The State Of The Market If you’ve been shopping for a home this year, you probably know it can be vicious out there. Almost 1/3 of the homes recently sold to out of state buyers. Many of those buyers are coming from the West costal area. They have plenty of sale proceeds to pay over…
According to a breaking report from The National Realtors Association, “WASHINGTON (June 30, 2021) – A majority of the Supreme Court agreed Tuesday evening that the Centers for Disease Control and Prevention lacked authority to implement a blanket, nationwide eviction moratorium. Although the court declined to lift the ban immediately, the ruling means the current…
It may seem crazy to celebrate buying a home for it’s appraised value. However, if you’ve been trying to buy a home in Las Vegas recently, you understand even buying one you like over appraised value is a huge accomplishment today. Homes are appreciating 1-2% per month in my markets recently. That means a $350,000…
SOUTHERN NEVADA CHAPTER OF National Association of Rental Property Managers® OPPOSE SB218 SB218 will only hurt Nevada families: – Landlords will be forced to charge higher rents (when have landlord’s cost gone up & rent not?) – More lawsuits between tenants and landlords (who loves going to court?) – Overall less housing as more property owners’…
This is important, please take a moment & let your voice be heard. In addition to returning the post card mailed to you by Clark County, you can email your opinion to: Zoningmeeting@clarkcountynv.gov Please include the following in your reply: The Application number is: NZC-20-0545 & Owner of the parcel is: ME 52 Partners, LLC,…
This really depends on your lifestyle & what you love to do. Do you go to the casinos on the Strip or enjoy all the great outdoors we have surrounding the city more frequently? If you want both there are also some great locals casinos in many areas too. Far up North & West may be good if you love snowboarding, or hiking Mt. Charleston. A few communities my clients really like up there are:
Centennial Hills
Head South & East and you’ll be close to lakes Mead & Mojave if you prefer more fishing, boating, & jet skiing. Lake Las Vegas is a prominent community in that direction that has its own man-made lake & plenty of celebrity neighbors. You could even go out to Boulder City, a small-town feeling city not far from Las Vegas proper. Boulder City is the town built around the creation of the famous Hoover Dam & Milo’s Cellar is still a gem of a little spot for lunch & even has a few rooms to rent for the night.
…
Californians given the option to work from home can drastically reduce their living expenses by relocating to Las Vegas
This has certainly been a unique and challenging year so far for many of us, particularly in Las Vegas. How 2020 has impacted our housing market depends a lot on where you are in the market. While there are as many particular situations as there are clients; for our purposes here, we’ll break them down into the following categories: Sellers, Buyers, & Homeowners .
Those looking to sell their home this year have seen very little competition. The demand may not be quite what it was last year, but it is still well-outpacing available inventory supply. Many areas in Las Vegas are seeing 2-3 weeks as a median time on market. Historically, this is incredibly low. This demand is raising home values & in some cases for well-marketed homes, in show-ready condition, even creating bidding wars.
Yes, selling this year has its own set of hurdles to overcome, but in a cost-benefit analysis is still heavily benefiting sellers. There are particular challenges to selling a home today if the seller may be working from that home. This creates limited hours available for buyer showings. In homes with children, we could see school from home, or daycare from home further restricting showing availability. There are some excellent options available for initial showings including a 3-dimensional virtual walk-through such as this one from one of our office’s listings under contract already. Innovative solutions like this reduce intrusions for the seller & expand the buyer’s ability to get a feel for the home prior to in-person showings while keeping everyone safe.
There are also other things we can do to keep your home’s residents & potential shoppers safe as well. Requiring masks & providing booties at the entry point are some we’ve used. Keeping the home not only show-ready clean, but pandemic-clean with sanitizer at entry & disinfecting wipes for light switches, door handles & other surfaces after showings can also go a long way to keeping everyone safe & pleased throughout the process.
Buyers are seeing a lot of competition for the home of their dreams, & yes prices are rising. You may think if the sellers are coming out so far ahead, it must be at the loss of the buyer. However, for those mortgaging their purchase, the drop in interest rates is creating a win-win for both parties. In many cases the lower rates mean buyers making the same money this year as last, on average, can afford about $30,000.00 …
While over the long haul, home values will always go up due to inflationary pressure on the value of a dollar, we understand that there are times each year when homes are at a premium due to demand. Yes, there are cycles (usually around 16 years for a complete cycle) of up-swing and down-swing on home values, but most of us can’t plan our major life events (births, deaths, job-changes, relocation, marriage, divorce, or inheritance, etc.) around these larger market conditions. What we can do is capitalize on the seasonal trends throughout the year we find our life demanding a change.
Generally speaking the months around the end of year holidays and the first few months of the new year see less demand for real estate than April through August. Things like gift buying, travel for a family get-together, tax season, and just wanting to hibernate when its cold & dark outside restrict demand for most folks. As things get warmer, brighter, and those with children see a break in the school year as an ideal time to relocate, demand and therefore prices, see a peak.
My listing in Arden Park had a lot going for it. The sellers had already purchased their new home, always kept it clean & well maintained, and they were realistic about their asking price. They didn’t imagine the Raiders football team hoisting their home’s value through the clouds. They were open to hearing what homes in the neighborhood had actually sold for, how long those listings took to sell, and implementing a plan to quickly sell for maximum profit.
Being right on the border between two neighborhoods, with very different valuations, they understood a professional who can extrapolate the data into a real asking price that will motivate offers can make all the difference. The average days Listing to Close for the area is 89 days. We sold at 45 days LTC with an in-contract extension to make some repairs to satisfy the 1st-time (but well qualified) home buyers; almost 1/2 the average time from putting it up for sale to collecting a good check!
How were we able to beat the market timing by almost 50%? First & foremost, …
