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Stan "The Real Estate Man" Fikes and Rachel Nichols as they talk all things real estate in the Las Vegas valley. Get the latest information on the housing market from industry professionals with decades of experience!
Speaker 1 0:00
You're listening to locally produced programming created in KU NV studios on public radio K, u and v 91.5. The content of this program does not reflect the views or opinions of 91.5 Jazz and more the University of Nevada, Las Vegas or the Board of Regents of the Nevada System of Higher Education.
Speaker 3 0:26
Hello to you, standard real estate man fixe Welcome to the Real Estate rule. We're all avenues lead to a home. I'm here with my distinguished co host, Mr. Might the loan wizard Sweeney.
Speaker 2 0:40
Thank you, Stan. And thank you for joining us today for our exciting real estate show.
Speaker 3 0:51
Hello, everyone, and we'd like to thank you for tuning in to the Las Vegas real estate room. I'm here again with my distinguished co host, Mike the loan wizard Sweeney say good morning, Mike.
Unknown Speaker 1:07
Morning, Stan. Well folks out there thank you for tuning in today.
Speaker 3 1:11
Yes, and we want to thank you again for tuning in. I hope everyone had a great Labor Day. I know I did. I kick back and relax in my home. Got in my jacuzzi and barbecue some food. How about you Mike, what did you do
Speaker 2 1:26
the same thing bunch of yard work, hung around with the kids and just relaxed.
Speaker 3 1:31
Yeah, it was great seeing family I had family overhead and see him and a little bit. It was really great. Plus we got some dry weather. So it was great conditions to have a backyard barbecue. Today we're going to talk about vacant lot fraud. We're going to talk about home sales of new homes, resale homes, that sort of thing. Mike will be also giving you some updates on loan information. To start out we like to tell you about the medium home price of homes at this current time was just 450,000. And that's for resale homes that are that are in the multiple listing service. The median price of local condos and townhomes sold in July is 270,270 $3,500. So we're holding steady on the sales prices of our homes. During July, we found that 25% of all local property sales were purchased with cash, which is pretty nice, pretty nice for Las Vegas. The number of so called distressed sales remain historically low. In the foreclosures are also low. Las Vegas had a total value of real estate transaction actions. Tracking through the MLS during July was nearly one point 2,181,000,000 For condos. July in July at 3.2% of all existing local homes and 85.6% of all existing local condos and townhomes sold within 60 days. That is an exceptional sign. If you want to put your house on the market, get it sold in a timely manner. 60 days is very, very quick to get a home sold in Las Vegas. Now, Mike, I know you've been working on some new stuff in the loan industry. Give us a little bit about what you've been doing.
Speaker 2 3:51
Alright, Stan, well, thank you very much as far as new loans with big popularity and our town specifically is FHA loans, which only required three and a half percent. And that's primarily driven because of our medium price being 450. The loan limit in most counties is usually far below the medium sale, we're just the opposite here, our medium sale at 450. Our loan amount is just under 540. So for the first time in 30 years I've been here, FHA limits exceed the median purchase price. The normal number would be about 512 on purchase with your three and a half percent down. But at 450. FHA is incredibly popular. VA loans are on a massive increase in town also as retirees are coming to Vegas. That won't only requires 0% down in nerves, there's been a big uptick in VA loans, but FHA is pretty dominant more so than in the past because we've gotten because of our loan limit and you can get up to 500,000 Still with just three and a half percent down. So we are seeing a big spike and and federally backed loans FHA is in particular.
Speaker 3 5:02
Now, Mike, let me ask you, I seen your client, you meet with the client in your office, you liked that person to person deal, which is great. Instead of going over the internet, you'd like for him to come to your office and meet with you. You give them the 100% of what's going on right then in there, how long would a meeting take with someone that wants to see what See you in your office?
Speaker 2 5:26
Well, normally what we do with your client, Stan and other folks I work with, we have initially we have a phone conversation, I get out of them, you know, their incomes, what they do for a living, some precursor on your credit, and how much savings they have. From that point forward. I haven't gathered their documents, if it goes to the next step, who whose paychecks, things like that, they come into my office, or we've and I've even met people at their homes, like on my reverse mortgage people. Because of their age, sometimes it's easier to go to their houses.
Speaker 3 5:57
And that's a great thing you do might because you have that door to door, door to door service to?
Speaker 2 6:02
Well, I'm little old school. So doing it doing everything when you're buying the biggest possession in your life, and it's in the three to $500,000 range, to do it on the internet to me is a little bit insane. And then we just get a personal relationship going with myself and you and your client. When we do sit down we get you can't get the feel for someone's needs over the internet. I agree
Unknown Speaker 6:27
to that. Mike, I absolutely agree with that,
Speaker 2 6:30
especially if they got kids with school, school districts come into play. You know, that type of house, they went the payment. A lot of times we work backwards based on what you're comfortable with. The government has specific numbers with someone we call it qualifying. Based on your income, you don't have to buy up to what the government says, I work it backwards quite often that you know, if you're comfortable with a $2,000 payment that pays you in the neighborhood of a $350,000 house,
Unknown Speaker 6:57
how much down they have to put down like three and a half
Speaker 2 7:00
percent. You know, if we go FHA, which is the norm, now, conventionally, you can get away with 3% as well. And FICO scores are a big driving factor what type of loan we can or can't do. ratios, they're called their total debt, people's debt seems to be going up a little bit in the last year since COVID. In particular, FHA let you borrow a little bit more than conventional conventional, a little stricter than a government backed security, because of the mortgage insurance that's put on the loan to protect us as lenders, that's things that we just get out when we do our one on one, you know, a lot of times it's one hour, sometimes two hours, sometimes we go out afterwards and keep the conversation going like I did a couple of weeks ago with some folks. But I think the one the face to face is incredibly important. Be here if you're 25 or being if you're 65
Speaker 3 7:54
to my give him the address of your location, so everybody know where to go.
Speaker 2 7:59
Okay, we're at a big black glass building at the corner of 215. And Rainbow everyone seems to think is the Raiders headquarters.
Unknown Speaker 8:06
It's a small readers headquartered
Speaker 2 8:08
7160. Raphael Rivera away, and we're in the penthouse at 420. Really, really easy to find, especially with GPS, now you can find us no matter what part of town you're coming from.
Speaker 3 8:21
And Mike will be more than happy to meet you at his office, get you approved for a loan, and you're good to go then.
Speaker 2 8:30
And a few things we've picked up, you know, through the years, but also through the show, because we've had a lot of follow up a lot of Collins is just the process people are, even if they're a second time buyer, you know, it's been a few years since they purchased the house, the actual process, they kind of forgot how it worked. So we spent a lot of time on just how the process. For instance, a lot of times we got to work on people's credit. Sometimes people have to have saved money. I just closed on a unit for a young couple last week that were told by numerous lenders, that they wouldn't qualify predicate and fact, he's in a business where it's all commission. And he just had to be put on a path of how long was going to take to purchase a home. And anyone that's three months, six months, if you know the direction if you know specifically what you need to do. If you really want to own a home, you'll do it. And we just hold your hand throughout the whole process. And we also show people some, you know, some staggering numbers when you're paying 1750 which is the average rent in town to 1750s about it, you're paying 20,000 a month in rent over a three year period you just gave a landlord $60,000 That if you owned your own house to sacrifice gotta make to save that three to 4%. Three and a half percent down is definitely worth when we start showing you numbers on paper. The money is just going out the window to your landlord. It's great that some people have to rent but they until they see the factual data What that 1750 A month would buy them. Again, you're in the three 350 range, and at 20,000 hours a month, or I'm sorry, 20,000 hours a year that you're paying on and rent that, that's more than downpayment and you need and just one year. So when they see the actual numbers, when you folks see the actual numbers that might motivate you a little bit more, especially our prices are holding very steady at this 450. Mark, everybody the talking in my business, and particularly about what's going on with interest rates, comments of inflation, and they're a touch higher than they used to be, they're a heck of a lot lower than they used to be, they will go down to prediction is next year. So you know, we keep encouraging people, if you buy a house today at 450, it most certainly is going to be worth 500, a year from now. And you know, the interest rates will come down about a point and a half is the projection from by the feds, you're going to be in a great position. If you buy today versus next year?
Speaker 3 10:55
Well, absolutely. Because your equity is always building up in your home. And that's what you're really after is making some equity, which is free money for your pocket. Once your equity gets established, you got a little more to spin, you feeling great about yourself. Now Mike, tell them a little bit about the equity, how they can build up to equity.
Speaker 2 11:16
Well, what equity is, folks, it's like forced savings. So if you buy a house, for instance, for $400,000, even at the conservative rate of 10%, that's that's 40,000 hours a year that your house appreciates, it would be like the same thing as interest in an interest bearing account. And if you had a 10%, if you had $400,000, in your savings account at 10%, that's a little bit more because there's 12, one cycle, but in a in approximately, you know, in a 12 month calendar year 400,000, our house, you're gonna go up a little over 40,000 hours a year. And you're also simultaneously reducing the principal every time you make a payment. And then there's the big tax costs, the big tax benefit you get interest on a mortgage is still deductible United States. So when you take those three factors and add them together, we put it in front of people on a just a simple piece of paper, or I can do it on my computer. People are amazed that in the course of a year you're saving, you're saving made whatever you want to call it way over $50,000 on a $400,000 house, just people need to see that. That's why I think it's so important for someone. And I've done this for quite a long time. And I'm a senior state's friends now. I used to be called the kid now I'm called the senior statesman in my office, when you've been doing software for 35 years, you better be really good at it. And we don't push people into homeownership. We just choose to educate them. Because you don't know what you don't know. And once you see the numbers, that sometimes gets people off the fence.
Speaker 3 12:48
Absolutely. And you know, it's always a great time to buy a home. It's just a good thing to own a home. I'm a very, I'm very dedicated into getting people into a home. A lot of people ask themselves, this is the right time for me to buy a home. And if you have some money saved, and you're basically debt free, and you're willing to put down three to 20% It's easy to buy a home, and Mike will definitely steer you in the right direction. Like he said he's been doing this for 30 some years. He's not new at this, he does know what he's doing. So, Mike, if you got some young people coming to you, like you say you walk them through the process, you give them a little helping hand. How do you feel about them when they come see you? What what what makes you want to do this for
Speaker 2 13:46
God, one of the greatest feelings you can have is putting a young couple in particular into a home and they realize once they get the keys once they're out of the ether and the reality sets in, you know, I get I get thank yous for years on end from, from young kids in particular, that they wish they would have did it sooner. When they start realizing that every time they write a check, it's not going to their landlord, it's going towards their house. Every time they get a comparable and when real estate agents stand you send things out to specific neighborhoods, when they see that their house is going up in value every month, every quarter every year just makes them feel so much better about themselves. And you know homeownership is tough, you know, they gotta worry about cutting the grass and doing things they probably never done. However, once they get in to the into the realm of homeownership, it's the greatest feeling they've ever had and then they regret that they didn't do it sooner. So the regret is if you don't do it at all,
Speaker 3 14:49
absolutely. Now if you already own a home and you want to sell your home, basically the inventory is low in Las Vegas. So this is a good time if you want to sell your home and move up to do so. While the inventory is low, that means there's more buyers trying to get a particular home. And that gives you a great opportunity to have exposure to sell your home. Mike also does a nice thing for me when I get ready to list homes, and he pre qualifies everyone to make sure that they are able to buy your home, which is very important. Because if I bring you a contract from a qualified buyer, that guarantees your house is going to be so. So Mike explain to everybody how you pre qualify them to buy a new home.
Speaker 2 15:44
Again, the process works initially what would a simple phone call, I just go through. And if it's an individual, sometimes it's family members of three and four and five, it's not unusual to have a third and fourth person on a mortgage. Now, kids are bringing their parents parents bringing in their kids, uncles cosign, so it's it's very commonplace to have multiple buyers and the mortgage. So we just go through your income, we go through your debt, we go through your credit, we go through your savings, which you have money to put down into property, we work everything backwards based on what you can afford. Like I said earlier, the federal government has very specific guidelines of what you can afford based on your income and your debt. You don't have to buy up to that limit, you might have a monthly dollar amount of 2000 hours a month. That's what you're comfortable paying. And so we're working backwards from there. So after we run your credit, which is a very key part of the equation, which I also share with my clients, we do what's called a pre qualification letter for Stan. So that means he can go out into the marketplace. What a seller needs to know that the buyers are fully qualified to take his house off the market. So that's called the pre qualification, we go one step further, I prefer to get your loan fully approved. That's why our our initial visit after our phone conversation, I have your brain, your taxes, your pay stubs, simple things. It's not it's not a lot of stuff. If your W two employee pay stub w two is your and your tax return bank statement. That's it.
Speaker 3 17:16
And you can always call Mike to get the full list of qualification needs at any time. His number is
Speaker 2 17:25
702 area code because I'm local, so at 702-375-4424. And you'll find out that Stan and I work seven days a week. Now Stan works a few more hours than me, but I started three in the morning.
Speaker 3 17:37
And that's absolutely true because I like to dream about real estate at night. Mike, he wants to go to sleep and get up and be fresh.
Speaker 2 17:46
But that's good. 702-375-4424 after you're
Speaker 3 17:51
pre approved, I will be more than happy to do my magic, which is fine your home and the location you're like in Las Vegas, the school zones you like all that good stuff that goes along with the home purchase. Now, Mike, give him the loan limits of the VA, the FHA and the conventional to top Ammachi they can borrow?
Speaker 2 18:14
Well, in FHA, we're just under 500,004 96 and some trains va va there is, believe it or not, there is no limit. There's a certain number that when you get to you put down 25% over that Jumbos or something in a million dollar range. There's also a USDA loan that is in our suburbs, which I do a lot of in Pahrump and mesquite in particular, that's also a zero down percent loan, but the medium price of a home now all our loan limits are well within the realm of what the purchase price is. Now, FHA, for instance, you go to 496, you can buy 800,000 their house, you're just going to have a bigger downpayment. Now, some people will be restricted to FHA primarily because of credit scores. Now normally, you get into that range, you go conventional, but you know, every when I tell people, every consumers have a mortgage in particular, unlike a credit card, you guys everybody's fingerprint, not to people are like I'm doing a cousin. Last night, I took a loan application for a cousin of a couple a closed last week. And their loan isn't going to be something entirely different, same purchase price range, but it's a totally different type of loan amount, or I'm sorry, loan program. For self employed folks. For instance. If you have a really good accountant, you have a tendency to write off 5060 70% of your gross income. Then we're left with the AGI which is called adjusted gross income. That might not be enough to qualify for your four or 500,000 Our house because you chose not to pay a lot in taxes. For if you're self employed, there's a different type of loan. That's called the bank statement loan. We review your bank statements with your income for Oh, what a bank statement is different than a tax return a bank statement doesn't have any deductions. So if your bank if your flow is just call it 50,000 A month, based on what you do, we can give you a big portion of that to qualify. Whereas if you're $50,000 a month on your tax return, that's a nice income for 600,000 a year. But you might write off 500 of it, you're left with 100,000, that might not qualify you for the home you like. And then we can get into loan programs until the cows come home and in this show. That's why it's so important when Stan refers me one of his clients, we get this initial information from you on the phone. And then our follow up, I can be a little bit more precise. In that case, for instance, I wouldn't want you to bring in your tax returns bringing your bank statements. If you're a W two employee, that's not an option. That's why the initial phone calls I extract a tremendous amount of information, we can be in that phone call 15 minutes to an hour. But the follow up visit the one it's face to face in person that Stan and I like doing is much more critical, and gives us a lot more information is so much more beneficial. For you folks out there. Now I
Speaker 3 21:17
like to give a little information on what's going on in Las Vegas has called vacant lot fraud or seller impersonation fraud. Now this is a big thing going around where scammers will pretend to own a vacant lot or a rental property, and then they will try to resell it and they're getting away with it right now a lot of them are getting caught. But it's something that you need to be aware of. And you have to if you own a vacant lot or rental property and you're out of state, you need to keep up with your property. Because like I said these scammers are trying to sell it out for money you and here's some things you need to look out for. If the seller sets a listing price lower than the current market value and wants a fast cash sale with little or no fee negotiation. Now this is a scammer doing this. Also, the seller is difficult to reach via phone or refuses to meet via video call only communicates via text or email. Now there's other things that they will do, they will do also, seller refused to attend signings, always claiming to be out of town, the seller requests to use their own notary seller demands proceeds be wired seller has a different address under than the one that is registered at the Tax Office. Seller refuses or is unable to complete multi factor authentication of identity verification. Now, we have a list of things to counter this. So you can get this list from me 702-809-2949.
Speaker 2 23:12
So some of the things that Stan was just mentioning. Unfortunately, Vegas is a has a big target on its back when it comes to fraud. But for the most part title companies, we find it more often than not, it just kind of reared its head again. That's why Stan wanted to make it make people aware because this is big with Airbnb as well. Be real careful about Airbnb is there's some nonsense going on with those those houses as well as far as when you go on and start paying all your money upfront. But I want to go back to we've gotten a incredible response after the last few shows we've done. And again, it's about the process for the mortgage part of it. People think that a realtor will take them out, drive them around to find the perfect house that they went not knowing what they qualify for. First of all, they just wasted everyone's time. When in a big huge the turns that you don't want to get into is looking at for instance, if you can afford a 400,000 Our house you don't want to be looking at 500,000 our houses that will burst your bubble when you come down to the value what you can afford or again what you want to pay. So it's so important to the know the procedures of how we do this. And then let us just guide you through the whole entire process because it is quite a process. You don't go out and spend three 400,000 hours every day. Some people think they want no maintenance, so maybe it's kind of a condo or townhouse might be better for them. And there's a big difference between condos and townhouses which we explained to you when we have that sit down or even on a telephone. The single family houses right now with selling for the first time I've done this for a long time I've worked with the builders for 30 plus years in Vegas. The normal percentage of what builder sell in town is about 11% Their clip and 3530 630 7% of the sales are new homes. So the couple 1000 used houses that are going out a year, or I'm sorry, a month, a third of them, there's a third of on top of that, that those are just the numbers stands given you our existing home sales, not to be confused with the builders. Those numbers don't always interact and become one in the same. So the builders numbers are on top of that. One of the things that Stan and I have been talking about doing for quite a while is I met Stan through one of I teach real estate agents, how to sell a new home. We call it Training tour. We've been doing it for nine and a half years. And basically we want to bring that to the public as well. What we do is strictly strictly for real estate agents. We give them some new home sales techniques because they're definitely different. Last, last show, we talked about buying a new house, you would never go to court without an attorney. You should never walk into a new home community without Stan. And reason being the builders work for them. Their agents work for the builder. So you want to be careful not that anything going to happen but you never want to walk in to know Home sell site without a real estate agent. So I'm back to Stan.
Speaker 3 26:17
Absolutely because we love showing new homes also. And like Mike said that's a big part of real estate is a new home market. Now I like to give you three homes that we have on the market. One located in the northeast is a two story home. In it offers 1309 square feet with three bedrooms, two and a half baths two car garage is offered at $329,990. Located in the heart of Las Vegas is a 2754 square foot single story home with four bedrooms, three baths, three car garage and a generic suite priced at $523,990 located at Lake Las Vegas, two storey 6100 square foot home that boasts four bedrooms, four and a half baths den, four car garage, a loft with a full bar, a balcony. And a rooftop deck with lake views in this home comes fully furnished, is offered at 4.5 million. The seller will also consider at least Bay domino to 8092949 for more information. And of course, Mike, the loan wizard Sweeney can get you financed for any property. Isn't that right, Mike?
Speaker 2 27:46
Yes, hey, those properties that Stan just mentioned, Lake Las Vegas house will be a jumbo, but I'm available. It's 702-375-4424. And last thing we want to close out with that standard I've been speaking of I just mentioned what I do with the real estate agents training tour, we're going to start offering a one hour training session for consumers at my office, which is 7160. Rafael Rivera way that I mentioned before, we're going to do these at Wednesdays, and we're cognizant of people's work hours. So we're going to try this a little bit different for us. Because normally do this on a one on one. Now you guys have asked us for some group sessions. So we're gonna start holding him on every Wednesday, starting at 530 to six, we'll let people come in till about six 630. We're there's going to be an hour session. Again, about 530 to 630. We're going to do these every Wednesday at my office. Very informal, but we're going to do a class setting
Speaker 3 28:39
and this would be for buyers and sellers. Yeah, cuz sellers
Speaker 2 28:43
need to know also how to list a house and how to get it staged properly and things of that nature. Absolutely. So again, Wednesdays 530 to 630. Every Wednesday at my office, you can reach standard 809 2949. And I'm 375-442-4424 and we'd like to thank K u and v again for allowing us to do this session. And that's it for me for this week, folks.
Speaker 3 29:11
And remember, once you get your foot in the door, you're in the house, Mike and I look forward to chatting with you at 8:30am the second Sunday of each month.
Unknown Speaker 29:21
Thanks for tuning in everyone.
Speaker 3 29:25
Thank you for listening to the Las Vegas real estate room. I can be reached at 702-809-2949 and also you can go to my website, new home safari.com
Speaker 2 29:38
And you can reach me at 702-375-4424
Transcribed by https://otter.ai