Archive for the ‘Las Vegas Real Estate’ Category

Las Vegas Real Estate: Taking care of your home

Monday, July 18th, 2011

In the month of May, Clark County Nevada saw the sale of over 3,500 single-family residences. The numbers are pretty good especially when you take into consideration the 6,000 home sales that were postponed or canceled at the trustee sale. All in all, it is proof that homes are in fact still selling and people are in fact still buying and at historic lows.

With all this selling going on my question to you is, “What are you doing to take care of your piece of Las Vegas real estate” and “Are you keeping it up in case you have to or want to sell it someday?” Many of the homes taking precedence are not only an eye-catching price but one that has been cared for.

Real Estate on msnbc.com published an article titled, “Sellers beware: 8 factors that devalue a good home.” Here’s a quick summary (with a few of my own notes).

  1. Location. Need I say more?
  2. DIY projects gone awry. If it looks like you did it yourself, reconsider redoing it professionally.
  3. Too creative. I remember showing a home 7 years ago with a HUGE plastered sunshine in the living room. I think it’s still on the market.
  4. Curb appeal not appealing. Desert landscaping does not translate into no maintenance.
  5. Pets live there more than humans. Does it look like or smell like pets rule the roost? Not everyone likes pets and most do not want to buy a home that smells like animals.
  6. Shady neighbors. Do your neighbors care about their homes?
  7. Bad rap. What’s the country saying about your neighborhood? Did it make an infamous list?
  8. “As-is” home for sale. Do you like to buy items from Home Depot marked “As-is?” Consider different verbiage.

This list is pretty thorough. Make sure to take these things into consideration before putting your house on the market better yet, just keep up with the list and should you ever want to sell your home, you’ll be ahead of the game.



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Owning a Piece of Las Vegas Real Estate

Friday, July 15th, 2011

Over the past year it seems like there are mixed reviews as to whether or not someone should own a piece of Las Vegas Real Estate. In my opinion (and not just because I am a real estate agent), it’s a no brainer especially if you have the cash and a little patience to do so. You can get a real steal on property in just about every part of town.

In one of my previous blogs, “Las Vegas Homes: The Gap Between New and Old” I talked about just that, how the price gap between new homes and old homes is completely out of whack. The good news? It is to the benefit of anyone who wants to buy a previously owned home! Now is the time to buy. The prices are still about as low as they were in the late 90’s before the housing boom and in some areas, even lower.

The opportunity is incredible especially if you plan to occupy the home not to mention it is kind of nice owning your own home. I mean who doesn’t love yard work and pool maintenance? Well then, who doesn’t love having the freedom to wear your scivvies on the back porch while reading the morning paper (behind a privacy fence of course)?

The pride of homeownership has been lost as many have left their homes. Streets and neighborhoods are ready to be taken care of once again. As more and more people take advantage of this opportunity, we will see the pride restored and that owning a piece of Las Vegas real estate is not a bad idea at all.



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The Great Las Vegas Real Estate Struggle

Wednesday, July 6th, 2011

Let’s just state the obvious: Real estate in Las Vegas is a little messy. We read forum after forum where homeowners are posing this question, “I can’t refinance my home, I can’t sell my home and my mortgage will be too high for me to pay this year what should I do?” Therein lies the great Las Vegas Real Estate Struggle.

We know that a large percentage of homeowners are upside down in their homes. Many of them greedily took out large equity lines that made the situation worse. Let’s not forget there were those who did in fact make wise purchases who too are in a dilemma. As housing prices continue to fall and are now lower than nearly any other city, the home values are not there and there is no room to refinance. The lending guidelines have become strict again and even if they weren’t THERE’S STILL NO VALUE! Many homes are worth less than half of what they were purchased for.

In most of these forums, the comments read “suck it up” “get a job” “you signed the papers” “short sale it” “rent it.” A short sale? Don’t think that just because one sells short that they are out of the clear. The remaining balance doesn’t just disappear. Many cannot pay on the remainder. Rent you say? That may be a valid option IF you can find a renter because everyone is doing this and the rent rates are highly competitive. Ugh. It’s a mess.

Even in the midst of a big mess, mortgage companies do want to work with the homeowners whether with forbearance agreements or setting up a payment plan that will work until something better can be arranged. A recent article by Yahoo! talked about banks cutting the principal balance on mortgages that were high risk such as the deadly Pay Option Arm. Who knows? Maybe yours will be cut or maybe they’ll just work with you through the mess. Regardless, the struggle is real and the struggle exists for the wise and the foolish, the rich and the poor. No one seems to be exempt from this one.



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Las Vegas Homes: The Gap Between New and Old

Monday, June 27th, 2011

No, we’re not talking about the age difference between the new residents and the old ones. We are talking about the HUGE gap between the prices of new Las Vegas homes and old Las Vegas homes. The numbers are astounding and most likely quite telling as to why the new home market is neither attractive nor competitive right now.

Just to clarify, our definition of a new home is one that has been recently constructed and has yet to be owned or occupied. We randomly selected three websites of local new home builders. Here’s what we found.

  • Builder 1: In the move-in ready section there is a 3300 square foot home in Nevada Trails for $372,100.
  • Builder 2: In the standing inventory there are 2043-2522 square foot homes in Anthem starting at $169,490.
  • Builder 3: In the quick move-in homes there are 2400-3039 square foot homes in Mountain’s Edge starting at $219,900.

As of today the median new home price is around $210,000. And here’s the kicker. The median previously owned home (old) price is almost half that amount, around $110,000. Wow! The gap in between is a gaping one. Even in 2006 when the housing market was in good condition, the gap was $43,000. It is no wonder that new home builders are downsizing or even closing shop. They just can’t compete.

What will it take for the gap to narrow? Well, most likely new home prices aren’t going to drop to the level of previously owned homes, but there will come a day when the old homes will rise back to a more realistic level, but that’s going to take time. Foreclosures and short sales will keep the prices low. Once those start clearing out, we will again see an increase in old home prices and that gaping hole will slowly become smaller.



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Las Vegas Roadwork and Road Closures

Monday, June 20th, 2011

Since the initiation of the American Recovery and Reinvestment Act in 2009, Las Vegas road construction, road closures and traffic jams seem to be on the rise. I suppose if you talk to anyone in any city right now, they might have a similar story.

According to recovery.gov, “Construction and repair of roads and bridges as well as scientific research and the expansion of broadband and wireless service are also included among the many projects that the Recovery Act will fund.” And yes, that is what is happening. Repairs, expansions and many projects are in progress.

Don’t get me wrong, creating new jobs for a bleak economy is applause worthy. Driving on smooth blacktop is enjoyable. Choosing from four lanes on the interstate is heavenly and riding my bike on a sidewalk that is completely finished from Point A to Point B is grand. However, these things are all byproducts of completed projects and many of the projects that were funded by Recovery Act money in the Las Vegas real estate area are incomplete. Because many of them were started AT THE SAME TIME, they are all still under construction. Finding the fastest alternate routes is now a personal strength of mine.

Luckily, the City of Las Vegas has a resource for residents and visitors. lasvegasnevada.gov has the latest information on roadwork and closures. Simply click on “Check Status of” under the “I Want To” section on the left hand side. The page details the street, location, start date and end date as well as the problem that is being addressed. It’s a good place to start before planning your trip across town.



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