Las Vegas Real Estate Blog

Before You Make an Offer, Here Are 4 Tips for Success!

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found it! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process.

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory...

LAS VEGAS REAL ESTATE MARKET REPORT – STATS FROM NOVEMBER 2017

November_2017_Las_Vegas_Real_Estate_Market_Report_SeeVegasHomes

?? The Las Vegas  market statistics for November are in! 

The median sales price dropped .7% from October to $261,000, but year-over-year we had a healthy increase!

Housing inventory for the month of November is down 33 percent from last year! Homeowners looking to list - NOW is the time! Buyers are out there during the holidays, don’t wait until the new year, when everyone else decides to list! 

As you will see on the report, homes and condos continue to go under contract quickly??Looking to sell your home quickly and for top-dollar? E-mail: [email protected] or call or text directly at 1-702-417-0884. I look forward to helping you out!

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64% of Single Family Homes in Las Vegas Sell within 30 days! [INFOGRAPHIC]

Median Days on Market Las Vegas October 2017 SeeVegasHomes

Some Highlights:

  • The National Association of REALTORS® surveyed their members for their Confidence Index.
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
  • Homes sold in less than 60 days in 44 out of 50 states, and Washington D.C.
  • Homes typically went under contract in 34 days in October!
  • Local homes and condos continued to sell faster than last year at this time. In October, 81.9 percent of all existing local homes and 89.0 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 75.2 percent of all local homes and 76.2 percent of all condos and townhomes sold within 60 days.
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Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope!

Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place.

According to data from the National Association of Realtors’ Profile of Home Buyers & Sellers, the average amount of time that a family stays in their home remained at 10 years in 2017. This mark ties the highest marks set in 2014 and 2016. Back in 1985, when data was first collected on this subject, homeowners stayed in their homes for an average of only 5 years.

There are many reasons why homeowners have decided to stay and not to sell. A recent Wall Street Journal article had this to say,

“Americans aren’t moving in part because inventory levels have fallen near multidecade lows and home prices have risen to records. Many homeowners are choosing to stay and renovate, in turn making it more difficult for renters to enter the market.” 

Sam Khater, Deputy Chief Economist for CoreLogic, equated the lack of inventory to “not having enough oil in your car and your gears slowly [coming] to a grind.”

Historically, a normal market (in which prices increase at the rate of inflation) requires a 6-7 month supply of inventory. There hasn’t been that much supply since August of 2012! Over the course of the last 12 months, inventory has hovered between a 3.5 to 4.4-month supply, meaning that prices have increased and buyers are still out in force!

Challenges in the new-home construction ...

Storage Ideas For Small Bathrooms

Is your bathroom small? It’s the worst, isn’t it? Well, unfortunately, small bathrooms are very common, and are usually the smallest rooms in the house. I can almost bet that it almost always feels cramped and tight in there. Although the square footage doesn’t change, a change of organization and storage space can make a drastic change to how your bathroom feels. Here are a few tips and tricks to make your bathroom space feel more functional and spacious.

  •  Medicine Cabinet
    If you have a regular mirror, replacing it with one that includes a medicine cabinet and provide further storage space.
     

  • Shelving
    If you have free space above your toilet, vanity, or other another empty part of the wall, install shelving units. Purchase a few decorative baskets to maximize shelf space.
     

  • Hooks
    With a few decorative hooks, in a style of your preference, you can declutter by placing a couple on the back of the door to hang towels or robes. Perhaps one or two right next to each end of the shelving unit you just installed.
     

  • Towel Racks 
    A rack installed inside of you shower can save you space and convenience, also adding an additional shower bar above the original will work nicely. Another idea is installing a few racks a couple of feet above each other or right next on another. If you have an excessive amount of towels, store some of them away in the bedroom closet.
     

  • Vanity with Cabinet
    I have come across plenty of pedestal sinks in small bathrooms, but if you want save some space, add some storage, and upgrade the look of your bathroom at the same time, a vanity cabinet will definitely do the trick.

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Veterans Affairs Loans by the Numbers 2017 [INFOGRAPHIC]

VA Loans By The Numbers 2017 Las Vegas

Some Highlights:

  • Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership.
  • So far in 2017, $188 billion has been loaned to veterans and their families through the program.
  • VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.
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Millennial Homebuyers Flock Towards Low Down Payment Programs in Las Vegas

report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.

The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.

An article by Chase points to a new wave of millennial homebuyers:

“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”

Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending,said:

“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.

There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”

Bottom Line

If you are one of the many millennials who is debating a home purchase this year, let’s get together to help you understand...

Why Sell Your Las Vegas Home Now Instead of Later? The Buyers are Out Now

why sell las vegas home now seevegashomes

Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply.

Supply is currently very low!!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.

Demand is currently very high!! 

Bottom Line

Waiting until the spring to list your house for sale made sense in the past....

Thinking About Buying in 2017? Know Your Credit Score

Credit Score to Buy A Home in 2017 SeeVegasHomes

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.

Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.'

Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

  • Make payments, including rent, credit cards, and car loans, on time.
  • Keep your spending to no more than 30% of your limit on credit cards.
  • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
  • Check for errors on your credit report and work toward fixing them.
  • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
  • Work with a credit counselor or a lender to improve your score.

Once you know your score, we can assist you with connecting with a lender to work on getting pre-approved for a mortgage. Doing this will ensure that you know your budget before...

Buying a Home Can Be Scary... Unless You Know the Facts [INFOGRAPHIC]

Buying a Home Can Be Scary SeeVegaSHomes.com

Some Highlights:

Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts:

  • 40% of millennials who purchased homes this year have put down less than 10%.
  • 76.4% of loan applications were approved last month.
  • The average credit score of approved loans was 724 in September.
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The Cost of Renting vs. Buying a Home in Las Vegas [INFOGRAPHIC]

The Cost of Renting vs Buying in Las Vegas

Some Highlights:

  • Historically, the choice between renting or buying a home has been a tough decision.
  • Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!
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4 Reasons to Sell Your Las Vegas Home This Fall [INFOGRAPHIC]

4 Reasons to Sell Your Las Vegas Home This Fall

Some Highlights:

  • The Greater Las Vegas Association of REALTORS (GLVAR) reported that the median price of existing single-family homes sold during September through its Multiple Listing Service (MLS) was $265,000, up 13.5 percent from September 2016. The median price of local condos and townhomes sold in September was $140,000 up 21.7 percent from the same time last year. 
  • At the current sales pace, buyer demand continues to outpace the supply of homes for sale in Southern Nevada. We still have less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.
  • Under $350,000, Buyers are often competing with one another for the listings that are available! 
  • Perhaps the time has come for you and your family to move on and start living the life you desire.
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The Mortgage Process: What You Need to Know [INFOGRAPHIC]

Some Highlights:

  • Many buyers are purchasing a home with a down payment as little as 3%.
  • You may already qualify for a loan, even if you don't have perfect credit.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.
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New Listing in North Canyon Estates by Toll Brothers

Jessica Joy Las Vegas NV 89149 North Canyon Estates

Gorgeous 1-story situated on oversized 1/3 acre lot in gated North Canyon Estates by Toll Brothers

Price, location & all pictures at: http://5047jessicajoystreet.thebestlisting.com/

This dual master, 4000sq/ft home features 5 large bedrooms, all w/own baths. Open floorplan w/upgraded kitchen w/custom cabinets, stainless-steel appliances, granite countertops. Spacious outdoor living w/sparkling pool/spa, covered patio w/fans, large courtyard enclosed w/in private gate. Porte de cashere driveway & RV parking. Call/Text 1-702-417-0884 for Info/Tour & Open House Date/Time

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No… You Do Not Need 20% Down to Buy NOW!

Downpayment Grants Home Tips Las Vegas SeeVegasHomes

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO® Scores

An Ipson survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the ...

Las Vegas Pumpkin Patches 2017

Las Vegas Pumpkin Patches 2017 SeeVegasHomes

It’s that time of year once again! Even though we are still in the mid 80's here in Las Vegas, it's never too early to start celebrating Fall! We’ve put together this list of some favorite Pumpkin Patches here in Las Vegas! If we’ve forgotten any of your favorites, please let us know, so we can add to our list!

 

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The Truth About Homeowner Equity

A recent article from a reputable news source was titled: Here's why some homeowners still can't sell. In the opening bullets of the article, the author claimed, “Negative equity is one of the main reasons why there are so few homes for sale.” The article then goes on to soften that stance but we want to bring better clarity to the equity situation.

A recent report from CoreLogic (which was quoted in the article) revealed that over 80% of all homes now have “significant equity,” which means the home has over 20% equity. That level of equity allows the homeowner to sell their home if they so desire. (There was no reference to significant equity in the article.)

If eight out of ten homeowners now have significant equity in their homes, it is hard to make the claim that lack of equity is “one of the main reasons why there are so few homes for sale.”

Here is a map showing the percentage of homes in each state which currently have significant equity:

Home Equity Las Vegas

Bottom Line

If you are one of many homeowners who is debating selling your home and are wondering how much equity you have accumulated, let’s get together to determine if now is the time to list.

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A Tale of Two Markets: A 6-Month Update

Six months ago, we reported that the mismatch between the type of inventory of homes for sale and the demand of buyers in the US was causing the formation of two markets.

In the starter and trade-up home categories, there were significantly more buyers than there were homes for sale, causing a seller’s market. In the premium, or luxury, home categories, the opposite was true as there was a surplus of these homes compared to the buyers that were out searching for their dream homes, which created a buyer’s market.

According to the National Association of Realtors latest Existing Home Sales Report, the inventory of existing homes for sale in today’s market is at a 4.2-month supply. Inventory is now 6.5% lower than this time last year, marking the 27th consecutive month of year-over-year decreases.

Looking at the latest report from Trulia, we can see that not much has changed, and in fact, recent natural disasters across the country have made inventory conditions even more dire.

Trulia’s market mismatch score measures the search interest of buyers against the category of homes that are available on the market. For example: “if 60% of buyers are searching for starter homes but only 40% of listings are starter homes, [the] market mismatch score for starter homes would be 20.”

The results of their latest analysis are detailed in the chart below.

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Which Las Vegas Homes Have Increased in Value the Most?

Which Homes Have Increased in Value The Most

Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.

The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor in determining how much it has appreciated over the course of the last year. Lower priced homes have appreciated at greater rates than homes at the upper ends of the spectrum, due...