December 5, 2024 • 33 mins
Las Vegas real estate is facing seismic shifts, and we've got the scoop with our insightful guest, Mia Wolfe. Join us as we unravel the shocking election controversies shaking up the Las Vegas Realtors community and the far-reaching implications of the National Association of Realtors lawsuit. We're tackling the murky waters of commission negotiations, where confusion reigns and transparency is a hot commodity. Realtors, buyers, and sellers are all feeling the pinch, but could these disruptions be the catalyst for a stronger market next year?
Beyond the headlines, we dissect the gritty realities of realtor fees and the myths surrounding their earnings. Mia and Trish peel back the layers of misconceptions, revealing the truth about the deductions and challenges faced by those in the industry. The episode also paints a vivid picture of the current market trends, including the impact of global events and interest rate fluctuations on buyer behaviors. With a hopeful outlook for the coming year, we stress the importance of preparation for potential buyers, whether they're dreaming of a new build or an established home. Dive into the dynamic world of Las Vegas real estate and stay ahead of the curve!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Intro (00:00):
Welcome to Vegas Realty.
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.
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Tune in each week as we breakdown the data, answer your
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(00:20):
the entertainment capital of theworld.
Trish Williams (00:27):
Hey, las Vegas.
Thanks for joining us back hereon Vegas Realty.
Check your local Las Vegas realestate news show.
I am Trish Williams and we haveour guest today, mia Wolf,
who's been here so many times onour show.
Mia, you're like a regular.
Oh yes, thank you.
So we're going to be bringingyou some information.
Oh, yes, thank you.
So we're going to be bringingyou some information, some news,
some listener questions and allthe good stuff we do here on
(00:49):
the show.
So, mia, we have some news thisweek on LVR.
I know what is going on LVR,which is Las Vegas Realt, vegas
realtors Um, there's been, um,they've been making headlines
this week and I wouldn't saythat they're the best.
(01:10):
Very good, I think there's goingto be some spots open.
Yeah, I, I seen um and I'mtrying to.
You know, sometimes when, um,when things like blow up right,
you have to look and try tofigure out what's actually fact
versus what's inflated, I guess,in sorts of gossip, and I've
(01:30):
been seeing a lot on socialmedia and I had to go figure out
what is behind the story, whichit's not-.
What did you?
Mia Wolfe (01:39):
find out, because of me too.
Trish Williams (01:40):
Yeah, it's not really clear.
The Review Journal did anarticle on this recently.
You sent me the article andthat there's tampering
allegations after our LVRrealtor elections.
So you guys think this is justnationwide where we have all
this drama.
Mia Wolfe (01:58):
We've got it locally .
I feel like we've been thereand done that right On every
level.
Trish Williams (02:02):
now, I'm like we just passed all this election
stuff.
Can we not get into this again?
But voter ID, realtor ID showyour license when you vote Um,
so there's um.
There's a lot of uh traumagoing on with that.
We've had quite a few peopleresign from the board, it
appears, and removed.
Mia Wolfe (02:23):
I saw some removed, so I don't know what's going on.
It'll be interesting to watch.
I feel like we've been througha lot as a group of realtors
this year already, so this isnot the funnest.
Trish Williams (02:36):
Well, and I do think that part of it is because
of what we've been through withthis NAR lawsuit.
There's so many people thatthink that and I'm one of those
that feel like we should havenever gotten to this point with
this NAR lawsuit or settlement,because I don't believe we were
practicing unethically themajority of us there's always
(02:58):
those bad apples right but itshouldn't have got to the point
where it got, because there's anargument out there, which I
actually do agree with, that thenew regulations are causing
less transparency.
Before you took a listing, youhad a conversation with the
(03:20):
seller.
You talked to the seller aboutwhat they were willing to give
you.
You made that agreement all inone conversation.
You put it in the contract.
It's in a listing agreement ifthey're willing to compensate
the buyer's agent or not, andthere was times where sellers
said they weren't, it wasoptional.
(03:41):
And now, under the newregulations, this is something
that's negotiated at the timethat we get an offer from the
buyer.
And I feel that while, again,this does you know it's it's
always negotiable.
It's something that we cannegotiate, you know, within the
offer itself.
But I feel like sellers aremore um, right now there's more
(04:06):
sellers saying like I want toknow these numbers before and
ahead of time, and no one reallylikes having that conversation
at the time of the offer.
And the agents the buyer'sagents, when they're doing their
buyer's brokerage agreementwith their buyers and their
(04:28):
buyers are like, well, am Igoing to have to pay that or not
?
And it's a matter of it'snegotiable in the offer.
But they're not able to knowwhat that is, that they're
looking at the seller agreeingto before going into making an
offer at the property.
And some buyers don't like that.
Mia Wolfe (04:46):
It's very confusing.
I feel like it's reallyconfusing for buyers.
I feel like it's stillconfusing for sellers and you
know, I mean, most buyer agentsare going to ask for 3% up front
.
So then you're negotiatingcommission.
Are they going to lose the dealover the commission?
Yeah, you know, and two at theend over the commission.
Trish Williams (05:08):
You know and two at the end of the day, you know
we all have families.
Mia Wolfe (05:13):
We have to put food on the table.
I mean, you know our pay is asimportant as I feel like any
anybody's.
An agency is very important.
You know, and I do.
You know I am seeing peoplethat are going to because
they're not able to have thatcommunication or they're not
able to walk away from that dealof you know.
I am seeing people that aregoing to because they're not
able to have that communicationor they're not able to walk away
from that deal of you know justreally, what is it?
Just slashing commission prices.
(05:33):
So you know that really I feellike is a I hate the word fear,
but you know it happens anyway.
Trish Williams (05:40):
Yeah, and it's something that I feel like as
the market, we're going to startseeing the market strengthen
here over the next couple months.
I think I feel very stronglythat that's going to happen and
this is going to become a biggerand bigger issue and that just
(06:00):
all of that it really just hasrealtors just kind of all up in
arms and just upset.
So, seeing this going on withLVR, with our local board and
everything, everybody's alreadyupset in the first place and now
we have all this other drama.
Mia Wolfe (06:16):
And it's like all about transparency but it
appears it is like diminishingthe transparency.
It's diminishing thetransparency.
What's going on?
Trish Williams (06:24):
This is making it less transparent.
And let me tell you real quickum, the importance of a buyer's
agent.
Okay, because this is somethingthat has been um, it's been
discounted, it's been pushedaside like buyer's agents don't
matter.
This is, you know, people arereally just starting to well,
I'm just going to go directly tothe listing agent and not even
(06:45):
deal with the buyer's agent, butthat puts you in so much, it
can put you at so much risk.
And I was talking to somebodyrecently who is from Australia,
bought a lot of real estate,does a lot of business in
Australia, and they don't havebuyer's agents in Australia.
Oh, really, according to whatI've been told, of course I
don't live there, don't workthere, don't have buyer's agents
(07:06):
in Australia.
Oh, really, according to whatI've been told, of course I
don't live there, don't workthere, don't operate there.
I don't know Right, but fromwhat he was telling me is,
everything in Australia isbasically on an auction platform
, wow, and you bid on a home andthere's only the listing agent.
So every buyer goes directly tothe listing agent.
(07:28):
But a big thing that happens inAustralia is the.
You know, there's a lot oftimes where the listing agent
doesn't disclose things thatthey're aware of to the buyers.
There's because you have thislisting agent doing dual
representation and that, does,put it, does pose a lot of risk.
(07:51):
You know, having a buyer'sagent is someone to represent
you, someone to double check,someone to look at this from
your best interest, not the bestinterest of the seller, and a
lot of times the listing agentwill be solely representing the
best interest of the seller anda lot of times the listing agent
will be solely representing thebest interest of the seller.
The person they took thelisting for this buyer comes
along.
(08:11):
They just met you, they alreadyhave a relationship with the
seller.
So it does pose a lot of riskand their price per square foot
and their average sale price inAustralia is tremendously higher
than ours and I feel like thatis partially due to the fact
that there's no buyer's agents.
Mia Wolfe (08:32):
I mean there's definitely going to be a
conflict.
I mean, even when we have a,you know we don't want our
sellers to talk to the buyers.
You know, because you know.
But what if they say somethingwrong or they ask them something
?
They're not experts, they don'thave the expertise, you know,
to comment on certain things,even HOA stuff like that.
(08:54):
You know there's definitelythere's going to be a conflict
somewhere, yeah, somewhere and abuyer.
I mean it's very important tohave a buyer's agent.
If somebody you know says it'snot, there's so many risks that
can pose, even in newconstruction.
You want to have a buyer'sagent because you can't rely on,
you cannot rely on one personto tell you both sides of
(09:16):
something.
That's just how I feel.
Trish Williams (09:18):
Over the last couple of months I've done a lot
of new construction dealsbecause that's, you know, buyers
are flocking towards newconstruction because of the
incentives, the rate buy downs,everything like that, and a lot
of times you would think inthese deals there's not a lot of
, I guess, work from the buyer'sagent's side of the transaction
(09:40):
.
But it has been a lot.
And because of that, becauseit's looking out for the spire's
best interest, and they, whatare they?
I'm not going to say it astrying to get away with, but you
know they're they're not.
A lot of times in newconstruction they're not used to
having someone in theirbusiness.
(10:02):
You know, looking, looking over, double checking, double
everything.
So, um, it is uh, it isdefinitely what our
representation of the buyers istremendously valuable and
tremendously a good thing forthe buyers, their best interest
in the best outcome and beingknowledgeable about the things
(10:25):
that they're not versed on.
Mia Wolfe (10:27):
And too, I mean, even like new construction,
they're not going to suggestthat they bring in an outside
inspection and an outsideinspector.
You know, they're just not.
They're going to say, oh, wehave an inspection, you can go
with ours, which you can.
But I mean, there's a lot ofthings that even within the year
, they're probably warrantied,but there's things that you can
see visibly, you know, in newconstruction, yeah, yeah, we had
(10:50):
an inspection recently on newconstruction and at the end of
it the buyer said I would havenever noticed all of these
things, like you know.
Trish Williams (11:00):
and it was it.
There was nothing major,nothing that was like
devastating, but it was thingsthat you know.
When we do that walkthrough, weblue tape everything.
They're like I would have nevernoticed that, you know, and the
inspector did so.
Um, those are, you know.
There's a lot of value to thatand some people there's kind of
two sides of the coin there.
Some people choose to do theinspection upfront, before that
(11:21):
final walkthrough with thebuilder, and have the builder do
all of those initially.
Sometimes people choose to waitand do that inspection, like at
the nine-month period beforetheir one-year warranty is up,
and that way they have achecklist of items they have to
come back and do warrantyrepairs, which is hard Things
settle.
Mia Wolfe (11:40):
You never know what's going to happen.
Trish Williams (11:42):
Every house settles.
Yeah, we definitely have movingground here.
Mia Wolfe (11:46):
Yeah, and I do think you know, I think it's a relief
when you're in the buyingprocess.
Things are going crazy.
You lean a lot upon yourrealtor, or you should be able
to.
You know, like inspections,things like that, like we show
up to inspections, we, you know,if they're not able to be there
, you know we're there, we'retalking to the inspector.
So I do think buyer agentsdon't get a lot of you know, a
(12:12):
lot of, I don't know props forthe value that they provide.
Trish Williams (12:17):
Right.
Mia Wolfe (12:18):
And now they're having to fight for their
commission even harder andexplain it.
So you know, transparency isgood, leveling up your skills is
good, being able to communicateis always good and you know, no
matter what happens.
Honest and ethics and all ofthat matters.
Trish Williams (12:35):
Yeah, I think it is a very good thing and I am
very glad that we have thebuyer's agency contracts now as
being mandatory, because so manypeople operated without them
previously.
I do think that that's a goodthing.
I don't agree with the MLS andthe co-ops not being there and
(12:57):
not being disclosed and notbeing able to discuss that ahead
of time, because now what I'mseeing is so many times where
and let me tell you a little bitabout our world we go to
listing appointments, we haveconversations with the sellers,
we say something a hundred timesand at the time that the offer
(13:20):
comes through, they're likewhat's this?
We never talked about this.
It's like, no, we did, weremember, we said this, but
we're we're not agreeing withthat, we're not putting it in
the contract, we're not doinglike it's not, it's not part of
the contract initially.
So they act like it's a brandnew thing when we're discussing
it with the offer.
(13:40):
So there we are again, goingthrough this whole thing with
them again and I just feel likethat is a lot of.
There's so muchmisunderstanding in that process
where I think I do like the wayit was before.
Mia Wolfe (13:55):
I wish it would go back, but I don't think we have
a choice in the matterEspecially, which is people
don't talk about a lot, but Imean the rental market is huge
in Las Vegas.
Yes, I, you know we do not seeif there's any commission now on
rentals, which is hard becausethey're difficult in the first
place.
There's not a lot oftransparency and communication
with agents.
(14:16):
You know, agents, if you'rerepresenting a rental, you
really should update things.
Trish Williams (14:20):
It's a lot of work for a little bit of money
for a little bit of money.
Mia Wolfe (14:25):
But our clients are desperate.
By the time someone comes to me, usually for rental, they are
so frustrated they're worried todeath.
They've got to get outsomewhere, you know, and usually
it's really in a quick turnover.
Well, now you can't even see ifthey're offering compensation.
So you may get your friend,your relatives, into a rental
(14:47):
and then they might say, oh well, hey, I mean, what do you do?
You negotiate the rentalcommission now.
Trish Williams (14:52):
Well, that's it, because now we're so we don't.
We don't have with a rental,for instance.
We're doing it upon a referral.
We don't have a contract withthis client.
We're not even there's, no, noteven a duty zone.
We don't have this.
So what are we doing?
Asking the clients to justwrite us a check, which?
(15:13):
Usually everything goes throughour brokerage.
There's a process.
It does seem odd, it doesn't?
Mia Wolfe (15:20):
seem like it's very frustrating.
I had a client that said Ican't get an agent to work with
me and he was military.
Definitely I was going to helphim.
He was a veteran.
Just came back to the Statesand he's like, how do I pay you?
What do I do?
And I'm like, well, you know, Iasked them for a referral fee,
you know, but but it is, it'sconfusing.
Trish Williams (15:42):
It's confusing, it's not transparent and the the
.
I had someone recently thatsaid that they talked to an
agent on showing rentals and theagent said it was $50 a house.
Mia Wolfe (15:54):
How are you?
Oh, so they paid them $50 ahouse.
Yeah, they told the client.
Trish Williams (15:59):
you pay me $50 a house and I'll show you rentals
.
But I'm like how does that?
Because, again, as realtors weare not allowed to take money
from the client, so that has togo through our brokerage.
But our brokerage doesn't liketo take money from the client,
so that has to go through ourbrokerage.
But our brokerage doesn't liketo take funds that don't have
contracts associated with them.
So do they want us now to makeup our own contracts?
(16:20):
And I don't know if we shouldbe making up our own contracts.
Mia Wolfe (16:22):
I think you're supposed to have a BBA for a
rental.
Yeah, A BBA anyways, regardlessfor the rentals and still go.
You have to go through thewhole buyer process almost.
Trish Williams (16:32):
But they tell us not to do a duty zode for the
rentals, which we can't do a BBAwithout a duty zode because
we're not representing theclient in the rental transaction
.
We're referring them to theproperty manager.
So it's it's crazy, confusingand they definitely need to fix
that.
Mia Wolfe (16:49):
Yeah, you know too, and honestly, I think I speak
for a lot of realtors too evenwith the LVR, I feel like our
best interest is not gettingrepresented or spoken about.
So I do think it's importantthat we talk about this and
discuss it, because I think ourclients are, you know, more
confused than we are, and youknow they definitely need to
understand that we pay the LVRdues every year.
(17:11):
We pay NAR dues every singleyear.
They should be representing usas much as we're representing
our clients in their bestinterest, and you know it just
doesn't feel that way, right nowit doesn't.
Trish Williams (17:24):
You know, when I first seen this lawsuit come
about, I was thinking there's noway I remember us talking about
like they're going to fightthis.
I was like's no way.
I remember I was talking aboutlike yeah, whatever there's
contracts, there was completelylaid out contracts that every
seller signed and I was like howon earth could they win this
lawsuit?
It just didn't make any sense.
And when it happened andeverything happened, we were I
(17:47):
think we were all shocked, likehow did we lose that?
But it just doesn't.
I don't know.
Mia Wolfe (17:53):
And you know too, and I think it's important.
I don't think our clientsrealize that we have to pay a
percentage out of ourcommissions on top of what we
make.
There's a, you know, some 20%come out sometimes.
You know that go to ourbrokerage for a fee.
We have to pay a fee on top ofour fees.
Trish Williams (18:11):
Yeah, yeah, for a fee.
We have to pay a fee on top ofour fees.
Yeah, we have to pay a fee plusour money comes in pre-tax.
So I think, as far astransparency goes.
Mia Wolfe (18:20):
Maybe we need to be a little bit louder about all
the fees that we have to pay.
Trish Williams (18:25):
Be just as loud maybe you know, sometimes people
think that you know realtors.
They're just like oh, you're arealtor, you just make tons of
money for something or nothing.
You know they.
They just don't think that.
They don't understand the workthat we put in, how hard we work
and again, the money that wemake is not what people think it
(18:46):
is.
Mia Wolfe (18:47):
Right and too, you know, maybe that's our fault.
Trish Williams (19:14):
We, you know our value needs to shine through.
Maybe we, you know, we protectour clients a lot of times from
and he had brought up the factthat and it's such a great point
is that realtors, they're oneof the only industries that,
like on social media, post thisextravagant lifestyle that half
the time is not really accurate,not really true, and that's why
(19:37):
the public has such aperception, like their
perception of us, as, oh, theymake too much money or they make
like a lot of money orsomething.
It's like.
You know, a realtor will getpaid one commission.
They don't, they don't talkabout that's the only commission
they've been paid the wholeyear.
But you know, they go on ashopping spree and they post all
this stuff or they'll post apicture of them with a bunch of
(19:58):
dollar bills, like you know,like what is this?
The only other like industrythat I can think of that does
that is like rappers orYouTubers, right?
So, like, what are we doing?
And is that is that's hurtingus?
I believe, because it makes thepublic perception of us seem a
lot very skewed of what itactually is.
Mia Wolfe (20:20):
I agree with that.
You know, some of this stuff Ithink we've harmed ourselves.
You know, in this same, in thatway, yeah absolutely,
absolutely so.
Trish Williams (20:30):
Gosh, we, we.
I don't even think we're goingto get into listener questions
today.
We had a lot to talk about.
That's good, but I do want tomake sure that we get into our
stats.
Um, so our market numbers forthis week.
Um, you have the numbers I sentyou right.
Intro (20:43):
Yes.
Trish Williams (20:44):
Okay, um, so single family homes that we add
on the market for this week areat 5,404.
That's down 71 from last week.
So I do believe we had a couple, you know, some homes go into
contract, some of those homesgot off the market, so that's
good.
Condos and townhomes were at1813.
(21:07):
Those are down only 26.
And for seven days we have newlistings at 527.
So those are lower.
Yeah, that was what?
230 less than the previous week.
Do you think people are holdingoff to list till after the
holidays?
Mia Wolfe (21:26):
Yeah, definitely, cause I even have.
I've got some clients in andthere was a house that they
literally just pulled it off themarket for the holidays.
They want to show duringChristmas and they want to enjoy
it.
So I mean it's definitely aslow time.
I mean it always is.
You know, thank goodness we gotpast the election now.
Oh, my goodness, I know.
Trish Williams (21:47):
Now we're dealing with LVR elections.
We can't get over elections.
So price decreases, those weredown substantially.
I know that was a big number.
Yeah, that was weird.
Well, what I was seeing lastweek is last week we had, so
this week price decreases were443.
(22:07):
They were down 330 from theweek before, but the week before
we had this like large amountof price decreases, because what
happened is like right afterthe election we had a little
spurt of activity and thenfizzled out and I think people
were like what happened?
Maybe I missed the boat, I needa price cut.
So that I think we got a lot ofprice cuts of people.
(22:27):
Yeah, people seeing if that wasthe problem, if they were
missing the market because ofthe price and now it's just
fizzling out and waiting to seewhat happens from those price
decreases.
Under contract was also downthis week.
I think that was because of aholiday week.
We had Thanksgiving and BlackFriday.
(22:52):
So under contractor five 15,they were down 185 from the week
before and um sold was down 163from the week before at four 80
.
But again we had two holidayswhere the title company was
closed and some people justbasically took the whole week
off.
So let's be honest, right.
(23:12):
So I'm sure that's the reasonwhy those numbers are down.
I'm going to expect thatthere'll be a little bit
stronger next week.
What are you seeing, sincewe're not going to really get
into the listener questions,what are you seeing in the
market right now as far as likestrength and activity and
(23:32):
movement?
Mia Wolfe (23:32):
You know, I think it was I mean right after the
election, I think people were alittle excited and, like I
remember, even everything waskind of going up.
The stock market's going up,everybody's like okay, okay,
okay, and it was a little bitbusy.
And then I do feel the slump alittle bit.
Hopefully interest rates aregoing down.
(23:53):
Like you said, I think thistime next year we're going to be
so slammed that you know these,I, in a year from now, these
numbers, I'm so excited to seewhat they will be.
You know it's going to be veryinteresting.
Trish Williams (24:06):
And I think it's going to.
I think even in January we'regoing to see, like you know,
things start to heat up and andget some movement.
I do feel good about that.
And also I mean one thing thatyou know we had the elections
and we had, like you know, thislittle spurt afterwards and then
we had like a lot of, like youknow, worldwide war talk and
(24:26):
things like that happening inthe news and anything.
Anytime there's big headlineslike that, it scares people, you
know.
It pulls them off from likemaking any plans.
They want to see what'shappening.
They're scared to get caught inthe middle of something during
a bad time there is huge pent upseller and buyer demand right
(24:47):
now.
Mia Wolfe (24:47):
I mean I have so many people and it's like
January, january, january,january is the word of the year.
Yeah, and I feel like that.
Trish Williams (24:59):
Well, there's so many there.
There's been so many people umsidelined over the last couple
of years just because of ratesand everything.
Once rates come down and oncewe, like start to see that
optimism again, floodgates aregoing to open.
It's going to be.
It's going to be really crazy,I think.
And also, this year, blackFriday was our biggest.
(25:22):
I guess we, like broke recordsthis year for Black Friday, so
that is a definitely a sign ofoptimism with the consumers.
Yeah for sure, yeah for sure.
Mia Wolfe (25:31):
I know I had read something and even talked to it
and even personally myself.
You know a lot of people youknow saved a lot of money in
2022.
Going into 2023, a lot ofpeople kind of their savings
maybe dipped into their savingsor credit cards.
But people are ready to justget in the hustle again, get the
(25:52):
economy moving, get the realestate market moving, make their
buy, make their sell and get itdone this upcoming year.
So preparation is everything.
If you're going to be buying inJanuary, you need to be looking
now.
You need to be getting yourpre-approval.
now you need to be talking toyour realtor and really
narrowing down your choices sothat you are ready to go.
Trish Williams (26:15):
Yeah, yeah, you have to prepare ahead of time
for that.
Yeah, and I have two clientsthat are, you know, my clients
personally, that had sold housesout of state, moved to Las
Vegas and, because of rates, putoff buying.
So I mean, I know, just in thatinstance is just me one realtor
(26:36):
?
So I mean, I know, just in thatinstance, it's just me, one
realtor.
There's two people I know thathave the funds, the ability, and
they're ready to buy.
They're just waiting for theright market to buy in.
So I think there's a lot ofthose people out there Same.
Mia Wolfe (26:49):
I mean, I have a lot of people that I put in rentals
for a year because the buyingconditions weren't exactly what
they wanted.
So I think being able to havethat option is great and to have
a realtor that will do that andstick with you is very valuable
.
So there is a lot of pent updemand and I myself would do the
(27:11):
same thing.
Trish Williams (27:12):
Yeah, absolutely , absolutely, and we're seeing
rates come down slightly rightnow.
But I do think that that Feddecrease the 0.75, eventually is
going to start reflecting inmortgages and drive those rates
down a bit.
Mia Wolfe (27:30):
Yeah, and I think historically they said it
doesn't matter who wins office.
Historically, a year to thedate after the election rates
are generally the lowest they'vebeen in four years, so that's
something to look forward to too.
Trish Williams (27:47):
Yeah, I do think that rates will definitely be a
huge motivator for buyers.
I mean, and right now you canget 4% new construction, new
construction, but not everybodywants new construction, you know
that's one of the things issome people just like the feel
of like an established home orhaving the yard already in place
(28:08):
Mature landscaping and newhomes.
The style and build of newhomes is definitely modern,
definitely like the mostattractive right now, but for
some people they don't like that.
Mia Wolfe (28:22):
No, they don't like those big open floor plans and
not everybody can deal with ayear of construction in their
neighborhood.
You know you could get in at agreat price, at a great rate,
but you have to have patiencewith the neighborhood getting
finished, people moving in,builders, the park's not done,
the pool's not done.
So you know it's a thing.
Everything has its pros andcons, right yeah?
Trish Williams (28:43):
definitely, and one of the things that I noticed
from the builders they'reoffering a lot of concessions.
Right now A lot of them aretaking offers on home, so like,
whatever their list price issometimes that's negotiable
they're doing the rate buy downs.
Mia Wolfe (28:59):
They're offering a lot of incentives, big package
to the buyer right, yeah, andinventory move in, ready, ready
to go.
Trish Williams (29:06):
Yeah, a lot of builders, though, are changing
their quality of like theappliances and things like that.
They're downgrading those, sothey're kind of trying to recoup
those costs in the littlethings here or there.
So I have seen that a littlebit, so I was like huh that's
interesting.
Mia Wolfe (29:25):
It's always something and remember.
Whenever, like during COVID,when they were on the wait list,
they couldn't buy arefrigerator and they were
waiting.
Their clients were like waitingfor the refrigerator and they
didn't match.
So there's always somethingright Supply and demand always.
Trish Williams (29:45):
I remember a 1031 exchange we were doing
during COVID with the supplychain issues and we had to close
the house Like we had to closeit because of the timeline
deadline for the 1031 exchangeand they couldn't get a
microwave and I was like, takeone from somewhere else, I'll
bring a microwave, I'll buy amicrowave Like you got to,
because they couldn't close orpass that like final inspection
(30:05):
without the microwave.
And I was like this microwaveis not going to ruin our life
With the 1031, because you're onsuch a deadline.
Mia Wolfe (30:11):
I had closings held up because the refrigerator
wasn't delivered or this wasn'there, you know, and it was like,
oh my gosh, can we just move on?
Trish Williams (30:18):
Yeah, Can we just please get through this?
I've seen some contracts now Um, DR Horton has it in their
contracts actually where it sayslike the refrigerator might not
be there at closing date.
So I figured that must havebeen a COVID add on.
Mia Wolfe (30:32):
Yeah, we learned a lot of language, didn't?
Trish Williams (30:35):
we.
So it's interesting when youread through their contracts
every builder has their owncontract and reading through
them, some of the things you'relike really, you know it's like
might not be ready for two years.
The house, you know it's likethey do all these things to
protect themselves in case ofthat type of instance.
So that's interestingthemselves in case of that type
(30:58):
of instance.
So, um, that's interesting.
Um, before we close out the show, I do want to do a mention, for
there are so many events, somany activities going on in the
holiday season and, um, we havea lot, of, a lot of things
happening, but this one inparticular, I think, is for a
really great cause.
Um, this is the Composer's Room.
Composer's Room is down on likewhat is that Commercial Center
(31:23):
area?
Like off of Sahara MarylandParkway, around that area.
Right there, Composer's Roomhas a real old Vegas flair to it
.
So really great place if youhaven't checked it out, and they
have really great food also.
But they are putting on afundraiser event that's to um,
to help raise money for fosterfamilies, which is such a great
(31:45):
need in this community, and um,such a great thing that they're
doing.
Um, it will be December 11th,12 PM.
Tom, there'll be liveperformances.
They're asking you to eitherbring an unwrapped toy or $25 to
donate.
There'll be $15, pancakeplatters and other food
available and they're going tohave live performances.
(32:08):
It's going to go on throughoutthe 12-hour period, so go and
check it out.
December 11th Composer's Room.
It's for a great cause.
Go help contribute to raisemoney for the foster families,
because they definitely needthese funds during holiday
season.
Mia Wolfe (32:24):
What a cool idea to the way they set it up.
That's neat.
Trish Williams (32:27):
Yeah, yeah, so, um, so, yeah, make sure you just
check that out.
And, mia, thank you for havingum, for coming here on the show
again.
How do people reach out to youto have conversations, talk, to
do real estate?
Mia Wolfe (32:39):
I'm on Instagram.
My number's at the bottom ofthe screen, so always available.
Trish Williams (32:45):
Say it out loud for the people listening
702-412-7255.
All right, and I am TrishWilliams.
You can reach me at702-308-2878.
If you are watching us, ifyou're following us, please hit
that subscribe button.
(33:05):
We would love to get some moresubscribers on the show.
I appreciate everybody tuningin and the views.
Follow us, share us, tell yourfriends about us and you can
find all of our links toeverywhere where we're at at
realtycheckvegas.
And thank you guys so much, andwe will see you next week.
Yes, bye, bye, thank you.
Welcome to Vegas Realty.
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.
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(00:20):
the entertainment capital of theworld.
Trish Williams (00:27):
Hey, las Vegas.
Thanks for joining us back hereon Vegas Realty.
Check your local Las Vegas realestate news show.
I am Trish Williams and we haveour guest today, mia Wolf,
who's been here so many times onour show.
Mia, you're like a regular.
Oh yes, thank you.
So we're going to be bringingyou some information.
Oh, yes, thank you.
So we're going to be bringingyou some information, some news,
some listener questions and allthe good stuff we do here on
(00:49):
the show.
So, mia, we have some news thisweek on LVR.
I know what is going on LVR,which is Las Vegas Realt, vegas
realtors Um, there's been, um,they've been making headlines
this week and I wouldn't saythat they're the best.
(01:10):
Very good, I think there's goingto be some spots open.
Yeah, I, I seen um and I'mtrying to.
You know, sometimes when, um,when things like blow up right,
you have to look and try tofigure out what's actually fact
versus what's inflated, I guess,in sorts of gossip, and I've
(01:30):
been seeing a lot on socialmedia and I had to go figure out
what is behind the story, whichit's not-.
What did you?
Mia Wolfe (01:39):
find out, because of me too.
Trish Williams (01:40):
Yeah, it's not really clear.
The Review Journal did anarticle on this recently.
You sent me the article andthat there's tampering
allegations after our LVRrealtor elections.
So you guys think this is justnationwide where we have all
this drama.
Mia Wolfe (01:58):
We've got it locally .
I feel like we've been thereand done that right On every
level.
Trish Williams (02:02):
now, I'm like we just passed all this election
stuff.
Can we not get into this again?
But voter ID, realtor ID showyour license when you vote Um,
so there's um.
There's a lot of uh traumagoing on with that.
We've had quite a few peopleresign from the board, it
appears, and removed.
Mia Wolfe (02:23):
I saw some removed, so I don't know what's going on.
It'll be interesting to watch.
I feel like we've been througha lot as a group of realtors
this year already, so this isnot the funnest.
Trish Williams (02:36):
Well, and I do think that part of it is because
of what we've been through withthis NAR lawsuit.
There's so many people thatthink that and I'm one of those
that feel like we should havenever gotten to this point with
this NAR lawsuit or settlement,because I don't believe we were
practicing unethically themajority of us there's always
(02:58):
those bad apples right but itshouldn't have got to the point
where it got, because there's anargument out there, which I
actually do agree with, that thenew regulations are causing
less transparency.
Before you took a listing, youhad a conversation with the
(03:20):
seller.
You talked to the seller aboutwhat they were willing to give
you.
You made that agreement all inone conversation.
You put it in the contract.
It's in a listing agreement ifthey're willing to compensate
the buyer's agent or not, andthere was times where sellers
said they weren't, it wasoptional.
(03:41):
And now, under the newregulations, this is something
that's negotiated at the timethat we get an offer from the
buyer.
And I feel that while, again,this does you know it's it's
always negotiable.
It's something that we cannegotiate, you know, within the
offer itself.
But I feel like sellers aremore um, right now there's more
(04:06):
sellers saying like I want toknow these numbers before and
ahead of time, and no one reallylikes having that conversation
at the time of the offer.
And the agents the buyer'sagents, when they're doing their
buyer's brokerage agreementwith their buyers and their
(04:28):
buyers are like, well, am Igoing to have to pay that or not
?
And it's a matter of it'snegotiable in the offer.
But they're not able to knowwhat that is, that they're
looking at the seller agreeingto before going into making an
offer at the property.
And some buyers don't like that.
Mia Wolfe (04:46):
It's very confusing.
I feel like it's reallyconfusing for buyers.
I feel like it's stillconfusing for sellers and you
know, I mean, most buyer agentsare going to ask for 3% up front
.
So then you're negotiatingcommission.
Are they going to lose the dealover the commission?
Yeah, you know, and two at theend over the commission.
Trish Williams (05:08):
You know and two at the end of the day, you know
we all have families.
Mia Wolfe (05:13):
We have to put food on the table.
I mean, you know our pay is asimportant as I feel like any
anybody's.
An agency is very important.
You know, and I do.
You know I am seeing peoplethat are going to because
they're not able to have thatcommunication or they're not
able to walk away from that dealof you know.
I am seeing people that aregoing to because they're not
able to have that communicationor they're not able to walk away
from that deal of you know justreally, what is it?
Just slashing commission prices.
(05:33):
So you know that really I feellike is a I hate the word fear,
but you know it happens anyway.
Trish Williams (05:40):
Yeah, and it's something that I feel like as
the market, we're going to startseeing the market strengthen
here over the next couple months.
I think I feel very stronglythat that's going to happen and
this is going to become a biggerand bigger issue and that just
(06:00):
all of that it really just hasrealtors just kind of all up in
arms and just upset.
So, seeing this going on withLVR, with our local board and
everything, everybody's alreadyupset in the first place and now
we have all this other drama.
Mia Wolfe (06:16):
And it's like all about transparency but it
appears it is like diminishingthe transparency.
It's diminishing thetransparency.
What's going on?
Trish Williams (06:24):
This is making it less transparent.
And let me tell you real quickum, the importance of a buyer's
agent.
Okay, because this is somethingthat has been um, it's been
discounted, it's been pushedaside like buyer's agents don't
matter.
This is, you know, people arereally just starting to well,
I'm just going to go directly tothe listing agent and not even
(06:45):
deal with the buyer's agent, butthat puts you in so much, it
can put you at so much risk.
And I was talking to somebodyrecently who is from Australia,
bought a lot of real estate,does a lot of business in
Australia, and they don't havebuyer's agents in Australia.
Oh, really, according to whatI've been told, of course I
don't live there, don't workthere, don't have buyer's agents
(07:06):
in Australia.
Oh, really, according to whatI've been told, of course I
don't live there, don't workthere, don't operate there.
I don't know Right, but fromwhat he was telling me is,
everything in Australia isbasically on an auction platform
, wow, and you bid on a home andthere's only the listing agent.
So every buyer goes directly tothe listing agent.
(07:28):
But a big thing that happens inAustralia is the.
You know, there's a lot oftimes where the listing agent
doesn't disclose things thatthey're aware of to the buyers.
There's because you have thislisting agent doing dual
representation and that, does,put it, does pose a lot of risk.
(07:51):
You know, having a buyer'sagent is someone to represent
you, someone to double check,someone to look at this from
your best interest, not the bestinterest of the seller, and a
lot of times the listing agentwill be solely representing the
best interest of the seller anda lot of times the listing agent
will be solely representing thebest interest of the seller.
The person they took thelisting for this buyer comes
along.
(08:11):
They just met you, they alreadyhave a relationship with the
seller.
So it does pose a lot of riskand their price per square foot
and their average sale price inAustralia is tremendously higher
than ours and I feel like thatis partially due to the fact
that there's no buyer's agents.
Mia Wolfe (08:32):
I mean there's definitely going to be a
conflict.
I mean, even when we have a,you know we don't want our
sellers to talk to the buyers.
You know, because you know.
But what if they say somethingwrong or they ask them something
?
They're not experts, they don'thave the expertise, you know,
to comment on certain things,even HOA stuff like that.
(08:54):
You know there's definitelythere's going to be a conflict
somewhere, yeah, somewhere and abuyer.
I mean it's very important tohave a buyer's agent.
If somebody you know says it'snot, there's so many risks that
can pose, even in newconstruction.
You want to have a buyer'sagent because you can't rely on,
you cannot rely on one personto tell you both sides of
(09:16):
something.
That's just how I feel.
Trish Williams (09:18):
Over the last couple of months I've done a lot
of new construction dealsbecause that's, you know, buyers
are flocking towards newconstruction because of the
incentives, the rate buy downs,everything like that, and a lot
of times you would think inthese deals there's not a lot of
, I guess, work from the buyer'sagent's side of the transaction
(09:40):
.
But it has been a lot.
And because of that, becauseit's looking out for the spire's
best interest, and they, whatare they?
I'm not going to say it astrying to get away with, but you
know they're they're not.
A lot of times in newconstruction they're not used to
having someone in theirbusiness.
(10:02):
You know, looking, looking over, double checking, double
everything.
So, um, it is uh, it isdefinitely what our
representation of the buyers istremendously valuable and
tremendously a good thing forthe buyers, their best interest
in the best outcome and beingknowledgeable about the things
(10:25):
that they're not versed on.
Mia Wolfe (10:27):
And too, I mean, even like new construction,
they're not going to suggestthat they bring in an outside
inspection and an outsideinspector.
You know, they're just not.
They're going to say, oh, wehave an inspection, you can go
with ours, which you can.
But I mean, there's a lot ofthings that even within the year
, they're probably warrantied,but there's things that you can
see visibly, you know, in newconstruction, yeah, yeah, we had
(10:50):
an inspection recently on newconstruction and at the end of
it the buyer said I would havenever noticed all of these
things, like you know.
Trish Williams (11:00):
and it was it.
There was nothing major,nothing that was like
devastating, but it was thingsthat you know.
When we do that walkthrough, weblue tape everything.
They're like I would have nevernoticed that, you know, and the
inspector did so.
Um, those are, you know.
There's a lot of value to thatand some people there's kind of
two sides of the coin there.
Some people choose to do theinspection upfront, before that
(11:21):
final walkthrough with thebuilder, and have the builder do
all of those initially.
Sometimes people choose to waitand do that inspection, like at
the nine-month period beforetheir one-year warranty is up,
and that way they have achecklist of items they have to
come back and do warrantyrepairs, which is hard Things
settle.
Mia Wolfe (11:40):
You never know what's going to happen.
Trish Williams (11:42):
Every house settles.
Yeah, we definitely have movingground here.
Mia Wolfe (11:46):
Yeah, and I do think you know, I think it's a relief
when you're in the buyingprocess.
Things are going crazy.
You lean a lot upon yourrealtor, or you should be able
to.
You know, like inspections,things like that, like we show
up to inspections, we, you know,if they're not able to be there
, you know we're there, we'retalking to the inspector.
So I do think buyer agentsdon't get a lot of you know, a
(12:12):
lot of, I don't know props forthe value that they provide.
Trish Williams (12:17):
Right.
Mia Wolfe (12:18):
And now they're having to fight for their
commission even harder andexplain it.
So you know, transparency isgood, leveling up your skills is
good, being able to communicateis always good and you know, no
matter what happens.
Honest and ethics and all ofthat matters.
Trish Williams (12:35):
Yeah, I think it is a very good thing and I am
very glad that we have thebuyer's agency contracts now as
being mandatory, because so manypeople operated without them
previously.
I do think that that's a goodthing.
I don't agree with the MLS andthe co-ops not being there and
(12:57):
not being disclosed and notbeing able to discuss that ahead
of time, because now what I'mseeing is so many times where
and let me tell you a little bitabout our world we go to
listing appointments, we haveconversations with the sellers,
we say something a hundred timesand at the time that the offer
(13:20):
comes through, they're likewhat's this?
We never talked about this.
It's like, no, we did, weremember, we said this, but
we're we're not agreeing withthat, we're not putting it in
the contract, we're not doinglike it's not, it's not part of
the contract initially.
So they act like it's a brandnew thing when we're discussing
it with the offer.
(13:40):
So there we are again, goingthrough this whole thing with
them again and I just feel likethat is a lot of.
There's so muchmisunderstanding in that process
where I think I do like the wayit was before.
Mia Wolfe (13:55):
I wish it would go back, but I don't think we have
a choice in the matterEspecially, which is people
don't talk about a lot, but Imean the rental market is huge
in Las Vegas.
Yes, I, you know we do not seeif there's any commission now on
rentals, which is hard becausethey're difficult in the first
place.
There's not a lot oftransparency and communication
with agents.
(14:16):
You know, agents, if you'rerepresenting a rental, you
really should update things.
Trish Williams (14:20):
It's a lot of work for a little bit of money
for a little bit of money.
Mia Wolfe (14:25):
But our clients are desperate.
By the time someone comes to me, usually for rental, they are
so frustrated they're worried todeath.
They've got to get outsomewhere, you know, and usually
it's really in a quick turnover.
Well, now you can't even see ifthey're offering compensation.
So you may get your friend,your relatives, into a rental
(14:47):
and then they might say, oh well, hey, I mean, what do you do?
You negotiate the rentalcommission now.
Trish Williams (14:52):
Well, that's it, because now we're so we don't.
We don't have with a rental,for instance.
We're doing it upon a referral.
We don't have a contract withthis client.
We're not even there's, no, noteven a duty zone.
We don't have this.
So what are we doing?
Asking the clients to justwrite us a check, which?
(15:13):
Usually everything goes throughour brokerage.
There's a process.
It does seem odd, it doesn't?
Mia Wolfe (15:20):
seem like it's very frustrating.
I had a client that said Ican't get an agent to work with
me and he was military.
Definitely I was going to helphim.
He was a veteran.
Just came back to the Statesand he's like, how do I pay you?
What do I do?
And I'm like, well, you know, Iasked them for a referral fee,
you know, but but it is, it'sconfusing.
Trish Williams (15:42):
It's confusing, it's not transparent and the the
.
I had someone recently thatsaid that they talked to an
agent on showing rentals and theagent said it was $50 a house.
Mia Wolfe (15:54):
How are you?
Oh, so they paid them $50 ahouse.
Yeah, they told the client.
Trish Williams (15:59):
you pay me $50 a house and I'll show you rentals
.
But I'm like how does that?
Because, again, as realtors weare not allowed to take money
from the client, so that has togo through our brokerage.
But our brokerage doesn't liketo take money from the client,
so that has to go through ourbrokerage.
But our brokerage doesn't liketo take funds that don't have
contracts associated with them.
So do they want us now to makeup our own contracts?
(16:20):
And I don't know if we shouldbe making up our own contracts.
Mia Wolfe (16:22):
I think you're supposed to have a BBA for a
rental.
Yeah, A BBA anyways, regardlessfor the rentals and still go.
You have to go through thewhole buyer process almost.
Trish Williams (16:32):
But they tell us not to do a duty zode for the
rentals, which we can't do a BBAwithout a duty zode because
we're not representing theclient in the rental transaction
.
We're referring them to theproperty manager.
So it's it's crazy, confusingand they definitely need to fix
that.
Mia Wolfe (16:49):
Yeah, you know too, and honestly, I think I speak
for a lot of realtors too evenwith the LVR, I feel like our
best interest is not gettingrepresented or spoken about.
So I do think it's importantthat we talk about this and
discuss it, because I think ourclients are, you know, more
confused than we are, and youknow they definitely need to
understand that we pay the LVRdues every year.
(17:11):
We pay NAR dues every singleyear.
They should be representing usas much as we're representing
our clients in their bestinterest, and you know it just
doesn't feel that way, right nowit doesn't.
Trish Williams (17:24):
You know, when I first seen this lawsuit come
about, I was thinking there's noway I remember us talking about
like they're going to fightthis.
I was like's no way.
I remember I was talking aboutlike yeah, whatever there's
contracts, there was completelylaid out contracts that every
seller signed and I was like howon earth could they win this
lawsuit?
It just didn't make any sense.
And when it happened andeverything happened, we were I
(17:47):
think we were all shocked, likehow did we lose that?
But it just doesn't.
I don't know.
Mia Wolfe (17:53):
And you know too, and I think it's important.
I don't think our clientsrealize that we have to pay a
percentage out of ourcommissions on top of what we
make.
There's a, you know, some 20%come out sometimes.
You know that go to ourbrokerage for a fee.
We have to pay a fee on top ofour fees.
Trish Williams (18:11):
Yeah, yeah, for a fee.
We have to pay a fee on top ofour fees.
Yeah, we have to pay a fee plusour money comes in pre-tax.
So I think, as far astransparency goes.
Mia Wolfe (18:20):
Maybe we need to be a little bit louder about all
the fees that we have to pay.
Trish Williams (18:25):
Be just as loud maybe you know, sometimes people
think that you know realtors.
They're just like oh, you're arealtor, you just make tons of
money for something or nothing.
You know they.
They just don't think that.
They don't understand the workthat we put in, how hard we work
and again, the money that wemake is not what people think it
(18:46):
is.
Mia Wolfe (18:47):
Right and too, you know, maybe that's our fault.
Trish Williams (19:14):
We, you know our value needs to shine through.
Maybe we, you know, we protectour clients a lot of times from
and he had brought up the factthat and it's such a great point
is that realtors, they're oneof the only industries that,
like on social media, post thisextravagant lifestyle that half
the time is not really accurate,not really true, and that's why
(19:37):
the public has such aperception, like their
perception of us, as, oh, theymake too much money or they make
like a lot of money orsomething.
It's like.
You know, a realtor will getpaid one commission.
They don't, they don't talkabout that's the only commission
they've been paid the wholeyear.
But you know, they go on ashopping spree and they post all
this stuff or they'll post apicture of them with a bunch of
(19:58):
dollar bills, like you know,like what is this?
The only other like industrythat I can think of that does
that is like rappers orYouTubers, right?
So, like, what are we doing?
And is that is that's hurtingus?
I believe, because it makes thepublic perception of us seem a
lot very skewed of what itactually is.
Mia Wolfe (20:20):
I agree with that.
You know, some of this stuff Ithink we've harmed ourselves.
You know, in this same, in thatway, yeah absolutely,
absolutely so.
Trish Williams (20:30):
Gosh, we, we.
I don't even think we're goingto get into listener questions
today.
We had a lot to talk about.
That's good, but I do want tomake sure that we get into our
stats.
Um, so our market numbers forthis week.
Um, you have the numbers I sentyou right.
Intro (20:43):
Yes.
Trish Williams (20:44):
Okay, um, so single family homes that we add
on the market for this week areat 5,404.
That's down 71 from last week.
So I do believe we had a couple, you know, some homes go into
contract, some of those homesgot off the market, so that's
good.
Condos and townhomes were at1813.
(21:07):
Those are down only 26.
And for seven days we have newlistings at 527.
So those are lower.
Yeah, that was what?
230 less than the previous week.
Do you think people are holdingoff to list till after the
holidays?
Mia Wolfe (21:26):
Yeah, definitely, cause I even have.
I've got some clients in andthere was a house that they
literally just pulled it off themarket for the holidays.
They want to show duringChristmas and they want to enjoy
it.
So I mean it's definitely aslow time.
I mean it always is.
You know, thank goodness we gotpast the election now.
Oh, my goodness, I know.
Trish Williams (21:47):
Now we're dealing with LVR elections.
We can't get over elections.
So price decreases, those weredown substantially.
I know that was a big number.
Yeah, that was weird.
Well, what I was seeing lastweek is last week we had, so
this week price decreases were443.
(22:07):
They were down 330 from theweek before, but the week before
we had this like large amountof price decreases, because what
happened is like right afterthe election we had a little
spurt of activity and thenfizzled out and I think people
were like what happened?
Maybe I missed the boat, I needa price cut.
So that I think we got a lot ofprice cuts of people.
(22:27):
Yeah, people seeing if that wasthe problem, if they were
missing the market because ofthe price and now it's just
fizzling out and waiting to seewhat happens from those price
decreases.
Under contract was also downthis week.
I think that was because of aholiday week.
We had Thanksgiving and BlackFriday.
(22:52):
So under contractor five 15,they were down 185 from the week
before and um sold was down 163from the week before at four 80
.
But again we had two holidayswhere the title company was
closed and some people justbasically took the whole week
off.
So let's be honest, right.
(23:12):
So I'm sure that's the reasonwhy those numbers are down.
I'm going to expect thatthere'll be a little bit
stronger next week.
What are you seeing, sincewe're not going to really get
into the listener questions,what are you seeing in the
market right now as far as likestrength and activity and
(23:32):
movement?
Mia Wolfe (23:32):
You know, I think it was I mean right after the
election, I think people were alittle excited and, like I
remember, even everything waskind of going up.
The stock market's going up,everybody's like okay, okay,
okay, and it was a little bitbusy.
And then I do feel the slump alittle bit.
Hopefully interest rates aregoing down.
(23:53):
Like you said, I think thistime next year we're going to be
so slammed that you know these,I, in a year from now, these
numbers, I'm so excited to seewhat they will be.
You know it's going to be veryinteresting.
Trish Williams (24:06):
And I think it's going to.
I think even in January we'regoing to see, like you know,
things start to heat up and andget some movement.
I do feel good about that.
And also I mean one thing thatyou know we had the elections
and we had, like you know, thislittle spurt afterwards and then
we had like a lot of, like youknow, worldwide war talk and
(24:26):
things like that happening inthe news and anything.
Anytime there's big headlineslike that, it scares people, you
know.
It pulls them off from likemaking any plans.
They want to see what'shappening.
They're scared to get caught inthe middle of something during
a bad time there is huge pent upseller and buyer demand right
(24:47):
now.
Mia Wolfe (24:47):
I mean I have so many people and it's like
January, january, january,january is the word of the year.
Yeah, and I feel like that.
Trish Williams (24:59):
Well, there's so many there.
There's been so many people umsidelined over the last couple
of years just because of ratesand everything.
Once rates come down and oncewe, like start to see that
optimism again, floodgates aregoing to open.
It's going to be.
It's going to be really crazy,I think.
And also, this year, blackFriday was our biggest.
(25:22):
I guess we, like broke recordsthis year for Black Friday, so
that is a definitely a sign ofoptimism with the consumers.
Yeah for sure, yeah for sure.
Mia Wolfe (25:31):
I know I had read something and even talked to it
and even personally myself.
You know a lot of people youknow saved a lot of money in
2022.
Going into 2023, a lot ofpeople kind of their savings
maybe dipped into their savingsor credit cards.
But people are ready to justget in the hustle again, get the
(25:52):
economy moving, get the realestate market moving, make their
buy, make their sell and get itdone this upcoming year.
So preparation is everything.
If you're going to be buying inJanuary, you need to be looking
now.
You need to be getting yourpre-approval.
now you need to be talking toyour realtor and really
narrowing down your choices sothat you are ready to go.
Trish Williams (26:15):
Yeah, yeah, you have to prepare ahead of time
for that.
Yeah, and I have two clientsthat are, you know, my clients
personally, that had sold housesout of state, moved to Las
Vegas and, because of rates, putoff buying.
So I mean, I know, just in thatinstance is just me one realtor
(26:36):
?
So I mean, I know, just in thatinstance, it's just me, one
realtor.
There's two people I know thathave the funds, the ability, and
they're ready to buy.
They're just waiting for theright market to buy in.
So I think there's a lot ofthose people out there Same.
Mia Wolfe (26:49):
I mean, I have a lot of people that I put in rentals
for a year because the buyingconditions weren't exactly what
they wanted.
So I think being able to havethat option is great and to have
a realtor that will do that andstick with you is very valuable
.
So there is a lot of pent updemand and I myself would do the
(27:11):
same thing.
Trish Williams (27:12):
Yeah, absolutely , absolutely, and we're seeing
rates come down slightly rightnow.
But I do think that that Feddecrease the 0.75, eventually is
going to start reflecting inmortgages and drive those rates
down a bit.
Mia Wolfe (27:30):
Yeah, and I think historically they said it
doesn't matter who wins office.
Historically, a year to thedate after the election rates
are generally the lowest they'vebeen in four years, so that's
something to look forward to too.
Trish Williams (27:47):
Yeah, I do think that rates will definitely be a
huge motivator for buyers.
I mean, and right now you canget 4% new construction, new
construction, but not everybodywants new construction, you know
that's one of the things issome people just like the feel
of like an established home orhaving the yard already in place
(28:08):
Mature landscaping and newhomes.
The style and build of newhomes is definitely modern,
definitely like the mostattractive right now, but for
some people they don't like that.
Mia Wolfe (28:22):
No, they don't like those big open floor plans and
not everybody can deal with ayear of construction in their
neighborhood.
You know you could get in at agreat price, at a great rate,
but you have to have patiencewith the neighborhood getting
finished, people moving in,builders, the park's not done,
the pool's not done.
So you know it's a thing.
Everything has its pros andcons, right yeah?
Trish Williams (28:43):
definitely, and one of the things that I noticed
from the builders they'reoffering a lot of concessions.
Right now A lot of them aretaking offers on home, so like,
whatever their list price issometimes that's negotiable
they're doing the rate buy downs.
Mia Wolfe (28:59):
They're offering a lot of incentives, big package
to the buyer right, yeah, andinventory move in, ready, ready
to go.
Trish Williams (29:06):
Yeah, a lot of builders, though, are changing
their quality of like theappliances and things like that.
They're downgrading those, sothey're kind of trying to recoup
those costs in the littlethings here or there.
So I have seen that a littlebit, so I was like huh that's
interesting.
Mia Wolfe (29:25):
It's always something and remember.
Whenever, like during COVID,when they were on the wait list,
they couldn't buy arefrigerator and they were
waiting.
Their clients were like waitingfor the refrigerator and they
didn't match.
So there's always somethingright Supply and demand always.
Trish Williams (29:45):
I remember a 1031 exchange we were doing
during COVID with the supplychain issues and we had to close
the house Like we had to closeit because of the timeline
deadline for the 1031 exchangeand they couldn't get a
microwave and I was like, takeone from somewhere else, I'll
bring a microwave, I'll buy amicrowave Like you got to,
because they couldn't close orpass that like final inspection
(30:05):
without the microwave.
And I was like this microwaveis not going to ruin our life
With the 1031, because you're onsuch a deadline.
Mia Wolfe (30:11):
I had closings held up because the refrigerator
wasn't delivered or this wasn'there, you know, and it was like,
oh my gosh, can we just move on?
Trish Williams (30:18):
Yeah, Can we just please get through this?
I've seen some contracts now Um, DR Horton has it in their
contracts actually where it sayslike the refrigerator might not
be there at closing date.
So I figured that must havebeen a COVID add on.
Mia Wolfe (30:32):
Yeah, we learned a lot of language, didn't?
Trish Williams (30:35):
we.
So it's interesting when youread through their contracts
every builder has their owncontract and reading through
them, some of the things you'relike really, you know it's like
might not be ready for two years.
The house, you know it's likethey do all these things to
protect themselves in case ofthat type of instance.
So that's interestingthemselves in case of that type
(30:58):
of instance.
So, um, that's interesting.
Um, before we close out the show, I do want to do a mention, for
there are so many events, somany activities going on in the
holiday season and, um, we havea lot, of, a lot of things
happening, but this one inparticular, I think, is for a
really great cause.
Um, this is the Composer's Room.
Composer's Room is down on likewhat is that Commercial Center
(31:23):
area?
Like off of Sahara MarylandParkway, around that area.
Right there, Composer's Roomhas a real old Vegas flair to it
.
So really great place if youhaven't checked it out, and they
have really great food also.
But they are putting on afundraiser event that's to um,
to help raise money for fosterfamilies, which is such a great
(31:45):
need in this community, and um,such a great thing that they're
doing.
Um, it will be December 11th,12 PM.
Tom, there'll be liveperformances.
They're asking you to eitherbring an unwrapped toy or $25 to
donate.
There'll be $15, pancakeplatters and other food
available and they're going tohave live performances.
(32:08):
It's going to go on throughoutthe 12-hour period, so go and
check it out.
December 11th Composer's Room.
It's for a great cause.
Go help contribute to raisemoney for the foster families,
because they definitely needthese funds during holiday
season.
Mia Wolfe (32:24):
What a cool idea to the way they set it up.
That's neat.
Trish Williams (32:27):
Yeah, yeah, so, um, so, yeah, make sure you just
check that out.
And, mia, thank you for havingum, for coming here on the show
again.
How do people reach out to youto have conversations, talk, to
do real estate?
Mia Wolfe (32:39):
I'm on Instagram.
My number's at the bottom ofthe screen, so always available.
Trish Williams (32:45):
Say it out loud for the people listening
702-412-7255.
All right, and I am TrishWilliams.
You can reach me at702-308-2878.
If you are watching us, ifyou're following us, please hit
that subscribe button.
(33:05):
We would love to get some moresubscribers on the show.
I appreciate everybody tuningin and the views.
Follow us, share us, tell yourfriends about us and you can
find all of our links toeverywhere where we're at at
realtycheckvegas.
And thank you guys so much, andwe will see you next week.
Yes, bye, bye, thank you.
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