Cruising Through Real Estate: Vegas Market Insights and Spooky Season Highlights

Ever felt trapped in a vacation that wasn't quite your style? That's exactly how Trish Williams felt on her recent cruise, humorously likening it to the infamous "Hotel California" experience. This sets the stage for our latest episode, where I, along with my co-host Tiana Carroll, dive into the quirks of cruising and how it relates to the current Las Vegas real estate scene. While cruising might not be for everyone, a stable inventory of homes and a significant drop in sales is something every prospective homeowner should be aware of. As election season looms, we talk about how this political climate is shaking up real estate decisions in Vegas.

In the world of real estate, not all contracts are guaranteed sales, a fact that becomes especially clear as we explore the erratic behavior of today’s empowered yet hesitant buyers. These dynamics can make sales processes tricky, but they also offer strategic learning opportunities for both buyers and sellers. We’re excited to share details about our festive community Trunk or Treat event, which promises a good time despite the windy weather forecast. Plus, we tackle listener questions about open houses, uncovering the reasons why realtors often promote other properties during these events to capture a wider audience.

Open houses can be a mixed bag, presenting both opportunities and challenges for real estate agents. From personal anecdotes to professional insights, we discuss how these events can lead to unexpected sales or serve as mere networking opportunities. The topic of solar panels also takes the spotlight, as we delve into the impact of leasing versus owning on home values. Whether you’re considering switching real estate agents or contemplating the addition of solar panels to your property, our episode is packed with valuable insights to keep you informed and entertained.

Chapters

• 0:16 Las Vegas Real Estate Market Update
• 9:00 Halloween Real Estate and Spooky Fun
• 13:52 Navigating Open Houses and Buyer's Agents
• 23:59 Real Estate Agent and Solar Panels

Transcript

Speaker 1: 0:16

Hey Las Vegas, welcome back to Vegas Realty. Check your local Las Vegas real estate news show. I'm Trish Williams.

Speaker 2: 0:22

And I'm Tiana Carroll. Thanks for joining in and welcome back you.

Speaker 1: 0:26

How was your trip? Oh, I'm glad to be home.

Speaker 2: 0:30

That is not how you're supposed to respond after a vacation. After a vacation, you should be like I loved it so much. I wish I was still there.

Speaker 1: 0:36

Yeah Well, I was on a cruise ship and I've renamed cruise ships in general Hotel California. You can check in, but you can't leave. Oh no, not my thing, not my thing.

Speaker 2: 0:47

You just felt a little claustrophobic on this gigantic cruise ship.

Speaker 1: 0:52

It's just a little stuck. I just don't like being in a situation where, like, when I'm done, I can't like, okay, I'm done here, like you're just. You're like, I got you. Yeah, so great, some people love it, I get it, whatever Not my thing. Yeah yeah, no, I like a cruise. Yeah yeah, next time I'll go on the cruise and you can stay here. Yeah, yeah, definitely, it's not my thing. I don't think I will ever be doing a cruise again.

Speaker 2: 1:16

Oh see, I love it, especially if you're traveling with like multi-generations and you can send kids here and grandparents there and get off on a port, experience the town for the day, get back on your ship, have some food, have a show and then off to bed you go, unless you're a gambler, dancer, degenerate like some of us. Yeah, yeah.

Speaker 1: 1:34

No, no, just not my thing, not my. Thing. I like to be in a situation where, if I'm not feeling it, I could just go home.

Speaker 2: 1:43

Well, I'm glad you know now, because the world of traveling on planes and boats and stuff is all fairly new to you. So I'm glad you're finding out what you like and don't like.

Speaker 1: 1:52

Well, I did a cruise before. That was three days and that was fine. Yeah, it was just the seven-day thing. Too long, too much, way too long. Okay, for me long for me, all right. Well, we are glad to have you back. Yeah, thank you. Thank you, I'm glad to be back, so glad to be back. Wow, I've never been so glad to be back Again. Terrible way to come back from a vacation. I just take the fun out of everything. So not much has happened while I was gone, so there's that?

Speaker 2: 2:22

No, and I was really surprised, because usually when somebody goes out of town then things go crazy, but there was not a peep from you.

Speaker 1: 2:30

Yeah, no, we got, um, you know, some showings on listings. Nothing, no big activity, just a you know sign of the market that we're in. We are 19 days away from this election and, oh my gosh, I can't wait for it to be over.

Speaker 2: 2:44

Slowest 19 days of our life.

Speaker 1: 2:46

It's going to feel like Slowest 19 days of our life. So everyone's just grinning their teeth, standing on the side. What's going to happen?

Speaker 2: 2:57

I'm not thinking about real estate yet and everybody's got a theory about it, right yeah, it doesn't matter which side people are on, right, they can be Republican or Democrat there.

Speaker 1: 3:07

If the other side wins, this is going to happen. If it doesn't go their way, the sky will fall. They are certain of that. They are sure, yeah.

Speaker 2: 3:14

And whichever way it goes, for those people who are saying they're leaving the country, whichever way it goes, let me know I'll help you with international sales. Yeah, yeah, definitely. Let me know help you with international sales. Yeah, definitely.

Speaker 1: 3:24

Let me know, definitely. You know, I hear that every single election season I'm leaving the country and never seen nobody leave the country.

Speaker 2: 3:33

No, I've never seen anybody leave the country. For that reason, yeah.

Speaker 1: 3:36

No, I haven't seen it happen yet, but I would actually appreciate if we actually seen someone follow through with what they say. You're like rude, you can leave the country I'm like, okay, do it, let's see it happen let's see it happen. Make the move, call your blood, they call the bluff. Let's, let's see it happen. That's funny all right.

Speaker 2: 3:54

So, like we always start the show, we always, besides our little banter, we always also start with stocks. You missed all of the uh. I mean stocks numbers, inventory stock of the houses, yeah, uh, yeah, not actual stock market stuff. Um, we always start with the numbers. You missed the uh market update last month.

Speaker 1: 4:13

I watched it last week. I watched it from the ship. You and Mia did a great job, so very good, very good, gabs a lot.

Speaker 2: 4:20

Yeah, that's okay, but we'll go over some numbers here get the uh audience in check to what's happening this week in Las Vegas real estate market. So we have single family homes. How many we've got?

Speaker 1: 4:29

5,264. So this is down about a hundred from last time I was here, two weeks ago, yep. So yeah, I wouldn't say that's anything to celebrate, yeah, and last week too, they're all just sort of staying steady.

Speaker 2: 4:44

We're hovering in that 5,200 mark, which is celebrate, yeah, and last week too. They're all just sort of staying steady.

Speaker 1: 4:50

We're hovering in that 5,200 mark, which is fine. Yeah, our souls don't look good.

Speaker 2: 4:52

Oh, our souls hurt my heart today. I know Hurt my heart. I was like 315.

Speaker 1: 4:56

Yeah, ow yeah. That's like no buyers out there, no one. That that's just an indicator that there's not much happening and that's just an indicator that there's not much happening.

Speaker 2: 5:03

That is the bare bones of real estate right there.

Speaker 1: 5:12

And I wonder how much of that, because I know we have a way of looking up the stats and we can get into that later, but I'm assuming a majority of this 315 is investors.

Speaker 2: 5:20

Because investors are still yeah those cash.

Speaker 1: 5:22

Investors are still purchasing. They're still stocking up. I've spoken with a bunch of them. They're stocking up and preparing for after election flood of buyers. So I'm thinking that there's probably a high percentage of this 315 that are investors and not true homebuyers.

Speaker 2: 5:42

Yeah, I'm going to have to agree with you on that one, because we're not seeing a ton and we have a few buyers who are out there pre-qualified and shopping and doing their thing, which is great, but it's not like it should be with a stock of 5,264 single family homes no, they had 315 closed sales last week.

Speaker 1: 6:03

Such a small percentage of that.

Speaker 2: 6:05

Oh my gosh, that's almost five thousand homes that didn't sell at this rate, then we have months and months and months of stock, not just a balanced market yeah, not good. And the price decreases have gone up.

Speaker 1: 6:21

Yeah Well, of course the houses aren't selling.

Speaker 2: 6:23

That's right. So the next move is let's bring those prices down.

Speaker 1: 6:27

Yeah, the price decreases are up at $629.

Speaker 2: 6:30

$629. People this week were like let's drop the price, yeah, yeah.

Speaker 1: 6:37

We're not getting any action. Yeah, that's kind of your only go-to right now in a market like this. But even that, I have even advised a couple of my sellers that I don't think a price reduction right now is going to do anything.

Speaker 2: 6:51

I don't think a price reduction is going to do anything just because there's not activity on the market, and if you just don't have buyers, you just don't have buyers.

Speaker 1: 6:59

Yeah, you got to have buyers for those price reductions to make an impact, and if there's no buyers out there, you're just reducing for nothing. We got to wait it out a few weeks until we start getting buyers in the market again.

Speaker 2: 7:12

Yeah, and that's one of the things in real estate, in any market, right? It's constantly fluctuating and different. In a different market, we had 5,000 homes. We may not be seeing those price reductions or advising people to hang on. We might be saying, hey, you need to drop your price, these homes are moving, but this low amount of inventory, I mean this low amount of sales, then it's almost better just to hang on, if you can, instead of dropping prices, which I never thought I'd say.

Speaker 1: 7:42

That's a weird thing for me to say. That is usually not what we advise but you've got to change with the circumstances of the environment. And the circumstances of the environment right now is that there's not a lot of people out there, so doing things like that aren't going to make much of an impact. And I hate to be like passive and say wait it out. But this is the time where you just got to kind of just buckle down, say wait it out.

Speaker 1: 8:04

But this is the time where you just gotta kind of just buckle down, wait it out, you know, and and let's get past real estate in las vegas.

Speaker 2: 8:10

Buckling down and waiting it out might be a matter of weeks, you know.

Speaker 1: 8:14

Yeah, it might be like three to five weeks into it and be like, okay, we're good and that's why I think we are, I really think, even a couple weeks, even a week after the election, when people see that the sky didn't fall, the world didn't implode that.

Speaker 2: 8:27

Oh wait, that's not going to happen. I don't have to have the world imploding party now. No, no, it's not.

Speaker 1: 8:33

But I think it's going to happen pretty quickly afterwards where people are just going to be like okay, it's fine. It's fine, like you know, whatever there may be a pity party. Like you know, whatever there may be a pity party, you think the world is going to get back to normal. Yeah, there may be, like you know, like you know, some people cry and fuss and kicking their feet, but then they'll be like okay, whatever it is, what it is.

Speaker 2: 8:58

Yeah, you know we're moving on, we're moving on, we're moving on. Okay so, and then under contracts. Those are't hurt my heart the way the sold did, because if we can get 493, I'm just going to say 500. Forget those other seven.

Speaker 1: 9:08

500 under contract homes, that's good yeah that is better, that's good-ish, better than the sold. But then you have to factor in so many in markets like this where it's like very weak, weak. In markets like this, so many homes go under contract and then the buyers are kind of frivolous and just cancel for anything Like they sneezed in the home, cancel.

Speaker 2: 9:35

Yeah, yeah, yeah.

Speaker 1: 9:39

They're really not that strong. So we have to see at the end of the month what closes from those other contracts. Yeah, yeah.

Speaker 2: 9:46

Which, um, I haven't seen. I mean, I do agree that buyers right now frivolous is a really good word they're uh sort of feeling like uh high on the hog and they have their sort of pick up the litter when they go out shopping and so every little thing, even when they get into contracts, especially on the like requests for repairs and stuff, they're like, oh no, $400. Let's cancel this $500,000 transaction. I'll be like, oh out, no, let's not do that.

Speaker 1: 10:14

Well, it's the mindset. Buyers are scared too, because they're worried, like you know. Am I buying at the right time? Is this the right market? Is this the good deal? And I'm a strong believer. This is a good deal and this is the right time for a buyer to get a good deal. But when they see that they're buying and not everybody else's, they're like wait a minute, why is it just me out here? You know, yeah.

Speaker 2: 10:40

I thought that fear was just because it's spooky season.

Speaker 1: 10:43

Well, yeah, you know that too.

Speaker 2: 10:44

You're all in the spooky season. You got your orange on. You're preparing for Trunk or Treat.

Speaker 1: 10:48

Yeah Well, speaking of spooky season and Trunk or Treat, we do have a flyer if you're watching and you're tuning in. Tomorrow we are going to be in our Henderson office.

Speaker 2: 10:59

That's.

Speaker 1: 10:59

October 18th 2024. Oh yeah, october 18th 2024. 18th 2024. Oh yeah, october 18th 2024. Don't come tomorrow. Next week we are from 6 to 8 PM in our Henderson office, 2230 Corporate Circle, 89074, right off of Green Valley Parkway. We're having a trunk or treat, there's going to be a haunted house, there's going to be food trucks, there's going to be games, there's going to be candy for the kids and stop by and say hi, so um we got our.

Speaker 2: 11:28

We got our fall. Today is our like first day of fall weather. Yesterday it was 90 degrees, today we're 72. Yeah, and then tomorrow's going to be 63. So it's going to feel like winter. Um great. I always loved that.

Speaker 1: 11:41

And if you are coming up to the trunk or or Treat.

Speaker 2: 11:43

Do be mindful that it is going to be a little bit windy, so don't let that wind bother you. I think it's going to be like gusts of 13 to 15 miles an hour, but still a good time. And the way the parking lot is, it dips down in some sections and might cover some of that wind blockage and get candy and food trucks and all the fun things.

Speaker 1: 12:03

Yeah, we'll be fine and I'll be in the Wizard of Oz booth. Stop by and say hi, and Tiana, I will be right next door in the Spookty party.

Speaker 2: 12:15

Okay.

Speaker 1: 12:16

All right, so stop by say hello to us. We would love to see you out there and it's a free event, so come out and enjoy.

Speaker 2: 12:25

And just get to know. Maybe you'll meet somebody from the community. The kids will have a good time. It's just a great way to get out and be social and not be at home.

Speaker 1: 12:34

Yeah, Invite your neighbors. Kids, invite everybody.

Speaker 2: 12:37

Don't have kids, find some, bring them. No, I'm just kidding. Don't don't steal any, please. It's Halloween. You don't tell people what to do, no.

Speaker 1: 12:47

I'm so. Yeah, so we've gone through our numbers. So now we have some listener questions to get into.

Speaker 2: 12:55

We do we have three questions today we got Diana. Why do realtors try and sell other houses when they're having an open house at my house?

Speaker 1: 13:06

Yeah, so good question. Yeah, yeah, yeah, good question. I know it's a, you know it seems odd. So first of all, uh, first of all, um the an open house. You have to think of the um the possibility that somebody most people come to open houses from the signs right.

Speaker 2: 13:29

So they're not aware of how big the house is, if there's a pool, how much the house is, all the things that are on their criteria, the price, yeah.

Speaker 1: 13:37

So a lot of times people are just driving down the street and saying, oh, there's an open house, I'll go check that out. I like this area. Let me go see, look at this curb appeal, this might be my next house. Let me go see what's going on. Sometimes, you know, just peeking or poking around, whatever. So the odds of them walking in and being qualified to purchase that house and that being the home of their dreams are very small.

Speaker 1: 14:01

Yeah, it does happen, yeah, happens, it can happen quite often, but it's a lot of times that's not even in the ballpark of what they're looking at. That's not even in the ballpark of what they're looking at. And so you know they, the buyers, could be wanting another bedroom or wanting not another bedroom. So realtors, often when they go to open houses they kind of have a toolbox. You know of other homes that are in different stages, I guess nearby. So different price points, different bedroom count, different decor, everything like that. So obviously there's one thing that we are pretty certain about when someone comes into an open house is that they must like the area. I mean, I would think it would be odd for a buyer to stop in an open house in an area they hate.

Speaker 2: 14:55

Right, no, no. The first rule of open house is the location. If a buyer's in there, it's because they do like the location. I always tell people when they ask questions like this to me I'm always like it's kind of like a dating app Just because it's there doesn't mean it's the right fit for that person. So somebody could come in and they don't need your three bedroom, they need a two bedroom and it's all fine. But you should really be respecting the agent that is out there working with those people. That means they're a hustler and they are sure as hell going to hustle when it comes to selling your house. So even though people are coming into an open house and might not be the right buyer for that house, if you have an agent who is working, all of those leads and clients, that means they are doing the same thing. It is ingrained in their business model and they're doing the same thing for you.

Speaker 1: 15:43

Yeah. And you're going to want that hustle, yeah. And then in general, open houses the primary reason why agents do open houses are not really to sell that house, they're to generate leads to meet buyers, to meet potential buyers, to meet sellers, which are, we call those, the nosy neighbors that stop in to meet them, to meet other potential sources of business, and that's one of the main reasons for it. And then an advice that I always give to my clients is we never can vet who comes into an open house.

Speaker 2: 16:25

Right. Once you put that sign out that is free to the public to come in, you're literally saying here anybody's invited, there's no prequel to get you into that open house.

Speaker 1: 16:34

Yeah. So I always advise people that if you're living in the home, it's probably not the best idea to have an open house. I wouldn't have an open house in my home while I was living in it, so obviously that's the seller's call, the seller's decision to make. But that's usually the advice I give because it is a slim chance. Our NAR statistics showed 1% of open houses sold the actual house they were holding open. So it's such a slim chance that I don't think it's worth. Safety security Of course the agents do their best to keep everything secure, but there's people out there that specialize in doing bad things.

Speaker 2: 17:17

Yeah, bad things experts. They see an open house and it's almost like a green flag, like ooh, let me go scope that. And you never know what their interests in that house are and you can't vet them. Yeah, yeah, open houses are a double-edged sword. Yeah, yeah, but if they're vacant, do them all day.

Speaker 1: 17:31

Yeah, open houses are a double-edged sword, yeah yeah, but if they're vacant, do them all day. I mean, why not? You know you could do them during the week. I actually oh, she's breaking the set here y'all Getting all excited. She's going to go. I actually love weekday open houses.

Speaker 2: 17:49

Well, I know you used to be really into open houses, like in the beginning of time, and you had a methodical plan of attack. You're like three points from a school, do it around the time, three turns.

Speaker 1: 18:03

No more than three turns, I would plot out an open house. But in my early days I was like why pay money to rent an office? I'll just host my office inside vacant houses all week and get the same work done, and just a buyer might walk in.

Speaker 2: 18:20

Right or a nosy neighbor.

Speaker 1: 18:21

Yeah, or a nosy neighbor. So it was a good strategy.

Speaker 2: 18:24

It's a good strategy for an Asian. Yeah, it's a great way to get leads.

Speaker 1: 18:28

Yeah, definitely, but weekday open houses I mean we're in a 24-7 town. Not everybody has the weekends off, so you'd be surprised the amount of activity that you see during weekday open houses. Because it's those people that are out when it's not the weekend that don't get to go to all those weekend open houses and they're happy to see one being held open during the week. So, um, so yeah, those are. Those are good idea too. And then school pickup before and after school pickup is always a good thing.

Speaker 2: 19:03

Yeah, yeah, yeah yeah.

Speaker 1: 19:04

A lot of people driving by there, so yeah, good eyes too.

Speaker 2: 19:08

Yep, yep Cause everybody wants to be closer to the school when you have kids, oh yeah definitely so.

Speaker 1: 19:14

Um, so yeah, you get um I, yeah, I sold a house one time in an open house and it was. She had just picked up the kids from school and stopped in and was like, yep, I want it. I was like, okay, we're good that's the one.

Speaker 2: 19:26

I love those deals. Yeah, I had a buyer once who didn't want to go looking at houses. She only wanted an open house sheet. So I just set her up on a portal with all the open houses that were happening on the weekend and about I don't know, I would say, eight or nine months of her just being on this trip of just looking at open houses. Go enjoy yourself, have a great time, cause she wasn't a serious buyer. Then, all of a sudden, she fell in love with the house. She walked in an open house and that was it. She called me. We bought that house. I was like easy peasy, baby.

Speaker 1: 19:59

Open houses are often the first stage in the consideration of buying. So, often you get someone that comes into an open house. They may like the house, they may say okay, but they still may be in the I'm just looking to see what I can afford or what price I like and whatever, but they're not really in the ready to buy stage.

Speaker 2: 20:23

Yeah, yeah, yeah. Well, buyers in the beginning of that stage always have the mindset of if I find a house I like, then I'll go to a lender and start the buying process on a real stable footing. And that's really not how it works when you're buying a house. But if you're just window shopping, then have a great time. Here's a list. Enjoy, yeah.

Speaker 1: 20:44

Yeah, a couple months ago we had a listing in Summerlin and a guy came to the open house. And then it was about a month and a half later. He came to the open house liked it showed interest. Then it was about a month and a half later, he came to the open house, liked it showed interest, everything. About a month and a half later he pre-qualified and ended up purchasing the house. But it wasn't like, okay, here, I'm ready to buy, and we just thought he forgot about it.

Speaker 2: 21:07

but he resurfaced and they do and open houses do sell homes sometimes. It's not that it never works or what have you. But yeah, if your realtor is talking to somebody in open house and it's not specifically about your house, just take comfort in the fact that that agent is always hustling, most likely, and is going to be hustling to sell your house because they might be at a different open house the following weekend and the right buyer for your house comes in.

Speaker 1: 21:36

Right, right. It's about meeting buyers and pairing them up with the right match.

Speaker 2: 21:41

Yep, and as long as your agent is meeting people, then you have more networking and stuff going on in the background that could benefit the sale of your house Absolutely.

Speaker 1: 21:50

Yep, yep, yep. Okay, so, mimi, mimi, mimi does not like the buyer's agent that she signed the buyer's brokerage agreement with. How can she get out of the agreement? Well, this is going to be a problem in this environment. You know what I mean, because you have to have a buyer's brokerage agreement to go look at houses, and sometimes people might not thoroughly interview their agent and they might decide that that's not the right fit for them. So I get it.

Speaker 2: 22:20

And it happens often. Usually you get a referral or you grab the first person you meet like, say at an open house, and you want to work with them and they're all eager in the beginning, but then you get to know them a bit and you don't like the way they communicate or you feel like they're not advocating for you. Personalities don't clash. It really doesn't matter, right? If you have an issue, they're there to help and service you. So if you're not getting along, you don't like what they're doing. There is escape clause.

Speaker 1: 22:47

Yeah, really a lot of it depends on the agent, their process. Really a lot of it depends on the agent, their process and your contract. Some contracts do have a cancellation fee. Yeah, some do not. It depends on if it's there on your contract. It's usually on the second page.

Speaker 1: 23:02

Well, in our valley yeah, yeah, and here in Las Vegas, yeah, so that, and sometimes you can have a conversation. I mean, in any case, have a conversation with the agent. I mean, let them know that you're counseling and that's. I mean. I always have the same pitch. I tell people like we're going steady, we're not getting married. I just want you to tell me if we break up. You know like.

Speaker 1: 23:27

I need to be the first one to know if we're done here. Yeah, like I don't want to continue looking, searching for homes calling you and you're left to me on unread and you know I mean it's. I want to know if we're not working together anymore, and that's fine. Not going to like burn for cell signs in your yard or you know anything crazy it's just well I might it is.

Speaker 2: 23:47

It is spooky season.

Speaker 1: 23:50

Yeah, I'm not here to make anybody's life miserable. If I'm not the fit for you, I don't want to do that. So it's good we part ways peacefully. But definitely you want to refer to the contract, let the agent know that you don't want to work with them anymore, and a lot of times the agent will say okay, good, I'm releasing you from this and if they don't, you have a conversation with their broker.

Speaker 2: 24:15

Yeah, the broker would be the next step, and usually it's. I mean with most agents who do this on a day-to-day. I'm not talking, like the bartender, part-time agents, but people who are running this like a business. If you've hired a business to help you facilitate, then those people understand that sometimes you're just not working with the right people and they don't want to work with you just as much as you don't want to work with them.

Speaker 1: 24:39

A lot of times, yeah, nobody wants to be in that kind of situation.

Speaker 2: 24:43

No, yeah, nobody's forcing you like, you got to buy a house from me. And if they are, you're right, you got the wrong agent, yeah.

Speaker 1: 24:49

And sometimes, if you have a conversation with the broker, the broker may assign you to another agent, which is fine, yeah, and ask you to stay with the brokerage but assign you to another agent. Or the broker might just say here you're released, but definitely you have options.

Speaker 2: 25:05

There are options. You have the escape clause, you can have the conversation with the broker and the broker could definitely and it's happened. I've been assigned to clients before.

Speaker 1: 25:14

I have too, on a listing where you know it just wasn't working out with the listing agent. And and they, uh, the broker said you know, I'm going to release you from the contract with this agent, but, um, yeah, I'm going to set you up with another agent.

Speaker 2: 25:28

And the reason they do that is because your contract is with the broker not the individual agent.

Speaker 2: 25:34

So you might sign a buyer brokerage with me and you decide that I'm just too much, you don't like the way I work or do business. That's fine. We can, you know, transfer from me to a different agent and I'll have nothing to do with it. That agent will then have the duty to take care of you and stuff, because that contract is again with the broker, not this specific agent. Yeah, will then have the duty to take care of you and stuff, because that contract is again with the broker, not this specific agent.

Speaker 1: 25:56

Yeah, so, yeah, you definitely have options and you, you, you have a way, a way out. So, um, yeah, that that's definitely. But um, in, in, in any situation. Uh, a good conversation can usually resolve any problem. Yep, Yep.

Speaker 2: 26:15

Yep, Yep. And then our next is that Elaine. Oh, okay, Elaine, Um, she's got, she goes. Uh, do solar panels increase? Increase the value of our house?

Speaker 2: 26:26

So we've answered solar panel questions a couple different times, a couple different ways on this show and people have very strong opinions about solar panels and if they're good or if they're bad. But there are some foundational issues or key questions you should know about getting solar lease versus own and how that affects you. Do you want to start or do you want me to? Yeah, go ahead, Okay. So of course, there are some pros to going solar, especially in a Sunbelt like this, where you get a lot of kilowatts. And getting that solar will obviously reduce your insurance payment. You're still paying If you're leasing, you're leasing the equipment. But some buyers look at it as an issue. Younger buyers, like millennials. They like the idea of the solar panel. It could be good if you already own the house and going solar might be a benefit if you plan on staying there and owning it and having the reduction a benefit if you plan on staying there and owning it and having the reduction In 2024 and 2023, there are rebates with the Inflation Act that you get 30% back.

Speaker 2: 27:39

There are some cons to it. You could get some damage to your roof when they put the solar panels off. If you're doing a lease and a removal, the good news is before they put them on, they have to make sure that the roof is stable.

Speaker 1: 27:47

Yeah, and they usually warranty it within your contract. But back to the question of do they increase your home value? An appraiser only gives value on panels that are owned. So yeah, leases don't count. Yeah, leases don't count. If you have a power purchase agreement, you have a lease or even financed. They take that into consideration. But if there's still a payment on it, it's not technically owned. They're not going to give you. If you're assuming the payments, they're not going to give you the value add for that because you're still paying for it. So that's one of I guess a thorn in my side when it comes to solar is I hear all the time that the salespeople that come out there that are unregulated, and I mean they're just unregulated and reckless.

Speaker 1: 28:37

They go out and they tell people that, yeah, you can get this lease, do this and it's going to raise the value of your home, but a lease will not. Yeah, that's completely incorrect. You get zero value if it's leased. Not that it's not a good idea, but don't think it's going to add to your home value.

Speaker 2: 28:55

Yeah, and also a lease is going to diminish your buyer pool. Yes, because if they're having to take over a lease of that solar panel, that is going to change the buying power of them through the lender, because it's something they're going to have to qualify for. It's not like an electric bill that they're not taking into consideration.

Speaker 1: 29:14

And you've got to be very cautious because sometimes people will go out and again these unregulated salespeople. Sorry, solar guys.

Speaker 2: 29:22

I'm harping on you here For somebody who knows you off of this site. You're being very nice. I am being very nice.

Speaker 1: 29:29

Very politically correct over there. But they go out there and the buyer will say like, oh, I don't want to pay more than $50 a month for the panel. So they'll say, okay, no problem, we'll give you panels for $50 a month. But they give you panels. They'll just throw a couple panels up on your roof that don't do much to eliminate your power bill. You still have a large power bill and you have these stupid panels up there. And then you have a buyer that has to assume these and the buyer is looking at the power bill versus the solar bill and saying what's the use of the solar? This makes no sense and that's an issue. So you really have to be cautious and review over how much of your power load those panels are going to cover and make sure it makes sense before you do this, because you are locked into a 30-year lease and it does have to transfer to the new buyer and it is an issue when you sell your home. Yep.

Speaker 2: 30:23

All of that is true.

Speaker 1: 30:24

Yeah, so be cautious, that's all.

Speaker 2: 30:27

Well, I guess, be diligent Really, know what you're getting into and know the pros and cons of buy versus lease and what that means moving forward for you.

Speaker 1: 30:37

Yeah, yeah, absolutely. Good job it's not that it's a bad idea. You just have to make sure to do your research and make sure that you're getting into the right thing. Yeah, yeah.

Speaker 2: 30:47

Totally.

Speaker 1: 30:47

Yeah, that's very good advice, ma'am Thank you, thank you and once again, come see us tomorrow night. We'd love to see you out there at the trunk or treat. Six to 8 PM, that is October 18th 2024.

Speaker 2: 31:03

It is so much fun. You guys. Come get a little Halloween spirit out there and enjoy the fall weather that we finally got after that heat wave. You were gone. You missed it. It was like summer all the beginning of October. But if you like what you are listening to and you want to join our tribe, make sure you like, share and subscribe so that way you'll be notified and you can join us. We're here every Thursday talking everything real estate in Las Vegas and Trish, if somebody wanted to have an actual real estate conversation with you, find out, maybe, how to start a buying process or if they should do solar or any of those things, how do they get ahold of you?

Speaker 1: 31:40

You can reach me on my cell phone 702-308-2878. And, Tiana, how do people get in touch with you? You?

Speaker 2: 31:47

can call me or text me. I'm easy to get ahold of 702-379-9948.

Speaker 1: 31:53

And if you're watching our show, please go to our link tree, which is realtycheckvegas. You can connect with us in all sorts of places there.

Speaker 2: 32:02

And that's also where you can send your real estate questions. Sometimes it's a little unnerving to reach out to somebody. You don't want to waste their time, but you just have a question you need to answer. So you can drop those questions right there at realtycheckvegas and we'll get those answered for you.

Speaker 1: 32:15

Yep, absolutely, and we will see you guys next week. Have a great week. Bye Vegas, thank you.