Las Vegas Real Estate News and Tips

When to Stop RentingShould you buy a home or keep renting? Across the nation, people of all ages struggle with these questions. When it comes to buying versus renting, multiple costs must be compared and considered. The three types of costs that should be compared when considering whether to buy or rent are the money needed upfront, the ongoing or recurring costs, and random expenses that come up.

Home Buying: Upfront Costs

The most obvious upfront cost when buying a home is the down payment. Bankrate reports that on average, mortgage lenders require at least a down payment of 3 percent of the home's price. However, "FHA loans (mortgages insured by the Federal Housing Administration) require a down payment of at least 3.5 percent."

Before home shopping, it's

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Mortgage Requirements for Home BuyersWhen you apply for a mortgage, pre-approval each lender is going to ask you for a lot of information. Some of it may seem superfluous, but it makes more sense when you consider the amount of money you may receive. Here's what they need, and what they plan to do with it.

Stable Employment History

Before anyone is willing to hand buyers hundreds of thousands of dollars in funds to purchase a home, they want to be reasonably certain that the prospective buyer will be able to bring in the income necessary to make the monthly mortgage payment, as well as all other monthly expenses. It starts with a solid job history. Buyers can prove this by verifying consistent employment for the past several years. Be prepared to explain any gaps in employment,

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An Overview Guide of the Home Inspection ProcessGetting a home inspection is an important part of the home buying process. Finding the right inspector, asking questions during the inspection and following up on problems that the inspector identifies can help new home owners get the right home for their needs with the peace of mind knowing that there aren't any huge potential risks lurking unseen in the home.

Find a Good Home Inspector

A real estate agent can recommend a home inspector, or one can be sought out by the buyer. Either way, an experienced home inspector should have an established business and references. Consider two or three home inspectors in your area before settling on one. Check the references provided and ask questions such as:

  • Were you satisfied with the job the
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Las Vegas Housing Market Update - May 2017

Today's homebuyers have 4894 single family homes for sale in Las Vegas.  Condos, town homes and high rise properties add 1097 options for buyers.  That's down from 6781 last month and 9150 in May 2016.

Declining inventory has pushed the median home price up for the past several months.  It went to $250K in May from $249K in April and $229K from May 2016.

The Spring home buying fever kicked in last month.  We sold 3403 single family homes in May.  Condos, town homes and high rise added 849 closings for the month.  Total homes sold in May was 4252.  That's up from 3608 last month and 3693 in May 2016.

Cash deals accounted for 1187 (19.8%) of the homes sold.  Short sales were involved in 137 (2.3%).

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Las Vegas High Rise News - May 2017

 

Inventory in our top high rise buildings is down to 370 today, a slight decline from last month and a 25% drop from the 498 properties available this time last year.

We sold 64 high rise condos in May.  Up from 54 the month before but a slight decline from the 69 we sold in May 2016.  Palms Place had the highest number of closings with 9 condos sold.  MGM Signature was second with 8 closings.  Third place went to Veer Towers with 7 condos sold.

Las Vegas High Rise Price Trends

Las Vegas Luxury High Rise CondosWhile we still have a surplus of inventory in the luxury high rise buildings, prices are staying strong.  We sold 8 luxury high rise condos for more than $1M in May.  Four of them closed at more than $2M and the top price was

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How to Sell a Home with a Septic SystemThere is a lot of negative imagery attached to septic systems, particularly in the minds of buyers who have never interacted with one. As such, it will take some extra work to convince such people that septic tanks are no more troublesome than any other major home system.

Educate Potential Buyers about Septic Systems

People are less afraid of things when they understand them. Septic systems are seen as backwards technology used only in remote countrysides. In fact, septic system technology is always advancing, and they are used in rural areas (among other places) solely because municipal sewer systems do not extend that far.

Educating buyers about the process can also allay fears. Some have been left with the impression household sewage

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The Importance of Location Within a NeighborhoodWhen looking at a neighborhood, it is important to consider more than the look of the other houses and access to amenities. With these tips, buyers can take an analytical eye to an area’s layout and how it might affect the way you live in it.

Where Are the Roads?

Most people have probably been in a number of shopping or business complexes that looked like they had been designed by a small child. Getting into a lot is a hassle, and driving out requires making an unprotected turn on a six-lane road. Though most time in the neighborhood will be spent at home, consider the impact that getting into and out of the neighborhood will play in overall satisfaction. Invest the time to learn the major cross streets for the neighborhood, and try out all

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Maintaining the HVAC System in Summer for Home Selling When buyers come to see your home, one of the first things they’ll notice is whether or not they feel comfortable after walking into your house. Your HVAC system and air conditioner will play a big role in the level of comfort that potential buyers feel. Keeping your A/C working properly when selling a house in the summer will help you market your home to potential buyers. 

Clean Out and Around the Condenser

Your home’s air conditioner requires good air flow in order to expel the hot air from your home. Weeds around the the condenser and dirt inside the condenser will force your air conditioner to work harder than necessary in order to cool your home. In some cases, this could even result in poor functioning of your air conditioner. To

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Staging an Older Home to Compete with New Models For those who own and enjoy living in an older home, it can be disappointing to discover that many buyers, especially younger ones, often shy away from these stately beauties. Even when an older home offers features that are hard to find in newer construction, such as large pantries, plenty of storage space and large rooms with high ceilings, it can still lose out to newer homes that offer more open floor plans or more light. Owners of older homes who want to help their homes compete more effectively with newer construction homes can use the following tips to help level the playing field and score the sale!

Conduct a Pre-Inspection to Find Lurking Issues

Buyers who love the thought of living in an older home but hesitate to purchase one due

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Tips for Buying a Desert Home A desert can be a harsh place, with scorching hot summers and freezing cold winters. The lack of water and wild temperature extremes can make home desert ownership complicated. Home buyers seeking desert property will need to know what building materials fare best in the desert, what kind of landscaping is easiest to maintain and which homes are most efficient.

Stucco Exteriors, Tile Roof

Wooden homes may be common in other parts of the country, but for a variety of reasons, many of the best desert homes are made of stucco or adobe. Stucco and adobe have many advantages over wood. Adobe’s thermal mass heats up and cools down slowly. This characteristic helps prevent temperature swings in the house and can help the homeowner save money on

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