Chill of December: Navigating Las Vegas Real Estate Trends, Bank Statement Loans, and Buying Without a Realtor

Ever wondered how the chill of December 2024 is shaking up the Las Vegas real estate market? Discover how the holiday spirit and plummeting temperatures have led to a dip in single-family home inventory, while condos and townhomes are seeing a slight rise. The flurry of new listings and an increase in homes under contract hint at a promising season, with interest rates for 30-year conventional loans averaging 6.8% making this an appealing time for homebuyers. If you're curious about the changing dynamics, this episode provides a comprehensive breakdown of the current market trends and what they mean for you.

Navigating the world of real estate loans can be tricky, especially if you're self-employed. This episode sheds light on the often-overlooked bank statement loans, designed with flexibility in mind to cater to those who might not meet the typical lending criteria. We discuss the benefits of these loans, from the absence of tax document requirements to their adaptability for various property types. However, it's not all smooth sailing—learn about the potential challenges like prepayment penalties and the importance of maintaining a clear deposit trail. If you're a business owner or freelancer, this segment is essential for understanding your options in securing a loan.

Considering buying a home without a realtor? Think again. We use compelling analogies to explain why personal representation is crucial in navigating real estate contracts, disclosures, and negotiations. Whether you're a young professional eyeing median-priced homes or exploring the luxury market with cash purchases, we offer insights into the unique challenges and opportunities at various price points. Stay informed about the implications of property taxes and homeowners association fees, especially in the high-value sector, to help you make the best financial decisions in today's competitive market.

Chapters

• 0:01 Las Vegas Real Estate Market Update"
• 9:11 Bank Statement Loan Program Explained
• 14:29 Navigating Real Estate Without a Realtor
• 23:27 Home Buying at Various Price Points

Transcript

Intro: 0:01

Welcome to Vegas Realty. Check your go-to podcast for all things Las Vegas real estate. Whether you're buying, selling or investing, we bring you the latest market trends, insider tips and expert insights to navigate the ever-changing Las Vegas realty landscape. Tune in each week as we break down the data, answer your questions and help you make the best real estate decisions in the entertainment capital of the world.

Trish Williams : 0:28

Hey Vegas and help you make the best real estate decisions in the entertainment capital of the world. Hey Vegas. Thank you for joining us back here at Vegas Realty. Check your local Las Vegas real estate news show. I am Trish Williams, courtney Bone, and we are here to provide you updates. We're in December, right now, 2024. It is freezing cold outside. It is like cold in Vegas Rare, but freezing. So we'll get into our market numbers on what we are. What's going on in the market this week in Vegas.

Courtney Bohm : 1:01

So it looks like right now, single family homes on the market were at 5,272.

Trish Williams : 1:07

Yep and that's down 132 from last week, so a little bit lower inventory. I don't know particularly if that's all in homes being sold or some being maybe withdrawn. People often withdraw their homes from the market for the holidays because the hollow holidays, cause they have their Christmas trees up and things like that and um, condos and townhomes on the market.

Courtney Bohm : 1:33

Uh, those are at 1813, which is pretty much what we were last week. It's up 16. So not too much movement on that.

Trish Williams : 1:41

Yeah.

Courtney Bohm : 1:41

Yeah. Yeah, pretty much during the holidays, people are just, you know, not everyone, but most people are just buying gifts and having family come and yeah.

Trish Williams : 1:50

They're not thinking about real estate right then, like most people that are doing real estate during the holidays. Really, uh, have to for a reason. Um, new listings on the market.

Courtney Bohm : 2:00

We have 710, which is 183 more than last week. So I mean we're still busy. It's still busy out there.

Trish Williams : 2:09

Yeah, and price decreases, those are up a lot.

Courtney Bohm : 2:13

Those were 696 and that's up 253 from the week before and we are under contract at 625 this week, which is up 110 from last week. That's good, so that is good news. So we're definitely seeing a lot of movement in the market and I have a feeling it clearly has to do with, you know, the rates are changing a little bit as well, so that's really good news to see. Yeah, midweek last week they got really good. They did. They got lower and I'll go over that in a minute, but we're starting to really see a slow but trending down. We are trending down, so that's a great, great thing and after an election, I always feel like there's going to be some movement. So the fact that we're getting some more homes under contract, that's really good news.

Trish Williams : 2:59

Yep and solds Solds were up 60 from the week before at 582. And so where are we right now with rates and how are new loan applications looking? How's all that going?

Courtney Bohm : 3:12

So we are starting to definitely see an uptick as far as loan applications and people selling and buying, so that's really really good news. Right now we're not hitting huge drastic changes, but we're slowly trending down. So a couple of weeks, or I think the week before, we were seeing, you know, the 30 year conventional loans sitting right under 7%, which for us as a national average, which is huge deal. We haven't seen that in a while, and so right now we're slowly coming down. This week our average 30-year is sitting right at about a 6.8.

Trish Williams : 3:47

All right, I like that.

Courtney Bohm : 3:48

So that's really really good news and we're hoping obviously it starts trending down even more.

Trish Williams : 3:54

Is that conventional? The 6.8? Yes, the 30-year conventional.

Courtney Bohm : 3:57

So 15-year, if you're looking at a 15-year, we're sitting right at about a 6% Nice, and that's going to be the same. On a 30-year FHA and a VHA, we're sitting right around a 6, 6, 6.1%. So really really great, really doable, and it's really going to take the payment down a good amount. Yeah, you know, that's a national average. Of course, some people could come in a little bit lower, you know, a little bit higher, based on credit and things like that, but that's good news. A 6% is super doable, yeah, definitely, and so that's why I think we're getting, you know, more homes under contract. The payments are getting more affordable, and so you know, that's really great news for us as a lender and also, of course, yeah, you know for you.

Trish Williams : 4:38

We need you guys to be doing good for us to Same.

Courtney Bohm : 4:42

Yeah.

Trish Williams : 4:43

Yeah, definitely. And then you have every week you're going to like tell us about like a loan program or like different things, so people can understand the different programs that are out there and available. So which one do you do you have to talk about this week?

Courtney Bohm : 4:57

So this week I really wanted to focus on. I believe the average self-employed. Self-employed person in the United States is right around a 43%, so we really try to have a lot of different loan options. Not everyone's going to fit into a square box, and what I mean by that is when you're looking at conventional FHA VA, typically your credit has to be at a 620 and you have to have all this documentation of taxes and W-2s and things like that. So we really try to go outside of that box and especially with self-employed. So if you've ever dealt with self-employed or someone who's 1099, not all the time, but typically we're not seeing that everyone always shows everything they make.

Trish Williams : 5:43

Oh, yeah, I mean, I think that's just kind of a thing with self-employment you get to do deductions which helps to reduce your tax burden, and you know it's legal. It's all in the code, the stuff that you do. But yeah, that does tend to. The downfall of that is it reduces your annual income to a much lower amount and yeah, that can be a challenge.

Courtney Bohm : 6:08

And we've seen a lot of people that deduct so much that it virtually shows their income is sometimes more than half of what they're making, which is fine on a year that you know you're doing that and not looking for a home. The issue becomes then when you want to buy a home and now you have so many deductions that your income goes from 100 to 50 or 150 to 75. And so one of the great loans for someone who is self-employed is a bank statement loan. Okay, so a bank statement loan is typically a loan that is going to be. You know we're not going to look at your taxes. We're not going to look at. You know there's no W-2s because you're self-employed. So what we're really going to look at is just your bank statements, literally just the bank statements, and that's how we're going to create your income.

Courtney Bohm : 6:56

So with bank statement loans, typically they're going to look anywhere between 12 and 24 months. Okay, so, based on your business, the 12 or 24 months. Usually, if you provide 24 months, the rate's going to be a tad bit lower. So with the 24 months or 12 months, what they're going to look at as far as income is it has to be deposits. There has to be deposits showing. So I've had people have sent me bank statement loans and unfortunately, you know, for the last 12, 24 months they weren't really depositing all the money, so they were keeping some cash. So unfortunately, if you're trying to get a bank statement loan, you want to be depositing every penny you make. Reason being is because then we can use that as income. If you're not depositing the money, we can't prove it's there.

Trish Williams : 7:44

Yeah, yeah, absolutely, and cash is one of those things that we talk about. Mattress money all the time that's a professional term in real estate, but I mean it's real.

Courtney Bohm : 7:55

There are a lot of people that keep cash literally under their mattress at their house. You know, typically the seasoning on that is 60 days on average. So you want to make sure that whatever you have is showing, else you can't prove that where it came from or what it is what it is.

Trish Williams : 8:13

Yeah, so it's. It's um, if you're stuffing you know cash somewhere, you can't just take that, throw it in your bank account and say here, I have this money. It has to sit there for a while.

Courtney Bohm : 8:23

Correct you typically have to have a little bit of seasoning time or if it's from a sale of a boat or something proof of the receipts so we can track where the money came from.

Courtney Bohm : 8:33

And so with this type of loan, the biggest thing is make sure, if you want to do this type of loan, that you're actually depositing all your money so we can use it for income. We look at personal and business statements so it just really depends on where the money's coming from and where you're putting it in. I've had people who are tattoo artists, things like that, that are making a ton of money and they're just depositing all of it. So the biggest thing is to make sure you're depositing it. And I always tell people if you have 24 months, it's just going to reduce the rate a little bit versus 12 months, just so they can look back. So they're going to use that as your income, and with this type of loan, the great thing is that they don't need to see taxes or anything. On a loan like this. Typically, your average credit score needs to be 680 or higher, okay.

Trish Williams : 9:18

So you do have to have a better credit score. Show a little more reliability there as far as credit goes.

Courtney Bohm : 9:24

Okay, it is considered a higher risk loan just because they're not looking at standard documents. Right, it's just your deposits. So once we get the income, that's what we actually would plug in from your bank statements or personal bank statements. So with this, 680 or higher, the higher your credit. Obviously, the little bit better the rate, the higher the credit. The great thing about this, too, is, like I said, they don't look at taxes. They're not going to ask for a million different documents, which is really really nice. Usually, self-employed are very busy. They're handling businesses. They don't have time, so just doing that, getting the bank statements. Also, with this, typically it's 10% down for a primary oh, that's not bad, but 20%, you're really going to have a great drop in the rates. So could you do 10%? Yes, but the rate's going to be a good amount higher. So with these loans, you can actually do primary investment or a second home as well. It doesn't have to just be a primary.

Trish Williams : 10:22

Okay, and typically when you put 20% down you then don't have that PMI or MIP, so it can make your payment overall lower.

Courtney Bohm : 10:30

It is going to be a good amount lower. And there's some other little caveats with this loan. But with this loan also, like I said, you can do primary investment, secondary, so that's a great option. They do still look at debt to income, so you need to be still around about a 55% or less. It's not like a DSCR loan that I discussed where it doesn't matter what your debt to income ratio is, so they're still going to go off that, but as far as that goes. Another little bit of a caveat is they do look at your reserves. So an average borrower is going to have to have at least on on average, six months of what it would take to cover that property or any other investment property they own.

Trish Williams : 11:11

Yeah, Okay. So you definitely have to have some money saved. You can't be using every dime that you have towards the purchase because back to, I guess, responsibility just showing that you are good and not stretched to cover this purchase because they're doing such little documentation too.

Courtney Bohm : 11:33

And they want to make sure if God forbid, you don't get the home rented out in time that you have enough money to cover the mortgage for you know those five, six months, if absolute worst case. I have seen them in rare occasions actually make sure that there's reserves for the primary residence as well. That's pretty rare, but that's something they're looking for. And what's the timeframe?

Trish Williams : 11:53

for reserves, often, usually on something like this.

Courtney Bohm : 11:57

I've seen it three months, but I'd say an average is six months they're going to look for.

Trish Williams : 12:02

I usually tell people that you know having, like you know, having a few months reserves, whether you know whether it's to purchase or qualify for a purchase or regardless, having those reserves is something that everybody should work towards, no matter what.

Courtney Bohm : 12:15

Absolutely. And these type of loans because they are higher risk, they're going to make sure you have the money to back it up if something happens. These rates are really favorable. They range anywhere from a seven and a half to an eight and a half percent. So it's really really doable. It's not so crazy. It's not in the tens, elevens, twelves percents where you're seeing on some of these really high risk loans. So it's really just such a great option.

Courtney Bohm : 12:40

And another thing with these is typically there is a little bit of a caveat. Usually there is. If you try to refinance within the first three years, you're going to see somewhat of a prepayment penalty. They're going to charge you six months of interest. But if the rates go way down, typically I always tell people let's look at you know, once the rates go down, where they're at and how much you're going to save. Sometimes it could be worth it. Sometimes it's not Um and so you know if someone ends up moving or selling and things like that, it's just a great way to get your foot in the door, especially if you're not possibly, you know, showing everything on taxes or whatever your situation is when you're self-employed, you just want to make sure the biggest thing is you're depositing it.

Trish Williams : 13:21

Yeah, yeah, make sure you put it in the bank. You have that paper trail, because that is important when you're trying to get money from a bank. That it is.

Courtney Bohm : 13:30

And another little thing is they're also going to look at based on the type of business you have. They will do a deduction. So if you own a mobile detailing, they might take off 15, 20% for products and things like that of your income. So it's really going to depend on what type of business and how much they deduct from your overall income based on expenses. Okay, Okay, so that can vary.

Trish Williams : 13:54

That makes sense, and I'm sure they take taxes into consideration, your tax liability and things like that, right? Yep, yeah, that can vary. That makes sense, and I'm sure they take taxes into consideration, your tax liability and things like that, right? Yep, yeah, yeah, that that makes. That makes perfect sense too, because those are things you can't, um, can't get away from. No, yeah, um, so, uh, so, yeah, um, that's a great program. Um, so, that is the bank statement program.

Intro: 14:13

Is that the official name for it?

Courtney Bohm : 14:14

It's a bank statement loan.

Trish Williams : 14:16

Bank statement loan so if someone calls you, they can ask about the bank statement loan, and, yeah, great. And so we have some listener questions today. We can go ahead and get into those. I'll start with the first one, that is Nicole. Nicole said she is buying a house without a realtor, a house that she is interested in. She talked to the listing agent and told them that she wants to make an offer. They told her that they will not write an offer and she wants to know if that is illegal. Actually, no, that's not illegal at all. The listing agent does represent the seller and in order for them to write an offer for you, nicole, they would have to be representing you, and the seller may or may not allow that dual representation, and there's some agents out there that won't do it just because of the risk involved. There's a lot of risks. Do you guys work with people that that that do for sell by? Like you know, that purchase for sell by owners and stuff.

Courtney Bohm : 15:23

I mean we, we can, of course, you know, I think I think when someone's doing that, I think it's always in their best interest to have someone backing them If they're trying to get a house on their own. There's just so many things that you trying to get a house on their own there's just so many things that you deal with and so many things that are involved.

Courtney Bohm : 15:40

You know, if it was my family member, I would never recommend they just go in it on their own. We know that a lot of people try to cut corners and think that they can do things on their own, but I'm sure you know that there are so many weird things that come up in the process of, you know, buying a home and you can go into a house and now all of a sudden there's all these problems. You really want someone fighting for you and, and you know, challenging the, the seller's agent. And yeah, you know you. Just if you don't know what you're doing, it can really be a disaster.

Trish Williams : 16:11

I met with um. I met with a couple the other day and the guy was telling me that he's purchased a lot of cars and he never goes to a dealership. So he doesn't understand why he should have to need a realtor for purchasing a home. And I'm like, okay, but I mean, what a huge difference between Price point typically is different Price point typically is substantially different.

Trish Williams : 16:37

You're dealing with a lot more money. When you purchase a car, you don't always have to go through an escrow company, or I don't think you'd go through an escrow company whatsoever. I mean, there is so much more involved. That is a very silly analogy, but unfortunately it's not the first time I've heard that analogy analogy, but unfortunately it's not the first time I've heard that analogy. So yeah, it is definitely. There's a lot to the contracts in real estate, a lot of disclosures that are involved, a lot of things are involved and, while the listing agent is a licensed realtor in most cases, going directly to the listing agent's not always your best option either going directly to the listing agent is not always your best option either, and you know at that point too it's.

Courtney Bohm : 17:22

You know you want to make sure on the buy side that you're getting the best deal and everything's being negotiated with your best interest. So are there people who you know are the agent for the seller and the buyer? It does happen, but I think that can get sticky, you know, can be tricky, because you want to make sure that you know your sellers represented as well as the buyer sides represented, and so if you're on both sides of it, it not that it doesn't happen right?

Trish Williams : 17:44

Yeah, no, it does happen. But in most cases the listing agent will have a relationship with the seller prior to ever meeting you. So you don't know how long that goes back, how strong it is, how everything. And it's not saying that that's going to make them act unethically, because we do have standards, but still I do think that having your own representation is the best idea, and it is. You know, it's definitely not illegal for that agent to say that they're not going to write an offer for you. They are under no obligation to you if they're not already in contract or actually representing you. So if they are not going to, you either can contact a realtor and hire your own realtor, or contact an attorney, have them draft an offer. But even then that doesn't create representation for you. I would advise get your own realtor.

Courtney Bohm : 18:41

And I just you know, we've seen too many times people trying to represent themselves and the documents are just a mess and it's just too big of a risk to really take on a house. You make mistakes once it closes. Yeah.

Trish Williams : 18:55

No, I mean, we have nightmares with closings and even in our world.

Courtney Bohm : 18:59

You get to deal with, right, I get to deal with every day.

Trish Williams : 19:03

But yeah. So I mean, it's definitely not. I can't imagine how people would navigate that on their own. And you know one thing to make note of too you know I said you can get an attorney to prepare the offer. Do things like that for you. I have many attorneys that I've worked with or have worked with that choose to hire a realtor for their representation in a purchase or in a sell because, even though they are attorneys, they understand the value of having a realtor representing them.

Courtney Bohm : 19:34

I think it's just really important you know, just fighting for little things even as, as you know, simple, as you know, negotiating to keep appliances or making sure something's fixed or it's just really important to have someone fighting for you when it's such a large purchase.

Trish Williams : 19:50

Yes absolutely.

Courtney Bohm : 19:52

Um so let's go into the next question. So the next one is I'm buying a home in a high rise in a high rise. On the title report it says that the owner of the building has the first right of refusal. What does that mean?

Trish Williams : 20:05

Oh, yeah, so that's a fun one. Have you run across that before I?

Courtney Bohm : 20:09

mean, it is it, it's always. If someone owns a building, they can say no yeah.

Trish Williams : 20:16

Yeah, and I know when.

Courtney Bohm : 20:17

um it's not illegal.

Trish Williams : 20:18

Yeah, one project um in particular is the palms in Las Vegas. Um, they have the right of first refusal on the deed of every unit they sell. So what that means is that in selling the home you do have to contact the Palms. When you're making an offer, when you're in the purchase, when title's pulled, there's a process of you contacting the Palms to make sure our contract basically is not official with the buyer until the Palms says that they don't want to purchase it at the price that you're selling it for. So in the last and most recent years they haven't had any interest in purchasing. I'm sure this is something to prevent, or even something that I feel like. If the you know, the condos there start at $250,000 and above.

Courtney Bohm : 21:11

It's really to keep the value up a lot of times in those types of situations.

Trish Williams : 21:15

Right, and I'm sure that if you're trying to sell a $250,000 condo for 50,000, Palms will say, nope, I'll buy it instead. So I'm sure there's something behind that and maybe in the future they're saying that one day they'll want to buy out everybody and run it and own it solely instead of having private owners. I don't know the long game for it, but yeah, certain projects do have those kinds of deeds. Sometimes people have them with individuals. They made an agreement with maybe an ex-spouse or a family member that says if I ever sell this house, whatever the offer price is that we receive from the buyer, whatever that contract is, with the terms and conditions, you have the right to review it, match it and refuse it or move forward with it before that buyer can move forward with their purchase.

Courtney Bohm : 22:08

Absolutely. But at the end of the day, someone owns the building, and that's what they asked for. Then they do have the right to say no, and that's what they asked for.

Trish Williams : 22:18

Then they do have the right to say no and it's not illegal. Yeah, Right of first refusal is a recorded deed on title and the way you find out about it is when you get that title report. When you open escrow, everybody will get a preliminary title report. Usually within the first 10 days. When you get that title report, that is listed on the deed. If there is a right of first refusal, that is recorded, Yep, Yep. So yeah, I haven't ran into them. On individuals, I know that exists, but definitely in the high rises that is something that we see and that's pretty common.

Courtney Bohm : 22:48

Any of the condo tells any of the. You know it's definitely something common we see here.

Trish Williams : 22:53

And.

Courtney Bohm : 22:54

I'm sure in a lot of other cities too, any of those high-rise buildings. They really want to keep the value up. So if someone's in an emergency to sell they're lowering the price. It does ruin it for everybody else.

Trish Williams : 23:03

Yeah, yeah, absolutely, absolutely. So Michelle says what is the toughest price point to sell in right now? That's a hard question really, because there could be a lot of different answers for that, a lot of explanations. What would you say in the lending side is the toughest price point to qualify for right?

Courtney Bohm : 23:27

now. I think that can be such a broad question for a couple reasons. I think there are some people who you know are in their early twenties, getting their life established and they want to buy a house because rent is so expensive. So when we're looking at you know debts and things like that and their income especially if they're younger and it's just their income, you know if they're making 80 or 70,000, you know what they're qualifying for on average. If you're looking at you know a 350,000, you know what they're qualifying for on average.

Courtney Bohm : 23:56

If you're looking at you know a 350,000,. You know dollar home give or take at around a 6.75%. I'm just giving some averages. You know your your ballpark payment, without insurance or property taxes, is somewhere around 2450, 2400. So I think that can be tricky if someone's trying to, you know, get out of rent and get into a home because there are things that you know need to be put into place and they do have to qualify. But obviously when you're getting into more expensive homes, you know they're $800,000, you know could be a payment somewhere around give or take 5,000, 5,500. So I think it really depends on what's affordable to them.

Trish Williams : 24:38

Yeah, what's affordable and I felt like um with the rates where they're at and jumbo loan rates are um a lot higher than regular, you know, fha or conventional right.

Courtney Bohm : 24:49

So we do have some great options where they're pretty competitive with the rates currently. Typically, you're going to always have 10% down or more for any type of jumbo anything. But we do have a couple of places we work with that have some really great jumbo loan rates. But I mean, at the end of the day, what's hard to qualify for is really based on what's doable to that person. Yeah, I'm sure you've seen people buy million dollar homes and it's not a problem at all.

Trish Williams : 25:20

Yeah, yeah, definitely. I mean, I've seen payments as high as 20,000 a month and they're like sure.

Courtney Bohm : 25:27

I mean, what are you seeing? What are you seeing is the most popular for you right now as far as getting someone into home? Those price points.

Trish Williams : 25:35

Well, always, and it's always been true, whatever that median price point is is definitely like when I get a listing that's in that median price point and that's like single family home and the mid 400s, you know it will sell right away because the median price point's always the hottest market.

Courtney Bohm : 25:52

What is it right around 450?.

Trish Williams : 25:54

Yeah, 450, 470 right now, but those are always the hottest market. Those are the people that are like getting into their first home. There's more people in that market traditionally than any other market and that varies based on. I mean, when I started in real estate, median price point was 200,000.

Courtney Bohm : 26:14

It's crazy how much the homes in Las Vegas have gone up in the last few years. Absolutely I mean the equity people are building is crazy.

Trish Williams : 26:24

Yeah, and when I was first trying to build my business, everybody wanted to do open houses. You know they always want to do open houses and the like luxury and the beautiful, like big homes, you know, whatever, like the extravagant ones. And I was like no, no, no, I want to do open houses in the median price point, the entry level home, which back then was 200,000. But I want to do them there because those are the most popular. Those are the ones where people are just coming in like, yes, I'm interested, I want to buy so, and that just it's always stood true, no matter what market we're in, that's the hottest, that's the one that moves the fastest.

Courtney Bohm : 27:01

And then I also think you know, when you're looking at homes that are under the average price, if you have a condo that happens to be selling for $250,000 or maybe $300,000, there are so many investors in this town looking for a great deal and they will come in and they will buy it cash, they will fix and flip it. You know, there's just. I mean, those are gone in seconds, yeah fixer-uppers.

Trish Williams : 27:23

Those are always gone quick Always, I would say. I think the most challenging price point right now is somewhere between I'd say it starts at $750,000, $750,000 to up to about $2 million. That's like an entry-level luxury. So that's the type of luxury where the buyer is usually still in some sort of working class, but a higher end working class, you know definitely making a lot more income and revenue than the average person. But that is still. There's still a payment involved, right?

Trish Williams : 28:06

And I feel like when we get over 2 million, a lot of times that there's not really a lot of loans on those products. People in that price point and above are often purchasing cash.

Courtney Bohm : 28:19

Yeah, and I think it gets tricky. Then you're looking at mortgages that are, if they're keeping a mortgage and not paying cash, somewhere in the $8,000, $9,000, $10,000 range, mm-hmm. So obviously just to even qualify you have to be showing a really great amount of income and then it to be affordable. Obviously, when you have people buying 20, $30 million homes, they have the money to do so.

Trish Williams : 28:41

Yes, absolutely. And I mean, there's one of the things we always talk about property taxes are so low in Vegas, right?

Courtney Bohm : 28:48

They really are.

Trish Williams : 28:49

And they're, on average, 1%. But one thing you have to keep in mind, because if we're talking about a loan, just for instance, a $6 million home right With no mortgage, if you were to pay it outright cash, no mortgage you're still looking at $60,000 a year in taxes, which averages about $5,000 a month. That's just your property taxes.

Courtney Bohm : 29:09

And then that's not including. Typically, if you're getting a house like that, you're living somewhere where the HOA is probably minimal $500, $600 a month. Yes, plus, you have to have a whole team of people to maintain it Landscapers school and then you're going to have your homeowner's insurance. So even if someone pays cash, you still have to be making a good amount of money just for the upkeep.

Trish Williams : 29:31

Yeah, it's not like you pay cash for a home and there's no monthly monthly payment or monthly expenses that go. There is definitely a recurring expense. So when you add a mortgage to that, it's yeah. We just don't see a lot of people doing financing in that in those price points, you know, once they get that high. So so yeah, that's. I hope that answers your question, michelle and Courtney, how do people contact you if they want to talk more about loans, about what's available?

Courtney Bohm : 30:01

what's out there. Yeah, so if you're interested in any, you know, if you have some questions about loans or different options we have, you can give me a call at 702-416-6918. I'm always available. If you want to give me a call, shoot me a text. I'm happy to give you a call right back.

Trish Williams : 30:17

And if you guys are watching the show, please take a moment, like, share, subscribe, tell your friends. And we have a link tree which is www Do you have to still say that anymore? Wwwrealtycheckvegas. There you can connect with us on everywhere where we're at. So all of our socials, all of our links, the audio link, everything is right there. So please check us out. And if you need to reach me, my phone number is 702-308-2878. I'm Trish Williams and thanks guys for joining the show.

Courtney Bohm : 30:52

Thank you, we appreciate you.

Trish Williams : 30:54

Yes, we do, and we will see you next week. Bye, bye.