Happy 4th of July!
Our family enjoys the celebration of our independence. We retreat to our family cabin in Montana for the 4th. I wanted to get a note out to everyone to wish them a happy vacation while we remember why we are free to do what we do.
Brave men and women have stepped up to sacrifice on our behalf. We appreciate what they do and wish their safe return. Please keep them in your prayers.
The NAR has recently shown support for veterans and their ability to obtain a loan. According to the Realtor mag 1/3 of all homeless men are veterans. The government and NAR are taking actions to improve this situation.
It will be well for us to consider the sacrifices on our behalf and the freedoms we enjoy in return.
Zion National Park in Utah is a Great Getaway from the Las Vegas Heat
Our Boy Scout troop did its summer camp in Zion National Park. One of the leaders knows someone with a cabin so the boys are staying for the week. I was fortunate enough to get to go on their major hike: the Narrows. What an awesome hike! The whole park is beautiful and draws people from all over the world.
Zion is full of beautiful red and orange plateaus. Slot canyons form from the rivers running through them over millions of years. The Narrows is one of those slot canyon hikes. The sides of the canyon are hundreds of feet high and in some cases two hikers can touch hands and touch the walls on each side. Hikers need to be sure to get permit requests scheduled ahead of time because they limit the number of people who can go down daily. If hikers start at the top it is 16 miles of walking over rocks, through mud and water, and in some places floating in water too deep to touch the bottom.
We met people from Holland, New York, Wisconsin, Utah, Nevada, and many other locations. I was surprised at the number of people who fly into Las Vegas and then drive the 3.5 hours into the park. Seems it is the best way to fly in.
The boys had a blast and we all came out sore and achy but with a huge sense of accomplishment.
Zion is full of beautiful red and orange plateaus. Slot canyons form from the rivers running through them over millions of years. The Narrows is one of those slot canyon hikes. The sides of the canyon are hundreds of feet high and in some cases two hikers can touch hands and touch the walls on each side. Hikers need to be sure to get permit requests scheduled ahead of time because they limit the number of people who can go down daily. If hikers start at the top it is 16 miles of walking over rocks, through mud and water, and in some places floating in water too deep to touch the bottom.
We met people from Holland, New York, Wisconsin, Utah, Nevada, and many other locations. I was surprised at the number of people who fly into Las Vegas and then drive the 3.5 hours into the park. Seems it is the best way to fly in.
The boys had a blast and we all came out sore and achy but with a huge sense of accomplishment.
North Las Vegas Ranks Towards Top for Population Growth
North Las Vegas has grown a great deal in recent years. At one point it was ranking in the top growing cities in the US. It continues to add a large number of residents to the overall Las Vegas valley. Real estate agents have found great values to the north and have guided clients to the quickly developing part of town. Even in a market slowdown communities continue to sell homes and home buyers continue to settle in.
There remains a considerable amount of land to the north of the city. The next decade will continue to see a sizable growth rate.
There remains a considerable amount of land to the north of the city. The next decade will continue to see a sizable growth rate.
To Buy First or Sell
I just got off the phone with a client looking to sell her Las Vegas property and we had the age old discussion: to buy first or sell. She found the new home she wants and plans to list her home and time it right for the completion and close of escrow of her new home. However, she may need the money from the home for sale to put down on the new home. And, she only wants to move once.
Well, in the end she will be selling, renting, and then closing. There are a handful of factors that go into the timing: What is worth more to me? my time, effort, and convenience or my money?
If your answer is time, effort, and convenience then you will likely buy your next house before you move from your current one. You will plan to move only one time. You will need to be sure to have several months of mortgage payments and utility payments on hand for both houses. You will be able to move one time and not worry about finding somewhere to store your belongings temporarily. You will have a place to stay for your family, pets, and things. You may consider speeding up the process of selling your previous house by making the pricing or terms very favorable.
If you answer to the question above was "my money" then you will have a more difficult road ahead but you will potentially save big at your pocketbook. You will have to find temporary storage for your belongings, family, pets, etc. as you rent or stay with family or friends. You will then have to move again once the second house has closed. You will not likely be stuck with multiple mortgage payments and you will only pay utilities of the current house you own. Keep in mind you may have to pay rent and utilities at your temporary location. Be quick to act in getting your second home closed.
Trading up or trading down or relocating is not a simple process. The more resources you have at your aid in the whole process the smoother everything goes.
Well, in the end she will be selling, renting, and then closing. There are a handful of factors that go into the timing: What is worth more to me? my time, effort, and convenience or my money?
If your answer is time, effort, and convenience then you will likely buy your next house before you move from your current one. You will plan to move only one time. You will need to be sure to have several months of mortgage payments and utility payments on hand for both houses. You will be able to move one time and not worry about finding somewhere to store your belongings temporarily. You will have a place to stay for your family, pets, and things. You may consider speeding up the process of selling your previous house by making the pricing or terms very favorable.
If you answer to the question above was "my money" then you will have a more difficult road ahead but you will potentially save big at your pocketbook. You will have to find temporary storage for your belongings, family, pets, etc. as you rent or stay with family or friends. You will then have to move again once the second house has closed. You will not likely be stuck with multiple mortgage payments and you will only pay utilities of the current house you own. Keep in mind you may have to pay rent and utilities at your temporary location. Be quick to act in getting your second home closed.
Trading up or trading down or relocating is not a simple process. The more resources you have at your aid in the whole process the smoother everything goes.
Las Vegas Firework Safety
Let's have a fun, safe, trouble free 4th of July season. Here are a handful of resources for Las Vegas residents and visitors when it comes to fireworks.
Purchasing fireworks in the Las Vegas valley: http://www.fpanevada.org/programs/fw_program/fw_program1.htm
Fire prevention by the Nevada Dept of Safety: http://www.fire.state.nv.us/
News information: http://www.klas-tv.com/Global/story.asp?S=5098368
Other Las Vega resources: http://lasvegas.about.com/b/a/178105.htm
I was suprised to learn that even the standard sparkler was as dangerous as it is:
We should all take precaution and watch out for the youth this season. Have a fun and safe 4th.
Purchasing fireworks in the Las Vegas valley: http://www.fpanevada.org/programs/fw_program/fw_program1.htm
Fire prevention by the Nevada Dept of Safety: http://www.fire.state.nv.us/
News information: http://www.klas-tv.com/Global/story.asp?S=5098368
Other Las Vega resources: http://lasvegas.about.com/b/a/178105.htm
I was suprised to learn that even the standard sparkler was as dangerous as it is:
"The DPS Fire Marshal Division advises that although sparklers are sometimes
thought of as innocent, they heat to temperatures of 1800ºF or more within
seconds. Before handing sparklers to children, think of the average baking
temperature of an oven, then multiply by 5 or even 6."
We should all take precaution and watch out for the youth this season. Have a fun and safe 4th.
Las Vegas Home Owner's Associations
Recently some acquaintances ran into some headaches with their Las Vegas home owners association. When it was established it was set up as a full fledged association. However, no one ever really took the bull by the horns and enforced it so it turned into a landscape HOA. Now, the president of the landscape HOA wants to reform the HOA to enforce the original policy. There is quite a dispute over the procedings. Not many people think the president will be successful. Homes are painted the wrong colors and many other costly violations have been in place for years and to require owners to revert will be difficult.
An article in the RJ explained the power of the HOA. The board is the entity that has power to make changes and enforce policy. The president would have to secure a significant amount of the votes in the community to make any changes. At this point not much will happen. HOA's are supposed to be there for the residents. If the HOA does not enforce its bylaws then the residents will act in their own interest and the HOA becomes irrelevant.
An article in the RJ explained the power of the HOA. The board is the entity that has power to make changes and enforce policy. The president would have to secure a significant amount of the votes in the community to make any changes. At this point not much will happen. HOA's are supposed to be there for the residents. If the HOA does not enforce its bylaws then the residents will act in their own interest and the HOA becomes irrelevant.
National Interest Rates Soften
Reportedly national interest rates have dropped off for the first time in 8 or so weeks. The RJ explained the drop:
"This week's drop-off followed reports on consumer inflation and housing activity that were interpreted as noninflationary by investors. Like tea leaves or animal entrails, these economic reports could have been interpreted in many
ways. They could have been seen as harbingers of rising inflation and a rebounding housing sector. But that's not how bond investors saw them, and the result was falling bond yields and mortgage rates."
It will be interesting over the next couple of weeks to see what happens with these national rates. Many buyers are already on the fense to get into the market. It will be healthy for the market if money becomes easier to come by.
Realtor Magazine Top 100 Real Estate Companies
The top real estate company (self-reported) in the Realtor Magazine's top 100 companies this year was NRT Inc. out of Parsippany, N.J. They closed 392,452 sides, which is twice the next closest company. They have 1000+ companies and around 61,000 salespeople, which is 3 times the amount of the next closest company in both categories.
To make the top 100, a company needed to report 5,135 sides with 300+ salespeople.
Amazing leadership and business philosophies go into creating successful operations like these.
To make the top 100, a company needed to report 5,135 sides with 300+ salespeople.
Amazing leadership and business philosophies go into creating successful operations like these.
A Stager's 4 Biggest Challenges
Stagers can be a huge help to selling a home. Sometimes they bump into issues. The 4 biggest challenges they may have are:
- Owners don't want to change their decor - Sellers can't be forced to change their home around. However, tactful language can help accomplish the goal. A piece of furniture or clutter items can be described a special and moved into storage to protect them.
- The listing has languished on the market for months before the owner of sales person calls a stager - If a home needs staged it should be done early on in the listing so the house doesn't sit without potential buyers.
- A confused layout makes the home seem cramped and unlivable - It helps to stage a room where there are multiple main elements like a fireplace, TV, etc.
- A vacant home seems cold and uninviting - A home can be cozy when the right furnishings are placed in every room. An empty room may seem cold and hollow.
If you plan to hire a stager plan to take their advice and have it done before the home is placed 0n the market.
The Virtual World of Real Estate
Let me start off that I can't wait until the end of fax machines. I think the time is close at hand where an agent can carry around his tablet computer with contracts included, a client finds a home and right there the agent digitally fills out the contract and gets a signature. A wireless internet connection allows the agent to send the contract on to the listing agent. The listing agent receives the message and clicks a link taking him/her to a secure site where they can find the new offer and respond. The contracts are stored in a secure, backed up environment to reduce risk of loss. Document repositories will handle all of the transactions...
The NAR magazine suggests that perhaps our children may be able to do a transaction in a virtual manner without ever meeting an agent. In fact, Caldwell banker is running experiments with the social network Second Life. The technology we will see will drastically change our line of work.
The next decade will be interesting indeed.
The NAR magazine suggests that perhaps our children may be able to do a transaction in a virtual manner without ever meeting an agent. In fact, Caldwell banker is running experiments with the social network Second Life. The technology we will see will drastically change our line of work.
The next decade will be interesting indeed.
Las Vegas Renter Deposit Protected Even In Foreclosure
An increased number of foreclosures in the Las Vegas Valley have caused many conflicts. Among these conflicts is the relationship of a renter versus a landlord. The Las Vegas Review Journal addresses one area of question: what happens to the deposit if the house is foreclosed? The short version of the response they got from former president of the GLVAR is that the tenant is still owed their deposit, less any fees according to their contract, upon vacating the property. In fact, if it becomes certain the house will be foreclosed then the tenant should be given legal notice and should leave the property before the completion of the process.
It is an interesting read.
It is an interesting read.
"What Happens in Vegas, Stays in Vegas" Gets a New Slogan
The city slogan "What Happens in Vegas, Stays in Vegas" is expected to get another accompanying slogan here soon (news article). Las Vegas Convention and Visitors Authority says that the "What Happens..." slogan is one of the most successful they have ever had. The new slogans are intended to target a narrower group of visitors and tourist to Las Vegas.
Some of the slogans they may adopt are:
"Your Vegas is showing"
"Not business as usual"
"Overtime guaranteed"
"A world of entertainment"
It will be interesting to see what we see pop up in the near future in magazines and on TV.
Makes a Realtor® wonder what slogan could be used as successfully to market their business.
Some of the slogans they may adopt are:
"Your Vegas is showing"
"Not business as usual"
"Overtime guaranteed"
"A world of entertainment"
It will be interesting to see what we see pop up in the near future in magazines and on TV.
Makes a Realtor® wonder what slogan could be used as successfully to market their business.
Simple Joys of Living in a Home You Own
We were eating our sloppy joes last night while enjoying the entertainment a 1 year old and 4 year old can provide. Our little boy was sitting in his high chair where we had placed several plastic spoons and measuring cups. He has recently learned how fun throwing things can be, especially if someone will fetch them and bring em back. So, he started chucking the utinsels across the kitchen. His big sister would run laughing to get it and bring it back. He sure thought it was cute to wing them in different directions sending her all over the place. We got quite a laugh.
The Las Vegas Country Club, Las Vegas, NV
The Las Vegas Country Club was once (1950's) called the Las Vegas Downs, a thoroughbred racetrack. It went bankrupt and was purchased by Joe Brown who sold it to Marvin Kratter. He built the country club. Edmond B. Ault built the golf course in 1967.
The community is located on Sahara and Paradise Rd. Members of the club enjoy frequent tournaments and great golf. Indoor and Outdoor tennis courts, a large swimming pool, and a great course, among other great amenities, share the views of the heart of Las Vegas. Its location makes it a great place for business meetings and group events.
Las Vegas Country Club Homes and Real Estate
Las Vegas Country Club offers some great real estate in the Las Vegas Valley. There are more than 1000 homes in many styles and designs surrounding the club. The homes are located at the heart of town so there is access to many of the resources Las Vegas has to offer.
The community is located on Sahara and Paradise Rd. Members of the club enjoy frequent tournaments and great golf. Indoor and Outdoor tennis courts, a large swimming pool, and a great course, among other great amenities, share the views of the heart of Las Vegas. Its location makes it a great place for business meetings and group events.
Las Vegas Country Club Homes and Real Estate
Las Vegas Country Club offers some great real estate in the Las Vegas Valley. There are more than 1000 homes in many styles and designs surrounding the club. The homes are located at the heart of town so there is access to many of the resources Las Vegas has to offer.
Las Vegas Echelon - Mega Real Estate Development
Boyd Gaming's Echelon is a huge mega resort in Las Vegas. They recently broke ground on the project and have plans to build five hotels surrounding a multiuse resort on 87 acres. It will be state of the art and attract millions to the valley.
Huge Las Vegas real estate projects like this have been common in the changing cityscape. Echelon is expected to take 3 years to build and is scheduled for 2010.
When asked about the timing and development of Echelon Boyd Gamin said, "We made the right decision."
Free Business Advice - SCORE Business Group
A real estate agent is always in search of the new idea for marketing or advice on how to improve the marketing they are doing. We recent heard of an organizations called SCORE. They are a volunteer organization who offer their professional services free of charge.
Well, our experience reiterated that often you get what you pay for. See, we have an expanded budget we are hoping to invest in some sort of marketing so were looking for advice in what type of program to pursue. We were considering enhancing our web program.
We got to the office and filled out the information sheet. Then, we were introduced to our "advisor" guy. It was comical. We started talking about our stats and direction and what we wanted to spend. We asked if he thought we were in the right direction and his reply was, "Uh, internet? I think you're headed in the right direction." I looked at my business partner and it became evident we weren't going to get anywhere.
The guy called another advisor in whose time was also way before the internet and said we were headed in the wrong direction and needed to focus on the newspaper for our ads. Funny, because newspaper ads produce very little traffic here in Las Vegas.
Anyway, if you see an advertisement for SCORE be prepared for the FREE advice.
Well, our experience reiterated that often you get what you pay for. See, we have an expanded budget we are hoping to invest in some sort of marketing so were looking for advice in what type of program to pursue. We were considering enhancing our web program.
We got to the office and filled out the information sheet. Then, we were introduced to our "advisor" guy. It was comical. We started talking about our stats and direction and what we wanted to spend. We asked if he thought we were in the right direction and his reply was, "Uh, internet? I think you're headed in the right direction." I looked at my business partner and it became evident we weren't going to get anywhere.
The guy called another advisor in whose time was also way before the internet and said we were headed in the wrong direction and needed to focus on the newspaper for our ads. Funny, because newspaper ads produce very little traffic here in Las Vegas.
Anyway, if you see an advertisement for SCORE be prepared for the FREE advice.
Wild Horses for Adoption/Sale in Nevada
The Bureau of Land Management (BLM) has rounded up wild horses and burros from public lands and is putting them up for adoption. Fire damaged habitat and drought have driven the animals into public lands causing headaches for managers and tourists. According to reports, the animals can be bid on starting at $125 in a silent bid. They have been medically treated for worms and vaccines, etc.
To see the animals for preview visit: www.blm.gov/nv/st/en.html
The adoptors must have property sufficient for them as well as financial means to care for them.
To see the animals for preview visit: www.blm.gov/nv/st/en.html
The adoptors must have property sufficient for them as well as financial means to care for them.
The Las Vegas Summer Heat is Here
I went for my morning run yesterday late morning and was abruptly reminded of how wonderful spring and fall are here in Las Vegas. I just peered at the little weather checker thing on my site at 8:20 am and it is 85 degrees. Welcome to a Las Vegas summer!
Many people (especially retirees) do the snowbird thing because of the mild winters, yet toasty summers. The Sun City communities are perfect for some. For others, condos and temporary homes work great.
I hear Lake Mead is like bath water right now. We were down there last summer and we had a blast because the water was so comfortable. Sounds like a trip to the shorelines is in order.
I can see why so many are drawn to the valley for vacation. Tons of entertainment, food, and social settings. Ironically, I'll be heading north to a Montana cabin this summer for the peace and quiet (and to see if I can get one last snow-sledding ride in).
Good thing the evenings are so great for BBQ and pool parties. Avoid the outdoors during the middle of the day and enjoy the yard in the evening during the summer months. And then, the beauty of the fall season rolls around. Sounds like fun.
Many people (especially retirees) do the snowbird thing because of the mild winters, yet toasty summers. The Sun City communities are perfect for some. For others, condos and temporary homes work great.
I hear Lake Mead is like bath water right now. We were down there last summer and we had a blast because the water was so comfortable. Sounds like a trip to the shorelines is in order.
I can see why so many are drawn to the valley for vacation. Tons of entertainment, food, and social settings. Ironically, I'll be heading north to a Montana cabin this summer for the peace and quiet (and to see if I can get one last snow-sledding ride in).
Good thing the evenings are so great for BBQ and pool parties. Avoid the outdoors during the middle of the day and enjoy the yard in the evening during the summer months. And then, the beauty of the fall season rolls around. Sounds like fun.
Find Great Las Vegas Financing
Owning a home is the American dream and it is a dream come true for millions. This article is great for those of you who are buying your first Las Vegas home and are not sure what steps to take to make your dream come true. We understand that much of the home buying process can be like a foreign language - very difficult to understand. Don’t worry, it’s not like you buy homes every day, that’s why you have us who buy and sale homes every day. We are going to help you understand the lingo/mortgage jargon, and step you through the mortgage process.
First Thing's First
Don’t waist your time looking at Las Vegas homes until you know what you can afford. There is nothing more disheartening or discouraging than discovering the perfect home and then finding out you can’t have it. Steer clear of the temptation that many homebuyers succumb to, looking for a home before they have their financing in order...more...
Who Do I Trust?
We all have friend, relatives, professionals, mentors and others that we trust and respect. Chances are they have used a mortgage professional or know of someone who they can direct you to that has used one. It is good to use a mortgage lender that you have received as a referral...more...
Getting The Best Las Vegas Financing
This is where it comes in handy to have a few different names. There are so many different types of loan programs for each individual that it is impossible to set a standard on what to expect out of a loan. This is best discussed with your real estate agent...more...
Negotiations
The extent of how great a deal you get greatly depends on your own negotiating skills, but here are a few pointers. Get at least three good faith estimates...more...
The 5 Final Factors
Interest rate: Who can ultimately give you the lowest interest rate for your situation. Can they lock you in to that rate? ...more...
Closing Cost
These are the lender fees, escrow company fees, state taxes, inspections, and sometimes real estate costs that a you have to come out of pocket with unless you decide to have the seller pay for your closing cost. Normally these cost are 2 - 2 1/2% of the assumed sold price of the home you are wanting to buy. It is important to get these costs as low as possible...more...
Monthly Payment
Interest rates and the amount of money placed as a down payment have a large affect on what your monthly mortgage payment looks like...more...
Lender Relationship
It is very important to find a lender who you “get along with.” Sometimes it may even cost a little bit more, but in the end you need to be able to answer the question “Did I get what I wanted?’ “Yes!” The home finding process is usually the easier part of the home buying process. One of the top reasons that a purchase doesn’t make it through escrow is because of the lending...more...
Guarantees
It seems that in every profession there are always going to be those who individuals that are going to tell you what you want to hear but have no intentions of delivering. There is a real easy way to nip this in the bud. Lets say that you have negotiated your way to the lowest interest rate, mortgage payment, and closing cost, which of these Las Vegas lenders that you have been interviewing will be willing to back up what they say with a guarantee...more...
Hildreth Barnhill has access to some of the best financing in the Las Vegas valley. We are able to work with most types of buyers in many different ranges of credit scores.
First Thing's First
Don’t waist your time looking at Las Vegas homes until you know what you can afford. There is nothing more disheartening or discouraging than discovering the perfect home and then finding out you can’t have it. Steer clear of the temptation that many homebuyers succumb to, looking for a home before they have their financing in order...more...
Who Do I Trust?
We all have friend, relatives, professionals, mentors and others that we trust and respect. Chances are they have used a mortgage professional or know of someone who they can direct you to that has used one. It is good to use a mortgage lender that you have received as a referral...more...
Getting The Best Las Vegas Financing
This is where it comes in handy to have a few different names. There are so many different types of loan programs for each individual that it is impossible to set a standard on what to expect out of a loan. This is best discussed with your real estate agent...more...
Negotiations
The extent of how great a deal you get greatly depends on your own negotiating skills, but here are a few pointers. Get at least three good faith estimates...more...
The 5 Final Factors
Interest rate: Who can ultimately give you the lowest interest rate for your situation. Can they lock you in to that rate? ...more...
Closing Cost
These are the lender fees, escrow company fees, state taxes, inspections, and sometimes real estate costs that a you have to come out of pocket with unless you decide to have the seller pay for your closing cost. Normally these cost are 2 - 2 1/2% of the assumed sold price of the home you are wanting to buy. It is important to get these costs as low as possible...more...
Monthly Payment
Interest rates and the amount of money placed as a down payment have a large affect on what your monthly mortgage payment looks like...more...
Lender Relationship
It is very important to find a lender who you “get along with.” Sometimes it may even cost a little bit more, but in the end you need to be able to answer the question “Did I get what I wanted?’ “Yes!” The home finding process is usually the easier part of the home buying process. One of the top reasons that a purchase doesn’t make it through escrow is because of the lending...more...
Guarantees
It seems that in every profession there are always going to be those who individuals that are going to tell you what you want to hear but have no intentions of delivering. There is a real easy way to nip this in the bud. Lets say that you have negotiated your way to the lowest interest rate, mortgage payment, and closing cost, which of these Las Vegas lenders that you have been interviewing will be willing to back up what they say with a guarantee...more...
Hildreth Barnhill has access to some of the best financing in the Las Vegas valley. We are able to work with most types of buyers in many different ranges of credit scores.
Las Vegas Seller's Processes and Guide: Sell Quickly, for the Best Price
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.
- 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. - 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. - 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. - 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. - 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 asking price accordingly. - Click for complete seller's article...
In a tough market like the one we are in, don't count on selling the house yourself. Make sure to get your ducks in a row and get the right agent to help you get your house marketed and sold.
Investors and Speculators Responsible for Much of Foreclosure Trend
Nevada has recently displayed one of the highest increases in residential foreclosures. The RJ said the number of loans in foreclosure at the end of March was more than 1%. Many of those loans were subprime, a sector that increased from 2.7% to 3.2% in foreclosure.
Nevada, California, Florida, and Arizona are responsible for much of the increase. "Without these four states, foreclosure stats would have declined (nationally)," Mortgage Bankers Association Doug Duncan said. Foreclosures in Nevada and the other three states "are heavily influenced by speculators who are walking away from properties now that home prices have started to fall in areas of those states," Duncan said.
Many investors are dumping properties where they can to avoid foreclosure. They are not able to compete with the high number of listings on the market. They have simply run out of time and they don't see much if any appreciation so the next 12 months look bleak to them. Savvy investors have been picking some of these properties up at auction or as the homes sell short.
Keeping Cool with a Swamp Cooler
Based on comments from a previous post I thought I'd explain what a swamp cooler is.
A swamp cooler (as named in the west - for sure in Las Vegas) is an A/C unit (I think it is also called an evaporative cooler) that uses evaporated water to cool down a residence. It is a large unit where the bottom serves as a water pan. Three of the sides (typically) absorb the water and draw it upward. The fourth side faces into the home (either attached directly via window or hole in the ceiling or tubing into the ceiling) and is the vent for the cool air. A pretty stong fan sucks air from outside into the unit through the sides that have absorbed the water and blows that cool, humid air directly into the home. They work pretty well to cool down an area quickly.
There are a few downsides. If the humidity of the house increases too much then the cooling decreases so you have to air out the house from time to time. Also, the pan holding the water empties quickly so they have tubing to bring water from the hose bib or other source to the unit. There is a float inside that regulates the water. These things (along with most of the rest of the unit) easily goes faulty and requires regular maintenance.
If a home doesn't have central air and there is no budget to have it installed then the swamp cooler is commonly used as a decent alternative.
When I was in college we lived with one and it worked well but it definitely wasn't central air.
A swamp cooler (as named in the west - for sure in Las Vegas) is an A/C unit (I think it is also called an evaporative cooler) that uses evaporated water to cool down a residence. It is a large unit where the bottom serves as a water pan. Three of the sides (typically) absorb the water and draw it upward. The fourth side faces into the home (either attached directly via window or hole in the ceiling or tubing into the ceiling) and is the vent for the cool air. A pretty stong fan sucks air from outside into the unit through the sides that have absorbed the water and blows that cool, humid air directly into the home. They work pretty well to cool down an area quickly.
There are a few downsides. If the humidity of the house increases too much then the cooling decreases so you have to air out the house from time to time. Also, the pan holding the water empties quickly so they have tubing to bring water from the hose bib or other source to the unit. There is a float inside that regulates the water. These things (along with most of the rest of the unit) easily goes faulty and requires regular maintenance.
If a home doesn't have central air and there is no budget to have it installed then the swamp cooler is commonly used as a decent alternative.
When I was in college we lived with one and it worked well but it definitely wasn't central air.
What happens when the swamp cooler goes out?
A friend of mine just had his swamp cooler go out in his house. He called around to have a guy come in and get things fixed so the summer heat didn't cook the family. He said it was easy to find someone who could work on A/C units but finding someone who could respond quickly to an outed swamp cooler was a big challenge. The guy he finally found was a week out and gave no bid over the phone. So, it could end up being quite a head ache.
Here are some things to do to maintain a cooler to prolong its life:
Here are some things to do to maintain a cooler to prolong its life:
- http://ag.arizona.edu/cochise/waterwise/swampcooler.html
- http://www.jbmailroom.com/swamper/
- http://www.servicemagic.com/article.show.Swamp-Cooler-Maintenance.13265.html
It probably pays to seek out a few companies ahead of time for items like this so that when it does eventually die you have a resource to go to quickly.
Average Time Frames to Sell a Home
There are several key factors in selling a home in a timely manner. Your agent will help you determine the value of your home based on location, comparables, condition, etc. When all is said and done it will be price compared to other similar homes that determines whether or not the home sells. The price of other homes that have sold in your area will help you determine what price your home will sell for. If you need a quick sale, price your home under the current market value of homes in your area. If you don't care if the home takes a few months then you can price it a bit higher.
Be careful that your home doesn't age too much on the market. Other real estate agents can see how long your house has been on the market and red flags may come up when they considering time on market.
Below is a list of the percentages of homes that sell within the period of time since they were listed.
1 Month - 40%
2 Months - 7%
3 Months - 7%
4 Months - 20%
5 Months - 10%
6 Months - 7%
7 Months - 9%
Statistics are based on National average of homes sold, found on Realtor.com.
If your property isn't sold within 30 days, a price adjustment should be made!
Be careful that your home doesn't age too much on the market. Other real estate agents can see how long your house has been on the market and red flags may come up when they considering time on market.
Below is a list of the percentages of homes that sell within the period of time since they were listed.
1 Month - 40%
2 Months - 7%
3 Months - 7%
4 Months - 20%
5 Months - 10%
6 Months - 7%
7 Months - 9%
Statistics are based on National average of homes sold, found on Realtor.com.
If your property isn't sold within 30 days, a price adjustment should be made!
Las Vegas MLS Gets Blacklist
The Las Vegas Board of Realtors® is instituting a black list of "MLS Prohibited Words" not to be used on the Las Vegas MLS. They published nearly 90 words that will halt the process of adding new listing or updating an existing one. About the same number of words are flagged as "MLS Warning Words". The intent is to protect agents in the valley from themselves with regards to fair housing violations. It's good to use powerful technology to help watch for potential issues.
I wonder why tools like this weren't in place sooner. I also wonder how many other markets make use of tools like this.
I wonder why tools like this weren't in place sooner. I also wonder how many other markets make use of tools like this.
Get It In Writing: Modifications and Extentions
The Southern Nevada Realtor® board suggested in their recent issue of the Realtor® magazine that agents remember to get contract extensions and modifications in writing. Often escrows must be extended for one reason or another. Too often those contracts are not extended in writing meaning they are unenforceable. In fact, the purchase agreement says in section 27, "No change, modification or amendment of this Agreement shall be valid or binding unless...shall be in writing..."
They rule of thumb they suggest: if the agreement is in writing, the change should be in writing, too.
Good general rule to live by...
They rule of thumb they suggest: if the agreement is in writing, the change should be in writing, too.
Good general rule to live by...
Las Vegas Fixer Upper Homes
There is money to be made in the investment of time and sweat. This is why “Las Vegas Fixer-Uppers” are so popular among many buyers. “Fixer-Uppers” range form minor cosmetic repairs to major whole in the wall leaky pipe dumps. Amidst the ill look of the home it often strikes a great interest to the investor minded homebuyer. A home with only cosmetic needs could very well yield a great return on the dollar.
Here are a few topics to consider when looking to purchase a “Fixer-Upper”:
- Where in Las Vegas can you find a “Fixer-Upper”?...more...
- Build your team...more...
- Who is a Las Vegas Realtor® I can trust with this project...more...
- The benefits of a Las Vegas home inspector...more...
- If you use a Las Vegas general contractor make sure they are legitimate...more...
- How to choose the right Las Vegas house...more...
- How should this home compare...more...
- What Las Vegas experts say...more...
- Know your cost...more...
- Las Vegas Buyer/Seller Negotiations...more...
If you put the time and effort into your research you can definitely find some great “Fixer-Uppers”. If your Las Vegas team is built of professional trustworthy, honest agents and you work closely with them you can have great experiences with your “Las Vegas Fixer-Uppers”.
Selling a Las Vegas Home "For Sale By Owner"
Some Las Vegas home owners want to give a shot at selling their home themselves. Ironically, the phone begins to ring and the majority of calls are made by real estate agents trying to list their home. What most who try to sell their own home don't realize is that they will be competing against all of the homes in the community that are being marketed by Realtor's with special tools and years of experience. It will likely be challenging and very frustrating.
It is important to educate yourself and prepare yourself for the ride. If your marketing plan is not well executed your home could remain on the Las Vegas market much longer than you expect because you are not attracting buyers. You may have an offer accepted at some point but your buyer is not qualified and will fall out of escrow. Many sellers become frustrated and give up. Here are some tips to help you determine if selling the house on your own is the appropriate approach vs. using a professional real estate agent.
It is important to educate yourself and prepare yourself for the ride. If your marketing plan is not well executed your home could remain on the Las Vegas market much longer than you expect because you are not attracting buyers. You may have an offer accepted at some point but your buyer is not qualified and will fall out of escrow. Many sellers become frustrated and give up. Here are some tips to help you determine if selling the house on your own is the appropriate approach vs. using a professional real estate agent.
- Price it Right
- Prepare Your Home for Sale
- Have the appropriate legal documentation and representation as needed
- Market Your Home Effectively
- Remain Objective During a Showing of Your Home
- Pre-Qualify Your Prospects
- Negotiate Effectively & Knowledgeably
- Know Your Las Vegas Buyer
New Home Builder: Amstar Homes in Las Vegas
Amstar Homes has developed for decades. They claim to offer the best of everything from floor plans to elevations, to great features and benefits.
Amstar offers quality service after every sale so new buyers can enjoy the value of their home. They believe buyers deserve a home that is superior in every way. They tout superior design, construction, etc. and build great kitchens, unique master suites, and comfortable living areas.
Amstar has built hundreds of homes in the Las Vegas area. They build many styles from family-friendly homes to luxury homes -- striving to exceed the expectations of every homebuyer.
Contact a Las Vegas real estate agent to learn more about Amstar Homes or to take a tour.
Amstar offers quality service after every sale so new buyers can enjoy the value of their home. They believe buyers deserve a home that is superior in every way. They tout superior design, construction, etc. and build great kitchens, unique master suites, and comfortable living areas.
Amstar has built hundreds of homes in the Las Vegas area. They build many styles from family-friendly homes to luxury homes -- striving to exceed the expectations of every homebuyer.
Contact a Las Vegas real estate agent to learn more about Amstar Homes or to take a tour.
Top 10 Home Buyer Challenges in Las Vegas
Buyer Beware. Owning a Las Vegas home is a privilege many enjoy. With ownership comes pride, investment return, etc. You may also find challenges when you purchase a home. Here are some to be aware of along with some ideas to overcome them.
You Don't Have X-Ray Vision
Regardless of a home's age and quality there are possibilities of lurking problems. Plumbing, electrical, and structural issues are often unseen within walls, ceilings, and floors. When you buy a home you will likely hire an inspector for the common mechanical and functional systems of the house. They will be able to help you determine whether there are any glaring defects or not. If they recommend another type of inspector it is important that their advice is considered because the cost of another inspector may be much cheaper than the problems that may arise if you purchase a home with serious problems...More...You May Not Understand the New Market You Are Buying In
At times home buyers have to move to a new market half blind. A company, military, or family relocation may put you in a new environment without the proper research. It is important to find a reputable real estate agent to help you out. They know the city and can recommend an area that fits what you need. Request a relocation guide from the local market...More...You Don't Know the Future
Buying a home is a great investment in many markets. In fact, ownership in a home may be more secure and in many cases more profitable than mutual funds and other types of investments. However, no one has a crystal ball. Factors can change and economies can alter to affect how the housing market is appreciating. Real estate is often cyclical and many indicators exist to understand short term growth and appreciation...More...Managing Your Down Payment and Other Savings
When investing in a home you will likely be putting forth a down payment. You will likely need an earnest payment as well. In fact, there are many fees included in your purchase. Your agent should help you negotiate your closing costs and how they are paid. Your loan officer should be able to help you plan to spend your hard earned savings in the best manner...More...Managing Stress and Anxiety
Even real estate agents and veteran investors take on stress and anxiety when buying and selling a property. Two of the best plans for stress management are establishing a strong, written plan and placing much of the load on a trusted competent real estate agent. Understand that the period of time your home is in escrow, whether 15 days or 75, can be hell. Expect to run into one major obstacle and 3 small ones...More...Selecting a Las Vegas Agent
As you may see, there are many things that fall on an agent's shoulders. How do you choose a good agent? reputation is key in selecting an agent. Ask around in the market you are looking to inhabit. Find an agent that comes recommended by someone you trust. Interview the agent. See if they have time for you. Be sure they are interested in your goals. Call them and ask a question. See if they answer their phone. You will be dealing with these people under stressful circumstances...More...Negotiations with the Seller
The end goal is to make a home purchase. Keep that in mind. Before you house shop determine what you need and must have. You are not in a competition against the seller. They have listed their home and it is time to negotiate the terms and price. Your agent will be a huge help in this area. Don't let a deal fall apart over $1,000...More...Managing Documentation
From the day you begin talking of a home purchase get yourself a file folder and keep impeccable records of events, conversations, and documents you sign and read. Keep them in either chronological order or order of importance or both. Maintain the documentation for legal reasons, tax reasons, and to facilitate negotiations...More...Dealing with Financing and Your Lender
Use a reputable lender. We can't stress that enough. Use a reputable lender. Make sure they have a record of getting the job done, responding to phone calls, and coming up with solutions to tough situations. Let them know your goals, your situation, and then take charge. You are the boss...More...Finding the Right Area
Use your agent to guide you in your decision. They can't sell an area but they can provide you with documentation on amenities, crime rates, and appreciation rates. Tour the area if possible and even talk to some of the people in the area...More...
You probably have found that buying a home requires a lot of research and reliability on your team. Do your due diligence ahead of the purchase so that owning isn't a nightmare. Do the work up front and then you will likely have less to worry about for the years to come.
New Home Builder: Lennar Homes in Las Vegas
Lennar Corporation was established in 1954. They claim to be a leading home builder in the nation. They are in 19 states and build thousands of homes per year. Their homes are affordable in price and tend to be comfortable and well designed.
In Las Vegas, they currently have 15 communities with the base prices starting in the high $260's and topping out around $900,000. They are developing real estate in many areas of town.
Lennar touts the highest standards for caring for the people they work for and work with. Their commitments include: Integrity, Quality, and Value. They care about the dreams of their customers. Taken from their site, "'Satisfaction' is only satisfactory. We want you to be Tickled, Delighted and Happy!"
Las Vegas World Market Center Offers Rare Public Access
Love designer furniture? The Las Vegas World Market Center is offering an opportunity for the public to have access to purchase pieces of its clearance inventory.
The weekend of June 8 and 9 people can pay an admission fee of $10 and gain entrance to the facility. Some 70 showrooms will offer merchandise for sale including home furnishing products, decor and accessories at greatly reduced prices.
“By opening the inventory clearance sale to the general public, we can generate exposure for local designers, for our showrooms and at the same time raise funds for some incredibly deserving organizations, including the Nevada Aids Project, Habitat for Humanity Las Vegas and Opportunity Village,” said a source.
Residents who have made a recently home purchase or home owners who are looking for that added piece of furniture can take advantage of a great opportunity to enhance their Las Vegas Home.
The weekend of June 8 and 9 people can pay an admission fee of $10 and gain entrance to the facility. Some 70 showrooms will offer merchandise for sale including home furnishing products, decor and accessories at greatly reduced prices.
“By opening the inventory clearance sale to the general public, we can generate exposure for local designers, for our showrooms and at the same time raise funds for some incredibly deserving organizations, including the Nevada Aids Project, Habitat for Humanity Las Vegas and Opportunity Village,” said a source.
Residents who have made a recently home purchase or home owners who are looking for that added piece of furniture can take advantage of a great opportunity to enhance their Las Vegas Home.
New Home Builder: Richmond America Homes in Las Vegas
Richmond American Homes, technically M.D.C. Holdings, Inc., has been around for more than thirty years. They have built more than 125,000 homes across the nation.
They seek three key objectives. They want to offer quality homes, provide a rewarding work environment for their employees, and support the communities where they are located.
They have received several awards over the years including several from Forbes Magazine. They offer mortgage options as well as title and escrow.
In Las Vegas, Richmond American is very active. They have nearly 50 communities with many floor plans. The communities are spread throughout most parts of the valley. Their prices range from $200,000-700,000. They are known throughout the valley for quality design and affordable living.
Hollywood in Vegas
Las Vegas caught a direct glimpse of Hollywood with the arrival of the Ocean's Thirteen cast dropping into town. Cast members like George Clooney, Brad Pitt, Matt Damon, Don Cheadle, Andy Garcia and Ellen Barkin gave residents an exciting visit at the ninth annual CineVegas film festival.
Fans lined up in packs to catch a view of some of Hollywood's top stars. The Palms Casino entrances were packed as photographers snapped away and fans cheered. One thing's for sure, there's never a shortage of something cool to do in Vegas.
For complete story visit: http://www.lvrj.com/news/7880631.html
Fans lined up in packs to catch a view of some of Hollywood's top stars. The Palms Casino entrances were packed as photographers snapped away and fans cheered. One thing's for sure, there's never a shortage of something cool to do in Vegas.
For complete story visit: http://www.lvrj.com/news/7880631.html
Las Vegas Market Watch (2007 May Month End)
Summary: Listing numbers continue to rise but prices remain flat. The median prices hover around $280k - 290k.
Las Vegas Listings: (view chart)
For the fifth straight month the number of net listings has grown. More existing homes are consistently going on the market than are being sold. Motivated sellers are offering up great incentives to attract buyers. Expect to see the current number of listings as the norm for some time.
Las Vegas Market Strength: (view chart)
According to the formula we are using the market strength has changed little. Buyers are still buying at a decent rate. Of those homes that sell, the average days on market remain fairly constant at 76.
Las Vegas Resale Homes Sold: (view chart)
Homes are selling. A large inventory provides great opportunities for buyers as they enter the market. The number of buyers purchasing resale homes is down from previous years when the market was scorching hot. It has adjusted to a more "normal" market. If you want your home to sell with the large inventory be sure to price it right and create the maximum market exposure.
Las Vegas Median Prices: (view chart)
Median prices are relatively unchanged. They settle from month to month between $280k - 290k.
Las Vegas Real Estate Market Watch Conclusion: (view chart)
There is no better time to buy or sell Las Vegas real estate. If you are going to buy, do it now while the market is awaiting the next positive growth. If you are going to sell, do it now. Prices will likely remain flat for 18-24 months so take advantage of the spring and summer selling season to make your transition.
Author: Las Vegas real estate agent: Darren Hildreth, Las Vegas Realtor®
Also Posted On: http://lasvegasrealestatenews.blogspot.com/
New Home Builder: Ryland Homes in Las Vegas
Ryland Homes is a Fortune 500 company listed on the NYSE. Since 1967 they have built more than 265,000 homes around the country. They claim to build trust among their clients because of their successful history.
Thought they are a national company they tout the ability to think locally to understand what buyers want in a given market. Many of those they hire live in the same communities they work in.
They are home-grown. They don't buy up other builders to inflate their size but grow their communities and company one house at a time.
They feature a loan center and design center to help their clients save time. They seek to make the buying process as easy as possible.
Las Vegas New Home Builders Project Future
This weekend I had the chance to talk with the owner of one Las Vegas' home builders. He pays a great deal of money to research the market and understand its direction. He was exciting to talk to. As two professionals he had no reason to pitch or skew the truth. He mentioned they just bought up 70-some lots on the south end of town. His company projects that it will take 18 or so months for the market to sort itself out. That's about the same time it will take to build out the lots they just purchased.
He credited the recent market turn to builder over-development but is very hopeful for the near future because much of the new home inventory has dried up. The resale market will lag a bit because of its inflated inventory but it will eventually settle out as well.
His comments about the market provided a refreshing outlook on the current and future market.
He credited the recent market turn to builder over-development but is very hopeful for the near future because much of the new home inventory has dried up. The resale market will lag a bit because of its inflated inventory but it will eventually settle out as well.
His comments about the market provided a refreshing outlook on the current and future market.
New Home Builder: Avante Homes in Las Vegas
Avante Homes has been around since 1992. They develop communities and houses in Southern Nevada. They have award-winning craftsmanship and designs.
They claim to pride themselves in building quality homes based on their focus on excellence. They tout great customer service and commit to the attention their buyers need.
They have a handful of quality communities catering to multiple styles and tastes. Five of the communities are in the south end of the Las Vegas Valley.
Clients Offer Great Feedback
The Realtor Magazine online published an article about gaining feedback from clients. It was very informative.
A few topics were covered that were handy:
Danger of Unsatisfied Clients
One unhappy customer will cause much more grief for a business than a happy customer will. From the mag:
The "Sales Coach" also suggested multiple ways of surveying clients. He recommended using a web based solution or having out outsourced. What seems to work best?
What to Ask, How to Ask It?
What are some of the questions to be asked to find out what a client likes/dislikes?
Timing is Crucial
It seems the best time to survey a client is right after the close while everything is fresh in the client's mind. Agents can also resolve any outstanding issues the client may have.
A few topics were covered that were handy:
Danger of Unsatisfied Clients
One unhappy customer will cause much more grief for a business than a happy customer will. From the mag:
- "10. The number of customers companies lose for every one that complains of poor service.
- "7. It costs seven times more to get a new client than to keep an existing one.
- "13. Percentage of people who will tell more than 20 people about their bad experience.
- "90. Percentage of unhappy clients who will not do business with the same company again.
- "95. Percentage of unhappy customers who will return if an issue is resolved quickly and efficiently."
The "Sales Coach" also suggested multiple ways of surveying clients. He recommended using a web based solution or having out outsourced. What seems to work best?
What to Ask, How to Ask It?
What are some of the questions to be asked to find out what a client likes/dislikes?
Timing is Crucial
It seems the best time to survey a client is right after the close while everything is fresh in the client's mind. Agents can also resolve any outstanding issues the client may have.
Personalized Postage for Realtors
Realtor® Magazine recently posted an article about a real estate agent who uses personalized postage to help market herself. The stamps are considerably more expensive but she claims they get the job done.
She puts her face on them and only uses them in personal mailings. Has anyone else used personalized postage for business, regardless if you are a Realtor® or not?
Comments
She puts her face on them and only uses them in personal mailings. Has anyone else used personalized postage for business, regardless if you are a Realtor® or not?
Comments
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