December 20, 2024 • 34 mins
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.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to Vegas Realty.
Check your go-to podcast forall things Las Vegas real estate
.
Whether you're buying, sellingor investing, we bring you the
latest market trends, insidertips and expert insights to
navigate the ever-changing LasVegas realty landscape.
Tune in each week as we breakdown the data, answer your
questions and help you make thebest real estate decisions in
(00:22):
the entertainment capital of theworld.
Speaker 2 (00:27):
Hey, Las Vegas.
Thanks for joining us back hereat Vegas Realty.
Check your local Las Vegas realestate news show.
I am Trish Williams and we haveMia Wolf returning on our show
today, so thank you for joiningus, Mia.
Today is our monthly marketupdate, where we go over
everything that happened lastmonth in December.
(00:48):
So, Mia, you're with EXP Realty.
Yes, yes, and Mia has been onthe show many times and we love
having her here.
She's one of our favorite guestsso thank you for joining us
again and yeah, let's get intomarket numbers Before that
happens.
News for the week we did getanother Fed.
(01:12):
Fed dropped another quarterpercent yesterday.
Have not seen that reflect themortgage rates yet, but we are
hopeful that one day this willall turn over into mortgage
rates, because Fed has come downquite a bit this year.
Speaker 3 (01:28):
I feel like everybody in their mind, like we've
already anticipated it andeverybody's like looking at the
future as if rates are alreadydown.
Speaker 2 (01:35):
Yeah, like what luck is this though?
Like they increase the ratesand immediately it makes
mortgage rates come up, but thennow they're dropping it and
it's like hello mortgage.
Speaker 1 (01:46):
Where are you?
Speaker 2 (01:48):
But yeah, there's a lot of other factors bond market
, things like that that affectwhat it does to mortgage rates,
and all of that is not cominginto play yet, but I'm hopeful
that it will in 2025.
Let's go 2025.
Yes, I'm excited.
Yeah yeah, and with Christmasaround the corner, we are.
(02:13):
It's a little bit slow thisweek, pretty quiet so far, where
I tell people like once we hitthe 20th.
I just expect everything elseto happen after Christmas.
It's very rare we have too manythings going on during this
week.
Speaker 3 (02:21):
Yes, except you know, I'll probably get that one
buyer that pops up.
Yeah, christmas.
Speaker 2 (02:26):
Christmas day or New.
Speaker 3 (02:28):
Year's Eve.
Of course We'll make it way.
Speaker 2 (02:32):
I remember back when gosh it was when the market was
super hot and rates were like at3% and there was, like you know
, just crazy demand.
Yeah, it was the day afterThanksgiving, so it was like
technically, black Fridayshopping.
And I was like nobody's goingto be out there.
Great day to shop.
My client wanted to go, look ata house, and we were standing
(02:53):
in line to look at a house and Iwas like, well guess, everybody
chose to do home shopping forBlack Friday.
So really depends on the marketReally depends on the market.
This year was pretty slow yeah.
Speaker 3 (03:05):
Yeah, yes, yes, yes.
I know I think that everything,January 1st, it'll be ready to
hit it hard.
Speaker 2 (03:14):
Yeah, we're seeing, like I'm seeing a big uptick in
like you know, like even Zillowactivity.
You know how, when you have alisting, zillow activity will
show you how many people aresaving it.
Lots of saves.
Right, there's lots of likesaves and hearts and people
interacting with the listings.
And you know, even on our MLSwe reach out to the agent and
(03:34):
the agent's like yeah, they'rejust window shopping right now,
they're not ready to go out yet.
So I just think we're going tostart seeing a lot of activity
in January.
Yes, hopefully, yes, yes.
So, on that note, let's go intoour inventory and our weekly
numbers for this week.
We're going to get into themonthly numbers of what happened
in November, but right nowwe're talking about what
(03:56):
happened this week.
Single family homes on themarket they're 51-51.
So that dropped 121 from lastweek.
It's not the same amount asunder contract, so it's probably
some people taking their homeoff the market for Christmas, do
you?
Speaker 3 (04:16):
see that a lot.
Yes, I actually do.
I mean, I've had buyers come infor a property, you know, and
the people are like we're notshowing at the month of December
because of the holidays.
So I that makes sense to me.
Speaker 2 (04:29):
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 goingto wait till after the holidays
.
So, yeah, no, that definitelyhappens this time of year.
Um, condos and townhouses,those are at $18.21.
So there's eight more on themarket this week than there were
last week.
Speaker 3 (04:48):
I think one of them is mine.
New listing New listing.
Speaker 2 (04:52):
There you go, so one of them is yours then.
Yeah, so new listings we have692 new listings.
That's 18 more than last week,so not a big change there.
Price decreases were down a lotfrom the week before.
(05:12):
There was 515 price decreasesthis 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 theholidays.
Speaker 3 (05:27):
Right and too, I guess, on price adjustments too.
Speaker 2 (05:29):
Usually it's kind of like at the end of the month or
beginning of the month too, soyeah, yeah, it's when you do
that like review with yoursellers and say like here's
where we're at, here's wherewhere we're going.
And I started, you know, incertain markets I do this, you
know often.
But in these markets wherethings are moving slowly, I'm
(05:49):
starting to do like reversesearches, where it's like not
just looking at the price ofwhat this home should be and
should sell for, because that'sa factor, but also looking at if
somebody's shopping in thisprice range within a mile, what
can they get and how does thatcompare.
So that's helpful.
It's helpful in kind of findingout where we're at and where we
(06:12):
need to be Under contracts.
Those are at 681.
That's up 56 from the weekbefore.
Speaker 3 (06:21):
So that's good.
Speaker 2 (06:22):
Yeah, that's a good number and solds were at 60, I'm
sorry, 686 sold last week andthat 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 itis.
You know, the market's doing alittle bit better now than it
(06:45):
was, but it's still very slowout there.
So let's get into our Novembernumbers.
How was November for you?
Did you see it as like a goodmonth or a slow month?
Speaker 3 (06:59):
You know, I think for buyers it was slow, For
listings it was a little bitslow.
I mean kind of felt flat.
It was kind of a blah month.
I felt like for me, or at leastmy listings I've got some out
there, did a couple pricereductions, so it wasn't a
fabulous month.
(07:19):
I didn't feel like it.
Speaker 2 (07:20):
Yeah, I didn't feel like it either.
I felt like I'd say, at leasttwo weeks before elections,
silence.
It was so silent like crickets,yeah.
And then, right after theelections, we had this little
like spurt of something thathappened Hope, let's call it
hope, hope.
And then the rates spiked a bitand then that little spurt just
(07:44):
fizzled out.
Yes, yes yes, and rates havespiked again this week, but
let's hope for something better.
Speaker 3 (07:52):
I know it just seems like something big is on the
horizon.
So I I believe that somethingbig 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 startfreaking out sometimes and it's
like it's crazy how fast themarket can change and how things
directly affect it, likeimmediately, like the election,
(08:15):
like it is so nuts.
So you know people are payingattention to what's going on and
you know putting that towardstheir real estate mindset.
So I think that's it's not abad thing.
Speaker 2 (08:26):
I still, I still get so surprised by the, just the
way people act.
I'll do the same things at thesame time.
You know like I hate to usethis word, but sheepish.
You know, they're just like,it's like.
At the same time, everybody'slike oh, I'm buying, oh, I'm not
buying, oh, I'm buying, it'slike all all together, it's so.
(08:48):
That still amazes me and Idon't know why.
I should be totally used tothis by now.
Speaker 3 (08:53):
But I know it's.
It's true it does.
There's fads and phases, and Ithink everybody's listening to
the same person sometimes andyou're like who are we listening
to?
Speaker 2 (09:02):
Who's doing this?
Real estate training out there?
That's like training ourclients to say the exact same
thing.
Have you ever had that whereyou like, meet with sellers and
every seller is saying the samething and you're like is there a
university out there that istraining you to say this?
Speaker 3 (09:17):
Well, it's like the market's about to crash, you
know, or whatever, and you'relike, oh my gosh, like what is?
Speaker 2 (09:23):
where is this coming from?
Who is this person?
Speaker 3 (09:25):
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 haveto sell.
Life happens and, regardless ofthe trends or what's going on
in the world, like we, realestate is a thing and it's going
to be there.
Speaker 2 (09:42):
Right, right, you know I have this client, um,
that is, um, yeah, wants to buya home, first home, um, first
time home buyer, and then justlike, kept on, like every house
we're looking at, she's like Ithink maybe I should just rent.
I think maybe I should justrent and then finally, I'm just
like you know, if that's what'sbest for you, if that's what you
feel like is best for you, thengo for your gut, like I was
(10:04):
just like you know, likewhatever, 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 ortalk you into something you
don't want to do, because Ithought that she was giving me
so much pushback.
I just felt like this wassomething she didn't want to do.
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 thatshe's like all in on buying, and
I'm like that is hilarious.
It's like no renting is not anoption and I'm like, I agree
with you.
I gave in and she was like noway, Absolutely not.
Speaker 3 (10:42):
I am buying a house, and that is it.
I was like there's so muchpsychology involved in real
estate and in marketing.
I mean, maybe she just had tohear it for herself, like, oh,
you can.
And then like, no way, I'mgoing to buy.
Speaker 2 (10:56):
Maybe she felt like she was being pushed.
And then when you're like, justpull 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, thedifferent personalities, cause
sometimes I you know you'll geta younger client too.
And I love it Cause it's likeso much optimism and energy
about it that it's just likefind me the best deal and I'm
ready to go, and I'm like thatrefreshes 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 gotplenty of time, I'm not going to
rush into it.
Those are always, always thepeople that are like first house
.
We see, they're like let'swrite an offer.
I'm Like what happened to no?
Speaker 3 (11:35):
rush.
I know, Aren't those greatwhenever they?
Honestly, because I always tellmy buyers I'm like it's like
meeting a partner, Like when youknow, you know.
Like you don't have to talkyourself into it, it's easy.
Things happen and it's justlike you have that moment of an
epiphany and it's it Like thisis it?
(11:55):
What do I have to do to make ithappen?
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 whathappened in November.
So the units sold single familyunits.
That was pretty darn low 1647.
Yeah 1647 sold for the month.
That is a pretty low number andthose were up from the month
(12:26):
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 havestayed or increased.
I mean, honestly, people talkabout the recession or whatever.
Your values are there andclimbing since then.
I mean it's a great market toinvest in.
Speaker 2 (12:56):
Yeah, absolutely.
And I was in a mastermindrecently where they were just
talking about this lull thatwe've been in, because I mean,
let's be honest, we've been in alull this year.
I'd say even last year.
It has been a really toughmarket.
There's in real estatemastermind groups and I don't
know the truth behind this, butthey, you know, there's like 80%
(13:19):
of realtors haven't sold a homethis 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 seeingthat.
But in this, this mastermind Iwas in someone's been in the
business for a very long timewas saying that they're pretty
sure that we hit the bottom andnow 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 wasup.
That was just for the month ofNovember, and the median price
of new listings wow, that seemsto be up a lot from the median
price range of sold listings.
Sold listings was at $4.80 andmedian price range of new
(14:06):
listings is $5.10.
So definitely showing thatthey're and units available was
up quite substantially at 28%higher at 5,570.
And we hit that for the longesttime.
We were under three months ofinventory, so we hit that over
(14:28):
three and a half months ofinventory.
Speaker 3 (14:31):
I can see even with new construction they have
inventory move-in specials30-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 likebegging for buyers.
They are seriously.
Speaker 3 (14:46):
I always watch.
I mean because when newconstruction is like offering us
more commission and begging forbuyers, you know it's a little
slow, you know it's a toughmarket 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 thetruth.
That is the truth Always.
Yeah, they're like go be onyour way.
That is so true.
That is, yeah, definitely anindicator.
(15:16):
And there's been times where Ifelt a slowdown in the market,
like in my business, and I'vecalled, 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 agood tell sign of what's going
on.
Units sold in condos andtownhouses is 476.
(15:36):
Now, that was up three percent,but that's a low number too.
476 for the entire month ispretty darn low.
That median price range condosand townhomes 301, 250.
I feel like that median pricerange has raised a little bit
just because there's so many newconstruction condos and
(15:59):
townhouses on the market rightnow 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 apretty good note $300,000.
I mean I see that one onlyclimbing, 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 condoor townhouse with a garage and
all appliances, two car garage,low HOA, like you can find it
all day long for 340, even 330some places.
Yeah, yeah, definitely.
(16:35):
I had someone say um, becausethere's, yeah, there's a lot of
condos and townhouses nowhitting 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 acondo and I'm like, well, when
you put it that way, it soundskind of true.
Speaker 3 (16:53):
I I like the townhouses.
I mean it's a house like justthe 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 bitof 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, sothey're good options.
They're great options andespecially if you want a pool,
there's a community pool thatyou don't have to pay for, you
don't have to take the liabilityon, 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 alot of them.
Definitely, the new listingsfor condos and townhouses are at
$729.
That's up 15% from the monthbefore and that median price
range is up for new listings butlower than the median sold.
(17:45):
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 marketAgain, I think a lot of that is
new construction, that marketwhere they're just, you know,
they're discounting the homes toget them sold because they have
so many, yeah, yeah.
(18:06):
And they're hitting almost fourmonths of inventory, 3.9 months
of inventory on condos andtownhomes 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 wherethat is, um you know, more of a
buyer's market than a seller'smarket, for sure.
Speaker 1 (18:30):
Yeah.
Speaker 2 (18:31):
And I with Actual homes being kind of like
motivated sellers discountingtheir prices or something that's
pushing some people like whywould 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 thosenumbers.
Now we can go into days on themarket, days on the market under
30 days we're looking at ohgosh, I'm toggling here we're
looking at 30, oh sorry, let'sget this Okay 57% of homes sold
(19:13):
in less than 30 days on themarket.
So that's I mean, that's reallythat's not a great number, it's
a little more than half, butthat definitely means our days
of the market are, you know,kind of rising a little bit.
21.4% were 30 to 60 days, sothe majority of them are still
(19:36):
in that like less than 60 daymarket, but it's still showing a
little bit of slowdown in thatactivity in November.
And then the next one is the 60to 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 theother day and we were talking
about, like new agents that justgot their license this year.
Oh my gosh, how hard it must befor them, because this market
is, you know, it's tough, it'stough.
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 reducethe price If we want to be.
You know, if we want to becompetitive, we're going to have
to reduce the price and look atthings, and those are kind of
things that you don't have tohave that conversation with when
the market is faster.
Speaker 2 (20:47):
Yeah, absolutely, it's the.
And then there's the peoplethat were licensed, like in 2021
, that thought this is how realestate is, where you list a home
and, like in an hour, you haveoffers like multiple.
So those people are reallystruggling right now because
that's how they they got, theygot licensed at that time.
That's how they thought realestate worked.
(21:08):
And now they're like what'sgoing on?
Like it doesn't.
It doesn't work that wayanymore.
And there is so much I spend somuch time just every week in
the office just pushing listingsout to all different places
trying to get them in differentI mean even in just like social
media, real estate groups, youknow, across the country and
just whatever just trying tojust constantly promote, push,
(21:30):
promote, push, because it'shopefully at some time that's
going to be in front ofsomeone's eyes that says, oh,
that might work for me, but it'sjust a constant.
It's constant.
You just have to keep onpromoting 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, ofcourse, withdrawing it and
putting it back on the market,which kind of skews our numbers,
you know.
You know so it's.
I wish they would find figureout a way to like alleviate that
.
But I mean, it is a tactic.
You see, everybody sees it allthe time, like, oh, the house is
(22:06):
on the market one day.
Well, no, it's actually 101days.
But you know, they pulled itoff 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 haveout there.
There's a couple of serviceslike zip, your flyer property.
Blast where we like, blast itout to everybody that's
registered in the MLS and theyget like a direct email of the
property.
And there was a time where if alisting wasn't moving, we do
(22:34):
that and immediately like getphone calls, and now even that
we get like a hundred of those aday, 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 wasjust like it wasn't often that
those were blasted out, so itwas just like, okay, that worked
, and now even that's notworking.
So, as realtors, we constantlyhave to pivot and look for other
avenues to get in front ofpeople, because that's the name
of the game is getting in frontof people.
Speaker 3 (23:04):
Yeah, the days of just putting it on the MLS and
doing nothing else, putting asign in the yard, is over.
You definitely have to be amarketing genius anymore.
I mean branding.
You know there is so muchinvolved in it other than just
what you see or maybe the clientsees that is constant.
(23:25):
It's not just put it there andit's done.
Speaker 2 (23:27):
Yeah, yeah.
I talked to a lady the otherday 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 luckin this market.
You'll be calling me back, Iknow you will.
Speaker 3 (23:48):
I know I had one too.
It was for sell by owner.
We're looking in this certainneighborhood it's like a Sun
City neighborhood and I wantedto get my client in there
because, like I mean, basicallyI 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.
The likelihood of it is, and I'mlike, can I get my client in?
And they were like, oh, we'renot offering compensation.
(24:09):
Okay, you know, then I don'tthink we probably will not be
seeing that house you know,except to the clients and if
they wanted to, of course youknow we could, we can figure
that out.
But I said okay, and then wewere going to go see it.
And they're like, well, we'regoing to be gone for a month,
I'm going okay, how is thatgoing to work?
(24:30):
But call me whenever you getback 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 arehaving a challenge right now and
we're experts and this is whatwe do and we're full-time in the
business, uh, good luck to you.
Like it is, it is going to bevery hard and they're you know
they're going to break down, butI.
(24:55):
But then there's the ones thatdon't like I.
I purchased my own home from afor sale by owner that had the
home for sale by owner for threeyears 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 shouldhave 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 Iand he was just like, and when I
talked to him he's like I'm nothiring a real estate agent.
I was like, it's okay, I wantto buy it.
Speaker 3 (25:30):
Well, I'm sure in that transaction you did a lot
of the buyer and the seller Idid.
Speaker 2 (25:34):
You didn't know what to do like documents or
disclosures or anything, andthat's common, you know, because
our stuff changes rapidly andall the time, and for them to,
you know, keep up with it andthe 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 mostof us have transaction
coordinators that help us keepan eye on the time.
You know you've got to doublecheck and triple check title and
closing and all that stuffwhich is just stuff that I don't
think that the normal for saleby owner would be able to.
They think it's like selling acar, but don't understand how
big of a deal it is, because Imean cars are not regulated by
like federal housing laws and,honestly, it's like I think a
(26:25):
lawyer would say the same thingas, like, the liability that
you're opening yourself up to isway beyond any scope that you
would want to take right, yeah,and it, in the long run, will
cost you a lot more than anycommissions would ever cost you.
Speaker 2 (26:38):
That's the.
Speaker 3 (26:39):
that is true.
Yeah, we need to do a wholesession 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 notgoing to say the company name
because I don't want to like Idon'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 verypopular iBuyer, right, and they
advertise commercials, all kindsof stuff.
No commissions, no commissions,no commissions.
Well, my sellers, you knowdefinitely this market's a
struggle and they're like let'ssee 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 requestan offer.
(27:18):
And the final offer price thatwe got from them included a 5%
convenience to sell fee and I'mlike 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 maycost, and that is, with a low
(27:44):
ball offer and no representation, and like all this other stuff,
like how is that?
Tell me please, how that is agood idea.
Speaker 3 (27:54):
With all the regulations that are changing, I
don't even know how they caneven get away with that.
Speaker 2 (28:00):
I don't either.
You know, I don't either.
They just name it somethingelse, they just call it
something different and thatmakes it OK, I guess.
But it is.
And then I could kind of seethat maybe like the convenience
aspect, people like I just don'twant to have my home on the
market, I don't want to haveshowings, don't want to prep the
(28:23):
home, all this stuff like that.
But the offer is so low ball.
It is literally.
The final offer for thisparticular 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 $100,000under 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 theydo a lot of business and there's
still a lot of people thatstill sell their homes to these
people.
And I'm just like why?
And from my end I don't, wedon't, you know, we don't deal
with them often, so they've, youknow, definitely had changes
(29:05):
over the years.
So I didn't, um, last time Iseen 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 ofthem have gone out of business
and lawsuits a lot of lawsuitsand some of them have gone out
of business and lawsuits a lotof lawsuits.
Speaker 2 (29:20):
There's been lawsuits , yeah, but I was just like wow,
$50,000 less than market valueand 5% experience fee.
And then they often come backand they will reduce the price
even more afterwards.
Speaker 3 (29:31):
Right, because they say inspections came up or
something, or you missed yourchance or offer, and which I
think we've talked about thistoo, because solar is kind of
the same thing and I can see howyour everyday consumer is going
to.
Oh, okay, this is easiest thingto do slap on some solar, make
my electricity bill go down.
Um, sell my house, take theconvenience fee or whatever.
(29:52):
But like, if you're doing it,at least get another opinion.
Call in a realtor and get themto run the numbers for you.
We can do it in literally in amatter of minutes from our
phones, you know.
So, like, at least get a secondopinion before you do that,
cause you really are throwingaway so much hard earned equity
(30:12):
by doing this.
And I I can't even think thelast time I know of somebody
that sold to an iBuyer, do you?
Because they disappeared for aminute.
It seems like they're comingback 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 hadpassed away and it was his
children.
They were out of state and theyjust figured that was the most
convenient way to do it.
And when they came to movestuff out of the house I was
(30:43):
like, hey, what's going on here?
And they're like, oh, wealready sold to this company.
And I was like, oh, like that,you know like what was the final
?
They told me the final priceand 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'slike it's a great price.
Okay, I mean we're talking it'slike at $750.
And honestly, there's a housein the neighborhood that sold at
$709 and it was like the lowestsale and I so I'm just like
what in the world?
They just gave this house away.
(31:12):
I mean, they gave, they justgave it away.
What's going on?
And it was an iBuyer.
It was an iBuyer that listed itand sold too.
So I don't know.
There's some stuff going onwell, 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 themarket higher price and sold it
within 90 days.
And they didn't do much to thehome like painted the walls, but
it's just.
But you know you could havesold 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 theirmarketing's no different than
ours you know, so, it'sdefinitely like that.
It would have sold for a higherprice.
They they definitely had a lossthere 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 youtheir 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 theloop of what's going on, talking
about each part of the contractand helping you understand
what's happening there is sovaluable in itself.
So you know, some people don'tunderstand.
You know they're just in thiscontract and it's like okay,
(32:29):
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 atthis, I know it is a definite
process and it's almost one thatyou can't really truly
understand until you go throughit right, and the going through
it part is the part that youneed the agent for, absolutely.
Speaker 2 (32:50):
Absolutely so, Mia.
If people want to get ahold ofyou, how do they reach you?
Speaker 3 (32:55):
So you can reach me at 702-412-7255.
I forgot my own number for asecond.
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 questionsand we can answer your
questions live on the show.
You can connect with us on alltypes of social media through
there and you can leave us goodcomments.
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 phonenumber is 702-308-2878.
I'm Trish Williams and thankyou for being here on the show
and thank you, guys for joiningus and we will see you next week
.
Bye, thank you.
Welcome to Vegas Realty.
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(00:22):
the entertainment capital of theworld.
Speaker 2 (00:27):
Hey, Las Vegas.
Thanks for joining us back hereat Vegas Realty.
Check your local Las Vegas realestate news show.
I am Trish Williams and we haveMia Wolf returning on our show
today, so thank you for joiningus, Mia.
Today is our monthly marketupdate, where we go over
everything that happened lastmonth in December.
(00:48):
So, Mia, you're with EXP Realty.
Yes, yes, and Mia has been onthe show many times and we love
having her here.
She's one of our favorite guestsso thank you for joining us
again and yeah, let's get intomarket numbers Before that
happens.
News for the week we did getanother Fed.
(01:12):
Fed dropped another quarterpercent yesterday.
Have not seen that reflect themortgage rates yet, but we are
hopeful that one day this willall turn over into mortgage
rates, because Fed has come downquite a bit this year.
Speaker 3 (01:28):
I feel like everybody in their mind, like we've
already anticipated it andeverybody's like looking at the
future as if rates are alreadydown.
Speaker 2 (01:35):
Yeah, like what luck is this though?
Like they increase the ratesand immediately it makes
mortgage rates come up, but thennow they're dropping it and
it's like hello mortgage.
Speaker 1 (01:46):
Where are you?
Speaker 2 (01:48):
But yeah, there's a lot of other factors bond market
, things like that that affectwhat it does to mortgage rates,
and all of that is not cominginto play yet, but I'm hopeful
that it will in 2025.
Let's go 2025.
Yes, I'm excited.
Yeah yeah, and with Christmasaround the corner, we are.
(02:13):
It's a little bit slow thisweek, pretty quiet so far, where
I tell people like once we hitthe 20th.
I just expect everything elseto happen after Christmas.
It's very rare we have too manythings going on during this
week.
Speaker 3 (02:21):
Yes, except you know, I'll probably get that one
buyer that pops up.
Yeah, christmas.
Speaker 2 (02:26):
Christmas day or New.
Speaker 3 (02:28):
Year's Eve.
Of course We'll make it way.
Speaker 2 (02:32):
I remember back when gosh it was when the market was
super hot and rates were like at3% and there was, like you know
, just crazy demand.
Yeah, it was the day afterThanksgiving, so it was like
technically, black Fridayshopping.
And I was like nobody's goingto be out there.
Great day to shop.
My client wanted to go, look ata house, and we were standing
(02:53):
in line to look at a house and Iwas like, well guess, everybody
chose to do home shopping forBlack Friday.
So really depends on the marketReally depends on the market.
This year was pretty slow yeah.
Speaker 3 (03:05):
Yeah, yes, yes, yes.
I know I think that everything,January 1st, it'll be ready to
hit it hard.
Speaker 2 (03:14):
Yeah, we're seeing, like I'm seeing a big uptick in
like you know, like even Zillowactivity.
You know how, when you have alisting, zillow activity will
show you how many people aresaving it.
Lots of saves.
Right, there's lots of likesaves and hearts and people
interacting with the listings.
And you know, even on our MLSwe reach out to the agent and
(03:34):
the agent's like yeah, they'rejust window shopping right now,
they're not ready to go out yet.
So I just think we're going tostart seeing a lot of activity
in January.
Yes, hopefully, yes, yes.
So, on that note, let's go intoour inventory and our weekly
numbers for this week.
We're going to get into themonthly numbers of what happened
in November, but right nowwe're talking about what
(03:56):
happened this week.
Single family homes on themarket they're 51-51.
So that dropped 121 from lastweek.
It's not the same amount asunder contract, so it's probably
some people taking their homeoff the market for Christmas, do
you?
Speaker 3 (04:16):
see that a lot.
Yes, I actually do.
I mean, I've had buyers come infor a property, you know, and
the people are like we're notshowing at the month of December
because of the holidays.
So I that makes sense to me.
Speaker 2 (04:29):
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 goingto wait till after the holidays
.
So, yeah, no, that definitelyhappens this time of year.
Um, condos and townhouses,those are at $18.21.
So there's eight more on themarket this week than there were
last week.
Speaker 3 (04:48):
I think one of them is mine.
New listing New listing.
Speaker 2 (04:52):
There you go, so one of them is yours then.
Yeah, so new listings we have692 new listings.
That's 18 more than last week,so not a big change there.
Price decreases were down a lotfrom the week before.
(05:12):
There was 515 price decreasesthis 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 theholidays.
Speaker 3 (05:27):
Right and too, I guess, on price adjustments too.
Speaker 2 (05:29):
Usually it's kind of like at the end of the month or
beginning of the month too, soyeah, yeah, it's when you do
that like review with yoursellers and say like here's
where we're at, here's wherewhere we're going.
And I started, you know, incertain markets I do this, you
know often.
But in these markets wherethings are moving slowly, I'm
(05:49):
starting to do like reversesearches, where it's like not
just looking at the price ofwhat this home should be and
should sell for, because that'sa factor, but also looking at if
somebody's shopping in thisprice range within a mile, what
can they get and how does thatcompare.
So that's helpful.
It's helpful in kind of findingout where we're at and where we
(06:12):
need to be Under contracts.
Those are at 681.
That's up 56 from the weekbefore.
Speaker 3 (06:21):
So that's good.
Speaker 2 (06:22):
Yeah, that's a good number and solds were at 60, I'm
sorry, 686 sold last week andthat 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 itis.
You know, the market's doing alittle bit better now than it
(06:45):
was, but it's still very slowout there.
So let's get into our Novembernumbers.
How was November for you?
Did you see it as like a goodmonth or a slow month?
Speaker 3 (06:59):
You know, I think for buyers it was slow, For
listings it was a little bitslow.
I mean kind of felt flat.
It was kind of a blah month.
I felt like for me, or at leastmy listings I've got some out
there, did a couple pricereductions, so it wasn't a
fabulous month.
(07:19):
I didn't feel like it.
Speaker 2 (07:20):
Yeah, I didn't feel like it either.
I felt like I'd say, at leasttwo weeks before elections,
silence.
It was so silent like crickets,yeah.
And then, right after theelections, we had this little
like spurt of something thathappened Hope, let's call it
hope, hope.
And then the rates spiked a bitand then that little spurt just
(07:44):
fizzled out.
Yes, yes yes, and rates havespiked again this week, but
let's hope for something better.
Speaker 3 (07:52):
I know it just seems like something big is on the
horizon.
So I I believe that somethingbig 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 startfreaking out sometimes and it's
like it's crazy how fast themarket can change and how things
directly affect it, likeimmediately, like the election,
(08:15):
like it is so nuts.
So you know people are payingattention to what's going on and
you know putting that towardstheir real estate mindset.
So I think that's it's not abad thing.
Speaker 2 (08:26):
I still, I still get so surprised by the, just the
way people act.
I'll do the same things at thesame time.
You know like I hate to usethis word, but sheepish.
You know, they're just like,it's like.
At the same time, everybody'slike oh, I'm buying, oh, I'm not
buying, oh, I'm buying, it'slike all all together, it's so.
(08:48):
That still amazes me and Idon't know why.
I should be totally used tothis by now.
Speaker 3 (08:53):
But I know it's.
It's true it does.
There's fads and phases, and Ithink everybody's listening to
the same person sometimes andyou're like who are we listening
to?
Speaker 2 (09:02):
Who's doing this?
Real estate training out there?
That's like training ourclients to say the exact same
thing.
Have you ever had that whereyou like, meet with sellers and
every seller is saying the samething and you're like is there a
university out there that istraining you to say this?
Speaker 3 (09:17):
Well, it's like the market's about to crash, you
know, or whatever, and you'relike, oh my gosh, like what is?
Speaker 2 (09:23):
where is this coming from?
Who is this person?
Speaker 3 (09:25):
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 haveto sell.
Life happens and, regardless ofthe trends or what's going on
in the world, like we, realestate is a thing and it's going
to be there.
Speaker 2 (09:42):
Right, right, you know I have this client, um,
that is, um, yeah, wants to buya home, first home, um, first
time home buyer, and then justlike, kept on, like every house
we're looking at, she's like Ithink maybe I should just rent.
I think maybe I should justrent and then finally, I'm just
like you know, if that's what'sbest for you, if that's what you
feel like is best for you, thengo for your gut, like I was
(10:04):
just like you know, likewhatever, 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 ortalk you into something you
don't want to do, because Ithought that she was giving me
so much pushback.
I just felt like this wassomething she didn't want to do.
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 thatshe's like all in on buying, and
I'm like that is hilarious.
It's like no renting is not anoption and I'm like, I agree
with you.
I gave in and she was like noway, Absolutely not.
Speaker 3 (10:42):
I am buying a house, and that is it.
I was like there's so muchpsychology involved in real
estate and in marketing.
I mean, maybe she just had tohear it for herself, like, oh,
you can.
And then like, no way, I'mgoing to buy.
Speaker 2 (10:56):
Maybe she felt like she was being pushed.
And then when you're like, justpull 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, thedifferent personalities, cause
sometimes I you know you'll geta younger client too.
And I love it Cause it's likeso much optimism and energy
about it that it's just likefind me the best deal and I'm
ready to go, and I'm like thatrefreshes 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 gotplenty of time, I'm not going to
rush into it.
Those are always, always thepeople that are like first house
.
We see, they're like let'swrite an offer.
I'm Like what happened to no?
Speaker 3 (11:35):
rush.
I know, Aren't those greatwhenever they?
Honestly, because I always tellmy buyers I'm like it's like
meeting a partner, Like when youknow, you know.
Like you don't have to talkyourself into it, it's easy.
Things happen and it's justlike you have that moment of an
epiphany and it's it Like thisis it?
(11:55):
What do I have to do to make ithappen?
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 whathappened in November.
So the units sold single familyunits.
That was pretty darn low 1647.
Yeah 1647 sold for the month.
That is a pretty low number andthose were up from the month
(12:26):
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 havestayed or increased.
I mean, honestly, people talkabout the recession or whatever.
Your values are there andclimbing since then.
I mean it's a great market toinvest in.
Speaker 2 (12:56):
Yeah, absolutely.
And I was in a mastermindrecently where they were just
talking about this lull thatwe've been in, because I mean,
let's be honest, we've been in alull this year.
I'd say even last year.
It has been a really toughmarket.
There's in real estatemastermind groups and I don't
know the truth behind this, butthey, you know, there's like 80%
(13:19):
of realtors haven't sold a homethis 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 seeingthat.
But in this, this mastermind Iwas in someone's been in the
business for a very long timewas saying that they're pretty
sure that we hit the bottom andnow 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 wasup.
That was just for the month ofNovember, and the median price
of new listings wow, that seemsto be up a lot from the median
price range of sold listings.
Sold listings was at $4.80 andmedian price range of new
(14:06):
listings is $5.10.
So definitely showing thatthey're and units available was
up quite substantially at 28%higher at 5,570.
And we hit that for the longesttime.
We were under three months ofinventory, so we hit that over
(14:28):
three and a half months ofinventory.
Speaker 3 (14:31):
I can see even with new construction they have
inventory move-in specials30-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 likebegging for buyers.
They are seriously.
Speaker 3 (14:46):
I always watch.
I mean because when newconstruction is like offering us
more commission and begging forbuyers, you know it's a little
slow, you know it's a toughmarket 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 thetruth.
That is the truth Always.
Yeah, they're like go be onyour way.
That is so true.
That is, yeah, definitely anindicator.
(15:16):
And there's been times where Ifelt a slowdown in the market,
like in my business, and I'vecalled, 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 agood tell sign of what's going
on.
Units sold in condos andtownhouses is 476.
(15:36):
Now, that was up three percent,but that's a low number too.
476 for the entire month ispretty darn low.
That median price range condosand townhomes 301, 250.
I feel like that median pricerange has raised a little bit
just because there's so many newconstruction condos and
(15:59):
townhouses on the market rightnow 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 apretty good note $300,000.
I mean I see that one onlyclimbing, 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 condoor townhouse with a garage and
all appliances, two car garage,low HOA, like you can find it
all day long for 340, even 330some places.
Yeah, yeah, definitely.
(16:35):
I had someone say um, becausethere's, yeah, there's a lot of
condos and townhouses nowhitting 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 acondo and I'm like, well, when
you put it that way, it soundskind of true.
Speaker 3 (16:53):
I I like the townhouses.
I mean it's a house like justthe 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 bitof 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, sothey're good options.
They're great options andespecially if you want a pool,
there's a community pool thatyou don't have to pay for, you
don't have to take the liabilityon, 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 alot of them.
Definitely, the new listingsfor condos and townhouses are at
$729.
That's up 15% from the monthbefore and that median price
range is up for new listings butlower than the median sold.
(17:45):
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 marketAgain, I think a lot of that is
new construction, that marketwhere they're just, you know,
they're discounting the homes toget them sold because they have
so many, yeah, yeah.
(18:06):
And they're hitting almost fourmonths of inventory, 3.9 months
of inventory on condos andtownhomes 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 wherethat is, um you know, more of a
buyer's market than a seller'smarket, for sure.
Speaker 1 (18:30):
Yeah.
Speaker 2 (18:31):
And I with Actual homes being kind of like
motivated sellers discountingtheir prices or something that's
pushing some people like whywould 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 thosenumbers.
Now we can go into days on themarket, days on the market under
30 days we're looking at ohgosh, I'm toggling here we're
looking at 30, oh sorry, let'sget this Okay 57% of homes sold
(19:13):
in less than 30 days on themarket.
So that's I mean, that's reallythat's not a great number, it's
a little more than half, butthat definitely means our days
of the market are, you know,kind of rising a little bit.
21.4% were 30 to 60 days, sothe majority of them are still
(19:36):
in that like less than 60 daymarket, but it's still showing a
little bit of slowdown in thatactivity in November.
And then the next one is the 60to 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 theother day and we were talking
about, like new agents that justgot their license this year.
Oh my gosh, how hard it must befor them, because this market
is, you know, it's tough, it'stough.
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 reducethe price If we want to be.
You know, if we want to becompetitive, we're going to have
to reduce the price and look atthings, and those are kind of
things that you don't have tohave that conversation with when
the market is faster.
Speaker 2 (20:47):
Yeah, absolutely, it's the.
And then there's the peoplethat were licensed, like in 2021
, that thought this is how realestate is, where you list a home
and, like in an hour, you haveoffers like multiple.
So those people are reallystruggling right now because
that's how they they got, theygot licensed at that time.
That's how they thought realestate worked.
(21:08):
And now they're like what'sgoing on?
Like it doesn't.
It doesn't work that wayanymore.
And there is so much I spend somuch time just every week in
the office just pushing listingsout to all different places
trying to get them in differentI mean even in just like social
media, real estate groups, youknow, across the country and
just whatever just trying tojust constantly promote, push,
(21:30):
promote, push, because it'shopefully at some time that's
going to be in front ofsomeone's eyes that says, oh,
that might work for me, but it'sjust a constant.
It's constant.
You just have to keep onpromoting 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, ofcourse, withdrawing it and
putting it back on the market,which kind of skews our numbers,
you know.
You know so it's.
I wish they would find figureout a way to like alleviate that
.
But I mean, it is a tactic.
You see, everybody sees it allthe time, like, oh, the house is
(22:06):
on the market one day.
Well, no, it's actually 101days.
But you know, they pulled itoff 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 haveout there.
There's a couple of serviceslike zip, your flyer property.
Blast where we like, blast itout to everybody that's
registered in the MLS and theyget like a direct email of the
property.
And there was a time where if alisting wasn't moving, we do
(22:34):
that and immediately like getphone calls, and now even that
we get like a hundred of those aday, 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 wasjust like it wasn't often that
those were blasted out, so itwas just like, okay, that worked
, and now even that's notworking.
So, as realtors, we constantlyhave to pivot and look for other
avenues to get in front ofpeople, because that's the name
of the game is getting in frontof people.
Speaker 3 (23:04):
Yeah, the days of just putting it on the MLS and
doing nothing else, putting asign in the yard, is over.
You definitely have to be amarketing genius anymore.
I mean branding.
You know there is so muchinvolved in it other than just
what you see or maybe the clientsees that is constant.
(23:25):
It's not just put it there andit's done.
Speaker 2 (23:27):
Yeah, yeah.
I talked to a lady the otherday 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 luckin this market.
You'll be calling me back, Iknow you will.
Speaker 3 (23:48):
I know I had one too.
It was for sell by owner.
We're looking in this certainneighborhood it's like a Sun
City neighborhood and I wantedto get my client in there
because, like I mean, basicallyI 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.
The likelihood of it is, and I'mlike, can I get my client in?
And they were like, oh, we'renot offering compensation.
(24:09):
Okay, you know, then I don'tthink we probably will not be
seeing that house you know,except to the clients and if
they wanted to, of course youknow we could, we can figure
that out.
But I said okay, and then wewere going to go see it.
And they're like, well, we'regoing to be gone for a month,
I'm going okay, how is thatgoing to work?
(24:30):
But call me whenever you getback 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 arehaving a challenge right now and
we're experts and this is whatwe do and we're full-time in the
business, uh, good luck to you.
Like it is, it is going to bevery hard and they're you know
they're going to break down, butI.
(24:55):
But then there's the ones thatdon't like I.
I purchased my own home from afor sale by owner that had the
home for sale by owner for threeyears 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 shouldhave 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 Iand he was just like, and when I
talked to him he's like I'm nothiring a real estate agent.
I was like, it's okay, I wantto buy it.
Speaker 3 (25:30):
Well, I'm sure in that transaction you did a lot
of the buyer and the seller Idid.
Speaker 2 (25:34):
You didn't know what to do like documents or
disclosures or anything, andthat's common, you know, because
our stuff changes rapidly andall the time, and for them to,
you know, keep up with it andthe 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 mostof us have transaction
coordinators that help us keepan eye on the time.
You know you've got to doublecheck and triple check title and
closing and all that stuffwhich is just stuff that I don't
think that the normal for saleby owner would be able to.
They think it's like selling acar, but don't understand how
big of a deal it is, because Imean cars are not regulated by
like federal housing laws and,honestly, it's like I think a
(26:25):
lawyer would say the same thingas, like, the liability that
you're opening yourself up to isway beyond any scope that you
would want to take right, yeah,and it, in the long run, will
cost you a lot more than anycommissions would ever cost you.
Speaker 2 (26:38):
That's the.
Speaker 3 (26:39):
that is true.
Yeah, we need to do a wholesession 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 notgoing to say the company name
because I don't want to like Idon'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 verypopular iBuyer, right, and they
advertise commercials, all kindsof stuff.
No commissions, no commissions,no commissions.
Well, my sellers, you knowdefinitely this market's a
struggle and they're like let'ssee 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 requestan offer.
(27:18):
And the final offer price thatwe got from them included a 5%
convenience to sell fee and I'mlike 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 maycost, and that is, with a low
(27:44):
ball offer and no representation, and like all this other stuff,
like how is that?
Tell me please, how that is agood idea.
Speaker 3 (27:54):
With all the regulations that are changing, I
don't even know how they caneven get away with that.
Speaker 2 (28:00):
I don't either.
You know, I don't either.
They just name it somethingelse, they just call it
something different and thatmakes it OK, I guess.
But it is.
And then I could kind of seethat maybe like the convenience
aspect, people like I just don'twant to have my home on the
market, I don't want to haveshowings, don't want to prep the
(28:23):
home, all this stuff like that.
But the offer is so low ball.
It is literally.
The final offer for thisparticular 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 $100,000under 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 theydo a lot of business and there's
still a lot of people thatstill sell their homes to these
people.
And I'm just like why?
And from my end I don't, wedon't, you know, we don't deal
with them often, so they've, youknow, definitely had changes
(29:05):
over the years.
So I didn't, um, last time Iseen 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 ofthem have gone out of business
and lawsuits a lot of lawsuitsand some of them have gone out
of business and lawsuits a lotof lawsuits.
Speaker 2 (29:20):
There's been lawsuits , yeah, but I was just like wow,
$50,000 less than market valueand 5% experience fee.
And then they often come backand they will reduce the price
even more afterwards.
Speaker 3 (29:31):
Right, because they say inspections came up or
something, or you missed yourchance or offer, and which I
think we've talked about thistoo, because solar is kind of
the same thing and I can see howyour everyday consumer is going
to.
Oh, okay, this is easiest thingto do slap on some solar, make
my electricity bill go down.
Um, sell my house, take theconvenience fee or whatever.
(29:52):
But like, if you're doing it,at least get another opinion.
Call in a realtor and get themto run the numbers for you.
We can do it in literally in amatter of minutes from our
phones, you know.
So, like, at least get a secondopinion before you do that,
cause you really are throwingaway so much hard earned equity
(30:12):
by doing this.
And I I can't even think thelast time I know of somebody
that sold to an iBuyer, do you?
Because they disappeared for aminute.
It seems like they're comingback 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 hadpassed away and it was his
children.
They were out of state and theyjust figured that was the most
convenient way to do it.
And when they came to movestuff out of the house I was
(30:43):
like, hey, what's going on here?
And they're like, oh, wealready sold to this company.
And I was like, oh, like that,you know like what was the final
?
They told me the final priceand 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'slike it's a great price.
Okay, I mean we're talking it'slike at $750.
And honestly, there's a housein the neighborhood that sold at
$709 and it was like the lowestsale and I so I'm just like
what in the world?
They just gave this house away.
(31:12):
I mean, they gave, they justgave it away.
What's going on?
And it was an iBuyer.
It was an iBuyer that listed itand sold too.
So I don't know.
There's some stuff going onwell, 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 themarket higher price and sold it
within 90 days.
And they didn't do much to thehome like painted the walls, but
it's just.
But you know you could havesold 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 theirmarketing's no different than
ours you know, so, it'sdefinitely like that.
It would have sold for a higherprice.
They they definitely had a lossthere 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 youtheir 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 theloop of what's going on, talking
about each part of the contractand helping you understand
what's happening there is sovaluable in itself.
So you know, some people don'tunderstand.
You know they're just in thiscontract and it's like okay,
(32:29):
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 atthis, I know it is a definite
process and it's almost one thatyou can't really truly
understand until you go throughit right, and the going through
it part is the part that youneed the agent for, absolutely.
Speaker 2 (32:50):
Absolutely so, Mia.
If people want to get ahold ofyou, how do they reach you?
Speaker 3 (32:55):
So you can reach me at 702-412-7255.
I forgot my own number for asecond.
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 questionsand we can answer your
questions live on the show.
You can connect with us on alltypes of social media through
there and you can leave us goodcomments.
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 phonenumber is 702-308-2878.
I'm Trish Williams and thankyou for being here on the show
and thank you, guys for joiningus and we will see you next week
.
Bye, thank you.
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