A 2023 Year-End Review in Real Estate: The Memorial Show

Wave goodbye to the market mayhem of yesteryears and join us, Trish Williams and Tiana Carroll, as we wrap up a surprisingly steady 2023 in the Las Vegas real estate arena. We're digging into the nitty-gritty of the single-family home market, the holiday sales slowdown, and a remarkable $30 million deal inked by Celine Dion herself. If you've got an appetite for celebrity real estate tales or you're simply keen to get the lowdown on the latest market trends, this is the conversation you won't want to miss. We're closing the chapter on an intriguing year for Vegas homes and setting the scene for what's next on the horizon.

As the year draws to a close, we reflect on the profound shifts our industry has seen – from interest rates stirring up the pot in divorce settlements to refinancing waves and the end of forbearance periods. Las Vegas is changing, with Californians bringing new energy (and traffic) to our streets. We're bidding adieu to the days of the 30-minute commute and pondering over persistent inflation that's nipping at our wallets. Tune in as we muse over the evolution of real estate transactions, the return of in-person open houses, and the technological advancements that stick around. It's a candid look at the transformation of both our city and the market as we prepare for what lies ahead.

Transcript

Speaker 1: 0:16

Hey, las Vegas. Thanks for joining us back on Vegas Realty. Check your local Las Vegas real estate news show. I'm Trish Williams and I'm Tiana Carroll. All right, and this week we're at the end of the year already. Can you believe it? 2023 is done.

Speaker 2: 0:31

No, I'm shocked. This year went so incredibly fast, yes, and so many things happened. It was a crazy year.

Speaker 1: 0:39

So many things happened. But then, like there was like a lot of normalcy, like everything, just kind of like you know, as far as inventory and stuff like that, we just kind of hovered around the same thing, yeah.

Speaker 2: 0:49

Not much changed in our market. It wasn't like a 21 and 22 where we saw every market. Every one the roller coaster right, yeah, that was nuts. And once they started pumping the brakes on those interest rates and things like that, then everything sort of just normalized yeah. Which did that part did feel really, really slow. Yeah yeah, the real estate felt like it was just sort of plugging around like a lava flowing down a mountain, slow and steady, yes, but the year did speed by pretty quickly. So, fast.

Speaker 1: 1:21

So, regardless of even though it was, like you know, just kind of stagnant and a lot of things, the year still went by pretty quickly. Yeah, as we always do at the end of the year, today we're going to have our moratorium memorial, our memorial show where we say goodbye and put things to rest in 2023, our obituaries, if you will.

Speaker 2: 1:45

Yes, yes. In real estate, we are putting things to rest like we do every year at this time.

Speaker 1: 1:50

Yeah, so we have a. We have a good list of stuff for you guys there, but before we get into that, let's talk about where our inventory is this week.

Speaker 2: 1:58

The numbers, numbers, numbers. They're not really changing a lot, are they? No, no, as this year has been, it stayed pretty boring. Those single family homes are 3,697 available today in the valley Yep Still below 4,000 in inventory.

Speaker 1: 2:14

We've been hovering around that number all year long we have it's been playing.

Speaker 2: 2:19

There's not been a lot of change in inventory, which is good, because if we go back, what? At the end of our 21 show we had 2,300 homes available and then at the end of our 23 show we had over 6,000 homes available, but most of 2023 was that. I mean, 2022 was 6,000 homes available, 2023 now we got that 3,600, which has kind of been where it's been playing a lot.

Speaker 1: 2:47

Absolutely.

Speaker 2: 2:49

So what about our souls?

Speaker 1: 2:50

Our souls are down, but we did have a holiday week last week, so that is to be expected, that's normal. Don't let this number panic you, but our souls are at 230 for the week, but again we had a holiday week, so not a lot. People don't really schedule a lot of closings during that holiday week.

Speaker 2: 3:11

That's a hard week to get closings because people are traveling and you need your title and your notary and everybody to be a part of that your lender. So I avoid closing that week.

Speaker 1: 3:21

this week between Christmas and well even before Christmas, yeah, yeah, even before New Year's you have so many off days, holidays at the title company and everything like that, so those numbers are expected to be down. It's not anything that's groundbreaking or anything to be worried about. And price decreases we've seen 200 price decreases happen over the last week which is low.

Speaker 1: 3:46

Yeah, yeah, that is low and again right now. Things got slow during the holiday week as far as like just offers coming in and things like that. So I mean most sellers aren't going to make any big decisions on a price decrease during that time because they know that the buyers just aren't shopping right now because they have family and all of that jazz going on, circumstances that come with the holidays and the end of the year.

Speaker 1: 4:15

Yeah, so, yeah, so those numbers are pretty good. Yeah, A little bit of news before we get started in our show. A review journal reported the top summerland sales of 2023. They were some big ones. They were some big ones and they were all in 89135.

Speaker 2: 4:34

They were. So a lot of that you get, like ridges and summit clubs, I was going to say ridges summit, that's all in that same zip code and those are those high ticket items.

Speaker 1: 4:43

High ticket sales and starting. We'll start with the lowest first. Okay, the tiny one. The tiny one, yeah, the tiny one wasn't even a house, it was just a piece of land. Just a piece of land. Just a piece of land 11675 Discovery Canyon Land only sold at 12 million, so that hit the top five. That's a pretty nice piece of land though.

Speaker 1: 5:04

Pretty good piece of land there. That's in summit right. Yes, it is Discovery Canyon's and summit and 4909 Vegas Hills Court. That was a home sold at 15.5 million, coming in at number two.

Speaker 2: 5:19

Yeah, way to make that money.

Speaker 1: 5:20

Yeah, or I guess number four, we're going five.

Speaker 2: 5:22

We're going backwards, yeah yeah, we're going backwards. All right, so that's number three.

Speaker 1: 5:26

Number three, 4909, vegas. Oh, no, no, no, I just said that one.

Speaker 2: 5:31

That's the next one.

Speaker 1: 5:33

Number three is seven painted feather that sold at 15.9 million. Okay, so I love that house.

Speaker 2: 5:39

That's the one at the end of the cul-de-sac, so it has all of those amazing views. Yeah, that's a great house. How much did that one sell? For 15.9 million, yeah.

Speaker 1: 5:48

All modern sleek. I like that one, yeah, and Discovery Canyon is a hotspot for those top numbers, so on that street also. 11765, discovery Canyon sold at 21.2 million.

Speaker 2: 6:01

Yeah. And then we had a celebrity sale.

Speaker 1: 6:04

Yeah, Celine Dion sold her home in Summit Club at 10850 Summit Club and that hit number one top sale in 2023 at 30 million.

Speaker 2: 6:15

Yep, yep. And now we can give away the address because she doesn't live there anymore.

Speaker 1: 6:20

Not allowed to give her address. Take her off the celebrity map. No, I'm just joking, yep, no more driving by the house.

Speaker 2: 6:26

Those are private residents with regular old people now.

Speaker 1: 6:29

I don't think you could drive by that neighborhood if you wanted to, but you could try.

Speaker 2: 6:33

I think people would try.

Speaker 1: 6:35

Yes, they definitely will. So we have some things to put to rest. This year there wasn't as big of a list as last year, yeah.

Speaker 2: 6:45

There was lots of changes in 22 going into 23,. But again, 23 in real estate was kind no-transcript level. I don't want to say flat, but just level chill, yeah, yeah.

Speaker 1: 6:54

So one of the things we did mention on it last week on the show, and I would say that we can go ahead and probably, for the most part, say goodbye to these besides a couple of little stragglers that we'll be hanging around but the illegal Airbnb's they're really cracking down on those and I think we are going to see a lot less of those this year because they're starting to really crack down, put out fines and really start to regulate that a lot. So if your neighbor behind you is operating in a legal Airbnb, don't worry, that's probably going to be over soon. That will probably be over soon. And I actually have a client who has a you know who. We've been talking a lot. He's you know just as like his neighbor annoys him because they're operating in a legal Airbnb. He says, oh, it's been quiet lately.

Speaker 2: 7:44

So I'm like, oh, it's good because they've been fine and fine and fine, and there's only so much finding that people will do before they finally decide. You know what this isn't working out and we have been seeing some of those illegal Airbnb's go up for sale.

Speaker 1: 7:57

Yeah, oh yeah. We've been seeing a lot. I've been seeing a lot of those on the market and you can kind of tell which ones they are because they have, like all the instructions on how to. What's the wifi passcode is posted on the wall.

Speaker 2: 8:10

Yeah.

Speaker 1: 8:10

Yeah, yeah, this was an Airbnb. So yeah, we are seeing those come on the market.

Speaker 2: 8:15

Um so so less and less of the illegal. We will put those to bed.

Speaker 1: 8:18

Yes, we are putting those to illegal Airbnb's in Las Vegas.

Speaker 2: 8:23

Goodbye, we'll miss you. Well, we'll still have some of them, which is nice because we can find them and get that money in our economy. Woo.

Speaker 1: 8:29

Yeah, good job. So yeah, if you want to operate, operate an Airbnb, get a license, yep. Um, my favorite thing to put to rest is unfalable rates. Goodbye 8%, goodbye 8%. We will no longer be needing you. Yeah, so a Colin Powell. His name, colin Powell, Colin Powell.

Speaker 2: 8:51

Yeah, has um. Are you talking about Jerome Powell for the Fed?

Speaker 1: 8:54

Okay, jerome Powell, jerome Colin, whatever your name is, well, there is a Colin.

Speaker 2: 8:59

Powell, but I think you're talking about Jerome Powell from the Fed.

Speaker 1: 9:01

From the Fed has announced um that there will be some rate drops, um rate adjustments in 2024.

Speaker 2: 9:09

Yeah, Starting at the beginning of the year. Yep, that's what. That's what the rumor is that we've curved inflation enough to no longer be at the mercy of these hikes, hikes, hikes, which we saw them go up over 8% in 2023. So goodbye to that, thank goodness. Thank goodness, I am so happy to put that to rest.

Speaker 2: 9:28

So many weird things happened with that rate hike, like people were getting divorced and in the divorce they were asking for the interest rate. They wanted the house, the interest rate or the loan to be an assumable loan. So they they're trying to keep those interest rates, even in divorce court. That's how uh important and coveted those low rates are right now. People were holding on for dear life.

Speaker 2: 9:50

Yeah, those rates so piggybacking on that, saying goodbye to those high interest rates, I'm also going to say goodbye to the fear of those interest rates. Oh, because people were hanging onto their homes because they didn't want to give up 2% interest rates, so they weren't selling, and I think that and buyers were also afraid of the high interest rates, so they were sort of on the sidelines. But now that things are leveling, offense become normal. Um, I don't see that fear anymore, so we can kiss that interest rate fear goodbye.

Speaker 1: 10:22

Yeah, we might see an inventory increase for people that are going to be finally ready to sell. A lot of the sellers that we didn't see this year Right Are going to be back in the market. Now, let's, let's just get real here. I don't think that we'll see 2% interest rates again, so we're not going to go that far, but we will get something that's probably a little more digestible and a little easier.

Speaker 2: 10:42

Right, if we could play even in the 5% that would feel so good right now for everything and that would be normal, right, because 2 and 3% that's not healthy, that's just too low. That's free money, yeah, and we saw what happened in the 2008 crash, when it was free money, when it was so easy to grab it, and so I don't, I don't think that keeping them that low is wise.

Speaker 2: 11:05

Yeah, I mean I'd love it for myself personally, but for the economy probably not. We all would love it, right? I'd be like I'll take 1.9% interest. That's my favorite.

Speaker 1: 11:14

But goodbye rates, goodbye those 8% rates.

Speaker 2: 11:18

We'll see you later so they don't come back.

Speaker 1: 11:21

Let's hope that those ones stay gone.

Speaker 2: 11:24

Yeah, we do not want to see them again. We're not interested in you.

Speaker 1: 11:27

Yeah. So a lot of. With all these like crazy commission lawsuits and all this stuff that has come about in the real estate industry, you can now say goodbye to the buyer or the consumer saying of I'm not signing a contract with a realtor, I'll only work with a realtor that's not going to Timing down to a contract. So those days are over. I doubt you will see any if I mean many, if not any buyers agents that will not have buyer's agency contracts in 2024, because of course, as professionals, we have to protect ourselves and we learned the hard way the importance of that.

Speaker 1: 12:12

Yeah, it's so weird that people didn't do it. It's so weird that there was so much of that going on, and it was always kind of a thorn in my side of like. You know, I like to have agreements in writing. You know, that's professionalism. I'm a big fan. I'm a big fan.

Speaker 2: 12:28

I don't think we should have been without protection for ourselves as agents. Yeah.

Speaker 1: 12:34

And it's been. You know, it's really tough when you're explaining that to somebody and they're like, oh well, I'll only work with an agent that don't make me sign a contract, and it's like, what kind of agent is that? But you know, to each their own.

Speaker 2: 12:45

A lot of them. I have to go ahead and get a whole lawsuit over it.

Speaker 1: 12:48

Yes, but we are we are probably not going to see much, if not at all, of that during 2024. Hopefully, not at all. Hopefully, everybody has a contract, everything is clear, agreements in writing, and that's all that we'll see hovering around there this year. So sorry, you freelancers out there, I'm not going to get committed to anybody. Well, you're going to have to make an agreement 2024 will be the year of commitment. The year of commitment to your agent. Let's operate things here professionally.

Speaker 2: 13:25

Yes, get that by a brokerage.

Speaker 1: 13:28

So in 2023, we started to see a lot of, like you know. In 2020, we started to see all these virtual open houses, and Zoom meetings were on the rise. People learned how to use Zoom that never used it before. It became a new norm. However, now that things are kind of up back and running Back to normal, back to normal or getting back to whatever we call normal now we're seeing less and less of this like virtual world out there.

Speaker 2: 13:58

Yeah, we're seeing less of the virtual tours and the virtual open houses.

Speaker 1: 14:03

Yeah, the Zoom open houses and virtual open houses. I mean, they're still there, still an option. Still always a great idea for marketing a property to have that virtual video out there so people can see what it looks like and what walking through it looks like. However, that being the only type of open house or anything for a property, we're seeing that go away. I'm seeing a lot more open house signs around town.

Speaker 1: 14:33

A lot of people hosting physical, in-person open houses. So we're seeing that come back and that is what you will, I'd say. We're pretty much saying goodbye to those Zoom open houses, or at least only Zoom open houses.

Speaker 2: 14:47

Or at least in the capacity that they are now.

Speaker 1: 14:49

Yeah exactly.

Speaker 2: 14:50

So things might change a little bit, because last week in news you touched on Zillow saying that AI was going to change how people buy homes and when I looked into that it was basically offering 3D renderings of what the home looks like, 3d floor plans and things like that, which is basically something that we use now called Matterport. It gives a whole 3D rendering of how the house works. So that might be something that is still moving forward. But the actual Zoom open houses, I agree with you, I think those are gone.

Speaker 1: 15:23

Yeah, we're seeing I'm not gone completely, but a lot less of them, most definitely not as much. So, yeah, that is let's say goodbye to those. Also during 2020, a huge surge in buyers looking for that home with the home office space In their kitchens with their laptops. It wasn't working. They needed a home with a home office. All of the jobs had went remote and over this year we started to see a lot of those remote jobs come back to in person.

Speaker 2: 15:59

Back to the office. We'll see in your brick and mortar building.

Speaker 1: 16:02

Yeah, so I'd say there's a good balance between those. We're not saying goodbye to these home offices completely. Some companies have chosen to go completely remote, but a lot of the companies that chose to go remote are now seeing it's not really working out for them and they're bringing people back in the office.

Speaker 2: 16:21

So I've been they're getting a little pushback on it. Not everybody wants to go back to the office, but that is it. The way people bought houses and the way they wanted to live their lives, with the mindset that they were confined to their house, is very different than what we are seeing now at the end of 23, where people are looking to move back into cities instead of away from them.

Speaker 2: 16:43

They want to be close to work, they want to be close to public transportation, walkable restaurants and shops and stuff. So that exodus of people moving to the quote unquote country or getting bigger spaces, home office and living confined is definitely changed, Right right and early in the year.

Speaker 1: 17:03

this year we realized that we had to say goodbye to home value increases that happened overnight.

Speaker 2: 17:12

Right, I bought the house today for $300,000, and tomorrow it's worth $400,000.

Speaker 1: 17:18

Yes, so that was a. Thing.

Speaker 2: 17:20

That was very much a thing that we have to say goodbye to.

Speaker 1: 17:23

Yeah. So early 2022, we started to see that go away once the market started shifting. And 2023, we just had to, and I think that sellers finally came to the agreement that they knew it wasn't going to happen, though there's still the small few that said that want to be overpriced and think that their house is worth that, because that was the trajectory it was going for. But yeah, Harsh reality set in. Harsh reality set in and we realized that we could say goodbye to that, at least for now.

Speaker 2: 17:58

We'll see that 2024. We're still good to say hello to healthy growth. Yeah, yeah, slow and steady.

Speaker 1: 18:04

Health appreciation is always better than um.

Speaker 2: 18:07

That overnight value increase, that was nuts.

Speaker 1: 18:11

Yeah, though some sellers liked it.

Speaker 2: 18:12

You were in a comp one week and two weeks later the comp is different and you're like how is that possible?

Speaker 1: 18:18

Yeah, we were like comps. Why does that even matter?

Speaker 2: 18:20

Whatever you want to pay, it's fine. We're not going to take those into consideration anymore.

Speaker 1: 18:26

Yeah, yeah, 2023 crashers. I'm putting you to rest because it didn't happen.

Speaker 2: 18:35

But now we have all of these same people saying it's going to be in 2024.

Speaker 1: 18:39

now I think we have them every year.

Speaker 2: 18:42

They will come back to life, I'm sure but, yeah, yeah, but there'll be zombies running around screaming 2024 is going to be the big one? Yeah, so all you TikTokers and you crash-wanters, whatever you want to Crash is coming and buy apartment homes.

Speaker 1: 18:58

Yeah yeah, yeah. So we were putting you to rest because it did not happen in 2023. So we'll see, but this was not your year.

Speaker 2: 19:07

Yeah, this wasn't the year. Is it going to be next year? We're going to find out.

Speaker 1: 19:10

Yeah. So with rates coming down next year, I'm anticipating it's going to be a busy year, so I'm going to sadly say goodbye to realtor vacations. Yeah, yeah. So this year being kind of steady and slow, we had some time.

Speaker 2: 19:28

It was kind of nice, though, being so steady that you were able to take time and relax or vacation or things that normally don't happen, which you won't get next year.

Speaker 1: 19:39

Yeah, next year it's sadly probably not going to happen.

Speaker 2: 19:42

I hope you enjoyed your last vacation, because it's over for you.

Speaker 1: 19:48

And you know what they announced the rate drop a couple days before I went on vacation. So I really was bombarded with a bunch of phone calls during vacation. Oh yeah, so I was like this is just an indicator of what's to come next year, because just that announcement created so much buzz.

Speaker 2: 20:08

It created so much buzz. Yes, the world is excited and those 6% interest rates aren't. They're not afraid of them anymore. So they're just like oh my gosh 6%, let's go do that.

Speaker 1: 20:18

Yeah, 6% sounds great, especially with the possibility of it dropping even lower and being able to refinance. So we're going to say we're going to bring back the refinances because those got buried this year.

Speaker 2: 20:32

Yeah, those are gone.

Speaker 1: 20:34

Those were put to rest in 2023. Refinances people weren't even. They were like no, there's no reason to refinance. They're not going to pull equity out from a 2% rate and refinance it in an 8%. That makes no sense. So there was hardly any refinances happening this year. So I guess we put those to rest for 2023, but they're coming back in 2024. We're going to see a lot of those.

Speaker 2: 20:59

Yeah, in 24, I expect to see those, especially since it was in November. They started recalling, they started calling in all of the laps and mortgage payment.

Speaker 1: 21:15

The forbearance. Thank you, I had moratorium in my head. Yeah, moratorium. I think I started the show with moratorium, which was not the right word, but whatever.

Speaker 2: 21:24

Well, here we are. But yes, all of those forbearances have all been called in now. Yeah, so, so that free ride is over folks yeah forbearances are put to rest.

Speaker 1: 21:35

And 2023, goodbye, goodbye, forbearance, goodbye, thank you. And we have all the people moving in from California. I guess from other places too, but California.

Speaker 2: 21:47

It feels like California in your mind. It just feels like it's all.

Speaker 1: 21:49

California and you see more California plates on the road than anything. It's like. No, there's not even a data plates anymore, it's just all California.

Speaker 2: 21:58

Yeah, and I'm okay with it. Yeah.

Speaker 1: 22:00

Welcome to Vegas. Welcome to Vegas. I'm gonna have to get a better here. Just don't start up that whole California madness here.

Speaker 2: 22:09

Well, you know what they did bring with them Traffic.

Speaker 1: 22:13

Yes, yes. And so we, sadly and very sadly, are saying goodbye to the 30-minute inner city commute in Las Vegas, because I grew up here and you could get anywhere in the city 20 to 30 minutes. Thank you, like, plan for that, and now I plan an hour between every appointment, because it is you never know what's gonna happen. If you get there in 30 minutes, you're lucky, but we have a lot longer commute and a lot more traffic, and would they please finish the freeways and the streets that they're working on?

Speaker 2: 22:50

And there's a lot of them, right? Yes, everywhere they're popped up, all over the valley. They have that Eastern band around the 95, around Charleston that's all tore up. They have the exited Tropicana that's all tore up. I mean, it really is just the whole city. If you just look at a map, you can put your finger anywhere on the map and, yeah, there's construction going on.

Speaker 1: 23:09

There's memes going around I'm sure everybody's seen them of our state. Flower is the traffic code because, it is everywhere. Oh my gosh.

Speaker 2: 23:18

They are everywhere, but that's okay because the city has grown in the capacity and in order to get those commutes better, they have to expand, and that's what they're doing. And so 30 minute commutes with all that traffic I mean with all the construction is gone. But hopefully, once some of these projects get finished, traffic will flow easier and then it'll only be 45 minutes instead of an hour. Woo, yay, yay. Look at the excitement. Yay, yay, oh, great Yay.

Speaker 1: 23:47

I spend my entire day on the road.

Speaker 2: 23:50

I spend my entire day on the road too. Girl, I get it.

Speaker 1: 23:53

And then where there's people that like never really go anywhere, like my dad doesn't go anywhere much, but when he goes somewhere, he's a little spot and then it's like he gets stuck in a small traffic jam and he's like all I read about it and I'm like just imagine that every day, all day, that's my life, All day, every day. Here it is, here it is yeah. So I don't know.

Speaker 2: 24:16

I've learned to have patience. My favorite was in 2020, when everybody was bound home, except for a few people were going out. I was going out all the time because we were in real estate. We were open for business, but the commute there was like 20 minutes. Yeah, anywhere in town, didn't matter where you were. I'll be there in 20 minutes.

Speaker 1: 24:35

Yeah, I know traffic. I think it was 20 minutes. That was great. That was good. No one's out? Yeah, I know, but goodbye to that.

Speaker 2: 24:40

We said goodbye to that in 20. And now in 23,. We'll say goodbye to those 30 minute commutes.

Speaker 1: 24:47

Yeah, they're gone. Sorry, I don't think they're ever coming back. That's so sad Things that I would like to say goodbye to in 2023, but I don't know that it's going to happen. This is wishful thinking.

Speaker 2: 25:01

OK.

Speaker 1: 25:01

OK, love to say goodbye to inflation because, oh my goodness, shopping this year was crazy, crazy, everything's double in price.

Speaker 2: 25:12

Everything, everything's double in price, Whatever you think you're going to spend double it.

Speaker 1: 25:15

Yeah, yeah, double it, double it yeah.

Speaker 2: 25:19

It was crazy. It was everything from what felt like gas to groceries, to presents, to anything.

Speaker 1: 25:25

Even Christmas dinner, like I always host Christmas dinner every year and it's always a certain amount, and this year it was probably double or triple the cost of what it usually is. Yeah, so wow Gosh, I hope we can. Let's put that to rest. Let's put that to rest. Let's get rid of that. That is crazy and I am fed up. Yep, ken, and I'm just going to say this and leave it. I would love to put to rest those bloodthirsty attorneys, and that's all I have to say about that.

Speaker 2: 25:57

And she's like. No more will be offered on this subject. If you know, you know. If you know, you know.

Speaker 1: 26:06

And this has been so annoying this entire year.

Speaker 2: 26:10

Ok, you are fired up today. My goodness, go ahead. I am annoyed about everything. No, ok, I'm annoyed too.

Speaker 1: 26:17

So on listings this entire year every time that we have a property listed because rates have been so high and financing is so high, and even cash investors that buy homes to flip them usually use some sort of creative financing behind the scenes, even though their offer is a cash offer Right.

Speaker 2: 26:36

They're looking at hard money loans or Hard money loans, whatever.

Speaker 1: 26:39

So that happens, but with the price of money going up and the rates being so high and everything like that, that's been an issue for them or an obstacle for them, right? So every single time we list a property, I get the emails and the offers from the people that want creative financing. And I've even got to the point where I speak to the sellers at the beginning of the listing and I say, hey, if someone wants you to carry their mortgage or wants you to do this, is that an option for you? And most of the time they say no. They want their cash because they have something they need to do with it. Making payments over 30 years isn't making sense to them, or whatnot whatever they don't want to play bank to an LLC, that and gosh.

Speaker 1: 27:27

We all know those LLCs could go bankrupt. Or whatever. And then they're not on the hook for anything. So there's definitely risk to that and a lot of things. So again, consultant attorney.

Speaker 2: 27:39

I'm not an attorney and like I said they're blood thirsty, so they might be blood thirsty, but you'll get what you need. But yeah, that creative financing there were some weird things that people were trying to pull.

Speaker 1: 27:53

Oh my gosh and I got one offer on a listing for creative financing. They're an LLC, they send this offer and, of course, I guess the most annoying thing about it is we're obligated to present every offer to the seller. So it's like even though we say seller's not considering these types of offers, they still send them. We still have to present them. The seller's like why are you talking to me about this when I already said no?

Speaker 1: 28:16

And it's because they won't stop, they don't listen, they just send them anyways and we have to do our due diligence and present them. And one of them had an LLC and the seller looked it up and it was expired. He was irate, like why are they even doing it? I don't know why they're doing this, but desperation.

Speaker 2: 28:34

Desperation.

Speaker 1: 28:36

They want the sellers to carry the notes so they can purchase properties and hopefully flip them for a return, and really it's just whatever. I hope that we start seeing less of that this year with the rates dropping, I think we will.

Speaker 2: 28:50

A because the rates are dropping and B, like I said, people have wrapped their head around it. They've adjusted. 6% is not scary. People are out in the world shopping, People are doing loan applications. People are now coming to grips with it. It took a minute but they're here.

Speaker 1: 29:04

Yeah, so I guess the only crystal ball projections that I have for 2024 is. I feel like it's going to be a busy year.

Speaker 2: 29:13

I feel the same way.

Speaker 1: 29:14

Yeah, I feel like there's going to be a lot of buyers that are off the fence and ready to buy. I've already started seeing all of them resurface and I think that there's going to be a lot of sellers that have been kind of trapped in their homes by their great rates that are going to be finally ready to move.

Speaker 2: 29:33

Yeah, I'm actually hearing that in conversations that I'm having too. They just need a change. I just need a change. I just need a change so they're willing to give up those interest rates and if buyers can get in with lower interest rates next year, then I think we're going to be very busy. There's going to be a lot of movement in the valley.

Speaker 1: 29:49

Right, and one thing that is also a point to bring up is a lot of times when sellers were stuck in their home or any had to stay in the home for a while, a lot of people would pull out equity out of the home to refinance or not, to remodel, renovate, do whatever to make their home more adjustable for their lifestyle. But again, rates were so high those refinances weren't even an option. So that wasn't unless they had the actual cash pulling equity out of the home to renovate or make room for a new baby or something like that Just it wasn't an option. Right, they were kind of stuck in all types of ways in their home. So we're going to see them back on the market and putting those homes on the market and getting moving along Good change for them.

Speaker 2: 30:36

Yeah, yeah, it's time for those people who feel stuck to get moving.

Speaker 1: 30:40

Yeah, so my crystal ball prediction for 2024 is it's going to be a busy year, so get ready.

Speaker 2: 30:45

It's going to be a busy year.

Speaker 1: 30:47

Yeah, get ready for it and we will see what happens. And so, starting in 2024, for our show, for what we're doing we talked about last week. We did.

Speaker 2: 30:57

We've been letting the listeners know. So if you're a listener out there, make sure you like, share and subscribe so you can keep up to date with it. But we are going to be doing a lot more listener questions. Yeah, so the things that you as a community want to know about in Las Vegas. You can go ahead and email us. And it's Vegas.

Speaker 1: 31:12

VegasRealtyCheck at gmailcom. Yeah, you can go on any of our social media and message us, and if I see you out in person, I am asking everybody that I talk to she is. What is your question that you want to ask a realtor?

Speaker 2: 31:27

Your notebook is being carried around like it's a clipboard. Yeah, excuse me, I'm taking a survey. What would you like to know about in Las Vegas?

Speaker 1: 31:35

I should get out there with the microphone.

Speaker 2: 31:37

Oh yeah, that would be fun, that would be awesome. We could do a whole day of it.

Speaker 1: 31:41

Yeah, survey the public.

Speaker 2: 31:43

All videotape. We'll get our engineer to put it on. We'll be live from the streets of Vegas. What do you want to know?

Speaker 1: 31:48

That'd be pretty cool. That would be great. We can make that happen. That'd be awesome. That would be fun. Yeah, but yeah, I want to get more into. You know, of course, we're not going to get rid of our weekly inventory updates.

Speaker 2: 32:01

We will always have that.

Speaker 1: 32:03

But yeah, start having the topics of the show be more Q&A and just letting you guys know what you want to hear.

Speaker 2: 32:10

Yeah, yeah, yeah. That'd be awesome If they do want to get a hold of you. How did they do that?

Speaker 1: 32:14

702-308-2878. And Tiana people have questions for you. They want to get a hold of you. How do they reach?

Speaker 2: 32:22

you. You can call me at 702-3799-4878. Send me a call. I mean you should me a text. Send me a call, we'll talk, yeah.

Speaker 1: 32:30

And we'll see you next year. All right, have a great.

Speaker 2: 32:33

New Year's Bye, Vegas Bye. Thank you very much.