The Southern Nevada Real Estate Show

Announcer 0:00
This is a KU NV studios original program.

Wesley Knight 0:04
You're listening to special programming brought to you by ragana Come and Henry of Coldwell, banker premiere Realty. The content of this program does not reflect the views or opinions of 91.5 jazz and Moore the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. Dave

Regana Kooman Henry 0:36
Good morning. Good morning. Everyone. Welcome to the Southern Nevada real estate show that airs every third Sunday of the month at 8:30am right here on 91.5 FM, KU NV, the jazz and Moore station. And I am a real estate agent and broker, associate with Coldwell Banker Premier Realty. I am a quality service award winner and also a member of the Veterans Association of real estate professionals. I have serviced all types of buyers and seller transactions, from first time buyers to experienced sellers, and also corporate buyers and sellers transferring in and out of Southern Nevada with over 30 years of full time experience here in Southern Nevada, that's right, full time experience, I've been doing this a minute. Welcome to my show this morning, and today's theme is what you think you know about real estate might be wrong in 2025 Good morning again, Southern Nevada. You're listening to regana, your trusted local realtor, and this is the Southern Nevada real estate show once again, where we bust myths, drop facts and talk about what's really going on in our housing market. Now, listen, real estate isn't just about buying and selling homes. It's about knowing the rules, avoiding the pitfalls, and positioning yourself to win. And today, I'm going to challenge some common beliefs you might thought were true, but aren't. I'll also walk you through the mortgage process step by step. Talk about probate a little bit credit issues, community property laws in Nevada and why now is the time to purchase a home. Now let's talk about credit score myths and qualifying after financial hardship. Let's kick this off with some myth busting about credit scores. Number one myth, paying off all my debt will raise my credit score. Now here's the truth, guys, well, paying down debt can help closing accounts or paying off all revolving debt can actually hurt your score temporarily. That's because your credit utilization drops too low, or your credit history shortens. The key is strategic management, not just wiping out balances, keep older accounts open and keep utilization around the lower percentage range. Now, Myth number two, let's say you had a foreclosure, a short sale or bankruptcy, and you feel you'll never get a mortgage loan or qualify for a mortgage loan again. Here's the truth about that. It's not true. Here's the breakdown of general wait periods. Now, if you've done a chapter seven bankruptcy, you may qualify after two to four years, depending on the loan type. If you've done a short sale, FHA loans may allow you to qualify in three years, sometimes sooner for foreclosure, typically, you're looking at a three year to seven year wait. But again, loan types and extenuating circumstances matter. Yes, they do. The key is working with a realtor such as myself and a lender who understands these timelines and can match you to the right loan program. And that's why who you work with really matters. Not just someone who can show you houses, take you all around all day and show you homes, but someone like me who understands your financial situation and knows exactly which lenders for you to talk to. Now, let's talk about mortgage application to closing step by step. Let's walk through what actually happens when you apply for a mortgage from start to finish. Now, step. One, pre approval, you meet with the lender, you provide income, credit, employment information and the proper documentation. The lender pulls your credit report, and if everything goes well, you receive a pre approval letter with how much you can borrow. Now step two is the fun part. That's the house hunting part. Now that you know your budget, we hit the ground running, and as your realtor, I match your budget with your lifestyle, your commute, school zones, whatever matters to you. And once we find what we call the one, we submit a competitive offer. After negotiation, the seller accepts step four, the final loan application, even though you were pre approved. Now you officially apply for the loan tied to the home's address. Now more documents at this time are required from the lender again. Step five, the loan processing. Your lender's team begins verifying everything they order, an appraisal, a title search through the title company ensures that there are no legal issues with the property. Step six is the underwriting. This is where your loan file gets put under a microscope. The underwriter checks the risk, make sure guidelines are met, and can ask, even then, for some additional documents. Usually not too complicated, you know, but some some additional documents. Now, once you're fully approved, you get what we call a clear to close. Step seven is the closing day. You assign your paperwork, you wire your remaining down payment or closing costs, and you pick up your keys, and then you're a homeowner. Now it sounds like a lot, and it is, but I walk you through every step of the way. Now let's switch gears a little bit and talk about probate cell, what we're calling independent versus non independent probate cell, let's talk about something you may or may not run into every day, but when you do, you'll wish you had someone who understands it, such as myself. Probate sales happen when someone passes away and the court has to approve the sale of their home. But not all probate cells are created equal. Independent administration versus non independent administration. Let's dive into that. With independent administration, the executor can sell the property without any court approval. This is much faster. The buyer doesn't have to wait months for a judge to approve. Now, with a non independent administration, probate, cell, the full authority is not granted and requires the Court confirmation. Usually, this type of probate cell does take longer. Take a little bit, or not really a little bit, it can take much longer, and typically it's subject to an overbid process when it's non independent administration, where other buyers can outbid you in court, even after your offer is accepted. So if you're buying or selling through probate, having a realtor like me who's done this before is essential and necessary. Now let's dive in a little bit about Nevada community property law and how marriage affects your home. Now, Nevada is considered a community property state. That means any assets acquired during the marriage are generally considered jointly owned. But here's where people get tripped up, guys, if you bought your home before your marriage, it's considered separate property at that point, but if you refinance or put your spouse on the title of the home later, it can become commingled, that could affect what happens during A divorce or even estate planning. Now, if you get married after purchasing your home, you should review your title and consider whether you want your spouse added. Now also, if you want to sell that same home that you purchased before you got married, you are required to bring your spouse to the title company to sign off on a form called a quick claim, even though the spouse is not on the title, you know. So that's a little bit going a little bit about, you know, community property and how that works here in the state of Nevada. Now I would like to talk about a teacher program that. Helps teachers to purchase a home. Now, if you are a full time teacher in Nevada and make under $165,000

Regana Kooman Henry 10:10
a year, plan on living in the home as a primary resident, have a credit score of at least 640 or higher, you may qualify for this program where there are funds that are given that you can use for your down payment or your closing costs. And get this, get this, guys, if you live in the home for five years, you don't have to pay it back. Now, for all you hard, working and dedicated teachers out there, you deserve a home of your own. And for more information, my number is 702-596-1267, that's 702-596-1267 now for you sellers out there that want to sell your home but don't have the money for your home to look its best and for necessary repairs to be done. There is a program for homeowners to have the repairs and improvements done on the home. And the best part, the payment does not have to be done until the home is sold. And now you have the opportunity to get the highest current market price possible for your home and not have to worry that you don't have the money up front to pay for the work, repair work or improvements. And for more information about this program, my number is 702-596-1267 that 702-596-1267, again. This is where a good Realtor can connect you with the right professionals. Now let's talk about why uncertainty creates opportunity. We're switching gears again, guys, let's address the big elephant in the room. Should you buy a house right now in 2025 you know, rates are still a little unpredictable. Inventory is still adding up. Okay? You know there's more homes on the market every day, adding to it, and you know the market is shifting, but here's the truth, uncertainty creates opportunity, and when the market is unclear, that's when you face less competition. Have more room to negotiate, and you can find more motivated sellers right at this time, and then position yourself for gains. You know, with equity gains, when things do stabilize in the market, and we're seeing smart buyers make moves today that set them up for long term wealth, you don't build wealth by waiting for the perfect time. You build it by working with the right team, such as myself and a great lender, and getting educated and taking strategic action. Now let's reach gears again. You know, every month I, if you listen to my show before you know that I talk about the stats for the previous month for Southern Nevada, and these stats are for resale homes only, and it's not for the new construction, just the resale homes. So here goes the stats for last month, September, number one. There were 1800 84 single family homes that sold $470,000 was the median sold price of a single family home that sold 3161 was the number of new single family home listings. $524,000 was the median price for all new available single family home listings. 7502 is the number of all single family home available listings, both new and not new on the market, excluding offers. And $545,000 is the median price of all available single family home listings, both new and not new on the market combined, excluding offers and 50.2% of all single family homes went from being available to going under contract with the buyer in 30 days or less. Now I'm switching gears to for the stats for condos and townhomes combined. Number one, there were 485 combined condo and townhomes that sold $294,000 was the combined median of. Sold price of all condos and townhomes that sold there were 885 new condo and townhome listings combined, 288,888 that's a lot. Of eight was the median price of all the new available condo and townhome listings combined. Now 2605 is the number of all available condo and townhome listings combined, both new and not new on the market, excluding offers, and $280,000 is the price of all available condo and townhome listings combine both new and not new on the market, excluding offers and 46.4% of all sold condos and townhomes combined went from available to under contract with a buyer in 30 days or less. Now, I would like to talk about a new town home listing I have in the popular ZIP Code of 89052, which boasts top rated schools in this area of Henderson, this town home looks and feels like a single family home inside, I kid you not, this town home has three bedrooms, two and a half bath, and even has a two car garage. It has a courtyard, also guys for sitting, sitting outside and enjoying this wonderful weather. The HOA now takes care of the front yard landscaping so you don't have to pay any extra for your front yard landscaping. And there is absolutely no carpet, not a stitch of carpet in this town home, and the town home has been freshly painted just days ago, not even months, just days ago, and all three bedrooms have new ceiling fans. The home has been professionally cleaned, and there is a clubhouse, community pool and a spa, and is close to all including all shopping, plenty of restaurants, the airport, the district, entertainment, the freeway, community parks, and is priced just under $375,000 for more information On this town home, you can reach me at 702-596-1267, that 702-596-1267,

Regana Kooman Henry 17:34
now who you work with matters and you know, Here's the takeaway. Real estate you know is filled with misinformation, just in general. That's why you need someone who knows how to guide you through loans, credit and probate and understands the Southern Nevada real estate trends and has trusted lenders and professionals and fights for you at the negotiating table, and you Know You can reach me again at 702-596-1267

Regana Kooman Henry 18:16
that, 70259612678, 61267, and I would like to express, if I didn't mention certain programs today, I have lenders that know all about the real estate mortgage programs and can get you into a home a lot of times sooner than you think. For example, I've given my lender that I use quite frequently, a deal where she talked to one of my clients, and my client actually was a couple, a married couple, and they actually thought that they could not purchase a home at least for another year to two years, because certain things that might have been on their credit, they've had slow pays, or whatever the case was, she turned it around, and instead of them needing one to two years to qualify for a loan, they wound up qualifying for a loan in under six months. I tell you another story about someone that was that was not American citizen, and that's, you know, if you're not a citizen, you can still purchase a home here in the United States. But and I remember this person coming to me on a referral from a past client who was also, at one time, not an American citizen, and this person thought, Oh, my God, the rates, the down payment, everything is just beyond my reach, and there is a lender for all occasions. It's just about knowing who to go to depending on your situation. Yes, there may be times where. You do have to work on credit, income or what have you, but a lot of times people, what they wind up doing is they disqualify themselves before talking to, let's say, a mortgage specialist and a real estate specialist like myself and a mortgage specialist like once that I have a good list of good lenders, depending on what type of program you fall under. So don't be discouraged. You know, if you've been told that you can't, for every No, there's bound to be a yes from a lender out there, or at least, at the minimum, a lender that will virtually hold your hand and guide you and have you do the right steps so that you are putting yourself in a position to purchase your very own home, and nine times Out of 10, less time than you may think. And of course, prices have come down some, and that is giving more buyers opportunities than they had in the past few years to go ahead and make their move. And if you'd like more information about what current pricing looks like. You can reach me at 702-596-1267, that 702-596-1267, and also my lender and I are putting together a home buyer seminar, and we're collecting an interest list. So if you're interested in a home buying seminar, whether you're a first time buyer or maybe you just haven't purchased in a while, again, you can reach me at 702-596-1267,

Regana Kooman Henry 22:02
now in my 30 years, I work all sides of Southern Nevada. I can represent you as a buyer or a seller all the way up to Boulder City, Las Vegas, Nourse, Las Vegas, Henderson, Pahrump and mesquite. I cover all those areas, and I've done business in every single one of the areas that I've mentioned. You know, Las Vegas and Southern Nevada in general is spread out like, let's say, Los Angeles or Southern California, where agents really need to more specialize in a certain pocketed area, because it just takes too long to get there. Here you even with the growing traffic, you can commute still a lot faster from one side of town to the other. You know, not, not like Southern California, where it could take you two hours to just drive 20 or 20 miles, you know. So with that being said, I'm here for you guys, whatever your situation is, if you're looking to purchase, if you're looking to sell, if you're ready now, or you just need some information, even if you're not ready now, I want to be your source of the source for all things real estate. And my number, again, it's 702-596-1267 that's 702-596-1267 and earlier I we talked about that teacher program. I talked about that, and I just want to let you know if there's some hard working teachers out there again, if you didn't catch the beginning part of the show, I'm here for you for that program to answer any questions and steer you in the right direction with the mortgage lender that knows the ins and outs of that teacher program. I mean, if you are going to receive help with your down payment and or your closing costs and not have to pay it back if you live in the home for five years, every little bit helps these days. And again, my number is 702-596-1267,

Regana Kooman Henry 24:20
and there's so many programs out there, guys, not one size fits all. You know, there's so many different programs that come and go. Some are better, better than others. My lenders do that. I use they specialize in sitting down with you, not just talking with you by phone, but actually sitting down with you and penciling out different programs and what that means this for you know, one program, your your monthly payment, would be this amount. Another program, your monthly payment, mortgage payment, would be another amount, so that you feel that someone has taken the time to. To explain things, and it's kind of daunting if you've never done it before, or even if you have done it before, there might be some programs that will benefit you today that maybe weren't out there before, and you need more knowledge and education about certain programs. And my lenders are very patient and kind, and they will take the time to guide you accordingly with your loan process. And don't be afraid. There's no reason to be afraid. The worst they could tell you is no but for nine out of 10 people, there's always hope. You know, if you're not ready today doesn't mean you won't be ready tomorrow or in the near future. And again, if you'd like more information on different programs, you can reach me at 702-596-1267,

Regana Kooman Henry 25:56
I have so many stories I can tell you people without giving names out of course that I've helped over the years that have come possibly with they were with another real estate agent. Maybe they were, you know, brand new in the business and just learning themselves about different programs. And they were turned down, and they were almost ready to give up, but somehow they received my phone number through a friend, a family member and or advertisement, and they were truly, very happy once they knew that what one lender and realtor said no to that it was actually a honest possibility that they could do what they were told they couldn't. So again, my number 702-596-1267, get out there and enjoy the weather. It's so beautiful out is like our perfect weather right now in Vegas. And, you know, enjoy, enjoy it while it lasts, you know. And again, I'm regano with Cole wool banker premiere Realty, and I'm your host for the Southern Nevada real estate show that airs every third Sunday of the month at 8:30am my number is 702-596-1267, that 702-596-1267. 25961267, and my license number is BS, 27880, thank you so much as always for tuning in to my show this morning, and I wish everyone listening a great Sunday and a great week. You.

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