January 2, 2025 • 32 mins
As we step into 2025, real estate practices are evolving in Las Vegas, driven by new regulations and market conditions. The conversation highlights the importance of buyer representation agreements, revised loan limits, and increased focus on professionalism while making sense of what to expect in the coming year.
• Review of current market rates and statistics
• Discussion of new buyer representation agreements
• Overview of rising loan limits in FHA and conventional loans
• Reflections on market activity during the holiday season
• Insights into changes in professionalism standards
• Impact of commission bonus eliminations in transactions
• Status of National Association of Realtors and its future
• Personal resolutions for growth in the new year.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
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
(00:21):
the entertainment capital of theworld.
Speaker 2 (00:26):
Hey, las Vegas.
Thanks for joining us back hereat Vegas Realty Check and Happy
New Year.
Welcome to 2025.
Yes, and I'm Trish Williams.
This is Courtney Boehm.
Yes, and we are here to bringin.
This is our fifth year of doingthe show, so it's tradition
every year at the end of theyear or beginning of the year
(00:47):
Now it's the beginning of theyear we put things to rest that
are no longer relevant in realestate from the previous year.
So this is our what is it?
A memorial show.
That's why we wore all black.
Yeah, that's why we wore allblack.
Well, we kind of always wearall black, but today, there was
a purpose for it.
(01:08):
Yeah, but before we get intothat, let's start with our
seven-day stats and rates.
Where are rates at now?
Speaker 3 (01:14):
So rates, typically around the holidays, go up a tad
bit.
We haven't seen a ton ofmovement really, even in the
last two, three weeks, but rightnow we're sitting right at
around a 7% on a 30-yearconventional and then on an FHA
right around a 6.4%.
So typically the bond marketdoes close and usually we go up
(01:34):
a tad.
So we're sitting right backwhere we were maybe two, three
weeks ago Nothing drastic.
I do foresee that rates aregoing to come down a good amount
this year and we'll lookforward to that.
Hopefully in the next two,three months I think we're going
to statistically start seeing atrend down, so we're super
excited about that.
Speaker 2 (01:54):
Let's hope that crystal ball is correct.
Oh my gosh, we need rates todrop Absolutely.
And then last week we missedthe show last week, but we still
have our stats.
Not a lot happened over thelast couple weeks.
That's why I mean last weekwasn't really an impactful week.
During holiday season, kind ofNothing really happens.
(02:16):
There's not that many peopledoing real estate transactions
in the middle of Christmas.
So we have for our seven-daystats excuse me new listings.
We were at 451 from theprevious two weeks before that
was down.
Speaker 3 (02:35):
So down 498.
Speaker 2 (02:39):
Did I?
Where is that?
No, it was 259, 259 less thanthe previous week.
Oh gotcha $259 from the lastweek yeah for new listings that
are currently on the market.
So that drop is typical to seeduring holiday season.
It's very common for people topull their listings because they
(02:59):
don't want showings or thingshappening during Christmas or
just want to start fresh in thenew year.
So we really do see a lot ofthat.
Nothing out of the ordinarythere.
Speaker 3 (03:09):
And we did see some price decreases yes, $339.
So people were feeling theholiday spirit or trying to get
their home sold one of the twowhich is down $357 from the last
week.
Speaker 2 (03:23):
Yeah, and that is.
I mean that's quite a bit down.
But again I think there's a lotof people that say, like why
should I drop the price orchange the price during a season
where no one's really out thereshopping?
So there's a little bit of halfand half in that area and under
contracts those were also down.
They were at 435.
Speaker 3 (03:46):
Which is down 190 from the last week.
Speaker 2 (03:49):
Yeah, so that's pretty normal for holidays
Pretty normal.
All of this is pretty normalfor holidays.
None of it is surprising.
And, of course, with everythingelse, the sold units were down
as well.
They were at 441.
Speaker 3 (04:05):
Which is 141 down from the last week.
Speaker 2 (04:08):
Yeah, so we should be seeing those numbers increase
as we go into the show next week.
We're hoping to see some raisesin those, not too many raises
in the new listings and theprice decreases, hopefully,
because those are bad indicators.
But the good indicators that wewant to see is those under
contracts and solds go up.
Speaker 3 (04:30):
I think things are definitely going to start moving
now that it's a new year andvalues are still up, and I think
it's definitely going to be agreat 2025.
Speaker 2 (04:41):
Yes, absolutely.
And I was looking back, um.
You know, sometimes when we'relike in the middle of things we
don't really realize.
You know, you have to kind oflook in the past to see where
things have gone.
But I was looking back, um, Iwas at the end of the year.
I kind of like reflect on likepast sales and everything, and
just like the average sellprices of the homes that we're
selling, even in the beginningof the the year and then
(05:03):
throughout towards the end ofthe year, even though the end of
the year slowed down a lot,that still price point of the
home where the homes wereselling did increase.
Speaker 3 (05:13):
So you know, that's um we we still have been in a
good market, um, the values havehave maintained, but it's just
been it's been slow and I thinkyou know, with all these new
things coming to Las Vegas,baseball and so many other
things, the sphere, everythinghas just driven the market up
and I don't, I don't see thevalues going down here.
Speaker 2 (05:36):
I don't either, and we're expecting to have a busy
2025 first quarter.
So bring it on.
Bring on the activity, becausewe are sick of this year.
Speaker 3 (05:48):
We're ready to put it to rest, let's put it to rest
2024,.
Speaker 1 (05:52):
You're gone 2025, bring it on.
Speaker 2 (05:56):
Yes, so we have some things that we're going to lay
to rest that are no longerrelevant in real estate anymore,
as we are entering 2025.
So let's get started with those.
First on the list.
I have buyer home tours withoutBBAs under this, like new NAR
(06:18):
lawsuit and settlement andeverything that happened there,
we are no longer allowed to showhomes to buyers without a
buyer's representation contract.
I love that, for you guys.
I do love that.
I love the professionalism thatthat brings and the standards
that that brings.
And it does make like myeveryday life when talking to
(06:40):
buyers a little more.
It makes it easier becausethere's always been those
clients, those buyers that youtalk to, that the no contract
people.
Right, they're like I'm notsigning any agreements, I'm not
signing any contracts, Just goopen doors, show homes and
that's the way it always works.
Well, there's no such thing asthat anymore and I have still
(07:02):
had that pushback.
I've still had those peoplethat say I'm not going to do it
and I'm like, okay, well thencall someone else, because
they're not going to do iteither.
Nobody is, unless they'rebreaking the rules, which we
hope that they're not.
Nobody is allowed to show homeswithout a buyer's
representation contract.
Speaker 3 (07:18):
I think that's just really amazing, even from a
lender standpoint, because whenwe talk to a bunch of realtors
and they always say like, oh, Ijust showed my 30th home today
and ran these people around andthey wanted to see all these
houses and then later I foundout they went with somebody else
, and so I think it really justwhen someone's serious and
(07:39):
they're looking to buy, they'regoing to sign a contract.
Speaker 2 (07:42):
Yeah, if they're serious they are going to sign a
contract and if they'recommitted to you.
You know there is this thingthat's out there and it's not
right.
I don't believe it's ethical,but I've seen it happen,
witnessed it firsthand, wheresome buyers will, you know they
might have a sister, cousin orfriend that does real estate,
(08:03):
that has another job, that'salways busy, so they would use
another realtor to show themhouses and then call their
person that they want to givethe transaction to, to write the
offer and do the deal for them.
So the other realtors totallywasted their time.
And horrible thing to do Always, always been horrible, even
(08:25):
regardless of the new rules.
But now that that's eliminated.
Speaker 3 (08:30):
And I feel like when you have someone who signs a
contract, do you know they'reserious, you're going to not
that you wouldn't put in thetime or the effort, but it's
just that much moreprofessionalism that you can
give someone when you knowthey're committed to you and
that every you know every minuteyou spend with them is is
leading to something to helpingthem find their dream home.
Correct.
Yeah, I think it's the same aseven as a lender, if you send
(08:52):
someone a pre-approval andthey're not filling it out and
they're not sending you back thedocuments.
Speaker 2 (08:58):
Yeah, they're not really motivated, they're not
serious.
It's really, I hate to say, awaste of time, because we hear
that thrown around a lot in theindustry, but it is a waste of
all of our time.
But when?
Speaker 3 (09:09):
people are serious.
If you send them something,they'll send you back stuff
immediately.
They're ready and they areeager to get into something.
So I think it really is a greatthing for the industry and I
think it just changes thestandard of who's serious and
who's not.
And I think it just changes thestandard of who's serious and
who's not, and I think it'samazing yeah.
Speaker 2 (09:28):
And the last thing on that note is the contract
itself.
The broker buyer's brokerrepresentation agreement lays
out a lot of things, that opendiscussion, and I feel like we
are now informing and trainingour buyers at a higher standard
and level, so they're kind ofunderstanding how the entire
(09:50):
process works, which maybewasn't happening at that level
before.
Speaker 3 (09:54):
So and I think it's, you know, I think I think it's
really going to change too for alot of new agents.
I think it'll it'll changetheir level of professionalism,
as far as you know, a lot, a lotof times when you're new or
you're going to drive peoplearound and then all of a sudden
they disappear.
So I just think it's just agreat thing and I think that
it's really changing the game asfar as real estate and people
(10:16):
knowing that when they're readyto actually look for a home,
that's when they can startlooking for a home, absolutely.
Speaker 2 (10:21):
Absolutely.
And I've seen also people thatare not ready to sign a contract
just because they're not there.
They're really not ready.
They wanted to go browse or gowindow shop or you know whatever
.
They were, just wanted to look,but they push back on the
contract because they're notready to get into that
(10:42):
contractual agreement.
Right, but that's also amotivation thing.
They're not ready to buy rightnow.
So that surfaces in theconversation.
So that's a good thing.
It's a good thing for all of us.
You have something to lay torest on the lender side.
So what has happened there reston the lender side.
Speaker 3 (11:05):
So what has happened there?
So loan limits, loan limits,yep.
So 2024 loan limits every yearwe do typically see an increase.
So in 2024, we were looking atthe loan limits on the FHA was
$498,257.
And we are up $25,968.
So the new loan limits aregoing to be $524,225 on your FHA
(11:30):
and on conventional, we did goup a pretty good amount, so
we're super excited about that.
Our 2024 Fannie and Freddiewere $766,550 and we are up
$39,950 at $806,500.
Wow.
Speaker 2 (11:49):
So previously, in 2024 and before, you would have
to get a jumbo loan, which is adifferent type of loan to be
able to purchase in those pricepoints.
So now you can do that with astandard conventional loan.
Absolutely Right, yep, andthose loan limits are.
Those are the limits of theloan amount.
(12:10):
That's not your purchase limit,correct?
Okay, so conventional, likethose could be.
What are the down paymentstypically for conventional so
conventional?
Speaker 3 (12:19):
it just depends if you're a new home buyer we're
looking at new home buyer.
Is that 3% Typically on aconventional loan?
You're looking at 5%.
If you want the rates to beeven better, 20% is like the
best of the best right, but anaverage conventional loan if
you're not a new home buyerwithin the last three years
would be a 5%.
Speaker 2 (12:39):
Okay, so that loan limit, that 800, and what was
that?
Speaker 3 (12:44):
On conventional, you're looking at 806,500.
Speaker 2 (12:47):
Okay, so that is the amount that you're financing,
after the down payment amountthat you put down, so that can
be as substantial.
You could literally buy a homewith a conventional loan.
That's in the million dollarrange.
Yes, yes.
Speaker 3 (13:00):
That's pretty amazing .
That's big and FHA you'relooking at a 3.5%.
Speaker 2 (13:05):
Yeah, 3.5% down your loan limits at the what 525.
So that could give you a 524.
So, like five, was that 550?
Yep, about somewhere aroundthere.
So that's good.
That's good news for FHA andconventional buyers to have
those loan limits raised and weare putting the previous loan
(13:26):
limits to rest in 2024.
Speaker 1 (13:28):
Bye-bye.
Speaker 2 (13:31):
Bye-bye Welcome new limits.
I also think that and this goesback to the first thing we
talked about with the buyer'srepresentation agreements In
(13:52):
2024, we started to see quite anexodus of unprofessional or I
would say unexperienced agents,realtors, and I'm sure you guys
seen this with loan officers toolike an exodus people getting
out of the business because itgot too hard right.
Yes, I know, I've seen somecompanies close their doors over
the last year it's been a lotof companies, yeah, because
rates went up and their volumeof business wasn't flowing in
(14:14):
like it did.
So it's kind of been over thislast year.
We've seen, like this, only thestrong survive kind of
environment of people that arein it to be in it and willing to
work through the struggles thatwe've had, because we had a lot
of struggles in 2024 and we'reseeing the people that can't
handle it get out and, whileit's sad, it's really it's a
(14:38):
good thing it is, um, you know,I think a lot, especially on the
lender side, a lot of thereally small brokerages that
were doing a substantial amountof refinances that were small
I'm not talking about like yourrocket mortgages, and things
like that.
Speaker 3 (14:56):
But their amount of loans they were doing just went
down substantially and they justcouldn't keep their doors open.
So I think anytime rates go upyou're going to see the volume
of transactions go down, butthere's still people doing
amazing, right yeah.
Speaker 2 (15:11):
There's still people that are doing great and they're
thriving.
I had definitely a tougher yearin 2024 than I've had in the
past, but at the end of the yearmy overall volume was higher
historically than I've had inthe past.
But at the end of the year, myoverall volume was higher
historically than I have had itbeen before.
So it it.
It closed out as a good year.
It just uh, it just was not um,it wasn't as busy or it wasn't
(15:35):
as smooth.
It was definitely a lot morework put into everything that
closed, but again it goes downto grit.
I was willing to fight throughthe challenges and keep, keep
through it through the end ofthe year and that's what you
know really just keeps youafloat.
And we just seen those peoplethat couldn't handle it.
They were there when it wasplentiful and there when it was
(15:57):
easy, and as soon as it gottough, they they jumped out
Absolutely so.
So we've seen a lot of that.
So I will say unprofessional orunexperienced agents, lenders,
companies that we are putting torest.
Speaker 3 (16:13):
Any very interesting things you've seen this year.
Speaker 2 (16:16):
Oh, a lot, A lot, I mean just as an every year.
But I've just seen, you know,I've talked to a lot of agents
that just had to kind of go out,even join another industry,
just like get in somethingcompletely different.
You know, just because realestate just got too tough, too
(16:36):
slow, too tough.
I seen some of the smaller loanbrokerages, like even some that
I had worked with before, youknow, quite often and I'm not
sure the formula how it worksfor you guys but when rates
raise and they're not gettingenough like volume of
applications coming through orwhatever, they have to add that
(16:58):
into their pricing.
So their cost went upsubstantially to where, like,
buyers didn't want anything todo with that.
Speaker 3 (17:04):
you know, it just wasn't competitive and typically
you're going to see that too alot of higher rates with really
large lending companies, justbecause they have a lot more
overhead costs um they're, youknow they're their lenders a lot
of times have insurance andother things through the company
and so the larger typically thelending side is as far as a
(17:25):
company.
A lot of times you're going tosee those rates reflect that.
Speaker 2 (17:27):
Yeah, yeah.
And.
And JFK is that kind of likeright there in a perfect spot,
right yeah.
Speaker 3 (17:33):
We're not a huge company, um, and that's why our
rates are super competitive andI love that.
And I love that we have directcontact to our underwriters.
We work with them in-house, andit just makes everything a lot
easier.
We have a lot more leeway asfar as getting in contact with
them and working with them toget deals closed.
But I think a lot of these hugecompanies were focused on
(17:54):
buying a ton of refinance leadswhen the refinance boom hit and
then when that died, outEverything else did yeah, yeah,
definitely.
Speaker 2 (18:03):
So we are putting a lot of those companies and a lot
of those professionals orunprofessionals to rest.
They can stay in 2024.
We're not going in 2025 withthem.
Speaker 3 (18:15):
I think the biggest thing you know unprofessional is
people just not answering thephone.
Speaker 2 (18:19):
Oh gosh, and you know that is something that this, um
I you know, with this newsettlement in AR, things like
that, going on communicationswith the agents is more
important now than it ever hasbeen before.
We have to be able to have opencommunication, things like that
.
That, um, you know to havediscussions and hey, you've got
to pick up your phone.
(18:39):
I think that's usually.
That's usually you know to havediscussions and hey, you've got
to pick up your phone.
I think that's usually that'susually very helpful.
Speaker 3 (18:46):
Yes, definitely.
Speaker 2 (18:48):
Um, another thing that, uh, back to the settlement
.
The settlement caused a lot ofchanges in 2024.
It did.
And another thing that thesettlement brought on was uh, we
no longer have co-ops on theMLS.
Brought on was we no longerhave co-ops on the MLS.
So what co-ops are is basicallythe MLS, which is our listing
(19:14):
system, where the agents go inand find notes on the listing,
special instructions, everythinglike that.
It would previously show howmuch the seller is willing to
pay the buyer's agent forcompensation.
That was something that wasagreed upon at the listing
appointment with the seller andthe listing agent of this is how
much we're paying the buyer'sagents.
So buyer's agents had it veryeasy because they would be able
(19:36):
to go on and say, like you know,my fee to you is X amount and
the seller is paying this amount.
Maybe it's the whole fee, maybeit's a portion of the fee, and
they've kind of worked that outprior to the offer If that fee
needed to be changed, ifanything needed to happen there
or if the buyer was going tocome in with a difference.
(19:57):
It was very transparent, butthis new transparency act got
rid of it.
So the new under newregulations no longer there.
We don't know what the selleris agreeing upon or if they're
agreeing upon it, because it'snot an agreement that's made at
the listing appointment anymore.
So when buyers go and they'reshopping with their agent, they
(20:20):
don't know what the seller iswilling to pay.
Go and they're shopping withtheir agent.
They don't know what the selleris willing to pay If the seller
is willing to pay.
That's why there's acompensation agreement between
the buyer and their agent and onthe offer that they submit they
are able to write in thecompensation they want their
agent to be compensated andthat's up for negotiation
between the seller at the timeof the offer.
(20:41):
Do you feel like that's madethings a little tricky?
It has made things a littletricky.
I do really wish that.
I understand the concept of itbeing negotiable, that it should
always be negotiable, it shouldnever be mandatory.
But I do think the seller, nomatter what whether we discuss
(21:03):
it ahead of time, we discuss itat the time of the offer the
seller probably already has apreset notion of what they're
willing to pay the buyer's agentfor compensation, or if they
are, because in some casesthey're not.
So I think that that I reallythink and wish though I can't
change that I think it shouldstill be very transparent and
(21:24):
disclosed, because that couldaffect the buyer's decision and
instead we're going through anoffer process and all of this
just to find out it's not goingto work out.
Or there are some buyers thatjust can't.
They don't have the means tocompensate their agent.
They need the seller to coverthat.
Speaker 3 (21:41):
It's a lot of of extra work when really a lot of
times sellers already know whatthey're willing to do.
Speaker 2 (21:45):
Yeah, but now under this regulation.
Speaker 3 (21:50):
It's like a whole extra step of fun, right?
Yeah, it is it really is.
Speaker 2 (21:54):
So I do think that that made things better on the
buyers and the sellers, becauseagain we're talking in terms
where, say, a seller says I'mwilling to give two apples and
the buyer comes in asking forthree, seller's willing for two.
Now we're in contracts andnegotiations on this where if
(22:15):
they had known that ahead oftime, they may have made their
offer price different or changedthings about their offer,
taking into consideration whatthey knew the seller was willing
to offer their agent.
So that's different and it isput to rest.
The transparency of MLS co-opsis gone, so that's no longer a
(22:40):
thing.
Speaker 3 (22:40):
I think it's good too , because I think starting the
year fresh you know 2025, Ithink that whole situation was,
you know, was a lot of panic anda lot of fear because we didn't
, you know, a lot of peopledidn't know what was going to
happen or what was going on.
So I think, moving forward,it's definitely more outlined
and now people can kind of cleartheir heads and just start
fresh.
Speaker 2 (23:00):
Yeah, absolutely Absolutely.
So co-ops are to rest in 2024.
Starting 2025, well, we've beenstarting without them, but
we're going into 2025 withoutthem.
Gone On that note, too,commission bonuses.
So this is something that we'veseen a lot with new builds,
(23:21):
when agents sometimes newbuilders and sometimes even
regular, like resale agents,sellers that are on the resale
market will offer bonuses to thebuyer's agent as more incentive
to bring a buyer yeah.
It was kind of like an extra,you know icing on top like here.
Speaker 3 (23:41):
Cherry on top of the cake.
Yeah, cherry on top of the cake.
Yeah, cherry on top of the cake.
Speaker 2 (23:44):
We're going to give you this bonus.
We're going to do this.
Just bring us a buyer Now.
If it is not in your buyer'srepresentation agreement, you
can't accept it.
So the bonuses are gone.
The bonuses are gone.
Speaker 3 (23:57):
I think there's a lot more rules and structure on how
everything can play out as faras commissions go.
Speaker 2 (24:03):
Yeah, and we can.
Um, we can retain the bonus andcredit it to the buyer because
the buyer's allowed to receiveit, but the agent is not allowed
to receive it.
So we're not having anycommission bonuses in 2025.
Those are gone.
Um, that's kind of sad.
Yeah, it is, it is we.
We liked it, it was a littleextra incentive, but it's gone.
(24:25):
It is behind us now.
Nar membership I'm sure haveyou seen in the news.
A lot of brokerages are leavingthe National Association of
Realtors.
Speaker 3 (24:35):
I've seen a lot of stuff going on with that.
I don't know as much as youknow, I just see it all over.
Speaker 2 (24:40):
Even.
Speaker 3 (24:41):
Facebook.
Speaker 2 (24:41):
I've seen a lot of people posting about even
Facebook, I've seen a lot ofpeople posting about yeah, some,
uh some big brokerages areleaving.
Um, there, I mean, there'sdiscussion about even, like,
starting up a new MLS.
Um, that that is definitely adeveloping situation and we're
going to see, um, how it allplays out.
But I do know for certain thatthere are some brokerages
(25:03):
leaving National Association ofRealtors and they will no longer
be a part of it in 2025.
Do you?
Speaker 3 (25:10):
know why.
Speaker 2 (25:27):
This settlement, this lawsuit, everything has got a
member of National AssociationRealtors takes you away from
that agreement.
Speaker 3 (25:35):
Because I don't know every detail as much as you do,
but I've seen a lot of people,even on Facebook, like they're
stepping down from positions.
Speaker 2 (25:42):
Oh, yeah, yeah, there's a lot.
There is a lot, so we're seeingsome unraveling in a lot of
aspects of NAR Like a soap operain real life, yeah.
Yeah, so going into 2025,there's definitely going to be
some changes there and I reallydon't know how it's going to
play out.
Speaker 3 (26:06):
I'm watching and just kind of like you know on the
sidelines, like what's happeningthere, to see what if this is?
Speaker 2 (26:10):
even a good idea.
I don't know if it's a goodidea, I don't know if it's bad.
I mean, nar has been around forso long and has been like our
source for everything, so thatit's interesting.
It's interesting and we'll seehow it's going to play out, and
even I'm wondering if thesebrokerages are even going to be
able to thrive without an ARbehind them.
Speaker 3 (26:34):
So, um, we we will see, we will see.
I think it's going to beinteresting.
I think, you know, as the yearsgo on, people tend to.
You know, I don't want to sayrebel, but they want to do
things a different way.
And and you know, I don't wantto say rebel, but they want to
do things a different way and,you know, take things a
different route.
And so we'll see.
With technology and socialmedia, I think there's a lot of
growth that can happen.
(26:54):
As far as you know, ourindustries go, so we'll see what
happens.
Speaker 2 (26:59):
And it goes back to the.
It's kind of like biggovernment, right, you know,
like NARs.
Speaker 3 (27:07):
I mean they're not government but in a sense, you
know, it's like big government.
They kind of run a lot,everything virtually.
Speaker 2 (27:11):
And there's, there's lobbyists, there's all the same
aspects of it the government has, and sometimes when things get
too big, they get toocomplicated, too powerful to you
know.
There's just too much going onthere.
So maybe, maybe it's a goodthing.
We will see, we'll see how itall plays out and see how see
(27:32):
what happens with that.
And then, um, we have a coupleof wishfuls that we want to lay
to rest in 2024.
So we are just hoping those die, just go away.
Rates, rates Come down a lot.
Yes, we are hoping those highrates are gone, that they are a
thing of the past.
Let's leave them in 2024 and gointo 2025 with some good rates.
(27:55):
Yes, yes, bring it on, bring iton.
We are all hopeful for that andthere's a lot that shows that
that's potentially what's goingto happen.
Speaker 3 (28:04):
It does, I think last year I mean, I even heard of
people having rates at an 8.5,not with us but in other like my
friend closed because I'm notlicensed in Illinois but an
apartment for 8.5%.
I think the highest we saw lastyear was a 7.8.
So just kind of in comparison,on a half a million dollars with
(28:25):
5% down at a 7.8, which was thehighest we personally saw last
year, your principal andinterest would be at a 34, 3,419
.
And now sitting at a 6.8, samehalf a million at 5%, you're
sitting right around 3,096.
So it's 300 and almost $25difference.
So huge, huge difference.
Speaker 2 (28:45):
Huge difference, huge difference.
We need those rates to comedown because that is going to
strengthen our market Absolutelyand we need it to strengthen.
We want it to strengthen and wewant homeownership to be
possible for everybody, and atthe current environment, it
makes it a struggle.
Yes, yes, agreed it a struggle.
(29:08):
Yes, yes, agreed.
If rates come down, we candefinitely lay to rest that
buyer weariness, because that isbiggest concern right now for
buyers is affordability,affordability, affordability and
payment.
And what's going on?
People are waiting for homes tobecome a little more affordable
and it doesn't look like that'sgoing to happen with values.
Values do not seem to be goingbackwards, so it's going to have
(29:30):
to be in the rate.
Yep, absolutely.
So let's go into 2025 withlower rates and less fire
weariness.
And I personally.
We've been talking a lot aboutthe NAR lawsuits and settlements
and I just wish in this year,something magical will happen.
And all of these frivolouslawsuits on everything, not just
(29:54):
real estate, but just likeeverything, it is out of control
and I wish we could put allthat behind us.
It has got into this, just, youknow, just, it's this enormous,
like superpower of, likeeveryone jumping in these class
action lawsuits and it doesn'tdo.
It doesn't really do theplaintiffs any good, or they
(30:17):
don't benefit strongly from it,but the lawyers do, and it's,
it's ridiculous.
It's ridiculous.
We're just seeing too much ofit and I am very wishful and
hopeful that we could put all ofthat behind us.
Speaker 3 (30:31):
Yeah, I think this year is going to be a great year
.
I think we're going to see alot of movement, I think rates
are definitely going to comedown and I think it's a new year
and I think we're looking intoa really going to have a really
good year.
Speaker 2 (30:43):
Yes, well good.
Do you have any new year'sresolutions?
Speaker 3 (30:46):
you want to close with Um you know, just be better
than I was last year, right,always my goal Right.
Speaker 2 (30:53):
That's that that's growth, um growth for me too.
I um definitely want to go intothis new year, be better, be
stronger, improve my skills andeverything that I do so I can
service and help more people andum and make this a great year.
So get more people into homes,and that would be wonderful.
(31:13):
And, courtney, how do peopleget ahold of you so?
Speaker 3 (31:16):
you can get ahold of me 702-416-6918, call or text.
I'm always available, I'musually around and I answer
texts very, very quickly and Iwill always give you a call back
if I don't answer.
Speaker 2 (31:27):
Yes, and she does.
I text her often.
I'm pretty quick, she is prettyquick on the responses.
Speaker 1 (31:33):
I appreciate that.
Speaker 2 (31:35):
And you guys can reach me at 702-308-2878.
Let's start the new year with anew home and let's get you in
there.
You guys can follow us atrealtycheckvegas.
That is our link tree.
That will link you toeverything about real estate,
everything about Realty Check.
And we have a new affiliate forthe show this year Chicago
(31:59):
Title.
So we want to give a shout outto them and we'll be posting a
link for them and everything um.
They're on the on our link treeand our website.
So check them out.
They're great, established andreputable title company here in
las vegas and I believe they'renationwide.
But definitely we have somegreat escrow officers that work
(32:20):
with them here in vegas.
And thank you guys forfollowing us.
Please like, share, subscribe,tell your friends and we'll see
you next week.
Bye, bye, you.
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
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Tune in each week as we breakdown the data, answer your
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(00:21):
the entertainment capital of theworld.
Speaker 2 (00:26):
Hey, las Vegas.
Thanks for joining us back hereat Vegas Realty Check and Happy
New Year.
Welcome to 2025.
Yes, and I'm Trish Williams.
This is Courtney Boehm.
Yes, and we are here to bringin.
This is our fifth year of doingthe show, so it's tradition
every year at the end of theyear or beginning of the year
(00:47):
Now it's the beginning of theyear we put things to rest that
are no longer relevant in realestate from the previous year.
So this is our what is it?
A memorial show.
That's why we wore all black.
Yeah, that's why we wore allblack.
Well, we kind of always wearall black, but today, there was
a purpose for it.
(01:08):
Yeah, but before we get intothat, let's start with our
seven-day stats and rates.
Where are rates at now?
Speaker 3 (01:14):
So rates, typically around the holidays, go up a tad
bit.
We haven't seen a ton ofmovement really, even in the
last two, three weeks, but rightnow we're sitting right at
around a 7% on a 30-yearconventional and then on an FHA
right around a 6.4%.
So typically the bond marketdoes close and usually we go up
(01:34):
a tad.
So we're sitting right backwhere we were maybe two, three
weeks ago Nothing drastic.
I do foresee that rates aregoing to come down a good amount
this year and we'll lookforward to that.
Hopefully in the next two,three months I think we're going
to statistically start seeing atrend down, so we're super
excited about that.
Speaker 2 (01:54):
Let's hope that crystal ball is correct.
Oh my gosh, we need rates todrop Absolutely.
And then last week we missedthe show last week, but we still
have our stats.
Not a lot happened over thelast couple weeks.
That's why I mean last weekwasn't really an impactful week.
During holiday season, kind ofNothing really happens.
(02:16):
There's not that many peopledoing real estate transactions
in the middle of Christmas.
So we have for our seven-daystats excuse me new listings.
We were at 451 from theprevious two weeks before that
was down.
Speaker 3 (02:35):
So down 498.
Speaker 2 (02:39):
Did I?
Where is that?
No, it was 259, 259 less thanthe previous week.
Oh gotcha $259 from the lastweek yeah for new listings that
are currently on the market.
So that drop is typical to seeduring holiday season.
It's very common for people topull their listings because they
(02:59):
don't want showings or thingshappening during Christmas or
just want to start fresh in thenew year.
So we really do see a lot ofthat.
Nothing out of the ordinarythere.
Speaker 3 (03:09):
And we did see some price decreases yes, $339.
So people were feeling theholiday spirit or trying to get
their home sold one of the twowhich is down $357 from the last
week.
Speaker 2 (03:23):
Yeah, and that is.
I mean that's quite a bit down.
But again I think there's a lotof people that say, like why
should I drop the price orchange the price during a season
where no one's really out thereshopping?
So there's a little bit of halfand half in that area and under
contracts those were also down.
They were at 435.
Speaker 3 (03:46):
Which is down 190 from the last week.
Speaker 2 (03:49):
Yeah, so that's pretty normal for holidays
Pretty normal.
All of this is pretty normalfor holidays.
None of it is surprising.
And, of course, with everythingelse, the sold units were down
as well.
They were at 441.
Speaker 3 (04:05):
Which is 141 down from the last week.
Speaker 2 (04:08):
Yeah, so we should be seeing those numbers increase
as we go into the show next week.
We're hoping to see some raisesin those, not too many raises
in the new listings and theprice decreases, hopefully,
because those are bad indicators.
But the good indicators that wewant to see is those under
contracts and solds go up.
Speaker 3 (04:30):
I think things are definitely going to start moving
now that it's a new year andvalues are still up, and I think
it's definitely going to be agreat 2025.
Speaker 2 (04:41):
Yes, absolutely.
And I was looking back, um.
You know, sometimes when we'relike in the middle of things we
don't really realize.
You know, you have to kind oflook in the past to see where
things have gone.
But I was looking back, um, Iwas at the end of the year.
I kind of like reflect on likepast sales and everything, and
just like the average sellprices of the homes that we're
selling, even in the beginningof the the year and then
(05:03):
throughout towards the end ofthe year, even though the end of
the year slowed down a lot,that still price point of the
home where the homes wereselling did increase.
Speaker 3 (05:13):
So you know, that's um we we still have been in a
good market, um, the values havehave maintained, but it's just
been it's been slow and I thinkyou know, with all these new
things coming to Las Vegas,baseball and so many other
things, the sphere, everythinghas just driven the market up
and I don't, I don't see thevalues going down here.
Speaker 2 (05:36):
I don't either, and we're expecting to have a busy
2025 first quarter.
So bring it on.
Bring on the activity, becausewe are sick of this year.
Speaker 3 (05:48):
We're ready to put it to rest, let's put it to rest
2024,.
Speaker 1 (05:52):
You're gone 2025, bring it on.
Speaker 2 (05:56):
Yes, so we have some things that we're going to lay
to rest that are no longerrelevant in real estate anymore,
as we are entering 2025.
So let's get started with those.
First on the list.
I have buyer home tours withoutBBAs under this, like new NAR
(06:18):
lawsuit and settlement andeverything that happened there,
we are no longer allowed to showhomes to buyers without a
buyer's representation contract.
I love that, for you guys.
I do love that.
I love the professionalism thatthat brings and the standards
that that brings.
And it does make like myeveryday life when talking to
(06:40):
buyers a little more.
It makes it easier becausethere's always been those
clients, those buyers that youtalk to, that the no contract
people.
Right, they're like I'm notsigning any agreements, I'm not
signing any contracts, Just goopen doors, show homes and
that's the way it always works.
Well, there's no such thing asthat anymore and I have still
(07:02):
had that pushback.
I've still had those peoplethat say I'm not going to do it
and I'm like, okay, well thencall someone else, because
they're not going to do iteither.
Nobody is, unless they'rebreaking the rules, which we
hope that they're not.
Nobody is allowed to show homeswithout a buyer's
representation contract.
Speaker 3 (07:18):
I think that's just really amazing, even from a
lender standpoint, because whenwe talk to a bunch of realtors
and they always say like, oh, Ijust showed my 30th home today
and ran these people around andthey wanted to see all these
houses and then later I foundout they went with somebody else
, and so I think it really justwhen someone's serious and
(07:39):
they're looking to buy, they'regoing to sign a contract.
Speaker 2 (07:42):
Yeah, if they're serious they are going to sign a
contract and if they'recommitted to you.
You know there is this thingthat's out there and it's not
right.
I don't believe it's ethical,but I've seen it happen,
witnessed it firsthand, wheresome buyers will, you know they
might have a sister, cousin orfriend that does real estate,
(08:03):
that has another job, that'salways busy, so they would use
another realtor to show themhouses and then call their
person that they want to givethe transaction to, to write the
offer and do the deal for them.
So the other realtors totallywasted their time.
And horrible thing to do Always, always been horrible, even
(08:25):
regardless of the new rules.
But now that that's eliminated.
Speaker 3 (08:30):
And I feel like when you have someone who signs a
contract, do you know they'reserious, you're going to not
that you wouldn't put in thetime or the effort, but it's
just that much moreprofessionalism that you can
give someone when you knowthey're committed to you and
that every you know every minuteyou spend with them is is
leading to something to helpingthem find their dream home.
Correct.
Yeah, I think it's the same aseven as a lender, if you send
(08:52):
someone a pre-approval andthey're not filling it out and
they're not sending you back thedocuments.
Speaker 2 (08:58):
Yeah, they're not really motivated, they're not
serious.
It's really, I hate to say, awaste of time, because we hear
that thrown around a lot in theindustry, but it is a waste of
all of our time.
But when?
Speaker 3 (09:09):
people are serious.
If you send them something,they'll send you back stuff
immediately.
They're ready and they areeager to get into something.
So I think it really is a greatthing for the industry and I
think it just changes thestandard of who's serious and
who's not.
And I think it just changes thestandard of who's serious and
who's not, and I think it'samazing yeah.
Speaker 2 (09:28):
And the last thing on that note is the contract
itself.
The broker buyer's brokerrepresentation agreement lays
out a lot of things, that opendiscussion, and I feel like we
are now informing and trainingour buyers at a higher standard
and level, so they're kind ofunderstanding how the entire
(09:50):
process works, which maybewasn't happening at that level
before.
Speaker 3 (09:54):
So and I think it's, you know, I think I think it's
really going to change too for alot of new agents.
I think it'll it'll changetheir level of professionalism,
as far as you know, a lot, a lotof times when you're new or
you're going to drive peoplearound and then all of a sudden
they disappear.
So I just think it's just agreat thing and I think that
it's really changing the game asfar as real estate and people
(10:16):
knowing that when they're readyto actually look for a home,
that's when they can startlooking for a home, absolutely.
Speaker 2 (10:21):
Absolutely.
And I've seen also people thatare not ready to sign a contract
just because they're not there.
They're really not ready.
They wanted to go browse or gowindow shop or you know whatever
.
They were, just wanted to look,but they push back on the
contract because they're notready to get into that
(10:42):
contractual agreement.
Right, but that's also amotivation thing.
They're not ready to buy rightnow.
So that surfaces in theconversation.
So that's a good thing.
It's a good thing for all of us.
You have something to lay torest on the lender side.
So what has happened there reston the lender side.
Speaker 3 (11:05):
So what has happened there?
So loan limits, loan limits,yep.
So 2024 loan limits every yearwe do typically see an increase.
So in 2024, we were looking atthe loan limits on the FHA was
$498,257.
And we are up $25,968.
So the new loan limits aregoing to be $524,225 on your FHA
(11:30):
and on conventional, we did goup a pretty good amount, so
we're super excited about that.
Our 2024 Fannie and Freddiewere $766,550 and we are up
$39,950 at $806,500.
Wow.
Speaker 2 (11:49):
So previously, in 2024 and before, you would have
to get a jumbo loan, which is adifferent type of loan to be
able to purchase in those pricepoints.
So now you can do that with astandard conventional loan.
Absolutely Right, yep, andthose loan limits are.
Those are the limits of theloan amount.
(12:10):
That's not your purchase limit,correct?
Okay, so conventional, likethose could be.
What are the down paymentstypically for conventional so
conventional?
Speaker 3 (12:19):
it just depends if you're a new home buyer we're
looking at new home buyer.
Is that 3% Typically on aconventional loan?
You're looking at 5%.
If you want the rates to beeven better, 20% is like the
best of the best right, but anaverage conventional loan if
you're not a new home buyerwithin the last three years
would be a 5%.
Speaker 2 (12:39):
Okay, so that loan limit, that 800, and what was
that?
Speaker 3 (12:44):
On conventional, you're looking at 806,500.
Speaker 2 (12:47):
Okay, so that is the amount that you're financing,
after the down payment amountthat you put down, so that can
be as substantial.
You could literally buy a homewith a conventional loan.
That's in the million dollarrange.
Yes, yes.
Speaker 3 (13:00):
That's pretty amazing .
That's big and FHA you'relooking at a 3.5%.
Speaker 2 (13:05):
Yeah, 3.5% down your loan limits at the what 525.
So that could give you a 524.
So, like five, was that 550?
Yep, about somewhere aroundthere.
So that's good.
That's good news for FHA andconventional buyers to have
those loan limits raised and weare putting the previous loan
(13:26):
limits to rest in 2024.
Speaker 1 (13:28):
Bye-bye.
Speaker 2 (13:31):
Bye-bye Welcome new limits.
I also think that and this goesback to the first thing we
talked about with the buyer'srepresentation agreements In
(13:52):
2024, we started to see quite anexodus of unprofessional or I
would say unexperienced agents,realtors, and I'm sure you guys
seen this with loan officers toolike an exodus people getting
out of the business because itgot too hard right.
Yes, I know, I've seen somecompanies close their doors over
the last year it's been a lotof companies, yeah, because
rates went up and their volumeof business wasn't flowing in
(14:14):
like it did.
So it's kind of been over thislast year.
We've seen, like this, only thestrong survive kind of
environment of people that arein it to be in it and willing to
work through the struggles thatwe've had, because we had a lot
of struggles in 2024 and we'reseeing the people that can't
handle it get out and, whileit's sad, it's really it's a
(14:38):
good thing it is, um, you know,I think a lot, especially on the
lender side, a lot of thereally small brokerages that
were doing a substantial amountof refinances that were small
I'm not talking about like yourrocket mortgages, and things
like that.
Speaker 3 (14:56):
But their amount of loans they were doing just went
down substantially and they justcouldn't keep their doors open.
So I think anytime rates go upyou're going to see the volume
of transactions go down, butthere's still people doing
amazing, right yeah.
Speaker 2 (15:11):
There's still people that are doing great and they're
thriving.
I had definitely a tougher yearin 2024 than I've had in the
past, but at the end of the yearmy overall volume was higher
historically than I've had inthe past.
But at the end of the year, myoverall volume was higher
historically than I have had itbeen before.
So it it.
It closed out as a good year.
It just uh, it just was not um,it wasn't as busy or it wasn't
(15:35):
as smooth.
It was definitely a lot morework put into everything that
closed, but again it goes downto grit.
I was willing to fight throughthe challenges and keep, keep
through it through the end ofthe year and that's what you
know really just keeps youafloat.
And we just seen those peoplethat couldn't handle it.
They were there when it wasplentiful and there when it was
(15:57):
easy, and as soon as it gottough, they they jumped out
Absolutely so.
So we've seen a lot of that.
So I will say unprofessional orunexperienced agents, lenders,
companies that we are putting torest.
Speaker 3 (16:13):
Any very interesting things you've seen this year.
Speaker 2 (16:16):
Oh, a lot, A lot, I mean just as an every year.
But I've just seen, you know,I've talked to a lot of agents
that just had to kind of go out,even join another industry,
just like get in somethingcompletely different.
You know, just because realestate just got too tough, too
(16:36):
slow, too tough.
I seen some of the smaller loanbrokerages, like even some that
I had worked with before, youknow, quite often and I'm not
sure the formula how it worksfor you guys but when rates
raise and they're not gettingenough like volume of
applications coming through orwhatever, they have to add that
(16:58):
into their pricing.
So their cost went upsubstantially to where, like,
buyers didn't want anything todo with that.
Speaker 3 (17:04):
you know, it just wasn't competitive and typically
you're going to see that too alot of higher rates with really
large lending companies, justbecause they have a lot more
overhead costs um they're, youknow they're their lenders a lot
of times have insurance andother things through the company
and so the larger typically thelending side is as far as a
(17:25):
company.
A lot of times you're going tosee those rates reflect that.
Speaker 2 (17:27):
Yeah, yeah.
And.
And JFK is that kind of likeright there in a perfect spot,
right yeah.
Speaker 3 (17:33):
We're not a huge company, um, and that's why our
rates are super competitive andI love that.
And I love that we have directcontact to our underwriters.
We work with them in-house, andit just makes everything a lot
easier.
We have a lot more leeway asfar as getting in contact with
them and working with them toget deals closed.
But I think a lot of these hugecompanies were focused on
(17:54):
buying a ton of refinance leadswhen the refinance boom hit and
then when that died, outEverything else did yeah, yeah,
definitely.
Speaker 2 (18:03):
So we are putting a lot of those companies and a lot
of those professionals orunprofessionals to rest.
They can stay in 2024.
We're not going in 2025 withthem.
Speaker 3 (18:15):
I think the biggest thing you know unprofessional is
people just not answering thephone.
Speaker 2 (18:19):
Oh gosh, and you know that is something that this, um
I you know, with this newsettlement in AR, things like
that, going on communicationswith the agents is more
important now than it ever hasbeen before.
We have to be able to have opencommunication, things like that
.
That, um, you know to havediscussions and hey, you've got
to pick up your phone.
(18:39):
I think that's usually.
That's usually you know to havediscussions and hey, you've got
to pick up your phone.
I think that's usually that'susually very helpful.
Speaker 3 (18:46):
Yes, definitely.
Speaker 2 (18:48):
Um, another thing that, uh, back to the settlement
.
The settlement caused a lot ofchanges in 2024.
It did.
And another thing that thesettlement brought on was uh, we
no longer have co-ops on theMLS.
Brought on was we no longerhave co-ops on the MLS.
So what co-ops are is basicallythe MLS, which is our listing
(19:14):
system, where the agents go inand find notes on the listing,
special instructions, everythinglike that.
It would previously show howmuch the seller is willing to
pay the buyer's agent forcompensation.
That was something that wasagreed upon at the listing
appointment with the seller andthe listing agent of this is how
much we're paying the buyer'sagents.
So buyer's agents had it veryeasy because they would be able
(19:36):
to go on and say, like you know,my fee to you is X amount and
the seller is paying this amount.
Maybe it's the whole fee, maybeit's a portion of the fee, and
they've kind of worked that outprior to the offer If that fee
needed to be changed, ifanything needed to happen there
or if the buyer was going tocome in with a difference.
(19:57):
It was very transparent, butthis new transparency act got
rid of it.
So the new under newregulations no longer there.
We don't know what the selleris agreeing upon or if they're
agreeing upon it, because it'snot an agreement that's made at
the listing appointment anymore.
So when buyers go and they'reshopping with their agent, they
(20:20):
don't know what the seller iswilling to pay.
Go and they're shopping withtheir agent.
They don't know what the selleris willing to pay If the seller
is willing to pay.
That's why there's acompensation agreement between
the buyer and their agent and onthe offer that they submit they
are able to write in thecompensation they want their
agent to be compensated andthat's up for negotiation
between the seller at the timeof the offer.
(20:41):
Do you feel like that's madethings a little tricky?
It has made things a littletricky.
I do really wish that.
I understand the concept of itbeing negotiable, that it should
always be negotiable, it shouldnever be mandatory.
But I do think the seller, nomatter what whether we discuss
(21:03):
it ahead of time, we discuss itat the time of the offer the
seller probably already has apreset notion of what they're
willing to pay the buyer's agentfor compensation, or if they
are, because in some casesthey're not.
So I think that that I reallythink and wish though I can't
change that I think it shouldstill be very transparent and
(21:24):
disclosed, because that couldaffect the buyer's decision and
instead we're going through anoffer process and all of this
just to find out it's not goingto work out.
Or there are some buyers thatjust can't.
They don't have the means tocompensate their agent.
They need the seller to coverthat.
Speaker 3 (21:41):
It's a lot of of extra work when really a lot of
times sellers already know whatthey're willing to do.
Speaker 2 (21:45):
Yeah, but now under this regulation.
Speaker 3 (21:50):
It's like a whole extra step of fun, right?
Yeah, it is it really is.
Speaker 2 (21:54):
So I do think that that made things better on the
buyers and the sellers, becauseagain we're talking in terms
where, say, a seller says I'mwilling to give two apples and
the buyer comes in asking forthree, seller's willing for two.
Now we're in contracts andnegotiations on this where if
(22:15):
they had known that ahead oftime, they may have made their
offer price different or changedthings about their offer,
taking into consideration whatthey knew the seller was willing
to offer their agent.
So that's different and it isput to rest.
The transparency of MLS co-opsis gone, so that's no longer a
(22:40):
thing.
Speaker 3 (22:40):
I think it's good too , because I think starting the
year fresh you know 2025, Ithink that whole situation was,
you know, was a lot of panic anda lot of fear because we didn't
, you know, a lot of peopledidn't know what was going to
happen or what was going on.
So I think, moving forward,it's definitely more outlined
and now people can kind of cleartheir heads and just start
fresh.
Speaker 2 (23:00):
Yeah, absolutely Absolutely.
So co-ops are to rest in 2024.
Starting 2025, well, we've beenstarting without them, but
we're going into 2025 withoutthem.
Gone On that note, too,commission bonuses.
So this is something that we'veseen a lot with new builds,
(23:21):
when agents sometimes newbuilders and sometimes even
regular, like resale agents,sellers that are on the resale
market will offer bonuses to thebuyer's agent as more incentive
to bring a buyer yeah.
It was kind of like an extra,you know icing on top like here.
Speaker 3 (23:41):
Cherry on top of the cake.
Yeah, cherry on top of the cake.
Yeah, cherry on top of the cake.
Speaker 2 (23:44):
We're going to give you this bonus.
We're going to do this.
Just bring us a buyer Now.
If it is not in your buyer'srepresentation agreement, you
can't accept it.
So the bonuses are gone.
The bonuses are gone.
Speaker 3 (23:57):
I think there's a lot more rules and structure on how
everything can play out as faras commissions go.
Speaker 2 (24:03):
Yeah, and we can.
Um, we can retain the bonus andcredit it to the buyer because
the buyer's allowed to receiveit, but the agent is not allowed
to receive it.
So we're not having anycommission bonuses in 2025.
Those are gone.
Um, that's kind of sad.
Yeah, it is, it is we.
We liked it, it was a littleextra incentive, but it's gone.
(24:25):
It is behind us now.
Nar membership I'm sure haveyou seen in the news.
A lot of brokerages are leavingthe National Association of
Realtors.
Speaker 3 (24:35):
I've seen a lot of stuff going on with that.
I don't know as much as youknow, I just see it all over.
Speaker 2 (24:40):
Even.
Speaker 3 (24:41):
Facebook.
Speaker 2 (24:41):
I've seen a lot of people posting about even
Facebook, I've seen a lot ofpeople posting about yeah, some,
uh some big brokerages areleaving.
Um, there, I mean, there'sdiscussion about even, like,
starting up a new MLS.
Um, that that is definitely adeveloping situation and we're
going to see, um, how it allplays out.
But I do know for certain thatthere are some brokerages
(25:03):
leaving National Association ofRealtors and they will no longer
be a part of it in 2025.
Do you?
Speaker 3 (25:10):
know why.
Speaker 2 (25:27):
This settlement, this lawsuit, everything has got a
member of National AssociationRealtors takes you away from
that agreement.
Speaker 3 (25:35):
Because I don't know every detail as much as you do,
but I've seen a lot of people,even on Facebook, like they're
stepping down from positions.
Speaker 2 (25:42):
Oh, yeah, yeah, there's a lot.
There is a lot, so we're seeingsome unraveling in a lot of
aspects of NAR Like a soap operain real life, yeah.
Yeah, so going into 2025,there's definitely going to be
some changes there and I reallydon't know how it's going to
play out.
Speaker 3 (26:06):
I'm watching and just kind of like you know on the
sidelines, like what's happeningthere, to see what if this is?
Speaker 2 (26:10):
even a good idea.
I don't know if it's a goodidea, I don't know if it's bad.
I mean, nar has been around forso long and has been like our
source for everything, so thatit's interesting.
It's interesting and we'll seehow it's going to play out, and
even I'm wondering if thesebrokerages are even going to be
able to thrive without an ARbehind them.
Speaker 3 (26:34):
So, um, we we will see, we will see.
I think it's going to beinteresting.
I think, you know, as the yearsgo on, people tend to.
You know, I don't want to sayrebel, but they want to do
things a different way.
And and you know, I don't wantto say rebel, but they want to
do things a different way and,you know, take things a
different route.
And so we'll see.
With technology and socialmedia, I think there's a lot of
growth that can happen.
(26:54):
As far as you know, ourindustries go, so we'll see what
happens.
Speaker 2 (26:59):
And it goes back to the.
It's kind of like biggovernment, right, you know,
like NARs.
Speaker 3 (27:07):
I mean they're not government but in a sense, you
know, it's like big government.
They kind of run a lot,everything virtually.
Speaker 2 (27:11):
And there's, there's lobbyists, there's all the same
aspects of it the government has, and sometimes when things get
too big, they get toocomplicated, too powerful to you
know.
There's just too much going onthere.
So maybe, maybe it's a goodthing.
We will see, we'll see how itall plays out and see how see
(27:32):
what happens with that.
And then, um, we have a coupleof wishfuls that we want to lay
to rest in 2024.
So we are just hoping those die, just go away.
Rates, rates Come down a lot.
Yes, we are hoping those highrates are gone, that they are a
thing of the past.
Let's leave them in 2024 and gointo 2025 with some good rates.
(27:55):
Yes, yes, bring it on, bring iton.
We are all hopeful for that andthere's a lot that shows that
that's potentially what's goingto happen.
Speaker 3 (28:04):
It does, I think last year I mean, I even heard of
people having rates at an 8.5,not with us but in other like my
friend closed because I'm notlicensed in Illinois but an
apartment for 8.5%.
I think the highest we saw lastyear was a 7.8.
So just kind of in comparison,on a half a million dollars with
(28:25):
5% down at a 7.8, which was thehighest we personally saw last
year, your principal andinterest would be at a 34, 3,419
.
And now sitting at a 6.8, samehalf a million at 5%, you're
sitting right around 3,096.
So it's 300 and almost $25difference.
So huge, huge difference.
Speaker 2 (28:45):
Huge difference, huge difference.
We need those rates to comedown because that is going to
strengthen our market Absolutelyand we need it to strengthen.
We want it to strengthen and wewant homeownership to be
possible for everybody, and atthe current environment, it
makes it a struggle.
Yes, yes, agreed it a struggle.
(29:08):
Yes, yes, agreed.
If rates come down, we candefinitely lay to rest that
buyer weariness, because that isbiggest concern right now for
buyers is affordability,affordability, affordability and
payment.
And what's going on?
People are waiting for homes tobecome a little more affordable
and it doesn't look like that'sgoing to happen with values.
Values do not seem to be goingbackwards, so it's going to have
(29:30):
to be in the rate.
Yep, absolutely.
So let's go into 2025 withlower rates and less fire
weariness.
And I personally.
We've been talking a lot aboutthe NAR lawsuits and settlements
and I just wish in this year,something magical will happen.
And all of these frivolouslawsuits on everything, not just
(29:54):
real estate, but just likeeverything, it is out of control
and I wish we could put allthat behind us.
It has got into this, just, youknow, just, it's this enormous,
like superpower of, likeeveryone jumping in these class
action lawsuits and it doesn'tdo.
It doesn't really do theplaintiffs any good, or they
(30:17):
don't benefit strongly from it,but the lawyers do, and it's,
it's ridiculous.
It's ridiculous.
We're just seeing too much ofit and I am very wishful and
hopeful that we could put all ofthat behind us.
Speaker 3 (30:31):
Yeah, I think this year is going to be a great year
.
I think we're going to see alot of movement, I think rates
are definitely going to comedown and I think it's a new year
and I think we're looking intoa really going to have a really
good year.
Speaker 2 (30:43):
Yes, well good.
Do you have any new year'sresolutions?
Speaker 3 (30:46):
you want to close with Um you know, just be better
than I was last year, right,always my goal Right.
Speaker 2 (30:53):
That's that that's growth, um growth for me too.
I um definitely want to go intothis new year, be better, be
stronger, improve my skills andeverything that I do so I can
service and help more people andum and make this a great year.
So get more people into homes,and that would be wonderful.
(31:13):
And, courtney, how do peopleget ahold of you so?
Speaker 3 (31:16):
you can get ahold of me 702-416-6918, call or text.
I'm always available, I'musually around and I answer
texts very, very quickly and Iwill always give you a call back
if I don't answer.
Speaker 2 (31:27):
Yes, and she does.
I text her often.
I'm pretty quick, she is prettyquick on the responses.
Speaker 1 (31:33):
I appreciate that.
Speaker 2 (31:35):
And you guys can reach me at 702-308-2878.
Let's start the new year with anew home and let's get you in
there.
You guys can follow us atrealtycheckvegas.
That is our link tree.
That will link you toeverything about real estate,
everything about Realty Check.
And we have a new affiliate forthe show this year Chicago
(31:59):
Title.
So we want to give a shout outto them and we'll be posting a
link for them and everything um.
They're on the on our link treeand our website.
So check them out.
They're great, established andreputable title company here in
las vegas and I believe they'renationwide.
But definitely we have somegreat escrow officers that work
(32:20):
with them here in vegas.
And thank you guys forfollowing us.
Please like, share, subscribe,tell your friends and we'll see
you next week.
Bye, bye, you.
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