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Monique Buchanan, your real estate specialist, talks all things real estate. On this show she covers the processes of buying and selling a home. The Monique Buchanan informs you on best practices to navigate the housing market so that you can start building your wealth through home equity.
Wesley Knight 0:00
This is a KU NV studios original program. 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. You
Monique Buchanan 0:41
Good morning, Las Vegas. I hope you guys are off to a beautiful Saturday. This is none other than Monique Buchanan, your friend in real estate. This show is the Monique Buchanan show, where I talk all things real estate and so much more. This morning, if you're looking for something to do, my family, a family member of mine, is actually hosting a March Madness, second annual car and bike show today. Family friendly. You can take the kids. Kids 12 and under are free. It's gonna be over at the drive in theater. So if you guys didn't know, we still have a drive in theater. It's called a west wind Las Vegas Movie. Drive in right there on carry. And it's from 9am this morning until all right. So you can go over there, if you have, you know, a hot rod, an old school car, muscle car, low riders, all those beautiful automobiles will be there. So I personally always wanted a 64 classic, the Cutlass. I love that car drop top. So you know, if you have one, let me know. But yeah, this is not Monique. We came in the car show show, but I just want to let you guys know that we are going to be out there, me and the family, enjoying the beautiful cars that come out. Cars and Trucks are $30 admission. Bikes are $25 classic cars are $25 for admission. And like I said, kids are 12 and that are 12 and under are free. There will be things there for the kids to do, and food. So just an event this Saturday, if you're looking for something to get into that is family friendly. There also will be prizes. There's going to be a $500 prize for the king of the lot. And they'll we, there will be a $500 prize for the queen of the lot. They're going to be looking at, you know, best paint job, best low rider, best engine bay, whatever that means. But, you know, we've got to support the family. He throws a great, great event. This is his second one packed out last year. So like I said, starts at 9am and that is once again, at the west wind Las Vegas Movie drive in today. So hope to see you guys out there. I'm gonna be out there with my little my little babies, Malia and Sasha, and we're gonna be looking at some cars and enjoying the food and everything that is going to be out there. Okay, guys, just to fill you on in, the current interest rates are sitting at around 6% okay, that is, you know, a lot better than what they were last year. We were looking at seven and a quarter at one point. It's pretty crazy. So we are down to 6% last week. I believe we had gotten down all the way to 5.75 so I do imagine that they're going to continue to trickle on down. I'm telling everybody, by summer, I'm thinking like June, July, August, we should be seeing in the fives again, maybe even lower, hopefully. But that's just my prediction. Now that's great news for buyers, but it's also not so great news for buyers that don't have money saved up. Why do I say that? It's great news for buyers that have 401, K that they can pull out of or that have saved their money for a down payment already and closing costs. And just so you know, that is around 6% so just keep that in mind, down payment 3.5% your closing costs can be from two to 3% so I just tell people to be safe by thinking to themselves, when I'm going to purchase a home, I need to have 6% at least to purchase that home, to buy down payment, pay for down payment and closing costs. Okay, so just keep that in mind. So if I'm somebody that has the ability to pull money out of my 401 K. Maybe I've worked in the casinos, or my job has 401 K and I'm able to pull that money out. And I understand that most, in fact, I've never come across a 401 K that didn't but I'm just gonna say most 401 K's, when you're pulling money out to purchase your primary home, they do not penalize you. In other words, you're not going to get taxed on it. I'm not a CPA, but this is what I know of from experience. Of course, check with your CPA. But so when you can show the next year, when you go to do your taxes like I did, hey, I purchased a property with that 40,000 that I pulled out, or, well, if it's a $400,000 house, 12,000 that I pulled out. So only 12,000 you know, and then I need a closing cost. So hey, I can show that I purchase a home, then I don't have to pay, you know, taxes on that money that I pulled out of my 401, K for pulling it out early, if that makes any sense. So if you're somebody that has that ability, or you've already saved 12,000 $20,000 so you already have your money ready to go to purchase a property. Then me saying that the rates are going to go down in the summer is a good thing. It's a good thing, but I hope you also have saved more than just your down payment and your closing cost. Well, why do I say that? Well, because guess what, guys, everybody is going to be jumping in to buy a home. They're already steadily coming, even now that the rates have come down to just 6% we've already seen an influx of buyers and applications to purchase. It's already went way up, and we haven't even hit, you know, five and a quarter or even 4.75 yet, when that happens, it's going to be a feeding frenzy. You guys have heard me say it time and time again. You've heard Anthony say it it's just, it is what it is. If you ask any realtor out there, they're gonna remember that's been in the game for a while, the business, they're gonna remember 2019 and that's what we're about to go back to, okay? Because we still have a limited amount of homes for sale here in Vegas. So yeah, we went up a bit. We don't have enough to cover the demand. That's the problem, and that's why it's going to be a feeding frenzy, because there's so many people that want to buy that are on the sidelines right now, just waiting. So once those rates do go down to 4.75 it's going to be multiple offers. I predict it's going to be waiving of appraisals, right? So they don't care if they're overpaying. My buyers have already seen it. 2019 my buyers did not care if they were overpaying for the property because they were going up against literally 20 offers, 20 offers. And these my buyers were willing to pay over asking price. They were willing to waive appraisals against my better judgment. So that is, you know, right here upon us, you guys, it's right here upon us. I promise you, as soon as those rates come down and they have a four in front of them, or even a 5.25 I'm telling you because I'm already seeing it. When the rates went down last week to 5.75 my phone was ringing with buyers putting in applications and taking advantage of our zero down programs. Hey, I'm going to hurry up now, because they understand even at 5.75 Monique right now can still negotiate some closing costs for me, and I can buy my rate down to the fours right now with the money she gets me by negotiating. So right now, sellers are still willing to pay some of your cost, so that window is going to be pretty much closed once we see anything with a four in front of it. That's my prediction from years and years of doing this, you guys, I've already been through this with, you know, in the past. So that's where we're heading to. So like I said, if you have a money saved up, you can totally cover your down payment. You can totally cover your closing costs. Heck, you can even go over list price because you've got some money saved. Then great, guess what? Great news, the rates will be coming down in my prediction by this summer. Okay, if you want to wait, that's fine. But even you, even that person that has money to, you know, saved up that they're comfortable waiting remember this limited supply more buyers out there. So now you're not going to have your pick of the litter. You're going to be limited on what all that money you saved up can buy. So when you see the house that you really, really want, just know that you're going to have a lot of competition with other people that also have plenty of money saved up, so you could get beat out, just like my clients were in 2019
Monique Buchanan 8:49
going 20 and $30,000 over list, still getting beat out by all cash purchases from people from New York, Chicago, La from Vegas. Cash is king. So just remember that. I don't mean to say it to scare you, but I do want to enlighten you. I do want to enlighten you that if now you move, you're going to have options, and you'll be able to pick the home that you actually want. Now let's pivot if you're somebody that does not have any savings, right, but does have a 640 credit score and has been working on any job for two years, and has a desire to own their own property because they want to live here in Vegas and they see the writing on the wall that our our home prices are. They've dropped a bit because of the only because of the rates being high. But as soon as those rates, guess what, goes up the home prices, they climb because there's more demand. It's simple as that, when there's demand, prices go up. We all know that, right? We all know that. So if you're somebody that does not want to miss the boat, and you're saying, Monique, I don't have the money right now, you know, in fact, I think all I have saved is $8,000 and I'm hoping to buy a house at 450,000 Although you only have around $8,000 in your account or wherever saved up, that very well could be all you need right now, because sellers right now are willing to contribute towards the rest of the money that you're going to need. And like I said before, that's going to go away as soon as if I'm right, this summer, when the rates come down to five, five and a quarter, even sellers are gonna have so many buyers at their door trying to purchase their property, they're not gonna be motivated to give you a penny because they don't need to. There's four buyers behind you, sir, that are not asking me for anything. So excuse me. Let me talk to them. I mean, it sounds harsh, but that's what's happening. So if you're just tuning in, this is Monique Buchanan. This is the Monique Buchanan show. You can reach me at 7029 84 3700 if you're thinking of purchasing your first home, investment home, commercial property, or if you are thinking about selling any of those, my number, again, is 7029 84 3700 You can reach me. Also, my email is welcome home. Show 91.5 at Gmail. Welcome home. Show 91.5 at Gmail. If you're like, you know more into emails. I don't, I don't mind. Also, you can catch me at Monique Buchanan on IG Okay, so let's jump back into it. If you're somebody that's always wanted to own your own home, first and foremost, don't count yourself out, even if somebody has told you in the past that no you will never own we take pride in being able to say that we have helped dozens of people throughout the years that have been literally told they will never buy a home. It's all about who you go to and who you know, right? You have to go to people that know the way to get you approved and qualified, or guide you, give you a road map. Hey, guess what? It's not that bad. You only have to do this, this and that, and we'll be able to get you the keys. You don't know how many times I have done this, me and Anthony have done this with clients, bartenders, cocktail waitresses, especially people in the industry. 1099, people you know that have been told no, well, you don't prove your income and this and that. We give them the road map and we give them keys, okay, bad credit. We have people that help you with that. So we have all. We have been blessed with all the resources. You know, a lot of people just want to slam dunk. I'll just be honest with you, a lot of people don't want to do the work. They just want to slam dunk. Oh, you don't have an 800 score. Oh, you don't have a 750 score, yeah, we can't do anything with you, you know. Or if it's a bank, banks are banks, have very strict guidelines. A lot of them have stricter guidelines than a lot of the mortgage lenders will have, and that, hey, that's their prerogative. That's how they do business. A lot of them, not saying all of them, but a lot of them, I get a lot of clients that call me and say, I've been with my bank 25 years, and they told me I could not get approved for a home. And then the next thing they're doing is thanking me as I'm handing them keys to their home. Okay, so it's all about who you know and the resources that you have. I've been blessed to have these resources, so don't count yourself out. So anyways, if you are one of those people that do not have a lot of money saved up, it's a five minute conversation. So if nothing else, you're going to walk away with how you can become a homeowner. Okay? Because that's what we do if for some reason, it's it's never a no, it might be a not right now, but here's how to get you there in two months, three months, next month, or in two weeks or tomorrow. So people are always shocked when they get approved. They've already made it up in their minds that they couldn't make it. They couldn't buy a home. But you know, don't self sabotage yourself. Please, don't do it. You deserve better than that. You get up every day and put the work in. You deserve to pull up to your own home. I like to always say you shouldn't have a Land Rover and a landlord. You need to own your own property and start building wealth for your family. 7029 84, 3700, so again, my people out there, we can utilize zero down grants. Okay, if you're able to act quickly while the before the market turns, which I see it turning soon, if you're able to act quickly, then we can go ahead and get you approved, right? We can use that little $8,000 or whatever you have saved up, we could put that towards the purchase of your home, and then I will negotiate and work those numbers out so that we can go ahead and get you into a home and listen, that's been happening. I would say this, last two years I've been doing that and I've been successful. I can't think of a time that I haven't been successful with one of my clients, with getting sellers closing costs the last two years, to be honest with you guys, honestly, I've gotten it every single time. The last two years, I've been getting sellers to contribute towards my clients unless they just didn't want it or they didn't need it. I have a lot of sellers that, hey, they don't need the money, and they just want to, you know, offer full price and not ask for any clothes. And costs. Hey, if you're blessed in that manner, we can do that as well. I'll negotiate something else. I like to get things for my clients. But anyways, you've been thinking about purchasing a home. You have at least a 640 credit score. You've been on your job at least two years, right? The writing's on the wall. The rates have already been trickling down. It's no secret. Okay, even the feds are saying they're going to be lowering the rates. So this is not a secret, but once they do that, if you look at history, that's not good for you as a buyer, because then it puts the power back into my seller's hands.
Wesley Knight 15:33
Monique Buchanan has served the community for over 10 years, helping homeowners, probate, families, first time buyers with zero down, grants and investors nationwide, serving all 50 states and 24 countries worldwide, 702-984-3700, at realtor Monique Buchanan on Instagram, the Monique Buchanan team experience you can trust. And now back to the Welcome Home Show.
Monique Buchanan 15:57
And speaking of sellers, I want to congratulate two of my one of my favorite couples, the Brewsters. I just love them. Great people, man, great people. They run the Roseman college over there for medical the medical college they've actually been on before. We listed their property last year with an understanding that it wasn't a good time to list. You guys all heard me say. And they understood that. But hey, they said, let's, you know, let's put it out there. Let's see what happens. They decided to keep it because he's already doing really well with that property, with furnish finders. He was doing really well. He came on and talked about that a little bit as well. So he said, You know what, Monique, we'll go ahead and pull it off. Let's wait. Let's go ahead and wait. Because I told him, Hey, once the rates start coming down. That's when we're going to be able to move this. So I want to congratulate them. They're very savvy investors, and they called me up said, Monique, it's time. Let's list it so we've got that thing on the market. What was it last Friday? I believe you know, I always do pictures. That's a must. You guys. No, no. There is. Listen when if an agent walks in a door with their iPhone taking pictures, no, no, no, no, not, not today, they need to invest in pictures for you, a professional photo shoot for your property, because everybody is looking at your house on their phone, on Zillow and all the other platforms. So those, those pictures need to be top tier, okay. Also, we did the videography for the property. This is a luxury property located in Spanish trails, so we need to be able to show off the amenities of this, not only the home, but the community, right? So these are all the things that you need to do when you're listing a property like, like, such, okay. Vantage Trails is one of the most prominent communities in Las Vegas, one of the most established communities, luxury communities, golf course communities, you know, Country Club communities in Las Vegas, it is located, what, five minutes from the Durango casino, the new Durango casino, about six minutes from the strip, probably eight minutes from the Raiders stadium. I think that's why he did so well. Besides all the amenities themselves, the location is key. It's dark, gated. You have a private wine cellar at the country club. You could take your friends over there and entertain them. You have food delivered from the restaurant directly to your doorstep. You know when you go on vacation, the security is checking on your property. I mean, but it's in a guard gated community, but they're still checking on your property. But it takes a special buyer, right? Because, although the price was only 467,000 because it's a town home, it has a two bedroom, two car garage, 1758 square feet. Now that's, you say, Wow, that's pretty big for a two bedroom. Well, has a flex space that you can easily turn into a three bedroom, right? So this house is, he's flipped the house. We're talking new floors, you know, bathrooms, updated, all that. But yeah, so here's the thing, at that price point, you're thinking, wow, that's almost seems too good to be true. No, it's, it's, you know, it's a rare opportunity, because these townhomes don't come available too often, and then now it does have an $800 a month. Hoa, well, Monique, that sounds like a high Hoa, but think about the amenities you're getting for that. All the things I just said, you are able to network on a daily become familiar with. You know, some of the most influential people in our city live in that community. And you know, that's priceless. Okay, he understood the importance of that, him and his beautiful wife, Cheryl, they understood the importance of that. And the buyer also has to understand the importance of that. So I'm congratulating them. We were only on the market four days, got a cash offer, and we have a two week closing. So they're moving on to bigger and better things. They're going to be purchasing a beautiful home in France. They're also going to be purchasing a property for their son in Atlanta. Like I said, these are savvy and value. Brewster's and great people. So congratulations to the Brewsters on their property. So I also want to talk about a property I sold for another amazing couple. I love my Kumbh couples. I tell you, boy, you guys are great people out there. I feel so blessed to have you know when I go out there and talk to you guys to list your property, or even to buy properties, I meet some of the most amazing people from this platform. So thank you so much for tuning in. I do want to say that. Oh, and by the way, if you are just tuning in, my number is 7029. 84, 3700 if you're thinking about listing a property or purchasing a property, welcome home. Show 91.5 at Gmail is my email. You can catch me on IG at realtor Monique Buchanan, that's B, U, C, H, A n, a n, okay, so there's another amazing couple. They had a property that they wanted to sell. They're gonna move on to Texas. But here's the thing about that property, that property had a $30,000 solar loan attached to that property. Okay? Why does that matter? Monique, listen, that's a huge thing. So when buyers go to a property that have solar, right, you have to tell that buyer. It's basically like, Hey, I know you love the house, but there's a $30,000 car sitting in the garage that you're gonna have to purchase with this house. That's pretty much what anybody that looked at that listing was gonna have to tell their buyer. So that's why it is so imperative you guys, right, that you get a agent that knows solar. Has solar. I've had solar for over eight years now, right? You need to know the different types of solar systems. You need to know the different ways solar can be transferred. You need to know how to protect your seller when selling solar, because one slip up, they can be sued. I've already heard some stories about it. So you need to know the verbiage that needs to go on addendums and such, to protect your seller from being sued, even from selling their solar. Now listen, you also need to have an agent that understands the benefits of solar. I will never go back to the power grid and see I'm able to, as an agent, explain to the buyer's agents the benefits and really enlighten them on the process, because a lot of them don't know. I'll tell you, the majority of agents out there, they don't understand the process of solar. They don't a lot of them don't even have solar, right? So a lot of them will try to, how can I say this a if they could avoid selling a house with solar, they would. Because, you know, when you don't understand something in the process, you tend to shy away from it, right? That's just natural as a human being. So luckily, when I have these agents that give me a call and their buyers are interested in this house with solar, I am able to converse with them, explain the benefits of solar, not only financially, I can explain and walk them through the process of purchasing, right the solar what that's going to look like for their buyer. I can explain that to them. Then I can go over and explain, you know, hey, here's the I could actually show them the bills so they can present to their buyers, you know the previous summer bills where they can see with their own eyes the benefit of having solar, instead of a $700 a month payment in June and July and August, now you're only paying 120 that opens a lot of people's eyes, right? And then all these myths that they're that surround solar, I can bust those up for you, right? Your agent needs to be able to do this, because, if not, it's gonna seem like a burden, especially when you have a $30,000 loan. You know, some of the loans are not so high. You know, my clients at the time, they just got the solar that's why the loan was so high. So I had to be real creative with the listing to get this thing sold right. So I had to price it right, which they were happy with, and they're most happy because I told them, Listen, what I want to do is I want to make it to where you don't have to pay off that solar. Because at first they were going to pay off the solar. That's $30,000
Monique Buchanan 24:14
off their net, what they get to walk away with. And I said, No, no, let's do it this way. Let me. Let me put this thing together where you're gonna walk away with that 30,000 you know what I mean? So that's what we did, and I'll tell you what. I was able to enlighten the agent. She did not understand how everything worked, but after talking to me, and, you know, getting that information, she felt very good about it. Her buyers were happy, happy about it because we provided them the bills and did some other things for them to make them understand the benefits of the solar. And so now they're excited they're going to get a pool put in the back. They understand that with the solar, you know, that pump has to run 24 hours a day. So now they're excited about the solar, because that's going to save them a ton of money when, because it's already up there, it's already. Be on the roof. So you guys, it's imperative to know the ins and outs about the solar. If you have a property that you want to sell with solar, it is dire that you get a agent that understands the process of transferring the solar, because there are some strict timelines there. You want to make sure that agent knows the verbiage that needs to go on the contracts and have the proper disclosures sent over when dealing with solar, because you want to avoid being you want to be protected. I'll just say that you need to be protected. So if you're thinking about selling a property that has solar, hey, I love solar. You guys know that I've had solar eight people come on and talk about solar. You know, answer your guys's questions about solar. A, I can, even if you're thinking about purchasing solar, I can assist you with that, because I am a I am a true believer in solar. It has saved me. I can't even imagine 1000s of dollars has saved me over my eight years of having and owning solar. So anyways, 702984 3700 702984 3700 and speaking of listings, I do want to say I've got a couple coming soon listings. One of my listings that's coming soon right now, we're I've talked to them. I want to spruce up the property a little bit. You know, not dig a hole in their pocket, but, you know, there's some changes you can make when you're gonna list a property without digging this big old hole, you can update that bathroom without having to swap out everything. You can maybe paint the cabinets, add the hardware, you know, get the counter, you know, the countertops changed out. Add some new sinks. These things don't cost that much, but they look amazing when buyers come through there. So I've got them doing a couple of those things, doing some touch up with the paint, you know, little things, I've got them, sprucing up, adding some new fixtures. Hey, ceiling fans only cost 60 to $100 right? But it goes a long way when the buyers are walking through. Also as a buyer's agent, I hear what the buyers are saying. I know what they're looking for when they're walking through these properties. So then when I put my listing agent hat on, I know what to advise my sellers. So my sellers live, they look they're living in Denmark, so I'm orchestrating everything for them, of course, as their listing agent. So we're doing some work on it. But this property is on Hollywood Boulevard, okay, sitting on a half acre, single story, RV parking, three car garage, Tesla hookup, modernized it, you know, picture windows. You can see the entire Las Vegas Valley from this home. You can see them. It's I, you know, I can't wait for like, Fourth of July. The clients will be seeing all the fireworks. So anyways, the property, like I said, it's about 2700 square feet. It's a four bedroom, okay, we're going to be modernizing and updating the bathrooms. The kitchen's already been pretty much updated. Single Story, like I said, right? It has a fire pit that's elevated so you can go out there with your friends and sit around the fire pit and look at the view of Las Vegas. It's on Hollywood Boulevard. That one's coming soon. Okay? I have another one in Centennial Hills that's also coming soon, gated community over 4000 square feet. He has updated this property. It's coming soon. I should have that one listed by the end of this month. If you're thinking about listing your property, 702984, 3700, and this, this platform stretches very far, very, very far. Okay, it reaches people that maybe are not on the other platforms, 7029, 84, 3700, last thing I want to say, congratulations to my buyer, Kyle. He just closed on his property, and he is so excited. So we got him a great deal. Of course, we got him closing cost. And I also want to give a congratulations to none other than Mr. Harold Edwards. He closed on his property over there in trilogy. Amazing man. Great man, a fellow agent, and he's moving here from Atlanta, you know. And one of my KU MV listeners, he is the one that referred him. Thank you, Damon, thank you for the referral, brother. I appreciate you. So yes, now he is happy he's here. I went over to his house. All his stuff. Has moved in. He had some beautiful art. He told me, come back when he's all settled and I get to see where he put up all his art. So congratulations, Harold and Kyle, my buyers. Hey guys. I love you. There's nothing you could do about it, until I hear from you. Hope to see you at the car show 9am west wind. Drive in. You guys. Have a blessed weekend. 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 702-984-3070. Oh, 29843700, you can also find me on YouTube. You.
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