Has the Las Vegas real estate train left the station, or is there still time to jump on? This week, we crack up over some tech gremlins before getting down to business with the latest Vegas property buzz. We're talking the impact of the Brightline high-speed railway on the market, the sprouting up of a swanky non-gaming hotel, and even Tiger Woods teeing off with a new mini-golf venture. And hold onto your hats, because we also dive into the Plaza Hotel's glittery makeover and the sky-high spectacle of weekly fireworks. The Vegas housing scene is as vibrant as ever, and we're here to break down the numbers, from starter homes to median incomes, making sure you're ready to make your move.
Roll up your sleeves, because we're about to get our hands dirty with the nitty-gritty of buying the home of your dreams in Vegas. Tune in to get the lowdown on the latest surge in home sales that has us feeling like it's springtime in the desert. We're analyzing every angle, from price adjustments to the hot commodity of move-in ready homes, and we've even got a sneak peek at an exclusive listing in the Las Vegas Country Club waiting to be snagged. Plus, we've got the 411 on navigating seller contributions and the importance of a rock-solid loan officer to guide you through the financial labyrinth of home buying. By the time you're done listening, you'll be armed with insider knowledge and ready to play the real estate game like a high roller.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
If you LOVE our content , Please subscribe to our show here
Linktree https://linktr.ee/vegasrealtycheck?utm_source=linktree_profile_share<sid=665d8181-2204-45fb-b56f-e8ed3efbfd18 Send Listener Questions to : VegasRealtyCheck@gmail.com Access All Episodes at RealtyCheck.Vegas Watch Live on Facebook Thursdays @9:30am PST https://www.facebook.com/VegasRealtyCheck Linktree https://linktr.ee/vegasrealtycheck?utm_sourc...
Has the Las Vegas real estate train left the station, or is there still time to jump on? This week, we crack up over some tech gremlins before getting down to business with the latest Vegas property buzz. We're talking the impact of the Brightline high-speed railway on the market, the sprouting up of a swanky non-gaming hotel, and even Tiger Woods teeing off with a new mini-golf venture. And hold onto your hats, because we also dive into the Plaza Hotel's glittery makeover and the sky-high spectacle of weekly fireworks. The Vegas housing scene is as vibrant as ever, and we're here to break down the numbers, from starter homes to median incomes, making sure you're ready to make your move.
Roll up your sleeves, because we're about to get our hands dirty with the nitty-gritty of buying the home of your dreams in Vegas. Tune in to get the lowdown on the latest surge in home sales that has us feeling like it's springtime in the desert. We're analyzing every angle, from price adjustments to the hot commodity of move-in ready homes, and we've even got a sneak peek at an exclusive listing in the Las Vegas Country Club waiting to be snagged. Plus, we've got the 411 on navigating seller contributions and the importance of a rock-solid loan officer to guide you through the financial labyrinth of home buying. By the time you're done listening, you'll be armed with insider knowledge and ready to play the real estate game like a high roller.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
If you LOVE our content , Please subscribe to our show here
Linktree https://linktr.ee/vegasrealtycheck?utm_source=linktree_profile_share<sid=665d8181-2204-45fb-b56f-e8ed3efbfd18 Send Listener Questions to : VegasRealtyCheck@gmail.com Access All Episodes at RealtyCheck.Vegas Watch Live on Facebook Thursdays @9:30am PST https://www.facebook.com/VegasRealtyCheck Linktree https://linktr.ee/vegasrealtycheck?utm_sourc...
Speaker 1:
Hey Las Vegas. Thanks for joining us back here again this morning.
Speaker 2:
Another one, another one for Vegas Realty Check.
Speaker 1:
We had some technical difficulties this morning. I I think it was russian hackers, but that hasn't been confirmed. We're still looking into it we're still checking into it, so I'll let you know if they're, if they've got beef with us, but um, I'm trish and I'm tiana.
Speaker 2:
Welcome back to the show times two we're your local las ve real estate news show we are, and we are here.
Speaker 1:
and hey, you know what, while we were in this little like waiting standby to get started, we found some more news. We found news.
Speaker 2:
Yeah, so that'll be good, because that's what the show's about.
Speaker 1:
Yeah, so that is great.
Speaker 2:
So what do you got for news?
Speaker 1:
then kiddo All right, well, let's start with. You had something let's talk about.
Speaker 2:
Uh well, I have a couple things that the, uh, the first ever high speed railway here.
Speaker 1:
What the bright line it has broke ground in vegas, and it's happening like I was talking to someone the other day and they were like I've been hearing about that for like 20 years, do you really think it's gonna happen?
Speaker 2:
and I was like no, they are like it's happening, it's happening and now, let's see, since, like 2018, it had always been like you know, the sort of the area where it was going to be dedicated was out on south of the strip, just past the outlet mall and whatever, and it's all coming together so, and they uh broke ground on that and they expect that to be done by the uh olympics. Yeah, so 2028 and the people.
Speaker 1:
I was talking to the people, that the people I was talking to the people, the people uh, we're from california, okay. And they were like, oh crap, we need to start investing in las vegas.
Speaker 2:
And I was like, well, just join the other californians that are you and the rest of the state all have the same idea?
Speaker 1:
Yeah, so we are. Let's see what that does to us, yeah.
Speaker 2:
And then out by the Southwest by the Uncommons in Durango. There's been a new project that is set to take out there.
Speaker 1:
It is a $50 million non-gaming hotel in Vegas what do you do in a hotel if you're not gaming?
Speaker 2:
I guess the same thing you would do in any other hotel across the country you eat, you sleep, you go to the spa, you visit family and friends. Um, because it's in the southwest, I'm going to assume it's going to be more for people who are coming in town, uh, for just family, friends or business, not really the gaming convention scene but like not even the slot machine hey, durango's across the street.
Speaker 1:
That is so weird yeah, I mean for vegas.
Speaker 2:
That is weird, like there's slot machines in the 7-eleven yeah, grocery store is 7-elevens they're all over the place but not here. And then Tiger Woods, pop Stroke, miniature Golf opened this week. So that's going on, and then I'm very, very excited about this. So if you're in Vegas, you know that the Plaza Hotel has gone through this major renovation. They got the big pink box donut out in the front and they've redone the carousel bar that overlooks Fremont Street and stuff. But they are now from Memorial Day to Labor Day. Every Friday night I believe it's at 9 pm they're going to be doing a uh firework show and that'll be the first uh consistent firework show in Vegas. I'm very excited about that. That will be nice. Yeah, something to do every Friday. Something to do every Friday. And uh, the Beatles show friday. And uh, the beatle show is closing. Did you hear that? Yeah, the cirque de soleil beatles. July 7th will be the last day for that.
Speaker 1:
All right, well, they've had a good run um, how much money do you need to be a first-time home buyer in las vegas? For a median home, how much money do you need to make? That is the question of this morning.
Speaker 2:
We have an answer we do have an answer, and I think it's a more than people who live in Vegas will think well, this is median price range, so median price range right now is like for just 80 lightly under 500 so that doesn't mean that's the price of every home there's right homes, yeah, under.
Speaker 2:
Yeah, you have to make this amount to get a home in Vegas. This is so. That doesn't mean that's the price of every home. There's some homes that are under condos, townhouses. That doesn't mean you have to make this amount to get a home in Vegas. This is just your average household average home Median price range. Yep, what do you got girl?
Speaker 1:
So the $120,000 in income to afford a median price house. I'm sorry this isn't just in Las Vegas, this is across the US.
Speaker 1:
Yeah, yeah, I'm sorry, this isn't just in Las Vegas, this is across the US. Yeah, yeah, this is for everywhere. Yeah, news three Las Vegas reported it, but this is across the US. Median price home in the US $120,000 in income to afford it, yeah, yeah. So this brings us back those starter homes like condos, townhomes, things like that. You should still be looking to purchase those to get into the market because those will secure you equity to be able to move up in the future if you can't afford that big chunk to get into a median home.
Speaker 2:
Yeah, yeah, yeah and I'm always screaming it to everybody who will listen. If you can get in the market, get in the market.
Speaker 1:
Yeah, yeah, get in the market.
Speaker 2:
There's not many markets across the country that are sort of on this boom that we're on with just growing and changing, that we've been on in the past like five, six years and I feel like that's not necessarily slowing down but it's not going to be endless. There'll be a time where we just sort of, you know, tinker out and our value is our value.
Speaker 1:
Yeah, you know, I was talking to someone the other day. They had approximately. They were just, you know, just curious. We weren't listing. They were just like, hey, how much is my home worth? And we figured out the numbers. I was like you know, about a hundred thousand, 80 to a hundred thousand more than what you owe on it. And she was like, well, what does that mean? And I was like that means that's your equity. And she's like, yeah, but that's just a number, that doesn't mean anything, right?
Speaker 2:
And I'm like, yeah, that means those numbers are money.
Speaker 1:
Do you love money? That means nothing until you sell and she's like so, or, or you know refi or whatever, and she's like so, when I sell, where's that money go? And I'm like, and your bank account or your pocket, your handbook, like, where do you want it to go?
Speaker 2:
Yeah, she was like, but they actually like give me that cash and I'm like, well, it's not dollar bills, but it will come in a wire. Yeah, you're good, it'll be nice, it'll be in your bank account. You will see that money, yeah.
Speaker 1:
And it was just so funny because, like I helped her get a home, you know, about a year and a half ago, and yeah, it's good amount for you know the short amount of time, but she was just so like just boggled by, like you're mean to tell me that that is my money, yes, yes. Yes, that is your money. Enjoy it. Yeah, that's the benefit.
Speaker 1:
That's why it is so great to be a homeowner and not a renter, because that is your money If you, if you sell Yep, so yep, Yep, yep or refi, yeah, there's, there's fees, you know of things like that, and I and I gave her like an estimate of what it'd be after fees and all that stuff like that, but still it was just like so, like wow, I can't believe that, and I was like on my end of things.
Speaker 1:
I was like, wow, I can't believe there's actually people that don't like like, realize that, that understand how it's working for her.
Speaker 2:
What a beautiful surprise.
Speaker 1:
That would be, yes, I know I was excited to deliver the news. Yeah, and she loves you forever now.
Speaker 2:
Yes, oh my gosh, trish is the best, and she's right, girl, you are the best, thank you thank you, I sure do hope so.
Speaker 1:
So um, oscar de la Hoya.
Speaker 2:
Oscar de la Hoya got a teeny, tiny little property.
Speaker 1:
Yeah, he has his starter home, his little starter home, little starter home that he's selling. It's only 9 000 square feet, I guess I could live in 9 000 square feet I mean, yeah, you'd have to downsize a bit, but you know, right consolidate my clothes. It just hit the market here in um. The news report says 15 miles outside of vegas and I'm like where?
Speaker 2:
is that it's? It's called henderson henderson.
Speaker 1:
It's right there in henderson. We are all very aware that henderson exists, so that was a weird take on the story.
Speaker 2:
Maybe they did it for privacy, because they didn't want people. You know, trying to figure out where oscar de la joya lives, chances are he's not even there. Yeah, he is moving. Um, so, uh, that hit the. Maybe they did it for privacy because they didn't want people. You know, trying to figure out where Oscar De La Hoya lives, chances are he's not even there.
Speaker 1:
Yeah, he is moving, so that hit the market at only $20 million $20 million yeah, not bad for 9,000 square feet.
Speaker 2:
Yeah, let's get you into it.
Speaker 1:
That house is beautiful, big, modern. Five bedrooms, seven baths. Amazing portico chair Like I love bedrooms. Seven bath, amazing portico share like I. I love that, like when you can like drive up to your house like scarface.
Speaker 2:
It's kind of cool. You're like. You know you made it when you have a big old portico yeah you, you know it, you know it.
Speaker 1:
That's the, that's the, uh, that's that's definitely the game changer there yeah, so all right. What are we doing for market numbers?
Speaker 2:
Oh, we do have some market numbers for our active. We have 3,336 active single family homes throughout the Valley.
Speaker 1:
Okay, sold, we have 655. That jumped.
Speaker 2:
Wow, like jump jumped, yeah, well it's that feels like a spring number right there. It feels like spring hit like last week, yeah, I know, for like two or three weeks I'm like, oh, it's kind of a little slow for spring. Haha, eating my words this morning? Yeah, no, I was thinking. Or this week in general. This whole week I've been insane. The days have flown by, and it's not even because of the monotony, it's because there is so much activity going on.
Speaker 1:
I feel like we were just saying on last week's show that this was a slow spring.
Speaker 2:
Look at how slow spring, and then the universe is like just kidding, hi, you're not going to get a break, yeah.
Speaker 1:
And now it's like oh my gosh, I'm like I was just telling you earlier like there is not. I'm looking at like the time in the day and there is not any room to fit anymore, but we will make it work. Don't, don't make that, not make you, not call me.
Speaker 2:
Yeah, make you not call me. Yeah, definitely, definitely. Feel free to reach out. We are never too busy for our clients or anybody who is kind enough to support us here at the podcast. Speaking of which, if you're listening to this and you like what you hear, make sure you do all the things with the buttons, the likes, the share, the subscribe, the download, whatever it takes for you not to miss a podcast. We do it every Thursday.
Speaker 1:
I was watching some video from like an influencer or whatever and they were like smash the like button.
Speaker 2:
And I was like yeah, smash it Like.
Speaker 1:
is that what we're supposed to be saying?
Speaker 2:
Yeah you can say smash the like button Smash the like button. Yeah, hit the notification bell so you don't miss a show. Look at us all hip. Okay, I don't think we're hip if we use the word hip.
Speaker 1:
I think that's an old thing. Don't say that. So price decreases for the week.
Speaker 2:
It's better than hip, all right. So price decreases they sort of dinged up to teeny, teeny, tiny bit, up to $409. Yeah, last week we were under $400. Now we're just over.
Speaker 1:
Yeah, that's okay. Maybe that's okay. Maybe that's what got all the extra activity. People were like hey, price is coming down. Man, those were sold.
Speaker 2:
Those were in the contracts. When we kept saying those under contracts, because those under contracts are high numbers yep and 64 for the week yep, yeah, yeah, that's a good, we like it. If we could only just bump up those available homes, if we can get some actives like four or 5,000. Not being greedy, just a few more yeah.
Speaker 1:
Yeah, yeah, that would be good. That would be good. We still have shortage of inventory, for sure.
Speaker 2:
Yep, I'm so used to it now. It doesn't feel like shortage of inventory, but it moves fast. Yeah, it moves fast, fast, especially if there's a turnkey that comes on the market, those suckers fly by. This is a good time to get something that's a little more dated, maybe get some nice closing costs or contribution or something.
Speaker 1:
You know what was funny? Um, I thought it was funny. We we dealt with last week.
Speaker 1:
We're working together with a buyer right yep, and which we do, so you can have both of us. Yes, so, um, that was um one of the homes they absolutely love turnkey, beautiful, everything um flew off the market first day. Yeah, multiple offers. But what like blew my mind about that is um the listing was all wrong. Like did you notice? You notice that? Like it had it said it had a three car garage and it had a two car garage.
Speaker 2:
Yeah, yeah, yeah, yeah, yeah. I was going through and I was like so it says this, but we're not actually looking at that.
Speaker 1:
Yeah, and it said it was a three bedroom, but it was a two bedroom. And I was like what, and? And I'm like and, and they still got multiple offers. How's that work? People were like I don't care, I love it. Stern Key, we're doing it.
Speaker 2:
It was cute, it was a cute house. But yeah, and when we were in there I was telling them like listen, this is the two bedroom and you know if you're going to look at resale or whatever you know, but it doesn't matter.
Speaker 1:
That's not the one they went with. That the one they went with. But you know, that is that just I was like, wow, we're in that kind of market where people are like, yeah, okay, it's fine, yeah, yeah, so, but always a good idea to see the home, because things might not be as accurate as they look like.
Speaker 2:
On the mls yeah, the information on the mls was wrong. But as for uh remodel, it was good and it had a lot of really uh good things when they came in and remodeled. That I appreciate, as somebody helping somebody purchase property like it had a new hot water heater, new ac, so even the home was older. The not only the finishes changed but some of the mechanics of the homes changed, which was nice yeah, that is good um speaking of like all new mechanics of the home.
Speaker 1:
I have a great home. I'm so excited about it. Um that's coming, um coming up in a couple days um in las vegas country club oh yeah las vegas country club is another one of those places in vegas that you kind of forget. Is there? It's sort of hidden, right. Well, it's hidden, it's like an older you know area but still like super awesome. So I haven't, I haven't gone through there in.
Speaker 2:
I want to say maybe years I I just haven't been in that like area.
Speaker 1:
I was like oh yeah, I forgot about this. I love this place, like it's just, you know, historic. So it's a cute little townhome, but everything, all the mechanics, they have cute little townhomes in there, super cute and they, they had replaced, like um hot water heater, the um, you know, the AC, like all the mechanics and bones and appliances and all that stuff. So it is good to go, it's gonna be cute.
Speaker 2:
Yeah, and that's to that one. That's such a great location. It is right behind the strip and now that they've opened up the Fountain Blue and they have other hotels that are slated to go up on that north side of the Las Vegas Strip, that's so convenient so convenient and balconies off every bedroom yeah right on the golf course, like it is it?
Speaker 1:
yeah, super cute, and if you work on the strip you're like five minutes from work, which is like almost impossible to be anywhere else in vegas yeah, and it's great.
Speaker 2:
Um, I used to have a friend who had a house down there and whenever there'd be something like a new year's eve or whatever, we'd always just park at her house and then just walk down to the strip and then come back. So, yeah, super, super convenient pretty, pretty awesome.
Speaker 1:
So, um, and that's coming next week. Uh, it will be on the market on may 10th may 10th, yeah, so we're looking forward to that. I got like those are like some of my favorite places. I got this listing in lake las vegas, which absolutely beautiful, but it's like still like those, like not the common areas that we're always looking at. You know it's like oh yeah, this is here and it's amazing Like we forgot about this.
Speaker 2:
Yeah, I like when I guess people are open to other things other than the standard Summerlin Green Valley.
Speaker 1:
Yeah, like Summerlin Green Valley is like where there's a. Summerlin, Green Valley. There's a lot more. Yeah, there's a lot more, and there's some beautiful places. I mean Lake Las Vegas. Every time I'm there, I feel like I'm on vacation.
Speaker 2:
Yeah, Lake Las Vegas and even the Las Vegas Country Club, because the mature landscaping and stuff it just feels cooler and nice and green and bright and I like it yeah absolutely. So let's get into our listener questions. Hey, we got those and we still have 15, 14 minutes left now to actually answer those, so let me unlock my phone, all right. First one is Jose, can I ask the seller for credit to cover my down payment and my closing costs?
Speaker 1:
Well, jose, oh Jose, my friend, yes, yes and no yes and no, your closing costs absolutely can be covered by the seller. Yep.
Speaker 2:
Your closing costs are the thing that can Well, not the only thing because you can do prepaids. Those are basically closing costs. Prepaid items and discount points can be paid by the seller, absolutely.
Speaker 1:
However, your down payment, nope, that is a mortgage guideline. It is a non-allowable. Exactly the buyer has to pay their down payment, unless you're using down payment assistance. That's the only time there's an exception to that.
Speaker 2:
Right, but for the most part you have to come up with your down payment to purchase your house. However, the seller can contribute those prepaids or those closing cost items. There are stipulations. I got a handy dandy little cheat sheet here that I always keep on my phone. So if you're doing like a conventional for your primary or secondary home and uh, it's less than 10, you can get three percent towards your closing. If you're putting 10 to 25 down, then you can get six% per your closing and more than 25%, you can get 9% towards closing costs, prepaids and discount points. Now, if you are FHA and your primary and you're putting three and a half percent or more down, then you can get up to 6% of your closing costs right so, and up to 6% towards closing costs, not of your closing costs.
Speaker 1:
right, and so up to 6% towards closing costs, not of your closing costs Right and I've had times where buyers have had like extra from the credits for the sellers and you can do things too for that, like prepay your HOA dues ahead of time. You can extend your home warranty by a larger home warranty plan. Upgrade that plan. So there are some things that you can use.
Speaker 2:
There's ways to use that 3% to 6% that you're getting for sure, but it just can't be for the actual down payment.
Speaker 1:
Yeah, and it can't be like cash back. So the only cash back you can get is your earnest money deposit whatever you put in if you have excess credit. So it is use it or lose it after that point.
Speaker 2:
Yep, yep, yep, yep. But I do like concessions, so don't be afraid to ask for them, concessions are great yep, um so, and then we got robert.
Speaker 2:
I got a pre-approval, but I have not made an offer on a house yet. Uh, another loan officer has come to me and said they can give me a better rate. Will that affect my credit if I change loan officers? Come to me and said they can give me a better rate. Will that affect my credit if I change loan officers? Well, that's a yes and no, it's a yes and a no.
Speaker 1:
Yeah depends, it depends. Sometimes people's credit is so tight on their pre-approval where any little hit could make a difference. Yep yep yep, um that traditionally um I hear a lot that you can um shop if it's within the first um three months, or is it 30?
Speaker 2:
well, if they do soft pull, or it's 30 days that they can do hard pulls, and then when it shows up it'll show that it's like multiple vendors. So then they know like, oh, you're shopping for a loan, but you can't have somebody do a hard pull today and then in a couple months have somebody else do a hard pull and then another hard pull, because that will affect your credit.
Speaker 1:
Yeah, it will be multiple. It will affect it as far as hard pulls go.
Speaker 2:
Right but this whole thing with the dangling the carrot of we can get you a better rate, like we said.
Speaker 2:
Well, I was gonna say earlier in the show, but I don't know if it was this show or the one we attempted to record when you have that option, the mortgage rates change not only daily but throughout the day and you can't lock in a interest rate to a buyer.
Speaker 2:
It's locked into the property, so you have to have a property before they can even lock in the rate. So when people come to me and they want to switch rates and stuff, I always have to let them know. Listen, they might be offering something better to you, but that doesn't mean that's what's going to be happening at the time of lock-in. Really, sometimes for me and maybe it's because I don't have to pay for it it's not my money, but for me when it's working with the loan officer is the most important thing Somebody who knows the contracts in our local market, who has good communication skills, who is really there to help you. Because sometimes if somebody is just offering and wanting to get your business, there's no guarantee you're going to get a lower rate and then they might not be the best loan officer.
Speaker 2:
So I would go with loan officer quality versus that small interest rate, because mostly it's based on your credit and your debt to income and you're going to be close, yeah, right, and it's not like one lender is going to say 9% and other ones go say 3%. That's just too much of a discrepancy that's never going to happen.
Speaker 1:
Right and a bad lender can cost you a lot of money, can cost you to lose your earnest money deposit can cost you to be backed into a corner where it comes to negotiations. I mean there are things that I have seen happen that the fingers can be pointed directly at the lender for dropping the ball or making it happen, and so a bad lender can cost you.
Speaker 2:
Yeah, I had a bad lender ruin a customer relationship that I had and I had helped the client. I helped my client and then I helped my clients, son, and then I helped my clients mother and the lenders messed up the deal with my clients mother, and so when the client went to sell her home, the mother was like don't use Tiana.
Speaker 1:
And I was like whoa, whoa, whoa, what don't use?
Speaker 2:
Tiana, you got that all don't use Tiana and I was like whoa, whoa, whoa, don't use Tiana. You got that all wrong. Always use Tiana, yes, yes.
Speaker 1:
Yeah, that is. Lenders can really cause a lot of damage.
Speaker 2:
So you want to?
Speaker 1:
I mean, I would say take our recommendations, because we I wouldn't recommend somebody that I don't think is competent and can get the job done Right yeah.
Speaker 2:
Right. That I don't think is competent and can get the job done Right, yeah, right, like I really. The lenders that I would recommend are people that my clients have used in the past successfully and that work well and know our local contracts and timeframes and stuff. So you are, by all means, shop around initially, find the best rate that you can. You also want to look at things like loan origination fees, because they might be getting you a better rate but then they're going to jack it up on the money that you have to bring to table.
Speaker 1:
I've seen that, oh my gosh. I've seen that I had someone that was like, oh, our rates are so much better than what you're getting and I was like, great, that's wonderful for my clients yeah, I would love to have that as a resource, if it were true. Yeah, yeah, until I seen the closing disclosure, closing cost, and I was like, whoa, your rates are good, but how much are you charging for fees?
Speaker 1:
Like what in the world Like. So yeah, there's, you know, a lot of things you got to look at when it comes to that.
Speaker 2:
So, yep, there's different factors and, like I said, of course shop for rates in the beginning. But once you finally find a loan officer that communicates well with you, that you have a connection with, that you feel is really going to service you best, sometimes that's even more important than the actual rate absolutely, um so, natalie natalie natalie wants to know how long is a pre-approval good for pre-approval?
Speaker 2:
is good for well. Technically, a pre-approval is good for 120 days, but we like you to use it within 90 days, because you're going to need that 30 days to close.
Speaker 1:
Now, if it expires, that doesn't mean like no, you're no longer qualified, they just have to redo it. Retake paperwork, get some updated statements, look at your credit again. Do everything to refresh it. That doesn't mean that, like no, you passed your credit again. Do everything to refresh it Right. That doesn't mean that, like no, you passed your window. You didn't find a home. You're canceled.
Speaker 2:
Right right, you had time and you didn't make it happen. No house for you. Yeah, the market might get that crazy in a while, but for right now. Usually I always tell people that that's about good for 90 days. We want to get in contract within 90 days of that pre-qual letter because you're absolutely right. After that the lender is going to want to recheck your pay stubs, bank accounts, make sure everything is still good, that you haven't gone out and bought a new car or something weird. That's going to throw that whole deal off.
Speaker 1:
Right, and it also depends on the rate change within that time frame, because I did have two years ago I had a client that got pre-approved at a. You know it was back when rates were 3%.
Speaker 2:
The good old days.
Speaker 1:
And you know he's like, oh, I'm going to wait to buy. I got to wait to buy and you know, whatever, just you know renewed a lease and did whatever and all that. Then, you know, just recently, came back and was like, hey, you know, I seen this house, it's the amount I was pre-approved for. I really want to buy it and I was like well we need to look at the numbers again.
Speaker 1:
I know, I know, and I was like yeah, and so they were like no, you can't buy that price house anymore because that back then, two years ago, was 3% rate and now we're at 7% rate.
Speaker 2:
And not only have the rates changed, but the market has changed. Those prices are higher. I mean, you got the girl who you just told her she got a hundred grand in a year, year and a half. So if he was, pre-approved for 500,000, that's like a $650,000 house now. So yeah.
Speaker 1:
So he was very disappointed that that number had changed and that's what happened. So you do keep that in mind. You know, like usually your pre-approval, as long as you're within that first 120 days, you're going to be very close to those numbers staying the same. You go too much further out.
Speaker 2:
It's probably, you know, going to make a substantial difference yeah, and don't be foolish and wait yourself out of the market.
Speaker 1:
I've had that happen I hate it when that happens.
Speaker 2:
I had this cute little first time home buyer and I just love her. She's so, so kind and so nice and I kept saying, like you're being too picky for a first-time home buyer, you're not going to get the type of house that your parents live in as your first-time home buyer. We need to make this happen. And she just drug her feet, and drug her feet, and drug her feet. Prequal letter was over. She got a second one issue. Now we're into it almost six months. Prices have changed and she's liking even less and she never ended up buying. Yeah, yeah, and it was heartbreaking. And now I occasionally, you know, see her talk to her and she just shakes her head. She's like you were so right.
Speaker 2:
I should have got that place back, then I should have, should have, should have. But you can't look backwards, you can only look forward. So if you do want to look forward and you do want to purchase a property, I know a girl can help you out. How do they get hold of you, trish?
Speaker 1:
uh, 702-308-2878 is my cell phone number and, tiana, you can help them out. Also, how do they get a hold of?
Speaker 2:
you my advice. You can call me or text me at 702-379-9948. That is my cell phone. Feel free to reach out. We'll answer some questions. If you do have questions, make sure that you send them to realtycheckvegas and we can answer those questions for you. Live on the air.
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Speaker 1:
Real estate news.
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Real estate Real estate news.
Speaker 1:
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