Las Vegas Interest Rate Report - Jan 2007

The federal reserve decided to leave interest rates put for this first period in January.

How does this affect buyers in Las Vegas? Well, rates are as high as they have been since the beginning of 2001. It doesn't appear that they will be going down in the near future. There really isn't a decision to be made based on the federal rates. It's good the rates have stopped climbing, even if only temporarily. Mortgage rates have steadily been rising as well and that is where any concern could be.

We will keep our eyes peeled into the near future.

Staging My Las Vegas Home

There is a technic used for aiding in the sale of a Las Vegas home. It is called Staging. Staging a home means a seller either hires someone or studies up on how to present their home so that Las Vegas buyers see it in its most optimum presentation.

Most people live in a home that is comfortable to them. However, their tastes and comforts may not be what someone else would like. Many studies have been done on interior design and decorating so that new home builders can appeal to the maximum audience.

If you want your Las Vegas home to sell in the fastest time possible consider hiring a professional home stager. They will come in and do analyis and determine what options would best sell the house. In some cases these stagers will even ask you to move out and remove your belongings. As part of their service and fees they then fill the home with the same type of furniture and belongings you would find in a new home developement. Once the house sells they remove the items...

Full "Staging My Las Vegas Home" Article...

Las Vegas Appreciation

Las Vegas has been a stable market for years. Recent activity resulted in considerable volatility but the market has corrected and the future outlook for housing looks very promising. Multiple factors in the valley indicate that the real estate market will remain quite strong.

Las Vegas Appreciation in Past Years
Las Vegas has been a market of stability until recent years. It oscillated up and down moderately like much of the rest of the nation. The early 2000's marked a change. September 11th triggered some drastic changes in interest rates and inventories plummeted. The combination resulted in high demand and low supply. Prices shot up around the country and Las Vegas became a hot spot featured in the national news. A frenzy erupted as inventory sold in hours.

Las Vegas Market Correction
Years later, builders were able to replenish the supply and interest rates moderated the buying power so demand decreased. Inventories rose past normal levels and prices flattened generally. Interestingly, in Las Vegas the median home price was still higher in 2006 amid reports from national news reports that 2006 showed the least amount of sales in 17 years. Market factors other than inventory and interest rates keep the market strong. Home prices on average throughout the valley have remained steady. Certain neighborhoods have seen value drops but sellers have not seen a need to take huge cuts at this point. They haven't seeing price increases like they were accustomed to in 2003. The market had corrected itself in 2006 while remaining fairly strong.

Las Vegas Appreciation in the Future
Analysts from several industries including, fuel, airline, housing, etc. have done multiple studies collecting all sorts of data to understand the future demand for their products over the next decade. They anticipate a steady flow of buyers will be entering the valley. They estimate 7,500 newcomers on average per month. The valley will increase by approximately 50% (900,000) in 10 years. The growth in the job market alone will account for a majority of these new residents.

Las Vegas Real Estate Decisions
Las Vegas homeowners and investors are making wise decisions as they make home and property purchases here. They will see great equity increases in their assets over the long term.

Las Vegas Home Styles

Las Vegas home styles have changed over the decades. In fact, you can often tell the decade a home was built in by the construction methods used. Home styles today fit modern technology, client needs, and local codes.

Las Vegas Homes Through the Ages
Homes built in the 1950's and 1960's typically have asbestos tiles on the walls and composite shingles for roofing. There are many of them that are single story with an extended variety in layout and design. Some have brick or rock and some have a good deal of land with them. Many have swamp coolers. Many of these homes are being updated and have newer HVAC units, new roofs, new exteriors, etc.

Homes built in the 1970's and 1980's often have vinyl siding or asbestos tiles. They have shingle roofs and seem more current in their structure and design. Many are due for new roofs and siding.
Homes built in the 1990's to present frequently have stucco exteriors with tile roofs. They are current enough that they don't need many structural repairs but some of the HVAC units and appliances need replacing.

Las Vegas is a valley and was built from the center outward. Las Vegas home styles typically show their age the closer to downtown you get. Properties on the outskirts are often newer and have a more current feel.

Some of the newest homes sport an industrial design. Many of the new high rises (all built in this decade) have trendy new styles and construction.

Enjoy your Las Vegas home and its great styles and designs.

Nation Sees Biggest Drop in 17 Years, How About Las Vegas?

MSNBC reported, "Biggest existing home sales drop in 17 years: Housing demand down 8.4 percent last year; Dec. sales off 0.8 percent."

Sales of existing homes fell in December, closing out a year in which demand for homes slumped by the largest amount in 17 years.

The National Association of Realtors reported that sales of existing homes were down 0.8 percent last month, a bigger decline than had been expected. For the year, sales fell by 8.4 percent, the biggest annual decline since 1989, when existing home sales fell by 14.8 percent.

The sales figure underscored the sharp contraction that is going on in the once high-flying housing market, which before last year had set sales records for five straight years.

Even with the sharp drop in sales last year, the median price of an existing home sold in 2006 managed to rise a slight 1.1 percent. But that was far below the double-digit gains during the boom years. The median home price had risen by 12.4 percent in 2005.

So, how does that affect Las Vegas real estate? Las Vegas also saw a decrease in home sales from previous years. What the market is experiencing is a return to a "normal" market. The huge boom of recent years was caused by several key factors, one of which being 9/11. As inventories oscillate back to normal buyers get nervous or excited. Don't expect a weak market from the Las Vegas area. Too many positive factors indiate a strong market in the near and more distant future.

One of the interesting points noted in the quote above is that the median prices of homes sold still rose nation wide. Las Vegas saw a considerable rise in values overall, especially in new homes sold. Sellers aren't going to lay down and give up. Buyers are still moving forward on their purchases. The market isn't in distress - it is in correction.

Living in Las Vegas

When most people think of Las Vegas an image of Las Vegas Boulevard, better known as The Strip, comes to mind. Many people don't realize there is an amazing community that begins not more than a few blocks just off any direction of The Strip. Living in Las Vegas means living in a great community where abundant jobs exist. Entertainment, fine dining, great shopping are all within a short distance of most communities. The culture of Las Vegas is unique because it is a melting pot of many other cultures. People come to Las Vegas to retire. They come to Las Vegas to work. They come to Las Vegas for many different reasons.

Great Las Vegas Communities
Housing in Las Vegas suits the needs of people of varied ages, family types, and culture. Individual communities are tailored to fit different lifestyles. You will be able to find what you are looking for so you can enjoy your lifestyle. Most communities have great amenities nearby. A great Las Vegas real estate agent can find you the house and community that fits your needs.

Las Vegas Entertainment, Activities, and Things to Do
Las Vegas is known as the entertainment capital of the world. There are many things to do. From the family safe and G-rated to the wild and risqué, people can find what they are looking for.

Las Vegas Careers
Las Vegas has one of the strongest job markets in the United States. Many great careers allow residents to choose. There are jobs for most any education level and for most professions.

Las Vegas Culture
People come from all over the world to live in Las Vegas. They bring with them culture, experience, and knowledge. Many organizations, religions, and clubs enrich the society.

Las Vegas Seller's Process and Guide: Sell Quickly, for the Best Price - Part II

Continued from yesterday...

10. Clean Everything
    
    A Las Vegas buyer wants to do as little work as possible when they move in. They want to feel their new home is clean and sanitary. Be diligent in cleaning all aspects of the house. Hire help if necessary to get the job done well. You don't want to send any message that the home isn't fit and clean.

11. Manage Smells and Odors
    
    You may not realize but odd smells like traces of food, pets and smoking odors can kill deals quickly. If prospective buyers know you have a dog, or that you smoke, they'll start being aware of odors and seeing stains that may not even exist. Don't leave any clues.
    

12. Great Curb Appeal Makes a Huge Difference
    
    Las Vegas homes are sold emotionally. People buy when they feel the home suits them and first impressions make a huge difference. Do the necessary to set the stage.

13. Catering to the Buyer's Imagination
    
    Las Vegas buyers are like artists. They want to begin with their own blank canvass and they want to paint their own home. Keep the decor simple and friendly. Allow for their imaginations to place them in the home. Take care that religious items and family pictures are not the focus of any one room. Use soothing, neutral, and brighter colors.

14. Disclose Everything
    
    Smart Las Vegas sellers are proactive in disclosing all known defects to their buyers in writing. This can reduce liability and prevent lawsuits later on.

15. Manage Your Emotions
    
    A Las Vegas home will sell itself. Do not let you emotions drive you during the sale. Manage it like a business and handle it objectively. Don't take low offers personally. They will likely come. Some people make it their job to submit low offers on many homes. They will eventually get a few. If you are not ultra motivated then simple reject these offers. If you feel there may be some true negotiation then counter the offer such that it turns the tables.

16. Understand Your Buyer
    
    The more you can find out about your buyer the better off you are at the time of negotiations. You want to see as many of their cards as possible to understand their motives. The timeliness of the close, the amount of money down, their qualifications all make a difference. If the buyer is simply not qualified move on to the next buyer. Don't play Russian Roulette with your home.

17. Protect Yourself with a Complete Contract
    
    Spell out everything. Avoid problems and minimize liability by taking proper care of your contract. It will have many items you will need to review. Once you are in contract stick to it. Stay on target of getting the escrow to close.

- Posted by Las Vegas real estate agent, Darren Hildreth, Realtor®. See original blog at Las Vegas real estate blog.

Las Vegas Seller's Process and Guide: Sell Quickly, for the Best Price - Part I

Your Las Vegas home may likely be your largest, most valuable asset. You decision to sell it is a big step. These tips will help you know what you must do to prepare for the sale. As you begin the home-selling process seek for ways to protect yourself, save money, reduce stress, and stay in control of your situation.

1. Understand Why You Are Selling Your Las Vegas Home
   Determine what is motivating your home sale because it will affect the marketing plan and schedule as well as decisions down the line in the negotiation. A quick sale will usually not net quite as much money while a high yielding sale will provide higher profit but take more time.
2. Don't Reveal Your Hand
   Don't show all your cards when you are negotiating. If you reveal your motives you may lose at some step of the deal making process. Remain objective and show only the cards you need.
3. Do Your Research Before You Establish a Price
   It is key that your Las Vegas agent do the correct analysis on your property to establish the right price. Your listing price is likely the highest someone will pay you for your home. You have adjusted for costs and understand what you net amount will be. If you have done the homework correctly you will know what you can negotiate based on true market value.
4. Visit Homes for Sale
   Ask your Las Vegas agent to take you to some of the comparable homes in the area. Get a good feel for what is selling and for what price.
5. Consider an Appraisal
   If you are confident you can get a good appraisal from someone before the sale you may consider it. It will cost you money and it may not be reusable for the buyer's loan but you will have a good idea of what your house will appraise for and you can adjust your price accordingly.
6. Using Tax Assessments
   A number of factors go into determining your Las Vegas property taxes. The assessed value is not necessarily a representation of current market value.
7. Choosing a Las Vegas Agent
   Not all Las Vegas agents are the same. Good ones often come highly referred and have considerable experience in the field. Interview them and ensure their marketing plan is tailored to getting you the highest possible price in the quickest amount of time.
8. Leave Room to Negotiate
   Your asking price should have a little wiggle room. While you need to get the best price you need to stay competitive and when the negotiations are on the table you won't want to give up a great opportunity because you are too firm on the price. Set the initial price such that you know you can move a bit if needed.
9. Invite Opinions
   Your point of view is important. When selling your Las Vegas home the point of view of the buyer is the key. Request the opinion of others. Have them view your home and provide feedback on selling features or items that deter potential buyers.

Conclusion tomorrow...

Las Vegas Real Estate Investors

Investors make it big when they learn how to do what activity? Buy low, sell high, right? Las Vegas real estate investors have made huge gains in equity over recent years. The market has been very predictable and the real estate investors who made the right moves a the right times walked away with amazing stories of increased wealth. On the flip side, those who are the trend followers instead of the trend setters are those who get caught buying at a peak and selling in a valley. The answer to investing wisely is finding an agent worth his salt who can guide you in the Las Vegas real estate cycle.

Investing in a Las Vegas Property
Las Vegas real estate is very predictable to a degree. Several factors indicate where the market is headed next and those who identify those factors, act, and accomplish will reap the financial rewards. The only factor that is not predictable is exact timing. There is no crystal ball. However, general timing is easier to foresee.

For example: when Las Vegas housing inventory is below normal, buyers entering the valley remains basically the same, interest rates drop, and the California market is strong, what is going to happen? People are going to buy and the sellers have the advantage. Likely prices will rise in the near future. An investor would already be poised with several properties.

Another example: Las Vegas inventories are at a record high, interest rates have moved up, California has a flat market, buyer numbers are down, what will happen in the near future? Values will either go down or remain constant. Good investors have already sold because they saw the cycle and they weren't greedy. They sold before the market took a turn.

Last example: the Las Vegas market has been flat for months but values have not decreased, interest rates are reasonable, California is still flat after months of speculated bubble bursting, some values have decreased there but no bubble has burst, the job sector remains strong and buyer demand is still high. What is going to happen in the future? Prices will likely rise. Good investors are buying in anticipation of the next cyclical price increase. They are looking for people who are in trouble due to their poor decision to buy when they should have been selling.

Wise investing signs are all around. What can the economy accomplish? are the jobs growing? are people moving into Las Vegas generally or leaving? what is California doing? what is the Fed doing with interest rates? how are inventories?

Look to the present to plan for the future. Often you have to go against the grain. If people are buying in frenzy then sell. If no one is buying then buy. There are great deals out there and you can get them. People make 10s of thousands of dollars with each transaction even after all of their closing costs. In some cases here in Las Vegas people have made 100s of thousands of dollars on one property.

Talk to your qualified real estate agent and put your plan together so you can succeed in Las Vegas real estate investing.

Las Vegas Real Estate Moving Experience

Moving? Whether you're moving to Las Vegas or from Las Vegas you will likely have a positive experience relating to the home buying or selling aspect. The upward trend in home values has made a lot of money for people leaving the valley and for those coming into the valley there is great promise in equity appreciation. With that in mind, you can focus on the move: selling one house, buying another, and transporting all of your belongings.

Moving to a Las Vegas Property
Pulling up stakes and moving a family or career to Las Vegas is a lot of work. However, if scheduled properly a move can be very manageable and stress reduced. The key is to establish a moving plan and stick to it. There are activities you can do to save a lot of time, money, and stress.

Las Vegas Movers
Moving companies will save you a lot of stress and time if you can afford them. They have the resources and man power to minimize the job and relocate your belongings safely and with warranty. Most people hate moving. Moving guys are paid to get the job done right. If you have a significant amount of belongings or if they are of significant worth then you are better off having someone else help you reach your moving goals.

Moving to Las Vegas
Las Vegas is a unique city. As you plan your move to Las Vegas be sure to plan your routes wisely to avoid traffic and lights. Also, be sure to have your real estate agent involved so that he can guide you in your schedule and overall move. A good agent can refer you to good moving and travel companies. They have seen many people relocate and have experience in smoothing out the bumps. Moving is an exciting time. Make sure your team is in place so you can enjoy the wonderful culture Las Vegas has to offer. Welcome to Las Vegas!

Moving Away from Las Vegas
Though we are sad to see you go it is very likely that you enjoyed your stay in Las Vegas. Great housing, communities, jobs, and things to do have caused great growth here in the valley. As you move away be sure to have a well thought out plan in place. Make sure your agent is involved here and in your new destination as they refer a great agent to you. Good luck in your new adventures!

Las Vegas Real Estate Owners

Las Vegas is a great place to live. Residents enjoy a strong job market, exciting entertainment, great schools, modern shopping, sunny weather, and especially super housing options. Real estate owners, both residents and investors, take advantage of increasing home values and a strong economy that helps protect their investments. Owning Las Vegas real estate is a wise choice whether you live here or not.

Owning a Las Vegas Property
There really is little reason to rent if you can qualify to buy. The outlook is strong for growing home values. Builders put great care into developing comfortable communities and houses that fit the needs of their owners. There is a sense of pride that comes with owning a Las Vegas home, a place to call your own. Owning a property begins with finding the right agent to help you get started. They will assist you along the way and help you acquire a property that fits your needs and your budget.

Maintenance and Care for Your Las Vegas Home
As an owner of a Las Vegas home, the best way to keep its value is to maintain it properly. Caring for your house is much easier if you follow a routine schedule and keep the little things in order. If a house is left too long without common maintenance then it deteriorates and a day comes when a lot of things need repaired at a great expense. Keep your place clean and trimmed. When it needs painted, paint it. When it needs new air filters, replace them. When your house needs a service, have it taken care of immediately so it doesn't turn into a large problem. Caring properly for your house will help it retain its value and you will enjoy it more.

Enjoying Your Las Vegas House
Make your Las Vegas home YOUR home. Apply your styles and tastes to it. Decorate it so you love coming home to it at night. Paint it so it is pleasing to be in. Invite people to it and share your passion for your home.

Improving Your Las Vegas Asset and Investment
Another way to add value to your home, helping you to enjoy it more, is to make improvements to it. Make upgrades to enhance your lifestyle. Do things that a potential buyer might like if you plan to sell your place. Making improvements like adding tile, granite countertops, water filters, special lighting, upgraded appliances, etc. will add value to the place and improve your standard of living.

Enjoy owning your Las Vegas home!

Las Vegas Real Estate Sellers

Selling real estate in Las Vegas is as much an art as it is a science. Sales depend heavily on the market as buyers enter the valley and other home owners sell. In recent years the valley has seen periods where houses would sell within a few days and other periods where homes would take months. The key to remember is that the normal Las Vegas market sells homes much faster than the norm across the United States. Sellers are able to receive close to list price and they are able to move on relatively soon after listing their home.

Selling a Las Vegas Property
We recently had a friend who wanted to sell their house by themselves. They got started by throwing a sign up in their yard and holding the house open. Months went by and homes all around them sold and they only had a few looky-lous through their theirs. They quickly came looking for an agent to help them out once they realized they had so much more competition and that selling is much more than throwing up a sign. Selling property is daunting. There is a lot more to it than most people realize. That's why thousands of agents are able to stay in business. A good agent knows what to do to get the house sold and they are worth every penny.

Selling property in Las Vegas really isn't that hard if your agent directs you properly and you listen to their advice. They have years of experience and in many cases have sold hundreds of houses.

Getting Prepared to Sell Real Estate
Preparing to sell you home begins with improving its condition. Clean thoroughly, paint, do some of those things that really attract a buyer. Take care of the top 10 steps to preparing for a sale. Get your agent involved early. They can guide you while you prepare even before you sell. While making repairs keep in mind that you won't want to go overboard. Don't upgrade your house by spending thousands when the return in value you may get will come back in hundreds. Certain things must be done, some should be done, some are nice to do, and some should NOT be done.
Establish a plan. Know where you are going, when you need to be there and then plan the sale accordingly.

The Selling Process
The sales process is market the home, negotiate the terms and price, negotiate through any challenges, sign and close. Obviously, there are many details to be handled within each of these steps. A qualified real estate agent is the key to a successful property sale. He/she must understand the selling process thoroughly and have your best interests in mind. Finding the right real estate agent will ensure proper marketing, negotiation, and sale of your home.

Decision Making: Logical vs. Emotional
Selling property is an emotional experience. It is challenging to be remain a logical, rational, decision maker when you are selling a home with so many memories, where you have invested blood, sweat, and tears. Your agent will be there to present options logically so you can make wise decisions. Your agent will help you know what will really bring a great return when making repairs as well as where to price the house to sell within a certain time period. He/She will also help you negotiate and establish a team of professionals to make repairs and handle the details of the sale.
Hang On! Let's Get Started
Alright, let's get started! If you have prepared and your team is in place you will be able to focus on packing up and making a move. Let your team handle the sale and you take care of your arrangements in your next home. Let's help you get started: contact us.

Las Vegas Real Estate Buyers

Buying real estate in Las Vegas is an exhilarating process. Investing in the Las Vegas real estate market as a home owner or a property investor is very rewarding. Las Vegas real estate buyers have made huge gains in equity over recent years. Analysts expect remarkable increases in the future as well. The right market and property information is important to buyers when making a wise decision.

Buying a Las Vegas Property
Las Vegas real estate buyers invest in one of the best property markets in the country. It has seen huge gains in recent years and it has remained resilient during a general market correction. As some parts of the country had seen dropping prices some parts of Las Vegas had continued to rise in value while most areas had remained consistent. The well-known cycle of any investment market rises and falls yet Las Vegas real estate out performs many. Purchasing Las Vegas real estate is a great decision and shows great promise.

Getting Prepared to Buy Real Estate
The home buying process is much more calm and trial free when a buyer enters the transaction with their ducks in a row. The key factor to prepare before a property purchase is your financial situation. Great credit, money down, and great documentation save you great deals of money and stave off unwanted stressful situations. Lenders are able to accomplish their goals when asked for money by a well qualified buyer.

Lining up the right team before the purchase is important as well. Find your real estate agent (who may be designated as a buyer's agent), lender, inspector, title company, etc. well before you need them. Having the right relationship with them is important to the developing transaction.

The Purchase Process
The purchase process is conceptually easy to follow: get qualified, establish your team, find a property, negotiate the terms and price, open escrow, close the loan, close the escrow, own the property. While it is simple from a general point of view there are many details and activities that must happen to accomplish this overall goal. You MUST have the right team in place or any one of these steps may hold up or tumble the whole adventure. Finding the right real estate agent will set up the success of your purchase.

Decision Making: Logical vs. Emotional
Buying property is an emotional experience and one of the most important experiences and investments that most people make. It is challenging to be a logical, rational, decision maker when you see home after home and the excitement and/or frustration builds inside. Your agent should take a look at helping you make a decision that can save you time and money both at the time of purchase and on an ongoing basis. Your agent should help you answer questions to see through a few well placed flowers and a new shiny coat of paint to consider what's below the surface. He/She should also guide you to make sure your home fits your situation and should also help you establish your real estate team.

Buckle Up! Let's Get Started
Let's get ready to rumble! If you have prepared and your team is in place you will have a great time finding and buying your property. Challenges will be swept away and you will be getting the keys before you know it. Let's help you get started: contact us.

Explore Las Vegas Property Options

Las Vegas has expanded tremendously over the recent decade. New communities are popping up monthly. High rise buildings have been completed and many more are scheduled. Residents moving from all parts of the world have found the value in Las Vegas property. The many advantages for living in Las Vegas draw 7,500 newcomers per month on average.

As developers reach the outer rims of the valley over the next decade Las Vegas city planners anticipate that Las Vegas is to be the next Manhattan...the Manhattan of the West. Spacious high rises join casinos in the Las Vegas skyline. A huge market center, new business and entertainment districts, including the art district, will draw many. Residential building has gone vertical in anticipation of the impending shortage of land.

People from every walk of life are moving to the valley. They are finding an ample variety of Las Vegas living options. Residential properties of all sorts are available to suit the tastes of people moving to take advantage of the booming city. As you explore the options across the valley you will certainly find something that suits your taste. Let us know if we can point you in the right direction.

New Single Family Living
Las Vegas hosts some of the most well known home builders in the world. Some of these builders include Pulte, KB homes, Toll Brothers, Ryland, Rhodes, American, Centex, Richmond America, Pardee Homes, DR Horton, etc. Thousands of homes located in any part of Las Vegas are being built to suit any family situation and price range. If you are planning to move to Las Vegas and have the luxury of timing your move then you ought to consider choosing from the selection of brand new homes.

Pre-owned Single Family Living
Home values in Las Vegas have been steadily climbing to match rising demand. Many people have invested and made a great deal of money. Most home owners have seen great equity increases in their own homes as months have gone by. Whether a home is purchased conventionally or via foreclosure or in any other way they have become a steady way of gaining wealth in Las Vegas.

If you are looking to relocate soon and do not want to wait for construction then we can begin finding you a home now. If you don't want to do the handy work to make your house a home then pre-owned homes should be your focus. Let us help you get started.

Condos/Townhomes
Whether a first time home owner, an investor looking for rental units, a small family, or someone who loves to live in a community setting, a condo or townhome is a great investment.
The difference between a condo and a townhome is in a condo the owner owns the area between the walls of the condo unit and shares the rest of the property with other owners. In a townhome the owner owns a lot, the unit they live in and all the area of their portion of the building and may only share certain portions of common areas. The choice of which to own depends on your preferences for maintenance and the sharing of common properties.

Commercial
Las Vegas is rich in equity appreciating property. Commercial ground is becoming more and more scarce and those who own it can demand a premium in many cases for the use of the land. Shopping centers, office space, and industrial property is needed and leases well.

Las Vegas High Rise Living
High rise living is all the craze in Las Vegas! Several new districts are going into the central portions of Las Vegas. New high rises, 60 some currently scheduled, will be popping up all over town with breath taking views of the strip and other parts of the city.

How do I Choose a the Right Option for Me?
The first thing to do to find the right living option for yourself is to learn about the city and present your needs to a professional Las Vegas real estate agent. You will want to spend some time talking over the options and their locations. You will find that there is an option that will work for you. We look forward to working with you.

Las Vegas 1031 Exchanges

One of the best ways to make money in Las Vegas real estate investments is to know how to save money in tax situations. At no point will we ever recommend evading taxes. However, the government knows that if investors are able to use approved programs they will retain the equity they gain and use it in other projects. The purchase and sale of homes stimulates the economy greatly and helps banks as they lend out money. Investors help with economic growth.

A Las Vegas 1031 exchange is a program where the IRS/federal government allows an investor to defer capital gains taxes. The 1031 program is a federal program so the money can be deferred regardless of the location within the United States. We suggest you talk with your tax guy about the individual specifics.

Capital gains taxes are taxes paid on the adjusted net gain on investment properties. The capital gain is the difference between the initial purchase price and the increased sales price. It is adjusted for several other costs like Realtor fees, etc. A primary residence, which is considered a property where the homeowner has lived 2 of the last 5 years, has different guidelines for capital gains tax.

The process begins when a seller begins to market a home for sale. At some point before the house records (in the state of Nevada) a Qualified Intermediary (QI) must be put in place. The title company must know of them and be in contact. The QI is a third party representative who is responsible to hold the funds while the exchange is made. They may also be holding title depending on the type of exchange.

A regular 1031 exchange here in Las Vegas takes place when the QI is put in place and then the house sells. The entire proceeds are entrusted to the QI. The clock begins to tick. The exchanger (recent seller) now has 45 days to identify a property(ies) to purchase and 180 days to complete the entire transactions. If either of these timeframes are not met the money is automatically released to the exchanger without exception and capital gains taxes must be paid. If the QI is not in place before the close or any other timeframe is not met the IRS will REQUIRE the taxes be paid. It is important to get organized from the get go.

A reverse 1031 exchange is when a home is purchased and then the other home is sold and the proceeds are applied to the loan on the recently purchased home to pay it down.
The 1031 exchange must take place with "like kind" items or real estate. This means and exchanger could exchange a house for land, another house, commercial building etc. and a trucker could exchange from a small truck to a larger one. However, an investor could not exchange a house for a truck.

The 1031 exchange must be for equal or greater value. This means that any debt must be for equal or greater value AND the equity must be for equal or greater value. If any cash reaches the exchanger's pocket in any way it is considered "boot" and must be taxed.

There are other guidelines and strategies to keep in mind. Contact us and we will put you in contact with a great QI who will take care of you before you lose your well earned money in a tax situation that doesn't need to occur.

Living in Las Vegas - Your Guide to a Great Life Style

There are hundreds of reasons to live in Las Vegas or invest here. Las Vegas is booming. World renown shows, clubs, casinos, hotels draw millions of locals and tourists annually. Real estate has appreciated at historic rates. New casino projects are popping up all over, high rise condos/hotels are scheduled by the dozens, jobs are abundant, new home developments continue to build out as demand for property is on the steady rise and tourist flood The Strip.

Las Vegas is in its Manhattanization Phase. Great city growth, both outward and upward, is anticipated over the next decade. Job growth has been strong and with massive entertainment and retail projects currently under way it is expected that many more jobs will become available.

Though The Strip is exciting and constantly buzzing with activity it isn't the only place in Vegas for entertainment. Station casinos throughout the valley provide state of the art movie theaters, bowling alleys, clubs, and great eats. Speaking of food, Las Vegas hosts some of the finest dining available. Throughout the valley you can find entrees of any style and origin of food.
Local housing is surrounded by great schools, parks, easy access freeways, shopping, and jobs. People can choose from many different types of communities to fit their taste.

Las Vegas weather and geological location suit many. The valley averages more than 310 days of sunshine and has little change of diverse weather like hurricane or snow and frost. The Vegas Valley is only 4 or 5 hours away from the west coast and all it has to offer. Snow skiing is on only an hour to an hour and a half away. Interestingly enough, some authorities claim that Las Vegas is one of the most secure locations for data centers because of the weather and geographical zones it sits in. It doesn't get the typical snow from the north, hurricanes and tornados of the south, or earthquakes of the west coast.

Las Vegas has been known for its diverse, enjoyable, and prosperous living. Please let us know if we can help you relocate or if we can answer any questions.

North Las Vegas Transforming

According to the Las Vegas Sun, North Las Vegas has a transforming reputation.

"Not that many years ago, you could point to crime statistics, rundown neighborhoods, crumbling buildings and any number of other factors as evidence of how bad things were in North Las Vegas...nothing underscored that point more vividly than the fact that some in North Las Vegas proposed changing the town's name."

In recent years, however, great new communities have popped up and the areas north of Vegas are now recognized as areas of great home value. There is a mix of ages in housing and the demographics are as diverse as many other parts of town. The population has increased considerably in the past 2 decades. Enhanced transportation routes and master-planned communities are given credit for much of the change in view.

"Covering 82 square miles running from gritty neighborhoods along the Strip to posh suburbs lining the edge of the desert, North Las Vegas has seen its population quadruple since the early 1990s to more than 200,000. Thanks to the master-planned communities north of the Las Vegas Beltway, the city anticipates years of continued blossoming."

The new growth has seen an influx of income potential as well.

"Residents living in the older areas also tend to be considerably poorer. According to the 2005 Census, in the 89030 ZIP code, the area surrounding Las Vegas Boulevard North and City Hall, the median annual family income is $24,292, with a quarter of the residents earning less than $15,000 a year.

But drive a bit north to the 89031 ZIP code, where Buford lives, and the median income more than doubles to $57,721. And if you keep going north along Martin Luther King Boulevard into the 89084 ZIP code, the newest developments, the median annual income jumps to $67,819."

The mayor and other political figures are working diligently to change the perspective of the area. In upcoming events they will be speaking about the change.

The good news for residents is that their home values will likely be positively affected. As time erases a negative view of the area then there homes will rise in value to meet the values of others throughout the valley. They are now quite a bargain as the newer communities develop and build out. Over time they will become quite an investment.

Las Vegas Schools Affect Housing

It is estimated that 10 New Schools per year are being added to the Las Vegas Valley to accommodate growth. New teachers are added and communities planned around these new facilities. Families with younger children can find great elementary or middle schools. High schools generally rank well with others throughout the nation based on test results. Some, like Green Valley High School consistently rank near the top of the nation.

Many parents desire a great education for their students. They seek diligently for adequate schools. In some cases parents give up extra comforts in housing and will pay a little more to live in an area with a reputable school.

Rapid population growth throughout the valley has created a challenge for politicians and school board members. Some of the newer schools across the valley show test scores lower than expected because of the number of children entering the new school as they move into the valley. It takes time for students to settle in.

Finding a significant number of teachers to fill the open faculty positions also presents an issue. Recruiters are searching throughout the US to fill voids. It will take time to find an equalibrium.
Parents often choose well established schools because they believe them to be more stable. They find housing near reputable schools and believe to reap the benefits of a great education for their students.

Undergrad college students have the selection of various schools to choose from within the Las Vegas Valley. Among these colleges is UNLV and Community College of Southern Nevada (CCSN). You can find more college and specialty schools here: www.uscollegecearch.org/
Contact a Las Vegas real estate agent to buy a home near your preferred school or to request a current school guide.

Las Vegas Real Estate Clients

To a Las Vegas Realtor® not all clients are created equal. Clients have specific needs, wants, and goals. However, any good agent will be selective in who he/she works with just like highly qualified lawyers, doctors, etc. Working with one unqualified client can greatly affect the service the agent can render his other clients. The goal is to work with people who are truly motivated, who are qualified, and who will do their part to reach the goal of buying a home or selling a home.

Las Vegas real estate buyers and sellers come in all shapes, sizes, and ages. They are at all sorts of different stages in life and their property needs are unique to their situation. Quality agents will recognize when a client is worth spending valuable time with. They will not discriminate upon age, race, sex, family status, etc. However, if a client is not qualifiable they will set them up on a plan to become qualified and let them sort out their issues.

For example, imagine for a moment that you are well qualified financially and on a credit basis. You know what you want. You are prepared to get the job done. You seek out an agent. They are working with multiple other clients like most good agents do. You begin the process and your transaction is running smoothly. On your inspection your inspector finds a defect in the property. You need some advice and you need it in a timely manner because the clock is ticking on your due diligence period. You call your agent. He doesn't return your call for hours when you are accustomed to an immediate response. He gives you short answers and seems to not have time for you. Later, you find that he has a struggling client who needs help with everything, including getting qualified for a loan and who demands attention for every detail. It is not fair. You give up a lot for this type of a person.

Granted, every transaction has its road bumps (plan on three major bumps along the way). Even the most qualified client can find issues with a property or have difficulty with the other party involved in the transaction. It's times like these you want your agent to be available and able to step in. Once a solution is in place then the process moves right along.

Clients who are serious buyers, sellers, or investors truly appreciate a selective real estate agent. They benefit a great deal from an agent who does not waste time and who works with other people like them.

A great agent will qualify their buyers and sellers. They will screen out non-qualified clients and work with quality people. Are you a qualified buyer or seller? Do you deserve the best service? Do you fit one of the groups below? You may have special needs or wants and be very qualified to work with a great agent. Look below to see if you fit one of these groups. Then, contact us below and we will find out if we can help fill your needs.

What to Expect in a Las Vegas Home

Owning a Las Vegas home is a very proud moment for many people. Why is it a proud moment? The Las Vegas market has been one of the greatest markets to invest in over recent years. Many homeowners have been well pleased by the return on their investment in the Las Vegas Valley. Much of this appreciation can be attributed to the booming gaming industry, which provides a great deal of jobs for individuals who live out of state. With as many as 7,500 people a month moving into Las Vegas along with the growing population of investors Las Vegas has proven its worth to its homeowners.

Las Vegas has a unique feel to its neighborhoods that are not always common in other states. With the growing population and the limited land available for developing, homebuilders have become creative in their design of subdivisions and home design so to be able to provide for the immense growth. Though it is still possible to buy a ranch style home (single story home) it is more common to find two story or split level homes especially with newer homes within the last 5 – 10 years. This may surprise some out of state homebuyers who are accustomed to seeing a majority of ranch style homes or even homes with basements, which also is a rare commodity here in the valley.

The common size of a Las Vegas yard, in many of the newer home tracts, is less than a ¼ acre. Don’t worry, Las Vegas has many homes that suite the families that need room for the kids and the animals, cats to horses. If you like to travel and you have an R.V., there is a great selection of homes that come equip with R.V. hookups and parking for your convenience.

With the reputation of Las Vegas being a party city and a 24hr all night place it may be easy to overlook the fact that Vegas also provides a lifestyle of comfort and peace just minutes away from the action. Feel free to come join us in owning a part of Las Vegas.

• What is stucco?
  
  Stucco is a type of cement used to cover the exterior of most Las Vegas homes. Contact us to learn more.


• What kind of landscaping is common in Las Vegas?
  
  There is a wide variety of options from dessert rockscaping to beautiful grass settings. To find out more about the type of landscaping that fits you best contact us.


• I heard you have to pay a monthly fee to live in some neighborhoods?
  
  It depends! Contact us to find out if your home will have a monthly fee.


• Do I need to use my air conditioner in the winter?
  
  Usually. This also depends on your comfort level. For seasonal changes and more information on the Las Vegas climate contact us.


• How deep can my pool be?
  
  In certain areas of Las Vegas it is not possible to get five feet below ground surface whereas in other areas you will find you can get as deep as 10-12ft. We can help you find a home with just the right pool. Contact us.


• What if I want to put an addition on my home?
  
  There are many different factors that go into making additions to a home. One in particular that most people don't realize is that any addition or remodel done to a home must be inspected and have a permit from the City. To learn more about the steps of making additions or remodeling please contact us.


• Are there homeowners associations?
  
  In some neighborhoods there are. To find out if your home will an Association fee please contact us.


• What is a homeowners association?
  
  It is an elected group of individuals that reside within a community or neighborhood that govern the affairs of that community or neighborhood. To learn more about Homeowner Associations contact us.


• Are there homes with out an association?
  
  Yes. To find out if your home will be in an Association please contact us.


• Can Hildreth Barnhill help me find a home for me even if I live out of state?
  
  Certainly. Contact us.

Las Vegas is a great place to live. Come explore the housing options open to you!

Las Vegas Real Estate Top 10 Buyer Tips

One would think that with as many Las Vegas homes as are purchased every year they would make buying a home a simple process. However, for many it is the biggest investment they will ever make and there is responsibility that comes with the privilege of ownership. Financial, legal, and real estate experts have years of experience in these fields because they are trying to make things work for everyone including lending companies, sellers, brokers, etc. When it comes down to it a home is a business venture regardless if you are on the buying or selling end or whether you are somewhere in the middle. When buying a home there are many things to keep in mind.

1. Use a Las Vegas Real Estate Agent
   
   Most Las Vegas home buyers don't realize the huge amount of work that goes into closing and purchasing a home. Orchestrating inspections, appraisals, contracts, negotiations, etc. is best left to a professional. Interestingly enough, many very successful real estate investors use real estate agents or are real estate agents themselves. If they use them even though they may have a vast amount of knowledge about real estate transactions you probably should too. Good agents come highly recommended. Ask around. Get their contact info and then call them. Do they answer their phone in a reasonable amount of time? Interview them. Make sure they know their stuff. Pay them. A good agent is worth his weight in gold. If you hire a discount agent you will likely get a discount service. Give them a reason to make you their top priority. They will support you through a strenuous time and
   save you time, stress, and money down the line.
   

2. Get Prequalified with a Reputable Las Vegas Lender
   
   Believe it or not, two of the main reasons Las Vegas home buyers are not able to complete a purchase is because they are not qualified for what they are looking for or the loan officer is not able to get the job done. Just like with anyone else you will want to interview loan reps. Ask around. Trusted friends and family will let you know who can make it happen. See what they guarantee and find out how they are tied to your real estate agent. Many times in-house lenders are a plus if the agent has a strong position. Your agent can go to bat for you and have their broker tighten up on the lending broker and they will get the job done. Get prequalified with the lender to make sure you know what your price range is so you don't waste a lot of time for a lot of people by looking at the wrong price range.
   

3. Determine What You Need, Want, and Can Get
   
   Gotta wine taste and a beer budget? We all have a little dreamer inside. We also may not agree with other buying parties (i.e. spouse, parent, etc.) on what is needed. Once you have prequalified make it a priority to determine what requirements a home/area MUST have. Also determine what you WANT in the home/area. What tradeoffs can you make? Is that fourth bedroom a requirement or just nice to have? Does the house have to be one story because of mobility concerns or will it just save you a few steps? Are the schools in the area really that much different than other areas or do you have stats to prove you ought to attend in that area? The more planning you do on paper and with your agent and loan officer before getting into a car to see houses/areas the better off you will be. Know what you need and can get and will trade and then go get the house.

4. Get Educated
   
   You can learn a great deal from a mentor. Find someone who has done what you are trying to do no matter how simple or complex. Pay someone to educate you before you jump in. Find a good agent, stay loyal to him/her, and get the answers you need.
   
   There are many books out there in real estate. Find several that fit what you want to do. Learn the terms. Learn the processes. Learn the negotiations. Learn the market of the area you are buying or selling in.
   
   Keep in mind one thing: unless you become a real estate professional you will still need to take advice from one. Las Vegas real estate professionals ask each other questions all the time. Many people become educated enough to make themselves dangerous. They know when to throw a red flag but don't know how to solve the problem and they can kill a deal. Get educated enough to know what is going on and to help but be sure to seek out the professional help that is needed.
   
   Here are some books you may be interested in: Books and Education
   Here is a link to get you started: Glossary

5. Prepare Your Emotions
   
   Many home buyers know the typical escrow period as "hell month". Regardless of how long it is, most people will hate this period of time. There are many factors to deal with and often emotions run high. It is likely you will experience one major road block and three small bumps in your transaction -- and that's if you use a qualified real estate agent. If you don't plan on your transaction falling out of escrow because many more than half of transactions without an agent never close. Only experienced investor buyers find success in closing for themselves. However, it is interesting to note that even though an investor can do the work himself, most will use an agent to work for them.
   
   Remember you are working a complex deal. Real estate transactions tend to invite a great deal of negotiation. There is a lot of paperwork involved and organization. You will have less stress and worry if you let an agent do the work.
   
   Be prepared for the waves and roll with them. Work with your agent and try to see things objectively. You will have challenges and you will need to work through them.
   

6. Be Quick to Respond, Get a Fax Machine
   
   You will need to provide key information to a handful of people throughout the transaction. Be quick to respond. You may even consider getting a fax machine that is easy to use so you can communicate in a timely manner. When the lender needs info try and get it to them same day. When the agent needs a document signed try to get it back to him/her same day.
   

7. Do Most of the Work in Your Agent's Office
   
   Many buyers think it is "fun" and effective to drive around, find a home, call off the sign, and then begin the process. The truth is those buyers will waste a great deal of time and get burnt out. Many homes with signs in the yard are under contract, pending, or sold. The most effective way to buy is to use your agents resources. Agents have systems (including a subscription to the Multiple Listing Service (MLS)) to search and narrow down the possible homes that fit your criteria and needs. Spend time in the office narrowing down the possibilities. You may spend several hours total in the agents office instead of many hours ineffectively picking around. Make use of the resources your agent is paying for to your advantage

8. Acquire X-ray vision
   
   A seller's goal is to create great curb appeal and cover/repair glaring defects in an economical manner. As a buyer you need to acquire the skill to see beyond curb appeal as much as possible. It would be great if you could see into the walls. You probably can't but you can sure keep an eye open for possible problems like water stains, bowing walls, dry wall, flaking paint, cracked walls, crumbling brick, dripping pipes, new materials in an older location (i.e. new pipes between old pipes, patched drywall), unleveled floors/ceilings, etc. Be your own private investigator. You will find things that will save you a head ache later on. If you do find something, be sure it is a real problem and not some minor fix. It would be sad to miss out on a great opportunity for something trivial.

9. Hire a Las Vegas Home Inspector
   
   Your private investigator skills will likely only go so far. Hire a professional home inspector (it is not recommended that you use your friend to do the inspection) who is impartial to the home. They will enter and flag problems and suggest fixes and suggest the extent of the problem. They can run tests to determine the status of many systems. Hire a specialist if something major is flagged like a roof or electrical. It will cost more initially but in the long run can save you a great deal.

10. Be Organized
    
    This is a transaction bound by contract law. Keep copies of everything and try to store them in chronological order. There may be a day when you will need to pull out your "get out of jail free" document or prove that certain items were negotiated. Pay attention to dates and signatures. Keep papers in a folder and be sure you have legible copies of everything you sign.

Buying a Las Vegas home is exciting but you need to stay on top of things. Work with your agent, keep your emotions at bay, and look forward to the new purchase.