Real Estate News You Can Use!

We spoke about Real Estate, and mortgage lendening for buyers and sellers. Also keeping your credit up.

What is The Las Vegas Real Estate Room?

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 2 0:26
Hello to you, standard real estate man Fikes. Welcome to the Real Estate roll. We're all avenues lead to a home. I'm here with my distinguished co host, Mr. Might the loan wizard Sweeney.

Speaker 3 0:40
Thank you, Stan. And thank you for joining us today for our exciting real estate show. Hi, ladies and gentlemen, thank you for joining Stan fixe and myself Mike Sweeney at K u n v 91.5 for a real estate Show. Today, we'd like to share some thoughts and ideas that we've gotten from our last show, which we appreciate all the folks that called in and tracked us down, we had some great questions. We've actually procured a couple of showings for Stan and myself is the lender. Again, standard real estate man Fikes is our real estate agent. And we're going to get into a little bit more detail about what Stan's position is. I'm Mike Sweeney, and I'm the mortgage banker. here in town, Stan and I both have over 30 years experience doing what we both do individually. So how I want to start is we did have a lot of we had a great audience participation in our last show a couple of weeks ago, we had a lot of Collins and I want to touch base on some of the questions that some of the folks gave us. And then we're gonna get into some of the other things that stands prepared. Basically, the topics were you know how to buy a house being a new home or a used house, how to get qualified initially credit issues, money downpayment assistance. So I kind of want to start at the beginning. If you decide to choose to buy a house versus paying rent, you might hear a lot of negative commentary on the local news channels that interest rates a little bit high. But what they're not telling you is the prices have come down considerably from a year ago. So we shared with some of our folks last show. Although the interest rates have gone up, the offset of the payment is almost identical because the prices of the homes have come down significantly to offset the payment. So in other words, a 480 house and a 425 house a 480,000. Our house which houses were a year ago, our medium sales price rates were approximately five and a half percent. Today, that same house is about 440 rates, or six and a half, six and three quarters. Believe it or not, it makes the payment almost identical. So don't be scared of the interest rate. Jargon you hear I'll cross town and radio and television except from us because we're going to tell you the truth. And what you want to do is procure a home today at the lower prices, and do a potential refinance in a year when when rates are projected to come down. So buy the house and rent the mortgage, don't rent them don't rent an apartment, because that is a tremendous amount of money out the window that stands going to talk about in a few minutes. But as far as the process goes, you decide you want to own a home 702-809-2949. Again, it's 702-809-2949. Now that's Stan flakes. He's the real estate tycoon in our town, what you might like the part of town you want to be in, he'll walk you through the whole procedure. From that call, Stan will refer you over to me, I'm the money guy that will decide how much money you can afford to purchase a new home. It's predicated on your gross income net, your take home, your tax base is changes tremendously. When you get a 1098 issuance it's similar to a 1099 at the end of the year. So your base pay goes up dramatically. Because now you have a tax benefit where you've currently don't have an a presumption you don't own a home. So I walk you through all from A to Z from your credit, I pull your credit which I share with you. If there's issues on there, we have to address to get your FICO scores up for instance, a lot of people are under presumption I need a 700 score. That's a fallacy we can go down to 580. And if your scores are 480, I can show you what it takes to get your scores up. Sometimes that takes a month or three. But Stan and I are willing to wait work with you for the time it takes to get your credit scores up. The other big thing is other than your job, of course, is the money to put down in the house. There is another fallacy that you hit need to put down 20%. That was in my father's era today you can put down as little as 3%. government loans if you're a veteran is zero, FHA as little as three and a half percent. And that money does not have to be yours. It can be a gift from your family members. Collectively, everybody can pitch in and help you get to the promised land at 3% 300,000 Our house your time I can $9,000 Guys, that's four months rent. So we walk through that we can help you build a savings plan like I do with our builders. There's closing costs that we address, Stan negotiates that through the contract. It's very popular for sellers in our market to pay the closing costs today. So what I'm getting at is if you just call Stan or myself, again, stands at 8092949, my number is 3754424, both local area codes, because we're both local guys been here for over 30 years. Let us walk you through the process. Some of the people from our last show, we're incredibly surprised how easy it is to buy a home. Once you have all the knowledge of what you need to do and the particular steps you need to take to procure a home. We're going to bounce back and forth to this in a couple seconds. But I'm going to hand it back over to Stan are handed over to the stand. And he's going to tell you some of the numbers about what's going on in our town. And I'll be back with you shortly. Thank you.

Speaker 2 6:00
Hello, everyone. Welcome to the show. As Mike said, our goal is to get you into a house. Your goal is to contact us so we can help you buy a home. Now currently in Las Vegas, we have 3004 and 20. Listings. We have 3001 and 28. pending sales, we have 2836 close sales. These homes are on the market for average of 34 days. Our median sales price is 410,000. The average sales price is 500,000%. Of list price receive. So when you put your house on the market and sell it, the average equity that you get back is 98.7%. The housing affordability index is 68. The inventory of homes for sale is 5609. So we have a 2.1 month of supply of homes for sale right now. So that's kind of low for us. But it's good for you if you're going to sell your home and listed because you don't have that much competition. So you can feel confident about selling your home in 2023. If that's what you want to do, you might want to put your house on the market sooner rather than later, while inventory is still low. But again, only do that if you're truly ready to sell your house. Don't let the market be the deciding factor. When you decide to sell keep in mind that there aren't quite as many buyers and two Oh 2023 as there were in 2021 when mortgage rates were at the all time low. But there are still lots of people wanting a home. If you work with an experienced agent such as myself and experience lenders such as Mike, you'll be able to capitalize on home prices, navigate multiple offers and find the right buyer. With an expert by your side, it'd be even easier to sell your house at a great price this year. Now, when we put your house on the market, we do a CMA competitive market analysis to arrive at a sales price, then we do marketing. Now our in house marketing team provides a comprehensive, customized marketing plan that spans print, digital, social media media, to best showcase and present your property to our elite audience. Also, we have buyers don't want to buy your house, I made sure that Mike have them approved for a loan before even showing your house because I don't want to waste your time, their time or my time. Okay, we take pro photos of your home. We staged your home properly and give you pointers on what you should clean up. Look at your landscaping, set up showings and do the marketing. I'll turn it back to my swing and explain more to you about loans for your future home.

Speaker 3 9:29
Day. Thank you, Stan. Again, I want to touch base and again I'm going on the response we got as I mentioned earlier from our previous show, and they were pretty impressive. The questions are great standard. I've met with numerous folks and we're actually working on a couple of people I'm working on their credit to help that wanted to focus on showing how to save the money to get to the promised land. So I want to go over that again. Three be read a little bit redundant. The 20% downpayment that's our parents age that that was a long, long time ago. I've done this for 30 years. Three years, FHA has been three and a half percent down. In the years I've done this. Conventional loans you can do as little as 3% down. If you're a veteran, it's no money down. It's 100% loan. There's a USDA loan in our rural areas, which in this area would be Pahrump and mesquite, USDA requires no money down as well. Then there's always the closing costs, we have to address and that's the appraisal, flood insurance, there's a few things that we break down with closing costs consists of the sellers can participate in that I can participate in that as a as a lender, and then the massive tax benefits you get from owning a house. So I did a seminar today at LVR. And a thing came up with the average rent is not quite 1900 in town now 1875. But for simple math, let's go with $2,000. If you rent a home, or an apartment for let's round it up, again, for simple math to $2,000, that's $24,000 in a year, with no tax benefit, and you do not own the property. And each year in being an apartment

Unknown Speaker 11:06
or house, that's money down the drain, folks,

Speaker 3 11:08
it's money that I'm a landlord, so I love my tenants. But not to get off. So the rent again, and let's call it 24,000, it's, you have to have shelter over your head. So that's understandable for your husband, your wife, your girlfriend, boyfriend, kids. But that's $24,000 to a landlord being an apartment complex, a condo, a townhouse or single family dwelling. If you owned a house in Las Vegas, let's call it $400,000. Our average appreciation is well over 10%. But again, for simple math, let's go that you buy a 400,000 Our home, which is about the median price in our town, Stan would find you that house, I would finance it, the equity that you would build up at 10%, which is very conservative, the first year is $40,000 to the plus. So if you just do those numbers, you're there you're given somebody $24,000, which you can put as a big negative on your p&l at the end of the year. Or you can put a big plus in front of $40,000 to the home you own. And now it's your home, you own the house for you folks that have owned houses in the past. And now don't for whatever reason you know what owner home, just the the security it gives you to drive into your own garage and walk into your own home, you want the carpets purple and the walls orange, it's your house. And then on top of that $40,000 You just by mistake make that's equity, that's not principal reduction, it's 90 capital improvements you choose to do for you handyman out there, there's also the tax benefit. People don't realize that the huge majority of the interest that you pay in the course of a year, and that 1098 I mentioned earlier, which is similar to a W two you guys know what that is, if you give that to your accountant that shows how much you can write off your taxes. So you just picked up 40,000 in equity. And in that scenario, another quite a few 1000 hours and tax benefit that you write off what I mentioned early in your gross income, it's called $60,000. Your gross doesn't go up unless your boss gives you a raise, of course. But your net goes up because now you have deductions on your schedule and your schedule see that you didn't prior have if you didn't own. And keep in mind that you know it's your house home. A home ownership is a big thing in America. And that's what we generate, unless we inherit well or hit the lottery. That's where generational wealth comes from. It's from the ownership of a home, pass it down your kids sell it, you know have sands sell it for you in a couple of years and you pick up 100,000 hours and equity to not own a house in our town because our prices are relatively inexpensive compared to where all the people are flocking here from be at Washington, Seattle, in particular. Oregon, naturally California, New York, in New York yet my my hometown, the prices here when I sit at builders models, people ask me what's wrong with the houses? How can a brand new house be only $500,000? And I said, Well, it's Vegas. I mean, it's our prices aren't out of line. So the homeownership and let stand and I coach you through it and you might not be ready tomorrow, you might not be ready next month. But let us get you ready because you might not have the savings. But I can tell you if the federal government says you can qualify for 400,000 hours based on your income and your debt. You can afford it. If you don't have the money for the down payment. Let's talk about it. We put in a downpayment assistance program, we'll reach out to your family and get the money gifted because the money can be gifted or 35 years of doing this. I've seen people miraculously save so much money to buy a home because they had no idea what they needed before they thought 400,000 Like we're talking you know they needed $80,000 That's out of some people's go grasp 3% 12,000 If you're making 60,000 a year, that's not out of your grasp, grasp, you know, a couple 234 months. But if you don't talk to folks like us, you are going to be a tenant. And people like that I work with and for that our landlords greatly appreciate you giving us your check every month. Don't be one of those people be a recipient. And I'm going to turn it back over to Stan because he's going to give you some more numbers about what's going on in town prices and things of that nature. As my

Speaker 2 15:33
as Mike said, this is a great time to buy. Anytime you have a roof over your head is a good thing. So don't listen to your friends and family or on the news. And sit back and worry about when the time is right to buy the time is right to buy. When you can afford to buy, regardless of what's going on in the economy. You do need a roof over your head, you do need some security, and you do need your own place. Now Vegas is a good place to buy. We have like 130 parks and facilities in Las Vegas, there's roughly 39 million people coming to visit Vegas every year. And a lot of people do want to move here. That's a little bit of competition for you. So I suggest get off the can and get on the stick and buy yourself a house. Now here's some news that you can use. Vegas has no personal income tax. We have no corporate income tax, no gross receipts tax, no franchise tax, no inventory tax, no tax on the issuance of corporate sales, no tax on the sale or transfer of shares, no sharing of information with the IRS simple annual requirements, protection for directors in offices, no initial or medium capital requirements. anonymity of owners total privacy, business friendly environment, high value investments and low property taxes. So that gives you a big opportunity to have a home in Las Vegas at a low investment with protections. This is really great for your family. Like Mike was saying, when you start gaining equity in your home, in over a period of time, if you sit resale at home and resell it, you would have made enough equity to buy a home for cash. Now you're done. You're absolutely done. You own your home outright. Everything is comfortable and cozy at that point. Now Mike was talking a little bit about some of the people that we met from our last show, which we have in our bank, you know, to help them get home. And he's straightening out their loan situation, which is a great thing for them, because they don't have to do anything but listen to reason and follow the plan. Mike, explain your plans for people like that.

Speaker 3 18:09
Well, again, when we meet, and again, you would call Stan more often than not again, 8092949 or you can call me directly 3754424. Or the people at the station have been great at 91.5 Because a few of our people couldn't find us last time and they actually called K u and v and they gave us they gave our clients their information. So it's very simple. I've done it for a long time I done first time buyers, I still do first time buyers. And I also do reverse mortgage, which means I do folks that are senior citizens. We just initially have an opening conversation. Very, it's very laid back. I go at your speed. Stan does work. He says he works 24 hours a day, seven days a week. We both work every day. We both work seven days a week I don't work 24 hours, I got a bunch of grandkids but we just have an in depth conversation we go over your mainly your your income, which is paramount. That's number one. We talk about your credit number two, any credit card debt, you have things of that nature, people don't realize what running up their credit cards really does to them. When you go past 50% It really really is a turn on your FICO scores, and people don't know it. Now I have a 500 ollar card it's maxed out and that's really hurting your FICO score, you get it down to 250. We can get your scores up numerous, numerous points. If you have multiple cards like that. You're destroying your FICO score. People don't know what they don't know. We choose to educate folks and whether or not you purchase a home or not. You know, that's why we're here. But we're definitely here to help you stand up and tell you everything you need to know about the real estate market. And hopefully I can tell you everything you need to know about money and Finance and hopefully procuring a mortgage And it's incredibly simple when you know we don't do what you while they're out there listening and radio and do whether or not you're distract ease or you work at a casino, you run a crane, you know, stand doesn't do that. And either way, and you don't do what we do, we don't do what you do. So just ask us the questions again, we go through it in detail. A lot of folks like to meet in person, which is no problem, I haven't come to my office with Stan, we, in fact, most of our clients, we really would like to meet in person. Standard, I've been around for quite a while. So the in person thing to us is much better than the internet, the internet when you're trying to buy all three 400,000 cars and the way most lenders do it, and a lot of real estate agents do is they just proceed you with emails, we choose to meet you in person put a face with a voice. And we get very personal, I've had some of my best friends in my life with people, I've done loans for 30 years ago, I'm doing your kids loans, I'm doing your grandchildren loans. So Stan, and I like the face to face thing and definitely helps,

Speaker 2 21:03
it's always best to meet us in person, unless you're gonna love us too. And that way, you have a feel for what's going on, you get the exact knowledge. And you won't have to worry about anything, because we are here to take care of your needs.

Speaker 3 21:20
And we're again, we're very laid back, if you're not ready today, we don't throw you to the curb, like a lot of folks, instant gratification in America, they want to close you today and be paid tomorrow. Standard. I like that the majority of claims I do I have in my pipeline, as their terminology goes for upwards of a year, I do a lot of builder stuff, you know, every one of those loans is six months and more. So I'm used to working with folks for a long, extended period of time. Whereas the average mortgage guy, you know, 30 days, 40 days, they're done. Me it's you know, as long as it takes. And if it's not good for you and might be good for your kids. Standard I have we're entertaining some group of people's, they actually call that last week. So we're not we're going to deal with your children. Because they don't know what they don't know, you go online and they get a lot of there's a lot of bad information online, you guys. So if you love us, great. If you don't, that's okay too, but you're gonna get a lot of great information for free.

Speaker 2 22:17
Now, even if you've went to a vendor previously, it never hurts to get a second opinion from Mike, about your position. Because sometimes lenders know what they know. You know, and you want to deal with a lender that knows everything such as Mike. So if you have a lender, don't be afraid to call Mike and get a second opinion. Now, also, we we do new homes, new homes are a little bit different from resales because the builder is paying a commission and they like for us to bring you to the new home. But our responsibility as a realtor is to make sure that you are getting a good deal that we reread the contract with you explain to you about the earnest money, explain to you about the move in ready properties that they have on the market. I explained to you about the upgrades that you can get in these new homes in the build time. And then also with the builders offers any incentives, which I keep track of with all the builders, I know all their incentives. Okay. So new homes or resale, we can take care of your needs.

Speaker 3 23:36
Saying I want to elaborate on the builder thing I represent. I've been representing builders in our town for over 30 years. And I want to implore anyone listening to this show, do not go to a builders office unrepresented. Keep in mind this Stan is what's called dual agency he works for you and your his main client, but he also works for the seller. Not nothing, not bashing builders at all. Because I worked with them for 30 years. I work with them currently. And I have a training class that I teach real estate agents some of these things. What the public needs to know is when you walk into ABC builder, that site agent will more than more than be more than happy to help you. Remember who they work for. They work for that builder. They are paid for by that builder, they're trained, they are trained by that builder. I'm not saying they're your best interest is not in their best interest. Remember who they work for. If you're gonna go buy a new home or even go look at them. First of all, we can do a process elimination. You don't want to just arbitrarily go looking at new homes in different parts of town because you might be walking into a property that you're going to fall in love with and fall in love with that you might not be able to afford. So in other words, you walk into a 750,000 or house and absolutely fall in love. And I qualify you And you only can go to 500, you're going to be dramatically disappointed, because there's a huge difference between 507 50 If you don't do anything, if you don't pick up anything from this radio show that standard, I do, Stan represent you and he gets nothing, you don't pay Stan 10 cents, take you to the builders models, and show you some of the standing inventory which you want to look at. The builders model is built to be glamorous, and put you over the top, not necessarily what you get at the end, and Stan will be happy to help you out and as with a and that's it.

Speaker 2 25:35
Now I also have a complete list. And you can find that list on my website, WW dot new home safari.com You can go to that website, WW dot new home safari.com. Okay, and you can reach me at 702-809-2949 and you can reach Mike at

Speaker 3 25:59
702-375-4424

Speaker 2 26:02
We look forward to helping you and your family and your children and their children find a home. That's our goal. We want to represent you we want to get you a loan, we want to find you a home. We also want to sell your home if you want to list your home. We have good incentives for you to put your home on the market and get it sold.

Speaker 3 26:24
Okay folks, again, I like to thank everyone at K u and v 91.5. For putting the show on and allow us to give us the time that we can help our local or local Las Vegas and look forward to seeing you and hearing you all again very soon. Thank you.

Speaker 2 26:39
See you next month. Thank you again. 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 3 26:56
And you can reach me at 702-375-4424

Transcribed by https://otter.ai