November 2023 Market Update: Trends, Brokerage Agreements, and the Future of Las Vegas Real Estate

Ever wonder what's really going on within the Las Vegas real estate market? We're pulling back the curtain revealing the latest trends, the power of buyer brokerage agreements, and predicting the future of this ever-changing market. A cooling trend seems to be setting in, with over 4,000 homes now up for grabs and a slight dip in home sales. But don't be fooled, the surprising decrease in rates could be a hidden gem for savvy investors.

Let's delve into the world of buyer brokerage agreements. As real estate agents, it's our duty to safeguard ourselves and our clients. These agreements are not just pieces of paper, but powerful tools that ensure fairness and uphold professional standards. We'll discuss why these documents are paramount and how they might potentially elevate the industry to a higher professional standard. 

Now, let's take a closer look at the single-family home market in Las Vegas. Is it a buyers' market or a sellers' paradise? With a swift-moving market that holds only 2.5 months worth of inventory, it's an exciting time for real estate in Las Vegas. The numbers reveal an optimistic view for investors eyeing condos and townhouses. So, sit back, relax and join us as we dissect this intriguing real estate landscape.

Transcript

Speaker 1: 0:15

Good morning, good morning Las Vegas.

Speaker 2: 0:18

Thank you for joining us back here on Vegas Realty Jack. This is two weeks in a row I've had a rough start.

Speaker 1: 0:23

It's not been a rough start, it's just been a surprise start.

Speaker 2: 0:27

Yes, thank you for joining us back here on Vegas Realty. Check your local Las Vegas Real Estate News show. I am Trish Williams and I am Tiana Carroll.

Speaker 1: 0:36

Welcome back. Each week, we talk about everything going on in the Las Vegas Real Estate Market, as well as covering our local numbers, and once a month we do our inventory or number statistics and inventory show, and that's exactly what this is. So if you find value in that information, make sure that you like, share and subscribe to our channel. If you're listening to us on a platform where you get your podcast, make sure and download, and we appreciate all the support.

Speaker 2: 1:00

Thanks, Thank you. And today is we're in November 2023. So we're going to be talking about all the closeout numbers from October 2023. But before we get into that, we're going to talk about what's happening this week, and it seems it's not just cold outside Our markets.

Speaker 1: 1:17

Cool in a little bit too, our markets cool in. We got some windy wind bringing down the temperatures about 20 degrees yesterday, and then our market was like oh, we're going to cool off as well, yeah.

Speaker 2: 1:28

Don't do that, and it's surprising to me because rates are dropping, yeah, so okay, but this is always the low right, yeah.

Speaker 1: 1:35

Like right before, like beginning of November, and then come December, people are trying to clear things off their books or do whatever they need to do, and there's that holiday rush, which I always like. It's fun, yeah.

Speaker 2: 1:45

Calm before the storm, yeah, and, and with the rates dropping because they have been dropping, you know, kind of consistently over the last week a little bit I mean we're, we're not in fives, don't, don't. We're still in high sixes, low sevens. But I think that with with the movement, because it has been kind of day over day movement, people might just be waiting to see how low the rates are going to get before making their purchase, and that's what I really think is happening. But what?

Speaker 1: 2:13

are the numbers this week? Okay, so this week we have sold. Can I peek at yours, cause my computer shut off? Oh, you don't have.

Speaker 2: 2:20

I actually did not take them down this morning.

Speaker 1: 2:22

Oh well, that's okay, I've got them here, all right. So we have breached the 4,000 mark. Yes, cause we have 4,030 homes that are actively available, and that's every price point throughout the valley single family homes, and then so last week we sold 278 homes, so that number's down, down by a lot.

Speaker 2: 2:46

A lot.

Speaker 1: 2:46

Yeah, almost.

Speaker 2: 2:47

Yeah, so, yeah, that's a. That number's down a lot, so last week there was not much movement. What's going on, buyers?

Speaker 1: 2:54

Yeah, Well, this might be that calm before the storm this week and next week, before people start going. Oh, I need to make a money move and we're like hey we're here to help you give us a call, yeah.

Speaker 1: 3:04

And then, but um, and the price decreases. They kind of creeped up a tiny bit because they were in the high fours. Yeah, last week they were low, week before and whatever. And then this week there's 515 price decreases. Again, when I looked them up, they were very minimal. There's very few that are more than just a few hundred dollars, not even a thousand. There's some that are like one in 2% reductions and that's fine, that's good. Maybe those are just corrections.

Speaker 2: 3:30

Yeah, most sellers and most of the public these days in this environment understand the market that we're in just from the news, just from headlines and everything. So they're willing and motivated to do the adjustments necessary to um to get their home moving.

Speaker 1: 3:46

So, yeah, yeah, this is like pre pandemic real estate, where people are very realistic on what the market is doing. If real estate needs to happen and they need to be one of those transactions, they're quite aware of the condition they're in.

Speaker 2: 4:00

Yeah, so that's good In news. I have a couple headlines that came about in the news Cash purchases right now. They hit the highest level in a decade. So again, those are people that still have equity in their home. They sold their home, they're cashing on that equity and they're pretty much downsizing or moving to another location that has, yeah, a different market that has lower prices.

Speaker 2: 4:29

So we're seeing a lot of those cash purchases right now highest level in a decade. Um, here in Las Vegas, most expensive home that has ever sold in Las Vegas is back on the market.

Speaker 1: 4:42

Um, it was that 31 million.

Speaker 2: 4:44

Yeah, it was listed and sold at 34 million in 2021. Okay, I'm sorry, no, no, no, no, no. It's listed now at 34 million, okay, and in 2021, it sold at 24 million. So we're talking like two years, a $10 million appreciation. I'd say good investment.

Speaker 1: 5:02

I would say that is just not fair. That is too insane. If everybody could make that kind of real estate money, then the market would be so off balance. That's insane.

Speaker 2: 5:15

We'll see if it sells. Um, we'll see what happens. Right now it's listed. Let's uh, let's, keep an eye on this one and see how it performs.

Speaker 1: 5:22

But 10 million in two years 10 million in two years Wow, that that that does not seem right. I don't know that that's going to happen. And again, that's just the list price until you have a buyer saying I'll give you that. Then it's probably not going to happen.

Speaker 2: 5:38

Yep, so we are going to watch this thing, and cheers to the list agent.

Speaker 1: 5:42

I hope you get your 34 million. Yes.

Speaker 2: 5:45

And and to the seller Good job. Oh gosh, that would be. Uh, that would be great for you. That would be another thing. Um, you know, again, we spoke a little bit about the commission's lawsuit and everything like that last week.

Speaker 1: 5:57

It's been every single email and text for a week, week and a half coming across. Did you know what's going to happen? What's the world falling apart?

Speaker 2: 6:06

Oh, just relax. Yeah, I'm almost sick of hearing about it now. So, yeah, there's but, and everybody I talked to, every seller I talked to, was like hey, what's going on with this? And you know, I just explained. You know, again, commission's are negotiable. You're never obligated to pay commissions. You know, this is basically the gist of it. And, um, you know, in the in the we, we talk options. Yeah, so there's some, um, some realtors that have started speaking out about it.

Speaker 1: 6:33

Oh, are we those realtors? Are we going to talk about it? No, my opinion, yeah. Yeah, you don't want to hear my opinion?

Speaker 2: 6:41

Yeah, exactly so um, but one thing that is, I guess, a silver lining on it, which I agree with this wholeheartedly Okay, I love it. So what you got, that this is going to create more, more diligence from the agent side in the industry. Byers brokerage agreements, yeah, are something that very, very I always use them.

Speaker 1: 7:08

See, I didn't know that people didn't use them when everybody, when this lawsuit came out basically, if you don't know what's going on and you live under a rock, they have sued NAR and a bunch of national brokerages saying that it's a fixed game, that we force sellers to pay not only their commission for listing their home but the buyer's commission. So in some aspects, that seller does pay both. If they agree to pay both, it's optional. Yeah right, it's how you, you know dangling the carrot. Come in by my house.

Speaker 1: 7:40

I'm, you know, offering a co-op or whatever, but it's not mandatory, it's not necessary. It's stated in the contract. Do you want to do a co-op? If so, how much? You can say no and do a zero, but I always get the buyer brokerage agreement because I mainly work with buyers and that's just a way to protect myself, so I'm not out taking them to see houses. And then they walk into an open house at yours and say, oh, trish, write the contract for me. I'm like no, I'm your agent, we signed a buyer brokerage, but tons of people don't use them.

Speaker 2: 8:10

I don't even know. There are so many agents that don't use them and I do use them. And what frustrates me so much is when you talk to a client like someone calls as a sign call or something like that, and you talk about this buyer's brokerage agreement, they say, well, the other agents aren't making me sign it, I'm not signing any contracts with you. And it's always frustrated me so much that why are the other agents not respecting their selves, their industry, enough to have these agreements?

Speaker 1: 8:37

Right, you can't be afraid of asking for what's yours.

Speaker 2: 8:40

It's your operate as a professional, and as a professional, even in our code of ethics for the Realtors Association says that we have to have everything in writing, and I explained this is because we're supposed to do everything in writing. Don't hold me accountable for what other people aren't doing Right. So one of the things the silver lining of this is this is going to make that they're talking about it even being a mandatory document, just like a listing agreement is a mandatory document.

Speaker 1: 9:06

Who knew it was a mandatory? I thought it was mandatory. It's in my compliance file, every single one of them, yeah. I didn't know. I guess I was naive to that. I just assumed it was protecting myself and protecting my client and making sure that my business was stable. Just randomly out here taking that's like taking buyers out without a prequel.

Speaker 2: 9:26

Yeah.

Speaker 2: 9:26

And that's another thing that, in my opinion, that should be mandatory because, again, it's not. It's not about are you approved? Can you purchase this home? Can you afford this home? That's not the issue. The issue is their security issues, their safety issues. There's all of that 100% not verifying a buyer's qualification when they call you and want to go see a health, and the fact that other agents will do it and you won't. You're holding that, that security, that professional professionalism there, but other people are not following it. That makes it to where you're not. It's just not a fair playing field in my opinion. So that should be a mandatory thing as well, and I hope our association looks at that.

Speaker 1: 10:10

Not a fair playing field. So my rookie year I ended up taking people without prequels and not one of those prequel. Less buyers ever transitioned into actual business because people who are not taking the steps to find out what their budget is and meeting with a lender and really taking action steps to actually purchase. They don't care, they're going to give you a prequel, they're going to let you you know, they're going to talk to a lender, they're taking those action steps. Everybody else are just like a open house shoppers looky loose, and so there's a lot of agents. I was naive. I did it first. Well, I don't even think I made it the first full year. I figured after about six months I was like so this is BS. We got a restructure, how we're doing this, and then I was able to do it and then it just became a normal part of my business and I'm not afraid to ask for that prequel or that proof of funds or whatever. I'm running a business here, people, I'm not. You know, weekend shopping with you for fun.

Speaker 2: 11:08

Yeah, and verification identification. I asked for identification if I don't know the person because, again, I just don't want to be out shopping with a stranger and playing my life for security at risk, because that is a risk.

Speaker 1: 11:20

That is a risk. Oh well, here's the thing. If we're being honest, slimy people, they're going to do slimy things. If they want to hurt you, they'll make up a fake prequel to get you where they want to get you. Oh, I verify them.

Speaker 2: 11:30

Yeah, no I verify them too.

Speaker 1: 11:32

That's how come I like when a lender has taken the ID they've run the credit like you're a real person or whatever. So it is very important to do, as an agent, your diligence with new coming clients, because we get random phone calls all the time here. Hi, I'm on the internet, my number is 702-379948, call me. You know that sort of opens the world out, but luckily the people who do get that number are watching this show and they are totally interested in real estate and it's fine. But if I do get randoms that call I have to verify and luckily there's so many background check websites and things like that to really be safe and secure.

Speaker 2: 12:11

Yeah, no, and that is very important. So, yeah, that's silver lining of this. They think that this is going to cause a more professional standard in the industry as far as buyers, brokerage agreements and working with buyers, which I think that's a good thing.

Speaker 1: 12:25

Well, I think anytime we can sort of elevate our profession and have it be more well respected is absolutely necessary, because for the most part the world looks at us like we're a bunch of scheisters anyway.

Speaker 2: 12:38

Yeah, well, that's so messed up.

Speaker 1: 12:39

We're not. We're good people trying to help other good people.

Speaker 2: 12:42

Yeah, no, and I feel like over time that is going to go away. Our industry in the past was kind of the wild west and it is improving, I think, year over year. The standards and everything are getting a little better.

Speaker 1: 12:58

Yeah, so each year they add more education, which is great, both to get your license and then your post license. So that's nice and I think that there's so many amazing. I mean we really are blessed in our valley. We have a lot of great agents and brokerages, brokers, people out there that were doing business on a very high level, very professional, and then you have some that are new or naive or are scheisters and you just got to be careful of what you're getting in bed with when you do a real estate deal.

Speaker 2: 13:29

Absolutely, and it will cause buyers to do a little more interviewing research ends and know who they're working with, because they're going to be more invested financially in the transaction with their agents. So that will.

Speaker 1: 13:47

There are some good things coming out of it and for all those, agents out there that don't use a buyer brokerage, take it from me you can absolutely still work with buyers and get a buyer brokerage signed. It's easy peasy.

Speaker 2: 13:59

It is very easy. It's basically just an agreement that says that you're working with this agent. If you don't want to work with that agent anymore, you have to let them know that you're no longer the person I am employing for this transaction, and we move along.

Speaker 1: 14:12

Yep, yeah, so it is it is very easy, and usually when you don't want to work with your agent, your agents already figured out they don't want to work with you either.

Speaker 2: 14:18

Yeah, yeah, but it also stops. There's so much, so much that can arise out of the buyer that and gosh, they're out there. It's so frustrating but that buyer that you know their agent isn't available, so they'll call another agent to show them the home and then they ghost that other agent and they use their agent that they were already working with. Anyways, just, they just use this other agent to open the door for them. And that's where buyers brokerage agreements come into place, because then the if the agent does find out which in some cases they keep track of the name, they follow the properties and tax records. There's some agents that do follow up and research on things and then there'll be an issue because you so I kind of do that.

Speaker 1: 15:04

I mean, I'm not relentless like every single deal, but about once a quarter I run through and check and make sure everything is on the up and up and the nobody that I've worked with is slipping through the cracks. But yeah, yeah.

Speaker 2: 15:16

And the buyer could be on the hook for both because of procuring cause of the person that sold the home. So there's a lot of stuff there, lots of stuff there. So let's talk about showings. How many showings were there this last month? So we had a total amount of listings in this. In Las Vegas, I lost my page.

Speaker 1: 15:41

You were on page one right yeah, we just started she's already lost it.

Speaker 2: 15:44

Yeah, total listings of managed listings that were managed by showing time. Again, not every listing is managed by showing time, but these days the majority of them are. Was 300 or 3. 13,000. No, no, that were managed by showing time. Was 3,743 that were actually opted into showing time. Okay, okay, out of the total listing. So this is just what showing time is tracked from the buyers that were showing home. Okay.

Speaker 1: 16:13

So, but okay, so you're just doing Las Vegas, not the whole Greater Las Vegas area.

Speaker 2: 16:19

Oh, we could do Greater Las Vegas.

Speaker 1: 16:21

Greater Las Vegas area, that number is a little bit higher. Those managed listings are almost 5,500.

Speaker 2: 16:27

Okay, so that's including Perump area as well.

Speaker 1: 16:29

Yeah, let's go there. Yeah, we'll include that, that will do Henderson and that'll do probably Boulder City, because that's all considered Greater Las Vegas.

Speaker 2: 16:36

Okay, let's go Greater. Las Vegas. So 5,483 that were managed by showing time. Right Of that, 13,434 showings happened, yeah, so that was a prox, those are good showings. That's just good showing numbers. So that's approximately 2.8 showings per listing. Exactly yeah, so pretty healthy showing numbers. I think we're back to the three showings a week. I wouldn't say three to five, I'd say we're getting probably one to three showings a week on average on a home that is priced right and in good condition.

Speaker 1: 17:13

Yeah, I have to agree. Yeah, I have to agree, there's not a ton of activity, but the activity that is out there is pretty solid.

Speaker 2: 17:20

Yeah, no, that's a good thing, yeah. So in October's numbers our unit sold single family units.

Speaker 1: 17:31

Okay, hold on, we're going to GLVAR now. Yes, all right, that's showing time. Go ahead, I'll find it.

Speaker 2: 17:38

Single family units sold were down 1.5% Media and price of $449,000, which is up 2%. I know.

Speaker 1: 17:47

We're still seeing. It's going a long way, according to half of the people in the country. Why are you going up? You should be going down.

Speaker 2: 17:55

Well, it's because inventory is low. We're still seeing the price appreciation.

Speaker 1: 17:59

Right, it's all supply and demand, yeah.

Speaker 2: 18:02

Small supply, big demand. New listings $2,332 down, 19.1% Yep, and these are all single family and median price of new listings $472.103. So we're seeing about a 20%, not quite a percent. Yeah, but $21,000 difference between the median list price and the median sold price, so a little bit of variance there. But that goes back to these price adjustments, the offers coming in low. On our Thanksgiving show. We're going to be talking about concessions, because we say the word concessions all the time.

Speaker 1: 18:44

All the time. But concession, here's a concession. Would you like a concession? Let's ask for a concession.

Speaker 2: 18:48

Yeah, that doesn't mean popcorn's coming with the home, so we're going to explain exactly what that means you could always ask for popcorn.

Speaker 1: 18:54

It is negotiable, absolutely. So yeah, on our Thanksgiving show we are going to talk about the concessions, and I think that's important that we do, because, even though our prices are staying stable, those concessions do affect the price. Quote unquote price of the home.

Speaker 2: 19:11

The seller's net.

Speaker 1: 19:12

Yeah, yeah, seller's net. So we're going to go over all of that on our Thanksgiving show.

Speaker 2: 19:17

Yeah, and we are in a market where, even though these prices are selling at where they are and what they are, we're seeing the nets a little bit lower on the sellers because of concessions.

Speaker 1: 19:26

Yeah, I'm seeing a lot of concessions. As a matter of fact, I only have two in contract right now that aren't in concessions. Yeah, everything else has a concession.

Speaker 2: 19:34

Very few there's a lot of seller concessions going around out there, and so, yeah, we'll be explaining what that's all about, and so our units available are effective. Availability of single family units is about 2 and 1 half months.

Speaker 1: 19:49

Yeah. Yeah, so Well that's ticked up a teeny tiny bit, because we were just like 2.2 months, now we're 2.5. Woo-hoo, yeah, and that's sort of the same too, because we just went over single family. The condos are the same. So the units sold were 474 for last month.

Speaker 1: 20:07

And that is up 1.3%. And there was 755 new condo townhome listings, which was a pretty big increase. Yeah, that was over 10%. It had gone up. So that's cool. Medium home price sales for those townhomes and condos were $275,500. And then the listing price was $279,900. So very similar to what is going on in our single family home. Again, going back to people like oh, I don't know if I want to buy a condo or a townhome, why they perform just as well in this market as single family does.

Speaker 2: 20:51

The percentage ratio is actually higher than single family right now. Because that single family the median price percentage was up 2% and condos and townhouses are up 3.6%.

Speaker 1: 21:03

Almost doubled it yeah.

Speaker 2: 21:05

So that's good. And then on units, new listings. It was up 9% on single family units and then up 2.7% on condos.

Speaker 1: 21:15

It wasn't up 9%. Oh, I'm sorry. 0.9%, not quite a percent, it was 0.9%, but yeah. And then in the single family, they're listing at $472, but they're selling at $450. And townhomes, isn't that? They're listing at $275, but they're selling at $279.

Speaker 2: 21:33

Yeah, so that's a very small difference. So yeah, those investments on those condos.

Speaker 1: 21:37

But it's still about 2 and 1 half months worth of inventory, which is down a little bit.

Speaker 2: 21:41

Yeah, but they're looking good. Those investment prices on those are looking good. So how long are these homes taking to sell?

Speaker 1: 21:49

Ooh, Like, how much time are they on the market?

Speaker 2: 21:54

Yeah.

Speaker 1: 21:55

So for we have a fast-moving market in Vegas. Whenever we take a listing or we're working with a buyer, we're always like 30 to 45 days with shopping, we've closed and you're getting keys, because that's about what it's taking. So within 30 days of going on the market in Vegas, 67.2% of those homes are sold.

Speaker 2: 22:16

Yeah, and in September that's fast. Absolutely Not very much difference from September, because in September it was 68% Right 68% versus 67.2%.

Speaker 1: 22:28

Yeah, that's pretty solid. Yeah, the homes and that's really up from October of last year, because it was like 53% last year that sold in October- yeah, so our numbers are doing pretty good.

Speaker 2: 22:38

Condos and townhouses less in selling 30 days or less is 66.2%. Little bit down from September. September was 72%. So not much of a variance, just a little. Just a tiny bit. Taking up to 60 days, we're seeing that number is about the same as September was as well. 17.3% are selling in 30 to 60 days.

Speaker 1: 23:07

And 17.7% last month. Yeah, so we're right there.

Speaker 2: 23:10

Yeah, and then of condos and townhouses, 19.2% have been selling 30 to 60 days and 14.3% in September of 2023.

Speaker 1: 23:24

So we're a little bit down yeah, it went up. We're doing more.

Speaker 2: 23:29

Yeah, it went up we have more of them selling 31 to 60 days yeah those condos are doing a little bit better.

Speaker 1: 23:35

Single family is almost identical from last month. 61 to 90 days is 6.9 versus last month, which was 6.4. 91 to 21 days is 3.7 versus 3.4 last month. So that's all pretty comparable. But you jump over onto the condo side, then you're seeing that number change just a little bit in the 30 to 60 days. Otherwise they're almost identical too.

Speaker 2: 24:00

Yeah yeah, those numbers are very similar so our movement is looking the same. So this week was the first week that I've seen those sold numbers down like a lot.

Speaker 1: 24:11

Yeah, yeah, yeah.

Speaker 2: 24:11

So we'll see how that plays out. Could just be a weird week.

Speaker 1: 24:14

It could just be a weird week or things changed and close the beginning of November and we had a big closing, but there really wasn't that much. 200 more days. Today it's 273. Is that what?

Speaker 2: 24:26

I said I, my memory doesn't go back 30 minutes.

Speaker 1: 24:31

You're like it's only 25 minutes. Yeah, 278. 278 was sold, so we'll see what happens next month when we look at these numbers.

Speaker 2: 24:45

Yeah, so where? Again? I think it's pretty consistent. We'll see what happens next month and we'll see if these closing numbers are going to start going down, but I'm expecting to see a spike, If not this month in November, then starting to see it in December. As we do Almost every year. We have a bit of a spike.

Speaker 1: 25:03

Yeah, there's going to be a little mad rush at the end. Usually cash buyers, you know 10, 20 day closes like let's just get this off the books or let's get this on the books. Yeah, so they can.

Speaker 2: 25:15

That's fun and one thing to keep in mind too we're talking about closed units. We're down, but closed units are usually 30 days backwards and At that time we did see a slowdown. I seen a slowdown where people just weren't out there at all and then all the sudden, like two weeks later, boom, boom, boom. A lot of people started buying. You know I have a quite a few escrows right now that are active that will be closing soon. So you have to remember, with closed units are 30 days behind, right?

Speaker 1: 25:49

They're in contract now. The contract yeah so I still I'm not concerned about that number, because I know we had a couple weeks of like Silence, almost just nothing going on and it kind of does that, though right, like all of a sudden you're twiddling your thumb, twiddling your thumb, mad rush for a couple weeks, and then a week of me. What am I gonna do? Yeah, yeah, so it comes in waves for sure.

Speaker 2: 26:11

Yeah, and.

Speaker 1: 26:11

I'm always like so surprised, like how did they know? How do all of the buyers at one day, do they send out a group text like everybody go? Now we're buying this week. Oh, okay, let's buy this week.

Speaker 2: 26:21

There is no rhyme or reason to it.

Speaker 1: 26:23

I don't know what it is the moon or what?

Speaker 2: 26:27

There is that. It's like when everyone stops, they all stop, and then all of a sudden there's like this yeah, just all these buyers everywhere, yeah it does feel like they all share the same sort of board mindset.

Speaker 1: 26:38

Yeah, like we're all in. No, we're all out, no we're back in.

Speaker 2: 26:41

Yeah, and they all have the same scripts. Yeah, it's like some someone's doing an underground like buyer and seller training class that we don't know about because they all learn the same Wait.

Speaker 1: 26:52

I thought we did the buyer and seller training classes. Just go reference our videos, you guys. You'll learn everything you need to know about buying and selling in Vegas. Yeah, yeah.

Speaker 2: 27:02

So Sometimes it just it blows my mind when someone will call and say like, oh, you know, I need to, you know, want a market report, want to know what my value is worth. Then we talk about you know, sending the appointment for the listing, and then they just give me all these same like repeated Scripts that like every seller says, and I'm just like huh yeah.

Speaker 1: 27:21

Where'd you learn? So, going back to my rookie year, when you get into real estate, they like to um Help you handle these objections that you're gonna come across when you're working with buyers and sellers for the first time you may not be aware of, and every time I run scripts with my broker, I'd be like how does she know what they're gonna say? Yeah, you don't know what they're gonna say. This is this seems silly. They all say the same thing. That's how she knows. Yeah, they all say the same thing. Yeah, like right now, it's a. We're gonna wait for the market to crash.

Speaker 2: 27:50

Oh yeah, we're gonna wait for our. We're gonna wait for rates to drop, rates to drop and Market crash gonna wait for the election See what happens.

Speaker 1: 27:57

We might be moving out of the country. Oh yeah, that's one they're like oh, that's good, I'm see I PS, I'll help you move out of the country.

Speaker 2: 28:05

But on x-packs, come to me spike in home sellers that are leaving the country.

Speaker 1: 28:10

Yeah so, yes, there's, there's a lot, yeah, and it's very, it's really, it's very predictable, which is absurd, but it really is yeah, well, there's a lot of things that go in patterns in our business and I think it's easy to track because of the numbers. So, yeah, yeah, I like that.

Speaker 2: 28:30

But yes, rates coming down is a good thing. The Fed announced no more increases, so we hope that that doesn't. We don't see any of that in mortgage rates and we start to see those start to soften a little bit to give people some breathing room and yeah, yeah, and so last night I went down a rabbit hole because somebody had sent me an article from I think it was.

Speaker 1: 28:51

Is there a prompt times?

Speaker 2: 28:53

Yes, there is prompt times.

Speaker 1: 28:54

Okay, so there is a newspaper and prompt yeah, yeah, yeah. So they sent me an article from prompt saying that Las Vegas was going to be leading the country in foreclosures that are happening, or whatever, and that we've got more foreclosures now than any place else, or whatever. So I had title, run all of the numbers so I could bring it. And they're like yeah, there's only a couple hundred. So that's a manipulation of information, right, like we're leading, but it's still so low, right?

Speaker 2: 29:24

now.

Speaker 1: 29:24

Yeah, that might change right, I don't own a bank. I don't know what kind of loans they had out there, but right now everybody's like oh, there's so many foreclosures, vegas is leading in foreclosures, all those foreclosures, and I'm like did you meet all 200 of them? Are those the ones you're talking about?

Speaker 2: 29:40

And a lot of that in so many cases is wishful thinking. You know people want to be the predictor of the market. You know and see the crash coming and cash out and have it be on the sidelines to buy it at the perfect time, everybody wants to.

Speaker 1: 29:55

I would love to know when the bottom of the market is and buy everything up. I'd like to make out. What was that? $10 million in two years? Yes, please, that would be great. I will be retired. Peace out. Tian is gone.

Speaker 2: 30:07

But yes, if it was that simple, you know, a lot of people would be very wealthy from real estate. There are a lot of people there. There are tons of people from real estate.

Speaker 1: 30:15

And there's also the conspiracy theorists coming out. There's factors that we have no control over, right, and things moving behind the scenes.

Speaker 2: 30:24

So yeah, so. So yeah, the foreclosures are. You know, maybe they're up, because we at one point we have like seven, so oh no, they're way up from seven because we almost got 200, I think I don't have the paperwork with me because I wasn't done researching it.

Speaker 1: 30:39

I still I was like, oh, this is good start, but I need this, this and that. So they're grabbing information. Maybe next week I'll have it all and we'll talk a little bit about that.

Speaker 1: 30:47

Yeah, and during the crash we were in the thousands, yeah, so, which was very different than what we're seeing right now. Yes, but it is. You know, we are now starting to see the trickle aftermath of that whole pandemic effect and how people have spent their time and money during that time, and it's like we're snapping back into reality. So we'll see who survives it and who doesn't.

Speaker 2: 31:08

Yeah, yeah, so I spoke with somebody recently just as a you know, just a wrap up comment. I spoke with somebody recently who talked to me about a short sale. So I did a lot of short sales. Yeah, you were the short sale queen yes.

Speaker 1: 31:21

She had a video go viral. I short sales went out. I did I still, to this day, people contact her about short sales.

Speaker 2: 31:28

I think I'm going to repost the video. Yeah, but you should. Yeah, it served you all last time it did. It did. I love that video but I, yeah so very versed in short sales. They gave me a on doing a short sale. They said, well, you know, cause they had just just bought last year, going through divorce, you know what?

Speaker 1: 31:44

I'm sorry. I want to do a short sale.

Speaker 2: 31:46

And I went through the whole. You know all of the numbers and everything and I'm like there's enough equity here. Even if we sold a little bit below market, you still you'll break even. You're not going to walk away with cash, right? You're not going to walk away with appreciate. You know you're not going to get some appreciation out of this home, but, um, but we could still make the numbers work. No short sales necessary. So some people think that they need it.

Speaker 1: 32:07

Right. And then educated conversations with the people lenders, realtors, people. If you don't have access to us, call us Trish. How did they get ahold of you?

Speaker 2: 32:16

702-308-2878. Yep.

Speaker 1: 32:20

If you need to talk to her about anything, getting those numbers in line, seeing what, what's possible for you, definitely, definitely give her a call.

Speaker 2: 32:27

Thank you and Tiana. How do people reach out to you and discuss everything that's going on in this environment right now?

Speaker 1: 32:33

All of it, Cause there's a lot and it's all the same and a little different. You just need somebody navigating it. You can always give me a call, shoot me a text. I'm at 702-379-9948.

Speaker 2: 32:44

And thanks, guys, for tuning in Uh Vegas Realty Check and if you're liking our show, please download, like, subscribe, share, tell your friends about us and we do appreciate the support. Yes, thank you. We're here every Thursday. We'll see you next week.

Speaker 1: 32:58

All right, have a great week, vegas Bye.

Speaker 2: 33:00

Bye, bye.