This is a KUNV Studio's 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. ♪ I know you see me on the video ♪ ♪ I know you mean me on the radio ♪ ♪ But you still don't pay no attention ♪ ♪ Listen and know what you're holding for this bitch ♪ Good morning, this is Monique E. Cannon, the host of The Welcome Home with Monique Show. And on this show, I talk all things real estate. Listen, I wanna thank you for tuning in. Well, hello Las Vegas, it's Monique. You can't in the host of The Welcome Home with Monique Show and we have yet another great show for you today. I'm gonna bring on the most, mostest, bestest (laughs) No, yeah, the best lender. I can say that hands down, you guys, that I've ever worked with in my decade of doing real estate. Now, that is a big accomplishment, let me tell you. I have quite a great team of lenders, but I've gotta tell you, this lender right here, he doesn't know what no means, you know? And a lot of my buyers, and yeah, they'll tell you the same thing. Thank God for Mr. Valentino, because he does not know what no means. And that is imperative in this market, because guess what, guys, we have competition again. Me and Mr. Valentino have been warning you guys as soon as the rates come down, we're gonna start seeing a bunch of competition out on properties. We've got lines of people waiting outside the house to get in, but before I go ahead and jump into it, let me go ahead and introduce you to Mr. Valentino with guaranteed rate. Hi, Anthony. - Hey, Monique, how are you? Good morning to you. - I'm great, good morning. So, you know, not to, you know, say, "Hey, I told you guys so," but we kind of did, you know? It was coming, it's already here in some parts of the valley, and what I'm talking about, guys, is we are seeing competition. We're seeing buyers fight for the same home already, even with the rates where they're at, which Anthony's gonna go over, they've come down a little bit. And as soon as they trickle even a half a point down, it's like the floodgates are already creeping open. Am I right, Anthony? - Yeah, that's exactly right. You know, just like everything in life goes in cycles, so does the economy. And what we're seeing right now is just another cycle of the life of economics and the market. And more importantly, the heartbeat of the economy and how it's doing. And obviously we know we're coming from the trenches of 2022 where inflation was at its highest in the '9s. And, you know, then, you know, since 2023 of June, you know, inflation's been hovering around the '3s, and it's kind of been kind of stagnant for the past 12 months. But now we're starting to see some cracks in the arsenal that the economy was trying to transpose. And because of those cracks, there's going to be consequences in the market. And that's why you and I are here to help the consumer be educated and confident on where we're at and where we're going. - Absolutely. And so, you know, I'm out there in the field, you guys. I do a lot of listings, but I do take some buyers out and I have a team that also takes the buyers out. I was out with one of my buyers in the Southwest community, and I'll tell you what, by the time I was in the home showing them for the, what, we were in there for maybe three minutes, there was two other buyers outside waiting to get in, you know? So if you're sitting on your hands, this is not the time. Let me tell you, because it's already on the wall, homes are flying off the market. If you're looking on Zillow or Trulia or my website, welcomehomewithmonique.com, you might like a house, hard it, and the next thing you know, you go back the next day and it's gone. Right, Anthony? So, especially if the home is under 500,000, anywhere in the valley, it's gonna fly off the, you know, off the market. My listings are all in escrow right now, you guys. My last five listings, I got those bad boys sold in less than a week. Less than a week, even my listing that was 750. Less than a week, two days, bam, gone. Why is that because we have only three weeks' worth of inventory? What does that mean, Monique? That means if we were to stop right now and sell every single house that we had on the market, that's it, three weeks, we're done. We have nothing else. That's how long it would take. We wouldn't have another house. Am I explaining that right, Anthony? - Yeah, you are, you know, like I tell people, you know, who are hurt, you know, dabbling into home ownership. The next six months are going to be the most economical time to purchase if you're looking to purchase over the next five years. A lot of people, they're on the sidelines and they're thinking, well, what if the prices come down or what if the rates come down or what if the inventory goes up and I'm here to tell you based off of facts and statistics, if you're looking to purchase a house within the next five years, the next six months will be the most economical. - Right. And you guys know that I've told you I'm buying my own house. Me and Anthony just got my property into escrow. I already sold my house. We're going to close on that bad boy on the 24th. But I found my house that I'm going to purchase and listen, so I'm not just preaching this, you guys. I'm actually doing it for myself. You know, I know that if I don't move up and go ahead and upsize, you know, that's what I did. I went from a 2,000 square foot home to a 3,000 square foot single story. That's what I wanted to do 'cause I'm getting older and I don't want to do stairs anymore. But I knew that this was my opportunity to score a great deal because within the next six months, I am confident that I would not be able to get the home that I have now that I'm in escrow with for the same price that I got it for. I also got $13,000 out of the seller's pocket for my closing costs and to buy my rate down. So what we're doing and like we've been doing right, Anthony, we are buying the rate down for our clients. Okay, I negotiate the closing costs. Anthony buys down the rate with the money that I get from the seller. So my first year, Anthony, what do we say? It's gonna be what, 4.65? - 4.575 is what your rate's going to be. And what you're doing is you're two steps ahead of the competition and you're doing that because of the knowledge that you have. You know, people, you know, they fear the unknown. And so the more they know, then the less they fear and the more confident they are. So when you're purchasing a house, you want to be confident on where we've been, where we are and where we're going. And once you understand that, it's easier to make decisions like home ownership. In your case, you understand how the market in 2022 interest rates for rates twice and 2023 interest rates for rates nine times. In 2024, the feds were expected to lower the rate four times. Now it's only going to be one time because of this stagnation that we're seeing with the inflation thing or at that. And then in 2025, we're gonna see upwards of six decreases. So when we look at the last 24 months, we've seen nothing but increases. And the next 24 months, we're only gonna see nothing but decreases. That gives you an insurance policy, knowing that rates are doing nothing but going down. So by you being able to leverage the market, by being able to get those closing costs, to be able to get the rate that's going to be in the next two years now, you're buying the house at the price now, but you're getting the rate that you're going to be in two years and the seller's paying for it. So it's a win-win situation for you. - It is, but that window is closing quickly. That's why I sold my house quick. I sold my house in three days, (laughs) am I right, I mean, I sold that bad boy fast. - Yeah, people think that the misconception of the rates are high. So we can go in and ask for a lot less for the purchase. And that's not the case because of the supply. - That's right. - It's just not, every single house that was bought over the last 36 months has a rate of under 3%. It's free money, they're not gonna sell that house, they're just gonna leverage it. So there's a housing shortage organically because houses are just not coming on the market, they're just being rented out. And so that's just adding to the fuel to make this market absolutely gangbusters in the next 24 months. What's gonna happen is people are gonna find out that the Californians that have no problem paying over because that's their market they're used to, whereas in Vegas, people, they see a house for 400,000, they're not gonna pay 415, 15,000 over the appraised value whereas Californians are gonna be like, "Yeah, fine, yeah, I do that all the time." - All day long. - Exactly. And that's exactly what happened already back in 2019 when I was taking my buyers out and that's what we were seeing. We were offering 20,000 over and still was not able to win the bids. That's coming back. It's already hit the Southwest community. I mean, they're already starting to go, who was that I was talking to that said, the builders, the buyers are already telling the builders because the builders right now, the new home builds have waiting lists in the Southwest community in certain parts of the city. So they were saying, "Hey, the buyers are walking in "and saying, "Hey, keep your incentives, "move me up on the list." They're waving the incentives like, "Hey, keep it. "Will that move me up on the list?" So that's how-- - How fast the markets change Monique. Six months ago, the buyers were in the driver's seat telling the builders, "I want this in concessions. "I want premium law. "I want this." - Right. - And throwing the appliances. (laughs) - Yeah, and throwing the appliances, make sure it's stainless steel. I wanna upgrade it countertop. Now they're coming in and they're saying, "Excuse me, excuse me." 'Cause there's like 50 people online for the same house. And they're going, "You don't have to offer me anything. "You don't have to pay my closing costs. "I don't have to upgrade the law. "I will take it as is, let me get it." And they're gonna say, "Yeah, absolutely." - Right, right. And if you've just tuned in, this is Monique Buchanan, your local Las Vegas realtor, on with none other than Mr. Valentino with guaranteed rate, he is the lender that is on point every time he's gonna get you to the finish line. (laughs) That rhymed. But anyways, let's jump back in. If you're just tuning in, what we're talking about is, we have a shortage of homes, okay? So every single market is different, you guys. So if you're online, you're listening to YouTubers, and they're saying this, that, the next thing, they're talking about their market, which is completely different from our market. Heck, communities are different. You're not gonna have houses fly off the shelf as fast as they do, maybe in Summerland versus, you know, the east side, or North Las Vegas, or wherever. So it just depends, you know, what community you're in, and, you know, how sought after that community is, if that makes sense. So what Anthony also said is that most of us that own, we bought when the rates were really low. So a lot of us are not selling. We're sitting on it, or we're renting it out. That also contributes to why we have such a shortage of homes here in the Las Vegas Valley. So what does that mean? That means, although the rates are high, honey, my sellers are still cleaning up. And we're still having multiple people come and try to buy the property, because they understand as buyers that these rates are gonna come down. So let me go ahead and buy now, right? And just refinance when the rates come down. Is that right, Anthony? - Yeah, that's right, and here, for all the people listening right now, where you got your aunt, or uncle, or your coworker going, I'm just going to wait, 'cause I've seen this before. I'm gonna debunk all of that for you in a 22nd understanding of where we were and where we're at. Right now, almost 100% of loans are fixed rates, 99.9 when you look at the consensus. Meaning everyone is in a safe, in a very strict type of loan to where they had to go through strict and rigorous underwriting. It wasn't like 2007 where there was stated loans, interest only, predatory balloon payments. And so now everyone's in a 30-year fix to where they're warm and safe and conservative than that. The second part is back in 2007 and '08, when you saw this exodus of evaporation of equity, that's because there was not regulations like there is today to where the lender wasn't googled with the appraiser. Right. Right now, everything has red tape and guidelines and regulations. So you're not gonna see those big swings like you did in 2007 today. Another part is, you know, you have the CARES Act that made it to where back in 2007, the base can foreclose on you or short sell within a moment's notice. Right now, if someone gets in financial despair, they have to either offer you a forbearance, a firm better modification. So we're not gonna see this exodus of people who if they get in a financial spot, they're gonna lose their house. On top of that, you have the historically low rates like you just talked about. So when you look at what happened in 2007, how there was predatory lending, interest only, balloon payments, not good underwriting, underwater values, compared to now where everyone's in a 30-year fix, they have the government to be able to bail them out. They have all of these checks and measures in place. You're not going to see any massive changes that are going to affect the price of the house. So if you're waiting for the price of the house to go down or if you're waiting for more opportunity or more inventory, you're gonna wait for the next five years until you realize that yet it was never coming. Right, you missed the boat. And you missed the boat. You know, here's another thing. And here in the Las Vegas Valley, like I say all the time, there is so much going on and coming into our city. What would make people think that we're gonna go down to $300,000 homes again? $200,000 homes again? I don't understand the thought process on that. We've got all these sports teams coming in, California's pouring in, you know. And like you said, they're used to million-dollar homes only being, you know, 1,800 square feet. And they're fine with it. So it's like, I don't understand and not to be funny, but I'm still waiting because everybody said, the crash was gonna happen. Well, we're still waiting on this crash. And while we're waiting, the prices are going up. And I haven't seen any signs, and I don't expect any crash. These prices are going up, you guys, hear us. Do not miss your opportunity. If you live here in Las Vegas, I hate to think about people that live here, that's been living here, have not purchased, and they're about to miss their opportunity. That's what scares me. That's what scares me, I think. My friends and family- We're seeing a migration of home ownership, like we've never seen since the '80s. We're talking almost 40 years ago. The problem is, is people are looking in the rear view mirror of how easy it was to purchase a house, and are not focused on the windshield of what's to come. And there's a big shift coming right now to where our kids, you know, you're an our kid, who are, you know, from 12 years old to 18 years old, 80% of them, unfortunately, are not going to feel the love of home ownership. And it's because of the opportunity and because of the economic ability. It's just not going to be there. And so that window is closing to the point where in five years, it's going to be the norm to rent because of the disparity and the difference between rent to ownership. And people are going to miss that boat if they continue to wait for sure. - That's absolutely right. And that's what I'm telling my friends and family. You know, hey, if you have an opportunity, if you have over a 640 credit score, you've been on your job any job for two years, you know, it's a five-minute conversation with Mr. Valentino, 702-984-3700. Again, 702-984-3700. Listen, you guys are a first-time home buyer if you've been renting for the last three years. Isn't that right, Anthony? They're considered a first-time home buyer. - The biggest roadblock for people in home ownership is themselves. And it's because of the perception that they think is needed for home ownership. There is no obstacle in your way or my way to get our buyers where they need to be for home ownership. There is no no in our dictionary. It's what do they want to do and reverse engineer it and show them the exact path? Whether it takes them a day or whether it takes them a year or whether it takes them five years, the point is ask the question, take the first step and see what that path is for home ownership. - Absolutely. And then there are so many people out there right now renting and paying $3,000 a month for rent. It's like, listen, the same process you did when you rented, you gave them your social, they ran your credit, guess what? They did a hard pool and took points away when they did that. Mr. Valentino does a soft pool. He doesn't even take points away when he checks your credit and gives you a game plan. It's never a no. It might be a not right now. But here's the way to get there. Or guess what? A lot of times my buyers are very shocked and happy when Mr. Valentino sends me their approval letter and we're out shopping, isn't that right? - Yeah, I mean, the thing is is, you know, you want to make sure that when you're shopping for a house, you know your payment, you know you're out of pocket. You know everything, you're confident. So when you walk in that house, the second you want it, it's yours, you can just sign the dotted line and you don't have to worry, can I afford this? What is the payment? What is the out of pocket? What is the logistics? You and I set the client up for success by being proactive and in answering all the questions that a lot of people unfortunately don't do until they have to be reactive and they're already in contract and they're like, oh my gosh, I don't know if I can afford this or how much is it gonna cost? We don't operate that way. We operate a nice fine-tuned machine. - Absolutely, absolutely. Knowledge is key, you have to be comfortable with what you're paying and understand, you know? And understand that. So I think that we are at a point now where rent in many cases is more expensive than more because of what we do. Like you said, we put them a lot of times in the, can you explain the three one buy down for them to understand? Because we use that quite often, many of our buyers, they choose to do that because they understand it's buying them time because we know the rates are coming down, so. - Yeah, it's economic. I mean, traditionally people would buy the rate down for the full 30 years. So if you have a 6.5 rate and you take 10,000 and you can buy it down to a 6.25, you save a quarter percent, you're saving $70 a month, but then it's gonna take you seven to eight years of saving $70 a month to meet what you, what was costed out of pocket in the beginning. That is fine if it's long-term, meaning the rates are low and they're expected to go up. But when we're in a market, which is different than where our rear view mirror is, the rates are now only expected to go down. So when you have that, you have to look at the break even and it doesn't make sense to buy down the rate for the full 30 years and only save a little bit. When we can push all of that savings into the first part of the loan and hyper accelerate the savings, so instead of dropping the rate at quarter percent, we drop the rate 2%. And we do that because we're hedging ourselves against the market knowing that the math makes sense. And I rather save $700 a month on my payment for the first year, $500 a month on my payment for the second year, and then refinance in year three. And because we know where the market's heading, we see where it's going, that gives us the comfortability. And on top of that, it's still a fixed rate. So even if, for some reason, something changes the years down the line, it's not an arm, it's not a balloon, we approve you based off of the worst case scenario, but we set you up for short term and long term. - Absolutely. And so he went over, even just, you know, for instance, one of our clients, their numbers was around $3,200 for the first year, $3,500. And what we're talking about is the monthly payment, you guys. So what it does is it buys you time, it makes your monthly payment, like he said, $5 to $700 less, you know? And it does that for a couple of years while you're waiting out the chance to refi. There is no waiting period. People think that there's like a year or two years waiting period, Anthony, to refinance their house. - Yeah, there's no waiting period, whether it's six months or whether it's six years, as long as it's a primary residence or secondary residence, then there's no prepended penalty or early, you know, a payoff like an investment does where people can see a one, two or three year where they get hit with a certain percentage. If you're buying for primary or secondary, you basically follow the rates. And if it makes sense and the math doesn't lie, then yeah, let's refinance, let's save that money. - Absolutely. And just to kind of break it down into quick layman's terms, if you buy a house today at the current rate, let's say that your normal payment would be $3,800 for this house. The way we're doing it with many of our buyers, we are saying, okay, year one, your payment's gonna be $3,000. Year two, your payment's gonna be $3,500. If you make it to year three, it will be fixed three through 30 at your original payment of $3,800. So that buys you time to wait for the rates to go ahead and drop down like they're supposed to. But like Anthony said, if they don't, then you're just gonna have the same rate you would have paid from day one. But does that make sense? I hope I explain that to where it makes sense. - It is, and not only that, but unlike if you were to buy down the rate traditionally, where you have a break even period, meaning hey, if I buy down the rate at quarter percent, save $70 a month, it's gonna take me seven years. I save you 70 dollars a month to break even. With the two one, the one year buy down, two year buy down, three year buy down, you can refinance sooner. And the good part about it is, say we get 15,000 from the seller, and say in seven or eight months, the something goes crazy and the rates drop a full percentage point to where you can get a rate in the lower five or upper fours, and you don't have to wait the full two years and you're only eight months into it. What you can do is you can refinance still and say you only used 4,000 out of that 15,000 and there's 11,000 left. You don't lose that money. In fact, when you refinance, that 11,000 gets applied to the principles. So you either use it for the full duration and lower the payment, or if you refinance sooner, that money doesn't go back to the seller or the lender. It stays with the buyer and they put it towards the principle. And so it's a win-win situation. You can refinance earlier, you can refinance at the end, doesn't matter. - Absolutely. And let's just touch on the down payment assistance programs. They're coming back around. I've been talking about it. They're comparable to the today's rate, right, Anthony? So if we could just touch on- - They are. - Is it, it's 640 credit score, two years on the job. They can get up to what, 4%, 5%. - Yeah, there's multiple state and federal grants out there. So yeah, I mean, so basically you just wanna make sure that you're looking at all options on the table. What I show my clients is here is your options, whether you wanna do full down payment assistance, partial down payment assistance, minimum down, first time home buyer, standard. And so that way they can see here's my rate, here's my payment, here's my out of pocket. And then they can choose what's gonna be the best program for them. - And just so they know too, you don't have to be a first time home buyer for some of the programs that you have, right? - That's correct. Yeah, you don't have to be a first time home buyer. There's even somewhere, if you currently own a house, but you're buying a primary, they will allow you. So it just really depends on your situation. And that's where you and I come in to really show them what options are available. - Absolutely. And one last thing I wanna point out for the buyers, 580 credit score. If you have your own down payment, isn't that right, Anthony? - You can even go as low as 560 sometimes. You just have to have compensating factors that they have low debt to income ratio, or they have extensive assets. I think people at 56570 get in for 3.5% down because of those compensating factors. And then my retired people that are on fixed incomes, but they make pretty good income. They can buy investment properties based off of the properties gain. Is that correct, Anthony? And not their income, right? - Yeah, that's a DSDR loan, a debt service ratio collateral loan, where basically it's not based off of the person's income, it's based off of the output of the investment. And as long as the investment payments is the same as the rent, then that is called a 1% DSDR. There's also DSDR programs where it's less. But yeah. - Yeah, so thank you so much, Anthony. It's always such a pleasure to have you come on and share your knowledge with us. And in that number, in case they wanna reach out to Anthony Valentino is 702-9843-700, here to answer the questions that you may have and get you going five minute conversation. And Anthony can tell you if you are approved, or hey, this is what you need to do to get approved, right, Anthony? - That's right. That's just the knowledge of power and my job is to educate and get them confident. - I love it. Well, thank you so much. Have a great weekend, Anthony. Okay, guys, let's pivot now to my sellers. If you are living in the Henderson or Southwest area, Summerland, Centennial, let me tell you, I mean anywhere in the Valley, really, because once again, we are in an extreme shortage of homes. So I can list the property for you. We will get top dollar and you'll be a happy camper like my last seller, seller, seller, sorry. They're very happy. We're top dollar, we're closing about five this month. So if you're interested in selling, I'm here to assist 702-984-3700. That is what I do. And I do that personally and my team takes a lot of my buyers out and I do take buyers out too, but I am mainly a listing agent and I list the properties for you. Let me give you some idea. What I mean, if you live in the 89-139 area and you have a property that you'd like to list or you're thinking about selling, let me share something with you. If that home is worth around 500,000, there are zero. Okay, zero properties for sale. That means your property will fly off the shelf. You will get top dollar because 89-139 doesn't have any right now for sale. Okay, if you're at a 800,000 price point, there's about 18 in that entire zip code for sale. Okay, now I run these numbers a couple of days ago, but yeah, 18, that's where you're at. If you're looking at 800,000 or less in the 89-139 area, there's only 18 homes, you guys. So if you have a property that you think is worth around that much, yes, it's gonna fly off the shelf. If you have a property that's a million dollars plus, there's only four, four in the 89-139 Southern Highlands area. Okay, now if you're in Henderson on 89-052, McDonald's Ranch area, and you have a property that you think is worth around 500,000 or less, there's only three properties listed. That means you have three properties that are your competition. Okay, so that tells you right there, we will get this property sold quickly. So once again, if you have a property that's 800,000 or less in the 89-052 area, which is McDonald's Ranch area, Henderson, there's only seven homes that would be competition for you. Seven, okay? If you have a million dollar plus home in the 89-052 area, you only have 19. So you got, you know, a little something, 19 homes. Now, if you're over there in Centennial Hills, 89-149, $500,000 or less, you're looking at five homes as your competition. All right, if you're $800,000 or less, you're looking at 11 homes. My number is 702-984-3700. I am Monique Buchanan, your local Las Vegas realtor. You're a K-UNV realtor and I'm here to assist. Okay, my website is welcomehomewithmonique.com. You can check me out on YouTube. Welcome home with Monique and my Instagram is @realtormoniqueviewcanon and that's B-U-C-H-A-N-A-N. And so listen, I want you guys to have an amazing weekend and until I hear from you, glory be to the Lord, have a great weekend. Thank you for listening. Please remember, all terms discussed are simply an estimate. My license number is S-178846. My phone number, if you'd like to contact me, is 702-984-3700. You can also find me on YouTube and please join me tomorrow at my church Living Word Church on Hassel. I am part of the EXP Realty Group.
