Reviving a Stagnant Real Estate Market

Can a new loan program breathe life into a sluggish real estate market? Discover how innovative financing strategies, including a groundbreaking option to roll agents' commissions into mortgages, are capturing buyers' attention despite high interest rates. Celebrate alongside Trish Williams as she marks her 46th birthday, and gain insight into the evolving trends that are shaping the Las Vegas real estate scene. With sales hitting a 14-year low, we're exploring the challenges and potential recovery strategies as election season approaches.

Uncover the dark side of the real estate market with a critical look at the rise in rental and home scams. From unauthorized listings to shocking impersonations, scammers are becoming alarmingly sophisticated. Learn how to protect yourself by verifying property listings through trusted sources and engaging directly with established management offices. We discuss an unsettling case of a tenant masquerading as a homeowner, underscoring the importance of vigilance and professional guidance in today's market.

Navigate the complexities of appraisal disputes and new construction home buying with expert advice. As market conditions fluctuate, understanding the appraisal process becomes crucial, especially with the unique considerations of FHA and VA loans. We address listener questions on appraisal and inspection fees, shedding light on the bank's role in ensuring property values align with loan amounts. With a focus on the strategic role of a skilled real estate agent, this episode equips listeners with essential knowledge for negotiating new construction contracts and navigating the ever-changing real estate landscape.

Chapters

• 0:17 Real Estate Market Trends and Scams
• 11:52 Rental and Home Scams Warning
• 15:41 Real Estate Market Appraisal Dispute
• 20:38 New Construction Home Buying Advice

Transcript

Speaker 1: 0:17

Hey, las Vegas. Welcome back here to Vegas Realty. Check your Local Las Vegas Real Estate News Show. I'm Trish Williams and and I'm Tiana Carroll. Welcome back, yes, thank you. And well, this week we have some highs and lows, including a birthday. Including a birthday.

Speaker 2: 0:34

Happy birthday, Trish. Thank you, I appreciate that Day late and a dollar short, but we don't film on your birthday, so here we go, that's all right.

Speaker 1: 0:41

Here I am, here's 46.

Speaker 2: 0:42

That's okay, 46 is a great age. I loved 46.

Speaker 1: 0:49

Yeah, well, here I am.

Speaker 2: 0:51

Here I am. You look fabulous, you have a successful business, your family is happy and healthy. I think you're doing great. I couldn't ask for more.

Speaker 1: 0:59

No, you are very blessed. I am very grateful and thank you. Yes, so highs and lows for the week. This week, rates have hit their highest point since July. Yep.

Speaker 2: 1:10

They just were like hey, we like it up here in the atmosphere of the sevens and be like, oh, we were hoping you would drop down to the fives.

Speaker 1: 1:20

Why are you going higher? Yeah, so so much for the Fed decrease.

Speaker 2: 1:26

huh, Well, you know what, Two weeks out of election, did you really expect anything different? Of course there's bound to be some pitfalls.

Speaker 1: 1:33

We're going to see. We're going to see some changes in that they will come back down I feel very certain for that and once this election passes, housing will get back to normal, because right now, if you have your house on the market, you're kind of stressed.

Speaker 2: 1:47

Yeah, and you're hating it because the days on market are accumulating. There's so many homes that are like I'm just sitting, I'm just sitting, I'm like 35 days isn't really just sitting.

Speaker 1: 1:58

Well, there's almost, yeah. There's just very little activity going on right now, but it's normal. It's nothing to panic about. We see this every election season, though statistics have shown that this one has hit the hardest as far as slowdown.

Speaker 2: 2:17

There's so many factors going into where we sit in this moment in time.

Speaker 1: 2:21

Yeah, there's a lot, and NAR statistics came out for September and they said that we actually hit a 15 year low in or, I'm sorry, a 14 year low in sales, so definitely filling it this season.

Speaker 2: 2:38

Yeah Well, it's been a lot right. We're still sort of recovering after the pandemic when they brought the economy to a halt with those rate hikes, and then we have obviously the election that's going on.

Speaker 2: 2:55

We had all of the NAR lawsuits, which is all over the news and people even though, I have to say, most of the people that I talk to don't really realize what the suit was about, what the settlement entailed or whatever. But it gets people fearful of real estate and so there's so many contributing factors to what's going on. I will say to your comment the highs and the lows. Yeah, we had the highs of the interest rates. I don't know what your lows?

Speaker 1: 3:24

are the sales? Oh, the low sales. Nar said that we had a 14-year low. The sales are. We're at a 14-year low in sales. Yeah.

Speaker 2: 3:37

So I agree with all that highs and lows. Weird, can't believe we got here now as primarily a buyer's agent. I am shocked at how many people are coming out of the woodworks and at least talking to lenders right now. Yeah, a few lenders are just like okay, I got to call you back. I'm so busy, I got another application and this and that, and it's just right now, you know, going from one to two active buyers. Now, all of a sudden, I've got five prequal letters standing in front of me and I'm like, oh hi, where did those come from?

Speaker 1: 4:11

So we have people gearing up and getting ready so that is, and that's why I think you know, and that's why I'm telling everybody just just just hold off, don't, don't stress right now. It's going to be fine, it is going to be fine. Also, on the NAR lawsuit settlement, whatever news a new loan program has recently came out that is allowing buyers to wrap that buyer's agent commission into their loan.

Speaker 2: 4:40

So in situations, where how do you feel about?

Speaker 1: 4:43

that.

Speaker 2: 4:45

I don't know. You're not the one making the payment, so it doesn't matter. But interest on 30 years for realtor fees seems like buying an appliance package from a new build to me.

Speaker 1: 4:55

Yeah, true, and it just depends. It's something that if the seller is not willing to cover the cost, if the buyer wants the house, or if the seller even agrees to cover half the cost and the buyer has the other half and they don't have the cash. I mean, let's just be frank, some buyers don't have the cash up front.

Speaker 2: 5:11

Lots of buyers don't have the cash up front. I'm going to tell you that right now.

Speaker 1: 5:15

Yeah, so wrapping that or wrapping a portion of that into a 30-year loan is a very minimal difference on their payment, so it does give them options to work through that scenario.

Speaker 2: 5:25

Yep, yep, yep, yep. I like how you said that minimal on their payment.

Speaker 1: 5:29

It is very minimal.

Speaker 2: 5:30

It is very minimal, it is very minimal on the payment. It is very minimal.

Speaker 1: 5:34

Yes. So just definitely gives options where I see I foresee not happening right now, because right now, um on all the offers that I've been been putting in, all the offers we've been getting um, sellers haven't had much pushback to paying buyer's agent commission.

Speaker 2: 5:53

It's knock on wood. I haven't had any pushback.

Speaker 1: 5:55

Yeah, it's still um, it's still been, you know, acceptable and in consideration and everything, because we're not in a really strong market Right. Once we get into a strong market I do in those entry-level homes, those first-time homebuyers I do think that's going to become an obstacle.

Speaker 2: 6:12

And when that becomes an obstacle.

Speaker 1: 6:14

At least now we have a resource to help them. So I do. I think it's positive. Not every buyer is going to utilize it or use this program, but at least there's something out there with an option yeah, and that's the thing.

Speaker 2: 6:28

As we move forward. Uh, things are a little on the unknown, but we are going to move forward in a way that is going to eventually make sure that business runs as smoothly as possible. Just like va they couldn't pay for buyers agents. Now there's ways for them to pay buyer's agents. Now it's going to be available on loans for everybody. So it's just how the industry is going to adjust. But people are still going to buy and sell homes.

Speaker 1: 6:54

Yes, absolutely, and wise people are still going to use realtors when they buy and sell homes. Yes they are. We do provide a value to the consumer, yeah.

Speaker 2: 7:06

We do provide a value to the consumer. We also have a ton of knowledge to help them navigate transactions, because each one is different. And it's a nice safety net because there's a lot of disgusting scams and people out there. If I'm being honest, I ran across the one the other day. That was a little shocking to me, that people were waiting for people to pass away and when they were in probate it kind of goes like down the line when you go into probate, right, it's like spouse, kids, parents and siblings, like this order of how it would get the next in line but the last one is, or any reasonable person. So people were going and signing themselves up to be one of the officers or the executor of that probate and getting properties. That's insane.

Speaker 1: 8:04

Yeah, there's a lot of dishonest people out there in the world, Unfortunately, I I how do you even get to that point?

Speaker 2: 8:12

You're like, Hmm, well, if they don't have anybody, it'll eventually get to me. Yeah, it's um, it's sad. It's sad Never met the people never knew the family, never, anything. I'm swooping in to get the property because they're like well, better go to me instead of the state. Yeah, yeah.

Speaker 1: 8:28

So that's unfortunate, but yeah, there's definitely. We are in an environment and a time where scams are very high. On that note I don't know if I brought this up in a previous episode, but we had had a discussion with a title company and property scams are really increasing and it's where people are going in and selling properties that they don't own. It's happening more on vacant land, so title companies have increased their security measures on even when they open an escrow for vacant land. I've seen that.

Speaker 1: 9:07

I'm doing unless I know the person personally. You know like sold them land or know you know know them like personally? Um, I'm doing searches, I'm having the title company, search the vacant land and send a notice to the seller prior to listing.

Speaker 1: 9:23

Yes, um, just to make sure that that seller is the person that I'm talking to, that is selling the land, Because I even had a case a few months ago and luckily I didn't move forward with it because I just got. You know, I just I had too many red flags come up and I was like yeah, I was like something just doesn't seem right about this.

Speaker 1: 9:44

And then I had them send me an ID, sent me the most perfect picture of an ID I ever seen. It was like you know, I'm like that's not a picture of an ID, that's like a digitally made copy. It doesn't even look right Some AI gorgeousness, yeah. But so that you know, that definitely raised a red flag and there was a lot of things about it that I was like this just doesn't seem right and I reached out to the title company. They sent a letter to the owner that was on file direct letter and the owner responded, called them actually as soon as he got the letter and said no, I'm not selling. What's going on? Said well, someone's trying to sell your land and it's not you.

Speaker 1: 10:22

So this is increasing. There is a service with the county recorder. It's a free service. You can go on and opt in to get alerts on anything that is being recorded on your property. The downfall of this is it doesn't catch it in the first stages. However, it does do immediately at the time of recording. So there's been an instance recently where a title company someone the seller had had this notification service and it recorded and they instantly got a notification that this new deed or whatever recorded on their property and they called and they're like hello. I didn't do anything. That's not me, and the title company had not dispersed funds yet.

Speaker 2: 11:12

So they were able to save the transaction because they usually, you know, disperse funds the following day.

Speaker 1: 11:18

So, um, yes, it, it, it is like, you know, it's, it's. I wish it was more proactive, like as soon as someone opened escrow there'd be a notification Before there was even an escrow number issued. Yeah, but it does provide you a resource. I mean because you don't want to find out. Something was reported on your property months or years later.

Speaker 1: 11:39

So it's free. It's with the Clark County Recorder's Office. You can go on easy link. I mean it takes two minutes. I did it, I had all my kids do it, so it is something that is available. Yeah, and it's a great resource.

Speaker 2: 11:52

There's also a rental scam. Now, I don't do a lot of rentals, so I don't really stay apprised on what's going on over there, but there are people who are listing homes for rent that aren't the management company or the owner and they're collecting a few thousand dollars in deposits from people. Disgusting, quit stealing from people.

Speaker 1: 12:15

That's been going on for quite a while and some of them are they're on Zillow, even, or whatever, and they have a they look legit as hell. Well, and I've seen some that have a property management company which is a legitimate property management company, but they're not with that property, because some people will just look up the property management company and say, oh, this is a legitimate company. So I do tell people like with that, please go to the brick and mortar building and meet the people, make sure that it's there, it exists, and it is them that it's there, it exists, and it is them. Um, but also um.

Speaker 1: 12:49

I always look um through the uh, you know, when people are asking me or say something, you know in the rental world, which I get those calls, you know sometimes, and and they'll just say like I um, you know I'm interested in this property, what do you think of it? Or whatever, and I I look up on on the MLS and I'm like it's not on the MLS and frankly, that could be anything. If it's not, you know, if it's not there, I only trust the resources that are available through the MLS because those are verified and those are licensed agents.

Speaker 2: 13:20

Right, that's the real deal.

Speaker 1: 13:21

Yeah, and I heard of a rental scam recently. That was bizarre. I guess a renter scam. So a guy was renting a house from the owner for years and the owner was having mail sent to the house. Still, I don't know, never updated a mailing address or whatever.

Speaker 2: 13:44

Okay. Well, mail is kind of a tricky thing, right. I get weird mail from people who had the house that I live in 10, 15 years ago. I got mail the other day from an ex that's never, ever been at the house. I didn't even own the house when I was with him, so I don't know why he's getting mail at my house.

Speaker 1: 14:02

Yeah, well, they had this tenant for years. Tenant goes and gets an ID made in the owner's name and sold the house. It, you know, did the signing the notary. I mean everything, oh yeah.

Speaker 2: 14:19

These people are terrible but clever.

Speaker 1: 14:21

So yeah, and he had, you know, he had all the, you know, basically all the records. He just wasn't that person. So yeah, horrible, so gosh, there's so many scammers out there. Be careful, always be careful.

Speaker 2: 14:34

Be careful, use a professional yeah.

Speaker 1: 14:37

Well, I mean, in that case, I don't know, it was actually the notary that told me about this, because he said that he had to go to court now because he's the one that did the signing, um, but he's like he had an ID right. So, um, and, and I guess the ID was actually, uh, it was, it was a real ID. He just had enough documentation and got in enough information to be able to do a replacement ID with, uh, his picture saying he was this person. I don't know.

Speaker 2: 15:09

Dang it, scammers beware.

Speaker 1: 15:11

Yeah, it was not good, yeah, so there we go.

Speaker 2: 15:17

Let's get into numbers. Yeah, I was going to say here, we are halfway through the show and we haven't even started it yet. Okay, so each week we always start out with numbers. It's a great way to gauge what is going on in the real estate market. And so, single family homes this week, how many we got?

Speaker 1: 15:34

5,442. So still a high number, a good number, I don't mind the number.

Speaker 2: 15:41

I wish the other numbers reflected better, though, even though sold was 368,. That's getting better. Yeah, 578 decrease right around the same area.

Speaker 1: 15:52

Yeah, and then 536 under contract that fell from last week. So those are. You know there's not a whole lot happening right now.

Speaker 2: 16:02

Right. Well, actually they oh, october 17th they were, the under contracts were only 493. So it rose.

Speaker 1: 16:11

Oh, it did raise, it did raise.

Speaker 2: 16:12

Yep To 563. And the price decreases decreased themselves too. Okay, because that's good Yep, yep, yep, yep.

Speaker 1: 16:19

Yep, because I was remembering a 600 number, so that must have been a couple of weeks ago.

Speaker 2: 16:24

Yes, yes, yes, yes yeah. The price decreases were $6.29 last week and then this week they are $5.78. Okay, so there's dropping a little maybe.

Speaker 1: 16:39

A little bit.

Speaker 2: 16:40

Yep, yeah, yeah, a little bit I think people are getting, especially if they've got an agent saying, hey, it's just the condition that we're in, they're going to spend a little more days on market, and we went over it at the beginning of them oh, you were gone, you were on vacation, you're just having the best October. You're like vacation birthday. But Mia was here and we had talked about that and how the days on market had changed, that it was now in the low 61% or something. That was the zero to 30 days, and we're usually in the like 67, 68% in that zero to 30s. So a little bit of slow, but that's okay because they're still moving.

Speaker 1: 17:19

Yeah. Yeah, we're seeing a slowdown. It is nationwide, but it is just powered by it being election season, so it's fine, yeah.

Speaker 2: 17:28

I'm very optimistic that this isn't the permanent condition of our market at all.

Speaker 1: 17:34

Oh yeah, no, I have no doubt that this is a temporary scenario that we're in, so let's get into our listener questions.

Speaker 2: 17:44

Okay, first one is from our guy Ernesto. He paid for an appraisal and a home inspection but the seller won't drop the price to the appraised value and he wants to know if he can get refunded. So this happens when you purchase a house. The bank wants an appraisal. They want to know that the house is worth what they're going to give you the money for, and no bank is going to give you more money than the house is appraised for. Period into conversation.

Speaker 1: 18:11

Yes, correct. And again, sellers have no obligation to drop the price to any price that is not the contract price. So even though the appraisal might say that that's the price, that doesn't obligate the seller to go along with that. So unfortunately there are some sellers out there that say, no, I don't agree with the appraisal. They might not agree with the appraisal in general. There's options. You can dispute an appraisal, but you really have to have some solid, concrete evidence that it is incorrect.

Speaker 2: 18:50

Receipts for new windows or AC or something.

Speaker 1: 18:53

Well, even yeah even then you get a? Um, just a percentage of value for those those things, and sometimes you know an appraiser may have missed comps, but it has to be something that is really a strong comp. You know very much the same to say that this supersedes whatever you picked, right Um. So there's a. There's definitely ways of's, definitely ways of opening a dispute. If so, you talk to your agent and your lender and they can do that, but a lot of times those go nowhere, so don't put too much hope in that aspect of it. So there are, we don't? We rarely ever see it.

Speaker 2: 19:38

Never, never, never, never.

Speaker 1: 19:40

Well, I've seen it in like small, certain circumstances that are unique, where there'll be something like that where the seller agrees that you know if this happens and it's usually cases where they know that it's an iffy outcome, right, but very rarely does that ever happen where you can get refunded. Now, one like caveat I guess from that is that if you are doing like an FHA appraisal or a VA um and it sticks with the property for a certain amount of months, yep you got uh, let's see.

Speaker 2: 20:18

Uh, fha is 120 days and VA is six months, or is it the opposite way? Let me see.

Speaker 1: 20:27

Um. I believe FHA is 120 or 160.

Speaker 2: 20:31

Yeah, fha appraisals will stick for the property for 120 days and VA will go ahead and be there for six months.

Speaker 1: 20:38

Yes. So if that next buyer is the same loan type and that same appraisal is used, that would mean that the buyer had either agreed to pay the difference to the seller or maybe the seller just came down to reality and changed their mind and this next buyer that they're in contract is using that same appraisal. It goes, it's logged into a system and that system that it's logged in it will deem that the same appraisal be used on the property. And that doesn't mean the new buyer doesn't have to pay for an appraisal. They still have to pay for that appraisal because they're going to be using that appraisal that the previous buyer paid for. And in that case the previous buyer does get reimbursed for the appraisal. But very rare that that happens. Often, when sellers will say it was an FHA they had an FHA appraisal and the next buyer comes in, they'll say we're not considering FHA because they know that that appraisal is going to stick with the property and they're already not okay with that appraisal value.

Speaker 2: 21:42

Yeah. So just basically summed up your home inspection and your appraisal are specific to properties. They're usually out-of-pocket expenses. There's nothing saying that you can get reimbursed for those. Those are your own edification.

Speaker 2: 22:00

The inspection has done the work. They've given you the information, so then you can then make an educated guess. Same thing with the appraisal. The bank has said hey, it's not worth that, we're not going to give you that. The fact that they do stick around for the 120 days or the 160 days gives your agent the opportunity to negotiate with them and say hey, listen, if you don't take our deal, you're going to have to deal with this again if you're accepting VA or FHA, if not, you're going to be shrinking your buyer pool and there's no guarantee that the next buyer will get a higher appraisal and that you'll be able to get that money.

Speaker 2: 22:33

The only thing is the seller might be hanging on to this wishlist that somebody is going to pay them cash over appraised value, and in some markets that happened. If we go back to 21, 22,. There was so many cash over appraised value when people were coming in from other, more expensive markets. They sold their home. Have a ton of cash, throw it into this home. It sort of gave a not realistic view of the market because prices were raising because of that. But that's very risky. In gambling for a seller it is usually better to come to terms and negotiate through the contract that you're in than then have to start from scratch.

Speaker 1: 23:15

Yeah, and I have seen instances where sellers say, no, I don't agree with that appraisal, we'll move on, we're not going to accept that loan type anymore. We go into contract again, get a different appraisal and the other appraisal comes in even lower Right. So you never can guarantee what's going to happen with that appraisal. Because it does take into consideration also the environment of the market. In a strong market the appraisals are going to be a little bit higher, and when markets weaken, like we're seeing right now, the appraisals tend to come in a little bit lower because they do take market conditions into consideration.

Speaker 2: 23:55

Exactly, Exactly. Sorry, Ernesto. Sorry that you paid for the information and it was given to you and it wasn't the information you wanted. There are ways to kind of navigate around that. If you have a good agent, they're definitely going to help you through that. But that comes back to the old euphemism a bird in the hand is worth two in the bush.

Speaker 1: 24:16

Yes, absolutely, Absolutely. And then our next question is I got a new construction contract. I told them I want to use my realtor, but they said it's too late. What can I do?

Speaker 2: 24:32

I love that you thought of bringing your realtor in after the fact, but the realtor needs to be there from the jump.

Speaker 1: 24:40

Yes, yes, you can hire an agent at your own expense if you want someone to advise you and help through the contract. There are certain terms, and sometimes I mean the builder's not going to have any communication with them. It'd be strictly for advisory purposes. Yep, a new construction scenario and you don't have agent representation. The salesperson at the office is often providing you representation, as well as the seller, but the unfortunate scenario of that is the seller pays their bills.

Speaker 2: 25:19

Right. They work for the builder. They're not there to represent you. They want to get you into a contract and get you into a home because that benefits them. But the underlying factor is they work for the builder, they represent the builder. They get paid by the builder, so that's who they're going to service.

Speaker 1: 25:36

Yeah, and often depending on markets, depending on market conditions, there's a lot of times where the builders will offer real estate agent compensation when you purchase from them. There's times that they won't. It really depends on the market, the scenario and sometimes just the project. There's some builders that offer that say we'll pay the agents on certain projects and on other projects they say we won't. So that's always something. Projects and on other projects they say we won't. So that's always something. But a lot of builders, the rule is the first time that you visit the community you have to have your agent with you To register you, to register you. If you do not, then you are basically waiving that right to have a real estate agent and some builders are so picky that it's registered per community, not per builder.

Speaker 2: 26:30

So if I'm going to say, for instance, a KB home, every KB home that my client is looking in, I go and register them. Because just because I register at one KB community doesn't mean that they're mine under the KB umbrella, I have to do it at each. Doesn't mean that they're mine under the KB umbrella, I have to do it at each individual community.

Speaker 1: 26:50

Yeah, so we always advise our clients that if new construction is in consideration, I mean we have a talk about that in the beginning, but sometimes things change.

Speaker 2: 26:59

And buyers. They get excited. They see a flag new community home starting from, and boom, they're in the parking lot checking it out from, and boom they're in the parking lot checking it out. Next thing you know they're in a contract and now they're unrepresented.

Speaker 1: 27:10

Yeah, and so often I just tell buyers if that's at all in a consideration. Or you drive by a community and you see that flag and you say, hey, I want to check this out, give me a call, we'll get you scheduled, we'll go in there. Just do that Like instant.

Speaker 2: 27:25

I just walked in and now this is all happening because it's so fun and so exciting and shoppers love to shop and when they see that they're like, oh, I'm going to go check this out, this might be the one. But then you're doing yourself a disservice because now you're an unrepresented party and with a builder who sells hundreds and hundreds of homes a year and you may not have bought hundreds and hundreds of homes. So you don't know what to look for, what the pitfalls are, you don't know in that contract, just having an agent around to advise you on things like the section where the interest rate can change and things like that. You're not locked in until this point and there's certain things that you should be aware of and having representation, Like we've said, the entire show is super important.

Speaker 1: 28:08

Yeah, definitely, and there's a lot of times that I think the biggest advice I can give people on new construction is when you're walking in that model home, finding out what actually comes with the home that you're purchasing, because often they are very different. It actually comes with the home that you're purchasing, because often they are very different and there's a lot of model homes. A lot of builders do their model homes in ways that aren't even available for options.

Speaker 2: 28:34

Right, we had one that we sold them and they said it was going to be the same kind of flooring or whatever.

Speaker 1: 28:41

The same floor.

Speaker 2: 28:42

The same floor, the same floor, but the floor they didn't use that manufacturer for the houses that they were putting together. So the floor and the model that they thought they were getting was different and that was a whole.

Speaker 1: 28:51

Yeah, and it was quite different.

Speaker 2: 28:52

I was pretty bent out of shape about that, because it wasn't, because it wasn't just the color was a few shades off. It was the size of the tile and the.

Speaker 1: 29:02

So it was, um, it was an all out misrepresentation. So, um, yeah, you gotta be very careful. Um, I, I'm not saying that they're all dishonest. I feel like that salesperson in particular was pretty dishonest, um, but uh, that it was that are in the contract or whatever. It's just extra things to verify. But yeah, I mean sometimes, as far as the, there's some design features that they add into a home that are certain accent walls, certain things like that, you can't even purchase those if you wanted to. There's, you know, just different things they do to those model homes to make them look amazing. And there's been times where people will walk through the model home and say like I love this home, I want this home, and they say, oh well, we have one ready and standing that you could look at. That's almost finished. And then they go in there and they're like this isn't like anything.

Speaker 2: 30:04

Right Like oh, this isn't what I was wanting at all.

Speaker 1: 30:08

Yeah, and then you suddenly have a fizzle down. It's like except here, and then all the way like I don't know, you know so they can be quite different. So I do think it's great to actually ask for those standing homes, or ask for a home that's finished or almost finished to look at, if they have one available, because that really does give you a really good idea of what you're getting versus what the model homes look like.

Speaker 2: 30:31

Yeah Well, standing stock for new build in general is my favorite because I love being able to see the property, see what lot it's on, see what the views are. Usually the builder is trying to off them quick because now they're done, they're just sitting there stale. They want to get to selling and building new ones. You can usually get some pretty good incentives. It takes a lot of guesswork out of stuff because all of the fixtures, finishes have already been picked. Usually they're in there, they're done. I love it.

Speaker 1: 30:59

Yeah, and the onstanding inventory you have. Often they'll offer, like those rate buy-down options, bigger contribution to closing costs, things like that. So they usually have a lot more incentives on standing homes than they do on existing or, I'm sorry, building homes, the ones that they build from ground up and those ones you customize. You go to a design center and pick out things and in the long run it is more expensive.

Speaker 2: 31:25

Yeah, not to sound like a broken record, but if you're using a real estate professional, they usually get emails every day from builders on what their standing stock is and stuff. So we have that inventory in our email boxes, as well as having a new build home resource right in our MLS. That helps us find the right new build community for you.

Speaker 1: 31:46

Yeah, absolutely. And text messages they're sending text messages these days too. They're trying to hit us from every angle. Lots of deals going on right now with new construction.

Speaker 2: 31:55

So many deals, so many deals, so many deals and that's one of the things about real estate especially in a market like ours that's pretty dang hot is that in every market there are some deals to be found. There's ways to get in. If you've got the money and the want and desire, then we can usually make it happen. Knock on wood, I haven't had really people come to me and say I want to buy and they're in a position to buy that don't buy.

Speaker 1: 32:22

Yeah, yeah, people will always eventually buy. But, yeah, there's a lot of great deals. We've been seeing some really good prices on listings lately, some great incentives. People are they're realizing they got to get the house more show ready. So we've seen a lot of great homes on the market now and if anybody wants to get some information about any of these homes, how do they reach you?

Speaker 2: 32:45

They can always call or text me. I'm 702-379-9948.

Speaker 1: 32:50

I know you're always available to take phone calls and texts as well, so yes, you can call me 702-308-2878 or text me on the same number, and if you guys are watching our show, please check out our link tree at RealtyCheck Vegas. You have links to how to connect with us all over.

Speaker 2: 33:07

Yep, yeah, make sure you like, share, subscribe, become part of our community. We like having you and thanks for being here.

Speaker 1: 33:14

Yep, we'll see you next week. Vegas. Bye Vegas, have a great week, thank you.