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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 0:40
all right, hello, hello, Las Vegas. It is Monique Buchanan, and this is the Monique Buchanan show. Listen. First and foremost, I want to say, Happy Easter for he has risen. And I want to say, have a wonderful weekend. This weekend, if you're celebrating Easter, have a great weekend. If not, I still want you to have a great weekend. Me and my family will be out with my little girls, Malia and Sasha. You know, I still have the little ones, and I still have one, that's what, 27 and 18. So I've got two old ones and two little ones. So I'm still doing mommy duty with the eggs, and I'm just hoping that each and every one of you are out there that are out there celebrating Easter, have a wonderful time with your families. And with that being said, like I said, this is the Monique Buchanan show where we talk real estate, wealth and home ownership, and we try to make it as simple as we possibly can. And of course, today, I'm here with none other part of my team. Miss Becky coins, hello, Becky. Hey Mo, and we are here to break this thing down in a way that actually makes sense. Hopefully, that's right. All right. So with that saying, with that being said, What is today's market? Quick snapshot, Becky, can you give it to us? What's going on? There's so much stuff going on right now. What does our market look like? Although we can help you in all 50 states, that's right, all 50, all 50, wherever you're moving, we've got you covered, okay, but for Las Vegas market, what are we looking at back so
Becky Coins 2:13
right now we got our rates still hovering around 6% which is keeping doors open for buyers. So right now it's still definitely leaning more towards our buyers market. So buyers who are ready to move now are getting off the bench, like we've been saying, yes, they are. So yeah, it matters, because timing still gives, you know, buyers and sellers more room to negotiate then they have, you know, later in the spring, yeah. So usually spring or summer kind of tends to gear a little bit more towards our sellers,
Monique Buchanan 2:43
yes, but with an unusual year to say, the less people
Becky Coins 2:47
right, absolutely,
Monique Buchanan 2:49
it has been interesting, and we were trickling down to, well, we got down, excuse me, to like, what 5.65 I think, yeah, a Couple weeks ago, where are we at right now, now that the war has started and things of I know last week, we were at six and a quarter. Have we come down at all? Yeah, I
Becky Coins 3:08
think, like right about 5.9 somewhere in that range, like hovering, yeah, all right.
Monique Buchanan 3:13
Well, hey, we're heading the right direction, right? We like, right. We like coming down, always, right, absolutely.
Becky Coins 3:20
So just remember, if your rent is over $2,000 you're already paying a mortgage, just not your mortgage. I like that.
Monique Buchanan 3:26
That's true. You guys. Hear me always talking about, you know, before I bought my first house, my rent was only $1,300 and I paid five years. I ran it for five years, and I got my license during that time, and I decided to look up the property that I was staying at. It was right down the street from Centennial Hills High School, and he bought that property. When I rented it, he had just bought it. He bought it for $100,000 crazy. And do you know how much money I paid over five years, over $100,000 close I bought that house for that man, pretty much I bought, I spent $93,000 So had I bought the house myself, I would have paid it off pretty much. Yeah, that's great, pretty much.
Becky Coins 4:09
I mean, well, yeah, interest and all that, and his mortgage was probably super low. Oh, you know, it was at $100,000
Monique Buchanan 4:14
and back then, I think the rates were in the threes. So yeah, he made up like a bandit. God bless them, you know. But that's what taught me, my lesson that put the fire under my butt. So I always tell all my listeners, listen, do the math. You guys, we don't do that when we're renting, right? We don't think about it. Sit down one day. If you've been sitting there renting for seven years and you know, you've been, you know, paying and he's maybe they're nice, they haven't raised it that much. But do the calculation.
Becky Coins 4:41
Oh, I've done that before. It's a sock in the gut.
Monique Buchanan 4:43
It is? It really, really, is it is, what'd you say? Becky, a sock
Becky Coins 4:46
in the gut. It's a sock in the gut. I'll tell you that.
Monique Buchanan 4:49
So you know what? Though a lot of people just they feel like home buying is too complicated, or like it's just unobtainable for them. And that is, that is what really puts the fire under my wings. When it comes to real estate, it's not the money, yes, I thank God for the for the career and that it feeds my children, but it's really taking the time to help people achieve their dream of home and letting them know that it is achievable. Because at one point, I was one of those people.
Becky Coins 5:18
That's where our passion comes from. The most,
Monique Buchanan 5:20
yeah, the most, yeah, just getting that myth out of their head and showing them the way, holding their hand and saying, Hey, maybe even if it's not right now, here it is. It can be in six months. It can be, we can be giving you keys in three months, if you do these following things. Because a lot of times, people just don't know where to start. It's overwhelming, right?
Becky Coins 5:39
It is well, and a lot of people, too, they just go and they start that process, and somebody slam they feel like the door gets slammed.
Monique Buchanan 5:44
Well, sometimes the door does get slammed in their face by their own bank of 20 years
Becky Coins 5:48
exactly, and it just the way that they're told, No, they don't get a plan laid out that says, hey, no, this is achievable if you
Monique Buchanan 5:55
do this. And a lot of times it's not even that much that they have to do, no, but it just discourages people so much, if your own bank, or if you tried, you felt like you built your credit up. You took a year to build your credit up. You did all the things, and then you went to a lender that had maybe you didn't realize this had extremely strict guidelines, and you didn't know that, because you just know your friend suggested to go to him. So you went to him, and then he told you no, and then your hopes and dreams just fell on
Becky Coins 6:23
the floor because they usually just tell you no, that's it. They don't give you anything.
Monique Buchanan 6:28
Okay, you're on to the next client, unfortunately. And you know it is what it is. You know what I mean? You've got people that care in every industry, and you have some that are just there for a paycheck, and that's just what it is. Okay? You get that special nurse that just takes the extra time to talk to you, pull you to the side, outside the room, and say, Listen, this is what's going on, and these are your options in a way that you can understand. I like to think of myself and you Becky and all of our team as exactly that, the person that's going to pull you aside and say, Hey, I know all that doctor talk was maybe a lot to take in, but let me just tell you on a level that maybe you'll understand a little better, so you'll have you'll have clarity. Yeah, this is what all that meant, right?
Becky Coins 7:11
What I love about our team, yeah,
Monique Buchanan 7:13
so at the end of the day, you guys, what really comes down to is having the right team in place, having the right lender who gives a hoot, having the right agent who gives two hoots, and then having both of them give you the right guidance. And that's what that's what we're all here for, is to give you the right guidance. So we just want you to know some of your options and understand and not just be completely in the dark. Is that okay? I sure hope so. I hope so too. So 7029, 84, 3700, is our number guys. You guys can reach out to us if you just have questions or you have a conundrum. You know, there's a lot of real estate conundrums we I don't mind helping you figure it out. You know what I mean? Hey, Mo, you know, unfortunately, we just lost my mom. We've got one sibling that wants to buy the property, but we don't even know where to begin with this. What do we do? Or, hey, Mo, you know, we have a property that's been passed to us, but it's got a lot of stuff in it. Nobody wants to be bothered. We live out of state. Can you help us? That's what we're here for. Or we've got, you know, what? I hear all kinds of things. You know, I've got all kinds of questions that come our way, 1031 exchange questions. There's just so much you know real estate, possible conundrum. Real Estate, it's
Becky Coins 8:28
never boring. It's never boring, that's for
Monique Buchanan 8:30
sure, right? So, so, but anyways, like I said, we're here to help. You can reach me and us at 7029. 84, 3700, Instagram at realtor Monique Buchanan and you guys, that's B, U, C, H, A n, a n, oh, and let me just share something with you guys. What do you call it? When the person that looks like you your goggle, Doppler, what do they call doppelganger? Doppelganger, doppelganger? Well, listen, K, u n, b, family. This is crazy. I have a doppelganger. I actually made friends with her. I flew out to San, St Louis and was hoping to get to see her. Actually, I didn't get to see her, but I did talk to her. Her name is Monique Buchanan, spelled exactly like mine, and what's funny is she looks like she could be my sister. Oh, that's crazy. And when you Google me, you could easily get confused and accidentally reach out to her instead of me, because she sells property in St Louis, and she comes up as the first two, and then everything under her is actually me, right? In real estate, yes, yeah. So it's just, it's hilarious. But anyways, I am Monique Buchanan, B, U, C, H, A n, a n, in Las Vegas. In Las Vegas, okay, so let's talk about our first time home buyers, what you got?
Becky Coins 9:42
Becky. So with first time, I just want to actually go out and say too. I know things are uncertain right now, and some people are getting nervous and crazy, but I've said it before, and I'm say it again and again and again. The safest thing you can do with all uncertainty is own the roof over your head. Amen. So if you think that you've been. Renting for the last three years, like you are a first time home buyer again, if you sold your property or whatever happened or anything else, and you've been renting for three years, you're considered a first time home buyer.
Monique Buchanan 10:10
So that you know, like she's saying, even if you own a property in the past, as long as you don't currently own any property, your name is on on any property and it has not been on any property for the last three years because guys, this is a program that they have in place for zero down, but it is for people that are trying to buy a primary home, not investments. So they're trying to buy a home for them and their family or themselves. Okay, so this is not an avenue for investments, but it definitely is an avenue for you, as you're able to put three, three point No, three, 3.5% Yeah, no. Zero down.
Becky Coins 10:48
Zero down. We have opportunities. Yeah, there's
Monique Buchanan 10:51
years on the job, and that's any job, and if you had a break in your job, don't count yourself out, because a lot of times we can explain that away, and they're okay with that, you know, hey, if you had to take off time three months for medical or something, or, you know, fimla, or your baby, you know, whatever it is, a lot of times we're able to explain that away with the letter, and the banks will still move forward. So don't just assume that you cannot purchase the same conversation, and you'll find out if you can buy a house pretty
Becky Coins 11:19
That's right, it's a soft credit poll. It doesn't affect anything. And we can look and see, hey, you might be able to get keys, right?
Monique Buchanan 11:24
Well, what about the parents from back in the day that tell their kids, oh, you have to have 20% down. You have to have 3040, $50,000 to buy a house. You gotta keep stashing that money in the mattress. And please don't stash it in the mattress. We cannot source it, not the mattress. They will not give you the
Becky Coins 11:43
money in the bank. People put the money in the bank. What do you have to say about those? No, absolutely not. We have, like I said, if first time homebuyer, we have other grants for other people you know, all over the place, that can get you funds that can help. But if not everything is low down, you can even pull from your 401, k, if you need to, I know my mom had to use her 401 K and and got that done for her. It's really, really simple. You there's no penalty. No, no penalty. Yeah, because you're
Monique Buchanan 12:11
buying, listen, we don't run your 401 K. But in our, in our experience, in my last decade of doing this, I have yet to have a client get penalized for pulling out as long as the next time you do taxes, you show that you bought a primary home, primary residence, yes, my understanding,
Becky Coins 12:26
yes, that's mine too. So, you know, and you don't have to buy by yourself, like so many people are, like, you know, I don't make so, you know, I only make so much money, especially on paper or anything else like that. Like you can your cousin, your sister, your client was gonna buy with
Monique Buchanan 12:41
his friends. Remember, they had already
Becky Coins 12:43
been roommates? Yeah, they were all gonna do the, I call it the millennial house hacking, yes, nowadays, but they were gonna get a
Monique Buchanan 12:48
giant Nourse. It's smart. So I've got my beautiful Ethiopian sisters. They all three bought together. And listen, they, you know, they pulled together and said, We're gonna get this house. And they got a big old house, 3500 square feet. They all work, yeah? So they all each have a wing of the house, yeah, qualify
Becky Coins 13:05
for a certain amount. The next one, the next one, they got a big old multiple habashan people.
Monique Buchanan 13:10
I love you guys, but yeah, so yeah, they pulled together. Got that house. They're so happy, and it's so smart to do, because even after a couple years, when the house, let's say the house, makes, you know, $100,000 if one of the sisters is ready to get married or move on or whatever. Hey, now we just divvy it up, pull equity out, pay her off, let her get go on and get her own house. Yeah, it's better than renting and throwing all that money away three rent think about that. If each one of them were renting, right, they would have been paying at the low end, $2,000 a month, right? $6,000 a month. They came together and got this huge house for half that, yeah, 3500 bucks a month, and they're divvying
Becky Coins 13:50
it up three ways. Yeah, exactly, and pocketing
Monique Buchanan 13:53
money every month. Yeah? Now they're not losing money every month, but they're actually gaining the house is going up in value, which is their money. Now they're making money every month, right? Yeah, now they have write offs at the end of the year. They can write off because they each own part of the home, yeah. So that's a write off for each and every one of them, right? Absolutely. So there's just so much, you know, there's so many benefits. It's so smart to get with your friends that are you're very close with, and go ahead and yeah, and even purchase. You know what? You call it, millennial house
Becky Coins 14:22
hacking. Millennial house hacking.
Monique Buchanan 14:26
That works. So you need to do that. There are so many ways to buy. And right now, like,
Becky Coins 14:31
you know what's going on in the market, we're getting closing costs. Yes, closing costs is definitely like, now is the time that actually helps you have less out of pocket to be able to
Monique Buchanan 14:41
do this? Yes, and that's and that is absolutely right, because guys, when these rates do go down, you're gonna see the whenever the rates go down, the prices of the homes go up. Why is that? Monique, well, if I have a product that you really want, and there's not that many on the market, what am I going to do, sell it for less? No, I sell it. More, because I understand that I have a product that's sought after, right? And so that's what's gonna happen you guys, when these rates hits the fours and the
Becky Coins 15:06
investors come out, the investors,
Monique Buchanan 15:09
I'm out, yeah, thick. They're already still, hey, they're already knocking on my door. Yeah, you know what I mean. And I'm they're looking for multi units right now. That's really hot. But when
Becky Coins 15:16
the rates are low, that's when they want to put the
Monique Buchanan 15:18
most of their money in, yeah? Because now their rents gonna totally cover that, that asset, you know, because the rent is low or not the rent is low, but the rent is what the rent is, and then it covers the mortgage. So now there you have a property that's being paid off by who you you the renters? Hopefully it's not you, not
Becky Coins 15:34
all of you. Yeah, that's why we don't want it to be you.
Monique Buchanan 15:36
So let's give an example of what we mean. Why does it matter when the rates are when we can't, can get closing costs and when we can't get closing costs, let's just give them some numbers so they can have a clear so like
Becky Coins 15:48
just looking at, you know, like a $450,000 house, which is, you know, closer to average price point right now. You know, a conventional loan payments running around $2,600 a month, principal and interest on FHA, it's about 2570 So real quick, $450,000
Monique Buchanan 16:04
home conventional loan, you could do as little as 3% down, and my payment will be how much on principal and interest conventional
Becky Coins 16:13
2600 so 450
Monique Buchanan 16:15
equals A $2,600 payment. Right now, guys with conventional FHA,
Becky Coins 16:19
you're looking at 2570 so
Monique Buchanan 16:20
just a little bit below, a little bit low. Yeah, it's always a little bit lower with FHA, because the conventional is PMI is a little bit higher, yeah. Okay, so you have other costs, though. So 3% of 450,000 is roughly $11,000 right? And that's going to be your closing cost. Okay, so what Becky's telling you and what we're trying to convey. Yes, you hear people saying that the rates are high, but guess what we're doing right now. We're able to have the seller buy down your rate for 30 years fixed. We can buy it down. So me and Becky are experts at negotiating costs from the seller on your behalf when you're purchasing. Then, when we take that $10,000 or whatever the amount is, depending on the price point of the home, right, when I was selling that million dollar home, I got 100,000 right? So it's just depends on the price point of the home, average buyers, you know, 510, 15,000 right? Now we're gonna turn around and we're gonna tell Anthony and his team, we wanna buy the rates are at 6% let's just say we wanna buy this down to 5% what does that do that makes that $2,500 payment go down to $2,200 at 5% versus six? Does that make sense? That's why the rates matter. Yes. So when you hear us talk about rates, yeah, they matter. But guess what matters even more to me right now. And makes sense, I'm able to have the seller buy my rate down right now. So why would I wait to be in this when it's a seller's
Becky Coins 17:53
market, you're not getting that money. You're not
Monique Buchanan 17:55
getting a penny for them. And guess what else is going to happen? You're going to see the price of the home go up, so don't shoot yourself in the foot. That's right. Number 702-984-3700, we can have keys in your hand within 30 days. Oh, and in many cases, two weeks, two weeks. You guys, we can you can call me today. You can get approved today. And guess what? We get out there and look and you're not super picky. You are maybe just get lucky and see the house that you want out the gate two weeks later, we're giving you keys, right?
Becky Coins 18:26
Becky, yeah, that last client, we sure did. It moves
Monique Buchanan 18:28
quick, guys, you know what I mean. And you're always going to skip a month's mortgage. So remember, always going to skip one month to help you have a smooth transition. You will be in your brand new home, and you will not have a mortgage for that, you'll skip that first so you'll have a whole month. Yeah, possibly too. That way, if you have a rental, you can go ahead and pay the rent and not have to worry about making two payments, right? Yes, there we go.
Becky Coins 18:53
But when we sit down, that's what we do.
Monique Buchanan 18:54
We go with the whole game plan. We go over it all, tailor it step by step. This is what you need to do next. This is where we're at now. This is what this looks like. This is what the payment is looking like now, but remember, Anthony's not able to lock in a rate for you. In other words, he can't tell you what your real, real payment is going to be until we find the house. Once we find the house, then he locks you in if the rates go down. Anthony's one of the very few lenders that can do what we call a float down. So even though he locked you in at 6% if, while we're in escrow, in other words, waiting for keys, if the rates go down to five and a quarter, he can float you on down. Okay, and take advantage of that. So he's very unique in that way. But guys, there's so many other ways, like, like we said, 00, grants. We have those all day. You don't have to use one. If you have your own money saved, great. You're going to get a little bit lower of a rate if you use your own down payment, maybe through that 401 K or if you just saved up 12,000 if you're looking at 400,000 Okay, so if you have your own down, you're going to get a better rate if you don't have your down, but you don't want to miss the boat of owning a home before the market. It goes crazy again, like 2019 and you say, Mo, let's just get me started. I have the 640 credit score. I've been on a job, any job I've been working for the last two years. I want to see if I can get approved for a home 7029 84, 3700, okay, now we also have different ways as well. You know there's just so there's just so many ways you guys to go ahead and get yourselves into a home. Okay, we have so many different grants. Culinary has a grant. We have the grant that we've been talking about for years as well. Home is possible. We help you get that certificate so you don't have to go sit in a class for four hours. You don't have to do that with us. We bypass that. We have a class for you that's been, you know, sped up, if you will, so you don't have to take a whole day and go do that, but we want to make sure that you're educated. So we educate you as well on what everything is going to look like. So we have a multitude of different grants for you guys. All right, so just keep that in mind. 640 credit score. You cannot own a home currently if you're looking to get the down payment assistance, two years of employment, all right. So keep those things in mind. Now, if you're on the flip side right and you're thinking about selling your property, okay, I have been listing quite a few homes since the beginning of the year, and they have been actually flying off the market a lot sooner than the 50 days that was previously. You guys like, let's say the end of December, homes were sitting all day long, 50 days. And this is the average home, 600,000 or less, 50 days or longer. You know, that has come down to about 30 days now. So the market is moving. So if you're sitting on your hands about listing your property, hey, I'm here to help you with that. We are here. We can list that property buyers are they're like, listen, we understand the game. We understand what we need to do. Buy down these rates. We're not waiting any longer. We're not going to fight a crowd of people. Instead, we're going to choose the house that we want and get the one that we actually want instead of 10. Want, instead of taking the one that's left over. We see it because now, for the first time in years, we're seeing multiple offers on affordable homes. So with that being said, you know, with all this AI stuff out, you know, Monique is ahead of the game, Honey, I've been using AI since about two more years. I have loved chatty daddy for quite some time.
Monique Buchanan 22:25
You know what I named him. I named him Sunny. Sunny from I Robot, Sunny. I'm like, Hey, Sunny. So anyways, but with that being said, Sunny has been really, really boosting my, my, I mean, this platform by itself, you know, has, you know, 91.5 has over 100,000 listeners. So not only do we do all the things and then some that all other agents do, but we have a platform here that is unique. But in addition to that, I have become very intentional about the way I've been positioning my listings online. And, you know, using AI to tell me, Hey, optimize my listing above others. Have my listing pop up over you know somebody else on Zillow. You know what I mean. Tell me what will make this listing stand out. And let me tell you something, it has been working. My last property was the Spanish trails property sold it in four days. I'm telling you. I mean, my phone was ringing and all cash, all cash offer. Hello, absolutely. And then we also put properties in LA. We market them in Chicago. We market them in New York, you know, all the big cities where these folks are coming in and wanting a piece of Vegas, especially since the NBA is now letting us know they're, for sure, coming here. So we are picking up. Guys, investors are their ears have perked up. So once again, if you want to live in Las Vegas and you don't want to get priced out, or you don't want to have six roommates just to afford to live there, because that's la Right, right? Guys, 702984, 3700, but anyways, so with that being said, also, if you have a solar unit on your property, and you want to sell that property. You know, I don't mean to toot my own horn, but I'm gonna go ahead and toot it. Toot, toot, okay, because you guys know I have solar come on all the time. I have the connections with solar, but besides that, I have the knowledge of solar, which the average agent, most of those agents out there, do not. They don't. They don't have the knowledge of solar, and because they don't know much about solar, they don't know the process of selling it. They don't know how to protect their buyers. Sometimes from it, they shy away from it. It's just what they do. You know, they'll make it. When they're showing your property, they'll kind of present it like, oh, you know what? Yeah, I know you guys really like that house, but it's almost like you're buying a house with a $30,000 car in the garage that you have to be approved for. So that's unfortunately, what they say. A lot of them say, yes, it's not true. Well, it's kind of true. They do have to be approved for it. But and what my job and Becky's job is to present the solar correctly so buyers understand the benefit. It not the obligation, but the benefits that well outweigh, you know, taking over a loan, because that loan that 30,000 over 10 years is going to say or save you so much more than that on that power bill, honey, so much more than every deal is different. Every deal is different.
Becky Coins 25:18
And if they are not knowledgeable, like deep knowledgeable about solar, they just kind of blanket
Monique Buchanan 25:23
over it. Yeah, they do. And so here's another thing. My last solar property that I sold, my sellers were prepared to pay off the 30,000 I said, and we will not. Are you sure? Monique, yes, I am sure. They're sweethearts 11. They moved to Texas. But anyways, I said, No, let's not do that. Let me go ahead and and market it in a way that the buyers are going to just take over that loan. So that's this So, and ultimately, I put $30,000 back into their pockets. I explained and educated the buyer's agent and the buyer on the benefit so much that they were happy about buying that solar and guess what? Checked in with them recently, and they're very happy because now they're like, oh my goodness, it's been hot the last couple days, you know? And our AC, right?
Becky Coins 26:07
Having a panic. My
Monique Buchanan 26:08
March Bill was $100 because you have to go well over before you even get a little bill from Nevada power. So the average bill for them is $100 and they're in I think that house was about 2500 square feet. Oh, wow. Yeah, they're happy because they didn't have to wait for it to be put on the house. It was ready to go, right? They just literally moved in there, and they got approved. I walked them through that. No big deal if you know what you're doing. So if you're thinking about selling a property, me and Becky are here to assist. And you also have two ages in this instead of one. So we are here to assist you guys. What do I always say, Becky, if you own a Land Rover, you should not have a landlord. That's right. That's right. All right. So until we hear from you, Have a blessed Easter. We love you guys. 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.
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