Shanta Patton-Golar is a thought-provoking national speaker on affordable housing, housing discrimination, and diversity, equity and inclusion in the real estate and mortgage industry. With over 18 years in real estate, Shanta is a sought-after leader in various industry circles and never grows tired of impacting the real estate industry on every level. Due to her extensive industry knowledge, she has been interviewed and quoted by the Las Vegas Review Journal, Las Vegas Business Press, Vegas PBS, NPR, Bankrate and participates in multiple television and radio broadcasts including Black News Channel (BNC) discussing diversity and inclusion, the history of redlining, blockbusting, housing discrimination, market trends in Nevada and around the country. Shanta has been a speaker at Greater Bergen Association of Realtors, National Association of Realtors, and University of Las Vegas to name a few. Currently a Director and the National Education Chair for the National Association of Real Estate Brokers (NAREB), she takes advantage of her platform to educate the minority community about homeownership, assists the organization with member engagement and chapter development, and directs the professional education for thousands of real estate professionals. Shanta is also the immediate past NAREB Region XV Vice President. Shanta regularly lends her expertise and leadership to local, placed-based community initiatives focused on homelessness, housing, and homeownership in underserved communities. She is also a Director for the National Association of Realtors Relief Foundation. She is the co-founder of the Make Homes Possible Coalition. MHP is committed to assist 25,000 Black families with homeownership. When Shanta is not working, she enjoys spending time with her husband, three children, three doodle babies and desert tortoise.
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Real Estate Updates
Real Estate Updates
Buy or sell? Nevada’s hot housing market cools down for fallOct 18, 2022 byZachary Green, Kristen DeSilva Home prices in Southern Nevada are holding steady after sliding for three straight months. Las Vegas Realtors reports the median home price in Southern Nevada sits around $450,000. That’s down about $30,000 compared to May. And at the end of September, more than 10,000 homes, condos and townhomes were listed for sale without any sort of offer. So, what is happening to the housing market? Are the higher interest rates, but dropping home prices good for buyers? If you’ve been looking to buy or sell your home here in Southern Nevada, have you given up? Home prices are sharply tied to interest rates. And who better to talk about rates than a lender. Jon Gedde is the CEO of SimpliFi Mortgage and serves as chair of the Nevada Mortgage Lenders Association. He joined State of Nevada host Joe Schoenmann for more, along with Shanta Patton-Golar, director of the National Association of Real Estate Brokers. INTERVIEW HIGHLIGHTS On what’s happening to Nevada’s market GEDDE: Interest rates have been very low for quite some time. And as the pandemic came and reared its ugly head, part of the strategy of the government was to put some additional capital into the market to make sure that the economy wouldn’t crash. One of the ways that they did that was buying mortgage-backed securities, which drove rates from the high … 4% range down into the low threes, and sometimes even into the twos. Now we’re in a very different economic situation, where there’s too much capital in the market, and prices have been increasing across the board and all sectors. The government needs to slow things down a bit, and the way they do that is by raising interest rates. On how Nevada’s housing market got here GEDDE: In ‘08, ‘09, we were left with a situation where there was too much risk for builders to go back into building homes at the pace that they were before. So they slowed way down, some of them stopped building entirely. But that pace of building didn’t pick back up again until very recently. What we ended up with was about a decade of under-building the number of housing units that we really need in this country, which caused a supply crisis. We don’t have enough housing units. So this basic supply and demand imbalance was putting upward pressure on housing prices across the country, making things more and more expensive. But that was camouflaged by the fact that we had very low interest rates. Now we’re getting back to, frankly, more normal interest rate ranges. On who benefits from high interest rates PATTON-GOLAR: I think it comes down to the buyers, this is their time right now. So it might not be ideal as far as interest rates that were never really meant to continue to be that way long term. But for that one house that had 20 buyers trying to get it, now might be you and one other person or just you. So I think it’s a great opportunity to get some closing costs and potentially get the seller to buy down your interest rates, but long term you finally have the time to come and look for homes, have options, and less competition. On the decrease of cash buyers PATTON-GOLAR: We’ve seen a decline in cash buyers right now. I think they’re waiting to see what happens. And that’s why it’s a benefit to the buyers. Right now cash buyers compete against sellers with potentially unrealistic expectations, those things have gone away. And now you have that extra benefit that you didn’t have at least for the last three or four years. It’s better for the communities, there’s stability in the communities. And it also allows buyers to get generational wealth. The whole point of this is to have an asset; renting is not an asset. So when you give more people in the community the opportunity to become homeowners and gain assets and wealth, then that benefits the whole city. Guests: Jonathan Gedde, CEO, SimpliFi Mortgage, and chair, Nevada Mortgage Lenders Association; Shanta Patton-Golar, director, National Association of Real Estate Brokers More from: Nevada & the Southwest, Southern Nevada, housing, housing market, home prices, real estate, Las Vegas, KNPR’s State of Nevada
FILE- In this Wednesday, May 29, 2013, photo, the Las Vegas skyline glows at dusk as a motorist pulls into the driveway of a home, in Henderson, Nev.
Nevada’s housing market is expected to keep climbing through spring. How long can it last?Mar 17, 2022 by Zachary Green, Kristen DeSilva Home prices across Nevada continue to skyrocket. The median price of a home in Las Vegas in February is about $100,000 more than it was a year ago. In Reno, the median is about $600,000. Part of the increase is due to a serious demand for homes; part of it is people moving to Nevada from California with wads of cash because they sold their homes in an inflated market. How long can this last? People do worry: The housing crash was only 13 years ago, and we’re seeing things like raffles just to get the chance to bid on a home like they did back then. Back then, experts said the market would only continue to keep going up. We hear similar things now. This has all happened as interest rates—, while still very low, have doubled in about the last year. But on Wednesday, the Federal Reserve raised interest rates for the first time in three years. More rate increases are expected this year. The move was made to stop inflation, which is also another consideration for people have when they think about buying a home. Why is the demand happening? Jon Gedde says it goes back to the financial crisis in 2008. “Too many houses being built. And there was a lot of phantom demand because you didn’t really have to qualify for the mortgage you we’re getting, it led to a collapse in the market. After that, for about the next decade, the builders did not build nearly enough homes to keep up with just annual average demand.” He said they’ve been seeing “pretty crazy activity” in Nevada’s housing market. “The 20% annual appreciation is not sustainable,” he says. “So at some point that will level off. There are folks out there that believe a crash is coming. And I absolutely believe that that is not going to happen.“ The housing market hasn’t been equal through the pandemic. Shanta Patton-Golar, the director for the National Association of Real Estate Brokers, says since the pandemic shutdown, white, Hispanic and Asian homeownership didn’t decline, but Black homeownership did. “Although we are making some strides here in Southern Nevada with our Make Homes Possible coalition, we are still putting people in homes, specifically Black people in homes. But we are definitely seeing the discouragement out there,” she said. On the topic of discrimination in housing, caller Oscar shared frustrations as a veteran using a VA loan to purchase a home. “I remember raising my right hand and sacrificing my life for my country. Don’t you think it’s time for our country to sacrifice for us?” he asked. Tom Blanchard, president-elect of Nevada Realtors, told him it’s a “known battle.” “There’s a lot of misconceptions that VA loans are harder to get if you’re a seller, that cost you more if you’re a seller, and it just doesn’t happen that way. So it’s a hard battle. It’s an uphill battle. But it’s a battle that’s known. And it’s a battle that we are working on behind the scenes,” he said. In Reno, Eugenia Larimore with Ekay Economics calls their housing problems the result of “the Tesla effect.” “We had in the last few years, we have grown our employment in the manufacturing, the logistics and the professional services areas, those jobs pay enough for maybe not a single worker, but if you have, on average, 1.8 workers per household, you can afford these prices, you can afford to purchase a home in Reno,” she said. Larimore said the average homebuyers in 2019 in Reno were between 20 and 29. She said they can afford to rent, but the problem is finding the home amid a housing shortage. Guests: Jonathan Gedde, CEO of SimpliFi Mortgage, chair of Nevada Mortgage; Tom Blanchard, president-elect, Nevada Realtors; Shanta Patton-Golar, director, National Association of Real Estate Brokers; Eugenia Larmore President, EKAY Economic Consultants More from: Nevada & the Southwest, housing, real estate, Jonathan Gedde, SimpliFi Mortgage, mortgage, Tom Blanchard, Nevada Realtors, Shanta Patton-Golar, National Association of Real Estate Brokers, Eugenia Larmore, EKAY Economic Consultants, KNPR’s State of Nevada
In this Wednesday, May 29, 2013, photo, the Las Vegas skyline glows at dusk as a motorist pulls into the driveway of a home, in Henderson, Nev.
‘FOMO is officially over’: Nevada’s hot housing market sees stabilization on horizon, despite remaining issuesJun 16, 2022 by Zachary Green, Kristen DeSilva Las Vegas’ housing market is turning that old economic theory of “demand high-prices high” on its head. Even though home sales are declining, home prices in Las Vegas and through the state keep going up. Prices have gotten so out of whack, bankrate.com recently ranked Las Vegas as the second-worst city in the country for first-time home buyers. The reported median price of a home in Las Vegas is more than $482,000, 25% higher than a year ago. In Reno-Sparks, it’s $615,000. And this is all happening as we hear economists nationwide now saying that we might be on the verge of a recession—and some predict pretty drastic price declines in the year ahead. Shanta Patton-Golar is the director of the National Association of Real Estate Brokers. Over the past year, the group has teamed up with the city of Las Vegas to help close the gap of Black homeownership in Southern Nevada. She said the data is still in favor of homeownership, pointing in part to interest rates still lower than before.
In a game of Monopoly, the best way for you to win is to at least get your piece on the board.She said the market is starting to stabilize. They’re still seeing multiple offers, about 10 to 20, on each home, but not the 50-plus we’ve seen recently. Though, with current interest rates, it’s a struggle for first-time homebuyers, she said. “It can be detrimental for downpayment assistance and borrowers who need that.” Patton-Golar said this market is “devastating” for Black homeowners. She said even when the market is going up, Black homeownership is declining. “With interest rates being so high, even downpayment assistance can be out of reach to them. And so it’s definitely devastating for the community,” she said. So how much does someone need to make to be able to afford a home now? Jon Gedde with Simplifi Mortgage said it depends on a person’s entire debt level. “You’re going to need a significant amount more income today than you would have a year ago. Because the rates are significantly higher, your mortgage payment is significantly higher,” he said. In 2012, Gedde said you could buy a palace with today’s median home prices. Today, the amount gets a typical three-bedroom home. “Not a lot of bells and whistles.” Why is the emphasis on first-time homebuyers? Gedde said if you already own a home, you’ve acquired equity that can be used to pay down the balance on a new loan or buy the interest rate down. While he agrees that we’re heading for a recession, he said it looks very different today than in 2008 – “There is not going to be a financial crisis.” “The problem with that situation was that we had trillions and trillions of dollars worth of bad loans out there that no one was ever going to be able to repay,” he said. “We don’t have that situation. Now, what we have is a normal economic cycle where we’ve had a little bit too much cash pumped into the system.” Tom Blanchard, the president-elect of Nevada Realtors, said he thinks rent control will be brought up in the Nevada Legislature next year. “I mean, North Las Vegas has a housing stabilization petition that they’re passing around right now. And that’s just a sexy way of saying rent control,” he said. “Sounds really nice … but you got to look past that, because it just doesn’t affect the root cause of what’s the issue, right?” He said the root cause is not having enough homes to meet the demand. The label of rent control, he said, will stall out builders coming to Nevada to develop. “So we want to make sure that we don’t kill the messenger of the fact that we have a problem with demand,” he said. The cost of building materials has also been a large factor, according to University of Nevada-Reno’s Brian Bonnenfant. Construction costs have gone up 19% year over year, he said, and that’s being passed on into rents. “You’d have to call it luxury apartments because of the price tag you have to put on it just to cover the construction and other costs,” he said. In Reno-Sparks, Bonnenfant said “FOMO (fear of missing out) is officially over. What we are seeing now up here is price reductions. And this has been a long time coming.”
I think we finally hit that apex. The crazy train finally reaching the end.The area added 11,000 jobs year over year in April, mainly in electric vehicle production and tech. But as long as those jobs are created, the demand for housing will stay high. Corporate investment purchases haven’t been as big a problem in Reno, Bonnenfant said, but Blanchard said that’s been a big issue in Southern Nevada. “That’s probably one of the biggest reasons we have a lack of inventory because normally a homeowner comes in, they live in a house maybe five to seven years and then sell it and buy another one,” Blanchard said. “Well, those corporate investors, they’re buying and holding, taking those homes that would normally have come through and turned, for a better word, and kept them, keeping other homeowners – that first time homeowner, a move-up homeowner, a second homeowner – they’re all squeezed out of the market because there’s nothing for them to buy because those corporate investors have come in and purchased all those homes.” Eileen from Summerlin called in with a question on everyone’s mind: We’re in a water crisis. Where is the water going to come from for all these new subdivisions? Blanchard said it’s a tricky situation. California, he said, is using most of Lake Mead’s water, but has access to desalination efforts.
In my opinion, the waters on my border right here, I should be able to use all of it. But instead we open up the dam and give it to everybody else, which I think is completely wrong.KNPR recently spoke with former Southern Nevada Water District leader Pat Mulroy about desalination efforts in relation to the water crisis. In short, there’s no silver bullet, but desalination plants could help ease the West’s water woes. But Nevada’s housing market remains much different than the rest of the country. Gedde said long-term relief could come with diversification. “Maybe it’s because of the glitz and the glamor down on the Las Vegas Strip that the housing market here seems to be a little bit more of a casino at times than it does in the rest of the country,” he said, but “as we have [diversification] happen, I think we’re going to we’re going to normalize our housing market a little bit over the long run.”