Real Estate Rumble: FIRPTA vs. Buyers, Solar Showdown, and Zillow vs. Mls Faceoff

Ever wonder about the quirky side of real estate? Join us as we reminisce about our recent adventure to Pahrump, where we scouted out a rumored spaceport using landmark-based directions from locals. You'll hear all about our unique experiences, from finding a listing with directions like "turn left at the bush" to our appearance on the Morning Blend on News 13. Check out the links on our social media and YouTube page, and don't forget to send us your questions and feedback via our link tree at realtycheck.vegas

Curiosity-peaked yet? We delve into the intriguing real estate market trends in Pahrump, uncovering the unusual billboard advertising dominated by realtors, dispensaries, and fireworks. Get the scoop on the slight uptick in inventory, the dip in sales, and the rising tide of price reductions. We also dive into essential advice for buyers and sellers, from understanding tax withholdings at escrow to the perks and pitfalls of purchasing homes with paid-off solar panels. Tune in every Thursday morning at 9:30-ish for more captivating real estate stories and expert insights!

Transcript

Speaker 1 0:16

Good morning Las Vegas. Thanks for joining us back here on Vegas Realty. Check your local Las Vegas real estate news show. I'm Trish Williams and I'm Tiana Carroll. Welcome back. Yes, and if you guys, I hope you guys had a chance to check us out on Monday. We were on the Morning Blend on News 13.

Speaker 2 0:33

Yeah, that was great Talking about this. Talking about this, exposing the podcast to the Valley.

Speaker 1 0:40

That was sort of fun. It was sort of fun, and if you didn't get a chance to see us, we do have a link posted on our socials.

Speaker 2 0:47

We're getting a link posted on our socials. The engineer's working on it now.

Speaker 1 0:51

Oh, good, good, I thought I posted one on Facebook. Oh no, on the socials. I meant the YouTube page. Oh, the YouTube page.

Speaker 2 0:58

Yeah, it's going on the YouTube page today, so if you're watching this on YouTube then you'll also see the link to that. But it is already on social things like Facebook and Instagram.

Speaker 1 1:06

Yeah, and if you want to find out how to find our socials, go to our link tree and that is posted at realtycheckvegas. Yes, and realtycheckvegas. You can also submit listener questions which we will answer here on the show. Yes, and please send us your questions and send us any feedback, anything that you guys want us to talk about or you're interested in hearing about. We want to hear it. Yeah.

Speaker 2 1:33

Yeah, we're here, we want to know all about it. We like building this tribe and if you haven't yet, make sure you like share, subscribe, download, do all the things, push all the buttons so that way you're notified when we are uh live. And we do that every Thursday morning, every Thursday morning and then 30 ish, nine, 30 ish Is it close enough?

Speaker 1 1:53

Yeah, so um we uh inventory. Let's, let's, uh, let's roll in. Do you have any news?

Speaker 2 1:59

Uh no, not really. It's all basically the same thing. I did go out to Pahrump too, looking for a spaceport a little bit. I did some driving around. I talked to some people out there and they were being so funny because I know agents and then I've sold to people out there as well and they were like oh yeah, we can't tell you where it's at. It's for locals only. I'm like there's not going to be a local here at spaceport once it's built. That's going to be a tourist attraction for sure. Did you find anything? I got general directions, but then my day got cut short. I had to come back to the city, so I never went out to the actual location. But I do have a good idea of how to get there now once I'm in Pahrump, because they gave me landmarks. I love that they didn't say go to this street and make a left or head east on this street. They're like you go up to the purple building and then you make a right. I was like, oh okay, I need these directions. I want these directions.

Speaker 1 2:51

Okay, I'll get them to you. Yes, okay, so that's funny. The landmarks I had a listing one time and it wasn't quite in Pahrump. There's like this little town right before Pahrump, yeah.

Speaker 2 3:02

Spring.

Speaker 1 3:04

Mountain Springs. Oh, no, it's not Spring Mountain. No, not Spring Mountain. Mountain Springs. No, that wasn't the name of it. I can't remember the name.

Speaker 2 3:13

Hold on, I'm going to look it up. Go ahead and keep talking.

Speaker 1 3:14

It's a tiny little town off a dirt road before you go to Pahrump, and it's a lot of. There's a lot of like little cabins there you go down there Mountain Springs?

Speaker 2 3:25

Nope, it wasn't Mountain Springs, it was the fire department right there.

Speaker 1 3:27

Yeah, this was different. Okay, this is a little. They have a gate that they made like a makeshift gate that like enters the town and I will. I'll have to look it up and find it. I didn't realize I'd be talking about this today, so I didn't have the information, but I did.

Speaker 2 3:46

Oh, you're talking like on the Calico curve, the blue diamond?

Speaker 1 3:49

No, no, it's not blue diamond either. There's a little dirt road when you're headed to Pahrump. There's a little dirt road on the right. You take that dirt road for maybe about two miles and it leads you up to these mountains and there's like maybe 15 houses here, okay, and they're custom Okay. I had a listing there once. They're custom homes but they're like cabins but like the town is very like nobody and there's this chain link gate in front of it and it says residents only, but they like wrote on it with a Sharpie.

Speaker 2 4:23

That sounds very Walking Dead.

Speaker 1 4:25

Do not enter. It looks like Walking Dead. It looks like Walking Dead, but I also out there. I had a land listing there that once that I sold, and also in this little town there's not really streets or landmarks. So I had to on my listing for the directions put like turn left at the bush, turn left at the bush. No, it was literally I had to put because the GPS, if you put it in the GPS it won't get you there.

Speaker 2 4:53

That is so funny.

Speaker 1 4:54

Yeah, so I had these, like I took pictures.

Speaker 2 4:56

You got to go into your MLS history and get the listing. I would love to read that.

Speaker 1 5:01

Yes, I had to take pictures of like the different trees and bushes. It love to read that. Yes, I had to take pictures of like the different trees and bushes and was like picture three turn left there. When you see this one and this tree here, you make a right.

Speaker 2 5:17

Like it was. There was no other way to say how to get there. That is awesome, yeah. Well, that's how my spaceport directions are, okay so, but yeah, I did get a chance to go out there. As much as I like going back out to Pahrump, always I seem to run out of time when I'm there. It's like time moves differently out there than it does here. I'm just out there dilly-dallying and next thing, you know, I'm like oh, I need to leave, like right now.

Speaker 1 5:39

When you get out there you want to dilly-dally, because it's like when you leave Vegas to Pahrump and I've talked to people that moved out to Pahrump that feel the same way I feel like time just slows down.

Speaker 2 5:50

Oh yeah.

Speaker 1 5:50

Oh, it's a totally different vibe. It's a different vibe.

Speaker 2 5:53

It's a different like everything's not so fast you have mascara on your face and it's driving me a little nuts. Let me just wipe that off. That would be driving me nuts too, so you're good now.

Speaker 1 6:02

Thank you, now I look good on camera. Yeah, you always look beautiful on camera. Yeah, but time slows down. In Peru Everything is super slow. I know whenever we're like in negotiations with realtors out there, there's never urgency, they're just like or title.

Speaker 2 6:18

Everything's like lollygagging around. I'll get to it when.

Speaker 1 6:21

I do, don't worry about it.

Speaker 2 6:23

So, yeah, that's a it's. It's definitely different. It is fun, though, and you know, um, we know people that have moved out there, we know people that work out there, and just getting out there, I feel like I want to stop and see like six or seven different people, and then I always end up two or three. When I'm done working, I'm like, oh, and now I got to go back to the city.

Speaker 1 6:43

Bye, and I don't know if I should be breaking this news up front, because I don't know if it's officially announced, but our office is opening a location. It's VIP. No, our office is opening a location.

Real Estate Market Trends Discussion

Speaker 2 6:55

Our office is opening a yes, so I know there's another office opening out there, but there's a lot of real estate offices opening. Okay, so listen, when you're driving through Pahrump. If you have not been, I'm going to tell you right now that they have billboards everywhere and about 70% of them are realtors, and then there's like 20% that are dispensaries, and then the rest is fireworks or political billboards.

Speaker 1 7:22

Yeah, or beef jerky.

Speaker 2 7:24

There's a lot of beef jerky billboards out there, Not as much as there is real estate. Like every billboard is a realtor, a realtor, a realtor. I'm like how much business do y'all do?

Speaker 1 7:33

out here. But I'm thinking it must be super cheap to advertise on billboards out there and I've thought of looking into it but I just never got around to it. But it's got to be.

Speaker 2 7:47

I mean, billboards here are so expensive, so it's probably just a lot more affordable than every it would have to be, because I feel like if you get a real estate license and you're working in Pahrump, they're like here, here's a billboard. It just comes standard with your license. Enjoy. We don't carry business cards. You're like uh, you see the purple building my billboards next to it. That's how you get ahold of me, yeah. Yeah, that's awesome the purple building I keep referencing is that phantom fireworks, and they got a lot of billboards too.

Speaker 1 8:13

Yeah, oh, they do, they do. And what, coming up on 4th of July, I'm sure a lot of people will be going out there to grab some fireworks and looking forward to that, I guess. Yeah, yeah, so. Numbers Numbers Did we even get to those. No, all right.

Speaker 2 8:30

So we've got a little uptick in our inventory a little bit. We keep creeping closer to that 3,700 mark. We're at 3,673 today.

Speaker 1 8:39

And you know, I want to say, even though that's such a slight increase in inventory, I'm feeling it.

Speaker 2 8:45

No, I'm feeling it too, and even though you're right, it's a minimal increase. We're just, you know, 50 houses more than we were last week 25 houses but it's going up, and up, and up and up, which is crazy because we're going to be soon. We might get to that 4,000 mark, which would put us closer to a balanced market.

Speaker 1 9:03

Yeah, yeah, we are, but who knows?

Speaker 2 9:05

about balanced market. You and I were talking the other day on this market's nuts.

Speaker 1 9:09

It is nuts.

Speaker 2 9:10

There's no rhyme or reason. There is no rhyme or reason to what's out there.

Speaker 1 9:13

It's like you. You know it's it's. We're in a very like unpredictable environment.

Speaker 2 9:19

We called it the twilight zone, because things that should be happening are happening, and then things that should be happening aren't happening. You're like whoa what? What is happening? What is happening? Happening, happening, happening.

Speaker 1 9:31

Well, I was looking at a map yesterday on um the United States. Okay, um, no, um, this map, uh, you know, it just showed uh inventory across the country and it stated this this this map, um was showing increases in inventory everywhere across the country except for Nevada. So I'm like, huh, is everybody getting, um, you know, increases in inventory? We were still negative 12. Yeah, um, so I think that we're maybe catching up to the rest of the country.

Speaker 2 10:06

It's weird because we're usually on the forefront of what's going on and, as the country is moving more into a buyer market, we're still in the seller market.

Speaker 1 10:19

Yeah, but I'm thinking that we might be seeing a little shift.

Speaker 2 10:22

Well, these numbers, indicate a shift right. We're getting closer to the 3,700 mark. Our sales last week were down a little bit because we were up over 600, and now we're down to 572. So that's inventory going up, sales going down. Our under contracts are pretty solid. They've been pretty even.

Speaker 1 10:43

Yeah, and I was looking the other day at our under contracts versus our new listings and those numbers are pretty much aligning with each other. Yep, one comes on the market, one sells yeah, so that's good. Yeah, that's good.

Speaker 2 10:57

I just yeah, well, that means there's motion, right, we're not accumulating stock and we don't want to accumulate too much stock, because then we move into a completely different market and then our home values will be at risk.

Speaker 1 11:07

Yeah, but be aware too we are in election season now and we are very close to election season now. Some people have already started early voting. And um election season, real estate slows it. It it's happened every time since I've been around and it's to be expected, so don't let anything.

Speaker 1 11:30

Doomsday scare you off, even if we have an increase in inventory or we start to see things slow down, don't like crash, freak out. You know it is very normal for that to happen during election season. So I think we're just starting to see it. Yep, yep, yep yeah.

Speaker 2 11:45

And then tell us about our price reductions 477.

Speaker 1 11:51

477. That's up a bit, it's up a bit but again, this is consistent with what's going on.

Speaker 2 11:56

With our weirdo market.

Speaker 1 11:57

Yeah, weird, it is a strange market. It really is.

Speaker 2 12:01

It truly is. It truly is. I feel like I'm pulling out like every tool in my tool belt to make things happen on some deals, and then other deals are just like oh, we're already done with that, that was easy. Like where did?

Speaker 1 12:17

that come from? Yeah, it is. It's different Rates are definitely affecting things. We all know this is not breaking news.

Speaker 2 12:27

Yeah right, so we've been talking about this since 22. So here we go.

Speaker 1 12:31

But they are. You know, we had a slight drop in rates and then it kind of leveled back out. I did hear news and this is just from a client that watches a lot of YouTube videos that, like Europe, is supposed to be doing a drop in their rate, which should then trickle over to a drop in our rate and all of these things. I don't know the basis behind that or even if it's going to happen, but gosh, any relief in rates would be really good for us?

Speaker 2 13:06

Yeah Well, I guess you'd have to define what really good for us is right. That might be a matter of opinion, because if we do get that drop in rates, then it's going to be a feeding frenzy. Then we will have no stock and we might get bidding wars and over appraised value and all of that happening again.

Speaker 1 13:23

Yeah, yeah, and um one thing that I, um, I, you know, we, we in real estate, we have so many tools that we kind of forget what tools we have sometimes, yeah, until people ask us questions and.

Speaker 2 13:37

I'm like oh wait, I know the answer to that. Oh yeah, I could help you there, right, and one thing that I get more information, that I remember no, I'm just kidding.

Speaker 1 13:45

Yeah. And one thing that I realized yesterday which I knew, I knew, and I've done this before in the past FHA loans are assumable, guys. Yep, yes, so sometimes, when you're looking to purchase a home, if you have the cash, this is the big thing. If you're looking to purchase a home that has an FHA loan and the seller's willing to cooperate because it's going to take longer 30 to 90 days Yep.

Speaker 2 14:10

It's more hoops to jump through. It's definitely a benefit to the buyer to get that assumable rate.

Speaker 1 14:15

Right, because if they have that two and a half or 3% rate, that is the golden goose that they have. You can assume that. But what you have to keep in mind is their loan balance is going to be much lower than the sales price right now, so you have to have the cash to make up the difference.

Speaker 2 14:32

Yeah, you got to compensate because sellers aren't just going to give you a good deal. Nobody's volunteering to sell to you under market value or not get their money, that's for sure.

Speaker 1 14:42

Yeah, so that is somebody that's in that playing field, that has the cash and still qualifies FHA Something to look into or something to ask. We can ask questions on listings, even if they're not advertised that way. Sometimes all you have to do is propose a question to the seller and they'll say, hey, I'd be open to that.

Speaker 2 15:01

Yeah, yeah, yeah. Questions they make the world go round, yeah.

Speaker 1 15:04

And speaking of questions, let's start with Danny. They make our world go round. Yeah, All right. What's Danny got? Danny says when buying from an investor that is foreign, non-resident of the US, what do I need to be concerned about?

Speaker 2 15:21

Ah well, do you want this one, or do you want?

Speaker 1 15:24

me to take this one. Well, we can go and talk about this one, so this is called FERPTA.

Speaker 2 15:28

Yep, we are talking about Foreign Investor Real Estate Tax Act. Yes, ferpta, ferpta, yep, and this applies to any non-resident foreign investor in the United States. When they buy properties here, they are subject to this FERPTA, which is this tax act.

Speaker 1 15:46

Now, if you have a green card or something of that sort, you're not subject to FERPTA. So FERPTA is just people that are not paying taxes in the United States. And, yes, there is one thing that you need to be concerned about and that's being on the hook. Yeah, it's the tax withholding.

Speaker 2 16:03

Yeah, yeah, yeah, yeah. So when, any time, a foreign investor sells a property, that triggers a taxable incident, right, and so if that person is a foreign investor and isn't paying taxes in the United States, there has to be a withholding. Now you would assume that the withholding would be with the seller, because you know it's a tax withholding for the sale of the property that year, but the burden lies with the buyer to make sure that those funds are withheld. They can be seller funds withheld, but it's their responsibility.

Speaker 1 16:34

Yes, and the good news is why you want a realtor and why you want a reliable title company to navigate yourself is the title company.

Speaker 1 16:44

once they see that this is a foreign investor, which you know, of course, they have to obtain documentation, licenses, things like that. So if this is a foreign investor, they are under alert that it is and once they see that, they will automatically do a withholding of that and even a little bit more to cushion it, to make sure that that total amount is paid and the way that you know as a buyer. So it's not last minute surprise is, on our purchase agreement there is a box that the seller has to check stating that they either are or are not a foreign investor. So this is something that we will be aware of in the early stages of the process.

Speaker 2 17:23

Yep, that's going to happen right there when that purchase agreement gets signed. They either are or are not. Yes, and that withholding is for the purpose of the tax that will be filed by the foreign investor slash seller and that will trigger them to have to do it. They have to pay it through a tax return and they'll also need an ITIN number right, and the tax identification number to file that tax with it. So when you're buying an investment property, you should be aware of that, if you're a foreign national, before you even purchase the property, and then when you do purchase the property, they withhold it back.

Speaker 2 18:02

Now there are some exemptions to this. There's a personal residence exemption, which we did a lot of back in the day, but now that our home prices have gone up it's not as effective because it affects homes that are under 300,000. So back in 15, 16, 17, when homes were still like $280,000 and stuff, then this FERPTA tax exemption was quite a benefit, because if the buyer is staying in the house for 50% of the time, up to two years, or their family is, then they do get that tax exemption. You can still do the tax exemption if you're buying from $300,000 to a million, but it's not a complete exemption. Instead of the normal 15% or 20%, if you're padding it that you're withholding, then it's 10% that you have to hold back.

Speaker 1 18:54

I must say, Tiana, you know a lot about foreign investors. And why do you know a lot about foreign investors, and why do you know so much about this?

Speaker 2 18:59

I am big in foreign investors. That is because I am CIPS, which is Certified International Property Specialist, and working with foreign investors buying in the States and then expats moving out of States kind of is my wheelhouse.

Speaker 1 19:13

Yeah, so look at that. So that's coming from a qualified and certified professional. That's me baby. Yeah.

Solar Panel Purchase Considerations

Speaker 2 19:23

So there's a lot of stuff to talk about with FERPTA if you're a foreign investor. But if you're a buyer, you need to be aware that you want to make sure that funds are being withheld from the close of escrow, preferably by the seller, into this tax exemption. I mean into this tax withholding. And then should there be an excess of tax withholding when the seller does sell, then they do get that tax refund back.

Speaker 1 19:46

Yes.

Speaker 2 19:47

And then there's also things like, say, I'm a US citizen but I'm buying with a foreign investor. Then when we go to sell, the funds have allocated and what our capital gains are will depend upon what our capital contribution is to the investment of that property, and then only the foreign investor, for their allocated portion of those, will be paying the gains. Yeah, okay, so lots of different things, but you know. Yeah, but I think we've answered his question right.

Speaker 2 20:15

We most definitely answered his question fully yeah, and then some and then a little extra, and then a little extra, a little sprinkle, sprinkle on top.

Speaker 1 20:23

Yeah, so Jessica is next, all right, and Jessica, woo-hoo. Jessica, I am so proud of you. Yeah, jessica is purchasing a house that has paid off solar. No payment is involved on that.

Speaker 2 20:40

That is awesome. That is awesome, that is awesome.

Speaker 1 20:42

Those are my favorite kind, yeah, and they should be yours too. Yes, but she wants to know how can she find out how much the power bills will be? Well, jessica, this is such an easy answer, easy peasy. Yeah, you know, envy Energy has. You can call in, anybody can call in NB Energy and there is an option I believe you have to like select. Maybe it's eight. I've called him a lot.

Speaker 2 21:05

I think I know the number.

Speaker 1 21:06

She's like, uh, this, it's eight. And then it's this yeah, For more options. And then, once you get the more options, it'll say get estimated energy bills. And you type in the zip code, you type in the property address over the phone and it'll tell you what the last six to 12 month average is on the energy bills for that property, right.

Speaker 2 21:28

So the little caveat to that is, each family's energy consumption is different. So if it's a single person living in the house, their energy consumption is going to be very different than yours. If you're buying with five kids Absolutely.

Speaker 1 21:40

So you got to keep that in mind, and these days, many people have electric vehicles. They do suck a lot of energy too, so that could make a difference. You know, even with solar, of the extra energy energy, and you know there's also things that that you can get now, um, such as like power walls, which are backup batteries for your solar that can store the extra energy that you're not using for you to use later.

Speaker 2 22:05

Like we were talking about off grid the other day, cause I'm a big fan.

Speaker 1 22:10

Yeah, yeah, but uh, I mean buying a house with solar paid off is like Paid off is a bonus.

Speaker 2 22:16

Yeah, bingo.

Speaker 1 22:17

Because the appraisers don't give the value. At all they don't give the value or the amount that they give in. The value when doing an appraisal is just like a pool, so much less than the amount it costs to have it done.

Speaker 2 22:35

It's definitely a buyer benefit just like a pool.

Speaker 1 22:38

Huge benefit. Huge benefit to the buyer. So good job.

Speaker 2 22:41

Just also, you want to check on and this all goes through your due diligence period, jessica, if you're doing a house with purchase, you do want to check on the performance and you can request that through the company on the panels themselves, the installation date, the capacity or kilowatts that you're using, so that way you have a good understanding if you have enough power to sustain your family. Sometimes people will have to add another couple panels because they have a larger family or something.

Speaker 1 23:10

Yeah, and just a quick warning on warranties for solar, which I found out the hard way they suck, they suck, they're awful.

Speaker 2 23:19

I'd be like no offense solar, but do better yeah please get regulated.

Speaker 1 23:24

So so many of the warranty companies are out of business. Yeah, so there's so many solar panel warranties that are out there that are useless and they'll say, oh, we'll give you a 25, 30 year warranty and then they're not around, and so the maintenance and it sounds delicious until they close down.

Speaker 1 23:43

Yeah, and then the maintenance, the repair and the warranty and I have solar that was paid off on my home, previous owner purchased. Previous owner got the 25 year warranty which passed on to me. And it's the weirdest thing and I don't want to call out a company, so I'm not going to say their name right now but the weirdest thing is when I call in and I tell them that the solar is paid for, they transfer me to a different department that doesn't answer.

Speaker 2 24:09

They're like oh, you're paid for, we can't make any more money off you. Yeah, yeah, the basement.

Speaker 1 24:15

Yeah, we don't get like, we don't get like anything that their, their warranty service is useless. So, um and I've heard that complaint across many, um for many of the solar warranties, many of the companies on the flip side you love your solar.

Speaker 1 24:30

I love my solar and it is kind of like it just it just operates. You know you don't really have to worry about it too much and not many problems arise with it. So that's good. But yeah, I mean it's still I'm I'm grateful, it's still a benefit. But just be careful, those solar warranties. They're not always the best. And I've heard that there's other maintenance programs which I haven't personally looked into. I intend on it, I just it's one of those things on my to-do list. I haven't personally looked into.

Speaker 2 24:57

I intend on it. I just it's one of those things on my to-do list. Did you get an upswing in say the like maybe the last week to 10 days on people? Oh, now I'm the one.

Speaker 1 25:04

Yeah, look at us Just adjusting each other, fixing our makeup and the good thing, half of this.

Speaker 2 25:09

most of the people listen to us, don't even see our faces or anything, so then they don't see us.

Speaker 1 25:13

I have no idea what we're talking about right now.

Speaker 2 25:15

She was adjusting my top y'all Okay. So, um, I was saying, oh, and upswing in buyers calling you saying we don't want solar, we don't want solar, we don't want solar, no, okay. So I did, and then I thought it was really bizarre and I was talking to my mom about it and she's like, oh, the national news did a big story on solar as a scam and this and that, and blah, blah, blah. And I was like, oh, so that triggered it. Because when you are buying a house, solar can be a diamond, like what you got, where it's paid off in full before you get it. Or it can be a chunk of coal that it has a lease and there's a balance and they're going to rip it off your ceiling. So when you do your due diligence in the purchase of a home, you want to make sure that you're fully aware of the solar situation that you're walking into. So that way it's a benefit to you and not a hindrance.

Speaker 1 26:04

Yeah, and in my opinion, solar companies need a lot more regulation than they currently have.

Speaker 2 26:10

It's the Wild West out here.

Speaker 1 26:12

On their practices Because I have noticed and seen firsthand their practices. Because I have noticed and seen firsthand and especially and it's so it's what makes me most upset out of anything. I see it more in 55 plus communities than anything else, where people have these leases on their home where they thought it was just free solar panels that they're installing and they don't understand the contract or the leases or the obligation of transfer that's required on this right and they have just a couple panels and it's not enough. It's enough to cause a payment, to cause, you know, to have it doesn't take, carry the load of the house, carry the load of the house. So it's not even looked at as like a benefit when the buyers are looking at it.

Speaker 1 27:01

And it's I feel like they're um, I and I hate to say this too but preying on elderly and and their misunderstanding or not, uh, not having a lot of knowledge about the solar and everything too. So, yes, I do think that our government likes to step in and get in everybody's business on stuff I think they should stay out of, but I do think this is an area that they should come in and have some regulation, because there is no regulation on it and I can tell you, I would say at least 90% of the people that have a solar lease on their home were told at the time that they signed up for this contract or whatever. Some people thought it was free altogether and didn't realize they were in a lease. And some people said that they were told that it would increase their home value, which is 100% incorrect, because the appraiser will not give you any value $0 value on lease solar panels because you do not own them.

Speaker 2 28:09

So that statement and you'll get very minimal just on an owned.

Speaker 1 28:12

Yeah, and that statement is incorrect. And in housing, we are not allowed to miscommunicate facts on value, on things like that.

Speaker 2 28:22

Yeah no, we're definitely held accountable.

Speaker 1 28:24

Yeah, we're held accountable and we're very regulated on that. And for solar companies to add something which becomes a lien on your house and to add this this contract that involves the sale of real estate and to misinform the consumer, I think is highly um irresponsible. Yeah, and it should um that. That should that should cease altogether.

Speaker 2 28:48

So if you guys are in solar and you're hearing me out there, stop that, stop that now, and if you're out there and you're looking for solar, I actually know a girl who is amazing at solar. They're an install company, but she's fantastic, she's knowledgeable and if anybody needs that information check out the link tree Feel free to reach out to me and I'll pass that information along. But right now we have another question.

Speaker 1 29:13

Yeah, laura. Yes, laura, laura's listing is in coming soon status. Yeah, zillow still shows her old listing, the old price and the old photos from when she bought the home and she wants to know why it's not updated.

Speaker 2 29:28

I can answer that real quick. Yes, because it's Zillow.

Speaker 1 29:31

No, no, no, no, this isn't yes I mean don't come at me with Zillow questions.

Speaker 2 29:38

They're a capture site, Dang it.

Speaker 1 29:39

Right, but our MLS allows something called coming soon status. Up to 30 days we can pre-market a listing through MLS only. I guess the things about this coming soon listing is it's marketed through the MLS, which means that it does not syndicate to the other websites that we syndicate out to. While it's in, coming soon status.

Speaker 2 30:04

Right, but when it's active it will syndicate out.

Speaker 1 30:07

When it's active it will syndicate out, but coming soon is a status for MLS agents only and it's viewed through the MLS only. Now I did have an instance recently where we had a coming soon listing and it was showing on Realtorcom. Well, obviously it's a brokerage with a license that participates in the MLS so that will be able to syndicate in their portal. But we typically know it does not. So coming soon status does not syndicate out to all of the other websites until it is active. Correct. And if it's not syndicated out, then it is not going to update on the information that you see on Zillow. It will always show the previous listing. Yeah, then it is not going to update on the information that you see on Zillow, it will always show the previous listing.

Speaker 2 30:54

Yeah, and it's important for people to realize that Zillow is not on the MLS, it's not part of the shared service. It is a third party that we do syndicate out to but they don't like. Our IDX is like what? Every 15 minutes it's updated, so our portals are instant information, but Zillow can take up to two or three days to change information. Yes, and that's in active status. Obviously they're not doing anything with coming soon. They don't have that.

Speaker 1 31:21

Yeah, and it's a syndication. Zillow is mostly an algorithm and a computer and AI and all of that stuff.

Speaker 2 31:27

Well, everything's an algorithm and a computer.

Speaker 1 31:29

now, but, yes, but it's a syndication, so that information is not always up to date, because we all know tech doesn't work 100% all the time.

Speaker 2 31:40

It's great when it does, though.

Speaker 1 31:42

It's great when it does, but sometimes it can glitch, and so does that.

Speaker 2 31:47

Yeah Well, I glitch sometimes too, so I get it.

Speaker 1 31:50

Yeah. So yeah, laura, don't worry. As soon as you go active, it will be updated, and this is coming soon. As a benefit, your days on the market are not counting while you're in coming soon status.

Speaker 2 32:04

Which is good.

Speaker 1 32:04

So it's just a little pre-marketing tool that our MLS allows us to use.

Speaker 2 32:08

Yep and fairly new, the coming soon tool that our MLS allows us to use. Yep and fairly new, the Coming Soon. I mean it's not years, well, maybe a couple of years now, but it's not as old as our MLS, that's for sure.

Speaker 1 32:18

Yeah, and it's a good tool. But yeah, it's not your days on the market start counting when you're fully active and you're out there to the world. And Coming Soon does not put you out to the entire world.

Speaker 2 32:29

Yep, yep, yep, yep. All right. So these are great questions and if you want to give us more questions that we can answer not next week, because if you tune in, next week we'll be doing our monthly market report- so we'll see what last month looked like overall.

Speaker 2 32:42

Yeah, the overall, all the numbers. So if you're that analytical mind and you want to learn everything about Vegas's last month in real estate, make sure you tune in next week. If not, send your questions or contact us via our link tree at realtycheckvegas. You can get all of our information there. They can call or text you though, right?

Speaker 1 33:01

Yep 702-308-2878. And Tiana, how do people get a hold of you?

Speaker 2 33:06

Anybody wants to get a hold of me, you can call me at 702-379-9948. Shoot me a text. We can have a conversation and get you started. If not, we will see you next week. Have a great week. Thanks, Vegas. Thank you.