parents from Las Vegas have their kids coming to college here. It's now called Utah Tech University here in St. George. Right, the kids don't really have the income yet, but they maybe they're 20 years old, and they've got a little credit or even 18 or 19. And they've had some credit for the last year so parents can cosign to buy them a house, parents using all parents income, even though the kids aren't working, maybe they're just going to school full time. And they buy a house to live in while they go to school and then they can rent all the other rooms out to roommates and pay for their house payments. Time and time again.

Unknown Speaker 12:54
That is a great house hack. I love that and now the child is making equity on his property. By the time he graduated college, you could stand to make you know even up to 100,000 or more just off the equity while he was in college. Not to mention free or free mortgage

Unknown Speaker 13:11
route rooms here. Like let's say a college student that's just gonna rent kind of an average room in a home or a townhome are going for probably about 750 bucks a month. Right? So you go buy your kid a four bedroom house and they live in one of them. They rent the other three you know now you're talking about earning earning about 2250 bucks a month in rent, you might be coming pretty close to paying that home mortgage payment depending on what the house costs.

Unknown Speaker 13:43
Absolutely, that's a great I'm so glad you brought that up. That's a great way to do things especially if your child is about to go to college here at Utah. That's often what you guys

Unknown Speaker 13:55
do not doing it. They wish they would have they almost pulled the trigger on doing it for me. So I moved to St. George in 2003 to go to it was a Dixie College. Now you talk to Zach and there was this little townhome that was a three bed two bath I remember it I remember it vividly because it they were going to do it and then they kind of got gun shy and it was $75,000 townhome well hold down on today's worth about $350,000

Unknown Speaker 14:23
Oh my goodness. And they're shooting yourself in the foot.

Unknown Speaker 14:29
They talked about it for years wishing they would have done it.

Unknown Speaker 14:33
Oh my god. You know what, I'm glad you brought that up because that's gonna bring us to our next topic. But if you're just tuning in once again 702-984-3700 If any of this interests you, or you want to talk to Mr. Chantry, seven zero to 9843700 I will get you with my lender, colleague up there in St. George, Utah. He will walk you through this whole process and get you going. Okay, so real quick Let's go on into that. And then let's talk about today's market. You know, you've got a lot of people and I'm always, you know, talking about this, sitting on their hands, Chantry, they're like, Nope, we're gonna wait for these rates to go down. For one, you know? Why wait for everybody else to jump into the pool? What are your thoughts on when the rates go down? What happens chancery the prices go up? Right?

Unknown Speaker 15:22
Yeah, and the truth is here in our market, and I would assume you're about the same, we really don't have too many homes for sale. We actually wish they were maybe a few more options. And if interest rates, let's say interest rates are six and a half percent today, that's kind of the average interest rates or even five and a half percent. I don't think unfortunately, I don't think most people would be able to get their offers accepted, it'd be a bidding war again, it'd be multiple offers, and like you said, they'd be paying more for the house. Yep, people likely do what other people do, right. So it's like, you want to wait because you feel like Now's not the time that you and I both have enough experience that we know there's going to be a day that everyone goes, I wish I would have bought the summer of 2023. Because I like this, and now these rates come down. And here's where rates are. And here's where home prices went up. 10%. So I'm gonna give your you and your listeners a little bit of a max thought here is, as a rule of thumb, for every 1% change in mortgage interest rates, that is equivalent to about a 10% change in home prices. So 1% change in mortgage rates 10% in home prices. So if interest rates went from six and a half to five and a half, then home prices could go up 10%. And you'd still have the same house payments. But you don't have the same amount of equity.

Unknown Speaker 16:57
Yeah. They think in other words, they think they're they think they're saving some money. But But you're right. You're not getting

Unknown Speaker 17:11
where the best strategy truthfully is get in right now why everybody's sitting on the sidelines. Because the other thing too is we can negotiate really well right now like we're getting, we're getting sellers to fix all the things in the home, we're getting sellers to lie down in sellers to pay closing costs. Right hasn't been around for two years. For

Unknown Speaker 17:34
a year. Absolutely. It's been a while. And Vegas, I tell people it's been about that about seven years because I was able to get closing costs from a seller's market was serious, like super strong. You weren't getting that. So you're absolutely right. Right now we are we know that we're negotiating deals that we haven't seen come across the table in years. So don't wait, don't sit on your hands. Because that is going to end up you know, costing what I say is this Chantry, let me get you a good deal now. And if and when the rates do drop, guess what now you got a really good deal, and you got a lower rate.

Unknown Speaker 18:09
Yeah, that's the way to win in both areas. Like, like us, our lending company, what we do is we,

Unknown Speaker 18:20
when we do a loan, we keep we keep most of the loans that we do, and we do a no lender fee refinance anyway, we just want to keep them in our pipeline. And if they're happy with their mortgage, they'll keep paying it to us. And so most people, you really won't be out very much. And it's usually an easier process to refinance and by the home. Right. So, so that's really the way to win on both fronts. You absolutely absolutely right.

Unknown Speaker 18:44
There you go win on both fronts. Don't you know, wait for everybody to jump into the pool? Because if not, yeah, if not, if not, you're gonna be Yeah. So like you said, my parents wish they would have bought that house. You don't want to end up saying that I would like he said, I wish I would have bought that house in 2023. And now, you know, the homes that went up so much that I can't even afford to buy anymore. Because I tell everybody, it's like we're becoming little LA. But St. George has some beautiful homes up there. If you're an outdoorsy person. There's no better place to be you can jump to Vegas within what an hour and a half. And you're right here in Vegas, you know. So I'm from originally Seattle, and I tell everybody that St. George is like my little Seattle. I can jump over to St. George when I need my fix of beautiful trees. No grass squirrels, lakes hiking. Am I right Chantry?

Unknown Speaker 19:35
Oh yeah, yeah, that, in fact, most people come here to do a vacation and then they either decide they want to move here or they decide that they want to buy a vacation home here. That's literally a large majority of our clients.

Unknown Speaker 19:49
Yeah, so if any of this interests you, you can always reach out once again 702984 3700 Welcome home with monique.com and you can Check my show out on YouTube. It's welcome home with Monique as well. Chantry that with some great information for our first time homebuyers, and just to give you know, my Las Vegas listeners, a general idea of your beautiful town. But let's let's pivot a bit. And let's talk about what brings most people like you just said to St. George, which is the vacation home. What does that look like if I am in Las Vegas? And I would like to purchase, you know, I like to fish like my husband, he loves a fish. He wants to buy a vacation home. In St. George, how does that look? Like? What is that process?

Unknown Speaker 20:34
Yeah, so there's a couple of things to consider when buying a vacation home. So the coolest thing about buying a vacation home is if you buy it in an area that allows the Airbnb or actually what the real rule is, is short term rentals. And we in Washington County here where St. George's to find a short term rental is anything less than 30 days. So if you buy in one of the communities that allows for the short term or Airbnb rental properties, then you can kind of get yourself your vacation home. But it's also kind of a quasi investment property because you can rent it when you're not using it. Which I think is becoming so popular is because the boom of Airbnb and VRBO it's so easy to rent these, the those systems kind of calendar it out for you. And you really almost just have to have a good cleaner. And it's an it's doable to manage. And I love fashions we have we have places from a one bedroom, one bath, probably in the under 200,000 range, but it has really nice amenities like a couple of really nice pools, pickleball courts, stuff like that, to $2 million properties that have their own pool in the backyard pickleball court in the backyard, and it's made for two or three families to come vacations here. So I mean, that's amazing strategy, whatever you're looking for. Right? Yeah, and, and there are some details with you. Literally 10% down.

Unknown Speaker 22:10
Yeah, okay, so that's what I was gonna say. So it's 10% down for the vacation home. And like you said, that's amazing. You could have the tenants that day, week to week or day to day, pay off your investment. And then what you do is you just tell, you just don't book it. If you're planning on going up there, you just don't book it. And take advantage of your vacation home. The same kind of you know, the same way I tell people about the high rise opportunities in Vegas, where you are legally allowed to Airbnb, they have they even have third parties that will assist you in renting them out if you want to go that route. But like you just said, really all you need in today's market is a really good cleaner to come through. They have the you know, the little pee pads where you can let people in and out via your phone. Right? So you don't have to be there. It's very simple. It's not as hard as people think. Right?

Unknown Speaker 23:02
No, it's not. And the other thing that to think about too, is people are always really nervous about having a whole bunch of people in and out of their homes. And that, of course does add a little bit of wear and tear. But I will say most of the people that have the money and can afford to rent your nice. Second home vacation homes for the weekend for their family. They're usually a little bit more of a high income. Good people. It's not like we're talking about low end tenants that are having a hard time pay the bills and you're never chasing down rents, they have to pay for it in advance even book it

Unknown Speaker 23:37
right. Absolutely. Yeah. So that's that's really a good point to be made is that you can have your vacation home paid off. Like you said, by the tenants, if you want to go that route, you don't have to, but I think it's a great idea to do Airbnb, but if you are finicky about having people in your vacation home and we're not saying you have to we're just giving you the layout in other words, the 10% down and you said they go all the way up to 2 million. What other amenities do those properties have? The 2 million that you've seen?

Unknown Speaker 24:10
Yeah, so like one of the one of the resorts here like it literally has like a mini waterpark that you have access to as a couple of different hot tubs. It's I don't know if in Vegas, it's so big that Pickleball is such a big thing here that almost everybody's putting in pickleball courts. Some of the rebounding luxury homes have their own private pickleball court and then the other ones, some of them will just have a community pickleball courts, that's a big deal. A lot of them are kind of in the outskirts areas of town because they're not where families are living right and in their own little community. So a lot of them are close to mountain bike trails, too. So a lot of times you could you could own an Airbnb property that you could Airbnb and literally ride your mountain bike from the garage to the trail. That's a big one.

Unknown Speaker 25:00
Another thing is you guys have beautiful Mount Zion, you've got so many attractions here because people think well, well who would be going there? A lot of people come to St. George, there's so many, like you said attractions here, so many lakes, so much to do outdoorsy that, you know, a lot of people do come from all over the country to come to St. George, and just you know, enjoy those outdoor attractions. So there's plenty of attraction here. I know even for myself, we would love to go ahead and get a vacation home. We were looking in Georgia, but now listening to you. We might have to get a vacation home here with you, Chantry.

Unknown Speaker 25:37
Come join us. We'd love to see you.

Unknown Speaker 25:40
Yes, well, we appreciate you coming on today. Chantry. Like I said, if anybody wants to get a hold of Chatri you can reach out to me 702984 3700. I will get you with him and his team. And we will get you going. If you're interested in purchasing a home or vacation home in the St. George Utah area. You have been a wealth of knowledge. I just want to say thank you so much for coming on. And thank you for being a part of my networking team. Chantry. And so hopefully you'll come on again.

Unknown Speaker 26:11
I'd love to you thank you so much for having me.

Unknown Speaker 26:15
Okay, well, thank you so much, everybody have an amazing weekend. And till I hear from you have a 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. All right tune in next week.

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