Navigating the Las Vegas Real Estate Market: Trends, Insights, and the Impact of Fed Rate Changes

Curious about the pulse of the Las Vegas real estate market? Join us for an enlightening conversation with Mia Wolfe from EXP Realty,  S.0188075 as we navigate the latest trends and insights. Discover the anticipated effects of the Federal Reserve's recent quarter-percent rate drop and how it might influence mortgage rates. With the holiday lull in full swing, we explore why sellers are holding off on price reductions and what rising Zillow saves might indicate for the new year. Learn about the shifting inventory landscape, including the decrease in single-family homes and the slight rise in condos and townhouses.

In this episode, we also dive into the psychology of real estate transactions, sharing stories of how buyer reluctance can transform into eagerness with the right find. While the current market may seem slow, there's an optimistic outlook for new construction and its impact on market health. We also tackle the complexities of buying or selling without an agent, the hidden costs of iBuyer companies, and the risks of a "For Sale By Owner" approach. Through personal anecdotes and expert advice, we underline the importance of professional guidance to safeguard your investment and make informed decisions. Don't miss this engaging episode packed with valuable insights and stories.

Chapters

• 0:01 Las Vegas Realty Market Trends
• 10:23 Real Estate Market Trends Analysis
• 24:57 The Pitfalls of iBuyers

Transcript

Speaker 1: 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.

Speaker 2: 0:27

Hey, Las Vegas. Thanks for joining us back here at Vegas Realty. Check your local Las Vegas real estate news show. I am Trish Williams and we have Mia Wolf returning on our show today, so thank you for joining us, Mia. Today is our monthly market update, where we go over everything that happened last month in December. So, Mia, you're with EXP Realty. Yes, yes, and Mia has been on the show many times and we love having her here.

Speaker 2: 0:58

She's one of our favorite guests so thank you for joining us again and yeah, let's get into market numbers Before that happens. News for the week we did get another Fed. Fed dropped another quarter percent yesterday. Have not seen that reflect the mortgage rates yet, but we are hopeful that one day this will all turn over into mortgage rates, because Fed has come down quite a bit this year.

Speaker 3: 1:28

I feel like everybody in their mind, like we've already anticipated it and everybody's like looking at the future as if rates are already down.

Speaker 2: 1:35

Yeah, like what luck is this though? Like they increase the rates and immediately it makes mortgage rates come up, but then now they're dropping it and it's like hello mortgage.

Speaker 1: 1:46

Where are you?

Speaker 2: 1:48

But yeah, there's a lot of other factors bond market, things like that that affect what it does to mortgage rates, and all of that is not coming into play yet, but I'm hopeful that it will in 2025. Let's go 2025. Yes, I'm excited. Yeah yeah, and with Christmas around the corner, we are. It's a little bit slow this week, pretty quiet so far, where I tell people like once we hit the 20th. I just expect everything else to happen after Christmas. It's very rare we have too many things going on during this week.

Speaker 3: 2:21

Yes, except you know, I'll probably get that one buyer that pops up. Yeah, christmas.

Speaker 2: 2:26

Christmas day or New.

Speaker 3: 2:28

Year's Eve. Of course We'll make it way.

Speaker 2: 2:32

I remember back when gosh it was when the market was super hot and rates were like at 3% and there was, like you know, just crazy demand. Yeah, it was the day after Thanksgiving, so it was like technically, black Friday shopping. And I was like nobody's going to be out there. Great day to shop. My client wanted to go, look at a house, and we were standing in line to look at a house and I was like, well guess, everybody chose to do home shopping for Black Friday.

Speaker 2: 3:00

So really depends on the market Really depends on the market. This year was pretty slow yeah.

Speaker 3: 3:05

Yeah, yes, yes, yes. I know I think that everything, January 1st, it'll be ready to hit it hard.

Speaker 2: 3:14

Yeah, we're seeing, like I'm seeing a big uptick in like you know, like even Zillow activity. You know how, when you have a listing, zillow activity will show you how many people are saving it. Lots of saves. Right, there's lots of like saves and hearts and people interacting with the listings. And you know, even on our MLS we reach out to the agent and the agent's like yeah, they're just window shopping right now, they're not ready to go out yet. So I just think we're going to start seeing a lot of activity in January. Yes, hopefully, yes, yes. So, on that note, let's go into our inventory and our weekly numbers for this week. We're going to get into the monthly numbers of what happened in November, but right now we're talking about what happened this week. Single family homes on the market they're 51-51. So that dropped 121 from last week. It's not the same amount as under contract, so it's probably some people taking their home off the market for Christmas, do you?

Speaker 3: 4:16

see that a lot. Yes, I actually do. I mean, I've had buyers come in for a property, you know, and the people are like we're not showing at the month of December because of the holidays. So I that makes sense to me.

Speaker 2: 4:29

Yeah, I had a seller recently too that, um, we had a, we had a request on a showing, and they're like no, we're, we have family in town, we're going to wait till after the holidays. So, yeah, no, that definitely happens this time of year. Um, condos and townhouses, those are at $18.21. So there's eight more on the market this week than there were last week.

Speaker 3: 4:48

I think one of them is mine. New listing New listing.

Speaker 2: 4:52

There you go, so one of them is yours then. Yeah, so new listings we have 692 new listings. That's 18 more than last week, so not a big change there. Price decreases were down a lot from the week before. There was 515 price decreases this week and that was 181 less than last week. Wow. But on price adjustments too, you know, some people are saying let's just wait till after the holidays.

Speaker 3: 5:27

Right and too, I guess, on price adjustments too.

Speaker 2: 5:29

Usually it's kind of like at the end of the month or beginning of the month too, so yeah, yeah, it's when you do that like review with your sellers and say like here's where we're at, here's where where we're going. And I started, you know, in certain markets I do this, you know often. But in these markets where things are moving slowly, I'm starting to do like reverse searches, where it's like not just looking at the price of what this home should be and should sell for, because that's a factor, but also looking at if somebody's shopping in this price range within a mile, what can they get and how does that compare. So that's helpful. It's helpful in kind of finding out where we're at and where we need to be Under contracts. Those are at 681. That's up 56 from the week before.

Speaker 3: 6:21

So that's good.

Speaker 2: 6:22

Yeah, that's a good number and solds were at 60, I'm sorry, 686 sold last week and that was 24 more than the week before. That's good Picking up. It seems like it's picking up. It's slowly picking up, but it is. You know, the market's doing a little bit better now than it was, but it's still very slow out there. So let's get into our November numbers. How was November for you? Did you see it as like a good month or a slow month?

Speaker 3: 6:59

You know, I think for buyers it was slow, For listings it was a little bit slow. I mean kind of felt flat. It was kind of a blah month. I felt like for me, or at least my listings I've got some out there, did a couple price reductions, so it wasn't a fabulous month. I didn't feel like it.

Speaker 2: 7:20

Yeah, I didn't feel like it either. I felt like I'd say, at least two weeks before elections, silence. It was so silent like crickets, yeah. And then, right after the elections, we had this little like spurt of something that happened Hope, let's call it hope, hope. And then the rates spiked a bit and then that little spurt just fizzled out. Yes, yes yes, and rates have spiked again this week, but let's hope for something better.

Speaker 3: 7:52

I know it just seems like something big is on the horizon. So I I believe that something big and I know we had talked to cause I always call you. I'm like, oh my gosh, how, how's your listing doing? Is it moving? Cause you know we start freaking out sometimes and it's like it's crazy how fast the market can change and how things directly affect it, like immediately, like the election, like it is so nuts. So you know people are paying attention to what's going on and you know putting that towards their real estate mindset. So I think that's it's not a bad thing.

Speaker 2: 8:26

I still, I still get so surprised by the, just the way people act. I'll do the same things at the same time. You know like I hate to use this word, but sheepish. You know, they're just like, it's like. At the same time, everybody's like oh, I'm buying, oh, I'm not buying, oh, I'm buying, it's like all all together, it's so. That still amazes me and I don't know why. I should be totally used to this by now.

Speaker 3: 8:53

But I know it's. It's true it does. There's fads and phases, and I think everybody's listening to the same person sometimes and you're like who are we listening to?

Speaker 2: 9:02

Who's doing this? Real estate training out there? That's like training our clients to say the exact same thing. Have you ever had that where you like, meet with sellers and every seller is saying the same thing and you're like is there a university out there that is training you to say this?

Speaker 3: 9:17

Well, it's like the market's about to crash, you know, or whatever, and you're like, oh my gosh, like what is?

Speaker 2: 9:23

where is this coming from? Who is this person?

Speaker 3: 9:25

Right, right, and I'm just like you know what. At the end of the day, everybody has to live in a house, somewhere. They have to buy and they have to sell. Life happens and, regardless of the trends or what's going on in the world, like we, real estate is a thing and it's going to be there.

Speaker 2: 9:42

Right, right, you know I have this client, um, that is, um, yeah, wants to buy a home, first home, um, first time home buyer, and then just like, kept on, like every house we're looking at, she's like I think maybe I should just rent. I think maybe I should just rent and then finally, I'm just like you know, if that's what's best for you, if that's what you feel like is best for you, then go for your gut, like I was just like you know, like whatever, I don't think it's the right decision, but you know, like that's really that's got to be. I'm not going to force you or talk you into something you don't want to do, because I thought that she was giving me so much pushback. I just felt like this was something she didn't want to do.

Speaker 2: 10:19

So I was like okay, that's fine.

Speaker 1: 10:20

No pressure.

Speaker 2: 10:21

Yeah, go ahead, go ahead and rent. And ever since I said that she's like all in on buying, and I'm like that is hilarious. It's like no renting is not an option and I'm like, I agree with you. I gave in and she was like no way, Absolutely not.

Speaker 3: 10:42

I am buying a house, and that is it. I was like there's so much psychology involved in real estate and in marketing. I mean, maybe she just had to hear it for herself, like, oh, you can. And then like, no way, I'm going to buy.

Speaker 2: 10:56

Maybe she felt like she was being pushed. And then when you're like, just pull back, it's like no, that's insane.

Speaker 3: 11:01

There's no way I'm going to keep on. I know it's so funny, the different personalities, cause sometimes I you know you'll get a younger client too. And I love it Cause it's like so much optimism and energy about it that it's just like find me the best deal and I'm ready to go, and I'm like that refreshes me a lot in real estate mindset.

Speaker 2: 11:21

I often find, whenever I talk to somebody that says I'm in no rush, I got plenty of time, I'm not going to rush into it. Those are always, always the people that are like first house. We see, they're like let's write an offer. I'm Like what happened to no?

Speaker 3: 11:35

rush. I know, Aren't those great whenever they? Honestly, because I always tell my buyers I'm like it's like meeting a partner, Like when you know, you know. Like you don't have to talk yourself into it, it's easy. Things happen and it's just like you have that moment of an epiphany and it's it Like this is it? What do I have to do to make it happen? Just tell me and we'll do it. And it flows like that. Those are like so great. Yeah, stars align.

Speaker 2: 12:03

Everything works out, yeah. So let's take a look at what happened in November. So the units sold single family units. That was pretty darn low 1647. Yeah 1647 sold for the month. That is a pretty low number and those were up from the month before.

Speaker 3: 12:26

Is that right?

Speaker 2: 12:27

Yeah, yeah, so that was Slow fall. Yeah, definitely. Median price point was 480,000. That was up 6.7%.

Speaker 3: 12:38

I mean that's great. Moving to Las Vegas. It's like our home values have stayed or increased. I mean, honestly, people talk about the recession or whatever. Your values are there and climbing since then. I mean it's a great market to invest in.

Speaker 2: 12:56

Yeah, absolutely. And I was in a mastermind recently where they were just talking about this lull that we've been in, because I mean, let's be honest, we've been in a lull this year. I'd say even last year. It has been a really tough market. There's in real estate mastermind groups and I don't know the truth behind this, but they, you know, there's like 80% of realtors haven't sold a home this year, even one.

Speaker 1: 13:23

Even one. Yeah, so it's it's been tough.

Speaker 2: 13:27

It's been a tough market. We're definitely seeing seeing that. But in this, this mastermind I was in someone's been in the business for a very long time was saying that they're pretty sure that we hit the bottom and now we're on the upward trend.

Speaker 1: 13:43

So that's good.

Speaker 2: 13:44

That's good. I hope so. I sure do hope so. So new listings 2138, that was up. That was just for the month of November, and the median price of new listings wow, that seems to be up a lot from the median price range of sold listings. Sold listings was at $4.80 and median price range of new listings is $5.10. So definitely showing that they're and units available was up quite substantially at 28% higher at 5,570. And we hit that for the longest time. We were under three months of inventory, so we hit that over three and a half months of inventory.

Speaker 3: 14:31

I can see even with new construction they have inventory move-in specials 30-day which you know. I mean that's pretty new. It's not always like that.

Speaker 2: 14:41

No, no. New construction is like begging for buyers. They are seriously.

Speaker 3: 14:46

I always watch. I mean because when new construction is like offering us more commission and begging for buyers, you know it's a little slow, you know it's a tough market yeah.

Speaker 2: 14:56

And when new construction is like nope, we're not paying no closing costs, we're not giving any buyers concessions, you're like, okay, market's good. That's the truth, that is the truth. That is the truth Always. Yeah, they're like go be on your way. That is so true. That is, yeah, definitely an indicator. And there's been times where I felt a slowdown in the market, like in my business, and I've called, like my reps that I work with often with new builders, and I'm like how's things going for you? What are you guys offering? And that's like definitely a good tell sign of what's going on. Units sold in condos and townhouses is 476. Now, that was up three percent, but that's a low number too. 476 for the entire month is pretty darn low. That median price range condos and townhomes 301, 250. I feel like that median price range has raised a little bit just because there's so many new construction condos and townhouses on the market right now and those are definitely priced a little bit higher, yeah.

Speaker 3: 16:04

And two, I mean that's still a great price for those, but I mean that's a pretty good note $300,000. I mean I see that one only climbing, Don't you? I mean I see that only climbing, yeah, don't you?

Speaker 2: 16:14

I mean I anticipate that closer to 350, honestly like soon, oh yeah, absolutely, because if you're looking for like a brand new turnkey condo or townhouse with a garage and all appliances, two car garage, low HOA, like you can find it all day long for 340, even 330 some places. Yeah, yeah, definitely. I had someone say um, because there's, yeah, there's a lot of condos and townhouses now hitting the four hundreds.

Speaker 1: 16:40

Yeah, and what was that? Oops, that's okay.

Speaker 2: 16:45

And the market and, um, they were like that's almost half a million dollars for a condo and I'm like, well, when you put it that way, it sounds kind of true.

Speaker 3: 16:53

I I like the townhouses. I mean it's a house like just the shared wall.

Speaker 2: 16:57

It's just like a house with a shared wall.

Speaker 3: 16:59

They're so big and expansive and they're amazing. I am such a fan of townhouses, especially for first-time buyers.

Speaker 2: 17:06

Yeah, and low maintenance you don't have to take care of a yard. Some of them have a little bit of yard, so they're good options.

Speaker 3: 17:13

They're great options, and especially if you want a pool, little bit of yard, so they're good options. They're great options and especially if you want a pool, there's a community pool that you don't have to pay for, you don't have to take the liability on, which is great too.

Speaker 2: 17:22

And they're often gated, yeah, yeah. So definitely good options, good options, and they're including a lot of features in a lot of them. Definitely, the new listings for condos and townhouses are at $729. That's up 15% from the month before and that median price range is up for new listings but lower than the median sold. So median price range is $294, and the median sold was at $301,250. So it's down a little bit. And maybe that is that market Again, I think a lot of that is new construction, that market where they're just, you know, they're discounting the homes to get them sold because they have so many, yeah, yeah. And they're hitting almost four months of inventory, 3.9 months of inventory on condos and townhomes and that's 1856 units available.

Speaker 3: 18:16

Wow, yeah, so more definitely more on the market.

Speaker 2: 18:19

Definitely more on the market and um breaching that over three month market where that is, um you know, more of a buyer's market than a seller's market, for sure.

Speaker 1: 18:30

Yeah.

Speaker 2: 18:31

And I with Actual homes being kind of like motivated sellers discounting their prices or something that's pushing some people like why would I buy a condo townhouse when I could buy a house?

Speaker 1: 18:44

you know and get it at this price.

Speaker 2: 18:46

So that is, that is still a thing. So we went into all of those numbers. Now we can go into days on the market, days on the market under 30 days we're looking at oh gosh, I'm toggling here we're looking at 30, oh sorry, let's get this Okay 57% of homes sold in less than 30 days on the market.

Speaker 2: 19:16

So that's I mean, that's really that's not a great number, it's a little more than half, but that definitely means our days of the market are, you know, kind of rising a little bit. 21.4% were 30 to 60 days, so the majority of them are still in that like less than 60 day market, but it's still showing a little bit of slowdown in that activity in November. And then the next one is the 60 to 90 days 11.5% Wow, yeah.

Speaker 3: 19:55

That's a pretty good chunk of the houses on the market, you know yeah.

Speaker 2: 19:58

And 90 days I mean 90 days in Las Vegas. Feels like forever.

Speaker 3: 20:04

Oh for sure, Because I mean 28 days, 18 days, you know, is what I'm used to. We get used to that.

Speaker 2: 20:13

The two-week market. I was talking to a lender the other day and we were talking about, like new agents that just got their license this year. Oh my gosh, how hard it must be for them, because this market is, you know, it's tough, it's tough.

Speaker 3: 20:29

Well, and you've got to have these conversations you're not used to having, because it's like okay, 30 days on the market, we need to reduce the price If we want to be. You know, if we want to be competitive, we're going to have to reduce the price and look at things, and those are kind of things that you don't have to have that conversation with when the market is faster.

Speaker 2: 20:47

Yeah, absolutely, it's the. And then there's the people that were licensed, like in 2021, that thought this is how real estate is, where you list a home and, like in an hour, you have offers like multiple. So those people are really struggling right now because that's how they they got, they got licensed at that time. That's how they thought real estate worked. And now they're like what's going on? Like it doesn't. It doesn't work that way anymore. And there is so much I spend so much time just every week in the office just pushing listings out to all different places trying to get them in different I mean even in just like social media, real estate groups, you know, across the country and just whatever just trying to just constantly promote, push, promote, push, because it's hopefully at some time that's going to be in front of someone's eyes that says, oh, that might work for me, but it's just a constant. It's constant. You just have to keep on promoting it.

Speaker 3: 21:44

You can't just hope that you list it and it'll, yeah, and a lot of tactics out there. I mean price reduction, of course, withdrawing it and putting it back on the market, which kind of skews our numbers, you know.

Speaker 3: 21:57

You know so it's. I wish they would find figure out a way to like alleviate that. But I mean, it is a tactic. You see, everybody sees it all the time, like, oh, the house is on the market one day. Well, no, it's actually 101 days. But you know, they pulled it off and they put it back up again.

Speaker 2: 22:12

Right, they just put it up as a new listing and the um. There's a service that we have out there. There's a couple of services like zip, your flyer property. Blast where we like, blast it out to everybody that's registered in the MLS and they get like a direct email of the property. And there was a time where if a listing wasn't moving, we do that and immediately like get phone calls, and now even that we get like a hundred of those a day, so they're just practically spam.

Speaker 3: 22:41

It's very saturated. I noticed that too.

Speaker 2: 22:44

Yeah, yeah. There was a time where it was just like it wasn't often that those were blasted out, so it was just like, okay, that worked, and now even that's not working. So, as realtors, we constantly have to pivot and look for other avenues to get in front of people, because that's the name of the game is getting in front of people.

Speaker 3: 23:04

Yeah, the days of just putting it on the MLS and doing nothing else, putting a sign in the yard, is over. You definitely have to be a marketing genius anymore. I mean branding. You know there is so much involved in it other than just what you see or maybe the client sees that is constant. It's not just put it there and it's done.

Speaker 2: 23:27

Yeah, yeah. I talked to a lady the other day who was doing it for sell by owner and she was like, oh, I've sold five homes in my past by myself for sell by owner. I sell all my own properties. And I was like, huh, good luck in this market. You'll be calling me back, I know you will.

Speaker 3: 23:48

I know I had one too. It was for sell by owner. We're looking in this certain neighborhood it's like a Sun City neighborhood and I wanted to get my client in there because, like I mean, basically I would feel like it's a coming soon, not for somebody owner, because they're going to have to list it with an agent, absolutely.

Speaker 3: 24:03

The likelihood of it is, and I'm like, can I get my client in? And they were like, oh, we're not offering compensation. Okay, you know, then I don't think we probably will not be seeing that house you know, except to the clients and if they wanted to, of course you know we could, we can figure that out.

Speaker 3: 24:22

But I said okay, and then we were going to go see it. And they're like, well, we're going to be gone for a month, I'm going okay, how is that going to work? But call me whenever you get back and I'll sell it for you.

Speaker 2: 24:34

Yeah, and and they probably have sold in much stronger markets. But I'm like, if realtors are having a challenge right now and we're experts and this is what we do and we're full-time in the business, uh, good luck to you. Like it is, it is going to be very hard and they're you know they're going to break down, but I. But then there's the ones that don't like I. I purchased my own home from a for sale by owner that had the home for sale by owner for three years before I bought it.

Speaker 3: 25:06

I mean, yeah, the deals are out and it was.

Speaker 2: 25:09

It was a great deal and I was like it should have sold. But you know, maybe you should have hired a realtor and smart agents would pick, pick it up. But yeah, so I picked it up, but still it's like, and it's still like. You know that long of a time I and he was just like, and when I talked to him he's like I'm not hiring a real estate agent. I was like, it's okay, I want to buy it.

Speaker 3: 25:30

Well, I'm sure in that transaction you did a lot of the buyer and the seller I did.

Speaker 2: 25:34

You didn't know what to do like documents or disclosures or anything, and that's common, you know, because our stuff changes rapidly and all the time, and for them to, you know, keep up with it and the training that we do and the things that we know of, like, what to do what not to do.

Speaker 3: 26:00

It's very risky and the timelines are short and you have to be on top of it and most of us have transaction coordinators that help us keep an eye on the time. You know you've got to double check and triple check title and closing and all that stuff which is just stuff that I don't think that the normal for sale by owner would be able to.

Speaker 3: 26:14

They think it's like selling a car, but don't understand how big of a deal it is, because I mean cars are not regulated by like federal housing laws and, honestly, it's like I think a lawyer would say the same thing as, like, the liability that you're opening yourself up to is way beyond any scope that you would want to take right, yeah, and it, in the long run, will cost you a lot more than any commissions would ever cost you.

Speaker 2: 26:38

That's the.

Speaker 3: 26:39

that is true. Yeah, we need to do a whole session on for sale by owner.

Speaker 2: 26:42

Yes, absolutely. Oh, speaking of commissions, well, no, not, not commissions for sale by owners or whatever. There was an iBuyer, so I'm not going to say the company name because I don't want to like I don't know, get in trouble or whatever you see my post.

Speaker 1: 26:56

Right, I did.

Speaker 2: 26:57

Yes, yeah. So this company they're a very popular iBuyer, right, and they advertise commercials, all kinds of stuff. No commissions, no commissions, no commissions. Well, my sellers, you know definitely this market's a struggle and they're like let's see at least what they have to offer. And I was like sure, you know, let's, let's check it out, it doesn't hurt anything to request an offer.

Speaker 2: 27:18

And the final offer price that we got from them included a 5% convenience to sell fee and I'm like what is this? Hidden fee? Yeah, but what is this? You advertise no commissions, but it just happens to be very similar to what a commission may cost, and that is, with a low ball offer and no representation, and like all this other stuff, like how is that? Tell me please, how that is a good idea.

Speaker 3: 27:54

With all the regulations that are changing, I don't even know how they can even get away with that.

Speaker 2: 28:00

I don't either. You know, I don't either. They just name it something else, they just call it something different and that makes it OK, I guess. But it is. And then I could kind of see that maybe like the convenience aspect, people like I just don't want to have my home on the market, I don't want to have showings, don't want to prep the home, all this stuff like that. But the offer is so low ball. It is literally. The final offer for this particular property was $50,000 less than the analysis.

Speaker 3: 28:30

I gave, which is probably a high one, because I feel like they're like $100,000 under true market price.

Speaker 2: 28:36

Yeah, so it's like okay.

Speaker 3: 28:38

And that's before their commissions.

Speaker 2: 28:41

Self-convenience fee, experience fee, whatever you want to call that, like insane, insane. And they're very big and they do a lot of business and there's still a lot of people that still sell their homes to these people. And I'm just like why? And from my end I don't, we don't, you know, we don't deal with them often, so they've, you know, definitely had changes over the years. So I didn't, um, last time I seen it, I don't remember that fee being 5%.

Speaker 3: 29:10

Um, unless you know like they've changed structures or something like that Some of them have gone out of business and lawsuits a lot of lawsuits and some of them have gone out of business and lawsuits a lot of lawsuits.

Speaker 2: 29:20

There's been lawsuits, yeah, but I was just like wow, $50,000 less than market value and 5% experience fee. And then they often come back and they will reduce the price even more afterwards.

Speaker 3: 29:31

Right, because they say inspections came up or something, or you missed your chance or offer, and which I think we've talked about this too, because solar is kind of the same thing and I can see how your everyday consumer is going to. Oh, okay, this is easiest thing to do slap on some solar, make my electricity bill go down. Um, sell my house, take the convenience fee or whatever. But like, if you're doing it, at least get another opinion. Call in a realtor and get them to run the numbers for you. We can do it in literally in a matter of minutes from our phones, you know. So, like, at least get a second opinion before you do that, cause you really are throwing away so much hard earned equity by doing this. And I I can't even think the last time I know of somebody that sold to an iBuyer, do you? Because they disappeared for a minute. It seems like they're coming back a little bit.

Speaker 2: 30:21

Yeah, my neighbors did. I was kind of upset with that, but it wasn't them, it was their. So sadly the neighbor had passed away and it was his children. They were out of state and they just figured that was the most convenient way to do it. And when they came to move stuff out of the house I was like, hey, what's going on here? And they're like, oh, we already sold to this company. And I was like, oh, like that, you know like what was the final? They told me the final price and I was like oh, for the neighborhood too.

Speaker 3: 30:51

even it hurts the whole neighborhood, cause I have, I've got a listing and it's like it's a great price. Okay, I mean we're talking it's like at $750. And honestly, there's a house in the neighborhood that sold at $709 and it was like the lowest sale and I so I'm just like what in the world? They just gave this house away. I mean, they gave, they just gave it away. What's going on? And it was an iBuyer. It was an iBuyer that listed it and sold too. So I don't know. There's some stuff going on well, that's case two.

Speaker 2: 31:22

In my neighbor's case they took a lot less this um and then this um. Ibuyer put the home back on the market higher price and sold it within 90 days. And they didn't do much to the home like painted the walls, but it's just. But you know you could have sold it for that price. Yes.

Speaker 1: 31:41

Yes, yes.

Speaker 2: 31:42

Um, and and that, yeah, the the I mean they turned around and sold it and their marketing's no different than ours you know, so, it's definitely like that. It would have sold for a higher price. They they definitely had a loss there for that convenience.

Speaker 3: 31:59

So there's, I don't know, not a good idea, but at least get a realtor to give you their numbers, if you're thinking about even doing that.

Speaker 2: 32:09

Yeah, yeah, and even the you know it's like the communication from the realtor, letting you know what's happening, keeping you in the loop of what's going on, talking about each part of the contract and helping you understand what's happening there is so valuable in itself. So you know, some people don't understand. You know they're just in this contract and it's like okay, here's the contract, sign here, sign here, do this.

Speaker 3: 32:32

And you don't really realize what's happening, unless someone's saying wait, look at this, I know it is a definite process and it's almost one that you can't really truly understand until you go through it right, and the going through it part is the part that you need the agent for, absolutely.

Speaker 2: 32:50

Absolutely so, Mia. If people want to get ahold of you, how do they reach you?

Speaker 3: 32:55

So you can reach me at 702-412-7255. I forgot my own number for a second. Always available Instagram, Facebook, all over the place.

Speaker 2: 33:05

Yes, definitely, and if you're watching the show, you can always go to our link tree, which is wwwrealteachuckvegas. You can send listener questions and we can answer your questions live on the show. You can connect with us on all types of social media through there and you can leave us good comments.

Speaker 3: 33:25

Leave good comments and subscribe. Follow the show.

Speaker 2: 33:27

Subscribe, like, do all the things, and if you want to reach me directly, my phone number is 702-308-2878. I'm Trish Williams and thank you for being here on the show and thank you, guys for joining us and we will see you next week. Bye, thank you.